Document:

ras-ex10619_789.htm

Exhibit 10.6.19

RAIT FINANCIAL TRUST

2012 INCENTIVE AWARD PLAN

Share Award Grant Agreement

This is a Share Award dated as of January 9, 2017 (the “Date of Grant”) from RAIT Financial Trust, a Maryland real estate investment trust (the “Company”), to Scott L. N. Davidson (“Participant” and, together with the Company, the “Parties”), under the terms of the RAIT Financial Trust 2012 Incentive Award Plan (the “Plan”).

1.Defined Terms.  Except as set forth below, all capitalized terms shall have the respective meaning as set forth thereto in Section 1.02 of the Plan.  

(a)“Share Award” means the Three Hundred Forty Four Thousand and Forty Two (344,042) Common Shares which are the subject of this Grant.

(b)“Restriction Period” means, with respect to each Common Share which is the subject of this Grant, the period beginning on the Date of Grant and ending on the applicable Vesting Date.

(c) “Vesting Date” means the date on which the Participant has a non-forfeitable right to the Common Shares and related dividends subject to this Share Award following the lapse of all restrictions set forth in Section 3.

2.Grant of Share Award.  Subject to the terms and conditions set forth herein, the Company hereby grants to Participant the Share Award and Participant hereby acknowledges the restrictions on the Share Award.  This Share Award is in addition to share awards previously made to Participant.  This Share Award is intended to be a portion of the Award (as defined in the Binding Memorandum of Understanding, dated September 26, 2016, by and between the Company and the Participant (the “MOU”)) that the Company agreed to make to the Participant in the MOU.  The Share Award is subject to the terms and conditions of the Plan now in effect and as they may be amended from time to time in accordance with the Plan.  The terms and conditions of the Plan are and automatically shall be incorporated herein by reference and made a part hereof.  

3.Restrictions on Share Award and Related Dividends.  Subject to the terms and conditions set forth in the Plan and herein and notwithstanding any other agreement to which the Participant is a party, during the Restriction Period, Participant shall not be permitted to sell, transfer, pledge, hypothecate, assign or otherwise dispose of the Common Shares and related dividends subject to this Share Award.  The Company or its transfer agent, American Stock Transfer & Trust Company, LLC or any successor thereto (“Transfer Agent”), shall maintain a record of uncertificated Common Shares and related dividends subject to this Share Award during the Restriction Period.  Any attempted sale, transfer, pledge, hypothecation, assignment or other disposition (each, a “Disposition”) of any Common Shares and related dividends subject to this Share Award in violation of this Share Award shall be void and of no effect, and the Company (or Transfer Agent, as appropriate) shall have the right to disregard any such Disposition on its books 

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and records, to issue (or execute) “stop transfer” instructions and/or take such other action as the Company deems necessary or advisable to enforce the restrictions in this Share Award.

Vesting

.  Subject to Section 5, the restrictions set forth in Section 3 on the Share Award shall lapse with respect to the following portion of Common Shares and related dividends subject to the Share Award:  (i) one half on December 20, 2018, and (ii) one half on December 20, 2019.  The date on which the restrictions lapse for a particular portion of the Share Award and related dividends shall be the Vesting Date for such portion. If the foregoing vesting schedule would produce fractional Common Shares, the number of Common Shares that are vested shall be rounded down to the nearest whole Common Share; provided, however, that on the final vesting date, the number of Common Shares vesting shall be adjusted to the extent necessary so that 100% of the Share Award shall have vested.  On or before the thirtieth (30th) day following each Vesting Date, the Company will direct the Transfer Agent to note that the restrictions on the applicable Common Shares subject to this Share Award arising out of this Share Award have lapsed.

5.Lapse of Restrictions.  Upon the lapse of the Restriction Period with respect to the applicable Common Shares and related dividends subject to this Share Award, the Participant’s ability to hold, sell, transfer, pledge, assign or otherwise encumber the stock and dividends shall be unrestricted subject to the tax withholding requirements set forth in Paragraph 9(b).

6.Dividends, Voting and Recapitalization.  

