Common use of Default Rule Clause in Contracts

Default Rule. In the event the Grantee’s Continuous Service terminates in a manner that makes the Grantee entitled to receive severance benefits pursuant to a severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including, without limitation, any release condition), the Units shall vest on a pro-rata basis determined by multiplying the total number of Units subject to this Award by a fraction, the numerator of which is equal to the number of completed calendar months worked during the vesting period, and the denominator of which is equal to the number of months in the vesting period. The remaining unvested portion of the Units (if any) shall be immediately cancelled and forfeited without consideration as of the Termination Date. Any Units that vest due to this Section 3(c)(i) shall be settled in accordance with the schedule set forth in Section 6 hereof as if the Grantee had remained in Continuous Service through the last day of the vesting period set forth in the Notice.

Default Rule. In the event the Grantee’s Continuous Service terminates in a manner that makes the Grantee entitled to receive severance benefits pursuant to a severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including, without limitation, any release condition), the number of Target Units subject to the Award shall vest on a be pro-rata basis determined rated by multiplying the total number of Target Units subject to this the Award by a fraction, the numerator of which is equal to the number of completed calendar months worked during the vesting periodperiod set forth in the Notice, and the denominator of which is equal to the number of months in the vesting period. The remaining unvested portion number of the Target Units (if any) shall be immediately cancelled canceled and forfeited without consideration as of the Termination Date. Any Such pro-rated number of Target Units that vest due to this Section 3(c)(i) shall remain outstanding until the end of the vesting period set forth in the Notice, and shall be settled in accordance with the schedule set forth in Section 6 hereof hereof, as if the Grantee had remained in Continuous Service through the last day of the vesting period set forth in the Noticeperiod.