Consequences of Forfeiture Sample Clauses

Consequences of Forfeiture. Subject to Section 3.2(d)(iv), upon the forfeiture of Class B Units, whether vested or unvested, on the termination of employment of a Service Member, such forfeited Class B Units shall be Transferred to the Managing Member.
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Consequences of Forfeiture. In the event a Class B Member’s Class B Units are forfeited pursuant to Section 6.02(b), (i) the exact number of Class B Units (if not a whole number) shall be determined by rounding to the nearest whole number of Class B Units, (ii) such Class B Member shall cease to hold such number of Class B Units, (iii) forfeited Class B Units shall be held in the treasury of the Company and thereafter may be awarded pursuant to a Plan and (iv) the Managing Member shall reflect the reduction of the number of units by revising the Register of Members. In addition, such Class B Member shall reasonably cooperate with the Managing Member to assist in the redemption of an equal number of Class B Shares held by such Class B Member.
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Consequences of Forfeiture. 33.1 Subject to the provisions of the Act, a share shall, on its forfeiture, become the property of the Company and all interest in and all claims and demands against the Company in respect of a share and all other rights and liabilities incidental to the share as between its holder and the Company shall, on its forfeiture, be extinguished and terminate except as otherwise stated in these Articles.
Sample 1
Consequences of Forfeiture. A. If IronBrand's Percentage Interest is reduced as a result of a forfeiture pursuant to Section 9.7, within ninety (90) days of such reduction IronBrand shall contribute to the capital of the Partnership that portion of any prior Distributions attributable to the forfeited portion of its Forfeitable Percentage Interest (excluding Preferred Equity) and, unless the election and full payment described in the following sentence is made, the Partnership shall Distribute to IronBrand an amount equal to that portion of IronBrand's Capital Contribution attributable to such forfeited portion (or the portion thereof not timely paid pursuant to the alternative provided in the next sentence). In lieu of the payment by the Partnership to IronBrand described in the preceding sentence, the General Partner and certain Limited Partners designated by the General Partner may elect to purchase the forfeited portion of IronBrand's Forfeitable Percentage Interest for the same amount that the Partnership would have paid to IronBrand pursuant to the preceding sentence. If, however, the alternative provided in the preceding sentence is not undertaken or satisfied, then each Partner other than IronBrand shall contribute to the Partnership his pro rata share of the amount Distributed to IronBrand by the Partnership with respect to the forfeited portion of IronBrand's Forfeitable Percentage Interest pursuant to this 9.8.A, which shall be in proportion to the ratio that such Partner's Percentage Interest on the date of such Distribution bears to the total Percentage Interests of all Partners other than IronBrand on such date. In either case, the Units attendant to the forfeited portion of IronBrand's Percentage Interest shall be cancelled by the Partnership and an equal number of new Units shall be issued to the other Partners in the same proportions as the additional Percentage Interest each such Partner receives as a result of the forfeiture. The intent of Section 9.7 and this Section 9.8.A is to realign the Common Capital Account balances and Units of the Partners after the forfeiture of a portion of IronBrand's Percentage Interest pursuant to Section 9.7 to what the respective balances of such Common Capital Account balances and Units otherwise would be if such forfeited portion of IronBrand's Percentage Interest had been issued to the other Partners on the date of such Distribution instead of to IronBrand and shall be interpreted consistent with such intent.
Sample 1
Consequences of Forfeiture. Upon the forfeiture of any Non-Voting Common Shares pursuant to Section 2, such forfeited Non-Voting Common Shares shall, without any further action by any party hereto, be treated as no longer outstanding for any purpose whatsoever and Executive shall not be entitled to any compensation, distributions or other rights in connection with such forfeited Non-Voting Common Shares. It is the intention of the parties hereto that for US federal income tax purposes the forfeiture of any Non-Voting Common Shares pursuant to Section 2 shall result in a deemed sale of such Non-Voting Common Shares to the Company for no consideration, and that the Capital Account (as defined in the LLC Agreement) of Executive at the time of such forfeiture shall be reduced by an amount equal to the portion of such Capital Account attributable to the forfeited Non-Voting Common Shares.
Sample 1
Consequences of Forfeiture. In the event a Class B Member’s Class B Units or a Class B-1 Member’s Class B-1 Units are forfeited pursuant to Section 6.02(b), (i) the exact number of Class B Units or Class B-1 Units (if not a whole number) shall be determined by rounding to the nearest whole number of Class B Units or Class B-1 Units, (ii) such Class B Member or Class B-1 Member shall cease to hold such number of Class B Units or Class B-1 Units, (iii) forfeited Class B Units and Class B-1 Units shall be held in the treasury of the Company and thereafter may be awarded pursuant to a Plan and (iv) the Managing Member shall reflect the reduction of the number of units by revising the Register of Members. In addition, such Class B Member shall reasonably cooperate with the Managing Member to assist in the redemption of an equal number of Class B Shares held by such Class B Member.
Sample 1
Consequences of Forfeiture. A person whose Shares have been forfeited shall cease to be a Shareholder in respect of those Shares and shall surrender the Share certificate for cancellation but shall remain liable to the Company for all moneys due to the Company at the date of forfeiture in respect of the Shares together with interest thereon.
Sample 1
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Related to Consequences of Forfeiture

