Yes. Manufacturers sign deals to be able to have 'on ice' branding. Players are free to use whatever equipment they want, but if the company does not have a current on-ice contract with the NHL, they must black out all logos/destroy the branding on the item. When using old equipment from a manufacturer with a current deal, the manufacturer may require the player to put branding on their gear that more closely matches what is currently sold.
Quite a few players are still using Sher-Wood gloves or Easton helmets in the league---they just have zero branding (SJS Vlasic is a prime example no helmet, no pant, no glove branding...even stick seems obscured)
League allowed Easton through last season, this year, nope. Kessel's Easton sticks are also obscured this year.
NOW, whether the player would be fined, sent off the ice, or the team disciplined in some way--I don't know, could be a mix of all three. I know it sometimes takes equipment managers a bit to get everything sorted and there is a lot of grace period allowed by the league---but eventually I'd guess an angry memo gets sent by the marketing department.
