Common use of Nonassignability of Option Rights Clause in Contracts

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. The Option is exercisable only by --------------------------------- Optionee, except in the case of Optionee's death while in Continuous Employment of the companyCompany, 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. The Option is exercisable only by --------------------------------- Optionee, except in the case of Optionee's death while in Continuous Employment the Optionee is a member of the companyBoard of Directors, 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 Optionee no longer serving as a member of the Board of Directors due to disability occurring during Continuous Employment with Saf T Lokwhile the Optionee was a Director of the Company, 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. The Option is exercisable only by --------------------------------- Optionee, except in the case of Optionee's death while in Continuous Employment of the companyDatamax, in which case the Option is exercisable by Optionee's estate's personal representative pursuant to paragraph 3(c3(b), and except in the case of Optionee's termination due to disability occurring during Continuous Employment with Saf T LokDatamax, in which case the Option is exercisable, if necessary, by Optionee's legal representative pursuant to paragraph 3(d3(c). The Option may not be sold, exchanged, assigned, pledged, encumbereddiscounted, 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, encumberdiscount, hypothecate, or otherwise transfer the Option or any right thereunder, contrary to the provisions hereof and of the Plan, the Option and all to the provisions hereof and of the Plan, the Option and all rights thereunder shall immediately become null and void.