Exhibit 10.20


 


ROBERT HALF INTERNATIONAL
INC.


 


StockPlus Plan


 


(As Amended and Restated
Effective May 3, 2001)


 


                1.             Purposes.  The principal purposes of the Robert Half
International Inc. StockPlus Plan (the “Plan”) are:  (a) to improve individual employee performance by providing
long-term incentives and rewards to employees of the Company, (b) to assist the
Company in attracting, retaining and motivating employees with experience and
ability, and (c) to associate the interests of such employees with those of
RHII’s shareholders.


 


                2.             Definitions.  Unless the context clearly indicates
otherwise, the following terms, when used in this Plan, shall have the meanings
set forth below:


 


                (a) “Common Stock”
or “Stock” means RHII Common Stock, par value $.001 per share.


 


                (b)
“Administrator” means the Board of Directors of RHII or a committee of the
Board, the composition and the size of which shall cause such committee to
satisfy the requirements of Rule 16b-3 of the Exchange Act with respect to
officers and directors.


 


                (c) “Company”
means Robert Half International Inc., its divisions and direct and indirect
subsidiaries.


 


                (d) “Exchange Act”
means the Securities Exchange Act of 1934, as amended.


 


                (e) “Fair Market
Value” means the closing sales price on the New York Stock Exchange or the
NASDAQ National Market System, as the case may be, on the date the value is to
be determined as reported in The Wall Street Journal (Western
Edition).  If there are no trades on
such date, the closing price on the latest preceding business day upon which
trades occurred shall be the Fair Market Value.  If the Stock is not listed in the New York Stock Exchange or
quoted on the NASDAQ National Market System, the Fair Market Value shall be
determined in good faith by the Administrator.


 


                (f) “Grant Date”
means the date an Option is granted under the Plan.


 


                (g) “Option” or
“Stock Option” means a right granted under the Plan to an Optionee to purchase
shares of RHII Common Stock at a fixed price for a specified period of time.


 


 


 

















 


                (h) “Option Price”
means the price at which a share of Common Stock covered by an Option granted
hereunder may be purchased.


 


                (i)  “Optionee” means an eligible employee of the
Company who has received a Stock Option granted under the Plan.


 


                (j)  “RHII” means Robert Half International Inc.,
a Delaware corporation.


 


                3.             Administration.  The Plan shall be administered by the
Administrator, which shall have full power and authority to administer and
interpret the Plan and to adopt such rules, regulations, agreements, guidelines
and instruments for the administration of the Plan as the Administrator deems
necessary or advisable.  The
Administrator’s powers include, but are not limited to (subject to the specific
limitations described herein), authority to determine the employees to be
granted Options under the Plan, determine the size and applicable terms and
conditions of grants to be made to such employees, determine the time when
Options will be granted and authorize grants to eligible employees.  Any guidelines that may be adopted from time
to time by the Administrator shall be advisory only and shall not be binding
upon the Administrator.


 


                The
Administrator’s interpretations of the Plan, and all actions taken and
determinations made by the Administrator concerning any matter arising under or
with respect to the Plan or any Options granted hereunder, shall be final,
binding and conclusive on all interested parties.  The Administrator may delegate ministerial functions hereunder,
such delegation to be subject to such terms and conditions as the Administrator
in its discretion shall determine.  The
Administrator may as to all questions of accounting rely conclusively upon any
determinations made by the independent public accountants of the Company.


 


                4.             Stock Available for Options.  The shares that may be delivered or
purchased under the Plan shall not exceed an aggregate of 20,070,000 shares of
Common Stock, subject to any adjustments which may be made pursuant to Section
11 hereof.  Shares of Stock used for
purposes of the Plan may be either shares of authorized but unissued Common
Stock or treasury shares or both.  Stock
covered by Options which have terminated or expired prior to exercise or have
been surrendered or cancelled shall be available for further option hereunder.


 


                5.             Eligibility.  All those employees of the Company as shall
be determined from time to time by the Administrator shall be eligible to
participate in the Plan, provided, however, that no employee may be granted
Options in the aggregate which would result in that employee receiving more
than 10% of the maximum number of shares available for issuance under the
Plan.  However, no individual who is
subject to Section 16 of the Exchange Act with respect to transactions in the
Company’s securities may be granted an option subsequent to November 1, 1995.


 

















 


                6.             Terms and Conditions of Options.  Each Option granted hereunder shall be in
writing and shall contain such terms and conditions as the Administrator may
determine, subject to the following:


 


                (a) Price.  The Option Price shall be determined by the
Administrator in its sole discretion.


 


                (b) Term and
Exercise Dates.  Options granted
hereunder shall have a term of no longer than ten years from the Grant Date. A
grant of Options may become exercisable in installments; provided, however,
that no Option shall become exercisable until six months following the Grant
Date of such Option.  However, Stock
Options must be exercised for full shares of Common Stock.  To the extent that Stock Options are not
exercised when they become initially exercisable, they shall be carried forward
and be exercisable until the expiration of the term of such Stock Options,
subject to the provisions of Section 6(e) hereof.  An option granted after November 1, 1995, to an eligible employee
pursuant to this Plan shall automatically expire if, within six months after
its grant, the recipient of such option becomes subject to Section 16 of the
Exchange Act with respect to transactions in the Company’s securities.


