Common use of Nontransferability of This Option Clause in Contracts

Nontransferability of This Option. This Option may not be sold, transferred, pledged assigned or otherwise alienated or hypothecated, other than: (i) upon the Optionee’s death, to the person designated as the Optionee’s Beneficiary or, if no Beneficiary has been properly designated by the Optionee, by will or by the laws of descent and distribution, (ii) pursuant to a Qualified Domestic Relations Order or (iii) by gift to any member of the Optionee’s immediate family or to a trust for the benefit of one or more of the Optionee’s immediate family members. During the lifetime of the Optionee, this Option shall be exercisable only by the Optionee or a person acting with the legal authority of the Optionee unless it has been transferred as permitted hereby, in which case it shall be exercisable only by such transferee. For the purpose of this Section 4, an Optionee’s “immediate family” shall mean the Optionee’s spouse, children and grandchildren. In the event this Option is transferred as permitted by this Section 4, the person to whom this Option has been transferred may exercise this Option to the extent this Option would have been exercisable by the Optionee if the Option were not so transferred. The provisions of this Option shall be binding upon, inure to the benefit of and be enforceable by the parties hereto, the successors and assigns of the Corporation and any person acting with the legal authority of the Optionee or to whom this Option is transferred in accordance with this Section 4.

Nontransferability of This Option. This Option may not be soldassigned, encumbered, transferred, pledged assigned or otherwise alienated or hypothecatedhypothecated except, other than: (i) upon in the Optionee’s death, to event of the person designated as the Optionee’s Beneficiary or, if no Beneficiary has been properly designated by death of the Optionee, by will or by the applicable laws of descent and distribution, or (ii) pursuant to a Qualified Domestic Relations Order "domestic relations order," as defined in Section 414(p)(1)(B) of the Code, or (iii) by in a gift to any member of the Optionee’s Participant's immediate family or to a trust for the benefit of one or more of the Optionee’s such immediate family members. During the lifetime of the Optionee, this Option shall be exercisable only by the Optionee or a person acting with the legal authority of the Optionee unless it has been transferred as permitted hereby, in which case it shall be exercisable only by such transferee. For the purpose of this Section 4, an Optionee’s “a Participant's "immediate family” " shall mean the Optionee’s Participant's spouse, children and grandchildren. In the event this Option is transferred as permitted by this Section 4, the person to whom this Option has been transferred may exercise this Option to the extent this Option would have been exercisable by the Optionee if the Option were not so transferred. The provisions of this Option shall be binding upon, inure to the benefit of and be enforceable by the parties hereto, the successors and assigns of the Corporation and any person acting with the legal authority of the Optionee or to whom this Option is transferred in accordance with this Section 4.

Nontransferability of This Option. This Option may not be soldassigned, encumbered, transferred, pledged assigned or otherwise alienated or hypothecatedhypothecated except, other than: (i) upon in the Optionee’s death, to event of the person designated as the Optionee’s Beneficiary or, if no Beneficiary has been properly designated by death of the Optionee, by will or by the applicable laws of descent and distribution, or (ii) pursuant to a Qualified Domestic Relations Order "domestic relations order," as defined in Section 414(p)(1)(B) of the Code, or (iii) by in a gift to any member of the Optionee’s Participant's immediate family or to a trust for the benefit of one or more of the Optionee’s such immediate family members. During the lifetime of the Optionee, this Option shall be exercisable only by the Optionee or a person acting with the legal authority of the Optionee unless it has been transferred as permitted hereby, in which case it shall be exercisable only by such transferee. For the purpose of this Section 4, an Optionee’s “a Participant's "immediate family” " shall mean the Optionee’s Participant's spouse, children and grandchildren. In the event this Option is transferred as permitted by this Section 4, the person to whom this Option has been transferred may exercise this Option to the extent this Option would have been exercisable by the Optionee if the Option were not so transferred. The provisions of this Option shall be binding upon, inure to the benefit of and be enforceable by the parties hereto, the successors and assigns of the Corporation Company and any person acting with the legal authority of the Optionee or to whom this Option is transferred in accordance with this Section 4.

Nontransferability of This Option. This Option may not be soldassigned, encumbered, transferred, pledged assigned or otherwise alienated or hypothecatedhypothecated except, other than: (i) upon in the Optionee’s death, to event of the person designated as the Optionee’s Beneficiary or, if no Beneficiary has been properly designated by death of the Optionee, by will or by the applicable laws of descent and distribution, or (ii) pursuant to a Qualified Domestic Relations Order "domestic relations order," as defined in Section 414(p)(1)(B) of the Code, or (iii) by a gift to any member of the Optionee’s 's immediate family or to a trust for the benefit of one or more of the Optionee’s such immediate family members. During the lifetime of the Optionee, this Option shall be exercisable only by the Optionee or a person acting with the legal authority of the Optionee unless it has been transferred as permitted hereby, in which case it shall be exercisable only by such transferee. For the purpose of this Section 4, an a Optionee’s “'s "immediate family” " shall mean the Optionee’s 's spouse, children and grandchildren. In the event this Option is transferred as permitted by this Section 4, the person to whom this Option has been transferred may exercise this Option to the extent this Option would have been exercisable by the Optionee if the Option were not so transferred. The provisions of this Option shall be binding upon, inure to the benefit of and be enforceable by the parties hereto, the successors and assigns of the Corporation and any person acting with the legal authority of the Optionee or to whom this Option is transferred in accordance with this Section 4.