Forfeiture of Stock Option. In the event of serious misconduct by the Participant (including, without limitation, any misconduct prejudicial to or in conflict with the Company or its Affiliates, or any Termination of Employment for Cause), or any activity of the Participant in competition with the business of the Company or any Affiliate of the Company, the Stock Option may, in the discretion of the Committee, be cancelled, in whole or in part, whether or not vested. The determination of whether the Participant has engaged in a serious breach of conduct or any activity in competition with the business of the Company or any Affiliate of the Company shall be determined by the Committee in good faith and in its sole discretion. This Section 12 shall have no application following a Change in Control.
Appears in 4 contracts
Samples: Nonqualified Stock Option Agreement (Franklin Bank Corp), Incentive Stock Option Agreement (Franklin Bank Corp), Nonqualified Stock Option Agreement (Franklin Bank Corp)
