Common use of Without Cause; For Good Reason Clause in Contracts

Without Cause; For Good Reason. In the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant with Good Reason prior to the Vesting Date, a portion of the Restricted Stock shall become vested immediately prior to such termination of employment and all other shares of Restricted Stock, which have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date of such termination of employment and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. The number of shares to become vested immediately prior to such termination of employment shall be equal to 150,000 multiplied by a fraction, the denominator of which is 120 and the numerator of which is the number of completed months between the November 15, 2006 and the effective date of such termination of employment.

Appears in 1 contract

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

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Without Cause; For Good Reason. In the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant with Good Reason prior to the Vesting Date, a portion of the Restricted Stock shall become vested immediately prior to such termination of employment and all other shares of Restricted Stock, which have not become vested, together with any property received in respect of such shares, subject to and as set forth in Section 9 hereof, shall be forfeited as of the date of such termination of employment and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. The number of shares to become vested immediately prior to such termination of employment shall be equal to 150,000 240,000 multiplied by a fraction, the denominator of which is 120 and the numerator of which is the number of completed months between the November 15, 2006 2007 and the effective date of such termination of employment.

Appears in 1 contract

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

Without Cause; For Good Reason. In the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant with Good Reason prior to the Vesting Date, a portion of the Restricted Stock shall become vested immediately prior to such termination of employment and all other shares of Restricted Stock, which have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date of such termination of employment and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. The number of shares to become vested immediately prior to such termination of employment shall be equal to 150,000 multiplied by a fraction, the denominator of which is 120 and the numerator of which is the number of completed months between the November 15, 2006 Grant Date and the effective date of such termination of employment.

Appears in 1 contract

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

Without Cause; For Good Reason. In the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant with Good Reason prior to the Vesting Date, a portion of the Restricted Stock shall become vested immediately prior to such termination of employment and all other shares of Restricted Stock, which have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date of such termination of employment and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. The number of shares to become vested immediately prior to such termination of employment shall be equal to 150,000 77,908 multiplied by a fraction, the denominator of which is 120 115 and the numerator of which is the number of completed months between the November April 15, 2006 2007 and the effective date of such termination of employment.

Appears in 1 contract

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

Without Cause; For Good Reason. In the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant with Good Reason prior to the Vesting Date, a portion of the Restricted Stock shall become vested immediately prior to such termination of employment and all other shares of Restricted Stock, which have not become vested, together with any property received in respect of such shares, as set forth in Section 9 hereof, shall be forfeited as of the date of such termination of employment and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such shares. The number of shares to become vested immediately prior to such termination of employment shall be equal to 150,000 250,000 multiplied by a fraction, the denominator of which is 120 and the numerator of which is the number of completed months between the November 15, 2006 Grant Date and the effective date of such termination of employment.

Appears in 1 contract

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

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Without Cause; For Good Reason. In the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant with Good Reason prior to the Vesting Date, a portion of the Restricted Stock shall become vested immediately prior to such termination of employment and all other shares of Restricted Stock, which have not become vested, together with any property received in respect of such shares, as set forth in unvested shares held by the custodian pursuant to Section 9 hereof, shall be forfeited as of the date of such termination of employment and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such unvested shares. The number of shares to become vested immediately prior to such termination of employment shall be equal to 150,000 500,000 multiplied by a fraction, the denominator of which is 120 84 and the numerator of which is the number of completed months between the November 15, 2006 Grant Date and the effective date of such termination of employment.

Appears in 1 contract

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

Without Cause; For Good Reason. In the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant with Good Reason prior to the Vesting Date, a portion of the Restricted Stock shall become vested immediately prior to such termination of employment and all other shares of Restricted Stock, which have not become vested, together with any property received in respect of such shares, as set forth in unvested shares held by the custodian pursuant to Section 9 hereof, shall be forfeited as of the date of such termination of employment and the Participant promptly shall return to the Company any certificates evidencing such shares, together with any cash dividends or other property received in respect of such unvested shares. The number of shares to become vested immediately prior to such termination of employment shall be equal to 150,000 125,000 multiplied by a fraction, the denominator of which is 120 84 and the numerator of which is the number of completed months between the November 15, 2006 Grant Date and the effective date of such termination of employment.

Appears in 1 contract

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

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