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EXHIBIT 10.3

SEPARATION AND RELEASE AGREEMENT

This Separation and Release Agreement (“Agreement”) is entered into by Energy Focus, Inc. (“EF”) and Tod A. Nestor (“Employee”). In consideration of the promises and agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and intending to be legally bound, EF and Employee, agree as follows:
1.EF will pay Employee a separation payment in the gross amount of $12,500, less any applicable taxes and withholdings, to be paid in a single lump-sum on EF’s next regularly scheduled payroll date after this Agreement takes effect. Employee agrees that Employee is not otherwise entitled to this separation payment, and that this separation payment provides adequate consideration for the promises and agreements, including the general release of claim, to which Employee is bound under this Agreement.
2.Employee will terminate Employee’s corporate apartment lease promptly following his last day of employment, expected to be as of May 31, 2022, but in no event later than the expiration of the current lease term on July 31, 2022.  EF will reimburse Employee for his corporate apartment expenses through the earlier termination date on May 31, 2022 (provided that any termination fee is less than concluding the term of the lease) or July 31, 2022, consistent with EF’s expense policy.  EF will also reimburse Employee for the reasonable cost to relocate his personal belongings from the corporate apartment to Employee’s home in Pittsburgh, PA, consistent with EF’s expense policy.
3.If Employee timely and properly elect COBRA continuation coverage under EF’s benefits plans for himself and his eligible dependents, Employee may continue to pay premiums to EF at the employee contribution level during the three months following Employee’s separation, after which Employee shall be eligible to continue coverage pursuant to COBRA, and be responsible for the entire COBRA premium for the remainder of the applicable continuation period.
4.Employee will be paid a total of 200 hours of accrued but unused PTO as of May 20, 2022, for a total gross amount of $24,038.46, less any applicable taxes and withholdings, in a single lump-sum on EF’s next regularly scheduled payroll date after this Agreement takes effect.  This fully satisfies any and all obligations of EF to pay me in connection with my separation for such unused PTO that I have accrued during my employment.
5.Employee will have until May 31, 2023 (or such longer period as provided under the applicable award agreement) to exercise any stock options that are vested but not yet exercised as of the time of Employee’s separation, and will otherwise remain subject to the terms of the agreements under which the stock options were granted to Employee.
6.EF and Employee acknowledge that Employee’s Guarantee of Validity provided in connection with the Crossroads borrowing facility (“Guarantee of Validity”) terminates under its terms upon Employee’s separation of employment.  
7.EF will reimburse Employee the reasonable legal fees, in an amount not to exceed $2,500, incurred by Employee in connection with the review and negotiation of this Agreement. 
8.Employee’s last day of employment with EF is May 20, 2022, which shall be the effective date of his separation from employment with EF.  Employee will not engage or attempt to engage in any business activities on EF’s behalf or represent himself as an employee, agent or representative of EF for any purpose at any time in the future.  Employee will not sign this Agreement before Employee’s last day of employment and, in the event Employee signs this Agreement prior to that date, Employee agrees to re-execute this Agreement, or to execute another copy of this Agreement, on or after the effective date of separation, subject to the other timing requirements and conditions relative to Employee’s execution of this Agreement.
9.This Agreement is intended to comply with the Older Workers Benefit Protection Act. Employee understands that he am specifically waiving rights and claims under, among other laws and statutes, the Age Discrimination in Employment Act, and that he does so on a “knowing and voluntary” basis as set forth in 29 U.S.C. 

