Effect of Forfeiture. If Performance Shares are forfeited, then, effective as of the time of forfeiture, such Performance Shares shall be automatically and immediately cancelled and forfeited to the Company and shall no longer be outstanding, without payment of any consideration by the Company and without the need for notice from or any further action by the Company, and neither the Grantee nor any of Grantee’s successors, heirs, assigns or personal representatives shall thereafter have any further right, title or interest in or to such forfeited Performance Shares or the benefits of ownership thereof.
Appears in 15 contracts
Samples: Performance Shares Agreement (Optex Systems Holdings Inc), Confidential (Superior Group of Companies, Inc.), Confidential (Superior Group of Companies, Inc.)
