Common use of Nontransferability of SAR Clause in Contracts

Nontransferability of SAR. Except under the laws of descent and distribution, Grantee shall not be permitted to sell, transfer, pledge or assign the SAR or this SAR Agreement; provided that subject to such terms and conditions as the Administrator may establish, Grantee shall be permitted to transfer this SAR to a trust controlled by Grantee during Grantee’s lifetime for estate planning purposes or to make a gift of this SAR to an Immediate Family Member. Unless transferred pursuant to the preceding sentence, the SAR shall be exercisable, during Grantee’s lifetime, only by Grantee. Without limiting the generality of the foregoing, except as otherwise provided herein, the SAR may not be assigned, transferred, pledged or hypothecated in any way, shall not be assignable by operation of law, and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the SAR contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the SAR shall be null and void and without effect.