Document:

Exhibit 10.1

 

ACI WORLDWIDE, INC.

 

Nonqualified
Stock Option Agreement - Employee

 

2005
Equity and Performance Incentive Plan

(Amended
by the Stockholders July 24, 2007)

 

This Stock Option
Agreement (the “Option Agreement”) is made as of                         ,
by and between ACI Worldwide, Inc., a Delaware corporation (the “Corporation”),
and [                                    ],
an employee of the Corporation or its Subsidiaries (the “Optionee”).

 

WHEREAS, the Board of
Directors of the Corporation has duly adopted, and the stockholders of the
Corporation have approved, the 2005 Equity and Performance Plan, as amended
(the “Plan”), which Plan authorizes the Corporation to grant to eligible
individuals options for the purchase of shares of the Corporation’s Common
Stock (the “Stock”); and

 

WHEREAS, the Board of
Directors of the Corporation has determined that it is desirable and in the
best interests of the Corporation and its stockholders to grant the Optionee an
option to purchase a certain number of shares of Stock, in order to provide the
Optionee with an incentive to advance the interests of the Corporation, all
according to the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants contained herein, the
parties hereto do hereby agree as follows:

 

1.                            GRANT
OF NON-QUALIFIED STOCK OPTION

 

Subject to the
terms of the Plan, the Corporation hereby grants to the Optionee the right and
option (the “Option”) to purchase from the Corporation, on the terms and
subject to the conditions set forth in this Option Agreement, [                    ] shares of Stock (the “Option Shares”).  The Date of Grant of this Option is                             .  This Option shall not constitute an incentive stock option within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”).

 

2.                            TERMS
OF PLAN

 

The Option granted
pursuant to this Option Agreement is granted subject to the terms and
conditions set forth in the Plan, a copy of which has been delivered to the
Optionee.  All terms and conditions of
the Plan, as may be amended from time to time, are hereby incorporated into
this Option Agreement by reference and shall be deemed to be a part of this Option
Agreement, without regard to whether such terms and conditions (including, for
example, provisions relating to certain changes in capitalization of the
Corporation) are otherwise set forth in this Option Agreement.  In the event that there is any inconsistency
between the provisions of this Option Agreement and of the Plan, the provisions
of the Plan shall govern.  Capitalized
terms used herein that are not otherwise defined shall have the meaning
ascribed to them in the Plan.

 

1

 

3.                            EXERCISE PRICE

 

The exercise price
for the shares of Stock subject to the Option granted by this Option Agreement
is $              
per share (the “Exercise Price”).

 

4.                            EXERCISE
OF OPTION

 

Subject to the provisions
of the Plan and subject to the earlier expiration or termination of this Option
in accordance with its terms, the Option granted pursuant to this Option
Agreement shall be exercisable only as follows:

 

4.1                               Time of Exercise of Option

 

4.1.1                      The Option shall become exercisable with
respect to the Option Shares only as follows: 
One-quarter of the Option Shares ([                ]
Option Shares) shall become exercisable on each of the first four anniversaries
of the Date of Grant if the Optionee shall have remained in the continuous
employ of the Corporation or any of its Subsidiaries as of each such date.

 

4.1.2                      Notwithstanding Section 4.1.1 above, in
accordance with the provisions of the Plan, if the Optionee ceases to be an
employee of the Corporation or a Subsidiary of the Corporation by reason of
Disability (as defined in Section 4.3.2 below), the unexercised portion of
any Option held by such Optionee at that time will become immediately vested
and will be exercisable until terminated in accordance with Section 4.3
below.

 

4.1.3                      Notwithstanding Section 4.1.1
above, in accordance with the provisions of the Plan, if the Optionee dies
while employed by the Corporation or a Subsidiary of the Corporation (or dies
within a period of one month after ceasing to be an employee for any reason
other than Disability or within a period of one year after ceasing to be an
employee by reason of Disability), the unexercised portion of any Option held
by such Optionee at the time of death will become immediately vested and will
be exercisable until terminated in accordance with Section 4.3 below.

 

[4.1.4                  Notwithstanding Section 4.1.1 above, in
accordance with the provisions of the Plan, the Option granted under this
Option Agreement shall become immediately exercisable upon the occurrence, after
the Date of Grant, of a Change in Control (as defined in Section 10 below)
if the Optionee is an employee of the Corporation or any Subsidiary on the date
of the consummation of such Change in Control.]

 

4.2                               Limitations

 

The portion of the Option
that has not become exercisable as of the date of the Optionee’s termination of
employment with the Corporation or any of its Subsidiaries for any reason shall
automatically terminate as of the date of the Optionee’s termination of
employment with the 

 

2

 

Corporation or its
Subsidiaries and shall not become exercisable after such termination.  To the extent the Option is exercisable, it
may be exercised, in whole or in part; provided, that no single exercise
of the Option shall be for less than 100 shares, unless at the time of the
exercise, the maximum number of shares available for purchase under this Option
is less than 100 shares.  In no event
shall the Option be exercised for a fractional share.

 

4.3                               Termination of Option

 

This Agreement and
the Option granted hereby shall terminate automatically and without further
notice on the earliest of the following dates:

 

4.3.1                       90 calendar days from the date of the Optionee’s termination of
employment with the Corporation or a Subsidiary for any reason other than death
or Disability (as defined below);

 

4.3.2                       one year after the Optionee’s permanent and total disability as defined
in Section 22(e)(3) of the Code (“Disability”);

 

4.3.3                       one year after the Optionee’s death, if such death occurs (i) while
the Optionee is employed by the Corporation or a Subsidiary, (ii) within
the 90-day period following the Optionee’s termination of employment for any
reason other than Disability; or (iii) within the one-year period
following the Optionee’s termination of employment by reason of the Optionee’s
Disability; or

 

4.3.4                       ten years from the Date of Grant.

