Document:

Exhibit 10.16

 

FORM OF 2010 EQUITY INCENTIVE PLAN STOCK OPTION ADJUSTMENT LETTER

 

[INC Research Holdings, Inc. Letterhead]

 

[Optionholder Name]
 [Optionholder Address]

 

          , 2014

 

Re:                             Notice of Adjustment

2010 Equity Incentive Plan Stock Option

 

Dear                  ,

 

We are writing to inform you that the first underwritten public offering and sale of shares of common stock of INC Research Holdings, Inc. (the “Company”) for cash pursuant to an effective registration statement on Form S-1 under the Securities Act of 1933, as amended (the “Initial Public Offering”), recently occurred. Prior to the consummation of the Initial Public Offering, the Company effectuated an 8.45 to 1 reverse stock split (the “Reverse Stock Split”) of each share of its Class A common stock (“Class A Common Stock”) and Class B common stock (“Class B Common Stock”). Following the Reverse Stock Split, certain common stock share exchanges, redemptions and conversions were effectuated (collectively, the “Pre-IPO Capitalization Restructuring”), such that immediately prior to the Initial Public Offering, the Company’s capital structure consisted solely of shares of Class A common stock (which contain all of the shareholder rights previously attributable to shares of the Company’s Class A common stock and Class B common stock, as such rights existed immediately prior to the commencement of the Pre-IPO Capitalization Restructuring) (the “New Class A Common Stock”) and shares of Class B common stock (which contain all of the shareholder rights previously attributable to shares of the Company’s Class A common stock, as such rights existed immediately prior to the Pre-IPO Capitalization Restructuring).

 

In order to prevent the Reverse Stock Split and the Pre-IPO Capitalization Restructuring from causing inappropriate dilution or enlargement of your rights under the Company’s 2010 Equity Incentive Plan, as amended (the “2010 Plan”), the Board of Directors of the Company and its compensation committee have taken certain actions whereby, in connection with, and effective upon the completion of, the Pre-IPO Capitalization Restructuring, but in all events prior to the Initial Public Offering, each stock option granted to you under the 2010 Plan that is outstanding as of immediately prior to the commencement of the Pre-IPO Capitalization Restructuring (each such option, a “2010 Plan Option”) will be adjusted to reflect the following:

 

1.              Immediately following the Reverse Stock Split, each 2010 Plan Option (each, an “Adjusted Option”) shall consist solely of a right to acquire a number of shares of Class A Common Stock equal to the number of shares of Class A common stock of the Company that represented a portion of the “Common Units” subject to the 2010 Plan Option as of immediately prior to the Reverse Stock Split

 

 

multiplied by 0.118343, rounded down to the nearest whole share.  In addition, the exercise price per each share of Class A Common Stock subject to the Adjusted Option will be equal to the exercise price per “Common Unit” subject to the 2010 Plan Option as of immediately prior to the Reverse Stock Split divided by 0.118343, rounded up to the nearest whole cent.

 

2.              Immediately following the Pre-IPO Capitalization Restructuring, each reference in an Adjusted Option to a “Common Unit” shall instead be a reference to New Class A Common Stock.

 

3.              Except as expressly adjusted hereby, each Adjusted Option shall remain in full force and effect in accordance with the terms of its stock option award agreement under the 2010 Plan and the 2010 Plan as in effect immediately prior to the Pre-IPO Capitalization Restructuring.  To the extent there is an inconsistency between the terms of an Adjusted Option and this notice, the terms of this notice shall prevail and govern.

 

	
 
    	
Sincerely,
    
	
 
    	
 
    
	
 
    	
INC   Research Holdings, Inc.
    
	
 
    	
 
    
	
 
    	
 
    

 

2exhibit10-1_102314.htm

	
EXHIBIT 10.1

Restricted Stock Unit Award Agreement

Under the Director Award Program

EMCOR GROUP, INC.

301 Merritt Seven

Norwalk, Connecticut 06851-1092

Agreement made as of this 23rd day of October, 2014, between EMCOR GROUP, INC., a Delaware corporation (the “Company”) and John W. Altmeyer, (the “Participant”).

