Common use of Effect of a Termination of Employment Clause in Contracts

Effect of a Termination of Employment. (1) Except as provided in subsection (2) below, if the Participant’s employment with the Company is terminated for any reason other than a Change in Control prior to the vesting of any Shares then held by the Participant, such Shares shall thereupon be forfeited immediately by the Participant and returned to the Company. (2) The Committee may determine, in its sole discretion, if the Participant’s employment with the Company is terminated other than for Cause, that some or all of the Shares of Restricted Stock granted pursuant to this Agreement that have not been previously forfeited shall immediately vest. (3) The Participant hereby (i) irrevocably authorizes the Company to take such actions as may be necessary or appropriate to effectuate a transfer of the record ownership of any such Shares that are unvested and forfeited hereunder, and (ii) agrees to sign such documents and take such actions as the Company may reasonably request to accomplish the transfer or forfeiture of any unvested Shares that are forfeited hereunder.

Effect of a Termination of Employment. (1) Except as provided in subsection (23) below, if the Participant’s employment with the Company is terminated for any reason other than death, Disability or a Change in Control prior to the vesting of any Shares then held by the Participant, such Shares shall thereupon be forfeited immediately by the Participant and returned to the Company. (2) If the Participant’s employment with the Company is terminated as a result of death or Disability prior to the vesting of any Shares of Restricted Stock then held by the Participant, such Shares that have not been previously forfeited shall immediately vest. (3) The Committee may determine, in its sole discretion, if the Participant’s employment with the Company is terminated other than for Cause, that some or all of the Shares of Restricted Stock granted pursuant to this Agreement that have not been previously forfeited shall immediately vest. (34) The Participant hereby (i) irrevocably authorizes the Company to take such actions as may be necessary or appropriate to effectuate a transfer of the record ownership of any such Shares that are unvested and forfeited hereunder, and (ii) agrees to sign such documents and take such actions as the Company may reasonably request to accomplish the transfer or forfeiture of any unvested Shares that are forfeited hereunder.