Double-Trigger Vesting definition

Double-Trigger Vesting means a provision in an equity award agreement such that the award will vest early if there occurs both (i) a Change in Control and (ii) a termination of the Executive’s employment without Cause or for Good Reason within a period of 24 months following the Change in Control.
View Source
Double-Trigger Vesting means, with respect to the Pro-Rata Award, that 100% of the then unvested Pro-Rata Award shall vest if at any time during the Employment Period, without Employee’s consent, both (1) one of (a) or (b) below, and (2) one of (c) or (d) below, occurs: If either (a) Employee no longer reports to the Chief Executive Officer or to the Board of Directors of The ▇▇▇▇▇▇▇ Group, or (b) a Change in Control (as defined in the Executive Severance Plan (as defined below)) occurs and either (c) Employee resigns for Good Reason (as defined in the Executive Severance Plan and further modified below) or (d) Employee is terminated by the Company without Cause (as defined in the Executive Severance Plan) and, in all cases, Employee executes and delivers to the Company a general release of all claims in form and substance satisfactory to the Company (which shall apply to The ▇▇▇▇▇▇▇ Group and its subsidiaries and their respective owners, officers, and employees and other related persons and affiliates) and the general release becomes effective and non-revocable within 60 days after the Termination Date (as defined below) in connection with Employee’s resignation or termination, as applicable. Notwithstanding anything to the contrary set forth herein or the Executive Severance Plan, solely for purposes of Double-Trigger Vesting under this Agreement, Employee no longer reporting to the Chief Executive Officer or to the Board of Directors of The ▇▇▇▇▇▇▇ Group at any time during the Employment Period, without Employee’s consent, shall also be deemed to constitute “Good Reason” under the Executive Severance Plan.
View Source

Examples of Double-Trigger Vesting in a sentence

  • Employee acknowledges and agrees that as of the Separation Date (and prior to the application of the Double-Trigger Vesting Acceleration, if applicable), Employee will have vested in each Equity Award as to the number of shares of the Company’s common stock indicated in Exhibit A and no more.

  • The Parties agree that for purposes of determining the number of shares of the Company’s common stock that Employee is entitled to receive from the Company, pursuant to the vesting of the Equity Awards, Employee will be considered to have vested only up to the Separation Date and pursuant to the Double-Trigger Vesting Acceleration, if applicable.

  • Employee’s participation in all benefits and incidents of employment, including, but not limited to, vesting in Equity Awards (other than pursuant to the Double-Trigger Vesting Acceleration, if applicable), ceased as of the Separation Date.