Common use of Vesting; Forfeiture Clause in Contracts

Vesting; Forfeiture. Participant shall vest in his rights under the Restricted Shares and any accumulated dividends described in Paragraph 4 hereof, and the Employer’s right to reclaim such shares or dividends shall lapse with respect to 33.33% the Restricted Shares, on each of the first, second and third anniversaries of the [date of hire/Grant Date] (the “Vesting Dates”), provided that Participant remains continuously employed by the Employer from the Grant Date to such Vesting Date. Notwithstanding the foregoing, however, all Restricted Shares not then vested shall vest immediately if Participant’s employment with the Employer terminates due to Participant’s Disability or death. In the event of a Change of Control prior to vesting, the Committee may, in its sole discretion, accelerate vesting. If Participant’s employment with the Employer terminates other than by reason Disability or death, the Restricted Shares (to the extent not then vested) shall be forfeited as of the date Participant’s employment so terminates. As soon as administratively feasible following the vesting of the Restricted Shares, a Stock certificate evidencing the vested Restricted Shares, less the amount of Stock withheld pursuant to paragraph 7 hereof, shall be delivered without charge to the Participant, or his designated representative, free of all restrictions.

Vesting; Forfeiture. Participant shall vest in his rights under the Restricted Shares and any accumulated dividends described in Paragraph 4 5 hereof, and the EmployerCompany’s right to reclaim such shares or dividends shall lapse with respect to 33.33% the Restricted Shareslapse, on each of the first, second and third anniversaries of the [date of hire/Grant DateINSERT VESTING SCHEDULE FROM ALTERNATIVES ATTACHED] (the “Vesting DatesDate(s)”), provided that Participant remains continuously employed by or in the Employer service of the Company from the Grant Date to such Vesting Date. Notwithstanding the foregoing, however, all Restricted Shares not then vested shall vest immediately if Participant’s employment with or service to the Employer Company terminates due to Participant’s Disability or death. In the event of a Change of Control prior to vesting, the Plan Committee may, in its sole discretion, accelerate vesting. If Participant’s employment with or service to the Employer Company terminates other than by reason of Disability or death, the Restricted Shares (to the extent not then vested) shall be forfeited as of the date Participant’s employment so terminates. As soon as administratively feasible following the vesting of the Restricted Shares, a Stock certificate evidencing the vested Restricted Shares, less the amount of Stock withheld pursuant to paragraph 7 hereof, shall be delivered without charge to the Participant, or his designated representative, free of all restrictions.

Vesting; Forfeiture. The Participant shall vest in his rights under the Restricted Shares and any accumulated dividends described in Paragraph 4 5 hereof, and the EmployerCompany’s right to reclaim such shares or dividends shall lapse with respect to 33.33% one-third of the Restricted Shares, Shares on the first anniversary of the Grant Date and an additional one-third of the Restricted Shares on each of the first, second and third anniversaries of the [date of hire/Grant Date] Date (the each anniversary, a “Vesting DatesDate”), provided that the Participant remains continuously employed by the Employer Company from the Grant Date to such Vesting Date. Notwithstanding the foregoing, however, all Restricted Shares not then vested shall vest immediately if the Participant’s employment with the Employer Company terminates due to the Participant’s Disability disability or death. In the event of a Change of Control the Participant’s Retirement (as defined in Paragraph 4 below) prior to vesting, the Committee may, in its sole discretion, accelerate vesting. If the Participant’s employment with the Employer Company terminates other than by reason Disability of Retirement, disability or death, the Restricted Shares (to the extent not then vested) shall be forfeited as of the date the Participant’s employment so terminates. As soon as administratively feasible following the vesting of the Restricted Shares, a Stock certificate evidencing the vested Restricted Shares, less the amount of Stock withheld pursuant to paragraph Paragraph 7 hereof, if any, shall be delivered without charge to the Participant, or his designated representative, free without restrictive legend. If, for any reason, the restrictions imposed by the Committee upon the Restricted Shares are not satisfied at the end of all restrictionsthe Restricted Period, any Restricted Stock remaining subject to such restrictions shall be forfeited by the Participant.

