Common use of Limitation on Transferability Clause in Contracts

Limitation on Transferability. This Option is personal to Optionee, and may not be sold, transferred, assigned, pledged, hypothecated or otherwise disposed of in any way (whether by operation of law or otherwise) except as otherwise provided by the laws of descent and distribution. Any attempt to sell, transfer, assign, pledge or hypothecate or otherwise dispose of this Option contrary to the provisions of this Agreement and the Plan, or upon levy or any attachment or similar process upon this Option or Optionee’s rights hereunder, this Option and such rights shall immediately become null, void and of no further force or effect.