§ 626(f). Employee also understand that the release of claims described below does not include claims that arise after Employee signs this Agreement.
10.EF has advised Employee in writing to consult a lawyer of his choice before Employee decided to sign this Agreement. EF also gave Employee a period of at least 21 calendar days to consider the terms and conditions of this Agreement before signing. The parties agree that any modifications made to this Agreement, material or otherwise, will not restart and/or affect the running of this 21 day period. Employee is advised to consult with an attorney of Employee’s choice prior to executing this Agreement. Employee acknowledges that Employee has carefully read this Agreement, understands the content and effect of this Agreement, and intends to be bound by it..
11.Employee hereby releases EF, its past, present, and future affiliated companies, successors and assigns, and, for each such entity, their respective past, present, and future owners, directors, officers, managers, employees, attorneys, agents, insurers, successors, assigns, and employee benefit plans and programs, including their trustees, sponsors, administrators and fiduciaries (collectively referred to as “Released Parties”) from all claims of any kind that arose before I signed this Agreement to the fullest extent permitted under applicable law.  This release includes claims under the Age Discrimination and Employment Act. This release also includes, but is not limited to, a full release relative to (1) all claims of unlawful discrimination, harassment, or retaliation related to race, color, sex, religion, marital status, sexual orientation, national origin, disability, genetic information, age, or any other category protected by law; (2) all claims of wrongful discharge, employment termination in violation of public policy, retaliation for “whistleblowing,” fraud, promissory estoppel, defamation, negligence, personal injury, and invasion of privacy; (3) all claims relative to leaves of absence and compensation, including, without limitation, for unearned or unvested salary, wages, bonuses, commissions, options, restricted stock units, incentive compensation, benefits, paid leave, paid time off, severance pay; (4) all other claims based on any federal, state, or local constitution, statute, law, regulation, or ordinance; (5) all other claims under any legal, equitable, contract, tort or common law theory; and (6) all claims for legal costs, expenses, and attorney’s fees.  This Agreement is a complete and final settlement of all claims that Employee is releasing. Employee understands that the claims that Employee is releasing include, but are not limited to, all known or unknown claims, causes of action, and liabilities, regardless of their kind, arising at any time prior to the moment Employee signs this Agreement.  Employee understands that he is not releasing or waiving any claim or right that cannot be waived under the law; any claim or right that arises after the date on which Employee signs this Agreement; any claim to any vested benefits under any employee benefit program or plan, including any rights Employee may have to continue medical or other benefits pursuant to COBRA or applicable state law; or any claim related to the enforcement of this Agreement.  The foregoing release does not waive any rights or claims Employee may have for defense or indemnification by the Company or its insurers in accordance with its charter, bylaws, insurance policies or otherwise to the extent arising from any actions Employee took or failed to take during and within the authorized scope of Employee’s employment with the Company prior to the Effective Date, including, but not limited to, any rights or claims arising from liability under the Guaranty of Validity.
12.Employee can still file charges and complaints with government agencies (such as the EEOC, the NLRB, the DOJ, the SEC, Congress, and any similar state or local government authority, or any Inspector General of such governmental agency or entity), and can still participate fully in their proceedings and investigations. However, Employee is waiving any right to any monetary relief to which I might be entitled in any legal action commenced by a government agency or other third party on Employee’s behalf based on any claim covered by the above general release, except where otherwise provided by law.
13.Employee affirms that he has not filed or caused to be filed, nor is he presently a party to, any claim, complaint, grievance, or legal action against EF or any of the other Released Parties in any form or forum.
14.EF in no way has interfered with Employee’s exercise of any rights or denied him any benefit or entitlement provided under the Employee Retirement Income Security Act, the Family and Medical Leave Act, the National Labor Relations Act, the Fair Labor Standards Act, or the Uniformed Services Employment and Reemployment Rights Act, or any similar state and local law.

