Transferability Clause Example with 6 Variations from Business Contracts
This page contains Transferability clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Transferability. The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution, and is exercisable during the Participant's lifetime only by the Participant. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent or distribution) will vest in... the assignee or transferee any interest or right whatsoever, but immediately upon the assignment or transfer the Option will terminate and become of no further effect. 3 Incentive Stock Option Agreement for [NAME] Grant Date: [DATE] 7. Change in Control. 7.1 Acceleration of Vesting. In the event of a Change in Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option will become immediately vested and exercisable with respect to 100% of the shares subject to the Option. To the extent practicable, acceleration of vesting and exercisability will occur in a manner and at a time that allows the Participant the ability to participate in the Change in Control with respect to the shares of Common Stock received. 7.2 Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten days' advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share of Common Stock received or to be received by other stockholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration.View More
Variations of a "Transferability" Clause from Business Contracts
Transferability. The Except as otherwise provided in this Agreement or the Plan, the Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the by applicable laws of descent and distribution, and is exercisable distribution and, during the Participant's lifetime of the Participant, shall be exercisable only by the Participant. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by op...eration of law or otherwise (except to a designated beneficiary, upon death, by will as otherwise provided in this Agreement or the laws of descent or distribution) will Plan) shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon the such assignment or transfer transfer, the Option will shall terminate and become of no further effect. 3 Incentive Stock Notwithstanding the foregoing, an Option Agreement for [NAME] Grant Date: [DATE] 7. Change may, in Control. 7.1 Acceleration the sole discretion of Vesting. the Committee, be transferrable to a Permitted Transferee upon written approval by the Committee. In addition, the Participant may, by delivering written notice to the Company in a form satisfactory to the Company, designate a third party who, in the event of a Change in Control, notwithstanding any provision the death of the Plan or this Agreement Participant, shall thereafter be entitled to the contrary, the Option will become immediately vested and exercisable with respect to 100% of the shares subject to exercise the Option. To the extent practicable, acceleration of vesting and exercisability will occur in a manner and at a time that allows the Participant the ability to participate in the Change in Control with respect to the shares of Common Stock received. 7.2 Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten days' advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share of Common Stock received or to be received by other stockholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration.View More
Transferability. The Option is SARs are not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution, and is are exercisable during the Participant's lifetime only by the Participant. him or her. No assignment or transfer of the Option, SARs, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, beneficiary upon death, death by will or ...the laws of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon the such assignment or transfer the Option SARs will terminate and become of no further effect. 3 Incentive Stock Option Agreement for [NAME] Grant Date: [DATE] 7. 10. Change in Control. 7.1 Acceleration of Vesting. 10.1 Effect on SARs. In the event of a Change in Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option will SARs shall become immediately vested and exercisable with respect to 100% of the shares subject to the Option. To the extent practicable, acceleration of vesting and exercisability will occur in a manner and at a time that allows the Participant the ability to participate in the Change in Control with respect to the shares of Common Stock received. 7.2 exercisable. 10.2 Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days' advance notice to the Participant, cancel the Option SARs and pay to the Participant the value Appreciation Value of the Option SARs based upon the price per share of Common Stock received or to be received by other stockholders shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option SAR equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option SAR without the payment of consideration. consideration therefor. View More
Transferability. The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution, and is exercisable during the Participant's lifetime only by the Participant. him or her. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent or distribution) ...will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon the such assignment or transfer the Option will terminate and become of no further effect. 3 Incentive Stock Option Agreement for [NAME] Grant Date: [DATE] 2 7. Change in of Control. 7.1 Acceleration of Vesting. In [In the event of a Change in of Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option will shall become immediately vested and exercisable with respect to 100% of the shares Shares subject to the Option. To the extent practicable, such acceleration of vesting and exercisability will shall occur in a manner and at a time that which allows the Participant the ability to participate in the Change in of Control with respect to the shares of Common Stock received. 7.2 Cash-out. In OR Unless otherwise determined by the event of a Change in Control, the Committee may, in its discretion and upon at least ten days' advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share of Common Stock received or to be received by other stockholders of the Company in the event. Notwithstanding the foregoing, if Administrator at the time of a Change in of Control, a Change of Control shall have no effect on the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration. Option.] View More
