Common use of Determination of PSUs Earned and Vested; Settlement Clause in Contracts

Determination of PSUs Earned and Vested; Settlement. (a) Subject to Section II.A.7(b), upon the Committee’s certification of achievement of the Performance Goals described in Appendix A, and Xxxxxxx’s satisfaction of the vesting requirements in Section II.A.1 and Section II.A.6 above, as applicable, this Award shall be settled by issuing to Grantee the number of shares of Stock determined pursuant to Appendix A, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. This settlement shall occur on March 1, 2020 (the “Settlement Date”). (b) The PSUs that become vested as a result of Xxxxxxx’s death pursuant to Section II.A.6(d) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of Grantee’s death, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. The PSUs that become vested as a result of Xxxxxxx’s Qualifying Termination within two years after a Change of Control pursuant to Section II.A.6(f) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of such Qualifying Termination, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. (c) Any unearned PSUs at the end of the Performance Period, or if earlier, the time of settlement, will be canceled and forfeited. In all circumstances, the number of PSUs earned or vested will be rounded down to the nearest whole PSU, unless otherwise determined by the Committee.

Appears in 1 contract

Samples: Performance Stock Units Agreement (Trimas Corp)

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Determination of PSUs Earned and Vested; Settlement. (a) Subject to Section II.A.7(b), upon the Committee’s certification of achievement of the Performance Goals described in Appendix AGoals, and Xxxxxxx’s satisfaction of the vesting requirements in Section II.A.1 and Section II.A.6 above, as applicable, this Award shall be settled by issuing to Grantee the number of shares of Common Stock determined pursuant to Appendix A, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation Company with respect to such shares. This settlement shall occur on March May 1, 2020 2021 (the “Settlement Date”). (b) The PSUs that become vested as a result of Xxxxxxx’s death pursuant to Section II.A.6(d) will be settled by issuing to Grantee one share of Common Stock for each PSU that is vested within 30 days of Grantee’s death, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation Company with respect to such shares. The PSUs that become vested as a result of a Change in Control where no Replacement Award is provided pursuant to Section II.A.6(f)(1) will settled by issuing to Grantee on share of Common Stock for each PSU that is vested within 30 days of the Change in Control, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Company with respect to such shares. The PSUs that become vested as a result of Xxxxxxx’s Qualifying Termination within two years after a Change of in Control pursuant to Section II.A.6(fII.A.6(f)(3) will be settled by issuing to Grantee one share of Common Stock for each PSU that is vested within 30 days of such Qualifying Termination, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation Company with respect to such shares. (c) Any unearned PSUs at the end of the Performance Period, or if earlier, the time of settlement, will be canceled and forfeited. In all circumstances, the number of PSUs earned or vested will be rounded down to the nearest whole PSU, unless otherwise determined by the Committee.

Appears in 1 contract

Samples: Performance Stock Units Agreement (Trimas Corp)

Determination of PSUs Earned and Vested; Settlement. (a) Subject to Section II.A.7(b), upon the Committee’s certification of achievement of the Performance Goals Goal described in Appendix A, and Xxxxxxx’s satisfaction of the vesting requirements in Section II.A.1 and Section II.A.6 above, as applicable, this Award shall be settled by issuing to Grantee the number of shares of Stock determined pursuant to Appendix A, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. This settlement shall occur on March 1, 2020 2019 (the “Settlement Date”). (b) The PSUs that become vested as a result of Xxxxxxx’s death pursuant to Section II.A.6(d) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of Grantee’s death, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. The PSUs that become vested as a result of Xxxxxxx’s Qualifying Termination within two years after a Change of Control pursuant to Section II.A.6(f) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of such Qualifying Termination, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. (c) Any unearned PSUs at the end of the Performance Period, or if earlier, the time of settlement, will be canceled and forfeited. In all circumstances, the number of PSUs earned or vested will be rounded down to the nearest whole PSU, unless otherwise determined by the Committee.

Appears in 1 contract

Samples: Performance Stock Units Agreement (Trimas Corp)

Determination of PSUs Earned and Vested; Settlement. (a) Subject to Section II.A.7(b), upon the Committee’s certification of achievement of the Performance Goals Goal described in Appendix A, and Xxxxxxx’s satisfaction of the vesting requirements in Section II.A.1 and Section II.A.6 above, as applicable, this Award shall be settled by issuing to Grantee the number of shares of Stock determined pursuant to Appendix A, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. This settlement shall occur on March 15, 2020 2017 (the “Settlement Date”). (b) The PSUs that become vested as a result of Xxxxxxx’s death pursuant to Section II.A.6(d) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of Grantee’s death, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. The PSUs that become vested as a result of Xxxxxxx’s Qualifying Termination within two years after a Change of Control pursuant to Section II.A.6(f) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of such Qualifying Termination, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. (c) Any unearned PSUs at the end of the Performance Period, or if earlier, the time of settlement, will be canceled and forfeited. In all circumstances, the number of PSUs earned or vested will be rounded down to the nearest whole PSU, unless otherwise determined by the Committee.

Appears in 1 contract

Samples: Performance Stock Units Agreement (Trimas Corp)

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Determination of PSUs Earned and Vested; Settlement. (a) Subject to Section II.A.7(b), upon the Committee’s certification of achievement of the Performance Goals Goal described in Appendix A, and Xxxxxxx’s satisfaction of the vesting requirements in Section II.A.1 and Section II.A.6 above, as applicable, this Award shall be settled by issuing to Grantee the number of shares of Stock determined pursuant to Appendix A, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. This settlement shall occur on March 1, 2020 2018 (the “Settlement Date”). (b) The PSUs that become vested as a result of Xxxxxxx’s death pursuant to Section II.A.6(d) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of Grantee’s death, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. The PSUs that become vested as a result of Xxxxxxx’s Qualifying Termination within two years after a Change of Control pursuant to Section II.A.6(f) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of such Qualifying Termination, and Xxxxxxx’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares. (c) Any unearned PSUs at the end of the Performance Period, or if earlier, the time of settlement, will be canceled and forfeited. In all circumstances, the number of PSUs earned or vested will be rounded down to the nearest whole PSU, unless otherwise determined by the Committee.

Appears in 1 contract

Samples: Performance Stock Units Agreement (Trimas Corp)

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