Limited Transferability of Options Clause Samples

Limited Transferability of Options. During the lifetime of the Optionee, Incentive Options shall be exercisable only by the Optionee and shall not be assignable or transferable other than by will or by the laws of descent and distribution following the Optionee's death. However, a Non-Statutory Option may, in connection with the Optionee's estate plan, be assigned in whole or in part during the Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established exclusively for one or more such family members. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

Limited Transferability of Options. The Option may be transferred by the Employee to a Permitted Transferee, as defined in the Plan, provided that there cannot be any consideration for the transfer. Options transferred to Permitted Transferees will remain subject to the terms and conditions of the Plan and the stock option agreement as if the Employee still held such options. References herein to option "Holder" shall mean the Employee or a Permitted Transferee.

Limited Transferability of Options. The Option(s) may be exercised during the lifetime of the Optionee only by the Optionee or, to the extent permitted by the Committee in its discretion, a member of the Optionee's Immediate Family (as that term is defined in the Plan). The Optionee's rights and interests under this Agreement and in and to the Option(s) may not be sold, pledged, hypothecated, assigned, encumbered, gifted or otherwise transferred in any manner, either voluntarily or involuntarily by operation of law, except by will or the laws of descent or distribution, and except that (i) the Optionee may, in a manner and to the extent permitted by the Committee in its reasonable discretion, transfer the Option(s) to a member of the Optionee's Immediate Family, and (ii) the Manager may, in a manner and to the extent permitted by the Committee and the Plan, transfer a Non-Qualified Stock Option previously granted to it to any other Eligible Recipient.

Limited Transferability of Options. The Option may, in connection with the Optionee's estate plan, be assigned in whole or in part during the Optionee's lifetime

Limited Transferability of Options. The Employee's rights under the Options may not be assigned or transferred by the Employee other than (i) by will or the laws of descent and distribution, or (ii) in the manner described in the next paragraph. Notwithstanding the foregoing, the Employee may transfer all or a portion of the Options to trusts for the benefit of members of her immediate family, or to family partnerships in which immediate family members are the only partners, as long as the Employee receives no consideration for the transfer. Any transferred Options will still be terminated in accordance with Paragraph 7 if the any of the events described in Paragraph 7 occur.

Limited Transferability of Options. Except as provided in Section 7.04 of the 2003 Incentive Plan, this Option is not transferable other than by will, the laws of descent and distribution.

Limited Transferability of Options. The Option may, in connection with the Participant's estate plan, be assigned in whole or in part during the Participant's lifetime to one or more members of the Participant's immediate family or to a trust established exclusively for one or more such family members. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the Option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the Option immediately prior to such assignment and will be set forth in such documents issued to the assignee as the Board of Directors may deem appropriate. The Participant may also designate one or more persons as the beneficiary or beneficiaries of the Option, and the Option will, in accordance with such designation, be automatically transferred to such beneficiary or beneficiaries upon the Participant's death. Such beneficiary or beneficiaries will take the Option subject to all the terms and conditions of this Agreement. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to the provisions of this paragraph or the Plan, and the levy of any execution, attachment or similar process upon the Option, will be null and void and without effect.

Limited Transferability of Options. The Associate may transfer Non-ISOs to his spouse, lineal ascendants, lineal descendants or to a duly established trust for their benefit or the benefit of the Associate, provided that such transferee shall be permitted to exercise Non-ISOs subject to all the same terms and conditions applicable to the Associate. Otherwise, this Option is not transferable other than by will and the laws of descent or distribution.

Limited Transferability of Options. The Option may, in connection with the Optionee's estate plan, be assigned in whole or in part during the Optionee's lifetime and prior to termination of this Option Agreement to one or more members of the Optionee's immediate family (spouse or children) or to a trust established exclusively for one or more such family member; provided however, that any such assignee meets the requirements of Section 10 hereof and such assignee executes at the time of such assignment forms acceptable to the Company agreeing to be subject to the terms hereof. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the Option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the Option immediately prior to such assignment and will be set forth in such documents issued to the assignee as the Board of Directors may deem appropriate. The Optionee may also designate one or more persons as the beneficiary or beneficiaries of the Option, and the Option will, in accordance with such designation, be automatically transferred to such beneficiary or beneficiaries upon the Optionee's death. Such beneficiary or beneficiaries will take the Option subject to all the terms and conditions of this Agreement. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to the provisions of this paragraph or the Plan, and the levy of any execution, attachment or similar process upon the Option, will be null and void and without effect.