Document:

Exhibit
10.19

 

SPHERION
CORPORATION

OUTSIDE DIRECTORS’
COMPENSATION PLAN

(Effective July 1, 2004)

 

Outside directors of the
Company shall receive an annual retainer. 
The annual retainer shall be determined by the Board of Directors at the
regularly scheduled meeting of the directors coinciding with the annual meeting
of the stockholders of the Company, and such annual retainer shall be effective
for the twelve month period commencing on the next July 1st.  The Board of Directors may designate the
manner in which the annual retainer shall be payable including, but not limited
to, in cash, in shares of the Company’s common stock or in any combination
thereof.  Further, the Board of
Directors may permit up to one hundred percent (100%) of the annual retainer to
be deferred and paid to the directors in the form of deferred stock units. The
annual retainer payable to each outside director shall be $35,000.  In addition, the Company’s non-executive
Chairman shall receive additional annual compensation in the amount of
$100,000, payable in quarterly installments, payable in either cash, deferred
stock units or stock options, as determined by the Board.

 

Compensation for
directors’ attendance at meetings of the directors and/or board committee
meetings shall be determined by the Board of Directors at the regularly
scheduled meeting of the directors coinciding with the annual meeting of the
stockholders of the Company, and such compensation shall be effective for the
twelve month period commencing on the next July 1st.  Attendance at meetings of the directors shall be compensated at
the rate of $2,000 per meeting, payable in cash.  Attendance at board committee meetings shall be compensated at
the rate of $1,500 per meeting, payable in cash.  In addition, the chairperson of the Compensation Committee and
the chairperson of the Nominating Committee shall each receive additional
annual compensation in the amount of $10,000, payable in cash.  The chairperson of the Audit Committee shall
receive additional annual compensation in the amount of $20,000, payable in
cash.

 

Pursuant to the Company’s
Deferred Stock Plan, each outside director shall receive an annual grant of
deferred stock units valued at $50,000, vesting on the first anniversary of the
grant.

 

Outside directors shall
be reimbursed for expenses incurred by them in connection with their service as
directors of the Company.

 

This Plan shall remain in
effect until amended or terminated by the Board of Directors.Exhibit 10.39

 

SPHERION CORPORATION

 

AMENDED AND
RESTATED 2000 EMPLOYEE STOCK PURCHASE PLAN

 

(as amended through May 19,
2004)

 

The purpose
of the Spherion Corporation Amended and Restated 2000 Employee Stock Purchase
Plan (the “Plan”) is to provide employees a continued opportunity to
purchase stock of Spherion Corporation through annual offerings to be made
during the fifteen-year period commencing July 1, 2000.  A total of 2,121,373 shares of Spherion
Corporation stock have been approved for this purpose. The shares which may be
used under the Plan include treasury shares, authorized but unissued shares,
shares purchased on the open market, or any combination thereof.

 

1.  Administration. The Plan shall be
administered by the Committee. The Committee shall have authority to make rules
and regulations for the administration of the Plan; its interpretations and
decisions with regard thereto shall be final and conclusive. No member of the
Committee will be liable for any action or determination made in good faith.
The Committee may delegate its administrative responsibilities pursuant to this
Plan to officers or employees of Spherion.

 

2.  Eligibility. Except as provided below,
any employee of Spherion Corporation or its Subsidiaries shall be eligible to
participate in the Plan if he or she has been employed by the Company or its
Subsidiaries for the six months preceding the offering. Notwithstanding the
foregoing, any employee of a company or an entity which is purchased by or
merged into Spherion Corporation or any of its Subsidiaries shall, with the
approval of the Committee, be permitted to participate in the Plan.
Participation shall be in accordance with such rules as may be prescribed by
the Committee from time to time, which rules, however, shall neither permit nor
deny participation in the Plan contrary to the requirements of Section 423
of the Internal Revenue Code and the regulations promulgated thereunder. No
employee may participate in an offering if such employee, immediately after the
commencement of such offering, owns 5% or more of the total combined voting
power or value of the stock of Spherion Corporation or any Subsidiary. For
purposes of the preceding sentence, the rules of Section 424(d) of the
Internal Revenue Code shall apply in determining the stock ownership of an
employee, and stock that the employee may purchase under outstanding options
shall be treated as stock owned by the employee.

