EX-99.4 7 d524280dex994.htm EX-99.4 LIFE TECHNOLOGIES CORPORATION PERFORMANCE RESTRICTED STOCK UNIT GRANT NOTICE AND PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT
Exhibit 99.4
LIFE TECHNOLOGIES CORPORATION
2013 EQUITY INCENTIVE PLAN
PERFORMANCE RESTRICTED STOCK UNIT GRANT NOTICE AND
PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT
Life Technologies Corporation, a Delaware corporation (the “Company”), pursuant to its 2013 Equity Incentive Plan (the “Plan”), hereby grants to the individual listed below (“Holder”), an award of restricted stock units (“Restricted Stock Units” or “RSUs”) with respect to the number of shares of the Company’s Common Stock (the “Shares”) set forth below. This award of Restricted Stock Units (this “Award”) is subject to all of the terms and conditions as set forth in this Grant Notice (the “Grant Notice”) and in the Performance Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Agreement. In the event of any inconsistency between the Plan and the Agreement, the terms of the Plan shall control.
| Holder: |
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| Grant Date: |
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| Target Number of RSUs (as adjusted from time to time pursuant to Section 3.3 of the Restricted Stock Unit Agreement (the “Target RSUs”: |
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| Fair Market Value on Grant Date: |
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| Distribution Schedule: | Subject to the terms of the Restricted Stock Unit Agreement, the RSUs shall be distributable in accordance with Section 1.1 of the Restricted Stock Unit Agreement. | |
| Vesting Schedule: | Subject to the terms of the Restricted Stock Unit Agreement, the RSUs shall vest as set forth in Exhibit B to this Grant Notice. |
By electronically accepting the Award, ▇▇▇▇▇▇ agrees to be bound by the terms and conditions of the Plan, the Agreement and this Grant Notice. Holder has reviewed the Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to accepting the Award and fully understands all provisions of this Grant Notice, the Agreement and the Plan. Holder has been provided with a copy or electronic access to a copy of the U.S. prospectus for the Plan and the tax supplement to the U.S. prospectus for Holder’s country of employment. Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.
EXHIBIT A
TO PERFORMANCE RESTRICTED STOCK UNIT GRANT NOTICE
PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT
Pursuant to the Performance Restricted Stock Unit Grant Notice (the “Grant Notice”) to which this Performance Restricted Stock Unit Agreement (this “Agreement”) is attached, the Company has granted to Holder the right to receive the number of RSUs set forth in the Grant Notice, subject to all of the terms and conditions set forth in this Agreement, the Grant Notice and the Plan.
ARTICLE I.
AWARD OF RESTRICTED STOCK UNITS
1.1 Award of Restricted Stock Units.
(a) Award. In consideration of ▇▇▇▇▇▇’s continued employment with the Company or any Affiliate thereof, or ▇▇▇▇▇▇’s contribution to the Company’s business by virtue of ▇▇▇▇▇▇’s service to the Company or the Employer, and for other good and valuable consideration, the Company hereby grants to Holder the right to receive the number of RSUs set forth in the Grant Notice, subject to all of the terms and conditions set forth in this Agreement, the Grant Notice and the Plan. Prior to settlement of the Award, the RSUs and the Award represent an unsecured obligation of the Company, payable only from the general assets of the Company.
(b) Vesting; Effect of Termination of Service. The RSUs subject to the Award shall vest in accordance with the Vesting Schedule set forth in Exhibit B to the Grant Notice. Unless and until the RSUs have vested in accordance with the Vesting Schedule set forth in set forth in Exhibit B to the Grant Notice, Holder will have no right to any distribution with respect to such RSUs. Except as otherwise provided in Exhibit B to the Grant Notice, in the event of Holder’s Termination of Service prior to the vesting of all of the RSUs (but after giving effect to any accelerated vesting pursuant to Exhibit B to the Grant Notice), any unvested RSUs will terminate automatically without any further action by the Company and be forfeited without further notice and at no cost to the Company.
(c) Distribution of Shares.
