Common use of Nonassignability and Transferability Clause in Contracts

Nonassignability and Transferability. The Option may not be assigned or otherwise transferred, disposed of or encumbered by the Option Holder, in whole or in part, except: (i) by will or the laws of descent and distribution or (ii) by the Option Holder to members of "the Option Holder's immediate family", to a trust established for the exclusive benefit of one or more members of "the Option Holder's immediate family" and/or the Option Holder, or to a partnership pursuant to which the only partners are one or more members of "the Option Holder's immediate family" and/or the Option Holder. For purposes of this Agreement, "THE OPTION HOLDER'S IMMEDIATE FAMILY" shall mean the initial Option Holder's children, stepchildren, grandchildren, parents, spouse, siblings (including half brothers and sisters), and in-laws, and includes relationships arising because of legal adoption. The Company represents and warrants that its Board has approved the transfer of all or any portion of the Option to and the exercise thereof by the Option Holder's immediate family or trust or partnership as permitted by this Paragraph (i) and the registration of any Option Shares to be delivered upon exercise of the Option in the name of any Option Holder to whom the Option may be transferred pursuant to this Paragraph (i).

Nonassignability and Transferability. The Option may not be assigned or otherwise transferred, disposed of or encumbered by the Option Holder, in whole or in part, except: (i) by will or the laws of descent and distribution or (ii) by the Option Holder to members of "the Option Holder's immediate family", to a trust established for the exclusive benefit of one or more members of "the Option Holder's immediate family" and/or the Option Holder, or to a partnership pursuant to which the only partners are one or more members of "the Option Holder's immediate family" and/or the Option Holder. For purposes of this Agreement, "THE OPTION HOLDER'S IMMEDIATE FAMILYthe Option Holder's immediate family" shall mean the initial Option Holder's children, stepchildren, grandchildren, parents, spouse, siblings (including half brothers and sisters), and in-laws, and includes relationships arising because of legal adoption. The Company represents and warrants that its Board has approved the transfer of all or any portion of the Option to and the exercise thereof by the Option Holder's immediate family or trust or partnership as permitted by this Paragraph (i) and the registration of any Option Shares to be delivered upon exercise of the Option in the name of any Option Holder to whom the Option may be transferred pursuant to this Paragraph (i).

Nonassignability and Transferability. The Option may not be assigned or otherwise transferred, disposed of or encumbered by the Option Holder, in whole or in part, except: (i) by will or the laws of descent and distribution or (ii) by the Option Holder to members of "the Option Holder's immediate family", to a trust established for the exclusive benefit of one or more members of "the Option Holder's immediate family" and/or the Option Holder, or to a partnership pursuant to which the only partners are one or more members of "the Option Holder's immediate family" and/or the Option Holder. For purposes of this Agreement, "THE OPTION HOLDER'S IMMEDIATE FAMILY" shall mean the initial Option Holder's children, stepchildren, grandchildren, parents, spouse, siblings (including half brothers and sisters), and in-laws, and includes relationships arising because of legal adoption. The Company represents and warrants that its Board has approved the transfer of all or any portion of the Option to and the exercise thereof by the Option Holder's immediate family or trust or partnership as permitted by this Paragraph (i) and the registration of any Option Shares to be delivered upon exercise of the Option in the name of any Option Holder to whom the Option may be transferred pursuant to this Paragraph (i).

Nonassignability and Transferability. The Option may not be assigned or otherwise transferred, disposed of or encumbered by the Option Holder, in whole or in part, except: (i) by will or the laws of descent and distribution or (ii) by the Option Holder to members of "the Option Holder's immediate family", to a trust established for the exclusive benefit of one or more members of "the Option Holder's immediate family" and/or the Option Holder, or to a partnership pursuant to which the only partners are one or more members of "the Option Holder's immediate family" and/or the Option Holder. For purposes of this Agreement, "THE OPTION HOLDER'S IMMEDIATE FAMILYthe Option Holder's immediate family" shall mean the initial Option Holder's children, stepchildren, grandchildren, parents, spouse, siblings (including half brothers and sisters), and in-laws, and includes relationships arising because of legal adoption. The Company represents and warrants that its Board has approved the transfer of all or any portion of the Option to and the exercise thereof by the Option Holder's immediate family or trust or partnership as permitted by this Paragraph (i) and the registration of any Option Shares to be delivered upon exercise of the Option in the name of any Option Holder to whom the Option may be transferred pursuant to this Paragraph (i).