Non-Transferability of Options. Holder shall not assign or transfer the Options, other than by will or the laws of descent and distribution. During Xxxxxx’s lifetime, only Xxxxxx (or, in the event of legal incapacity or incompetency, Xxxxxx’s guardian or legal representative) may exercise the Options. Notwithstanding the foregoing, however, Holder, with the approval of the Board, may transfer the Options for no consideration to or for the benefit of Holder’s Immediate Family (including, without limitation, to a trust for the benefit of Holder’s Immediate Family or to a partnership or limited liability company for one or more members of Holder’s Immediate Family), subject to such limits as the Board may establish, and the transferee(s) shall remain subject to all the terms and conditions applicable to the Options prior to transfer. The term “Immediate Family” means Xxxxxx’s spouse, parents, children, stepchildren, adoptive relationships, sisters, brothers and grandchildren (and, for this purpose, shall also include Xxxxxx). No right or interest of Holder or any transferee in the Options shall be subject to any lien or any obligation or liability of Holder or any transferee.
Appears in 16 contracts
Samples: Nonqualified Stock Option Agreement (Key Mining Corp.), Nonqualified Stock Option Agreement (Key Mining Corp.), Nonqualified Stock Option Agreement (Key Mining Corp.)
