Common use of Forfeiture on Termination Clause in Contracts

Forfeiture on Termination. Subject to Section 3, if the Grantee's employment with the Corporation terminates for any reason prior to the Vesting Date for awarded Performance Shares, the Grantee shall forfeit all rights with respect to the shares included in that award, and the certificates evidencing such shares shall be null, void and of no effect as of the date his/her employment terminates. Such shares shall revert to the Corporation as stock and may, in the sole discretion of the Corporation, be cancelled or retained as treasury stock.

Forfeiture on Termination. Subject to Section 3, if the Grantee's employment with the Corporation terminates for any reason prior to the Vesting Date for awarded Performance Shares, the Grantee shall forfeit all rights with respect to the shares included in that award, and the certificates evidencing such shares shall be null, void and of no effect as of the date his/her employment terminates. Such shares shall revert to the Corporation as treasury stock and may, in the sole discretion of the Corporation, be cancelled or retained as treasury stock.