Document:

EX-10.1

 Exhibit 10.1 

AMENDED & RESTATED 

EXTENDED STAY AMERICA, INC. 

LONG-TERM INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

(Time-Vesting & Performance-Vesting) 

THIS AWARD AGREEMENT (the “Agreement”) is made effective as of September 3, 2015, between Extended Stay America, Inc. (the
“Company”), a Delaware corporation, and Gerardo I. Lopez (the “Grantee”). Capitalized terms used but not defined in this Agreement shall have the meaning attributed to such terms under the Amended and Restated
Extended Stay America, Inc. Long-Term Incentive Plan (the “Plan”). 
 WHEREAS, the Company desires to grant the restricted
stock units (the “RSUs”) (the “Award”) provided for herein to the Grantee pursuant to the Plan and the terms and conditions set forth herein. 

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 

 

	1.	Grant of Award. 

 The Company hereby grants to the Grantee, an aggregate of 600,000
RSUs, consisting of Time Vesting RSUs and Performance RSUs (in each case, as defined below). The Performance RSUs are intended to constitute “qualified performance-based compensation” within the meaning of Section 162(m) of the Code.
The numbers of Performance Vesting RSUs set forth in Section 1(b) below are the numbers of RSUs that may be deemed to vest assuming performance at target levels. The number of Performance Vesting RSUs that actually vest may be higher or lower
than the number of Performance Vesting RSUs set forth in Section 1(b) based on actual performance. Subject to the provisions of this Agreement and the Plan, each vested RSU represents the right to receive one (1) Paired Share. 

(a) 100,000 RSUs shall be subject to time vesting (the “Time Vesting RSUs”) in accordance with the schedule
set forth in Section 2(a). 
 (b) 500,000 RSUs shall be subject to performance vesting based on the attainment of the
absolute total shareholder return goals as set forth in Section 2(b) (the “Performance RSUs”). 
  

	2.	Vesting. 

 Subject to the terms and conditions hereof and the Grantee’s continued
employment with the Company or any of its Subsidiaries on each applicable Vesting Date (as defined below), the Grantee shall vest in the RSUs as set forth below. The RSUs shall apply only with respect to a whole a number of Paired Shares. 

(a) Time-Vesting RSUs. Subject to the Grantee’s continued employment with the Company or any of its Subsidiaries,
the following portions of the Time-Vesting RSUs shall vest and no longer be subject to cancellation pursuant to Section 3 on the following dates: 
  

					
	 Vesting Date
	  	Percent of Time Vesting RSUs Vesting	 
	 August 31, 2016
	  	 	33 1/3	% 
	 August 31, 2017
	  	 	33 1/3	% 
	 August 31, 2018
	  	 	33 1/3	% 

  
 1 

 (b) Performance-Based RSUs. On August 31, 2018 (the “TSR
Vesting Date”, subject to the Grantee’s continued employment with the Company or any of its Subsidiaries, a percentage of the Performance RSUs shall vest and no longer be subject to cancellation pursuant to Section 3 based on the
extent to which the TSR target for the period beginning on the announcement of Grantee’s appointment as President and Chief Executive Officer through August 31, 2018 (the “Performance Period”) is attained, as set forth on
Appendix A (the cumulative target, the “TSR Target”). The vesting of the Performance RSUs shall be subject to the certification by the Committee of the extent to which the TSR Target has been achieved. 

(c) Change in Control. Notwithstanding Section 2(a) and Section 2(b), all of the Grantee’s outstanding
Time Vesting RSUs and Performance Vesting RSUs that are not vested as of the date of a Change in Control shall vest immediately upon such Change in Control. 
  

