Document:

MPS Group, Inc. 2008 Non-Executive Equity Incentive Plan

 Exhibit 10.2 
  
 MPS GROUP, INC. 
 2008 NON-EXECUTIVE EQUITY INCENTIVE PLAN 
  
 ARTICLE 1 — GENERAL PROVISIONS 
  
 1.1
Establishment and Purposes of Plan. MPS Group, Inc., a Florida corporation, hereby establishes an equity incentive plan to be known as the “MPS Group, Inc. 2008 Non-Executive Equity Incentive Plan”, as set forth in this document.
The objectives of the Plan are (i) to provide incentives to those individuals who contribute significantly to the long-term performance and growth of the Company and its affiliates; and (ii) to attract, motivate and retain directors,
employees, consultants, advisors and other persons who perform services for the Company by providing compensation opportunities that are competitive with other companies; and (iii) to align the long-term financial interests of employees and
other Eligible Participants with those of the Company’s stockholders. 
  
 1.2 Types of Awards. Awards under the Plan may be made to Eligible Participants who are employees in the form of (i) Incentive Stock Options, (ii) Nonqualified Stock Options, (iii) Restricted
Stock, (iv) Restricted Stock Units, (v) Other Awards, or (vi) any combination of the foregoing. Awards under the Plan may be made to Eligible Participants who are not employees in the form of (i) Nonqualified Stock Options,
(ii) Restricted Stock; and (iii) Restricted Stock Units, (iv) Other Awards,or (v) any combination of the foregoing. 
  
 1.3 Effective Date. The Plan shall be effective upon approval by the Company’s stockholders (the “Effective Date”).

  
 ARTICLE 2 — DEFINITIONS 
  
 Except where the context otherwise indicates, the following definitions
apply: 
  
 “Agreement” means the written
agreement evidencing an Award granted to the Participant under the Plan. 
  
 “Award” means an award granted to a Participant under the Plan that is an Option, Restricted Stock, Other Award, or combination of these. 
  
 “Board” means the Board of Directors of the Company. 
  
 “Cause” means, unless provided otherwise in the Agreement,
the involuntary termination of a Participant by the Company for any of the following reasons: (a) as a result of an act or acts by the Participant which have been found in an applicable court of law to constitute a felony (other than
traffic-related offenses); (b) as a result of one or more acts by a Participant which in the good faith judgment of the Board are believed to be in violation of law or of policies of the Company and which result in demonstrably material injury
to the Company; (c) as a result of an act or acts of proven dishonesty by the Participant resulting or intended to result directly or indirectly in significant gain or personal enrichment to the Participant at the expense of the Company or
public stockholders of the Company; or (d) upon the willful and continued failure by the Participant to perform his or her duties with the Company (other than any such failure resulting from incapacity due to mental or physical illness not
constituting a Disability), after a demand in writing for substantial performance is delivered by the Board, which demand specifically identifies the manner in which the Board believes that the Participant has not substantially performed his or her
duties. For purposes of this Plan, no act or failure to act by the Participant shall be deemed to be “willful” unless done or omitted to be done by the Participant not in good faith and without reasonable belief that the Participant’s
action or omission was in the best interests of the Company. “Cause” shall be determined by the Committee. Notwithstanding the foregoing, if the Participant has entered into an employment agreement with the Employer that is binding as of
the date of employment termination, and if such employment agreement defines “Cause,” then the definition of “Cause” in such agreement, in lieu of the definition provided above, shall apply to the Participant for purposes of the
Plan. 
  

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 “Change in Control” means any of the following events: 
  
 (a) The acquisition by any “person,” as the term
person is used for purposes of Sections 13(d) or 14(d) of the Exchange Act, not a stockholder of the Company on the Effective Date, of legal or beneficial ownership of 35% or more of either (i) the then outstanding shares of common stock of the
Company or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; 
  
 (b) Individuals who, on the Effective Date, constitute the Board cease for any reason to constitute at least
a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the
directors then comprising the Board shall be considered as though such individual were a member of the Board as of the date hereof; 
  
 (c) Approval by the stockholders of the Company of a reorganization, merger, or consolidation, in each case unless the stockholders of the
Company immediately before such reorganization, merger, or consolidation own, directly or indirectly, immediately following such reorganization, merger, or consolidation at least a majority of the combined voting power of the outstanding voting
securities of the corporation resulting from such reorganization, merger, or consolidation in substantially the same proportion as their ownership of the voting securities immediately before such reorganization, merger or consolidation; or

  
 (d) Approval by the stockholders of the
Company of (i) a complete liquidation or dissolution of the Company, or (ii) the sale or other disposition of more than 50% of the assets of the Company within a twelve month period. 
  
 “Code” means the Internal Revenue Code of 1986, as now in
effect or as hereafter amended. All citations to sections of the Code are to such sections as they may from time to time be amended or renumbered. 
  
 “Committee” means the Compensation Committee of the Board or such other committee consisting of two or more members of the Board as may
be appointed by the Board to administer this Plan pursuant to Article 3 of the Plan. 
  
 “Company” means MPS Group, Inc., a Florida corporation, and its successors and assigns. 
  
 “Director” means any individual who is a member of the Board of Directors of the Company; provided, however, that any Director who is
employed by the Company or any Employer shall not be considered a Director, but instead shall be considered an employee for purposes of the Plan. 
  
