Common use of Creditor Status Clause in Contracts

Creditor Status. This Option and any Shares payable pursuant thereto (1) may not be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, the Participant, the Participant's beneficiary or any other person, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings and (2) shall not be subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, levy or execution by Participant, Participant's beneficiary, the creditors of either, and any other person. In the event of a violation or attempted violation of any of the restrictions and/or provisions of this subsection, the Company has the sole discretion and authority to terminate this Option (without any compensation therefore) by written notice to Participant and it shall thereupon become null and void.