	3.	Effect of Termination of Service. 

 Except as otherwise provided in this Agreement or as
otherwise determined by the Committee, if the Grantee’s employment with the Company and its Subsidiaries and Affiliates Terminates for any reason, all RSUs that are not vested as of the date of such Termination (and the right to any payment in
respect of dividends or distributions pursuant to Section 7 with respect to such RSUs) shall be forfeited for no consideration and the Grantee shall have no further rights with respect to such RSUs. If the Grantee is Terminated following
August 31, 2018, but before the level of achievement of the TSR Target has been certified by the Committee, the Grantee shall continue to be entitled to receive any portion of Performance RSUs that vested as of August 31, 2018 based on the
Committee’s determination of the achievement of the TSR Target, and such vested Performance RSUs shall be settled in accordance with Section 4. 
  

	4.	Settlement. 

 On September 15 (or, in any year when September 15 falls on a
non-business day, the business day immediately prior to such date) immediately following the vesting of any Time-Vesting RSUs or Performance Vesting RSUs, such RSU’s shall be settled, and in settlement thereof, (i) the Company shall issue
to the Grantee one share of common stock of the Company (a “Company Common Share”) and (ii) ESH REIT shall issue to the Grantee one share of Class B stock of ESH Hospitality, Inc. ( “ESH REIT”) (a
“Class B REIT Share”), which Company Common Share and Class B REIT Share shall be stapled together as a Paired Share, as described in the Plan. 
  

	5.	Restrictions on Transfer. 

 (a) The RSUs subject to this Award may not be
sold, transferred, assigned or otherwise disposed of, and may not be pledged or otherwise hypothecated (other than pursuant to a definitive agreement executed by the Company in connection with a Corporate Transaction). 

(b) Any Paired Shares received in settlement of the RSUs pursuant to Section 4 shall be subject to (i) any transfer
or other restrictions set forth in any agreement with the Company or ESH REIT to which the Grantee is party and (ii) the share ownership guidelines of the Company and ESH REIT. 

 

	6.	Rights as Stockholder. 

 A RSU is not a Paired Share and the Grantee will have no rights
as a stockholder with respect to the RSUs. 

  
 2 

	7.	Dividend Equivalent Rights. 

 In the event of a dividend or other distribution
made in respect of Paired Shares, the Grantee will be entitled to receive, in respect of each RSU underlying the Award, the per Paired Share amount received by other stockholders in respect of a Paired Share in connection with such dividend,
provided, however, that any entitlement to or payment of dividends or distributions declared or paid on the Paired Shares shall be owing and paid to the Grantee only at the same time as the RSUs in respect of which such dividends or
distributed are settled pursuant to this Agreement. 
  

	8.	No Right to Continued Employee Status. 

 Nothing contained in this Agreement shall
confer upon the Grantee the right to the continuation of his or her Employee status or to interfere with the right of the Company or any of its Subsidiaries or other Affiliates to terminate the Grantee’s employment. 

 

	9.	Taxation. 

 The Grantee understands that when the RSUs are settled in accordance with
Section 4, the Grantee will be obligated to recognize income, for Federal, state and local income tax purposes, as applicable, in an amount equal to the Fair Market Value of the Paired Shares as of such date, and the Grantee is responsible for
all tax obligations that arise in connection with the RSUs. 
 The issuance of any Company Common Shares or Class B REIT Shares shall be
subject to the Grantee’s satisfaction of all applicable tax withholding obligations in cash or in such other manner as may be approved by the Committee. The Grantee may elect to have the Company and ESH REIT withhold a number of Company Common
Shares and Class B REIT Shares, as applicable, together having an aggregate equal to the tax withholding amounts due with respect to settlement of the RSUs. The Company shall have the right to require that the Grantee furnish information deemed
necessary by the Company to meet any tax reporting obligation as a condition to issuing and releasing any Paired Shares pursuant to the Award. 
  