Vesting; Forfeiture. Participant shall vest in his rights under the Restricted Shares and any accumulated dividends described in Paragraph 4 5 hereof, and the EmployerCompany’s right to reclaim such shares or dividends shall lapse with respect to 33.3325% of the Restricted Shares, on each of the first, second second, third and third fourth anniversaries of the [date of hire/Grant Date] Date (the “Vesting Dates”), provided that Participant remains continuously employed by the Employer Company from the Grant Date to such Vesting Date. Notwithstanding the foregoing, however, all Restricted Shares not then vested shall vest immediately if Participant’s employment with the Employer Company terminates due to Participant’s Disability or death. In the event of a Change of Control or Participant’s Retirement prior to vesting, the Committee may, in its sole discretion, accelerate vesting. If Participant’s employment with the Employer Company terminates other than by reason of Retirement (as defined in Paragraph 4 below), Disability or death, the Restricted Shares (to the extent not then vested) shall be forfeited as of the date Participant’s employment so terminates. As soon as administratively feasible following the vesting of the Restricted Shares, a Stock certificate evidencing the vested Restricted Shares, less the amount of Stock withheld pursuant to paragraph 7 hereof, shall be delivered without charge to the Participant, or his designated representative, free of all restrictions.

Vesting; Forfeiture. Participant shall vest in his rights under the Restricted Shares and any accumulated dividends described in Paragraph 4 hereofShares, and the EmployerCompany’s right to reclaim such shares or dividends shall lapse with respect to 33.33% of the Restricted Shares, on each of the first, second and third anniversaries of the [date of hire/Grant Date] Date (the “Vesting Dates”), provided that Participant remains continuously employed by the Employer Company from the Grant Date to such Vesting Date. Notwithstanding the foregoing, however, all Restricted Shares not then vested shall vest immediately if Participant’s employment with the Employer Company terminates due to Participant’s Disability or death. In the event of a Change of Control prior to vestingControl, the Committee may, in its sole discretion, accelerate vesting. If Participant’s employment with the Employer Company terminates other than by reason of Disability or death, the Restricted Shares (to the extent not then vested) shall be forfeited as of the date Participant’s employment so terminates. As soon as administratively feasible following the vesting of the Restricted Shares, a Common Stock certificate evidencing the vested Restricted Shares, less the amount of Common Stock withheld pursuant to paragraph 7 6 hereof, shall be delivered without charge to the Participant, or his Participant’s designated representative, free of all restrictions.

Vesting; Forfeiture. Participant shall vest in his rights under the Restricted Shares and any accumulated dividends described in Paragraph 4 5 hereof, and the EmployerCompany’s right to reclaim such shares or dividends shall lapse with respect to 33.33% one-third of the Restricted Shares, on each of the first, second and third anniversaries of the [date of hire/Grant Date] Date (the “Vesting Dates”), provided that Participant remains continuously employed by the Employer Company from the Grant Date to such Vesting Date. Notwithstanding the foregoing, however, all Restricted Shares not then vested shall vest immediately if Participant’s employment with the Employer Company terminates due to Participant’s Disability or death. In the event of a Change of Control or Participant’s Retirement prior to vesting, the Committee may, in its sole discretion, accelerate vesting. If Participant’s employment with the Employer Company terminates other than by reason of Retirement (as defined in Paragraph 4 below), Disability or death, the Restricted Shares (to the extent not then vested) shall be forfeited as of the date Participant’s employment so terminates. As soon as administratively feasible following the vesting of the Restricted Shares, a Stock certificate evidencing the vested Restricted Shares, less the amount of Stock withheld pursuant to paragraph 7 hereof, shall be delivered without charge to the Participant, or his designated representative, free of all restrictions.