Common use of Transferability Restriction Clause in Contracts

Transferability Restriction. The Option may not be assigned, transferred or otherwise disposed of, or pledged or hypothecated in any way (whether by operation of law or otherwise) (1) without the consent of the Corporation, and (2) such transfer is not in violation of the Securities Act of 1933, the Corporate Securities Laws of the State of Nevada, or the securities laws of any state. Any assignment, transfer, pledge, hypothecation or other disposition of the Option or any attempt to make any such levy of execution, attachment or other process not in accordance with the foregoing sentence shall cause the Option to terminate immediately upon the happening of any such event, and the Recipient shall lose all rights under this agreement, provided, however, that any such termination of the Option under the foregoing provisions of this Paragraph 6, will not prejudice any rights or remedies which the Corporation may have under this Agreement or otherwise.

Transferability Restriction. The Option may not be assigned, transferred or otherwise disposed of, or pledged or hypothecated in any way (whether by operation of law or otherwise) (1) without the consent of the Corporation, and (2) such transfer is not in violation of the Securities Act of 1933, the Corporate Securities Laws of the State of NevadaCalifornia, or the securities laws of any state. Any assignment, transfer, pledge, hypothecation or other disposition of the Option or any attempt to make any such levy of execution, attachment or other process not in accordance with the foregoing sentence shall cause the Option to terminate immediately upon the happening of any such event, and the Recipient shall lose all rights under this agreement, provided, however, that any such termination of the Option under the foregoing provisions of this Paragraph 6, will not prejudice any rights or remedies which the Corporation may have under this Agreement or otherwise.