Nontransferability of Agreement. This Agreement and all rights under this Agreement shall not be transferable by the Director other than by will or pursuant to applicable laws of descent and distribution. Any rights and privileges of the Director in connection herewith shall not be transferred, assigned, pledged or hypothecated by the Director or by any other person or persons, in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, the Restricted Units shall automatically be forfeited. Notwithstanding the foregoing, all or some of the Restricted Units or rights under this Agreement may be transferred to a spouse pursuant to a domestic relations order issued by a court of competent jurisdiction, subject to the limitations on such transfer described in Section 5.
Appears in 4 contracts
Samples: Restricted Unit Agreement for Nonemployee Directors (Pioneer Southwest Energy Partners L.P.), Restricted Unit Agreement for Nonemployee Directors (Pioneer Southwest Energy Partners L.P.), Restricted Unit Agreement for Nonemployee Directors (Pioneer Southwest Energy Partners L.P.)
Nontransferability of Agreement. This Agreement and all rights under this Agreement shall not be transferable by the Director Employee other than by will or pursuant to applicable laws of descent and distribution. Any rights and privileges of the Director Employee in connection herewith shall not be transferred, assigned, pledged or hypothecated by the Director Employee or by any other person or persons, in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, the Restricted Units shall automatically be forfeited. Notwithstanding the foregoing, all or some of the Restricted Units or rights under this Agreement may be transferred to a spouse pursuant to a domestic relations order issued by a court of competent jurisdiction, subject to the limitations on such transfer described in Section 5.
Appears in 2 contracts
Samples: Restricted Unit Agreement (PetroLogistics LP), Restricted Unit Agreement (PetroLogistics LP)
Nontransferability of Agreement. This Agreement and all rights under this Agreement shall not be transferable by the Director other than by will or pursuant to applicable laws of descent and distribution. Any rights and privileges of the Director in connection herewith shall not be transferred, assigned, pledged or hypothecated by the Director or by any other person or persons, in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, the Restricted Units shall automatically be forfeited. Notwithstanding the foregoing, all or some of the Restricted Units or rights under this Agreement may be transferred to a spouse pursuant to a domestic relations order issued by a court of competent jurisdiction, subject to the limitations on if such transfer described is approved in Section 5writing by the Committee.
Appears in 2 contracts
Samples: Restricted Unit Agreement for Non Employee Directors (Eagle Rock Energy Partners L P), Restricted Unit Agreement for Non Employee Directors (Eagle Rock Energy Partners L P)
Nontransferability of Agreement. This Agreement and all rights under this Agreement shall not be transferable by the Director other than by will or pursuant to applicable laws of descent and distribution. Any rights and privileges of the Director in connection herewith shall not be transferred, assigned, pledged or hypothecated by the Director or by any other person or persons, in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, the Restricted Phantom Units shall automatically be forfeited. Notwithstanding the foregoing, all or some of the Restricted Phantom Units or rights under this Agreement may be transferred to a spouse pursuant to a domestic relations order issued by a court of competent jurisdiction, subject to the limitations on such transfer described in Section 54.
Appears in 1 contract
Nontransferability of Agreement. This Agreement and all rights under this Agreement shall not be transferable by the Director during his life other than by will or pursuant to applicable laws of descent and distribution. Any rights and privileges of the Director in connection herewith shall not be transferred, assigned, pledged or hypothecated by the Director or by any other person or persons, in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, the Restricted Units shall automatically be forfeited. Notwithstanding the foregoing, all or some of the Restricted Units or rights under this Agreement may be transferred to a spouse pursuant to a domestic relations order issued by a court of competent jurisdiction, subject to the limitations on such transfer described in Section 5.
Appears in 1 contract
