Common use of Forfeiture; Possible Restoration Clause in Contracts

Forfeiture; Possible Restoration. If Recipient ceases to be employed by the Company for any reason or for no reason, with or without cause, other than because of Retirement, death or physical disability (within the meaning of Section 22(e)(3) of the Code), any RSUs that did not vest pursuant to this Section 2 or Section 5.2 at or prior to the time of such termination of employment shall be forfeited to the Company; provided, however, that if Recipient’s employment is terminated by the Company without Cause or by the Recipient for Good Reason after Shareholder Approval but before a Change in Control, any RSUs that are forfeited under this sentence shall be restored to the Recipient and vested if a Change in Control subsequently occurs within two years.

Appears in 7 contracts

Samples: Restricted Stock Unit Award Agreement, Restricted Stock Unit Award Agreement (Northwest Natural Gas Co), Restricted Stock Unit Award Agreement (Northwest Natural Gas Co)

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Forfeiture; Possible Restoration. If Recipient ceases to be employed by the Company for any reason or for no reason, with or without cause, other than because of Retirement, death or physical disability (within the meaning of Section 22(e)(3) of the Code), any RSUs that did not vest pursuant to this Section 2 or Section 5.2 at or prior to the time of such termination of employment shall be forfeited to the Company; provided, however, that if Recipient’s employment is terminated by the Company without Cause or by the Recipient for Good Reason after Shareholder Approval but before a Change in Control, any RSUs that are forfeited under this sentence shall be restored to the Recipient and vested if a Change in Control subsequently occurs within two years.

Appears in 7 contracts

Samples: Special Retention Restricted Stock Unit Award Agreement (Northwest Natural Gas Co), Special Retention Restricted Stock Unit Award Agreement (Northwest Natural Gas Co), Special Retention Restricted Stock Unit Award Agreement (Northwest Natural Gas Co)

Forfeiture; Possible Restoration. If Recipient ceases to be employed by the Company Employer for any reason or for no reason, with or without cause, other than because of Retirement, death or physical disability (within the meaning of Section 22(e)(3) of the Code), any RSUs that did not vest pursuant to this Section 2 or Section 5.2 at or prior to the time of such termination of employment shall be forfeited to the Company; provided, however, that if Recipient’s employment is terminated by the Company Employer without Cause or by the Recipient for Good Reason after Shareholder Approval but before a Change in Control, any RSUs that are forfeited under this sentence shall be restored to the Recipient and vested if a Change in Control subsequently occurs within two years.

Appears in 5 contracts

Samples: Restricted Stock Unit Award Agreement (Northwest Natural Gas Co), Restricted Stock Unit Award Agreement (Northwest Natural Gas Co), Restricted Stock Unit Award Agreement (Northwest Natural Gas Co)

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Forfeiture; Possible Restoration. If Recipient ceases to be employed by a director of the Company for any reason or for no reason, with or without cause, other than because of Retirement, death or physical disability (within the meaning of Section 22(e)(3) of the Code), any RSUs that did not vest pursuant to this Section 2 or Section 5.2 4.2 at or prior to the time of such termination of employment board service shall be forfeited to the Company; provided, however, that if Recipient’s employment service as a director is terminated by the Company without Cause or by the Recipient for Good Reason after Shareholder Approval but before a Change in Control, any RSUs that are forfeited under this sentence shall be restored to the Recipient and vested if a Change in Control subsequently occurs within two years.

Appears in 2 contracts

Samples: Director Restricted Stock Unit Award Agreement (Northwest Natural Gas Co), Director Restricted Stock Unit Award Agreement (Northwest Natural Gas Co)

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