 

The Corporation shall have the authority to determine
the date an Optionee ceases to be an employee by reason of Disability.  In the case of death, the Option may be
exercised by the executor or administrator of the Optionee’s estate or by any
person or persons who shall have acquired the Option directly from the Optionee
by bequest or inheritance.  The Optionee
shall be deemed to be an employee of the Corporation or any Subsidiary if on a
leave of absence approved by the Board of Directors of the Corporation and the
continuous employment of the Optionee with the Corporation or any of its
Subsidiaries will not be deemed to have been interrupted, and the Optionee shall
not be deemed to have ceased to be an employee of the Corporation or its
Subsidiaries, by reason of the transfer of the Optionee’s employment among the
Corporation and its Subsidiaries.

 

4.4                               Limitations on Exercise of Option

 

In no event may the Option
be exercised, in whole or in part, after the occurrence of an event which
results in termination of the Option, as set forth in Section 4.3
above.  The Option shall not be
exercisable if and to the extent the Corporation determines such exercise or
method of exercise would violate applicable securities laws, the rules and
regulations of any securities exchange or quotation system on which the Stock
is listed, or the Corporation’s policies and procedures.

 

3

 

4.5                               Method of Exercise of Option

 

4.5.1                      To the extent then
exercisable, the Option may be exercised in whole or in part by written notice
to the Corporation stating the number of shares for which the Option is being
exercised and the intended manner of payment. 
The date of such notice shall be the exercise date.  Payment equal to the aggregate Exercise Price
of the shares shall be payable (i) in cash in the form of currency or
check or other cash equivalent acceptable to the Corporation, (ii) by
actual or constructive transfer to the Corporation of nonforfeitable,
outstanding shares of Stock that have been owned by the Optionee for at least
six months prior to the date of exercise, 
(iii) by any combination of the foregoing methods of payment or (iv) in
accordance with such other method or manner as set forth below.

 

                (A)          Cash Exercise (to exercise and retain the Option
Shares):  Subject to the terms and
conditions of this Option Agreement and the Plan, the Option may be exercised
by delivering written notice of exercise to the Corporation, at its principal
office, addressed to the attention of Stock Plan Administration, or to the
agent/broker designated by the Corporation, which notice shall specify the
number of shares for which the Option is being exercised, and shall be
accompanied by payment in full of the Exercise Price of the shares for which
the Option is being exercised plus the full amount of all applicable
withholding taxes due on the Option exercise. 
Payment of the Exercise Price for the shares of Stock purchased pursuant
to the exercise of the Option shall be made either in cash or by certified
check payable to the order of the Corporation. 
If the person exercising the Option is not the Optionee, such person
shall also deliver with the notice of exercise appropriate proof of his or her
right to exercise the Option, as the Corporation may require in its sole
discretion.  Promptly after exercise of
the Option as provided for above, the Corporation shall deliver to the person
exercising the Option a certificate or certificates for the shares of Stock
being purchased.

 

                (B)           Same-Day-Sale Exercise (to exercise and immediately
sell all the Option Shares):  Subject
to the terms and conditions of this Option Agreement and the Plan, the Option
may be exercised by delivering written notice of exercise to the agent/broker
designated by the Corporation, which notice shall specify the number of shares
for which the Option is being exercised and irrevocable instructions to
promptly (1) sell all of the shares of Stock to be issued upon exercise
and (2) remit to the Corporation the portion of the sale proceeds
sufficient to pay the Exercise Price for the shares of Stock purchased pursuant
to the exercise of the Option and all applicable taxes due on the Option exercise.  The agent/broker shall request issuance of
the shares and immediately and concurrently sell the shares on the Optionee’s
behalf.  Payment of the Exercise Price
for the shares of Stock purchased pursuant to the exercise of the Option, any
brokerage fees, transfer fees, and all applicable taxes due on the Option
exercise, shall be deducted from the proceeds of the sale of the shares.  If the person exercising the Option is not
the Optionee, such person shall also deliver with the notice of exercise appropriate
proof of his or her right to exercise the Option, as the Corporation may
require in its sole discretion.  Promptly
after exercise of the 

 

4

 

Option as provided
for above, the agent/broker shall deliver to the person exercising the Option
the net proceeds from the sale of the shares of Stock being exercised and sold.

 

                                                                (C)           Sell-to-Cover Exercise (to exercise and immediately
sell a portion of the Option Shares): 
Subject to the terms and conditions of this Option Agreement and the
Plan, the Option may be exercised by delivering written notice of exercise to
the agent/broker designated by the Corporation, which notice shall specify the
number of shares for which the Option is being exercised and irrevocable
instructions to promptly (1) sell the portion (which must be a whole
number) of the shares of Stock to be issued upon exercise sufficient to
generate proceeds to pay the Exercise Price for the shares of Stock purchased
pursuant to the exercise of the Option, any brokerage or transfer fees, and all
applicable taxes due on the Option exercise (collectively the “Exercise Costs”)
and (2) remit to the Corporation a sufficient portion of the sale proceeds
to pay the Exercise Price for the shares of Stock purchased pursuant to the
exercise of the Option and all applicable taxes due on the Option
exercise.  The agent/broker shall request
issuance of the shares and immediately and concurrently sell on the Optionee’s
behalf only such number of the Shares as is required to generate proceeds
sufficient to pay the Exercise Costs. 
Promptly after exercise of the Option as provided for above, the
Corporation shall deliver to the person exercising the Option a certificate for
the shares of Stock issued upon exercise which are not sold to pay the Exercise
Costs.  Promptly after exercise of the
Option as provided for above, the agent/broker shall deliver to the person
exercising the Option any net proceeds from the sale of the Shares in excess of
the Exercise Costs.  If the person
exercising the Option is not the Optionee, such person shall also deliver with
the notice of exercise appropriate proof of his or her right to exercise the
Option, as the Corporation may require in its sole discretion.

