Document:

2004 Non-Employee Director Equity Incentive Plan

Table of Contents

 Exhibit 10.2 
  
 MPS GROUP, INC. 
 2004 NON-EMPLOYEE DIRECTOR 
 EQUITY INCENTIVE PLAN 

Table of Contents

 
Table of Contents 
  

							
	 	  	Page

	 ARTICLE 1 -
GENERAL PROVISIONS 
	  	1
	 	  	1.1	  	 
Establishment and Purposes of Plan
	  	1
	 	  	1.2	  	 
Types of Awards
	  	1
	 	  	1.3	  	 
Effective Date
	  	1
		
	 ARTICLE 2 -
DEFINITIONS 
	  	1
		
	 ARTICLE 3 -
ADMINISTRATION 
	  	3
	 	  	3.1	  	 
General
	  	3
	 	  	3.2	  	 
Authority of the Committee.
	  	3
	 	  	3.3	  	 
Delegation of Authority
	  	4
	 	  	3.4	  	 
Award Agreements
	  	4
	 	  	3.5	  	 
Indemnification
	  	4
		
	 ARTICLE 4 -
SHARES SUBJECT TO THE PLAN 
	  	4
	 	  	4.1	  	 
Number of Shares.
	  	4
	 	  	4.2	  	 
Adjustment of Shares
	  	5
		
	 ARTICLE 5 -
STOCK OPTIONS 
	  	5
	 	  	5.1	  	 
Automatic Grant Of Stock Options or Alternate Awards
	  	5
	 	  	5.2	  	 
Discretionary Grants of Awards
	  	6
	 	  	5.3	  	 
Grant of Options
	  	6
	 	  	5.4	  	 
Agreement
	  	6
	 	  	5.5	  	 
Option Price
	  	6
	 	  	5.6	  	 
Duration of Options
	  	6
	 	  	5.7	  	 
Exercise of Options
	  	6
	 	  	5.8	  	 
Payment
	  	7
	 	  	5.9	  	 
Nontransferability of Options
	  	7
	 	  	5.10	  	 
Purchased Options
	  	7
		
	 ARTICLE 6 -
STOCK APPRECIATION RIGHTS 
	  	7
	 	  	6.1	  	 
Grant of SARs
	  	7
	 	  	6.2	  	 
Tandem SARs
	  	7
	 	  	6.3	  	 
Payment
	  	7
		
	 ARTICLE 7 -
RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
	  	8
	 	  	7.1	  	 
Grant of Restricted Stock
	  	8
	 	  	7.2	  	 
Restricted Stock Agreement
	  	8
	 	  	7.3	  	 
Nontransferability
	  	8
	 	  	7.4	  	 
Certificates
	  	8
	 	  	7.5	  	 
Dividends and Other Distributions
	  	8
	 	  	7.6	  	 
Restricted Stock Units (or RSUs)
	  	9
		
	 ARTICLE 8 -
BENEFICIARY DESIGNATION 
	  	9
		
	 ARTICLE 9 -
DEFERRALS 
	  	9
		
	 ARTICLE 10 -
WITHHOLDING 
	  	9
	 	  	10.1	  	 
Tax Withholding
	  	9
	 	  	10.2	  	 
Share Withholding
	  	10

  

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Table of Contents

 Table of Contents 
 (continued) 
  

							
	 	  	Page

	 ARTICLE 11 -
AMENDMENT AND TERMINATION 
	  	10
	 	  	11.1	  	 
Amendment of Plan
	  	10
	 	  	11.2	  	 
Amendment of Award Agreement; Repricing
	  	10
	 	  	11.3	  	 
Termination of Plan
	  	10
	 	  	11.4	  	 
Assumption or Cancellation of Awards
	  	10
		
	 ARTICLE 12 -
MISCELLANEOUS PROVISIONS 
	  	10
	 	  	12.1	  	 
Restrictions on Shares
	  	10
	 	  	12.2	  	 
Successors
	  	11
	 	  	12.3	  	 
No Implied Rights
	  	11
	 	  	12.4	  	 
Compliance with Laws
	  	11
	 	  	12.5	  	 
Tax Elections
	  	11
	 	  	12.6	  	 
Legal Construction.
	  	11

  

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Table of Contents

 
MPS GROUP, INC. 
 2004 NON-EMPLOYEE DIRECTOR EQUITY INCENTIVE PLAN 
  
 
ARTICLE 1 - GENERAL PROVISIONS 
  
 
1.1 Establishment and Purposes of Plan. MPS Group, Inc., a Florida corporation (the “Company”), hereby establishes an equity incentive plan to be known as the “MPS Group, Inc. 2004 Non-Employee
Director Equity Incentive Plan” (the “Plan”), as set forth in this document. The objectives of the Plan are (i) to provide incentives to non-employee directors of the Company; (ii) to attract, motivate and retain directors; and (iii)
to align the interests of directors with those of the Company’s stockholders. 
  
 
1.2 Types of Awards. Awards under the Plan may be made in the form of (i) Nonqualified Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Restricted Stock Units, or (v) any combination of
the foregoing. 
  
 
1.3 Effective Date. The Plan shall be effective upon approval by the Company’s stockholders (the “Effective Date”). 
  
 
ARTICLE 2 - DEFINITIONS 
  
 Except where the context otherwise indicates, the following definitions apply: 
  
 2.1 “Agreement” means the written agreement evidencing an Award granted to the Participant under the Plan. 
  
 2.2 “Award” means an award granted to a Participant under the Plan that is a Nonqualified Stock Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, or combination of these. 
  
 2.3
“Board” means the Board of Directors of the Company. 
  
 2.4 “Change in Control” means any of the following events: 
  
 (a) The acquisition by any “person”, as the term person is used for purposes of Sections 13(d) or 14(d) of the Exchange Act, not a stockholder of the Company on the Effective Date, of legal or beneficial
ownership of 35% or more of either (i) the then outstanding shares of common stock of the Company or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors;

  
 (b) Individuals who, on the Effective Date,
constitute the Board cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then comprising the Board shall be considered as though such individual were a member of the Board as of the date hereof; 
  
 (c) Approval by the stockholders of the Company of a
reorganization, merger, or consolidation, in each case unless the stockholders of the Company immediately before such reorganization, merger, or consolidation own, directly or indirectly, immediately following such reorganization, merger, or
consolidation at least a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such reorganization, merger, or consolidation in substantially the same proportion as their ownership of the voting
securities immediately before such reorganization, merger or consolidation; or 
  
 (d) Approval by the stockholders of the Company of (i) a complete liquidation or dissolution of the Company, or (ii) the sale or other
disposition of more than 50% of the assets of the Company within a twelve month period. 
  

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 2.5 “Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended.
All citations to sections of the Code are to such sections as they may from time to time be amended or renumbered. 
  
 2.6 “Committee” means the Compensation Committee of the Board or such other committee consisting of two or more members of the Board as may be
appointed by the Board to administer this Plan pursuant to Article 3 of the Plan. 
  
 2.7 “Company” means MPS Group, Inc., a Florida corporation, and its successors and assigns. 
  
 2.8 “Director” means any individual who is a member of the Board of Directors of the Company and is not an employee of the Company.

  
 2.9 “Disability” means the inability of the
Participant to perform his or her usual duties as a Board member by reason of any medically determined physical or mental impairment expected to result in death or to be of continuous duration of six (6) months or more. The determination of
Disability shall be made by the Committee. 
  
