Document:

WEX 2014.03.31 EX 10.1

Exhibit 10.1
Confidential Materials omitted and filed separately with the 
Securities and Exchange Commission. Double asterisks denote omissions.

AMENDED AND RESTATED
WEX INC. 
SHORT-TERM INCENTIVE PROGRAM 
 
ARTICLE 1- PURPOSE OF PROGRAM 
WEX Inc. has adopted this Short-Term Incentive Program (“STIP”) to attract and retain high-performing employees; to provide incentives for eligible employees to achieve specified company, department and/or individual performance goals; and to reward such employees for the achievement of specified goals on an annual basis.  The Short-Term Incentive Program is intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code. 
ARTICLE 2- DEFINITIONS 
Wherever used in this document, the following terms have the meanings set forth below. 
2.1 Appendix means an Appendix to this Program document containing targets, payment metrics, and other terms of the Program (or modifications thereof) applicable to a specific Plan Year.  The Appendices shall be considered part of the Program document. 
2.2 Company means WEX Inc. or any legal entity that is controlled by, under common control with, or that controls WEX Inc.
 2.3 Eligible Earnings means total gross pay for the applicable Plan Year  (or the portion thereof during which the Participant is actively employed and eligible to participate in the STIP), including, salary or wages classified by the Company as regular; lump sum merit; paid time off (PTO), whether planned or unplanned; holiday; bereavement; jury duty; retroactive pay; overtime pay; shift differential; and excluding, salary or wages classified by the Company as disability pay, commission/incentive pay, and bonuses. 
2.4 Effective Date means January 1, 2014. 
2.5 MBO means management by objectives – Key Business Drivers. 
2.6 Participant means an eligible employee who participates in the Program for a Plan Year in accordance with Article 3. 
2.7 Plan Year means the fiscal year of the Company; as of the Effective Date, the Plan Year is the calendar year. 
2.8 Program means this WEX Inc. Short-Term Incentive Program, as amended from time to time, including the provisions of any Appendix, which are incorporated herein. 

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ARTICLE 3- PARTICIPATION 
3.1 Eligible Employees 
Each full-time regular or part-time regular employee of the Company who meets the following requirements shall be a Participant for a Plan Year: 
(a) The employee is not eligible for payout under a subsidiary bonus program, a commission plan, or a high performance pay plan of the Company; and
(b) The employee is generally considered an individual contributor, team leader, manager, director, vice president, senior vice president, executive vice president, president or chief executive officer within the Company’s human resources information system and except as provided in Section 3.2, the employee must be actively employed on the bonus payment date for the applicable year.

3.2 Special Rules 
(a) A Participant who dies or becomes totally disabled during a Plan Year (as determined under the Company’s Long-Term Disability program) may receive a pro-rated bonus at target for the applicable year based on his or her Eligible Earnings during the period of the Participant’s active employment.  Any bonus payable to a deceased Participant shall be paid to his or her personal representative.   Any bonus paid pursuant to this Section 3.2(a) shall be paid within 15 days of the Participant’s death or the determination of total disability.
(b) A Participant who is not actively employed on the bonus payment date for a Plan Year due to an approved leave of absence may receive a bonus for the applicable year based on his or her Eligible Earnings during the period of the Participant's active employment upon his or her return to active employment by the Company.  
(c) A Participant who shall be the subject of a Performance Improvement Plan and continues to be the subject of a Performance Improvement Plan at the time payments are made under Section 5.1 of the Program shall not be eligible to receive a payment until he or she has successfully met the requirements of the Performance Improvement Plan.  Any bonus paid pursuant to this Section 3.2(c) shall be paid no later than the end of the calendar year following the Plan Year.  

