Common use of Rights Prior to Exercise Clause in Contracts

Rights Prior to Exercise. The Option is nontransferable and may not be sold, assigned, pledged or encumbered (by operation of law or otherwise) by the Optionee, except by will or by the laws of descent and distribution in the event of his death; provided however that, upon request by the Optionee, the Corporation may permit the Optionee to transfer the Option to a family member or a trust created for the benefit of family members of the Optionee (each, a "Permitted Transferee") (such permission not to be unreasonably withheld). During the Optionee's lifetime, the Option is only exercisable by the Optionee and any Permitted Transferees. Neither the Optionee nor any Permitted Transferee shall have any rights as a holder of shares of Common Stock subject to this Option until exercise of the Option, payment of the Option Price, and the issuance of a certificate evidencing shares of Common Stock.

Rights Prior to Exercise. The Option is nontransferable and may not be sold, assigned, pledged or encumbered (by operation of law or otherwise) by the Optionee, except by will or by the laws of descent and distribution in the event of his death; provided however that, upon request by the Optionee, the Corporation may permit the Optionee to transfer the Option to a family member or a trust created for the benefit of family members of the Optionee (each, a "Permitted Transferee") (such permission not to be unreasonably withheld). During the Optionee's lifetime, the Option is only exercisable by the Optionee and any Permitted Transferees. Neither the Optionee nor any Permitted Transferee shall have any rights as a holder of shares of Common Stock subject to this Option until exercise of the Option, payment of the Option Price, and the issuance of a certificate evidencing shares of Common Stock.