Restrictions in Event of Termination Sample Clauses

Restrictions in Event of Termination. In the event Grantee's service as an employee of the Company terminates, unless waived by the Company in its discretion, the Company will acquire, at no cost, and Grantee shall transfer to the Company, all shares of Granted Stock (including any shares received by Grantee with respect to shares of Granted Stock as a result of stock dividends, stock splits or any other form of recapitalization or a similar transaction affecting the Company's securities without receipt of consideration) that are, at the date of such termination, still subject to the vesting restrictions imposed under this Section 3, provided however, that if Grantee's employment is terminated as a result of a Qualifying Termination, and if Grantee delivers a fully-executed release and waiver of all claims against the Company, then, upon expiration of any applicable revocation period contained in the release and waiver, the restrictions set forth in this Section 3(b) shall expire and lapse as of the date of the Qualifying Termination. For purposes hereof, a "Qualifying Termination" shall be as defined in Section 3(b) and Section 4(c) of Grantee's Employment Agreement.

Restrictions in Event of Termination. In the event the Plan is terminated, the benefit of any “highly compensated” (as defined in Internal Revenue Code Section 414(q)) active or former Employee is limited to a benefit that is nondiscriminatory under Section 401(a)(4) of the Code. In addition, the benefits payable in any Plan Year to a Restricted Employee shall be limited. A Restricted Employee is any Employee or former Employee of an Employer who is among the 25 Employees of the Employer who received the largest amount of compensation from the Employer in the current or any prior year and who is “highly compensated” as defined in Section 414(q) of the Code. The annual benefit payable to a Restricted Employee may not exceed an amount equal to the payment that would be made on behalf of the Restricted Employee under a straight life annuity that is the Actuarial Equivalent of the sum of such an Employee's annual benefit, the Employee's other benefits under the Plan (other than a social security supplement, within the meaning of Section 1.411(a)-7(c)(4)(ii) of the Income Tax Regulations), and the amount the Employee is entitled to receive under a Social Security supplement. The preceding paragraph shall not apply if: (a) After payment of the benefit to a Restricted Employee, the value of Plan assets equals or exceeds 110% of the value of current liabilities, as defined in Section 412(l)(7) of the Code; (b) The value of the benefits for a Restricted Employee is less than 1% of the value of the current liabilities before distribution; or (c) The value of the benefits payable under the Plan to a Restricted Employee does not exceed $5,000. For purposes of this Section, benefit includes loans in excess of the amount set forth in Section 72(p)(2)(A) of the Code, any periodic income, any withdrawal values payable to a living Employee or former Employee and any death benefits not provided for by insurance on the Employee's or former Employee's life.