Document:

EX-10.3 FORM/PERFORMANCE-BASED RESTRICTED STOCK

 

Exhibit 10.3

PERFORMANCE-BASED

RESTRICTED STOCK AWARD AGREEMENT

     THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”) is made effective as of
                                        , 2008, by and between TOTAL SYSTEM SERVICES, INC., a Georgia corporation (the
“Corporation”), and                                          (“Executive”).

     WHEREAS,
Executive has been awarded ___ fully paid and non-assessable shares of the Common
Stock of the Corporation, par value $0.10 per share (“Shares of Restricted Stock”), pursuant to the
terms and conditions of the Corporation’s 2008 Omnibus Plan (“Plan”) and this Agreement; and

     WHEREAS, the Shares of Restricted Stock will be held in an account at Mellon Investor
Services, LLC (“Mellon”) for Executive until the shares become transferable and non-forfeitable in
accordance with the terms and conditions of the Plan and this Agreement.

     NOW, THEREFORE, in accordance with the provisions of the Plan and this Agreement, Executive
hereby agrees to the following terms and conditions:

	1.	 	Transfer of Shares; Custody of Shares of Restricted Stock
	 
	 	 	The Corporation hereby transfers the Shares of Restricted Stock to Executive subject to the
terms and conditions set forth in the Plan and in this Agreement. Effective upon the date
of such transfer, Executive will be the holder of record of the Shares of Restricted Stock
and will have all rights of a shareholder with respect to such shares (including the right
to vote such shares at any meeting at which the holders of the Corporation’s Common Stock
may vote, the right to receive all dividends declared and paid upon such shares and the
right to exercise any rights or warrants issued in respect of any such shares), subject only
to the terms and conditions set forth in the Plan and in this Agreement. The Shares of
Restricted Stock will be held in an account for Executive at Mellon, who will hold the
shares in accordance with the terms and conditions set forth in the Plan and in this
Agreement.
	 
	2.	 	Restriction Against Transfer
	 
	 	 	Neither the Shares of Restricted Stock nor any interest in the Shares of Restricted Stock
may be sold, assigned, transferred, pledged or hypothecated or otherwise be disposed of or
encumbered except at the time(s) and under the circumstances specifically permitted or
required by this Agreement including, but not limited to, any pledge of the Shares of
Restricted Stock. In the event of any attempt to effect any action in contravention of the
next preceding sentence, then, any provision of this Agreement to the contrary
notwithstanding, such Shares of Restricted Stock shall thereupon be forfeited to the
Corporation.

 

 

	3.	 	Forfeiture Condition
	 
	 	 	Any Shares of Restricted Stock which do not vest pursuant to the provisions of Section 4
below will be forfeited to the Corporation, as more fully provided in Section 4 below.
	 
	4.	 	Vesting of Shares of Restricted Stock
	 
	 	 	(a) Vesting Conditions. The vesting of the Shares of Restricted Stock will occur
over a ___-year period of time, January 1,
___ to December 31, ___ (the “Vesting
Period”), unless Executive becomes 100% vested pursuant to this paragraph 4(a) or paragraph
4(c) before December 31, ___, in which case the Vesting Period shall end earlier. Within
90 days after the beginning of each calendar year during the Vesting Period, the
Compensation Committee will establish a performance goal for such calendar year based upon
the Corporation’s earnings per share (each such goal is hereinafter referred to as the
“Performance Measure” for the applicable year of the Vesting Period). If the Performance
Measure for an applicable year of the Vesting Period is attained, and if Executive remains
in the continuous employ of the Corporation or a Subsidiary of the Corporation through
December 31 of the applicable year of the Vesting Period, then ___% of the Shares of
Restricted Stock will vest as of the date the Compensation Committee determines that the
Performance Measure has been attained. Unless previously forfeited pursuant to paragraphs
4(b) or (d), or vested pursuant to paragraph 4(c), any Shares of Restricted Stock that are
not vested pursuant to the provisions of this paragraph as a result of the attainment of
Performance Measures and continued employment during the Vesting Period automatically will
be forfeited to the Corporation.
	 
