Document:

Exhibit 10.1

 

Warrant No.
[___]

 

THIS WARRANT AND THE
SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO GREENWOOD HALL, INC. THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

Right to Purchase up to
[_______] Shares of Common Stock of Greenwood Hall, Inc. (subject to adjustment as provided herein)

 

COMMON STOCK PURCHASE
WARRANT

 

Issue Date: [_______]

 

GREENWOOD
HALL, INC., a corporation organized under the laws of the State of Nevada (the “Company”), hereby certifies
that, for value received, [_______] or his, her or its assignees (the “Holder”), is entitled, subject to the
terms set forth below, to purchase from the Company, from and after the Issue Date of this Warrant and at any time or from time
to time before 5:00 p.m., New York time, on [_______] (the “Expiration Date”), up to [_______] ([_______])
fully paid and non-assessable shares of Common Stock (as hereinafter defined), at the applicable Exercise Price per share (as
defined below). The number and character of such shares of Common Stock and the applicable Exercise Price per share are subject
to adjustment as provided herein.

 

As used
herein the following terms, unless the context otherwise requires, have the following respective meanings:

 

	1.	Definitions.

 

(a)       “Common
Stock” means (i) the Company’s common stock, par value $.001 per share; and (ii) any other securities into which
or for which any of the securities described in the preceding clause (i) may be converted or exchanged pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise.

 

(b)       “Common
Stock Equivalent” means any warrant, option, subscription or purchase right with respect to shares of Common Stock,
any security or property rights convertible into, exchangeable for, or otherwise entitling the holder thereof to acquire, shares
of Common Stock or any warrant, option, subscription or purchase right with respect to any such convertible, exchangeable or other
security.

 

    1 

     

    

 

(c)       “Current
Fair Market Value” when used with respect to the Common Stock as of a specified date, means the average of the closing
prices of the Common Stock sold on all securities exchanges including the Nasdaq Capital Market, the Nasdaq Global Market, the
American Stock Exchange or the New York Stock Exchange (each, a “Trading Market”) on which the Common Stock
may at the time be listed, or, if there have been no sales on any such exchange on such day, the average of the highest bid and
lowest asked prices on all such exchanges at the end of regular trading such day, or, if on such day the Common Stock is not so
listed, the average of the highest bid and lowest asked price on such day in the domestic over-the-counter market on the OTC Bulletin
Board or the OTCQB; in each such case averaged over a period of five (5) Trading Days consisting of the day as of which the Current
Fair Market Value of Common Stock is being determined (or if such day is not a Trading Day, the Trading Day next preceding such
day) and the four (4) consecutive Trading Days prior to such day. If on the date for which Current Fair Market Value is to be
determined the Common Stock is not listed on any securities exchange or quoted in the over-the-counter market, the Current Fair
Market Value of Common Stock shall be the price per share of Common Stock as of the most recent date on which the Company has
sold shares of Common Stock or Common Stock Equivalents to one or more unaffiliated third parties in a bona fide financing round
during the 365 days prior to the date of such determination. If no such sales were made during the 365 days prior to the date
of such determination, the Current Fair Market Value of Common Stock shall be the price per share which the Company could then
obtain from a willing buyer on an arms’-length basis (not an affiliate, employee or director of the Company at the
time of determination) for shares of Common Stock sold by the Company, from authorized but
unissued shares, as determined by an independent appraiser mutually acceptable to, and unaffiliated with, the
Company and the Holder, whose reasonable appraisal costs shall be paid by the Company.

 

(d)       “Exercise
Price” means [_______] ($[__]) per share,
which Exercise Price shall be subject to adjustment as provided herein.

 

(e)       “Other
Securities” means any stock (other than Common Stock) and other securities of the Company or any other person (corporate
or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall have received, on the exercise
of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 or otherwise.

 

(f)       “Trading
Day” means a day on which the Trading Market on which the Common Stock may be listed, or the over-the counter market,
as applicable, is open for general trading of securities.

 

(g)       “Warrant
Shares” means the shares of Common Stock issuable upon exercise of this Warrant.

 

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	2.	Exercise of Warrant.

 

2.1           Number
of Shares Issuable upon Exercise. Commencing on the Issue Date through and including the Expiration Date but not thereafter,
the Holder shall be entitled to receive, upon exercise of this Warrant in whole or in part, by delivery of an original or fax
copy of an exercise notice in the form attached hereto as Exhibit A (the “Exercise Notice”), shares of Common Stock
of the Company, subject to adjustment pursuant to the terms hereof.

