Lapse of Risk of Forfeiture Clause Samples
The Lapse of Risk of Forfeiture clause defines the point at which a party's interest in certain property or rights becomes fully vested and is no longer subject to being lost or forfeited. Typically, this clause applies to situations such as stock grants, bonuses, or other benefits that are initially subject to conditions like continued employment or performance milestones. Once these conditions are satisfied, the risk that the recipient could lose the benefit is removed. The core function of this clause is to provide certainty to both parties by clearly establishing when the recipient's rights become secure and irreversible, thereby eliminating ambiguity about ownership or entitlement.
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Lapse of Risk of Forfeiture. The risk of forfeiture shall lapse as the Awardee vests in the granted Shares in accordance with the vesting schedule set forth in Section 1 above.
Lapse of Risk of Forfeiture. The Risk of Forfeiture shall lapse as the Grantee vests in the Granted Stock.
Lapse of Risk of Forfeiture. The risk of forfeiture shall lapse as the Awardee vests in the granted Shares upon the satisfaction of the performance goal set forth in Section 2.3 above.
Lapse of Risk of Forfeiture. Except as otherwise provided herein, the Transfer Restrictions on the shares of Restricted Stock shall lapse and the shares of Restricted Stock granted hereunder shall no longer be subject to a risk of forfeiture as follows:
Lapse of Risk of Forfeiture. As of the Grant Date, all of the Award Shares shall be subject to the risk of forfeiture as described in Section 3.3 hereof and constitute Nonvested Shares. Except as otherwise provided in Section 3.2 with respect to accelerated vesting and in Section 3.3 with respect to forfeiture of Nonvested Shares, the risk of forfeiture in respect of the Applicable Percentage of the original number of Award Shares (or such number of Award Shares as shall take into account any adjustment made pursuant to Section 4) shall lapse (and such Award Shares will vest and become Vested Shares) on July 1, 2021 (the “Vesting Date”). For the avoidance of doubt, the Award Shares shall vest pursuant to the foregoing sentence on a one time basis rather than on a daily basis.
Lapse of Risk of Forfeiture. The risk of forfeiture shall lapse as the Awardee vests in the granted Shares in accordance with the vesting schedule set forth in Section I above. MICROISLET, INC. 2005 EQUITY INCENTIVE PLAN FORM: STOCK AWARD AGREEMENT APPROVED BY: COMPENSATION COMMITTEE VERSION: JANUARY 2006
Lapse of Risk of Forfeiture. All of the Restricted Stock is subject to a risk of forfeiture upon the occurrence of certain events specified in the 2010 Plan, including termination of the Participant’s continuous employment or service. Subject to the Participant’s continuous employment or service on the date restrictions lapse and except as otherwise specified in the 2010 Plan, restrictions shall lapse in accordance with the vesting schedule set forth on Exhibit B and incorporated in this Agreement by this reference. Upon the termination of the Participant’s continuous employment or service, all of the Restricted Stock which is unvested and continues to be subject to a risk of forfeiture immediately prior to such termination shall be forfeited by the Participant (“Forfeited Restricted Stock”). In such event, ownership of all such Forfeited Restricted Stock shall transfer back to the Company and the Participant shall have no further rights with respect to any of such Forfeited Restricted Stock.