diff --git a/contracts/modules/TransferManager/CountTransferManager.sol b/contracts/modules/TransferManager/CountTransferManager.sol
index 7e1b7c5b2..0713bbb18 100644
--- a/contracts/modules/TransferManager/CountTransferManager.sol
+++ b/contracts/modules/TransferManager/CountTransferManager.sol
@@ -15,12 +15,12 @@ contract CountTransferManager is ITransferManager {
     {
     }
 
-    function verifyTransfer(address _from, address _to, uint256 /* _amount */) public view returns(Result) {
+    function verifyTransfer(address /* _from */, address _to, uint256 /* _amount */) public view returns(Result) {
         if (!paused) {
             if (maxHolderCount < ISecurityToken(securityToken).investorCount()) {
                 // Allow transfers to existing maxHolders
                 if (ISecurityToken(securityToken).balanceOf(_to) != 0) {
-                    return Result.VALID;
+                    return Result.NA;
                 }
                 return Result.INVALID;
             }
diff --git a/contracts/modules/TransferManager/PercentageTransferManager.sol b/contracts/modules/TransferManager/PercentageTransferManager.sol
index 36ed53794..f2cc70c46 100644
--- a/contracts/modules/TransferManager/PercentageTransferManager.sol
+++ b/contracts/modules/TransferManager/PercentageTransferManager.sol
@@ -35,17 +35,17 @@ contract PercentageTransferManager is ITransferManager {
     {
     }
 
-    function verifyTransfer(address _from, address _to, uint256 _amount) public view returns(Result) {
+    function verifyTransfer(address /* _from */, address _to, uint256 _amount) public view returns(Result) {
         if (!paused) {
             // If an address is on the whitelist, it is allowed to hold more than maxHolderPercentage of the tokens.
             if (whitelist[_to]) {
-                return Result.VALID;
+                return Result.NA;
             }
             uint256 newBalance = ISecurityToken(securityToken).balanceOf(_to).add(_amount);
             if (newBalance.mul(10**18).div(ISecurityToken(securityToken).totalSupply()) > maxHolderPercentage) {
                 return Result.INVALID;
             }
-            return Result.VALID;
+            return Result.NA;
         }
         return Result.NA;
     }