(a)Dividends.  Pursuant to Section 5.06 of the Plan, Participant shall be entitled to dividends attributable to Common Shares subject to this Share Award as follows:

(i)Dividends on Vested Common Shares.  With respect to Common Shares subject to this Share Award that have vested under Section 4, if any dividends are paid with respect to the Common Shares, Participant shall have the right to receive such dividends paid on such vested Common Shares in such amount and at such times as received by all other shareholders of the Company.  

 

(ii)Dividends on Unvested Common Shares.  With respect to Common Shares subject to this Share Award that have not vested under Section 4, if any dividends are paid with respect to the Common Shares, the Participant shall receive a credit to the Participant’s Share Award dividend account equal to the value of the cash dividends that would have been distributed if the unvested Common Shares at the time of the payment date of the relevant cash dividend were vested Common Shares.  Within thirty (30) days following the Vesting Date of any unvested Common Shares, a cash payment will be paid to the Participant by the Company equal to the value of the aggregate amount of cash credited to the Participant's Share Award dividend account for the corresponding unvested Common Shares that vested as of the Vesting Date.  No interest shall accrue with respect to any cash amounts credited to the Participant's Share Award dividend account.  

 

(b)Voting.  Participant shall have the right to vote all Common Shares under this Share Award regardless of vested status while such Common Shares remain outstanding and the Participant otherwise retains such voting rights.  

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(c)Recapitalization.  In the event of any changes in the capital stock of the Company by reason of any stock dividends, split-ups or combinations of shares, reclassifications, mergers, consolidations, reorganizations or liquidations while any Common Shares comprising the Share Award shall be subject to restrictions on transfer and forfeiture hereunder, any and all new, substituted or additional securities to which Participant is entitled shall be subject immediately to the terms, conditions and restrictions of this Award.

7.Notices.  Any notice to the Company relating to this Share Award shall be addressed to the Company in care of the Chief Financial Officer of the Company at the principal office of the Company, and any notice to the Participant shall be addressed to such Participant at the current address shown on the payroll records of the Company, or to such other address as the Participant may designate to the Company in writing.  Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 

8.Applicable Laws.  The Company may from time to time impose any conditions on the Share Award as it deems necessary or advisable to ensure that the Award satisfies the conditions of applicable laws.  

9.Tax Matters.  

(a)The grant of this Share Award is intended to be exempt from the requirements of Section 409A of the Code, and, to the extent that further guidance is issued under Section 409A of the Code after the date of this Award, the Company may make any changes to this Award as are necessary to bring this award into compliance with the applicable exemptions under Section 409A of the Code and the Treasury regulations issued thereunder.

(b)The Participant shall be required to pay to the Company, or make other arrangements satisfactory to the Company to provide for the payment of, any federal, state, local or other taxes that the Company is required to withhold with respect to the grant, vesting or payment of the Common Shares and related dividends subject to this Share Award.  The Participant may elect to satisfy any tax withholding obligation of the Company with respect to the Common Shares and related dividends subject to this Share Award by having Common Shares and related dividends subject to this Share Award withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and other tax liabilities. 

10.Share Award Not to Affect Employment.  The Share Award granted hereunder shall not confer upon Participant any right to continue in the employment or other service relationship of the Company or any Subsidiary or affiliate of the Company. For the avoidance of doubt, continued employment or other relationship with the Company is not a condition to the vesting set forth in Section 4.

11.Restrictions on Issuance or Transfer of Common Shares.

(a)The obligation of the Company to issue, or remove the restrictions on, Common Shares shall be subject to the condition that if at any time the Committee shall determine in its 

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discretion that the listing, registration or qualification of the Common Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, such issuance or removal, the Common Shares may not be issued or such restrictions removed in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.  The issuance of Common Shares and the payment of cash to the Participant pursuant to this Agreement are subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof. 

(b)The Participant agrees to be bound by the Company’s policies regarding the transfer of the Common Shares subject to this Share Award and understands that there may be certain times during the year in which the Participant will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, or encumbering Common Shares. 

12.Miscellaneous.

(a)Binding Effect. Subject to the limitations set forth herein, this Award shall inure to the benefit of and be binding upon the Parties hereto and their respective heirs, legal representatives, successors and assigns.

