NON-TRANSFERABLE OPTION. This Option shall, during Optionee's lifetime, be exercisable only by Optionee, and neither this Option nor any right hereunder shall be transferable by Optionee by operation of law or otherwise other than by will or the laws of descent and distribution. In the event of any attempt by Optionee to alienate, assign, pledge, hypothecate, or otherwise dispose of this Option or of any right hereunder, except as provided for in this Agreement, or in the event of any attachment, execution, or similar process upon the rights or interest hereby conferred, the Company at its election may terminate this Option by notice to Optionee and this Option shall thereupon become null and void.
Appears in 4 contracts
Samples: Non Qualified Stock Option Agreement (Pharmaprint Inc), Non Qualified Stock Option Agreement (Pharmaprint Inc), Non Qualified Stock Option Agreement (Pharmaprint Inc)
