Assignment of Option. The Option granted to the Optionee under --------------------- this Agreement shall not be transferable or assignable by the Optionee other than by will or the laws of descent and distribution, and shall be exercisable during the Optionee's lifetime only by the Optionee; provided, however, the Option may be assigned to a family partnership, limited liability company or other- similar entity 100% owned and controlled by the Optionee and members of his family and such entity may exercise the Option on the same terms, but subject to the same limitations, as are set forth herein; provided further that, in the event of such assignment, the term "Optionee" used hereunder shall continue to refer to the individual who assigned the Option with respect to provisions relating to the employment of the Optionee with the Company.
Appears in 5 contracts
Samples: Nonqualified Stock Option Agreement (American Homestar Corp), Nonqualified Stock Option Agreement (American Homestar Corp), Nonqualified Stock Option Agreement (American Homestar Corp)
