Suspension and Cancellation of Stock. (i) In the event the Company reasonably believes Advisor has committed an act of misconduct including, but limited to acts specified below, the Company may suspend Advisor’s right in his unvested Restricted Stock granted hereunder pending final determination by the Board of the Company (the “Board”). If Advisor is determined by the Board to have: (1) committed an act of embezzlement, fraud, dishonesty, breach of fiduciary duty to the Company or a subsidiary; (2) deliberately disregarded the rules or policies of the Company or a subsidiary which resulted in loss, damage or injury to the Company or a subsidiary; (3) made any unauthorized disclosure of any trade secret or confidential information of the Company or a subsidiary; (4) induced any partner, collaborator, client or customer of the Company or a subsidiary to break any contract with the Company or a subsidiary or induced any principal for whom the Company or a subsidiary acts as agent to terminate such agency relations; (5) engaged in any substantial conduct which constitutes unfair competition with the Company or a subsidiary; or (6) violated any requirement of the Foreign Corrupt Practices Act or any analogous foreign regulations, neither Advisor nor Advisor’s estate shall be entitled to shares of unvested Restricted Stock. The determination of the Board shall be final and conclusive. In making its determination, the Board shall give the Advisor an opportunity to appear and be heard at a hearing before the full Board and present evidence on Advisor’s behalf.
Appears in 4 contracts
Samples: Board Advisory Agreement (First China Pharmaceutical Group, Inc.), Board Advisory Agreement (XcelMobility Inc.), Board Advisory Agreement (XcelMobility Inc.)
