Common use of Nonassignability of Option Rights Clause in Contracts

Nonassignability of Option Rights. The Option Rights: (1) shall, except as provided in Section 3 of this Agreement, be exercisable only by the Employee; (2) shall not be transferred, assigned, pledged or hypothecated in any manner whatsoever, whether voluntarily, involuntarily or by operation of law; and (3) shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the Option Rights contrary to the provisions of this Agreement, the Option Rights shall immediately become null and void.

Nonassignability of Option Rights. The Option Rights: (1) shall, except as provided in Section 3 of this Agreement, be exercisable only by the EmployeeDirector; (2) shall not be transferred, assigned, pledged or hypothecated in any manner whatsoever, whether voluntarily, involuntarily or by operation of law; and (3) shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the Option Rights contrary to the provisions of this Agreement, the Option Rights shall immediately become null and void.