Forfeiture of Stock. Any of the Stock covered by this Agreement that has not become vested in accordance with Section 3 will be forfeited unless the Board determines to provide otherwise. In the event of a forfeiture, the Stock covered by this Agreement that has not become vested in accordance with Section 3 shall be cancelled or, with respect to Stock subject to a Deferral Election, as otherwise provided by the Rabbi Trust Agreement and the Deferred Compensation Plan.
Forfeiture of Stock. (a) Any of the Stock covered by this Agreement that has not become vested and nonforfeitable in accordance with Section 3 hereof shall be forfeited unless the Committee determines to provide otherwise. In the event of a forfeiture, the Stock covered by this Agreement that has not become vested and nonforfeitable in accordance with Section 3 hereof shall be cancelled.
(b) Notwithstanding the provisions of Section 3 hereof, all of the Stock covered by this Agreement shall be subject to cancellation, forfeiture or recoupment upon the occurrence of any of the following events: (i) termination of the Grantee’s employment for cause; (ii) the Grantee’s violation of material Company or Subsidiary policies or breach of applicable noncompetition or confidentiality covenants; and (iii) conduct by the Grantee that is detrimental to the business or reputation of the Company or its Subsidiary.
Forfeiture of Stock. (a) For the shares of Common Stock granted hereunder to vest, the Company must pay to its shareholders a dividend of at least $.75 per share in each fiscal quarter during the period commencing on the Date of Grant and ending on December 31, 2009 (the “Threshold Requirement”), unless the Company’s Board of Directors specifically approves the nonforfeiture of such shares upon the declaration of a quarterly dividend of less than $.75 per share. In the event the Company fails to pay to its shareholders a dividend of at least $.75 per share in any fiscal quarter during the period from the Date of Grant and ending on December 31, 2009, and the Company’s Board of Directors does not approve the nonforfeiture of the shares of Common Stock granted hereunder, the Grantee shall forfeit all right, title and interest in and to the shares of Common Stock still subject to the restrictions set forth in Section 3 of this Agreement and to any dividends to be paid thereafter on such shares.
(b) Upon the Grantee’s Termination of Employment for Cause (as such terms are defined in Section 5 of this Agreement), the Grantee shall forfeit all right, title and interest in and to the shares of Common Stock still subject to the restrictions set forth in Section 3 of this Agreement and to any dividends to be paid thereafter on such shares.
(c) Any shares of Common Stock granted hereunder and subsequently forfeited shall revert to the Company and shall not become transferable by the Grantee or anyone claiming through the Grantee. The Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) or its agent shall act promptly to record forfeitures pursuant to this Section 4 on the stock transfer books of the Company.
Forfeiture of Stock. Executive shall forfeit all remaining escrowed Stock upon the termination of his service as an employee of the Company for any reason other than a termination of his service by the Company without Cause, as defined in the Employment Agreement, or upon any attempt by Executive to sell, exchange, transfer, pledge, hypothecate or otherwise dispose or encumber any of the escrowed Stock. Executive shall also forfeit any shares of escrowed Stock that were subject to vesting under Section 5(d) of the Employment Agreement, but which did not vest thereunder in a given year because Executive was not entitled to the Maximum Bonus Award for that year. Title to all forfeited shares of Stock shall be transferred back to the Company as soon as reasonably practicable after they are forfeited.
Forfeiture of Stock. Upon the earlier of a Section 3 Election or the Grantee's Termination of Employment, subject to the provisions of Section 2(b) in the case of an Involuntary Termination, the Grantee shall forfeit all right, title and interest in and to the shares of Common Stock still subject to the restrictions set forth in Section 2(b)(i) of this Agreement (or the portion thereof to which such Section 3 Election relates, as the case may be) and to any dividends to be paid thereafter on such shares. Such forfeited shares of Common Stock shall revert to the Company and shall not become transferable by the Grantee or anyone claiming through the Grantee. For purposes of this Agreement, the term "Termination of Employment" shall mean the termination of the Grantee's active employment with the Company or a subsidiary of the Company; it does not mean the termination of the Grantee's pay and benefits at the end of a period of salary continuation (or other form of severance pay or pay in lieu of salary). The Committee or its agent shall act promptly to record forfeitures pursuant to this paragraph on the stock transfer books of the Company.
Forfeiture of Stock. The Common Stock upon which restrictions still exist following Xxxxxxx's Severance Date shall never become transferable by the Grantee or anyone claiming through him and the Grantee shall forfeit all right, title and interest in and to such Common Stock along with the right to any dividends paid thereon and the Common Stock granted hereunder shall revert to the Company. "Severance Date" means termination from active employment; it does not mean the termination of pay and benefits at the end of a period of salary continuation (or other form of severance pay or pay in lieu of salary). The Committee or its agent shall act promptly to record forfeitures pursuant to this paragraph on the stock transfer books of the Company.
Forfeiture of Stock. In addition to the reasons for forfeiture of restricted shares described above, Executive shall also forfeit all remaining escrowed Stock upon any attempt by Executive to sell, exchange, transfer, pledge, hypothecate or otherwise dispose or encumber any of the escrowed Stock. Title to all forfeited shares of Stock shall be transferred back to the Company as soon as reasonably practicable after they are forfeited.
Forfeiture of Stock. (a) Executive shall forfeit all remaining escrowed Stock upon the termination of his service as an employee of the Company for any reason other than (1) termination of his service by the Company without Cause or (2) a termination by the Executive for Good Reason, both as defined in the Employment Agreement, or upon any attempt by Executive to sell, exchange, transfer, pledge, hypothecate or otherwise dispose or encumber any of the escrowed Stock.
(b) Executive shall also forfeit any shares of escrowed Additional Restricted Stock subject to vesting under Section 5(b)(2) of the Employment Agreement, if Executive sells or disposes of any Purchased Stock. Title to all forfeited shares of Stock shall be transferred back to the Company as soon as reasonably practicable after they are forfeited.
Forfeiture of Stock. Upon the earlier of making or being deemed to have made a Section 3 Election for the right to exercise the Option or the Grantee's Termination of Employment, subject to the provisions of Section 2(b) in the case of an Involuntary Termination, the Grantee shall forfeit all right, title and interest in and to the shares of Common Stock still subject to the restrictions set forth in Section 2(b)(i) of this Agreement (or the portion thereof to which such Section 3 Election relates, as the case may be) and to any dividends to be paid thereafter on such shares. Such forfeited shares of Common Stock shall revert to the Company and shall not become transferable by the Grantee or anyone claiming through the Grantee. For purposes of this Agreement, the term "Termination of Employment" shall mean the termination of the Grantee's active employment with the Company or a subsidiary of the Company; it does not mean the termination of the Grantee's pay and benefits at the end of a period of salary continuation (or other form of severance pay or pay in lieu of salary). The Committee or its agent shall act promptly to record forfeitures pursuant to this paragraph on the stock transfer books of the Company."
Forfeiture of Stock. (a) The Stock shall be subject to return to the Corporation without further action (the "Forfeiture Provisions") as follows:
(i) In the event Employee shall cease to be employed by the Corporation (including a parent or subsidiary of the Corporation) before two years from the date hereof for any reason, or no reason, with or without cause, including involuntary termination or temporary or permanent disability or death (the "Termination"), the Forfeiture Provisions shall be triggered and the Stock returned to the Corporation.
(ii) If the Corporation has not entered into an Acquisition Transaction within two (2) years from the date hereof, the Forfeiture Provisions shall be triggered and the Stock returned to the Corporation.
(b) The term of employment herein shall be two (2) years from the date hereof, subject to termination by the Corporation or the Employee at any time, with or without cause.
