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

Effect of Termination of Employment or Services. If the Grantee ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary (the date of such termination of employment or service is referred to as the Grantee’s “Severance Date”), the Grantee’s shares of Restricted Stock (and related Restricted Property as defined in Section 9 hereof) shall be forfeited to the Corporation to the extent such shares have not become vested pursuant to Section 3 hereof or Section 7.2 of the Plan upon the Severance Date, unless such shares may become vested thereafter pursuant to Section 5 hereof. Upon the occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited shares and related Restricted Property shall be automatically transferred to the Corporation as of the Severance Date, without any other action by the Grantee (or the Grantee’s beneficiary or personal representative in the event of the Grantee’s death or disability, as applicable). No consideration shall be paid by the Corporation with respect to such transfer. The Corporation may exercise its powers under Section 8(d) hereof and take any other action necessary or advisable to evidence such transfer. The Grantee (or the Grantee’s beneficiary or personal representative in the event of the Grantee’s death or disability, as applicable) shall deliver any additional documents of transfer that the Corporation may request to confirm the transfer of such unvested, forfeited shares and related Restricted Property to the Corporation.

Effect of Termination of Employment or Services. If the Grantee Director ceases to be employed by a member of the Board (regardless of the reason, whether with or ceases without cause, voluntarily or involuntarily, or due to provide services to the Corporation death or a Subsidiary (the date of such termination of employment or service is referred to as the Grantee’s “Severance Date”disability), the GranteeDirector’s shares of Restricted Stock (and related Restricted Property as defined in Section 9 hereof) shall be forfeited to the Corporation to the extent such shares have not become vested pursuant to Section 3 hereof or Section 7.2 20(g)(iii) of the Plan upon the Severance Date, unless such shares may become vested thereafter pursuant to Section 5 hereofDate (as defined below). Upon the occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited shares and related Restricted Property shall be automatically transferred to the Corporation as of the Severance Date, without any other action by the Grantee Director (or the GranteeDirector’s beneficiary or personal representative in the event of the GranteeDirector’s death or disability, as applicable). No consideration shall be paid by the Corporation with respect to such transfer. The Corporation may exercise its powers under Section 8(d7(d) hereof and take any other action necessary or advisable to evidence such transfer. The Grantee Director (or the GranteeDirector’s beneficiary or personal representative in the event of the GranteeDirector’s death or disability, as applicable) shall deliver any additional documents of transfer that the Corporation may request to confirm the transfer of such unvested, forfeited shares and related Restricted Property to the Corporation. Notwithstanding anything to the contrary in this Section 8, the Director’s “Severance Date” shall be the last day that the Director is a member of the Board; provided, however, that if the Director ceases to be a member of the Board (regardless of the reason) but, immediately thereafter, is employed by the Corporation or one of its Subsidiaries, the Director’s Severance Date shall not be the date the Director ceases to be a member of the Board but instead shall be the last day that the Director is either or both (1) a member of the Board and/or (2) employed by the Corporation or a Subsidiary.

Effect of Termination of Employment or Services. If the Grantee Director ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary (the date of such termination of employment or service is referred to as the GranteeDirector’s “Severance Date”), the GranteeDirector’s shares of Restricted Stock (and related Restricted Property as defined in Section 9 hereof) shall shall, except as expressly provided below, be forfeited to the Corporation to the extent such shares have not become vested pursuant to Section 3 hereof or Section 7.2 7 of the Plan upon the Severance DateDate (regardless of the reason for such termination of employment or service, unless such shares may become vested thereafter pursuant whether with or without cause, voluntarily or involuntarily, or due to Section 5 hereofdeath or disability). Upon the occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited shares and related Restricted Property shall be automatically transferred to the Corporation as of the Severance Date, without any other action by the Grantee Director (or the GranteeDirector’s beneficiary or personal representative in the event of the GranteeDirector’s death or disability, as applicable). No consideration shall be paid by the Corporation with respect to such transfer. The Corporation may exercise its powers under Section 8(d7(d) hereof and take any other action necessary or advisable to evidence such transfer. The Grantee Director (or the GranteeDirector’s beneficiary or personal representative in the event of the GranteeDirector’s death or disability, as applicable) shall deliver any additional documents of transfer that the Corporation may request to confirm the transfer of such unvested, forfeited shares and related Restricted Property to the Corporation.