Common use of CANCELLATION OF ESCROW STOCK Clause in Contracts

CANCELLATION OF ESCROW STOCK. In the event Executive has voluntarily terminated his employment or his employment has been terminated "for cause" (as defined in paragraph 9D of the Employment Agreement) prior to the occurrence of the earliest event specified in paragraphs 4(b)(i)(a) through (f) of the Employment Agreement, Escrow Agent is authorized and directed to send the executed stock power agreement with Medallion guaranteed signature, endorsed in blank, together with the stock certificate or certificates evidencing ownership of the 250,000 shares of the Company's common stock, $0.01 par value, held by Escrow Agent in Executive's name to the Transfer Agent and to direct the Transfer Agent to cancel the Escrow Stock.

CANCELLATION OF ESCROW STOCK. In the event Executive has voluntarily terminated his employment or his employment has been terminated "for cause" (as defined in paragraph 9D of the Employment Agreement) prior to the occurrence of the earliest event specified in paragraphs 4(b)(i)(a) through (f) of the Employment Agreement, Escrow Agent is authorized and directed to send the executed stock power agreement with Medallion guaranteed signature, endorsed in blank, together with the stock certificate or certificates evidencing ownership of the 250,000 200,000 shares of the Company's common stock, $0.01 par value, held by Escrow Agent in Executive's name to the Transfer Agent and to direct the Transfer Agent to cancel the Escrow Stock.

CANCELLATION OF ESCROW STOCK. In the event Executive has voluntarily terminated his employment or his employment has been terminated "for cause" (as defined in paragraph 9D of the Employment Agreement) prior to the occurrence of the earliest event specified in paragraphs 4(b)(i)(a) through (f) of the Employment Agreement, Escrow Agent is authorized and directed to send the executed stock power agreement with Medallion guaranteed signature, endorsed in blank, together with the stock certificate or certificates evidencing ownership of the 250,000 150,000 shares of the Company's common stock, $0.01 par value, held by Escrow Agent in Executive's name to the Transfer Agent and to direct the Transfer Agent to cancel the Escrow Stock.