Nontransferability Clause Example from Business Contracts

Nontransferability. Except as otherwise provided by the Committee or as provided in Section 2, and except with respect to cash delivered in settlement of the Award, Participant's interests and rights in and under this Agreement may not be assigned, transferred, exchanged, pledged or otherwise encumbered other than as designated by Participant by will or by the laws of descent and distribution. Issuance of cash in settlement of the Award will be made only to Participant; or, if the Company has been provided with evi...dence acceptable to it that Participant is legally incompetent, Participant's personal representative; or, if Participant is deceased, to the designated beneficiary or other appropriate recipient in accordance with the Company's applicable procedures. The Company may require personal receipts or endorsements of a Participant's personal representative, designated beneficiary or alternate recipient provided for herein. Any effort to otherwise assign or transfer any Award or any rights or interests therein or thereto under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights and interests of Participant and his or her beneficiary in and under this Agreement. View More