Document:

Exhibit 10.1

 

 

Michael P. Connors

Chairman
and

Chief
Executive Officer

 

September 24, 2009

 

Mr. David Berger

Larchmont, New York

 

Dear David:

 

I am pleased to confirm
our offer to join Information Services Group, Inc. as our Executive Vice
President and Chief Financial Officer reporting to me.  You will become a member of our Executive
Board comprised of the top leaders of the ISG+TPI operating organization.  As agreed, your start date will be no later
than October 7, 2009.

 

Your base salary will be
$550,000 annually and a target Annual Incentive Plan (AIP) bonus opportunity of
$350,000 for 2010. For 2010 your AIP will be guaranteed at $350,000 so long as
you remain employed through December 31, 2010 and paid when all 2010
incentives are paid in the organization (normally March 2011).  We
will review both your base salary and your AIP bonus opportunity again in December 2010.

 

We will grant you 125,000
ISG Restricted Stock Units that will vest ratably over four years pursuant to
our standard award agreement, which requires you to execute our standard
restrictive covenant agreement. You have also agreed to purchase 125,000 ISG
shares during the trading period permitted by ISG’s Insider Trading Policy
following the release of ISG’s third quarter earnings.

 

You will also be eligible
for our normal employee benefit programs provided to executive officers of ISG
including medical, dental etc.

 

Finally, we have agreed
to provide you with a standard severance agreement that will provide you with a
severance payment equal to the sum of (x) your then base salary and (y) your
then target AIP in the unlikely event you are terminated under certain
conditions. The severance payment will be payable in equal monthly installments
over the 12 month period following your termination of employment.

 

David, as we discussed,
our vision at ISG is to build an industry-leading, billion dollar value
information-based services company. We are still in the early innings of
execution and with your financial, operational and corporate development
experience we know you will make significant contributions toward achieving our
vision.

 

Please sign and return a
copy of this letter.  We look forward to you joining the ISG Team!

 

 

Sincerely,

Michael P. Connors

 

Cc: Mr. Bob Weissman

 

	
  Information
  Services Group, Inc.

  	
   

  	
  t: 203 517 3100

  
	
  Two Stamford
  Plaza

  	
   

  	
  f: 203 517 3199

  
	
  281 Tresser
  Boulevard, Stamford, CT 06901

  	
   

  	
  www.informationsg.com

  

 

 

Agreed and Accepted:

 

 

	
  /s/ David Berger

  	
   

  	
   

  
	
  David Berger

  	
   

  	
  September 24, 2009

  

 

2Exhibit 10.2

 

RESTRICTED STOCK UNIT AWARD
AGREEMENT

(Time-Based)

 

THIS AGREEMENT (the “Agreement”), is made,
effective as of [DATE] (the “Grant Date”) between Information Services Group, Inc.,
a Delaware corporation (“ISG”) (hereinafter called the “Company”), and [NAME], an
employee of the Company or an Affiliate of the Company, hereinafter referred to
as the “Participant”.

 

WHEREAS, the Company desires to grant the
Participant a restricted stock unit award as provided for hereunder (the “Restricted
Stock Unit Award”), ultimately payable in shares of common stock of the
Company, par value $0.01 per share (the “Common Stock” or “Shares”), pursuant
to the terms set forth herein and to the 2007 Information Services Group, Inc.
Equity Incentive Plan  (the “Plan”), the
terms of which are hereby incorporated by reference and made a part of this
Agreement (capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan);

 

WHEREAS, the committee of the Company’s board of
directors appointed to administer the Plan (the “Committee”), has determined
that it would be to the advantage and best interest of the Company and its
shareholders to grant the Restricted Stock Unit Award provided for herein to
the Participant as an incentive for increased efforts during his or her term of
office with the Company or its Affiliates, and has advised the Company thereof
and instructed the undersigned officers to grant said Restricted Stock Unit
Award.

 

NOW, THEREFORE, in consideration of the mutual
covenants herein contained and other good and valuable consideration, receipt
of which is hereby acknowledged, the parties hereto do hereby agree as follows:

 

1.             Grant of Restricted Stock Units;
Conditions to Grant.

 

(a)           Subject to the terms and conditions
of the Plan and the additional terms and conditions set forth in this
Agreement, effective as of the Grant Date, the Company hereby grants to the
Participant [AMOUNT] Restricted Stock Units (the “RSUs”). Each RSU represents
the right to receive one share of Common Stock upon the vesting of such RSUs in
accordance with Section 2 hereof.

