Document:

20150630 10Q EX10.22

		
			EXHIBIT 10.22
		

		
			NATIONAL INSTRUMENTS CORPORATION
		

		
			Restricted Stock Unit Award Agreement
		

		
			(Performance Vesting – Threshold Performance Goal)
		

		
			 
		

		
			Grant Number: «RSU_Number»
		

		
			National Instruments Corporation (the “Company”) hereby grants you, «First» «Middle» «Last» (the “Participant”), an award of restricted stock units (“Restricted Stock Units”) under the National Instruments Corporation 2015 Equity Incentive Plan (the “Plan”).  Subject to the provisions of Appendix A (attached) and of the Plan, the principal features of this Award are as follows:
		

		
			Date of Grant:       «Option_Date (Month date, year)»
		

		
			Number of Restricted Stock Units:«RSU_Shares»
		

		
			Vesting Commencement Date:«Vest_Base_Date (Month date, year)»
		

		
			Vesting of Restricted Stock Units:    
		

		
			Threshold Performance Goal.  If during the Performance Period beginning ______ and ending ________, the Company’s (a) Operating Income, minus Excluded Items, divided by (b) the Company’s Net Sales, is equal to or greater than ____________ percent (___%) (the “Profit Goal”), the Participant will be eligible to vest in the full number of Restricted Stock Units subject to this Award Agreement pursuant to the terms and conditions of the Vesting Schedule below.  If the Company fails to achieve the Profit Goal, all Restricted Stock Units subject to this Award Agreement will be forfeited at no cost to the Company effective at the end of the Performance Period and the Participant will have no further rights to the Restricted Stock units subject to this Award Agreement.
		

		
			 
		

		
			Vesting Schedule.   Subject to any accelerated vesting provisions in the Plan, and to the achievement of the Profit Goal, the Restricted Stock Units will vest as follows:
		

		
			Ten percent (10%) of the Restricted Stock Units will vest on each anniversary of the Vesting Commencement Date, subject to Participant continuing to be an Employee through such dates, and satisfying the Full-Time Employment Requirement for an Eligible Vesting Year.
		

		
			Restricted Stock Units will not vest during any Eligible Vesting Year if for six months or more during such Eligible Vesting Year (i) Participant is on a Nonstatutory Leave of Absence, and/or (ii) Participant is not a Full-Time Employee ((i) and (ii), individually and collectively, being referred to as the “Full-Time Employment Requirement”).  
		

		
			In the event that no Restricted Stock Units vest during an Eligible Vesting Year for failure to satisfy the Full-Time Employment Requirement (the “Forgone Annual Units”), then the Forgone Annual Units that fail to so vest will be eligible to vest in a subsequent Eligible Vesting Year during which the Full-Time Employment Requirement is satisfied; provided, however, that no more than one Eligible Vesting Year’s worth of Forgone Annual Units will be able to vest in any such subsequent Eligible Vesting Year; provided, further, that any Restricted Stock Units that fail to vest hereunder by the fifteenth (15th) anniversary of the Vesting Commencement Date will not be eligible to vest thereafter and will automatically be forfeited at no cost to the Company and the Participant will have no further rights with respect thereto.
		

		
			In addition to the vesting provided for above, each Eligible Vesting Year beginning with the Vesting Commencement Date, a number of Restricted Stock Units will become vested based upon the Company’s achievement of certain performance goals for the Fiscal Year that ends during an applicable Eligible Vesting Year as follows:
		

		 

 

			
					
						 

					
					
						Total Number of Restricted Stock Units subject to this Award

					
					
						 x  0.1

					
					
						 

					
					
						x

					
					
						 

					
					
						Earnings Attainment for applicable Fiscal Year

					
					
						x

					
					
						Sales Attainment for applicable Fiscal Year

					
					
						 

				

		
			In order to be eligible for vesting acceleration pursuant to these performance-based vesting provisions for any Eligible Vesting Year, Participant must be an Employee through the end of such Eligible Vesting Year and must satisfy the Full-Time Employment Requirement for such Eligible Vesting Year.  
		

		
			For these purposes, an “Eligible Vesting Year” means the period between May 1 through the following April 30 of each year from the Vesting Commencement Date through the fifteenth (15th) anniversary of the Vesting Commencement Date.
		