 2.10
“Effective Date” shall have the meaning ascribed to such term in Section 1.3 hereof. 
  
 2.11 “Eligible Participant” means a Director. 
  
 2.12 “Employer” means the Company and any entity during any period that it is a “parent corporation” or a “subsidiary corporation” with respect to the Company within the meaning of Code
Sections 424(e) and 424(f). With respect to all purposes of the Plan, including, but not limited to, the establishment, amendment, termination, operation and administration of the Plan, the Company shall be authorized to act on behalf of all other
entities included within the definition of “Employer.” 
  
 2.13 “Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended. All citations to sections of the Exchange Act or rules thereunder are to such sections or rules as they may from time to time
be amended or renumbered. 
  
 2.14 “Fair Market Value”
means the fair market value of a Share, as determined in good faith by the Committee as follows: 
  
 (a) if the Shares are admitted to trading on a national securities exchange, Fair Market Value on any date shall be the last sale price
reported for the Shares on such exchange on such date or, if no sale was reported on such date, on the last date preceding such date on which a sale was reported; 
  
 (b) if the Shares are admitted to quotation on the National Association of Securities Dealers Automated
Quotation System (“NASDAQ”) or other comparable quotation system and have been designated as a National Market System (“NMS”) security, Fair Market Value on any date shall be the last sale price reported for the Shares on such
system on such date or on the last day preceding such date on which a sale was reported; 
  
 (c) If the Shares are admitted to Quotation on the NASDAQ and have not been designated a NMS Security, Fair Market Value on any date shall
be the average of the highest bid and lowest asked prices of the Shares on such system on such date; or 
  
 (d) if (a), (b) and (c) do not apply, on the basis of the good faith determination of the Committee. 
  
 For purposes of subsection (a) above, if Shares are traded on more than one securities
exchange then the following exchange shall be referenced to determine Fair Market Value: (i) the New York Stock Exchange (“NYSE”), or (ii) if shares are not traded on the NYSE, the NASDAQ, or (iii) if shares are not traded on the NYSE or
NASDAQ, the largest regional exchange on which Shares are traded. 
  

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 2.15 “Insider” shall mean an individual who is, on the relevant date, subject to the reporting
requirements of Section 16(a) of the Act. 
  
 2.16
“Option” means a stock option which is not intended to meet the requirements of Section 422 of the Code. 
  
 2.17 “Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option. 
  
 2.18 “Participant” means an Eligible Participant to whom an Award
has been granted. 
  
 2.19 “Permitted Transferee” means
any members of the immediate family of the Participant (i.e., spouse, children and grandchildren), any trusts for the benefit of such family members or any partnerships whose only partners are such family members. Appropriate evidence of any
transfer to the Permitted Transferees shall be delivered to the Company at its principal executive office. If all or part of an Option is transferred to a Permitted Transferee, the Permitted Transferee’s rights thereunder shall be subject to
the same restrictions and limitations with respect to the Option as the Participant. 
  
 2.20 “Plan” means the MPS Group, Inc. 2004 Non-Employee Director Equity Incentive Plan, as set forth herein and as it may be amended from time to time. 
  
 2.21 “Restricted Stock” means an Award of Shares under Article 7 of
the Plan, which Shares are issued with such restriction(s) as the Committee, in its sole discretion, may impose, including, without limitation, any restriction on the right to retain such Shares, to sell, transfer, pledge or assign such Shares, to
vote such Shares, and/or to receive any dividends or distributions with respect to such Shares, which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.

  
 2.22 “Restricted Stock Units (or RSUs)” means an
Award of a right granted under Section 7.6 of the Plan to receive a number of Shares or a cash payment for each such Share equal to the Fair Market Value of a Share on a specified date. 
  
 2.23 “Restriction Period” means the period commencing on the date an Award of Restricted Stock or Restricted Stock
Units is granted and ending on such date as the Committee shall determine. 
  
 2.24 “Share” means one share of common stock, par value $.01 per share, of the Company, and as such Share may be adjusted pursuant to the provisions of Section 4.2 of the Plan. 
  
 2.25 “Stock Appreciation Right” or “SAR” means an Award
granted under Article 6 of the Plan which provides for an amount payable in Shares and/or cash, as determined by the Committee, equal to the excess of the Fair Market Value of a Share on the day the Stock Appreciation Right is exercised over the
specified purchase price. 
  
 
ARTICLE 3 - ADMINISTRATION 
  
 
3.1 General. This Plan shall be administered by the Committee. The Committee, in its discretion, may delegate to one or more of its members, or to officers of the Company, such of its powers as it deems
appropriate. 
  
 
3.2 Authority of the Committee. 
  
 (a) Subject to the other terms and provisions of the Plan, the Committee shall have the exclusive right to interpret, construe and administer the Plan, to select the Eligible Participants who are eligible to receive

  

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an Award, and to act in all matters pertaining to the granting of an Award and the contents of the Agreement evidencing the Award, including, without
limitation, the determination of the number of Options, Stock Appreciation Rights, Restricted Stock, or Restricted Stock Units subject to an Award and the form, terms, conditions and duration of each Award, and any amendment thereof consistent with
the provisions of the Plan. The Committee may adopt such rules, regulations and procedures of general application for the administration of this Plan, as it deems appropriate. 
  
 (b) The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or
any Agreement in the manner and to the extent it shall deem desirable to carry it into effect. 
  
 (c) In the event the Company shall assume outstanding employee benefit awards or the right or obligation to make future such awards in
connection with the acquisition of another corporation or business entity, the Committee may, in its discretion, make such adjustments in the terms of Awards under the Plan as it shall deem appropriate. 
  
 (d) All acts, determinations and decisions of the Committee
made or taken pursuant to grants of authority under the Plan or with respect to any questions arising in connection with the administration and interpretation of the Plan, including the severability of any and all of the provisions thereof, shall be
conclusive, final and binding upon all parties, including the Company, its stockholders, Participants, Eligible Participants and their estates, beneficiaries and successors. 
  
 
3.3 Delegation of Authority. The Committee may, at any time and from time to time, delegate to one or more persons any or all of its authority under Section 3.2, to the full extent permitted by law. 
  
 
3.4 Award Agreements. Each Award granted under the Plan shall be evidenced by a written Agreement. Each Agreement shall be subject to and incorporate, by reference or otherwise, the applicable terms and
conditions of the Plan, and any other terms and conditions, not inconsistent with the Plan, as may be imposed by the Committee. A copy of such document shall be provided to the Participant, and the Committee may, but need not, require that the
Participant sign a copy of the Agreement. 
  
 
3.5 Indemnification. In addition to such other rights of indemnification as they may have as directors, officers or as members of the Committee, directors and officers of the Company and the members of the
Committee shall be indemnified by the Company against reasonable expenses, including attorney’s fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein,
to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted thereunder, and against all amounts paid by them in settlement thereof, provided such settlement is
approved by independent legal counsel selected by the Company, or paid by them in satisfaction of a judgment or settlement in any such action, suit or proceeding, except as to matters as to which the director, officer or Committee member has been
grossly negligent or engaged in willful misconduct in the performance of his duties; provided, that within 60 days after institution of any such action, suit or proceeding, a director, officer or Committee member shall in writing offer the Company
the opportunity, at its own expense, to handle and defend the same. 
  
