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 right hereunder shall be transferable except by will or by the laws of descent and distribution, provided, however, if permitted under the terms of the Plan, as in effect from time to time, transfers of the Option, or portions thereof, shall also be permitted under this Agreement. 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, attachment, execution or similar process upon the rights or interests hereby conferred, the Corporation may, in its sole and absolute discretion, terminate the Option by notice to Optionee and it shall thereupon become null and void.