Acceleration of Vesting Upon Termination. Notwithstanding Section 2(a), any unvested RSUs subject to this Agreement shall vest as follows: (i) Upon termination of Continuous Service, on a Prorated Basis, in the event of a termination by the Company or any Related Entity without Justifiable Cause or by the Participant for Good Reason, provided that for purposes of Section 2(b)(i), a “Prorated Basis” means the total number of RSUs granted multiplied by the following fraction: the number of days from the Date of Grant divided by the number of days between the Date of Grant and October 7, 2025, less any RSUs that have already vested or (ii) Upon termination of Continuous Service, in full, in the event of (A) a termination by the Company or any Related Entity without Justifiable Cause, (B) termination by the Participant for Good Reason, or (C) death or termination by the Company for Disability, if such termination event occurs within the 18-month period immediately following a Change in Control. Additionally, in the event the Participant becomes partially vested and forfeits RSUs pursuant to Section 2(b)(i) and a Change in Control occurs within the 6-month period immediately following the termination by the Company without Justifiable Cause or by the Participant for Good Reason, the Participant shall be paid an amount equal to the value of the RSUs that were forfeited upon his termination (including the value of any Dividend Equivalents that would have been awarded through the date of the Change in Control if the Participant had remained in Continuous Service through the date of the Change in Control), if any, calculated on the date immediately prior to the Change in Control and such payment, less lawful withholdings, shall be made in cash on the first payroll date following the six-month anniversary of the date of termination.
Appears in 2 contracts
Sources: Restricted Stock Unit Award Agreement (Destination Xl Group, Inc.), Restricted Stock Unit Award Agreement (Destination Xl Group, Inc.)
Acceleration of Vesting Upon Termination. Notwithstanding Section 2(a), any unvested RSUs subject to this Agreement shall vest as follows:
(i) Upon termination of Continuous Service, on a Prorated Basis, in the event of a termination by the Company or any Related Entity without Justifiable Cause or by the Participant for Good Reason, provided that for purposes of Section 2(b)(i), a “Prorated Basis” means the total number of RSUs granted multiplied by the following fraction: the number of days the Participant worked from the Date of Grant divided by 107 days (the number of days between the Date of Grant and October 7the Vesting Date), 2025, less any RSUs that have already vested or
(ii) Upon termination of Continuous Service, in full, in the event of (A) a termination by the Company or any Related Entity without Justifiable Cause, (B) termination by the Participant for Good Reason, or (C) death or termination by the Company for Disability, if such termination event occurs within the 18-month period immediately following a Change in Control. Additionally, in the event the Participant becomes partially vested and forfeits RSUs pursuant to Section 2(b)(i) and a Change in Control occurs within the 6-month period immediately following the termination by the Company without Justifiable Cause or by the Participant for Good Reason, the Participant shall be paid an amount equal to the value of the RSUs that were forfeited upon his termination (including the value of any Dividend Equivalents that would have been awarded through the date of the Change in Control if the Participant had remained in Continuous Service through the date of the Change in Control), if any, calculated on the date immediately prior to the Change in Control and such payment, less lawful withholdings, shall be made in cash on the first payroll date following the six-month anniversary of the date of termination.
Appears in 1 contract
Sources: Restricted Stock Unit Award Agreement (Destination Xl Group, Inc.)