  • Effect of Forfeiture If Restricted Shares are forfeited, and if the Grantee was required to pay for such shares or acquired such Restricted Shares upon the exercise of an Option, the Grantee shall be deemed to have resold such Restricted Shares to the Company at a price equal to the lesser of (x) the amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market Value of a Share on the date of such forfeiture. The Company shall pay to the Grantee the deemed sale price as soon as is administratively practical. Such Restricted Shares shall cease to be outstanding and shall no longer confer on the Grantee thereof any rights as a stockholder of the Company, from and after the date of the event causing the forfeiture, whether or not the Grantee accepts the Company’s tender of payment for such Restricted Shares.

  • Risk of Forfeiture Participant shall immediately forfeit all rights to any shares of the Restricted Stock which have not vested and with respect to which the restrictions thereon have not lapsed in the event of the termination, resignation, or removal of Participant from Employment with the Company or any Affiliate under circumstances that do not cause Participant to become fully vested, and the restrictions on such shares of Restricted Stock to lapse, under the terms of the Plan.

  • Allocation of Forfeitures NOTE: Subsections (a), (b) and (c) below apply to forfeitures of amounts other than Excess Aggregate Contributions.

  • Lapse of Forfeiture Restrictions The Forfeiture Restrictions -------------------------------- shall lapse as to the Restricted Shares in accordance with the following schedule provided that Employee has been continuously employed by the Company from the date of this Agreement through the lapse date: Percentage of Total Number of Restricted Shares as to Which Forfeiture Lapse Date Restrictions Lapse ---------- -------------------------- First Anniversary of the date of this Agreement 10% Second Anniversary of the date of this Agreement 10% Third Anniversary of the date of this Agreement 10% Fourth Anniversary of the date of this Agreement 10% Fifth Anniversary of the date of this Agreement 10% Sixth Anniversary of the date of this Agreement 10% Seventh Anniversary of the date of this Agreement 10% Eighth Anniversary of the date of this Agreement 10% Ninth Anniversary of the date of this Agreement 10% Tenth Anniversary of the date of this Agreement 10% Notwithstanding the foregoing, the Forfeiture Restrictions shall lapse as to all of the Restricted Shares on the earlier of (i) the occurrence of a Corporate Change (as such term is defined in the Plan), (ii) the date Employee's employment with the Company is terminated by reason of death, disability (as determined by the Company or employing subsidiary) or normal retirement on or after age sixty-five or (iii) the date on which Employee shall become entitled to the severance benefits set forth in Section 3.3 of that certain Executive Employment Agreement of even date herewith by and among Employee, NUMAR Corporation and the Company. In the event Employee's employment is terminated for any other reason, including retirement prior to age sixty-five with the approval of the Company or employing subsidiary, the Committee which administers the Plan (the "Committee") or its delegate, as appropriate, may, in the Committee's or such delegate's sole discretion, approve the lapse of Forfeiture Restrictions as to any or all Restricted Shares still subject to such restrictions, such lapse to be effective on the date of such approval or Employee's termination date, if later.

  • Expiration of Restrictions and Risk of Forfeiture Unless otherwise provided in Section 7 below, the restrictions on the Restricted Stock Units granted pursuant to this Agreement, including the Forfeiture Restrictions, will expire on September 30, 2014, and shares of Stock that are nonforfeitable and transferable will be issued to you in payment of your vested Restricted Stock Units as set forth in Section 5, provided that you remain in the continuous employ of, or a service provider to, the Company or its Subsidiaries until September 30, 2014.

  • Forfeiture Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture in accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 5.01(g) hereof, calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any.

  • Forfeiture Provisions The performance security shall contain forfeiture provisions for failure, after proper notice, to complete work within the time specified, or to initiate or maintain any actions which may be required of the applicant or owner in accordance with this ordinance, approvals issued pursuant to this ordinance, or an operation and maintenance agreement established pursuant to this ordinance.

  • Acceleration of Vesting Upon Change in Control [In the event that a Change in Control of the Company occurs during the Recipient’s Continuous Service, the shares of Restricted Stock subject to this Agreement shall become immediately vested as of the date of the Change in Control.]

  • Restrictions and Forfeiture (i) All Class B Units when issued shall be subject to forfeiture and shall constitute “Restricted Class B Units” and shall remain subject to forfeiture as provided in this Section 16.2(a) until the requirements of this Section 16.2(a) have been satisfied.

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