Common use of Who Can Exercise Clause in Contracts

Who Can Exercise. During your lifetime, the Options shall be exercisable only by you, or, in the event of your legal incapacity, by your guardian or legal representative acting on your behalf in a fiduciary capacity under state or foreign law and court supervision. No assignment or transfer of the Options, whether voluntary or involuntary, by operation of law or otherwise, except by will or the laws of descent and distribution or as otherwise required by applicable law, shall vest in the assignee or transferee any interest whatsoever. Upon your death, your estate (or the beneficiary that receives the Options under your will) may exercise vested Options.