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GWW » Topics » Nonassignability

These excerpts taken from the GWW 10-K filed Feb 27, 2008.
Nonassignability. A Participant shall not have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant directly or indirectly, be transferable by operation of law in the event of a Participant’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.

Nonassignability. A Participant shall not have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant directly or indirectly, be transferable by operation of law in the event of a Participant’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2008

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