Vesting of Performance. Based Equity Awards Based on Actual Performance upon Change of Control. Provided that Employee remains continuously employed by Parsley from the date of grant of the award through the date that is immediately prior to the occurrence of a Change of Control, then upon the occurrence of a Change of Control, each grant of performance-based equity awards outstanding shall immediately vest based on the actual achievement of the applicable performance conditions, as determined by the Compensation Committee in its sole discretion, measured from the first day of the applicable performance period through the date immediately prior to the Change of Control. Such awards shall be settled no later than thirty (30) days following the Change of Control. For the avoidance of doubt, no time-based equity awards shall vest as a result of this Section 1.20. 6. The following shall be added as a new Section 1.21:
Appears in 6 contracts
Samples: Employment, Confidentiality, and Non Competition Agreement (Parsley Energy, Inc.), Employment, Confidentiality, and Non Competition Agreement (Parsley Energy, Inc.), Employment, Confidentiality, and Non Competition Agreement (Parsley Energy, Inc.)
Vesting of Performance. Based Equity Awards Based on Actual Performance upon Change of Control. Provided that Employee remains continuously employed by Parsley from the date of grant of the award through the date that is immediately prior to the occurrence of a Change of Control, then upon the occurrence of a Change of Control, each grant of performance-based equity awards outstanding shall immediately vest based on the actual achievement of the applicable performance conditions, as determined by the Compensation Committee in its sole discretion, measured from the first day of the applicable performance period through the date immediately prior to the Change of Control. Such awards shall be settled no later than thirty (30) days following the Change of Control. For the avoidance of doubt, no time-based equity awards shall vest as a result of this Section 1.201.21.
6. The following shall be added as a new Section 1.211.22:
Appears in 1 contract
Samples: Employment, Confidentiality, and Non Competition Agreement (Parsley Energy, Inc.)