(i) Subject to the terms and conditions of the Plan and this Agreement, Shares shall be distributed to Holder (or in the event of ▇▇▇▇▇▇’s death, to his or her estate) with respect to ▇▇▇▇▇▇’s vested RSUs on the first to occur of the following dates:
(A) Between March 1, [Calendar Year 4] and March 15, [Calendar Year 4];
(B) The date of a Change in Control (provided that if Holder is or will be eligible for Retirement at any time on or after the Grant Date but prior to March 15, [Calendar Year 4], then such Change in Control must also constitute a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, within the meaning of Section 409A(a)(2)(A)(v) of the Code and Section 1.409A-3(i)(5) of the Treasury Regulations) (any distribution shall occur immediately prior to the Change in Control);
(C) The date of ▇▇▇▇▇▇’s death; or
(D) The date of Holder’s Disability (provided that, if Holder is or will be eligible for Retirement at any time on or after the Grant Date but prior to March 15, [Calendar Year 4], such Disability must also constitute a “Disability” for purposes of Section 409A of the Code).
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(ii) All distributions shall be made by the Company in the form of whole Shares. In lieu of any fractional Share, the Company shall make a cash payment to Holder equal to the Fair Market Value of such fractional Share on the date the RSUs are settled as provided herein.
(iii) Notwithstanding the foregoing, if any of the foregoing distribution events occurs on a day that is not a day on which The Nasdaq Stock Market is open for trading, then the applicable distribution date shall be the next occurring day on which The Nasdaq Stock Market is open for trading.
1.2 Tax Withholding.
(a) The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the RSUs to Holder or his or her legal representative unless and until Holder or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Holder resulting from the vesting of the RSUs, ▇▇▇▇▇▇’s becoming eligible for Retirement, the distribution of the Shares issuable with respect thereto, or any other taxable event related to the RSUs (the “Tax Withholding Obligation”).
(b) Unless Holder elects to satisfy the Tax Withholding Obligation by some other means in accordance with clause (c) below, ▇▇▇▇▇▇’s acceptance of this Award constitutes Holder’s instruction and authorization to the Company to withhold a net number of vested Shares otherwise issuable pursuant to the RSUs having a then-current Fair Market Value not exceeding the amount necessary to satisfy the Tax Withholding Obligation of the Company and its Affiliates based on the minimum applicable statutory withholding rates. In the event ▇▇▇▇▇▇’s Tax Withholding Obligation will be satisfied under this Section 1.2(b), then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on Holder’s behalf a whole number of shares from those Shares issuable to Holder upon settlement of the RSUs as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy Holder’s Tax Withholding Obligation. ▇▇▇▇▇▇’s acceptance of this Award constitutes Holder’s instruction and authorization to the Company and such brokerage firm to complete the transactions described above, including the transactions described in the previous sentence, as applicable. Any Shares to be sold at the Company’s direction through a broker-assisted sale will be sold on the day the Tax Withholding Obligation arises or as soon thereafter as practicable. The Shares may be sold as part of a block trade with other participants of the Plan in which all participants receive an average price. Holder will be responsible for all broker’s fees and other costs of sale, and ▇▇▇▇▇▇ agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed ▇▇▇▇▇▇’s Tax Withholding Obligation, the Company agrees to pay such excess in cash to Holder as soon as practicable. Holder acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy Holder’s Tax Withholding Obligation.
(c) At any time not less than five business days before any Tax Withholding Obligation arises, Holder may elect to satisfy the Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation in one or more of the forms specified below:
(i) by cash or check made payable to the Company;
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(ii) by the deduction of such amount from other compensation payable to Holder;
(iii) by tendering vested Shares owned by Holder having a then-current Fair Market Value not exceeding the amount necessary to satisfy the Tax Withholding Obligation of the Company and its Affiliates based on the minimum applicable statutory withholding rates; or
(iv) in any combination of the foregoing.
(d) To the maximum extent permitted by Applicable Law, the Company further has the authority to deduct or withhold by the deduction of such amount as is necessary to satisfy any Tax Withholding Obligation from other compensation payable to with respect to any taxable event arising from vesting of the RSUs or the receipt of the Shares upon settlement of the RSUs.
