Common use of Restrictions on Transfer of Option Clause in Contracts

Restrictions on Transfer of Option. This Agreement and the Option shall not be transferable otherwise than (a) by will or by the laws of descent and distribution or (b) by gift to any Family Member of the Optionee, and the Option shall be exercisable, during the Optionee’s lifetime, solely by the Optionee, except on account of the Optionee’s Permanent and Total Disability or death, and solely by the transferee in the case of a transfer by gift to a Family Member of the Optionee.

Restrictions on Transfer of Option. This Except as otherwise provided in the Plan, this Agreement and the Option shall not be transferable otherwise than (a) by will or by the laws of descent and distribution or (b) by gift to any Family Member of the Optionee, and the Option shall be exercisable, during the Optionee’s lifetime, solely by the Optionee, except on account of the Optionee’s Permanent and Total Disability or death, and solely by the transferee in the case of a transfer by gift to a Family Member of the Optionee.

Restrictions on Transfer of Option. This Agreement and the Option shall not be transferable otherwise than (a) by will or by the laws of descent and distribution distribution, or (b) by inter vivos gift to any Family Member of the OptioneeMember, and the Option shall be exercisable, during the OptioneeGrantee’s lifetime, solely by the OptioneeGrantee, except on account of the OptioneeGrantee’s Permanent and Total Disability or deathDisability, and solely by the transferee in the case of a transfer by inter vivos gift to a Family Member of the OptioneeMember.

Restrictions on Transfer of Option. This Agreement and the Option shall not be transferable otherwise than (a) by will or by the laws of descent and distribution or (b) by gift to any Family Member of the Optionee, and the Option shall be exercisable, during the Optionee’s lifetime, solely by the Optionee, except on account of the Optionee’s Total and Permanent and Total Disability or death, and solely by the transferee in the case of a transfer by gift to a Family Member of the Optionee.

Restrictions on Transfer of Option. This Agreement and the Option shall not be transferable otherwise than (a) by will or by the laws of descent and distribution or (b) by gift to any Family Member of the Optioneedistribution, and the Option shall be exercisable, during the Optionee’s lifetime, solely by the OptioneeOptionee or his or her guardian or legal representative; provided, except on account however, that the Optionee may transfer the Option, or a part thereof, by gift to his or her Family Members. The terms of the Option shall be binding upon the Family Members, beneficiaries, executors, administrators, heirs and successors of the Optionee’s Permanent and Total Disability or death, and solely by the transferee in the case of a transfer by gift to a Family Member of the Optionee.

Restrictions on Transfer of Option. This Agreement and the Option shall not be transferable otherwise than (a) by will or by the laws of descent and distribution or (b) where permitted by applicable tax rules, by gift to any Family Member of the Optionee, and the Option shall be exercisable, during the Optionee’s lifetime, solely by the Optionee, except on account of the Optionee’s Permanent and Total Disability or death, and solely by the transferee in the case of a transfer by gift to a Family Member of the Optionee.