Document:

Form Restricted Share Adward Agreement

     

    TBS
      INTERNATIONAL LIMITED

     

    2005
      EQUITY INCENTIVE PLAN

     

    FORM
      OF RESTRICTED SHARE AWARD AGREEMENT

     

    RESTRICTED
      SHARE AWARD AGREEMENT (this “Agreement”)
      dated
      as of ___________, _____ (the “Issue
      Date”)
      between
      TBS INTERNATIONAL LIMITED (the “Company”),
      and
      [PARTICIPANT] (the “Participant”).
      Except as otherwise defined herein, capitalized terms used herein shall have
      the
      meanings set forth in the Plan (as defined below).

     

    WHEREAS,
      pursuant to the 2005 Equity Incentive Plan (the “Plan”),
      the
      Committee designated under the Plan desires to issue to the Participant an
      award
      of restricted shares of Class A Common Shares, par value U.S. $0.01 per share,
      of the Company (the “Restricted
      Shares”);
      and

     

    WHEREAS,
      the Participant desires to accept such restricted share award subject to the
      terms and conditions of this Agreement.

     

    NOW,
      THEREFORE, in consideration of the promises and of the mutual covenants and
      agreements contained herein, the Company and the Participant, intending to
      be
      legally bound, hereby agree as follows:

     

    1.
        Definitions.
      Defined
      terms in the Plan shall have the same meaning in this Agreement, except where
      the context otherwise requires. 

     

    2.
        Issue
      of Restricted Shares.
      On the
      Issue Date, the Company hereby issues to Participant an Award of ____________
      Restricted Shares (the “Award”)
      in
      accordance with Section 9 of the Plan and subject to the conditions set forth
      in
      this Agreement and the Plan (as amended from time to time). The Award represents
      the right to receive and retain up to the number of shares set forth in the
      preceding sentence (as adjusted from time to time pursuant to Section 16(a)
      of
      the Plan) subject to the fulfillment of the vesting conditions set forth in
      this
      Agreement. By accepting the Award, Participant irrevocably agrees on behalf
      of
      Participant and Participant’s successors and permitted assigns to all of the
      terms and conditions of the Award as set forth in or pursuant to this Agreement
      and the Plan (as such Plan may be amended from time to time). 

     

    3.
        Vesting.
      Participant’s rights in and to the Restricted Shares subject to the Award shall
      [be fully vested as of] [vest in equal installments of ___% on each of the
      first
      [___] anniversaries of] the Issue Date. 

     

    4.
        Issuance
      of Certificates; Status of Participant.
      

     

    (a) Share
      certificates representing the Restricted Shares may be issued by the Company
      in
      the name of the Participant and held in escrow by the Company until the
      Restricted Shares vest, or the Company may hold non-certificated shares in
      the
      name of the Participant until the Restricted Shares vest. 

     

    (b)
       From
      and
      after the Issue Date, Participant will be recorded as a shareholder of the
      Company with respect to the Restricted Shares subject to the Award (whether
      vested or unvested) and shall have voting rights with respect to such Restricted
      Shares in accordance with the Company's bye-laws unless and until any such
      Restricted Shares are forfeited or transferred back to the Company. 

     

    5.
        Forfeiture;
      Right of Repurchase Provisions.
      Nothing
      in this Agreement will limit the Company's rights pursuant to Section 15 or
      Section 9 of the Plan. 

     

    6.
        Dividends.
      From
      and after the Issue Date and unless and until the Restricted Shares are
      forfeited or otherwise repurchased by the Company, the Participant will be
      entitled to receive all dividends and other distributions paid with respect
      to
      the Restricted Shares subject to this Award; provided however that any
      Restricted Shares or other securities of the Company received by a Participant
      as a result of a share distribution or as a share dividend or bonus issue with
      respect to the Restricted Shares awarded hereunder shall be subject to the
      same
      restrictions as such Restricted Shares. 

     

    7.
        Withholding
      and Disposition of Restricted Shares.
      

     

    (a)  Generally.
      Participant is liable and responsible for all taxes owed in connection with
      the
      Award, regardless of any action the Company takes with respect to any tax
      withholding obligations that arise in connection with the Award. The Company
      does not make any representation or undertaking regarding the treatment of
      any
      tax withholding in connection with the issue or vesting of the Award or the
      subsequent sale of Restricted Shares issuable pursuant to the Award. The Company
      does not commit and is under no obligation to structure the Award to reduce
      or
      eliminate Participant’s tax liability. 

     

    (b)  [Payment
      of Withholding Taxes.
      Prior
      to any event in connection with the Award (e.g., issue/vesting of the Award)
      that the Company determines may result in any domestic or foreign tax
      withholding obligation, whether national, federal, state or local, including
      any
      social tax obligation (the “Tax
      Withholding Obligation”),
      Participant is required to arrange for the satisfaction of the amount of such
      Tax Withholding Obligation in a manner acceptable to the Company. 

