Document:

nlsnnv-ex104j_854.htm

Exhibit 10.4(j)

 

SEPARATION, NON-DISPARAGEMENT, & GENERAL RELEASE AGREEMENT

 

The following Separation, Non-Disparagement, and General Release Agreement (the "Agreement") is hereby entered into between David Anderson (“I”, "me" or “Employee”) and Nielsen Holdings plc (“Employer”).

 

WHEREAS, effective December 31, 2019, Employee resigned his employment from the Company without Good Reason as defined in Article II, Section (o) of the Nielsen Holdings plc Severance Policy For Section 16 Officers and United States-Based Senior Executives (the "Policy");

 

WHEREAS, since Employee resigned his employment without Good Reason, his separation is not a Qualifying Termination as defined in Article II, Section (t) of the Policy;

 

WHEREAS due to his resignation without Good Reason (and not as result of Retirement as may be set forth in any of the agreements described in Section 2(B) below), Employee is not entitled to any severance benefits pursuant to the Policy or any other Company policy;

 

WHEREAS, the parties to this Agreement desire to enter into an agreement in order to provide separation pay and benefits to Employee in exchange for entering into this Agreement;

 

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter provided and of the actions taken pursuant thereto, the parties agree as follows:

 

Section 1

 

A.Separation Date / Final Pay. My separation of employment is effective on December 31, 2019 (“Separation Date”). Regardless of whether I sign this Agreement, I will be paid all earned and unpaid wages, less applicable deductions, in my final paycheck, or in accordance with applicable law. 

 

B.Separation Benefits. In exchange for this Agreement, and in accordance with this Agreement’s terms and in complete settlement of any and all claims (known or unknown) that I may have against the Employer, the Employer agrees I will be entitled to the following: 

 

(i)the gross sum of One Million Three Hundred Thousand Dollars and Zero Cents ($1,300,000.00), subject to all applicable taxes and withholding (the “Separation Payment”);

 

(ii)the number of my unvested performance-based restricted stock units granted to me pursuant to that Performance Restricted Stock Unit Grant Agreement (Revenue CAGR) dated March 1, 2019 (the "PRSU CAGR Grant Agreement"), granted under the Amended and Restated Nielsen 2010 Stock Incentive Plan (the "Plan") had my termination of employment with Employer been terminated by Employer for reasons other than "Cause" (as that term is defined in the Policy) rather than my resignation, 

 

 

payable in such number and at such time as determined in accordance with the terms of the PRSU CAGR Grant Agreement and the Plan (including, but not limited to, the attainment of relevant performance criteria as set forth in the PRSU CAGR Grant Agreement);

 

(iii)the number of my unvested performance-based restricted stock units granted to me pursuant to that Performance Restricted Stock Unit Grant Agreement (Cumulative EPS) dated March 1, 2019 (the "PRSU EPS Grant Agreement"), granted under the Plan had my termination of employment with Employer been terminated by Employer for reasons other than "Cause" (as that term is defined in the Policy) rather than my resignation, payable in such number and at such time as determined in accordance with the terms of the PRSU EPS Grant Agreement and the Plan (including, but not limited to, the attainment of relevant performance criteria as set forth in the PRSU EPS Grant Agreement);

 

(iv) the number of my unvested stock units granted to me pursuant to that Restricted Stock Unit Grant Agreement with an October 26, 2018 grant date  (the "2018 RSU Grant Agreement"), granted under the Plan had my termination of employment with Employer been terminated by Employer for reasons other than "Cause" (as that term is defined in the Policy) rather than my resignation, payable in such number and at such time as determined in accordance with the terms of the 2018 RSU Grant Agreement and the Plan; 

 

(v)the number of my unvested stock units granted to me pursuant to that Restricted Stock Unit Grant Agreement with a March 1, 2019 grant date  (the "2019 RSU Grant Agreement"), granted under the Plan had my termination of employment with Employer been terminated by Employer for reasons other than "Cause" (as that term is defined in the Policy) rather than my resignation, payable in such number and at such time as determined in accordance with the terms of the 2019 RSU Grant Agreement and the Plan, which, for the avoidance of doubt, shall be calculated based upon the number of days that I was employed from the Grant Date to my Separation Date (rather than from the “immediately prior Vesting Date” to my Separation Date); and

 

(vi)all performance stock options units granted to me pursuant to that Performance Stock Option Agreement with an October 26, 2018 grant date (the "PSO Grant Agreement"), granted under the Plan shall be forfeited and cancelled for no consideration effective as of the Separation Date.

 

 

I understand and agree that this Separation Payment and treatment of my equity awards under the Plan as set forth in this Section 2(B) are benefits I am otherwise not entitled to receive, and that they are being offered only in exchange for my agreement to the release of claims below. Provided that I have signed and not revoked this Agreement and the revocation period  described in Section 5(E) has expired within 30 days of the Separation Date, the Separation Payment will be paid in two installments: (1) the first installment equal to Five Hundred Sixty 

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Thousand Dollars and Zero Cents ($560,000.00) shall be paid on the later of January 9, 2020 or two (2) days following the expiration of the revocation period, and (2) the second installment equal to the remainder of the Separation Payment shall be paid six months and one day after the Separation Date. [I agree that if I timely elect COBRA coverage, it shall be entirely at my expense.]

