Common use of Exchange Control Restrictions Clause in Contracts

Exchange Control Restrictions. The Grantee understands and agrees that, if the Grantee is subject to exchange control laws in China, the Grantee will be required immediately to repatriate to China the proceeds from the sale of any Shares acquired under the Plan. The Grantee further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in China, and he or she hereby consents and agrees that proceeds from the sale of Shares acquired under the Plan may be transferred to such account by the Company on his or her behalf prior to being delivered to the Grantee and that no interest shall be paid with respect to funds held in such account. The proceeds may be paid to the Grantee in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid in U.S. dollars, the Grantee understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the proceeds are paid in local currency, the Grantee 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 Grantee agrees to bear any currency fluctuation risk between the time the Shares are sold and the net proceeds are converted into local currency and distributed to the Grantee. The Grantee 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.

Appears in 26 contracts

Samples: Restricted Stock Unit Award Agreement (Jabil Inc), Restricted Stock Unit Award Agreement (Jabil Inc), Restricted Stock Unit Award Agreement (Jabil Inc)

AutoNDA by SimpleDocs

Exchange Control Restrictions. The Grantee Employee understands and agrees that, if the Grantee Employee is subject to exchange control laws in China, the Grantee Employee will be required immediately to repatriate immediately to China the proceeds from the sale of any Shares shares of Common Stock acquired under the Plan. The Grantee Employee further understands that such repatriation of sale proceeds may need to must be effected through a special bank account established by the Company with a financial institution in China, China and he or she the Employee hereby consents and agrees that proceeds from the sale of Shares shares of Common Stock acquired under the Plan may be transferred to such account by the Company on his or her the Employee’s behalf prior to being delivered to the Grantee Employee and that no interest shall be paid with respect to funds held in such account. The Sale proceeds may be paid to the Grantee Employee in U.S. dollars or local currency at the Company’s discretion. If the sale proceeds are paid to the Employee in U.S. dollars, the Grantee Employee understands that the Employee must establish and maintain a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the sale proceeds are paid to the Employee in local currency, the Grantee 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 sale proceeds to local currency due to exchange control restrictions. The Grantee Employee agrees to bear any currency fluctuation risk between the time the Shares shares of Common Stock are sold and the net proceeds are converted into local currency and distributed to the GranteeEmployee. The Grantee 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.

Appears in 5 contracts

Samples: Restricted Stock Unit Award Agreement (Hillenbrand, Inc.), Performance Based Unit Award Agreement (Hillenbrand, Inc.), Performance Based Unit Award Agreement (Hillenbrand, Inc.)

Exchange Control Restrictions. The Grantee Participant understands and agrees that, if that the Grantee is subject to exchange control laws in China, the Grantee Participant will be required to immediately to repatriate to China the proceeds from the sale of any Shares acquired under the PlanPlan and any cash dividends paid on such Shares. The Grantee Participant further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in China(or a Subsidiary), and he or she the Participant hereby consents and agrees that any sale proceeds from the sale of Shares acquired under the Plan and cash dividends may be transferred to such special account by the Company (or a Subsidiary) on his or her the Participant’s behalf prior to being delivered to the Grantee Participant and that no interest shall be paid with respect to funds held in such account. The proceeds may be paid to the Grantee Participant in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid to the Participant in U.S. dollars, the Grantee Participant understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the proceeds are paid to the Participant in local currency, the Grantee Participant acknowledges that the Company is (or its Subsidiaries) are under no obligation to secure any particular exchange conversion rate and that the Company (or its Subsidiaries) may face delays in converting the proceeds to local currency due to exchange control restrictions. The Grantee Participant agrees to bear any currency fluctuation risk between the time the Shares are sold and the net proceeds are converted into local currency and distributed to the GranteeParticipant. The Grantee 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.

Appears in 3 contracts

Samples: Restricted Share Unit Award Agreement (Howmet Aerospace Inc.), Special Retention Award Agreement (Howmet Aerospace Inc.), Special Retention Award Agreement (Howmet Aerospace Inc.)

Exchange Control Restrictions. The Grantee Participant understands and agrees that, if the Grantee is subject pursuant to local exchange control laws in Chinarequirements, the Grantee Participant will be required immediately to repatriate to China the proceeds from the sale of any Shares shares of Common Stock acquired under the Plan. The Grantee Participant further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in Chinaor its Subsidiaries, and he or she the Participant hereby consents and agrees that proceeds from the sale of Shares shares of Common Stock acquired under the Plan may be transferred to such account by the Company on his or her the Participant’s behalf prior to being delivered to the Grantee Participant and that no interest shall be paid with respect to funds held in such account. The proceeds may be paid to the Grantee Participant in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid to the Participant in U.S. dollars, the Grantee Participant understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the proceeds are paid to the Participant in local currency, the Grantee Participant 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 Grantee Participant agrees to bear any currency fluctuation risk between the time the Shares shares of Common Stock are sold and the net proceeds are converted into local currency and distributed to the GranteeParticipant. The Grantee Participant further agrees to comply with any other requirements that may be imposed by the Company or its Subsidiaries in China in the future in order to facilitate compliance with exchange control requirements in China. The Participant acknowledges and agrees that the processes and requirements set forth herein shall continue to apply following the Participant’s termination.