     

    (i)  By
      Tendering Shares.
      Unless
      Participant elects to satisfy the Tax Withholding Obligation by an alternative
      means in accordance with Paragraph 7(b)(ii), Participant’s acceptance of
      this Award constitutes Participant’s instruction and authorization to tender to
      the Company for repurchase the number of Restricted Shares from those Restricted
      Shares already issued to Participant at or about the time when the Award becomes
      vested as the Company determines to be sufficient to satisfy the Tax Withholding
      Obligation. 

     

    (ii)  By
      Other Payment.
      At any
      time not less than five (5) business days before any Tax Withholding Obligation
      arises. Participant may notify the Company of Participant’s election to pay
      Participant’s Tax Withholding Obligation by wire transfer, cashier’s check or
      other means permitted by the Company. In such case, Participant shall satisfy
      his or her tax withholding obligation by paying to the Company on such date
      as
      it shall specify an amount that the Company determines is sufficient to satisfy
      the expected Tax Withholding Obligation by (i) wire transfer to such
      account as the Company may direct, (ii) delivery of a cashier’s check
      payable to the Company, Attn: _____________, at the Company’s principal
      executive offices, or such other address as the Company may from time to time
      direct, or (iii) such other means as the Company may establish or permit.
      Participant agrees and acknowledges that prior to the date the Tax Withholding
      Obligation arises, the Company will be required to estimate the amount of the
      Tax Withholding Obligation and accordingly may require the amount paid to the
      Company under this Paragraph 7(b)(ii) to be more than the minimum amount
      that may actually be due and that, if Participant has not delivered payment
      of a
      sufficient amount to the Company to satisfy the Tax Withholding Obligation
      (regardless of whether as a result of the Company underestimating the required
      payment or Participant failing to timely make the required payment), the
      additional Tax Withholding Obligation amounts shall be satisfied in the manner
      specified in Paragraph 7(b)(i).] 

     

    8.
        Committee
      Authority.
      Any
      question concerning the interpretation of this Agreement or the Plan, any
      adjustments required to be made under this Agreement or the Plan, and any
      controversy that may arise under this Agreement or the Plan shall be determined
      by the Committee in its sole and absolute discretion. All decisions by the
      Committee shall be final and binding.

     

    9.
        Application
      of the Plan.
      The
      terms of this Agreement are governed by the terms of the Plan, as it exists
      on
      the date hereof and as the Plan is amended from time to time. In the event
      of
      any conflict between the provisions of this Agreement and the provisions of
      the
      Plan, the terms of the Plan shall control, except as expressly stated otherwise
      herein. As used herein, the term “Section” generally refers to provisions within
      the Plan, and the term “Paragraph” refers to provisions of this Agreement.

     

    10.
        No
      Right to Continued Employment.
      Nothing
      in the Plan, in this Agreement or any other instrument executed pursuant thereto
      or hereto shall confer upon the Participant any right to continued employment
      with the Company or any of its subsidiaries or affiliates, or interfere in
      any
      way with the right of the Company or any of its subsidiaries to terminate the
      Participant’s employment or other service relationship for any reason at any
      time.

     

    11.
        Further
      Assurances.
      Each
      party hereto shall cooperate with each other party, shall do and perform or
      cause to be done and performed all further acts and things, and shall execute
      and deliver all other agreements, certificates, instruments, and documents
      as
      any other party hereto reasonably may request in order to carry out the intent
      and accomplish the purposes of this Agreement and the Plan.

     

    12.
        Entire
      Agreement.
      This
      Agreement and the Plan together set forth the entire agreement and understanding
      between the parties as to the subject matter hereof and supersede all prior
      oral
      and written and all contemporaneous or subsequent oral discussions, agreements
      and understandings of any kind or nature.

     

    13.
        Binding
      on Transferees.
      The
      provisions of the Plan and this Agreement will inure to the benefit of, and
      be
      binding on, the Company and its transferees and assigns and the Participant
      and
      Participant’s executor, administrator and permitted transferees and
      beneficiaries, whether or not any such person will have become a party to this
      Agreement and agreed in writing to join herein and be bound by the terms and
      conditions hereof.

     

    14.
        Securities
      Law Compliance.
      The
      Company may impose such restrictions, conditions or limitations as it determines
      appropriate as to the timing and manner of any resales by Participant or other
      subsequent transfers by Participant of any Restricted Shares issued as a result
      of or under this Award, including without limitation (i) restrictions under
      an insider trading policy, (ii) restrictions that may be necessary in the
      absence of an effective registration statement under the Securities Act of
      1933,
      as amended, covering the Award and/or the shares underlying the Award and
      (iii) restrictions as to the use of a specified brokerage firm or other
      agent for such resales or other transfers. Any sale of the Restricted Shares
      must also comply with other applicable laws and regulations governing the sale
      of such shares.