 
ARTICLE 4 - SHARES SUBJECT TO THE PLAN 
  
 
4.1 Number of Shares. 
  
 (a) Subject to adjustment as provided in (b) below and in Section 4.2, the aggregate number of Shares which are available for issuance pursuant to Awards under the Plan is Five Hundred Seventy Thousand (570,000)
Shares plus the number of Shares subject to outstanding grants on the Effective Date under the prior Amended and Restated Non-Employee Director Stock Option Plan (the “Prior Director Plan”) which are forfeited or expire on or after
the Effective Date in accordance with the terms of such grants. Shares to be issued under the Plan shall be made available from Shares currently authorized but unissued or Shares currently held (or subsequently acquired) by the Company as treasury
shares, including Shares purchased in the open market or in private transactions. 
  

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 (b) The following rules shall apply for purposes of the determination of the number of
Shares available for grant under the Plan: 
  
 (i) If, for any reason, any Shares awarded or subject to purchase under the Plan are not delivered or purchased, or are reacquired by the Company, for reasons, including, but not limited to, a forfeiture of Restricted Stock or termination,
expiration or cancellation of an Option, Stock Appreciation Right, or Restricted Stock Unit (“Returned Shares”) such shares shall not be charged against the aggregate number of Shares available for issuance pursuant to Awards under the
Plan and shall again be available for issuance pursuant to an Award under the Plan. If the exercise price and/or withholding obligation under an Award is satisfied by tendering Shares to the Company (either by actual delivery or attestation), only
the number of Shares issued net of the Shares so tendered shall be deemed delivered for purposes of determining the maximum number of Shares available for issuance under the Plan. 
  
 (ii) Each Stock Appreciation Right or Restricted Stock Unit that may be settled in Shares shall be counted
as one Share subject to an award. Stock Appreciation Rights or Restricted Stock Units that may not be settled in Shares (or that may be settled in Shares but are not) shall not result in a charge against the aggregate number of Shares available for
issuance pursuant to an Award under the Plan. In addition, if a Stock Appreciation Right is granted in connection with an Option and the exercise of the Stock Appreciation Right results in the loss of the Option right, the Shares that otherwise
would have been issued upon the exercise of such related Option shall not result in a charge against the aggregate number of Shares available for issuance pursuant to an Award under the Plan. 
  
 
4.2 Adjustment of Shares. If any change in corporate capitalization, such as a stock split, reverse stock split, stock dividend, or any corporate transaction such as a reorganization, reclassification, merger or
consolidation or separation, including a spin-off, of the Company or sale or other disposition by the Company of all or a portion of its assets, any other change in the Company’s corporate structure, or any distribution to stockholders (other
than a cash dividend) results in the outstanding Shares, or any securities exchanged therefor or received in their place, being exchanged for a different number or class of shares or other securities of the Company, or for shares of stock or other
securities of any other entity, or new, different or additional shares or other securities of the Company or of any entity being received by the holders of outstanding Shares, then equitable adjustments shall be made by the Committee in: 

 
 (a) the limitations on the aggregate number of Shares
that may be awarded as set forth in Section 4.1; 
  
 (b) the number and class of Shares that may be subject to an Award, and which have not been issued or transferred under an outstanding Award; 
  
 (c) the Option Price under outstanding Options and the number of Shares to be transferred in settlement of outstanding Stock Appreciation
Rights; and 
  
 (d) the terms, conditions or
restrictions of any Award and Agreement, including the price payable for the acquisition of Shares. 
  
 
ARTICLE 5 - STOCK OPTIONS 
  
 
5.1 Automatic Grant Of Stock Options or Alternate Awards. 
  
 (a) On the date of each Annual Stockholders Meeting (the “Annual Grant Date”), each Director shall be granted an Option to
purchase Twenty Thousand (20,000) Shares at an Option Price equal to one hundred percent (100%) of the Fair Market Value of a Share on such grant date, unless such Director has received a grant pursuant to Section 5.1(b) at any time subsequent to
the date of the last Annual Grant Date meeting. 
  
 (b) Each individual who is first appointed or elected to serve as a Director shall instead be granted an Option to purchase Sixty Thousand (60,000) Shares at an Option Price equal to one hundred percent (100%) of the Fair Market Value of a
Share on such date, provided that individual has not previously been in the employ of the Company or an Employer. 
  

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 (c) In lieu of each Option to purchase one Share of Common Stock granted pursuant to
Sections 5.1(a) and 5.1(b), the Committee in its discretion may substitute therefor an Award of one-half of a Share of Restricted Stock or one-half of a Restricted Stock Unit. 
  
 (d) Notwithstanding the automatic grant provisions of this Section 5.1, if a Director has already been
granted Options, Restricted Stock and/or Restricted Stock Units in an aggregate amount of 100,000 or more Shares pursuant to the automatic grant provisions of the Plan and/or the Prior Director Plan, no further automatic grants will be made to such
Director pursuant to this Section 5.1. For purposes of determining whether Options, Restricted Stock and/or Restricted Stock Units with respect to 100,000 Shares have been granted pursuant to these automatic grant provisions, each Option shall count
as one Share and each Share of Restricted Stock and Restricted Stock Unit shall count as two Shares. 
  
 Each Option granted under Section 5.1(a) shall vest 33 1/3% per year commencing one year after the date of grant, shall expire ten (10) years after the date of grant and may be exercised, in whole or in part, in accordance with Sections 5.7 and 5.8. Each
Option granted under Section 5.1(b) shall vest 20% per year commencing one year after the date of grant, shall expire ten (10) years after the date of grant and may be exercised, in whole or in part, in accordance with Sections 5.7 and 5.8. The
Committee shall provide in the Award for the treatment of the exercisability of the Options upon the Director’s termination of Board service. Each Share of Restricted Stock and/or Restricted Stock Unit granted in lieu of Options pursuant to
Section 5.1(a) shall vest 33 1/3% per year commencing one year after the date of grant. Each Share of Restricted
Stock and/or Restricted Stock Unit granted in lieu of Options pursuant to Section 5.1(b) shall vest 20% per year commencing one year after the date of grant. 
  
 
5.2 Discretionary Grants of Awards. The Committee may, in its discretion and upon such terms and conditions as may be established by the Committee, grant Options to Directors under this Plan in addition to those
provided for in Section 5.1 above. Such Option grants shall be upon terms and conditions consistent with the provisions of Article 5 hereof. 
  
 
5.3 Grant of Options. Subject to the terms and provisions of the Plan, Options may be granted to Eligible Participants at any time and from time to time as shall be determined by the Committee. The Committee
shall have sole discretion in determining the number of Shares subject to Options granted to each Participant and may vary such Awards among Participants. 
  
 
5.4 Agreement. Each Option grant shall be evidenced by an Agreement that shall specify the Option Price, the duration of the Option, the number of Shares to which the Option pertains and such other provisions as
the Committee shall determine. 
  
 
5.5 Option Price. The Option Price for an Option shall not be less than the Fair Market Value of a Share on the date the Option is granted. 
  
 
5.6 Duration of Options. Each Option shall expire at such time as the Committee shall determine at the time of grant; provided, however, that no Option shall be exercisable later than the tenth (10th) anniversary of its grant date. 
  
