Automatic Forfeiture. Unless otherwise determined by the Board on or prior to the second anniversary of the Effective Date, in the event that none of a Qualifying Termination, Equity Investment, Sale of the Company, Corporate Conversion or Initial Public Offering occurs on or prior to the second anniversary of the Effective Date, then any then-Unvested Units automatically shall be forfeited for no consideration.
Appears in 2 contracts
Sources: Incentive Unit Award Agreement (Switch, Inc.), Incentive Unit Award Agreement (Switch, Inc.)