No portion of the Performance Shares may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the Performance Shares as provided herein, unless and until delivery is made in respect of vested Performance Shares in accordance with the provisions hereof and the Participant has become the holder of record of the vested shares of Stock issuable hereunder.
non-transferability