Common use of Nontransferability of SARs Clause in Contracts

Nontransferability of SARs. During Grantee's lifetime, the SARs are not and shall not be transferable (voluntarily or involuntarily) other than pursuant to a Domestic Relations Order and, except as otherwise required pursuant to a Domestic Relations Order, the SARs shall be exercisable only by Grantee or Grantee's court appointed legal representative. Grantee may designate a beneficiary or beneficiaries to whom the SARs shall pass upon Grantee's death and may change such designation from time to time by filing a written designation of beneficiary or beneficiaries with the Company on the form annexed hereto as Exhibit A or such other form as may be prescribed by the Company Board, provided that no such designation shall be effective unless so filed prior to the death of Grantee. If no such designation is made or if the designated beneficiary does not survive Grantee's death, the SARs shall pass by will or the laws of descent and distribution. Following Grantee's death, the SARs, if otherwise exercisable, may be exercised by the person to whom the SARs pass according to the foregoing, and such person shall be deemed to be Grantee for purposes of any applicable provisions of this Agreement.