ARTICLE 4- INCENTIVES 
The Corporate and Executive Officer MBOs for each Plan Year shall be approved by the Compensation Committee of the Company’s Board of Directors, or its delegate. 
An Individual Performance Factor (“IPF”) shall be assigned to an employee classified as an “associate” based on criteria established by the Company.  The IPF for each associate shall be initially established at 1.00.  An associate’s IPF for payout may be adjusted down, but not below 0.75, or up, but not above 1.25, by action of his or her supervisor with the approval of his or her division Senior Vice President, or Executive Vice President as applicable.  However, the foregoing adjustments (in the aggregate) must not increase the total amount payable under the Program for 

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the given year.  In this regard, neither the CEO nor any other executive officer is to be considered as an “associate.”
The performance measures applicable to a Plan Year shall be set out in the Appendix.   
ARTICLE 5- PAYMENTS 
5.1 Time and Form 
Bonuses shall be calculated and paid in a single payment for the applicable year.  
5.2 Position Changes 
“Position changes” include promotions, demotions, and transfers between positions and/or departments.  All calculations shall be made based on each Participant’s applicable Eligible Earnings and the Participant’s position and STIP percentage as prorated throughout the plan year. Your bonus will be calculated based on what your MBOs are on the last day of plan period, which is December 31st.
5.3 Taxes 
All federal, state or local taxes as well as any garnishments that the Program Administrator determines are required to be withheld from any payments made under the Program shall be withheld. 
ARTICLE 6- ADMINISTRATION 
6.1 Program Administrator 
The Program shall be administered by the Compensation Committee of the Company’s Board of Directors, which may delegate administrative responsibility in whole or in part to the Chairman and Chief Executive Officer and/or the Senior Vice President, Human Resources (“Administrators”), subject to any requirements for review and approval that may be established by the Compensation Committee.  In all areas not specifically reserved for such review and approval, the decisions of the applicable Administrator shall be binding on the Company and each eligible employee under Article 3.  Notwithstanding the foregoing, the Compensation Committee may not modify MBOs or other performance criteria during a Plan Year so as to increase the payment to a Section 162(m) Participant (as defined below) or exercise its discretion to increase the amount of incentive pay that would otherwise be due a Section 162(m) Participant upon attainment of a performance goal. 
6.2 Claims 
Claims regarding payments under the Program shall be directed to a Participant’s direct supervisor and/or the Company’s Human Resources Department.  Any claim regarding the amount of any bonus payment hereunder shall be made within 30 days of the date of such payment, or shall be forfeited. 
ARTICLE 7- AMENDMENT AND TERMINATION 
The Company reserves the right to terminate, amend, modify and/or restate this Program, in whole or in part, at will at any time, with or without advance notice. 
ARTICLE 8- MISCELLANEOUS 
8.1 Payment Adjustments and Special Circumstances 

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The Compensation Committee shall have the authority to adjust payments under the Program (upward or downward) at its discretion.  Subject to the approval of the Compensation Committee, the Chairman and Chief Executive Officer and the Senior Vice President, Human Resources, acting together, shall have the power to adjust payments under the Program (upward or downward) as and to the extent appropriate to achieve the stated goals and purposes of the Program and may approve exceptions to the Program under special circumstances, to avoid undue hardship with respect to a Participant.  Notwithstanding the foregoing, neither the Compensation Committee, the CEO, the Senior Vice President, Human Resources, nor any other person may increase or accelerate the payment due to any Section 162(m) Participant with respect to any Plan Year.  The term “Section 162(m) Participant” shall mean the CEO and each of the four highest paid officers of the Company (other than the CEO) on the last day of the taxable year, for purposes of the executive compensation disclosure rules under the Securities Exchange Act of 1934.  
8.2 Information 
The Program Administrators shall be responsible for ensuring effective communication of the Program to eligible employees.  Copies of the Program shall be available to all Participants.  All modifications and changes to the Program shall be appropriately documented and communicated to Participants. 
8.3 No Guarantee of Payment 
The Company does not guarantee payment of any bonus amounts hereunder, except to the extent that payment is required by applicable law. 
8.4 Limitation of Employees’ Rights 
Nothing contained in the Program shall confer upon any person a right to be employed or to continue in the employ of the Employer, or interfere in any way with the right of the Employer to terminate the employment of a Participant at any time, with or without cause. IN WITNESS WHEREOF, WEX Inc. has caused this document to be executed by its duly authorized officer this 13th day of, 2014. 
      WEX Inc. 
      By:    /s/ Jenifer Rinehart 
               Jenifer Rinehart
 