(b)Entire Agreement; Amendments.  This Award and the Plan constitute the entire agreement between the parties with respect to the Award and cannot be changed or terminated orally.  No modification or waiver of any of the provisions hereof shall be effective unless in writing and signed by the party against whom it is sought to be enforced.

(c)Counterparts.  This Award may be executed in one or more counterparts, both of which taken together shall constitute one and the same agreement.

(d)Governing Law.  This Award shall be governed and construed and the legal relationships of the parties determined in accordance with the internal laws of the State of Maryland.  

[agreement continues]

 

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(e)Severability.  In the event that any provision in this Award shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Award.

(f)Section Headings.  The captions and section headings of this Award are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

 

RAIT FINANCIAL TRUST

 

By: /s/ Jamie Reyle

Name:  Jamie Reyle

Title:  Senior Managing Director – Chief Legal Officer

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ACKNOWLEDGMENT

 

The Participant acknowledges receipt of the Share Award, a copy of which is attached hereto; represents that he has read and is familiar with the terms and provisions thereof; hereby accepts this Share Award subject to all of the terms and provisions thereof.  The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising hereunder. 

 

Date:January 9, 2017/s/ Scott L. N. Davidson
Signature of Participant

Scott L. N. Davidson
Name of Participant

 

6Exhibit 4.2

ICON plc

CONSULTANTS SHARE OPTION PLAN 2008

(as amended and restated effective as of 14th February 2017)

 (FOR CONSULTANTS AND NON-EXECUTIVE DIRECTORS)

TABLE OF CONTENTS

	
1.

	
INTRODUCTION

	
4

	 	 	 
	
2.

	
ADMINISTRATION

	
4

	
2.1.

	
Administration by Committee.

	
4

	
2.2.

	
Committee Responsibilities.

	
4

	
2.3.

	
No Right to Participation.

	
4

	 	 	 
	
3.

	
SHARES AVAILABLE FOR GRANTS

	
4

	
3.1.

	
Basic Limitation

	
4

	
3.2.

	
Additional Shares.

	
4

	 	 	 
	
4.

	
ELIGIBILITY

	
4

	
4.1.

	
General Rules.

	
4

	 	 	 
	
5.

	
OPTIONS

	
4

	
5.1.

	
Stock Option Agreement.

	
4

	
5.2.

	
Transfer of Awards.

	
5

	
5.3.

	
Waiver of an Option and failure to complete Stock Option Agreement.

	
5

	
5.4.

	
Number of Shares

	
5

	
5.5.

	
Exercise Price.

	
5

	
5.6.

	
Exercisability and Term.

	
5

	
5.7.

	
Acceleration Upon Change in Control.

	
5

	
5.8.

	
Modification or Assumption of Options.

	
5

	
5.9.

	
Liquidation.

	
5

	 	 	 
	
6.

	
PAYMENT FOR OPTION SHARES

	
6

	
6.1.

	
General Rule.

	
6

	
6.2.

	
Exercise/Sale.

	
6

	
6.3.

	
Other forms of Payment.

	
6

	 	 	 
	
7.

	
ADJUSTMENT OF SHARES

	
6

	
7.1.

	
Adjustments.

	
6

	
7.2.

	
Reorganisation.

	
6

	 	 	 
	
8.

	
LIMITATION ON RIGHTS

	
7

	
8.1.

	
Retention Rights and Cessation of Engagement

	
7

	
8.2.

	
Shareholders’ Rights.

	
7

	
8.3.

	
Regulatory Requirements.

	
7

	 	 	 
	
9.

	
WITHHOLDING TAXES

	
7

	
9.1

	
Withholding Tax

	
7

	
9.2

	
Section 409A

	
7

	 	 	 
	
10.

	
FUTURE OF THE PLAN

	
7

	
10.1.

	
Term of the Plan

	
7

	
10.2.

	
Amendment or Termination

	
8

	 	 	 
	
11.

	
DEFINITIONS

	
8

	
11.1.

	
Award.

	
8

	
11.2.

	
Board .

	
8

	
11.3.

	
Change in Control

	
8

	
11.4.

	
Code.

	
9

	
11.5.

	
Committee

	
9

2

	
11.6.

	
Company

	
9

	
11.7.

	
Consultant

	
9

	
11.8.

