Common use of Encumbrances on Vested Shares Clause in Contracts

Encumbrances on Vested Shares. Optionee may xxxxx x xxxx or security interest in, or pledge, hypothecate or encumber Vested Shares only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation or encumbrance will not adversely affect or impair the Right of First Refusal or the rights of the Company and/or its assignee(s) with respect thereto and will not apply to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Agreement will continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Optionee may not xxxxx x xxxx or security interest in, or pledge, hypothecate or encumber, any Unvested Shares.

Encumbrances on Vested Shares. Optionee Purchaser may xxxxx x xxxx or ------------------------------ security interest in, or pledge, hypothecate or encumber Vested Shares only if the Company or its successors and assigns do not hold a lien or security interest in such share and only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation or encumbrance will not adversely affect or impair the Right of First Refusal or the rights of the Company and/or its assignee(s) with respect thereto and will not apply to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Agreement Section will continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Optionee Purchaser may not xxxxx x xxxx or security interest in, or pledge, hypothecate or encumber, encumber any Unvested Shares.

Encumbrances on Vested Shares. Optionee may xxxxx gxxxx x xxxx or security interest in, or pledge, hypothecate or encumber Vested Shares only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation or encumbrance will not adversely affect or impair the Right of First Refusal or the rights of the Company and/or its assignee(s) with respect thereto and will not apply to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Agreement will continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Optionee may not xxxxx gxxxx x xxxx or security interest in, or pledge, hypothecate or encumber, any Unvested Shares.

Encumbrances on Vested Shares. Optionee Purchaser may xxxxx x xxxx ------------------------------ or security interest in, or pledge, hypothecate or encumber Vested Shares only if the Company or its successors and assigns do not hold a lien or security interest in such share and only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation or encumbrance will not adversely affect or impair the Right of First Refusal or the rights of the Company and/or its assignee(s) with respect thereto and will not apply to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Agreement Section will continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Optionee Purchaser may not xxxxx x xxxx or security interest in, or pledge, hypothecate or encumber, encumber any Unvested Shares.