Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation or an Affiliate or during the 12-month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then (A) the Option shall immediately be terminated and forfeited in its entirety, (B) any Shares shall immediately be forfeited and returned to the Corporation (without the payment by the Corporation of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, and (C) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the Corporation.
Appears in 5 contracts
Samples: Stock Option Agreement (Charles & Colvard LTD), Stock Option Agreement (Charles & Colvard LTD), Employee Incentive Stock Option Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation or an Affiliate or during the 12-month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then (A) the Option Award shall immediately be terminated and forfeited in its entirety, (B) any Shares, regardless of whether such Shares are vested or unvested, shall immediately be forfeited and returned to the Corporation (without the payment by the Corporation of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, and (C) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the Corporation.
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Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation or an Affiliate or during the 12-month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (Ai) the Option Award shall immediately be terminated and forfeited in its entirety, (Bii) any Shares, regardless of whether such Shares are vested or unvested, shall immediately be forfeited and returned to the Corporation (without the payment by the Corporation of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, and (Ciii) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the Corporation.
Appears in 1 contract
Samples: Restricted Stock Award Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation or an Affiliate or during the 12-12- month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then (A) the Option Award shall immediately be terminated and forfeited in its entirety, (B) any Shares, regardless of whether such Shares are vested or unvested, shall immediately be forfeited and returned to the Corporation (without the payment by the Corporation of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, and (C) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the Corporation.
Appears in 1 contract
Samples: Restricted Stock Award Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s service to or employment with or service to the Corporation Company or an Affiliate or during the 12-month period following termination of service or employment or service for any reason (regardless of whether such termination was by the Corporation Company or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (A) the Option shall immediately be terminated and forfeited in its entirety, ; (B) any Shares shall immediately be forfeited and returned to the Corporation Company (without the payment by the Corporation Company of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, ; and (C) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the CorporationCompany.
Appears in 1 contract
Samples: Incentive Stock Option Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation Company or an Affiliate or during the 12-month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation Company or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (A) the Option shall immediately be terminated and forfeited in its entirety, ; (B) any Shares shall immediately be forfeited and returned to the Corporation Company (without the payment by the Corporation Company of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, ; and (C) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the CorporationCompany.
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s service to or employment with or service to the Corporation Company or an Affiliate or during the 12-month period following termination of such service or employment or service for any reason (regardless of whether such termination was by the Corporation Company or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (A) the Option shall immediately be terminated and forfeited in its entirety, ; (B) any Shares shall immediately be forfeited and returned to the Corporation Company (without the payment by the Corporation Company of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, ; and (C) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the CorporationCompany.
Appears in 1 contract
Samples: Nonqualified Stock Option Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation or an Affiliate or during the 12-month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (Ai) the Option shall immediately be terminated and forfeited in its entirety, ; (Bii) any Shares shall immediately be forfeited and returned to the Corporation (without the payment by the Corporation of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, ; and (Ciii) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the Corporation.
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Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation or an Affiliate or during the 12-month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (Ai) the Option Award shall immediately be terminated and forfeited in its entirety, (Bii) any Shares, regardless of whether such Shares are vested or unvested, shall immediately be forfeited and returned to the Corporation (without the payment by the Corporation of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, and (Ciii) any Gain (as defined hereinbelow) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the Corporation.
Appears in 1 contract
Samples: Restricted Stock Award Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s service to or employment with or service to the Corporation Company or an Affiliate or during the 12-month period following termination of service or employment or service for any reason (regardless of whether such termination was by the Corporation Company or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (A) the Option shall immediately be terminated and forfeited in its entirety, ; (B) any Shares shall immediately be forfeited and returned to the Corporation Company (without the payment by the Corporation Company of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, ; and (C) any Gain (as defined herein) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the CorporationCompany.
Appears in 1 contract
Samples: Agreement (Charles & Colvard LTD)
Forfeiture of Shares and/or Gain from Shares. (a) Notwithstanding any other provision of this Agreement, if, at any time during the Participant’s employment with or service to the Corporation Company or an Affiliate or during the 12-month period following termination of employment or service for any reason (regardless of whether such termination was by the Corporation Company or the Participant, and whether voluntary or involuntary), the Participant engages in a Prohibited Activity (as defined herein), then then: (Ai) the Option Award shall immediately be terminated and forfeited in its entirety, (Bii) any Shares, regardless of whether such Shares are vested or unvested, shall immediately be forfeited and returned to the Corporation Company (without the payment by the Corporation Company of any consideration for such Shares), and the Participant shall cease to have any rights related thereto and shall cease to be recognized as the legal owner of such Shares, and (Ciii) any Gain (as defined hereinbelow) realized by the Participant with respect to any Shares shall immediately be paid by the Participant to the CorporationCompany.
Appears in 1 contract
Samples: Restricted Stock Award Agreement (Charles & Colvard LTD)