Document:

CI&T INC.

INCENTIVE EQUITY INDUCEMENT AWARD AGREEMENT

 

INCENTIVE EQUITY INDUCEMENT AWARD AGREEMENT (this “Agreement”) made as of this __th day of __________, _____, between CI&T Inc, a Cayman Islands exempted company (the “Parent”) and ________________ (the “Incentive Equity Employee”). Parent and the Incentive Equity Employee are each sometimes referred to herein as a “Party” and, collectively, as the “Parties.”

WHEREAS, (i) Parent, (ii) CI&T, Inc., a Pennsylvania corporation, a wholly-owned subsidiary of Parent (the “Buyer”), (iii) [Ntersol, LLC], a [California] limited liability company (the “Seller”), and (iv) the members of the Seller identified on the signature pages thereto, entered into an Asset Purchase Agreement (the “APA”), dated as of September __, 2022, pursuant to which the business of the Seller will be acquired by the Buyer on the Closing Date (as defined in the APA);

WHEREAS, the Incentive Equity Employee is an “Incentive Equity Employee” identified in the APA;

WHEREAS, the Parties acknowledge and agree that the entry into this Agreement by the Parties and the grant of the Restricted Stock Units (as defined below) to the Incentive Equity Employee as of the Closing Date is a material inducement for the parties to the APA to execute the APA and consummate the transactions contemplated therein, and is a material inducement for the Incentive Equity Employee to commence employment with the Parent and its subsidiaries[1] as of the Closing Date; and 

WHEREAS, the Restricted Stock Units are being granted as “employment inducement awards” under Section 303A.08 of the New York Stock Exchange Listed Company Manual.

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.      Grant of Restricted Stock Units. Parent grants to Incentive Equity Employee, as of the Closing Date, restricted stock units (the “Restricted Stock Units”) representing the right to receive _______________ (______) Parent Stock (as defined in the APA), on the terms and subject to the conditions and restrictions and other provisions set forth in this Agreement. This grant of Restricted Stock Units is subject to the Incentive Equity Employee’s execution and delivery to the Parent of a copy of this Agreement and the consummation of the Closing (as defined in the APA). This Agreement and the grant evidenced hereby shall automatically terminate and be of no further force and effect on the date, if any, the APA is terminated for any reason prior to the consummation of the transactions contemplated therein. The Incentive Equity Employee is not required to pay any purchase price for the Restricted Stock Units or the issuance of the shares upon settlement of the Restricted Stock Units.

	
	

 

2.      Vesting of Restricted Stock Units. Unless they vest on an earlier date as provided in Section 4 hereof, the Restricted Stock Units will vest as follows: (i) ________ Restricted Stock Units will vest on the third anniversary of the Closing Date, and (ii) ________ Restricted Stock Units will vest on the fourth anniversary of the Closing Date, provided that the Incentive Equity Employee has remained in continuous employment with the Parent and/or any subsidiary of the Parent through such vesting date.

3.      Restrictions on the Restricted Stock Units; Settlement. The Incentive Equity Employee may not sell, transfer, assign, pledge, or otherwise encumber the Restricted Stock Units. As soon as reasonably practicable after all or a portion of the Restricted Stock Units vest in accordance with Section 2 or Section 4, but not later than 5 Business Days (as defined in the APA) after such Restricted Stock Units vest, the shares underlying such vested Restricted Stock Units (minus any shares retained to satisfy tax withholding obligations, as described in Section 8 hereof) shall be issued by the Parent to the Incentive Equity Employee and the Parent shall cause its register of members to be updated accordingly. Such shares, when issued to the Incentive Equity Employee, shall be fully transferable (subject to applicable securities law requirements) and not subject to forfeiture upon termination of employment or otherwise. Except in circumstances where a different treatment is provided in Section 4 hereof, in the event of a termination of the Incentive Equity Employee’s employment with the Parent or any of its subsidiaries for any reason, all of the Restricted Stock Units that have not previously vested will be automatically forfeited for no consideration to the Incentive Equity Employee.

