Document:

form of restricted stock agreement for executives and key employees

    Exhibit
      10.1

    MERISEL,
      INC.

     

    1997
      STOCK AWARD AND INCENTIVE PLAN

     

    FORM
      OF RESTRICTED STOCK AGREEMENT

     

    FOR
      EXECUTIVES AND KEY EMPLOYEES

     

    This
      Restricted Stock Agreement (this “Agreement”)
      is
      dated as of [●] (the “Effective
      Date”),
      by
      and between Merisel, Inc., a corporation organized under the laws of the State
      of Delaware (the “Company”),
      and
      [●], residing at the address set forth on the signature page hereto (the
“Grantee”).
      Any
      capitalized terms not otherwise defined herein shall have the meaning set forth
      in the Plan (as hereinafter defined).

     

    R
      E C
      I T A L S

     

    WHEREAS,
      the Grantee is a key executive or key employee of the Company or one of its
      subsidiaries (a “Subsidiary”) as of the Effective Date; 

     

    WHEREAS,
      in accordance with the recommendation of the Compensation Committee of the
      Board
      of Directors of the Company dated November 17, 2006, as adopted by the Committee
      and the Board, and pursuant to the Company’s 1997 Stock Award and Incentive Plan
      (the “Plan”) the Board and the Committee, have determined that the Grantee
      should be granted shares of the Company’s common stock (the “Common
      Stock”)
      according to the terms and conditions hereof and the Plan.

     

    A
      G R
      E E M E N T

     

    NOW
      THEREFORE, in consideration of the promises and mutual covenants herein set
      forth, and other good and valuable consideration, receipt of which is hereby
      acknowledged, the parties hereto hereby mutually covenant and agree as
      follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      1.  Issuance
      of Common Stock.

     

    1.1  The
      Company hereby grants to the Grantee, effective as of the Effective Date, an
      aggregate of [●] shares of the Company’s Common Stock (the “Shares”) on the
      terms and conditions of this Agreement and all other applicable terms and
      conditions of the Plan. 

     

    1.2  Upon
      receipt by the Company of a copy of this Agreement duly executed and completed
      by the Grantee, the Company shall promptly instruct its transfer agent to issue
      in the name of the Grantee duly executed certificate(s) evidencing the Shares
      endorsed with the legends set forth in Section 4.4. The certificate(s)
      evidencing the Shares shall be held in escrow by the Company according to the
      provisions set forth in Section 3.1.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      2.  Vesting
      of Shares; Termination of Service; Forfeiture. 

     

    2.1  Vested
      and Unvested Shares. As the Shares vest pursuant to the terms of this Agreement,
      they are referred to herein as “Vested Shares” and, if they have not vested,
      they are referred to herein as “Unvested Shares.” All of the Shares shall
      initially be Unvested Shares.

     

    2.2  No
      Vesting Upon Execution. The Shares shall initially be Unvested
      Shares.

     

    2.3  Vesting
      During Continued Employment; Termination of Employment with the Company. So
      long
      as the Grantee continues to be employed by the Company or a Subsidiary in good
      standing and subject to other terms and conditions contained herein, the Grantee
      shall acquire a vested interest in the Shares as follows:

     

    [●]

     

    2.4  Termination
      for Cause and without Cause. 

     

    (a)  Resignation
      or Termination for Cause. In the event of the resignation of the Grantee or
      any
      termination by the Company or any Subsidiary for Cause (as defined in any
      specific employment agreement entered into with the Grantee or the Plan, as
      applicable), all Unvested Shares shall immediately be forfeited and the Company
      shall have the right to obtain and transfer to its own name such forfeited
      Shares without payment of any consideration. Such forfeited Unvested Shares
      will
      be further subject to the forfeiture provisions in Section 3.2 hereof.

     

    (b)  Termination
      without Cause absent Change of Control. If no Change of Control (as defined
      in
      the Plan) has occurred, and the Grantee is terminated without cause prior to
      any
      Vesting Date, all Unvested Shares shall be immediately forfeited and the Company
      shall have the right to obtain and transfer to its own name such forfeited
      Shares without payment of any consideration. Such forfeited Unvested Shares
      will
      be further subject to the forfeiture provisions in Section 3.2 hereof.

     

    2.5  Accelerated
      Vesting; Termination following a Change of Control; Special Escrow and
      Conditions of Forfeiture.

     

    (a)  Accelerated
      Vesting following Change of Control. All Unvested Shares shall become Vested
      Shares upon a Change of Control of the Company, as defined in the Plan, provided
      the Grantee is employed by the Company or a Subsidiary at such date. Shares
      vested due to the Change of Control shall be exchanged, if applicable, for
      a
      pro-rata share of the cash, securities, proceeds or other consideration received
      by other shareholders of the Company in the Change of Control transaction (the
      “Consideration”).

