Common use of Accelerated Vesting of Restricted Stock Clause in Contracts

Accelerated Vesting of Restricted Stock. (a) Upon the first to occur of: (i) a Change of Control that occurs after the Date of Grant; or (ii) the termination of the Participant's service due to death or disability, or retirement at age 65 or older; the Restricted Period set forth in Paragraph 2 above shall terminate and the Participant's right to such Restricted Stock shall become vested and nonforfeitable and all restrictions thereon will terminate. (b) If the Participant's service with the Company and all Affiliates terminate prior to the occurrence of a date set forth in Paragraph (a)(i) above for any reason other than death, disability or retirement described in Paragraph (a)(ii) above, then all Restricted Stock awarded to the Participant that has not previously vested in accordance with Paragraph 2 above shall be forfeited whereupon the Corporate Secretary shall deliver to the Company the certificates representing such shares and the stock power previously deposited with the Corporate Secretary pursuant to Paragraph 5 above.