Common use of Forfeiture Restriction Clause in Contracts

Forfeiture Restriction. Subject to the provisions of Section 2.2 below, if Holder has a Termination of Employment, Termination of Directorship or Termination of Consultancy, as applicable, all of the Unreleased Shares (as defined below) shall thereupon be forfeited immediately and without any further action of the Company (the “Forfeiture Restriction”). Upon the occurrence of such a forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Unreleased Shares being forfeited by Xxxxxx. In the event any of the Shares are forfeited pursuant to this Section 2.1, any dividends or other distributions paid on such Shares and held by the Company shall be retained by the Company. Xxxxxx hereby authorizes and directs the Secretary of the Company, or such other person designated by the Administrator, to transfer the Unreleased Shares which have been forfeited pursuant to this Section 2.1 from Holder to the Company.

Forfeiture Restriction. Subject to the provisions of Section 2.2 Sections 3.2 and 4.13 below, if Holder Participant has a Termination of Employment, Termination of Directorship or Termination of Consultancy, as applicableService, all of the Unreleased Shares (as defined below) shall thereupon be forfeited immediately and without any further action of the Company (the “Forfeiture Restriction”). Upon the occurrence of such a forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Unreleased Shares being forfeited by XxxxxxParticipant. In the event any of the Shares are forfeited pursuant to this Section 2.13.1, any dividends or other distributions paid on such Shares and held by the Company shall be retained by the Company. Xxxxxx Participant hereby authorizes and directs the Secretary of the Company, or such other person designated by the AdministratorCommittee, to transfer the Unreleased Shares which have been forfeited pursuant to this Section 2.1 3.1 from Holder Participant to the Company.

Forfeiture Restriction. Subject to the provisions of Section 2.2 3.2 below, if Holder Participant has a Termination of Employment, Termination of Directorship or Termination of Consultancy, Service (as applicabledefined below), all of the Unreleased Shares (as defined below) shall thereupon be forfeited immediately and without any further action of the Company (the “Forfeiture Restriction”). Upon the occurrence of such a forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares and all rights and interests therein or relating thereto, and the Form Effective 06.17.09 Company shall have the right to retain and transfer to its own name the number of Unreleased Shares being forfeited by XxxxxxParticipant. In the event any of the Shares are forfeited pursuant to this Section 2.13.1, any dividends or other distributions paid on such Shares and held by the Company shall be retained by the Company. Xxxxxx Participant hereby authorizes and directs the Secretary of the Company, or such other person designated by the AdministratorCommittee, to transfer the Unreleased Shares which have been forfeited pursuant to this Section 2.1 3.1 from Holder Participant to the Company.

Forfeiture Restriction. Subject to the provisions of Section 2.2 Sections 3.2 and 4.13 below, if Holder Participant has a Termination of Employment, Termination of Directorship or Termination of Consultancy, Service (as applicabledefined below), all of the Unreleased Shares (as defined below) shall thereupon be forfeited immediately and without any further action of the Company (the “Forfeiture Restriction”). Upon the occurrence of such a forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Unreleased Shares FORM OF RSA – SEVERANCE PLAN PARTICIPANTS being forfeited by XxxxxxParticipant. In the event any of the Shares are forfeited pursuant to this Section 2.13.1, any dividends or other distributions paid on such Shares and held by the Company shall be retained by the Company. Xxxxxx Participant hereby authorizes and directs the Secretary of the Company, or such other person designated by the AdministratorCommittee, to transfer the Unreleased Shares which have been forfeited pursuant to this Section 2.1 3.1 from Holder Participant to the Company.