	 	 	(b) Effect of Voluntary Termination or Termination for Cause or Suicide. If
Executive’s employment with the Corporation and its Subsidiaries is terminated prior to the
end of the Vesting Period: (i) by Executive voluntarily or (ii) by the Corporation or a
Subsidiary for Cause or (iii) by Executive’s death due to suicide before all Shares of
Restricted Stock vest pursuant to the provisions of paragraph 4(a) above, then any Shares of
Restricted Stock which are not vested at the time of such termination will be forfeited to
the Corporation on the date of such termination.
	 
	 	 	(c) Effect of Death (Other Than by Suicide) or Disability. If Executive’s
employment with the Corporation and its Subsidiaries terminates prior to the end of the
Vesting Period by reason of Executive’s death (other than by suicide) or Disability, then
any Shares of Restricted Stock which are not vested at the time of such termination will
become vested automatically.
	 
	 	 	(d) Effect of Retirement or Leave of Absence. If Executive’s employment with the
Corporation and its Subsidiaries is terminated prior to the end of the Vesting Period by
reason of Executive’s Retirement, then any Shares of Restricted Stock which are not vested
on the date of Executive’s Retirement will be forfeited to the Corporation on the date of
such Retirement, unless the Compensation Committee in its sole and exclusive discretion
determines otherwise. A leave of absence which is approved in writing by the Compensation
Committee with specific reference to this Agreement will not be considered a termination of
Executive’s employment with the Corporation and its subsidiaries for purposes of this
Section 4 or any other provision of this Agreement.
	 
	 	 	(e) No Forfeiture of Vested Shares. Any Restricted Share which vests pursuant to
the preceding provisions of this Section 4 will not thereafter be forfeited. As soon as
practicable 

2

 

	 	 	after any Shares of Restricted Stock vest pursuant to the preceding provisions
of this Section 4, Mellon will transfer or deliver such shares to Executive free of any
restrictions imposed pursuant to the terms and conditions set forth in this Agreement, but
not necessarily free of restrictions imposed by applicable securities laws.

	 
	5.	 	Effect of Forfeiture
	 
	 	 	Any Shares of Restricted Stock which are forfeited to the Corporation pursuant to any
provision of this Agreement will be surrendered and such shares will thereupon be canceled.
All of Executive’s rights and interests in and to such shares (including the purchase price,
if any, paid for such shares) will terminate upon such forfeiture without any payment of
consideration by the Corporation, unless otherwise determined by the Committee.
	 
	6.	 	General Provisions
	 
	 	 	(a) Administration, Interpretation and Construction. The terms and conditions set
forth in this Agreement will be administered, interpreted and construed by the Compensation
Committee, whose decisions will be final, conclusive and binding on the Corporation, on
Executive and on anyone claiming under or through the Corporation or Executive. Without
limiting the generality of the foregoing, any determination as to whether an event has
occurred or failed to occur which causes the Shares of Restricted Stock to be forfeited
pursuant to the terms and conditions set forth in this Agreement, will be made in the good
faith but absolute discretion of the Compensation Committee. By accepting the transfer of
Shares of Restricted Stock, Executive irrevocably consents and agrees to the terms and
conditions set forth in this Agreement and to all actions, decisions and determinations to
be taken or made by the Compensation Committee in good faith pursuant to the terms and
conditions set forth in this Agreement.
	 
	 	 	(b) Withholding. The Corporation will have the right to withhold from any payments
to be made to Executive (whether under this Agreement or otherwise) any taxes the
Corporation determines it is required to withhold with respect to Executive under the laws
and regulations of any governmental authority, whether Federal, state or local and whether
domestic or foreign, in connection with this Agreement, including, without limitation, taxes
in connection with the transfer of Shares of Restricted Stock or the lapse of restrictions
on Shares of Restricted Stock. Failure to submit any such withholding taxes shall be deemed
to cause otherwise lapsed restrictions on Shares of Restricted Stock not to lapse.
	 
	 	 	(c) Rights Not Assignable or Transferable. No rights under this Agreement will be
assignable or transferable other than by will or the laws of descent and distribution,
either voluntarily, or, to the full extent permitted by law, involuntarily, by way of
encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided
in this Agreement. Executive’s rights under this Agreement will be exercisable during
Executive’s lifetime only by Executive or by Executive’s guardian or legal representative.
	 
	 	 	(d) Terms and Conditions Binding. The terms and conditions set forth in the Plan
and in this Agreement will be binding upon and inure to the benefit of the Corporation, its
successors and assigns, including any assignee of the Corporation and any successor to the
Corporation by merger, consolidation or otherwise, and Executive, Executive’s heirs,
devisees and legal representatives. In addition, the terms and conditions set forth in the
Plan and in this Agreement will be binding upon and inure to the benefit of Mellon and its
successors and assigns.

