Common use of Conditions of Forfeiture Clause in Contracts

Conditions of Forfeiture. If Grantee's employment or service with the Company is terminated for any reason, including, but not limited to, Grantee's voluntary resignation or termination by the Company with or without cause, except as provided in Sections 3(c), all Restricted Stock shall, without further action of any kind by the Company, be forfeited. For purposes of this Agreement, termination from employment shall be deemed to occur on the last day actually worked by Grantee, rather than the last day that Grantee is on the payroll of the Company. The Committee shall in good faith determine whether a leave of absence shall constitute a termination of employment. Restricted Stock that is forfeited shall be immediately transferred to the Company without any payment by the Company to Grantee and the Company shall have the full right upon such forfeiture to cancel any evidence of Grantee's ownership of such forfeited Restricted Stock and take any other action necessary to demonstrate that Grantee no longer owns such forfeited Restricted Stock. Following such forfeiture, Grantee shall have no further rights with respect to such forfeited Restricted Stock.