 “Disability” means, (i) with respect to a Participant who is eligible to participate in the Employer’s program of long-term
disability insurance, if any, a condition with respect to which the Participant is entitled to commence benefits under such program, and (ii) with respect to any Participant (including a Participant who is eligible to participate in the
Employer’s program of long-term disability insurance, if any), the inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment expected to result in death or
to be of continuous duration of six (6) months or more. The determination of Disability shall be made by the Committee. 
  
 “Effective Date” shall have the meaning ascribed to such term in Section 1.3 hereof. 
  
 “Eligible Participant” means an employee of the Employer, as
well as any Director or other person, including a consultant or advisor, who provides bona fide services to the Employer, as shall be determined by the Committee. Notwithstanding the foregoing, no person who at the time of a proposed grant of an
Award hereunder is an Excluded Executive Officer shall be an Eligible Participant or granted any Award under this Plan. 
  
 “Employer” means the Company and any entity during any period of which it is a “parent corporation” or a “subsidiary
corporation” with respect to the Company within the meaning of Code Sections 424(e) and 424(f). With respect to all purposes of the Plan, including, but not limited to, the establishment, amendment, termination, operation and administration of
the Plan, the Company shall be authorized to act on behalf of all other entities included within the definition of “Employer.” 
  

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 “Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as
hereafter amended. All citations to sections of the Exchange Act or rules thereunder are to such sections or rules as they may from time to time be amended or renumbered. 
  

 “Excluded Executive Officer” means each of the Company’s Principal Executive Officer, Principal Financial Officer,
and other executive officers as may be determined by the Committee. 
  
 “Fair Market Value” means the fair market value of a Share, as determined in good faith by the Committee as follows: 
  
 (a) if the Shares are admitted to trading on a national securities exchange, Fair Market Value on any date shall be the last sale price
reported for the Shares on such exchange on such date or, if no sale was reported on such date, on the last date preceding such date on which a sale was reported; 
  
 (b) if the Shares are admitted to quotation on the National Association of Securities Dealers Automated
Quotation System (“NASDAQ”) or other comparable quotation system and have been designated as a National Market System (“NMS”) security, Fair Market Value on any date shall be the last sale price reported for the
Shares on such system on such date or on the last day preceding such date on which a sale was reported; 
  
 (c) If the Shares are admitted to Quotation on the NASDAQ and have not been designated a NMS Security, Fair Market Value on any date shall
be the average of the highest bid and lowest asked prices of the Shares on such system on such date; or 
  
 (d) if (a), (b) and (c) do not apply, on the basis of the good faith determination of the Committee. 
  
 For purposes of subsection (a) above, if Shares are traded on more than
one securities exchange then the following exchange shall be referenced to determine Fair Market Value: (i) the New York Stock Exchange (“NYSE”), or (ii) if shares are not traded on the NYSE, the NASDAQ, or (iii) if
shares are not traded on the NYSE or NASDAQ, the largest regional exchange on which Shares are traded. 
  
 “Incentive Stock Option” means an Option granted to an Eligible Participant under Article 5 of the Plan which is intended to meet the
requirements of Section 422 of the Code. 
  
 “Nonqualified Stock Option” means an Option granted to an Eligible Participant under Article 5 of the Plan which is not intended to meet the requirements of Section 422 of the Code. 
  
 “Option” means an Incentive Stock Option or a Nonqualified
Stock Option. An Option shall be designated as either an Incentive Stock Option or a Nonqualified Stock Option, and in the absence of such designation, shall be treated as a Nonqualified Stock Option. 
  
 “Option Price” means the price at which a Share may be
purchased by a Participant pursuant to an Option. 
  
 “Other Award” means any other award granted to a Participant pursuant to Article 7 of this Plan 
  
 “Participant” means an Eligible Participant to whom an Award has been granted. 
  
 “Permitted Transferee” means any members of the immediate
family of the Participant (i.e., spouse, children and grandchildren), any trusts for the benefit of such family members or any partnerships whose only partners are such family members. Appropriate evidence of any transfer to the Permitted
Transferees shall be delivered to the Company at its principal executive office. If all or part of an Option is transferred to a Permitted Transferee, the Permitted Transferee’s rights thereunder shall be subject to the same restrictions and
limitations with respect to the Option as the Participant. 
  

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 “Plan” means the MPS Group, Inc. 2008 Non-Executive Equity Incentive Plan, as set forth
herein and as it may be amended from time to time. 
  
 “Principal Executive Officer” means the individual serving as the Company’s principal executive officer, as determined in accordance with Item 402 of Regulation S-K. 
  
 “Principal Financial Officer” means the individual serving
as the Company’s principal financial officer, as determined in accordance with Item 402 of Regulation S-K. 
  
 “Restricted Stock” means an Award of Shares under Article 6 of the Plan, which Shares are issued with such restriction(s) as the
Committee, in its sole discretion, may impose, including without limitation, any restriction on the right to retain such Shares, to sell, transfer, pledge or assign such Shares, to vote such Shares, and/or to receive any dividends or distributions
with respect to such Shares, which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 
  
 “Restricted Stock Units” means a right granted under Article 6 of the Plan to receive a number of Shares or
a cash payment for each such Share equal to the Fair Market Value of a Share on a specified date. 
  
 “Restriction Period” means the period commencing on the date an Award of Restricted Stock or Restricted Stock Units is granted and ending
on such date as the Committee shall determine. 
  
