Page 71 - Aida Hovsepian Onboarding

16. Severability. If any provision of this Agreement shall be adjudged by any court
of competent jurisdiction to be invalid, illegal or unenforceable, in any respect, the validity,
legality and enforceability of that provision and of all other provisions of this Agreement shall in
no other way be affected or impaired.

17. Terms and Conditions. The Member understands that the Common Stock has
not been, and will not be, registered under the Securities Act of 1933, as amended. The Member
is aware of and agrees to all of the terms and conditions of the offer and sale of the Co-op’s
Common Stock, as described in this Agreement, the Membership Information Packet and the Co-
op’s Certificate of Incorporation, including the prohibition on the transfer to a third party of
Common Stock by virtue of the Co-op’s Certificate of Incorporation and Bylaws and the
provisions of applicable law. The Member consents to the placement on the stock certificates
representing the Common Stock purchased hereby of a legend concerning these restrictions on
transfer. Such legend shall be substantially in the following form:

“THIS COMMON STOCK MAY NOT BE SOLD, TRANSFERRED,
PLEDGED, MORTGAGED, GIFTED OR HYPOTHECATED TO ANY THIRD
PARTY, EITHER VOLUNTARILY OR BY OPERATION OF LAW. IF A
STOCKHOLDER CEASES TO QUALIFY FOR MEMBERSHIP IN THE
CORPORATION, THE STOCKHOLDER’S COMMON STOCK SHALL BE
REDEEMED BY THE CORPORATION AT THE SAME PRICE THE
STOCKHOLDER PAID TO ACQUIRE THE COMMON STOCK. IF A
STOCKHOLDER DESIRES TO DISPOSE OF ITS COMMON STOCK, THE
STOCKHOLDER MUST TRANSFER ITS COMMON STOCK TO THE
CORPORATION AT THE SAME PRICE THE STOCKHOLDER PAID TO
ACQUIRE THE COMMON STOCK.”

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