Document:

rare-ex101_180.htm

 

Exhibit 10.1

 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

 

		
	
Name
	
[●]

	
Target Number of Performance Stock Units subject to Award:
	
[●]

	
Date of Grant:
	
[●]

 

ULTRAGENYX PHARMACEUTICAL INC.

2014 INCENTIVE PLAN

PERFORMANCE STOCK UNIT AGREEMENT (2021)

This agreement (this “Agreement”) evidences an award (the “Award”) of performance stock units (the “Performance Stock Units”) granted by Ultragenyx Pharmaceutical Inc. (the “Company”) to the undersigned (the “Grantee”) pursuant to and subject to the terms of the Ultragenyx Pharmaceutical Inc. 2014 Incentive Plan (as amended from time to time, the “Plan”), which is incorporated herein by reference.

1.Grant of Performance Stock Units.  The Company grants to the Grantee on the date set forth above (the “Date of Grant”) an award consisting of the right to receive on the terms provided herein and in the Plan, one share of Stock with respect to each Performance Stock Unit forming part of the Award, in each case, subject to adjustment pursuant to Section 7(b) of the Plan in respect of transactions occurring after the date hereof.

2.Meaning of Certain Terms.  Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan. 

3.Vesting.  

(a)Unless earlier terminated, forfeited, relinquished or expired, and subject to the Grantee’s continued employment through the applicable vesting dates, 80% of the Performance Stock Units shall vest in accordance with Section 3(b) (the “Revenue PSUs”) and the remaining 20% of the Performance Stock Units shall vest in accordance with Section 3(c) (the “TSR PSUs”).

(b)The Revenue PSUs shall vest as follows:

	
 
	
(i)
	
If the Administrator certifies that the revenue performance metric set forth in Appendix A attached hereto (the “Revenue Vesting Metric”) has been achieved at at least the threshold level of performance during the period beginning on January 1, 2021 and ending on December 31, 2022 (the “Revenue Performance Period”),100% of the Earned Revenue PSUs (as determined pursuant to Appendix A) shall vest on the later of (x) the date on which the Administrator certified such achievement and (y) March 1, 2023 (such date, the “First Time-Based Vesting Date”). 

Notwithstanding anything to the contrary in this Section 3(b), in the event that the Company fails to achieve the threshold level of performance under the Revenue Vesting Metric during the Revenue Performance Period, the vesting of the Revenue PSUs shall immediately cease and all of the Revenue PSUs shall be immediately forfeited as of the last day of the Revenue Performance Period.

104440673.3

 

(c)If the Administrator certifies that the relative total stockholder return performance metric set forth in Appendix B attached hereto (the “TSR Vesting Metric”) has been achieved at at least the threshold level of performance during the period beginning on January 1, 2021 and ending on December 31, 2023 (the “TSR Performance Period”), 100% of the Earned TSR PSUs (as determined pursuant to Appendix B) shall vest on the later of (x) the date on which the Administrator certified such achievement and (y) March 1, 2024. 

(d)Notwithstanding anything to the contrary in Section 3(b) or Section 3(c) above and subject to the conditions set forth below, if the Company consummates a Covered Transaction prior to the end of the Revenue Performance Period and/or TSR Performance Period, the Performance Stock Units granted hereby that have not otherwise vested or been terminated, forfeited, relinquished or expired prior to the Covered Transaction shall automatically become a number of time-vested restricted stock units (“Restricted Stock Units”) assuming the greater of (i) the target level of performance or (ii) (x) with respect to the Revenue Vesting Metric, the expected (as determined by the Administrator) level of performance and (y) with respect to the TSR Vesting Metric, the actual level of performance through the date of the Covered Transaction, which Restricted Stock Units shall vest on the first anniversary of the Covered Transaction, subject to Grantee’s continued employment through that date. If the Administrator certifies that the Revenue Vesting Metric has been achieved during the Revenue Performance Period and prior to the Covered Transaction, the applicable Time-Based Vesting Dates for those Earned Performance Stock Units shall not be affected by any Covered Transaction, and such Earned Performance Stock Units shall continue to vest based on their applicable Time-Based Vesting Dates.    

4.Delivery of Stock.  The Company shall deliver to the Grantee as soon as practicable upon the vesting of the Performance Stock Units (or, if applicable, Restricted Stock Units) or any portion thereof, but in all events no later than March 15th of the year following the year in which such units vest, one share of Stock with respect to each such vested unit, subject to the terms of the Plan and this Agreement.

