Common use of Exchange Control Requirements Clause in Contracts

Exchange Control Requirements. By accepting this Award of Restricted Stock Units, Participant understands and agrees that, pursuant to local exchange control requirements, Participant will be required to repatriate the cash proceeds from the immediate sale of the Shares to China. Participant further understands that, under local law, such repatriation of cash proceeds may need to be effectuated through a special exchange control account established by the Company and/or its Chinese Subsidiary, and Participant hereby consents and agrees that any proceeds from the sale of any Shares Participant acquires may be transferred to such special account prior to being delivered to Participant. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirements.

Appears in 2 contracts

Samples: Restricted Stock Unit Agreement (Rimini Street, Inc.), Restricted Stock Unit Agreement (Rimini Street, Inc.)

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Exchange Control Requirements. By accepting this Award of Restricted Stock Units, Participant The Employee understands and agrees that, pursuant if he or she is subject to local exchange control requirements, Participant the Employee will be required to repatriate the cash proceeds from the immediate sale of the Shares shares of Common Stock issued upon the vesting of the Award to China. Participant The Employee further understands that, under local law, such repatriation of the Employee’s cash proceeds may need to be effectuated effected through a special exchange control account established by the Company and/or its Chinese Subsidiaryor an Affiliate, and Participant the Employee hereby consents and agrees that any proceeds from the sale of any Shares Participant shares of Common Stock the Employee acquires may be transferred to such special account prior to being delivered to Participantthe Employee. Participant The proceeds may be paid to the Employee in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid to the Employee in U.S. dollars, the Employee understands that he or she will be required to set up a U.S. dollar bank account in China so that the proceeds may be deposited into this account. If the proceeds are paid to the Employee in local currency, the Employee acknowledges that the Company is under no obligation to secure any particular exchange conversion rate and that the Company may face delays in converting the proceeds to local currency due to exchange control restrictions. The Employee agrees to bear any currency fluctuation risk between the time the shares of Common Stock are sold and the time the proceeds are distributed to the Employee. The Employee further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirements.

Appears in 2 contracts

Samples: Global Restricted Stock Unit (Sapient Corp), Restricted Stock Unit Agreement (Sapient Corp)

Exchange Control Requirements. By accepting this Award of Restricted Stock UnitsDue to exchange control laws in the PRC, Participant Awardee understands and agrees that, pursuant to local exchange control requirements, Participant that Awardee will be required to immediately repatriate the cash proceeds from the immediate sale of the Shares shares of Stock or the receipt of any dividends to Chinathe PRC. Participant further Awardee understands that, under local law, and agrees that such repatriation of cash proceeds may will need to be effectuated repatriated to the PRC through a special exchange control account established by the Company and/or or one of its Chinese SubsidiaryAffiliates in the PRC, and Participant Awardee hereby consents and agrees that any proceeds from the sale of shares of Stock or the receipt of any Shares Participant acquires dividends may be transferred to such special account prior to being delivered to Participanthim or her. Participant The proceeds may be paid to Awardee in U.S. dollars or local currency at the Company’s discretion. In the event the proceeds are paid to Awardee in U.S. dollars, Awardee understands that he or she will be required to set up a U.S. dollar bank account in China and provide the bank account details to the Employer and/or the Company so that the proceeds may be deposited into this account. If the proceeds are paid to Awardee in local currency, Awardee agrees to bear any currency fluctuation risk between the time the shares of Stock are sold or dividends are paid and the time the proceeds are distributed to Awardee through any such special account. Awardee further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirements.

Appears in 2 contracts

Samples: Global Restricted Stock Unit Agreement (Citrix Systems Inc), Global Restricted Stock Unit Agreement (Citrix Systems Inc)

Exchange Control Requirements. By accepting this Award of Restricted Stock UnitsDue to exchange control laws in the PRC, Participant Awardee understands and agrees that, pursuant to local exchange control requirements, Participant that Awardee will be required to immediately repatriate the cash proceeds from the immediate sale of the Shares shares of Stock or the receipt of any dividends to Chinathe PRC. Participant further Awardee understands that, under local law, and agrees that such repatriation of cash proceeds may will need to be effectuated repatriated to the PRC through a special exchange control account established by the Company and/or or one of its Chinese SubsidiaryAffiliates in China, and Participant Awardee hereby consents and agrees that any proceeds from the sale of shares of Stock or the receipt of any Shares Participant acquires dividends may be transferred to such special account prior to being delivered to Participanthim or her. Participant The proceeds may be paid to Awardee in U.S. dollars or local currency at the Company’s discretion. In the event the proceeds are paid to Awardee in U.S. dollars, Awardee understands that he or she will be required to set up a U.S. dollar bank account in China and provide the bank account details to the Employer and/or the Company so that the proceeds may be deposited into this account. If the proceeds are paid to Awardee in local currency, Awardee agrees to bear any currency fluctuation risk between the time the shares of Stock are sold or dividends are paid and the time the proceeds are distributed to Awardee through any such special account. Awardee further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds COSTA RICA There are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirementscountry-specific provisions.

