Common use of Terminations of Service Clause in Contracts

Terminations of Service. (i) If the Participant’s service with the Board terminates prior to the Scheduled Vesting Date as a result of a removal from office pursuant to Article 24.1.5 of the Delphi Automotive PLC Memorandum and Articles of Association, the Participant shall forfeit the Award. (ii) If the Participant’s service with the Board terminates prior to the Scheduled Vesting Date for any reason other than as described in clause (i) above, a pro rata portion of the RSU Shares shall vest on the date of such termination and the portion of the RSU Shares that does not vest on the date of such termination shall be forfeited without any payment to the Participant. The pro rata portion of the RSU Shares that vests upon the Participant’s termination of service pursuant to this clause (ii) shall equal (A) the total number of RSU Shares underlying the Award, multiplied by (B) a fraction, the numerator of which shall be the number of days between the Grant Date and the termination date (counting both the Grant Date and the termination date) and the denominator of which shall be the number of days between the Grant Date and the Scheduled Vesting Date (counting both the Grant Date and the Scheduled Vesting Date).

Appears in 2 contracts

Sources: Non Employee Director Rsu Award Agreement (Delphi Automotive PLC), Non Employee Director Rsu Award Agreement (Delphi Automotive PLC)

Terminations of Service. (i) If the Participant’s service with the Board terminates prior to the Scheduled Vesting Date as a result of a removal from office pursuant to Article 24.1.5 of the Delphi Automotive PLC Memorandum and Articles of AssociationAssociation of Delphi Technologies PLC, the Participant shall forfeit the Award. (ii) If the Participant’s service with the Board terminates prior to the Scheduled Vesting Date for any reason other than as described in clause (i) above, a pro rata portion of the RSU Shares shall vest on the date of such termination and the portion of the RSU Shares that does not vest on the date of such termination shall be forfeited without any payment to the Participant. The pro rata portion of the RSU Shares that vests upon the Participant’s termination of service pursuant to this clause (ii) shall equal (A) the total number of RSU Shares underlying the Award, multiplied by (B) a fraction, the numerator of which shall be the number of days between the Grant Date and the termination date (counting both the Grant Date and the termination date) and the denominator of which shall be the number of days between the Grant Date and the Scheduled Vesting Date (counting both the Grant Date and the Scheduled Vesting Date).

Appears in 1 contract

Sources: Non Employee Director Rsu Award Agreement (Delphi Technologies PLC)