If the keypad is running firmware 0.2.49 or higher the lock out condition will reset after five mins of no activity. Or you can power cycle the control and it will reset upon power up.
If the keypad is running older firmware, there is a good chance it will not reset automatically. In Sept this year we discovered a bug that prevented the lock out from being reset at the end of the timer. We believe this bug was introduced with changes made between firmware 0.2.37 and 0.2.46. If it does not reset on its own, a power cycle of the panel is needed and be sure to update the keypad to the newest firmware.
Here is a link to the release notes on the update: https://www.elkproducts.com/alarm-engine-support/ae-update-info/