Document:

Exhibit
10.4

 

Annex C

 

W. R. GRACE &
CO.

Administrative Practices –
Long-Term Cash Award Program

20[   ]-20[  
] Performance Period

 

Definitions

 

“Award Payment”: An
Interim Long-Term Cash Award Payment or Remaining Long-Term Award Payment, as
applicable.

 

“Board of Directors”: The Board of Directors of the
Company

 

“Committee”: The
Compensation Committee of the Board of Directors.

 

“Company”: W. R. Grace &
Co., a Delaware Corporation and/or, if applicable in the context, one or more
of its Subsidiaries.

 

“Incomplete Long-Term
Cash Awards”: A Long-Term Cash Award for which the Performance Period has not
been completed as of the date referenced.

 

“Interim Long-Term Cash
Award Payment”: As defined on page 4, provided that such payment will not
exceed 50% of the Participant’s Targeted Award for the first two years,
regardless of Company performance at the time of payment.

 

“Key Employee”: An
officer or other senior, full-time employee of the Company, who, in the opinion
of the Company, can contribute significantly to the growth and successful
operations of the Company.

 

“Long-Term Cash Award
Program”: An undertaking by the Company to financially reward a Key Employee at
the end of a Performance Period, which undertaking is contingent upon or
measured by the attainment over the Performance Period of specified performance
objectives determined (on a consolidated or unconsolidated basis) by changes in
the 3-year compound annual growth rate (CAGR) in Total Grace’s core earnings
before interest and taxes (core EBIT).

 

“Long-Term Cash Award”: A
cash award, to be paid in the future, which is granted to Key Employees under
the Company’s long-term incentive program.

 

“Long-Term Cash Award
Earned”: The amount of cash earned by a Participant pursuant to the terms of a
Long-Term Cash Award.

 

“Participant”: A Key
Employee who is, or who is proposed to be, a recipient of a Long-Term Cash
Award.

 

“Performance Period”:
Except as provided herein, a period of three calendar years over which a
Long-Term Cash Award may be earned, as approved by the Committee.  The first Performance Period under this Plan
will commence effective January 1, 20[ 
] and 

 

1

 

will end on December 31,
20[  ]. 
Performance Periods with respect to different Long-Term Cash Awards to
the same individual may overlap.

 

“Total Grace Core EBIT”:
The core earnings before interest and taxes (core EBIT)” of the Company as
reported on (and calculated in accordance with) the statement of W. R. Grace &
Co. Continuing Operations- Segment Basis.

 

“Remaining Long-Term Cash
Award Payment”: As defined on Page 4, the second installment of the
Long-Term Cash Award that may be paid after the end of the Performance Period,
based on Company performance for the entire Performance Period.

 

“Subsidiary”: A
corporation, partnership, limited liability company or other form of business
association of which shares of common stock or other ownership interests (i) having
more than 50% of the voting power regularly entitled to vote for directors (or
equivalent management rights) or (ii) regularly entitled to receive more
than 50% of the dividends (or their equivalents) paid on the common stock (or
other ownership interests), are owned, directly or indirectly, by the Company.

 

“Targeted Cash Award”: The
amount of cash award specified in writing for a Participant as his or her “Targeted
Cash Award” for a Performance Period and which is subject to and covered by the
terms and conditions of a Long-Term Cash Award. 
This amount may be different from the Long-Term Cash Award Earned by an
individual.

 

Plan Administration

 

The Plan shall be
administered by the Committee, provided that no member of the Committee shall
be eligible to receive a Long-Term Cash Award while serving on the Committee.

 

The Committee shall
approve (i) the performance measurements and objectives for each Long-Term
Cash Award and (ii) the Performance Period over which a Long-Term Cash
Award is to be earned.

 

The Committee shall
approve (i) the Grace Leadership Team members who are to be granted
Long-Term Cash Awards and (ii) the Targeted Award subject to each
Long-Term Cash Award.  The Committee (or
the designee of the Committee, which may include the Chief Executive Officer of
the Company) shall approve awards for all other Key Employees.

 

Long-Term Cash Awards

 

The Committee may, at any
time or from time to time, grant Long-Term Cash Awards to Key Employees.

 

Each Long-Term Cash Award
shall be evidenced by a written instrument containing such terms and conditions
as the Committee shall approve, provided the instrument is consistent with
these practices.

