Common use of Option Nontransferable Clause in Contracts

Option Nontransferable. The Participant may not transfer or assign all or any part of the Option other than by will or by the laws of descent and distribution. The Option may be exercised, during the lifetime of the Participant, only by the Participant, or in the event of the Participant’s legal incapacity, by the Participant’s guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state law and court supervision.

Option Nontransferable. The Option granted hereby shall be neither transferable nor assignable by the Participant may not transfer or assign all or any part of the Option other than except by will or by the laws of descent and distribution. The Option distribution and may be exercised, during the lifetime of the Participant, only by the Participant, or in the event of the Participant’s his or her legal incapacity, by the Participant’s his or her guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state law and court supervision.