Common use of Forced Sale of Shares Clause in Contracts

Forced Sale of Shares. The Company has discretion to arrange for the sale of the Shares issued upon settlement of the RSUs, either immediately upon settlement or at any time thereafter. In any event, if Participant’s employment is terminated, Participant will be required to sell all Shares acquired upon settlement of the RSUs within such time period as required by the Company in accordance with SAFE requirements. Any Shares remaining in Participant’s brokerage account at the end of this period shall be sold by the broker (on Participant’s behalf and Participant hereby authorizes such sale). Participant agrees to sign any additional agreements, forms and/or consents that reasonably may be requested by the Company (or the Company’s designated broker) to effectuate the sale of Shares (including, without limitation, as to the transfer of the sale proceeds and other exchange control matters noted below) and shall otherwise cooperate with the Company with respect to such matters. Participant acknowledges that neither the Company nor the designated broker is under any obligation to arrange for the sale of Shares at any particular price (it being understood that the sale will occur in the market) and that broker’s fees and similar expenses may be incurred in any such sale. In any event, when the Shares are sold, the sale proceeds, less any withholding of Tax-Related Items, broker’s fees or commissions, and any similar expenses of the sale will be remitted to Participant in accordance with applicable exchange control laws and regulations. Due to fluctuations in the price of the Common Stock and/or the U.S. Dollar exchange rate between the settlement date and (if later) the date on which the Shares are sold, the sale proceeds may be more or less than the fair market value of the Shares on the vesting date (which is the amount relevant to determining Participant’s liability for Tax-Related Items). Participant understands and agrees that the Company is not responsible for the amount of any loss Participant may incur and that the Company assumes no liability for any fluctuation in the price of Common Stock and/or U.S. Dollar exchange rate.

Appears in 2 contracts

Samples: Global Restricted Stock Unit Award Agreement (Mosaic Co), Global Restricted Stock Unit Award Agreement (Mosaic Co)

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Forced Sale of Shares. The Company has discretion to arrange for the sale of the Shares issued upon settlement of the RSUs, either immediately upon settlement or at any time thereafter. In any event, if Participant’s your employment or service is terminated, Participant you will be required to sell all Shares acquired upon settlement of the RSUs within such time period as required by the Company in accordance with SAFE requirements. Any Shares remaining in Participant’s the brokerage account at the end of this period shall be sold by the broker (on Participant’s your behalf and Participant you hereby authorizes authorize such sale). Participant agrees You agree to sign any additional agreements, forms and/or consents that reasonably may be requested by the Company (or the Company’s designated broker) to effectuate the sale of Shares (including, without limitation, as to the transfer of the sale proceeds and other exchange control matters noted below) and shall otherwise cooperate with the Company with respect to such matters. Participant acknowledges You acknowledge that neither the Company nor the designated broker is under any obligation to arrange for the sale of Shares at any particular price (it being understood that the sale will occur in the market) and that broker’s fees and similar expenses may be incurred in any such sale. In any event, when the Shares are sold, the sale proceeds, less any withholding of Tax-Related Itemstax withholding, any broker’s fees or commissions, and any similar expenses of the sale will be remitted to Participant you in accordance with applicable exchange control laws and regulations. Due to fluctuations in the Share price of the Common Stock and/or the U.S. Dollar exchange rate between the settlement date and (if later) the date on which the Shares are sold, the sale proceeds may be more or less than the fair market value of the Shares on the vesting date Vesting Date (which is the amount relevant to determining Participant’s liability for Tax-Related Itemsyour tax liability). Participant understands You understand and agrees agree that the Company is not responsible for the amount of any loss Participant you may incur and that the Company assumes no liability for any fluctuation in the Share price of Common Stock and/or U.S. Dollar exchange rate.

Appears in 1 contract

Samples: Restricted Share Unit Award Agreement (Xiao-I Corp)

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Forced Sale of Shares. The Company has discretion to arrange for the sale of the Shares issued upon settlement of the RSUsOptions, either immediately upon settlement or at any time thereafter. In any event, if Participant’s your employment or service is terminated, Participant you will be required to sell all Shares acquired upon settlement of the RSUs Options within such time period as required by the Company in accordance with SAFE requirements. Any Shares remaining in Participant’s the brokerage account at the end of this period shall be sold by the broker (on Participant’s your behalf and Participant you hereby authorizes authorize such sale). Participant agrees You agree to sign any additional agreements, forms and/or consents that reasonably may be requested by the Company (or the Company’s designated broker) to effectuate the sale of Shares (including, without limitation, as to the transfer of the sale proceeds and other exchange control matters noted below) and shall otherwise cooperate with the Company with respect to such matters. Participant acknowledges You acknowledge that neither the Company nor the designated broker is under any obligation to arrange for the sale of Shares at any particular price (it being understood that the sale will occur in the market) and that broker’s fees and similar expenses may be incurred in any such sale. In any event, when the Shares are sold, the sale proceeds, less any withholding of Tax-Related Itemstax withholding, any broker’s fees or commissions, and any similar expenses of the sale will be remitted to Participant you in accordance with applicable exchange control laws and regulations. Due to fluctuations in the Share price of the Common Stock and/or the U.S. Dollar exchange rate between the settlement date and (if later) the date on which the Shares are sold, the sale proceeds may be more or less than the fair market value of the Shares on the vesting date Vesting Date (which is the amount relevant to determining Participant’s liability for Tax-Related Itemsyour tax liability). Participant understands You understand and agrees agree that the Company is not responsible for the amount of any loss Participant you may incur and that the Company assumes no liability for any fluctuation in the Share price of Common Stock and/or U.S. Dollar exchange rate.

Appears in 1 contract

Samples: Nonqualified Share Option Award Agreement (Xiao-I Corp)

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