Exhibit 10.2


 


 





NONQUALIFIED STOCK OPTION AGREEMENT


PURSUANT TO THE


CISION LTD. 2017 OMNIBUS INCENTIVE PLAN


 


 


*  *  *  *  *


  



	Participant:	 	 


 


	Grant Date:	 	 


 


	Per Share Exercise Price:	 	 


 


	Number of Shares subject to this Option:	 	 


  


*  *  *  *  *


 


 


THIS NON-QUALIFIED
STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered
into by and between Cision Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “Company”),
and the Participant specified above, pursuant to the Cision Ltd. 2017 Omnibus Incentive Plan, as in effect and as amended from
time to time (the “Plan”), which is administered by the Committee; and


 


WHEREAS, it
has been determined under the Plan that it would be in the best interests of the Company to grant the Non-Qualified Stock Option
provided for herein to the Participant.


 


NOW, THEREFORE,
in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the
parties hereto hereby mutually covenant and agree as follows:


 


1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms
and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless
such amendments are expressly intended not to apply to the Award provided hereunder), all of which terms and provisions are made
a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined
in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of
a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of
any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. No part of the
Option granted hereby is intended to qualify as an “incentive stock option” under Section 422 of the Code.


 






    	 	 	 



     


    

 


2. Grant of Option. The Company hereby grants to the Participant, as of the Grant Date specified above, a Non-Qualified
Stock Option (this “Option”) to acquire from the Company at the Per Share
Exercise Price specified above, the aggregate number of shares of Common Stock specified above (the “Option Shares”).
Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides,
or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest
in the Company for any reason. The Participant shall have no rights as a stockholder with respect to any shares of Common Stock
covered by the Option unless and until the Participant has become the holder of record of such shares, and no adjustments shall
be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise
specifically provided for in the Plan or this Agreement.


 


3. Vesting and Exercise.


 


(a) Vesting. Fifty percent (50%) of the Option shall vest on the applicable vesting date set forth in the schedule set
forth in Section 3(a)(i) if as of each such Vesting Date the Participant is still employed by the Company and/or its Subsidiaries
(as applicable) (the “Time Vesting Options”). Twenty-five percent (25%) of the Option will be subject to the
following performance conditions relating to the achievement of Revenue (the “Revenue Options”). Twenty-five
percent (25%) of the Option will be subject to the following performance conditions relating to EBITDA (the “EBTIDA Options”).
The Revenue Options and EBITDA Options will vest as of December 31, 2018, subject to the achievement of performance targets set
forth in Sections 3(a)(ii) and 3(a)(iii) below, as determined from the Company’s consolidated financial statements,
as approved by the Board in its sole discretion, and provided that the Participant has not incurred a Termination on the date the
Target Revenue and Target EBITDA is determined. All vesting of the Revenue Options and EBITDA Options shall cease immediately upon
a Termination. There shall be no partial vesting pursuant to this Section 3 for the uncompleted vesting year in which a
Termination occurs.


 


(i) Time Vesting Options. Subject to the terms of the Plan and the provisions of Section 3(b) and Section 3(c)
hereof, the Time Vesting Options shall vest and become exercisable as follows, provided that the Participant has not incurred a
Termination prior to each such vesting date:


 


	Vesting Date	Percentage of Options
	 	 
	[_]	[_]%
	 	 
	[_]	[_]%
	 	 
	[_]	[_]%
	 	 
	[_]	[_]%


  


(ii) Revenue Options. The Revenue Options will performance vest upon Revenue for 2018, as determined by the Board, equaling
or exceeding the $256,000,000 (the “Target Revenue”). If Revenue, as determined by the Board, for 2018 does
not equal or exceed the applicable Target Revenue, then all Revenue Options shall be forfeited. For the purposes of this Agreement
[“Revenue” shall mean total earnings generated by Company as determined (A) to the extent GAAP applies, on a
consolidated basis in accordance with GAAP consistently applied, as so determined by the Board in good faith, and (B) if GAAP does
not apply, in a manner consistent with accounting practices determined in the sole discretion of the Board. The calculation of
Revenue as determined by the Board in good faith shall be final and binding on all parties hereunder.]1