     

    (b)  Escrow
      of
      Change of Control Consideration; Risk of Forfeiture. All Shares, securities
      or
      Consideration allocable to Grantee’s Shares in the Change of Control shall be
      held by the Company in a special Escrow Account (the “Special Escrow Account”)
      for up to 180 days after the Change of Control occurs. During the 180 day
      period, Grantee’s Shares or attributable Consideration shall be subject to
      forfeiture in the event the Grantee resigns, is terminated for “cause” or leaves
      the Company for any reason other than termination by the Company without cause
      as described in Section 2.5(c). Grantee shall be entitled to release of his
      or
      her portion of the Escrow upon the earlier of his or her (i) termination without
      cause by the Company or any successor as described in Section 2.5 (c) or (ii)
      the 180th day after the Change of Control. The distribution of any forfeited
      Shares or Consideration shall be determined by the Board of Directors as part
      of
      the Change of Control transaction.

     

    (c)  Termination
      without Cause after Change of Control. In the event the Grantee’s employment by
      the Company or a Subsidiary is terminated without Cause (as defined in the
      Grantee’s employment agreement or the Plan, as applicable) after a Change of
      Control, subject to the Grantee’s execution of a general release of claims
      against the Company, its subsidiaries and affiliates and any acquiring entity
      or
      group (the “Company Group”) in a form reasonably satisfactory to the Company,
      Grantee’s Shares or applicable Consideration will be released from Escrow and
      distributed to the Grantee, effective as of such termination date.

     

    2.6  Determination
      of Termination Date of Grantee’s Employment. The determination of whether or not
      a termination of employment of the Grantee by the Company or any Subsidiary
      has
      occurred, and the determination of the date of any such termination of
      employment, shall be made by the Board or the Committee as defined in the Plan,
      acting reasonably.

     

    2.7  Stock
      Dividends, Splits and Certain Reorganizations. If, from time to time during
      the
      term of this Agreement:

     

    (a)  there
      is
      any stock dividend, stock split or other change in the character or amount
      of
      any of the outstanding securities of the Company; or

     

    (b)  there
      is
      any consolidation, merger or sale of all, or substantially all, of the assets
      of
      the Company;

     

    then,
      in
      such event, any and all new, substituted or additional securities or other
      property to which the Grantee is entitled by reason of the Grantee's ownership
      of the Shares, shall be immediately subject to this Agreement and be included
      in
      the word “Shares” for all purposes with the same force and effect as the Shares
      presently subject to this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      3.  Escrow
      of Shares Unvested Shares; Special Escrow upon Change of
      Control.

     

    3.1  Deposit
      of Shares; Related Documentation. Upon execution of this Agreement, the Grantee
      shall deliver and deposit with the Company as escrow holder (the “Escrow
      Holder”) the share certificate representing the Unvested Shares, together with
      the stock assignment duly endorsed in blank, attached hereto as Exhibit A.
      The
      Unvested Shares and stock assignment shall be held by the Escrow Holder, until
      such time as

     

    (a)  such
      Unvested Shares shall have become forfeited by the Grantee pursuant to this
      Agreement or the Plan, or 

     

    (b)  such
      Unvested Shares shall have become Vested Shares.

     

    3.2  Unvested
      Shares forfeited by the Grantee; Forfeit After Change of Control. All Unvested
      Shares forfeited by the Grantee pursuant to the terms of this Agreement or
      according to the provisions of the Plan, shall revert to the Company, and the
      Company shall become the legal and beneficial owner of such Unvested Shares,
      and
      all rights and interests therein or relating thereto. Upon the forfeiture of
      any
      Unvested Shares in accordance with the terms of this Agreement or the Plan,
      the
      Company shall have the right to obtain and transfer to its own name such
      forfeited Unvested Shares without payment of any consideration, and the Company
      shall be entitled to the return from the Grantee of any share certificate(s)
      issued in respect of the forfeited Unvested Shares or the cancellation of any
      book entry memo position maintained by the Company’s transfer agent and
      registrar with respect to the Unvested Shares. Additionally, the Company shall
      have the right, as Escrow Holder, to take all steps necessary to accomplish
      the
      transfer of such forfeited Unvested Shares to it, including but not limited
      to
      presentment of certificate(s) representing the Unvested Shares, together with
      stock assignment(s) executed by the Grantee appropriately completed by the
      Escrow Holder, to the Company’s transfer agent with irrevocable instructions to
      transfer such Unvested Shares into the name of the Company. The Grantee hereby
      appoints the Company, in its capacity as Escrow Holder, as his or her
      irrevocable attorney-in-fact to execute in his or her name, acknowledge and
      deliver all stock powers, stock assignments and other instruments as may be
      necessary or desirable with respect to the Unvested Shares. In addition, the
      Grantee shall immediately pay to the Company any proceeds from the prior sale
      or
      transfer of any forfeited Unvested Shares. Any Vested Shares or Consideration
      forfeited by the Grantee within 180 days after a Change of Control shall be
      released pursuant to the determination of the Board of Directors in the Change
      of Control transaction documents. 