 “Retirement” means termination of employment other than for Cause after a Participant has (i) attained age 65; or (ii) reached the age of 55 years and has completed at least 10 years of service. 
  
 “Securities Act” means the Securities Act of 1933, as now in
effect or as hereafter amended. All citations to sections of the Securities Act or rules thereunder are to such sections or rules as they may from time to time be amended or renumbered. 
  
 “Share” means one share of common stock, par value $.01 per share, of the Company, and as such Share may be
adjusted pursuant to the provisions of Section 4.2 of the Plan. 
  
 ARTICLE 3 — ADMINISTRATION 
  
 3.1
General. This Plan shall be administered by the Committee. The Committee, in its discretion, may delegate to one or more of its members, or to officers of the Company, such of its powers as it deems appropriate. 
  
 3.2 Authority of the Committee. 
  
 (a) The Committee shall have the exclusive right to
interpret, construe and administer the Plan, to select the Eligible Participants who are eligible to receive an Award, and to act in all matters pertaining to the granting of an Award and the contents of the Agreement evidencing the Award,
including, without limitation, the determination of the number of Options, Restricted Stock, Restricted Stock Units, or Other Awards subject to an Award and the form, terms, conditions and duration of each Award, and any amendment thereof consistent
with the provisions of the Plan. The Committee may adopt such rules, regulations and procedures of general application for the administration of this Plan, as it deems appropriate. 
  
 (b) The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or
any Agreement in the manner and to the extent it shall deem desirable to carry it into effect. 
  
 (c) In the event the Company shall assume outstanding employee benefit awards or the right or obligation to make future such awards in
connection with the acquisition of another corporation or business entity, the Committee may, in its discretion, make such adjustments in the terms of Awards under the Plan as it shall deem appropriate. 
  

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 (d) All acts, determinations and decisions of the Committee made or taken pursuant to
grants of authority under the Plan or with respect to any questions arising in connection with the administration and interpretation of the Plan, including the severability of any and all of the provisions thereof, shall be conclusive, final and
binding upon all parties, including the Company, its stockholders, Participants, Eligible Participants and their estates, beneficiaries and successors. 
  
 3.3 Award Agreements. Each Award granted under the Plan shall be evidenced by a written Agreement. Each Agreement shall be subject to and
incorporate, by reference or otherwise, the applicable terms and conditions of the Plan, and any other terms and conditions, not inconsistent with the Plan, as may be imposed by the Committee, including without limitation, provisions related to the
consequences of termination of employment. A copy of such document shall be provided to the Participant, and the Committee may, but need not, require that the Participant sign a copy of the Agreement. 
  
 3.4 Indemnification. In addition to such other rights of
indemnification as they may have as directors, officers or as members of the Committee, directors and officers of the Company and the members of the Committee shall be indemnified by the Company against reasonable expenses, including attorney’s
fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or
in connection with the Plan or any Award granted hereunder, and against all amounts paid by them in settlement thereof, provided such settlement is approved by independent legal counsel selected by the Company, or paid by them in satisfaction of a
judgment or settlement in any such action, suit or proceeding, except as to matters as to which the director, officer or Committee member has been grossly negligent or engaged in willful misconduct in the performance of his duties; provided, that
within 60 days after institution of any such action, suit or proceeding, a director, officer or Committee member shall in writing offer the Company the opportunity, at its own expense, to handle and defend the same. 
  
 ARTICLE 4 — SHARES SUBJECT TO THE PLAN 
  
 4.1 Number of Shares. 
  
 (a) Subject to adjustment as provided in (b) below and
in Section 4.2, the aggregate number of Shares which are available for issuance pursuant to Awards under the Plan is Two Million (2,000,000) Shares. The number of Incentive Stock Options that may be issued under the Plan is 2,000,000. Such
Shares shall be made available from Shares currently authorized but unissued or Shares currently held (or subsequently acquired) by the Company as treasury shares, including Shares purchased in the open market or in private transactions. If Options,
Restricted Stock or Restricted Stock Units are issued in respect of options, restricted stock, or restricted stock units of an entity acquired, by merger or otherwise, by the Company (or any subsidiary of the Company or any Employer), to the extent
such issuance shall not be inconsistent with the terms, limitations and conditions of Code section 422, the aggregate number of Shares for which Awards may be made hereunder shall automatically be increased by the number of Shares subject to Awards
so issued; provided, however, the aggregate number of shares for which Awards may be granted hereunder shall automatically be decreased by the number of Shares covered by any unexercised portion of an Award so issued that has terminated for any
reason, and the Shares subject to any such unexercised portion may not be the subject of an Award to any other person. 
  
 (b) The following rules shall apply for purposes of the determination of the number of Shares available for grant under the Plan:

  
 (i) If, for any reason, any Shares awarded or
subject to purchase under the Plan are not delivered or purchased, or are reacquired by the Company, for reasons, including, but not limited to, a forfeiture of Restricted Stock or termination, expiration or cancellation of an Option, Restricted
Stock Units, or Other Award (“Returned Shares”), such shall not be charged against the aggregate number of Shares 

  

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available for issuance pursuant to Awards under the Plan and shall again be available for issuance pursuant to an Award under the Plan. If the exercise price
and/or withholding obligation under an Award is satisfied by tendering Shares to the Company (either by actual delivery or attestation), only the number of Shares issued net of the Shares so tendered shall be deemed delivered for purposes of
determining the maximum number of Shares available for issuance under the Plan. 
  
