Common use of Nonassignability of Option Rights Clause in Contracts

Nonassignability of Option Rights. The option rights granted hereunder (i) shall be exercisable only by the Option Holder, except in the event of the death of the Option Holder, the Option Holder's personal representative or any person who acquires such rights by bequest or inheritance may exercise the rights set forth herein as set forth in Paragraph 4 hereof, (ii) shall not be transferred, assigned, pledged or hypothecated in any manner whatsoever, whether voluntarily, involuntarily or by operation of law, and (iii) shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the said option rights contrary to the provisions hereof, the said option rights shall immediately terminate and become null and void.