 

4.5.2                       As soon as practicable
upon the Corporation’s receipt of the Optionee’s notice of exercise and
payment, the Corporation shall direct the due issuance of the shares so
purchased.

 

4.5.3                       As a further condition
precedent to the exercise of this Option in whole or in part, the Optionee
shall comply with all regulations and the requirements of any regulatory
authority having control of, or supervision over, the issuance of the shares of
Stock and in connection therewith shall execute any documents which the Board
shall in its sole discretion deem necessary or advisable.

 

4.6                                         Forfeiture
and Right to Recoupment.

 

Notwithstanding anything contained herein to the contrary, by accepting
this Option, Optionee understands and agrees that if (a) the Corporation
is required to restate its consolidated financial statements because of
material noncompliance due to irregularities with the federal securities laws,
which restatement is due, in whole or in part, to the misconduct of Optionee,
or (b) it is determined that the Optionee has otherwise engaged in
misconduct (whether or not such misconduct is discovered by the Corporation
prior to the termination of Optionee’s 

 

5

 

employment), the Board of Directors or a committee thereof (in each
case, the “Board”) may take such action with respect to the Option as the
Board, in its sole discretion, deems necessary or appropriate and in the best
interest of the Corporation and its stockholders.  Such action may include, without limitation,
causing the forfeiture or cancellation of the unvested and/or vested portion of
the Option and the recoupment of any proceeds from the exercise or vesting of
the Option and/or the sale of Option Shares issued pursuant to this
Agreement.  For purposes of this Section 4.6,
“misconduct” shall mean a deliberate act or acts of dishonesty or misconduct
which either (i) were intended to result in substantial personal enrichment to
the Optionee at the expense of the Corporation or (ii) have a material adverse
effect on the Corporation.  Any
determination hereunder, including with respect to Optionee’s misconduct, shall
be made by the Board in its sole discretion. 
Notwithstanding any provisions herein to the contrary, Optionee
expressly acknowledges and agrees that the rights of the Board set forth in
this Section 4.6 shall continue after Optionee’s employment with the
Corporation is terminated, whether termination is voluntary or involuntary,
with or without cause, and shall be in addition to every other right or remedy
at law or in equity that may otherwise be available to the Corporation.

 

5.                            TRANSFERABILITY
OF OPTIONS

 

During the
lifetime of an Optionee, only such Optionee (or, in the event of legal
incapacity or incompetency, the Optionee’s guardian or legal representative)
may exercise the Option.  No Option shall
be assignable or transferable by the Optionee to whom it is granted, other than
by will or the laws of descent and distribution.

 

6.                            COMPLIANCE
WITH LAW

 

The Corporation shall
make reasonable efforts to comply with all applicable federal and state
securities laws; provided, however, that notwithstanding any
other provision of this Option Agreement, the Option shall not be exercisable
if the exercise thereof would result in a violation of any such law.

 

7.                            RIGHTS
AS STOCKHOLDER

 

Neither the
Optionee nor any executor, administrator, distributee or legatee of the
Optionee’s estate shall be, or have any of the rights or privileges of, a
stockholder of the Corporation in respect of any shares of Stock issuable
hereunder unless and until such shares have been fully paid and certificates
representing such shares have been endorsed, transferred and delivered, and the
name of the Optionee (or of such personal representative, administrator,
distributee or legatee of the Optionee’s estate) has been entered as the
stockholder of record on the books of the Corporation.

 

8.                            WITHHOLDING
OF TAXES

 

If the Corporation
shall be required to withhold any federal, state, local or foreign tax in
connection with exercise of this Option, it shall be a condition to such
exercise that the Optionee pay or make provision satisfactory to the
Corporation for payment of all such taxes. 
The Optionee may elect that all or any part of such withholding
requirement be satisfied by retention by the Corporation of a portion of the
shares purchased upon exercise of this Option. 
If such election is made, the shares 

 

6

 

so retained shall
be credited against such withholding requirement at the fair market value on
the date of exercise.

 

9.                            DISCLAIMER
OF RIGHTS

 

No provision in
this Option Agreement shall be construed to confer upon the Optionee the right
to be employed by the Corporation or any Subsidiary, or to interfere in any way
with the right and authority of the Corporation or any Subsidiary either to
increase or decrease the compensation of the Optionee at any time, or to
terminate any employment or other relationship between the Optionee and the
Corporation or any Subsidiary.

 

[10.                 CHANGE
IN CONTROL

 

For purposes of this
Option Agreement, “Change in Control” means

 

(a)          Any
individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 20% or more of either (i) the
then-outstanding shares of common stock of the Corporation (the “Outstanding Corporation
Common Stock”) or (ii) the combined voting power of the then-outstanding
voting securities of the Corporation entitled to vote generally in the election
of directors (the “Outstanding Corporation Voting Securities”); provided,
however, that, for purposes of this Section 1(d), the following
acquisitions shall not constitute a Change in Control:  (A) any acquisition directly from the Corporation,
(B) any acquisition by the Corporation, (C) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Corporation
or any company controlled by, controlling or under common control with the
Corporation or (iv) any acquisition by any corporation pursuant to a
transaction that complies with Sections 10(c)(A), 10(c)(B) and 10(c)(C);

 