      Its:     Senior Vice President, Human Resources 
 
      Date: 3/13/2014     

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APPENDIX I
2014 STIP FACTORS 

STIP Weightings for Plan Year Calculations and Payout

STIP weightings vary by individual but will(*) follow the formula shown: 

	
						
	MBO STIP Weightings
	 
	 
	Corporate Metrics
	Strategic Metrics

	 
	 
	 
	ANI
	PPG Adj Revenue
	MBOs  2-4

	CEO
	 
	 
	50%
	20%
	30%

	Executive
	 
	50%
	20%
	30%

	VP
	 
	 
	40%
	20%
	40%

	Director/Mgr
	 
	40%
	20%
	40%

	Team Lead/Associate
	 
	 
	80%
	20%
	 

*Unless approved by the CEO

STIP Payout Levels 

The Company must achieve at least threshold results for Corporate Full-Year 
Adjusted Net Income in order to pay out any portion of the Short Term Incentive Program to any Participant.

 
	
		
	Performance Results
	Payout %

	Threshold
	25%

	Threshold/Target
	50%

	Target
	100%

	Target/Max
	150%

	Max or above
	200%

Note:  Payouts for all Metrics and MBOs will be according to the above chart and will be interpolated between the performance result levels whenever possible.  If an MBO cannot be interpolated due to the metrics used, payout level for that MBO will be at the highest performance result level fully achieved.

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2014 STIP Metrics

Corporate STIP Metrics: 
  
	
				
	Performance Goal
	Threshold Performance
	Target Performance
	Maximum Performance

	Adjusted Net Income 1
	$[**]
	$[**]
	$[**]

	PPG Adjusted Revenue 2
	$[**]
	$[**]
	$[**]

	 
	 
	 
	 

		
	(1) 
	Adjusted Net Income means Adjusted Net Income as reported in the Corporation’s Form 10-K filing reporting the Corporation’s results for the performance period (the “10-K ANI”).  Notwithstanding the foregoing, in order to determine the level of performance for purposes of this Program,  the Compensation Committee may exercise discretion to reduce the 10K ANI by any or all of the following items (if any): losses from discontinued operations, the cumulative effects of changes in Generally Accepted Accounting Principles, any one-time charge or dilution resulting from any acquisition or divestiture, the effect of changes to our effective federal or state tax rates, extraordinary items of loss or expense, and any other unusual or nonrecurring items of loss or expense, including restructuring charges.   

		
	(2) 
	PPG Adjusted Revenue is reported 2014 Revenue adjusted for the difference between reported 2014 PPG and Board-approved budgeted 2014 PPG of $[**] US and A$[**] (per liter) Australian. 

MBOs 

When establishing the MBO performance levels, Threshold goals are generally set at 90% probability of achievement, Target goals are generally set at 75% probability of achievement, and Maximum goals are generally set at 25% probability of achievement.   

Executive Officer MBOs:  The CEO, EVPs, and SVPs generally have 2-4 MBOs which may be shared with other executives or represent a targeted strategic or operational MBO. 

Management MBOs:  Each VP, Director or Manager generally has 2-4 MBOs which may be shared with other Managers or represent a targeted strategic, functional or operational MBO. 

