Document:

Exhibit 10.2

 

RESTRICTED
STOCK AWARD AGREEMENT

UNDER THE BROOKLINE BANCORP, INC.

2021 STOCK OPTION AND INCENTIVE PLAN

 

	Name of Grantee:	 	 

 

	No. of Shares:	 	 
	 	 
	Grant Date:	 	 

 

Pursuant to the Brookline Bancorp, Inc. 2021
Stock Option and Incentive Plan (the “Plan”) as amended through the date hereof, Brookline Bancorp, Inc. (the “Company”)
hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above. Upon acceptance of this Award, the Grantee
shall receive the number of shares of Common Stock, par value $0.01 per share (the “Stock”), of the Company specified above,
subject to the restrictions and conditions set forth herein and in the Plan. The Company acknowledges the receipt from the Grantee of
consideration with respect to the par value of the Stock in the form of cash, past or future services rendered to the Company by the Grantee
or such other form of consideration as is acceptable to the Administrator.

 

1.             Award.
The shares of Restricted Stock awarded hereunder shall be issued and held by the Company’s transfer agent in book entry form, and
the Grantee’s name shall be entered as the stockholder of record on the books of the Company. Thereupon, the Grantee shall have
all the rights of a stockholder with respect to such shares, including voting and dividend rights, subject, however, to the restrictions
and conditions specified in Paragraph 2 below. The Grantee shall (i) sign and deliver to the Company a copy of this Award Agreement
and (ii) deliver to the Company a stock power endorsed in blank.

 

2.             Restrictions
and Conditions.

 

(a)           Any
book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the Administrator in
its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan.

 

(b)           Shares
of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee
prior to vesting.

 

(c)            Except
as otherwise provided in Paragraph 3 below, if the Grantee’s Service Relationship with the Company and its Subsidiaries is voluntarily
or involuntarily terminated for any reason (including death) prior to vesting of shares of Restricted Stock granted herein, all shares
of Restricted Stock shall immediately and automatically be forfeited and returned to the Company.

 

3.             Vesting
of Restricted Stock. The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates
specified in the following schedule so long as the Grantee remains in a Service Relationship with the Company or a Subsidiary on such
Dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 2 shall lapse only with respect
to the number of shares of Restricted Stock specified as vested on such date.

 

     

     

    

 

	Incremental Number

of Shares Vested	Vesting Date(s)1

 

[The shares of Restricted Stock awarded hereunder
shall vest on the third anniversary of the Grant Date, based on the Company’s achievement of identified performance-based measures.
[Measures to be described.]]2

 

Subsequent to such Vesting Date or Dates, the shares
of Stock on which all restrictions and conditions have lapsed shall no longer be deemed Restricted Stock. The Administrator may at any
time accelerate the vesting schedule specified in this Paragraph 3.

 

Notwithstanding the foregoing, upon the occurrence
of a Change in Control:

 

(a)           Upon
an Involuntary Termination of Service Relationship (or, as to a Non-Employee Director, Termination of Service Relationship) following
a Change in Control, all Awards shall be fully earned and vested immediately; provided, however, that any Awards the vesting of which
is subject to a performance goal will be treated as provided in clause (b) below.

 

(b)           In
the event of a Change in Control, any performance measure attached to an Award shall be deemed satisfied at target as of the date of a
Change in Control.

 

(c)           “Change
in Control” means the occurrence of any one of the following events:

 

(i)             any
 “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding
securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates”
and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial
owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote
in an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly
from the Company); or

 

 

1
For use in time-based awards.

2
For use in performance-based awards.

 

    2

     

    

 

(ii)            the
consummation of (i) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation
or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the Company
issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (ii) any sale or other
transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially
all of the assets of the Company.

 

Notwithstanding the foregoing, a “Change
in Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition
of securities by the Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number
of shares of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all then outstanding
Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of
any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result
of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of the combined
voting power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes
of the foregoing clause (i).

 

(d)          “Involuntary
Termination of Service Relationship” means a termination of a Service Relationship by the Company or Subsidiary (other than a termination
for Cause) or termination of a Service Relationship by Grantee for Good Reason.

 

(e)          “Cause”
means (i) the conviction of the Grantee of a felony or of any lesser criminal offense involving moral turpitude, (ii) the willful
commission by the Grantee of a criminal or other act that, in the judgment of the Administrator, will likely cause substantial economic
damage to the Company or any Subsidiary or substantial injury to the business reputation of the Company or any Subsidiary, (iii) the
commission by the Grantee of an act of fraud in the performance of duties on behalf of the Company or any Subsidiary, (iv) the continuing
willful failure of the Grantee to perform his or her duties to the Company or any Subsidiary (other than any such failure resulting from
his or her incapacity due to physical or mental illness) after written notice thereof or (v) an order of a federal or state regulatory
agency or a court of competent jurisdiction requiring the termination of the participant’s Service with the Company; provided, however,
if the Grantee is party to a written employment agreement (or other similar written agreement) with the Company or a Subsidiary that provides
a definition of Cause, then, for purposes of this Plan, “Cause” shall have the meaning set forth in such agreement.

