Nontransferability and Other Limitations Clause Samples
The Nontransferability and Other Limitations clause restricts a party’s ability to assign, transfer, or delegate its rights and obligations under the agreement to another party without prior consent. In practice, this means that neither party can sell, give away, or otherwise pass on their contractual responsibilities or benefits to a third party unless the other party agrees in writing. This clause is essential for maintaining control over who is involved in the contract and helps prevent unwanted or unapproved changes in the parties to the agreement, thereby protecting the interests and expectations of both sides.
Nontransferability and Other Limitations. Until a Unit has been settled, you may not transfer the Unit or any rights relating thereto to any third party other than by will or the laws of descent and distribution, except for transfers to a Beneficiary or as otherwise permitted and subject to the conditions under Section 12.03 of the Plan. Sales of shares of Stock delivered in settlement of Units will be subject to any Company policy regulating trading by employees. Additional events could result in forfeiture or loss of the Units.
Nontransferability and Other Limitations. Except as otherwise permitted under the Plan, until PBRSUs and/or SBRSUs have been settled, you may not transfer the PBRSUs and/or SBRSUs or any rights relating thereto to any third party other than by will or the laws of descent and distribution. Sales of shares of Stock delivered in settlement of PBRSUs and SBRSUs will be subject to any Company policy regulating trading by employees. Additional events could result in forfeiture or loss of the PBRSUs and SBRSUs.
Nontransferability and Other Limitations. Until Units become vested and nonforfeitable, Director may not transfer Units or any rights hereunder to any third party other than by will or the laws of descent and distribution, except for transfers to a Beneficiary or as otherwise permitted and subject to the conditions under Section 12.03 of the Plan. Sales of shares of Stock delivered in settlement of Units will be subject to any Company policy regulating trading by Directors. Additional events that could result in forfeiture or loss of the Units, including but not limited termination for Cause, and Director’s status as a general creditor of the Company are set forth in the Plan.
Nontransferability and Other Limitations. You may not transfer the Option or any rights thereunder to any third party other than by will or the laws of descent and distribution, and, during your lifetime, only you or your duly appointed guardian or legal representative may exercise the Option. Notwithstanding the foregoing, you may designate a Beneficiary to exercise the Option after your death, and you may transfer any portion the Option to a Permitted Transferee during your lifetime, provided such transfer is not for value, subject to the applicable terms and conditions set forth in Section 12.03 of the Plan. Additional events could result in forfeiture of loss of the Option. Sales of shares of Stock will be subject to any Company policy regulating trading by employees. All rights granted and/or shares of Stock delivered under this Agreement are subject to recoupment under the Company’s recoupment policy as in effect from time to time.
Nontransferability and Other Limitations. Employee may not transfer the Option or any rights thereunder to any third party other than by will or the laws of descent and distribution, and, during Employee’s lifetime, only Employee or his or her duly appointed guardian or legal representative may exercise the Option. Notwithstanding the foregoing, Employee may designate a Beneficiary to exercise the Option after Employee’s death, and Employee may transfer any portion of the Option that is not an incentive stock option to a Permitted Transferee during Employee’s lifetime, provided such transfer is not for value, subject to the applicable terms and conditions set forth in Section 12.03 of the Plan. Additional events could result in forfeiture of loss of the Option. Sales of shares of Stock will be subject to any Company policy regulating trading by Employees.
Nontransferability and Other Limitations