 

3.  Offerings. Spherion shall make one or
more offerings each year to participating employees to purchase Spherion
Corporation stock under the Plan. Each offering period shall be 3 months
in duration with the first offering period to

 

 

commence July 1, 2000. During an offering period the amounts
received as Compensation by a participating employee shall constitute the
measure of such employee’s participation in the offering as is based on
Compensation. The participation of an eligible employee in one offering does
not guarantee participation in subsequent offerings.

 

4.  Participation. The Plan is a discretionary
Plan and participation is voluntary. An employee eligible on the effective date
of any offering may participate in such offering at any time by completing and
forwarding a payroll deduction authorization form, or complying with such other
procedures as determined by the Committee, at least 15 days prior to the
beginning of an offering period. The first payroll deduction or other payment
authorized by the Committee will begin no earlier than 15 days after the
date on which the authorization was received. All participating employees shall
have the same rights and privileges under the Plan except that the amount of
stock a participating employee may purchase shall bear a uniform relationship
to Compensation pursuant to Section 5. Notwithstanding the foregoing, in
the event an active employee who has purchased Spherion Corporation stock under
the Plan sells or transfers one or more shares of such stock within a two-year
period of such purchase, such employee shall not be permitted to participate in
either of the next two successive offerings under the Plan following the date
of such sale or transfer. Any sale or transfer described in the preceding
sentence shall not affect the employee’s participation in the Plan for the
remainder of the offering period in which such sale takes place.

 

5.  Deductions. Spherion shall maintain
payroll deduction accounts for all participating employees. Such accounts will
be solely for bookkeeping purposes. No separate fund, trust or other
segregation of such amounts will be established or made. Unless otherwise
required by law, no interest will accrue on amounts held in such accounts under
the Plan. With respect to any offering made under the Plan, a participating
employee may authorize a payroll deduction of either: (a) whole
percentages of the Compensation such employee receives during the offering
period (or during such portion thereof in which the employee may elect to
participate); or (b) a fixed amount, as the employee shall determine; up
to a maximum of 15% of Compensation. The Committee may require a minimum
payroll deduction for participation in any offering consistent with the
requirements of Section 423 of the Internal Revenue Code.

 

No employee
may be granted the right to purchase stock under the Plan, and all other
employee stock purchase plans of Spherion Corporation and its Subsidiaries
described in Section 423 of the Internal Revenue Code, to accrue at a rate
that exceeds $25,000 of the Fair Market Value of such stock (determined at the
effective date of the applicable offering) for each calendar year in which the
right is outstanding at any time. In the event that a participating employee’s
payroll deductions would otherwise result in the purchase of stock in excess of

 

 

the foregoing limitations, the stock purchase shall cease when the
limitations are reached and the excess cash shall be refunded to such
participating employee.

 

6.  Deduction Changes. A participating
employee may increase or decrease such employee’s payroll deduction by filing a
new payroll deduction authorization form or complying with such other
procedures as the Committee may establish at least 15 days prior to the
beginning of an offering period. The change shall become effective at the
beginning of the next offering period after receipt of the employee’s
authorization. Notwithstanding the foregoing, a participating employee may
elect to cease payroll deductions at any time during an offering period, in
which case such change shall be effective as of the next pay period beginning
after receipt of the employee’s authorization. If a participating employee
ceases his or her payroll deductions, cash credited under the Plan shall be
applied to the purchase of stock at the end of the offering period in which
such cessation occurs.

 

7.  Purchase of Shares. Each employee
participating in any offering under the Plan shall have the right, upon the
effective date of such offering, to purchase as many full shares of Spherion
Corporation stock as the participating employee may elect to purchase with up to
15% of the Compensation received during the specified offering period (or
during such portion thereof as the employee may elect to participate).

 

The
purchase price for each share purchased shall be 85% of the lower of (i) the
Fair Market Value of Spherion Corporation stock at the beginning of the
offering period, or (ii) the Fair Market Value of Spherion Corporation
stock at the end of the offering period. As of the last day of an offering, the
account of each participating employee shall be totaled, and the employee shall
be deemed to have exercised the right to purchase one or more full shares at
the then-applicable price; the participating employee’s account shall be
charged for the amount of the purchase; and the ownership of such share or
shares shall be appropriately evidenced on the books of Spherion or its agent.

 

8. Employee Accounts and Certificates.
Upon purchase of one or more full shares by a participating employee pursuant
to Section 7 hereof, Spherion or its agent shall establish a book entry
account in the name of the employee to reflect the share(s) purchased at that
time. Certificates shall be issued only on request, on termination of
participation in the Plan, or when necessary to comply with transaction
requirements outside the United States. In the event a participating employee
terminates his or her account pursuant to Section 11 hereof, any remaining cash
credited to the account will be paid to such employee.

