Common use of Change in Control Qualifying Termination Clause in Contracts

Change in Control Qualifying Termination. For the Chief Executive Officer, cash severance of no more than 24 months’ base salary, plus two times (2x) such officer’s target bonus, plus a pro-rated bonus payment for the year during which the qualifying termination of employment occurs based on actual performance (or, to the extent required by applicable local law, based on target performance); and

Appears in 3 contracts

Samples: Restricted Stock Unit Award Agreement (Garrett Motion Inc.), Restricted Stock Unit Award Agreement (Garrett Motion Inc.), Restricted Stock Unit Award Agreement (Garrett Motion Inc.)

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Change in Control Qualifying Termination. For the Chief Executive Officer, cash severance of no more than 24 months’ base salary, plus two times (2x) such officer’s target bonus, salary plus a pro-rated bonus payment for the year during which the qualifying termination of employment occurs occurs, based on actual performance (or, to the extent required by applicable local law, based on target performance); andand • For all other executive officers, cash severance of no more than 18 months’ base salary plus a pro-rated bonus payment for the year during which the qualifying termination of employment occurs, based on actual performance (or, to the extent required by applicable local law, based on target performance).

Appears in 3 contracts

Samples: Restricted Stock Unit Award Agreement (Garrett Motion Inc.), Restricted Stock Unit Award Agreement (Garrett Motion Inc.), Restricted Stock Unit Award Agreement (Garrett Motion Inc.)

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