Common use of Transfers Upon Death Clause in Contracts

Transfers Upon Death. Upon the death of the Option Holder, the Converted Option may be exercised only by the executors or administrators of Option Holder's estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution shall be effective to bind the Corporation unless the Corporation shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Corporation may deem necessary to establish the validity of the transfer 6 and (b) an agreement by the transferee to comply with all the terms and conditions of the Converted Option that are or would have been applicable to the Option Holder and to be bound by the acknowledgments made by the Option Holder in connection with the grant of the Converted Option. Except as provided in this section 7, the Converted Option shall not be transferable and may only be exercised during the Option Holder's lifetime by the Option Holder.

Transfers Upon Death. Upon the death of the Option Holder, the Converted Option may be exercised only by the executors or administrators of Option Holder's estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution shall be effective to bind the Corporation unless the Corporation shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Corporation may deem necessary to establish the validity of the transfer 6 and (b) an agreement by the transferee to comply with all the terms and conditions of the Converted Option that are or would have been applicable to the Option Holder and to be bound by the acknowledgments made by the Option Holder in connection with the grant of the Converted Option. Except as provided in this section 7, the Converted Option shall not be transferable and may only be exercised during the Option Holder's lifetime by the Option Holder.

Transfers Upon Death. Upon the death of the Option Holder, the Converted Option may be exercised only by the executors or administrators of Option Holder's estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution shall be effective to bind the Corporation unless the Corporation shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Corporation may deem necessary to establish the validity of the transfer 6 and (b) an agreement by the transferee to comply with all the terms and conditions of the Converted Option that are or would have been applicable to the Option Holder and to be bound by the acknowledgments made by the Option Holder in connection with the grant of the Converted Option. Except as provided in this section 7, the Converted Option shall not be transferable and may only be 6 exercised during the Option Holder's lifetime by the Option Holder.

Transfers Upon Death. Upon the death of the Option Holder, the Converted Option may be exercised only by the executors or administrators of Option Holder's estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution shall be effective to bind the Corporation unless the Corporation shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Corporation may deem necessary to establish the validity of the transfer 6 and (b) an agreement by the transferee to comply with all the terms and conditions of the Converted Option that are or would have been applicable to the Option Holder and to be bound by the acknowledgments acknowledgements made by the Option Holder in connection with the grant of the Converted Option. Except as provided in this section 7, the Converted Option shall not be transferable and may only be exercised during the Option Holder's lifetime by the Option Holder.