Common use of No Transfer of Option Clause in Contracts

No Transfer of Option. Optionee may not transfer all or any part of the Option except by will, by the laws of descent and distribution, by instrument to an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in Title 17, Section 240.16a-1(e) of the Code of Federal Regulations. The Option shall not be exercisable during the lifetime of Optionee by any person other than Optionee. In the event of the death of Optionee, the Option or unexercised portion thereof, to the extent (and only to the extent) exercisable by Optionee on the date of his or her death, may be exercised by Optionee’s personal representatives, heirs, or legatees subject to the provisions of Section 4 hereof.