Common use of Limitation on Transferability Clause in Contracts

Limitation on Transferability. Except as provided in Section 8 above, the interest of the Chief Executive Officer in the benefits described in this Agreement may not be sold, assigned, transferred or otherwise disposed of in any way, and any attempted sale, assignment, transfer or other disposition shall be null and void. If Chief Executive Officer attempts to sell, assign, transfer or otherwise encumber his or her rights or interest in the Agreement, other than as permitted by Section 8, such act will be treated as an election by the Chief Executive Officer to discontinue participation in the Agreement.

Limitation on Transferability. Except as provided in Section 8 above, the interest of the Chief Executive Operating Officer in the benefits described in this Agreement may not be sold, assigned, transferred or otherwise disposed of in any way, and any attempted sale, assignment, transfer or other disposition shall be null and void. If Chief Executive Operating Officer attempts to sell, assign, transfer or otherwise encumber his or her rights or interest in the Agreement, other than as permitted by Section 8, such act will be treated as an election by the Chief Executive Operating Officer to discontinue participation in the Agreement.