	10.	Delivery of Shares and Restrictive Legend. 

 (a) Certificates or evidence
of book-entry shares representing the Paired Shares issued upon settlement of RSUs pursuant to Section 4 of this Agreement will be delivered to or otherwise made available to the Grantee (or, at the discretion of the Grantee, joint in the names
of the Grantee and the Grantee’s spouse) or to the Grantee’s nominee at such person’s request. 
 (b) The
certificates representing the Paired Shares issued upon settlement of RSUs pursuant to Section 4 shall be subject to such stop transfer orders and other restrictions as set forth in the Company’s certificate of incorporation and ESH
REIT’s certificate of incorporation, and as the Committee may deem advisable under the Plan or under applicable state and Federal securities or other laws, or under any ruling or regulation of any governmental body or national securities
exchange unless an exemption to such registration or qualification is available and satisfied. The Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

 

	11.	Securities Laws. 

 The obligation of the Company and ESH REIT, as applicable, to issue
and deliver the RSUs and any Paired Shares hereunder shall be subject to all applicable laws, rule and regulations, and such 

  
 3 

 
approvals by governmental agencies as may be required. The Grantee hereby agrees not to offer, sell or otherwise attempt to dispose of any Paired Shares issued to the Grantee pursuant to this
Agreement in any way which would: (x) require the Company or ESH REIT to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other county) or to amend or
supplement any such filing or (y) violate or cause the Company or ESH REIT to violate the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, or any other
Federal, state or local law, or the laws of any other country. 
  

	12.	Modification of the Agreement. 

 This Agreement may not be modified, amended, terminated
and no provision hereof may be waived in whole or in part except by a written agreement signed by the Company, ESH REIT and the Grantee and no modification shall, without the consent of the Grantee, alter to the Grantee’s detriment or impair
any rights of the Grantee under this Agreement except to the extent permitted under the Plan. 
  

	13.	Notices. 

 Unless otherwise provided herein, any notices or other communication given or
made pursuant to this Agreement or the Plan shall be in writing and shall be deemed to have been duly given (i) as of the date delivered, if personally delivered (including receipted courier service) or overnight delivery service, with
confirmation of receipt; (ii) one (1) business day after being sent by reputable commercial overnight delivery service courier, with confirmation of receipt; or (iii) three (3) business days after being mailed by registered or
certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below: 
  

			
	If to the Company:	  	11525 N. Community House Road, Suite 100
		  	Charlotte, North Carolina 28277
		  	Attn: General Counsel
		
	If to ESH REIT:	  	11525 N. Community House Road, Suite 100
		  	Charlotte, North Carolina 28277
		  	Attn: General Counsel

 If to the Grantee, at the most recent address, facsimile number or email contained in the Company’s
records. 
  

	14.	Agreement Subject to Plan and Applicable Law. 

 This Award is made pursuant to the Plan
and shall be interpreted to comply therewith. A copy of the Plan is attached hereto. Any provision of this Award inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. The Plan shall control in
the event there shall be any conflict between the Plan and this Agreement, and it shall control as to any matters not contained in this Agreement. The Committee shall have authority to make constructions of this Agreement, and to correct any defect
or supply any omission or reconcile any inconsistency in this Agreement, and to prescribe rules and regulations relating to the administration of this Award and other Awards granted under the Plan. 

This Award shall be governed by the laws of the State of Delaware, without regard to the conflicts of law principles thereof, and subject to
the exclusive jurisdiction of the courts therein. 

  
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	15.	Headings. 

 Headings are for convenience only and are not deemed to be part of this
Agreement. Unless otherwise indicated, any reference to a Section herein is a reference to a Section of this Agreement. 
  

	16.	Severability and Reformation. 

 If any provision of this Agreement shall be determined
by a court of law to be unenforceable for any reason, such unenforceability shall not affect the enforceability of any of the remaining provisions hereof; and this Agreement, to the fullest extent lawful, shall be reformed and construed as if such
unenforceable provision, or part thereof, had never been contained herein, and such provision or part thereof shall be reformed or construed so that it would be enforceable to the maximum extent legally possible. 

 

	17.	Clawback. 

 This Award shall be subject to clawback or recapture to the extent required
by applicable law. 
  

