Common use of Exercise of Unvested Awards and Issuance of Restricted Stock Clause in Contracts

Exercise of Unvested Awards and Issuance of Restricted Stock. The Committee, in its sole discretion may: (i) Grant any Participant the right to exercise any Award prior to the Vesting of such Award, provided that the Shares issued upon such exercise shall remain subject to Vesting, as restricted stock, at the same rate as under the Award so exercised; and/or (ii) Require the Corporation and the Participant to establish an escrow arrangement to facilitate the re-transfer to the Corporation of any Shares of restricted stock which are not Vested and are to be reconveyed, on or before the applicable date described in Section 7 or 8, as applicable, for determining the expiration of the Award pursuant to which such Shares were issued under this Section 12.