5.Dividends; Other Rights.  The Award shall not be interpreted to bestow upon the Grantee any equity interest or ownership in the Company or any Affiliate prior to the date on which the Company delivers shares of Stock to the Grantee (if any).  The Grantee is not entitled to vote any shares of Stock by reason of the granting of this Award or to receive or be credited with any dividends declared and payable on any share of Stock prior to the date on which any such share is delivered to the Grantee hereunder.  The Grantee shall have the rights of a shareholder only as to those shares of Stock, if any, that are actually delivered under this Award.

6.Forfeiture; Recovery of Compensation.

(a)The Administrator may cancel, rescind, withhold or otherwise limit or restrict the Award at any time if the Grantee is not in compliance with all applicable provisions of this Agreement and the Plan.

(b)By accepting the Award the Grantee expressly acknowledges and agrees that his or her rights, and those of any permitted transferee of the Award, under the Award to any Stock acquired under the Award or proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision).  Nothing in the preceding sentence shall be construed as limiting the general application of Section 10 hereof.

7.Nontransferability.  Neither the Award nor the Performance Stock Units (or, if applicable, Restricted Stock Units) may be transferred except as expressly permitted under Section 6(a)(3) of the Plan.

8.Certain Tax Matters.

(a)The Grantee expressly acknowledges and agrees that the Grantee’s rights hereunder, including the right to be issued shares of Stock upon the vesting of the Performance Stock Units (or, if applicable, Restricted Stock Units) (or any portion thereof), are subject to the Grantee’s promptly paying, or in respect of any later requirement of withholding being liable promptly to pay at such time as such withholdings are due, to the Company in cash (or by such other means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld, if any (the “Tax Withholding Obligation”).  No shares of Stock will be transferred pursuant to the vesting of the Performance Stock Units (or, if applicable, Restricted Stock Units) (or any portion thereof) 

2

 

unless and until the Grantee or the person then holding the Award has remitted to the Company an amount in cash sufficient to satisfy any federal, state, or local withholding tax requirements then due and has committed (and by accepting this Award the Grantee shall be deemed to have committed) to pay in cash all tax withholdings required at any later time in respect of the transfer of such shares, or has made other arrangements satisfactory to the Company with respect to such taxes.  The Grantee also authorizes the Company and its subsidiaries to withhold such amount from any amounts otherwise owed to the Grantee, but nothing in this sentence shall be construed as relieving the Grantee of any liability for satisfying his or her obligations under the preceding provisions of this Section 8.

(b)The Grantee expressly acknowledges that the Grantee’s acceptance of this Agreement constitutes the Grantee’s instruction and authorization to the Company and any brokerage firm determined acceptable to the Company for such purpose to sell on the Grantee’s behalf a whole number of shares from those shares of Stock issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the applicable Tax Withholding Obligation, and to transfer the proceeds from the sale of such Stock from the Grantee’s securities account established with the brokerage service provider for the settlement of the Grantee’s vested Performance Stock Units (or, if applicable, Restricted Stock Units) to any account held in the name of the Company.  Such shares will be sold on the date of vesting or as soon thereafter as practicable.  Grantee will be responsible for all brokers’ fees and other costs of sale, which fees and costs may be deducted from the proceeds of the foregoing sale of Stock, and Grantee agrees to indemnify and hold the Company and any brokerage firm selling such Stock harmless from any losses, costs, damages, or expenses relating to any such sale.  To the extent the proceeds of such sale exceed Grantee’s Tax Withholding Obligation, such excess cash will be deposited into the securities account established with the brokerage service provider for the settlement of Grantee’s vested Performance Stock Units (or, if applicable, Restricted Stock Units).  Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy Grantee’s Tax Withholding Obligation.  Accordingly, Grantee agrees to pay to the Company as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of shares described above.  Unless otherwise authorized by the Administrator in its sole discretion, the sale of Stock will be the primary method used by the Company to satisfy the applicable Tax Withholding Obligation.

(c)The Grantee expressly acknowledges that because this Award consists of an unfunded and unsecured promise by the Company to deliver Stock in the future, subject to the terms hereof, it is not possible to make a so-called “83(b) election” with respect to the Award.

9.Effect on Employment.  Neither the grant of the Award, nor the issuance of Shares upon vesting of the Award, will give the Grantee any right to be retained in the employ or service of the Company or any of its Affiliates, affect the right of the Company or any of its Affiliates to discharge or discipline such Grantee at any time, or affect any right of such Grantee to terminate his or her Employment at any time.

