Common use of Forfeiture of Stock Clause in Contracts

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. (a) For the shares of Common Stock granted hereunder to vest, the Company must pay to its shareholders a dividend of at least $.75 .85 per share in each fiscal quarter during the period commencing on the Date of Grant and ending on December 31, 2009 2010 (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 .85 per shareshare (except that in no event shall the Company’s Board of Directors have the authority to approve the nonforfeiture of shares of Common Stock for any grantee who is a “Covered Employee” within the meaning of 162(m) of the Internal Revenue Code). In the event the Company fails to pay to its shareholders a dividend of at least $.75 per share in any fiscal quarter during satisfy the period from the Date of Grant and ending on December 31, 2009Threshold Requirement, and the Company’s Board of Directors does not or cannot 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 voluntary Termination of Employment or 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. (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 voluntary Termination of Employment or 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. (a) For the shares of Common Stock granted hereunder to vest, the Company must pay to its shareholders a dividend of at least $.75 1.25 per share in each fiscal quarter during the period commencing on the Date of Grant and ending on December 31, 2009 2008 (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 1.25 per share. In the event the Company fails to pay to its shareholders a dividend of at least $.75 1.25 per share in any fiscal quarter during the period from the Date of Grant and ending on December 31, 20092008, 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 voluntary Termination of Employment or 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. (a) For the shares of Common Stock granted hereunder to vest, the Company must pay to its shareholders a dividend of at least $.75 .85 per share in each fiscal quarter during the period commencing on the Date of Grant and ending on December 31, 2009 2010 (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 .85 per shareshare (except that in no event shall the Company’s Board of Directors have the authority to approve the nonforfeiture of shares of Common Stock for any grantee who is a “Covered Employee” within the meaning of 162(m) of the Internal Revenue Code). In the event the Company fails to pay to its shareholders a dividend of at least $.75 per share in any fiscal quarter during satisfy the period from the Date of Grant and ending on December 31, 2009Threshold Requirement, and the Company’s Board of Directors does not or cannot 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.