 

2.2           Company
Acknowledgment. The Company will, at the time of the exercise of the Warrant, upon the request of the Holder acknowledge in
writing its continuing obligation to afford to such holder any rights to which the Holder shall continue to be entitled after
such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request, such failure
shall not affect the continuing obligation of the Company to afford to the Holder any such rights.

 

2.3           Trustee
for Warrant Holders. In the event that a bank or trust company shall have been appointed as trustee for the Holder pursuant
to Subsection 4.2, such bank or trust company shall have the power and duty to accept, in its own name for the account of the
Company or such successor person as may be entitled thereto, all amounts otherwise payable to the Company or such successor, as
the case may be, on exercise of this Warrant pursuant to this Section 2.

 

	3.	Procedure for Exercise.

 

3.1           Exercise.
Upon the Holder’s exercise of this Warrant, payment may be made either (i) in cash
or by certified or official bank check payable to the order of the Company equal to the applicable aggregate Exercise Price, (ii)
by delivery of the Warrant, or shares of Common Stock and/or Common Stock receivable upon exercise of the Warrant in accordance
with the formula set forth below in Section 3.2, or (iii) by a combination of any of the foregoing methods, for the number of
Common Shares specified in the Exercise Notice (as such number of shares shall be adjusted to reflect any adjustment in the total
number of shares of Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled
to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other Securities)
determined as provided herein. 

 

3.2           Cashless
Exercise. Notwithstanding any provisions herein to the contrary, if the Current Fair Market Value of one share of Common Stock
is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash,
the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being
exercised) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Exercise Notice
in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula:

 

X =       Y x (A-B)

A

 

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Where:

 

		X =	the number
of shares of Common Stock to be issued to the Holder

 

		Y =	the number of shares of Common Stock purchasable under the Warrant or, if
only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of such calculation)

 

		A =	the Current Fair Market Value of one share of the Company’s Common
Stock (at the date of such calculation)

 

		B =	Exercise Price
(as adjusted to the date of such calculation)

 

		3.3	Exercise Mechanics.

 

(a)       As
promptly as practicable after the exercise of this Warrant in full or in part, but in no event later than two (2) Business Days
after an Exercise Notice is delivered to the Company, the Company, at its expense (including the payment by it of any applicable
issue taxes), shall issue and shall deliver to the Holder, or as such Holder (upon payment
by such Holder of any applicable transfer taxes) may direct in compliance with applicable securities laws, a certificate or certificates
for the number of duly and validly issued, fully paid and nonassessable shares of Common Stock (or Other Securities) to which
Holder shall be entitled upon such exercise, rounded up to the next full share, together with any other stock or other securities
and property (including cash, where applicable) to which such Holder is entitled upon such exercise pursuant to Section 2 or otherwise.
In lieu of delivering physical certificates for the shares of Common Stock issuable upon any such exercise, provided the Company’s
transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer
(“FAST”) program, and provided that such shares of Common Stock are properly designated with restrictions on
transfer, if any, upon request of the Holder, the Company shall use commercially reasonable
efforts to cause its transfer agent electronically to transmit such shares of Common Stock issuable upon exercise to the
Holder (or its designee) by crediting the account of the Holder’s
(or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system (provided that the same time
periods herein as for stock certificates shall apply). In the event that this Warrant is exercised in part, a replacement Warrant
certificate shall be issued in the name of the Holder for the balance of the Warrant Shares purchasable hereunder.

 

(b)       The
Company agrees that the shares of Common Stock purchased upon exercise of this Warrant shall be deemed to be issued to the Holder
as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered and
payment made for such shares in accordance herewith.

 

(c)       If
in any case the Company shall fail to issue and deliver the shares of Common Stock to the Holder
upon the Holder’s exercise of this Warrant within three (3) Business Days after
the Holder delivers the Exercise Notice to the Company, in addition to any other liabilities the Company may have hereunder and
under applicable law, (A) the Company shall pay or reimburse the Holder on demand for all out-of-pocket expenses, including, without
limitation, reasonable fees and expenses of legal counsel, incurred by the Holder as a result of such delay, (B) if as a result
of such delay, the Holder shall suffer any damages or liabilities (including, without limitation, margin interest and the cost
of purchasing securities to cover a sale (whether by the Holder or the Holder’s securities broker) or borrowing of shares
of Common Stock by the Holder for purposes of settling any trade involving a sale of shares of Common Stock made by the Holder,
then the Company shall, upon written demand of the Holder, pay to the Holder an amount equal to the damages and liabilities suffered
by the Holder by reason thereof which the Holder documents to the reasonable satisfaction of the Company, and (C) the Holder may
by written notice given at any time prior to delivery to the Holder of the shares of Common Stock issuable in connection with such
exercise, rescind such exercise and the Exercise Notice relating thereto.

