Release or Surrender Sample Clauses
The Release or Surrender clause outlines the conditions under which a party may relinquish their rights or interests in a property, asset, or contractual obligation. Typically, this clause specifies the process for formally notifying the other party of the intent to release or surrender, any required documentation, and the effective date of the release. Its core practical function is to provide a clear mechanism for ending certain rights or obligations, thereby preventing disputes and ensuring both parties understand the process for relinquishing claims or interests.
Release or Surrender. The Restricted Shares, together with any other assets or securities held in escrow hereunder, shall be subject to the following terms and conditions relating to their release from escrow or their surrender to the Company for repurchase and/or cancellation:
(i) Upon any Restricted Shares becoming Vested Shares, all restrictions shall be removed from the certificates representing such Restricted Shares and the Secretary of the Company shall deliver to the Executive certificates representing such Vested Shares free and clear of all restrictions (except for any applicable securities law restrictions) within 10 business days following the date such Restricted Shares became Vested Shares.
(ii) Upon the Executive’s termination of employment with the Company pursuant to Section 6, any Restricted Shares that are Vested Shares on the date of termination, and any Restricted Shares that become Vested Shares as a result of such termination, shall be released from escrow and delivered to the Executive within 10 business days following the date such Restricted Shares became Vested Shares. All Restricted Shares that have not become Vested Shares shall be forfeited by the Executive in the manner set forth in Section 3(b)(iii).
(iii) Should the Executive forfeit any Restricted Shares pursuant to Section 6, then the escrowed certificates for such forfeited Restricted Shares shall be surrendered to the Company for cancellation concurrently with such forfeiture. Upon such forfeiture, the Executive shall cease to have any further rights or claims with respect to such forfeited Restricted Shares. To facilitate the performance or observance by the Executive of this Section 3(b)(iii), the Executive hereby irrevocably appoints (which appointment is coupled with an interest) the Secretary of the Company as the attorney-in-fact of the Executive to transfer any Restricted Shares so forfeited to the Company, and the Executive agrees that the transfer of stock certificates with respect to such forfeited Restricted Shares shall be specifically performable by the Company in a court of equity or law.