	
Date of Grant

	
9

	
11.9.

	
Employee Plan

	
9

	
11.10.

	
Exchange Act

	
9

	
11.11.

	
Exercise Price .

	
9

	
11.12.

	
Internal Revenue Service .

	
9

	
11.13.

	
Market Value

	
9

	
11.14.

	
NSO

	
9

	
11.15.

	
Option

	
9

	
11.16.

	
Optionee .

	
9

	
11.17.

	
Ordinary Share .

	
9

	
11.18.

	
Plan

	
9

	
11.19.

	
Securities and Exchange Commission.

	
9

	
11.20.

	
Share .

	
9

	
11.21.

	
Stock Option Agreement.

	
9

	
11.22.

	
Subsidiary

	
10

3

ICON plc

CONSULTANTS SHARE OPTION PLAN 2008

(as amended and restated effective as of 14th February 2017)

	
1.

	
INTRODUCTION

The Plan was originally established pursuant to a resolution of shareholders dated 21st July 2008 and was amended and restated pursuant to a resolution of Directors dated 14th February, 2017.  The purpose of the Plan is to establish a share option plan for Consultants (including non-executive directors) of the Company or any Subsidiary as a share incentive scheme to promote the long-term success of the Company and the creation of shareholder value by (a) encouraging Consultants to focus on critical long-range objectives, (b) encouraging the attraction and retention of Consultants, and (c) linking Consultants directly to shareholder interests through increased share ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of Options which will constitute NSO’s.  The Plan shall be governed by, and construed in accordance with, the laws of Ireland.

	
2.

	
ADMINISTRATION

	
2.1.

	
Administration by Committee.  The Plan shall be administered by the Committee.

	
2.2.

	
Committee Responsibilities.  The Committee shall (a) select the Consultants who are to receive Awards under the Plan, (b) determine the type, number, vesting requirements and other conditions of such Awards, (c) interpret the Plan and (d) make all other decisions relating to the operation of the Plan. The Committee may adopt such rules or guidelines as it deems appropriate from time to time to implement the Plan. The Committee’s determinations under the Plan shall be final and binding on all persons.

	
2.3.

	
No Right to Participation.  No person shall be entitled as of right to participate in the Plan, and decisions regarding participation shall be made by the Committee in its absolute discretion.

	
3.

	
SHARES AVAILABLE FOR GRANTS

	
3.1.

	
Basic Limitation.  Any Shares over which Options may be issued pursuant to the Plan shall be authorised but unissued shares. The total number of Shares that may be issued under the Plan shall not exceed 1,000,000 Shares. The Company shall keep available sufficient authorised but unissued Shares to meet in full the exercise of all Options. The limitations of this Section 3.1 shall be subject to adjustment pursuant to Article 7.

	
3.2.

	
Additional Shares.  If any Options are forfeited or if any Options terminate for any other reason before being exercised, then Shares subject to such Options shall again become available for Awards under the Plan.

	
4.

	
ELIGIBILITY

	
4.1.

	
General Rules.  Only Consultants shall be eligible for designation as participants by the Committee.

	
5.

	
OPTIONS

	
5.1.

	
Stock Option Agreement. Each grant of an Option under the Plan (unless the Committee determines otherwise in its absolute discretion) shall be evidenced by a Stock Option Agreement between the Optionee and the Company.  Such Option shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan.  The provisions of the various Stock Option Agreements entered into under the Plan need not be identical.

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5.2.

	
Transfer of Awards.  Options shall not be transferable, save that an Option Agreement may permit a transfer of the Option on death to an Optionee’s personal representatives, by will or the laws for intestate succession.  The transferee of an Option shall be bound by the provisions of this Plan and the Stock Option Agreement entered into by the Optionee and (unless otherwise determined by the Committee in its absolute discretion) such transferee shall agree in writing on a form prescribed by the Committee to be so bound.

	
5.3.

	
Waiver of an Option and failure to complete Stock Option Agreement.  An Optionee may by notice in writing given within 60 days of the Date of Grant of an Option disclaim in whole or in part his or her rights under that Option in which case the Option, or that portion of the Option disclaimed, shall for all purposes be deemed not to have been granted.  Unless the Committee determines otherwise in its absolute discretion, it shall be a condition of the grant of an Option that an Optionee completes a Stock Option Agreement and where an Optionee fails to do so within any time specified by the Committee, that Option shall be deemed not to have been granted.

