Common use of Default Rule Clause in Contracts

Default Rule. In the event the Grantee’s Continuous Service terminates in a manner that makes the Grantee entitled to receive severance benefits pursuant to a severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including, without limitation, any release condition), the number of Target Units subject to the Award shall be pro-rated by multiplying the number of Target Units subject to the Award by a fraction, the numerator of which is equal to the number of completed calendar months worked during the vesting period set forth in the Notice, and the denominator of which is equal to the number of months in the vesting period. The remaining number of Target Units shall be immediately canceled and forfeited without consideration as of the Termination Date. Such pro-rated number of Target Units shall remain outstanding until the end of the vesting period set forth in the Notice, and shall be settled in accordance with Section 6 hereof, as if the Grantee had remained in Continuous Service through the last day of the vesting period.

Default Rule. In the event the Grantee’s Continuous Service terminates in a manner that makes the Grantee entitled to receive severance benefits pursuant to a severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including, without limitation, any release condition), the Units shall vest on a pro-rata basis determined by multiplying the total number of Target Units subject to the Award shall be pro-rated by multiplying the number of Target Units subject to the this Award by a fraction, the numerator of which is equal to the number of completed calendar months worked during the vesting period set forth in the Noticeperiod, and the denominator of which is equal to the number of months in the vesting period. The remaining number unvested portion of Target the Units (if any) shall be immediately canceled cancelled and forfeited without consideration as of the Termination Date. Such pro-rated number of Target Any Units shall remain outstanding until the end of the vesting period set forth in the Notice, and that vest due to this Section 3(c)(i) shall be settled in accordance with the schedule set forth in Section 6 hereof, hereof as if the Grantee had remained in Continuous Service through the last day of the vesting periodperiod set forth in the Notice.