This excerpt taken from the HXL DEF 14A filed Mar 23, 2009.
Each of our NEOs have various NQOs, RSUs, PSAs and, in some cases, MSPP RSUs outstanding. Upon termination of employment of an NEO, the treatment of the equity award depends on the nature of the termination. Below is a description of what happens to the NEO's outstanding equity awards upon each different type of termination and upon a change in control.
This excerpt taken from the HXL 8-K filed Feb 27, 2009.
Upon your retirement or other termination of employment with the Company, the treatment of all Hexcel equity awards previously granted to you, including non-qualified stock options, restricted stock units (RSUs) and performance share awards, shall be governed by the terms contained in the legal agreements governing such equity awards. Notwithstanding the foregoing, Section 4 of the Restricted Stock Unit Agreement dated January 29, 2007 with respect to 25,000 RSUs shall be deemed amended to provide that, should the Company terminate your employment for any reason other than for Cause prior to April 1,
2009, the 25,000 RSUs granted to you under such agreement shall nevertheless vest, and be converted into an equivalent number of shares of Common Stock that will be immediately distributed to you, on April 1, 2009. For purposes of the foregoing sentence, Cause shall be deemed to refer to any action or conduct committed by you that is referred to in sections 8(a)(i), 8(a)(ii) or 8(a)(iii) of your Service Agreement.