	
5.4.

	
Number of Shares.  Each Stock Option Agreement shall specify the number of Shares over which the Option is granted and shall provide for the adjustment as provided in Article 7.  An Optionee may elect, upon exercise of an Option, to acquire Ordinary Shares of the Company.

	
5.5.

	
Exercise Price.  Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price shall not be less than 100% of the Market Value of a Share on the Date of Grant.

	
5.6.

	
Exercisability and Term. Each Stock Option Agreement shall specify the date when all or any instalment of the Option may be exercised.  The Stock Option Agreement shall also specify the term of the Option; provided that the term of an Option shall in no event exceed 10 years from the date of grant.  A Stock Option Agreement may provide for accelerated exercisability in the event of the Optionee’s death or disability or other events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s engagement or office with the Company or any Subsidiary, or otherwise.

	
5.7.

	
Acceleration Upon Change in Control.  The Committee may determine, at the time of granting an Option or thereafter, that such Option shall become exercisable as to all or part of the Shares subject to such Option in the event that a Change in Control occurs with respect to the Company.

	
5.8.

	
Modification or Assumption of Options. Within the limitations of the Plan, the Committee may modify, extend or assume (i.e., succeed by operation of contract to all rights and obligations under) outstanding Options or accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price.  Notwithstanding the foregoing, except as provided in the first sentence of Section 7.1 hereof, unless the approval of shareholders of the Company is obtained, Options issued under the Plan shall not be amended to lower their Exercise Price, Options issued under the Plan will not be exchanged for other Options with lower Exercise Prices, and no other action shall be taken with respect to Options that would be treated as a repricing under the rules of the principal stock exchange on which the Shares are listed.  Any other provision of the Plan notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair his or her rights or obligations under such Option.

	
5.9.

	
Liquidation.  In the event of the liquidation, dissolution or other winding up of the Company, all Options shall cease to be exercisable (unless the Committee at its sole discretion shall determine otherwise). Optionees shall not be entitled to damages or other compensation of any kind.

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6.

	
PAYMENT FOR OPTION SHARES

	
6.1.

	
General Rule.  The entire Exercise Price of Shares issued upon exercise of Options shall be payable in cash at the time when such Shares are acquired, except that the Stock Option Agreement may specify that payment may be made in any other form(s) described in this Article 6.

	
6.2.

	
Exercise/Sale.  If permitted by the applicable Stock Option Agreement, payment may be made by delivery (on a form prescribed by the Company) of an undertaking to pay constituted by an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes.

	
6.3.

	
Other forms of Payment.  If permitted by the applicable Stock Option Agreement, payment may be made in any other form that is consistent with applicable laws, regulations and rules.

	
7.

	
ADJUSTMENT OF SHARES

	
7.1.

	
Adjustments.  In the event of a subdivision of the Shares; a declaration of a dividend payable in Shares; a declaration of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares; a combination or consolidation of the issued Shares (by reclassification or otherwise) into a lesser number of Shares; a recapitalization; a capitalisation of profits or reserves; a rights issue; a reduction of capital; a spin-off or other similar corporate transaction or event that affects the Shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Optionees under the Plan, the Committee shall make appropriate adjustments in one or more of (a) the number and kind of Shares available for future Awards under Article 3; (b) the definitions of Share and/or Ordinary Share; (c) the number and kind of Shares covered by each outstanding Option and (c) the Exercise Price under each outstanding Option (provided that the Exercise Price may not be reduced below the nominal value of a Share).  Except as provided in this Article 7, an Optionee shall have no rights by reason of any issue by the Company of shares of any class or securities convertible into shares of any class, any subdivision or consolidation of shares of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of any class.

	
7.2.

