Deferred Share Equivalents. Each Parent Deferred Share Equivalent Award that is outstanding as of immediately prior to the Effective Time shall be converted, as of the Effective Time, into both a Post-Separation Parent Deferred Share Equivalent Award and a SpinCo Deferred Share Equivalent Award and each such award shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such Parent Deferred Share Equivalent Award prior to the Effective Time; provided, however, that from and after the Effective Time the number of shares subject to (i) the Post-Separation Parent Deferred Share Equivalent Award shall be equal to the number of Parent Shares subject to the corresponding Parent Deferred Share Equivalent Award immediately prior to the Effective Time, and (ii) the SpinCo Deferred Share Equivalent Award shall be equal to the product, rounded down to the nearest whole share, obtained by multiplying (A) the number of Parent Shares subject to the Parent Deferred Share Equivalent Award immediately prior to the Effective Time by (B) the Distribution Ratio.
Appears in 4 contracts
Samples: Employee Matters Agreement (Equitrans Midstream Corp), Employee Matters Agreement (EQT Corp), Employee Matters Agreement (Equitrans Midstream Corp)