Document:

Exhibit 10.4

 

Notice of Restricted Stock Unit Award
Granted Under the 

Amended and Restated Tree.com, Inc. 2008 Stock and Annual Incentive Plan

 

	
  Award
  Recipient:

  	
   

  	
  [Last Name, First Name]

  
	
  2009 Restricted Stock Unit Award:

  	
   

  	
               restricted
  stock units (“RSUs”) under the Tree.com, Inc. 2008 Stock and Annual
  Incentive Plan (the “2008 Plan”).

  
	
   

  	
   

  	
   

  
	
  Award Date

  	
   

  	
  [                  ]

  
	
   

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
  Your RSUs shall, subject
  to the provisions of the 2008 Plan, vest and no longer be subject to any restriction
  as set forth below:

  
	
   

  	
   

  	
  Vesting
  Date

  	
   

  	
  Percentage
  of Total

  Award Vesting

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Impact of a Termination of Employment:

  	
   

  	
  Except as otherwise provided in the 2008 Plan, in the attached Terms
  and Conditions for Restricted Stock Unit Awards, or any prior employment
  agreement, all of your unvested RSUs will be forfeited and canceled in their
  entirety upon a Termination of Employment by Tree.com.

  
	
   

  	
   

  	
   

  
	
  Terms and Conditions:

  	
   

  	
  Capitalized terms used (but not defined) in this Award Notice shall
  have the meanings set forth in the 2008 Plan.

   

  Your RSUs are subject to the Standard
  Terms and Conditions for Restricted Stock Unit Awards attached hereto
  and to the 2008 Plan, both of which are posted on www.benefitaccess.com and
  incorporated herein by reference. Additional copies of these documents are
  also available upon request from your Human Resources Department.

   

  Without a complete review of these documents, you will not have a
  full understanding of all the material terms of your RSUs.

  

 

1

 

Standard
Terms and Conditions for Restricted Stock Unit Award

 

Overview

 

These Terms and Conditions apply to the grant awarded
to you by Tree.com, Inc. (“Tree.com” or the “Company”) pursuant to Section 7
of the Tree.com Amended and Restated 2008 Stock and Annual Incentive Plan (the “Plan”)
of restricted stock units (the “Award”). 
You were notified of your Award by way of an award notice (the “Award
Notice”).  All capitalized terms used herein, to the extent not defined, shall have
the meaning as set forth in the Plan.

 

Continuous Service

 

In order for your Award to vest, you must be
continuously employed by Tree.com or any of its Subsidiaries or Affiliates
during the Restriction Period (as defined below).  Nothing in your Award Notice, these Terms and
Conditions, or the Plan shall confer upon you any right to continue in the
employ or service of Tree.com or any of its Subsidiaries or Affiliates or
interfere in any way with their rights to terminate your employment or service
at any time.

 

Vesting

 

Subject to the Award Notice, these Terms and
Conditions and the Plan, the RSUs in respect to your Award, shall vest and no
longer be subject to any restriction (such period during which restrictions
apply is the “Restriction Period”) as follows:

 

	
   

  	
   

  	
  Percentage
  of Total

  
	
  Vesting
  Date

  	
   

  	
  Award
  Vesting

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

Termination of Employment

 

[For employees:  [Except as otherwise provided in the Award
Notice or these Terms and Conditions] Upon the termination of your employment
with Tree.com or any of its Subsidiaries or Affiliates during the Restriction
Period for any reason, any unvested portion of your Award shall be forfeited
and canceled in its entirety effective immediately upon such termination of
employment. .

 

For the avoidance of doubt, transfers of employment
among the Company and its Subsidiaries and Affiliates, without any break in
service, is not a Termination of Employment.]

 

[For directors: The
unvested portion of your Award shall be forfeited and canceled in its entirety
effective immediately upon termination of service as a director.]

