Common use of Work Permit Clause in Contracts

Work Permit. If the Grantee’s employment is terminated prior to the Vesting Date because the Company or any of its Subsidiaries is unable to obtain a work permit for the Grantee’s continued employment with the Company or any of its Subsidiaries in Bermuda and the Company does not offer to the Grantee a comparable position of employment by one of the Company’s Subsidiaries outside of Bermuda, then the restrictions described in Section 3 above will lapse with respect to 100% of the Target Restricted Stock as of the date of the Grantee’s termination of employment; provided, that, if the failure by the Company or any of its Subsidiaries to obtain such work permit is directly or indirectly related to any actions or omissions taken by the Grantee, as determined by the Committee in its sole discretion, then the Restricted Stock Award shall be immediately forfeited upon the date of termination.