Common use of Nonassignability of Option Rights Clause in Contracts

Nonassignability of Option Rights. The Option is exercisable only by --------------------------------- Optionee, except in the case of Optionee's death, in which case the Option is exercisable by Optionee's estate's personal representative and/or the Optionee's heirs (hereinafter collectively referred to as Optionee). The Option may not be sold, exchanged, assigned, pledged, encumbered, hypothecated, or otherwise transferred except by will or by the laws of descent and distribution. The Option shall not be subject to execution, attachment, or similar process. Upon any attempt to sell, exchange, assign, pledge, encumber, hypothecate, or otherwise transfer the Option or any right thereunder, except as permitted in this Section 6, the Option and all rights thereunder shall immediately become null and void.