Transferability. The Except as otherwise provided in this Agreement or the Plan, the Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the by applicable laws of descent and distribution, and is exercisable distribution and, during the Participant's lifetime of the Participant, shall be exercisable only by the Participant. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by op...eration of law or otherwise (except to a designated beneficiary, upon death, by will as otherwise provided in this Agreement or the laws of descent or distribution) will Plan) shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon the such assignment or transfer the Option will shall terminate and become of no further effect. 3 Incentive Stock Notwithstanding the foregoing, an Option Agreement for [NAME] Grant Date: [DATE] may, in the sole discretion of the Committee, be transferrable to a Permitted Transferee upon written approval by the Committee. In addition, the Participant may, by delivering written notice to the Company in a form satisfactory to the Company, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled to exercise the Option. 4 7. Change in Control. 7.1 Acceleration of Vesting. In the event of a Change in Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option will become immediately vested and exercisable with respect to 100% of the shares subject to the Option. To the extent practicable, acceleration of vesting and exercisability will occur in a manner and at a time that allows the Participant the ability to participate in the Change in Control with respect to the shares of Common Stock received. 7.2 Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days' advance notice to the Participant, cancel the Option and pay to the Participant (in cash, stock or any combination thereof) the value of the Option based upon the price per share of Common Stock received or to be received by other stockholders shareholders of the Company in the event. event, subject to Section 409A of the Code. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration. consideration therefor. View More
Transferability. The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution, and is exercisable during the Participant's lifetime only by the Participant. him or her. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, beneficiary upon death, death by will or the laws of descent... or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon the such assignment or transfer the Option will terminate and become of no further effect. 3 Incentive Stock Option Agreement for [NAME] Grant Date: [DATE] 7. Change in Control. 7.1 Acceleration of Vesting. In the event of If a Change in Control occurs and the Participant's Continuous Service is terminated by the Company without Cause or by the Participant for Good Reason within 12 months following the Change in Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option will become immediately vested and exercisable with respect to 100% of the shares subject to the Option. To the extent practicable, acceleration of vesting Option shall become immediately vested and exercisability will occur in a manner and at a time that allows the Participant the ability to participate in the Change in Control with respect to the shares of Common Stock received. exercisable. 7.2 Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days' advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share of Common Stock received or to be received by other stockholders shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration. consideration therefor. View More
Transferability. The Except as otherwise provided in this Agreement or the Plan, the Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the by applicable laws of descent and distribution, and is exercisable distribution and, during the Participant's lifetime of the Participant, shall be exercisable only by the Participant. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by op...eration of law or otherwise (except to a designated beneficiary, upon death, by will as otherwise provided in this Agreement or the laws of descent or distribution) will Plan) shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon the such assignment or transfer the Option will shall terminate and become of no further effect. 3 Incentive Stock Notwithstanding the foregoing, an Option Agreement for [NAME] Grant Date: [DATE] may, in the sole discretion of the Committee, be transferrable to a Permitted Transferee upon written approval by the Committee. In addition, the Participant may, by delivering written notice to the Company in a form satisfactory to the Company, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled to exercise the Option. 4 7. Change in Control. 7.1 Acceleration of Vesting. In the event of a Change in Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option will shall become immediately vested and exercisable with respect to 100% of the shares subject to the Option. To the extent practicable, such acceleration of vesting and exercisability will shall occur in a manner and at a time that which allows the Participant the ability to participate in the Change in Control with respect to the shares of Common Stock received. 7.2 Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days' advance notice to the Participant, cancel the Option and pay to the Participant (in cash, stock or any combination thereof) the value of the Option based upon the price per share of Common Stock received or to be received by other stockholders shareholders of the Company in the event. event, subject to Section 409A of the Code. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration. consideration therefor. View More