		
			For these purposes, “Full-Time Employee” means that Participant works in a position of employment with the Company or any Subsidiary of the Company in which Participant is regularly scheduled to work forty (40) or more hours per week or a normal full-time work week pursuant to Applicable Law.
		

		
			For these purposes, “Nonstatutory Leave of Absence” means any unpaid leave of absence approved by the Company that the Company is not required to provide to Participant pursuant to Applicable Law.  
		

		
			Unless otherwise defined herein or in Appendix A, capitalized terms herein or in Appendix A will have the defined meanings ascribed to them in the Plan.
		

		
			IMPORTANT:
		

		
			The Company’s obligation to deliver Shares pursuant to this Award of Restricted Stock Units is subject to all of the terms and conditions contained in Appendix A and the Plan.  Before the Company delivers any Shares pursuant to this Restricted Stock Unit Award Agreement, you must click on the link to each of the documents required for acceptance, including, without limitation, the Restricted Stock Unit Award Agreement and Appendix A thereto, the Plan, and the Restricted Stock Unit Award Tax Obligations (collectively, the “Award Documents”) and review each.    PLEASE BE SURE TO READ APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS AWARD.
		

		
			By clicking the “ACCEPT” button, you agree to the following:  
		

		
			You acknowledge and agree that:
		

		
			(a)you have been able to access and view the Award Documents and understand that all rights and obligations with respect to this Award are set forth in such documents;
		

		
			(b)you agree to all terms and conditions contained in the Award Documents;
		

		
			(c)the Award Documents set forth the entire understanding between the Company and you regarding this Award and your right to acquire Shares thereunder; 
		

		
			(d)if you are employed in or are otherwise subject to taxation in Norway, Switzerland or the United Kingdom on the date of this Award, you have previously executed an Agreement for the Transfer of Employer’s Share Award Tax Liability to the Employee, and you understand that this Award is subject to the terms of the Agreement for the Transfer of Employer’s Share Award Tax Liability;  
		

		
			(e)  if you are employed in or are otherwise subject to taxation in Malaysia on the date of this Award, you have previously executed an Agreement (Employee’s Election on Income Tax with respect to Employee Stock Incentive Plan), and you understand that this Award is subject to the terms of the Agreement (Employee’s Election on Income Tax with respect to Employee Stock Incentive Plan); and
		

		
			(f)you have previously executed an Employee Confidentiality Agreement as consideration for this Award.
		

		
			 
		

		

		

		 

 

		APPENDIX A
		

		
			TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARDS
		

		
			1.Grant.  The Company hereby grants to the Participant under the Plan an Award for a number of Restricted Stock Units set forth in the Restricted Stock Unit Award Agreement, subject to all of the terms and conditions of the Restricted Stock Unit Award Agreement, including this Appendix A (collectively, the “Award Agreement”), and the Plan.
		

		
			2.Company’s Obligation to Pay.  Each Restricted Stock Unit represents the right to receive a Share on the date it becomes vested.  Unless and until the Restricted Stock Units will have vested in the manner set forth in Sections 3 and 4, the Participant will have no right to payment of any such Restricted Stock Units.  Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Units will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.  Subject to the provisions of Section 5, such vested Restricted Stock Units will be paid in Shares as soon as practicable after vesting, but in each such case within the period ending no later than the fifteenth (15th) day of the third (3rd) month following the end of the Fiscal Year that includes the vesting date.
		

		
			3.Vesting Schedule.  Except as provided in Sections 4 and 5, and subject to Section 6, the Restricted Stock Units awarded by this Award Agreement will vest in the Participant according to the vesting schedule set forth in the Award Agreement.  In the event any Restricted Stock Units have not vested by the fifteenth (15th) anniversary of the Vesting Commencement Date, the then-unvested Restricted Stock Units awarded by this Award Agreement will thereupon be forfeited at no cost to the Company and the Participant will have no further rights thereunder.
		

		
			4.Acceleration of Vesting upon Death or Disability.  In the event Participant ceases to be an Employee as the result of Participant’s death or “Disability” prior to the fifteenth (15th) anniversary of the Vesting Commencement Date, 100% of the Restricted Stock Units that have not vested as of such date will immediately vest.  For these purposes, “Disability” will have the meaning given to such term in the employment agreement between Participant and the Company; provided,  however, that if Participant has no employment agreement, “Disability” will mean a total and permanent disability as defined in Section 22(e)(3) of the Code as determined by the Administrator and in accordance with the Plan.
		

