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MRO » Topics » Vesting and Forfeiture of Restricted Shares.

This excerpt taken from the MRO 8-K filed May 27, 2005.
Vesting and Forfeiture of Restricted Shares.

 

The Restricted Shares shall vest on the third anniversary of the Grant Date; provided, however, that the Participant must be in continuous Employment from the Grant Date through the vesting date in order for the Restricted Shares to vest.  If the Employment of the Participant is terminated for any reason (including Retirement) other than death, any Restricted Shares that have not vested as of the date of such termination of Employment shall be forfeited to the Corporation.

 

(b)                            The Restricted Shares shall immediately vest in full, irrespective of the limitations set forth in subparagraph (a) above, upon:

 

(i)  termination of the Participant’s Employment due to death; or

 

(ii) a Change in Control of the Corporation, provided that as of such Change in Control the Participant had been in continuous Employment since the Grant Date.

 

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