 
5.7 Exercise of Options. Options granted under the Plan shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, including conditions
related to the provision of services by the Participant with the Company or any Employer, which need not be the same for each grant or for each Participant. The Committee may provide in the Agreement for automatic accelerated vesting and other
rights upon the occurrence of a Change in Control of the Company or upon the occurrence of other events as specified in the Agreement. In addition, the Committee may provide in the Agreement for the right of a Participant to defer option gains
related to an exercise. 
  

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5.8 Payment. Options shall be exercised by the delivery of a written notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full
payment for the Shares. The Option Price upon exercise of any Option shall be payable to the Company in full either: (a) in cash, (b) cash equivalent approved by the Committee, (c) if approved by the Committee, by tendering previously acquired
Shares (or delivering a certification or attestation of ownership of such Shares) having an aggregate Fair Market Value at the time of exercise equal to the total Option Price (provided that the tendered Shares must have been held by the Participant
for any period required by the Committee), or (d) by a combination of (a), (b) and (c). The Committee also may allow cashless exercises as permitted under the Federal Reserve Board’s Regulation T, subject to applicable securities law
restrictions, or by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 
  
 
5.9 Nontransferability of Options. Except as otherwise provided in a Participant’s Award Agreement with respect to transfers to Permitted Transferees (any such transfers being subject to applicable laws,
rules and regulations), no Option granted under this Article 5 may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided
in a Participant’s Award Agreement, all Options granted to a Participant under this Article 5 shall be exercisable during his or her lifetime only by such Participant. 
  
 
5.10 Purchased Options. The Committee shall also have the authority to grant Options to Participants in exchange for a stated purchase price for such Option (which may be payable by the Participant directly or,
at the election of the Participant, may be offset from other amounts owed to the Participant by the Company). 
  
 
ARTICLE 6 - STOCK APPRECIATION RIGHTS 
  
 
6.1 Grant of SARs. A Stock Appreciation Right may be granted to an Eligible Participant in connection with an Option granted under Article 5 of this Plan or may be granted independently of any Option. A Stock
Appreciation Right shall entitle the holder, within the specified period (which may not exceed 10 years), to exercise the SAR and receive in exchange therefor a payment having an aggregate value equal to the amount by which the Fair Market Value of
a Share exceeds the exercise price, times the number of Shares with respect to which the SAR is exercised. The Committee may provide in the Agreement for automatic accelerated vesting and other rights upon the occurrence of a Change in Control or
upon the occurrence of other events specified in the Agreement. A SAR granted in connection with an Option (a “Tandem SAR”) shall entitle the holder of the related Option, within the period specified for the exercise of the Option, to
surrender the unexercised Option, or a portion thereof, and to receive in exchange therefore a payment having an aggregate value equal to the amount by which the Fair Market Value of a Share exceeds the Option price per Share, times the number of
Shares under the Option, or portion thereof, which is surrendered. SARs shall be subject to the same transferability restrictions as Options. 
  
 
6.2 Tandem SARs. Each Tandem SAR shall be subject to the same terms and conditions as the related Option, including limitations on transferability, and shall be exercisable only to the extent such Option is
exercisable and shall terminate or lapse and cease to be exercisable when the related Option terminates or lapses. With respect to Options, the grant either may be concurrent with the grant of the Options, or in connection with Options previously
granted under Article 5, which are unexercised and have not terminated or lapsed. Upon exercise of a Tandem SAR, the number of Shares subject to exercise under any related Option shall automatically be reduced by the number of Shares represented by
the Option or portion thereof which is surrendered. 
  
 
6.3 Payment. The Committee shall have sole discretion to determine in each Agreement whether the payment with respect to the exercise of an SAR will be in the form of all cash, all Shares or any combination
thereof. If payment is to be made in Shares, the number of Shares shall be determined based on the Fair Market Value of a Share on the date of exercise. If the Committee elects to make full payment in Shares, no fractional Shares shall be issued and
cash payments shall be made in lieu of fractional shares. The Committee shall have 

  

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sole discretion as to the timing of any payment made in cash or Shares, or a combination thereof, upon exercise of SARs. Payment may be made in a lump sum,
in annual installments or may be otherwise deferred (at the election of the Participant) and the Committee shall have sole discretion to determine whether any deferred payments may bear amounts equivalent to interest or cash dividends. 

 
 
ARTICLE 7 - RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
  
 
7.1 Grant of Restricted Stock. Restricted Stock Awards may be made to Eligible Participants as a reward for past service or as an incentive for the performance of future services that will contribute materially
to the successful operation of the Company. Awards of Restricted Stock may be made either alone or in addition to or in tandem with other Awards granted under the Plan and may be current grants of Restricted Stock or deferred grants of Restricted
Stock. 
  
 
7.2 Restricted Stock Agreement. The Restricted Stock Agreement shall set forth the terms of the Award, as determined by the Committee, including, without limitation, the purchase price, if any, to be paid for
such Restricted Stock, which may be more than, equal to, or less than Fair Market Value and may be zero, subject to such minimum consideration as may be required by applicable law; any restrictions applicable to the Restricted Stock such as
continued service or the length of the Restriction Period and whether any circumstances, such as death, Disability, or a Change in Control, will shorten or terminate the Restriction Period; and rights of the Participant to vote or receive dividends
or distributions with respect to the Shares during the Restriction Period. Subject to shortening the length of the Restriction Period upon the occurrence of certain circumstances, such as death, Disability, or a Change in Control, or upon the
achievement of performance measures, all grants of Restricted Stock and Restricted Stock Units shall have a Restriction Period of not less than three (3) years (but graded vesting may be provided). Restricted Stock Awards issued in lieu of all or
part of cash compensation otherwise payable to a Participant shall be subject to a Restriction Period of not more than one year. 
  
 Notwithstanding Section 3.4 of the Plan, a Restricted Stock Award must be accepted within a period of sixty (60) days, or such other period as the
Committee may specify, by executing a Restricted Stock Agreement and paying whatever price, if any, is required. The prospective recipient of a Restricted Stock Award shall not have any rights with respect to such Award, unless and until such
recipient has executed a Restricted Stock Agreement and has delivered a fully executed copy thereof to the Committee, and has otherwise complied with the applicable terms and conditions of such Award. 
  
 
7.3 Nontransferability. Except as otherwise provided in this Article 7, no Shares of Restricted Stock nor any Restricted Stock Units received by a Participant shall be sold, exchanged, transferred, pledged,
hypothecated or otherwise disposed of during the Restriction Period. 
  
 
7.4 Certificates. Upon an Award of Restricted Stock to a Participant, Shares of Restricted Stock shall be registered in the Participant’s name (or an appropriate book entry shall be made). Certificates, if
issued, may either be held in custody by the Company until the Restriction Period expires or until restrictions thereon otherwise lapse and/or be issued to the Participant and registered in the name of the Participant, bearing an appropriate
restrictive legend and remaining subject to appropriate stop-transfer orders. If required by the Committee, the Participant shall deliver to the Company one or more stock powers endorsed in blank relating to the Restricted Stock. If and when the
Restriction Period expires without a prior forfeiture of the Restricted Stock subject to such Restriction Period, unrestricted certificates for such Shares shall be delivered to the Participant; provided, however, that the Committee may cause such
legend or legends to be placed on any such certificates as it may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission and any applicable federal or state law. 
  
