Common use of Transfer of Stock to Trustee Clause in Contracts

Transfer of Stock to Trustee. (a) Basic shall transfer and assign to the Trustee the Founders Shares which are and shall remain uncertificated. On receipt by the Trustee of the Founders Shares and their transfer into the name of the Trustee, the Trustee shall hold them subject to the terms of this Agreement. The effective date of the transfer of the Founders Shares to the Trustee shall be June 15, 2002. (b) All certificates for stock of the Company transferred and delivered to the Trustee pursuant to this Agreement shall be surrendered by the Trustee to the Company and cancelled, and new certificates therefor shall be issued to and held by the Trustee in the name of "▇▇▇▇▇ ▇. ▇▇▇▇▇▇ as Trustee." (c) Trustee shall hold the Founders Shares for the benefit of the Shareholders, pro rata, each of whose interest in the Founders Shares shall hereafter be referred to as a "Trust Interest."