Common use of Restrictions on Transfer and Restricted Period Clause in Contracts

Restrictions on Transfer and Restricted Period. Except as otherwise provided in this Section 2 or in Section 3 of this Agreement, during the period commencing on [ ] and terminating on [ ] (the "Restricted Period"), the Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee, except in the event of the death of the Grantee, by will or the laws of descent and distribution, or, during the lifetime of the Grantee, pursuant to a Qualified Domestic Relations Order or by gift to any member of the Grantee's immediate family or to a trust for the benefit of Grantee or one or more of such immediate family members, provided, that such Shares shall remain subject to the provisions of the Agreement. For purposes of this Section 2, the Grantee's "immediate family" shall mean the lineal ascendants and lineal descendants of the Grantee or his or her spouse, or any one or more of them. The lapsing of the restrictions described above is sometimes referred to in this Agreement as "vesting." Subject to Section 3 of this Agreement, restrictions described above shall lapse, and the Shares will vest, per the following schedule: [ ] of the Shares will vest on each of [ ] (each a "Scheduled Vesting Date"), provided that Grantee is then serving as a director[, director emeritus or advisory director] of the Company or any Subsidiary.

Restrictions on Transfer and Restricted Period. Except as otherwise provided in this Section 2 or in Section 3 of this Agreement, during the period commencing on [ ] and terminating on [ ] (the "Restricted Period"), the Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee, except in the event of the death of the Grantee, by will or the laws of descent and distribution, or, during the lifetime of the Grantee, pursuant to a Qualified Domestic Relations Order or by gift to any member of the Grantee's immediate family or to a trust for the benefit of Grantee or one or more of such immediate family members, provided, that such Shares shall remain subject to the provisions of the Agreement. For purposes of this Section 2, the Grantee's "immediate family" shall mean the lineal ascendants and lineal descendants of the Grantee or his or her spouse, or any one or more of them. The lapsing of the restrictions described above is sometimes referred to in this Agreement as "vesting." Subject to Section 3 of this Agreement, restrictions described above shall lapse, and the Shares will vest, per the following schedule: [ ] of the Shares will vest on each of [ ] (each a "Scheduled Vesting Date"), provided that Grantee Xxxxxxx is then serving as a directoran employee[, director, advisory director emeritus or advisory directordirector emeritus] of the Company or any Subsidiary.

Restrictions on Transfer and Restricted Period. Except as otherwise provided in this Section 2 or in Section 3 of this Agreement, during the period commencing on [ ] and terminating on [ ] (the "Restricted Period"), the Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee, except in the event of the death of the Grantee, by will or the laws of descent and distribution, or, during the lifetime of the Grantee, pursuant to a Qualified Domestic Relations Order or by gift to any member of the Grantee's immediate family or to a trust for the benefit of Grantee or one or more of such immediate family members, provided, that such Shares shall remain subject to the provisions of the Agreement. For purposes of this Section 2, the Grantee's "immediate family" shall mean the lineal ascendants and lineal descendants of the Grantee or his or her spouse, or any one or more of them. The lapsing of the restrictions described above is sometimes referred to in this Agreement as "vesting." Subject to Section 3 of this Agreement, restrictions described above shall lapse, and the Shares will vest, per the following schedule: [ ] of the Shares will vest on each of [ ] (each a "Scheduled Vesting Date"), provided that Grantee is then serving as a director[, director emeritus or advisory director] an employee of the Company or any Subsidiary.