	18.	Binding Effect. 

 This Agreement shall be binding upon the parties hereto, together with
their personal executors, administrator, successors, personal representatives, heirs and permitted assigns. 
  

	19.	Entire Agreement. 

 This Agreement supersedes all prior written and oral agreements and
understandings among the parties as to its subject matter and constitutes the entire agreement of the parties with respect to the subject matter hereof, except to the extent that the Plan may be considered to address the subject matter hereof. If
there is any conflict between this Agreement and the Plan, then the applicable terms of the Plan shall govern. 
  

	20.	Waiver. 

 Waiver by any party of any breach of this Agreement or failure to exercise any
right hereunder shall not be deemed to be a waiver of any other breach or right whether or not of the same or a similar nature. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the
party of the right to take action at any time while or after such breach or condition giving rise to such rights continues. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Award as of the date first above
written. 
  

			
	EXTENDED STAY AMERICA, INC.
		
	By:	 	  

	Name:	 	John R. Dent
	Title:	 	General Counsel & Corporate Secretary
	
	GRANTEE
		
	By:	 	  

	Name:	 	Gerardo I. Lopez

  

					
		 	 The terms of this Award and the issuance of the

Class B REIT Shares covered by the Award have
 been approved
pursuant to the Amended & Restated ESH Hospitality, Inc. Long-Term Incentive Plan.

		
		 	ESH HOSPITALITY, INC.
			
		 	By:	 	 
		 	Name:	 	John R. Dent
		 	Title:	 	General Counsel & Corporate
		 		 	Secretary

  
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 Appendix A 
  

							
	 	  	 Absolute Total Shareholder Return (“TSR”)

Compound Annual Growth Rate (“CAGR”)
	  	Percentage of
Performance RSUs Earned	 
	Maximum	  	TSR representing a CAGR of 25%	  	 	150	% 
	Target	  	TSR representing a CAGR of 20%	  	 	100	% 
	Threshold	  	TSR representing a CAGR of 15%	  	 	50	% 
		  	TSR representing a CAGR below 15%	  	 	0	% 

 For CAGR between 15% and 20% and between 20% and 25%, the percentage of Performance RSUs earned shall be determined by linear
interpolation. 
 For purposes of this Agreement, “TSR” means the total return realized by the owner of a Paired Share during the period
beginning on the announcement of Grantee’s appointment as President and Chief Executive Officer through August 31, 2018 (the “Period”), consisting of: 

(a) the difference (positive or negative) between the average daily opening and closing value of a Paired Share over the last
twenty trading days of the Period minus the average of the daily opening and closing value of the stock over the twenty trading days immediately preceding the Period, plus 

(b) the dividends paid on such Paired Share during the period. 

CAGR is the annual compound growth rate of the TSR implied on a straight-line basis over the period. 

  
 7Exhibit

Exhibit 10.1

L Brands, Inc. 2015 Stock Option and Performance Incentive Plan
Terms and Conditions of Restricted Share Unit Grant

By accepting the indicated restricted share unit grant, the Participant agrees to the following terms and conditions and the terms of the L Brands, Inc. 2015 Stock Option and Performance Incentive Plan (“the Plan”).  The “Restricted Period” and, if applicable, the performance conditions are set forth in your 2015 “Total Rewards” statement and/or on the Morgan Stanley website. A copy of your Total Rewards statement can be obtained upon request by calling the L Brands stock line at 614-415-1501.This restricted share unit grant is contingent on signing a Non-Solicitation/Non-Compete Agreement as applicable.  Unless otherwise defined herein, capitalized terms used herein shall have the meaning set forth in the Plan.

		
	(1)
	RESTRICTIONS.  None of the Restricted Share Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Periods described on the Restricted Share Unit Agreement or prior to the satisfaction of all conditions which may be specified in an appendix to this Agreement.  

		
	(2)
	RECORDING OF AWARD.  The Company shall cause the Restricted Share Unit award to be appropriately recorded as of the date of grant.

