Restrictions on Transfer of Deferred Shares Clause Samples
The 'Restrictions on Transfer of Deferred Shares' clause limits or prohibits the ability of shareholders to transfer ownership of deferred shares to others. Typically, this clause specifies that deferred shares cannot be sold, assigned, or otherwise transferred without meeting certain conditions, such as obtaining board approval or only transferring to specific parties. By imposing these restrictions, the clause helps maintain control over the company's share structure and prevents unwanted parties from acquiring an interest in the company, thereby protecting the interests of existing shareholders and management.
Restrictions on Transfer of Deferred Shares. The right to receive Deferred Shares may not be sold, pledged, exchanged or otherwise encumbered or disposed of by the Grantee.
Restrictions on Transfer of Deferred Shares. The right to receive Deferred Shares
(a) may not be sold, pledged, exchanged or otherwise encumbered or disposed of by the Grantee, and,
(b) may not be assigned or transferred, except that the right to eventual distribution of the Deferred Shares may be transferred (A) to the Company, a Family Member of the Grantee, or entities controlled by or benefiting them, or certain tax-exempt entities, as described in Section 12 of the Plan and then (B) (i) if during the Grantee’s life, only upon the approval of the Company’s Chief Financial Officer and/or its Vice President with responsibility for compensation and benefits, or (ii) by execution and delivery of a Beneficiary Designation Form provided by the Company or, if none, (iii) by will or by the laws of descent and distribution, until they have been delivered in accordance with this Agreement to the Grantee or the appropriate transferee.
Restrictions on Transfer of Deferred Shares. Neither the Deferred Shares granted hereby nor any interest therein or in the Common Stock related thereto shall be transferable prior to payment other than by will or pursuant to the laws of descent and distribution (or to a designated beneficiary in the event of the Grantee's death).
Restrictions on Transfer of Deferred Shares. The right to receive Deferred Shares
(a) may not be sold, pledged, exchanged or otherwise encumbered or disposed of by the Grantee, and,
(b) may not be assigned or transferred, except that the right to eventual distribution of the Deferred Shares may be transferred (A) to the Company, a Family Member of the Grantee, or entities controlled by or benefiting them, as described in Section 12 of the Plan and then (B) (i) if during the Grantee's life, only upon the approval of the Company's Chief Financial Officer and/or its Vice President with responsibility for compensation and benefits, or (ii) by execution and delivery of a Beneficiary Designation Form provided by the Company or, if none, by will or by the laws of descent and distribution, until they have been delivered in accordance with this Agreement to the Grantee or the appropriate transferee.
Restrictions on Transfer of Deferred Shares. The Deferred Shares may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by the Grantee, except to the Company, until they have become nonforfeitable in accordance with Section 3. Any purported transfer, encumbrance or other disposition of the Deferred Shares that is in violation of this Section 2 shall be null and void, and the other party to any such purported transaction shall not obtain any rights to or interest in the Deferred Shares.