(b)         Any
time at which individuals who, as of the date hereof, constitute the Board (the
“Incumbent 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
Corporation’s stockholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though
such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies
or consents by or on behalf of a Person other than the Board;

 

(c)          Consummation
of a reorganization, merger, statutory share exchange or consolidation or
similar transaction involving the Corporation or any of its subsidiaries, a
sale or other disposition of all or substantially all of the assets of the Corporation,
or the acquisition of assets or stock of another entity by the Corporation or
any of its subsidiaries (each, a “Business Combination”), in each case unless,
following such Business Combination, (A) all or substantially all of the
individuals and entities that 

 

7

 

were the
beneficial owners of the Outstanding Corporation Common Stock and the
Outstanding Corporation Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock (or, for a non-corporate entity,
equivalent securities) and the combined voting power of the then-outstanding
voting securities entitled to vote generally in the election of directors (or,
for a non-corporate entity, equivalent governing body), as the case may be, of
the entity resulting from such Business Combination (including, without
limitation, an entity that, as a result of such transaction, owns the Corporation
or all or substantially all of the Corporation’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as
their ownership immediately prior to such Business Combination of the
Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities,
as the case may be, (B) no Person (excluding any corporation resulting
from such Business Combination or any employee benefit plan (or related trust)
of the Corporation or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, 20% or more of, respectively,
the then-outstanding shares of common stock of the corporation resulting from
such Business Combination or the combined voting power of the then-outstanding
voting securities of such corporation, except to the extent that such ownership
existed prior to the Business Combination, and (C) at least a majority of
the members of the board of directors (or, for a non-corporate entity,
equivalent governing body) of the entity resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of
the initial agreement or of the action of the Board providing for such Business
Combination; or

 

(d)         Approval
by the stockholders of the Corporation of a complete liquidation or dissolution
of the Corporation.]

 

11.                               COMPLIANCE
WITH SECTION 409A OF THE CODE.

 

To
the extent applicable, it is intended that this Option Agreement and the Plan
comply with the provisions of Section 409A of the Code, so that the income
inclusion provisions of Section 409A(a)(1) do not apply to
Optionee.  This Option Agreement and the
Plan shall be administered in a manner consistent with this intent, and any
provision that would cause the Option Agreement or the Plan to fail to satisfy Section 409A
of the Code shall have no force and effect until amended to comply with Section 409A
of the Code (which amendment may be retroactive to the extent permitted by Section 409A
of the Code and may be made by the Corporation without the consent of the
Optionee).

 

12.                               INTERPRETATION
OF THIS OPTION AGREEMENT

 

All decisions and
interpretations made by the Board or the Compensation Committee thereof with
regard to any question arising under the Plan or this Option Agreement shall be
binding and conclusive on the Corporation and the Optionee and any other person
entitled to exercise the Option as provided for herein.

 

8

 

13.                     GOVERNING
LAW

 

This Option
Agreement shall be governed by the laws of the State of Delaware (but not
including the choice of law rules thereof).

 

14.                     BINDING
EFFECT

 

Subject to all
restrictions provided for in this Option Agreement, the Plan, and by applicable
law relating to assignment and transfer of this Option Agreement and the Option
provided for herein, this Option Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, executors,
administrators, successors and assigns.

 

15.                     NOTICE

 

Any notice
hereunder by the Optionee to the Corporation shall be in writing and shall be
deemed duly given if mailed or delivered to the Corporation at its principal
office, addressed to the attention of Stock Plan Administration or if so mailed
or delivered to such other address as the Corporation may hereafter designate
by notice to the Optionee.  Any notice
hereunder by the Corporation to the Optionee shall be in writing and shall be
deemed duly given if mailed or delivered to the Optionee at the address
specified below by the Optionee for such purpose, or if so mailed or delivered
to such other address as the Optionee may hereafter designate by written notice
given to the Corporation.

 

16.                     SEVERABILITY

 

If one or more of the
provisions of this Option Agreement is invalidated for any reason by a court of
competent jurisdiction, any provision so invalidated shall be deemed to be
separable from the other provisions hereof, and the remaining provisions hereof
shall continue to be valid and fully enforceable.

 

17.                     ENTIRE
AGREEMENT; ELIGIBILITY

 

This Option
Agreement and the Plan together constitute the entire agreement and supersedes
all prior understandings and agreements, written or oral, of the parties hereto
with respect to the subject matter hereof. 
Except for amendments to the Plan incorporated into this Option
Agreement by reference pursuant to Section 2 above, neither this Option
Agreement nor any term hereof may be amended, waived, discharged or terminated
except by a written instrument signed by the Corporation and the Optionee; provided,
however, that the Corporation unilaterally may waive any provision
hereof in writing to the extent that such waiver does not adversely affect the
interests of the Optionee hereunder, but no such waiver shall operate as or be
construed to be a subsequent waiver of the same provision or a waiver of any
other provision hereof.  In the event
that it is determined that the Optionee was not eligible to receive this
Option, the Option and this Option Agreement shall be null and void and of no
further effect.

 

9

 

SIGNATURE
PAGE

 

IN WITNESS WHEREOF, the parties hereto have duly
executed this Option Agreement, or caused this Option Agreement to be duly
executed on their behalf, as of the day and year first above written.

 

	
  ACI
  Worldwide, Inc.

