Forfeiture of Restricted Units. (a) The Restricted Units that have not yet vested pursuant to Section 2 shall be forfeited automatically without further action or notice if the Grantee ceases to be employed by the Company other than as provided in Section 2(b) or (c) hereof.
Forfeiture of Restricted Units. If a Forfeiture Event occurs, then Executive shall, for no consideration, automatically forfeit to the Partnership as of the date such event occurs all then Restricted Units of Executive on such date, and neither the Executive nor any of his successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such Restricted Units or the certificates representing such Restricted Units; provided, however, if such Forfeiture Event is termination of Executive’s employment by the Company or any of its Affiliates without Cause, or by Executive for Good Reason, then for all purposes of this Agreement, such Forfeiture Event shall be suspended and shall not be deemed to occur until the 180th day after the date of such termination unless, during such 180-day period, (x) Executive shall breach in any material respect any confidentiality obligation to the Company or any of its Affiliates or (y) any of the events described in clause (ii) or (iii) of the definition of “Cause” shall occur, in which case (1) for all purposes of this Agreement, such Forfeiture Event shall be deemed to have occurred on the date of such termination (but after giving effect to any Earned Units becoming Vested Units as a result of such termination) and (2) any Granted Unit which otherwise would have become an Earned Unit or a Vested Unit during such suspension period shall be deemed to be a Restricted Unit for all purposes under this Agreement and, for the avoidance of doubt, shall (together with all other Restricted Units) be forfeited to the Partnership, for no consideration, effective as of such date of termination.
Forfeiture of Restricted Units. In the event of a termination of the Participant’s Service for any reason, all Restricted Units that have not vested prior to such termination of Service shall thereupon automatically be forfeited by the Participant without further action and for no consideration.
Forfeiture of Restricted Units. (a) If the Participant experiences a Termination Event by reason of such Person’s: (i) conviction of, or plea of nob contendere to, any felony or other crime or offense causing substantial harm to the Company or its Affiliates or involving acts of theft, fraud, embezzlement, moral turpitude, or similar conduct; (ii) repeated intoxication by alcohol or drugs while performing such Person’s duties in a manner that materially and adversely affects such performance; (iii) malfeasance, in the conduct of such Person’s duties, including, but not limited to, (A) misuse or diversion of funds or property of the Company or its Affiliates, (B) embezzlement, or (C) misrepresentations or concealments, including without limitation on any written reports submitted to the Company or its Affiliates; (iv) material violation of any provision of this Agreement; or (v) failure to perform such Person’s duties or failure to follow or comply with the reasonable and lawful written directives of the Manager, in either case contemplated in this clause (v) after such Person has received written notice of such material failure (“Cause”), then on the Termination Date, the Participant shall forfeit to the Company without consideration all of the Restricted Units (including Restricted Units that remain Unvested Restricted Units and Restricted Units that have become Vested Restricted Units) and all rights arising from such Restricted Units and from being a holder of such Restricted Units (including the rights to any Retained Distributions). The forfeiture of Restricted Units subject to the terms and conditions of this Section 5(a) shall occur immediately and without further action of the Company, the Participant, or any other person upon the termination giving rise to such forfeitures.
Forfeiture of Restricted Units. Notwithstanding any provision to the contrary contained in this Agreement, any and all Restricted Units which have not become unrestricted in accordance with Section 3 or 4 hereof shall be forfeited and shall revert to the Partnership upon the termination of employment or services with the Partnership, modiv, LLC, or any of their respective affiliates of the Grantee's employment for Cause.
Forfeiture of Restricted Units. In the event the Recipient’s employment or service with Company or (as applicable) one of its subsidiaries is terminated due to the Recipient’s early retirement, normal retirement, for cause or by the Recipient’s resignation, such event shall constitute an “Event of Forfeiture” and all Units which at that time are Restricted Units shall thereupon be forfeited by the Recipient to the Company without payment of any consideration by the Company, and neither the Recipient nor any heir, personal representative, successor or assign of the Recipient shall have any right, title or interest in or to such Restricted Units or any other property.
Forfeiture of Restricted Units. Subject to Section 6 below, in the event the Executive’s employment with the Company and its subsidiaries is terminated for any reason, such event shall constitute an “Event of Forfeiture” and all Units which at that time are Restricted Units shall thereupon be forfeited by the Executive to the Company without payment of any consideration by the Company, and neither the Executive nor any heir, personal representative, successor or assign of the Executive shall have any right, title or interest in or to such Restricted Units or any other property.
Forfeiture of Restricted Units
