Rights of Participant Clause Example from Business Contracts

Rights of Participant. 5.1 Service as a Non-Employee Director. Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Subsidiary to terminate the service of the Participant at any time, nor confer upon the Participant any right to continue service as a Non-Employee Director with the Company or any Subsidiary. 5.2 Rights as a Stockholder. The Participant will have no rights as a stockholder with respect to shares of Common Stock covered by the Restricted Stock Units unless and... until the Participant becomes the holder of record of such shares of Common Stock issued in settlement of the Restricted Stock Units. 2 5.3 Restrictions on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted by the Plan, no right or interest of the Participant in the Restricted Stock Units prior to the vesting, issuance or settlement of the Restricted Stock Units will be assignable or transferable, or subjected to any lien, during the lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. Any attempt to transfer, assign or encumber the Restricted Stock Units other than in accordance with this Agreement and the Plan will be null and void and the Restricted Stock Units for which the Restrictions have not lapsed will be forfeited and immediately returned to the Company. View More