Restrictions on Transfer of Options. None of the Options may be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of, except by testamentary devise or the laws of descent and distribution; provided, however, that the Participant may transfer vested options for tax planning purposes to members of his immediate family or to a trust for the benefit of him and his immediate family. The Options shall be exercisable only by the Participant or permitted transferees during the Participant's lifetime. Options that are vested at the time of the Participant's death (or that vest subsequent to the Participant's death in accordance with Section 3) may be exercised in accordance with their terms by the Participant's estate.
Appears in 4 contracts
Samples: Nonqualified Option Agreement (Questor Partners Fund L P), Nonqualified Option Agreement (Questor Partners Fund L P), Nonqualified Option Agreement (Questor Partners Fund L P)
