Restriction on Transfer; Non-Transferability of Restricted Share Units Sample Clauses
This clause prohibits the transfer or assignment of restricted share units (RSUs) by the recipient to any other party. In practice, this means that the RSUs cannot be sold, pledged, gifted, or otherwise disposed of until certain conditions, such as vesting or settlement, are met. The core function of this clause is to ensure that RSUs remain with the original grantee, maintaining the intended incentive and retention benefits for the employer.
Restriction on Transfer; Non-Transferability of Restricted Share Units. The Restricted Share Units are not assignable or transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including, but not limited to, by gift, operation of law or otherwise) other than by will or by the laws of descent and distribution to the estate of the Director upon the Director’s death. Any purported transfer in violation of this Section 5 shall be void ab initio. Notwithstanding the foregoing, the Participant may, with the prior approval of the Company, transfer the RSUs for estate planning purposes.
Restriction on Transfer; Non-Transferability of Restricted Share Units. The Restricted Share Units are not assignable or transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including, but not limited to, by gift, operation of law or otherwise). Any purported transfer in violation of this Section 5 shall be void ab initio.