Transferability and Sale. Except as permitted by the 2001 Equity Incentive Plan, as amended (the “Plan”), the Option may not be transferred or assigned in any manner by the Employee, except to his heirs or devisees, and shall be exercisable during his lifetime only by the Employee. Upon any attempt to transfer the Option or to assign, pledge, hypothecate or otherwise dispose of the Option or of any rights granted hereunder, contrary to the provisions hereof, or upon the levy or any attachment or similar process upon the Option or such rights, the Option and such rights shall immediately become null and void.
Transferability and Sale. The Option may not be transferred or assigned in any manner by the Director, except to his heirs or devisees, and shall be exercisable during his lifetime only by the Director. Upon any attempt to transfer the Option or to assign, pledge, hypothecate or otherwise dispose of the Option or of any rights granted hereunder, contrary to the provisions hereof, or upon the levy or any attachment or similar process upon the Option or such rights, the Option and such rights shall immediately become null and void.
Transferability and Sale. During the one-year period following the grant of the Option, the Option shall not be transferable by the Director otherwise than by will or the laws of decent and distribution and shall be exercisable during his lifetime only by him. The Option may be transferred, without consideration, in whole or in part at any time following the first anniversary of the grant date to the Director’s immediate family members (i.e., children, grandchildren or spouse) or a trust solely for the benefit of, or a partnership or limited liability company in which the only partners or members, as the case may be, are the Director and the Director’s immediate family members. In all cases, the instrument of transfer shall be approved by, and shall contain such conditions, restrictions and agreements relating to any further transfer of the Option or interests in the partnership or limited liability company, if appropriate, as may be required by, the general counsel of Alleghany.
Transferability and Sale. Prior to the first anniversary of the Grant Date, the Option shall not be transferable by the Director otherwise than by will or the laws of descent and distribution. At any time following the first anniversary of the Grant Date, the Option, whether or not the Option is then exercisable as to all of the Option Shares, without further approval of the Board, may be transferred without consideration in whole or in part to the Director’s immediate family members (i.e., children, grandchildren or spouse) or a trust solely for the benefit of, or a partnership or limited liability company in which the only partners or members, as the case may be, are, the Director or the Director’s immediate family members. In all cases, the instrument of transfer of the Option shall be approved by, and shall contain such conditions, restrictions and agreements relating to any further transfer or exercise of the Option or interests in the partnership or limited liability company, if appropriate, as may be required by, the general counsel of Alleghany.
Transferability and Sale. To the extent that the Option is not exercisable, the Option shall not be transferable by the Director otherwise than by will or the laws of descent and distribution, and shall be exercisable during his lifetime only by him. To the extent that the Option is exercisable, the Option may be transferred, without consideration, to the Director's immediate family members (i.e., children, grandchildren or spouse), to trusts for the benefit of the Director's immediate family members and to partnerships in which the only partners are the Director's immediate family members. In all cases, the instrument of transfer of the Option shall be approved by, and shall contain such conditions, restrictions and agreements relating to any further transfer or exercise of the Option as may be required by, the general counsel of Alleghany.