 
7.5 Dividends and Other Distributions. Except as provided in this Article 7 or in the Award Agreement, a Participant receiving a Restricted Stock Award shall have, with respect to such Restricted Stock Award, all
of the rights of a stockholder of the Company, including the right to vote the Shares to the extent, if any, such Shares 

  

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Table of Contents

 
possess voting rights and the right to receive any dividends or distributions; provided, however, the Committee may require that any dividends on such Shares
of Restricted Stock shall be automatically deferred and reinvested in additional Restricted Stock subject to the same restrictions as the underlying Award, or may require that dividends and other distributions on Restricted Stock shall be paid to
the Company for the account of the Participant. The Committee shall determine whether interest shall be paid on such amounts, the rate of any such interest, and the other terms applicable to such amounts. 
  
 
7.6 Restricted Stock Units (or RSUs). Awards of Restricted Stock Units may be made to Eligible Participants in accordance with the following terms and conditions: 
  
 (a) The Committee, in its discretion, shall determine the
number of RSUs to grant to a Participant, the Restriction Period and other terms and conditions of the Award, including whether the Award will be paid in cash, Shares or a combination of the two and the time when the Award will be payable
(i.e., at vesting, termination of Board service or another date). 
  
 (b) Unless the Agreement provides otherwise, RSUs shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 
  
 (c) Awards of RSUs shall be subject to the same terms as
applicable to Awards of Restricted Stock under Section 7.2 of this Plan; provided, however, a Participant to whom RSUs are awarded has no rights as a stockholder with respect to the shares represented by the RSUs unless and until the Shares are
actually delivered to the Participant; provided further, however, RSUs may have dividend equivalent rights if provided for by the Committee which may be subject to the same terms and conditions governing dividends and distributions applicable to
Restricted Stock Awards under Section 7.5 of this Plan with the exception that in no event shall RSUs possess voting rights. 
  
 (d) The Agreement shall set forth the terms and conditions that shall apply upon the Participant’s termination of Board service
(including a forfeiture of RSUs for which the restrictions have not lapsed upon Participant’s ceasing to serve on the Board) as the Committee may, in its discretion, determine at the time the Award is granted. 
  
 
ARTICLE 8 - BENEFICIARY DESIGNATION 
  
 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she
receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the
Committee during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 
  
 
ARTICLE 9 - DEFERRALS 
  
 The
Committee may permit or require a Participant to defer under this Plan or to a separate deferred compensation arrangement of the Company such Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to
such Participant by virtue of the exercise of an Option or SAR, or the lapse or waiver of restrictions with respect to Restricted Stock or Restricted Stock Units. If any such deferral election is required or permitted, the Committee shall, in its
sole discretion, establish rules and procedures for such payment deferrals. 
  
 
ARTICLE 10 - WITHHOLDING 
  
 
10.1 Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy any Federal, state, and local taxes,
domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. 
  

 9 

Table of Contents

 
10.2 Share Withholding. With respect to withholding required upon the exercise of Options or SARs, upon the lapse of restrictions on Restricted Stock or RSUs or upon any other taxable event arising as a result of
Awards granted hereunder, Participants shall, if requested by the Committee, satisfy the withholding requirement by having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to not more than the
minimum amount of tax required to be withheld with respect to the transaction. All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 
  
 
ARTICLE 11 - AMENDMENT AND TERMINATION 
  
 
11.1 Amendment of Plan. The Committee may at any time terminate or from time to time amend the Plan in its discretion in whole or in part, but no such action shall adversely affect any rights or obligations with
respect to any Awards previously granted under the Plan, unless the affected Participants consent in writing. To the extent required by the rules of NASDAQ or any exchange upon which the Company lists the Shares for trading or other applicable law,
rule or regulation, no amendment shall be effective unless approved by the stockholders of the Company at an annual or special meeting. 
  
 
11.2 Amendment of Award Agreement; Repricing. The Committee may, at any time in its discretion amend outstanding Agreements in a manner not inconsistent with the terms of the Plan; provided, however, if such
amendment is adverse to the Participant, as determined by the Committee, the amendment shall not be effective unless and until the Participant consents, in writing, to such amendment. To the extent not inconsistent with the terms of the Plan, the
Committee may, at any time in its discretion amend an outstanding Agreement in a manner that is not unfavorable to the Participant without the consent of such Participant. Notwithstanding the above provision, the Committee shall not have the
authority to decrease the Option Price of any outstanding Option, except in accordance with Section 4.2 or unless such an amendment is approved by the stockholders of the Company. 
  
 
11.3 Termination of Plan. No Awards shall be granted under the Plan after the tenth (10th) anniversary of the date the Board adopts the Plan. 
  
 
11.4 Assumption or Cancellation of Awards. In the event of a proposed sale of all or substantially all of the assets or stock of the Company, the merger of the Company with or into another corporation such that
stockholders of the Company immediately prior to the merger exchange their shares of stock in the Company for cash and/or shares of another entity or any other corporate transaction to which the Committee deems this provision applicable, each Award
shall be assumed or an equivalent Award shall be substituted by the successor corporation or a parent or subsidiary of such successor corporation (and adjusted as appropriate), unless such successor corporation does not agree to assume the Award or
to substitute an equivalent award, in which case the Committee may, in its sole discretion and in lieu of such assumption or substitution, provide for the Participant to have the right to exercise the Option or other Award as to all Shares,
including Shares as to which the Option or other Award would not otherwise be exercisable (or with respect to Restricted Stock or Restricted Stock Units, provide that all restrictions shall lapse) or provide for cancellation and for a cash payment
for such Award. If the Committee makes an Option or other Award fully exercisable in lieu of assumption or substitution in the event of a merger or sale of assets or stock or other corporate transaction, the Committee shall notify the Participant
that, subject to rescission if the merger, sale of assets or stock or other corporate transaction is not successfully completed within a certain period, the Option or other Award shall be fully exercisable for a period of fifteen (15) days from the
date of such notice (or such other period as provided by the Committee), and, to the extent not exercised, the Option or other Award will terminate upon the expiration of such period. 
  
 
ARTICLE 12 - MISCELLANEOUS PROVISIONS 
  
 
12.1 Restrictions on Shares. All certificates for Shares delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules,
regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Stock is 

  

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Table of Contents

 
then listed and any applicable federal or state laws, and the Committee may cause a legend or legends to be placed on any such certificates to make
appropriate reference to such restrictions. In making such determination, the Committee may rely upon an opinion of counsel for the Company or Committee. 
  
 Notwithstanding any other provision of the Plan, the Company shall have no liability to deliver any Shares under the Plan or make any other distribution
of the benefits under the Plan unless such delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act of 1933), and the applicable requirements of any securities exchange or
similar entity. 
  
 12.2 Successors. The terms of the Plan
shall be binding on the Company, and its successors and assigns (whether by purchase, merger, consolidation or otherwise). 
  
 
12.3 No Implied Rights. Nothing in the Plan or any Award granted under the Plan shall confer upon any Participant any right to continue in the service of the Company, or to serve as a Director thereof, or
interfere in any way with the right of the Company to terminate the Participant’s services for any reason at any time. No Participant shall have any claim to an Award until it is actually granted under the Plan. To the extent that any person
acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided by the Committee, be no greater than the right of an unsecured general creditor of the Company. 
  