 

2

 

Settlement

 

Subject to your satisfaction of the tax obligations
described immediately below under “Taxes and Withholding,” as soon as
practicable after any RSUs in respect of your Award have vested and are no
longer subject to the Restriction Period (but in no event later than two and a
half months after the end of the fiscal year in which the RSUs vest), such RSUs shall be settled.  For each RSU settled, Tree.com shall issue
one share of Common Stock for each RSU vesting. 
Notwithstanding the foregoing, Tree.com shall be entitled to hold the
shares or cash issuable to you upon settlement of all RSUs that have vested
until Tree.com or the agent selected by Tree.com to administer the Plan (the “Agent”)
has received from you (i) a duly executed Form W-9 or W-8 and (ii) payment
for any federal, state, local or foreign taxes of any kind required by law to
be withheld with respect to such RSUs.

 

Taxes and Withholding

 

No later than the date as of which an amount in
respect of any RSUs first becomes includable in your gross income for federal,
state, local or foreign income or employment or other tax purposes, Tree.com or
its Subsidiaries and/or Affiliates shall, unless prohibited by law, have the
right to deduct any federal, state, local or foreign taxes of any kind required
by law to be withheld with respect to such amount due to you, including
deducting such amount from the delivery of shares or cash issued upon
settlement of the RSUs that gives rise to the withholding requirement.  In the event shares are deducted to cover tax
withholdings, the number of shares withheld shall generally have a Fair Market
Value equal to the aggregate amount of Tree.com’s withholding obligation.  If the event that any such deduction and/or
withholding is prohibited by law, you shall, prior to or contemporaneously with
the vesting of your RSUs, pay to Tree.com, or make arrangements satisfactory to
Tree.com regarding the payment of, any federal, state, local or foreign taxes
of any kind required by law to be withheld with respect to such amount.

 

Non-Transferability of the RSUs

 

Until such time as your RSUs are ultimately settled,
they shall not be transferable by you by means of sale, assignment, exchange,
encumbrance, pledge, hedge or otherwise.

 

No Rights as a Stockholder

 

Except as otherwise specifically provided in the Plan,
unless and until your RSUs are settled, you shall not be entitled to any rights
of a stockholder with respect to the RSUs (including the right to vote the
underlying shares).  Notwithstanding the
foregoing, if Tree.com declares and pays dividends on the Common Stock during
the Restriction Period for particular RSUs in respect of your Award, you will
be credited with additional amounts for each RSU underlying such Award equal to
the dividend that would have been paid with respect to such RSU as if it had
been an actual share of Common Stock, which amount shall remain subject to
restrictions (and as determined by the Committee may be reinvested in RSUs or
may be held in kind as restricted property) and shall vest concurrently with
the vesting of the RSUs upon which such dividend equivalent amounts were paid.

 

3

 

Other Restrictions

 

The RSUs shall be subject to the requirement that, if
at any time the Committee shall determine that (i) the listing,
registration or qualification of the shares of Common Stock subject or related
thereto upon any securities exchange or under any state or federal law, or (ii) the
consent or approval of any government regulatory body is necessary or desirable
as a condition of, or in connection with, the delivery of shares, then in any
such event, the award of RSUs shall not be effective unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained free of any conditions not acceptable to the Committee.

 

Conflicts and Interpretation

 

In the event of any conflict between these Terms and
Conditions and the Plan, the Plan shall control; provided, that an action or
provision that is permissive under the terms of the Plan, and required under
these Terms and Conditions, shall not be deemed a conflict and these Terms and
Conditions shall control.  In the event
of any ambiguity in these Terms and Conditions, or any matters as to which
these Terms and Conditions are silent, the Plan shall govern.  In the event of (i) any conflict between
the Award Notice (or any other information posted on Tree.com’s intranet or
given to you directly or indirectly through the Agent (including information
posted on https://www.benefitaccess.com/ and Tree.com’s books and records, or (ii) ambiguity
in the Award Notice (or any other information posted on Tree.com’s intranet or
given to you directly or indirectly through the Agent (including information
posted on https://www.benefitaccess.com/, 
Tree.com’s books and records shall control.

 

Amendment

 

Tree.com may modify, amend or waive the terms of your
RSUs, prospectively or retroactively, but no such modification, amendment or
waiver shall materially impair your rights without your consent, except as
required by applicable law, NASDAQ or stock exchange rules, tax rules or
accounting rules.