10.Provisions of the Plan.  This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the Date of Grant has been furnished to the Grantee.  By accepting the Award, the Grantee agrees to be bound by the terms of the Plan and this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall control.

11.Acknowledgments.  The Grantee acknowledges and agrees that (a) this Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument, (b) this agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, shall constitute an original signature for all purposes hereunder and (c) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Grantee.

[The remainder of this page is intentionally left blank.]

 

3

 

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer.

ULTRAGENYX PHARMACEUTICAL INC.

By: 

Name: 

Title: 

Dated: 

Acknowledged and Agreed:

By: 

[Grantee’s Name]

 

[Signature Page to Performance Stock Unit Agreement]

 

 

 

Appendix A

The performance metric applicable to the Revenue PSUs shall be GAAP revenue for the Company over the Revenue Performance Period, with the number of Earned Revenue PSUs equal to the number of Revenue PSUs subject to the Award multipled by the applicable percentage set forth in the following table:

 

			
	
Level of Performance
	
Aggregate GAAP Revenue(1) for FY 2021 and FY 2022
	
Earned Revenue PSUs(2)

	
Threshold
	
$[***]
	
50%

	
Target
	
$[***]
	
100%

	
Maximum
	
$[***]
	
200%

	
(1)
	
GAAP revenue excludes [***].  

	
(2)
	
For performance between threshold and target and between target and maximum, the percentage of the Revenue PSUs that become Earned Revenue PSUs will be determined on a straight-line interpolated basis.

 

 

Appendix A to Performance Stock Unit Agreement

 

 

Appendix B

The performance metric applicable to the TSR PSUs shall be the Company’s Total Stockholder Return (as defined below) relative to the Total Stockholder Return of the companies in the NASDAQ Biotechnology Index (NBI) (the “Peer Group”), with the number of Earned TSR PSUs equal to the number of TSR PSUs subject to the Award multiplied by the applicable percentage set forth in the following table:

 

			
	
Level of Performance
	
TSR Percentile(1)
	
Earned TSR PSUs(2)

	
Threshold
	
25th
	
25%

	
Target
	
50th
	
100%

	
Stretch
	
75th 
	
150%

	
Maximum
	
90th 
	
200%

	
(1)
	
TSR Percentile is calculated based on the Company’s ranking within the Peer Group based on its Total Stockholder Return as compared to the Total Stockholder Return of each member of the Peer Group.

	
(2)
	
For performance between threshold and target, between target and stretch and between stretch and maximum, the percentage of the TSR PSUs that become Earned TSR PSUs will be determined on a straight-line interpolated basis.

“Total Stockholder Return” of the Company and of each member of the Peer Group shall be determined pursuant to the following formula:

Total Stockholder Return = (Final Stock Price - Initial Stock Price) + Reinvested Dividends

Initial Stock Price

For purposes of this formula, (a) “Final Stock Price” shall be the relevant company’s average closing stock price for the two-month period preceding the last trading day of the TSR Performance Period, (b) “Initial Stock Price” shall be the relevant company’s average closing stock price for the two-month period preceding the first trading day of the Performance Period, and (c) “Reinvested Dividends” shall be the aggregate number of shares (including fractional shares) that could have been purchased during the TSR Performance Period had each cash dividend paid on a single share during that period been immediately reinvested in additional shares (or fractional shares) at the closing stock price on the applicable dividend payment date. Each of the foregoing amounts shall be equitably adjusted for stock splits, stock dividends, recapitalizations and other similar events affecting the shares in question without the issuer’s receipt of consideration. 

 

