Change in Status Clause Example with 5 Variations from Business Contracts
This page contains Change in Status clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Change in Status. (a)Notwithstanding Section 9 of the Plan, in the event that following a Change of Control that is not a Qualifying Change of Control, (i) Grantee's employment is terminated and such termination is a Qualifying Termination or (ii) Grantee resigns for Good Reason, in each case prior to the second anniversary of the effective date of the Change of Control, the Restricted Shares will vest. As a condition to the vesting of any Restricted Stock Units in connection with a Qualifying Termination pursuan...t to Section 4(a)(i) above, or Grantee's resignation for Good Reason pursuant to Section 4(a)(ii) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination or resignation, as applicable. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. (b)Except as provided in Section 4(a) above, if Grantee's employment is terminated and such termination is a Qualifying Termination, the Restricted Shares will vest as follows (such percentage of Restricted Shares then vesting is defined as the "Pro Rata Amount"): Termination Date Percent VestingPrior to the first anniversary of the Grant Date 0%On or after the first anniversary of the Grant Date and prior to the second anniversary of the Grant Date 25%On or after the second anniversary of the Grant Date and prior to the third anniversary of the Grant Date 50%As a condition to the vesting of any Restricted Shares in connection with a Qualifying Termination pursuant to Section 4(b) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. Except as may be otherwise provided under any written employment-related agreement with Grantee, if any, in the event Grantee's employment terminates for any other reason, including retirement, at any time prior to the applicable Vesting Date, all of Grantee's Restricted Shares will immediately be forfeited without further consideration or any act or action by Grantee. Notwithstanding anything to the contrary in this Section 4, if Grantee's employment is terminated and such termination is voluntary (including retirement) or such termination is a Qualifying Termination and Grantee remains on the board of directors of the Company, EQT Midstream Services, LLC or EQT GP Services, LLC following such termination of employment, then Grantee's Restricted Shares shall not be forfeited but shall continue to vest in accordance with the above provisions for as long as Grantee remains on such board of directors, in which case any references herein to Grantee's employment shall be deemed to include his or her continued service on such board. Except as provided in Section 4(a), if Grantee's position within the Company or an Affiliate changes to a position which is not eligible for long-term incentive awards, as determined by the Company's Chief Human Resources Officer (or if Grantee is an executive officer of the Company, as determined by the Committee), all unvested Restricted Shares will immediately be forfeited without further consideration or any act or action by Grantee.View More
Variations of a "Change in Status" Clause from Business Contracts
Change in Status. (a)Notwithstanding Section 9 of the Plan, in the event that following a Change of Control that is not a Qualifying Change of Control, (i) Grantee's employment is terminated and such termination is a Qualifying Termination or (ii) Grantee resigns for Good Reason, in each case prior to the second anniversary of the effective date of the Change of Control, the Restricted Shares any unvested Confirmed Performance Share Units will vest. As a condition to the vesting of any Restricted Stock Units in c...onnection with a Qualifying Termination pursuant to Section 4(a)(i) above, or Grantee's resignation for Good Reason pursuant to Section 4(a)(ii) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination or resignation, as applicable. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. (b)Except as provided in Section 4(a) 3(a) above, if Grantee's employment is terminated and such termination is a Qualifying Termination, the Restricted Shares any unvested Confirmed Performance Share Units will vest as follows (such percentage of Restricted Shares Confirmed Performance Share Units then vesting is defined as the "Pro Rata Amount"): Termination Date Percent VestingPrior to the first anniversary of the Grant Date 0%On or after the first anniversary of the Grant Date January 1, 2017 0%January 1, 2017 and prior to the second anniversary of the Grant Date 25%On or after the second anniversary of the Grant Date and prior to the third anniversary of the Grant Date 50%As thereafter 50% As a condition to the vesting of any Restricted Shares the Pro Rata Amount in connection with a Qualifying Termination Termination, pursuant to Section 4(b) 3(b) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. the Pro Rata Amount. Except as may be otherwise provided under any written employment-related agreement with Grantee, if