		
			5.Administrator Discretion.  The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Restricted Stock Units at any time.  If so accelerated, such Restricted Stock Units will be considered as having vested as of the date specified by the Administrator.
		

		
			Notwithstanding anything in the Plan or this Award Agreement to the contrary, if the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in connection with Participant’s termination as a Service Provider (provided that such termination is a “separation from service” within the meaning of Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within the meaning of Section 409A at the time of such termination as a Service Provider and (y) the payment of such accelerated Restricted Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following Participant’s termination as a Service Provider, then the payment of such accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant’s termination as a Service Provider, unless the Participant dies following his or her termination as a Service Provider, in which case, the Restricted Stock Units will be paid in Shares to the Participant’s estate as soon as practicable following his or her death.   It is the intent of this Award Agreement to comply with the requirements of Section 409A so that none of the Restricted Stock Units provided under this Award Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.    Each payment payable under this Award Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).  For purposes of this Award Agreement, “Section 409A” means Section 409A of the Code, and any proposed, temporary or final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.
		

		

		

		 

 

		 
		

		
			6.Forfeiture upon Termination of Continuous Service.  If Participant ceases to be an Employee for any reason other than death or Disability, the then-unvested Restricted Stock Units (after taking into any accelerated vesting that may occur as the result of any such termination) awarded by this Award Agreement will thereupon be forfeited at no cost to the Company and the Participant will have no further rights thereunder.
		

		
			7.Payment after Vesting.  Any Restricted Stock Units that vest in accordance with Sections 3, 4 or 5 will be paid to the Participant (or in the event of the Participant’s death, to his or her estate) in whole Shares, and no fractional Shares shall be issued.  As determined by the Administrator, any fraction of a Share shall be paid in cash based on the Fair Market Value of a Share.
		

		
			8.Payments after Death or Disability.  Any distribution or delivery to be made to the Participant under this Agreement will, if the Participant is then deceased or Disabled, be made to the Participant’s legal representatives, heirs, legatees or distributees, as applicable.  Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.
		

		
			9.Tax Obligations.  
		

			
	
			
				 (a)
			Responsibility for Taxes.  Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s employer (the “Employer”), the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Restricted Stock Units, including, without limitation, (1) all federal, state, and local taxes (including the Participant’s Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company or the Employer or other payment of tax-related items related to Participant’s participation in the Plan and legally applicable to Participant, (2) the Participant’s and, to the extent required by the Company (or Employer), the Company’s (or Employer’s) fringe benefit tax liability, if any, associated with the grant or vesting of the Restricted Stock Units or the issuance or sale of Shares, and (3) any other Company (or Employer) taxes the responsibility for which the Participant has, or has agreed to bear, with respect to the Restricted Stock Units (or the grant or vesting thereof or the issuance or sale of Shares) (collectively, the “Tax Obligations”), is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or other distributions, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result.  Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax Obligations in more than one jurisdiction.  If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares.

		

		

		 

 

		
		

			
	
			
				 (b)
			Tax Withholding. When Shares are issued as payment for vested Restricted Stock Units, Participant generally will recognize immediate U.S. taxable income if Participant is a U.S. taxpayer.  If Participant is a non-U.S. taxpayer, Participant will be subject to applicable taxes in his or her jurisdiction.  Pursuant to such procedures as the Administrator may specify from time to time, the Company and/or Employer shall withhold the minimum amount required to be withheld for the payment of Tax Obligations.  The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such Tax Obligations, in whole or in part (without limitation), if permissible by applicable local law, by (1) paying cash, (2) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the amount of such Tax Obligations, (3) withholding the amount of such Tax Obligations from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer, (4) delivering to the Company already vested and owned Shares having a Fair Market Value equal to such Tax Obligations, or (5) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount of the Tax Obligations.  To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any Tax Obligations by reducing the number of Shares otherwise deliverable to Participant.  Further, if Participant is subject to tax in more than one jurisdiction between the Date of Grant and a date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges and agrees that the Company and/or the Employer (and/or former employer, as applicable) may be required to withhold or account for tax in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of such Tax Obligations hereunder at the time any applicable Restricted Stock Units otherwise are scheduled to vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Restricted Stock Units and any right to receive Shares thereunder and the Restricted Stock Units will be returned to the Company at no cost to the Company.  Participant acknowledges and agrees that the Company may refuse to deliver the Shares if such Tax Obligations are not delivered at the time they are due. Without limitation on any of the foregoing rights or remedies of Company, if Participant fails to make satisfactory arrangements for the payment of such Tax Obligations hereunder at the time any applicable Restricted Stock Units otherwise are scheduled to vest pursuant to Sections 3 or 4, Company has the right, at Company’s sole discretion, to sell a sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount of the Tax Obligations, or to withhold otherwise deliverable Shares having a Fair Market Value equal to the amount of such Tax Obligations. 