 

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3.4              Notices
of Certain Company Actions. In the event that on or after the Issue Date of this Warrant:

 

(a)       the
Company shall declare a dividend (or any other distribution) on its Common Stock; or

 

(b)       the
Company shall authorize the granting to the holders of its Common Stock of rights or warrants to subscribe for or purchase any
share of any class or any other rights or warrants;

 

the Company shall give the Holder, as promptly
as possible but in any event at least ten (10) Business Days prior to the applicable date hereinafter specified, a notice stating
the date on which a record is to be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record
is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution or
rights are to be determined. Such notice shall not include any information which would be material non-public information for purposes
of the Securities Exchange Act of 1934, as amended. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding-up. In the case of any such action of which the Company gives such notice to the Holder or is required to give such notice
to the Holder, the Holder shall be entitled to give an Exercise Notice which is contingent on the completion of such action.

 

4.       Effect
of Reorganization, Etc.; Adjustment of Exercise Price.

 

4.1            Reorganization,
Consolidation, Merger, Etc. In case at any time or from time to time, the Company shall (a) effect a reorganization, (b) consolidate
with or merge into any other person, or (c) transfer all or substantially all of its properties or assets to any other person
under any plan or arrangement contemplating the dissolution of the Company, then, in each such case, as a condition to the consummation
of such a transaction, proper and adequate provision shall be made by the Company whereby the Holder of this Warrant, on the exercise
hereof as provided in Section 2 at any time after the consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the Common Stock (or Other Securities) issuable on such
exercise prior to such consummation or such effective date, the stock and other securities and property (including cash) to which
such Holder would have been entitled upon such consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided herein.

 

    5 

     

    

 

4.2            Dissolution.
In the event of any dissolution of the Company following the transfer of all or substantially all of its properties or assets,
the Company, concurrently with any distributions made to holders of its Common Stock, shall at its expense deliver or cause to
be delivered to the Holder the stock and other securities and property (including cash, where applicable) receivable by the Holder
of the Warrant pursuant to Section 4.1, or, if the Holder shall so instruct the Company, to a bank or trust company specified
by the Holder, as trustee for the Holder of the Warrant (the “Trustee”).

 

4.3            Continuation
of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred
to in this Section 4, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to the shares
of stock and other securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding
upon the issuer of any such stock or other securities, including, in the case of any such transfer, the person acquiring all or
substantially all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms
of this Warrant. In the event this Warrant does not continue in full force and effect after the consummation of the transactions
described in this Section 4, then the Company’s securities and property (including cash, where applicable) receivable by
the Holders of the Warrant will be delivered to the Holder or the Trustee as contemplated
by Section 4.2.

 

5.        Extraordinary
Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of the Common Stock as a dividend
or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine its outstanding
shares of the Common Stock into a smaller number of shares of the Common Stock, then, in each such event, the Exercise Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the then Exercise Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator
of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall
thereafter be the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be readjusted in the same manner upon
the happening of any successive event or events described herein. The number of shares of Common Stock that the holder of this
Warrant shall thereafter, on the exercise hereof as provided in Section 2, be entitled to receive shall be increased to a number
determined by multiplying the number of shares of Common Stock that would otherwise (but for the provisions of this Section 5)
be issuable on such exercise by a fraction of which (a) the numerator is the Exercise Price that would otherwise (but for the
provisions of this Section 5) be in effect, and (b) the denominator is the Exercise Price in effect on the date of such exercise.