15.Employee affirms that he has no pending workers’ compensation claim and have suffered no work-related injury or illness that has not been reported to EF prior to signing this Agreement.
16.Employee has been paid in full for all work performed for EF through the most recent paycheck, electronic or otherwise, he received, and will be paid for all hours worked and all accrued but unused PTO through my last day of employment. Employee has either already received reimbursement for all expenses that he incurred as part of his job with EF, or if Employee has not already received reimbursement will submit any outstanding expenses to EF within thirty (30) business days of his last day of employment per EF’s T&E policy for immediate reimbursement.  Employee affirms that, other than payments to be made to him under this Agreement, EF owes Employee no compensation, wages, bonuses, commissions, leave (paid or unpaid), benefits, or other payment of any kind.
17.Employee will keep this Agreement confidential, although Employee can show it to his spouse, lawyers, financial institutions, and financial advisors, but only if they keep it confidential too. I also can disclose the amount of payment received under this Agreement to governing tax authorities for tax reporting purposes and show this Agreement to government agencies and officials if they request it, only to the extent necessary to satisfy applicable law or legal obligation.
18.Employee will not will not make any statements or disclose any untrue information, which are likely to disparage any of the Released Parties or any of their business operations, commercial efforts, technical capabilities or general business reputation, which are likely to damage the reputation or business prospects of Energy Focus or its management, or which are likely to interfere in any way with the business relations Energy Focus has with its customers (including potential customers), suppliers, vendors, employees, investors, or shareholders. EF’s executive officers and directors will not make any statements or disclose any untrue information concerning Employee, which are likely to disparage or damage the Employee’s reputation or stature in the business community. 
19.Employee affirms that no later than my last day of employment with EF, Employee will return all EF property in Employee’s possession. Such property includes, but is not limited to Energy Focus keys, credit cards, records, files, lists and/or any other materials prepared by Employee or any other Energy Focus employee which relate in any way to Energy Focus. 
20.Employee acknowledges that he has no right to future employment with EF, and he agrees not to seek future employment with EF.  Employee agree to be reasonably available for incidental transition related questions after separation.  Nothing in this Agreement shall preclude EF and Employee from entering into a mutually agreeable consulting arrangement.  Such a consulting arrangement is not required of either party; however, if the parties agree to any such consulting arrangement, it will be on a limited basis and Employee shall receive a consulting fee of $200 per hour for services rendered thereunder.
21.Employee understands that nothing in this Agreement shall in any way restrict Employee from making a good faith report of suspected violations of governing law; or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation; or complying with any legal obligation to testify truthfully and accurately under oath; or complying with any applicable law or regulation or any valid order of a court or authorized government agency, provided that such compliance does not exceed that which is required by the law.
22.EF can assign this Agreement, and if it does so, Employee will still have to comply with the Agreement. Employee understands that his rights and obligations hereunder are of a personal nature and agrees that he may not assign any right or obligation under this Agreement to any third party.
23.Neither EF nor Employee are admitting to any wrongdoing by entering into this Agreement.
24.This Agreement may not be modified or amended except in a writing signed by EF and Employee wherein specific reference is made to this Agreement.

25.This Agreement shall be governed and construed in accordance with the laws of Ohio, without reference to the principles of conflicts of laws.
26.If part of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, the invalid or unenforceable term(s) shall be reformed only to the extent necessary to render this Agreement enforceable and, if such reformation cannot be made, then only such invalid or unenforceable term(s) shall be stricken from this Agreement, and the rest of this Agreement shall remain in full force and effect; provided, however, that, if the general release of claims is deemed to be invalid or unenforceable, Employee agrees to enter a valid general release of claims against all of the Released Parties in a written agreement that is reasonably satisfactory to EF.
27.EF did not pressure Employee into signing this Agreement.  EF did not promise Employee anything in exchange for signing this Agreement other than what is in writing in this document.  
28.For a period of 7 calendar days after Employee signs this Agreement, Employee shall have the right to revoke consent hereto. To revoke, Employee must deliver a document to EF (by email, in person, or by certified, registered, or overnight mail) to the attention of James R. Warren, SVP and General Counsel, that says, in effect, “I revoke my Confidential Separation Agreement and General Release with Energy Focus.” Mr. Warren’s address is Energy Focus, Inc., 32000 Aurora Road, Solon, OH, 44139, and his email address is jwarren@energyfocus.com.  If Employee so revokes his consent, this Agreement will not take effect and thereafter be null and void.  If, on the other hand, Employee does not revoke this Agreement as provided hereunder during the 7-day revocation period, then this Agreement will take effect on the 8th calendar day after Employee signs it (the “Effective Date”).
29.This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), including the exceptions thereto, and shall be construed and administered in accordance with such intent.  Notwithstanding any other provision of this Agreement, payments provided hereunder may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.  Neither EF nor Employee may, at any time, accelerate or modify the payment schedules established under this Agreement if such acceleration or modification would result in any additional taxation or interest under Section 409A.  Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to the extent possible.  To the extent required under Section 409A, any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination constitutes a “separation from service” under Section 409A.  To the extent that any provision hereunder must be modified in order to comply with or be exempt from Section 409A, the parties agree to make such modification, which shall be made in good faith and in a manner that maintains the original intent and economic benefit to Employee and EF of the applicable provision to the fullest extent without violating the provisions of Section 409A.  Notwithstanding the foregoing, EF makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall EF be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.
30.This Agreement contains the entire understanding and agreement of the parties, and replaces and supersedes any other understanding or agreement that the parties might have previously had, as to the topics covered herein, not including any restrictive covenants Employee may have entered into with EF (e.g., non-compete, non-solicitation, or non-disclosure agreements), which remain in full force and effect.
31.An electronic copy of this Agreement, executed by both EF and me, shall constitute an original of same.

