Forfeiture of the Restricted Shares Clause Samples
The "Forfeiture of the Restricted Shares" clause defines the conditions under which an individual loses their rights to certain shares that are subject to restrictions, typically in the context of employee equity compensation. This clause usually specifies events such as termination of employment, failure to meet vesting requirements, or violation of company policies that would trigger the forfeiture. Its core practical function is to protect the company by ensuring that restricted shares are only fully granted to individuals who fulfill specific obligations or remain with the company for a designated period, thereby incentivizing retention and performance.
Forfeiture of the Restricted Shares. In the event of termination of Employee’s employment with the Company or any Subsidiary or affiliated company for any reason other than as otherwise provided in this Paragraph 3, Employee shall, for no consideration, forfeit all Restricted Shares to the extent they are not fully vested as of Employee’s termination date. Any question as to whether and when there has been a termination of such employment and the cause for such termination, shall be determined by the Committee, or its delegate, as appropriate, and its determination shall be final.
Forfeiture of the Restricted Shares. The Restricted Shares will be deemed forfeited by ▇▇. ▇▇▇▇▇▇▇ without any act by the Company or by ▇▇. ▇▇▇▇▇▇▇, and without the payment of any compensation to ▇▇. ▇▇▇▇▇▇▇ if any of the following events occurs while the Restricted Shares are still subject to the Restrictions:
(a) ▇▇. ▇▇▇▇▇▇▇ voluntarily resigns his employment; or
(b) ▇▇. ▇▇▇▇▇▇▇'▇ employment is terminated for Cause as that term is defined in the Employment Agreement.
Forfeiture of the Restricted Shares. The unvested Restricted Shares shall automatically be forfeited on the date that the Recipient ceases to be employed by the Company.
Forfeiture of the Restricted Shares. To the extent that the vesting of the Restricted Shares is not accelerated pursuant to Section 2(b) above, then the unvested Restricted Shares shall automatically be forfeited on the date that the Recipient ceases to perform services for the Company.
Forfeiture of the Restricted Shares. If you cease to be a director of the Company prior to the Expiration Date for any reason other than your death, permanent disability or a Change of Control of the Company, the Restricted Shares will be forfeited and returned to the Company without the payment of any compensation to you.