Common use of Limits on Transfer of Options Clause in Contracts

Limits on Transfer of Options. The Option granted herein shall not be transferable by you otherwise than by will or by the laws of descent and distribution, except for gifts to family members subject to any specific limitation concerning such gift by the Administrator in its discretion; provided, however, that you may designate a beneficiary or beneficiaries to exercise your rights and receive any Shares purchased with respect to any Option upon your death. Each Option shall be exercisable during your lifetime only by you or, if permissible under applicable law, by your legal representative. No Option herein granted or Shares underlying any Option shall be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. Notwithstanding the foregoing, to the extent permitted by the Administrator, in its discretion, an Option shall be assignable or transferable subject to the applicable limitations, if any, described in the General Instructions to Form S-8 Registration Statement under the Securities Act of 1933, as amended.

Limits on Transfer of Options. The Option granted herein shall not be transferable by you the Optionee otherwise than by will or by the laws of descent and distribution, except for gifts to family members subject to any specific limitation concerning such gift by the Administrator Committee in its discretion; provided, however, that you the Optionee may designate a beneficiary or beneficiaries to exercise your his rights and receive any Shares purchased with respect to any Option upon your his death. Each Option shall be exercisable during your the Optionee’s lifetime only by you him or, if permissible under applicable law, by your his legal representative. No Option herein granted or Shares underlying any Option shall be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. Notwithstanding the foregoing, to the extent permitted by the AdministratorCommittee, in its discretion, an Option shall be assignable or transferable subject to the applicable limitations, if any, described in the General Instructions to Form S-8 Registration Statement under the Securities Act of 1933, as amended.

Limits on Transfer of Options. The Option granted herein shall not be transferable by you Participant otherwise than by will or by the laws of descent and distribution, except for gifts to family members subject to any specific limitation concerning such gift by the Administrator Committee in its discretion; provided, however, that you Participant may designate a beneficiary or beneficiaries to exercise your Participant’s rights and receive any Shares purchased with respect to any Option upon your Participant’s death. Each Option shall be exercisable during your Participant’s lifetime only by you Participant or, if permissible under applicable law, by your Participant’s legal representative. No Option herein granted or Shares underlying any Option shall be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. Notwithstanding the foregoing, to the extent permitted by the AdministratorCommittee, in its discretion, an Option shall be assignable or transferable subject to the applicable limitations, if any, described in the General Instructions to Form S-8 Registration Statement under the Securities Act of 1933, as amended.

Limits on Transfer of Options. The Option granted herein shall not be transferable by you the Participant otherwise than by will or by the laws of descent and distribution, except for gifts to family members subject to any specific limitation concerning such gift by the Administrator in its discretion; provided, however, that you the Participant may designate a beneficiary or beneficiaries to exercise your the Participant’s rights and receive any Shares purchased with respect to any Option upon your the Participant’s death. Each Option shall be exercisable during your the Participant’s lifetime only by you the Participant or, if permissible under applicable law, by your his legal representative. No Option herein granted or Shares underlying any Option shall be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. Notwithstanding the foregoing, to the extent permitted by the Administrator, in its discretion, an Option shall be assignable or transferable subject to the applicable limitations, if any, described in the General Instructions to Form S-8 Registration Statement under the Securities Act of 1933, as amended.