3

 

	 	 	(e) No Employment Rights. No provision of this Agreement or the Plan will be deemed
to confer upon Executive any right to continue in the employ of the Corporation or a
Subsidiary or will in any way affect the right of the Corporation or a Subsidiary to dismiss
or otherwise terminate Executive’s employment at any time for any reason with or without
cause, or will be construed to impose upon the Corporation or a Subsidiary any liability for
any forfeiture of Shares of Restricted Stock which may result under this Agreement if
Executive’s employment is so terminated.
	 
	 	 	(f) No Liability for Good Faith Business Acts or Omissions. Executive recognizes
and agrees that the Compensation Committee, the Board, or the officers, agents or employees
of the Corporation and its Subsidiaries, in their oversight or conduct of the business and
affairs of the Corporation and its Subsidiaries, may in good faith cause the Corporation or
a Subsidiary to act, or to omit to act, in a manner that may, directly or indirectly,
prevent the Shares of Restricted Stock from vesting. No provision of this Agreement will be
interpreted or construed to impose any liability upon the Corporation, a Subsidiary, the
Compensation Committee, Board or any officer, agent or employee of the Corporation or a
Subsidiary, for any forfeiture of Shares of Restricted Stock that may result, directly or
indirectly, from any such action or omission.
	 
	 	 	(g) Recapitalization. In the event that Executive receives, with respect to Shares
of Restricted Stock, any securities or other property (other than cash dividends) as a
result of any stock dividend or split, spin-off, recapitalization, merger, consolidation,
combination or exchange of shares or a similar corporate change, any such securities or
other property received by Executive will likewise be held by Mellon and be subject to the
terms and conditions set forth in this Agreement and will be included in the term “Shares of
Restricted Stock.”
	 
	 	 	(h) Appointment of Agent. By accepting the transfer of Shares of Restricted Stock,
Executive irrevocably nominates, constitutes, and appoints Mellon as Executive’s agent for
purposes of surrendering or transferring the Shares of Restricted Stock to the Corporation
upon any forfeiture required or authorized by this Agreement. This power is intended as a
power coupled with an interest and will survive Executive’s death. In addition, it is
intended as a durable power and will survive Executive’s disability.
	 
	 	 	(i) Legal Representative. In the event of Executive’s death or a judicial
determination of Executive’s incompetence, reference in this Agreement to Executive shall be
deemed, where appropriate, to Executive’s heirs or devises.
	 
	 	 	 (j) Titles. The titles to sections or paragraphs of this Agreement are intended
solely for convenience and no provision of this Agreement is to be construed by reference to
the title of any section or paragraph.

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	 	 	(k) Plan Governs. The Shares of Restricted Stock are being transferred to Executive
pursuant to and subject to the Plan, a copy of which is available upon request to the
Corporate Secretary of the Corporation. The provisions of the Plan are incorporated herein
by this reference, and all capitalized terms in this Agreement shall have the same meanings
given to such terms in the Plan. The terms and conditions set forth in this Agreement will
be administered, interpreted and construed in accordance with the Plan, and any such term or condition which cannot be so administered, interpreted or construed will to that extent be
disregarded.
	 
	 	 	(l) Complete Agreement. This instrument contains the entire agreement of the
parties relating to the subject matter of this Agreement and supersedes and replaces all
prior agreements and understandings with respect to such subject matter. The parties hereto
have made no agreements, representations or warranties relating to the subject matter of
this Agreement which are not set forth herein or incorporated by reference.
	 
	 	 	(m) Amendment; Modification; Waiver. No provision set forth in this Agreement may
be amended, modified or waived unless such amendment, modification or waiver shall be
authorized by the Compensation Committee and shall be agreed to in writing, signed by
Executive and by an officer of the Corporation duly authorized to do so. No waiver by either
party hereto of any breach by the other party of any condition or provision set forth in
this Agreement to be performed by such other party will be deemed a waiver of a subsequent
breach of such condition or provision, or will be deemed a waiver of a similar or dissimilar
provision or condition at the same time or at any prior or subsequent time.
	 
