The right to sell an ownership interest to another party who acquires all of the seller's rights, without permission from others. This is a characteristic of corporate stock, though not of restricted stock, as contrasted with a partnership interest.
Letter stock is a category of stock that derives its name from an inscription on the face of the stock certificate, indicating that the shares have not been registered with the Securities and Exchange Commission (SEC) and, therefore, cannot be sold to the general public.
Shares in a company typically granted to select employees under specified conditions, such as tenure or performance targets, often employed as an alternative to share option schemes.
