Common use of Release of Restrictions Clause in Contracts

Release of Restrictions. Subject to the provisions of paragraph 3 below, the restrictions described in 1 above shall be released with respect to 20% of the Award shares on , 40% of the Award shares on and the balance of the unreleased Award shares on , except as follows (the first two releases to be rounded down to the nearest whole share): (a) If the Grantee’s employment with the Company terminates by reason of death or Disability occurring on or after the Date of Award and on or before the third anniversary date thereof, the Restrictive Period shall terminate as to the difference between half the total number of Award Shares and those Shares previously released. The remaining shares shall be forfeited and returned to the Company. (b) If the Grantee’s employment with the Company is terminated by reason of death or Disability after the third anniversary of the Date of Award, the Restrictive Period shall immediately terminate as to all of the Award Shares not previously released. (c) If the Grantee’s employment is terminated by reason of Retirement prior to the last day of the Restrictive Period, the Restrictive Period shall terminate in accordance with the restriction release schedule set forth above as to the Award Shares not previously released. (d) If the Grantee’s employment with the Company terminates prior to the last day of the Restrictive Period for any reason other than death, Disability or Retirement, the Grantee shall forfeit and return to the Company all Award Shares not previously released from the restrictions of Section 2 hereof. (e) If at any time prior to release from restrictions hereunder, Grantee, without the Company’s express written consent, directly or indirectly, alone or as a member of a partnership, group, or joint venture or as an employee, officer, director, or stockholder of any corporation, or in any capacity engages in any activity which is competitive with any of the businesses conducted by the Company or its Affiliated Companies from time to time or at any time during the Grantee’s term of employment, the Grantee shall forfeit and return all Award Shares not previously released from the restrictions of Section 2 hereof.

Release of Restrictions. Subject to the provisions of paragraph 3 below, the restrictions described in 1 above shall be released with respect to 20____% on the ___________ anniversary of the Award shares Date of Award, ____% on , 40% the ___________ anniversary of the Award shares Date of Award, and with respect to the remaining ____% on and the balance ___________ anniversary of the unreleased Award shares on Date of Award, except as follows (the first two releases to be rounded down to the nearest whole share):follows: (a) If the Grantee’s employment with the Company terminates by reason of death or Disability occurring on or after the Date of Award and on or before the third anniversary date thereof, the Restrictive Period shall terminate as to the difference between half the total number of Award Shares and those Shares previously released. The remaining shares shall be forfeited and returned to the Company. (b) If the Grantee’s employment with the Company is terminated terminates by reason of death or Disability after the third anniversary of the Date of Award, the Restrictive Period shall immediately terminate as to all of the Award Shares not previously released. (c) If the Grantee’s employment is terminated by reason of Retirement prior to the last day of the Restrictive Periodrestrictive period, the Restrictive Period shall terminate in accordance with the restriction release schedule set forth above as to all of the Award Shares not previously released. (d) If In the event the Grantee’s employment with the Company terminates prior to the last day of the Restrictive Period for any reason other than death, Disability or Retirement, the Grantee shall forfeit and return to the Company all Award Shares not previously released from the restrictions of Section 2 1 hereof. (e) If at any time prior to release from restrictions hereunder, Grantee, without the Company’s express written consent, directly or indirectly, alone or as a member of a partnership, group, or joint venture or as an employee, officer, director, or stockholder of any corporation, or in any capacity engages in any activity which is competitive with any of the businesses conducted by the Company or its Affiliated Companies from time to time or at any time during the Grantee’s term of employment, the Grantee shall forfeit and return all Award Shares not previously released from the restrictions of Section 2 1 hereof.

Release of Restrictions. Subject to the provisions of paragraph 3 below, the restrictions described in 1 above shall be released with respect to 20% of the Award shares award on July 15, 2006, 40% of the Award shares award on July 15, 2008 and the balance 40% of the unreleased Award shares award on July 15, 2010, except as follows (the first two releases to be rounded down to the nearest whole share):follows: (a) If the Grantee’s employment with the Company terminates by reason of death or Disability occurring on or after the Date of Award and on or before the third anniversary date thereof, the Restrictive Period shall terminate as to the difference between half the total number of Award Shares and those Shares previously released. The remaining shares shall be forfeited and returned to the Company. (b) If the Grantee’s employment with the Company is terminated by reason of death or Disability after the third anniversary of the Date of Award, the Restrictive Period shall immediately terminate as to all of the Award Shares not previously released. (c) If the Grantee’s employment is terminated by reason of Retirement prior to the last day of the Restrictive Period, the Restrictive Period shall terminate in accordance with the restriction release schedule set forth above as to the Award Shares not previously released. (d) If the Grantee’s employment with the Company terminates prior to the last day of the Restrictive Period for any reason other than death, Disability or Retirement, the Grantee shall forfeit and return to the Company all Award Shares not previously released from the restrictions of Section 2 1 hereof. (e) If at any time prior to release from restrictions hereunder, Grantee, without the Company’s express written consent, directly or indirectly, alone or as a member of a partnership, group, or joint venture or as an employee, officer, director, or stockholder of any corporation, or in any capacity engages in any activity which is competitive with any of the businesses conducted by the Company or its Affiliated Companies from time to time or at any time during the Grantee’s term of employment, the Grantee shall forfeit and return all Award Shares not previously released from the restrictions of Section 2 1 hereof.

Release of Restrictions. Subject to the provisions of paragraph 3 below, the restrictions described in 1 above shall be released with respect to 20% 1/3 of the Award shares on , 40% each successive anniversary of the Award shares on and the balance Date of the unreleased Award shares on Award, except as follows (the first two releases to be rounded down to the nearest whole share):follows: (a) If the Grantee’s employment with membership on the Company Company’s Board of Directors terminates by reason of death or Disability occurring on or after the Date of Award and on or before the third second anniversary date thereof, the Restrictive Period shall terminate as to the difference between half the total number of Award Shares and those Shares previously released. The remaining shares shall be forfeited and returned to the Company. (b) If the Grantee’s employment with membership on the Company Company’s Board of Directors is terminated by reason of death or Disability after the third second anniversary of the Date of Award, the Restrictive Period shall immediately terminate as to all of the Award Shares not previously released. (c) If the Grantee’s employment membership on the Company’s Board of Directors is terminated by reason of Retirement prior to the last day of the Restrictive Period, the Restrictive Period shall terminate in accordance with the restriction release schedule set forth above as to the Award Shares not previously released. For purposes of this Agreement, Retirement means voluntary termination of membership on the Company’s Board of Directors at or after reaching the age of 65 with not less than five (5) consecutive years of service as a non-employee member of the Company’s Board of Directors. (d) If the Grantee’s employment with membership on the Company Company’s Board of Directors terminates prior to the last day of the Restrictive Period for any reason other than death, Disability or Retirement, the Grantee shall forfeit and return to the Company all Award Shares not previously released from the restrictions of Section 2 1 hereof. (e) If at any time prior to release from restrictions hereunder, Grantee, without the Company’s express written consent, directly or indirectly, alone or as a member of a partnership, group, or joint venture or as an employee, officer, director, or greater than 1% stockholder of any corporation, or in any capacity engages in any activity which is competitive with any of the businesses conducted by the Company or its Affiliated Companies from time to time or at any time during the Grantee’s term membership on the Company’s Board of employmentDirectors, the Grantee shall forfeit and return all Award Shares not previously released from the restrictions of Section 2 1 hereof.