Common use of Transferability of Option Clause in Contracts

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation effective on the Optionee’s death or (ii) by gift to a Permitted Transferee. During the Optionee’s or holder’s lifetime, the Option is exercisable only by the Optionee or holder (or the Optionee’s or holder’s Legal Representative) or a Permitted Transferee. Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s death, or if the Optionee fails to designate a beneficiary on a beneficiary designation form, then the Optionee hereby designates the following persons in the order set forth herein as the Optionee’s beneficiary or beneficiaries: (i) the Optionee’s spouse, if living, or if none, (ii) the Optionee’s then living descendants, per stirpes, or if none, (iii) the Optionee’s estate.

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation on a form prescribed by the Company and effective on the Optionee’s death or (ii) by gift to a Permitted Transferee. During the Optionee’s lifetime, the Option is exercisable only by the Optionee (or holderthe Optionee’s Legal Representative) or a Permitted Transferee, and during a Permitted Transferee’s lifetime, the Option is exercisable only by the Optionee or holder Permitted Transferee (or the Optionee’s or holderPermitted Transferee’s Legal Representative) or a Permitted Transferee). Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form prescribed by the Company predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s death, or if the Optionee fails to properly designate a beneficiary on a beneficiary designation formform prescribed by the Company, then the Optionee hereby designates the following persons Persons in the order set forth herein as the Optionee’s beneficiary or beneficiaries: (i) the Optionee’s spouse, if living, or if none, (ii) the Optionee’s then living descendants, per stirpes, or if none, (iii) the Optionee’s estate.

Transferability of Option. The Option, if an Incentive Stock Option, may not be transferred in any manner other than by will or by the laws of descent and distribution and may be exercised during the lifetime of the Grantee only by the Grantee. The Option, if a Non-Qualified Stock Option, may not be transferred in any manner other than by will or by the laws of descent and distribution, provided, however, that a Non-Qualified Stock Option may be transferred during the lifetime of the Grantee to the extent and in the manner authorized by the Administrator, subject to the applicable limitations, if any, described in the General Instructions to Form S-8 Registration Statement under the Securities Act; provided, that any transfer of a Non-Qualified Stock Option that is permitted hereunder shall be without consideration, except as required by Applicable Laws. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Incentive Stock Option or Non-Qualified Stock Option in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator. Following the death of the Grantee, the Option, to the extent provided in Section 8, may be exercised (a) by the person or persons designated under the deceased Grantee’s beneficiary designation or (b) in the absence of an effectively designated beneficiary, by the Grantee’s legal representative or by any person empowered to do so under the deceased Grantee’s will or under the then applicable laws of descent and distribution. The Option may not be transferred other than (i) pursuant to a beneficiary designation effective on the Optionee’s death or (ii) by gift to a Permitted Transferee. During the Optionee’s or holder’s lifetime, the Option is exercisable only by the Optionee or holder (or the Optionee’s or holder’s Legal Representative) or a Permitted Transferee. Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecatedalienated, encumbered attached or otherwise disposed of (whether by operation of law or otherwise) or be subject to executionencumbered, and any purported pledge, alienation, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose encumbrance of the Option, Option shall be void and unenforceable against the Company or any Related Entity. The terms of the Option shall be binding upon the executors, administrators, heirs, successors and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date transferees of the Optionee’s death, or if the Optionee fails to designate a beneficiary on a beneficiary designation form, then the Optionee hereby designates the following persons in the order set forth herein as the Optionee’s beneficiary or beneficiaries: (i) the Optionee’s spouse, if living, or if none, (ii) the Optionee’s then living descendants, per stirpes, or if none, (iii) the Optionee’s estateGrantee.

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation effective on the Optionee’s death or (ii) by gift to a Permitted Transferee. During the Optionee’s lifetime, the Option is exercisable only by the Optionee (or holderthe Optionee’s Legal Representative) or a Permitted Transferee, and during a Permitted Transferee’s lifetime, the Option is exercisable only by the Optionee or holder Permitted Transferee (or the Optionee’s or holderPermitted Transferee’s Legal Representative) or a Permitted Transferee). Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form prescribed by the Company predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s death, or if the Optionee fails to designate a beneficiary on a beneficiary designation formform prescribed by the Company, then the Optionee hereby designates the following persons in the order set forth herein as the Optionee’s beneficiary or beneficiaries: (i) the Optionee’s spouse, if living, or if none, (ii) the Optionee’s then living descendants, per stirpes, or if none, (iii) the Optionee’s estate.