		
	(3)
	RIGHTS OF PARTICIPANT.  During the applicable Restricted Period, the Participant shall not have the right to vote the Restricted Share Units or to receive dividends with respect thereto.

		
	(4)
	FORFEITURES.  

		
	(a)
	Except as noted in this Section (4), Restricted Share Units granted to the Participant pursuant to this Agreement shall be forfeited if the Participant's employment with the Company or its subsidiaries is terminated prior to the expiration or termination of the applicable Restricted Period or if the performance conditions set forth in any appendix hereto are not satisfied.  “Termination of employment” shall mean “separation from service” as that term is defined in Section 409A and the Treasury regulations thereunder.  Upon such forfeiture, the Restricted Share Unit award shall be cancelled. 

		
	(b)
	Subject to the execution of a release of claims against the Company and achievement of performance conditions, if any, not later than the first performance period ending after the performance period in which a Qualifying Termination occurs, upon a Participant’s involuntary termination of employment other than for (x) misconduct or (y) for performance (each as determined by the Committee or its designees in their sole discretion) (a “Qualifying Termination”), except as noted in this Section 4(b) the Participant shall be deemed to have satisfied the provision of services conditions effective as of the last day of the Restricted Period with respect to that percentage of the Restricted Share Units equal to (x) the number of complete months between the first day of the first Restricted Period and the date of the Participant’s Qualifying Termination, divided by (y) the aggregate number of months in all Restricted Periods.  Notwithstanding the foregoing, in the case of a Qualifying Termination no portion of the provision of services conditions shall be deemed to have been satisfied and this award shall be forfeited if, at any time prior to the end of the Restricted Period, the Participant either (i) is employed by a competitor of the Company or (ii) has directly or indirectly solicited, induced or attempted to influence any employee to leave the employment of the Company or assisted anyone else in doing so (each as determined by the Committee or its designees in their sole discretion).

		
	(c)
	Subject to the achievement of performance conditions, if any, if the Participant’s employment terminates as a result of Total Disability, as defined in the L Brands Inc. Long-Term Disability Plan, the Restricted Share Units granted to the Participant pursuant to this Agreement shall continue to vest during the period of the Participant’s Total Disability.  

		
	(d)
	Subject to the achievement of performance conditions, if any, if the Participant's employment terminates as a result of his or her death, or if the Participant’s period of Total Disability terminates as a result of his or her death, all provision of services conditions shall be deemed to have been satisfied and the Restricted Period shall be deemed to have expired.  

		
	(e)
	Upon the retirement of the Participant and subject to the achievement of performance conditions, if any, not later than the first performance period ending after the performance period in which a Qualifying Termination occurs, the Restricted Period shall be deemed to have expired and all provision of services conditions shall be deemed to have been satisfied with respect to that percentage of the Restricted Share Units equal to (x) the number of complete months between the first day of the Restricted Period and the date of the Participant’s retirement, divided by (y) the number of complete months in the Restricted Period.  For this purpose, “retirement” means a Participant’s termination of employment following completion of seven years of service with the Company and attainment of age 55.       

		
	(5)
	SETTLEMENT OF NON-DEFERRED RESTRICTED SHARE UNITS.  

		
	(a)
	Unless a valid deferral election is made pursuant to Section (6), upon the expiration or termination of a Restricted Period and the satisfaction of all other conditions prescribed by the Committee, the restrictions applicable to the Restricted Share Units shall lapse and a stock certificate for the number of shares of Common Stock equal to the number of restricted share units with respect to which the restrictions have lapsed shall be delivered, free of all such restrictions, to the Participant or the Participant's beneficiary or estate, as the case may be. Such payment in settlement shall be made promptly, but in any event not later than (x) the end of the year in which the Restricted Period ended and the conditions were satisfied or (y) if later, the fifteenth (15th) day of the third calendar month following the date on which the Restricted Period ended, provided that the award holder will not be permitted, directly or indirectly, to designate the taxable year of settlement. The Participant may be required to execute a release of claims against the Company and its subsidiaries in this event.  

