Common use of Forfeiture of Unvested Performance Shares Clause in Contracts

Forfeiture of Unvested Performance Shares. Except as otherwise provided by Section 8, on the Initial Vesting Date, the Participant shall forfeit and the Company shall automatically reacquire all Performance Shares subject to the Award set forth in column 3 of the table in the Grant Notice. In addition, and subject to the provisions of any employment, service or other agreement between the Participant and a Participating Company, in the event that the Participant’s Service terminates for any reason or no reason, with or without cause, the Participant shall forfeit and the Company shall automatically reacquire all Performance Shares which are not, as of the time of such termination, Vested Performance Shares. The Participant shall not be entitled to any payment for any forfeited Performance Shares.