 

C.Benefit Participation. To the extent I participated in any employee welfare benefit plans, retirement plans, 401(k) plans, profit sharing plans, stock option plans or any other similar benefit program, my right to continue participation, vesting, distribution or other rights shall be governed and controlled by the specific terms, conditions and requirements of such plans, except as otherwise provided in Section 1(B) above. 

 

D.No Further Compensation or Benefits.  Other than the above, I will not receive any other or additional compensation, pay or benefits or benefit coverage under any other Employer health or benefit plans, and specifically agree and acknowledge that I am not entitled to nor will I receive any bonus. 

Section 2

 

A.In General.I irrevocably and unconditionally release the Released Parties listed in Section 2(D) from all the claims described in Section 2(B) and 2(C) of this Agreement, whether known or unknown. However, I am not releasing my right to enforce this release or any other claims that cannot be lawfully waived, as further described below. 

 

B.Claims Released Other Than Age Discrimination Claims.Subject only to the exception noted in Section 2(A), I, on behalf of my heirs, spouse and assigns, hereby completely release and forever discharge the Released Parties listed in Section 2(D) from any and all claims, known or unknown, based on any act or omission occurring before and including the date of my signing this Agreement, to the fullest extent allowed by law (“Released Claims”). These include, but are not limited to, claims that in any way relate to: (i) my employment with the Employer, or the termination of that employment, such as claims for compensation, lost wages, unused accrued vacation, personal, or sick pay; (ii) the design or administration of any employee benefit program; (iii) compensation or benefits under any other agreement I have entered with the Employer, except as otherwise provided in this Agreement; (iv) any rights I may have to the Separation Payment or similar benefits; or (v) any claims to attorneys’ fees. I understand that the claims I am releasing might arise under many different laws, including, but not limited to, the following:

 

Antidiscrimination statutes, such as Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, and Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination against the disabled; the New York State Human Rights Law; the New York City Human Rights Law; the New York Labor Law; the New York State Civil Rights Law; Article 23-A of the New York State Corrections Law; Section 125 of the New York Workers' 

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Compensation Law; the New York City Earned Safe and Sick Time Act and any other federal, state, or local laws prohibiting employment discrimination or wrongful termination.

Other laws, such as federal, state, or local law restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state, or local laws providing recourse for alleged wrongful discharge, physical or personal injury, emotional distress, fraud, negligent misrepresentation, defamation, retaliation, and similar or related claims.

 

C.Release of Age Discrimination Claims. I agree to waive claims of age discrimination under the Age Discrimination in Employment Act (“ADEA”), as amended by the Older Workers Benefit Protections Act (“OWBPA”), which prohibits discrimination on the basis of age (age 40 and over).

 

D.Released Parties. The Released Parties are the Employer, all of its past and present parent companies, subsidiaries, affiliates, related entities, and each of their employees, officers, agents, attorneys, directors, shareholders, insurers, and employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), including but not limited to The Nielsen Company (US), LLC, except that with respect to parties not affiliated with the Employer, the release shall be limited to matters pertaining to my employment with and departure from the Employer..

 

E.Rights Not Released or Waived.I understand that no provisions in this Agreement are intended to limit my right to file claims that may not be legally waived, including for workers’ compensation due to a workplace injury, or to challenge the validity of this Agreement under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act. I further understand that I will have the same level and scope of D&O insurance coverage as all other current Executive Officers, as well as any rights to indemnification currently available to Executive Officers; provided, however, I further understand that I will not be covered under any Connect D&O insurance policy effective January 1, 2020 or thereafter, nor will I be indemnified as Connect Executive Officers.

 

F.Administrative Charges.I also understand I do not waive the right to file a charge of discrimination or other claim of unlawful behavior with the Equal Employment Opportunity Commission, Department of Labor, National Labor Relations Board or other governmental agency. I understand that I retain the right to participate in investigations conducted by such agencies. Nonetheless, I release any right to recover monetary damages from the Employer through any charge or claim I file or that an agency or anyone else files on my behalf.

 

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Section 3

 

A.Pursuit of Released Claims.I represent that I will not in the future, directly or indirectly, file any lawsuit against the Released Parties based on the Released Claims. I agree to execute all documents necessary to request dismissal or withdrawal, or to opt-out of such claims with prejudice.

 

B.Employer Property.I will promptly return to the Employer all files, memoranda, documents, records, copies of the foregoing, keys, and any other property of the Employer in my possession.

 

C.Taxes.I am responsible for paying any taxes on amounts I receive because I signed this Agreement and I agree that the Employer is to withhold all taxes it determines it is legally required to withhold.  Employer and its agents and attorneys, make no representation as to the tax consequences or liability arising from Employer’s payment of the compensation and benefits under Section 1.  The parties agree that any tax consequences or liability arising from Employer’s payment of the compensation and benefits under Section 1 shall be the sole responsibility of Employee.  Should any state or federal taxing authority determine that any or all of the compensation or benefits constitute income subject to withholding under any federal or state law, including, without limitation, income tax, social security, and unemployment insurance laws, then Employee agrees to indemnify and hold the Released Parties harmless from any and all tax liability, including, without limitation, taxes, levies, assessments, fines, interest, costs, expenses, penalties, and attorneys’ fees.

 

D.Ownership of Claims. I have not assigned or transferred any claim I am releasing, nor have I purported to do so.

 

E.Nonadmission of Liability/Agreement Is Not Evidence. Both the Employer and I agree not to assert that this Agreement is an admission of liability or wrongdoing by me, the Employer, or the Released Parties.  The Employer and I further agree that this Agreement may not be used as evidence in any subsequent proceeding of any kind except in which one of the parties alleges a breach of this Agreement.

 

F.No Disparagement.By entering into this Agreement, I agree that I have not, will not, and will not encourage or induce others to, make, publish or communicate to any person or entity or in any public forum any slanderous, defamatory or disparaging remarks, comments posts or statements concerning the Employer, its subsidiaries, affiliates or shareholders or any of their respective past, present or future directors, officers, employees, agents, shareholders or members, any of their products, services or the Employer's business; any aspect of the Strategic Review, and/or the intent to make one of the two primary businesses a separate, publicly traded company.  Notwithstanding the foregoing, nothing in this Section 3(F) is intended to prohibit, limit or prevent me from providing truthful testimony in a court of law, truthful statements to a government official, regulatory or law enforcement agency, and such testimony or statements shall not be deemed to be a violation of this Section 3(F). 

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The Employer agrees that it shall instruct in writing the current members of its Executive Committee and Board of Director Members to refrain from making any communication, verbally or written, that disparages, criticizes, or otherwise reflects adversely upon Employee's job performance as an employee of the Employer.

 

All inquiries to the Employer concerning my employment will be directed to Jacki DeFilippo, Senior Vice President Human Resources, which, in response to any such inquiries, will state that it is the Employer’s policy to only confirm dates of employment and job title and will make no further comments about my employment.

 

G.Nondisclosure. I acknowledge that I may possess confidential information concerning the operations and personnel of the Employer and I agree that the Employer would be severely damaged if I used or disclosed this information. To prevent this harm, I promise never to use or disclose any such information, provided that it will not be considered a breach of this Agreement if I am compelled to testify in a judicial or administrative proceeding by court order or subpoena. I agree that my nondisclosure obligations I entered by separate agreement during my employment will continue even after the Separation Date.

 

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), I shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a Federal, State, or local government official, or to an attorney, solely for the purpose of reporting or investigating, a violation of law. I shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If I file a lawsuit alleging retaliation by the Employer for reporting a suspected violation of the law, I may disclose the trade secret to my attorney and use the trade secret in the court proceeding, so long as any document containing the trade secret is filed under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

 

Nothing in this Agreement, or any other agreement, manual policies or procedure of the Employer shall prohibit or restrict me or my counsel from: (i) disclosing information required by law or legal process; (ii) reporting possible violations of federal, state or local law or regulation to any federal, state, or local governmental agency, commission or entity (collectively “Government Agencies”) (iii) filing a charge or complaint with Government Agencies; (iv) making disclosures that are protected under the whistleblower provisions of federal or state law or regulation (collectively the “Whistleblower Statutes”); or (v) initiating communications directly with, responding to any inquiry from, volunteering information to, testifying or otherwise participating in or assisting in any inquiry, investigation or proceeding brought by Government Agencies in connection with (i) through (iv).  I am not required to advise or seek permission from the Employer before engaging in any activity set forth in (i) through (v).  Further, although I understand that I am waiving any right to recover any award from the Employer related to any action or claim, this Agreement does not limit my right to receive an 

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award from Government Agencies for information provided to Government Agencies or pursuant to the Whistleblower Statutes. 

 

To the extent not prohibited by law, in the event that I learn that disclosure is required pursuant to a subpoena, court order, or by operation of law, I shall give written notice to the Employer within five (5) calendar days of receipt thereof. Written notification to the Employer shall be provided to George Callard, Chief Legal Officer, 675 6th Avenue, New York, NY 10011, via hand delivery or email (george.callard@nielsen.com).

 

H.Compliance With Laws. I agree that I have been properly paid for all time worked; I have not experienced a workplace injury which has not been reported or for which a workers’ compensation claim has not already been filed; I received all leave during my employment required by applicable law; and, to my knowledge, the Employer is and has been in compliance with all laws and regulations and local ordinances.

 

I.Confidentiality. The parties agree that they will keep any negotiations leading up to this Agreement completely confidential, except that I am able to disclose information to my spouse (if any), accountant or attorney, or as otherwise required by law, and the Employer may disclose information to human resources and payroll to process this Agreement, accountants or attorneys, or as otherwise required by law.

 

J.Cooperation. I agree to cooperate with the Employer with respect to the prosecution and/or defense of legal claims that arose during my tenure as an employee of the Employer, or which relate to events that occurred during my tenure as an employee of the Employer or to which I have any information.  Such cooperation shall include, but is not limited to, making myself available for interview by the Employer and/or its counsel, reviewing and/or identifying documents, giving testimony and/or testifying at trial. Nothing in this Section 3(j) is intended to or will limit, or impact in any way, the obligation of me to testify honestly and accurately in, or to respond to or comply with any legal or judicial proceedings or requirements.  Unless prohibited by law, the Employer agrees that it will reimburse me at a rate of Three Hundred Dollars and Zero Cents ($300.00) per hour for my cooperation as directed by the Employer, and that it will reimburse me for my reasonable business expenses incurred assisting the Employer in any such matter. I will be required to obtain the Employer's written approval before undertaking any task hereunder, or incurring any reasonable business expense.

 

K.Public Communications.

 

The Employer agrees that it shall instruct in writing the current members of its Executive Committee, its current Executive Officers, and its current Board of Director Members to make no statements concerning Employee's departure except statements that are consistent with the content of the press release attached hereto as Exhibit A, and the Employer’s internal communications to its employees regarding Employee's separation of his employment will be consistent with the content of the press release attached hereto as Exhibit A.  

 

Employee acknowledges that he will make no statements to the public or otherwise that 

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are inconsistent with the contents of the press release attached hereto as Exhibit A. I further agree that I will not contract, communicate or collaborate with the media (including social media) or press (including interviews) regarding my employment or my work with the Employer, or my contributions as CFO, until after my Separation Date.  Further, I agree to allow the Employer throughout 2020 to review any draft article, interview or post that discusses substantively my employment or work at the Employer before it is published.  

 

Section 4

 

I acknowledge that I carefully read this Agreement, that I understand its provisions, and before signing this Agreement, the Employer encouraged me to discuss this Agreement with my attorney and that I did so to the extent I deemed appropriate. 

 

Section 5 

 

A.Entire Agreement.This Agreement is the entire Agreement between me and the Employer with respect to any matters referred to in this Agreement. This Agreement supersedes all other agreements I have entered with the Employer, except those relating to non-disclosure of confidential information, non-competition or other restrictive covenants, including but not limited to The Nielsen Company (US) LLC Executive Non-Disclosure, Non-Solicitation, Non-Competition, and Inventions Assignment Agreement; the Plan; the 2018 RSU Grant Agreement; the 2019 RSU Grant Agreement; the PSO Grant Agreement; PRSU CAGR Grant Agreement and the PRSU EPS Grant Agreement. This Agreement may not be modified in any manner except by a writing signed by both me and an authorized Employer official. I acknowledge that the Employer has made no promises to me other than those set forth in this Agreement. If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable.

 

B.Successors. This Agreement binds the heirs, administrators, representatives, executors, successors, and assigns of all bound parties and will inure to the benefit of all parties and their respective heirs, administrators, representatives, executors, successors, and assigns.

 

C.Interpretation. This Agreement shall be governed by the statutes and common law of the State of New York, excluding its choice of laws, statutes or common law.

 

D.Severability.  If any court of competent jurisdiction determines that any of the agreements or releases contained herein, or any part thereof, is unenforceable because of the character, duration or scope of such provision, such court shall have the power to sever such provision or modify or reduce the duration or scope of such provision, and, in its reduced form, this Agreement shall then be enforceable to the maximum extent permitted by applicable law.

 

E. Agreement Knowingly and Voluntarily Executed; Waiting and Revocation Periods. I expressly acknowledge that this Agreement contains a waiver of claims under the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act and I have been advised and instructed that I have the right to consult with an attorney and that I should 

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review the terms of this Agreement with counsel of my own selection. I further confirm, warrant and represent:

 

	
 
	
(a)
	
I understand that I have 21 days in which to consider the terms of this Agreement, but may sign sooner if I choose to do so;

	
 
	
(b)
	
I have had the opportunity to review this Agreement with counsel of my own choice;

	
 
	
(c)
	
I have carefully read the terms of this Agreement and I am fully aware of the Agreement’s contents and legal effects;

	
 
	
(d)
	
I understand that I may revoke my waiver of age discrimination claims, as described in Section 2(C), up to and including the seventh (7th) day after I have signed this Agreement by notifying George Callard, Chief Legal Officer, 675 6th Avenue, New York, NY 10011, in writing via hand delivery or email (george.callard@nielsen.com), no later than seven (7) days following my execution of this Agreement; and

	
 
	
(e)
	
I execute this Agreement voluntarily, knowingly, and willingly. 

