Common use of Transfer of Class B Common Stock Clause in Contracts

Transfer of Class B Common Stock. Except as provided below, if a Class B Stockholder desires to Transfer its shares of Class B Common Stock other than to an Affiliate, then it must, first, convert its shares of Class B Common Stock into shares of Class A Common Stock, and second, Transfer the shares of Class A Common Stock pursuant to a Permitted Transfer. Notwithstanding the foregoing restriction, a holder of Class B Common Stock may sell its shares of Class B Common Stock in a transaction in which it completely divests itself of all interests in the Management Company and the Operating Company, subject at all times to the Transfer restrictions set forth in this Stockholders’ Agreement and the Operating Agreement.