 

2

 

No Long-Term Cash Award,
nor any payment or right thereunder, shall be subject in any manner to
alienation, sale, transfer, assignment, pledge, encumbrance or charge, except
by will or the laws of descent and distribution, or by the terms of a
Participant’s Designation of Beneficiary, if any, on file with the Company.

 

In the case of a Key
Employee who becomes a Participant after the beginning of a Performance Period,
the Committee may ratably reduce the amount of the Targeted Award covered by
such Employee’s Long-Term Cash Award or otherwise appropriately adjust the
terms of the Long-Term Cash Award to reflect the fact that the Key Employee is
to be a Participant for only part of the Performance Period.

 

It is the intention of
the Committee that Long-Term Cash Awards be related to the results of the core
operations affected by the management actions taken by the Participants.  Subject to the administrative practices that
apply to termination or change in employment status and to the amendment or
discontinuance of Long-Term Cash Awards, the performance objectives applicable
to Long-Term Cash Awards will remain unchanged during the Performance Period
except as follows:

 

In general, acquisitions
and divestments will be included in the performance results.

 

Termination or Change in Employment Status

 

A Participant shall
forfeit all rights to any Award Payment, if, prior to the date of payment of such
Award Payment, the Participant (1) resigns without the consent of the
Committee, (2) retires under a retirement plan of the Company or Subsidiary
before age 62 without the consent of the Committee, or (3) is terminated for
cause.

 

If a Participant retires
under a retirement plan of the Company or Subsidiary at or after age 62, or
ceases employment as a result of death or disability, or ceases employment as a
result of an involuntary termination after a Change in Control of the Company
(as defined herein), during a Performance Period, then his rights in any
Incomplete Long-Term Cash Award related to that Performance Period shall
thereupon vest, and he shall be entitled to receive any Award Payment of any
Long-Term Cash Award Earned he would otherwise have received (at the time he
would have otherwise received the Award Payment), except that the amount of any
Long-Term Cash Award Earned shall be reduced ratably in proportion to the
portion of the Performance Period during which the Participant was not an employee.  If a Participant ceases employment with the
Company for any of the reasons specified in this paragraph, after the
completion of any Performance Period (but before the payment of the Remaining
Long-Term Cash Award Payment related to the completed Performance Period), then
his rights to any Long-Term Cash Award Earned and to such Award Payment related
to the completed Performance Period shall thereupon vest, and he shall be
entitled to receive such Award Payment at the time he would have otherwise received
the Payment.

 

If a Participant ceases
employment with the Company for any reason other than those indicated in the
previous two paragraphs (including by reason of involuntary termination not for
cause, except as provided above with respect to involuntary termination after a
Change in Control of the Company, or transfer of employment to a buyer of any
business

 

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unit of the Company),
then his rights in any Incomplete Long-Term Cash Award, and any Award Payment
that is unpaid as of the date the Participant ceases such employment, shall be
forfeited, unless the Committee (or the designee of the Committee, which may
include the Chief Executive Officer of the Company) determines to make an
exception.   All such determinations, if
any, shall be final and binding on all parties.

 

Except as modified by the
provisions of the second and third paragraphs of this section, payments due to
Participants pursuant to the applicable preceding paragraphs, above, shall be
calculated and made in accordance with the provisions described under the
section entitled “Calculation of Long-Term Cash Awards Earned: Form of
Payment”.

 

A leave of absence, if
approved by the Committee, shall not be deemed a termination or change of employment
status for the purposes of this section, but, unless the Committee otherwise
directs, any Long-Term Cash Award Earned that a Participant would otherwise
have received under a Long-Term Cash Award Program shall be reduced ratably in
proportion to the portion of the Performance Period during which the
Participant was on such leave of absence.

 

Any consent, approval or
direction which the Committee may give under this section in respect of an
event or transaction may be given before or after the event or transaction.

 

Calculation of Long-Term Cash Awards Earned: Form of
Payment

 

Long-Term Cash Awards
Earned will be paid to a Participant in two installments (1) the first
installment shall be paid in March of the third and final year of the
Performance Period and shall be equal to 50% of what is earned based on the
Company’s performance for the first two calendar years of the applicable
Performance Period, but no more than 50% of the Participant’s Targeted Award
for the first two years (the “Interim Long-Term Cash Award Payment”), and (2) the
balance, if any, of the Long-Term Cash Award Earned will be paid in March after
the end of the third and final year of the Performance Period (the “Remaining
Long-Term Cash Award Payment”).

