Document:

Exhibit 10.1

 

[Letterhead of World Fuel Services]

 

October 25, 2011

 

Re:  Notice of changes to your Restricted Stock Unit Agreements to address certain tax laws

 

Dear Mr. Clementi,

 

You currently hold restricted stock units (“Restricted Stock Units”) with respect to shares of World Fuel Service Corporation’s (the “Company”) common stock, par value U.S. $0.01 per share (“Shares”), that were granted to you under the Company’s 2006 Omnibus Plan, as it may be amended from time to time (the “Plan”), pursuant to Restricted Stock Unit award agreements between you and the Company, dated March 15, 2009, March 15, 2010 and March 15, 2011, respectively, each as amended on May 20, 2011 and as may be further amended from time to time (each, an “RSU Agreement”).  In accordance with its authority pursuant to Section 19(a) of the RSU Agreements, the Compensation Committee of the Board of Directors of the Company is hereby amending the RSU Agreements to address certain requirements of Section 409A of the Internal Revenue Code of 1986.  Accordingly, effective at 11:59 p.m. on December 31, 2011, your RSU Agreements will be deemed to incorporate the provisions of this notice.

 

Notwithstanding anything to the contrary set forth in any RSU Agreement or any other agreement that relates to your Restricted Stock Units:

 

1.                                       Vesting and Forfeiture of Shares.  Section 3(b)(i) of your RSU Agreements is hereby deleted in its entirety and replaced with the following:

 

“(i)  (A)  Except as otherwise determined by the Compensation Committee of the Board of Directors of the Company (the “Committee”) as set forth in Section 3(b)(i)(B) hereof, the Restricted Stock Units shall become fully vested and nonforfeitable in the event that a Change of Control occurs while the Participant is employed by the Company or any Subsidiary.  The vested Restricted Stock Units shall be converted, as of the effective date of the Change of Control, into a fully-vested fixed cash amount equal to the product of (x) fair market value (as determined by the Committee in its discretion) of the per Share consideration received by holders of Shares in the transaction constituting the Change of Control and (y) the number of Shares subject to the Restricted Stock Units (the “CIC Cash-Out Amount”).  The CIC Cash-Out Amount shall be credited with interest at the 10-year U.S. Treasury Securities rate or, if greater as of the effective date of the Change of Control, the prime rate as published in the Wall Street Journal, during the period commencing upon consummation of the Change of Control and ending on the date that the CIC Cash-Out Amount is paid to the Participant in accordance with Section 5(b) hereof.  For the avoidance of doubt, the Participant will not forfeit any portion of the CIC Cash-Out

 

 

Amount upon termination of employment for any reason, whether pursuant to Section 3(b)(ii), 3(b)(iii), 3(b)(iv) or otherwise.  In the event that Restricted Stock Units have been converted into the CIC Cash-Out Amount, the provisions of Sections 5(c) and 5(d) relating to settlement of Restricted Stock Units shall apply to settlement of the CIC Cash-Out Amount.

 

