DELPHI 2011 Annual Report Download - page 175

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Shares that would vest if the effective date of the Change in Control were deemed to be the Performance-Based Vesting Date, or (B) 100% of the
Performance-Based RSU Shares granted, shall vest and be delivered to the Participant on the effective date of such Change in Control. For purposes of
clause (a)(ii)(A), the determination of performance shall be made by the Committee, as constituted immediately before the Change in Control, in its
sole discretion.
(b) Replacement Awards. An Award shall meet the conditions of this Section 4(b) (and thereby qualify as a Replacement Award) if the following
conditions are met:
(i) The Award has a value at least equal to the value of the Replaced Award;
(ii) The Award relates to publicly-traded equity securities of the Company or its successor following the Change in Control or another entity that
is affiliated with the Company or its successor following the Change in Control; and
(iii) The other terms and conditions of the Award are not less favorable to the Participant than the terms and conditions of the Replaced Award
(including the provisions that would apply in the event of a subsequent Change in Control and the provisions of Section 4(c)).
Without limiting the generality of the foregoing, a Replacement Award may take the form of a continuation of a Replaced Award if the requirements of the
preceding sentence are satisfied. The determination of whether the conditions of this Section 4(b) are satisfied shall be made by the Committee, as constituted
immediately before the Change in Control, in its sole discretion.
(c) Qualifying Termination following a Change in Control. If the Participant experiences a Qualifying Termination (for purposes of which the Company
will include a successor of the Company following the Change in Control or another entity that is affiliated with the Company or its successor following the
Change in Control), in connection with or during a period of 2 years after the Change in Control, any Replacement Award that replaces this Award, to the
extent not vested as of such Termination of Service, shall vest in full and all previously undelivered Time-Based RSU Shares and Performance-Based RSU
Shares shall be delivered to the Participant (or the Participant's beneficiary) as soon as practicable and within 30 days following the date of such Qualifying
Termination. The total number of Performance-Based RSU Shares delivered to the Participant pursuant to this Section 4(c) shall equal (i) the greater of
(A) the number of Earned Performance-Based RSU Shares that would vest if the effective date of the Change in Control were deemed to be the Performance-
Based Vesting Date, or (B) 100% of the Performance-Based RSU Shares granted under this
A-3