Document:

Exhibit 10.2

 

RESTRICTED STOCK AWARD (#)     

 

JOE’S JEANS, INC.

AMENDED AND RESTATED

2004 STOCK INCENTIVE PLAN

RESTRICTED STOCK AWARD CERTIFICATE

 

THIS RESTRICTED STOCK AWARD CERTIFICATE (THIS “CERTIFICATE”), is to certify that Joe’s Jeans, Inc., a Delaware corporation (the “Company”), has offered you (“Grantee”) the right to receive Common Stock (the “Stock” or “Shares”) of the Company under its Amended and Restated 2004 Stock Incentive Plan (the “Plan”), as follows:

 

Name of Grantee:

Address of Grantee:

 

 

Number of Shares:

Grant Date:

Vesting

Commencement Date:

 

Vesting Schedule:

 

	
Anniversary of the
   Grant Date
    	
 
    	
Percentage of the
   Award Vested
    	
 
    
	
1 year
    	
 
    	
33.33
    	
%
    
	
2 years
    	
 
    	
66.66
    	
%
    
	
3 years
    	
 
    	
100.00
    	
%
    

 

By your signature and the signature of the Company’s representative below, you and the Company agree to be bound by all of the terms and conditions of the Restricted Stock Award Agreement, which is attached hereto as Annex I, and the Plan (both incorporated herein by this reference as if set forth in full in this document). By executing this Certificate, you hereby irrevocably elect to accept the Restricted Stock Award rights granted pursuant to this Certificate and the related Restricted Stock Award Agreement and to receive the shares of Restricted Stock of Joe’s Jeans, Inc. designated above subject to the terms of the Plan, this Certificate and the Award Agreement.

 

	
GRANTEE:
    	
 
    	
 
    	
JOE’S   JEANS, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
[                                          ]
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
 
    	
Dated:
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

ANNEX I

 

JOE’S JEANS, INC.

AMENDED AND RESTATED

2004 STOCK INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

 

This Restricted Stock Award Agreement (this “Agreement”), is made and entered into on the Grant Date of the Restricted Stock Award Certificate to which it is attached (the “Certificate”), by and between Joe’s Jeans, Inc., a Delaware corporation (the “Company”), and the employee (“Grantee”) named in the Certificate.

 

Pursuant to the Joe’s Jeans, Inc. Amended and Restated 2004 Stock Incentive Plan (the “Plan”), the Committee has authorized the grant to Grantee of the right to receive shares of the Company’s Common Stock (the “Award”), upon the terms and subject to the conditions set forth in this Agreement and in the Plan. Except as otherwise provided herein, or unless the context clearly indicates otherwise, capitalized terms not otherwise defined herein shall have the same definitions as provided in the Plan.

 

NOW, THEREFORE, in consideration of the premises and the benefits to be derived from the mutual observance of the covenants and promises contained herein and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.                                       Basis for Award. This Award is made pursuant to the Plan for valid consideration provided to the Company by Grantee. By your execution of the Certificate, you agree to accept the Restricted Stock Award rights granted pursuant to the Certificate and this Agreement and to receive the shares of Restricted Stock of Joe’s Jeans, Inc. designated in the Certificate subject to the terms of the Plan, the Certificate and this Agreement.

 

2.                                       Restricted Stock Award. The Company hereby awards and grants to Grantee the number of shares of Common Stock of the Company set forth in the Certificate, which shall be subject to the restrictions and conditions set forth in the Plan, the Certificate and in this Agreement (the “Restricted Stock”). One or more stock certificates representing the number of Shares specified in the Certificate shall hereby be registered in Grantee’s name (the “Stock Certificate”), but shall be deposited and held in the custody of the Company for Grantee’s account as provided in Section 8 hereof until such Restricted Stock becomes vested.