     

    15.
        Applicable
      Law.
      The
      validity, construction, interpretation and effect of this instrument shall
      be
      governed by and construed in accordance with the laws of Delaware without giving
      effect to the conflicts of laws provisions thereof. 

     

     

    The
      parties hereto have executed this Agreement as of the date first above
      written.

     

    
      	
               

               

               

               

              [PARTICIPANT]

              Name:
                __________________________________________________

              (printed)

            	
              TBS
                INTERNATIONAL LIMITED

               

               

              By: 

              Name:

              Title:Form Bonus Share Award Agreement

    TBS
      INTERNATIONAL LIMITED

     

    2005
      EQUITY INCENTIVE PLAN

     

    FORM
      OF BONUS SHARE AWARD AGREEMENT

     

    BONUS
      SHARE AWARD AGREEMENT (this “Agreement”)
      dated
      as of ___________, _____ (the “Issue
      Date”)
      between
      TBS INTERNATIONAL LIMITED (the “Company”),
      and
      [PARTICIPANT] (the “Participant”).
      Except as otherwise defined herein, capitalized terms used herein shall have
      the
      meanings set forth in the Plan (as defined below).

     

    WHEREAS,
      pursuant to the 2005 Equity Incentive Plan (the “Plan”),
      the
      Committee designated under the Plan, desires to issue to the Participant an
      award of bonus shares of Class A Common Shares, par value U.S. $0.01 per share,
      of the Company (the “Shares”);
      and

     

    WHEREAS,
      the Participant desires to accept such bonus share award subject to the terms
      and conditions of this Agreement.

     

    NOW,
      THEREFORE, in consideration of the promises and of the mutual covenants and
      agreements contained herein, the Company and the Participant, intending to
      be
      legally bound, hereby agree as follows:

     

    1.
        Definitions.
      Defined
      terms in the Plan shall have the same meaning in this Agreement, except where
      the context otherwise requires. 

     

    2.
        Issue
      of Bonus Shares.
      On the
      Issue Date, the Company hereby issues to Participant an Award of ____________
      Shares (the “Award”) in accordance with Section 9 of the Plan and subject to the
      conditions set forth in this Agreement and the Plan (as amended from time to
      time). By accepting the Award, Participant irrevocably agrees on behalf of
      Participant and Participant’s successors and permitted assigns to all of the
      terms and conditions of the Award as set forth in or pursuant to this Agreement
      and the Plan (as such Plan may be amended from time to time). 

     

    3.
        Vesting.
      Participant’s rights in and to the Shares subject to the Award shall be fully
      vested as of the Issue Date. 

     

    4.
        Status
      of Participant.
      From
      and after the Issue Date, Participant will have all rights of a shareholder
      of
      the Company with respect to the Shares subject to the Award. 

     

    5.
        Withholding
      and Disposition of Shares.
      

     

    (a)  Generally.
      Participant is liable and responsible for all taxes owed in connection with
      the
      Award, regardless of any action the Company takes with respect to any tax
      withholding obligations that arise in connection with the Award. The Company
      does not make any representation or undertaking regarding the treatment of
      any
      tax withholding in connection with the issue or vesting of the Award or the
      subsequent sale of Shares issuable pursuant to the Award. The Company does
      not
      commit and is under no obligation to structure the Award to reduce or eliminate
      Participant’s tax liability. 

     

    (b)  [Payment
      of Withholding Taxes.
      Prior
      to any event in connection with the Award (e.g., issue/vesting of the Award)
      that the Company determines may result in any domestic or foreign tax
      withholding obligation, whether national, federal, state or local, including
      any
      social tax obligation (the “Tax
      Withholding Obligation”),
      Participant is required to arrange for the satisfaction of the amount of such
      Tax Withholding Obligation in a manner acceptable to the Company. 

     

    (i)  By
      Tendering Shares.
      Unless
      Participant elects to satisfy the Tax Withholding Obligation by an alternative
      means in accordance with Paragraph 7(b)(ii), Participant’s acceptance of
      this Award constitutes Participant’s instruction and authorization to tender to
      the Company for repurchase the number of Shares from those Shares already issued
      to Participant at or about the time when the Award becomes vested as the Company
      determines to be sufficient to satisfy the Tax Withholding Obligation.

