Common use of Transferability of the Option Clause in Contracts

Transferability of the Option. Except as otherwise provided in the Plan or in this Agreement, the Option shall not be transferable in any manner by the Optionee other than as follows: (a) By will or the laws of descent and distribution; (b) Pursuant to a Qualified Domestic Relations Order as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974; or (c) Without consideration (other than in exchange for an interest in one of the following partnerships, limited liability companies or other entities), to (i) the Optionee’s spouse, children or grandchildren (whether by blood, adoption or step) (“Family Members”), (ii) any trust in which Optionee and such Optionee’s Family Members have more than 50% of the beneficial interests, or (iii) any partnership, limited liability company or other entity in which the Optionee and such Optionee’s Family Members own more than 50% of the voting interests, provided that (x) following any transfer of the Option pursuant to this Section 8(c), the Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of this Agreement, any reference to the Optionee shall be deemed to refer to the transferee, (y) in the event of a transferee’s death, the Option may be exercised by the personal representative of the transferee’s estate or, if no personal representative has been appointed, by the successor or successors in interest determined under the transferee’s will or under applicable laws of descent and distribution, and (z) the events of expiration of the Option set forth in Section 4 hereof shall continue to be applied with respect to the original Optionee, following which the Option shall be exercisable by the transferee only to the extent and for the period specified in Section 4 hereof.

Transferability of the Option. Except as otherwise provided in the Plan or in this Agreement, the The Option shall not be transferable in any manner by the Optionee other than only as follows: (a) By will or the laws of descent and distribution; (b) Pursuant to a Qualified Domestic Relations Order as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974; or (c) Without consideration (other than in exchange for an interest in one of the following partnerships, limited liability companies or other entities), to (i) the Optionee’s spouse, children or grandchildren (whether by blood, adoption or step) (“Family Members”), (ii) any trust in which Optionee and such Optionee’s Family Members have more than 50% of the beneficial interests, or (iii) any partnership, limited liability company or other entity in which the Optionee and such Optionee’s Family Members own more than 50% of the voting interests, provided that (x) following any transfer of the Option pursuant to this Section 8(c), the Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of this Agreement, any reference to the Optionee shall be deemed to refer to the transferee, (y) in the event of a transferee’s death, the Option may be exercised by the personal representative of the transferee’s estate or, if no personal representative has been appointed, by the successor or successors in interest determined under the transferee’s will or under applicable laws of descent and distribution, and (z) the events of expiration of the Option set forth in Section 4 hereof shall continue to be applied with respect to the original Optionee, following which the Option shall be exercisable by the transferee only to the extent and for the period specified in Section 4 hereof.

Transferability of the Option. Except as otherwise provided in the Plan or in this Agreement, the The Option shall not be transferable in any manner by the Optionee other than only as follows: (a) By will or the laws of descent and distribution; (b) Pursuant to a Qualified Domestic Relations Order as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974; or (c) Without consideration (other than in exchange for an interest in one of the following partnerships, limited liability companies or other entities), to (i) the Optionee’s 's spouse, children or grandchildren (whether by blood, adoption or step) (“"Family Members”"), (ii) any trust in which Optionee and such Optionee’s 's Family Members have more than 50% of the beneficial interests, or (iii) any partnership, limited liability company or other entity in which the Optionee and such Optionee’s 's Family Members own more than 50% of the voting interests, provided that (x) following any transfer of the Option pursuant to this Section 8(c), the Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of this Agreement, any reference to the Optionee shall be deemed to refer to the transferee, (y) in the event of a transferee’s 's death, the Option may be exercised by the personal representative of the transferee’s 's estate or, if no personal representative has been appointed, by the successor or successors in interest determined under the transferee’s 's will or under applicable laws of descent and distribution, and (z) the events of expiration of the Option set forth in Section 4 hereof shall continue to be applied with respect to the original Optionee, following which the Option shall be exercisable by the transferee only to the extent and for the period specified in Section 4 hereof.