any, in the event Grantee's employment terminates for any other reason, including retirement, at any time prior to the applicable Vesting Date, all of Grantee's Restricted Shares Performance Share Units subject to such Vesting Date (including Performance Share Units accumulated from dividend equivalents in accordance with Section 5 below) will immediately be forfeited without further consideration or any act or action by Grantee. Notwithstanding anything to the contrary in this Section 4, 3, if Grantee's employment is terminated and such termination is voluntary voluntarily (including retirement) or such termination is a Qualifying Termination and Grantee remains on the board of directors of the Company, EQT Midstream Services, LLC or EQT GP Services, LLC following such termination of employment, then notwithstanding any prior agreement to the contrary (including an -4- agreement to enter into a form of an executive alternative work arrangement), Grantee's Restricted Shares Performance Share Units (including Performance Share Units accumulated from dividend equivalents in accordance with Section 5 below) shall not be forfeited but shall continue to vest in accordance with the above provisions for as long as Grantee remains on such board of directors, in which case any references herein and on Exhibit A to Grantee's employment shall be deemed to include his or her continued service on such board. Except as provided in Section 4(a), 3(a), if Grantee's position within the Company or an Affiliate changes to a position which is not eligible for long-term incentive awards, as determined by the Company's Chief Human Resources Officer (or if Grantee is an executive officer of the Company, as determined by the Committee), all unvested Restricted Shares Performance Share Units will immediately be forfeited without further consideration or any act or action by Grantee. View More
Change in Status. (a)Notwithstanding Section 9 of the Plan, in the event that following a Change of Control that is not a Qualifying Change of Control, (i) Grantee's employment is terminated and such termination is a Qualifying Termination or (ii) Grantee resigns for Good Reason, in each case prior to the second anniversary of the effective date of the Change of Control, the Restricted Shares any unvested Confirmed Performance Share Units will vest. As a condition to the vesting of any Restricted Stock Confirmed ...Performance Share Units in connection with a Qualifying Termination pursuant to Section 4(a)(i) 3(a)(i) above, or Grantee's resignation for Good Reason pursuant to Section 4(a)(ii) 3(a)(ii) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination or resignation, as applicable. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. Confirmed Performance Share Units. (b)Except as provided in Section 4(a) 3(a) above, if Grantee's employment is terminated and such termination is a Qualifying Termination, the Restricted Shares any unvested Confirmed Performance Share Units will vest as follows (such percentage of Restricted Shares Confirmed Performance Share Units then vesting is defined as the "Pro Rata Amount"): Termination Date Percent VestingPrior to the first anniversary of the Grant Date 0%On or after the first anniversary of the Grant Date January 1, 2018 0%January 1, 2018 - December 31, 2018 50%January 1, 2019 and prior to the second anniversary of the Grant Date 25%On or after the second anniversary of the Grant Date and prior to the third anniversary of the Grant Date 50%As thereafter 100% As a condition to the vesting of any Restricted Shares the Pro Rata Amount in connection with a Qualifying Termination Termination, pursuant to Section 4(b) 3(b) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. the Pro Rata Amount. -4- Except as may be otherwise provided under any written employment-related agreement with Grantee, if any, in the event Grantee's employment terminates for any other reason, including retirement, at any time prior to the applicable Vesting Date, all of Grantee's Restricted Shares Performance Share Units (including Performance Share Units accumulated from dividend equivalents in accordance with Section 5 below) will immediately be forfeited without further consideration or any act or action by Grantee. Notwithstanding anything to the contrary in this Section 4, 3, if Grantee's employment is terminated and such termination is voluntary (including retirement) or such termination is a Qualifying Termination and Grantee remains on the board of directors of the Company, EQT Midstream Services, LLC or EQT GP Services, LLC following such termination of employment, then Grantee's Restricted Shares Performance Share Units (including Performance Share Units accumulated from dividend equivalents in accordance with Section 5 below) shall not be forfeited but shall continue to vest in accordance with the above provisions for as long as Grantee remains on such board of directors, in which case any references herein and on Exhibit A to Grantee's employment shall be deemed to include his or her continued service on such board. Except as provided in Section 4(a), 3(a), if Grantee's position within the Company or an Affiliate changes to a position which is not eligible for long-term incentive awards, as determined by the Company's Chief Human Resources Officer (or if Grantee is an executive officer of the Company, as determined by the Committee), all unvested Restricted Shares Performance Share Units will immediately be forfeited without further consideration or any act or action by Grantee. View More
