Common use of Restriction on Transferability Clause in Contracts

Restriction on Transferability. This Option is not transferable by the Director otherwise than by testamentary will or the laws of descent and distribution and, during the Director's lifetime, may be exercised only by the Director or the Director's guardian or legal representative. Except as permitted by the preceding sentence, neither this Option nor any of the rights and privileges conferred thereby shall be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise), and no such option, right, or privilege shall be subject to execution, attachment, or similar process. Upon any attempt to transfer this Option, or of any right or privilege conferred thereby, contrary to the provisions hereof, or upon the levy of any attachment or similar process upon such option, right, or privilege, this Option and any such rights and privileges shall immediately become null and void.

Restriction on Transferability. This Option is not transferable by the Director otherwise than by testamentary will or the laws of descent and distribution and, during the Director's lifetime, may be exercised only by the Director or the Director's guardian or legal representative. Except as permitted by the preceding sentence, neither this Option nor any of the rights and privileges conferred thereby shall be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise), and no such option, right, or privilege shall be subject to execution, attachment, or similar process. Upon any attempt to transfer this Option, or of any right or privilege conferred thereby, contrary to the provisions hereof, or upon the levy of any attachment or similar process upon such option, 66 right, or privilege, this Option and any such rights and privileges shall immediately become null and void.

Restriction on Transferability. This Option is not transferable by the Director Xxxxxxx otherwise than by testamentary will or the laws of descent and distribution and, during the Director's Xxxxxxx'x lifetime, may be exercised only by the Director Xxxxxxx or the Director's Xxxxxxx'x guardian or legal representative. Except as permitted by the preceding sentence, neither this Option nor any of the rights and privileges conferred thereby shall be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise), and no such option, right, or privilege shall be subject to execution, attachment, or similar process. Upon any attempt to transfer this Option, or of any right or privilege conferred thereby, contrary to the provisions hereof, or upon the levy of any attachment or similar process upon such option, right, or privilege, this Option and any such rights and privileges shall immediately become null and void.