Limited Transferability Clause Example with 31 Variations from Business Contracts
This page contains Limited Transferability clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Limited Transferability. (a) During Optionee's lifetime, this option shall be exercisable only by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for such transfer, the Family Member may not make any ...subsequent transfers other than by will or by the laws of descent and distribution and the Company receives written notice of such transfer. This assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death.View More
Variations of a "Limited Transferability" Clause from Business Contracts
Limited Transferability. (a) During Optionee's lifetime, this option This Option shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for su...ch transfer, the Family Member may not make any subsequent transfers 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 Company receives written notice Grant Notice, then this Option may also be assigned in accordance with the terms of such transfer. This a qualified domestic relations order. If so assigned, the assigned portion may Option shall be exercisable only be exercised by the person or persons who acquire a proprietary interest in the option Option pursuant to the assignment. such qualified 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 Company Plan Administrator may deem appropriate. (b) Should Optionee die while holding this option, then this option *[4. Dates of Exercise. This Option shall be transferred become exercisable for the Option Shares in accordance with Optionee's will or the laws of inheritance. However, Optionee may designate one or more persons installments as is specified in the beneficiary Grant Notice. As the Option becomes exercisable in one or beneficiaries more installments, the installments shall accumulate and the Option shall remain exercisable 1 for such installments until the Expiration Date or the sooner termination of the Option term under Paragraph 5 or Paragraph 6 of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death. Agreement.] View More
Limited Transferability. (a) During Optionee's lifetime, this option This option, together with the Option Shares during the period prior to exercise, shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities... Act), provided that Optionee may not receive any consideration for such transfer, the Family Member may not make any subsequent transfers other than by will or by the laws of descent inheritance following Optionee's death and distribution and the Company receives written notice of such transfer. This assigned portion may be exercised, during Optionee's lifetime, only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. Optionee. However, Optionee may designate one or more persons Family Members as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death. (b) If this option is designated a Non-Statutory Option in the Grant Notice, then this option, together with the unexercised Option Shares, shall be subject to the same transfer restrictions as set forth in Paragraph 3(a), except that such option, together with the underlying unexercised Option Shares, may be assigned in whole or in part during Optionee's lifetime by gift or pursuant to a domestic relations order to one or more of Optionee's Family Members or to a trust established for the exclusive benefit of 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. (c) Prior to the date the Corporation first becomes subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act, this option, together with the underlying unexercised Option Shares, shall not be the subject of any short position, put equivalent position (as such term is defined in Rule 16a-1(h) under the 1934 Act) or call equivalent position (as such term is defined Rule 16a-1(b) of the 1934 Act). (d) Except as otherwise provided in Paragraph 3(a) or 3(b), until the date the Corporation first becomes subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act, this option, together with the underlying unexercised Option Shares, shall not be the subject of any pledges, gifts, hypothecations or other transfers, other than pursuant to the Corporation's repurchase rights or in connection with a Change in Control in which this option, together with all other options outstanding under the Plan at such time, shall terminate and cease to be outstanding. View More
Limited Transferability. (a) During Optionee's lifetime, this option This option, together with the Option Shares during the period prior to exercise, shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities... Act), provided that Optionee may not receive any consideration for such transfer, the Family Member may not make any subsequent transfers other than by will or by the laws of descent inheritance following Optionee's death and distribution and the Company receives written notice of such transfer. This assigned portion may be exercised, during Optionee's lifetime, only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. Optionee. However, Optionee may designate one or more persons Family Members as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death. (b) If this option is designated a Non-Statutory Option in the Grant Notice, then this option, together with the unexercised Option Shares, shall be subject to the same transfer restrictions as set forth in Paragraph 3(a), except that such option, together with the underlying unexercised Option Shares, may be assigned in whole or in part during the Optionee's lifetime by gift or pursuant to a domestic relations order to one or more of Optionee's Family Members or to a trust established for the exclusive benefit of 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. (c) Prior to the date the Corporation first becomes subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act, this option, together with the underlying unexercised Option Shares, shall not be the subject of any short position, put equivalent position (as such term is defined in Rule 16a-1(h) under the 1934 Act) or call equivalent position (as such term is defined Rule 16a-1(b) of the 1934 Act). (d) Except as otherwise provided in Paragraph 3(a) or 3(b), until the date the Corporation first becomes subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act, this option, together with the underlying unexercised Option Shares, shall not be the subject of any pledges, gifts, hypothecations or other transfers, other than pursuant to the Corporation's repurchase rights or in connection with a Change in Control in which this option, together with all other options outstanding under the Plan at such time, shall terminate and cease to be outstanding. View More
Limited Transferability. (a) During Optionee's lifetime, this option This Option shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for su...ch transfer, the Family Member may not make any subsequent transfers 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 Company receives written notice Grant Notice, then this Option may also be assigned in accordance with the terms of such transfer. This a qualified domestic relations order. If so assigned, the assigned portion may Option shall be exercisable only be exercised by the person or persons who acquire a proprietary interest in the option Option pursuant to the assignment. such qualified 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 Company Plan Administrator may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death.View More
Limited Transferability. (a) During Optionee's lifetime, this This option shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for such tran...sfer, the Family Member may not make any subsequent transfers other than by will or by the laws of descent inheritance following Optionee's death and distribution and may be exercised, during Optionee's lifetime, only by Optionee. However, if this option is designated a Non-Statutory Option in the Company receives written notice 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 Optionee and/or one or more such transfer. This family members. The assigned portion may shall be exercisable only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death. assignment. View More
