Common use of Vesting and Forfeiture Restrictions Clause in Contracts

Vesting and Forfeiture Restrictions. The Stock shall be subject to vesting and forfeiture as set forth in this Section 2: (a) In the event Director shall cease to serve as a director on the Board for any reason before all or any portion of the Stock has vested as set forth in Section 2(b), one-hundred percent (100%) of the non-vested portion of the Stock shall be immediately forfeited to the Corporation. (b) The Stock shall vest in 6 equal annual installments of 30,000 shares, commencing on August 9, 2012 and continuing on August 9th of each calendar year through 2017, provided that Director remains in continuous service as a director with the Corporation on each such date that any portion of the Stock is scheduled to vest. Notwithstanding the preceding sentence, any non-vested and non-forfeited Stock shall be immediately vested upon (i) the death or Disability (interpreted as though the Director were covered under the Corporation’s disability program or policy) of the Director while serving as a director of the Corporation or (ii) upon Director’s resignation from the Board or decision not to stand for re-election to the Board after reaching (A) the age of 65 following a term on the Board for a continuous period of 10 years or more or (B) the age of 55 following a term on the Board for a continuous period of 20 years or more. (c) The rights of Director upon a Change of Control of the Corporation shall be determined in accordance with Section 10(g) of the Plan (as amended and restated March 2, 2015). Director expressly consents to such Section 10(g) and to the definition of “Change of Control” in Section 1, paragraph 6(b) and the terms and conditions of the Plan (as amended and restated March 2, 2015).

Vesting and Forfeiture Restrictions. The Stock shall be subject to vesting and forfeiture as set forth in this Section 2: (a) In the event Director shall cease to serve as a director on the Board for any reason before all or any portion of the Stock has vested as set forth in Section 2(b), one-hundred percent (100%) of the non-vested portion of the Stock shall be immediately forfeited to the Corporation. (b) The Stock shall vest in 6 equal annual installments of 30,000 shares, commencing on August 9, 2012 and continuing on August 9th of each calendar year through 2017, provided that Director remains in continuous service as a director with the Corporation on each such date that any portion of the Stock is scheduled to vest. Notwithstanding the preceding sentence, any non-vested and non-forfeited Stock shall be immediately vested upon (i) upon the death or Disability (interpreted as though the Director were covered under the Corporation’s disability program or policy) of the Director while serving as a director of the Corporation or (ii) upon Director’s resignation from the Board or decision not to stand for re-election to the Board after reaching (A) the age of 65 following a term on the Board for a continuous period of 10 years or more or (B) the age of 55 following a term on the Board for a continuous period of 20 years or more. (c) The rights of Director upon a Change of Control of the Corporation shall be determined in accordance with Section 10(g) of the Plan (as amended and restated March 2, 2015). Director expressly consents to such Section 10(g) and to the definition of “Change of Control” in Section 1, paragraph 6(b) and the terms and conditions of the Plan (as amended and restated March 2, 2015).

Vesting and Forfeiture Restrictions. The Stock shall be subject to vesting and forfeiture as set forth in this Section 2: (a) In the event Director shall cease to serve as a director on the Board for any reason before all or any portion of the Stock has vested as set forth in Section 2(b), one-hundred percent (100%) of the non-vested portion of the Stock shall be immediately forfeited to the Corporation. (b) The Stock shall vest in 6 equal annual installments of 30,000 shares, commencing on August 9, 2012 and continuing on August 9th of each calendar year through 2017, provided that Director remains in continuous service as a director with the Corporation on each such date that any portion of the Stock is scheduled to vest. Notwithstanding the preceding sentence, any non-vested and non-forfeited Stock shall be immediately vested upon (i) upon the death or Disability (interpreted as though the Director were covered under the Corporation’s disability program or policy) of the Director while serving as a director of the Corporation or (ii) upon Director’s resignation from the Board or decision not to stand for re-election to the Board after reaching (A) the age of 65 following a term on the Board for a continuous period of 10 years or more or (B) the age of 55 following a term on the Board for a continuous period of 20 years or more. (c) The rights of Director upon a Change of Control of the Corporation shall be determined in accordance with Section 10(g) of the Plan (as amended and restated March 2, 2015). Director expressly consents to such Section 10(g) and to the definition of “Change of Control” in Section 1, paragraph 6(b) and the terms and conditions of the Plan (as amended and restated March 2, 2015).

Vesting and Forfeiture Restrictions. The Stock shall be subject to vesting and forfeiture as set forth in this Section 2: (a) In the event Director shall cease to serve as a director on the Board for any reason before all or any portion of the Stock has vested as set forth in Section 2(b), one-hundred percent (100%) of the non-vested portion of the Stock shall be immediately forfeited to the Corporation. (b) The Stock shall vest in 6 equal annual installments of 30,000 shares, commencing on August 9, 2012 and continuing on August 9th of each calendar year through 2017, provided that Director remains in continuous service as a director with the Corporation on each such date that any portion of the Stock is scheduled to vest. Notwithstanding the preceding sentence, any non-vested and non-forfeited Stock shall be immediately vested upon (i) upon the death or Disability (interpreted as though the Director were covered under the Corporation’s disability program or policy) of the Director while serving as a director of the Corporation or (ii) upon Director’s resignation from the Board or decision not to stand for re-election to the Board after reaching (A) the age of 65 following a term on the Board for a continuous period of 10 years or more or (B) the age of 55 following a term on the Board for a continuous period of 20 years or more. (c) The rights of Director upon a Change of Control of the Corporation shall be determined in accordance with Section 10(g) of the Plan (as amended and restated March 2, 2015). Director expressly consents to such Section 10(g) and to the definition of “Change of Control” in Section 1, paragraph 6(b) and the terms and conditions of the Plan (as amended and restated March 2, 2015).