 

    6 

     

    

 

6.        Issuances
Below Exercise Price. In the event that the Company shall hereafter issue shares of its Common Stock, or securities convertible
into or exercisable for its Common Stock, other than any Excluded Securities (as hereinafter defined), without consideration or
for a consideration per share or having a conversion or exercise price per share (such consideration, or such conversion or exercise
price, as the case may be, referred to as the “Offering Price”) less than the Exercise Price, the Exercise
Price shall be reduced immediately thereafter so that it shall equal the Offering Price. Such adjustment shall be made successively
whenever such an issuance is made, and to the extent that such shares of Common Stock (or securities convertible into or exercisable
for Common Stock), expire, are cancelled or are redeemed after their issuance, the Exercise Price shall be readjusted to the Exercise
Price that would then be in effect had the adjustments made upon the issuance of convertible securities been made upon the basis
of delivery of only the number of shares of Common Stock (or securities convertible into or exercisable for Common Stock) actually
issued. “Excluded Securities” shall mean securities (i) issued in a bona fide public offering pursuant to a
firm commitment underwriting, (ii) issued in connection with an acquisition of a business or technology, including the financing
thereof, that is approved by the Company’s Board of Directors, (iii) issued pursuant to a transaction with a vendor of the
Company, including equipment lease providers, if such transaction is approved by the Company’s Board of Directors; (iv)
issued upon exercise of the Company’s convertible securities that are outstanding as of the date hereof, or (v) granted
to the Company’s officers, directors, consultants (in a manner consistent with past practice) and employees as approved
by the Company’s Board of Directors under a plan or plans adopted by the Company’s Board of Directors that are in
effect on the date hereof.

 

7.        Certificate
as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable
on the exercise of the Warrant, the Company at its expense will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the terms of the Warrant and prepare a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including
a statement of (a) the consideration received or receivable by the Company for any additional shares of Common Stock (or Other
Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or Other Securities)
outstanding or deemed to be outstanding, and

(c) the Exercise Price and the
number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or
readjustment and as adjusted or readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate
to the Holder.

 

8.        Reservation
of Stock, Etc., Issuable on Exercise of Warrant. The Company will at all times reserve and keep available, solely for issuance
and delivery on the exercise of the Warrant, shares of Common Stock (or Other Securities) from time to time issuable on the exercise
of the Warrant.

 

9.        Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced hereby,
may be transferred by any registered holder hereof (a “Transferor”) in whole or in part. On the surrender for
exchange of this Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor
Endorsement Form”) and together with evidence reasonably satisfactory to the Company demonstrating compliance with applicable
securities laws, which shall include, without limitation, the provision of a legal opinion from the Transferor’s counsel
that such transfer is exempt from the registration requirements of applicable securities laws, and with payment by the Transferor
of any applicable transfer taxes, will issue and deliver to or on the order of the Transferor thereof a new Warrant of like tenor,
in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement Form, calling in the aggregate
on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant so surrendered
by the Transferor.

 

    7 

     

    

 

10.      Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or
security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation
of this Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

11.      Transfer
on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the registered
holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

 

12.      Notices,
Etc. All notices and other communications from the Company to the Holder of this Warrant shall be mailed by first class registered
or certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by such Holder or, until
any such Holder furnishes to the Company an address, then to, and at the address of, the last Holder of this Warrant who has so
furnished an address to the Company.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Company
has executed this Warrant as of the date first written above.

 

	 	GREENWOOD HALL, INC., a Nevada
    corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[SIGNATURE PAGE – WARRANT FOR ____ SHARES]

 

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EXHIBIT A

 

FORM OF SUBSCRIPTION

(To Be Signed Only On
Exercise Of Warrant)

 

		TO:	GREENWOOD HALL, INC.

 

Attention:        Chief Financial Officer

 

The undersigned, pursuant
to the provisions set forth in the attached Warrant (No.        ), hereby irrevocably elects to purchase (check applicable
box):

 

	_______	 	_______ shares of the
Common Stock covered by such Warrant; or

 

	_______	 	the maximum number of shares
of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set
forth in Section 2.

 

The undersigned
herewith makes payment of the full Exercise Price for such shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

 

	_______	 	$ _______ in lawful money of the United States; and/or

 

	_______	 	the cancellation of such portion of the attached Warrant as is exercisable for a total
    of ________shares of Common Stock (using a Current Fair Market Value of $________ per share for purposes of this
    calculation); and/or

 

	_______	 	the
cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 2, to
exercise this Warrant with respect to the maximum number of shares of Common Stock purchasable pursuant to the cashless exercise
procedure set forth in Section 2.

 

The undersigned requests that
the certificates for such shares be issued in the name of, And delivered to _______________________________whose address
is __________________________________________________________________.

 

The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the
Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities Act.

 

	Dated:	 	 	 
	 	 	 	(Signature must conform to name of Holder as
    specified on the face of the Warrant)

 

	 	Address:	 
	 	 	 

 

    A-1 

     

    

 

EXHIBIT B

 

FORM OF TRANSFEROR
ENDORSEMENT

(To Be Signed Only On
Transfer Of Warrant)

 

For
value received, the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees”
the right represented by the attached Warrant to purchase the percentage and number of shares of Common Stock of Greenwood Hall,
Inc. into which the attached Warrant relates, as specified under the headings “Percentage Transferred” and “Number
Transferred,” respectively, opposite the name(s) of such Transferee(s).

