Transfer Restrictions Clause Example from Business Contracts

Transfer Restrictions. (a) This Option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this Option shall be exercisable only by the Participant. (b) The Participant agrees that he or she will not transfer any Shares acquired upon exercise of this Option or any right or interest therein unless the transferee, as a condition to such tr...ansfer, delivers to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of Sections 4, 5, 6, 10, 11 and 12; provided that such a written confirmation shall not be required with respect to (i) Section 4 after such provision has terminated in accordance with Section 4(c), (ii) Section 5 after such provision has terminated in accordance with Section 5(b) or (iii) Section 6 after the completion of the lock-up period in connection with the Company's initial underwritten public offering. View More