Examples of Non-Vested Shares in a sentence
If the Stockholder ceases to be an employee of the Company for any reason, subject to Section 4(b)(i), no further installments of Non-Vested Shares will become Vested Shares and the Company will have the option at any time thereafter, but not the obligation, to purchase all or any portion of the Non-Vested Shares from the Stockholder in accordance with the terms set forth in Section 4(d) (such option being a "Repurchase Option").
Notwithstanding the foregoing and anything in the Plan to the contrary, upon the occurrence of a Change of Control (as defined in the Severance Agreement), all Non-Vested Shares will immediately become and remain Vested Shares.
Non-Vested Shares shall not be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of the Recipient to any party (other than the Company or Related Entity), or assigned or transferred by the Recipient otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of the Recipient.
None of the Non-Vested Shares now owned or hereafter acquired will be Transferred, except: (i) with the prior written consent of and subject to such conditions as may be imposed by the Board; (ii) to a Permitted Transferee, as defined below; or (iii) to the Company pursuant to Section 4 hereof.
Unless otherwise agreed to in writing by the Company, after any Transfer of Non-Vested Shares, such Non-Vested Shares and the transferee thereof will continue to be subject to the terms and conditions of this Agreement as though the transferee were the Stockholder with respect to such Non-Vested Shares.