Common use of Forfeitability Clause in Contracts

Forfeitability. The vesting schedule requires your continued service as a Board member over the applicable vesting schedule as a condition to the vesting of your Units and the rights and benefits under this Agreement. Service as a Board member for only a portion of a quarterly vesting period, even if a substantial portion, will not entitle you to any proportionate vesting of the Shares allocated to that quarter or avoid or mitigate the forfeiture of your Shares that will occur upon the cessation of your service as a Board member prior to vesting in those Shares. However, all the Shares subject to your Award will vest in full and become immediately issuable should your service as a Board member terminate by reason of your death or Permanent Disability.