			
	
			
				 10.
			Participant Bears Risks of Selling Otherwise Distributable Shares to Cover Tax Obligations. If any Tax Obligations are to be satisfied by selling a sufficient number of Shares otherwise deliverable to Participant, Participant hereby acknowledges and agrees that such sales will be subject to market pricing and trade execution risks, including trading delays and timing, which could result in the sale of a greater amount of Shares than expected and at a lower price than expected, including in comparison to other market sales within same trading day or adjacent trading days; and that Participant bears all risks associated with such sales, including all market pricing and trade execution risks. Participant hereby agrees to save and hold the Company, its officers, directors and employees, harmless from any and all liabilities arising from or as a consequence of any such sales. Participant agrees that Participant will be responsible for any commissions and related costs with respect to such sales.  

			
	
			
				 11.
			Nature of Grant.  In accepting the award, Participant acknowledges, understands and agrees that:

			
	
			
				 (a)
			the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

			
	
			
				 (b)
			the Award of Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future awards of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been awarded in the past; 

			
	
			
				 (c)
			all decisions with respect to future Restricted Stock Units or other awards, if any, will be at the sole discretion of the Company; 

			
	
			
				 (d)
			Participant is voluntarily participating in the Plan; 

		 

 

			
	
			
				 (e)
			the Award of Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are not intended to replace any pension rights or compensation; 

			
	
			
				 (f)
			the Award of Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

			
	
			
				 (g)
			the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; 

			
	
			
				 (h)
			unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Common Stock; 

			
	
			
				 (i)
			unless otherwise agreed with the Company, the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Subsidiary or affiliate of the Company; and

			
	
			
				 (j)
			the following provisions apply only if Participant is providing services outside the United States:

			
	
			
				(i)
			no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of Participant as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment or service agreement, if any), and in consideration of the award of the Restricted Stock Units to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, the Employer or any other Parent or Subsidiary, waives his or her ability, if any, to bring any such claim, and releases the Company, the Employer or any other Parent or Subsidiary from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim; and

			
	
			
				(ii)
			Participant acknowledges and agrees that neither the Company, the Employer nor any Parent or Subsidiary shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired upon settlement.

			
	
			
				 12.
			Data Privacy.  Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Award Agreement and any other grant materials (“Data”) by and among, as applicable, the Employer, the Company and any Parent or Subsidiary for the purpose of implementing, administering and managing Participant’s participation in the Plan.

		
			Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant’s name; home address; telephone numbers; date of birth; age; social insurance number, social security number, taxpayer identification number and/or other identification number; tax related information; salary; salary history; nationality; job title; any shares of stock or directorships held in the Company; details of all Restricted Stock Units or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor; and benefit enrollment forms; for the  purpose of implementing, administering and managing the Plan.  
		

		

		

		 

 

		
		

		
			 
		

		
			Participant understands that Data will be transferred to such stock plan service provider as may be selected by the Company from time to time, which is assisting the Company with the implementation, administration and management of the Plan.  Participant understands that the recipients of Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Participant’s country.  Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of Data by contacting his or her local human resources representative.  Participant authorizes the Company and any possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, process, retain and transfer Data, in electronic or other form, for the purpose of implementing, administering and managing his or her participation in the Plan.  Participant understands that Data will be held as long as is necessary to implement, administer and manage Participant’s participation in the Plan.  Participant understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.  Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis.  If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service and career with the Employer will not be adversely affected thereby; the only consequence of refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant Restricted Stock Units or other equity awards or administer or maintain such awards.  Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan.  For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative.  Nothing in this Section 12 shall be understood as limiting or restricting any other rights of Company, including without limitation under any other consents given by Participant, to receive, possess, use,  process, retain and transfer any Data.  
		

		
			13.Rights as Stockholder.  Neither the Participant nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued (including in book entry), recorded on the records of the Company or its transfer agents or registrars, and, if applicable, delivered to the Participant.
		

