Common use of Restriction on Transfer of Option Clause in Contracts

Restriction on Transfer of Option. The Option evidenced hereby is nontransferable other than by will or the laws of descent and distribution and shall be exercisable during the lifetime of Optionee only by Optionee (or in the event of Optionee's disability, by his or her personal representative) and after Optionee's death, only by Optionee's legatee or the executor of Optionee's estate. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this Option contrary to the provisions of this Agreement shall be null and void and without legal effect.

Restriction on Transfer of Option. The Option evidenced hereby is nontransferable other than by will or the laws of descent and distribution and shall be exercisable during the lifetime of Optionee only by Optionee (or in the event of Optionee's his disability, by his or her personal representative) and after Optionee's his death, only by Optionee's his legatee or the executor of Optionee's his estate. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this Option contrary to the provisions of this Agreement shall be null and void and without legal effect.

Restriction on Transfer of Option. The Option evidenced hereby is nontransferable other than by will or the laws of descent and distribution and distribution, and, shall be exercisable during the lifetime of the Optionee only by the Optionee (or in the event of Optionee's his disability, by his or her personal representative) and after Optionee's his death, only by his personal representative or any person who has acquired the Option by bequest or inheritance from the Optionee's legatee or the executor of Optionee's estate. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this Option contrary to the provisions of this Agreement shall be null and void and without legal effect.