Common use of Detrimental Activity and Recapture Clause in Contracts

Detrimental Activity and Recapture. (a) In the event that, as determined by the Committee, Grantee shall engage in Detrimental Activity during employment with the Company or a Subsidiary, the Common Shares covered by this Agreement and any Deferred Cash Dividends accumulated with respect thereto will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement.

Appears in 3 contracts

Samples: Shares Agreement (Timken Co), Shares Agreement (Timken Co), The Timken Company (Timken Co)

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Detrimental Activity and Recapture. (a) In the event that, as determined by the Committee, Grantee shall engage in Detrimental Activity during employment with the Company or Grantee’s service as a SubsidiaryDirector, the Common Shares covered by this Agreement and any Deferred Cash Dividends accumulated with respect thereto will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement.

Appears in 1 contract

Samples: Restricted Shares Agreement (Timken Co)

Detrimental Activity and Recapture. (a) In Notwithstanding anything in this Agreement, in the event that, as determined by the Committee, Grantee shall engage engages in Detrimental Activity during employment with the Company or a Subsidiary, the Common Shares covered by this Agreement and any Deferred Cash Dividends accumulated with respect thereto will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement.determination. As used herein, “

Appears in 1 contract

Samples: Deferred Shares Agreement (TimkenSteel Corp)

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Detrimental Activity and Recapture. (a) In the event that, as determined by the Committee, Grantee shall engage in Detrimental Activity during employment with the Company or a Subsidiary, the Common Shares covered by this Agreement and any Deferred Cash Dividends accumulated with respect thereto will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement.. For purposes of this Agreement, “

Appears in 1 contract

Samples: Deferred Shares Agreement (TimkenSteel Corp)

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