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This excerpt taken from the AKS 8-K filed Oct 22, 2008. Restrictions on
Transferability. Except to the extent permitted under this
Section 6.7, no Option granted under the Plan may be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. Further, all Options granted to a
Participant under the Plan shall be exercisable during his or her lifetime only
by such Participant. Notwithstanding the foregoing, the right to
purchase Shares subject to an Option Award may be transferred, in whole or in
part, by a Participant during a Participant’s lifetime, to a Participant’s
spouse, child or grandchild, or to the trustee of a testamentary or other
grantor trust established primarily for the benefit of a Participant’s spouse,
child or grandchild; provided that:
(a) A
transfer shall only be effective upon receipt by the Secretary of the Company,
on behalf of the Committee, of written notice of transfer in such form as the
Committee may require;
(b) A
notice of transfer shall: (i) identify the name, address and relationship of the
transferee to the Participant; (ii) identify the Option Award which is the
subject of the transfer, the number of Shares transferred and the consideration
paid, if any, for the transfer; (iii) in the case of a transfer to a trustee,
include evidence satisfactory to the Committee that under the terms of the trust
the transfer is for the exclusive benefit of a Participant’s spouse, child or
grandchild; and (iv) include a copy of the authorized signature of each person
who will have the right to exercise the option to purchase and all information
relevant to the rights transferred; and
(c) A
transferee may not transfer any rights. Upon the transferee’s death,
all rights shall revert to the Participant.
The
Committee may impose such additional restrictions on transferability as it may
deem advisable, including, without limitation, restrictions under applicable
Federal securities laws, under the requirements of any stock exchange or market
upon which such Shares are then listed and/or traded, and under any blue sky or
state securities laws applicable to such Shares.
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