Company: HIG-PG
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0000874766-25-000040
Chunk: 113

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 113
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 the preceding sentence shall be forfeited and canceled without any payment therefor.

iii. All Restricted Stock, RSUs and Performance Shares shall be distributed and paid out immediately in Shares following (but in no event later than 30 days following) the occurrence of the Change of Control, provided that the Committee has determined that each such distribution is permitted by or qualifies for an exemption from the application of Section 409A of the Code.

iv. As an alternative to the foregoing, the Committee may, in its discretion, provide for any of the following:

1. Each Option and SAR shall be surrendered or exercised for an immediate lump sum cash amount equal to the excess of the Fair Market Value of the Shares subject to such Option or SAR determined as of the time of such surrender or exercise over the exercise price; or

2. Each Restricted Stock, RSU and Performance Award shall be exchanged for an immediate lump sum cash amount equal to the number of outstanding units or shares awarded to such Participant (with the performance objectives for Performance-Based Awards deemed satisfied at the target level for such Award or, if greater, the percentage of performance measures achieved (as determined by the Committee) as of the date of the Change in Control (or such other date as determined by the Committee) multiplied by the Fair Market Value of a Share as of the date of such exchange. The portion of any Performance-Based Award that does not vest in accordance with the preceding sentence shall immediately be forfeited and canceled without any payment therefor.

v. If the Committee determines that all or any portion of an Award cannot be distributed as a result of the application of Section 409A of the Code, then distribution or payment of such Award shall be made at the time otherwise specified in the Plan or the applicable Award agreement without regard to the occurrence of a Change of Control (including any six-month delay in payment applicable to a "specified employee", as determined in accordance with Section 409A of the Code). Without limiting the foregoing, nothing in this Section 11(b) shall be construed to prevent any Participant's rights in respect of any Award from becoming non-forfeitable upon the occurrence of a Change of Control.

c. Notwithstanding any provision in this Plan to the contrary, in the event of a Change of Control as described in Section 11(d)(iii) or Section 11(d)(iv), in the case of an awardee whose employment or service involuntarily terminates on or after the date of a shareholder approval described in either of such sections but before the date of a consum