DO NOT SIGN UNLESS YOU UNDERSTAND AND AGREE WITH EVERYTHING ABOVE:

						
	Employee: Tod A. Nestor	Energy Focus, Inc.
		
	Signature: /s/ Tod A. Nestor
	Signature: /s/ Stephen Socolof

	Date Signed: 5/20/2022
	Print Name and Title: Stephen Socolof, CEO

		Date Signed: 5/20/2022caci-ex109_176.htm

 

Exhibit 10.9

 

 

RESTRICTED STOCK UNIT (RSU) AGREEMENT

 

This Restricted Stock Unit (hereinafter “RSU”) Agreement, by and between CACI International Inc, a corporation organized under the laws of the State of Delaware ("CACI"), and [Participant Name] ("Executive").

 

WHEREAS, the purpose of the CACI International Inc Management Stock Purchase Plan is to provide participants with an opportunity to acquire and maintain, through an allocation of a portion of their annual incentive compensation, an equity interest in CACI; and,

 

WHEREAS, RSUs awarded under the Plan are intended to advance the interests of CACI International Inc and its subsidiary and affiliated companies by enabling them to: (i) align the interests of those senior executives who share the primary responsibility for the management, growth, and protection of the business of CACI with those of CACI International Inc’s stockholders; (ii) furnish an incentive to such persons to continue their services to CACI; and (iii) provide a means through which CACI may effectively compete with other organizations to obtain and retain the services of competent senior management personnel; and,

 

WHEREAS, in furtherance of the purpose of the Plan, and in accordance with Executive’s allocation of a portion of Executive’s bonus into the Plan, CACI wishes to grant to Executive RSUs for shares of the common stock of CACI International Inc.

 

NOW, THEREFORE, CACI and Executive hereby agree as follows:

 

	
I.
	
Restricted Stock Unit Award

 

	
 
	
A.
	
Definitions.  For purpose of this Agreement, capitalized terms shall have the same meaning as provided in the Plan, unless explicitly provided with a different meaning herein.

 

	
 
	
B.
	
RSU Award.  Pursuant to and subject to the terms of the Plan, CACI hereby grants to Executive a total of [Shares Granted] RSUs representing an equal number of shares of the Stock of CACI International Inc at the “Adjusted Price” (meaning the Fair Market Value of a share of Stock on the date of grant less fifteen percent (15%)) of $[XXXX] per share. The RSUs are granted subject to the restrictions and conditions as set forth in the Plan and this Agreement. Executive shall not have the rights of a stockholder with respect to any RSUs credited to Executive’s Account until shares of Stock have been distributed to 

 

 

 

 

 

	
 
		
Executive pursuant to Article IV or V. B., and Executive’s name has been entered as a stockholder of record on the books of CACI with respect to such distributed shares of Stock.

 

	
II.
	
Grant Date

 

The effective grant date of the RSUs awarded under this Agreement is [XXXX] (the "Grant Date").

 

	
III.
	
