Forfeiture Upon Termination. In the event of the termination of Grantee’s Service by Grantee for any reason, upon the date of such termination (the “Termination Date”) all the Unvested Shares shall be forfeited to the Company. As a result of any forfeiture of Unvested Shares pursuant to this Section 5(a), the Company shall become the legal and beneficial owner of the Unvested Shares being forfeited and shall have all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the number of Unvested Shares being forfeited to the Company, without further action by Grantee.
Appears in 4 contracts
Samples: Restricted Stock Purchase Agreement (Technest Holdings Inc), Restricted Stock Purchase Agreement (Technest Holdings Inc), Restricted Stock Purchase Agreement (Technest Holdings Inc)
Forfeiture Upon Termination. In the event of the termination of Grantee’s Service by Grantee for any reasonreason other than Good Reason, or the termination of Grantee’s Service by the Company for Cause, upon the date of such termination (the “Termination Date”) all the Unvested Shares shall be forfeited to the Company. As a result of any forfeiture of Unvested Shares pursuant to this Section 5(a), the Company shall become the legal and beneficial owner of the Unvested Shares being forfeited and shall have all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the number of Unvested Shares being forfeited to the Company, without further action by Grantee.
Appears in 2 contracts
Samples: Restricted Stock Grant Agreement (Technest Holdings Inc), Restricted Stock Grant Agreement (Technest Holdings Inc)
