Common use of Restriction on Transfer of Restricted Stock Clause in Contracts

Restriction on Transfer of Restricted Stock. Except for a transfer without consideration to a trust for the benefit of the Executive and/or the Executive’s spouse and children (and then only if the trust agrees to be bound by the restrictions of this Agreement on the Restricted Stock so transferred), the Executive may not sell, assign, transfer, pledge, exchange, encumber or dispose of the Restricted Stock or any Retained Distributions or the Executive’s interest in any of them until vested therein.