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Consequences of a Reorganization Event on Restricted Stock
Consequences of a Reorganization Event on Restricted Stock contract clause examples

You will be granted restricted stock units in January of 2021 with value equal to $3,000,000. The actual number of units granted will be equal to $3,000,000 divided by the final closing stock price of Company common stock on the date of grant rounded up to the nearest whole number (the “RSUs”). One-half of the units will vest on the first anniversary of the grant date, and the remaining one-half will vest on the second anniversary of the grant date, subject to your continued employment with the Company as of each such date, provided that in the event your employment terminates with the Company under circumstances such that you qualify for severance pursuant to the terms of [Sections 2 or 3]3] of the Severance Agreement by and between you and the Company and dated as of July 31, 2015 (the “Severance Agreement”), or in the event your employment terminates as a result of your death or disability pursuant to the Company’s long term disability policy then in effect, the RSUs shall vest and be settled as the result of such termination, death or disability (subject to your complying with the Severance Agreement and in any event subject to the Company’s clawback policy as may be in effect from time to time and applicable to you). This grant of RSUs will be subject to your execution/acceptance of the applicable grant agreement and the terms of the Amended and Restated Polaris Inc. 2007 Omnibus Incentive Plan, as amended April 30, 2020 (the “Omnibus Plan”).

In connection with the commencement of your employment, will recommend to the Board of Directors that they grant you restricted stock units (“RSUs”). The RSUs will have a grant date fair value of approximately $5,000,000 (the "Grant Value"). The actual number of RSU’s granted will typically be determined by using the 10 day average closing price preceding the board approval of the grant. The RSUs will be governed by the terms of 's 2021 Omnibus Incentive Plan and your RSU Agreement with and shall vest over a four year period as follows: 25% after one year and then quarterly thereafter. The vesting commencement date will begin on the first quarterly vesting date (March 1st, June 1st, September 1st, December 1st) following board approval.

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