 

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ActiveUS 127446941v.1WEX 2014.03.31 EX 10.2

Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

WEX INC.
Memorandum
TO:        <<Name>> (the “Grantee”)
FROM:    Melissa Smith, Chief Executive Officer
SUBJECT:    Performance-Based Restricted Stock Unit Agreement
DATE:        [_____]
You have been granted, based on the attainment of performance goals in 2014, an award of Performance-Based Restricted Stock Units (“PSUs”) under the terms of the 2010 Equity and Incentive Plan (the “Plan”).  The PSUs are sometimes collectively referred to as the “Award.”  Attached to this Memorandum is an Agreement which, along with the Plan, governs your Award. You will be receiving separately a copy of the Prospectus for the Plan.  The Prospectus contains important information regarding the Plan, including information regarding restrictions on your rights with respect to the PSUs granted to you.  You should read the Prospectus carefully.
An Award of PSUs does not give you rights as a stockholder of the Company and you may not transfer or assign any rights in your PSUs.  Please note that when your Award vests (if at all), the Company will withhold from the number of shares that would otherwise be delivered to you a number of shares of company stock having a value equal to your tax withholding obligations (similar to payroll withholding requirements).
Finally, by accepting this Award you are agreeing to abide by the terms of the Plan and the attached Agreement.  To accept this Award and indicate your agreement to abide by the terms of the Plan and the attached Agreement, you must indicate your acceptance of the terms by acknowledging your understanding of the terms through the use of your electronic signature.  If you do not want to accept this Award, you must reject the award in writing by signing and returning it to Tabitha Hilton in the Human Resources Office in South Portland, Maine by April 15, 2014.

Date of Grant:            [_____]
Target Number of PSUs*:        [__]
Performance Period:            2014 Performance
Vesting Period:            Three years (1/3 per year)

Please carefully review the 2014 Award Agreement, new language has been added concerning Non-Compete and Non-Solicitation. 
 

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Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

Finally, by electronically accepting this Award you are acknowledging your understanding and agreement to abide by the terms of the Plan and the attached Restricted Stock Award Agreement through use of your electronic signature. 
*The above number of PSUs granted is subject to change based on the attached performance metrics and as otherwise set forth in the Agreement and the Plan.

USE THE SPACE BELOW TO ACCEPT THIS 2014 GRANT:

I accept the Award described in this Memorandum reject the terms of the attached Agreement.

________________________________        _________________
Signature of Grantee                    Date

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Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

WEX INC.
2014 GRANT
PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT
THIS AWARD AGREEMENT (“Agreement”) is entered into by and between WEX INC., a Delaware corporation (the “Company”), and the Grantee named on the attached Memorandum (the “Memorandum”), effective as of the Date of Grant set forth on such Memorandum, pursuant to the terms and conditions of the WEX Inc. 2010 Equity and Incentive Plan (the “Plan”).
WHEREAS, the Company has the authority under and pursuant to the Plan to grant awards to eligible employees of the Company and its subsidiaries; and
WHEREAS, the Company desires to grant the Award to the Grantee subject to the terms and conditions of the Plan and this Agreement.
In consideration of the provisions contained in this Agreement, the Company and the Grantee agree as follows:
1.    The Plan.  The Award granted to the Grantee hereunder is made pursuant to the Plan.  A copy of the prospectus for the Plan has been provided to the Grantee and the applicable terms of such Plan are hereby incorporated herein by reference.  Terms used in this Agreement which are not defined in this Agreement shall have the meanings used or defined in the Plan.
2.    Award.      Concurrently with the acknowledgment of this Agreement and concurrently with and contingent upon your acknowledgment of the Memorandum, and further subject to the terms and conditions set forth in the Plan and this Agreement, including without limitation your agreement to comply with the obligations set forth in Paragraphs 4 and 5 below, the Company hereby grants the number of Performance-Based Restricted Stock Units indicated in the Memorandum to the Grantee.  Each Performance-Based Restricted Stock Unit entitles the Grantee, upon vesting, to such number of shares of Company Stock as is determined pursuant to Exhibit A based on attainment of performance goals and continued employment.

