Liabilities for Settlement of Vornado Awards. For awards made under the Vornado Equity Plan to Newco Group Employees that remain unvested or unsettled as of the Effective Time Vornado will, in its discretion, (x) cause the awards to become vested at the Effective Time, (y) cause the awards to continue to vest after the Effective Time subject to the Newco Group Employee’s continued service to Newco, and/or (z) provide the Newco Group Employee a cash payment in respect of an award that may otherwise be forfeited in connection with the transactions contemplated by the Transaction Agreement. Vornado shall be responsible for all Liabilities (including, for the avoidance of doubt, the employer portion of any payroll taxes) associated with awards made under the Vornado Equity Plan, including without limitation such awards made to Newco Group Employees at the time they were Vornado Group Employees. Newco shall be responsible for all Liabilities associated with awards made under the Newco Equity Plan.
Appears in 6 contracts
Samples: Employee Matters Agreement (JBG SMITH Properties), Employee Matters Agreement (JBG SMITH Properties), Contribution and Assignment Agreement (JBG SMITH Properties)