Vesting

 

The RSUs granted pursuant to this Agreement shall vest on the applicable date below (the "Vesting Date"):

 

	
 
	
A.
	
Executive shall become fully vested in the RSUs granted pursuant to this Agreement thirty-six (36) months after the Grant Date (i.e., on [XXXX]), provided that Executive has remained continuously employed on a full-time basis by CACI for the entire thirty-six (36) month period.  Executive shall also become fully vested in the RSUs granted pursuant to this Agreement in the event any of the following occur on or before [XXXX]: 

 

	
 
	
(1)
	
In the event of termination of Executive’s full-time employment with CACI as a result of Executive’s Disability or death prior to [XXXX], all RSUs granted pursuant to this Agreement shall become 100 percent vested upon Executive’s death or Disability.  

 

	
 
	
(2)
	
In the event of a Good Reason Termination or Involuntary Termination Without Cause (each as defined below) prior to [XXXX], and within twenty-four (24) months following a Change in Control, the RSUs granted pursuant to this Agreement shall become 100 percent vested on the date of such Good Reason Termination or Involuntary Termination Without Cause.  

 

	
 
	
(3)
	
In the event of Executive’s voluntary Retirement (as defined below), the RSUs granted pursuant to this Agreement shall become 100 percent vested on the date of Executive’s Retirement.

 

	
 
	
B.
	
Except as provided in Article III. A. 1, 2 or 3 above or otherwise determined by the Committee, in order to become vested in RSUs under the terms of this Agreement, the Executive must have been in the continuous full-time employ of CACI (or an Affiliate of CACI) from the Grant Date through the close of business on the Vesting Date. The Executive shall not be deemed to be employed by CACI (or an Affiliate of CACI) if the Executive's employment has 

 

 

 

 

 

	
 
		
been terminated, even if the Executive is receiving severance in the form of salary continuation through the regular payroll system. If Executive terminates employment with CACI (or an Affiliate of CACI) for any reason other than a Good Reason Termination or Involuntary Termination Without Cause within twenty-four (24) months following a Change in Control or by Retirement, Disability or death, or converts from full-time to part-time status (other than after becoming eligible for Retirement), Executive shall forfeit any RSUs granted under this Agreement that are not vested as of such date. 

 

	
 
	
C.
	
The following definitions shall apply for purposes of this Agreement:

 

“Cause” means:

 

	
 
	
(1)
	
gross negligence, willful misconduct or willful malfeasance by the Executive in connection with the performance of any material duty for the Company or an Affiliate;

 

	
 
	
(2)
	
the Executive's commission or participation in any violation of any legal requirement or obligation relating to the Company (unless the Executive had a reasonable good faith belief that the act, omission or failure to act in question was not a violation of such legal requirement or obligation) and such violation has materially and adversely affected the Company;

 

	
 
	
(3)
	
the Executive's conviction of, or plea of guilty or nolo contendere, to a crime committed during the course of his/her employment with the Company that the Committee, acting in good faith, reasonably determines is likely to have a material adverse affect on the reputation or business of the Company or an Affiliate;

 

	
 
	
(4)
	
theft, embezzlement or fraud by the Executive in connection with the performance of his or her duties for the Company or an Affiliate;

 

	
 
	
(5)
	
a violation of any confidentiality agreement or obligation or non-compete agreement with the Company or an Affiliate;

 

	
 
	
(6)
	
a material violation of (i) the Company’s Standards of Conduct, as the same may be amended and in effect from time to time, or (ii) any other published Company policy; or

 

	
 
	
(7)
	
the diversion or appropriation of any material business opportunity.

 

 

 

 

 

 

 

If the written employment agreement between Executive and the Company provides a different definition of “Cause” (or other term that defines conduct on the part of the Executive that permits the Company to terminate such written employment agreement without liability to the Executive), that definition shall control and shall be substituted for the above in applying the Plan to that Executive.

 

"Change in Control Date" means the date (after the Grant Date) on which a Change in Control event is legally consummated and legally binding on the parties.