 

	Transferee	 	Address	 	Percentage

    Transferred	 	Number

    Transferred
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

	Dated:	 	 	 
	 	 	 	(Signature must conform to name of Holder as
    specified on the face of the Warrant)

 

	 	Address:	 
	 	 	 

 

	 	SIGNED
    IN THE PRESENCE OF:
	 	 
	 	(Name)

 

	ACCEPTED AND AGREED: 

[TRANSFEREE]	 
	 	 
	(Name)qnst-ex1033_730.htm

 

EXHIBIT 10.33

 

QuinStreet, Inc.
Restricted Stock Unit (RSU) Grant Notice

With A Change in Control Severance Agreement
2010 Equity Incentive Plan

QuinStreet, Inc. (the “Company”), pursuant to its 2010 Equity Incentive Plan (the “Plan”), hereby grants to you as the Participant named below a Restricted Stock Unit Award with respect to the number of shares of the Company’s Common Stock set forth below.  This Restricted Stock Unit Award is subject to all of the terms and conditions as set forth herein, in the Restricted Stock Unit Agreement, the Plan Prospectus, the Plan and the Change in Control Severance Agreement, all of which are attached hereto and incorporated herein in their entirety.

 

		
	
Participant:
	
 

	
 
	
 

	
Date of Grant:
	
 

	
 
	
 

	
Vesting Commencement Date:
	
 

	
 
	
 

	
No. of Shares Subject to Award:
	
 

 

	
Vesting Schedule:
	
Subject to accelerated vesting under specified circumstances as provided in the Restricted Stock Unit Agreement and the Plan, the Restricted Stock Unit Award shall become vested in installments over four years as follows:

	
 
	
•
	
25% of the Restricted Stock Unit Award will vest on the first anniversary of the Vesting Commencement Date; and

	
 
	
•
	
6.25% of the Restricted Stock Unit Award will vest quarterly thereafter for the next 12 quarters.

No Monetary Payment Required.  You are not required to make any monetary payment (other than applicable Tax Obligations (as defined in the Restricted Stock Unit Agreement)) as a condition to receiving the Restricted Stock Unit Award or shares of Common Stock issued upon vesting and settlement of the Restricted Stock Unit Award.

Additional Terms/Acknowledgements: The Participant acknowledges receipt of, and understands and agrees to, this Restricted Stock Unit (RSU) Grant Notice, the Restricted Stock Unit Agreement, the Change in Control Severance Agreement, the Plan Prospectus, and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit (RSU) Grant Notice, the Restricted Stock Unit Agreement, the Change in Control Severance Agreement, the Plan Prospectus, and the Plan set forth the entire understanding between Participant and the Company regarding this Award. 

 

	
Attachments: 
	
Restricted Stock Unit Agreement, 2010 Equity Incentive Plan, 2010 Equity Incentive Plan Prospectus, Change in Control Severance Agreement

 

 

QuinStreet, Inc.
2010 Equity Incentive Plan

Restricted Stock Unit Agreement

With A Change in Control Severance Agreement

Pursuant to the Restricted Stock Unit (RSU) Grant Notice (“Grant Notice”) and this Restricted Stock Unit Agreement (this “Agreement”), QuinStreet, Inc. (the “Company”) has granted you a Restricted Stock Unit Award under its 2010 Equity Incentive Plan (the “Plan”) representing the right to receive the number of shares of the Company’s Common Stock indicated in the Grant Notice on the terms and conditions set forth herein and in the Grant Notice.  Defined terms not explicitly defined in this Agreement but defined in the Plan shall have the same definitions as in the Plan.

The details of your Restricted Stock Unit Award are as follows:

1.Vesting.  Subject to the limitations contained herein and the potential vesting acceleration provisions set forth in Section 9 hereof, your Restricted Stock Unit Award will vest as provided in your Grant Notice, provided that vesting will cease upon the termination of your Continuous Service.  Immediately upon termination of your Continuous Service for any reason, any unvested portion of the Restricted Stock Unit Award shall be forfeited without consideration.