 





 



	1	Note to KE Corporate: Please confirm with client the
definition is acceptable.







 






    	 	 	 



     


    

  


(iii) EBITDA Options. The EBITDA Options will performance vest upon EBITDA for 2018, as determined by the Board, equaling
or exceeding $734,000,000 (the “Target EBITDA”). If EBITDA, as determined by the Board, for 2018 does not equal
or exceed the applicable Target EBITDA, then all EBITDA Options shall be forfeited. [For the purposes of this Agreement “EBTIDA”
shall mean the earnings of the Company, before the deduction of interest, income taxes, depreciation, and amortization, in each
case determined on a consolidated basis in accordance with GAAP consistently applied. The calculation of EBITDA as determined by
the Board in good faith shall be final and binding on all parties hereunder.]2


 


(iv) Adjustments. The Target EBITDA or Target Revenue, as applicable, may be adjusted at the sole discretion of the Board
to reflect any acquisition or disposition of the capital stock or assets of another Person by the Company and/or its Subsidiaries
and other extraordinary and/or non-recurring events.


 


(b) Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion,
provide for accelerated vesting of the Option at any time and for any reason.


 


(c) Expiration. Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement,
all portions of the Option (whether vested or not vested) shall expire and shall no longer be exercisable after the expiration
of ten (10) years from the Grant Date.


 


4. Termination. Subject to the terms of the Plan and this Agreement, the Option, to the extent vested at the
time of the Participant’s Termination, shall remain exercisable as follows:


 


(a) Termination due to Death or Disability. In the event of the Participant’s Termination by reason of death or
Disability, the vested portion of the Option shall remain exercisable until the earlier of (i) one (1) year from the date of such
Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(c) hereof; provided,
however, that in the case of a Termination due to Disability, if the Participant dies within such one (1) year exercise
period, any unexercised Option held by the Participant shall thereafter be exercisable by the legal representative of the Participant’s
estate, to the extent to which it was exercisable at the time of death, for a period of one (1) year from the date of death, but
in no event beyond the expiration of the stated term of the Option pursuant to Section 3(c) hereof.


 


(b) Involuntary
Termination Without Cause. In the event of the Participant’s involuntary Termination by the Company without Cause, the
vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination,
and (ii) the expiration of the stated term of the Option pursuant to Section 3(c) hereof.


  


 






	2	Note to KE Corporate: Please confirm with client the
definition is acceptable.



 






    	 	 	 



     


    

 


(c) Voluntary Resignation. In the event of the Participant’s voluntary Termination (other than a voluntary Termination
described in Section 4(d) hereof), the vested portion of the Option shall remain exercisable until the earlier of (i) ninety
(90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(c)
hereof.


 


(d) Termination for Cause. In the event of the Participant’s Termination for Cause or in the event of the Participant’s
voluntary Termination after an event that would be grounds for a Termination for Cause, the Participant’s entire Option (whether
or not vested) shall terminate and expire upon such Termination.


 


(e) Treatment of Unvested Options upon Termination. Any portion of the Option that is not vested as of the date of the
Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.


 


5. Method of Exercise and Payment. Subject to Section 8 hereof, to the extent that the Option has become
vested and exercisable with respect to a number of shares of Common Stock as provided herein, the Option may thereafter be exercised
by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein
and in accordance with Sections 6.4(c) and 6.4(d) of the Plan, including, without limitation, by the filing of any written form
of exercise notice as may be required by the Committee and payment in full of the Per Share Exercise Price specified above multiplied
by the number of shares of Common Stock underlying the portion of the Option exercised.


