Common use of Restriction on Transfer of Option Clause in Contracts

Restriction on Transfer of Option. The Option granted hereby is not transferable otherwise than by will or under the applicable laws of descent and distribution and during the lifetime of the Participant may be exercised only by the Participant. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any other attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void.

Restriction on Transfer of Option. The No part of the Option granted hereby is not transferable otherwise shall be subject to Transfer other than by will or under by the applicable laws of descent and distribution and during the lifetime of the Participant Participant, may be exercised only by the Participant or the Participant's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether except as provided by operation of law or otherwiseherein), and the Option shall not be subject to execution, attachment or similar process. Upon any other attempt to transfer, assign, negotiate, pledge or hypothecate Transfer the Option, Option or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void.

Restriction on Transfer of Option. The No part of the Option granted hereby is not transferable otherwise shall be Transferable other than by will or under by the applicable laws of descent and distribution and during the lifetime of the Participant Participant, may be exercised only by the Participant or the Participant’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether except as provided by operation of law or otherwiseherein), and the Option shall not be subject to execution, attachment or similar process. Upon any other attempt to transfer, assign, negotiate, pledge or hypothecate Transfer the Option, Option or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void.

Restriction on Transfer of Option. The Option granted hereby is not transferable otherwise other than by will or under by the applicable laws of descent and distribution and during the your lifetime of the Participant may be exercised only by the Participantyou. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any other attempt to transfer, assign, negotiate, pledge or hypothecate the Option, Option or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void.

Restriction on Transfer of Option. The No part of the Option granted hereby is not transferable otherwise shall be Transferable other than by will or under by the applicable laws of descent and distribution and during the lifetime of the Participant Participant, may be exercised only by the Participant or the Participant's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether except as provided by operation of law or otherwiseherein), and the Option shall not be subject to execution, attachment or similar process. Upon any other attempt to transfer, assign, negotiate, pledge or hypothecate Transfer the Option, Option or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void.