Vesting and Nonassignability of Restricted Shares Clause Samples

Vesting and Nonassignability of Restricted Shares. (a) The Restricted Shares shall become vested, and the restrictions described in Paragraphs 2(c) and 2(d) shall lapse, according to the following Vesting Schedule, if the Participant continues to remain in Service from the Grant Date until the applicable vesting date: (b) The vesting of the Restricted Shares shall be cumulative, but shall not exceed 100% of the Restricted Shares. If the foregoing schedule would produce fractional shares, the number of Restricted Shares that vests shall be rounded down to the nearest whole share and the fractional shares will be accumulated so that the resulting whole shares will be included in the number of Restricted Shares that vests on the last vesting date, provided that the Participant continues to remain in Service from the Grant Date until the last vesting date. (c) If the Participant’s Service terminates for any reason before the Restricted Shares are fully vested, the Restricted Shares that are not then vested shall be forfeited and must be immediately returned to the Company without any further action by the Company. (d) During the period before the Restricted Shares vest (the “Restriction Period”), the non-vested Restricted Shares may not be assigned, transferred, pledged or otherwise disposed of by the Participant. Any attempt to assign, transfer, pledge or otherwise dispose of the Restricted Shares contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Restricted Shares, shall be null, void and without effect.