Common use of Lapsing Forfeiture Right Clause in Contracts

Lapsing Forfeiture Right. Except as set forth in Subsections 2.1(b), (c), and (d) hereof, in the event that for any reason the Participant is no longer an Employee, Director or Consultant of the Company or an Affiliate (the “Termination”) prior to [INSERT THE DATE OF THE END OF THE VESTING PERIOD], the Participant (or the Participant’s Survivor) shall, on the date of Termination, immediately forfeit to the Company (or its designee) all of the Granted Shares that are then unvested in accordance with the schedule set forth below (the “Lapsing Forfeiture Right”): (i) If the Participant’s Termination is prior to the one-year anniversary of the Grant Date, all of the Granted Shares shall be forfeited to the Company. (ii) If the Participant’s Termination is on or after the one-year anniversary of the Grant Date, but prior to [ , 20 ], [ ]% of the Granted Shares shall be forfeited to the Company (rounded up to the next highest whole number of shares).