Common use of Termination of Employment for Other Reasons Clause in Contracts

Termination of Employment for Other Reasons. In the event that Grantee terminates employment with the Company during the Restriction Period for any reason other than those reasons set forth in Section 5 herein, all shares of Restricted Stock held by the Grantee at the time of employment termination shall be forfeited by Grantee to the Company; provided, however, that in the event of an involuntary termination of the employment of Grantee by the Company, the Compensation Committee, in its sole discretion, may waive the automatic forfeiture provisions; further provided, that any waiver of the automatic forfeiture provision as to any participant who is a covered employee under Section 162(m) of the Internal Revenue Code must be acted upon by formal resolution or unanimous consent in lieu of a meeting and affirmatively recite that it is the Committee’s intention to so act notwithstanding the potential loss of a corporate tax deduction.

Termination of Employment for Other Reasons. In the event that Grantee terminates employment with the Company during before the Restriction Period Settlement Date for any reason other than those reasons set forth in Section 5 herein, all shares of Restricted Stock held by the Grantee at the time of employment termination shall be forfeited by Grantee to the Company; provided, however, that in the event of an involuntary termination of the employment of Grantee by the Company, the Compensation Committee, in its sole discretion, may waive the automatic forfeiture provisions; further provided, that any waiver of the automatic forfeiture provision as to any participant who is a covered employee under Section 162(m) of the Internal Revenue Code must be acted upon by formal resolution or unanimous consent in lieu of a meeting and affirmatively recite that it is the Committee’s intention to so act notwithstanding the potential loss of a corporate tax deduction.

Termination of Employment for Other Reasons. In the event that Grantee terminates employment with the Company during the Restriction Period for any reason other than those reasons set forth in Section 5 herein, all shares of Restricted Stock held by the Grantee at the time of employment termination shall be forfeited by Grantee to the Company; provided, however, that in the event of an involuntary termination of the employment of Grantee by the Company, the Compensation Committee, in its sole discretion, may waive the automatic forfeiture provisions; further provided, that any waiver of the automatic forfeiture provision as to any participant Participant who is a covered employee under Section 162(m) of the Internal Revenue Code must be acted upon by formal resolution or unanimous consent in lieu of a meeting and affirmatively recite that it is the Committee’s intention to so act notwithstanding the potential loss of a corporate Corporate tax deduction.

Termination of Employment for Other Reasons. In the event that Grantee terminates employment with the Company during the Restriction Period for any reason other than those reasons set forth in Section Sections 5 and 7 herein, all shares of Restricted Stock held by the Grantee at the time of employment termination shall be forfeited by Grantee to the Company; provided, however, that in the event of an involuntary termination of the employment of Grantee by the Company, the Compensation Committee, in its sole discretion, may waive the automatic forfeiture provisions; further provided, that any waiver of the automatic forfeiture provision as to any participant who Participant that is a covered employee under Section 162(m) of the Internal Revenue Code must be acted upon by formal resolution or unanimous consent in lieu of a meeting and affirmatively recite that it is the Committee’s intention to so act notwithstanding the potential loss of a corporate Corporate tax deduction.