1.3 Conditions to Issuance of Stock Certificates. The Company shall not be required to issue or deliver any Shares upon settlement of the RSUs prior to fulfillment of all of the conditions set forth in Section 11.4 of the Plan.
1.4 Rights as Stockholder. Neither Holder nor any person claiming under or through Holder shall have any of the rights or privileges of a stockholder of the Company in respect of any Shares issuable hereunder unless and until certificates representing such Shares (which may be in uncertificated form) have been issued and recorded on the books and records of the Company or its transfer agents or registrars, and delivered to Holder (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Holder shall have all the rights of a stockholder of the Company, including with respect to the right to vote the Shares and the right to receive any cash or share dividends or other distributions paid to or made with respect to the Shares.
ARTICLE II.
RESTRICTIONS
2.1 Award Not Transferable. This Award, including the RSUs awarded ▇▇▇▇▇▇▇▇▇, may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution unless and until the Shares issuable pursuant to the Award have been issued. This Award and the rights and privileges conferred hereby, including the RSUs awarded hereunder, shall not be liable for the debts, contracts or engagements of Holder or his or her successors in interest and shall not be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect.
2.2 Cancellation of RSUs or Shares; Return of Value.
(a) Notwithstanding any other provision of this Agreement, if at any time during the provision of ▇▇▇▇▇▇’s service to the Company or any Affiliate or within six months following Holder’s Termination of Service for any reason, Holder, in the sole judgment of the Company, other than as an employee or a consultant for the Company or an Affiliate in the execution of ▇▇▇▇▇▇’s employment duties or provision of consulting services, as the case may be, engages in any of the “Prohibited Activities” listed below, then to the greatest extent permitted by Applicable Law: (i) to the extent the RSUs have not yet been settled, such RSUs (whether vested or unvested) shall immediately be cancelled; (ii) any Shares
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issued upon settlement of the RSUs during the time period that is six months prior to and six months following Holder’s Termination of Service that have not yet been sold by Holder shall be forfeited back to the Company for no consideration; and (iii) if Holder received Shares upon settlement of the RSUs during the time period that is six months prior to and six months following Holder’s Termination of Service and subsequently sold the received Share(s), any gain represented by the fair market value of the Shares issued upon settlement of the RSUs on the settlement date multiplied by the number of Shares issued to Holder upon settlement of the RSUs shall be paid by Holder to the Company, in cash, without regard to any market price decrease or increase subsequent to the settlement of the RSUs.
(b) “Prohibited Activities” for purposes of this Agreement, are defined as follows:
(i) Directly or indirectly, through an affiliated or controlled entity or person, on ▇▇▇▇▇▇’s own behalf or as a partner, consultant, proprietor, principal, agent, creditor, security holder, trustee or otherwise in any other capacity (except by ownership of one percent or less of the outstanding stock of any publicly held corporation) engaging in the following: owning, managing, operating, financing, controlling, investing, participating or engaging in, lending Holder’s name or credit to, rendering services or advice to, or devoting any material endeavor or effort to any business that develops, manufactures, distributes, markets, sells or provides any products or services that are competitive with or similar to the products or services developed (including products or services under development or the subject of planning for possible development), manufactured, distributed, marketed, sold or otherwise provided by Company during Holder’s service, including but not limited to the Competitor List below;
(ii) Directly or indirectly soliciting or otherwise inducing any employee to end his or her employment with Company;
(iii) Disclosing or misusing any confidential, proprietary or material information concerning the Company or an Affiliate;
(iv) Directly or indirectly soliciting Company or Affiliate customers (including prospective customers) with whom ▇▇▇▇▇▇ had contact or about whom ▇▇▇▇▇▇ had access to confidential or proprietary information during Holder’s service or otherwise inducing such customers to reduce or terminate their business relationship with the Company or any Affiliate; or
(v) Engaging in research and development efforts (including customer assessment, observation and collaboration activities) such as testing, design, development, and process analysis related to or similar to efforts in which Holder engaged or about which ▇▇▇▇▇▇ had access to confidential or proprietary information during ▇▇▇▇▇▇’s service to the Company or any Affiliate.
