Nontransferability of the Option Clause Example from Business Contracts
This example Nontransferability of the Option clause appears in
6 contracts
from
1 company
Nontransferability of the Option. The Option may be exercised during the lifetime of the Participant only by the Participant or the Participant's guardian or legal representative and may not be assigned or transferred in any manner except by will or by the laws of descent and distribution. Following the death of the Participant, the Option, to the extent provided in Section 7, may be exercised by the Participant's legal representative or by any person empowered to do so under the deceased Participant's will or under the then app...licable laws of descent and distribution. 5 6. Termination of the Option. The Option shall terminate and may no longer be exercised after the first to occur of (a) the Option Expiration Date, (b) the last date for exercising the Option following termination of the Participant's Service as described in Section 7, or (c) a Corporate Transaction to the extent provided in Section 8.View More
