Common use of Restrictions on Transfer of Option Clause in Contracts

Restrictions on Transfer of Option. This Option may not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of by Grantee, except by will or by the laws of descent and distribution and is exercisable during Grantee's lifetime only by Grantee (or, if Grantee is incapacitated, by Grantee's legal guardian or legal representative). If Grantee or anyone claiming under or through Grantee attempts to violate this Paragraph 7, such attempted violation shall be null, void, and without effect, and the Company's obligation hereunder shall terminate.