Common use of Limitation on Transferability Clause in Contracts

Limitation on Transferability. Except as provided in Sections 4.5 and 4.6 above, the interest of the Executive 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 the Executive attempts to sell, assign, transfer or otherwise encumber his or her rights or interest in the Agreement, other than as permitted by Sections 4.5 and 4.6, such act will be treated as an election by the Executive to cease to be covered by this Agreement.