Effect of Forfeiture. If Restricted Stock is forfeited, then, effective as of the time of forfeiture, such Restricted Stock shall be automatically and immediately cancelled and forfeited to the Company and shall no longer be outstanding, without payment of any consideration by the Company and without the need for notice from or any further action by the Company, and neither the Grantee nor any of Grantee’s successors, heirs, assigns or personal representatives shall thereafter have any further right, title or interest in or to such forfeited Restricted Stock or the benefits of ownership thereof.
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Samples: Restricted Stock Agreement (Optex Systems Holdings Inc), Restricted Stock Agreement (Superior Group of Companies, Inc.), Restricted Stock Agreement (Superior Group of Companies, Inc.)
Effect of Forfeiture. If Restricted Stock is forfeited, then, effective as of the time of forfeiture, such Restricted Stock shall cease to be automatically and immediately cancelled and forfeited to the Company outstanding, and shall no longer be outstanding, without payment confer on the Grantee thereof any rights as a stockholder of any consideration by the Company and without the need for notice from or any further action by the Company, from and neither after the date of the event causing the forfeiture, whether or not the Grantee nor any accepts the Company’s tender of Grantee’s successors, heirs, assigns or personal representatives shall thereafter have any further right, title or interest in or to payment for such forfeited Restricted Stock or the benefits of ownership thereofStock.
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