Lapsing Repurchase Right. Subject to the terms set forth in 2.1(b), in the event that for any reason the Participant is no longer a director of the Company or an Affiliate prior to the occurrence of a Triggering Event, as defined immediately below, (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 are then unvested (the “Lapsing Repurchase Right”).
Appears in 6 contracts
Samples: Restricted Stock Agreement (Majesco Entertainment Co), Restricted Stock Agreement (Majesco Entertainment Co), Restricted Stock Agreement (Majesco Entertainment Co)
