Common use of Detrimental Activity and Recapture Clause in Contracts

Detrimental Activity and Recapture. (a) In the event that, as determined by the Committee, the Optionee shall engage in Detrimental Activity during employment with the Company or a Subsidiary, the Option will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement. Nothing in this Agreement prevents the Optionee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

Appears in 4 contracts

Samples: Nonqualified Stock Option Agreement (Timken Co), Nonqualified Stock Option Agreement (Timken Co), Nonqualified Stock Option Agreement (Timken Co)

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Detrimental Activity and Recapture. (a) In To the extent permitted by applicable law, in the event that, as determined by the Committee, the Optionee shall engage in Detrimental Activity during employment with the Company or a Subsidiary, the Option will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement. Nothing in this Agreement prevents the Optionee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

Appears in 3 contracts

Samples: Nonqualified Stock Option Agreement (Timken Co), Nonqualified Stock Option Agreement (Timken Co), Nonqualified Stock Option Agreement (Timken Co)

Detrimental Activity and Recapture. (a) In To the extent permitted by applicable law, in the event that, as determined by the Committee, the Optionee shall engage in Detrimental Activity during employment or other service with the Company or a Subsidiary, the Option will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement. Nothing Notwithstanding anything in this Agreement to the contrary, including Section 10 of this Agreement, nothing in this Agreement prevents the Optionee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Timken Co), Nonqualified Stock Option Agreement (Timken Co)

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Detrimental Activity and Recapture. (a) In the event that, as determined by the Committee, the Optionee shall engage in Detrimental Activity during employment or other service with the Company or a Subsidiary, the Option will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement. Nothing Notwithstanding anything in this Agreement to the contrary, including Section 10 of this Agreement, nothing in this Agreement prevents the Optionee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Timken Co), Nonqualified Stock Option Agreement (Timken Co)

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