Forfeiture Right Clause Samples
Forfeiture Right. Except as provided in Section 4, in the event Grantee ceases to be a Service Provider, all Shares of Restricted Stock shall be automatically forfeited to the Company and the Company shall pay no consideration (and Grantee shall receive no consideration) for such Restricted Stock (the "Forfeiture Right"). On such date, the Company shall become the legal and beneficial owner of the Restricted Stock and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Shares of Restricted Stock being forfeited to the Company.
Forfeiture Right. (i) In the event of the voluntary or involuntary termination of Participant’s service as a director of the Company for any reason (including death or disability), the Company shall upon the date of such termination (the “Termination Date”) have an irrevocable, exclusive right (the “Forfeiture Right”) to require forfeiture of the Shares held by Participant as of the Termination Date for which the Forfeiture Right has not expired.
(ii) The Forfeiture Right shall be exercised by the Company by written notice at any time following the Termination Date to Participant or Participant’s executor. Upon delivery of such notice, the Shares shall become authorized but unissued capital stock of the Company, without further action by Participant.
(iii) The Shares shall be released from the Forfeiture Right on the following schedule: .
Forfeiture Right. Upon the occurrence of a Termination Event, the Holder and his Permitted Transferees shall automatically, and without any further action on the part of the parties, be deemed to have forfeited all of the Restricted Units that are not Vested Units held by the Holder or such Permitted Transferees (as applicable) as of the date of such Termination Event, after giving effect to any acceleration of vesting described in the definition of Restricted Units above. The Holder and each Permitted Transferee acknowledges and agrees that the Company shall have the authority to record the forfeiture of any Units pursuant to this Section 2 in the books and records of the Company (including the schedules and exhibits to the LLC Agreement) without any action on the part of the Holder or such Permitted Transferee, as applicable.
Forfeiture Right. If Participant’s service as an Employee, Director or Consultant terminates for any reason, then all of Participant’s Unvested Shares, as of the Participant’s Termination Date, will be automatically forfeited (the “Forfeiture Right”). This means that such Unvested Shares will immediately revert to the Company. The US-DOCS\109527166.2 Participant will receive no payment for Unvested Shares that are forfeited. The Company determines the Participant’s Termination Date for this purpose and all purposes under the Plan and its determinations are conclusive and binding on all persons.
Forfeiture Right. (i) In the event of the voluntary or involuntary termination of Recipient’s service as an employee of the Company for any reason (including death or disability), the Company shall upon the date of such termination (the “Termination Date”) have an irrevocable, exclusive right (the “Forfeiture Right”) to require forfeiture of the Shares held by Recipient as of the Termination Date for which the Forfeiture Right has not expired.
(ii) The Forfeiture Right shall be exercised by the Company by written notice at any time following the Termination Date to Recipient or Recipient’s executor. Upon delivery of such notice, the Shares shall become authorized but unissued capital stock of Lenco, without further action by Recipient.
(iii) All of the Shares shall initially be subject to the Forfeiture Right. All of the Shares shall be released from the Forfeiture Right on the date that is one (1) year after the date of the Agreement.