 
12.4 Compliance with Laws. The Plan and the grant of Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any United States government or regulatory
agency as may be required. Any provision herein relating to compliance with Rule 16b-3 under the Act shall not be applicable with respect to participation in the Plan by Participants who are not Insiders. 
  
 
12.5 Tax Elections. Each Participant agrees to give the Committee prompt written notice of any election made by such Participant under Code Section 83(b) or any similar provision thereof. 
  
 
12.6  Legal Construction. 
  
 (a) Severability. If any provision of this Plan or an Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Agreement under any law
deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of
the Plan or the Agreement, it shall be stricken and the remainder of the Plan or the Agreement shall remain in full force and effect. 
  

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Table of Contents

 (b) Gender and Number. Where the context admits, words in any gender shall include
the other gender, words in the singular shall include the plural and words in the plural shall include the singular. 
  
 (c) Governing Law. To the extent not preempted by federal law, the Plan and all Agreements hereunder, shall be construed in
accordance with and governed by the laws of the State of Florida. 
  
  

 12Executive Annual Incentive Plan

 Exhibit 10.3 
  
 MPS GROUP, INC. 
 EXECUTIVE ANNUAL INCENTIVE PLAN 
  
 SECTION 1 
  
 Establishment and Purpose. MPS Group, Inc., a
Florida corporation (the “Company”), hereby establishes an incentive compensation plan, which shall be known as the MPS Group, Inc. Executive Annual Incentive Plan (the “Plan”). The purposes of the Plan are to further the growth
and financial success of the Company by offering performance incentives to designated executives who have significant responsibility for such success, to encourage management to focus on key corporate, business unit and individual performance
objectives, and to assist in the attraction and retention of qualified management talent through a competitive compensation package. All Awards granted under the Plan shall be governed solely by the terms of the Plan, the Award Notification, the
Plan Rules and applicable law. 
  
 SECTION 2

  
 Definitions. 
  
 “Affiliate” means a company or organization that directly, or indirectly through
one or more intermediaries, is controlled by the Company, whether through the ownership of voting securities, by contract or otherwise, and may be an unincorporated entity, division or operating unit of the Company or any its Affiliates. 

 
 “Award” means the cash incentive bonus granted to a Participant in accordance
with the provisions of the Plan. 
  
 “Award Notification” means the
written terms and conditions applicable to an Award granted to a Participant, substantially in the form attached as Appendix B. 
  
 “Award Opportunity” means the percentages, as set forth in the Award Notification, that are to determine the amount of the Participant’s Award. Award
Opportunity levels shall generally be dependent upon an individual’s position in the Company or an Affiliate and level of responsibility. 
  
 “Base Annual Salary” means the actual regular annual base salary paid to a Participant during the applicable Plan Year, excluding bonus, automobile allowance,
dues or other special awards (but as increased by the amount of any pre-tax deferrals or other pre-tax payments made by the Participant to the Company’s deferred compensation or welfare plans (whether qualified or non-qualified)). Base Annual
Salary shall not include income from stock options, restricted stock awards, fringe benefits, tax gross-ups or similar items. 
  
 “Board of Directors” or “Board” means the Board of Directors of the Company. 

 “Change in Control” means any of the following events: 
  
 (a) The acquisition by any “person,” as the term person is used for purposes of
Sections 13(d) or 14(d) of the Exchange Act, of legal or beneficial ownership of 35% or more of either (i) the then outstanding shares of common stock of the Company or (ii) the combined voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors; 
  
 (b)
Individuals who, as of the Effective Date constitute the Board of Directors cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof
whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Board of Directors shall be considered as though such individual were a member of the
Board of Directors as of the date hereof; 
  
 (c) Approval by the shareholders of
the Company of a reorganization, merger or consolidation, in each case unless the shareholders of the Company immediately before such reorganization, merger or consolidation own, directly or indirectly, immediately following such reorganization,
merger or consolidation at least a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such reorganization, merger or consolidation in substantially the same proportion as their ownership of
the voting securities immediately before such reorganization, merger or consolidation; or 
  
 (d) Approval by the shareholders of the Company of (i) a complete liquidation or dissolution of the Company, or (ii) the sale or other disposition of more than 50% of the assets of the Company within a twelve month
period. 
  
 “Chief Executive Officer” means the chief executive officer
of the Company, unless otherwise specified. 
  
 “Chief Financial
Officer” means the chief financial officer of the Company, unless otherwise specified. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Committee” means the Compensation Committee of the Board of Directors, or any subcommittee thereof, comprised of not less than the minimum number of persons from time to time required by Section 16(b) of
the Exchange Act or Code Section 162(m), or any other committee designated by the Board of Directors which is responsible for administering the Plan. 
  
 “Company” means MPS Group, Inc., a Florida corporation, and its successors. 
  
 “Effective Date” shall have the meaning ascribed to it in Section 7(a). 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

 2 

 “Financial Performance Criteria” means one or more criteria selected by the Committee to measure performance
for the year and which are listed on Appendix A attached hereto. 
  
 “Financial Performance Objective” means one or more Financial Performance Criteria that are applied to a Participant in determining the component of the Plan that relates to financial performance. 
  
 “Key Performance Objective” means an established individual goal applied to a
Participant in determining a component of the Plan that relates to other than financial performance. 
  
 “Maximum Award” means the maximum percentage of Base Annual Salary which may be paid to a Participant as an Award based upon the performance during the Plan Year. 
  
 “Named Executive Officer” means a Participant who for a particular Plan Year is one
of the group of “covered employees” under Code Section 162(m) and the regulations thereunder. 
  
 “Participant” means an employee of the Company or an Affiliate who is designated by the Committee in its sole discretion to participate in the Plan. 
  
 “Performance Level” means one or more related levels of Financial Performance
Objectives and Key Performance Objectives as established by the Committee. Each Performance Level may be expressed on an absolute and/or relative basis; or may be based on or otherwise employ comparisons based on internal targets, the past
performance of the Company and/or the past or current performance of other companies; and in the case of earnings-based measures, may consist of or utilize comparisons related to capital, shareholders’ equity and/or shares outstanding, or to
assets or net assets. 
  
 “Plan Rules” has the meaning ascribed to it by
Section 3(a). 
  
 “Plan Year” means the twelve month period which is the
same as the Company’s fiscal year. The initial Plan Year shall be January 1, 2004 through December 31, 2004. 
  
 “Target Award” means the percentage of Base Annual Salary which will be paid to a Participant as an Award if the Performance Level applicable to the Participant
for the Plan Year is achieved, as reflected in the Plan Rules for such Plan Year. 
  
 “Threshold Award” means the percentage of Base Annual Salary which may be paid to a Participant as an Award based on the minimum acceptable performance during the Plan Year. 
  
 SECTION 3 
  
 Administration. 
  

	(a)	The Plan will be administered by the Committee, subject to its right to delegate responsibility for administration of the Plan as set forth herein. Subject to the terms of the Plan
and applicable law, the Committee will have authority to establish: (i) the employees who are to become Participants in the Plan; (ii) the 

  

 3 

 Target Award, Maximum Award and Threshold Award that can be granted to each Participant and the method
for determining such award which the Committee may amend from time to time; (iii) the applicable Financial Performance Objectives and Key Performance Objectives for each Participant, which Financial Performance Objectives will include one or more of
the Financial Performance Criteria listed on Appendix A attached hereto, as determined by the Committee each year; (iv) the time or times and the conditions subject to which any Award may become payable; and (v) the form of payment of an Award
(collectively, the matters referred to in (i) – (v) above are “Plan Rules”) . 
  

