Common use of Nontransferability Clause in Contracts

Nontransferability. (a) Except as provided in paragraph (b) of this Section 12, or by will or the laws of descent and distribution, the Option is not transferable, and may be exercised only by the Optionee. In the event of any attempt by the Optionee to transfer, assign, pledge, hypothecate or otherwise dispose of the Option or of any right hereunder, 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 Company may terminate the Option by notice to the Optionee and it shall thereupon become null and void. (b) Notwithstanding paragraph (a), the Optionee may transfer the Option, by gift or a domestic relations order, to a family member of the Optionee. (c) Notwithstanding paragraphs (a) or (b), the Optionee may transfer the Option with the express, prior written consent of the Company, which consent may be withheld for any reason or for no reason.

Nontransferability. (a) Except as provided in paragraph (b) of this Section 12, or by will or the laws of descent and distribution, the Option is not transferable, and may be exercised only by the Optionee. In the event of any attempt by the Optionee to transfer, assign, pledge, hypothecate or otherwise dispose of the Option or of any right hereunder, 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 Company may terminate the Option by notice to the Optionee and it shall thereupon become null and void. (b) Notwithstanding paragraph (a), the Optionee may transfer the Option, by gift or a domestic relations order, to a family member of the Optionee. (c) Notwithstanding paragraphs (a) or (b), the Optionee may transfer the Option with the express, prior written consent of the CompanyBoard, which consent may be withheld for any reason or for no reason.