(B)  Notwithstanding Section 3(b)(i)(A) hereof, if in the event of a Change of Control the Committee determines that the successor company shall assume or substitute for the Restricted Stock Units as of the date of the Change of Control, then the vesting of the Restricted Stock Units that are assumed or substituted shall not be so accelerated as a result of such Change of Control.  For this purpose, the Restricted Stock Units shall be considered assumed or substituted only if (1) the Restricted Stock Units that are assumed or substituted vest at the times that such Restricted Stock Units would vest pursuant to this Agreement and (2) immediately following the Change of Control, the Restricted Stock Units confer the right to receive for each unvested Restricted Stock Unit held immediately prior to the Change of Control, the consideration (whether stock, cash or other securities or property) received by holders of Shares in the transaction constituting a Change of Control for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change of Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may provide that the consideration to be received upon the vesting of any Restricted Stock Unit will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value (on a per share basis) to the per share consideration received by holders of Shares in the transaction constituting a Change of Control.  The determinations of (1) whether the Restricted Stock Unit shall be assumed or substituted in accordance with this Section 3(b)(i)(B) or shall convert into the CIC Cash-Out Amount in accordance with Section 3(b)(i)(A) hereof and (2) in the event that this Section 3(b)(i)(B) is applicable, such substantial equality of value of consideration shall be made by the Committee in its sole discretion and such determinations shall be conclusive and binding.  The award resulting from the assumption or substitution of the Restricted Stock Units by the successor company shall continue to vest after the Change of Control transaction in accordance with the Vesting Schedule, and shall be referred to hereafter as the “Acquirer RSUs”.  Notwithstanding the preceding sentence, in the event of termination of the Participant’s employment by the successor company or its affiliates without Cause or by the Participant for Good Reason within 24 months following such Change of Control, the portion of the Acquirer RSUs that had not vested as of the date of the Change of Control and that did not otherwise become vested after the Change of Control shall become vested as of the last day of the Restricted

 

2

 

Period as defined in the Employment Agreement, provided, however, that such vesting shall be conditioned upon Participant’s compliance with Sections 4 and 6 of the Employment Agreement throughout the Restricted Period.  From and after a Change of Control pursuant to which Restricted Stock Units are treated in accordance with this Section 3(b)(i)(B), (x) all references in this Agreement to Restricted Stock Units shall be deemed to refer to Acquirer RSUs, and (y) all references to “Shares corresponding to” or “Shares underlying” any Restricted Stock Units shall be deemed to refer to the consideration corresponding to or underlying Acquirer RSUs.”

 

2.                                       Settlement of Awards.  Sections 5(a) and (b) of your Restricted Stock Unit Agreements are hereby deleted in their entirety and replaced with the following:

 

(a)  Delivery of Stock.  The Company shall deliver the Shares corresponding to the vested Restricted Stock Units to the Participant within 30 days following the applicable Vesting Date; provided that, in the event that a portion of the Restricted Stock Units shall vest in connection with a termination of the Participant’s employment (i) due to death, the Company shall deliver the Shares with respect to such pro rata portion within 30 days following the Termination Date, or (ii) due to a Section 409A Disability or any Separation from Service that results in payment pursuant to Section 3(b)(i)(B), Section 3(b)(iii) or Section 3(b)(iv) hereof, the Company shall deliver the Shares attributable to such portion (to the extent such Restricted Stock Units become vested) within 30 days following the second anniversary of the Termination Date.

 

(b)  Delivery of CIC Cash Amount.  The Company shall deliver to the Participant the CIC Cash-Out Amount (plus interest credited thereon) within 30 days following the Vesting Date applicable to the Restricted Stock Units to which the CIC Cash-Out Amount relates, provided that in the event of the Participant’s termination of employment prior to the applicable Vesting Date (i) due to death, the Company shall deliver the CIC Cash-Out Amount within 30 days following the Termination Date, or (ii) due to Section 409A Disability or a Separation from Service for any reason that is not covered by the preceding clause (i), the Company shall deliver the CIC Cash-Out Amount within 30 days following the second anniversary of the Termination Date.

 

3.                                       Dividend Equivalents.  In addition to the entirety of Section 6 of your RSU Agreements, the following sentence is hereby added to the end of Section 6(b)(i):

 

“In the event that Restricted Stock Units are converted into the CIC Cash-Out Amount pursuant to Section 3(b)(i)(A) hereof, the Cash Account that relates to such Restricted Stock Units shall be added to the CIC Cash Amount and shall be paid to the Participant in accordance with Section 5(b) hereof.”