4.      Special Vesting and Forfeiture Rules. Notwithstanding the vesting date set forth in Section 2 hereof, the following vesting and forfeiture rules shall apply upon the following events.

a.    Good Reason Termination. The Restricted Stock Units will immediately and fully vest in the event that, prior to the applicable vesting date set forth in Section 2 hereof, the Incentive Equity Employee ceases to be an employee of the Parent or any of its subsidiaries for any reason other than (i) a termination of the Incentive Equity Employee’s employment with the Parent and its subsidiaries for Cause or (ii) the Incentive Equity Employee’s voluntary termination of the Incentive Equity Employee’s employment with Parent and its subsidiaries without Good Reason and not as a result of death or disability. For purposes of this Agreement: 

 

i.   “Good Reason” means the occurrence after the Closing of any of the following without the Incentive Equity Employee’s written consent or as permitted pursuant to the terms and conditions of the employment agreement between the Incentive Equity Employee and the Parent or any of its subsidiaries (the “Employment Agreement”): (x) a reduction in the Incentive Equity Employee’s base salary as reflected in the Employment Agreement; (y) any material breach by Parent or any of its subsidiaries of this Agreement or the Employee Agreement; or (z) a material adverse change in the Incentive Equity Employee’s title, authority, duties or responsibilities set forth in the Employment Agreement (other than temporarily while the Incentive Equity Employee is physically or mentally incapacitated or as required by applicable law); provided that no event described in clauses (x), (y), or (z) shall constitute “Good Reason” unless the Parent or any of its subsidiaries fails to cure such breach within thirty (30) Business Days (as defined in the APA) after written notice from the Incentive Equity Employee setting forth the factual basis for Good Reason and the clause of this definition of Good Reason under which Good Reason is being claimed; and provided, further, that “Good Reason” shall cease to exist for an event on the ninety-first (91st) day following the date that the Incentive Equity Employee has actual knowledge of its occurrence unless the Incentive Equity Employee has given the Parent written notice thereof prior to such date.

ii.  “Cause” means (t) the Incentive Equity Employee’s plea of nolo contendere to, conviction of or indictment for, any crime (i) constituting a felony or (ii) that has, or could reasonably be expected to result in, an adverse impact on the performance of the Incentive Equity Employee’s duties to the Parent or any of its subsidiaries, or otherwise has, or could reasonably be expected to result in, an adverse impact on the business or reputation of the Parent or any of its subsidiaries, (u) conduct of the Incentive Equity Employee, in connection with the Incentive Equity Employee’s employment, that has resulted, or could reasonably be expected to result, in injury to the business or reputation of the Parent or any of its subsidiaries, (v) any material violation of the policies of the Incentive Equity Employee, including, but not limited to, those relating to sexual harassment or the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Parent or any of its subsidiaries; (w) the Incentive Equity Employee’s act(s) of negligence or willful misconduct in the course of the Incentive Equity Employee’s employment with the Parent or and of its subsidiaries; (x) misappropriation by the Incentive Equity Employee of any assets or business opportunities of the Parent or any of its subsidiaries; (y) embezzlement or fraud committed by the Incentive Equity Employee, at the Incentive Equity Employee’s direction, or with the Incentive Equity Employee’s prior actual knowledge; or (z) willful neglect in the performance of the Incentive Equity Employee’s duties for the Parent or any of its subsidiaries or willful or repeated failure or refusal to perform such duties; provided that no event described in clauses (u), (v), (x), or (y) shall constitute “Cause” unless the Incentive Equity Employee fails to cure such breach within thirty (30) Business Days after written notice from the Parent setting forth the factual basis for Cause and the clause of this definition of Cause under which Cause is being claimed; and provided, further, that “Cause ” shall cease to exist for an event on the ninety-first (91st) day following the date that the Parent has actual knowledge of its occurrence unless the Parent has given the Incentive Equity Employee written notice thereof prior to such date.

b. Acceleration Event. The Restricted Stock Units will immediately and fully vest in the event that, prior the applicable vesting date set forth in Section 2 hereof, the Parent experiences an Acceleration Event; provided that the Incentive Equity Employee has remained in continuous employment with the Parent and/or any subsidiary of the Parent through the date of the occurrence of the Acceleration Event. For purposes of the foregoing a “Acceleration Event” means the occurrence of any merger or consolidation of Parent with or into another entity as a result of which all of the Parent Stock is converted into or exchanged for the right to receive cash, securities or other property, any exchange of all of the Parent Stock for cash, securities or other property pursuant to a share exchange transaction or any direct or indirect sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by Parent or any of its subsidiaries (including Buyer) of all or substantially all of the assets of Parent and its subsidiaries taken as a whole, and (x) the consideration received by the holders of Parent Stock in connection with such event does not consist entirely of registered capital stock or shares (without restrictive legend) traded on the NYSE or (y) the issuer of the registered capital stock or shares described in the immediately foregoing clause (x) does not assume Buyer’s and Parent’s obligations pursuant to the APA in a signed writing in form and substance reasonably satisfactory to Seller.