	
Reorganisation.  In the event that the Company is a party to a merger, takeover, Change in Control or other reorganization, outstanding Options shall be subject to the agreement of merger or reorganization, the terms of the relevant scheme of arrangement or other applicable transaction agreement.  Such agreement may provide, without limitation, for one or more of the following: (a) the continuation or assumption of outstanding Awards by the Company or the surviving company (the term “surviving company” for purposes of this Section 7.2 shall include reference to an acquiring company in a takeover situation) or its parent ; (b) substitution by the surviving corporation or its parent of awards with substantially the same terms for such outstanding Awards (and, if the Company is not a publicly traded entity, substitution of shares with equity of the surviving corporation or its parent with substantially the same terms as the outstanding Shares); (c) cancellation of all or any portion of the outstanding Awards (and the expiration of the balance, as appropriate) in exchange for a cash payment of the excess, if any, of the Market Value at the date of cancellation of the Shares subject to such outstanding Awards or portion thereof being cancelled over the aggregate Exercise Price, with respect to such Awards or portion thereof being cancelled; or (d) the acceleration of the vesting and exercisability of all or a portion of such outstanding Awards (and the expiration of the balance, as appropriate) to take effect at such time before or after completion of the merger, takeover, Change in Control or other reorganization as the Committee shall in its absolute discretion determine, followed by the lapse of any such Awards not so exercised, all in any case without the Optionee’s consent.  In the event that the relevant transaction agreement or document does not provide for any of the above, the Board has discretion to determine whether any one or more of (a) to (d) will apply to all or any portion of such outstanding Awards.

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8.

	
LIMITATION ON RIGHTS

	
8.1.

	
Retention Rights and Cessation of Engagement.  Neither the Plan nor any Option granted under the Plan shall be deemed to give any individual a right to be or remain an employee, or a Consultant or director of the Company or a Subsidiary. The Company and its Subsidiaries reserve the right to terminate the service or engagement of any party at any time, with or without cause, subject to applicable laws, the Company’s Memorandum and Articles of Association and contractual agreement (if any).  Under no circumstances will any Optionee ceasing to be a Consultant be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Plan which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or removal or other breach of contract or by way of compensation for loss of office or otherwise howsoever.

	
8.2.

	
Shareholders’ Rights.  An Optionee shall have no dividend rights, voting rights or other rights as a shareholder with respect to any Shares covered by his or her Award prior to filing the proper notice of exercise and tendering the Exercise Price for such Shares. No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date when such notice of exercise and tender of Exercise Price is given, except as expressly provided in Article 7.

	
8.3.

	
Regulatory Requirements.  Any other provision of the Plan notwithstanding, the obligation of the Company to issue Shares under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares, to their registration, qualification or listing or to an exemption from registration, qualification or listing.

	
9.

	
WITHHOLDING TAXES

	
9.1.

	
Withholding Tax.  The Company or any Subsidiary is authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payment to a Consultant, amounts of withholding social insurance, levies and other taxes due in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Consultant to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award.  This authority shall include authority to withhold or receive Shares or other property and to make cash payments in respect thereof in satisfaction of a Consultant’s tax obligations; provided, however, that the amount of tax withholding to be satisfied by withholding Shares shall be limited to the minimum amount of taxes and any amount of social insurance and/or levies, including employment taxes, required to be withheld under applicable Federal, state and local law.

	
9.2.

	
Section 409A.  It is intended that the Plan and Awards issued thereunder will comply with Section 409A of the Code (and any regulations and guidelines issued thereunder) to the extent the Awards are subject thereto, and the Plan and such Awards shall be interpreted on a basis consistent with such intent.  The Plan and any Award Agreements issued thereunder may be amended in any respect deemed by the Board or the Committee to be necessary in order to preserve compliance with Section 409A of the Code.

	
10.

	
FUTURE OF THE PLAN

	
10.1.

	
Term of the Plan.  The Plan, as set forth herein, was originally effective as of the date of its approval by the Company’s shareholders at an Annual General Meeting held on the 21st July 2008. The Plan was amended and restated pursuant to a resolution of Directors dated 14th  February, 2017 and shall remain in effect until it is terminated under Section 10.2, except that no Option shall be granted after the 14th  February, 2027.

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10.2.

