Common use of Non-Transferability of Option Clause in Contracts

Non-Transferability of Option. Except by will or the laws descent and distribution, this Option shall not be transferred, or assigned, pledged, hypothecated or otherwise disposed of in any way, whether by operation of law or otherwise. During Grantee's lifetime this Option is exercisable only by Grantee, regardless of any community property interest therein of the spouse of Grantee, or such spouse's permitted successor-in-interest. If the spouse of Grantee shall have acquired a community property interest in this Option, Grantee or Grantee's permitted successor-in-interest, may exercise this Option on behalf of the spouse of Grantee or such spouse's permitted successor-in-interest.

Non-Transferability of Option. Except by will or the laws of ----------------------------- descent and distribution, this Option shall not be transferred, or assigned, pledged, hypothecated or otherwise disposed of in any way, whether by operation of law or of otherwise. During the Grantee's lifetime this Option is exercisable only by the Grantee, regardless of any community property interest therein of the spouse of the Grantee, or such spouse's permitted successor-in-interest. If the spouse of the Grantee shall have acquired a community property interest in this Option, Grantee only the Grantee, or the Grantee's permitted successor-in-interest, may exercise this the Option on behalf of the spouse of the Grantee or such spouse's permitted successor-in-interest.