5.      Voting and Dividends. The Incentive Equity Employee shall not have the right to vote the shares underlying the Restricted Stock Units or to receive dividends with respect to such shares until such share are issued to the Incentive Equity Employee. However, the Incentive Equity Employee shall be entitled to receive, as a contractual payment from the Parent, dividend equivalents in the amount equal to the dividends that would have been paid on the shares underlying the Restricted Stock Units had they been issued and outstanding on the applicable dividend record date. If any such dividend is declared and paid in cash, the cash dividend equivalent will be accrued without interest until, and will be paid within thirty (30) days following the date that, the restrictions applicable to such Restricted Stock Units lapse, or will be forfeited at such time as such Restricted Stock Units are forfeited. If any dividend is declared and paid by the Parent in a form other than cash, such non-cash dividend equivalent shall be subject to the same vesting schedule, forfeiture terms and other restrictions as are applicable to the Restricted Stock Units with respect to which the dividend equivalent is paid. Any dividend equivalents accrued by the Incentive Equity Employee applicable to the Restricted Stock Units granted hereunder shall be forfeited in the event the Restricted Stock Units do not vest in accordance with Section 2 or Section 4 above.

6.       Permitted Transfers. The following transactions shall be exempt from the restrictions on transfer set forth in Section 3 hereof: the Incentive Equity Employee’s transfer of any or all of the Restricted Stock Units either during the Incentive Equity Employee’s lifetime or on death by will or intestacy to the Incentive Equity Employee’s immediate family or to a trust the beneficiaries of which are exclusively one or more of the Incentive Equity Employee and a member or members of the Incentive Equity Employee’s immediate family, except any such transfers made pursuant to any divorce or separation proceedings or settlement (for purposes hereof, the term “immediate family” shall mean spouse, lineal descendant, father, mother, brother or sister of the Incentive Equity Employee making the transfer). No transfer pursuant to this Section 6 shall be effective unless and until the transferee agrees in writing to be bound by the provisions of this Agreement.

7.      Adjustments for Stock Splits, Stock Dividends, etc. In the event of (1) changes in the share capital of the Parent by reason of share dividends, share splits, reverse share splits, recapitalizations, reorganizations, mergers, amalgamations, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the date of this Agreement; (2) the declaration and payment of any extraordinary dividend in respect of shares, whether payable in the form of cash, shares, or any other form of consideration; or (3) any other change in applicable laws or circumstances, in each case, to the extent that the Board of Directors of the Parent (the “Board”) in its sole discretion determines that such event results in or could reasonably be expected to result in any substantial dilution or enlargement of the rights intended to be granted to, or available for, the Incentive Equity Employee, then the Board shall: (A) equitably and proportionately adjust or substitute, as determined by the Board in its sole discretion, (y) the number of shares covered by the outstanding Restricted Stock Units, and/or (z) the kind of shares or other consideration subject to the outstanding Restricted Stock Units; (B) in respect of outstanding Restricted Stock Units, make one or more cash payments to the Incentive Equity Employee, which payment shall be subject to such terms and conditions (including timing of payment(s), vesting and forfeiture conditions) as the Board may determine in its sole discretion, in an amount that the Board determines in its sole discretion addresses the diminution in the value of such outstanding Restricted Stock Units in connection with such event; or (C) any combination of clauses (A) and (B) above as determined appropriate by the Board in its sole discretion. The Board will make such adjustments, substitutions or payment, and its determination will be final, binding and conclusive. The Board need not take the same action or actions with respect to all Restricted Stock Units.