  	
  Optionee:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  [____________________]

  	
   

  	
   

  	
  [________________________________]

  
	
   

  	
   

  	
   

  
	
   

  	
  ADDRESS
  FOR NOTICE TO OPTIONEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Number

  	
  Street

  	
  Apt.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  City

  	
  State

  	
  Zip Code

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SS#

  	
   

  	
  Hire Date

  
	
   

  	
   

  	
   

  
	
   

  	
  DESIGNATED
  BENEFICIARY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Please Print
  Last Name, First Name MI

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Beneficiary’s
  Street Address

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  City

  	
  State

  	
  Zip Code

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Beneficiary’s
  Social Security Number

  
													

 

I understand that
in the event of my death, the above named beneficiary will have control of any
unexercised options remaining in my account at that time.  If no beneficiary is designated or if the
named beneficiary does not survive me, the options will become part of my
estate.  This beneficiary designation
does NOT apply to stock acquired by the exercise of options prior to my death.

 

	
   

  	
   

  	
   

  
	
   

  	
  SIGNATURE

  	
   

  	
  DATE

  
					

 

 

After completing this page, please make a copy for your records and
return it to Stock Plan Administration, ACI Worldwide, Inc., 6060 Coventry
Drive, Elkhorn NE  68022

 

2005
Equity and Performance Plan, as amended - US Plan

                 Options                                                                                    $                /Share
Exercise PriceExhibit 10.2
 
RESTRICTED SHARE AWARD AGREEMENT
 
THIS RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”) is made and entered into as of the        day of                        , 20     (the “Grant Date”), between ACI Worldwide, Inc., a Delaware corporation (the “Corporation”), and                            (the “Grantee”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the ACI Worldwide, Inc. 2005 Equity and Performance Incentive Plan, as amended.
 

WHEREAS, the Board of
Directors of the Corporation has duly adopted, and the stockholders of the
Corporation have approved, the 2005 Equity and Performance Incentive Plan, as
amended (the “Plan”), which authorizes the Corporation to grant to eligible
individuals restricted shares of the Corporation’s common stock, par value of
$0.005 per share (the “Common Shares”); and

 

WHEREAS, the Compensation
Committee of the Board of Directors of the Corporation (the “Committee”) has
determined that it is desirable and in the best interests of the Corporation
and its stockholders to grant the Grantee a certain number of restricted shares
of the Corporation’s Common Shares in order to provide the Grantee with an
incentive to advance the interests of the Corporation, all according to the
terms and conditions set forth herein and in the Plan.

 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
 
1.     Grant of Restricted Shares.
 
(a)           The Corporation hereby grants to the Grantee an award (the “Award”) of            Common Shares (the “Shares” or the “Restricted Shares”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.
 
(b)           The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the dates on which the restrictions shall lapse in accordance with Sections 2 and 3 hereof.
 
2.     Terms and Rights as a Stockholder.
 
(a)           Except as provided herein and subject to such other exceptions as may be determined by the Committee in its discretion, the Restricted Shares shall vest and the “Restricted Period” for such Restricted Shares shall expire as to                      Restricted Shares (    %) awarded hereunder on the first anniversary of the Grant Date and as to              Restricted Shares (    %) on each of the second, third and fourth anniversaries of the Grant Date (in each case as such number may be adjusted in accordance with Section 8 hereof).
 
(b)           The Grantee shall have all rights of a stockholder with respect to the Restricted Shares, including the right to receive dividends and the right to vote such Shares, subject to the following restrictions:
 
(i)            the Grantee shall not be entitled to delivery of the stock certificate for any Shares until the expiration of the Restricted Period as to such Shares;
 
(ii)           none of the Restricted Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during the Restricted Period as to such Shares; and
 
1

 
(iii)          except as otherwise determined by the Committee at or after the grant of the Award hereunder, if the Grantee’s employment with the Corporation or any Subsidiary is terminated at any time for any reason, any of the Restricted Shares as to which the Restricted Period has not expired shall be forfeited, and all rights of the Grantee to such Shares shall terminate, without further obligation on the part of the Corporation and ownership of all such forfeited Restricted Shares shall be transferred back to the Corporation.
 
Any Shares, any other securities of the Corporation and any other property (except for cash dividends) distributed with respect to the Restricted Shares shall be subject to the same restrictions, terms and conditions as such Restricted Shares.
 
In order to facilitate the transfer back to the Corporation of any Restricted Shares that are forfeited and cancelled as described herein, including a transfer as payment of required withholding taxes as set forth in Section 10 of this Agreement or pursuant to Section 6 below, Grantee shall, upon the request of the Corporation, provide a stock power or other instrument of assignment (including a power of attorney) endorsed in blank, with a guarantee of signature if deemed necessary or appropriate by the Corporation.
 
(c)           Notwithstanding the foregoing, the Restricted Shares shall vest and the Restricted Period shall automatically terminate as to all Restricted Shares awarded hereunder (as to which such Restricted Period has not previously terminated) upon the occurrence of the following events:
 
(i)            termination of the Grantee’s employment with the Corporation or a Subsidiary which results from the Grantee’s death or Disability (as defined in Section 22(e)(3) of the Code); or
 
[(ii)          the occurrence after the Grant Date  of a Change in Control as defined in Exhibit A attached hereto and incorporated by reference.]
 
3.     Termination of Restrictions.
 
(a)           Upon the expiration or termination of the Restricted Period as to any portion of the Restricted Shares, or at such earlier time as may be determined by the Committee, all restrictions set forth in this Agreement or in the Plan relating to such portion of the Restricted Shares shall lapse as to such portion of the Restricted Shares, and a stock certificate for the appropriate number of Shares, free of the restrictions and restrictive stock legend, shall be delivered to the Grantee or the Grantee’s beneficiary or estate, as the case may be, pursuant to the terms of this Agreement.
 
(b)           Notwithstanding the foregoing, the expiration or termination of the Restricted Period as to any portion of Restricted Shares shall be delayed in the event the Corporation reasonably anticipates that the expiration or termination of the Restricted Period, or the delivery of unrestricted Shares would constitute a violation of federal securities laws or other applicable law.  If the expiration or termination of the Restricted Period, or the delivery of unrestricted Shares, is delayed by the provisions of this Section 3(b), such expiration, termination and/or delivery shall occur at the earliest date at which the Corporation reasonably anticipates such expiration, termination or delivery will not cause a violation of federal securities laws or other applicable law.  For purposes of this Section 3(b), the delivery of Shares that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of applicable law.
 
2

 
4.     Delivery of Shares.
 
(a)           As of the date hereof, certificates representing the Restricted Shares shall be registered in the name of the Grantee and held by the Corporation or transferred to a custodian appointed by the Corporation for the account of the Grantee subject to the terms and conditions of the Plan and shall remain in the custody of the Corporation or such custodian until their delivery to the Grantee or Grantee’s beneficiary or estate as set forth in Sections 4(b) and (c) hereof or their reversion to the Corporation as set forth in Sections 2(b) and 6 hereof.
 
(b)           Certificates representing Restricted Shares in respect of which the Restricted Period has lapsed pursuant to this Agreement shall be delivered to the Grantee as soon as practicable following the date on which the restrictions on such Restricted Shares lapse subject to Section 10 below.
 
(c)           Certificates representing Restricted Shares in respect of which the Restricted Period lapsed upon the Grantee’s death shall be delivered to the executors or administrators of the Grantee’s estate as soon as practicable following the receipt of proof of the Grantee’s death satisfactory to the Corporation subject to Section 10 below.
 
(d)           Each certificate representing Restricted Shares shall bear a legend in substantially the following form:
 
THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN THE ACI WORLDWIDE, INC. 2005 EQUITY AND PERFORMANCE INCENTIVE PLAN (THE “PLAN”) AND THE RESTRICTED SHARE AWARD AGREEMENT (THE “AGREEMENT”) BETWEEN THE OWNER OF THE RESTRICTED SHARES REPRESENTED HEREBY AND ACI WORLDWIDE, INC. (THE “CORPORATION”). THE RELEASE OF SUCH SHARES FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE PLAN AND THE AGREEMENT, COPIES OF WHICH ARE ON FILE AT THE CORPORATION.
 
5.             Effect of Lapse of Restrictions. To the extent that the Restricted Period applicable to any Restricted Shares shall have lapsed, the Grantee may receive, hold, sell or otherwise dispose of such Shares free and clear of the restrictions imposed under the Plan and this Agreement subject to the rights of the Corporation for recoupment set forth in Section 6 below.
 
6.             Forfeiture and Right of Recoupment. Notwithstanding anything contained herein to the contrary, by accepting this Award, Grantee understands and agrees that if (a) the Corporation is required to restate its consolidated financial statements because of material noncompliance due to irregularities with the federal securities laws, which restatement is due, in whole or in part, to the misconduct of Grantee, or (b) it is determined that the Grantee has otherwise engaged in misconduct (whether or not such misconduct is discovered by the Corporation prior to the termination of Grantee’s employment), the Board of Directors or a committee thereof (in each case, the “Board”) may take such action with respect to the Award as the Board, in its sole discretion, deems necessary or appropriate and in the best interest of the Corporation and its stockholders.  Such action may include, without limitation, causing the forfeiture of unvested Restricted Shares, requiring the transfer of ownership back to the Corporation of unrestricted Shares issued hereunder and still held by the Grantee and the recoupment of any proceeds from the vesting of Restricted Shares or the sale of unrestricted Shares issued pursuant to this Agreement.  For purposes of this Section 6, “misconduct” shall mean a deliberate act or acts of dishonesty or misconduct 
 
3

 
which either (i) were intended to result in substantial personal enrichment to the Grantee at the expense of the Corporation or (ii) have a material adverse effect on the Corporation.  Any determination hereunder, including with respect to Grantee’s misconduct, shall be made by the Board in its sole discretion.  Notwithstanding any provisions herein to the contrary, Grantee expressly acknowledges and agrees that the rights of the Board set forth in this Section 6 shall continue after Grantee’s employment with the Corporation or its Subsidiary is terminated, whether termination is voluntary or involuntary, with or without cause, and shall be in addition to every other right or remedy at law or in equity that may otherwise be available to the Corporation.
 
7.             No Right to Continued Employment. The grant of the Restricted Shares is discretionary and shall not be construed as giving Grantee the right to be retained in the employ of the Corporation or any Subsidiary and shall not be considered to be an employment contract or a part of the Grantee’s terms and conditions of employment or of the Grantee’s salary or compensation and the Corporation or any Subsidiary may at any time dismiss Grantee from employment, free from any liability or any claim under the Plan.
 
8.             Adjustments. In the event of any change in the number of Shares by reason of a merger, consolidation, reorganization, recapitalization, or similar transaction, or in the event of a stock dividend, stock split, or distribution to stockholders (other than normal cash dividends), the Committee shall adjust the number and class of shares subject to outstanding Restricted Shares and other value determinations applicable to outstanding Restricted Shares.  No adjustment provided for in this Section 8 shall require the Corporation to issue any fractional share.
 
9.             Amendments. Subject to any restrictions contained in the Plan, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, the Award, prospectively or retroactively; provided, that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination which would adversely affect the rights of the Grantee or any holder or beneficiary of the Award shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.  The terms and conditions of this Agreement may not be modified, amended or waived, except by an instrument in writing signed by a duly authorized executive officer at the Corporation.
 