 (ii) Each Restricted Stock Unit that may be settled in Shares shall be counted as one Share subject to an Award. Restricted Stock Units
that may not be settled in Shares (or that may be settled in Shares but are not) shall not result in a charge against the aggregate number of Shares available for issuance pursuant to Awards under this Plan. 
  
 4.2 Adjustment of Shares. If any change in corporate capitalization,
such as a stock split, reverse stock split, stock dividend, or any corporate transaction such as a reorganization, reclassification, merger or consolidation or separation, including a spin-off, of the Company or sale or other disposition by the
Company of all or a portion of its assets, any other change in the Company’s corporate structure, or any distribution to stockholders (other than a cash dividend) results in the outstanding Shares, or any securities exchanged therefor or
received in their place, being exchanged for a different number or class of shares or other securities of the Company, or for shares of stock or other securities of any other entity, or new, different or additional shares or other securities of the
Company or of any other entity being received by the holders of outstanding Shares, then equitable adjustments shall be made by the Committee in: 
  
 (a) the limitations on the aggregate number of Shares that may be awarded as set forth in Section 4.1, including, without limitation,
with respect to Incentive Stock Options; 
  
 (b)
the number and class of Shares that may be subject to an Award, and which have not been issued or transferred under an outstanding Award; 
  
 (c) the Option Price under outstanding Options; and 
  
 (d) the terms, conditions or restrictions of any Award and Agreement, including the price payable for the
acquisition of Shares; provided, however, that all such adjustments made in respect of each Incentive Stock Option shall be accomplished so that such Option shall continue to be an incentive stock option within the meaning of Code Section 422.

  
 ARTICLE 5 — STOCK OPTIONS 
  
 5.1 Grant of Options. Subject to the terms and provisions of the Plan,
Options may be granted to Eligible Participants at any time and from time to time as shall be determined by the Committee. The Committee shall have sole discretion in determining the number of Shares subject to Options granted to each Participant.
The Committee may grant a Participant Incentive Stock Options, Nonqualified Stock Options or a combination thereof, and may vary such Awards among Participants; provided that only an employee may be granted Incentive Stock Options. 
  
 5.2 Agreement. Each Option grant shall be evidenced by an Agreement
that shall specify the Option Price, the duration of the Option, the number of Shares to which the Option pertains and such other provisions as the Committee shall determine. The Option Agreement shall further specify whether the Award is intended
to be an Incentive Stock Option or a Nonqualified Stock Option. Any portion of an Option that is not designated as an Incentive Stock Option or otherwise fails or is not qualified as an Incentive Stock Option (even if designated as an Incentive
Stock Option) shall be a Nonqualified Stock Option. 
  
 5.3
Option Price. The Option Price for each grant of an Incentive Stock Option or Nonqualified Stock Option shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date the Option is granted. 

 

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 5.4 Duration of Options. Each Option shall
expire at such time as the Committee shall determine at the time of grant; provided, however, that no Option shall be exercisable later than the tenth (10th) anniversary of its grant date. 
  
 5.5 Exercise
of Options. Options granted under the Plan shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, including conditions related to the employment of or provision of
services by the Participant with the Company or any Employer, which need not be the same for each grant or for each Participant. The Committee may provide in the Agreement for automatic accelerated vesting and other rights upon the occurrence of a
Change in Control of the Company or upon the occurrence of other events as specified in the Agreement. 
  
 5.6 Payment. Options shall be exercised by the delivery of a written notice of exercise to the Company, setting forth the number of Shares with
respect to which the Option is to be exercised, accompanied by full payment for the Shares. The Option Price upon exercise of any Option shall be payable to the Company in full either: (a) in cash, (b) cash equivalent approved by the
Committee, (c) if approved by the Committee, by tendering previously acquired Shares (or delivering a certification or attestation of ownership of such Shares) having an aggregate Fair Market Value at the time of exercise equal to the total
Option Price (provided that the tendered Shares must have been held by the Participant for any period required by the Committee), or (d) by a combination of (a), (b) and (c). The Committee also may allow cashless exercises as permitted
under the Federal Reserve Board’s Regulation T, subject to applicable securities law restrictions, or by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 
  
 5.7 Nontransferability of Options. 
  
 (a) Incentive Stock Options. No Incentive Stock
Option granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, all Incentive Stock Options granted to a Participant under the
Plan shall be exercisable during his or her lifetime only by such Participant. 
  
 (b) Nonqualified Stock Options. Except as otherwise provided in a Participant’s Award Agreement with respect to transfers to
Permitted Transferees (any such transfers being subject to applicable laws, rules and regulations), no Nonqualified Stock Option granted under this Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than
by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, all Nonqualified Stock Options granted to a Participant under this Article 5 shall be exercisable during his or her
lifetime only by such Participant. 
  
 5.8 Purchased
Options. The Committee shall also have the authority to grant Options to Participants in exchange for a stated purchase price for such Option (which may be payable by the Participant directly or, at the election of the Participant, may be offset
from bonus or other amounts owed to the Participant by the Company). 
  
