Common use of Restriction on Transfer of Options Clause in Contracts

Restriction on Transfer of Options. This Option Agreement may be assigned or transferred, in whole or in part, as provided herein so long as such assignment or transfer is in accordance with and subject to the provisions of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (said Act and such rules and Regulations being hereinafter collectively referred to as the “Securities Act”). Any purported transfer or assignment made other than in accordance with this Section 5 shall be null and void and of no force and effect. Any assignment permitted under this Agreement shall be made by surrender of this Agreement to the Company with the Assignment Form attached to this Agreement as Exhibit “C” duly executed and funds sufficient to pay any transfer tax. In such event the Company shall, without charge, execute and deliver a new option agreement in the name of the assignee named in the Assignment Form and designate the assignee as the Option holder under the new option agreement and this Agreement shall promptly be canceled. This Agreement may be divided or combined with other Option agreement that carry the same rights by presentation of this Agreement to the Company together with the Assignment Form signed by the Option Holder, specifying the names and denominations in which the new option agreements are to be issued.