Common use of Forfeiture; Early Vesting Clause in Contracts

Forfeiture; Early Vesting. If Participant ceases to be an employee of or provide service to the Company or any Subsidiary prior to vesting of the Shares pursuant to Sections 2 or 4 hereof, all of Participant’s rights to all of the unvested Shares shall be immediately and irrevocably forfeited, except that if Participant ceases to be an employee or provide service by reason of death, Disability or Retirement prior to the vesting of Shares under Sections 2 or 4 hereof, then such vesting shall accelerate in accordance with Section 9.1 of the Plan. Upon forfeiture, Participant will no longer have any rights relating to the unvested Shares, including, without limitation, the right to vote the Shares and the right to receive dividends, if any, declared on the Shares.

Appears in 5 contracts

Samples: Restricted Stock Award Agreement (Verso Technologies Inc), Restricted Stock Award Agreement (Verso Technologies Inc), Restricted Stock Award Agreement (Verso Technologies Inc)

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Forfeiture; Early Vesting. If Participant ceases to be an employee of or provide service Service to the Company or any Subsidiary Affiliate (as defined in the Plan) prior to vesting of the Shares pursuant to Sections Section 2 or 4 hereof, all of Participant’s 's rights to all of the unvested Shares shall be immediately and irrevocably forfeitedforfeited to the Company without payment by the Company of any amount with respect thereto, except that if Participant ceases to be an employee or provide service Service by reason of death, Disability or Retirement death prior to the vesting of Shares under Sections Section 2 or 4 hereof, then all Shares granted hereunder shall vest as of such vesting shall accelerate in accordance with Section 9.1 termination of the PlanService. Upon forfeiture, Participant will no longer have any rights relating to the unvested Shares, including, without limitation, including the right to vote the Shares and the right to receive dividends, if any, dividends declared on the Shares.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (Ensign Group, Inc)

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Forfeiture; Early Vesting. If Participant ceases to be an employee of or provide service to the Company or any Subsidiary Eligible Person prior to vesting of the Shares pursuant to Sections Section 2 or 4 hereof, all of Participant’s 's rights to all of the unvested Shares shall be immediately and irrevocably forfeitedforfeited to the Company without payment by the Company of any amount with respect thereto, except that if Participant ceases to be an employee or provide service Eligible Person by reason of death, Disability or Retirement death prior to the vesting of Shares under Sections Section 2 or 4 hereof, then all Shares granted hereunder shall vest as of such vesting shall accelerate in accordance with Section 9.1 of the Plantermination. Upon forfeiture, Participant will no longer have any rights relating to the unvested Shares, including, without limitation, including the right to vote the Shares and the right to receive dividends, if any, dividends declared on the Shares.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (Contact Gold Corp.)

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