	(b)	The Plan Rules will be adopted by the Committee prior to, or as soon as practical after, the commencement of each Plan Year, provided that with respect to Named Executive Officers
such Plan Rules will be adopted within the time provided in the regulations under Code Section 162(m) if compliance therewith is necessary or desirable in the Committee’s determination. Subject to the provisions of the Plan and the
Committee’s right to delegate its responsibilities, the Committee will also have the discretionary authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, and to make all other determinations
deemed necessary or advisable in administering the Plan. The determinations of the Committee on the matters referred to in paragraphs (a)(i) through (iv) of this Section 3 with respect to Named Executive Officers (and such other Participants as the
Committee may determine) may be submitted at least annually to the Board of Directors for its consideration and ratification, provided that with respect to the Chief Executive Officer the Committee shall establish the Award level and performance
targets. For Participants who are not Named Executive Officers, or for Named Executive Officers for which the Committee may determine that compliance with Code Section 162(m) is not necessary or warranted in any Plan Year, the Committee may in its
discretion establish Financial Performance Criteria or other performance measures not listed on Appendix A without obtaining shareholder approval. 

  

SECTION 4 
  
 Eligibility. The Committee will designate by name or position the Participants for each Plan Year, which designation may be based upon the recommendations of the Chief Executive Officer and other designees. Any
employee who is a Participant in one Plan Year may be excluded from participation in any other Plan Year. If, during the Plan Year, a Participant, other than a Named Executive Officer for which compliance with Code Section 162(m) is warranted or
desirable in the Committee’s determination, changes employment positions to a new position that corresponds to a different Award level, the Committee may, in its discretion, adjust the Participant’s Award level for such Plan Year. The
Committee may, in its discretion, designate employees who are hired after the beginning of the Plan Year as Participants for such Plan Year and as eligible to receive a full or partial Award for such year. 
  
 SECTION 5 
  
 Awards. 
  

	(a)	Each Participant shall receive an annual Award Notification that shall address the terms and conditions of his/her annual Award Opportunity. The Award Notification shall address the
weighting between the Financial Performance Objectives and any Key Performance 

  

 4 

 Objectives; the Performance Levels for each objective; and such other terms and conditions applicable to
the Award, as determined by the Committee, not inconsistent with the terms of the Plan. 
  

	(b)	At the end of each Plan Year, the finance department of the Company will determine the actual financial performance for the Plan Year. The Chief Executive Officer will review any
individual Key Performance Objectives for other Participants to determine the achievement of those Performance Levels. Once the Performance Levels have been determined, the Chief Financial Officer or its designee will calculate the actual Award
payment. 

  

	(c)	At the end of each Plan Year, the Committee shall certify the extent to which the Financial Performance Objectives and Key Performance Objectives have been achieved for such Plan
Year based upon information provided by the Company and such other information related to the Participant as the Committee deems necessary. Subject to the right to decrease an Award as described in the next paragraph, the Participant’s Award
shall be computed by the Committee based upon the achievement of the established Financial Performance Objectives and/or Key Performance Objectives, the Plan Rules, measurement criteria and the requirements of the Plan. In addition to any
adjustments which the Committee may provide for in the Award or the Plan Rules, the Committee may, in determining whether Financial Performance Objectives and Key Performance Objectives have been met, adjust the Company’s or Affiliate’s
financial results to exclude the effect of unusual charges or income items, changes in accounting rules or other events (such as acquisitions, divestitures and equity and similar restructurings, force reductions or similar corporate restructurings,
asset impairments), ((including impairments of goodwill and other intangible assets)), which in the Committee’s judgment distort the comparison of results from one year to another (either on a segment or consolidated basis). The Committee may
also make adjustments to eliminate the effects of changes in tax law, rules and regulations. With respect to Named Executive Officers, the Committee shall consider the provisions of Section 162(m) of the Code in making adjustments for awards
intended to comply with Section 162(m) of the Code. 

  

	(d)	The Committee may, in its discretion, decrease the amount of a Participant’s Award for a Plan Year based upon such factors as it may determine, including the failure of the
Company or Affiliate to meet certain performance goals or of a Participant to meet his or her Key Performance Objectives. The factors to be used in reducing an Award shall be established at the beginning of a Plan Year and may vary among
Participants. 

  

	(e)	In the event that the Company’s or Affiliate’s performance is below the performance standards for the Plan Year and the Awards are reduced or cancelled, the Committee may
in its discretion grant Awards (or increase the otherwise earned Awards) under the Plan to deserving Participants, except that any adjustments for Participants who are Named Executive Officers shall be made in a manner consistent with the next
paragraph. 

  

	(f)	The Plan Rules and Awards under the Plan shall be administered in a manner to qualify payments under the Plan to Named Executive Officers for the performance-based exception under
Code Section 162(m) and the regulations thereunder, except where the Committee or the Board of Directors determines such compliance is not desirable or required. The maximum Award that may be paid to an individual Participant for a Plan Year shall
be $3 million. 

  

 5 

	(g)	No Participant will have any vested right to receive payment of any Award until such date as the Committee has made its determination with respect to the payment of such
Participant’s Award; provided, that where the Committee determines that Board ratification of its determination is necessary or desirable, then no right to payment of any Award to such Participant is vested until the Board has so ratified the
Committee’s determination. Except as provided herein or stated otherwise in a Participant’s employment agreement, severance agreement or other arrangement, no Award will be paid to any Participant who is not an active employee of the
Company or an Affiliate at the end of the Plan Year to which the Award relates; provided, that, at the discretion of the Committee or its designee, partial Awards may be authorized by the Committee to be paid to Participants (or their beneficiaries)
who are terminated without cause (as determined by the Committee or its designee) or who retire, die or become permanently and totally disabled during the Plan Year. Neither the Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other person. To the extent that any Participant or person acquires a right to receive payments from the Company or an Affiliate
pursuant to an Award, such right shall entail no interest in any specific asset of the Company or Affiliate and shall be no greater than the right of any employee of the Company or Affiliate generally. 

  

	(h)	Payment of the Awards will be made as soon as practicable after their determination (but in no event later than March 15th of the year following the Plan Year for which the Award is
earned), subject to a Participant’s right to defer payment pursuant to any applicable deferred compensation plans or arrangements of the Company. Payment will generally be made in a lump sum in cash, unless the Committee otherwise determines at
the beginning of the Plan Year. 

  
 SECTION 6 
  
 General. 
  

	(a)	Notwithstanding the responsibilities of the Committee set forth herein, the Committee may delegate to the Chief Executive Officer or others all or any portion of its responsibility
for administration of the Plan. Such delegation may include, without limitation, the authority to designate employees who can participate in the Plan, to establish Plan Rules, to interpret the Plan, to determine the extent to which performance
criteria have been achieved, and to adjust any Awards that are payable. In the case of each such delegation, the administrative actions of the delegate shall be subject to the approval of the person within the Company to whom the delegate reports
(or, in the case of a delegation to the Chief Executive Officer, to the approval of the Committee to the extent a Named Executive Officer is involved). 