 

F.Effective Date. This Agreement shall become effective on the eighth (8th) day after I have signed it. If I choose to revoke my waiver of age discrimination claims during the seven (7) day revocation period described in Section 5(E)(d), my revocation will only apply to my release of claims under the Age Discrimination in Employment Act and Older Workers Benefit Protection Act of Section 2(C). All other items contained in the release of claims in Section 2(A) and 2(B) above will remain effective, and I shall only be entitled to a Separation Payment of five hundred dollars ($500).

 

By their signatures, the Employer and Employee agree to be bound by the foregoing terms of this Agreement.

 

 

Dated:

David Anderson

 

 

For the Employer:

 

By:

 

Its:

 

Signature:Dated:

 

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Exhibit A

 

New York, NY — Dec. 23, 2019 — Nielsen (NYSE: NLSN) announced today that Chief Financial Officer David J. Anderson has resigned, effective December 31, 2019. 

 

Nielsen has commenced a search for a new CFO with the assistance of an external search firm. 

 

Chief Executive Officer David Kenny said, “We are full steam ahead in preparing for the separation of our Global Media and Global Connect businesses. As independent companies, Media and Connect will enjoy added flexibility and further strengthen their paths towards a new phase of growth, productivity and industry leadership. Dave Anderson played an important role at Nielsen during a critical time for the company. We appreciate his many contributions."

 

Mr. Anderson stated, “I am grateful for the opportunity to have served in the Nielsen leadership team and wish my Nielsen colleagues great success as the company moves forward.”

 

Mr. Kenny added, “I’m confident in the quality and depth of our finance and accounting teams, which will ensure financial reporting continuity until a new CFO is appointed.”

 

 

10nlsnnv-ex1015d_617.htm

 

Exhibits 10.15(d)

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”) is hereby made effective as of the Grant Date set forth on the schedule attached hereto as Schedule A (“Schedule A”, such date, the “Grant Date”) between Nielsen Holdings plc, a company incorporated under the laws of England and Wales having its registered office in the United Kingdom (hereinafter referred to as the “Company”), and the individual whose name is set forth on Schedule A hereof, who is in the Employment of the Company or a Subsidiary (the “Participant”). For purposes of this Agreement, capitalized terms not otherwise defined herein shall have the meaning set forth in the Nielsen 2019 Stock Incentive Plan (the “Plan”).

WHEREAS, the Company desires to grant the Participant restricted stock units (“RSUs”), as provided hereunder and pursuant to the Plan, the terms of which are hereby incorporated by reference and made a part of this Agreement; and

WHEREAS, the Committee has determined that it would be to the advantage and best interest of the Company and its shareholders to grant the RSUs to the Participant (as provided in Section 1 below), ultimately payable in shares of common stock (the “Award”) as an incentive for increased efforts during the Participant’s term of office with the Company a Subsidiary, and has advised the Company thereof and instructed the undersigned officers to grant said Award;

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

1.Grant of RSUs. For valuable consideration, receipt of which is hereby acknowledged, the Company hereby grants the number of RSUs to the Participant set forth on Schedule A, on the terms and conditions hereinafter set forth, and pursuant and subject to the terms of the Plan. Each RSU represents the unfunded, unsecured right of the Participant to receive one share of the Company’s common stock. The Participant will become vested in the RSUs, and take delivery of the Shares, as set forth in this Agreement. 

2.Vesting and Timing of Transfer.

(a)Unless otherwise provided herein, the Participant shall become vested in the RSUs in accordance with the Plan and the vesting provisions set forth on Schedule A (each date on which all or a portion of the RSUs become vested thereunder, a “Vesting Date”), subject to the continued Employment of the Participant by the Company or a Subsidiary through the relevant Vesting Date.

(b)Notwithstanding the foregoing, upon a termination of the Participant’s Employment by the Company or a Subsidiary without Cause or by the Participant for Good Reason, a pro-rata portion of the installment of RSUs that would, but for such termination, be scheduled to vest on the next Vesting Date following such termination of Employment will become vested upon the date of such termination. The pro-rata portion subject to such vesting shall be determined based on the number of days the Participant was employed by the Company or any of its Subsidiaries since the immediately prior Vesting Date.

(c)Upon the Participant’s death or Permanent Disability, all unvested RSUs shall become immediately vested.

 

 

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(d)Upon termination of the Participant’s Employment with the Company and all of its Subsidiaries for any reason other than as set forth in Section 2(b) or (c) above, all unvested RSUs shall immediately be forfeited by the Participant, without payment of any consideration therefor.

(e)The Board shall cause to be delivered to the Participant such Shares underlying any non-forfeited, vested RSUs as soon as practicable after they become vested RSUs as provided in this Section 2 (but in no event later than 21⁄2 months after the last day of the calendar year in which such RSUs become so vested).

(f)In the event of the death of the Participant the delivery of Shares under Section 2(e), as applicable, shall be made to the person or persons to whom the Participant’s rights under the Agreement shall pass by will or by the applicable laws of descent and distribution.

