Common use of RESTRICTIONS UPON TRANSFER Clause in Contracts

RESTRICTIONS UPON TRANSFER. (a) This Agreement and the Option granted hereunder shall not be assignable or transferable otherwise than by will or the laws of descent and distribution. In the event of any attempt to assign or to transfer this Agreement or the Option or any of the rights hereunder other than by will or the laws of descent and distribution, whether voluntarily or involuntarily, by operation of law or otherwise, this Agreement and the Option granted hereunder shall thereupon immediately terminate and be of no further force or effect and no interest or right hereunder shall vest in any other person. (b) Nothing in this Agreement shall be construed in limitation of any restrictions upon transfer of the Option Shares contained elsewhere, including any restrictions that may be contained in the Certificate of Incorporation or the By-Laws of the Corporation. (d) Option Shares received upon exercise of this Option in whole or part shall not be transferred within two years from the date of this Agreement or one year from the date the Option Shares are delivered to the Employee, without the express written consent of the Corporation. The provisions of this Section 6(d) shall survive any termination of this Agreement.