CDW 2012 Annual Report Download - page 178

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shall avoid the provisions of this Agreement or the LLC Agreement by (i) making one or more Transfers to one or more
Permitted Transferees and then disposing of all or any portion of such party's interest in any such Permitted Transferee
or (ii) Transferring the securities of any entity holding (directly or indirectly) Executive Units, and (B) if the Board
determines that the Transfer of Executive Units to a Permitted Transferee pursuant to this Section 4(b)
would have an
adverse effect on the Company, including by causing the Company to become subject to the reporting requirements of
the Exchange Act, the Board may prohibit any such Transfer pursuant to this Section 4(b) .
(c)
Termination of Restrictions . The restrictions set forth in this Section 4
shall continue with respect
to each Executive Unit until the earlier to occur of an IPO or a Sale of the Company.
5.
Additional Transfer Restrictions .
(a)
Restrictive Legend
. Any certificates representing the Executive Units shall bear the following
legend:
"THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO
ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE PROVISIONS, AND
CERTAIN OTHER AGREEMENTS SET FORTH IN A CLASS B COMMON UNIT GRANT
AGREEMENT BETWEEN THE COMPANY AND EXECUTIVE DATED AS OF ____________, A
COPY OF WHICH MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY'S
PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE."
(b)
Opinion of Counsel
. No holder of Executive Units may Transfer any Executive Units (except
pursuant to an effective registration statement under the Act) without first delivering to the Company an opinion of
counsel reasonably acceptable in form and substance to the Company that registration under the Securities Act or any
applicable state securities law is not required in connection with such transfer.
(c)
Holdback
. In connection with an IPO, the holders of Executive Units shall enter into any holdback,
lockup or similar agreement requested by the underwriters managing such IPO; provided, however, that no such holder
shall be required to enter into an agreement that is more restrictive than that of any other holder.
(d)
Transfer of Executive Units
. Prior to the Transfer of any Executive Units (other than pursuant to a
Public Sale or a Sale of the Company or in a Section 351 Transaction) to any Person, the Transferring holder of
Executive Units subject to this Agreement shall cause the prospective Transferee to be bound by this Agreement and to
execute and deliver to the Company and the other unitholders a counterpart of or joinder to the LLC Agreement as a
condition to the effectiveness of such Transfer. Upon the execution and delivery of such counterpart or joinder by such
Person, subject to the requirements of the LLC Agreement, such Person's acquired Executive Units shall be "Executive
Units" under this Agreement.
8