Common use of Not Transferable Clause in Contracts

Not Transferable. The option is not transferrable except that, in the event of the option holder’s death or declaration of incompetency, the option may be exercised by the option holder’s legal representative or estate. If you exercise your right to exchange your Stock Grant shares for the option, please sign below and return this letter and the enclosed Lock up Agreement to the Company. Very truly yours, _______________________ Xxxxx Xxx Chief Executive Officer I hereby accept the Company’s offer to exchange my [ ] Stock Grant shares for an option to purchase [ ] shares of Common Stock at $5.00 per share pursuant to the foregoing offer letter. I represent to the Company that I understand the terms of the exchange and that I have consulted by tax and financial advisors to the extent that I deem necessary. I understand that the Company is making no representation that a Public Stock Event will occur, that the option will become exercisable or, if a Public Stock Event occurs, as to the market price for the Company’s common stock. I hereby irrevocably convey and transfer to the Company my [ ] Stock Grant shares and authorize the Company and its executive officers to take any action necessary to transfer the shares to the Company and to subsequently cancel such shares. I further agree to execute the Lock up Agreement. __________________________ [Name*] [*The name should be exactly as it is shown on the stock certificate]

Not Transferable. The option is not transferrable except that, in the event of the option holder’s death or declaration of incompetency, the option may be exercised by the option holder’s legal representative or estate. If you exercise your right to exchange your Stock Grant shares for the optionoption and cash, please sign below and return this letter and the enclosed Lock up Agreement to the Company. Very truly yours, _______________________ Xxxxx Xxx Chief Executive Officer I hereby accept the Company’s offer to exchange my [ ] Stock Grant shares for an option to purchase [ ] shares of Common Stock at $5.00 per share and a payment $[ ] pursuant to the foregoing offer letter. I represent to the Company that I understand the terms of the exchange and that I have consulted by tax and financial advisors to the extent that I deem necessary. I understand that the Company is making no representation that a Public Stock Event will occur, that the option will become exercisable or, if a Public Stock Event occurs, as to the market price for the Company’s common stock. I hereby irrevocably convey and transfer to the Company my [ ] Stock Grant shares and authorize the Company and its executive officers to take any action necessary to transfer the shares to the Company and to subsequently cancel such shares. I further agree to execute the Lock up Agreement. __________________________ [Name*] [*The name should be exactly as it is shown on the stock certificate]

Not Transferable. The option is not transferrable except that, in the event of the option holder’s death or declaration of incompetency, the option may be exercised by the option holder’s legal representative or estate. If you exercise your right to exchange your Stock Grant shares for the optionoption and cash, please sign below and return this letter and the enclosed Lock up Agreement to the Company. Very truly yours, _______________________ Xxxxx Dxxxx Xxx Chief Executive Officer I hereby accept the Company’s offer to exchange my [ ] Stock Grant shares for an option to purchase [ ] shares of Common Stock at $5.00 per share and a payment $[ ] pursuant to the foregoing offer letter. I represent to the Company that I understand the terms of the exchange and that I have consulted by tax and financial advisors to the extent that I deem necessary. I understand that the Company is making no representation that a Public Stock Event will occur, that the option will become exercisable or, if a Public Stock Event occurs, as to the market price for the Company’s common stock. I hereby irrevocably convey and transfer to the Company my [ ] Stock Grant shares and authorize the Company and its executive officers to take any action necessary to transfer the shares to the Company and to subsequently cancel such shares. I further agree to execute the Lock up Agreement. __________________________ [Name*] [*The name should be exactly as it is shown on the stock certificate]