Common use of Transfer of Rights Clause in Contracts

Transfer of Rights. This option is not transferable except by will or by the laws of descent and distribution and shall be exercisable during Grantee’s lifetime only by Grantee. After the death of Grantee, this option may be exercised only by Grantee’s estate or by the person or persons entitled to the option under Grantee’s will or the laws of descent and distribution, as appropriate. In the event the option is transferred to the Grantee’s estate, the option may be exercised by the estate only to the extent that the Grantee would have been entitled had the option not been transferred.

Transfer of Rights. This option is not transferable except by will or by the laws of descent and distribution and shall be exercisable during Grantee’s 's lifetime only by Grantee. After the death of Grantee, this option may be exercised only by Grantee’s 's estate or by the person or persons entitled to the option under Grantee’s 's will or the laws of descent and distribution, as appropriate. In the event the option is transferred to the Grantee’s 's estate, the option may be exercised by the estate only to the extent that the Grantee would have been entitled had the option not been transferred.