Common use of Successors and Assigns; Binding Agreement Clause in Contracts

Successors and Assigns; Binding Agreement. The rights and obligations of the Parties under this Agreement are binding upon and inure to the benefit of the Parties and their heirs, personal representatives, successors, and permitted assigns. This Agreement is a personal contract, and, except as specifically set forth in this Agreement, the rights and interests of the Executive may not be sold, transferred, assigned, pledged or hypothecated by any Party without the prior written consent of the others. The Company may assign, delegate, or transfer this Agreement and all of the Company’s rights and obligations under this Agreement, without the Executive’s consent to any business entity that by merger, consolidation or purchase of all or substantially all of the assets or equity interests or otherwise acquires all or substantially all of the assets of the Company. Upon such assignment, delegation or transfer, (i) the transferee or other party to such transaction, as applicable, is deemed to be substituted for the Company for all purposes of this Agreement, and (ii) the Executive is deemed to have consented to the assignment, delegation, or transfer.