Appears in 2 contracts

Samples: Performance Share Unit Award Agreement (Tenneco Inc), Restricted Stock Unit Award Agreement (Tenneco Inc)

Exchange Control Restrictions. The Grantee Participant understands and agrees that, if the Grantee is subject pursuant to local exchange control laws in Chinarequirements, the Grantee Participant will be required immediately to repatriate to China the proceeds from the sale of any Shares shares of Common Stock acquired under the Plan. The Grantee Participant further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in Chinaor its Subsidiaries, and he or she the Participant hereby consents and agrees that proceeds from the sale of Shares shares of Common Stock acquired under the Plan may be transferred to such account by the Company on his or her the Participant’s behalf prior to being delivered to the Grantee Participant and that no interest shall be paid with respect to funds held in such account. The proceeds may be paid to the Grantee Participant in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid to the Participant in U.S. dollars, the Grantee Participant understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the proceeds are paid to the Participant in local currency, the Grantee Participant 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 Grantee Participant agrees to bear any currency fluctuation risk between the time the Shares shares of Common Stock are sold and the net proceeds are converted into local currency and distributed to the GranteeParticipant. The Grantee Participant further agrees to comply with any other requirements that may be imposed by the Company or its Subsidiaries in China in the future in order to facilitate compliance with exchange control requirements in China. The Participant acknowledges and agrees that the processes and requirements set forth herein shall continue to apply following the Participant’s termination. 5.

Appears in 2 contracts

Samples: Stock Settled Performance Share Unit Award Agreement (Tenneco Inc), Stock Settled Restricted Stock Unit Award Agreement (Tenneco Inc)

Exchange Control Restrictions. The Grantee understands and agrees that, if the Grantee is subject to exchange control laws in China, the Grantee will be required immediately to repatriate to China the proceeds from the sale of any Shares acquired under the Plan. The Grantee further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in China, and he or she hereby consents and agrees that proceeds from the sale of Shares acquired under the Plan may be transferred to such account by the Company on his or her behalf prior to being delivered to the Grantee and that no interest shall be paid with respect to funds held in such account. The proceeds may be paid to the Grantee in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid in U.S. dollars, the Grantee understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the proceeds are paid in local currency, the Grantee 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 Grantee agrees to bear any currency fluctuation risk between the time the Shares are sold sold, and the net proceeds are converted into local currency and distributed to the Grantee. The Grantee 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.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Jabil Inc)

Exchange Control Restrictions. The Grantee Participant understands and agrees that, if that the Grantee is subject to exchange control laws in China, the Grantee Participant will be required to immediately to repatriate to China the proceeds from the sale of any Shares acquired under the PlanPlan and any cash dividends paid on such Shares. The Grantee Participant further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in China(or a Subsidiary), and he or she the Participant hereby consents and agrees that any sale proceeds from the sale of Shares acquired under the Plan and cash dividends may be transferred to such special account by the Company (or a Subsidiary) on his or her the Participant’s behalf prior to being delivered to the Grantee Participant and that no interest shall be paid with respect to funds held in such account. The proceeds may be paid to the Grantee Participant in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid to the Participant in U.S. dollars, the Grantee Participant understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the proceeds are paid to the Participant in local currency, the Grantee Participant acknowledges that the Company is (or its Subsidiaries) are under no obligation to secure any particular exchange conversion rate and that the Company (or its Subsidiaries) may face delays in converting the proceeds to local currency due to exchange control restrictions. The Grantee Participant agrees to bear any currency fluctuation risk between the time the Shares are sold and the net proceeds are converted into local currency and distributed to the GranteeParticipant. The Grantee 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.

Appears in 1 contract

Samples: Restricted Share Unit Award Agreement (Howmet Aerospace Inc.)

AutoNDA by SimpleDocs

Exchange Control Restrictions. The Grantee Employee understands and agrees that, if the Grantee Employee is subject to exchange control laws in China, the Grantee Employee will be required immediately to repatriate immediately to China the proceeds from the sale of any Shares shares of Common Stock acquired under the Plan. The Grantee Employee further understands that such repatriation of sale proceeds may need to must be effected through a special bank account established by the Company with a financial institution in China, China and he or she the Employee hereby consents and agrees that proceeds from the sale of Shares shares of Common Stock acquired under the Plan may be transferred to such account by the Company on his or her the Employee’s behalf prior to being delivered to the Grantee Employee and that no interest shall be paid with respect to funds held in such account. The Sale proceeds may be paid to the Grantee Employee in U.S. dollars or local currency at the Company’s discretion. If the sale proceeds are paid to the Employee in U.S. dollars, the Grantee Employee understands that the Employee must establish and maintain a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the sale proceeds are paid to the Employee in local currency, the Grantee 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 sale proceeds to local currency due to exchange control restrictions. The Grantee Employee agrees to bear any currency fluctuation risk between the time the Shares shares of Common Stock are sold and the net proceeds are converted into local currency and distributed to the GranteeEmployee. The Grantee 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.. PBU SVD | Revised February 2021 A-9

Appears in 1 contract

Samples: Performance Based Unit Award Agreement (Hillenbrand, Inc.)