 

“Good Reason Termination” means Executive’s resignation from full-time employment with the Company (or a Subsidiary or Affiliate of the Company) following the occurrence of any of the following circumstances without the Executive’s prior written consent:

 

	
 
	
(1)
	
A material reduction in the Executive’s total compensation and benefit opportunity from that in effect on the day before the Change in Control Date (other than a reduction made by the Board, acting in good faith, based upon the performance of the Executive, or to align the compensation and benefits of the Executive with that of comparable executives, based on market data); 

 

	
 
	
(2)
	
A substantial adverse alteration in the conditions of the Executive’s employment from those in effect on the day before the Change in Control Date;

 

	
 
	
(3)
	
A substantial adverse alteration in the nature or status of the Executive’s position or responsibilities from those in effect on the day before the Change in Control Date; or

 

	
 
	
(4)
	
A change in the geographic location of the Executive’s job more than fifty (50) miles from the place at which such job was based on the day before the Change in Control Date.

 

Before the Executive may resign for Good Reason, the Executive must provide the Company at least thirty (30) days’ prior written notice of his intent to resign for Good Reason and specify in reasonable detail the Good Reason upon which such resignation is based.  The Company shall have a reasonable opportunity to cure any such Good Reason (that is susceptible of cure) within thirty (30) days after the Company’s receipt of such notice.  The Executive’s delay in providing such notice shall not be deemed to be a waiver of any such 

 

 

 

 

 

Good Reason, nor does the failure to resign for one Good Reason prevent any later Good Reason resignation for a similar or different reason.

 

“Involuntary Termination Without Cause” means a termination by the Company (or a Subsidiary or Affiliate of Company) of Executive’s full-time employment without Cause.

 

"Retirement" means retirement from full-time employment with CACI (or an Affiliate of CACI) or a change from full-time employment with CACI (or an Affiliate of CACI)) to part-time status, in both cases on or after Executive has attained age 65, and following delivery of a notice from Executive to CACI’s Plan Administrator stating that Executive is permanently retiring from CACI and the Information Technology industry.  

 

	
IV.
	
Delivery of Shares 

 

	
 
	
A.
	
Unless Executive has elected a deferred distribution date, then, subject to the requirements of Section 10 of the Plan and Article VI of this Agreement, CACI shall establish an account for Executive at UBS Financial Services, Inc., or such other similar organization which provides stock administration services to the Company, and transfer into such account one share of unrestricted Common Stock of CACI International Inc for each vested RSU covered by this Agreement within thirty (30) days after the earlier of:  (1) the end of the 36-month period beginning on the Grant Date, (2) the date of Executive’s death, (3) ninety (90) days after Executive's disability (within the meaning of Section 409A(a)(2)(C) of the Code), or (4) the date of Executive’s Separation from Service.  

 

	
 
	
B.
	
If Executive has elected a deferred distribution date, CACI shall issue to Executive one share of Stock with respect to each vested RSU that is subject to such election, within thirty (30) days after the earlier of:  (1) the deferred distribution date (if expressed as a whole number of years, not less than three (3), following the Grant Date) specified by Executive in the Subscription Agreement; (2) the date of Executive’s death, (3) ninety (90) days after Executive's disability (within the meaning of Section 409A(a)(2)(C) of the Code), or (4) the date of Executive’s Separation from Service.  The issuance of such Stock shall be in full settlement of the Award.

 

	
 
	
C.
	
CACI shall effect a withholding of shares of Stock to be issued hereunder in such number whose aggregate Fair Market Value at such time equals the total amount of any federal, state or local taxes or any applicable taxes or other withholding of any jurisdiction required by law to be withheld as a result of the issuance of the Stock in whole or in part; provided, however, that the value of the Stock withheld by CACI may not exceed the statutory minimum 

 

 

 

 

 

	
 
		
withholding amounts required by law.  In lieu of such deduction, CACI may require that the Executive make a cash payment to CACI equal to the amount required to be withheld.  

 

	
V.
	
Forfeiture and Termination

 

	
 
	
A.
	
