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 employment due to (A) death or Disability, or (B) involuntary termination by the Company and all Affiliates for any reason other than Cause, (C) retirement at age 60 or over or (D) voluntary resignation by the Participant upon the continued failure by the Company and all Affiliates to comply with the provisions of the Employment Agreement pertaining to the Participant's compensation or his position, duties or authority; the Restricted Period set forth in Paragraph 3 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 employment 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, involuntary termination or resignation described in Paragraph (a)(ii) above, then all Restricted Stock awarded to the Participant that has not previously vested in accordance with Paragraph 3 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 6 above.

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 employment due to (A) death or Disability, or (B) involuntary termination by the Company and all Affiliates for any reason other than Cause, or (C) retirement at age 60 or over or (D) voluntary resignation by the Participant Partici- pant upon the continued failure by the Company and all Affiliates to comply with the provisions of the Employment Employ- ment Agreement pertaining to the Participant's compensation compens- ation or his position, duties or authority; the Restricted Period set forth in Paragraph 3 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 employment 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, involuntary termination or resignation described in Paragraph (a)(ii) above, then all Restricted Stock awarded to the Participant that has not previously vested in accordance with Paragraph 3 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 6 above.