Common use of Lapsing Forfeiture Right Clause in Contracts

Lapsing Forfeiture Right. In the event that for any reason the Participant is no longer an employee, director or Consultant of the Company or an Affiliate prior to [last date any shares shall be forfeited to the Company] (the “Termination”), 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 which have not yet lapsed in accordance with the schedule set forth below (the “Lapsing Forfeiture Right”). The Company’s Lapsing Forfeiture Right is as follows: (i) If the Participant’s Termination is prior to [the first 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 first anniversary of the Grant Date] but prior to [date], [__]% of the Granted Shares shall be forfeited to the Company (rounded up to the next highest whole number of shares).

Lapsing Forfeiture Right. In Except as otherwise set forth in Sections 2(b),(c) and (d) below, in the event that for any reason the Participant is no longer an employee, director or Consultant consultant of the Company or an Affiliate prior to [last date any shares shall be forfeited to the Company] (such event being the “Termination”)) prior to , 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 which have not yet lapsed in accordance with the schedule set forth below (the “Lapsing Forfeiture Right”). The Company’s Lapsing Forfeiture Right is as follows: (i) If the Participant’s Termination is prior to [the first 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 first anniversary of the Grant Date] but prior to [date], [__]% of the Granted Shares shall be forfeited to the Company (rounded up to the next highest whole number of shares). [Continue from (ii) for additional vesting periods.]