Common use of Restrictions on Transfer of Option Clause in Contracts

Restrictions on Transfer of Option. Except as otherwise provided below, this Option shall not be transferable other than by will or by the laws of descent and distribution, and during the lifetime of the Participant, only the Participant, his or her guardian or legal representative or authorized assignee may exercise the Option. The Participant may designate a beneficiary to exercise his or her Options after the Participant’s death. The Company may provide for transfer of the Option, with or without payment of consideration, to: (i) the following family members of the Participant, including adoptive relationships: a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, niece, nephew, former spouse (whether by gift or pursuant to a domestic relations order); (ii) any person sharing the employee’s household (other than a tenant or employee); (iii) a family controlled partnership, corporation, limited liability company, trust; or foundation in which family members (as described above) control the management of assets. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Company may deem appropriate.

Restrictions on Transfer of Option. Except as otherwise provided below, this Option shall not be transferable other than by will or by the laws of descent and distribution, and during the lifetime of the ParticipantOptionee, only the ParticipantOptionee, his or her guardian or legal representative or authorized assignee may exercise the Option. The Participant Optionee may designate a beneficiary to exercise his or her Options after the Participant’s Optionee's death. The Company may provide for transfer of the Option, with or without payment of consideration, to: (i) the following family members of the ParticipantOptionee, including adoptive relationships: a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, niece, nephew, former spouse (whether by gift or pursuant to a domestic relations order); (ii) any person sharing the employee’s 's household (other than a tenant or employee); (iii) a family controlled or nonfamily controlled partnership, corporation, limited liability company, or trust; or (iv) a foundation in which family members (as described above) control the management of assets. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Company may deem appropriate.

Restrictions on Transfer of Option. Except as otherwise provided below, this Option shall not be transferable other than by will or by the laws of descent and distribution, and during the lifetime of the ParticipantOptionee, only the ParticipantOptionee, his or her guardian or legal representative or authorized assignee may exercise the Option. The Participant Optionee may designate a beneficiary to exercise his or her Options Option after the Participant’s Optionee's death. The Company may provide for transfer of the Option, with or without payment of consideration, to: (i) the following family members of the ParticipantOptionee, including adoptive relationships: a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, niece, nephew, former spouse (whether by gift or pursuant to a domestic relations order); (ii) any person sharing the employee’s Optionee's household (other than a tenant or employee); (iii) a family controlled or nonfamily controlled partnership, corporation, limited liability company, or trust; or (iv) a foundation in which family members (as described above) control the management of assets. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the option Option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the option Option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Company may deem be deemed appropriate.