     

    3.3  Release
      of Vested Shares from Escrow. When any Unvested Shares become Vested Shares,
      or
      upon release of any Shares or Consideration from the special Escrow established
      upon a Change of Control, upon the Grantee’s written request to the Company, the
      Company, as Escrow Holder, shall promptly cause a new certificate (if required)
      to be issued for such Shares, release from escrow and deliver the certificate(s)
      representing such Vested Shares or the applicable Consideration, to the Grantee
      to the address indicated on the signature page hereto. 

     

    3.4  Grantee’s
      Rights as Stockholder. Subject to the terms hereof, the Grantee shall have
      all
      the rights of a stockholder with respect to the Shares while they are held
      in
      escrow, including without limitation, the right to vote the Shares and, subject
      to Section 2.5 of this Agreement, receive any dividends declared thereon. During
      the period of any Special Escrow following a Change of Control, the Grantee
      shall have all the rights of a stockholder with respect to any Change of Control
      Consideration, including entitlement to any contingent or subsequent
      Consideration. 

     

    3.5  Liability
      of Escrow Holder. The Escrow Holder shall not be liable and the Grantee shall
      hold the Escrow Holder harmless for any act the Escrow Holder may do or omit
      to
      do with respect to holding the Unvested Shares in escrow and while acting in
      good faith and in the exercise of its judgment.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      4.  Restriction
      on Transfer; Investment Representation.

     

    4.1  General
      Restriction; No Assignment of Shares. Except as otherwise provided in Section
      4.2 of this Agreement, the Grantee may not sell, transfer, assign, pledge,
      hypothecate or otherwise dispose of any of the Unvested Shares, or any right
      or
      beneficial interest therein (collectively referred to as a “Transfer”) unless
      the Unvested Shares have become Vested Shares, and the Grantee has been issued
      a
      certificate for such Vested Shares by the Company, and the Transfer is conducted
      in accordance with the terms of this Agreement. 

     

    4.2  Permitted
      Transfers. The Grantee may not Transfer any Vested Shares to any person or
      entity unless the Transfer has been registered under the Securities Act of
      1933
      or the Company receives an opinion of counsel in form and substance satisfactory
      to the Company that the Transfer of such Vested Shares is exempt from
      registration under the Securities Act of 1933, as amended (the “Securities Act”)
      and otherwise complies with federal and state securities laws (each such
      transferee, a “Permitted Transferee”). The Grantee acknowledges and agrees, and
      each Permitted Transferee shall, as a condition to Transfer any Vested Shares,
      acknowledge and agree that neither the Company nor any agent of the Company
      shall be under any obligation to recognize any Transfer of any of the Vested
      Shares if, in the opinion of counsel for the Company, such transfer would result
      in a violation by the Company of any federal or state law with respect to any
      Transfer of such Vested Shares. Any attempt to Transfer or assign any Shares
      by
      the Grantee other than in accordance with this Agreement shall be void and
      shall
      have no effect. 

     

    4.3  Tax
      Withholding; Compliance by Grantee. The Company is authorized to withhold from
      any distribution of the Shares to the Grantee or any other payment made to
      the
      Grantee under this Agreement, amounts of withholding and other taxes due in
      connection with the issuance of the Shares, and to take such other action as
      the
      Committee (as defined in the Plan) may deem advisable to enable the Company
      and
      the Grantee to satisfy obligations for the payment of withholding taxes and
      other tax obligations relating to the Shares. The Grantee agrees that in the
      event and to the extent the Company determines that it is not obligated to
      withhold taxes payable by the Grantee with respect to the Shares but the Company
      is later held liable due to any non-payment of taxes on the part of the Grantee,
      the Grantee shall indemnify and hold the Company harmless from the amount of
      any
      payment made by it in respect of such liability.

     

    4.4  Investment
      Representation. The Grantee represents and warrants to the Company that the
      Grantee (i) is acquiring the Shares for his own account for the purpose of
      investment and not with a view to, or for sale in connection with, the
      distribution of any such Shares, (ii) has no present intention of selling,
      granting any participation in, or otherwise distributing all or any portion
      the
      Shares acquired hereunder, and (iii) does not have any contract, undertaking,
      agreement or arrangement with any person to sell, transfer or grant
      participations to such person or to any third person with respect to any of
      the
      Shares acquired hereunder.

     

    4.5  Legends
      on Certificates representing the Shares. The certificates representing the
      Shares shall be endorsed with the following legends:

     

    “THE
      SECURITIES REPRESENTED BY THIS COMMON STOCK CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("THE SECURITIES ACT"), NOR
      REGISTERED OR QUALIFIED UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE,
      AND
      MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER
      THE SECURITIES ACT AND REGISTERED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES
      OR BLUE SKY LAWS, OR AN EXEMPTION THEREFROM IS AVAILABLE.

