Transferability Clause Example from Business Contracts

This example Transferability clause appears in 4 contracts from 3 companies

Transferability. No payroll deductions credited to a Participant's account, Options granted hereunder, or any rights with regard to the exercise of an Option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided in Section 14) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Administrator may, in its sol...e discretion, treat such act as an election to withdraw funds from an Offer Period in accordance with Section 10. View More