Common use of Death of Optionee; No Assignment Clause in Contracts

Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, Optionee's designee or legal representative may exercise the Options on behalf of Optionee (provided the Options would have been exercisable by Optionee) until the right to exercise the Options otherwise expires. Any attempt to sell, pledge, assign, hypothecate, transfer, or otherwise dispose of the Options in contravention of this Agreement or the Plan shall be void. If Optionee should die while Optionee is engaged in an employment relationship with the Company or within 90 days after termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Options.

Appears in 3 contracts

Samples: 2004 Stock Option Agreement (Galyans Trading Co Inc), Stock Option Agreement (Galyans Trading Co Inc), 2004 Stock Option Agreement (Galyans Trading Co Inc)

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Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, provided that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be voidvoid and shall have no effect. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company or within 90 days after termination of such relationshipand/or any Subsidiary, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption, provided that any Shares received by such Successor following such exercise shall be subject to Section 13.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Golden State Vintners Inc), Incentive Stock Option Agreement (Golden State Vintners Inc)

Death of Optionee; No Assignment. The rights of Optionee under -------------------------------- this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options on behalf of Optionee (provided the Options would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresexpires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, --------- hypothecate, transfer, transfer or otherwise dispose of the Options in contravention of this Agreement or the Plan shall be void. If Optionee should die while Optionee is engaged in an employment relationship with the Company and/or any Subsidiary or within 90 ninety (90) days after termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the --------- successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Options.

Appears in 2 contracts

Samples: 1998 Stock Option Agreement (Laralev Inc), Senior Executive Stock Option Agreement (Laralev Inc)

Death of Optionee; No Assignment. The rights of Optionee under -------------------------------- this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the CodeInternal Revenue Code of 1986, as amended) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be voidvoid and shall have no effect. If Optionee should die while Optionee is engaged in an employment a relationship with the Company or within 90 days after termination of such relationshipPartnership and/or any Subsidiary, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption.

Appears in 1 contract

Samples: Nonqualified Performance Stock Option Agreement (Brylane Inc)

Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, provided that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be voidvoid and shall have no effect. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company or within 90 days after termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereofand/or any Subsidiary, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption, provided that any Shares received by such Successor following such exercise shall be subject to Section 13.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Golden State Vintners Inc)

Death of Optionee; No Assignment. The rights of Optionee under this -------------------------------- Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options on behalf of Optionee (provided the Options would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresexpires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, --------- hypothecate, transfer, transfer or otherwise dispose of the Options in contravention of this Agreement or the Plan shall be void. If Optionee should die while Optionee is engaged in an employment relationship with the Company and/or any Subsidiary or within 90 ninety (90) days after termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the --------- successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After --------- the death of Optionee, only a Successor may exercise the Options.

Appears in 1 contract

Samples: Senior Executive Stock Option Agreement (Advance Auto Parts Inc)

Death of Optionee; No Assignment. The rights of Optionee under -------------------------------- this Agreement may not be assigned or transferred except by will, will or by the laws of descent or distribution, and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee's designee , or if Optionee has not designated anyone, his or her legal representative representative, may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be voidvoid and shall have no effect. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company or within 90 days after termination of such relationshipand/or any Subsidiary, and provided Optionee's rights hereunder shall have vestedbecome exercisable, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust legatee or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Afc Enterprises Inc)

Death of Optionee; No Assignment. The rights of Optionee under -------------------------------- this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options on behalf of Optionee (provided the Options would have been exercisable by Optionee) until the right to exercise the Options otherwise expires. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options in contravention of this Agreement or the Plan shall be void. If Optionee should die while Optionee is engaged in an employment relationship with the Company or within 90 days after termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Options.

Appears in 1 contract

Samples: Form of Stock Option Agreement (Galyans Trading Co Inc)

Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, provided that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be voidvoid and shall have no effect. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company or within 90 days after termination of such relationshipand/or any Subsidiary, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Interpacket Networks Inc)

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Death of Optionee; No Assignment. The rights of Optionee under this -------------------------------- Agreement may not be assigned or transferred except by will, will or by the laws of descent or distribution, and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee's designee , or if Optionee has not designated anyone, his or her legal representative representative, may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be voidvoid and shall have no effect. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company or within 90 days after termination of such relationshipand/or any Subsidiary, and provided Optionee's rights hereunder shall have vestedbecome exercisable, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust legatee or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Afc Enterprises Inc)

Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, Optionee's ’s designee or legal representative may exercise the Options on behalf of Optionee (provided the Options would have been exercisable by Optionee) until the right to exercise the Options otherwise expires. Any attempt to sell, pledge, assign, hypothecate, transfer, or otherwise dispose of the Options in contravention of this Agreement or the Plan shall be void. If Optionee should die while Optionee is engaged in an employment relationship with the Company or within 90 days after termination of such relationship, and provided Optionee's ’s rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's ’s designee, legal representative, or legatee, the successor trustee of Optionee's ’s inter vivos trust or the person who acquired the right to exercise the Options by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's ’s rights under this Agreement. After the death of Optionee, only a Successor may exercise the Options.

Appears in 1 contract

Samples: 2004 Stock Option Agreement (Galyans Trading Co Inc)

Death of Optionee; No Assignment. The rights of Optionee under this -------------------------------- Agreement may not be assigned or transferred except by will, will or by the laws of descent or distribution, and may be exercised during the lifetime of Optionee only by such Optionee; provided. However, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) Optionee becomes Disabled, a designee of Optionee, Optionee's designee or if Optionee has not designated anyone, his or her legal representative representative, may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be void. If Optionee should die while Optionee is engaged in an employment or other relationship with the Company or within 90 days after termination of such relationship, and/or any Subsidiary and provided Optionee's rights hereunder shall have vestedbecome exercisable, in whole or in part, part pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Century Maintenance Supply Inc)

Death of Optionee; No Assignment. The rights of Optionee under this Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, distribution and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, provided that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options Option on behalf of Optionee (provided the Options Option would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresOption expires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, hypothecate, transfer, transfer or otherwise dispose of the Options Option in contravention of this Agreement or the Plan shall be voidvoid and shall have no effect. If Optionee should die while Optionee is engaged in an employment relationship with the Company or within 90 days after termination of such relationshipand/or any Subsidiary, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options Option by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the OptionsOption.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Interpacket Networks Inc)

Death of Optionee; No Assignment. The rights of Optionee under this -------------------------------- Agreement may not be assigned or transferred except by will, by the laws of descent or distribution, and may be exercised during the lifetime of Optionee only by such Optionee; provided, however, that in the event of disability (within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of Optionee (or the Optionee's designee or legal representative if Optionee has not designated anyone) may exercise the Options on behalf of Optionee (provided the Options would have been exercisable by Optionee) until the right to exercise the Options otherwise expiresexpires pursuant to Section 3 hereof. Any attempt to sell, pledge, assign, --------- hypothecate, transfer, transfer or otherwise dispose of the Options in contravention of this Agreement or the Plan shall be void. If Optionee should die while Optionee is engaged in an employment relationship with the Company and/or any Subsidiary or within 90 ninety (90) days after termination of such relationship, and provided Optionee's rights hereunder shall have vested, in whole or in part, pursuant to Section 2 hereof, Optionee's designee, legal representative, or legatee, the successor trustee of Optionee's inter vivos trust or the person who acquired the right to exercise the Options by reason of the death of Optionee (individually, a "Successor") shall succeed to Optionee's rights under this Agreement. After the death of Optionee, only a Successor may exercise the Options.

Appears in 1 contract

Samples: 2001 Stock Option Agreement (Advance Auto Parts Inc)

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