Transferability; Nonassignability Clause Samples

Transferability; Nonassignability. You are not entitled to transfer the Options except (i) by will or by the laws of descent and distribution; or (ii) by gift to any member of your immediate family or to a trust for the benefit of one or more members of your immediate family or to a family charitable trust established by you or a member of your family; provided, however, that no transfer pursuant to this clause (ii) shall be effective unless you have notified Rockwell ▇▇▇▇▇▇▇' Office of the Secretary (Attention: Stock Option Administration) in writing specifying the Option or Options transferred, the date of the gift or transfer and the name and Social Security or other Taxpayer Identification Number of the donee or transferee. During your lifetime, only you are entitled to exercise the Options unless you have transferred any Option in accordance with this paragraph to a member of your immediate family, a trust for the benefit of one or more members of your immediate family, or a family charitable trust established by you or a member of your family, in which case only that transferee (or the legal representative of the estate or the heirs or legatees of that transferee) shall be entitled to exercise that Option. For purposes of this paragraph, your "immediate family" shall mean your spouse and natural, adopted or step-children and grandchildren.