Buyout Provisions. The Company may at any time offer to buy out for a payment in cash or Shares an Option previously granted, subject to approval by Executive, based on such terms and conditions as the Company shall establish and communicate to the Optionee at the time that such offer is made. 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.
Appears in 3 contracts
Samples: Employment Agreement (Targeted Medical Pharma, Inc.), Employment Agreement (Targeted Medical Pharma, Inc.), Employment Agreement (Targeted Medical Pharma, Inc.)
Buyout Provisions. The Company may at any time offer to buy out for a payment in cash or Shares an Option previously granted, subject to approval by ExecutiveConsultant, based on such terms and conditions as the Company shall establish and communicate to the Optionee at the time that such offer is made. 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.
Appears in 1 contract
Samples: Consulting Agreement (Targeted Medical Pharma, Inc.)