			
	
			
				 14.
			No Guarantee of Continued Service.  PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY OR THE EMPLOYER, AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OF RESTRICTED STOCK UNITS OR ACQUIRING SHARES HEREUNDER.  PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY OR THE EMPLOYER TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

		
			15.Address for Notices.  Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at 11500 N. Mopac Expressway, Building A, Austin, Texas 78759, Attn: Stock Administrator, or at such other address as the Company may hereafter designate in writing.
		

		

		

		 

 

		
		

		
			16.Grant is Not Transferable.  Except to the limited extent provided in Section 8, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.
		

		
			17.Binding Agreement.  Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
		

		
			18.Additional Conditions to Issuance of Stock.  If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of shares to the Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company.  The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority.  
		

		
			19.Plan Governs.  This Award Agreement is subject to all terms and provisions of the Plan.  In the event of a conflict between one or more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern.
		

		
			20.Administrator Authority.  The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units have vested).  All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons.  No member of the Board or its Committee administering the Plan will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement.
		

		
			21.Country Appendix.  The Restricted Stock Units are subject to any special terms and conditions for Participant’s country set forth in the Country Appendix, if any, to this Award Agreement. If Participant relocates to a country included in the Appendix, the special terms and conditions for that country will apply to Participant to the extent the Company determines that applying such terms and conditions is necessary or advisable for legal or administrative reasons.
		

		
			22.Captions.  Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement.
		

		
			23.Agreement Severable.  In the event that any provision in this Award Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement.EX-4.1

 Exhibit 4.1 

Execution Version 

NBL TEXAS, LLC, 
 as the
Issuer, 
 EACH OF THE SUBSIDIARY GUARANTORS PARTY HERETO 

and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 FORM OF FIFTH SUPPLEMENTAL
INDENTURE 
 Dated as of July 29, 2015 

TO BASE INDENTURE 

Dated as of May 2, 2013 
  

 
 5.625% Senior Notes due 2021

 5.875% Senior Notes due 2022 

5.875% Senior Notes due 2024 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	 	 Fifth Supplemental Indenture
	  	 	2	  
			
	 Section 1.2
	 	 Definitions
	  	 	2	  
		
	 ARTICLE II AMENDMENTS
	  	 	3	  
			
	 Section 2.1
	 	 Certain Amendments to the Indenture
	  	 	3	  
		
	 ARTICLE III MISCELLANEOUS
	  	 	5	  
			
	 Section 3.1
	 	 Relation to Original Indenture
	  	 	5	  
			
	 Section 3.2
	 	 Governing Law
	  	 	5	  
			
	 Section 3.3
	 	 Concerning the Trustee
	  	 	5	  
			
	 Section 3.4
	 	 Successors
	  	 	5	  
			
	 Section 3.5
	 	 Severability
	  	 	6	  
			
	 Section 3.6
	 	 Duplicate of Originals
	  	 	6	  

  
 i 

 FIFTH SUPPLEMENTAL INDENTURE (the “Fifth Supplemental Indenture”), dated as of
July 29, 2015, among NBL Texas, LLC, a Delaware limited liability company (“Merger Parent”), the Subsidiary Guarantors (as defined herein) and Wells Fargo Bank, National Association, as Trustee (the “Trustee”).

 Rosetta Resources Inc. (“Rosetta”) and the Trustee have executed and delivered a base indenture, dated as of May 2,
2013 (as amended, supplemented or otherwise modified from time to time, the “Base Indenture”) to provide for the future issuance of Rosetta’s senior debt securities to be issued from time to time in one or more series. 

Pursuant to Section 2.01 of the Base Indenture, Rosetta and the Trustee, established the terms of (i) a series of unsecured debt
securities entitled the “5.625% Senior Notes due 2021” (the “2021 Notes”) pursuant to the First Supplemental Indenture, dated as of May 2, 2013, between Rosetta, the Subsidiary Guarantors and the Trustee, to the Base
Indenture (the “First Supplemental Indenture” and the Base Indenture, as supplemented by the First Supplemental Indenture and the Fourth Supplemental Indenture (as defined below), the “2021 Indenture”); (ii) a
series of unsecured debt securities entitled the “5.875% Senior Notes due 2022” (the “2022 Notes”) pursuant to the Second Supplemental Indenture, dated as of November 15, 2013, between Rosetta, the Subsidiary
Guarantors and the Trustee, to the Base Indenture (the “Second Supplemental Indenture” and the Base Indenture, as supplemented by the Second Supplemental Indenture and the Fourth Supplemental Indenture, the “2022
Indenture”); and (iii) a series of unsecured debt securities entitled the “5.875% Senior Notes due 2024” (the “2024 Notes” and, together with the 2021 Notes and the 2022 Notes, the “Notes”)
pursuant to the Third Supplemental Indenture, dated as of May 29, 2014, between Rosetta, the Subsidiary Guarantors and the Trustee, to the Base Indenture (the “Third Supplemental Indenture,” the Base Indenture, as supplemented
by the Third Supplemental Indenture and the Fourth Supplemental Indenture, the “2024 Indenture,” and the 2021 Indenture, 2022 Indenture and the 2024 Indenture, collectively, the “Existing Indentures”). 

