Common use of Death or Permanent Total Disablement Clause in Contracts

Death or Permanent Total Disablement. The restrictions on Disposition of the Common Stock set forth in Section 2.1 hereof shall lapse immediately upon termination of the Grantee’s employment with the Corporation if such termination is by reason of (i) the Grantee’s death, or (ii) Grantee’s permanent total disablement (covered by a long-term disability plan of the Corporation then in effect) and the Grantee/the Grantee’s legal heir shall be entitled to shares of Common Stock vested till the time of Death or permanent total disablement. Notwithstanding anything contained herein, the Compensation Committee of the Board at its own discretion may review on a case to case basis regarding the unvested awards in case of Grantee’s death or permanent total disablement.