 

1.   Restricted Stock Unit Award.

 

The Participant is hereby awarded, pursuant to the Company’s 2010 Incentive Plan (the “Plan”) and the Director Award Program established under the Plan (the “Program”), and subject to their terms, a Restricted Stock Unit (“RSU”) award (the “Program Award”) as hereinafter described. The Program Award gives the Participant the conditional right to receive, without payment but subject to the conditions and limitations set forth in this Agreement, the Program and the Plan, (i) 4,295 Shares (the “Basic Shares”) and (ii) an additional whole number of Shares (rounded down to the nearest whole number) (the “Dividend Equivalent Shares”) equal in value (determined as hereinafter provided) to the dividends, if any, that would have been paid with respect to the Basic Shares had the Basic Shares been issued to the Participant on the date hereof. For purposes of (ii), the number of Dividend Equivalent Shares with respect to any dividend shall be calculated as of the date on which the dividend is paid to holders of Company common stock. For the avoidance of doubt, no Shares (including Dividend Equivalent Shares) shall be payable in respect of the Program Award if the Program Award is forfeited, and no Dividend Equivalent Shares shall be payable in respect of any dividend for which the record date falls on or after the date on which the Participant or other person entitled to the Basic Shares becomes the record owner of such Shares for dividend record-date purposes. Except as otherwise expressly provided, all terms used herein shall have the same meaning as in the Program and the Plan.

 

2.    Vesting.

 

This Program Award shall vest at the time that is immediately prior to the earliest to occur of the following: (A) the first (1st) anniversary of the effective date of this Agreement; (B) the death of the Participant while serving on the Board; (C) the resignation of the Participant from the Board for reasons of permanent disability (as determined by the Committee).

 

Upon any termination of a Participant’s services with the Board, all RSUs then held by the Participant that have not previously vested (determined after taking into account the previous paragraph) shall be immediately forfeited.

3.    Delivery of Shares.

 

Subject to Section 4 below, the Company shall effect delivery of the Shares with respect to this Program Award to the Participant (or, in the event of the Participant’s death, to the person to whom the Program Award has passed by will or the laws of descent and distribution) on October 23, 2019. No Shares will be issued pursuant to this Program Award unless and until all legal requirements applicable to the issuance or transfer of such Shares have been complied with to the satisfaction of the Committee.

 

4.    Dividends; Other Rights.

 

The Program Award shall not be interpreted to bestow upon the Participant any equity interest or ownership in the Company or any Affiliate prior to the date on which the Company delivers Shares to the Participant. The Participant is not entitled to vote any Shares by reason of the granting of this Program Award or to receive or be credited (other than as provided in Section 1 above) with any dividends declared and payable on any Share prior to the delivery of such Shares.

 

5.   Certain Tax Matters.

 

The Participant expressly acknowledges that because this Program Award consists of an unfunded and unsecured conditional promise by the Company to deliver Shares in the future, subject to the terms hereof, it is not possible to make a so-called “83(b) election” with respect to the Program Award. By accepting this Program Award, the Participant agrees to be responsible for all taxes (including any withholding taxes) to which he may be subject by reason of the vesting of or payment under the Program Award.

 

6.    Nontransferability.

 

Neither this Program Award nor any rights with respect thereto may be sold, assigned, transferred (other than by will or the laws of descent and distribution), pledged or otherwise encumbered, except as the Committee may otherwise determine.

 

7.    Effect on Right to Be Continued as a Director.

 

This Program Award shall not confer upon the Participant any right to be continued as a director of the Company or derogate from any right of the Company or its stockholders to decline to nominate the Participant for election as a director, to decline to elect Participant as a director, or, subject to the provisions of the bylaws of the Company and applicable law, to remove Participant as a director, with or without cause.

 

8.    Amendments.

 

No amendment of any provision of this Agreement shall be valid unless the same shall be in writing.

9.    Governing Law.

 

This Agreement shall be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

The Company, by its duly authorized officer, and the Participant have executed this Agreement as of the date first set forth above.

	 	 	
EMCOR GROUP, INC.

	 	 	 	 
	 	 	 	 
	 	 	 	 
	
 

	 	
By:

	
/s/ Anthony J. Guzzi

	 	 	 	
Name: Anthony J. Guzzi

Title: President and Chief Executive Officer

	Agreed and Accepted:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 /s/ John W. Altmeyer	 	 	 
	 John W. Altmeyer

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