Non-Transferability of Option Clause Example from Business Contracts

This example Non-Transferability of Option clause appears in 12 contracts from 4 companies

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