Common use of Forfeiture of Options Clause in Contracts

Forfeiture of Options. Options which are not or do not become vested and exercisable at your termination of employment with B&W for any reason shall, coincident therewith, terminate and be of no force and effect. In the event that (i) you are convicted of (1) a felony or (2) misdemeanor involving fraud, dishonesty or moral turpitude, or (ii) you engage in conduct that adversely effects or may reasonably be expected to adversely affect the business reputation or economic interests of B&W, as determined in the sole discretion of the Committee, then all outstanding Options awarded to you under this grant terminate and have no force and effect immediately upon notice of such conviction or determination. In addition, your right to exercise Options may be suspended during any inquiry regarding any such acts pending a final determination by the Committee. The provisions of this section 4 are in addition to the clawback provisions in section 10 below.

Forfeiture of Options. Options which are not or and do not vest and become vested and exercisable at your termination of employment with B&W or its subsidiaries for any reason shall, coincident therewith, terminate and be of no force and effect. In the event that (i) you are convicted of (1) a felony or (2) misdemeanor involving fraud, dishonesty or moral turpitude, or (ii) you engage in conduct that adversely effects or may reasonably be expected to adversely affect the business reputation or economic interests of B&W, as determined in the sole discretion of the Committee, then all outstanding Options awarded to you under this grant terminate and have no force and effect immediately upon notice of such conviction or determination. In addition, your right to exercise Options may be suspended during any inquiry regarding any such acts pending a final determination by the Committee. The provisions of this section 4 are in addition to the clawback provisions in section 10 below.

Forfeiture of Options. Options which are not or and do not vest and become vested and exercisable at your termination of employment with B&W for any reason shall, coincident therewith, terminate and be of no force and effect. In the event that (i) you are convicted of (1) a felony or (2) misdemeanor involving fraud, dishonesty or moral turpitude, or (ii) you engage in conduct that adversely effects or may reasonably be expected to adversely affect the business reputation or economic interests of B&W, as determined in the sole discretion of the Committee, then all outstanding Options awarded to you under this grant terminate and have no force and effect immediately upon notice of such conviction or determination. In addition, your right to exercise Options may be suspended during any inquiry regarding any such acts pending a final determination by the Committee. The provisions of this section 4 are in addition to the clawback provisions in section 10 below.