Automatic Forfeiture Clause Samples
The Automatic Forfeiture clause stipulates that certain rights, assets, or benefits are immediately lost or surrendered upon the occurrence of a specified event, such as a breach of contract or failure to meet agreed conditions. In practice, this means that if a party violates a key term—like missing a payment deadline or violating a non-compete provision—they automatically forfeit their claim to a benefit, such as stock options or contractual rights, without the need for further action by the other party. This clause serves to enforce compliance and deter breaches by establishing clear, immediate consequences for non-performance.
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Automatic Forfeiture. Automatic forfeiture of any pay and allowances I am due during my enlistment (in the amount of $____ per month) will be deferred and waived provided that I establish and maintain a dependent’s allotment in the total amount of the deferred and waived forfeiture amount during the entire period of deferment. I understand that my enlistment is projected to end on _________ and that if I am in confinement after that date, I will not receive any pay and allowances pursuant to Paragraph 010402, Volume 7A, DoD 7000.14-R, Financial Management Regulations (series). This Agreement constitutes my request for, and the convening authority’s approval of, deferment and waiver of automatic forfeitures (in the amount of $_____ per month) pursuant to Article 58b(a)(1), UCMJ. The period of deferment will run from the date automatic forfeiture would otherwise become effective under Article 58b(a)(1), UCMJ, until the date the convening authority acts on the sentence. The deferred and waived forfeiture shall be paid to __________, who is my dependent. I must provide proof of this allotment to the convening authority before the convening authority acts to defer any adjudged forfeitures under this Agreement. I agree to notify the convening authority in writing if the Department of Defense fails to defer or waive the forfeitures. I understand that the period of waiver may not exceed six (6) months from the date of convening authority’s action. The convening authority agrees that the period of waiver will run for ___ months from the date of the convening authority’s action.
Automatic Forfeiture. Unless otherwise determined by the Board on or prior to the second anniversary of the Effective Date, in the event that none of a Qualifying Termination, Equity Investment, Sale of the Company, Corporate Conversion or Initial Public Offering occurs on or prior to the second anniversary of the Effective Date, then any then-Unvested Units automatically shall be forfeited for no consideration.
Automatic Forfeiture. Upon the closing of a Business Combination, each Selling Party shall, at the direction of the Acquirer, forfeit and surrender for cancellation, for no additional consideration, the number of securities set forth in the following table (the “Forfeiture”): P▇▇▇▇ ▇▇▇▇▇▇▇▇ 61,125 * Baroness R▇▇▇ ▇▇▇▇▇▇▇▇-▇▇▇▇▇ 91,688 * P▇▇ ▇▇▇▇▇▇▇ 3,827 * L▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ 3,827 * A▇▇▇ ▇▇▇▇▇▇▇▇▇ 3,827 * Europe Acquisition Holdings Limited 752,582 1,002,000
Automatic Forfeiture. Tenant shall be in default of this Lease if Tenant fails to fulfill any lease obligation or term by which Tenant is bound. Subject to any governing provisions of law to the contrary, if Tenant fails to cure any financial obligation within 10 days (or any other obligation within 10 days) after written notice from Landlord, Tenant shall be deemed to have
Automatic Forfeiture. In the event of a voluntary or involuntary termination of Purchaser’s employment or consulting relationship with the Company for any reason (including death or disability), with or without cause, Purchaser shall forfeit (“Automatic Forfeiture”), upon the date of such termination (the “Termination Date”), all or any portion of the Shares held by Purchaser as of the Termination Date which have not yet been released from the Automatic Forfeiture.
Automatic Forfeiture. Tenant shall be in default of this Lease if Tenant fails to fulfill any lease obligation or term by which Tenant is bound. Subject to any governing provisions of law to the contrary, if Tenant fails to cure any financial obligation within 10 days (or any other obligation within 10 days) after written notice from Landlord, Tenant shall be deemed to have forfeited the Lease, and Landlord shall have the right to initiate eviction proceedings against Tenant without further notice and without prejudicing Landlord's rights to damages. Acceptance by ▇▇▇▇▇▇▇▇ of previously due rent payments does not constitute waiver of Landlord's rights under this provision.
