9.1. Shareholders cannot sell, transfer nor dispose Shares without written approval of the Board.
9.2. If PB wishes to sell, transfer and/or dispose her Shares to a third party, she must first offer them to the existing Shareholders. On receipt of an offer letter, the existing Shareholders shall have the right to purchase PB’s Shares (on a pro-rata basis) at the price specified in the offer letter within 30 days of receipt of the offer letter.
9.3. If the existing Shareholders do not exercise their rights to purchase PB’s Shares pursuant to clause 9.2, PB shall be entitled to sell, transfer or dispose of the Shares to a third party purchaser, provided that terms and price of the sale to the third party purchaser shall not be more favourable to those offered to the existing Shareholders.
9.4. For avoidance of doubt, SW shall be entitled to sell or dispose of any of his Shares to the existing Shareholders or to a third party purchaser without being required to comply with clauses 9.2 and 9.3 provided always that PB shall have the right (and SW shall have the obligation to make sure of such right of PB) to tag/drag along on the same terms and conditions as those applicable to SW.