		
	(b)
	If a Participant who is a “specified employee,” as that term is defined in Section 409A and the Treasury regulations thereunder, receives payment(s) in connection with his or her termination of employment (including retirement) on a date determinable based on the date of termination of employment and not a pre-determined fixed date or schedule, then, except in the event of the Participant’s death after such termination of employment, such payment(s) shall be delayed by at least six months after the date of the specified employee’s termination of employment.

		
	(6)
	DEFERRAL OF RESTRICTED SHARE UNITS.  A Participant who has been designated to receive a Restricted Share Unit award may elect to defer settlement of such Restricted Share Unit award.  The election to defer settlement of Restricted Share Units must be made prior to or within thirty (30) days following the date of the Restricted Share Unit award.  Such Restricted Share Unit award shall continue to be subject to the same restrictions, conditions and forfeiture provisions.  During the Restricted Period, a Participant shall not have the right to receive any dividends with respect to Restricted Share Units.  After the end of the Restricted Period and prior to the time that shares of Common Stock are transferred to the Participant, within sixty (60) days after the date of payment of a dividend by the Company on its shares of Common Stock, the Participant shall be credited with “dividend equivalents” with respect to each outstanding Restricted Share Unit in an amount equal to the amount the Participant would have received as dividends if the Restricted Shares Units were actual shares of Common Stock.  Dividend equivalents will be converted into additional Restricted Share Units based on the value of the Common Stock on the dividend payment date, in accordance with the procedures established by the Committee. All elections with respect to Restricted Share Units must be made in accordance with procedures established by the Committee and any election not made in accordance with such procedures shall be disregarded.  

(7)    SETTLEMENT OF DEFERRED RESTRICTED SHARE UNITS.  

		
	(a)
	Restricted Share Units will be settled solely in shares of unrestricted Common Stock.  Shares attributable to Restricted Share Units that are vested on the Participant’s termination of employment shall be transferred to the Participant in a single distribution, or may be distributed in substantially equal annual installments of up to ten years following such termination of employment, as elected by the Participant at the time the award is made.  If a Participant terminates employment pursuant to Section (4) and the Restricted Period has not expired, distribution of any deferred Restricted Share Units thereunder shall not begin until after the expiration of the Restricted Period.  

		
	(b)
	If a single distribution is elected, such shares shall be transferred to the Participant within ninety (90) days following the later of the Participant’s termination of employment or the expiration of the Restricted Period.  If installment distributions are elected, the initial installment shall be made during the period beginning March 1 and ending April 30 of the calendar year following the calendar year in which the later of such termination of employment or expiration of the Restricted Period occurred. Subsequent installments shall be made on each anniversary of the initial installment and shall continue for the duration of the selected distribution period.  If the Participant dies prior to the time all shares have been distributed, regardless of the election on file, a lump sum distribution of all undistributed shares shall be made to the Participant’s beneficiary or estate within 90 days after the date of the Participant’s death.  A Participant shall have no rights as a shareholder with respect to Restricted Share Units until such time, if any, as shares of Common Stock are transferred to the Participant (or his or her beneficiary or estate, if applicable).

		
	(c)
	A Participant may change his or her distribution election, provided such change in distribution election is made not less than twelve (12) months before the date the payment (or in the case of installments, the first payment) is scheduled to be made, and is irrevocable after this date.  Such an election may be made to change payment(s) from a single payment distribution to installment distributions, or from installment distributions to a single payment distribution, by submitting such election to the Committee; provided, (i) such election does not become effective until at least twelve (12) months after the date on which the election is made and (ii) except in the case of payment permissible upon the Participant’s death, the payment (or in the case of installments the first payment) must be deferred for a period of not less than five (5) years from the date such payment would have been made or commenced if there had been no election to change the form of payment.