10.          Withholding of Taxes.
 

(a)           The Grantee shall be liable for any
and all taxes, including withholding taxes, arising out of this grant or the
vesting of Restricted Shares hereunder. In the event that the Corporation or
the  Grantee’s employer (the “Employer”)
is required to withhold taxes as a result of the grant, vesting or subsequent
sale of Shares hereunder, the Grantee shall at the election of the Corporation,
in its sole discretion, either (i) surrender a sufficient number of whole
Shares for which the Restricted Period has expired or other Common Shares owned
by the Grantee, having a fair market value, as determined by the Corporation on
the last day of the Restricted Period equal to the amount of such taxes, or (ii) make
a cash payment, as necessary to cover all applicable required withholding taxes
and required social security/insurance contributions at the time the
restrictions on the Restricted Shares lapse, unless the Corporation, in its
sole discretion, has established alternative procedures for such payment. If
the number of shares required to cover all applicable withholding taxes and
required social security/insurance contributions includes a fractional share,
then Grantee shall deliver cash in lieu of such fractional share. All matters
with respect to the total amount to be withheld shall be determined by the Corporation
in its sole discretion.

 

(b)           Regardless of any action the Corporation
or the Grantee’s Employer takes with respect to any or all income tax, social security/insurance,
payroll tax, payment on account or other tax-related 

 

4

 

withholding (“Tax-Related
Items”), the Grantee acknowledges and agrees that the ultimate liability for
all Tax-Related Items legally due by him is and remains the Grantee’s
responsibility and that the Corporation and or the Employer (i) make no
representations nor undertakings regarding the treatment of any Tax-Related
Items in connection with any aspect of this grant of Restricted Shares,
including the grant, vesting or release, the subsequent sale of Shares and
receipt of any dividends; and (ii) do not commit to structure the terms or
any aspect of this grant of Restricted Shares to reduce or eliminate the Grantee’s
liability for Tax-Related Items. The Grantee shall pay the Corporation or the
Employer any amount of Tax-Related Items that the Corporation or the Employer
may be required to withhold as a result of the Grantee’s participation in the
Plan or the Grantee’s receipt of Restricted Shares that cannot be satisfied by
the means previously described above in Section 10(a). The Corporation may
refuse to deliver the Shares related thereto if the Grantee fails to comply
with the Grantee’s obligations in connection with the Tax-Related Items.

 

(c)           Grantee will notify the Corporation in writing if he or she files an election pursuant to Section 83(b) of the Code.  The Grantee understands that he or she should consult with his or her tax advisor regarding the advisability of filing with the Internal Revenue Service an election under 83(b) of the Code, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant to this Agreement, the Grant Date.  This time period cannot be extended.  The Grantee acknowledges that timely filing of a Section 83(b) election is the Grantee’s sole responsibility.
 
11.          Plan Governs and Entire Agreement. The Plan is incorporated herein by reference. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and provisions thereof.  The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof.  The terms of this Agreement are subject to, and governed by, in all respects the terms and conditions of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern.
 
12.          Severability. If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the 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 Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and Award shall remain in full force and effect.
 
13.          Successors in Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the Corporation. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Corporation under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors.
 

14.          Non-Assignability. 
The Restricted Shares are personal to the Grantee and may not be sold,
exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of
by the Grantee until the Restricted Period expires or terminates as provided in
this Agreement; provided, however, that the Grantee’s rights with
respect to such Restricted Shares may be transferred by will or pursuant to the
laws of descent and distribution.  Any
purported transfer or encumbrance in violation of the provisions of this Section 13,
shall be void, and the other party to any such purported transaction shall not
obtain any rights to or interest in such Restricted Shares.

 

15.          Compliance
with Section 409A of the Code.  To the extent
applicable, it is intended that this Agreement and the Plan comply with the
provisions of Section 409A of the Code, so that the income inclusion
provisions of Section 409A(a)(1) of the Code do not apply to the
Grantee.

 

5

 

16.          Miscellaneous.

 

(a)           The
interpretation and construction by the Board of Directors and/or the Committee
of any provision of the Plan or this Agreement shall be final and conclusive
upon the Grantee, the Grantee’s estate, executor, administrator, beneficiaries,
personal representative and guardian and the Corporation and its successors and
assigns.

 

 (b)          This Agreement and its validity, interpretation,
performance and enforcement shall be governed by the laws of the State of
Delaware other than the conflict of laws provisions of such laws.

 

(c)           If the Grantee has received this or
any other document related to the Plan translated into a language other than
English and if the translated version is different than the English version,
the English version will control.

 

(d)           No rule of
strict construction shall be implied against the Corporation, the Committee or
any other person in the interpretation of any of the terms of the Plan, this
Agreement or any rule or procedure established by the Committee.

 

(e)           Wherever the word “Grantee” is used
in any provision of this Agreement under circumstances where the provision
should logically be construed to apply to the executors, the administrators, or
the person or persons to whom the Restricted Shares may be transferred by will
or the laws of descent and distribution, the word “Grantee” shall be deemed to
include such person or persons.

 

(f)            Grantee agrees, upon demand of the
Corporation or the Committee, to do all acts and execute, deliver and perform
all additional documents, instruments and agreements which may be reasonably
required by the Corporation or the Committee, as the case may be, to implement
the provisions and purposes of this Agreement and the Plan.

 

(g)           All notices under
this Agreement to the Corporation must be delivered personally or mailed to the
Corporation at its principal office, addressed to the attention of Stock Plan
Administration.  The Corporation’s
address may be changed at any time by written notice of such change to the
Grantee.  Also, all notices under this
Agreement to the Grantee will be delivered personally or mailed to the Grantee
at his or her address as shown from time to time in the Corporation’s records.

 

17.          Resolution
of Disputes.
Any dispute or disagreement which may arise under, or as a result of, or in any
way related to, the interpretation, construction or application of this
Agreement shall be determined by the Committee. Any determination made
hereunder shall be final, binding and conclusive on the Grantee and the
Corporation for all purposes.

