Common use of Non-Transferability of Rights; Designation of Beneficiaries Clause in Contracts

Non-Transferability of Rights; Designation of Beneficiaries. Except as provided below in this Section 8.2, the Option shall not be transferable by the Recipient otherwise than by will or the laws of descent and distribution, and, during the lifetime of the Recipient, the Option shall be exercisable only by the Recipient. Notwithstanding the foregoing, the Recipient, during his lifetime, may transfer for no consideration the Option to members of his immediate family or a trust for the benefit of him and/or members of his immediate family subject to all of the provisions applicable to the Option prior to its transfer. In addition, the Recipient may file with the Company a written designation of a beneficiary or beneficiaries to exercise, in the event of death of the Recipient, the Option, subject to all of the provisions of this Section 8. The Recipient may from time to time revoke or change any such designation of beneficiary; provided, however, that if the Company shall be in doubt as to the right of any such beneficiary to exercise the Option, the Company may determine to recognize only an exercise by the personal representative of the estate of the Recipient, in which case the Company shall not be under any further liability to anyone.