		
	(d)
	If an invalid deferral election (including a change in distribution election) is received, the applicable election shall be disregarded.  In the case of an invalid initial deferral election, distribution of the shares attributable to the awards shall be made as though the Participant did not elect to defer the Restricted Share Units.  In the case of an invalid change in distribution election, distribution of the shares attributable to the awards shall be made as though the Participant did not elect to change the time and form of distribution.  For this purpose, an invalid election shall include (but is not limited to) an election that (i) is not executed (regardless of when received), (ii) is executed but received after the applicable irrevocable date (based on whether it is an initial election or a change election), and (iii) cannot otherwise become effective under applicable rules.

		
	(e)
	If a valid deferral election (including a change in distribution election) is incomplete, the applicable election shall be honored.  In the case of a valid but incomplete initial deferral election, distribution of the shares attributable to the awards shall be made as though the Participant elected a deferred lump sum payment.  In the case of a valid but incomplete change in distribution election, distribution of 

the shares attributable to the awards shall be made as though the Participant elected a change in distribution to a deferred lump sum payment.  For this purpose, a valid but incomplete election is one that has been received and executed on or before the applicable irrevocable date, but does not indicate the form of payment (lump sum versus installments), or indicates an election for installment payments but not the number of installment payments.      

		
	(8)
	EFFECT OF CHANGE IN CONTROL.  Upon a termination (x) by the Company other than for cause or (y) to the extent provided in an employment agreement between the Company and the Participant, by the Participant for Good Reason (as defined in the employment agreement), in each case within twenty four (24) months following a Change in Control, and provided that that the Change in Control is a “change in control event” as defined in Section 409A and the Treasury regulations thereunder, any conditions applicable to any Restricted Share Units shall be deemed to have been satisfied and the Restricted Period shall be deemed to have expired. 

		
	(9)
	TAX WITHHOLDING.  The Company shall have the right to require the Participant or the Participant's beneficiaries or legal representatives to remit to the Company an amount sufficient to satisfy Federal, state or local withholding tax requirements, or to deduct from distributions under the Plan amounts sufficient to satisfy such withholding tax requirements.

		
	(10)
	MISCELLANEOUS.

		
	(a)
	No Right to Employment.  This Agreement shall not confer upon the Participant any right to continue in the employ of the Company or any subsidiary or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company or any subsidiary to modify the terms of or terminate the Participant's employment at any time.

		
	(b)
	Clawback.  Subject to restrictions set forth in the Plan, if required by law or if the Participant engaged, had knowledge of, or should have had knowledge of, fraudulent conduct or activities relating to the Company, the Company may terminate this Agreement and require the Participant to reimburse to the Company (i) an amount required by law or (ii) the amount of compensation received pursuant to this Agreement and based on the aforementioned conduct.  

		
	(c)
	Notice.  Any notice or other communication required or permitted to be given under this Agreement must be given electronically or by regular U.S. mail addressed, if to the Committee or the Company, at the principal office of the Company and, if to the Participant, at the Participant's last known address as set forth in the books and records of the Company.

		
	(d)
	Plan to Govern.  This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

		
	(e) 
	Amendment.  Subject to restrictions set forth in the Plan, the Company may from time to time suspend, modify or amend this Agreement.  No suspension, modification or amendment of this Agreement may, without the consent of the Participant, adversely affect the rights of the Participant with respect to the Restricted Share Units granted pursuant to this Agreement, except to the extent any such action is undertaken to cause this Agreement to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

		
	(f)
	Severability.  In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

		
	(g)
	Entire Agreement.  This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the Restricted Share Units granted hereunder and supersede all prior agreements and understandings.

		
	(h)
	Counterparts.  This Agreement may be executed in counterparts, each of which when signed by the Company and the Participant will be an original and all of which together will be the same Agreement.

		
	(i)
	Governing Law.  To the extent not preempted by Federal law, this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware.

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