Common use of NONASSIGNABLE OPTION Clause in Contracts

NONASSIGNABLE OPTION. Neither the Option nor any other rights acquired by the Optionee under this Agreement are assignable or transferable by the Optionee. Any sale, assignment, transfer, pledge or other disposition of any Option contrary to the provisions of this Agreement, and any levy of any attachment or similar process upon any Option, will be null and void. Upon the occurrence of such an event, the Board may, in its discretion, terminate the Option. The Option may be exercised only during the Employee's lifetime, except as otherwise specifically provided in Section 13.

NONASSIGNABLE OPTION. Neither the Option nor any other rights acquired by the Optionee under this Agreement are assignable or transferable by the Optionee. Any sale, assignment, transfer, pledge or other disposition of any Option contrary to the provisions of this Agreement, and any levy of or any attachment or similar process upon any Option, will be null and void. Upon the occurrence of such an event, the Board may, in its discretion, terminate the Option. The Option may be exercised only by the Optionee during the Employee's lifetime, except as otherwise specifically provided in Section 138.