Company: MGY
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001558370-25-003377
Chunk: 73

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 73
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 date equal to:

| ◾ | In the case of RSUs, the product of (a) the number of RSUs scheduled to vest on the anniversary of the vesting commencement date immediately following the termination date, times (b) a fraction, the numerator of which is the number of full months from the vesting commencement date or anniversary thereof immediately preceding the termination date until the termination date (counting the month in which the termination date occurs as a full month), and the denominator of which is 12. |

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| Magnolia Oil & Gas | 55 | 2025 Proxy Statement |

Executive Compensation

| ◾ | In the case of PRSUs, (a) the product of (1) the target number of PRSUs times (2) a fraction, the numerator of which is the number of full months from the vesting commencement date to the termination date (counting the month in which the termination date occurs as a full month), and the denominator of which is 36, minus (b) the cumulative number of PRSUs (if any) that have previously vested under the terms of the award, with settlement to occur within 60 days following the termination date. |

In the case of any other termination of employment by the Company or resignation by the Named Executive Officer prior to the applicable vesting dates specified in the awards, all unvested RSUs and PRSUs are forfeited and cancelled. If a Named Executive Officer is terminated for Cause, all RSUs and PRSUs that have not been settled (whether vested or unvested) will be terminated and forfeited automatically. Performance-Based Equity Awards (PSUs) Under the PSU award agreements, upon a Change in Control occurring during the performance period, the PSUs will cease to be subject to the applicable performance goals and a number of PSUs equal to the greater of (i) the target number of PSUs or (ii) the percentage of the PSUs that are deemed to have been earned as of the Change in Control based on actual performance (the “Frozen PSUs”) will remain outstanding and will vest subject to the Named Executive Officer’s continued service through the end of the original performance period; provided that, as noted above, pursuant to the Executive Severance Plan, if a Named Executive Officer’s employment or service is terminated by the Company without Cause or due to the officer’s resignation for Good Reason within 24 months following a Change in Control, the Frozen PSUs will vest