Restrictions Clause Example from Business Contracts

Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffe...ctive and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant's rights to such units shall immediately terminate without any payment or consideration by the Company. Notwithstanding the foregoing, the Restricted Stock Units may be transferred during the Restricted Period to a Permitted Transferee with the prior written consent of the Committee, in accordance with Section 16(b)(ii) of the Plan. Any Permitted Transferee shall be bound by and subject to all of the terms and conditions of this Agreement and the Plan relating to the transferred Restricted Stock Units except as otherwise provided in Section 16(b)(iii) of the Plan. The Company shall cooperate with any Permitted Transferee and the Company's transfer agent in effectuating any transfer permitted under this Agreement. View More