     

    THE
      SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
      AND
      OBLIGATIONS WITH RESPECT TO THE TRANSFER, PLEDGE, HYPOTHECATION OR DISTRIBUTION
      THEREOF AS SET FORTH IN THAT CERTAIN RESTRICTED STOCK GRANT AGREEMENT DATED
      AS
      OF [●] WITH THE CORPORATION AND THE TERMS AND CONDITIONS OF THE 1997 STOCK AWARD
      AND INCENTIVE PLAN, BOTH OF WHICH MAY BE REVIEWED AT THE PRINCIPAL PLACE OF
      BUSINESS OF THE CORPORATION AND A COPY OF WHICH MAY BE OBTAINED FROM THE
      CORPORATION WITHOUT CHARGE UPON WRITTEN REQUEST THEREFOR.”

     

    The
      Grantee agrees that the Company may instruct its transfer agent to impose
      transfer restrictions on the Shares represented by certificates bearing the
      legend referred to above to enforce the provisions of this Agreement and the
      Company agrees to promptly do so. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      5.  Miscellaneous.

     

    5.1  Conditions
      to Exercise of Rights. Exercise of the rights granted to the Company under
      this
      Agreement shall be subject to and conditioned upon, and the parties shall use
      their best efforts to assist the Company in, compliance with applicable
      laws.

     

    5.2  No
      Employment Contract. Nothing in this Agreement or the Plan shall confer upon
      the
      Grantee any right to continue in the employment of the Company or any Subsidiary
      in his or her current or any other capacity for any period of time, or interfere
      with or restrict in any way the rights of the Company or the Grantee, which
      rights are hereby expressly reserved by each, to terminate the employment of
      the
      Grantee at any time for any reason whatsoever, with or without
      Cause.

     

    5.3  Agreement
      Subject to Plan. This Agreement is made under the provisions of the Plan and
      shall be interpreted in a manner consistent with it. Any provision in this
      Agreement inconsistent with the Plan shall be superseded and governed by the
      Plan. A copy of the Plan is available to the Grantee at the Company’s principal
      executive office upon request and without charge. The Grantee has carefully
      reviewed the Plan and understands the restrictions on the Shares. 

     

    5.4  Governing
      Law; Jurisdiction and Venue. This Agreement shall be governed by, and construed
      and enforced in accordance with, the laws of the State of Delaware, without
      regard to principles of conflicts of laws, and shall be binding upon the heirs,
      personal representatives, executors, administrators, successors and assigns
      of
      the parties.

     

    5.5  Amendment.
      Any provision of this Agreement may be amended and the observance thereof may
      be
      waived (either generally or in a particular instance and either retroactively
      or
      prospectively) only by the written consent of the Company and the
      Grantee.

     

    5.6  Entire
      Agreement. This Agreement constitutes the full and entire understanding and
      agreement among the parties with regard to the subject matter hereof, and
      supersede all prior agreements and understandings with respect to the subject
      matter hereof.

     

    5.7  Assignment.
      This Agreement and any and all rights, duties, obligations or interests
      hereunder shall not be assignable or delegable by the Grantee. This Agreement
      shall be binding upon, and inure to the benefit of, the parties hereto, any
      successors to or assigns of the Company and the Grantee’s heirs and personal
      representatives of the Grantee’s estate.

     

    5.8  Authority
      of the Committee. The Committee shall have full authority to interpret and
      construe the terms of the Plan and this Agreement, unless the Agreement requires
      for a particular determination to be made specifically by the Board. The
      determination of the Committee as to any such interpretation or construction
      shall be final, binding and conclusive. 

     

    5.9  Severability.
      In the event one or more of the provisions of this Agreement should, for any
      reason, be held to be invalid, illegal or unenforceable in any respect, such
      invalidity, illegality or unenforceability shall not affect any other provisions
      of this Agreement, and this Agreement shall be construed as if such invalid,
      illegal or unenforceable provision had never been contained herein.

     

    5.10  Counterparts.
      This Agreement may be executed in any number of counterparts, each of which
      shall be deemed an original, but all of which together shall constitute one
      and
      the same instrument.

     

    [Signature
      page following]

    
       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF,
        the
        parties have duly executed this Agreement under seal as of the month, day
        and
        year first set forth above.

    

     

    MERISEL,
      INC. 

     

    By:________________________________

     

    Name:

     

    Title:

     

    GRANTEE

     

    __________________________________

     

    [NAME]

     

    [ADDRESS]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Consent
      of Spouse

     

    I
      acknowledge that I have read the foregoing Restricted Stock Agreement (the
      “Agreement”) and that I know of its contents. I am aware that by its provisions
      all or part of the Shares granted to my spouse pursuant to the Agreement,
      including my community property interest in such Shares, if any, are, in certain
      circumstances subject to restrictions on transfer and forfeiture to Merisel,
      Inc. I hereby agree that the Shares granted to my spouse pursuant to the
      Agreement and my interest in them, if any, are subject to the provisions of
      the
      Agreement and that I will take no action at any time to hinder operation of,
      or
      violate, the Agreement.

