Common use of Forfeiture of the Shares Clause in Contracts

Forfeiture of the Shares. Shares that are not vested and nonforfeitable pursuant to Sections 2(a), (b) or (c) as of the date of termination of Participant’s employment by, or provision of services to, the Company and its Affiliates will be forfeited automatically at the close of business on that date (immediately upon notice of termination for Cause). In no event may the Shares become vested and nonforfeitable, in whole or in part, after forfeiture pursuant to this Section 4.

Appears in 3 contracts

Samples: Restricted Stock Agreement (Mimedx Group, Inc.), Restricted Stock Agreement (Mimedx Group, Inc.), Restricted Stock Agreement (Mimedx Group, Inc.)

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Forfeiture of the Shares. Shares that are not vested and nonforfeitable pursuant to Sections 2(a), (b) or (c) as of the date of termination of Participant’s employment by, or provision service as a non‑employee director of services to, the Company and its Affiliates or full performance of the obligations in Section 4, above, through the end of the vesting period, as applicable, will be forfeited automatically at the close of business on that date (immediately upon removal or notice of termination for Cause). In no event may the Shares become vested and nonforfeitable, in whole or in part, after forfeiture pursuant to this Section 45.

Appears in 1 contract

Samples: Restricted Stock Agreement (Mimedx Group, Inc.)

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