Common use of Termination of Service Clause in Contracts

Termination of Service. In the event that the Participant’s service with the Company terminates before the Vesting Date for any reason other than the Participant’s death or disability, the Restricted Stock, together with any property received in respect thereof, as set forth in Section 10 hereof, shall be forfeited as of the date of such termination of service, and the Participant promptly shall return to the Company any certificates evidencing the Restricted Stock. Any cash dividends or other property received in respect of the Restricted Stock also shall be forfeited, unless the Board or the Committee determines otherwise. For purposes of this Agreement, the Participant’s service shall terminate only when the Participant is not a director, an employee or a consultant of the Company, as set forth in Section 1.6(c) of the Plan.

Appears in 15 contracts

Samples: Restricted Stock Grant Agreement (General Maritime Corp/), Restricted Stock Grant Agreement (General Maritime Corp / MI), Restricted Stock Grant Agreement (General Maritime Corp / MI)

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Termination of Service. In the event that the Participant’s service with the Company terminates before the Vesting Date for any reason other than the Participant’s death or disability, the Restricted Stock, together with any property received in respect thereof, as set forth in Section 10 hereof, shall be forfeited as of the date of such termination of service, and the Participant promptly shall return to the Company any certificates evidencing the Restricted Stock. Any cash dividends or other property received in respect of the Restricted Stock also shall be forfeited, unless the Board or the Committee determines otherwise. For purposes of this Agreement, the Participant’s service shall terminate only when the Participant is not a director, an employee or a consultant of the Company, as set forth in Section 1.6(c1.6(h) of the Plan.

Appears in 6 contracts

Samples: Restricted Stock Grant Agreement (General Maritime Corp / MI), Restricted Stock Grant Agreement (General Maritime Corp / MI), Restricted Stock Grant Agreement (General Maritime Corp / MI)

Termination of Service. In the event that the Participant’s service with the Company terminates before the Vesting Date for any reason other than the Participant’s death or disability, the Restricted Stock, together with any property received in respect thereof, as set forth in Section 10 hereof, shall be forfeited as of the date of such termination of service, and the Participant promptly shall return to the Company any certificates evidencing the Restricted Stock. Any cash dividends or other property received in respect of the Restricted Stock also shall be forfeited, unless the Board or the Committee determines otherwisedetermines. For purposes of this Agreement, the Participant’s service shall terminate only when the Participant is not a director, an employee or a consultant of the Company, as set forth in Section 1.6(c) of the Plan.

Appears in 6 contracts

Samples: Restricted Stock Grant Agreement (General Maritime Corp/), Restricted Stock Grant Agreement (General Maritime Corp/), Restricted Stock Grant Agreement (General Maritime Corp/)

Termination of Service. In the event that the Participant’s service with the Company terminates before the Vesting Date for any reason other than the Participant’s death or disability, the Restricted Stock, together with any property received in respect thereof, as set forth in Section 10 hereof, shall be forfeited as of the date of such termination of service, and the Participant promptly shall return to the Company any certificates evidencing the Restricted Stock. Any cash dividends or other property received in respect of the Restricted Stock also shall be forfeited, unless the Board or the Committee determines otherwiseotherwise at the time of such termination. For purposes of this Agreement, the Participant’s service shall terminate only when the Participant is not a director, an employee or a consultant of the Company, as set forth in Section 1.6(c) of the Plan.

Appears in 5 contracts

Samples: Restricted Stock Grant Agreement (General Maritime Corp/), Restricted Stock Grant Agreement (General Maritime Corp/), Restricted Stock Grant Agreement (General Maritime Corp/)

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Termination of Service. In the event that the Participant’s service with the Company terminates before the Vesting Date for any reason other than the Participant’s death or disability, the Restricted Stock, together with any property received in respect thereof, as set forth in Section 10 hereof, shall be forfeited as of the date of such termination of service, and the Participant promptly shall return to the Company any certificates evidencing the Restricted Stock. Any cash dividends or other property received in respect of the Restricted Stock also shall be forfeited, unless the Board or the Committee determines otherwise. For purposes of this Agreement, the Participant’s service shall terminate only when the Participant is not a director, an employee or a consultant of the Company, as set forth in Section 1.6(c) of the Plan.

Appears in 2 contracts

Samples: Restricted Stock Grant Agreement (General Maritime Corp / MI), Restricted Stock Grant Agreement (General Maritime Corp / MI)

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