Appears in 1 contract

Samples: Global Restricted Stock Unit Agreement (Citrix Systems Inc)

Exchange Control Requirements. By accepting this Award of Restricted Stock UnitsDue to exchange control laws in the PRC, the Participant understands and agrees that, pursuant to local exchange control requirements, that the Participant will be required to immediately repatriate the cash proceeds from the immediate sale of the Shares or the receipt of any dividends to Chinathe PRC. The Participant further understands that, under local law, and agrees that such repatriation of cash proceeds may will need to be effectuated repatriated to the PRC through a special exchange control account established by the Company and/or or one of its Chinese SubsidiaryAffiliates, and the Participant hereby consents and agrees that any proceeds from the sale of Shares or the receipt of any Shares Participant acquires dividends may be transferred to such special account prior to being delivered to Participanthim or her. The proceeds may be paid to the Participant in U.S. dollars or local currency at the Company’s discretion. In the event the proceeds are paid to the Participant in U.S. dollars, the Participant understands that he or she will be required to set up a U.S. dollar bank account in China and provide the bank account details to the Service Recipient and/or the Company so that the proceeds may be deposited into this account. If the proceeds are paid to the Participant in local currency, the Participant agrees to bear any currency fluctuation risk between the time the Shares are sold or dividends are paid and the time the proceeds are distributed to the Participant through any such special account. The Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirements.FRANCE

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (SunEdison Semiconductor LTD)

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Exchange Control Requirements. By accepting this Award of Restricted Stock UnitsDue to exchange control laws in the PRC, Participant the Optionee understands and agrees that, pursuant to local exchange control requirements, Participant that the Optionee will be required to immediately repatriate the cash proceeds from the immediate sale cashless sell-all exercise of the Shares Option to Chinathe PRC. Participant The Optionee further understands that, under local law, such repatriation and agrees any proceeds from the cashless sell-all exercise of cash proceeds may the Option will need to be effectuated repatriated to the PRC through a special exchange control account established by the Company and/or or one of its Chinese SubsidiaryAffiliates in the PRC, and Participant the Optionee hereby consents and agrees that any proceeds from the sale cashless sell-all exercise of any Shares Participant acquires the Option may be transferred to such special account prior to being delivered to Participantthe Optionee. Participant The proceeds may be paid to the Optionee in U.S. dollars or local currency at the Company’s discretion. In the event the proceeds are paid to the Optionee in U.S. dollars, the Optionee understands that he or she will be required to set up a U.S. dollar bank account in China and provide the bank account details to the Service Recipient and/or the Company so that the proceeds may be deposited into this account. If the proceeds are paid to the Optionee in local currency, the Optionee agrees to bear any currency fluctuation risk between the time the Option Shares are sold and the time the proceeds are distributed to the Optionee through any such special account. The Optionee further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirements.

Appears in 1 contract

Samples: Substitute Global Stock Option Agreement (SunEdison Semiconductor LTD)

Exchange Control Requirements. By accepting this Award of Restricted Stock Units, Participant The Optionee understands and agrees that, pursuant to local exchange control requirements, Participant the Optionee will be required to immediately repatriate the cash proceeds from the immediate sale cashless exercise of the Shares Option to China. Participant The Optionee further understands that, under local law, such repatriation of his or her cash proceeds may need to be effectuated through a special exchange control account established by the Company and/or its Chinese SubsidiaryCompany, subsidiary, affiliate or the Employer, and Participant the Optionee hereby consents and agrees that any proceeds from the sale of any Shares Participant acquires shares may be transferred to such special account prior to being delivered to Participantthe Optionee. Participant The proceeds may be paid to the Optionee in U.S. dollars or local currency at the Company’s discretion. In the event the proceeds are paid to the Optionee in U.S. dollars, the Optionee understands that the Optionee will be required to set up a U.S. dollar bank account in China and provide the bank account details to the Employer and/or the Company so that the proceeds may be deposited into this account. The Company is under no obligation to secure any particular exchange conversion rate and/or conversion date and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions. The Optionee agrees to bear any currency fluctuation risk between the time the shares are sold or dividends are received and the time the proceeds are distributed through any such special exchange account. The Optionee further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirements.

Appears in 1 contract

Samples: Non Statutory Stock Option Agreement (Nike Inc)

Exchange Control Requirements. By accepting this Award of Restricted Stock UnitsDue to exchange control laws in the PRC, Participant Awardee understands and agrees that, pursuant to local exchange control requirements, Participant that Awardee will be required to immediately repatriate the cash proceeds from the immediate sale of the Shares shares of Stock or the receipt of any dividends to Chinathe PRC. Participant further Awardee understands that, under local law, and agrees that such repatriation of cash proceeds may will need to be effectuated repatriated to the PRC through a special exchange control account established by the Company and/or or one of its Chinese SubsidiaryAffiliates in China, and Participant Awardee hereby consents and agrees that any proceeds from the sale of shares of Stock or the receipt of any Shares Participant acquires dividends may be transferred to such special account prior to being delivered to Participanthim or her. Participant The proceeds may be paid to Awardee in U.S. dollars or local currency at the Company’s discretion. In the event the proceeds are paid to Awardee in U.S. dollars, Awardee understands that he or she will be required to set up a U.S. dollar bank account in China and provide the bank account details to the Employer and/or the Company so that the proceeds may be deposited into this account. If the proceeds are paid to Awardee in local currency, Awardee agrees to bear any currency fluctuation risk between the time the shares of Stock are sold or dividends are paid and the time the proceeds are distributed to Awardee through any such special account. Awardee further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands and agrees that he or she will be required to set up a U.S. dollar bank account in China (if Participant does not already have one) so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant further understands and agrees that the Company or its Chinese Subsidiary is under no obligation to secure any particular exchange conversion rate and there may be delays in converting the cash proceeds to local currency due to exchange control restrictions. Participant agrees to bear any currency fluctuation risk between the time the cash proceeds are received and the time the cash proceeds are distributed to Participant through the special account described above. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with China exchange control requirements.DENMARK

Appears in 1 contract

Samples: Global Restricted Stock Unit Agreement

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