Effects of Termination and Change of Control. (a) If the Participant incurs a Termination before the Performance Vesting Date, then (i) both the Downtime Vesting Percentage and the SPP Vesting Percentage shall be zero percent (0%) and (ii) all Phantom Shares shall be forfeited by the Participant to the Company.
Appears in 2 contracts
Samples: Phantom Stock Agreement (Hercules Offshore, Inc.), Phantom Stock Agreement (Hercules Offshore, Inc.)
Effects of Termination and Change of Control. (a) If the Participant incurs a Termination before the Performance Vesting Date, then (i) both the Downtime Performance Vesting Percentage, the SPP Performance Vesting Percentage and the SPP Combined Performance Phantom Share Vesting Percentage shall be zero percent (0%), (ii) the Combined Performance Rank Requirement shall be deemed not achieved, and (iiiii) all Phantom Shares and Cash Awards shall be forfeited by the Participant to the Company.
Appears in 2 contracts
Samples: Phantom Stock and Cash Award Agreement (Hercules Offshore, Inc.), Phantom Stock and Cash Award Agreement (Hercules Offshore, Inc.)
