Transferability Clause Example from Business Contracts

Transferability. Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, (i) by delivering written notice to the Company, in a form satisfactory to the Company and any broker designated by the Company to handle option exercises, you may designate a third party who, in the event of your death, will thereafter be entitled to exercise this option and receive the Common Stock or other consideration res...ulting from such exercise (provided that in the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and receive, on behalf of your estate, the Common Stock or other consideration resulting from such exercise), and (ii) upon receiving written permission from the Board or its duly authorized designee, you may transfer your option, provided that such transfer is not prohibited by applicable tax, securities and other laws. View More