Common use of Transferability; Binding Effect Clause in Contracts

Transferability; Binding Effect. The rights of the Participant under this Agreement shall not be transferable except, in the event of death, by will or by the laws of descent and distribution, provided that a transfer, assignment or division of the Participant’s rights and interests under this Agreement may be made to a spouse or former spouse in accordance with a domestic relations order or comparable order applicable to the Participant, in which event such transferred, assigned or divided rights and interests shall remain subject to the provisions of this Agreement. Subject to the provisions of the Plan, this Agreement shall inure to the benefit of and be binding upon the Participant and the Company and their respective heirs, legal representatives, successors and assigns.