Common use of Non-Transferable Clause in Contracts

Non-Transferable. This Option shall during the Optionee's lifetime be exercisable only by the Optionee, and neither this Option nor any right thereunder shall be transferable except by will or laws of descent and distribution, or be subject to attachment, execution or other similar process. In the event of any attempt by the Optionee to alienate, assign, pledge, hypothecate or otherwise dispose of the Option or any right thereunder, except as provided for herein, or in the event of the levy of any attachment, execution or similar process upon the rights or interest hereby conferred, the Corporation may terminate this Option by notice to the Optionee and this Option shall thereupon become null and void.

Non-Transferable. This Option option shall during the Optionee's lifetime be exercisable only by the Optionee, and neither this Option it nor any right thereunder shall be transferable except by will or laws of descent and distribution, or be subject to attachment, execution or other similar process. In the event of any attempt by the Optionee to alienate, assign, pledge, hypothecate or otherwise dispose of the Option option or any right thereunder, except as provided for herein, or in the event of the levy of any attachment, execution or similar process upon the rights or interest hereby conferred, the Corporation Company may terminate this Option the option by notice to the Optionee and this Option the option shall thereupon become null and void.