     

    (ii)  By
      Other Payment.
      At any
      time not less than five (5) business days before any Tax Withholding Obligation
      arises. Participant may notify the Company of Participant’s election to pay
      Participant’s Tax Withholding Obligation by wire transfer, cashier’s check or
      other means permitted by the Company. In such case, Participant shall satisfy
      his or her tax withholding obligation by paying to the Company on such date
      as
      it shall specify an amount that the Company determines is sufficient to satisfy
      the expected Tax Withholding Obligation by (i) wire transfer to such
      account as the Company may direct, (ii) delivery of a cashier’s check
      payable to the Company, Attn: _______________, at the Company’s principal
      executive offices, or such other address as the Company may from time to time
      direct, or (iii) such other means as the Company may establish or permit.
      Participant agrees and acknowledges that prior to the date the Tax Withholding
      Obligation arises, the Company will be required to estimate the amount of the
      Tax Withholding Obligation and accordingly may require the amount paid to the
      Company under this Paragraph 6(b)(ii) to be more than the minimum amount
      that may actually be due and that, if Participant has not delivered payment
      of a
      sufficient amount to the Company to satisfy the Tax Withholding Obligation
      (regardless of whether as a result of the Company underestimating the required
      payment or Participant failing to timely make the required payment), the
      additional Tax Withholding Obligation amounts shall be satisfied in the manner
      specified in Paragraph 6(b)(i).] 

     

    6.
        Committee
      Authority.
      Any
      question concerning the interpretation of this Agreement or the Plan, any
      adjustments required to be made under this Agreement or the Plan, and any
      controversy that may arise under this Agreement or the Plan shall be determined
      by the Committee in its sole and absolute discretion. All decisions by the
      Committee shall be final and binding.

     

    7.
        Application
      of the Plan.
      The
      terms of this Agreement are governed by the terms of the Plan, as it exists
      on
      the date hereof and as the Plan is amended from time to time. In the event
      of
      any conflict between the provisions of this Agreement and the provisions of
      the
      Plan, the terms of the Plan shall control, except as expressly stated otherwise
      herein. As used herein, the term “Section” generally refers to provisions within
      the Plan, and the term “Paragraph” refers to provisions of this Agreement.

     

    8.
        No
      Right to Continued Employment.
      Nothing
      in the Plan, in this Agreement or any other instrument executed pursuant thereto
      or hereto shall confer upon the Participant any right to continued employment
      with the Company or any of its subsidiaries or affiliates, or interfere in
      any
      way with the right of the Company or any of its subsidiaries to terminate the
      Participant’s employment or other service relationship for any reason at any
      time.

     

    9.
        Further
      Assurances.
      Each
      party hereto shall cooperate with each other party, shall do and perform or
      cause to be done and performed all further acts and things, and shall execute
      and deliver all other agreements, certificates, instruments, and documents
      as
      any other party hereto reasonably may request in order to carry out the intent
      and accomplish the purposes of this Agreement and the Plan.

     

    10.
        Entire
      Agreement.
      This
      Agreement and the Plan together set forth the entire agreement and understanding
      between the parties as to the subject matter hereof and supersede all prior
      oral
      and written and all contemporaneous or subsequent oral discussions, agreements
      and understandings of any kind or nature.

     

    11.
        Binding
      on Transferees.
      The
      provisions of the Plan and this Agreement will inure to the benefit of, and
      be
      binding on, the Company and its transferees and assigns and the Participant
      and
      Participant’s executor, administrator and permitted transferees and
      beneficiaries, whether or not any such person will have become a party to this
      Agreement and agreed in writing to join herein and be bound by the terms and
      conditions hereof.

     

    12.
        Securities
      Law Compliance.
      The
      Company may impose such restrictions, conditions or limitations as it determines
      appropriate as to the timing and manner of any resales by Participant or other
      subsequent transfers by Participant of any Shares issued as a result of or
      under
      this Award, including without limitation (i) restrictions under an insider
      trading policy, (ii) restrictions that may be necessary in the absence of an
      effective registration statement under the Securities Act of 1933, as amended,
      covering the Award and/or the Shares underlying the Award and
      (iii) restrictions as to the use of a specified brokerage firm or other
      agent for such resales or other transfers. Any sale of the Shares must also
      comply with other applicable laws and regulations governing the sale of such
      shares.

     

    13.
        Applicable
      Law.
      The
      validity, construction, interpretation and effect of this instrument shall
      be
      governed by and construed in accordance with the laws of Delaware without giving
      effect to the conflicts of laws provisions thereof. 

     

     

    The
      parties hereto have executed this Agreement as of the date first above
      written.

     

    
      	
               

               

               

               

              [PARTICIPANT]

              Name:
                _____________________________________________________

              (printed)

            	
              TBS
                INTERNATIONAL LIMITED

               

               

              By: 

              Name:

              Title:

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