  

	(b)	Upon the occurrence of a Change in Control, unless the Participant otherwise elects in writing, the Participant’s Award for the Plan Year shall be awarded at the greater of the
Target Award level, or the actual level of achievement of the Financial Performance Objective(s), Key Performance Objectives or Performance Levels for such Plan Year to the date of the Change in 

  

 6 

 Control (determined by projecting the achievement level to the date of the Change in Control as
performance for the full Plan Year), without any reductions under this Plan, and shall be deemed to have been fully earned for the Plan Year, provided that the Participant shall only be entitled to payment of a pro rata portion of the Award based
upon the number of days within the Plan Year that had elapsed as of the effective date of the Change in Control. Notwithstanding the foregoing sentence or anything stated herein elsewhere, nothing in this Plan is intended or should be construed to
alter, limit or diverge from the terms of any employment agreement or severance agreement between a Participant and the Company or any Affiliate where such employment agreement or severance agreement provides for a greater payment on account of an
Award in the event of a change in control (as defined in such employment or severance agreement), and the terms of any employment agreement or severance agreement between a Participant and the Company or any Affiliate that provide for a greater
payment of an Award to a Participant in the event of a change in control (as defined in such employment or severance agreement) shall prevail and/or control over the terms in this Plan, and the Participant shall be due the benefit of the greater
payment of an Award provided for pursuant to the terms of such employment agreement or severance agreement with the Company or an Affiliate, provided that nothing stated herein is intended to duplicate payment to a Participant on account of any
Award. The Award amount shall be paid in cash within thirty (30) days after the effective date of the Change in Control. 
  

	(c)	Except as provided below, no Award shall be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant, except by will or the laws of
descent and distribution. 

  

	(d)	The Committee may provide for each Participant to designate a person or persons to receive, in the event of death, any Award to which the Participant would then be entitled under
this Plan. Such designation will be made in the manner determined by the Committee and may be revoked by the Participant in writing. If the Committee does not provide for such designation, or if a Participant fails effectively to designate a
beneficiary, then the estate of the Participant will be deemed to be the beneficiary. 

  

	(e)	The Company shall deduct from each Award the amount of any taxes required to be withheld by any governmental authority, or the Participant may make other arrangements that the
Committee may accept at the Committee’s discretion to satisfy such tax obligations. 

  

	(f)	Subject to employment agreement or applicable law, no person shall have any claim to be named as a Participant, and there is no obligation for uniformity of treatment of employees,
Participants or holders or beneficiaries of Awards. The terms and conditions of Awards need not be the same with respect to each Participant. 

  

	(g)	Nothing in the Plan or in any Award shall confer (or be deemed to confer) upon any Participant any rights to continued employment, or interfere with or restrict in any way the
rights of the Company or an Affiliate to suspend, alter or terminate the employment of any Participant at any time for any reason whatsoever, with or without cause. 

  

	(h)	Unless otherwise expressly provided in the Plan or binding employment or severance agreements, all designations, determinations, interpretations and other decisions, under or with

  

 7 

 respect to the Plan or any Award, shall be within the discretion of the Committee, may be made at any
time, and shall be final, conclusive and binding upon all persons, including the Company and any Affiliate, any Participant and any holder or beneficiary of any Award. The Committee shall have full power and authority to determine whether, and to
what extent, any Award shall be canceled or suspended if the Participant (a) without the consent of the Committee, while employed by the Company or an Affiliate, or after termination of such employment but while payment of an Award otherwise still
remains due, becomes associated with, employed by, renders services to, or owns any interest in, other than any non-substantial interest, as determined by the Committee, any business that is in competition with the Company or such Affiliate, or (b)
is terminated for cause as determined by the Committee. 
  

	(i)	No member of the Board or Committee, or designee, shall be personally liable for any action taken or determination made with respect to the Plan or any Award or payment granted or
not granted hereunder. 

  

	(j)	All obligations of the Company under the Plan with respect to Plan Rules issued and Awards granted hereunder shall be binding upon any assignee or successor to the Company, whether
such assignee or successor is the result of an acquisition of stock or assets of the Company, a merger, consolidation or otherwise. 

  

	(k)	The Plan shall be interpreted and construed under the laws of the State of Florida without giving effect to conflict of law principles. 

  
 SECTION 7 
  
 Term of the Plan. 
  
 (a) The Plan shall be effective as of January 1, 2004 (the “Effective Date”). 
  
 (b) The Committee (subject to the ratification rights of the Board of Directors) or the Board may suspend or terminate the Plan at any time,
or amend the Plan in any respect, provided that no such action will, without the consent of an affected Participant, adversely affect the Participant’s rights under an existing Award. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 8 

 APPENDIX A 
  
 to 
  
 MPS GROUP, INC. 
  
 EXECUTIVE ANNUAL INCENTIVE PLAN 
  
 For purposes of the Plan, Financial
Performance Criteria shall be one or more of the following Company, Affiliate, operating unit or division financial performance measures: 
  

	(i)	“EBITDA” which means earnings before interest, taxes, depreciation and/or amortization 

  

	(ii)	“EBIT” which means earnings before interest and taxes 

  

	(iii)	Earnings, consolidated pre-tax earnings, net earnings, earnings per share 

  

	(iv)	Operating income 

  

	(v)	Gross margin, gross margin growth 

  

	(vi)	Revenues, revenue growth, revenue per employee 

  

	(vii)	Market value added, economic value added 

  

	(viii)	Budget goals 

  

	(ix)	Cost goals 

  

	(x)	Return on equity, assets, net assets, capital employed, incremental equity or investment 

  

	(xi)	Total shareholder return 

  

	(xii)	Profit, economic profit, capitalized economic profit, after tax profit, pre-tax profit 

  

	(xiii)	Cash flow measures, cash flow return 

  

	(xiv)	Sales, sales volume 

  

	(xv)	Stock price 

  

	(xvi)	Business expansion goals 

  

	(xvii)	Goals relating to acquisitions or divestitures. 

 Notwithstanding the foregoing: (a) the Committee may provide in an Award Notification that, for purposes of measuring
attainment of the foregoing Financial Performance Criteria, results may exclude or discount amounts attributable to earnings of Affiliates acquired after the Effective Date and during the Plan Year; and (b) in the event any newly established branch
operation commences business after the Effective Date, the financial performance of such branch operation shall not be included in the calculation of any earnings measure during the first nine months of such operations, unless such branch operation
has positive earnings within the nine month period and then only for the period in which such is positive. 
  

 10 

 APPENDIX B 
  
 to 
  
 MPS GROUP, INC. 
  
 EXECUTIVE ANNUAL INCENTIVE PLAN 
  
 FORM OF AWARD
NOTIFICATION 
  
 AWARD NOTIFICATION 
 EXECUTIVE ANNUAL INCENTIVE PLAN 
 [200X] 
  

			
	Name:  [Name]	 	 
		
	Position:  [Title]	 	 

  
 This document serves as notification
of your base salary and performance goals effective January 1, 200X. 
  
 Base
Annual Salary: $[            .00] 
  
 Annual Incentive Award Opportunity: 
  
 Threshold
Award – XX% 
 Target Award – XX% 
 Maximum Award –
XXX% 
  
 Performance Objectives; Weightings 
  
  
  
 Performance Level 
  
 Threshold Performance – XX% 
 Target Performance – XX% 
 Maximum Performance – XXX%

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