8.      Withholding. Regardless of any action taken by the Parent or, if different, the subsidiary of Parent to which the Incentive Equity Employee provides services (the “Employer”) with respect to any income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the grant, vesting or settlement of the Restricted Stock Units or other tax-related items related to the Restricted Stock Units (“Tax-Related Liability”), the Incentive Equity Employee acknowledges that the ultimate liability for any and all such Tax-Related Liability legally applicable or deemed applicable to the Incentive Equity Employee is and remains the Incentive Equity Employee’s responsibility and may exceed the amount, if any, actually withheld by the parent and/or the Employer. The Incentive Equity Employee further acknowledges that neither the Parent nor the Employer make any representations or undertakings to the Incentive Equity Employee regarding any Tax-Related Liability in connection with any aspect of this Agreement or the Restricted Stock Units or the settlement thereof. Further, if the Incentive Equity Employee is subject to Tax-Related Liability with respect to the Restricted Stock Units or the settlement thereof in more than one jurisdiction, the Incentive Equity Employee acknowledges that the Parent and/or the Employer may be required to withhold or account for such tax liability in more than one jurisdiction. At any time as requested by the Parent or the Employer, the Incentive Equity Employee hereby authorizes any required withholding from the shares issued or issuable to the Incentive Equity Employee and otherwise agrees to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Parent and/or the Employer which arise (including with respect to any Tax-Related Liability) in connection with this Agreement, the Restricted Stock Units or the settlement thereof (the “Withholding Taxes”). The Parent and/or the Employer may, in its (or their) sole discretion, and the Incentive Equity Employee hereby authorizes the Parent and/or Employer to, satisfy all or any portion of the Withholding Taxes obligation relating to this Agreement, the Restricted Stock Units and the settlement thereof by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to the Incentive Equity Employee by the Parent and/or Employer; (ii) causing the Incentive Equity Employee to tender a cash payment; (iii) withholding shares issued or otherwise issuable to the Incentive Equity Employee in connection with this Agreement with a Fair Market Value equal to the amount of such Withholding Taxes; (iv) permitting or requiring the Incentive Equity Employee to enter into a “same day sale” commitment, if applicable, with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”), pursuant to this authorization and without further consent, whereby the Incentive Equity Employee irrevocably elects to sell a portion of the shares issued or otherwise issuable to the Incentive Equity Employee in connection with this Agreement to satisfy the tax liability and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the tax liability directly to the Parent; and/or (v) any other method determined by the Parent to be in compliance with applicable law. The Parent and/or the Employer may withhold or account for the Incentive Equity Employee’s tax liability by considering the statutory withholding amounts or other withholding rates applicable in the Incentive Equity Employee’s jurisdiction(s), including the maximum applicable rates in the Incentive Equity Employee’s jurisdiction(s). In the event it is determined after the issue of shares to the Incentive Equity Employee that the amount of the Parent’s and/or Employer’s withholding obligation was greater than the amount withheld by the Parent and/or the Employer, the Incentive Equity Employee agrees to indemnify and hold the Parent and/or the Employer harmless from any failure by the Parent and/or the Employer to withhold the proper amount. For purposes of the foregoing, “Fair Market Value” means, as of any date when shares issued or issuable to the Incentive Equity Employee are listed on one or more national securities exchanges, the closing price reported on the principal national securities exchange on which such shares are listed and traded on the date of determination or, if the closing price is not reported on such date of determination, the closing price reported on the most recent date prior to the date of determination.  If the shares are not listed on a national securities exchange, “Fair Market Value” shall mean the amount determined by the Board in good faith, and in a manner consistent with Section 409A of the Code, to be the fair market value per share of such shares.

9.     Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to affect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

10.   Amendment; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

11.    Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, executors, administrators, legal representatives, and permitted transferees.

12.   No Rights To Employment. Nothing contained in this Agreement shall be construed as giving the Incentive Equity Employee any right to be retained, in any position, as an employee of or consultant or advisor to the Parent or any Employer.

13.  Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third (3rd) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.  Such communications must be sent to the respective Parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.02):

	
If to the Incentive Equity Employee:

	
 

	
with a copy (which shall not constitute notice) to:

	
Wiggin and Dana LLP
437 Madison Avenue, 35th Floor
New York, NY 10022
Attention: Andrew Ritter

E-mail: aritter@wiggin.com

 

and

 

Mitchellweiler Law Corporation

980 Montecito Dr., Suite 101

Corona, CA 92879

Attention: J. Dana Mitchellweiler

Email: dana@mlcattorneys.com

	
If to Parent:

	
CI&T Inc
Attention: Legal Department

E-mail: legalnae@ciandt.com

	
with a copy (which shall not constitute notice) to:

	
Hughes Hubbard & Reed LLP
Attention: Carlos A. Lobo

E-mail: carlos.lobo@hugheshubbard.com

14.     Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.

