Common use of Non-Transferability of the Award Clause in Contracts

Non-Transferability of the Award. (a) During the Participant’s lifetime, the Participant shall not sell, transfer, assign, pledge or otherwise encumber the Award Shares until all conditions to vesting have been met and the shares have been vested. (b) This Award shall not be transferable other than by will or the laws of intestate succession. The designation of a beneficiary does not constitute a transfer. (c) In the event of (i) any attempt by the Participant to alienate, assign, pledge, hypothecate or otherwise dispose of the Award, except as provided for herein, or (ii) the levy of any attachment, execution or similar process upon the rights or interests herein conferred, the Company may terminate the Award by notice to the Participant and it shall thereafter become null and void.