3.    Vesting of Units.
(a)    Upon the vesting of the Award, as described in this Section, the Company shall deliver for each Performance-Based Restricted Stock Unit that becomes vested, such number of shares of Company Stock as is determined pursuant to Exhibit A based on attainment of performance goals and continued employment; provided, however, that the Company shall withhold from the Grantee at the time of delivery of the Company Stock the amount that the Company determines necessary to pay applicable withholding taxes as and to the extent provided in Paragraph 10 below.  The Company Stock shall be delivered as soon as practicable following the vesting date or event set forth below, but in any case within 30 days after such date or event.
(b)     Subject to Paragraphs 3(c) and (d) and Paragraph 4, (i) the Performance-Based Restricted Stock Units shall vest on the vesting date based on achievement of the 2014 Performance Goals set forth in Exhibit A so long as the Grantee remains employed with the Company through such vesting date and (ii) of such Performance-Based Restricted Stock Units eligible for vesting as determined under clause (i), 1/3 of such Performance-Based Restricted Stock Units shall become 

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Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

vested and payable to the Grantee on the first anniversary of the Grant Date, [<<Date>>], 1/3 of such Performance-Based Restricted Stock Units shall become vested and payable to the Grantee on the second anniversary of the Grant Date, [<<Date>>], and 1/3 of such Performance-Based Restricted Stock Units shall become vested and payable to the Grantee on the third anniversary of the Grant Date, [<<Date>>], in each case so long as the Grantee remains employed with the Company through each such vesting date
(c)    Notwithstanding Paragraph 3(b), upon the Grantee’s death, (i) if the final number of Performance-Based Restricted Stock Units that are eligible for vesting is not determined, then the Award shall become immediately and fully vested as to the Target number of Performance-Based Restricted Stock Units set forth in the Memorandum, subject to any terms and conditions set forth in the Plan or imposed by the Compensation Committee of the Board of Directors (the “Committee”); or (ii) if the final number of Performance-Based Restricted Stock Units that are eligible for vesting has been determined pursuant to Exhibit A, then the Award shall become immediately and fully vested for such determined level of vesting for the Performance-Based Restricted Stock Units, subject to any terms and conditions set forth in the Plan or imposed by the Committee.
(d)    Notwithstanding Paragraph 3(b), upon a “Change in Control” of the Company, if the surviving entity does not agree to assume the obligations set forth in the Agreement, then the Award shall become immediately and fully vested, subject to any terms and conditions set forth in the Plan or imposed by the Committee.  “Change in Control” shall have the meaning set forth in the Plan.  In the event that the Award becomes immediately and fully vested upon a Change in Control that occurs prior to or during the calendar-year 2014 performance period, the Grantee shall vest in the Target number of Performance-Based Restricted Stock Units set forth in the Memorandum, and the Target performance goal shall be deemed achieved, unless the Committee determines in its sole discretion to deem a higher level of achievement of the performance goal resulting in a greater number of Performance-Based Restricted Stock Units vesting upon such Change in Control.  In the event the Award becomes immediately and fully vested upon a Change in Control that occurs after such period, the Grantee shall vest in the number of Performance-Based Restricted Stock Units set forth in the Memorandum, based on the level of achievement of the performance goal determined pursuant to Exhibit A.  With respect to any Grantee who is a “covered employee” within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (“Section 162(m)”), solely to the extent necessary to maintain the status of the Award as “performance-based compensation” as determined under Section 162(m), no acceleration of vesting shall result in an increase in the amount of the Award based on the time-value of money.
4.     Confidential and Proprietary Information.  The Grantee acknowledges that in connection with his/her employment with the Company, the Grantee has and will continue to have access to information of a nature not generally disclosed to the public. The Grantee agrees to keep confidential and not disclose to anyone, unless legally compelled to do so, Confidential and Proprietary Information.  “Confidential and Proprietary Information” includes but is not limited to all Company business and strategic plans, financial details, computer programs, manuals, contracts, current and prospective client and supplier lists, and all other documentation, business knowledge, data, material, property and supplier lists, and developments owned, possessed or controlled by the Company, regardless of whether possessed or developed by the Grantee in the course of his/her employment.  Such Confidential and Proprietary Information may or may not be designated as confidential or proprietary and may be oral, written or electronic media. The Grantee understands 

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Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

that such information is owned and shall continue to be owned solely by the Company, and hereby represents that he/she has not and will not disclose, directly or indirectly, in whole or in part, any Confidential and Proprietary Information.  The Grantee acknowledges that he/she has complied and will continue to comply with this commitment, both as an employee and after the termination of his/her employment. 