Merger Parent has executed and delivered to the Trustee a Fourth Supplemental Indenture, dated as of July 20, 2015, providing for
assumption by Merger Parent, as the Successor Issuer to Rosetta, of Rosetta’s obligations under Notes and the Indentures (the “Fourth Supplemental Indenture”, and together with the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture and the Base Indenture, the “Indenture”). 
 Section 9.02 of
the Base Indenture provides that Merger Parent, as Successor Issuer to Rosetta, and the Trustee may amend certain provisions of the Indentures or the Notes with the consent of the holders of not less than a majority in aggregate principal amount of
the outstanding Notes of each series affected. 
 Noble Energy, Inc., a Delaware corporation (“Noble Parent”) has offered
to exchange (the “Noble Exchange Offers”) new 5.625% Senior Notes due 2021, 5.875% Senior Notes due 2022 and 5.875% Senior Notes due 2024 of Noble Parent for any and all outstanding 2021 Notes, 2022 Notes and 2024 Notes,
respectively, upon the terms and subject to the conditions set forth in the prospectus relating to the Offers to Exchange and Solicitations of Consents, dated as of July 16, 2015 (the “Prospectus”), forming a part of Noble
Parent’s Registration Statement on Form S-4, filed with the Securities and Exchange Commission on June 29, 2015. 

 In connection with the Noble Exchange Offers, Noble Parent has also solicited consents from the
holders of each series of Notes to certain proposed amendments (the “Proposed Amendments”) to the Existing Indentures as described in the Prospectus and set forth in this Fifth Supplemental Indenture, with the operation of such
Proposed Amendments being subject to the satisfaction or waiver by Noble Parent of the conditions to the Noble Exchange Offers and the acceptance by Noble Parent for exchange of the Notes validly tendered and not validly withdrawn pursuant to the
Noble Exchange Offers. 
 Noble Parent has received and caused to be delivered to the Trustee evidence of the consents from holders of a
majority of the outstanding aggregate principal amount of each series of Notes to effect the Proposed Amendments under the Indenture with respect to the Notes. 

Merger Parent is undertaking to execute and deliver this Fifth Supplemental Indenture to delete or amend, as applicable, certain provisions
and covenants in the Indenture with respect to the Notes in connection with the Noble Exchange Offers and the related consent solicitation and in connection therewith, each of Merger Parent and the Subsidiary Guarantors have duly authorized the
execution and delivery of this Fifth Supplemental Indenture. The changes, modifications and supplements to the Base Indenture affected by this Fifth Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of,
the Notes, except as otherwise provided herein, and shall not apply to any other securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other securities specifically incorporates such changes,
modifications and supplements. 
 Each party hereto agrees as follows for the benefit of the other parties and for the equal and ratable
benefit of the Holders of the Notes. 
 DEFINITIONS 

Section 1.1 Fifth Supplemental Indenture. This Fifth Supplemental Indenture is supplemental to, and is entered into in accordance
with Section 5.1 and Section 9.1 of the Indenture, and except as expressly modified, amended and supplemented by this Fifth Supplemental Indenture, all the terms, conditions and provisions of the Indenture are in all respects ratified and
confirmed and shall remain in full force and effect. 
 Section 1.2 Definitions. Capitalized terms used in this Fifth
Supplemental Indenture and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture. 

“Noble” means Noble Energy, Inc., a Delaware corporation, and any successor thereto. 

“Noble Holder” means Noble or any of its direct or indirect subsidiaries. 