(c) For purposes of this Section 2.2, the “Competitor List” includes, but is not limited to, the following entities: ▇▇▇▇▇▇ Laboratories; Abcam; Advanced Liquid Logic, Inc.; Affymetrix, Inc.; Agilent Technologies; Inc.; Asuragen, Inc.; Becton, ▇▇▇▇▇▇▇▇▇ and Company; Biomatrica, Inc.; Biomerieux, Inc.; Bio-Rad Laboratories, Inc.; Biosearch Technologies, Inc.; Celsis Holding, Inc.; Claritas Genomics; ▇▇▇▇▇▇▇ Corporation; DNA 2.0; DNA Electronics Ltd. (UK); Enigma Diagnostics Limited; ▇▇▇▇ ▇▇▇▇▇▇▇, Inc.; Eppendorf; General Electric Company; ▇▇▇▇▇ Technologies, Inc.; Genscript; Harvard Bioscience, Inc.; Helicos Biosciences Corporation; Hologic, Inc.; Ingenuity Systems; IDEXX Laboratories, Inc.; Illumina, Inc.; Integrated DNA Technologies; Lonza Group AG; Luminex Corporation; Merck KGaA; Molecular Transfer, Inc.; NanoString Technologies, Inc.; NextBio; New England Biolabs; Novartis; ▇▇▇▇▇ Technologies; OligoCo; OriGene Technologies, Inc.; Oxford
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Nanopore Technologies; Pacific Biosciences, Inc.; Pall Corporation; PeproTech, Inc.; PerkinElmer Inc.; Prionics AG; Promega Corporation; Protein Simple; Qiagen N.V.; Quest Diagnostics Incorporated; Raindance Technologies, Inc.; Roche Holdings Ltd.; Sartorius; Sequenom; Sigma-▇▇▇▇▇▇▇ Corporation; ▇▇▇▇▇▇; Synthetic Genomics; Takara Bio Inc.; Techne Corporation; Thermo ▇▇▇▇▇▇ Scientific Inc.; and Waters Corporation; as well as any entity that is a successor to, acquires a majority of the assets of, or merges in whole or in part with any of the foregoing entities.
(d) By accepting the RSUs, ▇▇▇▇▇▇ acknowledges and agrees that (i) this Section 2.2 is necessary for the proper protection of the Company’s legitimate business interests, including protection of its trade secrets and confidential and proprietary information, as well as its customer and strategic relationships and good will; (ii) during the provision of ▇▇▇▇▇▇’s service to the Company or an Affiliate, Holder has and/or will be personally entrusted with and exposed to such confidential and proprietary information and may also be exposed to the Company’s or such Affiliate’s customer and strategic relationships; (iii) Holder’s services are special and unique; (iv) the Company and its Affiliates have and will continue to be engaged in the highly competitive life sciences and biotechnology industry and the trade secrets, confidential and proprietary information, including its technologies, services and other developments are likely to be of great value to competitors; (v) the Company and its Affiliates operate in a worldwide market and its business and customers are not geographically distinct; therefore, it is appropriate that this provision apply to Prohibited Activities anywhere in the world; (vi) the Company and its Affiliates will suffer great loss and irreparable harm if Holder were to engage in the Prohibited Activities; and (vii) the Prohibited Activities, including with respect to time, geographic area and scope of activity are limited and reasonable and do not impose a greater restraint than is necessary to protect the goodwill and business interests of the Company and its Affiliates and to allow Holder an adequate number and variety of employment alternatives, based on Holder’s varied skills and abilities.
(e) In the event a court of competent jurisdiction determines that the geographic area, duration, or scope of activity of any restriction under this Section 2.2 are more extensive than is necessary to protect the legitimate business interests of the Company and its Affiliates or are otherwise unenforceable, the Company may, in its sole discretion, reform and modify the restrictions under this Section 2.2 and its subparagraphs to the extent required to render them valid and enforceable under Applicable Law. Notwithstanding Section 3.12 of this Agreement, this Section 2.2 may be in addition to and does not limit the effect of other agreements or understandings between Holder and the Company or any Affiliate with respect to matters addressed in it, including with respect to prohibitions against solicitation and the protection of the Company’s trade secrets and confidential information.