     

    
      	 	 	 	 
	 Date:
              _____________________________	 	 	 __________________________________
	 	 	 	Name:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    STOCK
      ASSIGNMENT SEPARATE FROM CERTIFICATE

     

    FOR
      VALUE
      RECEIVED and pursuant to that certain Restricted Stock Agreement effective
      as of
      [●] (the "Agreement") by and between Merisel, Inc., a Delaware corporation (the
      "Company"), and the undersigned, the undersigned hereby sells, assigns and
      transfers unto ____________________________________________________ 
      _____________________________________________ (___________) shares of the common
      stock of the Company standing in the undersigned's name on the books of the
      Company represented by certificate No. __________ herewith, and does hereby
      irrevocably constitute and appoint ___________________________________________
      attorney to transfer the said stock on the books of the Company with full powers
      of substitution in the premises.

     

    Dated:
      ________________

     

    
      	 	 	 	 ______________________________
	 	 	 	Grantee
              [NAME]form of restricted stock agreement for directors

    Exhibit
      10.2

     

    MERISEL,
      INC.

     

    1997
      STOCK AWARD AND INCENTIVE PLAN

     

    FORM
      OF RESTRICTED STOCK AGREEMENT

     

    FOR
      DIRECTORS

     

    This
      Restricted Stock Agreement (this “Agreement”)
      is
      dated as of [●] (the “Effective
      Date”),
      by
      and between Merisel, Inc., a corporation organized under the laws of the State
      of Delaware (the “Company”),
      and
      [●], residing at the address set forth on the signature page hereto (the
“Grantee”).
      Any
      capitalized terms not otherwise defined herein shall have the meaning set forth
      in the Plan (as hereinafter defined).

     

    R
      E C
      I T A L

     

    WHEREAS,
      pursuant to the Company’s 1997 Stock Award and Incentive Plan (the “Plan”)
      and in
      accordance with the 2005 Non-Management Director Compensation recommendation
      adopted by the Board of Directors of the Company, the Board and the Committee,
      have determined that the Grantee should be granted shares of the Company’s
      common stock (the “Common
      Stock”)
      according to the terms and conditions hereof and the Plan.

     

    A
      G R
      E E M E N T

     

    NOW
      THEREFORE, in consideration of the promises and mutual covenants herein set
      forth, and other good and valuable consideration, receipt of which is hereby
      acknowledged, the parties hereto hereby mutually covenant and agree as
      follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      1.  Issuance
      of Common Stock.

     

    1.1  The
      Company is granting, effective as of the Effective Date, to the Grantee an
      aggregate of [●] shares of the Common Stock (the “Shares”) on the terms and
      conditions of this Agreement and all other applicable terms and conditions
      of
      the Plan. 

     

    1.2  Upon
      receipt by the Company of a copy of this Agreement duly executed and completed
      by the Grantee, the Company shall promptly instruct its transfer agent to issue
      in the name of the Grantee duly executed certificates evidencing the Vested
      Shares (as defined in Section 2.1) and the Unvested Shares (as defined in
      Section 2.1), endorsed with the legends set forth in Section 4.4. The
      certificate(s) evidencing the Unvested Shares shall be held in escrow by the
      Company according to the provisions set forth in Section 3.1.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      2.  Vesting
      of Shares; Termination of Service; Forfeiture. 

     

    2.1  Vested
      and Unvested Shares. As the Shares vest pursuant to the terms of this Agreement,
      they are referred to herein as “Vested Shares” and, if they have not vested,
      they are referred to herein as “Unvested Shares.” [●] of the Shares shall
      initially be Vested Shares and the remaining [●] of the Shares shall be Unvested
      Shares.

     

    2.2  Vesting
      During Continued Service as a Director; Termination of Grantee’s Service as a
      Director of the Company. So long as the Grantee continues to serve as a director
      of the Company and subject to other terms and conditions contained herein,
      [●]
      of the Unvested Shares shall become Vested Shares on [●] and the remaining [●]
      of the Unvested Shares shall become Vested Shares on [●]. If, prior to [●], the
      Grantee ceases to be a director of the Company for any reason, all remaining
      Unvested Shares shall immediately be forfeited, and the Company shall have
      the
      right to obtain and transfer to its own name such forfeited Shares without
      payment of any consideration. Such forfeited Unvested Shares will be further
      subject to the forfeiture provisions in Section 3.2 hereof.