 

9.  Registration of Shares. Shares may be
registered only in the name of the participating employee, or, if such employee
so indicates by contacting the agent engaged by Spherion to purchase stock
under the Plan on behalf of the participating employees, in the participating
employee’s name jointly with a

 

 

member of such employee’s family, with right of survivorship. A
participating employee who is a resident of a jurisdiction that does not
recognize such a joint tenancy may have shares registered in such employee’s
name as tenant in common or as community property with a member of such
employee’s family, without right of survivorship.

 

10.  Rights as a Stockholder. None of the
rights or privileges of a stockholder of Spherion Corporation shall exist with
respect to shares purchased under the Plan unless and until such shares shall
have been appropriately evidenced on the books of Spherion or its agent.

 

11.  Rights on Retirement, Death, Termination of
Employment or Termination of Participation. In the event of a
participating employee’s retirement, death, or termination of employment, such
employee shall be ineligible to continue to participate in the Plan, and the
participating employee’s right to purchase Spherion Corporation shares will
automatically be cancelled. No payroll deduction shall be taken from any pay
due and owing to the employee after the pay period during which the employee
became ineligible. Upon any such termination of participation, any remaining
cash credited to such account, shall be transferred to such employee, or to his
or her beneficiary if the employee has died. 
In addition, upon termination of participation and the request of the
employee or his or her beneficiary, certificates representing the shares
credited to the terminating employee’s account, shall be transferred to such
employee, or to his or her beneficiary if the employee has died.

 

12.  Rights Not Transferable. Rights under
the Plan may not be assigned, transferred, pledged or disposed of in any way by
a participating employee other than by will or the laws of descent and
distribution, and are exercisable during the employee’s lifetime only by the
employee.

 

13.  Application of Funds and Administrative Fees.
All funds received or held by Spherion under the Plan may be used for any
corporate purpose. The Committee may impose reasonable administrative fees on
participating employees to defray the administrative costs of the Plan, which
shall in no event exceed the actual administrative costs of the Plan.

 

14.  Adjustments in Case of Changes Affecting Spherion
Corporation Stock. In the event of any change in the capital
structure of Spherion, including but not limited to a change resulting from a
stock dividend or split-up, or combination or reclassification of shares, the
Board of Directors shall make such equitable adjustments with respect to shares
available for purchase under the Plan as it deems necessary and appropriate,
including, if necessary, any adjustment in the maximum number of shares
approved for the Plan or the number of shares available for purchase during an
offering period. If Spherion shall become a party to any corporate transaction
including but not limited to a merger, consolidation, major acquisition of
property for stock, reorganization, or liquidation, the Board or

 

 

Directors may make such adjustments as it deems advisable with respect
to the Plan, including, but not limited to, an adjustment to the number of
shares approved for the Plan, the number of shares subject to rights granted
under the Plan, the purchase price and any other such adjustments as deemed
equitable and appropriate by the Board of Directors.

 

15.  Amendment of the Plan. The Board of
Directors may at any time, or from time to time, amend the Plan in any respect,
except that, without the approval of the holders of a majority of the shares of
stock of Spherion Corporation then issued and outstanding and entitled to vote,
no amendment shall be made (i) increasing the number of shares approved
for the Plan (other than as provided in Section 14 hereof), or
(ii) decreasing the purchase price per share., or (iii) withdrawing
the administration of the Plan from a Committee consisting of persons not
eligible to participate in the Plan.

 

16.  Termination of the Plan. The Plan and
all rights of employees under any offering hereunder shall terminate:

 

a.   on
the day that participating employees become entitled to purchase a number of
shares equal to or greater than the number of shares remaining available for
purchase. If the number of shares so purchasable is greater than the shares
remaining available, the available shares shall be allocated by the Committee
among such participating employees in such manner as it deems fair, or

 

b.   at
any time, at the discretion of the Board of Directors.

 

No offering hereunder shall be made which
shall extend beyond July 1, 2015.

