Common use of Limited Transferability of Option Clause in Contracts

Limited Transferability of Option. This Option shall be exercisable only by the Optionee during his lifetime and shall not be assignable or transferable, other than by will or by the applicable laws of inheritance and as permitted under the Code following the Optionee’s death. The terms and conditions of this Option Agreement, including (without limitation) the limited time period during which this Option may be exercised following the Optionee’s death, shall be binding upon the executors, administrators, heirs, successors and permitted assigns of the Optionee.

Limited Transferability of Option. This Option shall be exercisable only by the Optionee during his lifetime and shall may not be assignable or transferable, transferred in any manner other than by will or by the applicable laws of inheritance descent or distribution, and as permitted under may be exercised during the Code following lifetime of the Optionee only by the Optionee’s death. Notwithstanding the foregoing, the Optionee may, in a manner specified by the Administrator, transfer the Option (or a portion thereof) by bona fide gift and not for any consideration, to a member of the Optionee's immediate family. The terms and conditions of this Option Agreement, including (without limitation) the limited time period during which this Option may be exercised following the Optionee’s death, Agreement shall be binding upon the executors, administrators, heirs, successors and permitted assigns of the Optionee.