Common use of Assignment of Option Clause in Contracts

Assignment of Option. Subject to the approval of the Committee, in its sole discretion, the Option may be transferred by the Optionee to (i) the children or grandchildren of the Optionee (“Immediate Family Members”), (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members (“Immediate Family Member Trusts”) or (iii) a partnership or partnerships in which such Immediate Family Members have at least 99% of the equity, profit and loss interests (“Immediate Family Member Partnerships”). Subsequent transfers of transferred Options shall be prohibited except by will or the laws of descent and distribution, unless such transfers are made to the original Optionee or a person to whom the original Optionee could have made a transfer in the manner described herein. No transfer shall be effective unless and until written notice of such transfer is provided to the Committee, in the form and manner prescribed by the Committee. Following transfer, any such Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and, except as otherwise provided herein, the term Optionee shall be deemed to refer to the transferee. After the death of the Optionee, exercise of the Option shall be permitted only by the Optionee’s executor or the personal representative of the Optionee’s estate (or by his assignee, in the event of a permitted assignment) and only to the extent that the option was exercisable on the date of the Optionee’s death.

Assignment of Option. Subject to the approval of the Committee, in its sole discretion, the Option may be transferred by the Optionee to (i) the children or grandchildren of the Optionee (“"Immediate Family Members”"), (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members (“"Immediate Family Member Trusts”") or (iii) a partnership or partnerships in which such Immediate Family Members have at least 99% of the equity, profit and loss interests (“"Immediate Family Member Partnerships”"). Subsequent transfers of transferred Options shall be prohibited except by will or the laws of descent and distribution, unless such transfers are made to the original Optionee or a person to whom the original Optionee could have made a transfer in the manner described herein. No transfer shall be effective unless and until written notice of such transfer is provided to the Committee, in the form and manner prescribed by the Committee. Following transfer, any such Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and, except as otherwise provided herein, the term Optionee shall be deemed to refer to the transferee. After the death of the Optionee, exercise of the Option shall be permitted only by the Optionee’s 's executor or the personal representative of the Optionee’s 's estate (or by his assignee, in the event of a permitted assignment) and only to the extent that the option was exercisable on the date of the Optionee’s 's death.

Assignment of Option. Subject to the approval of Except as otherwise permitted by the Committee, the Optionee’s rights under the Plan and this Agreement are personal; no assignment or transfer of the Optionee’s rights under and interest in its sole discretionthis Option may be made by the Optionee other than by will or by the laws of descent and distribution; and this Option is exercisable during his lifetime only by the Optionee. Notwithstanding the foregoing, the Option may be transferred is transferable by the Optionee to (ia) the spouse, parent, brother, sister, children or grandchildren (including adopted and stepchildren and grandchildren) of the Optionee (“Immediate Family Members”), (iib) a trust or trusts for the exclusive benefit of such Immediate Family Members (“Immediate Family Member Trusts”) Members, or (iiic) a partnership or partnerships in which such Immediate Family Members have at least 99% of the equity, profit and loss interests (“Immediate Family Member Partnerships”)interests. Subsequent transfers of a transferred Options Option shall be prohibited except by will or the laws of descent and distribution, unless such transfers are made to the original Optionee or a person to whom the original Optionee could have made a transfer in the manner described herein. No transfer shall be effective unless and until written notice of such transfer is provided to the Committee, in the form and manner prescribed by the Committee. Following transfer, any such Options the Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and, and except as otherwise provided herein, the term Optionee “Optionee” shall be deemed to refer to the transferee. After the death of the Optionee, exercise of the Option shall be permitted only by the Optionee’s executor or the personal representative of the Optionee’s estate (or by his assignee, in the event of a permitted assignment) assignee of the Optinoee, and only to the extent that the option Option was exercisable on the date of the Optionee’s death.