Company: MRCY
Filing Date: 2025-09-10
Form Type: DEF 14A
Source: 0001049521-25-000029
Chunk: 110

Company: MERCURY SYSTEMS INC
Filing Date: 2025-09-10
Form: DEF 14A
Chunk 110
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 a Replacement Award, a "Replaced Award"), and (ii) any performance-based Award that is not replaced by a Replacement Award shall be deemed to be earned and payable in an amount equal to the full value of such performance-based Award (with all applicable Performance Goals deemed achieved at the greater of (x) the applicable target level; and (y) the level of achievement as determined by the Committee not later than the date of the Change-in-Control, taking into account performance through the latest date preceding the Change-in-Control as to which performance can, as a practical matter, be determined (but not later than the end of the applicable performance period). Notwithstanding the foregoing, all Awards held by non-employee directors shall immediately become fully vested and/or exercisable upon the occurrence of a Change-in-Control.

c. Replacement Awards. An Award shall meet the conditions of this Section 10(c) (and hence qualify as a Replacement Award) if: (i) it is of the same type as the Replaced Award (except that for any Replaced Award that is performance-based, the Replacement Award shall be subject solely to time-based vesting for the remainder of the applicable performance period (or such shorter period as determined by the Committee) and the applicable Performance Goals shall be deemed to be achieved at the greater of: (x) the applicable target level; and (y) the level of achievement as determined by the Committee taking into account performance through the latest date preceding the Change-in-Control as to which performance can, as a practical matter, be determined (but not later than the end of the applicable performance period)); (ii) it has a value equal to the value of the Replaced Award as of the date of the Change-in-Control, as determined by the Committee in its sole discretion consistent with Section 3(f); (iii) it contains terms relating to time-based vesting (including, subject to Section 10(d), with respect to a Termination of Service) that are substantially identical to those of the Replaced Award (taking into account the passage of time under the Replaced Award through the date on which the Change-in-Control occurs); (iv) its other terms and conditions 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) as of the date of the Change-in-Control; and (v) the Board, as constituted immediately before the applicable Change-in-Control, approves the Change-in-Control and the Corporation (or any