Common use of Option Not Transferable Except in Event of Death Clause in Contracts

Option Not Transferable Except in Event of Death. During Optionee's lifetime, the Option shall be exercisable only by Optionee, and neither the Option nor any rights hereunder shall be transferable except by will or the laws of descent and distribution. The Option may not be subject to execution or other similar process. If Optionee attempts to alienate, assign, pledge, hypothecate or otherwise dispose of the Option or any of Optionee's rights hereunder, except as provided herein, or in the event of any levy or any attachment, execution or similar process upon the rights or interests hereby conferred, Corporation may terminate the Option by notice to Optionee and it shall thereupon become null and void.