No Transfers Permitted Clause Samples
The "No Transfers Permitted" clause prohibits any party from assigning, transferring, or otherwise conveying their rights or obligations under the agreement to another party without prior consent. In practice, this means that neither party can sell, delegate, or otherwise hand over their contractual interests or duties to a third party, such as in the case of a business sale or merger, unless the other party explicitly agrees. This clause serves to maintain the original relationship and expectations between the contracting parties, preventing unwanted or unapproved changes in who is responsible for performing or benefiting from the contract.
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No Transfers Permitted. The rights under this Award are transferable in whole or in part by the Member only as provided in the definition of “Transfer” and Section 3.05 of the Agreement, and so long as Member lives, only Member shall have the right to receive and retain Distributions or other rights under this Award.
No Transfers Permitted. The rights under this Grant are not transferable in whole or in part by the Participant otherwise than by will or the laws of descent and distribution, and as long as Participant lives, only Participant or his or her guardian or legal representative shall have the right to receive and retain Distributions or other rights under this Grant.
No Transfers Permitted. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Target Award Restricted Shares or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Target Award Restricted Shares will be forfeited by the Holder and all of the Holder’s rights to such shares shall immediately terminate without any payment or consideration by the Company.
No Transfers Permitted. Neither this SAR Agreement nor the SARs are transferable by Holder otherwise than by will or the laws of descent and distribution and, so long as an Holder lives, only Holder or his or her guardian or legal representative shall have the right to exercise Vested SARs.
No Transfers Permitted. The rights under this Option are not transferable by the Optionee otherwise than by will or the laws of descent and distribution, and so long as Optionee lives, only Optionee or his or her guardian or legal representative shall have the right to exercise this Option.
No Transfers Permitted. Except as permitted pursuant to a written agreement of the Members and Company, a Member shall not transfer his or her Units, unless consented to by the Managers and a Majority in Interest of the Members. For purposes of this Section, “Transfer” shall mean (1) to sell, transfer, assign, pledge or otherwise encumber or dispose of whether with or without consideration and whether voluntarily or involuntarily or by operation of law, directly or indirectly; provided, that a lien arising with respect to Units in connection with a general lien on all or substantially all of the assets of the holder of Units shall not constitute a Transfer, and (2) to allow a change of control of any Member who owns any Units in the Limited Liability Company. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person or entity, whether through ownership of voting securities, by contract or otherwise. A Transfer includes a transfer to Member’s spouse, children (including natural, adopted and stepchildren), grandchildren, and parents, or a trust for the benefit of the Member or the Member’s spouse, children (including natural, adopted and stepchildren), grandchildren, and parents. No other provision of this Operating Agreement to the contrary, Transfer of a Unit shall not dissolve or terminate the Limited Liability Company.
No Transfers Permitted. No Independent Member may assign, pledge or otherwise transfer his interest in the Company in whole or part except to another Independent Member, and upon approval by all the other Members. Any attempt by an Independent Member to transfer his interest to anyone but another Independent Member shall be null and void. There are no transfer restrictions with respect to Members other than Independent Members. If a Member transfers its limited liability company interest in the Company pursuant to this Section 11.1, the transferee shall be admitted to the Company as a member of the Company upon (I) its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement, and (ii) its designation as a Member in Exhibit A. If a Member transfers all of its limited liability company interest in the Company pursuant to this Section 11.1, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company.
No Transfers Permitted. Without limitation, the rights under this Award are not transferable.
No Transfers Permitted. The Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Director, and any shares of Common Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of until (a) the RSUs have become vested as provided in this Agreement and (b) the Shares have been settled and issued to the Director in accordance with the terms of the Plan and this Award.
No Transfers Permitted. The Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Participant, and any shares of Common Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of until (a) the PSUs have become earned and vested as provided in this Agreement and (b) the Shares have been settled and issued to the Participant in accordance with the terms of the Plan and this Award.