Forfeiture definition

Forfeiture means that portion of a Participant's Account that is not Vested, and occurs on the earlier of:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Forfeiture means the permanent deprivation of property by order of a court or other competent authority;

Forfeiture means that portion of a Participant's Account that is not Vested and is disposed of in accordance with the provisions of the Plan.

Examples of Forfeiture in a sentence

• If an Objection Notice is not delivered by the Escrowed Seller to the SPAC and the SPAC Representative within fifteen (15) Business Days following the date of delivery of such Forfeiture Notice, then the Escrowed Seller will have waived its right to contest such Forfeiture Notice and the calculation of the applicable Liabilities of the Target Companies set forth therein and the determination of whether a Forfeiture Event has occurred, in each case, as set forth therein.

• If the Escrowed Seller has any objections to a Forfeiture Notice, the Escrowed Seller shall deliver to SPAC, the SPAC Representative and the Escrow Agent a written notice (an “Objection Notice”) setting forth its objections thereto in reasonable detail (provided, that the copy provided to the Escrow Agent may be redacted for confidential information of SPAC and its Subsidiaries).

• The Independent Expert will determine only those issues still in dispute with respect to such Forfeiture Notice as of the Independent Expert Notice Date and the Independent Expert's determination will be based solely upon and consistent with the terms and conditions of this Agreement.

• All decisions and actions by the SPAC Representative, including any agreement between the SPAC Representative and the Company or the Escrowed Seller relating to the determination or settlement of any claims with respect to any Forfeiture Event or the Escrow Account pursuant to Section 1.15, shall be binding upon SPAC and its Subsidiaries, successors and assigns, and neither they nor any other Party shall have the right to object, dissent, protest or otherwise contest the same.

More Definitions of Forfeiture

Forfeiture means that portion of a Participant's Account that is not Vested and is disposed of in accordance with the provisions of the Plan. Unless otherwise elected in the Adoption Agreement, Forfeitures occur pursuant to (a) below.

Forfeiture. Means that portion of a Participant's Individual Account derived from Employer Contributions which he or she is not entitled to receive (i.e., the nonvested portion).

Forfeiture means the official transfer of property to the State;

Forfeiture means the transfer by the Management Stockholder to the Company of Restricted Stock in exchange for the Purchase Price and the forfeiture by the Management Stockholder of any and all rights, interests and claims in respect of such shares of Restricted Stock upon the occurrence of an event specified in, and to the extent provided in, Section 2. “Forfeited” shall have a corollary meaning when used herein.

Forfeiture means any forfeiture of RSUs pursuant to Section 2.

Forfeiture means the shares of the Company being surrendered and cancelled, which shall take effect as a surrender and cancellation for no consideration as a matter of Cayman Islands law.

Forfeiture means that portion of a Participant’s Account that is not Vested, and which becomes a Forfeiture at the time described below: