Common use of Award Not Transferable Clause in Contracts

Award Not Transferable. No part of, or interest in, this Award shall be liable for the debts, contracts or engagements of the Grantee or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 5.2 shall not prevent transfers by will or by the applicable laws of descent and distribution.

Award Not Transferable. No part ofExcept as otherwise permitted by the Committee in writing, or interest in, this neither the Award shall be liable for the debts, contracts or engagements of the Grantee or his successors in nor any interest or right therein or part thereof shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that that, to the extent permitted by Applicable Law, this Section 5.2 shall not prevent transfers by will or by the applicable laws Applicable Laws of descent and distribution.