Forfeiture of Restricted Stock Upon Termination of Employment. The rights of the Employee and his successors in interest in Restricted Stock on which the Restrictions have not lapsed pursuant to paragraph 2(b) shall terminate in full when the Employee's employment with the Company or a parent or subsidiary corporation is terminated by the Company for Cause (as defined in Section 3(b) of the Employment Agreement) or by the Employee without Good Reason (as defined in Section 3(c) of the Employment Agreement).
Forfeiture of Restricted Stock Upon Termination of Employment. In the event that Participant ceases to be a full-time employee of the Company or any corporation a majority of the voting stock of which is owned directly or indirectly by the Company (a "Subsidiary") for any reason whatsoever (including without limitation by reason of the termination of such employment by the Company or a Subsidiary with or without cause, by reason of disability, death or retirement or by reason of Participant leaving the employ of the Company or a Subsidiary voluntarily), then a portion (determined as hereinafter set forth) of the shares of Restricted Stock awarded pursuant to this Agreement shall thereupon automatically, and without further notice, demand, period of time or legal or administrative proceeding, be forfeited and canceled, and all right, title and interest therein of Participant shall terminate and expire, without payment by the Company or any Subsidiary of any consideration therefor and without any liability on the part of the Company or any Subsidiary. Such forfeiture provisions shall apply as follows:
Forfeiture of Restricted Stock Upon Termination of Employment. Notwithstanding Section 3(c) hereof, in the event of the termination of Grantee’s employment or service with Company or any Subsidiary thereof for any reason, with or without cause, prior to the lapsing of restrictions in accordance with Section 3(e) hereof with respect to any portion of the Restricted Stock granted hereunder, such portion of the Restricted Stock held by Grantee shall be automatically forfeited by Grantee as of the date of termination of Grantee’s employment by Company or any Subsidiary thereof. Any Restricted Stock forfeited pursuant to this Agreement shall be transferred to, and reacquired by, Company without payment of any consideration by Company, and neither Grantee nor any of Grantee’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such Restricted Stock.
