Common use of Restricted Unit Account Clause in Contracts

Restricted Unit Account. The Restricted Stock Units represent the right to receive shares of Common Stock, subject to the vesting and other terms and conditions of this Agreement, and are not actual shares of stock. Icagen shall establish and maintain a Restricted Stock Unit account, as a bookkeeping account on its records, for the Grantee and shall record in such account the number of Restricted Stock Units granted to the Grantee. No shares of stock shall be issued to the Grantee at the time the grant is made, and the Grantee shall not be, nor have any of the rights or privileges of, a stockholder of Icagen with respect to any Restricted Stock Units recorded in the account. The Grantee shall not have the right to receive any dividends or other distributions with respect to Restricted Stock Units recorded in the Grantee’s account; provided, however, that the Committee may appropriately adjust the number and kind of Restricted Stock Units in the event of a stock split, stock dividend or other change in capitalization of Icagen, as provided in the Plan. The Grantee shall not have any interest in any fund or specific assets of Icagen by reason of this award or the Restricted Unit account established for the Grantee.