 

3

 

4.                                       Compliance with Section 409A.  Section 19(b)(i) of your RSU Agreements is hereby replaced in its entirety with the following:

 

“(i)  Payments or delivery of Shares or cash in respect of the Participant’s Cash Account or, if applicable, the CIC Cash-Out Amount, under this Agreement may not be made earlier than (u) the Participant’s Separation from Service, (v) the date the Participant incurs a Section 409A Disability, (w) the Participant’s death or (x) a “specified time (or pursuant to a fixed schedule)” specified in this Agreement at the date of the deferral of such compensation;”

 

5.                                       Usage and Interpretation.  For the avoidance of doubt, (a) with respect to Sections 6(b)(i), 7, 9, 19 and 20 of your RSU Agreements, references to the “Cash Account” shall be interpreted to include the CIC Cash-Out Amount, and (b) the reference to “Section 6(b)” in Section 9(c) of your RSU Agreements shall be deemed to refer to “Section 5 (and, if applicable, Section 6)”.

 

6.                                       Definitions.  All capitalized terms used in this notice but not otherwise defined herein will have the same meaning as defined in the Plan or in the relevant RSU Agreement.  In addition, this notice and your RSU Agreements shall be deemed to incorporate the following terms as defined in this Section 6:

 

(a)  “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder;

 

(c)  “Section 409A Disability” means a “disability” within the meaning of Section 409A; and

 

(d)  “Separation from Service” means a termination of employment with the Company and its Subsidiaries that constitutes a “separation from service” within the meaning of Section 409A.

 

7.                                       Full Force and Effect.  Except as specifically set forth herein, this notice shall not, by implication or otherwise, alter, amend or modify in any way any terms of any RSU Agreement, all of which shall continue in full force and effect.

 

8.                                       Governing Law/Jurisdiction.  The validity and effect of this notice shall be governed by and construed and enforced in accordance with the laws of the State of Florida, without regard to any conflict-of-law rule or principle that would give effect to the laws of another jurisdiction.   Any dispute, controversy, or question of interpretation arising under, out of, in connection with, or in relation to the RSU Agreements or any amendments thereof, or any breach or default hereunder, shall be submitted to, and determined and settled by, litigation in the state or federal courts in Miami-Dade County, Florida.  Each of the parties hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Miami-Dade County, Florida.  Each party hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any litigation in Miami-Dade County, Florida.

 

4

 

9.                                       Entire Agreement.  This notice, together with the Plan and the RSU Agreements, contains the entire agreement between you and the Company concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between you and the Company with respect hereto.

 

	
 
    	
 
    	
WORLD   FUEL SERVICES CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
by
    
	
 
    	
 
    	
 
    	
/s/ R. Alexander Lake
    
	
 
    	
 
    	
 
    	
Name:   R. Alexander Lake
    
	
 
    	
 
    	
 
    	
Title:   SVP, General Counsel and Corporate Secretary
    
	
 
    	
 
    	
 
    
	
ACCEPTED   AND AGREED,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/   Michael S. Clementi
    	
 
    	
 
    
	
 
    	
Name:   Michael S. Clementi
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Date:
    	
October   25, 2011
    	
 
    	
 
    
						

 

5Exhibit 10.2

 

RESTRICTED STOCK UNITS GRANT AGREEMENT

 

1.                                       Grant of Award.  The Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of World Fuel Services Corporation, a Florida corporation (the “Company”) has awarded to Name (the “Participant”), effective as of Grant Date (the “Grant Date”), # Shares restricted stock units (the “Restricted Stock Units”) corresponding to that same number of shares (the “Shares”) of common stock of the Company, par value $0.01 per share (the “Common Stock”).  The Restricted Stock Units have been granted under the World Fuel Services Corporation 2006 Omnibus Plan, as amended and restated (the “Plan”), which is incorporated herein for all purposes, and the grant of Restricted Stock Units shall be subject to the terms, provisions and restrictions set forth in this Agreement and the Plan.  As a condition to entering into this Agreement, and as a condition to the issuance of any Shares (or any other securities of the Company), the Participant agrees to be bound by all of the terms and conditions set forth in this Agreement and in the Plan.  Capitalized terms used herein and not defined in this Agreement shall have the meaning set forth in the Plan.

