Common use of Option Non-Transferable Clause in Contracts

Option Non-Transferable. This Option and all rights hereunder are neither assignable nor transferable by the Director otherwise than by will or under the laws of descent and distribution, or pursuant to a Qualified Domestic Relations Order, and during the Director's lifetime this Option is exercisable only by him (or by his guardian or legal representative, should one be appointed, or qualified transferee). More particularly (but without limiting the generality of the foregoing), this Option may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this Option contrary to the provisions hereof shall be null and void and without legal effect.

Option Non-Transferable. This The Option and all rights hereunder thereunder are neither assignable nor transferable by the Director otherwise other than by will or under the laws of descent and distribution, or pursuant to a Qualified Domestic Relations Order, and during the Director's ’s lifetime this Option is exercisable only by him (or by his guardian or legal representative, should one be appointed, or qualified transferee). More particularly (but without limiting the generality of the foregoing), this Option may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this Option contrary to the provisions hereof shall be null and void and without legal effect.

Option Non-Transferable. This Option and all rights hereunder are neither assignable nor transferable by the Director otherwise than by will or under the laws of descent and distribution, or pursuant to a Qualified Domestic Relations Order, and during the Director's ’s lifetime this Option is exercisable only by him (or by his guardian or legal representative, should one be appointed, or qualified transferee). More particularly (but without limiting the generality of the foregoing), this Option may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this Option contrary to the provisions hereof shall be null and void and without legal effect.

Option Non-Transferable. This The Option and all rights hereunder are neither assignable nor transferable transferable, and may not be pledged or hypothecated in any way, by the Eligible Director otherwise than by will or under the laws of descent and distribution, or pursuant to a Qualified Domestic Relations Order, and during the Eligible Director's ’s lifetime this Option is exercisable only by him (or by his guardian or legal representative, should one be appointed, or qualified transferee). More particularly (but without limiting In the generality event of the foregoing)Eligible Director’s death, this the Option may not be assigned, transferred (except as aforesaid), pledged exercised by his legatee(s) or hypothecated in any way (whether other distributee(s) or by operation of law or otherwise) and his personal representative. The Option shall not be subject to execution, attachment or similar process. Any , and any attempted assignment, transfer, pledge, hypothecation or other disposition of this the Option contrary to the provisions hereof shall be null and void and without legal effect.