Company: MGY
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001558370-25-003377
Chunk: 72

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 72
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 (i) reduced, so that the total payments to the officer will be one dollar less than the officer’s “base amount” within the meaning of Section 280G of the Code, or (ii) paid in full, whichever produces the better net after-tax position to the Named Executive Officer, taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes. Accelerated Equity Award Vesting We generally do not provide for single trigger vesting of equity awards upon the occurrence of a Change in Control—in other words, upon the occurrence of a Change in Control prior to the satisfaction of all service-based vesting conditions, the Company’s equity awards generally remain subject to the Named Executive Officer’s continued service through the applicable vesting date or dates, except in the limited circumstances where a successor company fails to assume the awards as described below. Time-Based Equity Awards (RSUs and PRSUs that have achieved performance-vesting criteria) For outstanding PRSU awards, the relevant stock price performance conditions to earn 100 percent of the target awards were achieved prior to December 31, 2024. As a result, outstanding PRSUs remain subject to solely service-based vesting conditions and the provisions applicable to the PRSU awards upon certain qualifying terminations of employment or a Change in Control are generally the same as those applicable to RSUs. As noted above, pursuant to the terms of the Executive Severance Plan, in the event a Named Executive Officer’s employment or service is terminated by us without Cause or the Named Executive Officer resigns for Good Reason, in either case, within 24 months following a Change in Control, outstanding RSUs and PRSUs will vest in full and be settled within 60 days. Under the RSU and PRSU award agreements, in the event that the successor company in a Change in Control, or a parent or subsidiary thereof, does not assume the awards upon the Change in Control, the RSUs and PRSUs will vest in full upon the Change in Control and be settled within 60 days. In addition, in the event a Named Executive Officer’s employment or service with the Company is terminated (i) by the Company without Cause, (ii) due to the Named Executive Officer’s resignation for Good Reason, (iii) due to the officer’s death, or (iv) due to the officer’s Disability, in each case, before the final vesting date, then a pro-rata portion of the award will vest on the Named Executive Officer’s termination