 


6. Non-Transferability. The Option, and any rights and interests with respect thereto, issued under this Agreement
and the Plan shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any
beneficiary of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution.
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit the Option to be Transferred to a Family Member
for no value, provided that such Transfer shall only be valid upon execution of a written instrument in form and substance acceptable
to the Committee in its sole discretion evidencing such Transfer and the transferee’s acceptance thereof signed by the Participant
and the transferee, and provided, further, that the Option may not be subsequently Transferred other than by will or by the laws
of descent and distribution or to another Family Member (as permitted by the Committee in its sole discretion) in accordance with
the terms of the Plan and this Agreement, and shall remain subject to the terms of the Plan and this Agreement. Any attempt to
sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the Option, or the levy of
any execution, attachment or similar legal process upon the Option, contrary to the terms and provisions of this Agreement and/or
the Plan shall be null and void and without legal force or effect.


 


7. Governing Law. All questions concerning the construction, validity and interpretation of
this Agreement shall be governed by, and construed in accordance with, the laws of
the State of Delaware, without regard to the choice of law principles thereof.


 






    	 	 	 



     


    

 


8. Withholding of Tax. The Company and/or its Subsidiaries shall have the power and the right to deduct or withhold,
or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes
of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company and/or its Subsidiaries,
in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule
or regulation with respect to the Option and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer
any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any minimum statutorily required withholding
obligation with regard to the Participant may be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable
upon exercise of the Option.


 


9. Entire Agreement; Amendment. This Agreement (including the Restrictive Covenant Agreement), together with
the Plan, contains the entire agreement and understanding between the parties hereto with respect to the subject matter contained
herein, and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or
oral, which may have related to the subject matter hereof in any way, provided, that any other confidentiality, non-competition,
non-solicitation, inventions, or work product obligations of the parties or their respective Affiliates shall not be so superseded
or preempted, and provided further that the provisions of this Agreement are in addition to and not lieu of any such other
provisions. No modification, amendment or waiver of any provision of this Agreement shall be effective against the Company or Employee
unless such modification, amendment or waiver is approved in writing by the Company and Employee; provided that the Company may
modify, amend or waive any provision of this Agreement without the consent of Employee unless such amendment, modification or waiver
would adversely affect the rights of Employee hereunder.


 


10.             
Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice
shall be deemed duly given only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company
shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address
as the Participant may have on file with the Company.


 


11. No Right to Employment. Any questions as to whether and when there has been a Termination and the cause of
such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or
limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or
service at any time, for any reason and with or without Cause.


 


12. Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission
by the Company (or any Subsidiary) of any personal data information related to the Option awarded under this Agreement for legitimate
business purposes (including, without limitation, the administration of the Plan). This authorization and consent is freely given
by the Participant.


 


13. Compliance with Laws. The issuance of the Option (and the Option Shares upon exercise of the Option) pursuant
to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state
securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and
in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The
Company shall not be obligated to issue the Option or any of the Option Shares pursuant to this Agreement if any such issuance
would violate any such requirements.


 






    	 	 	 



     


    

 


14. Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be
exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance
with such intent.


 


15. Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable
by the Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 6 hereof)
any part of this Agreement without the prior express written consent of the Company.


 


16. Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience
of reference only and shall not be deemed to be a part of this Agreement.


 


17. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original, but all of which shall constitute one and the same instrument.


 


18. Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such
further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto
reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation
of the transactions contemplated thereunder.


 


19. Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall
not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality
or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations
of the parties hereunder shall be enforceable to the fullest extent permitted by law.


 


20. Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the
Plan at any time; (b) the award of the Option made under this Agreement is completely independent of any other award or grant and
is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Option awarded
hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under
this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the
event of severance, redundancy or resignation.


 






    	 	 	 



     


    

 


21. Restrictive Covenants. In further consideration of the Award granted to Participant hereunder, Participant
acknowledges and agrees to be bound by the terms of certain restrictive covenants as set forth in Exhibit A attached hereto
(the “Restrictive Covenant Agreement”).


 


 


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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first written above.


  


	 	CISION LTD. 
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 
	 	 	 
	 	Name: