Document:

ssnc-ex102_68.htm

 

Exhibit 10.2

SECOND AMENDED AND RESTATED 2014 STOCK INCENTIVE PLAN OF SS&C TECHNOLOGIES HOLDINGS, INC.

PERFORMANCE STOCK OPTION AGREEMENT

	
1.
	
Grant of Option.

This agreement evidences the grant by the Company on the Grant Date to the Participant, of an option to purchase, in whole or in part, on the terms provided herein and in the Plan, an aggregate of the Shares set forth in the Stock Option Grant Notice at an Exercise Price per Share set forth in the Stock Option Grant Notice (without commission or other charge).

It is intended that the option (“Option”) evidenced by this agreement shall not be an incentive stock option (“Incentive Stock Option”) as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant,” as used in this Option, shall be deemed to include any person who acquires the right to exercise this Option validly under its terms.

	
2.
	
Vesting Schedule and Terms.

(a) This Option will become exercisable (“vest”) in accordance with the vesting schedule and terms set forth in the Performance Stock Option Grant Notice, subject to (i) the terms and conditions of this Agreement (including the satisfaction of the Performance Condition set forth on Exhibit A) and (ii) the Participant’s continuous service with the Company through the Vesting Date. For the avoidance of doubt, if the Grantee experiences a Termination of Service prior to the Vesting Date, subject to Section 2(b), all of the Options will be forfeited without consideration. 

(b) Notwithstanding any provision of this Agreement or the Plan to the contrary, upon the occurrence of a Change in Control, (i) the Performance Conditions shall be determined based on the greater of (x) target and (y) actual performance through the date such Change in Control occurs, as determined by the Committee in its sole discretion and (ii) the Options shall convert into time-based stock options (the “Time-Based Options”) with respect to the number of Options that are earned pursuant to subclause (i) and will be eligible to vest, subject to the Participant’s continuous service through the Vesting Date; provided however, that if, within twenty-four (24) months following a Change in Control, the Participant experiences a Termination of Service by the Company without Cause or by the Participant for Good Reason, such Time-Based Options shall vest in and become exercisable in full. 

(c) The right of exercise shall be cumulative so that to the extent this Option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Expiration Date or the termination of this Option under Section 3 hereof or the Plan.

	
3.
	
Exercise of Option.

(a) Form of Exercise. Except as otherwise provided by the Plan Administrator, each election to exercise this Option shall be in writing (including electronic submission), signed by the Participant and received by the Company at its principal office, accompanied by this agreement, and payment in full in the manner provided in the Plan. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this Option may be for any fractional share or for fewer than ten whole shares.

(b) Payment Upon Exercise of Options. Shares purchased upon the exercise of this Option may be paid for using one of the methods set forth in Sections 5(f)(1)-(f)(5) of the Plan. Unless otherwise instructed by the Participant, and unless this Option is an Incentive Stock Option, Shares purchased upon the exercise of this Option shall be paid for pursuant to a “net exercise,” as a result of which the Participant will receive (i) the number of Shares underlying the portion of the Option being exercised, less (ii) such number of Shares as is equal to (A) the aggregate exercise price for the portion of the Option being exercised divided by (B) the Fair Market Value on the date of exercise.

(c) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this Option may not be exercised unless the Participant, at the time he or she exercises this Option, is, and has been at all times since the Grant Date, an employee or officer of, or consultant or advisor to, the Company or any Company Affiliate (an “Eligible Participant”).

(d) Expiration of Option.

(1) This Option, once vested, may not be exercised to any extent by anyone after the first to occur of the following events:

(A) The Final Expiration Date;

(B) Except as the Plan Administrator may otherwise approve, ninety (90) days following the date of the Participant’s Termination of Service for any reason other than death or Disability;

(C) Except as the Plan Administrator may otherwise approve, twelve months following the Participant’s Termination of Service by reason of the Participant’s death or Disability.

(2) For the purposes of this Agreement, the date of the Termination of Service shall be the last day that the Participant provides services as an employee or officer of, or consultant or advisor to, the Company or any Company Affiliate, whether such day is selected by agreement with the Participant or unilaterally by the Company or any Company Affiliate and whether with or without advance notice. For the avoidance of doubt, no period of notice that is given or that ought to have been given under applicable law in respect of such Termination of Service will be utilized in determining entitlement under the Plan or this Agreement. Any action by the Company or any Company Affiliate taken in accordance with the terms of the Plan and this Agreement as set out aforesaid shall be deemed to fully and completely satisfy any liability or obligation of the Company or any Company Affiliate to the Participant in respect of the Plan or this Agreement arising from or in connection with such Termination of Service, including in respect of any period of notice given or that ought to have been given under applicable law in respect of such Termination of Service.

	
4.
	
Tax Matters

(a) Withholding. The Participant shall pay to the Company or any applicable Company Affiliate, or make provision satisfactory to the Company or such Company Affiliate, for payment of, any taxes required by law to be withheld in connection with the exercise of any portion of this Option, as applicable, under one of the methods permitted by the Plan. Subject to any applicable legal conditions or restrictions, the Company shall, unless otherwise instructed by a Participant, withhold from the Shares otherwise issuable to the Participant upon the exercise of this Option or any portion thereof a number of whole Shares having a Fair Market Value, determined as of the date of exercise, not in excess of the minimum of tax required to be withheld by law (or such lower amount as may be necessary to avoid variable award accounting); provided that the foregoing is at such time permitted under the terms of the agreements governing any indebtedness to which the Company or any Company Affiliate may be a party; and provided, further that no fractional Shares will be retained to satisfy any portion of the withholding tax and the Participant hereby agrees to satisfy any additional amount of withholding taxes that are not satisfied through the retention of Shares by the Company. Any Shares retained by the Company pursuant to this Section shall be deducted from the underlying Shares to be received by such Participant upon exercise of this Option. Any adverse consequences to the Participant arising in connection with the Share withholding procedure set forth in the preceding sentence shall be the sole responsibility of the Participant.

(b) Disqualifying Disposition. If this Option is an Incentive Stock Option and the Participant disposes of Shares acquired upon exercise of this Option within two years from the Grant Date or one year after such Shares were acquired pursuant to exercise of this Option, the Participant shall notify the Company in writing of such disposition.

	
5.
	
Nontransferability of Options.

This Option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this Option shall be exercisable only by the Participant.

	
6.
	
Provisions of the Plan. 

This Option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is furnished to the Participant with this Option.

	
7.
	
Definitions. 

Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary. Capitalized terms used in this Agreement and not defined below shall have the meaning given such terms in the Plan. The singular pronoun shall include the plural, where the context so indicates.

(a) Agreement. “Agreement” shall have the meaning set forth in the Stock Option Grant Notice.

(b) Cause. “Cause” shall mean,

(1) The Plan Administrator’s determination that the Participant failed to substantially perform his or her duties (other than any such failure resulting from the Participant’s disability) which is not remedied within ten days after receipt of written notice from the Company or any Company Affiliate, as applicable, specifying such failure;

(2) the Plan Administrator’s determination that the Participant failed to carry out, or comply with any lawful and reasonable directive of the Plan Administrator or the Participant’s immediate supervisor, which is not remedied within ten days after receipt of written notice from the Company or any Company Affiliate, as applicable, specifying such failure;

(3) the Participant’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or a crime involving moral turpitude;

(4) the Participant’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s or any Company Affiliate’s, as applicable, premises or while performing the Participant’s duties and responsibilities; or

(5) the Participant’s commission of a material act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company or any Company Affiliate, as applicable. 

Notwithstanding the foregoing, if the Participant is a party to a written employment or consulting agreement with the Company (or any Company Affiliate), then “Cause” shall be as such term is defined in the applicable written employment or consulting agreement.

(c) Change in Control. “Change in Control” shall mean the consummation of any transaction or series of transactions pursuant to which one or more Persons or group of Persons acquires (a) capital stock of the Company possessing the voting power sufficient to elect a majority of the members of the Board or the board of directors of the successor to the Company (whether such transaction is effected by merger, consolidation, recapitalization, sale or transfer of the Company’s capital stock or otherwise) or (b) all or substantially all of the assets of the Company and its subsidiaries.

(d) Company. “Company” shall mean SS&C Technologies Holdings, Inc.

(e) Disability. “Disability” shall mean “disability,” as such term is defined in Section 22(e)(3) of the Code.

(f) Exercise Price. “Exercise Price” shall mean the per share price set forth in the Stock Option Grant Notice.

(g) Final Expiration Date. “Final Expiration Date” shall mean the date set forth in the Stock Option Grant Notice.

(h) Good Reason. “Good Reason” shall have the meaning set forth in the Participant’s employment agreement, or if not so defined, shall mean the occurrence, without the Participant’s express written consent, of (i) an adverse change in the Participant’s employment title; (ii) a material diminution in the Participant’s employment duties or responsibilities or authority, or the assignment to the Participant of duties that are materially inconsistent with the Participant’s position; (iii) any reduction in base salary or target annual bonus opportunity; (iv) any breach by the Company of any material provision of this Agreement or any other material agreement between the Participant and the Company; or (v) a material diminution in the Participant’s reporting line.  

(i) Grant Date. “Grant Date” shall be the date set forth in the Stock Option Grant

(j) Person. “Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature.

(k) Plan. “Plan” shall mean the Second Amended and Restated 2014 Stock Incentive Plan of SS&C Technologies Holdings, Inc.

(l) Stock Option Grant Notice. “Stock Option Grant Notice” shall mean the first page of this Agreement.

