Common use of Transferability of Stock Option Clause in Contracts

Transferability of Stock Option. The Stock Option, prior to vesting, shall not be transferable, either voluntarily or by operation of law, otherwise than by will or the laws of descent and distribution, and shall be exercisable during the Holder’s lifetime only by the Holder. The Stock Option, prior to vesting, may not be assigned, transferred (except as provided above), pledged, or hypothecated in any way, and shall not be subject to execution, attachment, or similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Stock Option contrary to the provisions hereof, and the levy of any execution, attachment, or similar process upon the Stock Option, shall be null and void and without effect. Notwithstanding the foregoing, any vested portion of the Stock Option maybe transferable by will or by the laws of descent and distribution following ▇▇▇▇▇▇’s death and may be assigned in whole or in part during ▇▇▇▇▇▇’s lifetime to one or more of Holder’s family members (as defined in Rule 701 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended) through a gift or domestic relations order, or as otherwise permitted by Rule 701

Transferability of Stock Option. The Stock Option, prior to vesting, shall not be transferable, either voluntarily or by operation of law, otherwise than by will or the laws of descent and distribution, and shall be exercisable during the Holder’s lifetime only by the Holder. The Stock Option, prior to vesting, may not be assigned, transferred (except as provided above), pledged, or hypothecated in any way, and shall not be subject to execution, attachment, or similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Stock Option contrary to the provisions hereof, and the levy of any execution, attachment, or similar process upon the Stock Option, shall be null and void and without effect. Notwithstanding the foregoing, any vested portion of the Stock Option maybe transferable by will or by the laws of descent and distribution following ▇▇▇▇▇▇’s death and may be assigned in whole or in part during ▇▇▇▇▇▇’s lifetime to one or more of Holder’s family members (as defined in Rule 701 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended) through a gift or domestic relations order, or as otherwise permitted by Rule 701701 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended. The terms applicable to the assigned Stock Option shall be the same as those in effect for the Stock Option immediately prior to such assignment.