 

3.                                       Vesting and Termination of Continuous Service. The Restricted Stock shall vest and restrictions on transfer shall lapse subject to the Vesting Schedule set forth in the Certificate; provided, that, Grantee is in Continuous Service on each applicable vesting date.  Upon the occurrence of a Change in Control, the Restricted Stock shall become 100% vested on such event and the restrictions on transfer shall lapse.  The shares of Restricted Stock which have not vested in accordance with the Certificate (the “Unvested Shares”) shall become vested and the restrictions on transfer shall lapse upon the earliest to occur of Grantee’s death, Disability, or termination of Continuous Service by the Company without Just Cause (as defined below).  Upon termination of Grantee’s Continuous Service for any other reason (including, without

 

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limitation, termination by the Company for Just Cause or by Grantee for any reason) prior to the date that Grantee becomes 100% vested in the Award, the Unvested Shares shall be forfeited immediately and Grantee shall have no right with respect to the Unvested Shares.  Prior to vesting, all Unvested Shares shall be subject to the restrictions set forth in this Agreement.  For purposes of this Agreement and notwithstanding any other provision of the Plan to the contrary, “Just  Cause” means (a) Grantee’s conviction for, or a plea of guilty or nolo contendere to, a felony or any other crime which involves fraud, dishonesty or moral turpitude, or (b) a material breach by Grantee of any written Company employment policies or rules, including the Company’s code of ethics.

 

4.                                       Compliance with Laws and Regulations. The issuance, transfer, vesting, and ownership of Common Stock shall be subject to compliance by the Company and Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or transfer.  Grantee agrees to cooperate with the Company to ensure compliance with such laws and requirements.  Prior to issuance or transfer of Common Stock, the Company may require Grantee to execute and deliver a letter of investment intent in such form and containing such provisions as requested by the Committee.

 

5.                                       Tax Withholding.

 

(a)                                  Grantee agrees that, no later than the first to occur of (i) the date as of which the restrictions on the Restricted Stock shall lapse with respect to all or any of the Restricted Stock covered by this Agreement or (ii) the date required by Section 5(b) below, Grantee shall pay to the Company (in cash or by bank check) any federal, state, or local taxes of any kind required by law to be withheld, if any, with respect to the Restricted Stock for which restrictions shall lapse; provided, however, the Grantee may elect to satisfy this withholding obligation by delivering to the Company shares of Common Stock (including shares released from restriction) with a Fair Market Value equal to the minimum amount of tax required by law to be withheld; provided, further, that any such delivery of shares of Common Stock in order to satisfy the withholding obligation shall not result in adverse accounting consequences to the Company.  Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by Grantee.  The Company shall, to the extent permitted by law, also have the right to deduct from any payment of any kind otherwise due to Grantee any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock.

 

(b)                                 Grantee may elect, within thirty (30) days of the Grant Date, to include in gross income for federal income tax purposes an amount equal to the Fair Market Value of the Restricted Stock less the amount, if any, paid by Grantee (other than by prior services) for the Restricted Stock granted hereunder pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended. In connection with any such Section 83(b) election, Grantee shall pay to the Company, or make such other arrangements satisfactory to the Committee to pay to the Company based on the Fair Market Value of the Restricted Stock on the Grant Date, any federal, state or local taxes required by law to be withheld with respect to such Shares at the time of such election. If Grantee fails to make such payments, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to Grantee any federal, state or local taxes required by law to be withheld with respect to such Shares.

 

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6.                                       No Right to Continued Service. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company to terminate Grantee’s service at any time and for any reason.

 

7.                                       Representations and Warranties of Grantee. Grantee represents and warrants to the Company that:

 

(a)                                  Agrees to Terms of the Plan and the Agreement. Grantee has received a copy of the Plan, the Certificate, and the Agreement and has read and understands the terms thereof.  Grantee acknowledges that there may be adverse tax consequences upon the vesting of Restricted Stock or disposition of the shares of Common Stock once vested, and that Grantee should consult a tax advisor prior to such time.

