Executive Officer Group. Each award held by a Crane Holdings, Co. Executive Officer, Crane NXT, Co. Executive Officer, or Crane Company Executive Officer (collectively, the “Executive Officer Group”) shall be converted, as of the Effective Time, into a Crane NXT, Co. TRSU Award and a Crane Company TRSU Award and shall, except as otherwise provided in this Section 3.5(a), be subject to the same terms and conditions after the Effective Time as were applicable to such Crane Holdings, Co. TRSU Award immediately prior to the Effective Time. Immediately after the Effective Time: (i) the number of Crane NXT, Co. Shares underlying such Crane NXT, Co. TRSU Award shall be the same as were underlying the Crane Holdings, Co. TRSU Award immediately before the Distribution; and (ii) the number of Crane Company Shares subject to the Crane Company TRSU Award shall be equal to the number of Crane Company Shares that would have been received in the Distribution had the Crane Holdings, Co. Shares underlying the Crane Holdings, Co. TRSU Award been issued and outstanding immediately before the Distribution. For example, if the Distribution results in one Crane Company Share issued for each Crane Holdings, Co. Share, the number of Crane Company Shares underlying the Crane Company TRSU Award immediately after the Distribution shall be the same as the number of Crane NXT, Co. Shares underlying the Crane NXT, Co. TRSU Award immediately after the Distribution.
Appears in 2 contracts
Samples: Employee Matters Agreement (Crane Co), Employee Matters Agreement (Crane NXT, Co.)
Executive Officer Group. Each award held by a Crane Holdings, Co. Executive Officer, Crane NXT, Co. Executive Officer, or Crane Company member of the Executive Officer (collectively, the “Executive Officer Group”) Group shall be converted, as of the Effective Time, into a Crane NXT, Co. TRSU PRSU Award and a Crane Company TRSU PRSU Award and shall, except as otherwise provided in this Section 3.5(a)3.6, be subject to the same terms and conditions after the Effective Time as were applicable to such Crane Holdings, Co. TRSU PRSU Award immediately prior to the Effective Time. Immediately after the Effective Time: (i) the number of Crane NXT, Co. Shares underlying such Crane NXT, Co. TRSU Award PRSU Award, assuming target performance, shall be the same as were underlying the Crane Holdings, Co. TRSU Award PRSU Award, assuming target performance, immediately before the Distribution; and (ii) the number of Crane Company Shares subject to the Crane Company TRSU Award PRSU Award, assuming target performance, shall be equal to the number of Crane Company Shares that would have been received in the Distribution had the Crane Holdings, Co. Shares underlying the Crane Holdings, Co. TRSU Award PRSU Award, assuming target performance, been issued and outstanding immediately before the Distribution. For example, if the Distribution results in one Crane Company Share issued for each Crane Holdings, Co. Share, the number of Crane Company Shares underlying the Crane Company TRSU Award PRSU Award, assuming target performance, immediately after the Distribution Distribution, shall be the same as the number of Crane NXT, Co. Shares underlying the Crane NXT, Co. TRSU Award PRSU Award, assuming target performance, immediately after the Distribution.
Appears in 2 contracts
Samples: Employee Matters Agreement (Crane NXT, Co.), Employee Matters Agreement (Crane Co)
