Xx Assignment. Except as contemplated by Section 4 hereof, this option and the rights and privileges conferred hereby may not be transferred, assigned, pledged, hypothecated or encumbered, and shall not be subject to execution, attachment, garnishment or other similar legal processes. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise encumber or dispose of this option, this option and the rights and privileges conferred hereunder shall immediately become null and void. This option may be exercised during the lifetime of the Executive only by the Executive; provided, however, that if the Executive is declared legally incompetent, the Executive's duly appointed legal representative may exercise the option hereunder in the manner and to the extent that the Executive is entitled to exercise the option hereunder.
Appears in 5 contracts
Samples: Non Statutory Stock Option Agreement (Applied Bioscience International Inc), Non Statutory Stock Option Agreement (Applied Bioscience International Inc), Non Statutory Stock Option Agreement (Applied Bioscience International Inc)