 

(b)                                 Stock Ownership. Grantee is the record and beneficial owner of the shares of Restricted Stock with full right and power to vote and receive dividends on such shares; provided, that, Grantee understands that the stock certificates evidencing the Restricted Stock will bear a legend referencing this Agreement.  Any dividends which are paid in cash shall be distributed to Grantee as soon as practicable.  If any dividends are paid in Common Stock during an applicable period of restriction, Grantee shall receive such shares subject to the same restrictions as the Restricted Stock with respect to which they were issued.

 

8.                                       Restrictions on Unvested Shares.

 

(a)                                  Deposit of the Unvested Shares. Grantee shall deposit all of the Unvested Shares with the Company to hold until the Unvested Shares become vested, at which time such vested shares shall no longer constitute Unvested Shares.  Grantee shall execute and deliver to the Company, concurrently with the execution of this Agreement, blank stock powers for use in connection with the transfer to the Company or its designee of Unvested Shares.  The Company will deliver to Grantee the Stock certificate for the shares of Common Stock that become vested upon vesting of such shares.

 

(b)                                 Restriction on Transfer of Unvested Shares. Grantee shall not sell, transfer, assign, grant a lien or security interest in, pledge, hypothecate as collateral for a loan or as security for the performance of any obligation or for any other purpose, encumber or otherwise dispose of any of the Unvested Shares, except as permitted by this Agreement.

 

9.                                       Adjustments. This Award is subject to the adjustment provisions set forth in the Plan.

 

10.                                 Restrictive Legends and Stop-Transfer Orders.

 

(a)                                  Legends. Grantee understands and agrees that the Company will place the legends set forth below or similar legends on any stock certificate(s) evidencing the Common Stock, together with any other legends that may be required by state or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between Grantee and the Company or any agreement between Grantee and any third party:

 

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THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, AS SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

(b)                                 Stop-Transfer Instructions. Grantee agrees that, to ensure compliance with the restrictions imposed by this Agreement, 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.

 

(c)                                  Refusal to Transfer. The Company will not be required (i) to transfer on its books any shares of Common Stock 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 have been so transferred.

 

11.                                 Modification. Except as specifically provided in the Plan, the Agreement may not be modified except in writing signed by both parties.

 

12.                                 Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by Grantee or the Company to the Committee for review.  The resolution of such a dispute by the Committee shall be final and binding on the Company and Grantee.

 

13.                                 Entire Agreement. The terms and provisions of the Plan are incorporated herein by reference.  In the event of a conflict or inconsistency between the terms and provisions of the Plan, the Certificate, and this Agreement, the Plan shall govern and control.  This Agreement, the Certificate and the Plan constitute the entire agreement of the parties and supersede all prior undertakings and agreements with respect to the subject matter hereof.

 

14.                                 Notices. Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Grantee shall be in writing and addressed to Grantee at the address indicated on the signature page hereof or to such other address as such party may designate in writing from time to time to the Company.  All notices shall be deemed to have been given or delivered upon: (a) personal delivery; (b) five (5) days after deposit in the United States mail by certified or registered mail (return receipt requested); (c) two (2) business days after deposit with any return receipt express courier (prepaid); or (d) one (1) business day after transmission by facsimile.

 

15.                                 Successors and Assigns. The Company may assign any of its rights under this Agreement.  This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon Grantee and Grantee’s heirs, executors, administrators, legal representatives, successors and assigns.

 

16.                                 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to its conflict of law principles.  If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.

 

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EXHIBIT A

 

JOE’S JEANS, INC. AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN

 

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EXHIBIT B

 

STOCK POWER

 

(To be left blank except for signature)

 

For value received, the undersigned does hereby sell, assign and transfer unto Joe’s Jeans, Inc.        shares of Common Stock of Joe’s Jeans, Inc. represented by

 

(#)

 

certificate number

 

standing in the name of the undersigned.

 

The undersigned does hereby irrevocably constitute and appoint

 

 

attorney to transfer the foregoing on the books of the within named company, with full power of substitution in the premises.