 

(b)           Participant,
by signing and accepting the Restricted Stock Unit Award, hereby waives all
rights, if any, under any Employment or other agreement entered into with the
Company or any of its Affiliates, with respect to any Participant benefits or
equity-based compensation (other than any previously vested rights earned under
any benefit plan).  Receipt of this grant
is conditional on Participant’s aforementioned waiver; absent such a waiver,
this grant shall be null and void.

 

(c)           Notwithstanding
any other provision of this Agreement to the contrary, Participant’s rights to
vest under this Agreement will be subject at all times to the Participant’s
compliance with that certain Restrictive Covenant Agreement entered into by and
between Participant and the Company on even date herewith, and Participant, by
executing this Agreement, agrees and acknowledges that this Award, any Shares
received hereunder and any proceeds received in respect of the sale of such
Shares may be subject to forfeiture.

 

2.             Vesting;
Delivery of Shares

 

(a)           Unless
otherwise provided in this Agreement, the RSUs shall vest (and become
exercisable) with respect to twenty-five percent (25%) of the RSUs on each of
the first, second, third and

 

 

fourth anniversaries of the Grant Date, so long as the Participant
remains employed with the Company or any of its affiliates on each such date.

 

(b)           Upon any termination of the
Participant’s Employment, any unvested RSUs shall be forfeited by the
Participant without payment therefor.

 

(c)           In no event shall the Participant
receive any distribution of Shares subject to any RSUs until such RSUs  become vested in accordance with Section 2(a) hereof,
at which time the Company shall, as promptly as administratively practicable,
deliver such Shares to the Participant.

 

3.             No Dividend Equivalents.  Unless and until Participant is the record
holder of the Common Stock subject to the RSUs, he or she is not entitled to
the payment of any dividends (or dividend equivalents) with respect to the RSUs
or the Shares subject thereto.

 

4.             Change in Capitalization;
Corporate Transactions.  If there
occurs an event as described in Section 9 of the Plan, the provisions of Section 9
shall govern the treatment of this RSU Award.

 

5.             Limitation on Obligations.  The Company’s obligation with respect to the
RSUs granted hereunder is limited solely to the delivery to the Participant of
shares of Common Stock on the date when such shares are due to be delivered
hereunder, and in no way shall the Company become obligated to pay cash in
respect of such obligation unless otherwise provided under Section 9 of
the Plan and permitted under Section 409A of the Code.  This RSU Award shall not be secured by any
specific assets of the Company or any of its Affiliates, nor shall any assets
of the Company or any of its Affiliates be designated as attributable or
allocated to the satisfaction of the Company’s obligations under this
Agreement.

 

6.             Rights as a Stockholder.  The Participant shall not have any rights of
a common stockholder of the Company unless and until the Participant becomes
entitled to receive the shares of Common Stock pursuant to Section 2
above.

 

7.             Transferability; Successors and
Assigns.  The RSUs may not be
assigned, alienated, pledged, attached, sold, transferred, encumbered,
hypothecated or otherwise disposed of by the Participant and any such purported
assignment, alienation, pledge, attachment, sale, transfer, encumbrance,
hypothecation or disposition shall be void and unenforceable against the
Company or any Affiliate; provided that the designation of a beneficiary shall
not constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.  This Section 7 shall
not prevent transfers by will or by the applicable laws of descent and
distribution. The shares of Common Stock acquired by the Participant pursuant
to Section 2 of this Agreement may not at any time be assigned, alienated,
pledged, attached, sold, transferred, encumbered, hypothecated or otherwise
disposed of by the Participant other than in compliance with applicable
securities laws.  This Agreement shall be
binding on all successors and assigns of the Company and the Participant, including
without limitation, the estate of such Participant and the executor,
administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of the Participant’s creditors.

 

8.             No Right to Continued Employment
or Other Equity Awards.  The granting
of the RSUs evidenced hereby and this Agreement shall impose no obligation on
the Company or any Affiliate to (a) continue the Employment of the
Participant and shall not lessen or affect the Company’s or its Affiliate’s
right to terminate the Employment of such Participant or (b) to make any
future Share or 

 

2

 

Share-based
awards to the Participant, and this grant of RSUs does not constitute any
increase of annual compensation or benefits to be provided to the Participant.

