Limited Transferability of Awards Clause Example from Business Contracts

This example Limited Transferability of Awards clause appears in 4 contracts from 4 companies

Limited Transferability of Awards. Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant.