Common use of Forfeiture Restrictions Clause in Contracts

Forfeiture Restrictions. The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or otherwise disposed of (any such sale, assignment, pledge, exchange, hypothecation or other transfer, encumbrance or disposition being referred to herein as a “Transfer”) to the extent then subject to the Forfeiture Restrictions (as hereinafter defined), and in the event of termination of the Employee’s employment with the Company for any reason whatsoever, the Employee shall, for no consideration, forfeit to the Company all Restricted Shares then subject to the Forfeiture Restrictions, except to the extent that such Forfeiture Restrictions lapse upon such termination in accordance with Section 2(b) hereof. The prohibition against Transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon termination of employment are herein referred to as the “Forfeiture Restrictions.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Shares. For purposes of this Agreement, the following terms shall have the meanings indicated below:

Forfeiture Restrictions. The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or otherwise disposed of (any such sale, assignment, pledge, exchange, hypothecation or other transfer, encumbrance or disposition being referred to herein as a “Transfer”) to the extent then subject to the Forfeiture Restrictions (as hereinafter defineddefined below), and in . In the event of termination of the Employee’s employment with the Company or any of its Affiliates prior to Employee’s Fourth Anniversary (as defined below) for any reason whatsoeverother than an Involuntary Termination, the Employee shall, for no consideration, forfeit to the Company all of the Restricted Shares. In the event of termination of Employee’s employment with the Company or any of its Affiliates prior to Employee’s Fourth Anniversary due to an Involuntary Termination, the Employee shall, for no consideration, forfeit to the Company all of the Restricted Shares with respect to which the Forfeiture restrictions do not lapse pursuant to Section 3(b)(ii) below and that are therefore then subject to the Forfeiture Restrictions, except to the extent that such Forfeiture Restrictions lapse upon such termination in accordance with Section 2(b) hereof. The prohibition against Transfer transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon such a termination of employment are herein referred to as the “Forfeiture Restrictions.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Shares. For purposes of this Agreement, the following terms shall have the meanings indicated below:.