Common use of Transfer of Options Clause in Contracts

Transfer of Options. Except as provided in Section 5.1 hereof, ------------------- the registered Holder of an Option Certificate, by its acceptance thereof, agrees that the Options are being acquired as an investment and that the Options may not be assigned, pledged, hypothecated or otherwise transferred except pursuant to an effective registration under the Securities Act of 1933, as amended (the "Act"), and in compliance with applicable state securities laws. In order to make any assignment, the Holder must deliver to the Company the assignment form annexed to the Option Certificate duly executed and completed, together with the Option Certificate and payment of all transfer taxes, if any, payable in connection therewith. The Company shall promptly transfer the Options being assigned on the books of the Company and shall execute and deliver a new Option Certificate or Certificates of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the number of Shares purchasable under the Option Certificate surrendered or such portion of such number as shall be contemplated by any such assignment.

Transfer of Options. Except as provided in Section 5.1 hereof, ------------------- the registered Holder of an Option Certificate, by its acceptance thereof, agrees that the Options are being acquired as an investment and that the Options may not be assigned, pledged, hypothecated or otherwise transferred except pursuant to an effective registration under the Securities Act of 1933, as amended (the "Act"), and in compliance with applicable state securities laws. In order to make any assignment, the Holder must deliver to the Company the assignment form annexed to the Option Certificate duly executed and completed, together with the Option Certificate and payment of all transfer taxes, if any, payable in connection therewith. The Company shall promptly transfer the Options being assigned on the books of the Company and shall execute and deliver a new Option Certificate or Certificates of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the number of Shares purchasable under the Option Certificate surrendered or such portion of such number as shall be contemplated by any such assignment.