Except as may otherwise be determined by the Committee or as required by Article III. A. 1, 2 or 3 above , if Executive voluntarily terminates employment with CACI, is terminated by CACI for Cause or converts from full-time status to part-time status prior to the Vesting Date (or becoming eligible for Retirement), or in the event of the lapsing of the RSUs in accordance with the provisions of Article VIII below prior to the Vesting Date, all unvested RSUs shall be forfeited, and Executive will be entitled to receive within thirty (30) days following his or her Separation from Service the lesser of:

 

	
 
	
(1)
	
a cash amount equal to the number of RSUs granted under this Agreement, multiplied by the Adjusted Price of an RSU, plus simple interest using the one-year Treasury Bill rate in effect on August 22 of each year from the Grant Date to the date of Executive’s termination; or, 

 

	
 
	
(2)
	
a cash amount equal to the value of the shares underlying the RSUs as based on the closing share price at Executive’s date of termination or conversion to part-time status.

 

	
 
	
B.
	
Except as may otherwise be determined by the Committee or as required by Article III. A. 1, 2 or 3 above, if CACI terminates Executive’s employment without Cause prior to the Vesting Date and Executive had not previously converted from full-time to part-time status, then the RSUs shall be canceled and Executive shall receive a payment within thirty (30) days following Executive’s Separation from Service determined as follows:  The number of RSUs shall be multiplied by a fraction, the numerator of which is the number of full months that Executive was employed by CACI after the Grant Date and the denominator of which is thirty-six (36); Executive shall be deemed vested in such RSUs and shall receive the resulting number of such vested RSUs in shares of Stock.  With respect to the remaining portion of such RSUs (consisting of nonvested RSUs), Executive shall receive within thirty (30) days following Executive’s Separation from Service the lesser of:

 

	
 
	
(1)
	
a cash amount equal to the number of such RSUs, multiplied by the Adjusted Price of an RSU, plus simple interest using the one-year 

 

 

 

 

 

	
 
		
Treasury Bill rate in effect on August 22 of each year from the date of grant to the date of Executive’s termination; or, 

 

	
 
	
(2)
	
a cash amount equal to the value of the shares underlying such RSUs as based on the closing share price at Executive’s date of termination. 

 

	
VI.
	
Specified Employees

 

Notwithstanding anything herein to the contrary, any distribution under Article IV or V to a Specified Employee on account of a Separation from Service shall be made as soon as practical (but not later than 30 days) after the first day of the seventh month following the date of Separation from Service (or, if earlier, the date of death).

 

	
VII.
	
Designation of Beneficiary

 

	
 
	
A.
	
From time to time, Executive may designate a beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is to be paid in case of Executive’s death before Executive has received all benefits to which Executive would have been entitled under this Agreement. Each designation of beneficiary shall revoke all prior designations by Executive, shall be in a form prescribed by the Committee (copy attached), and shall be effective only when received in writing by the Plan Administrator. The last valid beneficiary designation received shall be controlling; provided, however, that no beneficiary designation, change or revocation shall be effective unless received prior to Executive’s death.

 

	
 
	
B.
	
If no valid and effective beneficiary designation exists at the time of Executive’s death, or if no designated beneficiary survives Executive, or if Executive’s beneficiary designation is legally invalid, any benefit payable hereunder shall be made to Executive’s surviving spouse, if any, or if there is no such surviving spouse, to the executor or administrator of Executive’s estate. If the Plan Administrator is in doubt as to the right of any person to receive payment of any benefit hereunder, the Committee may direct that the amount of such benefit be paid into a court of competent jurisdiction in an interpleader action, and such payment into court shall fully and completely discharge any liability or obligation of the Plan, CACI, the Committee, CACI International Inc, the Board of Directors of CACI International Inc, or the Plan Administrator under this Agreement.

 

 

 

 

 

 

 

	
VIII.
	
Conditions of Lapsing

 

The RSUs granted pursuant to this Agreement shall lapse and terminate and may no longer be converted to unrestricted shares of CACI International Inc Common Stock if:

 

	
 
	
A.
	