	 	 	(n) Governing Law. The validity, interpretation, performance and enforcement of the
terms and conditions set forth in this Agreement will be governed by the laws of the State
of Georgia, the state in which the Corporation is incorporated, without giving effect to the
principles of conflicts of law of that state.

     The Corporation has issued the Shares of Restricted Stock in accordance with the foregoing
terms and conditions and in accordance with the provisions of the Plan. By signing below,
Executive hereby agrees to the foregoing terms and conditions of the Shares of Restricted Stock.

     IN WITNESS WHEREOF, Executive has set Executive’s hand and seal, effective as of the date and
year set forth above.

                                                            (L.S.)

5EX-10.4 FORM OF RESTRICTED STOCK UNIT AGREEMENT

 

Exhibit 10.4

RESTRICTED STOCK UNIT AGREEMENT

     THIS RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made effective as of the grant date set
forth below by and between TOTAL SYSTEM SERVICES, INC., a Georgia corporation (the “Corporation”),
and                                          (“Executive”).

     WHEREAS, Executive has been awarded Restricted Stock Units (“RSUs”) under the Corporation’s
2008 Omnibus Plan (“Plan”).

     NOW, THEREFORE, in accordance with the provisions of the Plan and this Agreement, Executive
hereby agrees to the following terms and conditions:

	 	 	 	 	 
	1.

	 	Grant of RSUs	 	 
	 
	 	 	 	 
	 	 	Executive is hereby granted RSUs as follows:
	 
	 	 	 	 
	 

	 	Date of Grant:
	 	                    , 200___
	 
	 	 	 	 
	 

	 	Vesting Period:
	 	Please refer to Section 2 of this Agreement
	 
	 	 	 	 
	 

	 	Total Number of RSUs:
	 	                    
	 
	 	 	 	 
	2.

	 	Vesting of RSUs	 	 

(a) Vesting Conditions. If Executive remains in the continuous employ of the
Corporation or a Subsidiary of the Corporation through the date(s)
indicated in Column I
below, the RSUs will become non-forfeitable (i.e., “vest”) to the extent indicated in Column
II below:

	 	 	 	 	 	 	 	 	 
	            (I)	 	 	 	 	 	(II)
	    If employment	 	 	 	 	 	the % of the RSUs
	  continues
through	 	then	 	    which
vest is    
	                    , 200__
	 	 	 	 	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	 
	 	[or]	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	                    , 200__
	 	 	 	 	 	 	—	%
	 
	 	 	 	 	 	 	 	 
	 
	 	[or]	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	                    , 200__
	 	 	 	 	 	 	—	%
	 
	 	 	 	 	 	 	 	 
	 
	 	[or]	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	                    , 200__
	 	 	 	 	 	 	—	%
	 
	 	 	 	 	 	 	 	 
	 
	 	[or]	 	 	 	 

 

	 	 	 	 	 	 	 	 	 
	            (I)	 	 	 	 	 	(II)
	    If employment	 	 	 	 	 	the % of the RSUs
	  continues
through	 	then	 	    which
vest is    
	                    , 200__
	 	 	 	 	 	 	—	%
	 
	 	 	 	 	 	 	 	 
	 
	 	[or]	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	                    , 200__
	 	 	 	 	 	 	—	%

Such vesting will occur (to the extent indicated in Column (II) above) at the close of
business on the applicable date(s) indicated in Column (I) above. Any RSUs which are not
vested on the date of Executive’s termination of employment will be forfeited to the
Corporation, unless the Compensation Committee in its sole and exclusive discretion
determines otherwise.

(b) Effect of Voluntary Termination or Termination for Cause or Suicide. If
Executive’s employment with the Corporation and its Subsidiaries is terminated: (i) by
Executive voluntarily or (ii) by the Corporation or a Subsidiary for Cause or (iii) by
Executive’s death due to suicide before all RSUs vest pursuant to the provisions of
paragraph 4(a) above, then any RSUs which are not vested at the time of such termination
will be forfeited to the Corporation on the date of such termination, unless the
Compensation Committee in its sole and exclusive discretion determines otherwise.

(c) Effect of Death (Other Than by Suicide) or Disability. If Executive’s
employment with the Corporation and its Subsidiaries terminates by reason of Executive’s
death (other than by suicide) or Disability, then any RSUs which are not vested at the time
of such termination will become vested automatically.