15.    Entire Agreement.  This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersede all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter.

16.    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

	                This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).
	               ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF DELAWARE IN EACH CASE LOCATED IN THE CITY OF WILMINGTON AND COUNTY OF NEW CASTLE, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
	                EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.11(C).

17.    Data Privacy. The Incentive Equity Employee expressly consents to the collection, use and transfer, in electronic or other form, of the Incentive Equity Employee’s personal data by and among the Parent or any subsidiary of the Parent, and any broker or third party assisting the Parent in administering this Agreement or providing recordkeeping services for the Parent, for the purpose of implementing, administering and managing the Incentive Equity Employee’s participation under this Agreement. By accepting this award the Incentive Equity Employee waives any data privacy rights the Incentive Equity Employee may have with respect to such information.

18.    Electronic Delivery. The Parent may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units by electronic means. By accepting this grant of Restricted Stock Units, whether electronically or otherwise, the Incentive Equity Employee hereby consents to receive such documents by electronic delivery and agrees to participate in this Agreement through any on-line or electronic system established and maintained by the Parent or another third party designated by the Parent, including but not limited to the use of electronic signatures or click-through acceptance of terms and conditions.

19.     Compensation Recovery.  The Restricted Stock Units and the shares issued or to be issued thereby shall be subject to the provisions of any applicable compensation recovery policy any compensation recovery policy of the Parent adopted to comply with the requirements of applicable law, to the extent set forth in such compensation recovery policy.

20.     Interpretation. For purposes of this Agreement: (a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive and means “and/or” unless expressly indicated otherwise; (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole; and (d) any references in this Agreement to “dollars” or “$” shall be to U.S. dollars. Unless the context otherwise requires, references herein: (x) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof; and (y) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

21.     Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.  A signed copy of this Agreement delivered by e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

	
	
	CI&T INC

	
	
	
	

	
	
	By:	

	
	
	
	

	
	
	INCENTIVE EQUITY EMPLOYEE:
	
	
	
	

	
	
	

	
	
	(Signature)

	
	
	

	
	Print Name:
	

	
	Address:Document

Exhibit 10.3
Participant:  «First_Name» «Last_Name»

KORN FERRY 2022 STOCK INCENTIVE PLAN 
NOTICE OF RESTRICTED STOCK AWARD

Grantee’s Name and Office:      «First_Name» «Last_Name»
    «OFFICE»
     
You have been granted shares of restricted Common Stock of the Company (the “Award”), subject to the terms and conditions of this Notice of Restricted Stock Award (the “Notice”), the Korn Ferry 2022 Stock Incentive Plan, as may be amended from time to time (the “Plan”) and the Restricted Stock Award Agreement (the “Agreement”) attached hereto.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice.

Date of Award     «Grant_Date»

Vesting Commencement Date     «Grant_Date»

Total Number of Shares
of Common Stock Awarded                «NUMBER_OF_SHARES_To_nearest_10»
(the “Shares”)     

Vesting Schedule:
Subject to Grantee’s continued service with the Company and other limitations set forth in this Notice, the Agreement and the Plan, the Award will “vest” in accordance with the following schedule (each date on which the Award or portion thereof vests a “Vest Date”):
[X] of the Total Number of Shares of Common Stock Awarded shall vest on the first anniversary of the Vesting Commencement Date, and an additional [X] of the Total Number of Shares of Common Stock Awarded shall vest on each yearly anniversary of the Vesting Commencement Date thereafter.    
In the event of Grantee’s change in status from employee to consultant, the vesting of the Award shall continue only to the extent determined by the Committee as of such change in status.
For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Shares, that such Shares are no longer subject to forfeiture to the Company; provided, however, that such Shares shall remain subject to other restrictions on transfer set forth in the Agreement or the Plan.  Shares that have not vested are deemed “Restricted Shares.”  Per the vesting schedule, the Grantee may become vested in a fraction of a Restricted Share.  However, such fraction shall remain a Restricted Share until the Grantee becomes vested in the entire Share.  
Termination of Employment; Forfeiture:

Participant:  «First_Name» «Last_Name»

