Common use of Non-Transferability of Restricted Stock Clause in Contracts

Non-Transferability of Restricted Stock. Except as may be permitted by the Committee in accordance with Section 14 of the Plan, unvested Shares of Restricted Stock may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner, either voluntarily or involuntarily, other than by will or by the laws of descent and distribution. 5. Tax Consequences. Participant understands that Participant may elect to timely file an election under Section 83(b) of the Code within thirty days following the grant of the Shares hereunder. Participant acknowledges that the Company has not advised Participant regarding Participant’s tax liability in connection with the Restricted Stock or with respect to an election under Section 83(b) of the Code. Participant acknowledges that Participant has reviewed with Participant’s own tax advisors the tax treatment of the Restricted Stock and is relying solely on those advisors in that regard. 6.