Common use of Unvested Shares Not Subject to Creditors, Except Corporation Clause in Contracts

Unvested Shares Not Subject to Creditors, Except Corporation. Any shares held in escrow by the Corporation for the Executive under this Agreement are not subject to the claims of the Executive's creditors and may not be voluntarily or involuntarily transferred, assigned, alienated, accelerated or encumbered. Notwithstanding the preceding sentence, any shares deliverable to the Executive under this Agreement may, as determined by the Corporation's Board of Directors in their discretion, be offset by any liability of the Executive owing to the Corporation.

Appears in 4 contracts

Samples: Employment Agreement (Mortgage Assistance Center Corp), Employment Agreement (Mortgage Assistance Center Corp), Executive Employment Agreement (Mortgage Assistance Center Corp)

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