	
Amendment or Termination.  The Board may, at any time and for any reason, amend or terminate the Plan. An amendment of the Plan shall be subject to the approval of the Company’s shareholders only to the extent required by applicable laws, regulations or rules.  No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan shall not affect any Option previously granted under the Plan.  Notwithstanding such termination, the Company shall continue to act, administer and manage the Plan in accordance with its terms.  Plan amendments may affect Options which have previously been granted under the Plan; provided, however, that no amendment to the Plan which would adversely affect the rights of an Optionee in respect of an Option previously granted to them shall apply to such existing Option without the consent of the Optionee.

	
11.

	
DEFINITIONS

	
11.1.

	
Award means any grant of an Option under the Plan.

	
11.2.

	
Board means the Company’s Board of Directors, as constituted from time to time.

	
11.3.

	
Change in Control means:

		(a)	
The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganisation (however effected, including by general offer or court-sanctioned compromise, arrangement or scheme), if more than 50% of the combined voting power of the continuing or surviving entity’s issued shares or securities outstanding immediately after such merger, consolidation or other reorganisation is owned by persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization;

(b)            The sale, transfer or other disposition of all or substantially all of the Company’s assets;

		(c)	
A change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors are directors who either (i) had been directors of the Company on the date 24 months prior to the date of the event that may constitute a Change in Control (the “original directors”) or (ii) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved; or

		(d)	
Any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities (e.g., issued shares). For purposes of this Subsection (d), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary and (ii) a company owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the ordinary shares of the Company.

A transaction shall not constitute a Change in Control if its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s issued shares immediately before such transaction.

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11.4.

	
Code means the US Internal Revenue Code of 1986, as amended.

	
11.5.

	
Committee means the Compensation Committee of the Board or such other committee of the Board, as the Board may appoint to administer the Plan from time to time.

	
11.6.

	
Company means ICON plc, an Irish corporation and its successor corporations.

	
11.7.

	
Consultant means a consultant or adviser or non-executive director retained by the Company or any Subsidiary to render services to the Company or any Subsidiary.

	
11.8.

	
Date of Grant means the date of the Committee resolution under which an Option is granted or as otherwise specified in the Committee resolution approving the Option Grant.

	
11.9.

	
Employee Plan means the ICON plc Employee Share Option Plan 2008 established pursuant to a resolution of shareholders passed on the same date as the resolution approving this Plan.

 

11.10.   Exchange Act means the US Securities Exchange Act of 1934, as amended.

 

11.11    Exercise Price means the amount for which one Share may be acquired upon exercise of an Option, as specified in the applicable Stock Option Agreement. 

 

11.12    Internal Revenue Service means the US Internal Revenue Service.

 

	11.13.	
Market Value means the market price of Shares, determined by the Committee as follows: (i) if Shares are listed on a stock exchange on the date in question, then the Market Value shall be equal to the higher of par and the closing price reported for such date by the applicable composite-transactions report or, if the Shares were not traded on that day, the next preceding day that the Shares were traded; and (ii) if Shares are not traded on a stock exchange on the date in question, the Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate.  Whenever possible, the determination of Market Value by the Committee shall be based on the prices reported in The Wall Street Journal, Eastern Edition, USA.  Such determination shall be conclusive and binding on all persons.

	11.14.	
NSO means an employee stock option not described in section 422 or 423 of the Code.

	11.15.	
Option means a NSO granted under the Plan and entitling the holder to purchase by way of subscription (as such term is understood under Irish law) Shares.

	11.16.	
Optionee means an individual or estate who holds an Option.

	11.17.	
Ordinary Share means one ordinary share in the capital of the Company.

	11.18.	
Plan means this ICON plc Consultants Share Option Plan 2008, as it may be amended from time to time.

	11.19.	
Securities and Exchange Commission means the US Securities and Exchange Commission.

	11.20.	
Share means either one Ordinary Share or one ordinary share in the capital of the Company as represented by one American Depository share and as evidenced by an American Depository Receipt.

	11.21.	
Stock Option Agreement means the agreement between the Company and an Optionee which contains the terms, conditions and restrictions pertaining to his or her Option and which shall be in such form as the Committee shall determine in its absolute discretion.

9

	11.22.	
Subsidiary means any company, if the Company and / or one or more other Subsidiaries own not less than 50% of the total combined voting power of all classes of outstanding stock (e.g., issued shares) of such company. A company that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

 

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