Common use of Restriction on Transfer of Option Clause in Contracts

Restriction on Transfer of Option. Except as otherwise provided below, this option may not be transferred other than by will or by the laws of descent and distribution and, during the lifetime of the Executive, may be exercised only by him. In addition, this option may not be assigned, negotiated, pledged or hypothecated in any way and shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the option or in the event of any levy upon the option by reason of any execution, attachment or similar process contrary to the provisions of this option agreement and the Plan, the option shall immediately become null and void.

Restriction on Transfer of Option. Except as otherwise provided below, this option may not be transferred other than by will or by the laws of descent and distribution and, during the lifetime of the Executive, may be exercised only by himher. In addition, this option may not be assigned, negotiated, pledged or hypothecated in any way and shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the option or in the event of any levy upon the option by reason of any execution, attachment or similar process contrary to the provisions of this option agreement and the Plan, the option shall immediately become null and void.

Restriction on Transfer of Option. Except as otherwise provided below, this option may The Option is not be transferred transferable other than by will or by under the applicable laws of descent and distribution and, during distribution. During the lifetime of the Executive, the Option may be exercised only by himthe Executive or the Executive's guardian or legal representative. In addition, this option may the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the option Option or in the event of any levy upon the option Option by reason of any execution, attachment or similar process contrary to the provisions of this option agreement and the Planhereof, the option Option shall immediately become null and void.

Restriction on Transfer of Option. Except as otherwise provided below, this option may not be transferred other than by will or by the laws of descent and distribution and, during the lifetime of the Executive, may be exercised only by him. In addition, this option may not be assigned, negotiated, pledged or hypothecated in any way and shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the option or in the event of any levy upon the option by reason of any execution, attachment or similar process contrary to the provisions of this option agreement and the Planagreement, the option shall immediately become null and void.