Common use of Participant Acknowledgement Clause in Contracts

Participant Acknowledgement. By signing this Restricted Stock Unit Agreement, the Participant acknowledges that: (a) the grant of these Restricted Stock Units is a one-time benefit which does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units; (b) all determinations with respect to any future grants, including, but not limited to, the times when the Restricted Stock Units shall be granted, the number of Restricted Stock Units subject to each Restricted Stock Unit award and the time or times when the Restricted Stock Units shall vest, will be at the sole discretion of the Company; (c) the Participant’s participation in the Plan is voluntary; (d) the value of these Restricted Stock Units is an extraordinary item of compensation which is outside the scope of the Participant’s employment contract, if any; (e) these Restricted Stock Units are not part of the Participant’s normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (f) the vesting of these Restricted Stock Units will cease upon termination of employment for any reason except as may otherwise be explicitly provided in the Plan or this Agreement; (g) the future value of the underlying Company Stock is unknown and cannot be predicted with certainty; (h) these Restricted Stock Units have been granted to the Participant in the Participant’s status as an employee of the Company or its Subsidiaries; (i) Participant is an unsecured general creditor of the Company in respect of any payment relating to vested Restricted Stock Units; and (j) there shall be no continued right of employment as a result of these Restricted Stock Units.

Participant Acknowledgement. By signing entering into this Restricted Stock Unit Agreement, the Participant acknowledges and agrees that: : (a) the Option and/or Restricted Stock Unit grant will be exclusively governed by the terms of these the Plan, including the right reserved by the Company to amend or cancel the Plan at any time without the Company incurring liability to the Participant (except for Options and Restricted Stock Units is a one-time benefit which does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units; already granted under the Plan); (b) all determinations with respect to any future grants, including, but not limited to, the times when the Restricted Stock Units shall be granted, the number of Restricted Stock Units subject to each Restricted Stock Unit award stock options and the time or times when the Restricted Stock Units shall vest, will be at the sole discretion of the Company; (c) the Participant’s participation in the Plan is voluntary; (d) the value of these Restricted Stock Units is an extraordinary item of compensation which is outside the scope of the Participant’s employment contract, if any; (e) these Restricted Stock Units restricted stock units are not a constituent part of the Participant’s normal salary and that the Participant is not entitled, under the terms and conditions of his/her employment, or expected compensation by accepting or being awarded the Options and/or Restricted Stock Units pursuant to this Agreement to require options, restricted stock units or other awards to be granted to him/her in the future under the Plan or any other plan; (c) upon exercise of the Options or vesting of Restricted Stock Units the Participant will arrange for payment to the Company an estimated amount to cover employee payroll taxes resulting from the exercise and/or, to the extent necessary, any balance may be withheld from the Participant’s wages; (d) benefits received under the Plan will be excluded from the calculation of termination indemnities or other severance payments; (e) in the event of termination of the Participant’s employment, a severance or notice period to which the Participant may be entitled under local law and which follows the date of termination specified in a notice of termination will not be treated as active employment for purposes of calculating this Agreement and, as a result, vesting of unvested Options or Restricted Stock Units will not be extended by any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; such period; (f) the vesting Participant will seek all necessary approval under, make all required notifications under and comply with all laws, rules and regulations applicable to the ownership of these stock options and stock and the exercise of stock options, including, without limitation, currency and exchange laws, rules and regulations; and, in the event that any of the Participant’s Options or Restricted Stock Units, including any such awards previously granted, become subject to the Indian fringe benefit tax (“FBT”), the Participant will be responsible for the FBT imposed on such awards and consents to provide payment to the Company of the applicable FBT at the time such FBT is due in accordance with the procedures specified from time to time by the Company; and (g) this Agreement will be interpreted and applied so that the Options and Restricted Stock Units will cease upon termination of employment for any reason except as may otherwise be explicitly provided in the Plan or this Agreement; (g) the future value of the underlying Company Stock is unknown and cannot be predicted with certainty; (h) these subject to Code Section 409A. If notwithstanding the preceding sentence, the Restricted Stock Units have been granted become subject to Code Section 409A, then the specified time of payment of the Restricted Stock Units for purposes of Code Section 409A shall be the calendar year in which the short-term deferral period expires with respect to the Participant in the Participant’s status as an employee of the Company or its Subsidiaries; (i) Participant is an unsecured general creditor of the Company in respect of any payment relating to vested Restricted Stock Units; and Unit (j) there shall or by such later time as may be no continued right of employment as a result of these Restricted Stock Unitspermitted by Code Section 409A under the circumstances).