Common use of Transferability of the Option Clause in Contracts

Transferability of the Option. Neither of the parties hereto may assign any of its rights or obligations under this Option Agreement or the Option created hereunder to any other person, without the express written consent of the other party, except Parent may assign, in whole or in part, its rights and obligations hereunder to any wholly owned subsidiary of Parent, provided that no such assignment will relieve Parent of its obligations hereunder. Any purported assignment in violation hereof shall be null and void.