 5.9 Special Rules for Incentive Stock Options. In no event shall any Participant who owns (within the meaning of Section 424(d) of the Code) stock of the Company possessing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company be eligible to receive an Incentive Stock Option at an Option Price less than one hundred ten percent (110%) of the Fair Market Value of a share on the date the Incentive Stock Option is
granted or be eligible to receive an Incentive Stock Option that is exercisable later than the fifth (5th) anniversary date of its grant. No Participant may be granted Incentive Stock Options (under the Plan and all other incentive stock option
plans of the Employer) which are first exercisable in any calendar year for Shares having an aggregate Fair Market Value (determined as of the date an Option is granted) that exceeds One Hundred Thousand Dollars ($100,000). 
  

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 ARTICLE 6 — RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
  
 6.1 Grant of Restricted Stock. Restricted Stock Awards may be made to
Eligible Participants as a reward for past service or as an incentive for the performance of future services that will contribute materially to the successful operation of the Employer. Awards of Restricted Stock may be made either alone or in
addition to or in tandem with other Awards granted under the Plan and may be current grants of Restricted Stock or deferred grants of Restricted Stock. 
  
 6.2 Restricted Stock Agreement. The Restricted Stock Agreement shall set forth the terms of the Award, as determined by the Committee, including,
without limitation: the purchase price, if any, to be paid for such Restricted Stock, which may be more than, equal to, or less than Fair Market Value and may be zero, subject to such minimum consideration as may be required by applicable law; any
restrictions applicable to the Restricted Stock such as continued service or achievement of such performance measures as may be determined by the Committee and set forth in the applicable Agreement with respect to such Restricted Stock, the length
of the Restriction Period and whether any circumstances, such as death, Disability, or a Change in Control, will shorten or terminate the Restriction Period; and rights of the Participant to vote or receive dividends or distributions with respect to
the Shares during the Restriction Period. Subject to shortening the length of the Restriction Period upon the occurrence of certain circumstances, such as death, Disability, or a Change in Control, all grants of Restricted Stock not subject to
performance measures shall have a Restriction Period of at least three (3) years but graded vesting may be provided. Restricted Stock Awards subject to performance measures shall have a Restriction Period of at least one (1) year.
Restricted Stock Awards issued in lieu of all or part of a cash bonus payment otherwise payable to the Participant shall be subject to a Restriction Period of not more than one (1) year. 
  
 Notwithstanding Section 3.3 of the Plan, a Restricted Stock Award must
be accepted within a period of sixty (60) days, or such other period as the Committee may specify, by executing a Restricted Stock Agreement and paying whatever price, if any, is required. The prospective recipient of a Restricted Stock Award
shall not have any rights with respect to such Award, unless and until such recipient has executed a Restricted Stock Agreement and has delivered a fully executed copy thereof to the Committee, and has otherwise complied with the applicable terms
and conditions of such Award. 
  
 6.3 Nontransferability.
Except as otherwise provided in this Article 6, no shares of Restricted Stock nor any Restricted Stock Units received by a Participant shall be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of during the Restriction
Period. 
  
 6.4 Certificates. Upon an Award of Restricted
Stock to a Participant, Shares of Restricted Stock shall be registered in the Participant’s name (or an appropriate book entry shall be made). Certificates, if issued, may either be held in custody by the Company until the Restriction Period
expires or until restrictions thereon otherwise lapse and/or be issued to the Participant and registered in the name of the Participant, bearing an appropriate restrictive legend and remaining subject to appropriate stop-transfer orders. If required
by the Committee, the Participant shall deliver to the Company one or more stock powers endorsed in blank relating to the Restricted Stock. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock subject to such
Restriction Period, unrestricted certificates for such shares shall be delivered to the Participant; provided, however, that the Committee may cause such legend or legends to be placed on any such certificates as it may deem advisable under the
rules, regulations and other requirements of the Securities and Exchange Commission and any applicable federal or state law. 
  
 6.5 Dividends and Other Distributions. Except as provided in this Article 6 or in the Award Agreement, a Participant receiving a Restricted Stock
Award shall have, with respect to such Restricted Stock Award, all of the rights of a stockholder of the Company, including the right to vote the Shares to the extent, if any, such Shares possess voting rights and the right to receive any dividends
and distributions; provided, however, the Committee may require that any dividends on such Shares of Restricted Stock shall be automatically deferred and reinvested 

  

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in additional Restricted Stock subject to the same restrictions as the underlying Award, or may require that dividends and other distributions on Restricted
Stock shall be paid to the Company for the account of the Participant. The Committee shall determine whether interest shall be paid on such amounts, the rate of any such interest, and the other terms applicable to such amounts. 
  
 6.6 Restricted Stock Units. Awards of Restricted Stock Units may be
made to Eligible Participants in accordance with the following terms and conditions: 
  
 (a) The Committee, in its discretion, shall determine the number of Restricted Stock Units to grant to a Participant, the Restriction
Period and other terms and conditions of the Award, including whether the Award will be paid in cash, Shares or a combination of the two and the time when the Award will be payable (i.e., at vesting, termination of employment or another
date). 
  
 (b) Unless the Agreement provides
otherwise, Restricted Stock Units shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 
  
 (c) Awards of Restricted Stock Units shall be subject to the same terms as applicable to Awards of Restricted Stock under Section 6.2
of the Plan; provided, however, a Participant to whom Restricted Stock Units are awarded has no rights as a stockholder with respect to the Shares represented by the Restricted Stock Units unless and until the Shares are actually delivered to the
Participant; provided further, however, Restricted Stock Units may have dividend equivalent rights if provided for by the Committee which may be subject to the same terms and conditions governing dividends and distributions applicable to Restricted
Stock Awards under Section 6.5 of this Plan with the exception that in no event shall Restricted Stock Units possess voting rights. 
  