Limited Transferability. (a) During This Option may, in connection with the Optionee's lifetime, this option 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 Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or ...to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for such transfer, the Family Member may not make any subsequent transfers other than by will or by the laws of descent and distribution and the Company receives written notice of such transfer. This assigned portion may only be exercised by the person or persons who acquire a proprietary pecuniary interest in the option Option pursuant to the such assignment. The terms applicable to the assigned portion 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 Company may deem appropriate. (b) Should the Optionee die while holding this option, Option, then this option Option shall be transferred in accordance with Optionee's will or the laws of inheritance. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, descent and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death. distribution. View More
Limited Transferability. (a) During Optionee's lifetime, this option shall be exercisable only by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for such transfer, the Family Member may not make any ...subsequent transfers other than by will or by the laws of descent and distribution and the Company receives written notice of such transfer. This assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death. (b)If this option is designated a Non-Statutory Option in the Grant Notice, then this option may be assigned in whole or in part during Optionee's lifetime to one or more of the Optionee's Family Members or to a trust established for the exclusive benefit of Optionee and/or one or more such Family Members, to the extent such assignment is in connection with the Optionee's estate plan or pursuant to a domestic relations order. 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. 3 4.Dates of Vesting. This option shall become exercisable for the Option Shares in one or more installments in accordance with the Vesting Schedule set forth in the Grant Notice. As the option becomes exercisable for such installments, those installments shall accumulate, and the option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the option term under Paragraph 5, 6 or 11. View More
Limited Transferability. (a) During Optionee's lifetime, this option This Option shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for su...ch transfer, the Family Member may not make any subsequent transfers other than by will or by the laws of descent inheritance following Optionee's death and distribution and the Company receives written notice of such transfer. This assigned portion may be exercised, during Optionee's lifetime, only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. Optionee. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, Option, and this option Option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option Option may, pursuant to Paragraph Section 5, be exercised following Optionee's death. (b) If this Option is designated a Non-Qualified Stock Option in the Grant Notice, then this Option may be assigned in whole or in part during Optionee's lifetime to one or more of Optionee's Family Members or to a trust established for the exclusive benefit of Optionee and/or one or more such Family Members, to the extent such assignment is in connection with the Optionee's estate plan or pursuant to a domestic relations order. 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. Exhibit A to Notice of Grant of Stock Option Page 1 4. Dates of Exercise. This Option shall vest and become exercisable for the Option Shares in one or more installments as specified in the Grant Notice (the "Exercise Schedule"). As the Option becomes exercisable for such installments, those installments shall accumulate, and the Option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the Option term under Sections 5 or 6. View More
Limited Transferability. (a) During Optionee's lifetime, this option This Option shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Optionee may not receive any consideration for su...ch transfer, the Family Member may not make any subsequent transfers other than by will or by the laws of descent inheritance following Optionee's death and distribution and the Company receives written notice of such transfer. This assigned portion may be exercised, during Optionee's lifetime, only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. Optionee. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, Option, and this option Option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee's death while holding this option. Option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option Option may, pursuant to Paragraph Section 5, be exercised following Optionee's death. (b) Then this Option may be assigned in whole or in part during Optionee's lifetime to one or more of Optionee's Family Members or to a trust established for the exclusive benefit of Optionee and/or one or more such Family Members, to the extent such assignment is in connection with the Optionee's estate plan or pursuant to a domestic relations order. 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. Exhibit A to Notice of Grant of Stock Option Page 1 4. Dates of Exercise. This Option shall vest and become exercisable for the Option Shares in one or more installments as specified in the Grant Notice (the "Exercise Schedule"). As the Option becomes exercisable for such installments, those installments shall accumulate, and the Option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the Option term under Sections 5 or 6. View More
Limited Transferability. (a) During Optionee's lifetime, Except to the limited extent provided in Paragraph 3(b), this option shall be exercisable only neither transferable nor assignable by Optionee and shall not be assignable or transferable other than by will, by the laws of descent and distribution following the Optionee's death, or to any "Family Member" (as such term is defined in the General Instructions to Form S-8 (or any successor to such Instructions or such Form) under the Securities Act), provided that Opti...onee may not receive any consideration for such transfer, the Family Member may not make any subsequent transfers other than by will or by the laws of descent inheritance following Optionee's death and distribution and the Company receives written notice of such transfer. This assigned portion may be exercised, during Optionee's lifetime, only be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the 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 Company may deem appropriate. (b) Should Optionee die while holding this option, then this option shall be transferred in accordance with Optionee's will or the laws of inheritance. Optionee. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee's death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee's death. (b) This option may be assigned in whole or in part during Optionee's lifetime through a gratuitous transfer to one or more of Optionee's Family Members or to a trust established for the exclusive benefit of 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. 3 4. Dates of Exercise. This option shall become exercisable for the Option Shares in one or more installments in accordance with the Exercise Schedule set forth in the Grant Notice. As the option becomes exercisable for such installments, those installments shall accumulate, and the option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the option term under Paragraph 5 or 6. View More
