Common use of Forfeiture of Forfeitable Shares Clause in Contracts

Forfeiture of Forfeitable Shares. The Participant’s rights in all Forfeitable Shares shall terminate automatically on the date of the Participant’s termination of employment for reasons other than the Participant’s death, Disability or Retirement, and the Company may thereupon cancel the certificate or certificates representing such Forfeitable Shares on its books. In the event that the certificates then being held by the Company under this Agreement represent Vested Shares as well as Forfeitable Shares, the Company shall issue to the Participant a replacement certificate for such Vested Shares.

Forfeiture of Forfeitable Shares. The Participant’s rights in all Forfeitable Shares shall terminate automatically on the date of the Participant’s termination of employment Service for reasons other than the Participant’s death, Disability or Retirement, and the Company may thereupon cancel the certificate or certificates representing such Forfeitable Shares on its books. In the event that the certificates then being held by the Company under this Agreement represent Vested Shares as well as Forfeitable Shares, the Company shall issue to the Participant a replacement certificate for such Vested Shares.