Common use of No Transfer of Option Clause in Contracts

No Transfer of Option. This Option may not be transferred by the Participant except by will or the laws of descent and distribution. This Option may not be exercised during the Participant’s lifetime except by the Participant. The term "transfer" shall include assign, dispose, pledge or hypothecate whether by operation of law or otherwise, or be made subject to sale under execution, attachment or similar process of this Option or any right or interest in this Option. Any attempted transfer or other disposition of this Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon this Option, shall be null and void and without effect.

No Transfer of Option. This Option may not be transferred by the Participant except by will or the laws of descent and distribution. This Option may not be exercised during the Participant’s lifetime except by the Participant. The term "“transfer" ” shall include assign, dispose, pledge or hypothecate whether by operation of law or otherwise, or be made subject to sale under execution, attachment or similar process of this Option or any right or interest in this Option. Any attempted transfer or other disposition of this Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon this Option, shall be null and void and without effect.