Common use of Transferability of the Option Clause in Contracts

Transferability of the Option. (a) Except as provided in this Section 5, the Option Holder may not assign or otherwise transfer the Option, either voluntarily or by operation of law, other than by will or the laws of descent and distribution, and the Option shall be exercisable during the Option Holder’s lifetime only by the Option Holder or by the Option Holder’s legal representative. Following the death of the Option Holder, the Option shall be exercisable by the Option Holder’s legal representative, executor and beneficiaries.

Transferability of the Option. (a) Except as provided in this Section 5, the Option Holder may not assign or otherwise transfer the Option, either voluntarily or by operation of law, other than by will or the laws of descent and distribution, and the Option shall be exercisable during the Option Holder’s 's lifetime only by the Option Holder or by the Option Holder’s 's legal representative. Following the death of the Option Holder, the Option shall be exercisable by the Option Holder’s 's legal representative, executor and beneficiaries.

Transferability of the Option. (a) Except as provided in this Section 5, the Option Holder may not assign or otherwise transfer the Option, either voluntarily or by operation of law, other than by will or the laws of descent and distribution, and the Option shall be exercisable during the Option Holder’’s lifetime only by the Option Holder or by the Option Holder’’s legal representative. Following the death of the Option Holder, the Option shall be exercisable by the Option Holder’’s legal representative, executor and beneficiaries.