Non-Transferability; Limitation on Resale Clause Samples

Non-Transferability; Limitation on Resale. (a) The right of the Consultant to exercise any Option shall not be assignable or transferable by the Consultant, and the Options shall be exercisable only by the Consultant. The Options shall be null and void and without effect upon the bankruptcy of the Consultant or upon any attempted assignment or transfer, or levy of execution, attachment, trustee process or similar process, whether legal or equitable, upon the Option. Notwithstanding anything to the contrary contained in this Section 5.4(a), the Consultant may transfer Options aggregating not more than twenty-five percent (25%) of the Options which have been granted hereunder, determined on a cumulative basis; provided that all transferees shall agree, as a condition to such transfer, to be bound by the transfer restrictions contained in Section 5.4(b). (b) The Consultant will not sell or otherwise dispose of any shares of Boca Common Stock issuable upon exercise of the Options until the first anniversary of the date of issuance thereof and, after such date, not to sell or otherwise dispose of greater than 33% of such shares, in the aggregate, on an annual basis. Upon any date on which the Option is exercised in whole or in part, the Consultant shall give a written representation to the Company in the form attached hereto as Exhibit C and the Company shall place an "investment legend," so-called, as described in Exhibit C, upon any certificate for the shares issued by reason of such exercise.
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Related to Non-Transferability; Limitation on Resale

  • Restriction on Transferability Prior to vesting and delivery of the Shares, neither the mPRSUs, nor the Shares or any beneficial interest therein, may be sold, transferred, pledged, assigned, or otherwise alienated at any time. Any attempt to do so contrary to the provisions hereof shall be null and void. Notwithstanding the above, distribution can be made pursuant to will, the laws of descent and distribution, and if provided by the Administrator, intra-family transfer instruments, or to an inter vivos trust, or as otherwise provided by the Administrator. The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Participant.

  • Non-Transferability Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

  • Limitations on Transferability This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.

  • Non-Transferability of Options The Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.

  • Non-Transferability of Option This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.