 

17.  Governmental Regulations. Spherion’s
obligation to sell and deliver Spherion Corporation stock under the Plan is
subject to the approval of any federal, state or other governmental authority
required in connection with the authorization, issuance, or sale of such stock.
Notwithstanding any other provision of the Plan or any agreements entered into
pursuant to the Plan, Spherion will not be required to issue any shares under
the Plan, and a participant may not sell, assign, transfer or otherwise dispose
of shares issued pursuant to the Plan, unless (a) there is in effect with
respect to such shares a registration statement under the Securities Act of
1933, as amended (the “Securities Act”) and any applicable state or
foreign securities laws or an exemption from such registration under the
Securities Act and applicable state or foreign securities laws, and
(b) there has been obtained any other consent, approval or permit from any
other regulatory body that the Committee, in its sole discretion, deems necessary
or advisable. Spherion may condition such issuance, sale or transfer upon the
receipt of any representations or agreements

 

 

from the parties involved, and the placement of any legends on
certificates representing shares of Spherion Corporation stock, as may be
deemed necessary or advisable by Spherion in order to comply with such
securities law or other restrictions.

 

18.  Plan Shares Purchases. Purchases of
outstanding shares may be made pursuant to and on behalf of the Plan, upon such
terms as Spherion may approve, for delivery under the Plan.

 

19.  Plan Subject to Stockholder Approval.
The Plan, as amended and restated, is adopted subject to the approval of the
stockholders of Spherion Corporation given within 12 months from the date
of adoption.

 

20.  Non-U.S. Employees. Notwithstanding
anything in the Plan to the contrary, with respect to any Subsidiary that
employs employees who reside outside of the United States, the Committee may in
its sole discretion amend the terms of the Plan in order to conform such terms
with the requirements of local law or to meet the objectives of the Plan. The
Committee may, where appropriate, establish one or more sub-plans for this
purpose.

 

21.  No Right to Employment. Nothing in the
Plan will interfere with or limit in any way the right of Spherion Corporation
or any Subsidiary to terminate the employment of any eligible employee at any
time, nor confer upon any eligible employee any right to continue in the employ
of Spherion Corporation or any Subsidiary.

 

22.  Tax Withholding. Notwithstanding any
provision of this Plan to the contrary, the Committee in its sole discretion
may establish such methods or procedures as it deems appropriate in order to
withhold any taxes or other amounts as may be required under any applicable
federal, state, non-U.S. or local laws.

 

23.  Other Benefit and Compensation Programs.
Unless otherwise specifically determined by the Committee, shares received
under the Plan will not be deemed a part of an eligible employee’s regular,
recurring Compensation for purposes of calculating payments or benefits from
any company benefit plan or severance program. Further, Spherion may adopt
other Compensation programs, plans or arrangements as it deems appropriate.

 

24.  Successors and Assigns. The Plan will
be binding upon and inure the benefit of the successors and permitted assigns
of Spherion and the eligible employees.

 

25.  Governing Law. The validity,
construction, interpretation, administration and effect of the Plan and any
rules, regulations and actions relating to the Plan will be governed by an
construed exclusively in accordance with the laws of the

 

 

State of Delaware, notwithstanding the conflicts of laws principles of
any jurisdictions.

 

26.  Definitions.

 

	
  “Board of Directors” means the
  Board of Directors of Spherion Corporation.

  
	
   

  
	
  “Committee” means the
  Committee administering the Plan, consisting of at least three members
  appointed by the Board of Directors either from members of senior management,
  from the Board of Directors, or a combination thereof.

  
	
   

  
	
  “Compensation” means all
  Compensation, except bonuses.

  
	
   

  
	
  “Spherion” means Spherion
  Corporation, formerly known as Interim Services Inc., a Delaware corporation.

  
	
   

  
	
  “Spherion Corporation stock”
  means the common stock, par value $.01 per share, of Spherion Corporation.

  
	
   

  
	
  “Internal Revenue Code” means
  the U.S. Internal Revenue Code of 1986, as amended.

  
	
   

  
	
  “Fair Market Value” means the
  closing price of Spherion Corporation stock on the New York Stock Exchange on
  a given day or, if no sales of Spherion Corporation stock were made on that
  day, the closing price of Spherion Corporation stock on the next preceding
  day on which sales were made on the New York Stock Exchange; provided,
  however, that the Committee may, in its discretion, establish such other
  measure of Fair Market Value as it deems appropriate.

  
	
   

  
	
  “Plan” means this Spherion
  Corporation Amended and Restated 2000 Employee Stock Purchase Plan.

  
	
   

  
	
  “Subsidiary” means a
  Subsidiary of Spherion Corporation (except for those entities incorporated in
  the United Kingdom) within the meaning of Section 424(f) of the Internal
  Revenue Code and the regulations promulgated thereunder.

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