     

    2.3  Determination
      of Termination Date of Service as a Director. The determination of whether
      or
      not a termination of service of the Grantee as a director of the Company has
      occurred, and the determination of the date of any such termination of service,
      shall be made by the Board or the Committee as defined in the Plan, acting
      reasonably.

     

    2.4  Stock
      Dividends, Splits and Certain Reorganizations. If, from time to time during
      the
      term of this Agreement:

     

    (a)  there
      is
      any stock dividend, stock split or other change in the character or amount
      of
      any of the outstanding securities of the Company; or

     

    (b)  there
      is
      any consolidation, merger or sale of all, or substantially all, of the assets
      of
      the Company;

     

    then,
      in
      such event, any and all new, substituted or additional securities or other
      property to which the Grantee is entitled by reason of the Grantee's ownership
      of the Shares, shall be immediately subject to this Agreement and be included
      in
      the word "Shares" for all purposes with the same force and effect as the Shares
      presently subject to this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      3.  Escrow
      of Shares.

     

    3.1  Deposit
      of Unvested Shares; Related Documentation. Upon execution of this Agreement,
      the
      Grantee shall deliver and deposit with the Company as escrow holder (the “Escrow
      Holder”) the share certificate(s) representing the Unvested Shares, together
      with the stock assignment(s) duly endorsed in blank, attached hereto as Exhibit
      A. The Unvested Shares and stock assignment(s) shall be held by the Escrow
      Holder, until such time as

     

    (a)  such
      Unvested Shares shall have become forfeited by the Grantee pursuant to this
      Agreement or the Plan, or 

     

    (b)  such
      Unvested Shares shall have become Vested Shares.

     

    3.2  Unvested
      Shares forfeited by the Grantee. All Unvested Shares forfeited by the Grantee
      pursuant to the terms of this Agreement or according to the provisions of the
      Plan, shall revert to the Company, and the Company shall become the legal and
      beneficial owner of such Unvested Shares, and all rights and interests therein
      or relating thereto. Upon the forfeiture of any Unvested Shares in accordance
      with the terms of this Agreement or the Plan, the Company shall have the right
      to obtain and transfer to its own name such forfeited Unvested Shares without
      payment of any consideration, and the Company shall be entitled to the return
      from the Grantee of any share certificate(s) issued in respect of the forfeited
      Unvested Shares or the cancellation of any book entry memo position maintained
      by the Company’s transfer agent and registrar with respect to the Unvested
      Shares. Additionally, the Company shall have the right, as Escrow Holder, to
      take all steps necessary to accomplish the transfer of such forfeited Unvested
      Shares to it, including but not limited to presentment of certificates
      representing the Unvested Shares, together with a stock assignment executed
      by
      the Grantee appropriately completed by the Escrow Holder, to the Company’s
      transfer agent with irrevocable instructions to transfer such Unvested Shares
      into the name of the Company. The Grantee hereby appoints the Company, in its
      capacity as Escrow Holder, as his or her irrevocable attorney-in-fact to execute
      in his or her name, acknowledge and deliver all stock powers, stock assignments
      and other instruments as may be necessary or desirable with respect to the
      Unvested Shares. In addition, the Grantee shall immediately pay to the Company
      any proceeds from the prior sale or transfer of any forfeited Unvested Shares.
      

     

    3.3  Release
      of Vested Shares from Escrow. When any Unvested Shares become Vested Shares,
      upon the Grantee’s written request to the Company, the Company, as Escrow
      Holder, shall promptly release from escrow and deliver the certificate
      representing such Vested Shares to the Grantee to the address indicated on
      the
      signature page hereto. 

     

    3.4  Grantee’s
      Rights as Stockholder. Subject to the terms hereof, the Grantee shall have
      all
      the rights of a stockholder with respect to the Shares while they are held
      in
      escrow, including without limitation, the right to vote the Shares and, subject
      to Section 2.5 of this Agreement, receive any dividends declared thereon.

     

    3.5  Liability
      of Escrow Holder. The Escrow Holder shall not be liable and the Grantee shall
      hold the Escrow Holder harmless for any act the Escrow Holder may do or omit
      to
      do with respect to holding the Unvested Shares in escrow and while acting in
      good faith and in the exercise of its judgment.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      4.  Restriction
      on Transfer; Investment Representation.

     

    4.1  General
      Restriction; No Assignment of Shares. Except as otherwise provided in Section
      4.2 of this Agreement, the Grantee may not sell, transfer, assign, pledge,
      hypothecate or otherwise dispose of any of the Unvested Shares, or any right
      or
      beneficial interest therein (collectively referred to as a “Transfer”) unless
      the Unvested Shares have become Vested Shares, and the Grantee has been issued
      a
      certificate for such Vested Shares by the Company, and the Transfer is conducted
      in accordance with the terms of this Agreement. 