(g)Upon each transfer of Shares in accordance with Section 2(e) above, the Company shall have satisfied its obligation with respect to the number of RSUs equal to the number of Shares delivered to the Participant pursuant thereto, and the Participant shall have no further rights to claim any additional Shares in respect thereof. Notwithstanding the foregoing, the Participant may elect to defer the transfer of Shares by providing notice to the Company in accordance with all applicable rules, policies, and procedures established by the Committee.

3.Dividends. Unless otherwise provided pursuant to Section 4 below, from and after the Grant Date, the Participant will only be entitled to receive dividend equivalent payments or other distributions, if any, with respect to Shares underlying the RSUs in accordance with the terms set forth in Schedule A.  

4.Adjustments Upon Certain Events. The Committee shall, in its sole discretion, make certain equitable substitutions or adjustments to any Shares or RSUs subject to this Agreement pursuant to Section 10 of the Plan. For purposes of this Agreement, in order for an award to constitute a “Substitute Award” under Section 10 of the Plan, the award must be denominated in shares of publicly traded stock which are traded on an established U.S. or U.K. securities exchange.

5.Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

“Cause” shall have the meaning ascribed to such term in the severance plan or policy of the Company or any of its Subsidiaries in which the Participant is eligible to participate immediately prior to the termination of the Participant’s Employment (the “Policy”). 

“Good Reason” shall have the meaning ascribed to such term in the Policy.

“Permanent Disability” shall have the meaning ascribed to such term in the Policy.

6.No Right to Continued Employment. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue in the Employment of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which are hereby expressly reserved, to terminate the Employment of the Participant at any time for any reason whatsoever, with or without Cause, subject to the applicable provisions of, if any, the Participant’s Employment Agreement or offer letter provided by the Company or any Subsidiary to the Participant.

 

 

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7.No Acquired Rights. In participating in the Plan, the Participant acknowledges and accepts (a) that the Board has the power to amend or terminate the Plan, to the extent permitted thereunder, at any time, and (b) that the opportunity given to the Participant to participate in the Plan is entirely at the discretion of the Committee and does not obligate the Company or any of its Affiliates to offer such participation in the future (whether on the same or different terms). The Participant further acknowledges and accepts that (i) such Participant’s participation in the Plan is not to be considered part of any normal or expected compensation, (ii) the value of the RSUs or the Shares shall not be used for purposes of determining any benefits or compensation payable to the Participant or the Participant’s beneficiaries or estate under any benefit arrangement of the Company or any Subsidiary, including but not limited to severance or indemnity payments, and (iii) the termination of the Participant’s Employment with the Company and all Subsidiaries under any circumstances whatsoever will give the Participant no claim or right of action against the Company or any Subsidiary in respect of any loss of rights under this Agreement or the Plan that may arise as a result of such termination of Employment.

8.No Rights of a Shareholder. The Participant shall not have any rights or privileges as a shareholder of the Company until the Shares underlying vested RSUs have been registered in the Company’s register of stockholders as being held by the Participant. 

9.Transferability. RSUs may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance not permitted by this Section 9 shall be void and unenforceable against the Company or any Subsidiary or Affiliate. 

10.Withholding. The Participant may be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby authorized to withhold from any transfer due under this Agreement or under the Plan or from any compensation or other amount owing to the Participant, applicable withholding taxes with respect to any transfer under this Agreement or under the Plan and to take such action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes, pursuant to Section 4(c) of the Plan.

11.Choice of Law. This agreement shall be governed by and construed in accordance with the laws of the state of New York without regard to conflicts of law, except to the extent that the issue or transfer of Shares shall be subject to mandatory provisions of the laws of England and Wales.

12.RSUs Subject to Plan. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. All RSUs are subject to the Plan. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

13.Signature in Counterparts. If executed in writing, this Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

 

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14.Section 409A of the Code. Notwithstanding any other provisions of this Agreement or the Plan, the RSUs granted hereunder shall not be deferred, accelerated, extended, paid out or modified in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon the Participant. In the event it is reasonably determined by the Committee that, as a result of Section 409A of the Code, the transfer of Shares under this Agreement may not be made at the time contemplated hereunder without causing the Participant to be subject to taxation under Section 409A of the Code, the Company will make such payment on the first day that would not result in the Participant incurring any tax liability under Section 409A of the Code. Notwithstanding anything herein to the contrary, if at the time of the Participant’s termination of employment with the Company the Participant is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Participant) until the date that is six months following the Participant’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code without any accelerated or additional tax).  The Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the RSUs (including any taxes and penalties under Section 409A), and neither the Company nor any of its Subsidiaries shall have any obligation to indemnify or otherwise hold the Participant (or any beneficiary) harmless from any or all of such taxes or penalties.  If the RSUs are considered “deferred compensation” subject to Section 409A, references in this Agreement and the Plan to “termination of Employment” and “separation from service” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A.  For purposes of Section 409A, each payment that may be made in respect of the RSUs is designated as a separate payment.