(m) Termination of Service. “Termination of Service” shall mean the time when the Participant ceases to be an Eligible Participant for any reason, including, but not by way of limitation, termination with or without Cause, by resignation, failure to be elected or appointed, discharge, death or retirement, but excluding, at the discretion of the Plan Administrator, terminations which result in a temporary severance of the service relationship. The Plan Administrator, in its good faith judgment, shall determine the effect of all matters and questions relating to Termination of Service, including, but not by way of limitation, the question of whether a Termination of Service resulted from discharge for Cause, and all questions of whether a particular leave of absence constitutes a Termination of Service. Notwithstanding any other provision of the Plan, the Company or any Company Affiliate has an absolute and unrestricted right to terminate a Participant’s service at any time for any reason, with or without cause, except to the extent expressly provided otherwise in a written employment or consulting agreement with the Company or any Company Affiliate.

 

[Rest of page left intentionally blank]Exhibit 10.1

 

 

	 	Thomas S. Kucinski
	 	Executive Vice President
	 	Chief Human Resources Officer

 

Personal & Confidential

April 29, 2021

 

Mr. Humberto Alfonso

 

Dear Bert,

 

I am pleased to confirm the terms under which you will join Information
Services Group, Inc. (ISG) as Executive Vice President and Chief Financial Officer, based in our Stamford CT headquarters. You will
also become a member of our ISG Executive Board (IEB) comprised of the top leaders of our firm. Your start date would be Monday, June 7,
2021.

 

Your base salary will be $550,000 annually. Executives at ISG have
their base salary reviewed periodically, but not annually.

 

Your annual target opportunity under our ISG Incentive Plan (IIP) will
be $350,000, prorated for 2021 For performance year 2021, in lieu of cash bonus consideration, you will receive an award of ISG Restricted
Stock Units (RSUs) on July 1, 2021 with a face value of $200,000 and a vesting date on the first anniversary of the grant.

 

You would also be part of our Executive Equity Program and as such
we would grant you $350,000 of RSUs on July 1, 2021 comprised of two components:

 

		●	$262,500 of time based RSUs which would vest ratably over 4 years.

		●	$87,500 of performance based RSUs which would vest upon ISG’s share price meeting a specific threshold
within 4 years of the grant.

 

You would be eligible with other executives approximately annually
for a similar sized equity grant at the discretion of our Compensation Committee.

 

Information Services Group, Inc.

2187 Atlantic Street 

8th Floor 

Stamford, CT 06902

203-517-3108

 

     

     

    

 

 

	 	Thomas S. Kucinski
	 	Executive Vice President
	 	Chief Human Resources Officer

 

To assist with your transition to ISG, we will provide you with the
following:

 

		●	A transition bonus of $100,000 paid on June 30, 2021.

		●	A transition bonus of $100,000 paid on June 30, 2022.

		●	A grant of 100,000 ISG RSUs on July 1, 2021. These will vest fully on the third anniversary of the
grant and requires you to execute our standard restrictive covenant agreement.

 

In addition, we have provided our top executives, upon joining the
firm, with the opportunity to purchase ISG shares that we will then match 1:1. Should you decide to do so, you may purchase up to $100,000
face value of ISG shares in the open market and we will then match those shares 1:1 with an RSU grant on the first day of the month following
the completion of your purchases, provided your purchases are completed by December 10, 2021. As an insider at ISG, you will be able
to purchase shares only during open trading windows. If you choose to purchase ISG shares prior to your start date, we will honor those
purchases for purposes of the match. The matched RSU’s would vest fully on the first anniversary of the grant.

 

You will be subject to our ISG Share Ownership guidelines which, for
the CFO requires that within 5 years of starting, you will hold ISG shares (which includes unvested RSUs) with a value equal to three
times your base salary.

 

In addition to the above compensation, you are eligible for a number
of employee benefits, which may from time-to-time be changed, added to, or reduced. Also included is our Profit-Sharing (401k) plan and
the opportunity to participate in our Employee Stock Purchase Plan (ESPP) whereby you may purchase ISG shares at a 10% discount. We expect
our senior executives to participate in the ESPP. A complete benefit explanation will follow shortly.

 

Additionally, you will be provided a Change in Control agreement, that
provides for certain payments in the event of a termination in connection with a change-in-control.

 

As is our standard operating procedure, you will be required to sign
a confidentiality and non-solicitation agreement.

 

Information Services Group, Inc.

2187 Atlantic Street 

8th Floor 

Stamford, CT 06902

203-517-3108

 

     

     

    

 

 

 

	 	Thomas S. Kucinski
	 	Executive Vice President
	 	Chief Human Resources Officer

 

All offers of employment are contingent upon receipt of information
satisfactory to ISG in response to a background and verification check of your employment background. This process has been initiated
as you are aware.

 

Our leadership team has enjoyed meeting with you. I am confident that
with your business and leadership experience, you will make significant contributions to the success of ISG.

 

We look forward to you joining the ISG Team!

 

Sincerely,

 

	/s/ Tom Kucinski	 

Tom Kucinski

 

cc: Michael Connors

 

Acknowledged and Agreed:

/s/ Humberto Alfonso

 

Humberto Alfonso

 

Information Services Group, Inc.

2187 Atlantic Street 

8th Floor 

Stamford, CT 06902

203-517-3108

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