 

2.                                       Vesting and Forfeiture.

 

(a)                                  Except as otherwise provided herein, the Restricted Stock Units shall vest on the one-year anniversary of the Grant Date (the “Vesting Date”), provided that the Participant continues to serve as a member of the Board through and until the Vesting Date.  There shall be no proportionate or partial vesting of Restricted Stock Units in or during the months, days or periods prior to the Vesting Date.

 

(b)                                 Notwithstanding any other provision of this Agreement to the contrary, the Restricted Stock Units shall become fully vested and nonforfeitable in the event that a Change of Control occurs while the Participant is serving as a member of the Board.

 

(c)                                  If the Participant ceases to be a member of the Board due to the Participant’s death or Disability prior to the Vesting Date, then any unvested Restricted Stock Units shall immediately vest upon the Participant’s ceasing to be a member of the Board.  For purposes herein, the term “Disability” means the Participant’s inability to perform, with or without reasonable accommodation, his services as a member of the Board by reason of any medically determined physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, as determined by a medical doctor satisfactory to the Committee.

 

(d)                                 If the Participant ceases to be a member of the Board for any reason (other than death or Disability) prior to the Vesting Date, then any unvested Restricted Stock Units shall be immediately forfeited upon the Participant’s ceasing to be a member of the Board and revert back to the Company without any payment to the Participant.  The Committee shall have the power and authority to enforce on behalf of the Company any rights of the Company under this Agreement in the event of the Participant’s forfeiture of any Restricted Stock Units pursuant to this provision.

 

 

3.                                       Adjustment. The number of Restricted Stock Units are subject to adjustment by the Committee in the event of any increase or decrease in the number of issued shares of Common Stock resulting from a subdivision or consolidation of the Common Stock or the payment of a stock dividend on Common Stock, or any other increase or decrease in the number of shares of Common Stock effected without receipt or payment of consideration by the Company.

 

4.                                       Settlement of Restricted Stock Units.

 

(a)                                  Delivery of Stock.  Subject to Section 8 of this Agreement, the Company shall deliver the Shares corresponding to the vested Restricted Stock Units which are the subject of this Agreement to the Participant as follows: (i) Shares with respect to 50% of such vested Restricted Stock Units shall be delivered within 30 days after the Vesting Date and (ii) Shares with respect to the remaining 50% of such vested Restricted Stock Units shall be delivered within 30 days following the earlier of (A) the third anniversary of the Grant Date and (B) the date on which the Participant ceases for any reason to be a member of the Board; provided that, in the event that the Restricted Stock Units shall vest in connection with either a Change of Control or the Participant ceasing to be a member of the Board due to death or Disability, the Company shall deliver the Shares with respect to the vested Restricted Stock Units within 30 days following the date on which the Change of Control occurs or the Participant ceased to be a member of the Board, as applicable; provided further that, notwithstanding the foregoing and for the avoidance of doubt, the settlement of any Restricted Stock Units that constitute “nonqualified deferred compensation” under Section 409A of the Code and the Treasury Regulations thereunder (“Section 409A”) shall be subject to the requirements of Section 16 of this Agreement.

 

(b)                                 Death of Participant. By written notice to the Company’s Secretary, the Participant may designate a beneficiary or beneficiaries to whom any vested Restricted Stock Units shall be transferred upon the death of the Participant.  In the absence of such designation, or if no designated beneficiary survives Participant, such vested Restricted Stock Units shall be transferred to the legal representative of the Participant’s estate.  No such transfer of the Restricted Stock Units or the right to the Shares corresponding to such Restricted Stock Units or any portion thereof into Common Stock, shall be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and with a copy of the will and/or such evidence as the Committee deems necessary to establish the validity of such transfer or right to convert, and an agreement by the transferee, administrator, or executor (as applicable) to comply with all the terms of this Agreement that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with this grant.

