Non-Transferability of Option Clause Example from Business Contracts

Non-Transferability of Option. The Option and the rights and privileges conferred hereby may not be sold, transferred by gift, pledged, hypothecated, or otherwise transferred or disposed of (whether by operation of law or otherwise) in any manner other than by will or by the laws of descent or distribution, and will not be subject to sale under execution, attachment, levy or similar process and may be exercised during the lifetime of the Participant only by the Participant. The terms of the Notice and this Award Agreement are... binding upon the executors, administrators, heirs, successors and assigns of the Participant. Any attempt to transfer the Option in violation of this Section 5 will be null and void and will be disregarded. -2- 6. Term of Option. The Option will in any event expire on the Expiration Date set forth in the Notice, and may be exercised prior to the Expiration Date only in accordance with the terms of the Notice and this Award Agreement. View More