 


                (c) Exercise of
Option.  To exercise an Option, the
holder thereof shall give notice of his or her exercise to the Company,
specifying the number of shares of Common Stock to be purchased and identifying
the specific Options that are being exercised. 
From time to time the Administrator may establish procedures relating to
effecting such exercises.  No fractional
shares shall be issued as a result of exercising an Option.  An Option is exercisable during an
Optionee’s lifetime only by the Optionee or Optionee’s guardian or legal
representative.


 


                (d) Payment of
Option Price.  The purchase price
for Options being exercised must be paid in full at time of exercise.  Payment shall be by cash or check. In
addition, in order to enable the Company to meet any applicable foreign,
federal (including FICA), state and local withholding tax requirements, an
Optionee shall also be required to pay the amount of tax to be withheld.  No share of stock will be delivered to any
Optionee until all such amounts have been paid.  In the event that withholding taxes are not paid within the
specified time period, to the extent permitted by law the Company shall have
the right, but not the obligation, to cause such withholding taxes to be
satisfied by reducing the number of shares of stock deliverable or by
offsetting such withholding taxes against amounts otherwise due from the
Company to the Optionee.  If withholding
taxes are paid by reduction of the number of shares deliverable to Optionee,
such shares shall be valued at the Fair Market Value as of the date of
exercise.


 


                (e) Effect of
Termination of Employment.  (1)  All Options then held by the Optionee which
are exercisable at the date of termination shall continue to be exercisable by
the Optionee, or, if applicable, Optionee’s estate, until the earlier of 30
days after such date or the expiration of such Options in accordance with their
terms, unless the Administrator shall determine otherwise.  All Options which are not exercisable at
such date shall automatically terminate and lapse, unless the Administrator
shall determine 


 


 


 

















 


otherwise.  Notwithstanding the
foregoing, if exercise of an Option during the 30-day period described in the
previous sentence would subject the Optionee to liability under Section 16 of
the Exchange Act, such Option shall be exercisable until the earliest of (a)
its normal termination date and (b) seven months after the last transaction in
Common Stock by the Optionee prior to termination.


 


                (2)  Notwithstanding anything in Section 6(e)(1)
hereof to the contrary, if an Optionee’s employment shall terminate by reason
of Retirement (as defined herein), then any New Option held by such Optionee
outstanding on the date of termination of employment shall remain outstanding
until the earliest of (a) its exercise, (b) its original option term, (c) its
forfeiture pursuant to Section 6(f) hereof, or (d) its buy out pursuant to
Section 10 hereof.  Any vesting or other
passage of time requirements relating to exercisability of the New Option shall
remain in effect.  As used herein,
Retirement shall mean any voluntary termination by Optionee of employment with
Company on or after the later to occur of (a) Optionee’s 55th
birthday, or (b) the 20th anniversary of Optionee’s first day of service with
the Company as a full-time employee.  As
used herein, New Option shall refer to any Option granted on or after May 3,
2001.


 


                (f) Misconduct.  In the event that the Administrator
determines in good faith that an Optionee has (i) used for profit, or
materially harmed the Company by disclosing to unauthorized persons,
confidential information or trade secrets of the Company, (ii) materially
breached any contract with, or materially violated any fiduciary obligation to,
the Company, or (iii) engaged in unlawful trading in the securities of RHII or
of another company based on nonpublic information gained as a result of that
Optionee’s employment with the Company, then, effective as of the date notice
of such misconduct is given by the Administrator to the Optionee, that Optionee
shall forfeit all rights to any unexercised Options granted under the Plan and
all of that Optionee’s outstanding Options shall automatically terminate and
lapse, unless the Administrator shall determine otherwise.


 


                (g) Nontransferability
of Options.  During an Optionee’s
lifetime, his or her Options shall not be transferrable and shall only be
exercisable by the Optionee and any purported transfer shall be null and
void.  Options are not transferable
except by will or by the laws of descent and distribution.


 


                7.             Amendment.  The Administrator may, at any time, amend,
suspend or terminate the Plan, in whole or in part, provided that no such
action shall adversely affect any rights or obligations with respect to any
grants theretofore made hereunder.  The
Administrator may amend the terms and conditions of outstanding Options,
provided, however, that (i) no such amendment shall be adverse to the holders
of the Options, (ii) no such amendment shall extend the term of an Option, and
(iii) the amended terms of the Option would be permitted under this Plan.


 


                8.             Foreign Employees.  Without amending the Plan, the Administrator
may grant Options to eligible employees who are foreign nationals on such terms
and conditions different from those specified in this Plan as may in the
judgment of the 


 

















 


Administrator be necessary or desirable to foster and promote
achievement of the purposes of the Plan, and, in furtherance of such purposes
the Administrator may make such modifications, amendments, procedures, subplans
and the like as may be necessary or advisable to comply with provisions of laws
in other countries in which the Company operates or has employees.