 

5.                                       Rights with Respect to Shares Represented by Restricted Stock Units.

 

(a)                                  No Rights as Shareholder until Delivery.  Except as otherwise provided in this Section 5, the Participant shall not have any rights, benefits or entitlements with respect to any Shares subject to this Agreement unless and until the

 

2

 

Shares have been delivered to the Participant.  On or after delivery of the Shares, the Participant shall have, with respect to the Shares delivered, all of the rights of a shareholder of the Company, including the right to vote the Shares.

 

(b)                                 Dividend Equivalents.

 

(i)                                     Cash Dividends.  As of each date on which the Company pays a cash dividend with respect to its Shares, the Participant shall be entitled to receive the cash dividends payable on such Shares corresponding to the Restricted Stock Units which are the subject of this Agreement as if those Shares had been issued and outstanding as of the dividend payment date, so long as the Participant has not forfeited such Restricted Stock Units as provided herein.  Cash dividends payable with respect to such Shares shall be distributed to the Participant at the same time as such dividends are paid to regular holders of the Common Stock.

 

(ii)                                  Stock Dividends.  As of each date on which the Company pays a stock dividend with respect to its shares of Common Stock, then the Shares corresponding to the Restricted Stock Units shall be increased by the stock dividend that would have been payable with respect to the Shares that correspond to the Restricted Stock Units, and shall be subject to the same vesting requirements as the Restricted Stock Units, to which they relate, and to the extent vested, shall be distributed at the same time as Shares corresponding to vested Restricted Stock Units are distributed.

 

6.                                       Transfers.  The Participant may not, directly or indirectly, sell, pledge or otherwise transfer any Restricted Stock Units.

 

7.                                       Compliance with Laws and Regulations.  The Participant acknowledges and agrees that the Company has filed a Registration Statement on Form S-8 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “1933 Act”), to register the Shares under the 1933 Act. The Participant acknowledges receipt of the Prospectus prepared by the Company in connection with the Registration Statement. Prior to conversion of the Restricted Stock Units into Shares, the Participant shall execute and deliver to the Company such representations in writing as may be requested by the Company in order for it to comply with the applicable requirements of Federal and state securities law.

 

8.                                       Taxes.  The Company expressly permits the Participant (or the Participant’s estate, if applicable), at his or her option (or at the option of the Participant’s estate, if applicable), to elect to have the Company retain Shares that would otherwise be delivered to the Participant hereunder that have an aggregate Fair Market Value (determined by using the Fair Market Value as of the day immediately following the date of settlement) equal to the estimated Federal, state, local and foreign or other taxes that the Participant would incur in connection with the settlement of such Restricted Stock Units, provided that, and to the extent that, the Participant holds, at the time of such settlement, and has held, for a period of no less than six months and one day preceding the date of such settlement, a number of Shares equal to the number of Shares to be so retained.  In exchange for the Shares retained by the Company pursuant to this Section 8,

 

3

 

the Company will make a cash payment to the Participant (or the Participant’s estate, if applicable) in an amount equal to the Fair Market Value of the Shares so retained.  The Participant shall communicate his or her election by delivery to the Company of a form to be provided by the Company, which shall be received no less than two business days prior to the date of such settlement.  Any acquisition of Shares corresponding to Restricted Stock Units by the Company as contemplated hereby is expressly approved by the Committee as part of the approval of this Agreement.

 

9.                                       Binding Agreement.  This Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

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

 

11.                                 Governing Law/Jurisdiction.  The validity and effect of this Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Florida, without regard to any conflict-of-law rule or principle that would give effect to the laws of another jurisdiction. Any dispute, controversy or question of interpretation arising under, out of, in connection with or in relation to this Agreement or any amendments hereof, or any breach or default hereunder, shall be submitted to, and determined and settled by, litigation in the state or Federal courts in Miami-Dade County, Florida.  Each of the parties hereby irrevocably submits to the exclusive jurisdiction of the state and Federal courts sitting in Miami-Dade County, Florida. Each party hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any litigation in Miami-Dade County, Florida.