(d) Effect of Retirement or Leave of Absence. If Executive’s employment with the
Corporation and its Subsidiaries is terminated by reason of Executive’s retirement after
attainment of age 62 and 15 years of Service, then any RSUs which are not vested at the time
of such retirement will become vested automatically. A leave of absence which is approved
in writing by the Compensation Committee with specific reference to this Agreement will not
be considered a termination of Executive’s employment with the Corporation and its
Subsidiaries for purposes of this Section 2 or any other provision of this Agreement.

(e) In the event of a Change of Control (as defined in the Plan), the RSUs will vest
immediately upon such Change of Control.

(f) No Forfeiture of Vested RSUs. Any RSUs which vest pursuant to the preceding
provisions of this Section 2 will not thereafter be forfeited.

	3.	 	Conversion of RSUs and Issuance of Shares
	 
	 	 	Upon vesting of the RSUs, one share of the Corporation’s Common Stock shall be issued for
each RSU that vests on such vesting date, subject to the terms and conditions of this
Agreement and the Plan.

2

 

	4.	 	Transfer of RSUs
	 
	 	 	Unless otherwise permitted by the Committee, the RSUs may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than pursuant to a will or the laws
of descent and distribution. Any attempted disposition in violation of this Agreement and
the Plan shall be void.
	 
	5.	 	Status of Executive
	 
	 	 	The Executive shall not be, or have rights as, a stockholder of the Corporation with respect
to any of the shares of Common Stock subject to the RSUs unless such RSUs have vested, and
shares underlying the RSUs have been issued and delivered to him or her. The Corporation
shall not be required to issue or transfer any certificates for shares of Common Stock upon
vesting of the RSUs until all applicable requirements of law have been complied with and
such shares have been duly listed on any securities exchange on which the Common Stock may
then be listed.
	 
	6.	 	Dividend Equivalents
	 
	 	 	Until the Executive’s employment with the Corporation and its Subsidiaries is terminated for
any reason, or until such time as the RSUs vest, whichever occurs first, the Corporation
will pay the Executive a cash amount equal to the number of RSUs subject to restriction
times the per share quarterly dividend payments made to shareholders of the Corporation’s
Common Stock, with such payments to be made reasonably promptly after the payment date of
each quarterly dividend.
	 
	7.	 	General Provisions

(a) Administration, Interpretation and Construction. The terms and conditions set
forth in this Agreement will be administered, interpreted and construed by the Compensation
Committee, whose decisions will be final, conclusive and binding on the Corporation, on
Executive and on anyone claiming under or through the Corporation or Executive. Without
limiting the generality of the foregoing, any determination as to whether an event has
occurred or failed to occur which causes the RSUs to be forfeited pursuant to the terms and
conditions set forth in this Agreement, will be made in the good faith but absolute
discretion of the Compensation Committee. By accepting the transfer of RSUs, Executive
irrevocably consents and agrees to the terms and conditions set forth in this Agreement and
to all actions, decisions and determinations to be taken or made by the Compensation
Committee in good faith pursuant to the terms and conditions set forth in this Agreement.

(b) Withholding. The Corporation will have the right to withhold from any payments
to be made to Executive (whether under this Agreement or otherwise) any taxes the
Corporation determines it is required to withhold with respect to Executive under the laws
and regulations of any governmental authority, whether Federal, state or local and whether
domestic or foreign, in connection with this Agreement, including, without limitation, taxes
in connection with the transfer of RSUs or the lapse of restrictions on RSUs. Failure to
submit any such withholding taxes shall be deemed to cause otherwise lapsed restrictions on
RSUs not to lapse.

3

 

(c) Rights Not Assignable or Transferable. No rights under this Agreement will be
assignable or transferable other than by will or the laws of descent and distribution,
either voluntarily, or, to the full extent permitted by law, involuntarily, by way of
encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided
in this Agreement. Executive’s rights under this Agreement will be exercisable during
Executive’s lifetime only by Executive or by Executive’s guardian or legal representative.

(d) Terms and Conditions Binding. The terms and conditions set forth in the Plan
and in this Agreement will be binding upon and inure to the benefit of the Corporation, its
successors and assigns, including any assignee of the Corporation and any successor to the
Corporation by merger, consolidation or otherwise, and Executive, Executive’s heirs,
devisees and legal representatives. In addition, the terms and conditions set forth in the
Plan and in this Agreement will be binding upon and inure to the benefit of Mellon and its
successors and assigns.