Executive terminates his or her employment with CACI for any reason other than death, Disability or voluntary retirement in accordance with Article III. A. 1 or 3 before the Vesting Date;

 

	
 
	
B.
	
Prior to reaching age 65, Executive converts from full-time employment status with CACI to another status before the Vesting Date; or

 

	
 
	
C.
	
CACI International Inc is placed under the jurisdiction of a bankruptcy court, dissolved or liquidated.

 

	
IX.
	
Adjustment to RSUs 

 

	
 
	
A.
	
The award of these RSUs to Executive shall not affect in any way the right or power of CACI International Inc or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in CACI International Inc’s capital structure or its business, or any merger or consolidation of CACI International Inc, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of CACI International Inc, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

	
 
	
B.
	
If CACI International Inc shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend, or other increase or reduction of the number of shares of the Common Stock outstanding, without receiving compensation therefore in money, services or property, the number and class of shares of Common Stock represented by the RSUs granted pursuant to this Agreement shall be appropriately adjusted in such a manner as to ensure that Executive receives the same total number of shares that the owner of an equal number of outstanding shares of the Common Stock would own as a result of the event requiring the adjustment.

 

	
 
	
C.
	
Except as hereinbefore expressly provided, the issue by CACI International Inc of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefore, or upon 

 

 

 

 

 

	
 
		
conversion of shares or obligations of CACI International Inc convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of RSUs granted pursuant to this Agreement.

 

	
X.
	
Fractional Shares

 

No fractional shares or scrip representing fractional shares of Common Stock shall be issued in connection with the conversion of the RSUs granted pursuant to this Agreement. If, upon granting shares herein, Executive would be entitled to a fractional share of Common Stock, the number of shares to which Executive is entitled shall be rounded up to the next highest whole number.

 

	
XI.
	
Rule 16b-3 Securities Law Compliance

 

Transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 under the U.S. Securities and Exchange Act of 1934 to the extent they are or may be applicable to the Plan. Any ambiguity or inconsistency in the construction of an RSU award or the Plan shall be interpreted to give effect to such intention. 

 

	
XII.
	
Assignment

 

	

	
This Agreement and the RSUs granted under it may not be assigned without the prior written consent of the Committee.

 

	
XIII.
	
Acknowledgement of Grant Quantity

 

By signing this Agreement, Executive hereby acknowledges his/her understanding that the number of RSUs granted under the Agreement, as indicated in Article I, is the proper number of RSUs granted based on the amount of his/her annual bonus for the fiscal year ended June 30, 2021 deferred under the Plan.  

 

	
XIV.
	
Amendment

 

	

	
This Agreement embodies the entire understanding between CACI and Executive regarding the subject matter of the Agreement and supersedes any and all previous agreements and/or understandings between CACI and Executive concerning such subject matter, including the matter described in Article XIV immediately above. This Agreement may be amended only in a written instrument signed by both parties.

 

 

 

 

 

 

 

	
XV.
	
Headings

 

Article headings are strictly for the purpose of convenience and general reference only and shall not affect the meaning or interpretation of any of the provisions of this Agreement.

 

	
XVI.
	
Applicable Law

 

This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware.

 

	
XVII.
	
Severability

 

In the event that any provision of this Agreement shall be held illegal, invalid or unenforceable for any reason, such provision shall be fully severable, but shall not affect the remaining provisions of the Agreement, and the Agreement shall be construed so as to give effect to the intent of the Agreement as if the illegal, invalid, or unenforceable provision was not included herein.

 

	
XVIII.
	
No Right to Employment 

 

Nothing in the Plan or this Agreement, or any instrument executed pursuant to the Plan, shall create any Employment rights (including without limitation, rights to continued employment) in Executive or affect the right of CACI to terminate the employment of Executive at any time without regard to the existence of the Plan.

 

	
XIX.
	
Notices

 

Any notice required or permitted to be given under this Agreement must be given by first class or certified mail, addressed as follows, unless notice of a change of address has subsequently been given in writing.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date(s) written below.

 

CACI:

 

 

By:  [XXXX]

 

 

Date:  [XXXX]

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