 (d) The Agreement shall set forth the terms and conditions that shall apply upon the termination of the Participant’s employment with
the Employer (including a forfeiture of Restricted Stock Units for which the restrictions have not lapsed upon Participant’s ceasing to be employed) as the Committee may, in its discretion, determine at the time the Award is granted.

  
 ARTICLE 7 — OTHER AWARDS 
  
 7.1 The Board may, subject to limitations under applicable law, grant to any
Eligible Participant such other awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of such Shares, including, without
limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, awards with value and payment contingent upon performance of the Company, or its subsidiaries, or affiliates
or other business units thereof or any other factors designated by the Board, and awards valued by reference to the book value of Shares or the value of securities of, or the performance of subsidiaries, affiliates or other business units of the
Company. The Board shall determine the terms and conditions of such awards. Shares delivered pursuant to an award in the nature of a purchase right granted under this Article 7 shall be purchased for such consideration, paid for at such time, by
such methods, and in such forms, including, without limitation, cash, Shares, other awards, notes or other property, as the Board shall determine. 
  
 7.2 Cash awards, as an element of or supplement to any other award granted under this Plan, may also be granted pursuant to this Article 7 of this Plan.

  
 7.3 The Board may grant Shares as a bonus, or may grant other
awards in lieu of obligations of the Company to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements. 
  
 7.4 Share-based awards granted pursuant to this Article 7 are not required to be subject to any minimum vesting period. 
  

 9 

 ARTICLE 8 — BENEFICIARY DESIGNATION 
  
 Each Participant under the Plan may, from time to time, name any beneficiary
or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior
designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such
designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 
  
 ARTICLE 9 — DEFERRALS 
  
 The Committee may permit or require a Participant to defer under this Plan or to a separate deferred compensation arrangement of the Company such
Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue of the exercise of an Option, or the lapse or waiver of restrictions with respect to Restricted Stock or Restricted
Stock Units. If any such deferral election is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures for such payment deferrals. 
  
 ARTICLE 10 — WITHHOLDING 
  

10.1 Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. 
  
 10.2 Share Withholding. With respect to withholding required upon the
exercise of Options, upon the lapse of restrictions on Restricted Stock, or upon any other taxable event arising as a result of Awards granted hereunder, unless other arrangements are made with the consent of the Committee, Participants shall
satisfy the withholding requirement by having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to not more than the minimum amount of tax required to be withheld with respect to the transaction.
All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 
  
 ARTICLE 11 — FOREIGN EMPLOYEES 
  
 In order to facilitate the making of any grant of Awards under this Plan, the Committee may provide for such special terms for Awards to Participants who
are foreign nationals or who are employed by the Company or any Employer outside of the United States of America as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom, which special
terms may be contained in an Appendix attached hereto. Moreover, the Committee may approve such supplements to or amendments, restatements or alternative versions of this Plan as it may consider necessary or appropriate for such purposes, without
thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as this Plan. No such
special terms, supplements, amendments or restatements, however, shall include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without
further approval by the stockholders of the Company. 
  

 10 

 ARTICLE 12 — AMENDMENT AND TERMINATION 
  
 12.1 Amendment of Plan. The Committee may at any time terminate or
from time to time amend the Plan in its discretion in whole or in part, but no such action shall adversely affect any rights or obligations with respect to any Awards previously granted under the Plan, unless the affected Participants consent in
writing. To the extent required by Code Section 422 and/or the rules of NASDAQ or any exchange upon which the Company lists the Shares for trading or other applicable law, rule or regulation no amendment shall be effective unless approved by
the stockholders of the Company at an annual or special meeting. 
  
 12.2 Amendment of Award Agreement; Repricing. The Committee may, at any time, in its discretion amend outstanding Agreements in a manner not inconsistent with the terms of the Plan; provided, however, except as provided in
Section 12.4, if such amendment is adverse to the Participant, as determined by the Committee, the amendment shall not be effective unless and until the Participant consents, in writing, to such amendment. To the extent not inconsistent with
the terms of the Plan, the Committee may, at any time in its discretion amend an outstanding Agreement in a manner that is not unfavorable to the Participant without the consent of such Participant. Notwithstanding the above provision, the Committee
shall not have the authority to decrease the Option Price of any outstanding Option, except in accordance with Section 4.2 or unless such an amendment is approved by the stockholders of the Company. 
  
 12.3 Termination of Plan. No Awards shall be granted under the Plan
after the tenth (10th) anniversary of the date the Board adopts the Plan. 
  
 12.4 Detrimental Activity. The Committee may provide in the Award Agreement that if a Participant engages in any Detrimental Activity (as defined below), the Committee may, notwithstanding any other provision
in this Plan to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit any unexpired, unexercised or unpaid Award as of the first date the Participant engages in the Detrimental Activity, unless sooner terminated by
operation of another term of this Plan or any other agreement. Without limiting the generality of the foregoing, the Agreement may also provide that if the Participant exercises an Option, receives a Restricted Stock Unit payout, or receives Shares
under an Award at any time during the period beginning six months prior to the date the Participant first engages in Detrimental Activity and ending six months after the date the Participant ceases to engage in any Detrimental Activity, the
Participant shall be required to pay to the Company the excess of the then Fair Market Value of the Shares subject to the Award over the total price paid by the Participant for such Shares. 
  
