Common use of Qualifying Termination Prior to a Change in Control Clause in Contracts

Qualifying Termination Prior to a Change in Control. If Grantee has a Qualifying Termination that occurs prior to (or more than two years after) a Change in Control and before the final Vesting Date, Grantee shall vest in a pro-rata portion of Grantee’s unvested Restricted Stock Units, with the pro-rata amount calculated by (x) multiplying the total number of Restricted Stock Units subject to this Award by a fraction with (i) a numerator equaling the number of whole calendar months that have elapsed from the Date of Grant to the date of Xxxxxxx’s Qualifying Termination, and (ii) a denominator equal to 36, and then (y) subtracting the number of Restricted Stock Units that have already vested under this Award.

Appears in 7 contracts

Samples: Restricted Stock Units Agreement (Trimas Corp), Restricted Stock Units Agreement (Trimas Corp), Restricted Stock Units Agreement (Trimas Corp)

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