Common use of Vesting and Forfeitures Clause in Contracts

Vesting and Forfeitures. 4.1 Subject to Sections 4.2, 4.3, and 4.4, below, Executive's interest in his Account shall become vested at the rate of 2.7778 percent for each completed calendar month of Executive's employment with SPI, beginning with January, 1994. Executive's vested interest in his Account shall be recalculated at the end of each calendar month and shall be expressed as a percentage rounded to the nearest hundredth of one percent. For example: If the date of Executive's termination of employment is: His vested interest in his Account will be: January 1, 2005 December 31, 2005 100.00 percent 100.00 percent 4.2 Notwithstanding any other provision of this Agreement, should SPI terminate Executive's employment upon a determination by its Board of Directors that Executive has breached or neglected his duties to SPI, then Executive shall forfeit completely an amount from his Account equal to the Nonelective Deferral credited to the Account as of January 1 of the year of the termination. Executive's Account balance shall be reduced by the forfeiture required by this Section 4.2 before the application of the forfeiture provisions of Section 4.5. 4.3 Executive's interest in his Account shall automatically become fully vested upon Executive's death or disability, in either case while Executive is in the employ of SPI. Executive shall be considered disabled for purposes of this Agreement upon his qualification for benefits under any long term disability arrangement or policy maintained with respect to Executive's employment with SPI. 4.4 Executive's interest in his Account shall automatically become fully vested upon the termination of Executive's employment with SPI under such circumstances and at such time as would, under the terms of Executive's Severance Agreement with SPI, entitle Executive to a Severance Benefit as defined in paragraph 6.3.2 of the Severance Agreement. This Section 4.4 shall apply whether or not the Severance Agreement remains in effect on the date of the termination of Executive's employment with SPI. Paragraph 6 of the Severance Agreement is attached as an appendix to this Agreement. 4.5 Upon the termination of Executive's employment with SPI before his interest in his Account is fully vested, Executive shall forfeit that portion of his Account in which his interest is not vested, and the balance credited to his Account shall be reduced accordingly. 4.6 Unless specifically amended by a written agreement executed by Executive and on behalf of SPI, this Section 4 shall continue to apply should Executive's employment with SPI continue notwithstanding the termination of this Agreement.

Vesting and Forfeitures. 4.1 Subject to Sections 4.2the accelerated vesting provisions set forth below, 4.3Employee will vest in 100% of the Restricted Stock covered by this Award on the third anniversary of the Grant Date provided that Employee remains in the continuous employment of the Company through that date. If Employee’s employment with the Company terminates for any reason prior to the third anniversary of the Grant Date, then Employee shall forfeit all Restricted Stock covered by this Award except to the extent that accelerated vesting is provided below. For purposes of this § 2, employment with an Affiliate of the Company shall be deemed employment with the Company, references in this § 2 to the Company shall include any Affiliate that employs Employee, and 4.4, below, Executive's interest in his Account transfers between the Company and its Affiliates shall become vested at the rate of 2.7778 percent for each completed calendar month of Executive's employment with SPI, beginning with January, 1994. Executive's vested interest in his Account shall not be recalculated at the end of each calendar month and shall be expressed treated as a percentage rounded to the nearest hundredth of one percent. For example: If the date of Executive's termination of employment is: His vested interest in his Account will be: January 1, 2005 December 31, 2005 100.00 percent 100.00 percent 4.2 Notwithstanding any other provision of this Agreement, should SPI terminate Executive's employment upon a determination by its Board of Directors that Executive has breached or neglected his duties to SPI, then Executive shall forfeit completely an amount from his Account equal to the Nonelective Deferral credited to the Account as of January 1 of the year of the termination. Executive's Account balance shall be reduced by the forfeiture required by this Section 4.2 before the application of the forfeiture provisions of Section 4.5. 4.3 Executive's interest in his Account shall automatically become fully vested upon Executive's death or disability, in either case while Executive is in the employ of SPI. Executive shall be considered disabled for purposes of the Plan or this Agreement upon his qualification for benefits Agreement. Any shares of Restricted Stock forfeited by Employee under this § 2 (together with any long term disability arrangement or policy maintained distributions made with respect to Executive's employment with SPI. 4.4 Executive's interest in his Account the shares that have been held by the Company) shall automatically become fully vested upon revert back to the termination Company. Once vested, shares of Executive's employment with SPI under such circumstances and at such time as would, Restricted Stock are no longer subject to any risk of forfeiture or transfer restriction under the terms Plan. Notwithstanding the foregoing, accelerated vesting prior to the third anniversary of Executive's Severance Agreement with SPIthe Grant Date will occur under the following two sets of circumstances. First, entitle Executive if Employee’s employment is terminated due to a Severance Benefit Employee’s death, Disability (as defined in paragraph 6.3.2 the Plan), retirement (as defined by the Committee), or Employee’s involuntary termination by the Company for any reason other than cause (as determined by the Committee). Second, if a Change in Control (as defined in the Plan) occurs, Employee will vest in all of the Severance AgreementRestricted Stock covered by this Award provided that Employee has been continuously employed by the Company until such Change in Control. This Section 4.4 shall apply whether or not In addition to the Severance Agreement remains prescribed acceleration provided in effect on the date preceding paragraph, and notwithstanding anything to the contrary in this § 2, the Board may accelerate (subject to the limitations of the termination Plan) the vesting of Executive's employment with SPI. Paragraph 6 all or a portion of the Severance Agreement is attached as an appendix to Restricted Stock covered by this AgreementAward at any time and for any reason. 4.5 Upon the termination of Executive's employment with SPI before his interest in his Account is fully vested, Executive shall forfeit that portion of his Account in which his interest is not vested, and the balance credited to his Account shall be reduced accordingly. 4.6 Unless specifically amended by a written agreement executed by Executive and on behalf of SPI, this Section 4 shall continue to apply should Executive's employment with SPI continue notwithstanding the termination of this Agreement.