 

The Committee shall
determine the extent to which the performance objectives of a Long-Term Cash
Award have been achieved during the Performance Period and the amount of any
Long-Term Cash Awards Earned (and the amount of any Award Payment).  All calculations in this regard shall be made
in accordance with the generally accepted accounting principles customarily
applied by the Company and shall be submitted to the Committee for its review
and approval.  The determination of the
Committee shall be final and binding.

 

Treatment of Large Corporate Acquisitions and
Divestments

 

Notwithstanding any other
provision of the Plan to the contrary, the Total Grace Core EBIT for the
Performance Period shall be adjusted to account for any business acquisition
that occurs during the Performance Period, which has a purchase price to the
Company of more than $50 million (a “Significant Acquisition), as follows:

 

(a)          with respect to the calendar year during
the Performance Period in which the Significant Acquisition closes, the Total
Grace Core EBIT will be decreased

 

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by the result of
the following formula – the EBIT of the Significant Acquisition (the “Base SA
EBIT”) for the full calendar year prior to the calendar year that the
Significant Acquisition closes (the “Pre-Acquisition Calendar Year”), which
shall be calculated by the Company in the same manner as the Company calculated
the Total Grace Core EBIT, multiplied by (the number of full months remaining
in the calendar year that the Significant Acquisition closed divided by 12);

 

(b)         with respect to the first subsequent full
calendar year (if any) during the Performance Period after the Significant
Acquisition closes, the Total Grace Core EBIT shall be further decreased by the
following formula – the Base SA EBIT for the Pre-Acquisition Calendar Year
multiplied by 1.06; and with respect to the second subsequent calendar year (if
any) during the Performance Period after the Significant Acquisition closes,
the Total Grace Core EBIT shall be further decreased by the following formula –
the Base SA EBIT for the Pre-Acquisition Calendar Year multiplied by 1.06, the
result of which is further multiplied by 1.06.

 

Also, notwithstanding any
other provision of the Plan to the contrary, in the event that the Company
divests any of its businesses, which results in total proceeds to the Debtors
of more than $50 million (a “Significant Divestiture”) during the Performance
Period, the Total Grace Core EBIT for the Performance Period shall be increased
to account for the Significant Divestiture using the approach that is the
converse of the approach specified above with respect to Significant
Acquisitions; so that the effect of a Significant Divestiture upon the Total
Grace Core EBIT shall be neutralized in the same manner as the effect of a
Significant Acquisition described above; and any realized gains or losses that
result from the Significant Divestiture shall not be included in the Total
Grace Core EBIT.

 

5

 

General

 

Nothing in this document
nor in any instrument executed pursuant hereto shall confer upon a Participant
any right to continue in the employ of the Company or a Subsidiary, or shall
affect the right of the Company or a Subsidiary to terminate his or her employment
with or without cause.

 

The Company or a
Subsidiary may make such provisions as it may deem appropriate for the
withholding or any taxes that the Company or a Subsidiary determines it is
required to withhold in connection with any Long-Term Cash Award Earned.

 

Nothing in a Long-Term
Cash Award is intended to be a substitute for, or shall preclude or limit the
establishment or continuation of, any other plan, practice, or arrangement for
the payment of compensation or benefits to employees generally, or to any class
or group of employees, which the Company or a Subsidiary now has or may
hereafter lawfully put into effect, including, without limitation, any
retirement, pension, group insurance, annual bonus, stock purchase, stock bonus
or stock option plan; provided, however, that no amounts awarded or paid
pursuant to any Long-Term Cash Award shall be included or counted as
compensation for the purposes of any employee benefit plan of the Company or a
Subsidiary where contributions to the plan, or the benefits received from the
plan, are measured or determined in whole or in part, by the amount of the
employee’s compensation.

 

The grant of a Long-Term
Cash Award to an employee of a Subsidiary shall be contingent on the approval
of the Long-Term Cash Award by the Subsidiary and the Subsidiary’s agreement
that (i) the Company may administer such Award on its behalf and (ii) the
Subsidiary will make, or reimburse the Company for, the payments called for by
the Long-Term Cash Award.  The provisions
of this paragraph and the obligations of the Subsidiary so undertaken may be
waived, in whole or in the part, from time to time by the Company.

 

Amendments and Discontinuance

 

In the event
acquisitions, divestments, substantial changes in tax or other laws or in accounting
principles or practices, natural disasters or other extraordinary events render
fulfillment of the performance objectives of a Long-Term Cash Award impossible
or impracticable, or result in the achievement of the performance objectives
without appreciable effort by the Participant, the Committee may, but shall not
be obligated to, amend any such Long-Term Cash Award in any appropriate manner
so that the Participant may earn Long-Term Cash Awards comparable to those that
might have been earned if the extraordinary event had not occurred.

