Nonassignability of NQO. This NQO is not assignable or transferable by Optionee except by will, the laws of descent and distribution and to the extent approved by the Committee, pursuant to a qualified domestic relations order as defined by the Code or the rules thereunder. Except as otherwise provided in Section 5.2 in the event of an Optionee's death or disability, only the Optionee may exercise the NQO. Any attempt to assign, pledge, transfer, hypothecate or otherwise dispose of this NQO in a manner not herein permitted, and any levy of execution, attachment or similar process on this NQO, shall be null and void.
Appears in 4 contracts
Samples: Nonqualified Stock Option Agreement (Media Arts Group Inc), Employee Nonqualified Stock Option Agreement (Kinkade Thomas Et Al), Employee Nonqualified Stock Option Agreement (Media Arts Group Inc)