Appendix B to Performance Stock Unit Agreementexhibit102kforcerestrict

      Exhibit 10.2           Grantee:    KFORCE INC.  2021 STOCK INCENTIVE PLAN  RESTRICTED STOCK UNIT AWARD AGREEMENT  NAME  Type of Award:  Date of Grant:  Restricted Stock Unit  (“RSU”)     Fair Market Value on Date of Grant: $     Kforce Inc. (the “Firm”), pursuant to its 2021 Stock Incentive Plan (the "Plan"), hereby  grants the RSUs summarized above to stated Grantee, pursuant to the Other Stock-Based Award  provisions of Section 9 of the Plan. Each RSU represents the right to receive a share of the Firm's  common stock if the RSU becomes vested in accordance with this Agreement. The RSUs are  subject to the terms and conditions set forth within the Plan, and unless otherwise defined herein,  the terms defined in the Plan shall have the same defined meanings in this Agreement; however,  certain terms of this award are provided below:  Vesting  Subject to the terms and conditions of the Plan, the RSUs awarded to the Grantee vest, as  follows, provided that on each vesting date the Grantee is an Employee of or Consultant to the  Firm or a Subsidiary:  100% of the RSUs vest on _______  Other Terms:  In the case of a change in control, the unvested portion of the award shall vest immediately. If the  Grantee Voluntarily resigns, the unvested portion of the award shall be forfeited immediately.  Dividend Equivalents  Prior to the issuance of shares in settlement of the RSUs granted above, the RSUs contain  the following terms as it relates to dividend equivalents:  Right to dividend equivalents1  No right to dividend equivalents2  Dividend Equivalent Rights:  1 The grantee will accrue dividend equivalents equal to the cash dividend or distribution that would have been paid on the  RSUs had the RSUs been issued and outstanding shares on the record date for the dividend/distribution. The dividend  equivalents will be converted into additional RSUs based on the Fair Market Value of the underlying shares on the record  date of such dividend/distribution, and any resulting fractional number of RSUs will be rounded to the nearest whole  number. The grantee’s interest in such additional RSUs shall be forfeited or shall become nonforfeitable and subject to  settlement at the same time as the RSUs to which they relate are forfeited or become nonforfeitable and subject to  settlement.  2 The grantee shall not be entitled to any future payments to compensate the grantee for the award not containing dividend  equivalent rights.  Timing and Manner of Settlement of Vested RSUs  Vested RSUs will be settled by the Firm delivering to the Grantee a number of shares equal  to the number of vested RSUs. Except as otherwise provided in a valid deferral election, settlement  of vested RSUs will occur as promptly as practicable after the date on which the RSUs become  vested, but in no event later than 30 days after the vesting date. Any fractional shares will be  rounded down to the next whole number of shares. Subject to any conditions and procedures  deemed appropriate or necessary from time to time by the Compensation Committee of the Firm's  Board of Directors (the "Committee"), including the required timing of a deferral election and the  suspension of the right to elect deferrals or to make changes in any existing deferral election, the  grantee may elect to defer the RSU settlement date using the deferral election form provided by the  Firm.  Grant (# of awards):   

 

    Code Section 409A  Payments made pursuant to this Agreement are intended to be exempt from Code Section 409A or  to otherwise comply with Code Section 409A. Accordingly, the provisions of this section will  supersede any other provision of this Agreement or the Plan in order that the RSUs, and related  dividend equivalents and any other related rights, will be exempt from or otherwise comply with  Code Section 409A. In addition, the Firm reserves the right, to the extent the Firm deems  necessary or advisable in its discretion, to unilaterally amend or modify the Plan and/or this  Agreement to ensure that all RSUs, and related dividend equivalents and any other related rights,  are exempt from or otherwise have terms that comply, and in operation comply, with Code Section  409A (including, without limitation, the avoidance of penalties thereunder). The Firm makes no  representations that the RSUs, and related dividend equivalents and any other related rights, will be  exempt from or avoid any penalties that may apply under Code Section 409A, makes no  undertaking to preclude Code Section 409A from applying to the RSUs and related dividend  equivalents and any other related rights, and will not indemnify or provide a gross up payment to a  grantee (or his or her beneficiary) for any taxes, interest or penalties imposed under Code Section  409A. Each portion of RSUs (including dividend equivalents accrued thereon) that is scheduled to  become vested and nonforfeitable at a separate stated vesting date under this Agreement will be  deemed a separate payment for purposes of Code Section 409A.  In the case of any RSUs that constitute a deferral of compensation under Code Section 409A  ("Code Section 409A RSUs"), the following restrictions will apply:  • Separation from Service. Any payment in settlement of the Code Section 409A RSUs that is  triggered by a termination of Continuous Status as an Employee or Consultant (or other  termination of employment) hereunder will occur only if the grantee has had a “separation  from service” within the meaning of Treasury Regulation § 1.409A-1(h), with such  separation from service treated as the termination for purposes of determining the timing of  any settlement based on such termination.  • Application of Six-Month Delay. If (1) the grantee has a separation from service (within the  meaning of Treasury Regulation § 1.409A-1(h)) for a reason other than death, and (2) a  payment in settlement of Code Section 409A RSUs is triggered by such separation from  service, and (3) the grantee is a “specified employee” under Code Section 409A, then, to the  extent required for compliance with Code Section 409A, the settlement of Code Section 409A  RSUs that is triggered by separation from service where the settlement otherwise would  occur within six months after the separation from service will be made on the date six  months and one day after separation from service. During the six-month delay period,  accelerated settlement will be permitted in the event of the grantee’s death and for no other  reason, except to the extent permitted under Code Section 409A.  • The settlement of Code Section 409A RSUs may not be accelerated by the Firm except to  the extent permitted under Code Section 409A. The Firm may, however, accelerate vesting  of Code Section 409A RSUs without changing the settlement terms of such Code Section  409A RSUs.  Any restriction that is imposed on Code Section 409A RSUs under the terms of this Agreement or  other documents solely to ensure compliance with Code Section 409A shall not be applied to an  RSU that is not a Code Section 409A RSU, except to the extent necessary to preserve the status of  such RSU as not being a “deferral of compensation” under Code Section 409A. If any mandatory  term that is required for any RSUs, or related dividend equivalents or other related rights, to avoid  tax penalties or additional taxes under Code Section 409A is not otherwise explicitly provided in this  Agreement or other applicable documents, such term is hereby incorporated by reference and     fully applicable as though set forth at length herein. With respect to any settlement of any RSUs  during a specified period following the stated vesting date or other date triggering a right to  settlement, the grantee will have no discretion or influence on any determination as to the tax year  in which the settlement will occur.  

