Common use of Effect of Termination of Employment or Death Clause in Contracts

Effect of Termination of Employment or Death. Except as otherwise provided in the instrument evidencing the award of Restricted Stock with respect to a Participant’s death, disability, retirement or similar occurrences, if, prior to the lapse of restrictions applicable to the Restricted Stock, the Participant ceases to be an employee of the Company or the Related Companies for any reason, any shares of Restricted Stock as to which the restrictions have not lapsed shall be forfeited to the Company, effective on the date of the Participant’s termination of employment. The Board of Directors may not amend an award of Restricted Stock to provide that the restrictions thereon shall lapse earlier than as provided in Sections 7.3 and 7.4 hereof.

Effect of Termination of Employment or Death. Except as otherwise provided in the instrument evidencing the award of Award or Restricted Stock with respect to a Participant’s 's death, disability, retirement or similar occurrences, if, prior to the lapse of restrictions applicable to the Award or Restricted Stock, the Participant ceases to be an employee of the Company or the Related Companies for any reason, any Awards or shares of Restricted Stock as to which the restrictions have not lapsed shall be forfeited to the Company, effective on the date of the Participant’s 's termination of employment. The Board of Directors may not amend an award of Restricted Stock to provide that the restrictions thereon shall lapse earlier than as provided in Sections 7.3 and 7.4 hereof.