Vesting and Forfeitures. 4.1 Subject to Sections 4.2, 4.3, and 4.4, below, Executive's interest in his Account shall become vested at the rate of 2.7778 0.8333 percent for each completed calendar month of Executive's employment with SPI, beginning with January, 1994. Executive's vested interest in his Account shall be recalculated at the end of each calendar month and shall be expressed as a percentage rounded to the nearest hundredth of one percent. For example: If the date of Executive's termination of employment is: His vested interest in his Account will be: January 1, 2005 December 31, 2005 100.00 percent 100.00 percent 4.2 Notwithstanding any other provision of this Agreement, should SPI terminate Executive's employment upon a determination by its Board of Directors that Executive has breached or neglected his duties to SPI, then Executive shall forfeit completely an amount from his Account equal to the Nonelective Deferral credited to the Account as of January 1 of the year of the termination. Executive's Account balance shall be reduced by the forfeiture required by this Section 4.2 before the application of the forfeiture provisions of Section 4.5. 4.3 Executive's interest in his Account shall automatically become fully vested upon Executive's death or disability, in either case while Executive is in the employ of SPI. Executive shall be considered disabled for purposes of this Agreement upon his qualification for benefits under any long term disability arrangement or policy maintained with respect to Executive's employment with SPI. 4.4 Executive's interest in his Account shall automatically become fully vested upon the termination of Executive's employment with SPI under such circumstances and at such time as would, under the terms of Executive's Severance Agreement with SPI, entitle Executive to a Severance Benefit as defined in paragraph 6.3.2 of the Severance Agreement. This Section 4.4 shall apply whether or not the Severance Agreement remains in effect on the date of the termination of Executive's employment with SPI. Paragraph 6 of the Severance Agreement is attached as an appendix to this Agreement. 4.5 Upon the termination of Executive's employment with SPI before his interest in his Account is fully vested, Executive shall forfeit that portion of his Account in which his interest is not vested, and the balance credited to his Account shall be reduced accordingly. 4.6 Unless specifically amended by a written agreement executed by Executive and on behalf of SPI, this Section 4 shall continue to apply should Executive's employment with SPI continue notwithstanding the termination of this Agreement.

Vesting and Forfeitures. 4.1 Subject to Sections 4.2, 4.3, and 4.4, below, Executive's interest in his Account shall become vested at the rate of 2.7778 percent for each completed calendar month of Executive's employment with SPI, beginning with JanuaryJune, 19941995. Executive's vested interest in his Account shall be recalculated at the end of each calendar month and shall be expressed as a percentage rounded to the nearest hundredth of one percent. For example: If the date of Executive's termination of employment is: His vested interest in his Account will be: January 1, 2005 December 31, 2005 100.00 percent 100.00 percent 4.2 Notwithstanding any other provision of this Agreement, should SPI terminate Executive's employment upon a determination by its Board of Directors that Executive has breached or neglected his duties to SPI, then Executive shall forfeit completely an amount from his Account equal to the Nonelective Deferral credited to the Account as of January 1 of the year of the termination. Executive's Account balance shall be reduced by the forfeiture required by this Section 4.2 before the application of the forfeiture provisions of Section 4.5. 4.3 Executive's interest in his Account shall automatically become fully vested upon Executive's death or disability, in either case while Executive is in the employ of SPI. Executive shall be considered disabled for purposes of this Agreement upon his qualification for benefits under any long term disability arrangement or policy maintained with respect to Executive's employment with SPI. 4.4 Executive's interest in his Account shall automatically become fully vested upon the termination of Executive's employment with SPI under such circumstances and at such time as would, under the terms of Executive's Severance Agreement with SPI, entitle Executive to a Severance Benefit as defined in paragraph 6.3.2 of the Severance Agreement. This Section 4.4 shall apply whether or not the Severance Agreement remains in effect on the date of the termination of Executive's employment with SPI. Paragraph 6 of the Severance Agreement is attached as an appendix to this Agreement. 4.5 Upon the termination of Executive's employment with SPI before his interest in his Account is fully vested, Executive shall forfeit that portion of his Account in which his interest is not vested, and the balance credited to his Account shall be reduced accordingly. 4.6 Unless specifically amended by a written agreement executed by Executive and on behalf of SPI, this Section 4 shall continue to apply should Executive's employment with SPI continue notwithstanding the termination of this Agreement.