15.Confidential Information; Non-Compete; Non-Solicitation

The Participant acknowledges and agrees that the Participant is bound by and will comply with the restrictive covenants and obligations contained in the Appendix to this Agreement, which covenants and obligations are incorporated herein by reference and made a part of this Agreement.

16.Data Privacy.  The Participant hereby acknowledges that:

(a)if he or she is based outside the UK and EEA, and his or her data is not otherwise subject to the General Data Protection Regulation (EU) 2016/679 ("GDPR"), the Company holds information about the Participant relating to his or her employment, the nature and amount of his or her compensation, bank details, and other personal details and the fact and conditions of the Participant’s participation in the Plan. The Participant understands that the Company is the controller of the Participant’s personal data and is the only person authorized to process that data and is responsible for maintaining adequate security with regard to it. As the Company is part of a group of companies operating internationally, it may be necessary for the Company to make the details referred to above available to: (i) other companies within the Company's group that may be located outside the geographical location in which the Participant is employed and where there may be no legislation concerning an individual’s rights concerning personal data; (ii) third party advisers and administrators of the Plan; and/or (iii) the regulatory authorities. Any personal data made available by the Company to the parties referred to above in (i), (ii), or (iii) in relation to the Plan will only be for the purpose of administration and management of the Plan by the Company, on behalf of the Company.  The Participant’s information will not, under any circumstances, be made available to any party other the parties listed above under (i), (ii), or (iii).  The Participant hereby authorizes and directs the Company to disclose to the parties as described above under (i), (ii), or (iii) any of the above data that is deemed necessary to facilitate the administration of the Plan.  The Participant understands and authorizes the Company to store and transmit such data in electronic form.  The Participant confirms that the Company has notified the Participant of his or her entitlement to reasonable access to the personal data held about the Participant and of his or her rights to rectify any inaccuracies in that data; or

 

 

5

(b)if he or she is based in the UK and/or EEA, or his or her data is otherwise subject to GDPR, his or her personal data will be processed in accordance with the Company's European Union privacy notice (which will be provided to such Participants and is available upon request).

17.Forfeiture of Grant

If the Participant does not sign and return this Agreement within six months following the Grant Date, the RSUs shall be forfeited and shall be of no further force and effect.

 

 

 

 

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

 

	
 
	
 
	
Nielsen Holdings plc

	
 
	
 
	
 

	
 
	
 
	

	
 
	
 
	
 

	
By:
	
 
	
Michael Alicea

	
 
	
 
	
Chief Human Resources Officer

	
 
	
 
	
 

	
 
	
 
	
PARTICIPANT:

	
 
	
 
	
 

	
 
	
 
	
ParticipantName

	
 
	
 
	
 

	
 
	
 
	
Online grant acceptance satisfies signature

requirement

	
 
	
 
	
 

	
 
	
 
	
 

 

 

 

Schedule A

 

		
	
Name:
	
ParticipantName

	
Grant Date:
	
GrantDate

	
Vesting Commencement 

Date:
	
VestFromHireDate

	
Number of RSUs:
	
QuantityGranted

	
Normal Vesting of RSUs:
	
VestingDateandQuantity

	
Vesting on a “Change in 

Control”:
	
Per Plan terms.

	
Dividends:
	
RSUs, whether or not vested, shall be credited with dividend equivalents as and when dividends are paid on the Company’s actual shares, with such dividend equivalents deemed to be invested in additional RSUs for the Participant’s account as of the corresponding dividend payment date (which additional RSUs shall vest upon the vesting of the underlying RSUs to which they are attributable).  No dividend equivalents shall be credited with respect to any fractional shares in a Participant’s account.

 

 

 

 