2.3 Other Forfeiture and Claw-Back Provisions. Holder hereby acknowledges and agrees that the RSUs and any amounts issued or paid to Holder in settlement of the RSUs are subject to the provisions of Section 11.5 of the Plan.
2.4 Trading Restrictions.
(a) The Company may establish periods from time to time during which ▇▇▇▇▇▇’s ability to engage in transactions involving the Company’s Common Stock is subject to specific restrictions (“Restricted Periods”). Notwithstanding any other provisions herein, Holder may not sell or otherwise dispose of Shares issuable upon settlement of the RSUs during an applicable Restricted Period unless such sale or disposition is specifically permitted by the Company, in its sole discretion. Holder may be subject to restrictions giving rise to a Restricted Period for any reason that the Company determines appropriate, including, restrictions generally applicable to employees or groups of employees or restrictions applicable to Holder during an investigation of allegations of misconduct or conduct detrimental to the Company or any Affiliate by Holder.
(b) Holder acknowledges and agrees that the RSUs and the Shares issuable upon distribution thereof, any other equity awards now held by Holder or hereafter acquired by Holder, and any Shares issuable upon exercise, vesting or settlement thereof, shall be subject to the terms and conditions of any stock ownership or retention guidelines (the “Guidelines”) adopted from time to time by the Company to the extent such Guidelines are by their terms applicable to Holder. Holder hereby acknowledges and agrees that the Administrator shall have the authority to review Holder’s compliance (or progress towards compliance) with such Guidelines from time to time and, in its sole discretion, to impose such conditions, restrictions or limitations on Holder, the RSUs, the Shares issuable upon distribution thereof, other equity awards held by Holder and other Shares issuable upon exercise, vesting or settlement thereof as the Administrator determines to be necessary or appropriate in order to achieve the purposes of such Guidelines.
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ARTICLE III.
OTHER PROVISIONS
3.1 Section 409A.
(a) Notwithstanding any other provision of the Plan, this Agreement or the Grant Notice, the Plan, this Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code (together with any Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Grant Date, “Section 409A”). The Administrator may, in its discretion, adopt such amendments to the Plan, this Agreement or the Grant Notice or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate to comply with the requirements of Section 409A.
(b) Unless Holder is or will be eligible for Retirement at any time on or after the Grant Date but prior to March 15, [Calendar Year 4], this Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly, the Shares issuable pursuant to the RSUs hereunder shall be distributed to Holder no later than the later of: (i) the fifteenth day of the third month following ▇▇▇▇▇▇’s first taxable year in which such RSUs are no longer subject to a substantial risk of forfeiture, and (ii) the fifteenth day of the third month following first taxable year of the Company in which such RSUs are no longer subject to substantial risk of forfeiture, as determined in accordance with Section 409A and any Treasury Regulations and other guidance issued thereunder.
(c) For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that Holder may be eligible to receive under this Agreement shall be treated as a separate and distinct payment.
(d) Notwithstanding anything herein to the contrary, to the extent any payments to Holder pursuant to this Agreement are treated as non-qualified deferred compensation subject to Section 409A of the Code, then (i) to the extent required by Section 409A of the Code, no amount shall be payable unless Holder’s Termination of Service constitutes a “separation from service” within the meaning of Section 409A (a “Separation from Service”), and (ii) if Holder, at the time of his or her Separation from Service, is determined by the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code and the Company determines that delayed commencement of any portion of the termination benefits payable to Holder pursuant to this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code (any such delayed commencement, a “Payment Delay”), then such portion of the payments to be made to Holder shall not be
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provided to Holder prior to the earlier of (A) the expiration of the six-month period measured from the date of Holder’s Separation from Service, (B) the date of Holder’s death or (C) such earlier date as is permitted under Section 409A. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) deferral period, all payments deferred pursuant to a Payment Delay shall be paid in a lump sum to Holder within thirty days following such expiration, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether ▇▇▇▇▇▇ is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his or her Separation from Service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto).
