Exempt Gift

Exempt Gift. Means, with respect to any Family Member Shares, any transfer to the extent that it is treated as a gift for U.S. federal income tax purposes: (i) by an Undersigned Family Member to an Exempt Transferee; or (ii) by an Exempt Transferee to a Subsequent Exempt Transferee of any Family Member Shares (or any substitute therefor) received from an Undersigned Family Member, but only if such transfer of such Family Member Shares would have qualified as an Exempt Gift under clause (i) above if... such transfer were directly from the Undersigned Family Member to the Subsequent Exempt Transferee; provided, however, that no transfer pursuant to clause (i) or (ii) shall be an Exempt Gift unless each Person to whom any such transfer is made (unless such Person is already a party and so bound) simultaneously therewith becomes a party to this Agreement and agrees to be bound hereby with respect to such Family Member Shares to the same extent as such Family Member. View More