 

18.          Consent
To Transfer Personal Data.  By accepting this Award, Grantee
voluntarily acknowledges and consents to the collection, use, processing and transfer
of personal data as described in this Section 18. Grantee is not obliged
to consent to such collection, use, processing and transfer of personal data.
However, failure to provide the consent may affect Grantee’s ability to
participate in the Plan. The Corporation and its Subsidiaries hold certain
personal information about Grantee, that may include Grantee’s name, home
address and telephone number, date of birth, social security number or other
employee identification number, salary, nationality, job title, any shares of
stock held in the Corporation, or details of any entitlement to shares of stock
awarded, canceled, purchased, vested, or unvested, for the purpose of
implementing, managing and administering the Plan (“Data”)  The Corporation and/or its Subsidiaries will
transfer Data amongst themselves as necessary for the purpose of
implementation, administration and management of Grantee’s participation in the
Plan, and the

 

6

 

Corporation and/or any of its Subsidiaries may each
further transfer Data to any third parties assisting the Corporation in the
implementation, administration and management of the Plan. These recipients may
be located throughout the world, including the United States. Grantee authorizes
them to receive, possess, use, retain and transfer the Data, in electronic or
other form, for the purpose of implementing, administering and managing Grantee’s
participation in the Plan, including any requisite transfer of such Data as may
be required for the administration of the Plan and/or the subsequent holding of
shares of stock on Grantee’s behalf by a broker or other third party with whom
Grantee or the Corporation may elect to deposit any shares of stock acquired
pursuant to the Plan. Grantee may, at any time, review Data, require any
necessary amendments to it or withdraw the consents herein in writing by
contacting the Corporation; however, withdrawing consent may affect Grantee’s
ability to participate in the Plan.

 

[SIGNATURE PAGE FOLLOWS]

 

7

 

SIGNATURE PAGE
 
IN WITNESS WHEREOF, the parties hereto have duly executed this Restricted Share Award Agreement, or caused this Restricted Share Award Agreement to be duly executed on their behalf, as of the day and year first above written.
 

	
  ACI Worldwide, Inc.

  	
   

  	
  Grantee:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Philip
  G. Heasley, CEO and President

  	
   

  	
   

  	
  <Name>

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  ADDRESS FOR NOTICE TO GRANTEE:

   

   

  
	
   

  	
   

  
	
   

  	
  Number

  	
  Street

  	
                            Apt.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  City

  	
  State

  	
  Zip
  Code

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SS#

  	
  Hire
  Date

  	
   

  
					

 

After completing
this page, please make a copy for your records and return it to Stock Plan
Administration, ACI Worldwide, Inc. 
6060 Coventry Drive, Elkhorn, NE 68022

 

2005 Equity and
Performance Incentive Plan, as amended – US Plan

 

	
  <Number>
  Restricted Shares

  	
  <Date>

  

 

8

 

[EXHIBIT A

 

For purposes of this
Agreement, “Change in Control” means:

 

(a)     Any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the
beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 20% or more of either (i) the then-outstanding shares of common
stock of the Corporation (the “Outstanding Corporation Common Stock”) or (ii) the
combined voting power of the then-outstanding voting securities of the Corporation
entitled to vote generally in the election of directors (the “Outstanding Corporation
Voting Securities”); provided, however, that, for purposes of this Section 9(a),
the following acquisitions shall not constitute a Change in Control:  (A) any acquisition directly from the Corporation,
(B) any acquisition by the Corporation, (C) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Corporation
or any company controlled by, controlling or under common control with the Corporation
or (D) any acquisition by any corporation pursuant to a transaction that complies
with (c)(A), (c)(B) and (c)(C) set forth below;

 

(b)     Any time at which individuals who, as of
the date hereof, constitute the Board (the “Incumbent 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 Corporation’s stockholders, was
approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board;

 

(c)     Consummation of a reorganization, merger,
statutory share exchange or consolidation or similar transaction involving the Corporation
or any of its subsidiaries, a sale or other disposition of all or substantially
all of the assets of the Corporation, or the acquisition of assets or stock of
another entity by the Corporation or any of its subsidiaries (each, a “Business
Combination”), in each case unless, following such Business Combination, (A) all
or substantially all of the individuals and entities that were the beneficial
owners of the Outstanding Corporation Common Stock and the Outstanding Corporation
Voting Securities immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of the then-outstanding shares of
common stock (or, for a non-corporate entity, equivalent securities) and the combined
voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors (or, for a non-corporate entity,
equivalent governing body), as the case may be, of the entity resulting from
such Business Combination (including, without limitation, an entity that, as a
result of such transaction, owns the Corporation or all or substantially all of
the Corporation’s assets either directly or through one or more subsidiaries)
in substantially the same proportions as their ownership immediately prior to
such Business Combination of the Outstanding Corporation Common Stock and the
Outstanding Corporation Voting Securities, as the case may be, (B) no
Person (excluding any corporation resulting from such Business Combination or
any employee benefit plan (or related trust) of the Corporation or such
corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 20% or more of, respectively, the then-outstanding
shares of common stock of the corporation resulting from such Business Combination
or the combined voting power of the then-outstanding voting securities of such
corporation, except to the extent that such ownership existed prior to the
Business Combination, and (C) at least a majority of the members of the
board of directors (or, for a non-corporate entity, equivalent governing body)
of the entity resulting from 

 

9

 

such Business Combination
were members of the Incumbent Board at the time of the execution of the initial
agreement or of the action of the Board providing for such Business Combination;
or

 

(d)     Approval by the stockholders of the Corporation
of a complete liquidation or dissolution of the Corporation.]

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]