Unless otherwise provided for in an employment or other written agreement between the Grantee and the Company, vesting shall cease upon the date of termination of the Grantee’s continued service with the Company for any reason, including death or Disability.  Unless otherwise provided for in an employment or other written agreement between the Grantee and the Company, if the Grantee’s continued service with the Company terminates for any reason when the Grantee holds any Restricted Shares (including fractional Restricted Shares), such Restricted Shares shall be deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of the Restricted Shares and shall have all rights and interest in or related thereto without further action by the Grantee.  The foregoing forfeiture provisions set forth in this Notice as to Restricted Shares shall also apply to the new capital stock or other property (including cash paid other than as a regular cash dividend) received in exchange for the Shares in consummation of any Change in Control and such stock or property shall be deemed Additional Securities for purposes of the Agreement, but only to the extent the Shares are at the time covered by such forfeiture provisions.
IN WITNESS WHEREOF, the Company has executed this Notice, and unless the Grantee declines this Award within 90 days of the Date of Award, the Grantee is deemed to accept the Award and to agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement.
Korn Ferry
a Delaware corporation

By:  
        

Gary D. Burnison
Title:  Chief Executive Officer 

Participant:  «First_Name» «Last_Name»

THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF GRANTEE’S CONTINUED SERVICE WITH THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF GRANTEE’S SERVICE WITH THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE GRANTEE’S SERVICE WITH THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, GRANTEE’S STATUS IS AT WILL.

Participant:  «First_Name» «Last_Name»

The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan.  The Grantee hereby agrees that all disputes arising out of or relating to this Notice, the Plan and the Agreement shall be resolved in accordance with Section 21 of the Agreement.  The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice.

Participant:  «First_Name» «Last_Name»

KORN FERRY 2022 STOCK INCENTIVE PLAN 
RESTRICTED STOCK AWARD AGREEMENT
1.    Issuance of Shares.  Korn Ferry a Delaware corporation (the “Company”), hereby issues to the Grantee (the “Grantee”) named in the Notice of Restricted Stock Award (the “Notice”), the Total Number of restricted Shares of Common Stock Awarded as set forth in the Notice (the “Shares”), subject to the Notice, this Restricted Stock Award Agreement (the “Agreement”) and the terms and provisions of the Company’s 2022 Stock Incentive Plan, as may be amended from time to time (the “Plan”), which is incorporated herein by reference.  Unless otherwise defined herein or in the Notice, the terms defined in the Plan shall have the same defined meanings in this Agreement.  All Shares issued hereunder will be deemed issued to the Grantee as fully paid and nonassessable shares, and the Grantee will have the right to vote the Shares at meetings of the Company’s shareholders.  The Company shall pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee hereunder.  
2.    Consideration. The Grantee shall be deemed to have purchased from the Company the Shares set forth in the Notice without payment of any cash consideration.  The Grantee and the Company hereby acknowledge and agree that adequate consideration has been received by the Company in respect of the issuance of the Shares.
3.    Transfer Restrictions.  Except as expressly provided in Section 14 of the Plan, the Shares issued to the Grantee hereunder may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee prior to the date when the Shares become “vested” pursuant to the Vesting Schedule set forth in the Notice.  Any attempt to transfer Shares in violation of this Section 3 will be null and void and will be disregarded.
4.    Termination of Employment; Forfeiture.  Unless otherwise provided for in an employment or other written agreement between the Grantee and the Company, vesting shall cease upon the date of termination of the Grantee’s continued service with the Company for any reason, including death or Disability.  Unless otherwise provided for in an employment or other written agreement between the Grantee and the Company, if the Grantee’s continued service with the Company terminates for any reason while the Grantee holds any Shares that have not vested (“Restricted Shares”), including fractional Restricted Shares, such Restricted Shares shall be deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of the Restricted Shares and shall have all rights and interest in or related thereto without further action by the Grantee.  In the event Restricted Shares are reconveyed to the Company, the Company shall have no further obligation or liability to the Grantee with respect to such Restricted Shares.  The foregoing forfeiture provisions set forth in this Agreement as to Restricted Shares shall also apply to the new capital stock or other property (including cash paid other than as a regular cash dividend) received in exchange for the Shares in consummation of any Change in Control and such stock or property shall be deemed Additional Securities for purposes of this Agreement, but only to the extent the Shares are at the time covered by such forfeiture provisions.
5.    Escrow of Stock.  For purposes of facilitating the enforcement of the provisions of this Agreement, the Grantee agrees, immediately upon receipt of Restricted Shares, to deliver such documents, agreements or instruments as may be necessary from time to time to the Secretary or Assistant Secretary of the Company, or their designee, to hold such Restricted Shares in escrow for so long as such Restricted Shares have not vested pursuant to the Vesting Schedule set forth in the Notice, with the authority to take 