(e) No Employment Rights. No provision of this Agreement or the Plan will be deemed
to confer upon Executive any right to continue in the employ of the Corporation or a
Subsidiary or will in any way affect the right of the Corporation or a Subsidiary to dismiss
or otherwise terminate Executive’s employment at any time for any reason with or without
cause, or will be construed to impose upon the Corporation or a Subsidiary any liability for
any forfeiture of RSUs which may result under this Agreement if Executive’s employment is so
terminated.

(f) No Liability for Good Faith Business Acts or Omissions. Executive recognizes
and agrees that the Compensation Committee, the Board, or the officers, agents or employees
of the Corporation and its Subsidiaries, in their oversight or conduct of the business and
affairs of the Corporation and its Subsidiaries, may in good faith cause the Corporation or
a Subsidiary to act, or to omit to act, in a manner that may, directly or indirectly,
prevent the RSUs from vesting. No provision of this Agreement will be interpreted or
construed to impose any liability upon the Corporation, a Subsidiary, the Compensation
Committee, Board or any officer, agent or employee of the Corporation or a Subsidiary, for
any forfeiture of RSUs that may result, directly or indirectly, from any such action or
omission.

(g) Recapitalization. In the event that Executive receives, with respect to RSUs,
any securities or other property (other than cash dividends) as a result of any stock
dividend or split, spin-off, recapitalization, merger, consolidation, combination or
exchange of shares or a similar corporate change, any such securities or other property
received by Executive will likewise be held by Mellon and be subject to the terms and
conditions set forth in this Agreement and will be included in the term “RSUs.”

(h) Appointment of Agent. By accepting the transfer of RSUs, Executive irrevocably
nominates, constitutes, and appoints Mellon as Executive’s agent for purposes of
surrendering or transferring the RSUs to the Corporation upon any forfeiture required or
authorized by this Agreement. This power is intended as a power coupled with an interest
and will survive Executive’s death. In addition, it is intended as a durable power and will
survive Executive’s disability.

4

 

(i) Legal Representative. In the event of Executive’s death or a judicial
determination of Executive’s incompetence, reference in this Agreement to Executive shall be
deemed, where appropriate, to Executive’s heirs or devises.

(j) Titles. The titles to sections or paragraphs of this Agreement are intended
solely for convenience and no provision of this Agreement is to be construed by reference to
the title of any section or paragraph.

(k) Plan Governs. The RSUs are being transferred to Executive pursuant to and
subject to the Plan, a copy of which is available upon request to the Corporate Secretary of
the Corporation. The provisions of the Plan are incorporated herein by this reference, and
all capitalized terms in this Agreement shall have the same meanings given to such terms in
the Plan. The terms and conditions set forth in this Agreement will be administered,
interpreted and construed in accordance with the Plan, and any such term or condition which
cannot be so administered, interpreted or construed will to that extent be disregarded.

(l) Complete Agreement. This instrument contains the entire agreement of the
parties relating to the subject matter of this Agreement and supersedes and replaces all
prior agreements and understandings with respect to such subject matter. The parties hereto
have made no agreements, representations or warranties relating to the subject matter of
this Agreement which are not set forth herein or incorporated by reference.

(m) Amendment; Modification; Wavier. No provision set forth in this Agreement may
be amended, modified or waived unless such amendment, modification or waiver shall be
authorized by the Compensation Committee and shall be agreed to in writing, signed by
Executive and by an officer of the Corporation duly authorized to do so. No waiver by
either party hereto of any breach by the other party of any condition or provision set forth
in this Agreement to be performed by such other party will be deemed a waiver of a
subsequent breach of such condition or provision, or will be deemed a waiver of a similar or
dissimilar provision or condition at the same time or at any prior or subsequent time.

(n) Governing Law. The validity, interpretation, performance and enforcement of the
terms and conditions set forth in this Agreement will be governed by the laws of the State
of Georgia, the state in which the Corporation is incorporated, without giving effect to the
principles of conflicts of law of that state.

     The Corporation has issued the RSUs in accordance with the foregoing terms and conditions and
in accordance with the provisions of the Plan. By signing below, Executive hereby agrees to the
foregoing terms and conditions of the RSUs.

     IN WITNESS WHEREOF, Executive has set Executive’s hand and seal, effective as of the date and
year set forth above.

                                                 
                   
            (L.S.)

5

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