 

The Chief Executive
Officer of the Company may approve such technical changes and clarifications to
the Long-Term Cash Award Program as necessary, provided such changes or
clarifications do not vary substantially from the terms and conditions outlined
in this description.

 

6

 

In the event a Change in
Control of the Company (as defined herein) shall occur or the Board of
Directors has reason to believe that a Change of Control may occur, the
Committee may, with respect to any one or more Long-Term Cash Awards, (i) reduce
the length of a Performance Period to not less than one year, (ii) make
ratable adjustments to performance objectives and Targeted Awards, (iii) change
the methods of measuring the performance objectives, (iv) accelerate the
payment of any Long-Term Cash Awards Earned or any Award Payment, and (v) take
other action deemed by it to be appropriate and in the best interests of the
Company under the circumstances.  For the
purposes of this paragraph:

 

(A)        “Change in Control of the Company” means
and shall be deemed to have occurred if (a) the Company determines that
any “person” (as such term is used in Section 13(d) and 14 (d) of
the Securities Exchange Act of 1934), other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a
corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the
Company, has become the “beneficial owner” (as defined in Rule 13d-3 under
such Act), directly or indirectly, of 20% or more of the outstanding common
stock of the Company (provided, however, that a Change in Control shall not be
deemed to have occurred if such person has become the beneficial owner of 20%
or more of the outstanding Common Stock as the results of a sale of Common
Stock by the Company that has been approved by the Board of Directors); or
pursuant to a plan of reorganization which has been confirmed by the U.S.
District Court or Bankruptcy Court having jurisdiction of the Company’s Chapter
11 case, Case No. 01-01139 (JJF), pursuant to an order of such Court which
is final and nonappealable, and becomes effective); (ii) individuals who
are Continuing Directors cease to constitute a majority of any class of
directors of the Board; (iii) there occurs a reorganization, merger,
consolidation or other corporate transaction involving the Company (a  “Corporate Transaction”), in each case, with
respect to which the stockholders of the Company immediately prior to such
Corporate Transaction do not, immediately after the Corporate Transaction, own
50% or more of the combined voting power of the corporation resulting from such
Corporate Transaction, provided that this clause (iii) shall not apply to
a Corporate Transaction which is pursuant to section 363 of the Bankruptcy
Code, or is pursuant to a plan of reorganization which has been confirmed by
the U.S. District Court or Bankruptcy Court having jurisdiction of the Company’s
chapter 11 case, Case No. 01-01139 (JJF), pursuant to an order of such
Court which is final and nonappealable, and becomes effective, or (iv) the
shareholders of the Company approve a complete liquidation or dissolution of
the Company.

 

(B)          “Continuing Director” means any member of
the Board of Directors who was such a member on the date on which this Program
was approved by the Board of Directors, and any successor to a Continuing
Director who is approved as a nominee or elected to succeed to a Continuing
Director by a majority of Continuing Directors who are then members of the
Board of Directors.

 

The granting of Long-Term
Cash Awards may be amended or discontinued by the Committee at any time.

 

7

 

No amendment or
discontinuance of Long-Term Cash Awards shall, without a Participant’s consent,
adversely affect his rights in any Long-Term Cash Awards theretofore granted to
him, except that, if the Committee so directs, all Incomplete Long-Term Cash
Awards may be terminated prospectively with the same effect as a termination of
employment under the second paragraph of the section entitled “Termination or
Change in Employment Status”.

 

8Exhibit 10.1

 

GOLFSMITH
INTERNATIONAL HOLDINGS, INC.

 

2006
INCENTIVE COMPENSATION PLAN

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

This
Restricted Stock Unit Award Agreement (the “Agreement”)
is made, effective as of                           
(the “Grant Date”), by and between
Golfsmith International Holdings, Inc, (the “Company”)
and                               
(the “Participant”).

 

RECITALS:

 

WHEREAS, the Company has adopted the Golfsmith
International Holdings, Inc. 2006 Incentive Compensation Plan (the “Plan”) pursuant to which Restricted
Stock Units may be granted; and

 

WHEREAS, the Committee has determined that it is
in the best interests of the Company and its stockholders to grant the award of
Restricted Stock Units provided for herein 
(the “Restricted Stock Unit Award”)
to the Participant in recognition of the Participant’s services to the Company,
such grant to be subject to the terms set forth herein.

