Non-transferability of employee stock benefits prohibits alienation and prescribes vesting on death and incapacity. Regulation 9 mandates non-transferability and prohibits pledge or alienation of options, SARs and similar employee benefits, allows company or empanelled brokers to fund cashless exercises recoverable from sale proceeds, and sets vesting succession: grants vest in legal heirs on death and in the employee on permanent incapacity; unvested grants expire on resignation or termination while vested benefits may be retained per compensation committee terms; transfers to associate companies do not affect vesting or exercise.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Non-transferability of employee stock benefits prohibits alienation and prescribes vesting on death and incapacity.
Regulation 9 mandates non-transferability and prohibits pledge or alienation of options, SARs and similar employee benefits, allows company or empanelled brokers to fund cashless exercises recoverable from sale proceeds, and sets vesting succession: grants vest in legal heirs on death and in the employee on permanent incapacity; unvested grants expire on resignation or termination while vested benefits may be retained per compensation committee terms; transfers to associate companies do not affect vesting or exercise.
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