Restrictions on Transferability of Option. This Option may not be transferred by the Grantee other than by will or the laws of descent and distribution and may be exercised during the Grantee's lifetime only by the Grantee or the Grantee's guardian or legal representative. However, if this Option is not intended to be treated as an incentive stock option under Section 422 of the Internal Revenue Code (see Section I above) it may during the Grantee's lifetime also be transferred to and may thereafter be exercised by members of the Grantee's immediate family, or a partnership whose members include only the Grantee and/or members of the Grantee's immediate family, or a trust for the benefit of only the Grantee and/or members of the Grantee's immediate family; but (a) any such permitted transfer shall not prevent termination of the Option following the Grantee's termination of employment as provided in Section 3 above, and (b) this Option shall terminate immediately if it has been transferred to a partnership or trust as permitted above and any person who is not a member of the Grantee's immediate family becomes a member of such partnership or a beneficiary of such trust, As used herein, the Grantee's immediate family includes only the Grantee's spouse, parents or other ancestors, and children and other direct descendants of the Grantee or of the Grantee's spouse (including such ancestors and descendants by adoption).
Restrictions on Transferability of Option. This Option may not be transferred by the Grantee other than by will or the laws of descent and distribution and may be exercised during the Grantee’s lifetime only by the Grantee or the Grantee’s guardian or legal representative subject to the limitations herein.
Restrictions on Transferability of Option. The Option to Extend is personal to the Tenant originally named in this Lease or any Permitted Transferee (as defined below) and may not be exercised by anyone other than such originally named Tenant or a Permitted Transferee.
Restrictions on Transferability of Option. This Option may not be transferred by the Grantee other than by will or the laws of descent and distribution and may be exercised during the Grantee's lifetime only by the Grantee or the Grantee's guardian or legal representative. However, it may during the Grantee's lifetime also be transferred to and may thereafter be exercised by members of the Grantee's immediate family, or a partnership whose members include only the Grantee and/or members of the Grantee's immediate family, or a trust for the benefit of only the Grantee and/or members of the Grantee's immediate family. As used herein, the Grantee's immediate family includes only the Grantee's spouse, parents or other ancestors, and children and other direct descendants of the Grantee or of the Grantee's spouse (including such ancestors and descendants by adoption).
Restrictions on Transferability of Option. Except as provided in Section 6 hereof, neither the Option nor any of your rights, interests or benefits thereunder or hereunder shall be subject to voluntary or involuntary assignment, transfer, pledge, hypothecation or other form of absolute or conditional alienation or disposition, directly or indirectly. The Option shall be unexercisable during any period in which there is in effect, and may be terminated in all respects by the Committee in the event of, a purported assignment of the Option or of any such rights, interests or benefits thereunder or under this Agreement, except as provided in Section 6 hereof.
Restrictions on Transferability of Option. This Option may not be transferred by the Grantee other than by will or the laws of descent and distribution or pursuant to the terms of a qualified domestic relations order as defined in the U.S. Internal Revenue Code. During the Grantee's lifetime the Option may be exercised only by the Grantee or the Grantee's guardian or legal representative. The Grantee is prohibited from the sale, exchange, transfer, pledge, hypothecation, gift or other disposition of the shares of Common Stock underlying the Incentive Stock Option until the later of either two (2) years after the Date of Grant or one (1) year after the transfer to the Grantee of such underlying Common Stock after the exercise of such Incentive Stock Option. In the event the Grantee chooses to make a premature disposition of such underlying Common Stock contrary to such restrictions, the Options shall be treated as Non-Statutory Stock Options pursuant to the terms of Article II of the Plan from the date of grant which, in particular, shall cause the Grantee to be taxed upon the fair market value of the underlying shares on the date of exercise.
Restrictions on Transferability of Option. This Option shall not be transferable other than by a will of the Optionee or by the laws of descent and distribution. During his lifetime, the Option shall be exercisable only by the Optionee or by the Optionee's attorney-in-fact or conservator.
Restrictions on Transferability of Option. The Option may not be transferred except to one or more Permitted Transferees, or except by will or the laws of descent and distribution, nor may it be otherwise assigned, transferred, pledged, hypothecated or disposed of in any way (by operation of law or otherwise) and it shall not be subject to execution, attachment or similar process. The Option may be exercised only by the Optionee, by a Permitted Transferee, or by the Optionee’s or Permitted Transferee’s duly appointed guardian or personal representative. The Optionee may transfer all or part of the Option to one or more Permitted Transferees at any time prior to the exercise of the Option in full. Upon any such transfer, a Permitted Transferee shall succeed, to the extent of the Option or part of the Option so transferred and the shares covered thereby, to all of the Optionee’s rights hereunder, subject to the restrictions and performance of the obligations set forth herein. A Permitted Transferee to whom is transferred all or a portion of the Option may transfer such portion (or any part thereof) to another person or entity who or which is a Permitted Transferee with respect to the Optionee. The Corporation shall be entitled to treat the Option as belonging to the Optionee unless the Optionee or a Permitted Transferee, as the case may be, shall inform the Secretary of the Corporation, in writing, of the identity of any Permitted Transferee or Transferees, and the Secretary is of the opinion that all required legal matters necessitated in connection therewith have been satisfied.
Restrictions on Transferability of Option. This Option may not be assigned or transferred by the Option Holder other than by will or the laws of descent and distribution and may be exercised during the Option Holder’s lifetime only by the Option Holder or the Option Holder’s guardian or legal representative. Except as otherwise provided herein, the Option and all rights granted under this Agreement shall not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise), and shall not be subject to execution, levy, garnishment, attachment, pledge, bankruptcy, or similar process. Upon any such attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of such option or of such rights contrary to the provisions in this Agreement, or upon the levy of any attachment or similar process upon such rights, such Option and such rights shall immediately become null and void.
Restrictions on Transferability of Option. The Option hereunder shall be exercisable only by the Optionee or legal successor to the Optionee, and, except as otherwise approved by the Company, the Option shall not otherwise be transferable, nor shall the Option by subject to attachment, execution or other similar process. In the event of (a) any attempt by the Optionee not permitted hereunder to alienate, assign, pledge, hypothecate or otherwise dispose of the Option, except as provided for herein, or (b) the levy of any attachment, execution or similar process upon the rights or interest hereby conferred, the Company may terminate the Option by notice to the Optionee and it shall thereupon become null and void.