Change in Status. (a)Notwithstanding Notwithstanding Section 9 of the Plan, in the event that following a Change of Control that is not a Qualifying Change of Control, (i) Grantee's employment is terminated and such termination is a Qualifying Termination or (ii) Grantee resigns for Good Reason, in each case prior to the second anniversary of the effective date of the Change of Control, the Restricted Shares will vest. As a condition to the vesting of any Restricted Stock Units in connection with a Qualifying Ter...mination pursuant to Section 4(a)(i) above, or Grantee's resignation for Good Reason pursuant to Section 4(a)(ii) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination or resignation, as applicable. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. (b)Except as provided in Section 4(a) above, if Grantee's employment is terminated and such termination is a Qualifying Termination, the Restricted Shares will vest as follows (such percentage of Restricted Shares then vesting is defined as the "Pro Rata Amount"): Termination Date Percent VestingPrior to the first anniversary of the Grant Date 0%On or after the first anniversary of the Grant Date and prior to the second anniversary of the Grant Date 25%On or after the second anniversary of the Grant Date and prior to the third anniversary of the Grant Date 50%As a condition to the vesting of any Restricted Shares in connection with a Qualifying Termination pursuant to Section 4(b) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. Except as may be otherwise provided under any written employment-related agreement with Grantee, if any, in the event Grantee's employment terminates for any other reason, including retirement, at any time prior to the applicable Vesting Date, all of Grantee's Restricted Shares will immediately be forfeited without further consideration or any act or action by Grantee. Notwithstanding anything to the contrary in this Section 4, if Grantee's employment is terminated and such termination is voluntary voluntarily (including retirement) or such termination is a Qualifying Termination and Grantee remains on the board of directors of the Company, EQT Midstream Services, LLC or EQT GP Services, LLC following such termination of employment, then notwithstanding any prior agreement to the contrary (including an agreement to enter into a form of an executive alternative work arrangement), Grantee's Restricted Shares shall not be forfeited but shall continue to vest in accordance with the above provisions for as long as Grantee remains on such board of directors, in which case any references herein to Grantee's employment shall be deemed to include his or her continued service on such board. Except as provided in Section 4(a), if Grantee's position within the Company or an Affiliate changes to a position which is not eligible for long-term incentive awards, as determined by the Company's Chief Human Resources Officer (or if Grantee is an executive officer of the Company, as determined by the Committee), all unvested Restricted Shares will immediately be forfeited without further consideration or any act or action by Grantee.View More
Change in Status. (a)Notwithstanding Section 9 of the Plan, in the event that following a Change of Control that is not a Qualifying Change of Control, (i) Grantee's employment is terminated and such termination is a Qualifying Termination or (ii) Grantee resigns for Good Reason, in each case prior to the second anniversary of the effective date of the Change of Control, the Restricted Shares Stock Units will vest. As vest.As a condition to the vesting of any Restricted Stock Units in connection with a Qualifying... Termination pursuant to Section 4(a)(i) 3(a)(i) above, or Grantee's resignation for Good Reason pursuant to Section 4(a)(ii) 3(a)(ii) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination or resignation, as applicable. