Common use of Transferability of Options Clause in Contracts

Transferability of Options. The Option shall not be transferable by -------------------------- Optionee other than by will or by the laws of descent and distribution and shall be exercisable, during Optionee's lifetime, only by Optionee; provided, however, that the Option shall be transferable to members of Optionee's immediate family (which shall include Optionee's spouse, children and grandchildren, whether natural or adopted) and to trusts for the benefit of such family members and partnerships or limited liability companies in which such family members are the only partners or members. For purposes of Sections 6, 7 and 8 of this Agreement, a transferred Option may be exercised by the transferee only to the extent that Optionee would have been entitled had the Option not been transferred.

Transferability of Options. The Option shall not be transferable by -------------------------- Optionee other than by will or by the laws of descent and distribution and shall be exercisable, during Optionee's ’s lifetime, only by Optionee; provided, however, that the Option shall be transferable to members of Optionee's ’s immediate family (which shall include Optionee's ’s spouse, children and grandchildren, whether natural or adopted) and to trusts for the benefit of such family members and partnerships or limited liability companies in which such family members are the only partners or members. For purposes of Sections 6, 7 and 8 of this Agreement, a transferred Option may be exercised by the transferee only to the extent that Optionee would have been entitled had the Option not been transferred.