 

9.             Withholding.  It shall be a condition of the obligation of
the Company upon delivery of Common Stock to the Participant pursuant to Section 2
above that the Participant pay to the Company such amount as may be requested
by the Company for the purpose of satisfying any liability for any federal,
state or local income or other taxes required by law to be withheld with
respect to such Common Stock.  The
Company shall be authorized to take such action as may be necessary, in the
opinion of the Company’s counsel (including, without limitation, withholding
Common Stock otherwise deliverable to the Participant hereunder and/or
withholding amounts from any compensation or other amount owing from the
Company to the Participant), to satisfy the obligations for payment of the
minimum amount of any such taxes.  In
addition, if the Company’s accountants determine that there would be no adverse
accounting implications to the Company, or if the Company otherwise in its
discretion allows the following to be so, the Participant may be permitted to
elect to use Common Stock otherwise deliverable to the Participant hereunder to
satisfy any such obligations, subject to such procedures as the Company’s
accountants may require.  The Participant
is hereby advised to seek his or her own tax counsel regarding the taxation of
the grant of RSUs made hereunder.

 

10.           Securities Laws.  Upon the delivery of any Common Stock to the
Participant, the Company may require the Participant to make or enter into such
written representations, warranties and agreements as the Committee may
reasonably request in order to comply with applicable securities laws or with
this Agreement.  The delivery of the
Common Stock hereunder shall be subject to all applicable laws, rules and
regulations and to such approvals of any governmental agencies as may be
required.

 

11.           Section 409A of the Code.  In
the event that it is reasonably determined by the Company that, as a
result of the deferred compensation tax rules under Section 409A of
the Internal Revenue Code of 1986, as amended (and any related regulations or
other pronouncements thereunder) (“the Deferred Compensation Tax
Rules”), benefits that the Participant is entitled to under the
terms of this Agreement may not be made at the time contemplated by the terms
hereof or thereof, as the case may be, without causing Participant to be
subject to tax under the Deferred Compensation Tax Rules, the Company shall, in
lieu of providing such benefit when otherwise due under this Agreement, instead
provide such benefit on the first day on which such provision would not result
in the Participant incurring any tax liability under the Deferred Compensation
Tax Rules; which day, if the Participant is a “specified employee” within the
meaning of the Deferred Compensation Tax Rules, may, in the event the benefit
to be provided constitutes deferred compensation under the Deferred
Compensation Tax Rules and is due to the Participant’s separation from
service with the Company and its Affiliates, be the first day following the
six-month period beginning on the date of such separation from service.

 

12.           Notices.  Any notice to be given under the terms of
this Agreement to the Company shall be addressed to the Company in care of its
General Counsel at the principal executive office of the Company, and any
notice to be given to the Participant shall be addressed to him or her at the
address appearing in the personnel records of the Company for the
Participant.  By a notice given pursuant
to this Section 12, either party may hereafter designate a different
address for notices to be given to him or her. 
Any notice which is required to be given to the Participant shall, if
the Participant is then deceased, be given to the Participant’s personal
representative if such representative has previously informed the Company of
his or her status and address by written notice under this Section 12.  Any notice shall have been deemed duly given
when delivered by hand or courier or when enclosed in a properly sealed
envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in
a post office or branch post office regularly maintained by the United States
Postal Service.

 

3

 

13.           Governing Law.  The laws of the State of Delaware (or if the
Company reincorporates in another state, the laws of that state) shall govern
the interpretation, validity and performance of the terms of this Agreement
regardless of the law that might be applied under principles of conflicts of
laws.

 

14.           Restricted
Stock Unit Award Subject to Plan.  
The Restricted Stock Unit Award and the RSUs granted hereunder are
subject to the Plan.  The terms and
provisions of the Plan as it may be amended from time to time are hereby
incorporated herein by reference.  In the
event of a conflict between any term or provision contained herein and a term
or provision of the Plan, the applicable terms and provisions of the Plan will
govern and prevail.

 

15.           Amendment.  This Agreement may be amended only by a
writing executed by the parties hereto which specifically states that it is
amending this Agreement.

 

16.           Signature in Counterparts.  This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

 

[Signatures on next page.]

 

4

 

IN
WITNESS WHEREOF, the Company and the Participant have duly executed and
delivered this Agreement as of the day and year first above written.

 

 

	
   

  	
  INFORMATION
  SERVICES GROUP, INC.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Restricted
Stock Unit Award Agreement

(Time-Based-[Grant
Date])

 

Signature
Page

 

5

 

IN
WITNESS WHEREOF, the Company and the Participant have duly executed and
delivered this Agreement as of the day and year first above written.

 

 

	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Restricted
Stock Unit Award Agreement

(Time-Based-[Grant
Date])

 

Signature
Page

 

6

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