 For purposes of this Section, “Detrimental Activity” means
any of the following activities as further defined by the Committee in the Award Agreement and as determined by the Committee in good faith: (i) the violation of any agreement between the Company and the Participant relating to the use or
disclosure of confidential information or trade secrets, the solicitation of employees, customers, suppliers, licensees, licensors or contractors, or the performance of competitive services or (ii) conduct that constitutes Cause (as defined in
Section 2 above), whether or not the Participant’s employment is terminated for Cause. 
  
 12.5 Assumption or Cancellation of Awards. In the event of a proposed sale of all or substantially all of the assets or stock of the Company, the
merger of the Company with or into another corporation such that stockholders of the Company immediately prior to the merger exchange their shares of stock in the Company for cash and/or shares of another entity or any other corporate transaction to
which the Committee deems this provision applicable, each Award shall be assumed or an equivalent Award shall be substituted by the successor corporation or a parent or subsidiary of such successor corporation (and adjusted as appropriate), unless
such successor corporation does not agree to assume the Award or to substitute an equivalent award, in which case the Committee may, in its sole discretion and in lieu of such assumption or substitution, provide for the Participant to have the right
to exercise the Option or other Award as to all Shares, including Shares as to which the Option or other Award would not otherwise be exercisable (or with respect to Restricted Stock Units or Restricted Stock, provide that all restrictions shall
lapse) or provide for cancellation and for a cash payment for such Award. If the Committee makes an Option or other Award fully exercisable in lieu of assumption or substitution in the event of 

  

 11 

 
a merger or sale of assets or stock or other corporate transaction, the Committee shall notify the Participant that, subject to rescission if the merger,
sale of assets or stock or other corporate transaction is not successfully completed within a certain period, the Option or other Award shall be fully exercisable for a period of fifteen (15) days from the date of such notice (or such other
period as provided by the Committee), and, to the extent not exercised, the Option or other Award will terminate upon the expiration of such period. 
  
 ARTICLE 13 — MISCELLANEOUS PROVISIONS 
  
 13.1 Restrictions on Shares. All certificates for Shares delivered under the Plan shall be subject to such stop-transfer orders and other
restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Stock is then listed and any applicable federal or state laws, and the
Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. In making such determination, the Committee may rely upon an opinion of counsel for the Company or Committee.

  
 Notwithstanding any other provision of the Plan, the Company
shall have no liability to deliver any Shares under the Plan or make any other distribution of the benefits under the Plan unless such delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of
the Securities Act), and the applicable requirements of any securities exchange or similar entity. 
  
 13.2 No Implied Rights. Nothing in the Plan or any Award granted under the Plan shall confer upon any Participant any right to continue in the
service of the Employer or interfere in any way with the right of the Employer to terminate the Participant’s employment or other service relationship for any reason at any time. Unless agreed by the Board, no Award granted under the Plan shall
be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan, severance program, or other arrangement of the Employer for the benefit of its employees. No Participant shall have any claim to an Award until
it is actually granted under the Plan. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided by the Committee, be no greater than the right of an unsecured
general creditor of the Company. 
  
 13.3 Compliance with
Laws. The Plan and the grant of Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any United States government or regulatory agency as may be required. 
  
 13.4 Successors. The terms of the Plan shall be binding upon the
Company, and its successors and assigns (whether by purchase, merger, consolidation or otherwise). 
  
 13.5 Tax Elections. Each Participant agrees to give the Committee prompt written notice of any election made by such Participant under Code
Section 83(b) or any similar provision thereof. 
  
 13.6
Legal Construction. 
  
 (a)
Severability. If any provision of this Plan or an Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Agreement under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Agreement, it shall be
stricken and the remainder of the Plan or the Agreement shall remain in full force and effect. 
  
 (b) Gender and Number. Where the context admits, words in any gender shall include the other gender, words in the singular shall
include the plural and words in the plural shall include the singular. 
  
 (c) Governing Law. To the extent not preempted by federal law, the Plan and all Agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Florida. 
  

 12Letter to Ann Marie Petach.

 Exhibit 10.1 
 

 
 March 14, 2007 
 Ann Marie Petach 
 2120 Brockman Blvd. 
 Ann Arbor, Ml 48104 
 Dear Ann Marie:

