Common use of Death of Optionee; No Assignment Clause in Contracts

Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by such Optionee, provided that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's legal representative if Optionee has not designated anyone) may exercise the Option on behalf of Optionee (provided the Option would have been exercisable by Optionee) until the right to exercise the Option expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of the Option in contravention of this Agreement shall be void and shall have no effect. If Optionee should die while engaged in an employment or other relationship with the Company and/or any Subsidiary, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Option, provided that any Shares received by such Successor following such exercise shall be subject to Section 13.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Golden State Vintners Inc)

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Death of Optionee; No Assignment. The rights of Optionee under this -------------------------------- Agreement may not be assigned or transferred except by will, by the laws of descent or distribution or inter vivos to a trust for the benefit of Optionee or Optionee and Optionee's spouse and may be exercised during the lifetime of Optionee only by such Optionee; provided, provided however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (Optionee, or the Optionee's legal representative if Optionee has not designated anyone) , his or her legal representative, may exercise the Option on behalf of Optionee (provided the Option would have been exercisable by Optionee) until the right to exercise the Option expires pursuant to Section 3 2 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of the Option in contravention of this Agreement or the Plan shall be void and shall have no effect. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company and/or any Subsidiary, Optionee's designee, legal representative, or Optionee's legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Option, provided that any Shares received by such Successor following such exercise shall be subject to Section 13.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Cb Commercial Real Estate Services Group Inc)

Death of Optionee; No Assignment. The rights of Optionee under -------------------------------- this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, provided however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's legal representative if Optionee has not designated anyone) may exercise the Option on behalf of Optionee (provided the Option would have been exercisable by Optionee) until the right to exercise the Option expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of the Option in contravention of this Agreement or the Plan shall be void and shall have no effectvoid. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company and/or any SubsidiarySubsidiary or within 90 days of the termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Option, provided that any Shares received by such Successor following such exercise shall be subject to Section 13.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Pantry Inc)

Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by such Optionee, provided that in the event of disability (within the meaning of Section 22(e)(3) of the CodeInternal Revenue Code of 1986, as amended) of Optionee, a designee of Optionee (or the Optionee's legal representative if Optionee has not designated anyone) may exercise the Option on behalf of Optionee (provided the Option would have been exercisable by Optionee) until the right to exercise the Option expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of the Option in contravention of this Agreement or the Plan shall be void and shall have no effect. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company and/or any Subsidiary, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Option, provided that any Shares received by such Successor following such exercise shall be subject to Section 13.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Golden State Vintners Inc)

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Death of Optionee; No Assignment. The rights of Optionee under this -------------------------------- Agreement may not be assigned or transferred except by will, by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, provided however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's legal representative if Optionee has not designated anyone) may exercise the Option Options on behalf of Optionee (provided the Option Options would have been exercisable by Optionee) until the right to exercise the Option Options expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, --------- hypothecate, transfer or otherwise dispose of the Option Options in contravention of this Agreement or the Plan shall be void and shall have no effectvoid. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company and/or any SubsidiarySubsidiary or within ninety (90) days after termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the --------- successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Option Options by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Option, provided that any Shares received by such Successor following such exercise shall be subject to Section 13Options.

Appears in 1 contract

Samples: 2001 Stock Option Agreement (Advance Auto Parts Inc)

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