 

12.                                 Committee Authority.  The Committee shall have all discretion, power, and authority to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Participant, the Company and all other interested persons, and shall be given the maximum deference permitted by law. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.

 

13.                                 Captions.  The captions provided herein are for convenience only and are not to serve as a basis for the interpretation or construction of this Agreement.

 

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

 

4

 

15.                                 Miscellaneous.  This Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. This Agreement and the Plan can be amended or terminated by the Company to the extent permitted under the Plan. Amendments hereto shall be effective only if set forth in a written statement or contract, executed by a duly authorized member of the Committee. The Participant shall at any time and from time to time after the date of this Agreement, do, execute, acknowledge, and deliver, or will cause to be done, executed, acknowledged and delivered, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney, receipts, acknowledgments, acceptances and assurances as may reasonably be required to give effect to the terms hereof, or otherwise to satisfy and perform Participant’s obligations hereunder.

 

16.                                 Compliance with Section 409A.

 

(a)  If and to the extent that the Committee believes that the Restricted Stock Units may constitute a “nonqualified deferred compensation plan” under Section 409A, the terms and conditions set forth in this Agreement (and /or the provisions of the Plan applicable thereto) shall be interpreted in a manner consistent with the applicable requirements of Section 409A, and the Committee, in its sole discretion and without the consent of the Participant, may amend this Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines necessary or appropriate to comply with the applicable requirements of Section 409A.

 

(b)  If and to the extent required to comply with Section 409A:

 

(i)  Payments or delivery of Shares under this Agreement may not be made earlier than (u) the Participant’s “separation from service”, (v) the date of a “change in the ownership”, “change in the effective control” or “change in the ownership of a substantial portion of the assets”, in each case, of the Company, (w) the date the Participant incurs a “disability”, (x) the Participant’s death or (y) a “specified time (or pursuant to a fixed schedule)” specified in this Agreement at the date of the deferral of such compensation;

 

(ii)  The time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; and

 

(iii)  If the Participant is a “specified employee”, a distribution on account of a “separation from service” may not be made before the date which is six months after the date of the Participant’s “separation from service” (or, if earlier, the date of the Participant’s death).

 

For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for purposes of Section 409A, and the limitations set forth herein shall

 

5

 

be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A that are applicable to this Agreement.

 

(c)  Notwithstanding the foregoing, the Company does not make any representation to the Participant that any consideration awarded pursuant to this Agreement is exempt from, or satisfies, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any beneficiary for any tax, additional tax, interest or penalties that the Participant or any beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, that either is consented to by the Participant or that the Company reasonably believes should not result in a violation of Section 409A, is deemed to violate any of the requirements of Section 409A.

 

17.                                 Unfunded Agreement.  The rights of the Participant under this Agreement with respect to the Company’s obligation to distribute Shares corresponding to vested Restricted Stock Units shall be unfunded and shall not be greater than the rights of an unsecured general creditor of the Company.

 

18.                                 Stock Ownership Policy.  The Participant understands that the Committee has adopted a policy that requires the Participant to own a multiple of the Participant’s cash retainer in Common Stock.  The Shares corresponding to any vested Restricted Stock Units that have not yet been delivered to the Participant shall be deemed to be Shares owned by the Participant for purposes of such policy.  The Participant agrees to comply with such policy and any modifications thereof that may be adopted by the Committee from time to time.

 

[Signatures on the following page]

 

6

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date.

 

	
 
    	
WORLD FUEL SERVICES CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTICIPANT
    
	
 
    	
 
    
	
 
    	
Signature:
    	
 
    
	
 
    	
 
    
	
 
    	
Print   Name:
    	
 
    
							

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]