all such actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance with the terms hereof.  The Grantee hereby acknowledges that the appointment of the Secretary or Assistant Secretary of the Company (or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make this Agreement and that such appointment is coupled with an interest and is accordingly irrevocable.  The Grantee agrees that such escrow holder shall not be liable to any party hereto (or to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto.  The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time.  Upon the vesting of all Restricted Shares, the escrow holder will, without further order or instruction, transmit to the Grantee such Shares, subject, however, to satisfaction of any withholding obligations provided in Section 7 below.
6.    Distributions.  The Company shall disburse to the Grantee all regular cash dividends with respect to the Shares and Additional Securities (whether vested or not), less any applicable withholding obligations.  
7.    Withholding of Taxes.  The Grantee shall, as Restricted Shares shall vest or at the time withholding is otherwise required by any applicable provisions of federal or state law, pay the Company the amount necessary to satisfy any applicable foreign, federal, state, and local income and employment tax withholding obligations.  At the time the Grantee’s Award is granted, or at any time thereafter as requested by the Company, the Grantee hereby authorizes, to the fullest extent not prohibited by applicable law, withholding from payroll and any other amounts payable to the Grantee, and otherwise agrees to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company, if any, which arise in connection with the Award.
8.    Section 83(b) Election.  The Grantee hereby acknowledges that he or she has been informed that, with respect to the grant of the Shares, he or she may file an election with the Internal Revenue Service, within 30 days of the Date of Award, electing pursuant to Section 83(b) of the Code, to be taxed currently on the Fair Market Value of the Shares on the Date of Award (“Section 83(b) Election”).
GRANTEE ACKNOWLEDGES THAT IF HE OR SHE CHOOSES TO FILE AN ELECTION UNDER SECTION 83(b) OF THE CODE, IT IS GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY SUCH SECTION 83(b) ELECTION, EVEN IF HE OR SHE REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON GRANTEE’S BEHALF.
BY SIGNING THIS AGREEMENT, GRANTEE REPRESENTS THAT HE OR SHE HAS REVIEWED WITH GRANTEE’S OWN TAX ADVISORS THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THAT HE OR SHE IS RELYING SOLELY ON SUCH ADVISORS AND NOT ON ANY STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR ANY OF ITS AGENTS.  GRANTEE UNDERSTANDS AND AGREES THAT HE OR SHE (AND NOT THE COMPANY) SHALL BE RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
9.    Additional Securities.  Any securities or cash received (other than a regular cash dividend) as the result of ownership of the Restricted Shares (the “Additional Securities”), including, but not by way of limitation, warrants, options and securities 

received as a stock dividend or stock split, or as a result of a recapitalization or reorganization or other similar change in the Company’s capital structure, shall be retained in escrow in the same manner and subject to the same conditions and restrictions as the Restricted Shares with respect to which they were issued, including, without limitation, the Vesting Schedule set forth in the Notice.  The Grantee shall be entitled to direct the Company to exercise any warrant or option received as Additional Securities upon supplying the funds necessary to do so, in which event the securities so purchased shall constitute Additional Securities, but the Grantee may not direct the Company to sell any such warrant or option.  If Additional Securities consist of a convertible security, the Grantee may exercise any conversion right, and any securities so acquired shall constitute Additional Securities.  In the event of any change in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization or other transaction that results in the creation of Additional Securities, the escrow holder is authorized to deliver to the issuer the certificates evidencing the Shares or the Additional Securities in exchange for the certificates of the replacement securities.
10.    Stop-Transfer Notices.  In order to ensure compliance with the restrictions on transfer set forth in this Agreement, the Notice or the Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.
11.    Refusal to Transfer.  The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.
    12.    Limitation on Rights; No Right to Future Grants; Extraordinary Item.  By entering into this Agreement and accepting the Award, Grantee acknowledges that: (i) Grantee’s participation in the Plan is voluntary; (ii) except as explicitly contemplated in an employment or other written agreement between the Grantee and the Company, the value of the Award is an extraordinary item which is outside the scope of any employment contract with Grantee; (iii) except as explicitly contemplated in an employment or other written agreement between the Grantee and the Company, the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and Grantee will not be entitled to compensation or damages as a consequence of Grantee’s forfeiture of any unvested portion of the Award as a result of Grantee’s termination of service with the Company for any reason; and (iv) in the event that Grantee is not a direct employee of Company, the grant of the Award will not be interpreted to form an employment relationship with the Company and the grant of the Award will not be interpreted to form an employment contract with the Grantee’s employer or the Company.  The Company shall be under no obligation whatsoever to advise the Grantee of the existence, maturity or termination of any of Grantee’s rights hereunder and Grantee shall be responsible for familiarizing himself or herself with all matters contained herein and in the Plan which may affect any of Grantee’s rights or privileges hereunder.  
    13.    Company Authority.  Any question concerning the interpretation of this Agreement, the Notice or the Plan, any adjustments required to be made under the Plan, and any controversy that may arise under the Plan or this Agreement shall be determined by the Company (including any person(s) to whom the Company has delegated its 