 

Data Protection

 

The acceptance of your RSUs constitutes your
authorization of the release from time to time to Tree.com or any of its
Subsidiaries or Affiliates and to the Agent (together, the “Relevant Companies”)
of any and all personal or professional data that is necessary or desirable for
the administration of your RSUs and/or the Plan (the “Relevant Information”).  Without limiting the above, this
authorization permits your employing company to collect, process, register and
transfer to the Relevant Companies all Relevant Information (including any
professional and personal data that may be useful or necessary for the purposes
of the administration of your RSUs and/or the Plan and/or to implement or
structure any further grants of equity awards (if any)).  The acceptance of your RSUs also constitutes
your authorization of the transfer of the Relevant Information to any
jurisdiction in which Tree.com, your employing company or the Agent considers
appropriate.  You shall have access to, and
the right to change, the Relevant Information, which will only be used in
accordance with applicable law.

 

4

 

Section 409A of the Code

 

Your Award is not intended to constitute “nonqualified
deferred compensation” within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended, and the rules and regulations issued
there under (“Section 409A”).  In no
event shall Tree.com be required to pay you any “gross-up” or other payment
with respect to any taxes or penalties imposed under Section 409A with
respect to any amounts or benefits paid to you in respect of your Award.

 

Notification of Changes

 

Any changes to these
Terms and Conditions shall either be posted on Tree.com’s intranet or
communicated (either directly by Tree.com or indirectly through any of its
Subsidiaries, Affiliates or the Agent) to you electronically via e-mail (or
otherwise in writing) promptly after such change becomes effective.

 

5Exhibit 10.5

 

RESTRICTED STOCK AWARD
AGREEMENT

 

This Restricted Stock Award Agreement (the “Agreement”)
is made as of                 
between Tree.com, Inc., a Delaware corporation (“Tree.com”), and                   .

 

Tree.com sponsors the Tree.com Amended and Restated
2008 Stock and Annual Incentive Plan (the “Plan”).  This Agreement represents an award of Shares
of Restricted Stock under the Plan. All capitalized terms used herein, to the
extent not defined, shall have the meaning as set forth in the Plan.

 

The Shares of Restricted Stock  (the
“Shares”) covered by this Agreement are being awarded subject to the following
terms and provisions:

 

1.               Subject to the terms and
conditions of the Plan, [the Employment Agreement between you and Tree.com
dated                         
(as amended) (the “Employment Agreement”)] and this Agreement, Tree.com awards
to you                       
Shares of Restricted Stock.

 

2.               In order for your Award to
vest, you must be continuously employed by Tree.com or any of its Subsidiaries
or Affiliates during the Restriction Period (as defined below).  Nothing in this Agreement or the Plan shall
confer upon you any right to continue in the employ or service of Tree.com or
any of its Subsidiaries or Affiliates or interfere in any way with their rights
to terminate your employment or service at any time.

 

3.               The Shares shall become
earned by, and vested in, you in accordance with this Section.  Until they become vested, the Shares shall be
subject to cancellation and forfeiture in accordance with Section 5
below.  Until vested, you may not vote
the Shares or sell, transfer, pledge, assign or otherwise alienate or
hypothecate the Shares (such period during which restrictions apply is the “Restriction
Period”).  The Shares shall vest as
follows:

 

	
   

  	
   

  	
  Percentage
  of Total

  	
   

  
	
  Vesting
  Date

  	
   

  	
  Award
  Vesting

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

4.               You agree that you shall
comply with (or provide adequate assurance as to future compliance with) all
applicable securities laws and income tax laws as determined by Tree.com with
respect to your receipt of the Shares. 
In addition, you agree that, upon request, you will furnish a letter
agreement providing that (a) you will not distribute or resell any of said
shares in violation of the Securities Act of 1933, as amended, (b) you
will indemnify and hold Tree.com harmless against all liability for any such
violation and (c) you will accept all liability for any such violation.