  
 2 

 AMENDMENTS 

Section 2.1 Certain Amendments to the Indenture. Each of the Existing Indentures with respect to the Notes is hereby amended as
follows: 
 (a) The definition of “Disqualified Stock” is hereby replaced in its entirety with: 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable) at the option of the holder of the Capital Stock or upon the happening of any event: 

(1) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself
Disqualified Stock) pursuant to a sinking fund obligation or otherwise; 
 (2) is convertible or exchangeable for
Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Issuer or a Restricted Subsidiary); or 

(3) is redeemable at the option of the holder of the Capital Stock in whole or in part, in each case on or prior to the date
that is 91 days after the earlier of the date (a) of the Stated Maturity of the Notes or (b) on which there are no Notes outstanding; provided that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so
convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock.” 

(b) The definition of “Permitted Liens” is hereby replaced in its entirety with: 

“Permitted Liens” means, with respect to any Person: 

(1) Liens in respect of Production Payments and Reserve Sales, which Liens shall be limited to the property that is the subject
of such Production Payments and Reserve Sales; 
 (2) Liens arising under oil and gas leases or subleases, assignments,
farm-out agreements, farm-in agreements, division orders, contracts for the sale, purchase, exchange, transportation, gathering or processing of Hydrocarbons, unitizations and pooling designations, declarations, orders and agreements, development
agreements, joint venture agreements, partnership agreements, operating agreements, royalties, working interests, net profits interests, joint interest billing arrangements, participation agreements, production sales contracts, area of mutual
interest agreements, gas balancing or deferred production 

  
 3 

 
agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, licenses, sublicenses and other agreements
which are customary in the Oil and Gas Business; provided, however, in all instances that such Liens are limited to the assets that are the subject of the relevant agreement, program, order or contract; 

(3) any (a) interest or title of a lessor or sublessor under any lease, liens reserved in oil, gas or other Hydrocarbons,
minerals, leases for bonus, royalty or rental payments and for compliance with the terms of such leases; 
 (4) Liens upon
specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or other goods.”; 
 (c) Section 4.7 (Compliance with Laws) is hereby replaced in its entirety with: 

“The Issuer shall comply, and shall cause each of its Restricted Subsidiaries to comply, with all applicable statutes,
rules, regulations, orders and restrictions of the United States of America, all states and municipalities thereof, and of any governmental department, commission, board, regulatory authority, bureau, agency and instrumentality of the foregoing, in
respect of the conduct of its business and the ownership of its properties, except for such noncompliance as could not singly or in the aggregate reasonably be expected to have a material adverse effect on the financial condition or results of
operations of Noble and its Subsidiaries taken as a whole.”; 
 (d) Section 4.8 (Reports to Holders) is hereby amended by adding
the following as the new subparagraph (d): 
 “Notwithstanding anything to the contrary contained herein, so long as the
Noble Holders, in the aggregate, continue to own, directly or indirectly, at least 50% of the Voting Stock of the Issuer, the filing by Noble or any other Noble Holder of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K with the Commission or the posting of such information on the website of Noble or any other Noble Holder will be deemed to satisfy the obligations of the Issuer under this Section 4.8.”; 

(e) Section 4.10 (Limitation on Restricted Payments); Section 4.11 (Limitations on Affiliate Transactions); Section 4.12
(Limitation on Incurrence of Indebtedness and Preferred Stock); Section 4.13 (Limitation on Restrictions on Distributions from Restricted Subsidiaries); Section 4.15 (Limitation on Sale of Assets and Subsidiary Stock); Section 4.16
(Covenant Termination); and Section 4.17 (Limitation on Liens) shall no longer apply to the Notes and all references thereto shall no longer apply to the Notes; 

(f) Clause (3) of Section 5.1 (Merger, Consolidation and Sale of Assets) shall no longer apply to the Notes and all references
thereto shall no longer apply to the Notes; 

  
 4 

 (g) The failure to comply with the terms of any of the Sections set forth in clauses
(e) and (f) above shall no longer constitute a Default or Event of Default under the Existing Indentures with respect to the Notes and shall no longer have any consequence under the Existing Indentures with respect to the Notes; 

(h) all definitions set forth in Section 1.1 that relate to defined terms used solely in sections that are no longer applicable to the
Notes are also no longer applicable to the Notes; 
 (i) all references to Sections of the Indenture amended by this Fifth Supplemental
Indenture shall be to such Sections as amended by this Fifth Supplemental Indenture. 
 (j) all references to Sections amended by this
Fifth Supplemental Indenture or matters set forth in clauses (e) or (f) above shall be removed from the Global Note. 

