Common use of Nonassignable Rights Clause in Contracts

Nonassignable Rights. This Agreement and all rights and benefits hereunder are binding upon and shall inure to the benefit of Executive and the Company, as well as to the benefit of the Company's successors. The obligations of Executive hereunder are personal to Executive; accordingly, neither this Agreement nor any right or interest of Executive herein, or arising hereunder, shall be voluntarily or involuntarily sold, transferred or assigned by Executive without the prior written consent of the Company or its successor in interest. This Agreement shall be assignable by the Company, provided, however, that in the event (i) the Company sells all or substantially all of its assets to a third party or (ii) majority control of the Company is transferred to any third party, Executive shall have the right and option to terminate his employment pursuant to SECTION 6.2.

Nonassignable Rights. This Agreement and all rights and benefits hereunder are binding upon and shall inure to the benefit of Executive and the Company, as well as to the benefit of the Companycompany's successors. The obligations of Executive hereunder are personal to Executive; accordingly, neither this Agreement nor any right or interest of Executive herein, or arising hereunder, shall be voluntarily or involuntarily sold, transferred or assigned by Executive without the prior written consent of the Company or its successor in interest. This Agreement shall be assignable by the Company, provided, however, that in the event (i) the Company sells all or substantially all of its assets to a third party party, or (ii) majority control of the Company is transferred to any third party, Executive shall have the right and option to terminate his employment pursuant to SECTION 6.2.hereunder, and such termination shall be deemed a termination without " Cause "