 

NOW,
THEREFORE, in
consideration for the mutual covenants hereinafter set forth, the parties hereto
agree as follows:

 

1.                                      Grant of Restricted Stock
Unit Award.  Pursuant to Section 8.1 of the  Plan, the Company hereby grants to the Participant on the
Grant Date, in the aggregate,                   
Restricted Stock Units on the terms and conditions set forth in this Agreement
and as otherwise provided in the Plan. 
Such Restricted Stock Units shall be credited to a separate account
maintained for the Participant on the books of the Company (the “Account”).  On any given date, the value of each
Restricted Stock Unit comprising the Restricted Stock Unit Award shall equal
the Fair Market Value of one Share.  The
Award shall vest and settle in accordance with Section 3 hereof.

 

2.                                      Incorporation by Reference. 
The provisions of the Plan are hereby incorporated herein by
reference.  Except as otherwise expressly
set forth herein, this Agreement shall be construed in accordance with the
provisions of the Plan and any capitalized terms not otherwise defined in this
Agreement shall have the definitions set forth in the Plan.  The Committee shall have the authority to
interpret and construe the Plan and this Agreement and to make any and all
determinations thereunder, and its decision shall be binding and conclusive
upon the Participant and his/her legal representative in respect of any
questions arising under the Plan or this Agreement.

 

3.                                      Terms and
Conditions.

 

(a)                                 Vesting
and Settlement.  Except as otherwise provided
in the Plan and this Agreement, and contingent upon the Participant’s continued
employment with the

 

1

 

Company, [each Restricted Stock Unit Award shall vest and become
non-forfeitable on the           
anniversary][                  
percent (      %) of the Restricted Stock Unit
Award shall vest and become non-forfeitable on each of the first         
anniversaries] of the Grant Date (the “Vesting Date”).  Upon the Vesting Date (and in no event later
than March 15 of the year following the year in which the Restricted Stock
Units vest), subject to the Participant’s satisfaction of the Tax Withholding
requirements under Section 5, the Company shall (i) issue and deliver
to the Participant one Share for each Restricted Stock Unit subject to the
Restricted Stock Unit Award (the “RSU Shares”)
(and, upon such settlement, the Restricted Stock Units shall cease to be
credited to the Account) and (ii) enter the Participant’s name as a
stockholder of record with respect to the RSU Shares on the books of the
Company, provided, however, that the Committee, in its sole
discretion, may elect to deliver cash in lieu of RSU Shares otherwise
deliverable on such Vesting Date in an amount equal to the Fair Market Value of
such Shares on the Vesting Date.

 

(b)                                 Restrictions. 
The Restricted Stock Unit Award granted hereunder may not be sold,
pledged or otherwise transferred (other than by will or the laws of descent and
distribution) and may not be subject to lien, garnishment, attachment or other
legal process.  The Participant acknowledges
and agrees that, with respect to each Restricted Stock Unit credited to his/her
Account, he/she has no voting rights with respect to the Company unless and
until each such Restricted Stock Unit is settled in RSU Shares pursuant to Section 3(a) hereof.  In the event of Participant’s Termination at
any time prior to the Vesting Date, the unvested Restricted Stock Units shall
automatically be forfeited upon such Termination, unless otherwise provided
herein.  Notwithstanding the foregoing,
pursuant to Section 3.3(n) of the Plan, the Committee may accelerate
the vesting of the Restricted Stock Unit Award.

 

4.                                      Change in Control. 
At a time determined by the Committee prior to a Change of Control, all
unvested Restricted Stock Units shall automatically become vested and shall be
settled in accordance with Section 3(a).

 

5.                                      Tax Withholding. 
The Participant shall 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 cash, Shares, other securities or other
property deliverable under the Restricted Stock Unit Award or from any
compensation or other amounts owing to the Participant, the amount (in cash,
Shares, other securities or other property) of any required withholding taxes
in respect of the Restricted Stock Unit Award, or any payment or transfer under
this Restricted Stock Unit Award or under the Plan and to take such other
action as may be necessary in the opinion of the Committee or the Company to
satisfy all obligations for the payment of such withholding and taxes. The
Committee may permit the Participant to satisfy the withholding liability: (a) in
cash, (b) by the delivery of Shares (which are not subject to any
pledge or other security interest) owned by the Participant having a Fair
Market Value equal to such withholding liability, (c) by having the
Company withhold from the number of Shares otherwise issuable or deliverable
pursuant to the settlement of the Restricted Stock Unit Award a number of

 

2

 

Shares with a Fair Market Value equal to such withholding liability
(but no more than the minimum required statutory withholding liability), or (d) by
a combination of such methods.