(e) Neither the time nor form of distribution of the RSUs may be changed, except as may be permitted by the Administrator in accordance with the Plan and this Agreement and Section 409A of the Code and the Treasury Regulations thereunder. No payment under this Agreement shall be made at a time earlier than that provided for in this Agreement unless such payment is (i) an acceleration of payment permitted to be made under Treasury Regulation Section 1.409A-3(j)(4) or (ii) a payment that would otherwise not be subject to additional taxes and interest under Section 409A.
3.2 No Right to Continued Employment or Awards.
(a) The Company’s grant of RSUs does not create any employment relationship between Holder and the Company, and nothing in the Plan, the Grant Notice, or this Agreement shall confer upon Holder any right to continue in the employ or service of the Employer or shall interfere with or restrict in any way the rights of the Employer, which rights are hereby expressly reserved, to discharge or terminate the services of Holder at any time for any reason whatsoever, except to the extent expressly provided otherwise in a written agreement between the Employer and ▇▇▇▇▇▇.
(b) The grant of the RSUs is a one-time benefit and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Future grants, if any, will be at the sole discretion of the Company. In addition, the value of the RSUs and the Shares issuable upon distribution thereof is an extraordinary item of compensation outside the scope of any employment contract. As such, neither the RSUs nor the Shares issuable upon distribution thereof are part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. The future value of the underlying Common Stock is unknown and cannot be predicted with certainty.
3.3 Adjustments. Holder acknowledges that the RSUs, including the vesting of the RSUs and the number of Shares issuable upon distribution thereof, are subject to adjustment in the discretion of the Administrator upon the occurrence of certain events as provided in this Agreement and Section 13.2 of the Plan.
3.4 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s corporate headquarters or to the then-current email address for the Secretary of the Company, and any notice to be given to Holder shall be addressed to Holder at the most-recent physical or email address for Holder listed in the Company’s personnel records. By a notice given pursuant to this Section 3.4, either party may hereafter designate a different address for notices to be given to that party. Any notice that is required to be given to Holder shall, if ▇▇▇▇▇▇ is then deceased, be given to the person entitled to receive any Shares issuable upon distribution of the RSUs pursuant to Section 1.1 by written notice under this Section 3.4. Any notice shall be deemed duly given (a) if delivered in person or by courier, on the date it is delivered;
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(b) if transmitted by email (delivery receipt requested), upon confirmation of receipt; (c) if sent by certified or registered mail (return receipt requested), on the date that mail is delivered or its delivery is first attempted; or (d) if sent by national overnight courier (with confirmation of delivery), on the next business day following deposit of such notice with such national overnight courier.
3.5 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
3.6 Governing Law; Severability; Venue. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. Should any provision of this Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. The parties irrevocably agree that any and all controversies or disputes involving, relating to, or arising out of, or under, this Agreement, including but not limited to its construction, interpretation or enforcement, shall be litigated exclusively in the state or federal courts sitting in the county in which Holder primarily provides services to the Company. Holder irrevocably and unconditionally consents to the personal jurisdiction of the state courts in the county in which Holder primarily provides services to the Company with regard to any and all controversies or disputes involving, relating to, or arising out of, or under, this Agreement. Holder further irrevocably and unconditionally waives any defense or objection of lack of personal jurisdiction over Holder by the state or federal courts sitting in the county in which Holder primarily provides services to the Company.
3.7 Conformity to Securities Laws. Holder acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform, and shall be deemed amended, to the extent necessary, with all provisions of Applicable Law. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted and may be settled, only in such a manner as to conform to Applicable Law.
3.8 Tax Representations. ▇▇▇▇▇▇ has reviewed with ▇▇▇▇▇▇’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by the Grant Notice and this Agreement. Holder is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Holder understands that Holder (and not the Company) shall be responsible for ▇▇▇▇▇▇’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.
