Common use of Limited Transferability Clause in Contracts

Limited Transferability. This option shall be neither transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Appears in 4 contracts

Samples: Merger Agreement (Discovery Laboratories Inc), Merger Agreement (Discovery Laboratories Inc /De/), Stock Option Agreement (Nuvasive Inc)

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Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Appears in 4 contracts

Samples: Non Statutory Stock Option Agreement (E Trade Group Inc), Non Statutory Stock Option Agreement (E Trade Group Inc), Non Statutory Stock Option Agreement (E Trade Group Inc)

Limited Transferability. A. This option shall be neither transferable nor assignable by Optionee other than by will or by the laws of descent and distribution inheritance following Optionee's ’s death and may be exercised, during Optionee's ’s lifetime, only by Optionee. However, if . B. If this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with Optionee's estate plan, may be assigned in whole or in part during Optionee's ’s lifetime by gift or pursuant to a domestic relations order to one or more members of Optionee's immediate ’s family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriateassignment.

Appears in 3 contracts

Samples: Grant Agreement (Ultratech Inc), Grant Agreement (Ultratech Inc), Grant Agreement (Ultratech Inc)

Limited Transferability. This option shall be neither transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's ’s death and may be exercised, during Optionee's ’s lifetime, only by Optionee. However, if this option is designated as a Non-Statutory Option in the Grant NoticePart I, then this option may, in connection with Optionee's estate plan, may be assigned in whole or in part during Optionee's ’s lifetime to one or more members of Optionee's immediate family or pursuant to a trust established for the exclusive benefit of one or more such family members“Permitted Transfer”, as defined below. The assigned portion shall may only be exercisable only exercised by the person or persons who acquire a proprietary interest in the option pursuant to such assignmentthe Permitted Transfer. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Appears in 3 contracts

Samples: Stock Option Agreement (Vital Farms, Inc.), Stock Option Agreement (Vital Farms, Inc.), Stock Option Agreement (Vital Farms, Inc.)

Limited Transferability. This option shall be neither transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Appears in 3 contracts

Samples: Stock Option Agreement (Soligenix, Inc.), Stock Option Agreement (Endorex Corp), Stock Option Agreement (Willis Lease Finance Corp)

Limited Transferability. This option shall be neither transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator Compensation Committee may deem appropriate.

Appears in 2 contracts

Samples: Non Statutory Stock Option Agreement (Filenet Corp), Non Statutory Stock Option Agreement (Filenet Corp)

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Limited Transferability. This option shall be neither transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's ’s death and may be exercised, during Optionee's ’s lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with Optionee's ’s estate plan, be assigned in whole or in part during Optionee's ’s lifetime to one or more members of Optionee's ’s immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Appears in 1 contract

Samples: Stock Option Agreement (Radiologix Inc)

Limited Transferability. This option shall be neither transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of Optionee's immediate family or to a trust established exclusively for the exclusive benefit of Optionee and/or one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Appears in 1 contract

Samples: Stock Option Agreement (Miningco Com Inc)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of Optionee's immediate family or to a trust established exclusively for the exclusive benefit of Optionee and/or one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Appears in 1 contract

Samples: Stock Option Agreement (Multex Com Inc)

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