 

This stock power may only be used in accordance with the Restricted Stock Award Agreement by and between Joe’s Jeans, Inc. and the undersigned dated as of [                                      ], and any amendments thereto.

 

 

	
Dated:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
 
    	
 
    

 

Signature must correspond EXACTLY to the name shown in the certificate.

 

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EXHIBIT C

 

Section 83(b) Election Form

 

Attached is an Internal Revenue Code Section 83(b) Election Form.  IF YOU WISH TO MAKE A SECTION 83(B) ELECTION, YOU MUST DO SO WITHIN 30 DAYS AFTER THE GRANT DATE.  In order to make the election, you must completely fill out the attached form and file one copy with the Internal Revenue Service office where you file your tax return.  In addition, one copy of the statement also must be submitted with your income tax return for the taxable year in which you make this election.  Finally, you also must submit a copy of the election form to the Company within ten (10) days after filing that election with the Internal Revenue Service.  A Section 83(b) election normally cannot be revoked.

 

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JOE’S JEANS, INC.

AMENDED AND RESTATED

2004 STOCK INCENTIVE PLAN

 

Election to Include Value of Restricted Stock in Gross Income

in Year of Transfer Under Internal Revenue Code Section 83(b)

 

Pursuant to Section 83(b) of the Internal Revenue Code, I hereby elect within 30 days after receiving the property described herein to be taxed immediately on its value specified in item 5 below.

 

1.                                       My General Information:

 

Name:

Address:

 

S.S.N.

or T.I.N.:

 

2.                                       Description of the property with respect to which I am making this election:

 

shares of Restricted Stock of Joe’s Jeans, Inc.

 

3.                                       The shares of Restricted Stock were transferred to me on                                  , 201  .  This election relates to the 201   calendar taxable year.

 

4.                                       The shares of Restricted Stock are subject to the following restrictions:

 

The shares of Restricted Stock are forfeitable until they are vested in accordance with Section 8 of the Joe’s Jeans, Inc. Amended and Restated 2004 Stock Incentive Plan (the “Plan”) and the Restricted Stock Award Agreement (the “Award Agreement”) entered into between me and Joe’s Jeans, Inc. on                                , 201  .  The shares of Restricted Stock are not transferable until my interest becomes vested and nonforfeitable, pursuant to the Award Agreement and the Plan.

 

5.                                       Fair market value:

 

The fair market value at the time of transfer (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the shares of Restricted Stock with respect to which I am making this election is $           per share.

 

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6.                                       Amount paid for Restricted Stock:

 

The amount I paid for the Restricted Stock is $         per share.

 

7.                                       Furnishing statement to employer:

 

A copy of this statement has been furnished to my employer, Joe’s Jeans, Inc.  If the transferor of the Restricted Stock is not my employer, that entity also has been furnished with a copy of this statement.

 

8.                                       Award Agreement or Plan not affected:

 

Nothing contained herein shall be held to change any of the terms or conditions of the Award Agreement or the Plan.

 

Dated:                              , 201  .

 

9RAX Ex-10.35_12.31.11

        

January 27, 2012
          

Karl Pichler
Rackspace Ltd.
      

Dear Karl,

Following our recent discussions, I am pleased to confirm the terms of your employment with  Rackspace US, Inc (the Company). Your employment with Rackspace  Ltd. will cease with effect from the date of commencement of your employment with the Company. You will be employed by the Company initially in the position of Chief Financial Officer with an effective start date of January 9, 2012, reporting regionally to the CEO of the Company. 

