Nontransferability of Options Contract Clauses (226)

Nontransferability of Options. This Option shall not be transferable by the Optionee otherwise than by will or the laws of descent or distribution; provided, however, that upon written approval of the Committee, the Optionee may transfer the Option to a tax exempt charitable organization or living trust of which the Optionee is a trustee and which is for the benefit of the Optionee and his/her immediate family, provided that such transferee executes and delivers to the Committee such documents providing that such transferee i...s bound by the provisions and restrictions hereof as shall be satisfactory to the Committee. View More

Nontransferability of Options. To the extent the Option qualifies as an "incentive stock option" within the meaning of Section 422 of the Code, it shall not be transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution, and shall be exercisable during the Participant's lifetime only by her. To the extent the Option qualifies as a "non-qualified stock option", it shall be not be transferable by the Participant, in whole or in part, othe...r than by the Participant to an estate planning vehicle, including any trust solely for the benefit of the Participant and her family members, or to a designated beneficiary by last will and testament or by the laws of descent and distribution or pursuant to a domestic relations order. 3 11. Rights as a Shareholder. The Participant shall have no rights as a shareholder with respect to any Common Shares issuable upon exercise of the Options until the Participant becomes a holder of record thereof, and no adjustment shall be made for dividends or distributions or other rights in respect of any Common Shares for which the record date is prior to the date upon which the Participant shall become the holder of record thereof. View More

Nontransferability of Options. The Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner either voluntarily or involuntarily by operation of law, other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as determined under the Internal Revenue Code of 1986 (the "Code") and the rules thereunder, and may be exercised during the lifetime of the Outside Director only by the Outside Director. Subject to the foregoing and th...e terms of the Plan, the terms of the Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Outside Director. View More