Common use of Forfeiture of Option Awards Clause in Contracts

Forfeiture of Option Awards. (a) The Participant acknowledges and agrees as follows: (i) The Participant acknowledges that the receipt of the Option, constitutes good, valuable and independent consideration for the Participant’s acceptance of and compliance with the provisions of the Award Agreement, including the forfeiture and recapture provision below, and the Non-Solicitation Conditions. (ii) The Participant acknowledges that his or her rights with respect to the Option are conditioned on his or her timely acceptance of the XXX Agreement and his or her compliance with the XXX Agreement at all times thereafter. (b) The Participant agrees that, during the term of his or her employment with the Travelers Group and during the Restricted Period, if the Participant breaches the Non- Solicitation Conditions and/or the XXX Agreement, in addition to all rights and remedies available to the Company at law and in equity (including without limitation those set forth in the Option Rules for involuntary termination), the Participant will immediately forfeit any award issued pursuant to this Award Agreement that has not yet been paid, exercised or vested. The Company may also recapture from the Participant any and all compensatory value that the Participant received for the last twelve (12) months of his or her employment and through the end of the Restricted Period from any such award (including without limitation the amount of any cash payment made to the Participant upon exercise or settlement of the award, and/or the amount included as compensation in the taxable income of the Participant upon vesting or exercise of the award). The Participant will promptly pay the full amount due upon demand by the Company, in the form of cash or shares of Common Stock at current fair market value. (c) The forfeiture and recapture remedies under paragraph (b) shall not limit or modify the Company’s rights and remedies with respect to any breaches of the Award Agreement at any time after the end of the Restricted Period. (d) The Option Rules provide an extended exercise period following the Participant’s Termination Date if the Participant meets the Retirement Rule which, among other conditions, may require that the Participant not engage in any activities that compete with the business operations of the Travelers Group prior to exercise (such non-compete condition may extend beyond the Restricted Period). The remedies for a violation of such non-compete conditions are specified in the Option Rules and are in addition to any remedies of the Travelers Group under this Section 8. (e) Except to the extent prohibited by law, an outstanding Award may be forfeited, and the compensatory value received under the Award may be subject to recoupment by the Company, in accordance with the policies of the Company in effect from time to time with respect to forfeiture and recoupment of bonus payments, retention awards, cash or stock-based incentive compensation or awards, or similar forms of compensation, and the terms of any such policy, while it is in effect, are incorporated herein by reference.

Forfeiture of Option Awards. (a) The Participant acknowledges and agrees as follows: (i) The Participant acknowledges that the receipt of the Option, constitutes good, valuable and independent consideration for the Participant’s acceptance of and compliance with the provisions of the Award Agreement, including the forfeiture and recapture provision below, and the Non-Solicitation ConditionsConditions and the XXX Agreement. (ii) The To the extent that the terms of the XXX Agreement attached hereto as Exhibit B differ from the terms of any prior XXX Agreement (or similar agreement) that the Participant acknowledges has agreed to in connection with any prior equity grant by the Company, the Participant understands that his or her rights with respect to acceptance of this Award will result in the Option are conditioned on his or her timely acceptance terms of the XXX Agreement and attached hereto as Exhibit B applying under his or her compliance with prior equity grant(s) as well as the XXX Agreement at all times thereaftercurrent Award. (b) The Participant agrees that, during the term of his or her employment with the Travelers Group and during the Restricted Period, if the Participant breaches the Non- Non-Solicitation Conditions and/or the XXX Agreement, in addition to all rights and remedies available to the Company at law and in equity (including without limitation those set forth in the Option Rules for involuntary termination), the Participant will immediately forfeit any award issued pursuant to this Award Agreement that has not yet been paid, exercised or vested. The Company may also recapture from the Participant any and all compensatory value that the Participant received for the last twelve (12) months of his or her employment and through the end of the Restricted Period from any such award (including without limitation the amount of any cash payment made to the Participant upon exercise or settlement of the award, and/or the amount included as compensation in the taxable income of the Participant upon vesting or exercise of the award). The Participant will promptly pay the full amount due upon demand by the Company, in the form of cash or shares of Common Stock at current fair market value. (c) The forfeiture and recapture remedies under paragraph (b) shall not limit or modify the Company’s rights and remedies with respect to any breaches of the Award Agreement at any time after the end of the Restricted Period. (d) The Option Rules provide an extended exercise period following the Participant’s Termination Date if the Participant meets the Retirement Rule which, among other conditions, may require requires that the Participant not engage in any activities that compete complete with the business operations of the Travelers Group prior to exercise (such non-compete condition may extend beyond the Restricted Period). The remedies for a violation of such non-compete conditions are specified in the Option Rules and are in addition to any remedies of the Travelers Group under this Section 8. (e) Except to the extent prohibited by law, an outstanding Award may be forfeited, and the compensatory value received under the Award may be subject to recoupment by the Company, in accordance with the policies of the Company in effect from time to time with respect to forfeiture and recoupment of bonus payments, retention awards, cash or stock-based incentive compensation or awards, or similar forms of compensation, and the terms of any such policy, while it is in effect, are incorporated herein by reference.