 

    General Disclaimer  The Firm undertakes no duty or responsibility for providing periodic updates to you in the future as  it relates to this award.    Approval of Award (Grantor):        Name Printed  Signature      Acceptance of Award (Grantee):        Name Printed  Signature      * By signing this Award Agreement, you acknowledge receipt of the (i) Prospectus covering common stock issuable upon the exercise of stock  options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards granted under the 2021 Stock  Incentive Plan and (ii) a copy of our Annual Report for our most recently completed fiscal year.    

 

            Grantee:  KFORCE INC.  2021 STOCK INCENTIVE PLAN  RESTRICTED STOCK AWARD AGREEMENT  Name  Type of Award:  Date of Grant:  Restricted Stock  (“RS”)     Fair Market Value on Date of Grant: $    Kforce Inc. (the “Firm”), pursuant to its 2021 Stock Incentive Plan (the "Plan"), hereby  grants the shares summarized above to stated Grantee. The shares are subject to the terms and  conditions set forth within the Plan, and unless otherwise defined herein, the terms defined in the  Plan shall have the same defined meanings in this Agreement; however, certain terms of this  award are provided below:  Vesting  Subject to the terms and conditions within Section 5 of the Plan, the restricted stock  awarded to the Grantee vests, as follows:  100% of the RSAs vest on ____________________  Other Terms:  In the case of a change in control, the unvested portion of the award shall vest immediately. If the  Grantee Voluntarily resigns, the unvested portion of the award shall be forfeited immediately.  Dividend and Voting Rights  The unvested portion of the restricted stock granted above contains the following terms as it  relates to dividend and voting rights (the vested portion of the restricted stock granted above has  equivalent rights to a share of Kforce common stock):  Dividend Rights:  Right to dividends or dividend equivalents1  No right to dividends or dividend equivalents rights2  Voting Rights: the unvested restricted stock contains voting rights unless the shares have been  forfeited by the grantee.  1 The Firm shall make any payments related to dividends declared in additional shares of restricted stock, which shall be  treated as part of the grant of the underlying restricted stock. The grantee’s interest in such stock dividend shall be forfeited  or shall become nonforfeitable at the same time as the underlying restricted stock is forfeited or becomes nonforfeitable.  2 The grantee shall not be entitled to any future payments to compensate the grantee for the award not containing dividend  rights.  83(b) Election  In order for an election pursuant to IRS Code 83(b) to be valid, you are required to provide  a signed election form to Kforce. Please consult your tax advisor prior to making any such 83(b)  election.  Grant (# of awards):   

 

        General Disclaimer  The Firm undertakes no duty or responsibility for providing periodic updates to you in the future as  it relates to this award.    Approval of Award (Grantor):        Name Printed  Signature      Acceptance of Award (Grantee):        Name Printed  Signature    * By signing this Award Agreement, you acknowledge receipt of the (i) ) Prospectus covering common stock issuable upon  the exercise of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-  based awards granted under the 2021 Stock Incentive Plan and (ii) a copy of our Annual Report for our most recently  completed fiscal year.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]