Common use of Nonassignability of Option Rights Clause in Contracts

Nonassignability of Option Rights. The Option shall not be assigned or transferred by the Grantee except, in the event of the death of the Grantee, by will or by the laws of descent and distribution. Upon a transfer by will or by the laws of descent and distribution, the person to whom the Option is transferred shall have the right to exercise the Option in accordance with this Grant Letter, subject to the Company receiving satisfactory proof of his or her right to receive the Grant under the Grantee's will or under the applicable laws of descent and distribution. Any attempt to assign, transfer, pledge or dispose of the Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without effect. Notwithstanding the foregoing, the Committee may provide, at or after ▇▇▇▇▇, that a Grantee may transfer the Option pursuant to a domestic relations order or to family members or other persons or entities according to such terms as the Committee may determine.