MISCELLANEOUS 

Section 3.1 Relation to Original Indenture. This Fifth Supplemental Indenture supplements the Indenture and shall be a part of and
subject to all the terms thereof. Except as supplemented hereby, all of the terms, provisions and conditions of the Indenture and the Notes issued thereunder shall continue in full force and effect. In the event of a conflict between the terms and
conditions of the Indenture and the terms and conditions of this Fifth Supplemental Indenture, then the terms and conditions of this Fifth Supplemental Indenture shall prevail. 

The Notes include certain of the foregoing provisions from the Indenture. Upon the execution and delivery of this Fifth Supplemental
Indenture, such provisions from the Notes shall be deemed deleted or amended, as applicable. 
 Section 3.2 Governing Law. THIS
FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Each of the parties hereto agrees to submit to the jurisdiction of the courts of the State of New York in any action or proceeding
arising out of or relating to this Fifth Supplemental Indenture. 
 Section 3.3 Concerning the Trustee. The Trustee accepts the
modifications of the trust effected by this Fifth Supplemental Indenture, but only upon the terms and conditions set forth in the Indenture. Without limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness
of the recitals herein contained which shall be taken as statements of the Merger Parent and the Guarantors, and the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity or execution or
sufficiency of this Fifth Supplemental Indenture, and the Trustee makes no representation with respect thereto. 
 Section 3.4
Successors. All agreements of Merger Parent and the Subsidiary Guarantors in this Fifth Supplemental Indenture, the Notes and the Subsidiary Guarantees shall bind their successors. All agreements of the Trustee in this Supplemental Indenture
shall bind its successors. 

  
 5 

 Section 3.5 Severability. In case any one or more of the provisions in this Fifth
Supplemental Indenture shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be
affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 

Section 3.6 Duplicate of Originals. All parties may sign any number of copies of this Fifth Supplemental Indenture. Each signed
copy shall be an original, but all of them together shall represent the same agreement. 
 [signature pages follow] 

  
 6 

 SIGNATURES 

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed, all as of the date first written
above. 
  

			
	NBL TEXAS, LLC
		
	By:	 	 /s/ Charles J. Rimer

	Name:	 	Charles J. Rimer
	Title:	 	President
	
	GUARANTORS:
	
	ROSETTA RESOURCES OFFSHORE, LLC
		
	By:	 	 /s/ John A. Huser

	Name:	 	John A. Huser
	Title:	 	Vice President – Finance
		
	By:	 	 /s/ Gerald M. Stevenson

	Name:	 	Gerald M. Stevenson
	Title:	 	Vice President and Treasurer
	
	ROSETTA RESOURCES HOLDINGS, LLC
		
	By:	 	 /s/ John A. Huser

	Name:	 	John A. Huser
	Title:	 	Vice President – Finance
		
	By:	 	 /s/ Gerald M. Stevenson

	Name:	 	Gerald M. Stevenson
	Title:	 	Vice President and Treasurer

  
 S-1 

 
			
	ROSETTA RESOURCES OPERATING GP, LLC
		
	By:	 	 /s/ John A. Huser

	Name:	 	John A. Huser
	Title:	 	Vice President – Finance
		
	By:	 	 /s/ Gerald M. Stevenson

	Name:	 	Gerald M. Stevenson
	Title:	 	Vice President and Treasurer
	
	ROSETTA RESOURCES OPERATING LP
		
	By:	 	 /s/ John A. Huser

	Name:	 	John A. Huser
	Title:	 	Vice President – Finance
		
	By:	 	 /s/ Gerald M. Stevenson

	Name:	 	Gerald M. Stevenson
	Title:	 	Vice President and Treasurer
	
	ROSETTA RESOURCES MICHIGAN LIMITED PARTNERSHIP
		
	By:	 	 /s/ John A. Huser

	Name:	 	John A. Huser
	Title:	 	Vice President – Finance
		
	By:	 	 /s/ Gerald M. Stevenson

	Name:	 	Gerald M. Stevenson
	Title:	 	Vice President and Treasurer

  
 S-2 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Patrick T. Giordano

	Name:	 	Patrick T. Giordano
	Title:	 	Vice President

 [Trustee Signature Page – Fifth Supplemental Indenture] 

  
 S-3

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