Common use of Assignment of the Option Clause in Contracts

Assignment of the Option. Sierra Medical Management may elect to assign either the Assets Option or the Stock Option or both to any person, by a written assignment, signed by both Sierra Medical Management and the assignee, which designates the Assets or Stock. The assignee shall agree as a condition of the assignment to be bound by the terms of this Agreement. Thereafter, only the assignee named in the assignment (or its nominee) shall have the right to exercise the applicable Assets Option and/or the Stock Option as to the designated Assets and/or Stock, and that assignee, rather than Sierra Medical Management, shall enter into a purchase agreement upon exercise of the Assets Option and/or the Stock Option, as applicable. Written notice of any such assignment shall be given by Sierra Medical Management to Group and

Assignment of the Option. Sierra Medical Management may elect to assign either the Assets Option or the Stock Option or both to any person, by a written assignment, signed by both Sierra Medical Management and the assignee, which designates the Assets or Stock. The assignee shall agree as a condition of the assignment to be bound by the terms of this Agreement. Thereafter, only the assignee named in the assignment (or its nominee) shall have the right to exercise the applicable Assets Option and/or the Stock Option as to the designated Assets and/or Stock, and that assignee, rather than Sierra Medical Management, shall enter into a purchase agreement upon exercise of the Assets Option and/or the Stock Option, as applicable. Written notice of any such assignment shall be given by Sierra Medical Management to Group andWritten