Common use of Awards Not Assumed by Successor Clause in Contracts

Awards Not Assumed by Successor. Upon the occurrence of a Change in Control, any unearned Market Share Unit awards outstanding at the time of the Change in Control that are not Assumed by the entity effecting the Change in Control shall immediately become earned in such amount as shall be determined in accordance with the terms outlined in Section 3(a)(i) above. Any Target Market Share Units that are not Assumed and that are not earned on the CIC Date pursuant to this Section 3(b) shall be forfeited.

Appears in 3 contracts

Samples: Market Share Units Agreement (Usg Corp), Market Share Units Agreement (Usg Corp), Market Share Units Agreement (Usg Corp)

AutoNDA by SimpleDocs

Awards Not Assumed by Successor. Upon the occurrence of a Change in Control, any unearned Market Share Unit awards Awards outstanding at the time of the Change in Control that are not Assumed by the entity effecting the Change in Control shall immediately become earned in such amount as shall be determined in accordance with the terms outlined in Section 3(a)(i) above. Any Target Market Share Units that are not Assumed and that are not earned on the CIC Date pursuant to this Section 3(b) shall be forfeited.

Appears in 1 contract

Samples: Market Share Units Agreement (Usg Corp)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.