Matched Shares Sample Clauses

Matched Shares. The Company will cause Matched Shares to be issued or transferred to and registered in the name of Employee (as provided in Section 8(c) hereof) effective as of the Grant Date. Possession of the share certificates or other evidence of ownership of the Matched Shares shall be retained by the Company (or its designated agent), and shall be subject to the following: (i) No Withdrawal. Employee shall have no right to withdraw or otherwise receive delivery of the Matched Shares until such time as the Matched Shares have become vested in accordance with the terms of these Terms and Conditions. (ii) Transferability Restrictions. Until such time as the Matched Shares become vested in accordance with the terms of these Terms and Conditions, Employee may not transfer Matched Shares or any rights hereunder to any third party other than by will or the applicable laws of descent and distribution, except for transfers to a Beneficiary upon death of Employee or otherwise if and to the extent permitted by the Company and subject to the conditions under Section 11(b) of the Plan. (iii) This restriction on transfer precludes any sale, assignment, pledge, or other encumbrance, hedge or disposition of the Matched Shares (except for forfeitures to the Company). The Company shall maintain a bookkeeping account for Employee (the “Account”) reflecting the number of Matched Shares then credited to Employee hereunder.

Matched Shares