Common use of Provisions Regarding Transferability Clause in Contracts

Provisions Regarding Transferability. The Optionee may transfer the Option solely for estate planning purposes to the Optionee’s children, grandchildren or spouse (“Immediate Family”), to one or more trusts for the benefit of the Optionee’s Immediate Family members, or to one or more partnerships in which such Immediate Family members are the only partners only upon the express written consent of the Committee, and provided the Optionee does not receive any consideration in any form whatsoever for such transfer. Upon any such transfer of the Option, the Option shall continue to be subject to the terms and conditions as were applicable to the Option immediately prior to the transfer thereof. Except as expressly provided in the first sentence of this Section 8, the Option is not assignable or transferable by the Optionee, either voluntarily or by operation of law, otherwise than by will or by the laws of descent and distribution, and is exercisable, during the Optionee’s lifetime, only by the Optionee.

Provisions Regarding Transferability. The Optionee may transfer the Option solely for estate planning purposes to the Optionee’s 's children, grandchildren or spouse (“"Immediate Family”"), to one or more trusts for the benefit of the Optionee’s 's Immediate Family members, or to one or more partnerships in which such Immediate Family members are the only partners only upon the express written consent of the Committee, and provided the Optionee does not receive any consideration in any form whatsoever for such transfer. Upon any such transfer of the Option, the Option shall continue to be subject to the terms and conditions as were applicable to the Option immediately prior to the transfer thereof. Except as expressly provided in the first sentence of this Section 8, the Option is not assignable or transferable by the Optionee, either voluntarily or by operation of law, otherwise than by will or by the laws of descent and distribution, and is exercisable, during the Optionee’s 's lifetime, only by the Optionee.