3.9 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions herein set forth in Article II, this Agreement shall be binding upon ▇▇▇▇▇▇ and his or her heirs, executors, administrators, successors and assigns.
3.10 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Holder is subject to Section 16 of the Exchange Act, the Plan, the RSUs and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendment thereto) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
3.11 Electronic Delivery and Paperless Administration; Consent to Information Sharing. By accepting this Award, ▇▇▇▇▇▇ hereby consents and agrees to receive any and all documentation related to the RSUs by electronic delivery and agrees to participate in the Plan through an online or electronic
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system, such as a system using an internet website or interactive voice response, maintained by the Company or a third party designated by the Company. In addition, in order to facilitate the administration of the Company’s equity administration by a third party, and for such third party administrator to provide reporting to the Company or its Affiliates on shares of Common Stock held within Holder’s account by such third party administrator, Holder hereby provides his or her consent on the sharing of this information by such third party administrator with the Company and its Affiliates. The foregoing consent shall lapse upon ▇▇▇▇▇▇’s Termination of Service or his or her earlier revocation of such consent in writing to the Company.
3.12 Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator; provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall impair any rights or obligations under this Agreement in any material way without the prior written consent of Holder.
3.13 Entire Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all oral, implied or written promises, statements, understandings, undertakings and agreements between the Company and Holder with respect to the subject matter hereof, including without limitation, the provisions of any employment agreement or offer letter regarding equity awards to be awarded to Holder by the Company, or any other oral, implied or written promises, statements, understandings, undertakings or agreements by the Company or any of its representatives regarding equity awards to be awarded to Holder by the Company.
3.14 Section 162(m) of the Code. The Company intends that the RSUs and the Shares issuable upon settlement thereof shall satisfy and shall be interpreted in a manner that satisfies any applicable requirements as qualified “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code and the Treasury Regulations thereunder. Any provision, application or interpretation of the Plan or this Agreement that is inconsistent with this intent shall be disregarded with respect to the RSUs. As required by Section 162(m) of the Code and the Treasury Regulations thereunder, the “Administrator” for purposes of this Award shall be the Compensation and Organizational Development Committee of the Board.
3.15 Discretionary Nature of Award and Plan. ▇▇▇▇▇▇ acknowledges and agrees that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time.
3.16 Waiver of Claims. In consideration of the grant of the RSUs under this Agreement, no claim or entitlement to compensation or damages shall arise from the termination of the RSUs or the diminution in value of the Shares underlying the RSUs resulting from Holder’s Termination of Service (for any reason whatsoever and whether or not in breach of local labor laws), and Holder irrevocably releases the Company and any Affiliate from any such claim that may arise. Notwithstanding the foregoing, if any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the Award, Holder shall be deemed to have irrevocably waived ▇▇▇▇▇▇’s entitlement to pursue such claim.
3.17 Addendum. Notwithstanding any provisions of this Agreement to the contrary, the RSUs shall be subject to any special terms and conditions for Holder’s country of residence (and country of employment, if different) set forth in an addendum to this Agreement (an “Addendum”). Further, if Holder transfers Holder’s residence and/or employment to another country reflected in an Addendum to this Agreement at the time of transfer, the special terms and conditions for such country will apply to
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Holder to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules and regulations or to facilitate the operation and administration of the Award and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate Holder’s transfer). In all circumstances, any applicable Addendum shall constitute part of this Agreement.
3.18 Additional Terms and Conditions. The Company reserves the right to impose other requirements on the RSUs, any Shares acquired pursuant to the RSUs and ▇▇▇▇▇▇’s participation in the Plan to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local laws, rules and regulations or to facilitate the operation and administration of the Award and the Plan. Such requirements may include (but are not limited to) requiring Holder to sign any agreements or undertakings that may be necessary to accomplish the foregoing.
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EXHIBIT B
TO PERFORMANCE RESTRICTED STOCK UNIT GRANT NOTICE
PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT1
| 1 | Vesting schedule to be established pursuant to resolutions adopted by the Administrator at the time of grant. |
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