Transferability Clause Example from Business Contracts

Transferability. This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee's lifetime, only by the Optionee, and thereafter, only by the Optionee's legal representative or legatee in accordance with the schedule set forth in Section 2(b) or as otherwise permitted by Section 409A of the Code.