 

5.               You acknowledge and agree
that upon your ceasing to be employed by Tree.com or any of its Subsidiaries or
Affiliates during the Restriction Period any unvested Shares at such time will
be canceled and forfeited and returned to Tree.com.  For the avoidance of doubt, transfers of
employment among the Company and its Subsidiaries and Affiliates, without any
break in service, is not a Termination of Employment. In order to facilitate
the transfer to Tree.com of any Shares pursuant to the terms hereof, you shall
execute the enclosed stock power (Assignment Separate from Certificate).  The stock power may be used by Tree.com to
transfer any unvested Shares to Tree.com 

 

1

 

in accordance with this Section.  You further hereby irrevocably appoint (which
appointment is coupled with an interest) Tree.com as your agent and
attorney-in-fact to take any necessary or appropriate action to cause Shares to
be returned to Tree.com in accordance with this Section, including without
limitation executing and delivering stock powers and instruments of transfer,
making endorsements and/or making, initiating or issuing instructions or
entitlement orders, all in your name and on your behalf.  Without limiting the foregoing, you expressly
acknowledge and agree that any transfer agent for the Shares is fully
authorized and protected in relying on, and shall incur no liability in acting
on, any documents, instruments, endorsements, instructions, orders or
communications from Tree.com in connection with the Shares or the transfer
thereof, and that any such transfer agent is a third party beneficiary of this
Agreement.

 

6.               Upon your receipt of the
Shares, you will make an effective election with the Internal Revenue Service
under Section 83(b) of the Internal Revenue Code and the regulations
promulgated thereunder and shall promptly provide Tree.com with a copy of such
election.

 

7.               In the event of any conflict
between this Agreement and the Plan, the Plan shall control; provided, that an
action or provision that is permissive under the terms of the Plan, and
required under this Agreement, shall not be deemed a conflict and this
Agreement shall control.  In the event of
any ambiguity in this Agreement, or any matters as to which this Agreement are
silent, the Plan shall govern.

 

8.               Tree.com may modify, amend
or waive the terms of your Shares, prospectively or retroactively, but no such
modification, amendment or waiver shall materially impair your rights without
your consent, except as required by applicable law, NASDAQ or stock exchange
rules, tax rules or accounting rules.

 

9.               Your acceptance of the
Shares constitutes your authorization of the release from time to time to
Tree.com or any of its Subsidiaries or Affiliates and to the Agent (together,
the “Relevant Companies”) of any and all personal or professional data that is
necessary or desirable for the administration of your Shares and/or the Plan
(the “Relevant Information”).  Without
limiting the above, this authorization permits your employing company to
collect, process, register and transfer to the Relevant Companies all Relevant
Information (including any professional and personal data that may be useful or
necessary for the purposes of the administration of the Shares and/or the Plan
and/or to implement or structure any further grants of equity awards (if any)).  The acceptance of the Shares also constitutes
your authorization of the transfer of the Relevant Information to any
jurisdiction in which Tree.com, your employing company or the Agent considers
appropriate.  You shall have access to,
and the right to change, the Relevant Information, which will only be used in
accordance with applicable law.

 

10.         Your Award is not intended
to constitute “nonqualified deferred compensation” within the meaning of Section 409A
of the Internal Revenue Code of 1986, as amended, and the rules and
regulations issued there under (“Section 409A”).  In no event shall Tree.com be required to pay
you any “gross-up” or other payment with respect to any taxes or penalties
imposed under Section 409A with respect to any amounts or benefits paid to
you in respect of your Award.

 

11.         In the event any provision
of this Agreement shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Agreement,
and the Agreement shall be construed and enforced as if the illegal or invalid
provision had not been included.  This
Agreement, together with the Employment Agreement and the Plan, constitutes the
final understanding between you and Tree.com regarding the Shares.  Any prior agreements, commitments or negotiations
concerning the Shares are superseded.

 

2

 

IN WITNESS WHEREOF, Tree.com has caused this
Agreement to be executed by its duly authorized officer, and you have hereunto
set your hand, all effective as of the Grant Date listed above.

 

 

	
   

  	
  TREE.COM, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name]

  	
   

  
				

 

3

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

(Stock Power)

 

                FOR VALUE
RECEIVED, the undersigned does hereby assign and transfer unto

 

	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Social Security or

  
	
   

  	
  Taxpayer Identification Number:

  

 

                                                                                
shares of the                                                                    
Stock of                                                                                                                                                         
represented by Certificate No(s).                                                     
herewith, standing in the name of the undersigned, and does hereby appoint            
             
                                          
attorney, with full power of substitution, to transfer said shares on the books
of said corporation.

 

	
   

  	
  Signature(s):

  
	
   

  	
   

  
	
  Date:

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