Common use of Limited Transferability Clause in Contracts

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this 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.

Appears in 4 contracts

Sources: Non Statutory Stock Option Agreement (E Trade Group Inc), Non Statutory Stock Option Agreement (E Trade Group Inc), Non Statutory Stock Option Agreement (E Trade Group Inc)

Limited Transferability. This option Option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's ’s death and may be exercised, during Optionee's ’s lifetime, only by Optionee. However, if this option mayOption is designated a Non-Statutory Option in the Grant Notice, in connection with the Optionee's estate plan, then this Option may also be assigned in whole or in part during Optionee's lifetime to one or more members accordance with the terms of a qualified domestic relations order. If so assigned, the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion Option shall be exercisable only by the person or persons who acquire a proprietary interest in the option Option pursuant to such assignmentqualified domestic relations order. The terms applicable to the assigned Option (or portion thereof) shall be the same as those in effect for this option 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.

Appears in 4 contracts

Sources: Non Employee Director Stock Option Agreement (Geron Corp), Stock Option Agreement (Geron Corp), Stock Option Agreement (Geron Corp)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this 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.

Appears in 4 contracts

Sources: Merger Agreement (Discovery Laboratories Inc), Merger Agreement (Discovery Laboratories Inc /De/), Stock Option Agreement (Nuvasive Inc)

Limited Transferability. A. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution inheritance following Optionee's ’s death and may be exercised, during Optionee's ’s lifetime, only by Optionee. However, . B. If this option mayis designated a Non-Statutory Option in the Grant Notice, in connection with the Optionee's estate plan, then this option may be assigned in whole or in part during Optionee's ’s lifetime by gift or pursuant to a domestic relations order to one or more members of the Optionee's immediate ’s family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriateassignment.

Appears in 3 contracts

Sources: Grant Agreement (Ultratech Inc), Grant Agreement (Ultratech Inc), Grant Agreement (Ultratech Inc)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this 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.

Appears in 3 contracts

Sources: Stock Option Agreement (Soligenix, Inc.), Stock Option Agreement (Endorex Corp), Stock Option Agreement (Willis Lease Finance Corp)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's ’s death and may be exercised, during Optionee's ’s lifetime, only by Optionee. However, if this option mayis designated as a Non-Statutory Option in Part I, in connection with the Optionee's estate plan, then this option may be assigned in whole or in part during Optionee's ’s lifetime to one or more members of the Optionee's immediate family or pursuant to a trust established for the exclusive benefit of one or more such family members“Permitted Transfer”, as defined below. The assigned portion shall may only be exercisable only exercised by the person or persons who acquire a proprietary interest in the option pursuant to such assignmentthe Permitted Transfer. The terms applicable to the assigned portion shall be the same as those in effect for this 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.

Appears in 3 contracts

Sources: Stock Option Agreement (Vital Farms, Inc.), Stock Option Agreement (Vital Farms, Inc.), Stock Option Agreement (Vital Farms, Inc.)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, this option may, in connection with the Optionee's ’s estate plan, be assigned in whole or in part during Optionee's ’s lifetime to one or more members of the Optionee's ’s immediate family or to a trust established for the exclusive benefit of one or more such family members; provided, that the number of Option Shares with respect to which any such assignment shall be limited to the aggregate number of Option Shares for which this option, at the time of assignment, shall have become exercisable in accordance with Paragraph 4 below. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator Corporation may deem appropriate. Should the Optionee die while holding this option, then this option shall be transferred in accordance with Optionee’s will or the laws of descent and distribution.

Appears in 2 contracts

Sources: Stock Option Agreement (Quest Software Inc), Stock Option Agreement (Quest Software Inc)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator Compensation Committee may deem appropriate.

Appears in 2 contracts

Sources: Non Statutory Stock Option Agreement (Filenet Corp), Non Statutory Stock Option Agreement (Filenet Corp)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee, provided, however,. However, this option may, in connection with the Optionee's estate plan, be assigned in whole or in part during Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established for the exclusive benefit of the Optionee and/or one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriateassignment.

Appears in 1 contract

Sources: Stock Option Agreement (Digital Imaging Resources Inc.)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by Optionee other than by will or by the laws of descent and distribution following Optionee's ’s death and may be exercised, during Optionee's ’s lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Grant Notice, then this option may, in connection with the Optionee's ’s estate plan, be assigned in whole or in part during Optionee's ’s lifetime to one or more members of the Optionee's ’s immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this 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.

Appears in 1 contract

Sources: Stock Option Agreement (Radiologix Inc)

Limited Transferability. This option shall be neither ----------------------- transferable nor assignable by the Optionee other than by will or by the laws of descent and distribution following the Optionee's death and may be exercised, during the Optionee's lifetime, only by the Optionee. However, if this option mayis designated a Non-Statutory Option in the Grant Notice, in connection with the Optionee's estate plan, then this option may also be assigned in whole or in part during Optionee's lifetime to one or more members accordance with the terms of a Qualified Domestic Relations Order. If so assigned, the Optionee's immediate family or to a trust established for the exclusive benefit of one or more such family members. The assigned portion option shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignmentQualified Domestic Relations Order. The terms applicable to the assigned option (or portion thereof) shall be the same as those in effect for this 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.

Appears in 1 contract

Sources: Stock Option Agreement (Digital Insight Corp)