Forfeiture of Released Shares in Connection with Termination without Good Reason. If a Termination Event occurs prior to an IRR Release Date and the termination was by the Management Stockholder without Good Reason and the Company does not exercise the Repurchase Option, then on the later to occur of (i) the ninety-first (91st) day following the Termination Event or (ii) the third (3rd) Business Day following the determination of Fair Market Value, the Management Stockholder will automatically Forfeit a number of shares of Restricted Stock with an aggregate Fair Market Value equal to the aggregate Management Investment Amount applicable to the shares of Restricted Stock then held by such Management Stockholder, provided that such number of shares shall in no event exceed two-thirds (2/3) of the total number of shares of Restricted Stock held by such Management Stockholder. If a Termination Event occurs following an IRR Release Date and the termination was by the Management Stockholder without Good Reason, then on the later to occur of (i) the thirty-first (31st) day following the Termination Event or (ii) the third (3rd) Business Day following the determination of Fair Market Value, the Management Stockholder will automatically Forfeit a number of shares of Restricted Stock with an aggregate Fair Market Value equal to the aggregate Management Investment Amount applicable to the shares of Restricted Stock then held by such Management Stockholder, provided that such number of shares shall in no event exceed two-thirds (2/3) of the total number of shares of Restricted Stock held by such Management Stockholder.
Appears in 4 contracts
Samples: Restricted Stock Agreement (NewStar Financial, Inc.), Restricted Stock Agreement (NewStar Financial, Inc.), Restricted Stock Agreement (NewStar Financial, Inc.)
