Nonassignability of Option Rights. The Option is exercisable only by --------------------------------- Optionee, except in the case of Optionee's death while in Continuous Employment of the company, in which case the Option is exercisable by Optionee's estate's personal representative pursuant to paragraph 3(c), and except in the case of Optionee's termination due to disability occurring during Continuous Employment with Saf T Lok, in which case the Option is exercisable, if necessary, by Optionee's legal representative pursuant to paragraph 3(d). The Option may not be sold, exchanged, assigned, pledged, encumbered, hypothecated, or otherwise transferred except by will or by the laws of descent and distribution. The Option shall not be subject to execution, attachment, or similar process. Upon any attempt to sell, exchange, assign, pledge, encumber, hypothecate, or otherwise transfer the Option or any right thereunder, the Option and all rights thereunder shall immediately become null and void.
Nonassignability of Option Rights. Except as otherwise determined by the Administrator and expressly set forth in the Option Agreement, no Option granted under this Plan shall be assignable or otherwise transferable by the Optionee except by will or by the laws of descent and distribution. During the life of the Optionee, except as otherwise determined by the Administrator and expressly set forth in the Option Agreement, an Option shall be exercisable only by the Optionee.
Nonassignability of Option Rights. No Option shall be transferable other than by will or by the laws of descent and distribution except to the parents, spouse, children or grandchildren of the Optionee. During the lifetime of an Optionee, only the Optionee or the permitted assignees may exercise an Option. Options assigned pursuant to this sub-section 2.(3) shall remain subject to the provisions of sub-section 2.(4).
Nonassignability of Option Rights. The Option shall not be assigned or transferred by the Grantee except, in the event of the death of the Grantee, by will or by the laws of descent and distribution. Upon a transfer by will or by the laws of descent and distribution, the person to whom the Option is transferred shall have the right to exercise the Option in accordance with this Grant Letter, subject to the Company receiving satisfactory proof of his or her right to receive the Grant under the Grantee's will or under the applicable laws of descent and distribution. Any attempt to assign, transfer, pledge or dispose of the Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without effect. Notwithstanding the foregoing, the Committee may provide, at or after Xxxxx, that a Grantee may transfer the Option pursuant to a domestic relations order or to family members or other persons or entities according to such terms as the Committee may determine.
Nonassignability of Option Rights. This Option shall not be --------------------------------- assignable or transferable by the Optionee except by will or by the laws of descent and distribution. During the life of the Optionee, this Option shall be exercisable only by him or her./*/
Nonassignability of Option Rights. The Option Rights: (1) shall, except as provided in Section 3 of this Agreement, be exercisable only by the Employee; (2) shall not be transferred, assigned, pledged or hypothecated in any manner whatsoever, whether voluntarily, involuntarily or by operation of law; and (3) shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the Option Rights contrary to the provisions of this Agreement, the Option Rights shall immediately become null and void.
Nonassignability of Option Rights. The Option is exercisable only by --------------------------------- Optionee, except in the case of Optionee's death, in which case the Option is exercisable by Optionee's estate's personal representative and/or the Optionee's heirs (hereinafter collectively referred to as Optionee). The Option may not be sold, exchanged, assigned, pledged, encumbered, hypothecated, or otherwise transferred except by will or by the laws of descent and distribution. The Option shall not be subject to execution, attachment, or similar process. Upon any attempt to sell, exchange, assign, pledge, encumber, hypothecate, or otherwise transfer the Option or any right thereunder, except as permitted in this Section 6, the Option and all rights thereunder shall immediately become null and void.
Nonassignability of Option Rights. The option rights granted hereunder (i) shall be exercisable only by the Option Holder, except in the event of the death of the Option Holder, the Option Holder's personal representative or any person who acquires such rights by bequest or inheritance may exercise the rights set forth herein as set forth in Paragraph 4 hereof, (ii) shall not be transferred, assigned, pledged or hypothecated in any manner whatsoever, whether voluntarily, involuntarily or by operation of law, and (iii) shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the said option rights contrary to the provisions hereof, the said option rights shall immediately terminate and become null and void.
Nonassignability of Option Rights. The Option is exercisable only by --------------------------------- Optionee, his guardian or legal representative. The Option may not be sold, exchanged, assigned, pledged, encumbered, hypothecated, or otherwise transferred except by will or by the laws of descent and distribution. The Option shall not be subject to execution, attachment, or similar process. Upon any attempt to sell, exchange, assign, pledge, encumber, hypothecate, or otherwise transfer the Option or any right thereunder, contrary to the provisions hereof, the Option and all rights thereunder shall immediately become null and void.
Nonassignability of Option Rights. The Option shall not be assigned or transferred by the Grantee except in the event of the death of the Grantee, by will or by laws of descent or distribution, or pursuant to a qualified domestic relations order. Upon a transfer by will or by the laws of descent or distribution, the person to whom the Option is transferred shall have the right to exercise the Option in accordance with the Plan and this Grant Letter. Any attempt to assign, transfer, pledge or dispose of the Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without effect.
