Common use of Approval Right Clause in Contracts

Approval Right. The Grantee shall not Transfer any Shares without first obtaining the express written approval of the Board of Directors. In the event that the Grantee proposes to Transfer any Shares, the Grantee shall first give a written Transfer Notice to the Company along with a request to the Board of Directors to approve such Transfer. The Transfer Notice shall fully describe the proposed Transfer, including the number of Shares proposed to be Transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed Transfer will not violate any applicable federal, State or foreign securities laws. Such Transfer Notice must be signed by the Grantee. Within a reasonable period of time after receiving the Transfer Notice, the Board of Directors shall either grant or deny the approval of such Transfer in its sole and absolute discretion. If the Board of Directors does not approve of such Transfer, the Grantee shall not be permitted to Transfer such Shares.

Approval Right. The Grantee Optionee shall not Transfer any Shares without first obtaining the express written approval of the Board of Directors. In the event that the Grantee Optionee proposes to Transfer any Shares, the Grantee Optionee shall first give a written Transfer Notice to the Company along with a request to the Board of Directors to approve such Transfer. The Transfer Notice shall fully describe the proposed Transfer, including the number of Shares proposed to be Transferred, the proposed transfer Transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed Transfer will not violate any applicable federal, State or foreign securities laws. Such Transfer Notice must be signed by the GranteeOptionee. Within a reasonable period of time after receiving the Transfer Notice, the Board of Directors shall either grant or deny the approval of such Transfer in its sole and absolute discretion. If the Board of Directors does not approve of such Transfer, the Grantee Optionee shall not be permitted to Transfer such Shares.