     

    4.2  Permitted
      Transfers. The Grantee may not Transfer any Vested Shares to any person or
      entity unless the Transfer has been registered under the Securities Act of
      1933
      or the Company receives an opinion of counsel in form and substance satisfactory
      to the Company that the Transfer of such Vested Shares is exempt from
      registration under the Securities Act of 1933, as amended (the “Securities Act”)
      and otherwise complies with federal and state securities laws (each such
      transferee, a “Permitted Transferee”). The Grantee acknowledges and agrees, and
      each Permitted Transferee shall, as a condition to Transfer any Vested Shares,
      acknowledge and agree that neither the Company nor any agent of the Company
      shall be under any obligation to recognize any Transfer of any of the Vested
      Shares if, in the opinion of counsel for the Company, such transfer would result
      in a violation by the Company of any federal or state law with respect to any
      Transfer of such Vested Shares. Any attempt to Transfer or assign any Shares
      by
      the Grantee other than in accordance with this Agreement shall be void and
      shall
      have no effect. 

     

    4.3  Tax
      Withholding; Compliance by Grantee. The Company is authorized to withhold from
      any distribution of the Shares to the Grantee or any other payment made to
      the
      Grantee under this Agreement, amounts of withholding and other taxes due in
      connection with the issuance of the Shares, and to take such other action as
      the
      Committee (as defined in the Plan) may deem advisable to enable the Company
      and
      the Grantee to satisfy obligations for the payment of withholding taxes and
      other tax obligations relating to the Shares. The Grantee agrees that in the
      event and to the extent the Company determines that it is not obligated to
      withhold taxes payable by the Grantee with respect to the Shares but the Company
      is later held liable due to any non-payment of taxes on the part of the Grantee,
      the Grantee shall indemnify and hold the Company harmless from the amount of
      any
      payment made by it in respect of such liability.

     

    4.4  Investment
      Representation. The Grantee represents and warrants to the Company that the
      Grantee (i) is acquiring the Shares for his own account for the purpose of
      investment and not with a view to, or for sale in connection with, the
      distribution of any such Shares, (ii) has no present intention of selling,
      granting any participation in, or otherwise distributing all or any portion
      the
      Shares acquired hereunder, (iii) does not have any contract, undertaking,
      agreement or arrangement with any person to sell, transfer or grant
      participations to such person or to any third person with respect to any of
      the
      Shares acquired hereunder, and (iv) is an “accredited investor” within the
      meaning of Rule 501 of Regulation D promulgated under the Securities
      Act.

     

    4.5  Legends
      on Certificates representing Shares. The certificates representing the Shares
      shall be endorsed with the following legends:

     

    “THE
      SECURITIES REPRESENTED BY THIS COMMON STOCK CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("THE SECURITIES ACT"), NOR
      REGISTERED OR QUALIFIED UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE,
      AND
      MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER
      THE SECURITIES ACT AND REGISTERED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES
      OR BLUE SKY LAWS, OR AN EXEMPTION THEREFROM IS AVAILABLE.

     

    THE
      SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
      AND
      OBLIGATIONS WITH RESPECT TO THE TRANSFER, PLEDGE, HYPOTHECATION OR DISTRIBUTION
      THEREOF AS SET FORTH IN THAT CERTAIN RESTRICTED STOCK GRANT AGREEMENT WITH
      THE
      CORPORATION DATED AS OF [●] AND THE TERMS AND CONDITIONS OF THE 1997 STOCK AWARD
      AND INCENTIVE PLAN, BOTH OF WHICH MAY BE REVIEWED AT THE PRINCIPAL PLACE OF
      BUSINESS OF THE CORPORATION AND A COPY OF WHICH MAY BE OBTAINED FROM THE
      CORPORATION WITHOUT CHARGE UPON WRITTEN REQUEST THEREFOR.”

     

    The
      Grantee agrees that the Company may instruct its transfer agent to impose
      transfer restrictions on the Shares represented by certificates bearing the
      legend referred to above to enforce the provisions of this Agreement and the
      Company agrees to promptly do so. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      5.  Miscellaneous.

     

    5.1  Conditions
      to Exercise of Rights. Exercise of the rights granted to the Company under
      this
      Agreement shall be subject to and conditioned upon, and the parties shall use
      their best efforts to assist the Company in, compliance with applicable
      laws.

     

    5.2  No
      Service Contract. Nothing in this Agreement or the Plan shall confer upon the
      Grantee any right to continue in the service of the Company as a director for
      any period of time, or interfere with or restrict in any way the rights of
      the
      Company’s stockholders to terminate the Grantee’s service as a director at any
      time for any reason whatsoever.

     

    5.3  Agreement
      Subject to Plan. This Agreement is made under the provisions of the Plan and
      shall be interpreted in a manner consistent with it. Any provision in this
      Agreement inconsistent with the Plan shall be superseded and governed by the
      Plan. A copy of the Plan is available to the Grantee at the Company’s principal
      executive office upon request and without charge. The Grantee has carefully
      reviewed the Plan and understands the restrictions on the Shares. 

