Non-Transferability of Option Clause Example from Business Contracts

This example Non-Transferability of Option clause appears in 7 contracts from 4 companies

Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.