5.    Non-Competition and Non-Solicitation.  The Grantee agrees that during his/her employment with the Company and for a period of twelve months following the termination of his/her employment with the Company, he/she shall not:

(a)    Contact, call on, provide advice to, solicit, take away, or divert, and/or influence or attempt to influence any customers, clients, and/or patrons of the Company; 
(b)    Solicit or induce, either directly or indirectly, any employee of the Company to leave the employ of the Company or take any action to assist any subsequent employer or any other entity, either directly or indirectly, in soliciting or inducing any other Company employee to leave the employ of the Company; or hire or employ, or assist in the hire or employment of, either directly or indirectly, any individual employed by the Company within sixty days preceding that individual’s hire by the Grantee or his/her subsequent employer; and/or
(c)    Become employed by, render services to or directly or indirectly (whether for compensation or otherwise) own or hold a proprietary interest in, manage, operate, or control, or join or participate in the ownership, management, operation or control of, or furnish any capital to or be connected in any manner with, any Competing Enterprise.  For purposes of this subsection (c), a “Competing Enterprise” means any entity, organization or person engaged, or planning to become engaged, in substantially the same or similar business to that being conducted or actively and specifically planned to be conducted during the Grantee’s employment with the Company or within six months after the Grantee’s termination of employment with the Company or its subsidiaries, owned or controlled.  It includes, without limitation:  (i) the business of developing, managing, operating, marketing, processing, financing, or otherwise being involved in providing any products or services relating to transaction or payment processing, including those for the benefit of fleets; travel; healthcare; education; payroll; or, benefits through charge cards, credit cards, procurement cards or any other form of payment services or electronic commerce; (ii) the sale, distribution or publication of petroleum product pricing or management information or other products or services currently sold or to the best of his/her knowledge contemplated to be sold by the Company or any of its owned or controlled subsidiaries, and (iii) the business of developing, managing, operating, marketing, processing, financing, or otherwise being involved in providing commercial travel, entertainment and purchasing credit cards.  The restrictions in this paragraph shall not be construed to prevent the Grantee from, following the termination of his/her employment with the Company, working for a business entity that does not compete with the Company or its subsidiaries simply because the entity is affiliated with a Competing Enterprise, so long as the entity is operationally separate and distinct from the Competing Enterprise and the Grantee’s job responsibilities at that entity are unrelated to the Competing Enterprise. The restrictions in this paragraph will not apply to employment by or the rendering of services to businesses that sell fuel or convenience items if those businesses are not directly competing with the Company or its subsidiaries, owned or controlled. The Grantee acknowledges that the Company’s and its subsidiaries’ businesses are conducted internationally and agrees that the provisions in this paragraph shall operate wherever the Company conducts business.

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Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

The Company has previously entered into agreements with certain executives and employees that contain restrictive covenants (“Restrictions”).  For the avoidance of doubt, if the Grantee is party to an employment or other agreement containing Restrictions on (a) solicitation of customers, clients, and/or patrons of the Company, (b) solicitation or hire of Company employees, and/or (c) competition (collectively, “Existing Restrictions”), any such Existing Restrictions will remain in effect and the Grantee shall be bound by such Existing Restrictions, rather than the Restrictions contained in this Paragraph 5.
The Grantee agrees and acknowledges that the period of time of the above-noted restrictive covenants imposed by this Agreement is fair, and reasonable and necessary under the circumstances and is reasonably required for the protection of the Company.  The Grantee also acknowledges that in the event he/she breaches any part of this Paragraph 5, the damages to the Company would be irreparable.  Therefore, in addition to monetary damages and/or reasonable attorney fees, the Company shall have the right to seek injunctive and/or other equitable relief in any court of competent jurisdiction to enforce the restrictive covenants contained in this Agreement.  Further, the Grantee consents to the issuance of a temporary restraining order to maintain the status quo pending the outcome of any proceeding.
6.    Termination of Employment.  Notwithstanding any other provision of the Plan to the contrary, upon the termination of the Grantee’s employment with the Company and its subsidiaries for any reason whatsoever (other than death), the Award, to the extent not yet vested, shall immediately and automatically terminate; provided, however, that the Committee may, in its sole and absolute discretion agree to accelerate the vesting of the Award, upon termination of employment or otherwise, for any reason or no reason, but shall have no obligation to do so.
For purposes of the Plan and the Award, a termination of employment shall be deemed to have occurred on the date upon which the Grantee ceases to perform active employment duties for the Company following the provision of any notification of termination or resignation from employment, and without regard to any period of notice of termination of employment (whether expressed or implied) or any period of severance or salary continuation.  Notwithstanding any other provision of the Plan, the Award, this Agreement or any other agreement (written or oral) to the contrary, the Grantee shall not be entitled (and by accepting an Award, thereby irrevocably waives any such entitlement) to any payment or other benefit to compensate the Grantee for the loss of any rights under the Plan as a result of the termination or expiration of an Award in connection with any termination of employment.  No amounts earned pursuant to the Plan or any Award shall be deemed to be eligible compensation in respect of any other plan of the Company or any of its subsidiaries.
7.    No Assignment.  Except as expressly permitted under the Plan, this Agreement may not be assigned by the Grantee by operation of law or otherwise.
8.    No Rights to Continued Employment.  Neither this Agreement nor the Award shall be construed as giving the Grantee any right to continue in the employ of the Company or any of its subsidiaries, or shall interfere in any way with the right of the Company to terminate such employment.
9.    Governing Law.  This Agreement and the legal relations between the parties shall be governed by and construed in accordance with the internal laws of the State of Delaware, without effect to the conflicts of laws principles thereof.

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Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

10.    Tax Obligations.  As a condition to the granting of the Award and the vesting thereof, the Grantee acknowledges and agrees that he/she is responsible for the payment of income and employment taxes (and any other taxes required to be withheld) payable in connection with the vesting of an Award.  Accordingly, the Grantee agrees to remit to the Company or any applicable subsidiary an amount sufficient to pay such taxes.  Such payment shall be made to the Company or the applicable subsidiary of the Company in a form that is reasonably acceptable to the Company, as the Company may determine in its sole discretion.  Notwithstanding the foregoing, the Company may retain and withhold from delivery at the time of vesting that number of shares of Company Stock having a fair market value equal to the taxes owed by the Grantee, which retained shares shall fund the payment of such taxes by the Company on behalf of the Grantee.
11.    Notices.  Any notice required or permitted under this Agreement shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Grantee at the last address specified in the Grantee’s employment records (or such other address as the Grantee may designate in writing to the Company), or to the Company, 97 Darling Avenue, South Portland, ME  04106, Attention: General Counsel, or such other address as the Company may designate in writing to the Grantee.
12.    Failure to Enforce Not a Waiver.  The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
13.    Amendments.  This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto.
14.    Authority.  The Committee has complete authority and discretion to determine Awards, and to interpret and construe the terms of the Plan and this Agreement.  The determination of the Committee as to any matter relating to the interpretation or construction of the Plan or this Agreement shall be final, binding and conclusive on all parties.
15.    Rights as a Stockholder.  The Grantee shall have no rights as a stockholder of the Company with respect to any shares of common stock of the Company underlying or relating to any Award until the issuance of a stock certificate to the Grantee in respect of such Award.
IN WITNESS WHEREOF, this Agreement is effective as of the date first above written.

WEX INC.

____________________________________
By:      Melissa Smith
Its:    Chief Executive Officer 

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Exhibit 10.2

2014 Form of Annual Performance-Based Restricted Stock Unit Agreement

Exhibit A

[Annual performance metrics listed here.]

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