Common use of INVOLUNTARY TERMINATION FOLLOWING CHANGE IN CONTROL Clause in Contracts

INVOLUNTARY TERMINATION FOLLOWING CHANGE IN CONTROL. In the event that upon or within eighteen (18) months following the effective date of the Change in Control, the Participant’s Service terminates due to Involuntary Termination, the vesting of the Earned Units determined in accordance with Section 9.1(a) in excess of the number of Accelerated Units shall be deemed Vested Units effective as of the date of the Participant’s Involuntary Termination and shall be settled in accordance with Section 6, treating the date of the Participant’s termination of Service as the Vesting Date, and provided that payment for each Vested Unit shall be made in the amount and in the form of the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a Share on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares).

Appears in 2 contracts

Samples: Award Agreement (Silicon Laboratories Inc), Award Agreement (Silicon Laboratories Inc)

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INVOLUNTARY TERMINATION FOLLOWING CHANGE IN CONTROL. In the event that upon or within eighteen (18) months following the effective date of the Change in Control, the Participant’s 's Service terminates due to Involuntary Termination, the vesting of the Earned Eligible Units determined in accordance with Section 9.1(a) in excess of the number of Accelerated Units shall be deemed Vested Units effective as of the date of the Participant’s 's Involuntary Termination and shall be settled in accordance with Section 6, treating the date of the Participant’s 's termination of Service as the Vesting Date, and provided that payment for each Vested Unit shall be made in the amount and in the form of the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a Share on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares).

Appears in 1 contract

Samples: Global Psu Award Agreement (Silicon Laboratories Inc)

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INVOLUNTARY TERMINATION FOLLOWING CHANGE IN CONTROL. In the event that upon or within eighteen twelve (1812) months following the effective date of the Change in Control, the Participant’s Service terminates due to Involuntary Termination, the vesting of the Earned Units determined in accordance with Section 9.1(a) 6.4 in excess of the number of Accelerated Units shall be deemed Vested Units effective as of the date of the Participant’s Involuntary Termination and shall be settled in accordance with Section 68, treating the date of the Participant’s termination of Service as the Vesting Date, and provided that payment for each Vested Unit shall be made in the amount and in the form of the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a Share share of Stock on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Sharesshares of Stock).

Appears in 1 contract

Samples: Award Agreement (PROS Holdings, Inc.)

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