Common use of Administrator Action Clause in Contracts

Administrator Action. Notwithstanding Section 10(a), the Administrator, in its discretion, may provide by written approval that the Optionee (who is an employee) may transfer this Stock Option to the Optionee’s immediate family members, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Stock Option Agreement. In no event may this Stock Option be transferred by the Optionee for value.