Common use of No Transfer of Options Clause in Contracts

No Transfer of Options. During the Grantee’s lifetime, the Grantee may not Transfer any Options and all Options granted to the Grantee may be exercised solely by the Grantee. Transfer of Option Shares purchased upon exercise of Vested Options prior to an Initial Public Offering will be subject to the Management Shareholders Agreement. Upon the death of the Grantee, any Vested Options then outstanding may be exercised only by the executors or administrators of the Grantee’s estate or by the Grantee’s beneficiary who shall have acquired such right to exercise by will or by the laws of descent and distribution. No Transfer of Vested Options to any executor or administrator of the Grantee’s estate or to any beneficiary of the Grantee by will or the laws of descent and distribution, or the right to exercise any Vested Option, shall be effective to bind the Company unless the Committee shall have been furnished with (i) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the Transfer and (ii) the written agreement of the Transferee to comply with all of the terms and conditions applicable to the Vested Options and any Option Shares purchased upon exercise of Vested Options that are or would have been applicable to the Grantee, including the requirement to enter into a Management Shareholders Agreement as a condition to the exercise of Vested Options prior to an Initial Public Offering.

No Transfer of Options. During the Grantee’s lifetime, the Grantee may not Transfer any Options and all Options granted to the Grantee may be exercised solely by the Grantee. Transfer of Option Shares purchased upon exercise of Vested Options prior to an Initial Public Offering will be subject to the Management Board Member Shareholders Agreement. Upon the death of the Grantee, any Vested Options then outstanding may be exercised only by the executors or administrators of the Grantee’s estate or by the Grantee’s beneficiary who shall have acquired such right to exercise by will or by the laws of descent and distribution. No Transfer of Vested Options to any executor or administrator of the Grantee’s estate or to any beneficiary of the Grantee by will or the laws of descent and distribution, or the right to exercise any Vested Option, shall be effective to bind the Company unless the Committee shall have been furnished with (i) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the Transfer and (ii) the written agreement of the Transferee to comply with all of the terms and conditions applicable to the Vested Options and any Option Shares purchased upon exercise of Vested Options that are or would have been applicable to the Grantee, including the requirement to enter into a Management Board Member Shareholders Agreement as a condition to the exercise of Vested Options prior to an Initial Public Offering.

No Transfer of Options. During the Grantee’s lifetime, the Grantee may not Transfer any Options and all Options granted to the Grantee may be exercised solely by the Grantee. Transfer of Option Shares purchased upon exercise of Vested Options prior to an Initial Public Offering will will, be subject to the Management Shareholders Agreement. Upon the death of the Grantee, any Vested Options then outstanding may be exercised only by the executors or administrators of the Grantee’s estate or by the Grantee’s beneficiary who shall have acquired such right to exercise by will or by the laws of descent and distribution. No Transfer of Vested Options to any executor or administrator administrator, of the Grantee’s estate or to any beneficiary of the Grantee by will will, or the laws of descent and distribution, or the right to exercise any Vested Option, shall be effective to bind the Company unless the Committee shall have been furnished with (i) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the Transfer and (ii) the written agreement of the Transferee to comply with all of the terms and conditions applicable to the Vested Options and any Option Shares purchased upon exercise of Vested Options that are or would have been applicable to the Grantee, including the requirement to enter into a Management Shareholders Agreement as a condition to the exercise of Vested Options prior to an Initial Public Offering.