 Congratulations! This will confirm our offer to join BlackRock as a Managing Director in our Finance Group, initially as head of Business
Finance. Your base salary will be at the rate of $17,307.69 bi-weekly (equivalent to $450,000 on an annualized basis). 
 You will be
eligible to receive a guaranteed bonus for the year 2007 in the amount of $800,000. Thereafter, you will be eligible for an annual discretionary bonus reflecting the firm’s performance, your team’s performance and your performance. Your
annual compensation (base salary plus bonus) would be expected to increase to $1.5 million to $2.0 million after 2007 if and when you are promoted to the position of Chief Financial Officer (CFO). Any bonus will be paid in conjunction with
BlackRock’s annual schedule for bonus payments in the year following the year for which it was earned. Any bonus is subject to all applicable tax withholding and is contingent upon your continued employment with BlackRock and your not having
given notice of resignation or not having received notice of termination, in each case prior to the time of payment. Bonus payments may be payable in a mix of cash and deferred cash or equity under the terms of any incentive or deferred compensation
plans as determined by management and the Management Development & Compensation Committee (MDCC) of BlackRock’s Board of Directors from time to time. The mix of cash and non-cash and the terms of any non-cash award will be consistent
with the terms generally applicable to other employees similarly situated. 
 In addition, you will be eligible for a cash sign-on payment of
$350,000. You also will be eligible for a cash payment of $550,000 as of the second anniversary of your date of hire. Neither amount is included in total compensation. You will be entitled to the full amount of these awards if you are an employee of
BlackRock on your second anniversary or your employment is terminated prior to your second anniversary as a direct result of our decision to not offer you the CFO position within 12 months following your date of hire. If your employment is
terminated prior to your second anniversary for any other reason, you will be obligated to repay a pro-rata portion (based on months worked) of the sign-on payment of $350,000 and you will not be awarded the second payment. 
 Subject to MDCC approval, you will be granted an award of restricted stock units with initial value of $1,250,000. If and when you are promoted to CFO,
subject to MDCC approval, you will be granted an additional award of restricted stock units with an initial value of $750,000. A restricted stock unit is an unsecured promise to pay BlackRock common stock in the future. The number of restricted
stock units you receive will be determined by dividing the dollar value of your award by the closing price of BlackRock shares on your date of hire, or, in the event a second award is made, on the date of award. Your award will be made under the
terms of BlackRock’s 1999 Stock Award and Incentive Plan and vesting and other provisions contained in the award agreement, substantially in the form attached hereto. Subject to the award terms, including 

  

 40 East 52nd Street    New York    NY    10022

 Tel 212 754-5300    www.blackrock.com 

 
satisfaction of a corporate-level performance hurdle, your award(s) will vest on September 29, 2011 and will be distributed shortly thereafter in the
form of BlackRock common stock. Any distribution will be subject to applicable tax withholding. 
 To assist with expenses associated with
your relocation, we have established a budget of up to $200,000, plus moving expenses. This budget includes a miscellaneous expense allowance (no receipts needed) equal to $10,000. The miscellaneous expense allowance is subject to tax withholding
and will not be grossed up. With the exception of expenses intended to be covered by the miscellaneous expense allowance and home sale expenses, all other expenses will be reimbursed only upon receiving a copy of actual receipts. Reimbursements that
are subject to tax will be grossed up. Your relocation must be completed within 12 months of your date of hire. 
 To be eligible for
reimbursement of home sale expenses, you must participate in BlackRock’s “Buyer Value Option” program. If you purchase at your new location, BlackRock will reimburse reasonable and customary home purchase expenses. 
 For details and assistance on coordinating your relocation, please contact Joe Pignatelli at 212-810-5008. If you voluntarily terminate your employment
with BlackRock within 12 months of the completion of your relocation, you must repay a pro-rata portion of any payments or reimbursements, based on the number of months since the later of completion or your hire date. 
 At all times, you will be considered an employee at will. I would appreciate your considering our offer and advising me of your decision by
March 23, 2007. This offer is contingent upon your successful completion of BlackRock’s screening for illegal drugs, our receipt of references that we consider satisfactory, your ability to provide the appropriate documentation authorizing
you to work in the United States, and your completion of all other facets of BlackRock’s pre-employment screening process. If you fail to satisfy any aspect of the screening process, BlackRock reserves the right to rescind any outstanding offer
of employment or terminate your employment without notice and you will not be entitled to receive any amounts hereunder, guaranteed or otherwise, or under any other BlackRock plan or program (other than base salary for days actually worked)
including, without limitation, any severance pay. 
 You should be aware that BlackRock employees are not permitted to make any unauthorized
use of documents or other information in their employment with BlackRock which could properly be considered or construed to be confidential or proprietary information of another individual or company. Likewise, BlackRock employees may not bring with
them any confidential documents or other form of tangible information onto the premises of BlackRock relating to their prior employer(s)’ business. 
 This letter will also confirm that (a) you have furnished to BlackRock a copy of any existing employment agreements you may have with any prior employer(s), and (b) you are not subject to any contractual or
other restriction or obligation which is inconsistent with your accepting this offer of employment and performing your duties. 
 You will be
required to sign a confidentiality and non-solicitation agreement as a condition of employment, a copy of which is enclosed with this offer. 

 You will be eligible to participate in our employee benefits program. Your medical insurance coverage
will be effective on your date of hire. Included in your offer letter packet is a description of BlackRock’s benefit program. 
 To
acknowledge your acceptance of this offer, please complete the enclosed forms and return them to me with a signed copy of this letter using the Federal Express US Air Bill and overnight pouch provided. For your convenience, a copy of the drug
testing information sheet, a list of the local test facilities and a drug test form are included to assist you in arranging your drug screening examination. 
 If you have any questions, please contact me or Susan Mink at 212-810-3140. We look forward to your joining us! 
  

							
		 	Sincerely,	 		 	
				
		 	 /s/ Susan L. Wagner
	 		 	
		 	Susan L. Wagner	 		 	 /s/ Ann Marie Petach

		 	Vice Chairman & COO	 		 	Agreed & Accepted
				
		 		 		 	 3/21/07

		 		 		 	Date

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