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation on a form prescribed by the Company and effective on the Optionee’s death or (ii) by gift jpgt to a Permitted Transferee. During the Optionee’s or holder’s lifetime, the Option is exercisable only by the Optionee or holder (or the Optionee’s or holder’s Legal Representative) or a Permitted Transferee, and during a Permitted Transferee’s lifetime, the Option is exercisable only by the Permitted Transferee (or the Permitted Transferee’s Legal Representative). Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form prescribed by the Company predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s death, or if the Optionee fails to properly designate a beneficiary on a beneficiary designation formform prescribed by the Company, then the Optionee hereby designates the following persons Persons in the order set forth herein as the Optionee’s beneficiary or beneficiaries: (i) the Optionee’s spouse, if living, or if none, (ii) the Optionee’s then living descendants, per stirpes, or if none, (iii) the Optionee’s estate.

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation on a form prescribed by the Company and effective on the Optionee’s 's death or (ii) by gift to a Permitted Transferee. During the Optionee’s or holder’s 's lifetime, the Option is exercisable only by the Optionee or holder (or the Optionee’s or holder’s 's Legal Representativerepresentative) or a Permitted Transferee, and during a Permitted Transferee's lifetime, the Option is exercisable only by the Permitted Transferee (or the Permitted Transferee' s Legal Representative). Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form prescribed by the Company predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s 's death, or if the Optionee fails to properly designate a beneficiary on a beneficiary designation formform prescribed by the Company, then the Optionee hereby designates the following persons Persons in the order set forth herein as the Optionee’s 's beneficiary or beneficiaries: (i) the Optionee’s 's spouse, if living, or if none, (ii) the Optionee’s ' s then living descendants, per stirpes, or if none, (iii) the Optionee’s 's estate.

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation effective on the Optionee’s death or (ii) by gift to a Permitted Transferee. During the Optionee’s or holder’s lifetime, the Option is exercisable only by the Optionee or holder (or the Optionee’s or holder’s Legal Representative) or a Permitted Transferee. Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form prescribed by the Company predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s death, or if the Optionee fails to designate a beneficiary on a beneficiary designation formform prescribed by the Company, then the Optionee hereby designates the following persons in the order set forth herein as the Optionee’s beneficiary or beneficiaries: (i) the Optionee’s spouse, if living, or if none, (ii) the Optionee’s then living descendants, per stirpes, or if none, (iii) the Optionee’s estate.

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation effective on the Optionee’s death or (ii) by gift to a Permitted Transferee. During the Optionee’s or holder’s lifetime, the Option is exercisable only by the Optionee or holder (or the Optionee’s or holder’s Legal Representative) or a Permitted Transferee. Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form prescribed by the Company predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s death, or if the Optionee fails to designate a beneficiary on a beneficiary designation formform prescribed by the Company, then the Optionee hereby designates the following persons in the order set forth herein as the Optionee’s beneficiary or beneficiaries: (i) the Optionee’s spouse, if living, or if none, (ii) the Optionee’s then living descendants, per stirpes, or if none, (iii) the Optionee’s estate.. 2005 LTI Plan / 2010 Officer Stock Option Award Agreement

Transferability of Option. The Option may not be transferred other than (i) pursuant to a beneficiary designation effective on the Optionee’s 's death or (ii) by gift to a Permitted Transferee. During the Optionee’s 's or holder’s 's lifetime, the Option is exercisable only by the Optionee or holder (or the Optionee’s 's or holder’s 's Legal Representative) or a Permitted Transferee. Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. By accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form predecease the Optionee or, in the case of corporations, partnerships, trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee’s 's death, or if the Optionee fails to designate a beneficiary on a beneficiary designation form, then the Optionee hereby designates the following persons in the order set forth herein as the Optionee’s 's beneficiary or beneficiaries: (i) the Optionee’s 's spouse, if living, or if none, (ii) the Optionee’s 's then living descendants, per stirpes, or if none, (iii) the Optionee’s 's estate.