 


                9.             Registration, Listing and
Qualification of Shares.  Each
Option shall be subject to the requirement that if at any time the
Administrator shall determine that the registration, listing or qualification
of the shares covered thereby upon any securities exchange or under any
foreign, federal, state or local law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of, or
in connection with, the granting of such Option or the purchase of shares
thereunder, no such Option may be exercised unless and until such registration,
listing, qualification, consent or approval shall have been effected or
obtained free of any condition not acceptable to the Administrator.  Any person exercising an Option shall make
such representations and agreements and furnish such information as the Administrator
may request to assure compliance with the foregoing or any other applicable
legal requirements.  RHII shall use its
reasonable best efforts to cause shares issued hereunder to be registered under
the Securities Act of 1933, as amended.


 


                10.           Buy Out of Option Gains.  The Administrator shall have the right to
elect, in its sole discretion and without the consent of the holder thereof
(subject to the last sentence of this paragraph), to cancel the exercisable
portion of any Option and pay to the Optionee the excess of the Fair Market
Value of the shares of Common Stock covered by such cancelled portion of the
Option over the Option Price of such cancelled portion of the Option at the
date the Administrator provides written notice (the “Buy Out Notice”) of its
intention to exercise such right.  Buy
outs pursuant to this provision shall be effected by RHII as promptly as
possible after the date of the Buy Out Notice. 
Payments of buy out amounts may be made in cash, in shares of Common
Stock, or partly in cash and partly in Common Stock, as the Administrator deems
advisable.  To the extent payment is
made in shares of Common Stock, the number of shares shall be determined by
dividing the amount of the payment to be made by the Fair Market Value of a
share of Common Stock at the date of the Buy Out Notice.  In no event shall RHII be required to
deliver a fractional share of Common Stock in satisfaction of this buy out
provision.  Payments of such buy out
amounts shall be made net of any applicable foreign, federal (including FICA),
state and local withholding taxes. 
Notwithstanding the foregoing, no buy out may be effected (a) until at
least six months after the Grant Date of the subject option, and (b) without
the consent of the Optionee if the Optionee is generally required to file
reports pursuant to Section 16(a) of the Exchange Act with respect to his
transactions in the Common Stock.


 


                11.           Adjustment for Change in Stock
Subject to Plan.  In the event of
any change in the outstanding shares of Common Stock by reason of any stock
split, stock dividend, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change, such equitable
adjustments may be made in the Plan and the Options granted hereunder as the
Administrator determines are necessary or 


 


 

















 


appropriate, including, if necessary, an adjustment in the number of
shares and prices per share applicable to Options then outstanding and in the
number of shares which are reserved for issuance under the Plan.  Any such adjustment shall be conclusive and
binding for all purposes of the Plan.


 


                12.           No Rights to Options or Employment.  No employee or other person shall have any
claim or right to be granted an Option under the Plan.  Receipt of an Option under the Plan shall
not give an employee any rights to receive any other grant under the Plan.  An Optionee shall have no rights to or
interest in any Option except as set forth herein.  Neither the Plan nor any action taken hereunder shall be
construed as giving any employee any right to be retained in the employ of the
Company.


 


                13.           Rights as Shareholder.  An Optionee under the Plan shall have no
rights as a holder of Common Stock with respect to Options granted hereunder,
unless and until certificates for shares of Common Stock are issued to such
Optionee.


 


                14.           Other Actions.  This Plan shall not restrict the authority
of the Administrator or of RHII, for proper corporate purposes, to grant or
assume stock options, other than under the Plan, to or with respect to any
employee or other person.


 


                15.           Costs and Expenses.  Except as provided in Section 6(d) hereof
with respect to taxes, the costs and expenses of administering the Plan shall
be borne by RHII and shall not be charged to any grant nor to any employee
receiving a grant.


 


                16.           Plan Unfunded.  The Plan shall be unfunded.  Except for reserving a sufficient number of
authorized shares to the extent required by law to meet the requirements of the
Plan, RHII shall not be required to establish any special or separate fund or
to make any other segregation of assets to assure the payment of any grant
under the Plan.


 


                17.           Governing Law.  This Plan shall be governed by and construed
in accordance with the laws of the State of Delaware.


 


                18.           Indemnification
of Administrator.  Members of the
group constituting the Administrator shall be indemnified for actions with
respect to the Plan to the fullest extent permitted by the Certificate of
Incorporation, as amended, and the By-laws of the Company and by the terms of
any indemnification agreement that has been or shall be entered into from time
to time between the Company and any such persons.


 


                19.           Effective Date.  This Plan shall become effective upon
adoption by the Board of Directors of RHII. 
If stockholder approval is required (a) under the General Rules and
Regulations promulgated under Section 16 of the Exchange Act in order to exempt
any transaction contemplated by this Plan from Section 16(b) of the Exchange
Act, (b) by the rules of the New York Stock Exchange, if RHII Common Stock is
listed thereon, or (c) by the rules of NASDAQ pertaining to the National Market
System, if RHII Common Stock is quoted thereon, then this Plan shall be
submitted to the stockholders of RHII for consideration at the next annual
meeting of stockholders.  The
Administrator may make Options conditioned on such approval, and any Option so
made shall be effective as of the date of grant.