Exchange Control Restrictions. The Grantee Optionee understands and agrees that, if the Grantee is subject pursuant to local exchange control laws in Chinarequirements, the Grantee Optionee will be required immediately to repatriate to China the proceeds from the sale of any Shares acquired under the Plan. The Grantee Optionee further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in Chinaor its Subsidiaries and Affiliates, and he or she Optionee hereby consents and agrees that proceeds from the sale of Shares acquired under the Plan may be transferred to such account by the Company on his or her Optionee's behalf prior to being delivered to the Grantee Optionee and that no interest shall be paid with respect to funds held in such account. The proceeds may be paid to the Grantee Optionee in U.S. dollars or local currency at the Company’s discretion. If the proceeds are paid to Optionee in U.S. dollars, the Grantee Optionee understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the proceeds are paid to Optionee in local currency, the Grantee Optionee 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 Grantee Optionee agrees to bear any currency fluctuation risk between the time the Shares are sold and the net proceeds are converted into local currency and distributed to the GranteeOptionee. The Grantee 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.

Appears in 1 contract

Samples: Stock Option Award Agreement (Ceridian HCM Holding Inc.)

Exchange Control Restrictions. The Grantee Participant understands and agrees that Participant’s participation in the Plan and the vesting of Stock Units under the Plan is subject to the continued registration and compliance of the Plan with applicable exchange control regulations in China. Participant agrees that if the registration of the Plan lapses or the Company determines, in its discretion, that the Stock Units cannot vest due to regulatory restrictions, Participant’s participation in the Plan may be suspended, terminated or otherwise modified to ensure compliance with applicable laws and regulations. Participant understands and agrees that, if the Grantee is subject pursuant to local exchange control laws in Chinarequirements, the Grantee Participant will be required to immediately repatriate any cash proceeds from the sale of Shares and the receipt of any dividends to repatriate to China China. Participant further understands that, under applicable laws, such repatriation of the proceeds will be effected through a special exchange control account established by the Company, the Employer or any other Parent or Subsidiary, and Participant hereby consents and agrees that the proceeds from the sale of Shares and the receipt of any Shares acquired under the Plan. The Grantee further understands that such repatriation of proceeds may need to be effected through a special bank account established by the Company in China, and he or she hereby consents and agrees that proceeds from the sale of Shares acquired under the Plan may dividends will be transferred to such special account by the Company on his or her behalf prior to being delivered to Participant. Participant also understands that the Grantee and that no interest shall Company will deliver the proceeds to Participant as soon as possible, but there may be paid with respect delays in distributing the funds to funds held Participant due to exchange control requirements in such accountChina. The proceeds Proceeds may be paid to the Grantee Participant in U.S. dollars or local currency currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, the Grantee understands that Participant will be required to set up a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such this account. If the proceeds are paid in local currency, the Grantee 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 Grantee agrees to bear any currency fluctuation risk between the time the Shares are sold and the net proceeds are converted into local currency and distributed to the Grantee. The Grantee 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.

Appears in 1 contract

Samples: Stock Unit Agreement (Marvell Technology, Inc.)

Exchange Control Restrictions. The Grantee Employee understands and agrees that, if the Grantee Employee is subject to exchange control laws in China, the Grantee Employee will be required immediately to repatriate immediately to China the proceeds from the sale of any Shares shares of Common Stock acquired under the Plan. The Grantee Employee further understands that such repatriation of sale proceeds may need to must be effected through a special bank account established by the Company with a financial institution in China, China and he or she the Employee hereby consents and agrees that proceeds from the sale of Shares shares of Common Stock acquired under the Plan may be transferred to such account by the Company on his or her the Employee’s behalf prior to being delivered to the Grantee Employee and that no interest shall be paid with respect to funds held in such account. The Sale proceeds may be paid to the Grantee Employee in U.S. dollars or local currency at the Company’s discretion. If the sale proceeds are paid to the Employee in U.S. dollars, the Grantee Employee understands that the Employee must establish and maintain a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such account. If the sale proceeds are paid to the Employee in local currency, the Grantee 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 sale proceeds to local currency due to exchange control restrictions. The Grantee Employee agrees to bear any currency fluctuation risk between the time the Shares shares of Common Stock are sold and the net proceeds are converted into local currency and distributed to the GranteeEmployee. The Grantee 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.. RSU | Revised February 2021 - A-9 -

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Hillenbrand, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!