Special Administration in China. The Employee’s ability to exercise the Option shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“SAFE”) for Employee’s participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ immediate sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ immediate sale of Shares may be transferred to such special account prior to being delivered to Employee’s personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise prior to receiving the proceeds from exercise/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The provisions above pursuant to which Employee agrees to sell all Shares issued to him or her immediately when the Shares are issued to him or her upon exercise at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.
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Samples: Non Qualified Stock Option Agreement, Non Qualified Stock Option Agreement (Gap Inc), Non Qualified Stock Option Agreement (Gap Inc)
Special Administration in China. The Employee’s ability to exercise the Option be issued Shares at vesting shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“SAFE”) for Employee’s participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. If at the time of vesting, SAFE approval has not been obtained, the Company may cancel this Stock Award with no liability, compensation or benefits in lieu of compensation due to Employee. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ vesting/ immediate sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ vesting/ immediate sale of Shares may be transferred to such special account prior to being delivered to Employee’s personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise vesting and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise at vesting prior to receiving the proceeds from exercise/ vesting/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The provisions above pursuant to which Employee agrees to sell all Shares issued to him or her immediately when the Shares are issued to him or her upon exercise vesting at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.
Appears in 2 contracts
Samples: Restricted Stock Unit Award Agreement (Gap Inc), Restricted Stock Unit Award Agreement (Gap Inc)
Special Administration in China. The Employee’s ability to exercise the Option be issued Shares at vesting shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“SAFE”) for Employee’s participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. If at the time of vesting, SAFE approval has not been obtained, the Company may cancel this award of Performance Shares with no liability, compensation or benefits in lieu of compensation due to Employee. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ vesting/ immediate sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ vesting/ immediate sale of Shares may be transferred to such special account prior to being delivered to Employee’s personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise vesting and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise at vesting prior to receiving the proceeds from exercise/ vesting/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The provisions above pursuant to which Employee agrees to sell all Shares issued to him or her immediately when the Shares are issued to him or her upon exercise vesting at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.
Appears in 2 contracts
Samples: Performance Share Agreement (Gap Inc), Performance Share Agreement (Gap Inc)
Special Administration in China. The Employee’s ability to exercise the Option be issued Shares at vesting shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“SAFE”) for Employee’s participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. If at the time of vesting, SAFE approval has not been obtained, the Company may cancel this Stock Award with no liability, compensation or benefits in lieu of compensation due to Employee. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ vesting/ immediate sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ vesting/ immediate sale of Shares may be transferred to such special account prior to being delivered to Employee’s personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise vesting and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise at vesting prior to receiving the proceeds from exercise/ vesting/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The provisions above pursuant to which Employee agrees to sell all Shares issued to him or her immediately when the Shares are issued to him or her upon exercise vesting at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.. SINGAPORE
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Special Administration in China. The Employee’s ability to exercise the Option be issued Shares at vesting shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“SAFE”) for Employee’s participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. If at the time of vesting, SAFE approval has not been obtained, the Company may cancel this Stock Award with no liability, compensation or benefits in lieu of compensation due to Employee. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ immediate sale Immediate Sale or Normal Sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ immediate sale Immediate Sale or Normal Sale of Shares may be transferred to such special account prior to being delivered to Employee’s personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise vesting and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise at vesting prior to receiving the proceeds from exercise/ vesting/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The Company has sole discretion to determine the mechanism to sell the Shares issued to Employee upon vesting. The provisions above pursuant to which Employee agrees to sell all Shares issued to him or her upon Termination of Service or immediately when the Shares are issued to him or her upon exercise vesting at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.
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Special Administration in China. The Employee’s ability to exercise the Option be issued Shares at vesting shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“SAFE”) for Employee’s participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. If at the time of vesting, SAFE approval has not been obtained, the Company may cancel this award of Performance Shares with no liability, compensation or benefits in lieu of compensation due to Employee. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ vesting/ immediate sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ vesting/ immediate sale of Shares may be transferred to such special account prior to being delivered to Employee’s personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise vesting and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise at vesting prior to receiving the proceeds from exercise/ vesting/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The Company has the sole discretion to determine the mechanism to sell the Shares issued to Employee upon vesting of the Performance Shares. The provisions above pursuant to which Employee agrees to sell all Shares issued to him or her upon Termination of Service or immediately when the Shares are issued to him or her upon exercise vesting at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.
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Special Administration in China. The Employee’s 's ability to exercise the Option be issued Shares at vesting shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“"SAFE”") for Employee’s 's participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. If at the time of vesting, SAFE approval has not been obtained, the Company may cancel this award of Performance Shares with no liability, compensation or benefits in lieu of compensation due to Employee. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ vesting/ immediate sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ vesting/ immediate sale of Shares may be transferred to such special account prior to being delivered to Employee’s 's personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise vesting and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise at vesting prior to receiving the proceeds from exercise/ vesting/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The provisions above pursuant to which Employee Xxxxxxxx agrees to sell all Shares issued to him or her immediately when the Shares are issued to him or her upon exercise vesting at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.
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Special Administration in China. The Employee’s ability to exercise the Option shall be contingent upon the Company or its Affiliate obtaining approval from the State Administration of Foreign Exchange (“SAFE”) for Employee’s participation in the Plan (to the extent required as determined by the Company in its sole discretion) and the establishment of a SAFE-approved bank account. Employee understands and agrees that he or she will be required to immediately repatriate the proceeds from the exercise/ immediate sale of Shares to China. Employee further understands that such repatriation of proceeds may need to be effected through a special foreign exchange account established by the Company or Affiliate and Employee hereby consents and agrees that the proceeds from the exercise/ immediate sale of Shares may be transferred to such special account prior to being delivered to Employee’s personal account. Furthermore, Employee understands that due to SAFE approval requirements, there may be delays in delivering the proceeds to Employee, Employee will bear any exchange rate risk during the period between exercise and when the proceeds are delivered to him or her, Employee may be required to open up a U.S. dollar bank account to receive the proceeds and also Employee may be required to pay the Company or an Affiliate the taxes due on the exercise prior to receiving the proceeds from exercise/ immediate sale of Shares. Furthermore, the Company may shorten the post-termination exercise periods if required by SAFE. Please note that these special administration procedures will not apply to non Chinese Nationals. The Company has the sole discretion to determine the mechanism to sell the Shares issued to Employee upon exercise of the Option. The provisions above pursuant to which Employee Xxxxxxxx agrees to sell all Shares issued to him or her upon Termination of Service or immediately when the Shares are issued to him or her upon exercise at the then current market price is intended to be a plan pursuant to Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 to the extent Employee is subject to this Act. By signing the Agreement, Employee represents that he or she is not aware of any material non-public information about the Company at the time he or she is signing the Agreement.
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