APPENDIX

Confidential Information; Non-Compete; Non-Solicitation

1.In consideration of the Company entering into this Agreement with the Participant, the Participant shall not, directly or indirectly, (i) at any time during or after the Participant’s employment with the Company or any of its subsidiaries, parents or affiliates (collectively, “Nielsen”), disclose any Confidential Information (as defined below) except (A) when required to perform his or her duties to Nielsen; (B) as required by law or judicial process; or (C) in connection with any Protected Activity (as defined below) by the Participant; or (ii) at any time during the Participant’s employment with Nielsen and for a period of 12 months thereafter (A) associate with (whether as a proprietor, investor, director, officer, employee, consultant, partner or otherwise) or render services to any business that competes with the business of Nielsen in which the Participant was engaged or with respect to which the Participant performed services at any time in the 3 years preceding the Participant’s termination of employment from Nielsen, in any geographic or market area where Nielsen conducts business or provides products or services (or which the Participant has knowledge, at the time in question, that Nielsen has plans to commence engaging in within twelve (12) months); provided, however, that nothing herein shall be deemed to prohibit the Participant’s ownership of not more than 2% of the publicly-traded securities of any competing business; (B) perform for or provide to any clients of Nielsen any products or services similar to those provided by any business of Nielsen in which the Participant was engaged or with respect to which the Participant performed services at any time in the 3 years preceding the Participant’s termination of employment from Nielsen; (C) induce, influence, encourage or solicit in any manner any client, prospective client, vendor or supplier of Nielsen with which the Participant had interactions in connection with his/her employment in the 18 months prior to termination of the Participant's employment with Nielsen, to cease or reduce doing business with Nielsen or to do business with the Participant or with any other person or entity other than Nielsen; (D) solicit, recruit, or seek to hire, or otherwise assist or participate in any way in the solicitation or recruitment of, any person who has been employed or engaged by Nielsen at any time during the 6 months immediately preceding the termination of the Participant’s employment, or induce, influence, or encourage in any manner, or otherwise assist or participate in any way in the inducement, influence or encouragement of, any such person to terminate his or her employment or engagement with Nielsen; or (E) hire or otherwise assist or participate in any way in the hiring of, any person who has been employed or engaged by Nielsen at any time during the 6 months immediately preceding the termination of the Participant’s employment.  The provisions hereof shall be in addition to and not in derogation of any other agreement covering similar matters to which the Participant and the Company or any subsidiary or affiliate thereof are parties.  For purposes of this agreement, the “business of Nielsen” means consumer purchasing measurement and analytics, media audience measurement and analytics, and any other line of business in which Nielsen is engaged at the time of the termination of the Participant’s employment (or which the Participant has knowledge, at the time in question, that Nielsen has plans to commence engaging in within twelve (12) months). If the Participant is primarily providing services in California at the time the Participant’s employment with Nielsen terminates, then sub-clauses (A), (B), (C) and (E) of clause (ii) of this Section 1 shall not apply following such termination. If the Participant lived or provided services in Massachusetts for at least thirty (30) days immediately preceding the Participant’s termination, then sub-clause (A) of clause (ii) of this Section 1 shall not apply following such termination.

2. “Confidential Information” shall include all trade secrets and proprietary or other confidential information owned, possessed or used by Nielsen in any form, whether or not explicitly designated as confidential information, including, without limitation, business plans, strategies, customer lists, customer projects, cooperator lists, personnel information, financial information, pricing information, cost information, methodologies, software, data, and product research and development.  Confidential Information shall not include any information that is generally known to the industry or the public other than as a result of the Participant’s breach of this covenant or any breach of other confidentiality obligations by the Participant, employees or third parties.

 

 

3.If the Participant performs services for an entity other than Nielsen at any time prior to the end of the 12-month post-termination period (whether or not such entity is in competition with Nielsen), the Participant shall notify the Company on or prior to the commencement thereof.  To “perform services” shall mean employment or services as an employee, consultant, owner, partner, associate, agent or otherwise on behalf of any person, principal, partnership, firm or corporation.

4.If at any time a court holds that the restrictions stated in Section 1 above are unreasonable or otherwise unenforceable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographic area determined to be reasonable under such circumstances by such court will be substituted for the stated period, scope or area or, if the court does not undertake such substitution, then the remainder of Section 1 shall be given full effect without regard to the invalid portion.  Because the Participant’s services are unique and because the Participant has had and will continue to have access to Confidential Information, the parties hereto agree that money damages will be an inadequate remedy for any breach of this Agreement.  In the event of a breach or threatened breach of this Agreement, Nielsen or its successors or assigns may, in addition to other rights and remedies existing in their favor, (i) apply to any court of competent jurisdiction for specific performance and/or injunctive relief in order to enforce, or prevent any violations of, the provisions hereof (without the posting of a bond or other security); and (ii) may require the Participant (A) to forfeit any vested or unvested portion of the Grant and to return all Shares previously issued to the Participant under the Grant (“Grant Shares”); and (B) to pay to Nielsen the full value of any consideration received for the Grant Shares that were previously sold by the Participant or otherwise disposed of to a third party (or if no such consideration was received, the then fair market value of the Grant Shares). 

5.The Participant acknowledges that the restrictions in Section 1 above are not greater than required to protect Nielsen’s legitimate business interests, including without limitation the protection of its Confidential Information and the protection of its client relationships, and are reasonably limited in time or duration, geography and scope of activity.  The Participant further acknowledges that, viewed separately or together, the restrictions in Section 1 above do not unfairly or unreasonably restrict the Participant’s ability to obtain other comparable employment, earn a living, work in any particular area or otherwise impose an undue hardship on Participant.

6.Protected Activity.  Nothing in this Agreement shall prohibit or impede the Participant from communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation; provided, that in each case such communications and disclosures are consistent with applicable law.  An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.  Except as otherwise provided in this paragraph or under applicable law, under no circumstance is the Participant authorized to disclose any information covered by Nielsen’s attorney-client privilege or attorney work product, or Nielsen’s trade secrets, without Nielsen’s prior written consent.  The Participant does not need the prior authorization of (or to give notice to) Nielsen regarding any communication, disclosure, or activity described in this paragraph.

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