Non-Transferability of Option Clause Example from Business Contracts

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. The designation of a beneficiary does not constitute a transfer. This Option may be exercised during the lifetime of the Optionee only by the Optionee. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 6 9. Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and m...ay be exercised during such term only in accordance with the Plan and the terms of this Option. View More