Common use of Nontransferability of SAR Clause in Contracts

Nontransferability of SAR. The SAR may not be transferred by the Holder other than by will or the laws of descent and distribution or pursuant to the designation of one or more beneficiaries on the form prescribed by the Company. Except to the extent permitted by the foregoing sentence, the SAR may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the SAR, the SAR and all rights hereunder shall immediately become null and void.

Nontransferability of SAR. The SAR may not be transferred by the Holder other than by will or the laws of descent and distribution or pursuant to the designation of one or more beneficiaries on the form prescribed by the Company. Except to the extent permitted by the foregoing sentence, (i) during Xxxxxx’s lifetime the SAR is exercisable only by Holder or Holder’s legal representative, guardian or similar person and (ii) the SAR may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the SAR, the SAR and all rights hereunder shall immediately become null and void.

Nontransferability of SAR. The SAR may not be transferred by the -------------------------- Holder other than (i) by will or the laws of descent and distribution or (ii) pursuant to the beneficiary designation of one or more beneficiaries on the form prescribed procedures approved by the Company. Except to the extent permitted by the foregoing sentence, during the Holder's lifetime the SAR is exercisable only by the Holder or the Holder's Legal Representative. Except to the extent permitted by the foregoing, the SAR may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the SAR, the SAR and all rights hereunder shall immediately become null and void.