Option Not Transferable Clause Example with 6 Variations from Business Contracts

Option Not Transferable. The Options may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will, by applicable laws of descent and distribution or, in the case of a Non-Qualified Stock Option, pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided, however, that if the Options represent a Non-Qualified Stock Option, such Option is transferable without payment of considerati...on to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee and Optionee's immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the Plan contrary to the provisions thereof, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred by the Plan, such Option shall thereupon terminate and become null and void. 5. Investment Intent. By accepting the Options, the Optionee represents and agrees that none of the shares of Common Stock purchased upon exercise of the Options will be distributed in violation of applicable federal and state laws and regulations. In addition, the Company may require, as a condition of exercising the Options, that the Optionee execute an undertaking, in such a form as the Company shall reasonably specify, that the Stock is being purchased only for investment and without any then-present intention to sell or distribute such shares. View More

Option Not Transferable. The Subject to Section 13 of the 2017 Plan, the Options may not be sold, pledged, assigned, hypothecated, transferred, assigned, pledged or hypothecated disposed of in any manner (whether by operation of law or otherwise) other than by will, will or by applicable the laws of descent and or distribution or, in the case of a Non-Qualified Nonstatutory Stock Option, pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided, howe...ver, however , that if the Options represent a Non-Qualified Nonstatutory Stock Option, such Option is transferable without payment of consideration to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee and Optionee's immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the 2017 Plan contrary to the provisions thereof, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred by the 2017 Plan, such Option shall thereupon terminate and become null and void. View More

Option Not Transferable. The Subject to Section 13 of the 2022 Plan, the Options may not be sold, pledged, assigned, hypothecated, transferred, assigned, pledged or hypothecated disposed of in any manner (whether by operation of law or otherwise) other than by will, will or by applicable the laws of descent and or distribution or, in the case of a Non-Qualified Nonstatutory Stock Option, pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided, howe...ver, however , that if the Options represent a Non-Qualified Nonstatutory Stock Option, such Option is transferable without payment of consideration to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee and Optionee's immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the 2022 Plan contrary to the provisions thereof, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred by the 2022 Plan, such Option shall thereupon terminate and become null and void. View More

Option Not Transferable. The Subject to Section 13 of the 2016 Plan, the Options may not be sold, pledged, assigned, hypothecated, transferred, assigned, pledged or hypothecated disposed of in any manner (whether by operation of law or otherwise) other than by will, will or by applicable the laws of descent and or distribution or, in the case of a Non-Qualified Nonstatutory Stock Option, pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided, howe...ver, however , that if the Options represent a Non-Qualified Nonstatutory Stock Option, such Option is transferable without payment of consideration to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee and Optionee's immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the 2016 Plan contrary to the provisions thereof, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred by the 2016 Plan, such Option shall thereupon terminate and become null and void. View More

Option Not Transferable. The Subject to Section 13 of the 2014 Plan, the Options may not be sold, pledged, assigned, hypothecated, transferred, assigned, pledged or hypothecated disposed of in any manner (whether by operation of law or otherwise) other than by will, will or by applicable the laws of descent and or distribution or, in the case of a Non-Qualified Nonstatutory Stock Option, pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided, howe...ver, that if the Options represent a Non-Qualified Nonstatutory Stock Option, such Option is transferable without payment of consideration to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee and Optionee's immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the 2014 Plan contrary to the provisions thereof, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred by the 2014 Plan, such Option shall thereupon terminate and become null and void. View More

Option Not Transferable. The Options may not be sold, pledged, assigned, hypothecated, transferred, assigned, pledged or hypothecated disposed of in any manner (whether by operation of law or otherwise) other than by will, will or by applicable the laws of descent and or distribution or, in the case of a Non-Qualified Stock Option, pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided, however, that if the such Options represent a Non-Qualified S...tock Option, such Option is are transferable without payment of consideration to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee and Optionee's immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the Plan contrary to the provisions thereof, Options, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred by the Plan, Options, such Option Options shall thereupon terminate and become null and void. View More