     

    5.4  Governing
      Law; Jurisdiction and Venue. This Agreement shall be governed by, and construed
      and enforced in accordance with, the laws of the State of Delaware, without
      regard to principles of conflicts of laws, and shall be binding upon the heirs,
      personal representatives, executors, administrators, successors and assigns
      of
      the parties.

     

    5.5  Amendment.
      Any provision of this Agreement may be amended and the observance thereof may
      be
      waived (either generally or in a particular instance and either retroactively
      or
      prospectively) only by the written consent of the Company and the
      Grantee.

     

    5.6  Entire
      Agreement. This Agreement constitutes the full and entire understanding and
      agreement among the parties with regard to the subject matter hereof, and
      supersede all prior agreements and understandings with respect to the subject
      matter hereof.

     

    5.7  Assignment.
      This Agreement and any and all rights, duties, obligations or interests
      hereunder shall not be assignable or delegable by the Grantee. This Agreement
      shall be binding upon, and inure to the benefit of, the parties hereto, any
      successors to or assigns of the Company and the Grantee’s heirs and personal
      representatives of the Grantee’s estate.

     

    5.8  Authority
      of the Committee. The Committee shall have full authority to interpret and
      construe the terms of the Plan and this Agreement, unless the Agreement requires
      for a particular determination to be made specifically by the Board. The
      determination of the Committee as to any such interpretation or construction
      shall be final, binding and conclusive. 

     

    5.9  Severability.
      In the event one or more of the provisions of this Agreement should, for any
      reason, be held to be invalid, illegal or unenforceable in any respect, such
      invalidity, illegality or unenforceability shall not affect any other provisions
      of this Agreement, and this Agreement shall be construed as if such invalid,
      illegal or unenforceable provision had never been contained herein.

     

    5.10  Counterparts.
      This Agreement may be executed in any number of counterparts, each of which
      shall be deemed an original, but all of which together shall constitute one
      and
      the same instrument.

     

    [Signature
      page following]

    
      
         

      

      
         

        
          

        

      

      
         
IN
        WITNESS WHEREOF,
        the
        parties have duly executed this Agreement under seal as of the month, day
        and
        year first set forth above.

    

     

    MERISEL,
      INC. 

     

    By:________________________________

     

    Name:

     

    Title:

     

    GRANTEE

     

    __________________________________

     

    [NAME]

     

    [ADDRESS]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Consent
      of Spouse

     

    I
      acknowledge that I have read the foregoing Restricted Stock Agreement (the
      “Agreement”) and that I know of its contents. I am aware that by its provisions
      all or part of the Shares granted to my spouse pursuant to the Agreement,
      including my community property interest in such Shares, if any, are, in certain
      circumstances subject to restrictions on transfer and forfeiture to Merisel,
      Inc. I hereby agree that the Shares granted to my spouse pursuant to the
      Agreement and my interest in them, if any, are subject to the provisions of
      the
      Agreement and that I will take no action at any time to hinder operation of,
      or
      violate, the Agreement.

     

     

    
      	 Date:______________________________	 	 	 ______________________________
	 	 	 	 Name:
	 	 	 	 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A (1) 

     

    STOCK
      ASSIGNMENT SEPARATE FROM CERTIFICATE

     

    FOR
      VALUE
      RECEIVED and pursuant to that certain Restricted Stock Agreement effective
      as of
      [●] (the "Agreement") by and between Merisel, Inc., a Delaware corporation (the
      "Company"), and the undersigned, the undersigned hereby sells, assigns and
      transfers unto ____________________________________________________ 
      shares
      of the common stock of the Company standing in the undersigned's name on the
      books of the Company represented by certificate No. __________ herewith, and
      does hereby irrevocably constitute and appoint
      ___________________________________________ attorney to transfer the said stock
      on the books of the Company with full powers of substitution in the
      premises.

     

    Dated:
      ________________ 

    
      	 	 	 	 ______________________________
	 	 	 	 Grantee
              [NAME]
	 	 	 	 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A (2) 

     

    STOCK
      ASSIGNMENT SEPARATE FROM CERTIFICATE

     

    FOR
      VALUE
      RECEIVED and pursuant to that certain Restricted Stock Agreement effective
      as of
      [●] (the "Agreement") by and between Merisel, Inc., a Delaware corporation (the
      "Company"), and the undersigned, the undersigned hereby sells, assigns and
      transfers unto ____________________________________________________ 
      shares
      of the common stock of the Company standing in the undersigned's name on the
      books of the Company represented by certificate No. __________ herewith, and
      does hereby irrevocably constitute and appoint
      ___________________________________________ attorney to transfer the said stock
      on the books of the Company with full powers of substitution in the
      premises.

     

    Dated:
      ________________ 

    
      	 	 	 	 ______________________________
	 	 	 	 Grantee
              [NAME]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]