authority) in its sole and absolute discretion.  Such decision by the Company shall be final and binding.
14.    Undertaking.  Grantee hereby agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Grantee or the Grantee’s interest pursuant to the express provisions of this Agreement.
15.    Entire Agreement: Governing Law.  The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  These agreements are to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties.  Should any provision of the Notice or this Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.
    16.    Successors and Assigns.  The provisions of this Agreement will inure to the benefit of, and be binding on, the Company and its successors and assigns and Grantee and Grantee’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, 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.
    17.    Securities Law Compliance.  The Company is under no obligation to register for resale the Shares, whether vested or unvested.  The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Grantee or other subsequent transfers by the Grantee of any Shares issued as a result of or under this Award, including without limitation (a) restrictions under an insider trading policy, (b) 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 (c) 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.  
    18.    Information Confidential.  As partial consideration for the granting of the Award, the Grantee agrees that he or she will keep confidential all information and knowledge that the Grantee has relating to the manner and amount of his or her participation in the Plan; provided, however, that such information may be disclosed as required by law and may be given in confidence to the Grantee’s spouse, tax and financial advisors, or to a financial institution to the extent that such information is necessary to secure a loan.  
19.    Headings.  The captions used in this Agreement are inserted for convenience and shall not be deemed a part of this Agreement for construction or interpretation.  
20.    Application of the Plan.  The terms of this Agreement are governed by the terms of the Plan, as it exists on the date of 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.
21.    Dispute Resolution.  The provisions of this Section 21 and Section 24 of the Plan shall be the exclusive means of resolving disputes arising out of or relating to the Notice, the Plan and this Agreement.  The Company, the Grantee, and the Grantee’s assignees (the “parties”) shall attempt in good faith to resolve any disputes arising out of or relating to the Notice, the Plan and this Agreement by negotiation between individuals who have authority to settle the controversy.  Negotiations shall be commenced by either party by notice of a written statement of the party’s position and the name and title of the individual who will represent the party.  Within thirty (30) days of the written notification, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the dispute.  If the dispute has not been resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be subject to arbitration in accordance with Section 24 of the Plan. This arbitration shall be the sole and exclusive review permitted of the Administrator’s decision or with respect to any other dispute relating to the Award. GRANTEE AND PERSONS CLAIMING RIGHTS UNDER THE AWARD OR THE PLAN EXPLICITLY WAIVE ANY RIGHT TO JUDICIAL REVIEW OR A JURY TRIAL. Any dispute shall be governed by the Federal Arbitration Act, 9 U.S.C. §1, et. seq. (the “FAA”), and the FAA shall preempt all state laws to the fullest extent not prohibited by law. Notice of demand for arbitration shall be made in writing to the Administrator within thirty (30) days after the applicable decision by the Administrator. If any one or more provisions of this Section 21 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable
22.    Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon deposit for delivery by an internationally recognized express mail courier service (for international delivery of notice), with postage and fees prepaid, addressed (if to the Company) at Korn Ferry, 1900 Avenue of the Stars, Suite 1500, Los Angeles California 90067 and (if to the Grantee) at the Grantee’s most recent address reflected in the records of the Company, or to such other address as such party may designate in writing from time to time to the other party.
END OF AWARD AGREEMENT

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