The details of our agreement are as follows:
1.    Work Location
Your primary work location will be at 5000 Walzem Rd., San Antonio, TX 78218, USA or such other place as directed by the Company. 
 2.    Remuneration
Your pay will be based on a US salary of $350,000 per annum.  This will be paid biweekly at a rate of $13,462.00.  In addition to your annual pay, you will have an opportunity to earn up to 60% (although not capped) of your salary pursuant to the terms of the Semi-Annual Rackspace Profit Sharing Plan.
3.    Holiday / Earned Time off
You will be entitled to paid holidays in accordance with the Company policy. You will not be entitled to any UK statutory holidays.   
In addition, based on your current tenure with Rackspace, you will be entitled to four weeks of Earned Time Off (ETO) per year, with accruals and carry-overs subject to the terms of the Company's ETO policy set forth in the US Employee Guide.   
4.    Visa
The Company will assist you and your family in obtaining any necessary permits or visas. The Company will reimburse all reasonable costs of obtaining such documents.  The Company will also meet the cost of obtaining residence visas for your dependents. We will assist with all matters related to your immigration status, but ultimate authority lies with the USCIS.  
Once your work authorization documents are complete, you and your spouse will need to apply for a social security number with the US Social Security Administration. We will provide you with instruction on how to apply for this number.

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5.    Relocation 
        
Once you return this signed letter, you will receive a point of contact at our relocation assistance vendor. They will assist you with the logistics of each portion of your relocation from the UK to the US.
    
The company will arrange for the packing and shipping of your personal effects to the US from London within the guidelines and limits specified in our relocation policy. The Global Mobility Coordinator will take charge of transporting your personal possessions by air or sea.

Air: One “LDN” container 
Surface/Sea Shipment:  One 40ft Container up to 12,000 lbs.

We will not pay to ship goods of an unusual nature or which require special handling.  In addition, you will not be reimbursed for the expense of moving, insuring or duties associated with the following items:

		
	•
	Animals     

		
	•
	Perishable items

		
	•
	Wine and alcohol collections

		
	•
	Automobiles, motorcycles, recreational motor vehicles, boats

		
	•
	Pool tables and pianos

		
	•
	Aerosol packed items, paint or other combustible, flammable or dangerous materials

		
	•
	Currency, securities, coin, stamp or other collections, legal documents and similar items

		
	•
	Objects physically attached to property including TV antennas.

		
	•
	Firearms and ammunition

		
	•
	Items legally prohibited by host country.

You will be provided a one-time lump sum net payment of $30,000 USD  to assist with all other out of pocket expenses that may be associated with your move. This $30,000 USD amount is the net amount to you after required US tax and payroll deductions; the gross lump sum payment to you is $43,258.84 USD, which is included in your W-2 income. This payment is not tax equalized.

		
	6.
	Air Fare 

We will provide you and your dependents with air fare to the US in accordance with the Company's travel policy. 

Excess baggage charges are not paid by the Company, but may be covered by you with the lump sum payment referred to in section 5 above.

		
	7. 
	Tax Equalization Related to Certain Relocation Costs

If any portion of the (i) relocation costs of the vendor or (ii) airfare for you and your family is considered taxable wages, then the Company will provide tax protection.

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8.    Benefits; Medical coverage

You will be eligible for  private medical insurance arrangements in place in the US. The scheme also allows you to cover your family members at a reduced rate. Upon arrival in the US, you will become eligible for benefits on your first day of employment. Other benefits available in the US will be reviewed with you as part of your US on-boarding process with the HR team. 

Cindy Stein is available to answer any questions you might have about the relocation. Karla Fulton will review the on-boarding US paperwork (such as the required U.S. Confidentiality and Intellectual Property Agreement and other US forms) as well as the U.S. benefits package, standard company policies, and employee handbook.   

Please sign below to affirm that you have received and agreed to these terms. Upon receipt of your signed letter agreement, you will be contacted by Relocation Synergy Group  to begin preparations for your international move. If you have any questions at all, please let me know. We are excited to have you join us here in San Antonio! 

/s/ Henry Sauer_________________________        
Henry Sauer                        
Interim VP, Human Resources

I hereby acknowledge that I understand and accept the terms and conditions outlined in this document.  

Accepted: 

/s/ Karl Pichler__________            ______February 2, 2012__________
Karl Pichler                        Date

Copy to: Cindy Stein
 Karla Fulton
 Pancho Davis
 William Alberts
 Relocation Synergy Group

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