Common use of Stock Opportunity Grants Clause in Contracts

Stock Opportunity Grants. The Tronox Committee shall cause each Award that consists of stock opportunity grants relating to shares of Xxxx-XxXxx Common Stock that is outstanding as of the Distribution Date and is held by a Transferred Individual to be adjusted, effective as of the Distribution Date, by substitution of a new award under a Tronox Stock Plan consisting of a number of stock opportunity grants or restricted stock units relating to shares of Tronox Common Stock equal to the number of stock opportunity grants of Xxxx-XxXxx Common Stock constituting such Award as of the Distribution Date multiplied by the Ratio, with fractional shares rounded down. Each such adjusted Award shall otherwise have the same terms and conditions as were applicable to the corresponding Xxxx-XxXxx Award as of the Distribution Date, except that references to Xxxx-XxXxx and Xxxx-XxXxx Entities shall be amended to refer to Tronox and Tronox Entities and dividend equivalent payments, if any, shall be payable after the Distribution Date with reference to dividends on Tronox Common Stock. In the event of a Change in Control, the adjustments and substitution provided for herein shall be made as of the Distribution Date with respect to the awards outstanding on the day before the Change in Control and held by Tronox Individuals, based on the Ratio.