Common use of Nontransferability of Awards Clause in Contracts

Nontransferability of Awards. No Options granted hereby may be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or, on such terms and conditions as the Committee shall establish, to a Permitted Transferee. All rights with respect to Options granted to the Employee hereunder shall be exercisable during his lifetime only by such Employee or, if permitted by the Committee, a Permitted Transferee. Following the Employee’s death, all rights with respect to Options that were exercisable at the time of the Employee’s death and have not terminated shall be exercised by his designated beneficiary, his estate or, if permitted by the Committee, a Permitted Transferee.

Nontransferability of Awards. No Options granted hereby may be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or, on such terms and conditions as the Committee shall establish, to a Permitted Transfereepermitted transferee pursuant to Section 9.1 of the Plan. All rights with respect to Options granted to the Employee Participant hereunder shall be exercisable during his or her lifetime only by such Employee Participant or, if permitted by the Committee, a Permitted Transfereepermitted transferee. Following the EmployeeParticipant’s death, all rights with respect to Options that were exercisable at the time of the EmployeeParticipant’s death and have not terminated shall be exercised by his or her designated beneficiary, his or her estate or, if permitted by the Committee, a Permitted Transfereepermitted transferee.

Nontransferability of Awards. No Options granted hereby may be sold, transferred, pledged, assigned, encumbered encumbered, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or, on such terms and conditions as the Committee shall establish, to a Permitted Transfereepermitted transferee pursuant to Section 10.1 of the Plan. All rights with respect to Options granted to the Employee Participant hereunder shall be exercisable during his or her lifetime only by such Employee Participant or, if permitted by the Committee, a Permitted Transfereepermitted transferee. Following the EmployeeParticipant’s death, all rights with respect to Options that were exercisable at the time of the EmployeeParticipant’s death and that have not terminated shall be exercised by his or her designated beneficiary, his or her estate or, if permitted by the Committee, a Permitted Transfereepermitted transferee.

Nontransferability of Awards. No Options granted hereby may be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or, on such terms and conditions as the Committee shall establish, to a Permitted Transferee. All rights with respect to Options granted to the Employee hereunder shall be exercisable during his lifetime only by such Employee or, if permitted by the Committeeapplicable, a Permitted Transferee. Following the Employee’s death, all rights with respect to Options that were exercisable at the time of the Employee’s death and have not terminated shall be exercised by his designated beneficiary, his estate or, if permitted by the Committeeapplicable, a Permitted Transferee.