PRSUs Not Transferrable Clause Samples
The "PRSUs Not Transferrable" clause establishes that Performance Restricted Stock Units (PRSUs) granted to an individual cannot be sold, assigned, transferred, or otherwise disposed of to another party. In practice, this means that the recipient of PRSUs must retain ownership of the units until they vest or are settled, and cannot use them as collateral or give them to someone else, except in limited circumstances such as by will or laws of descent. This clause is designed to ensure that the incentive and retention purposes of the PRSUs are preserved by restricting their transferability, thereby aligning the recipient’s interests with the long-term goals of the granting organization.
PRSUs Not Transferrable. None of the PRSUs nor any interest therein or in any Common Shares underlying such PRSUs will be transferable other than by will or the laws of descent and distribution prior to payment.
PRSUs Not Transferrable. Subject to Section 15 of the Plan, neither the PRSUs evidenced hereby nor any interest therein or in the Common Shares underlying such PRSUs shall be transferable prior to payment to the Holder pursuant to Section 6 hereof other than by will or pursuant to the laws of descent and distribution, or pursuant to a qualified domestic relations order (as defined in the Code or the Employee Retirement Income Security Act of 1974, as amended).