 

6.                                      Rights as Stockholder. 
Upon and following the Vesting Date, the Participant shall be the record
owner of the RSU Shares, if any, issued and delivered pursuant to such Vesting
Date unless and until such shares are sold or otherwise disposed of, and as
record owner shall be entitled to all rights of a common stockholder of the
Company including, without limitation, voting rights, if any, with respect to
the shares.  Prior to the Vesting Date,
the Participant shall not be deemed for any purpose to be the owner of Shares
subject to the Restricted Stock Unit Award.

 

7.                                      Compliance with Laws and
Regulations. The
issuance and transfer of Shares shall be subject to compliance by the Company
and the Participant with all applicable requirements of securities laws and
with all applicable requirements of any stock exchange on which the Company’s
Shares may be listed at the time of such issuance or transfer.

 

8.                                      No Right to Continued
Employment.  Nothing in this Agreement shall be deemed by
implication or otherwise to impose any limitation on any right of the Company
or any of its Affiliates to terminate the Participant’s employment at any time.

 

9.                                      General Assets. 
All amounts credited to the Account under this Agreement shall continue
for all purposes to be part of the general assets of the Company.  The Participant’s interest in the Account
shall make the Participant only a general, unsecured creditor of the Company.

 

10.                               Notices. 
Every notice or other communication relating to this Agreement shall be
in writing, and shall be mailed to or delivered to the party for whom it is
intended at such address as may from time to time be designated by it in a
notice mailed or delivered to the other party as herein provided; provided,
that, unless and until some other address be so designated, all notices
or communications by the Participant to the Company shall be mailed or
delivered to the Company at its principal executive office, and all notices or
communications by the Company to the Participant may be given to the
Participant personally or may be mailed to him/her at his/her address as recorded
in the records of the Company.

 

11.                               Bound by Plan. 
By signing this Agreement, the Participant acknowledges that he/she has
received a copy of the Plan and has had an opportunity to review the Plan and
agrees to be bound by all of the terms and provisions of the Plan.

 

12.                               Beneficiary. 
The Participant may file with the Committee a written designation of a
beneficiary on such form as may be prescribed by the Committee and may, from
time to time, amend or revoke such designation. 
If no designated beneficiary survives the Participant, the executor or
administrator of the Participant’s estate shall be deemed to be the Participant’s
beneficiary.

 

3

 

13.                               Successors. 
The terms of this Agreement shall be binding upon and inure to the
benefit of the Company, its successors and assigns, and on the Participant and
the beneficiaries, executors and administrators, heirs and successors of the
Participant.

 

14.                               Amendment of Restricted
Stock Unit Award.  Subject to Section 15 of this Agreement,
the Committee at any time and from time to time may amend the terms of this
Restricted Stock Unit Award; provided, however, the Participant’s
rights under this Restricted Stock Unit Award shall not be materially and
adversely affected by any such amendment without the Participant’s consent.

 

15.                               Adjustments. 
This Restricted Stock Unit Award is subject to adjustment pursuant to Section 15.2
of the Plan.

 

16.                               Interpretation. 
Any dispute regarding the interpretation of this Agreement shall be
submitted by the Participant or the Company to the Committee for review.  The resolution of such a dispute by the
Committee shall be binding on the Company and the Participant.

 

17.                               Severability. 
Every provision of this Agreement is intended to be severable and any
illegal or invalid term shall not affect the validity or legality of the
remaining terms.

 

18.                               Headings. 
The headings of the Sections hereof are provided for convenience only
and are not to serve as a basis for interpretation of construction, and shall
not constitute a part of this Agreement.

 

19.                               Tax Consequences. 
The Participant acknowledges that there my be adverse tax consequences
upon the payment of the Restricted Stock Units or disposition of any Shares
received upon vesting, and that the Participant should consult a tax advisor
before such time.  The Participant agrees
to sign such additional documentation as the Company may reasonably require
from time to time.

 

20.                               Signature in Counterparts. 
This Agreement may be signed in counterparts, each of which shall be
deemed an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

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EXECUTED,
as of the date set forth below.

 

	
   

  	
  GOLFSMITH INTERNATIONAL
  HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
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