Limited Transferability Clause Example from Business Contracts

Limited Transferability. Except as otherwise provided in this Paragraph 3, the Option shall be neither transferable nor assignable by Optionee other than by will or the laws of inheritance following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. The Option may be assigned in whole or in part during Optionee's lifetime to one or more of Optionee's family members (as such term is defined in the instructions to Form S-8), or to Optionee's former spouse through a gift or domestic relati...ons order. The terms applicable to the assigned portion shall be the same as those in effect for the Option immediately prior to such assignment. View More