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. Stock Units. (b)Except as provided in Section 4(a) 3(a) above, if Grantee's employment is terminated and such termination is a Qualifying Termination, the Restricted Shares Stock Units will vest as follows (such percentage of Restricted Shares Stock Units then vesting is defined as the "Pro Rata Amount"): Termination Date Percent VestingPrior to the first anniversary of the Grant Date 0%On or after the first anniversary of the Grant Date and prior to the second anniversary of the Grant Date 25%On or after the second anniversary of the Grant Date and prior to the third anniversary of the Grant Date 50%As 50% As a condition to the vesting of any Restricted Shares Stock Units in connection with a Qualifying Termination pursuant to Section 4(b) 3(b) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. Stock Units. Except as may be otherwise provided under any written employment-related agreement with Grantee, if any, in the event Grantee's employment terminates for any other reason, including retirement, at any time prior to the applicable Vesting Date, all of Grantee's Restricted Shares Stock Units will immediately be forfeited without further consideration or any act or action by Grantee. Notwithstanding anything to the contrary in this Section 4, 3, if Grantee's employment is terminated and such termination is voluntary (including retirement) or such termination is a Qualifying Termination and Grantee remains on the board of directors of the Company, EQT Midstream Services, LLC or EQT GP Services, LLC following such termination of employment, then Grantee's Restricted Shares Stock Units shall not be forfeited but shall continue to vest in accordance -3- with the above provisions for as long as Grantee remains on such board of directors, in which case any references herein to Grantee's employment shall be deemed to include his or her continued service on such board. Except as provided in Section 4(a), if Grantee's position within the Company or an Affiliate changes to a position which is not eligible for long-term incentive awards, as determined by the Company's Chief Human Resources Officer (or if Grantee is an executive officer of the Company, as determined by the Committee), all unvested Restricted Shares will immediately be forfeited without further consideration or any act or action by Grantee.View More
Change in Status. (a)Notwithstanding Section 9 of the Plan, in the event that following a Change of Control that is not a Qualifying Change of Control, (i) Grantee's employment is terminated and such termination is a Qualifying Termination or (ii) Grantee resigns for Good Reason, in each case prior to the second anniversary of the effective date of the Change of Control, the Restricted Shares Stock Units will vest. As vest.As a condition to the vesting of any Restricted Stock Units in connection with a Qualifying... Termination pursuant to Section 4(a)(i) 3(a)(i) above, or Grantee's resignation for Good Reason pursuant to Section 4(a)(ii) 3(a)(ii) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination or resignation, as applicable. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. Stock Units. (b)Except as provided in Section 4(a) 3(a) above, if Grantee's employment is terminated and such termination is a Qualifying Termination, the Restricted Shares Stock Units will vest as follows (such percentage of Restricted Shares Stock Units then vesting is defined as the "Pro Rata Amount"): Termination Date Percent VestingPrior to the first anniversary of the Grant Date 0%On or after the first anniversary of the Grant Date and prior to the second anniversary of the Grant Date 25%On or after the second anniversary of the Grant Date and prior to the third anniversary of the Grant Date 50%As 50% As a condition to the vesting of any Restricted Shares Stock Units in connection with a Qualifying Termination pursuant to Section 4(b) 3(b) above, Grantee will be required to execute and not revoke a full release of claims in a form acceptable to the Company within 30 days of the Qualifying Termination. Failure to satisfy this condition will result in forfeiture of such Restricted Shares. Stock Units. Except as may be otherwise provided under any written employment-related agreement with Grantee, if any, in the event Grantee's employment terminates for any other reason, including retirement, at any time prior to the applicable Vesting Date, all of Grantee's Restricted Shares Stock Units will immediately be forfeited without further consideration or any act or action by Grantee. Notwithstanding anything to the contrary in this Section 4, 3, if Grantee's employment is terminated and such termination is voluntary (including retirement) or such termination is a Qualifying Termination and Grantee remains on the board of directors of the Company, EQT - - Midstream Services, LLC or EQT GP Services, LLC following such termination of employment, then Grantee's Restricted Shares Stock Units shall not be forfeited but shall continue to vest in accordance with the above provisions for as long as Grantee remains on such board of directors, in which case any references herein to Grantee's employment shall be deemed to include his or her continued service on such board. Except as provided in Section 4(a), if Grantee's position within the Company or an Affiliate changes to a position which is not eligible for long-term incentive awards, as determined by the Company's Chief Human Resources Officer (or if Grantee is an executive officer of the Company, as determined by the Committee), all unvested Restricted Shares will immediately be forfeited without further consideration or any act or action by Grantee.View More