2.Conversion Into Shares.  Shares of Common Stock will be issued on the applicable vesting date (or, to the extent not administratively feasible, as soon as practicable thereafter).  As a condition to such issuance, you shall have satisfied your Tax Obligations as specified in this Agreement and shall have completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of such shares.  In no event will the Company be obligated to issue a fractional share.  

3.Tax Treatment.  

(a)Regardless of any actions taken by the Company, you will be ultimately responsible for any withholding tax liabilities, whether as a result of federal, state or other law and whether for the payment and satisfaction of any income tax, social security tax, payroll tax, or payment on account of other tax related to withholding obligations that arise by reason of the Restricted Stock Unit Award, incurred in connection with the Restricted Stock Unit Award becoming vested and Common Stock being issued, or otherwise incurred in connection with the Restricted Stock Unit Award (collectively, “Tax Obligations”). 

(b)Unless otherwise determined by the Company in its sole discretion, and subject to applicable law, the Company shall require you to satisfy the Tax Obligations (as defined below) by the Company deducting from the shares of Common Stock otherwise deliverable to you in settlement of applicable portion of the Restricted Stock Unit Award on the vesting date a number of whole shares having a fair market value (as determined by the Company) as of the date on which the Tax Obligations arise not in excess of the amount of such Tax Obligations determined by the applicable minimum 

2

 

statutory withholding rates.  The Company may in its sole discretion permit you to elect an alternative method of satisfying your Tax Obligations with notice to the Company, which may include the following if specified by the Company (and the Company may with notice to you require any of the following methods):  (i) by payment by you to the Company in cash or by check an amount equal to the minimum amount of taxes that the Company concludes it is required to withhold under applicable law; or (ii) by the sale by you of a number of shares of Common Stock that are issued on the applicable vesting date under the Restricted Stock Unit Award, which the Company determines is sufficient to generate an amount that meets the Tax Obligations plus additional shares to account for rounding and market fluctuations, and payment of such tax withholding to the Company, and such shares may be sold as part of a block trade with other Participants.  You hereby authorize the Company to withhold such tax withholding amount from any amounts owing to you to the Company and to take any action necessary in accordance with this paragraph.  

(c)The Restricted Stock Unit Award is intended to qualify for the short-term deferral exception to Section 409A of the Code described in the regulations promulgated thereunder, and therefore shares of Common Stock will be issued within 21⁄2 months after the taxable year in which the applicable portion of the Restricted Stock Unit Award is no longer subject to a substantial risk of forfeiture.

4.Securities Law Compliance.  Notwithstanding anything to the contrary contained herein, the Company shall not be obligated to deliver any Common Stock during any period when the Company determines that the conversion of any portion of the Restricted Stock Unit Award or the delivery of shares hereunder would violate any federal, state or other applicable laws and/or may issue shares subject to any restrictive legends that, as determined by the Company’s counsel, is necessary to comply with securities or other regulatory requirements.

5.Restrictions on Transfer of Awards.  You understand and agree that the Restricted Stock Unit Award may not be sold, given, transferred, assigned, pledged or otherwise hypothecated.  

6.Capitalization Adjustments.  The number of shares of Common Stock subject to your Restricted Stock Unit Award may be adjusted from time to time for Capitalization Adjustments.

7.No Stockholder Rights.  You will have no voting or other rights as the Company’s other stockholders with respect to the shares of Common Stock underlying the Restricted Stock Unit Award until issuance of such shares.

8.Dividend Equivalent Units.  Unless otherwise determined by the Compensation Committee of the Company’s Board of Directors in its sole discretion, you shall not have any rights to dividends or dividend equivalents in the event that the Company pays a cash dividend to holders of Common Stock generally.

9.Vesting Following a Change in Control. The Change in Control Severance Agreement (the “CIC Agreement”), by and between you and the Company, shall apply to the 

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vesting of your Restricted Stock Unit Award, subject to the terms and conditions thereof, in the event of a Change in Control (as defined in the CIC Agreement), and is incorporated by reference herein. 

10.Award not a Service Contract.  Your Restricted Stock Unit Award is not an employment or service contract, and nothing in your Restricted Stock Unit Award shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment.  In addition, nothing in your Restricted Stock Unit Award shall obligate the Company or an Affiliate, their respective stockholders, Boards of Directors, Officers or Employees to continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate.

11.Notices. Any notices provided for in your Restricted Stock Unit Award or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. 

12.Governing Plan Document.  Your Restricted Stock Unit Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Restricted Stock Unit Award, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of your Restricted Stock Unit Award and those of the Plan, the provisions of the Plan shall control.

 

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