Common use of Restriction on Transfer of Option and of Option Shares Clause in Contracts

Restriction on Transfer of Option and of Option Shares. Except as otherwise expressly permitted by the Committee in writing, the Option evidenced hereby is nontransferable other than by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Optionee only by the Optionee (or in the event of his/her disability, by his/her personal representative) and after his/her death, only by his/her legatee or the executor of his/her estate.

Restriction on Transfer of Option and of Option Shares. Except as otherwise expressly permitted by the Committee in writing, the The Option evidenced hereby is nontransferable other than by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Optionee Optionees only by the Optionee Optionees (or in the event of his/her both of their disability, by his/her their personal representative) and after his/her their death, only by his/her their legatee or the executor of his/her their estate. If an Optionee is a surviving spouse of an Optionee, the surviving Optionee shall become the sole holder of the Option, and the Option shall be exercisable by such surviving Optionee.

Restriction on Transfer of Option and of Option Shares. Except as otherwise expressly permitted by the Committee in writing, the The Option evidenced hereby is nontransferable other than by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Optionee only by the Optionee (or in the event of his/her disability, by his/her personal representative) and after his/her death, only by his/her legatee or the executor of his/her estate.