 

(f)           “Good
Reason” means the occurrence of any of the following events following a Change in Control: (i) the failure of the Company or
Subsidiary to appoint or re-appoint or elect or re-elect the Grantee to the position(s) with the Company or Subsidiary held immediately
prior to the Change in Control, (ii) a material change in the functions, duties or responsibilities of the Grantee compared to those
functions, duties or responsibilities in effect immediately prior to the Change in Control, (iii) any reduction of the rate of the
Grantee’s base salary in effect immediately prior to the Change in Control, (iv) any failure (other than due to reasonable
administrative error that is cured promptly upon notice) to pay any portion of the Grantee’s compensation as and when due, (v) any
change in the terms and conditions of any compensation or benefit program in which the Grantee participated immediately prior to the Change
in Control which, either individually or together with other changes, has a material adverse effect on the aggregate value of the Grantee’s
total compensation package or (vi) a change in the Grantee’s principal place of service, without his or her consent, to a place
that is at least thirty (30) miles further away from the Grantee’s principal residence prior to the Change in Control; provided,
however, if the Grantee is party to a written employment agreement (or other similar written agreement) with the Company or a Subsidiary
that provides a definition of Good Reason, then, for purposes of this Plan, “Good Reason” shall have the meaning set forth
in such agreement.

 

    3

     

    

 

 

4.            Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Award shall be subject to and governed by all the terms and conditions
of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement
shall have the meaning specified in the Plan, unless a different meaning is specified herein.

 

5.            Transferability.
This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise,
other than by will or the laws of descent and distribution.

 

6.            Tax
Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for Federal
income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and
local taxes required by law to be withheld on account of such taxable event. Except in the case where an election is made pursuant to
Paragraph 8 below, the Company shall have the authority to cause the required minimum tax withholding obligation to be satisfied, in whole
or in part, by withholding from shares of Stock to be issued or released by the transfer agent a number of shares of Stock with an aggregate
Fair Market Value that would satisfy the minimum withholding amount due.

 

7.            Election
Under Section 83(b). The Grantee and the Company hereby agree that the Grantee may, within 30 days following the Grant Date of
this Award, file with the Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code.
In the event the Grantee makes such an election, he or she agrees to provide a copy of the election to the Company. The Grantee acknowledges
that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election
and that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents
with regard to such election.

 

8.            No
Obligation to Continue Service Relationship. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or
this Agreement to continue the Grantee in a Service Relationship and neither the Plan nor this Agreement shall interfere in any way with
the right of the Company or any Subsidiary to terminate the Service Relationship of the Grantee at any time.

 

9.            Integration.
This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and
discussions between the parties concerning such subject matter.

 

    4

     

    

 

10.          Data
Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company,
its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal
or professional data, including but not limited to Social Security or other identification number, home address and telephone number,
date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant
Information”). By entering into this Agreement, the Grantee (i) authorizes the Company to collect, process, register and transfer
to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Grantee may have with respect to the Relevant
Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes
the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Grantee shall
have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable
law.

 

11.          Notices.
Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the
Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the
other party in writing.

 

	 	BROOKLINE BANCORP, INC.
	 	 
	 	 
	 	By:	                      
	 	 	Title:

 

The foregoing Agreement is hereby accepted and the terms and conditions
thereof hereby agreed to by the undersigned. Electronic acceptance of this Agreement pursuant to the Company’s instructions to the
Grantee (including through an online acceptance process) is acceptable.

 

	Dated:	 	 	 
	 	 	Grantee’s Signature
	 	 	 
	 	 	 
	 	 	Grantee’s name and address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    5wve-ex102_80.htm

Exhibit 10.2

 

Grant. No. PSU-____

Wave Life Sciences Ltd.

2014 EQUITY INCENTIVE PLAN

Amended and Restated 2019 Performance-Based Restricted Share Unit Award Grant Notice for

Performance-Based Restricted Share Unit Agreement

 

				
	
A.
	
Name of Participant:
	
 

	
 
	
 
	
 

	
B.
	
Grant Date:
	
March 7,  2019

	
 
	
Amended and Restated Date:
	
March 17, 2021

	
 
	
 
	
 
	
 

	
C.
	
Maximum Number of Shares Underlying
	
 
	
 

	
 
	
Performance-Based Restricted Share
	
 

	
 
	
Unit Award:
	
 

 

	
D.
	
Amended and Restated Vesting Schedule: 

 

The Vesting Schedule set forth below has been amended and restated as of the Amended and Restated Date to add clause (a) to provide for the PN Chemistry Milestone (as defined below) to occur, if at all, prior to the dates of either of the original two events (Regulatory Approval Milestone and Commercial Sale Milestone) and thus cause a portion of this Performance-Based Restricted Share Unit Award to vest on an earlier date.

 

This Performance-Based Restricted Share Unit Award shall be earned as follows provided the Participant remains in Continuous Service through the applicable vesting date and the event occurs prior to March 7, 2029 (the “Expiration Date”):  

 

a)If the PN Chemistry Milestone (as defined in this clause (a)) is achieved prior to the achievement of the Regulatory Approval Milestone (as defined in clause (b) below) or the Commercial Sale Milestone (as defined in clause (c) below), then 50% of the Performance-Based Restricted Share Units awarded hereunder will be earned upon public disclosure of the achievement of Clinical Proof of Concept (as defined below) of a molecule containing Wave’s PN backbone chemistry modifications (the “PN Chemistry Milestone”) and the percentages applicable to the achievement of the Regulatory Approval Milestone shall be reduced to 40% and the achievement of the Commercial Sale Milestone shall be reduced to 10%;

 

If the PN Chemistry Milestone is not achieved prior to the achievement of the Regulatory Approval Milestone or the Commercial Sale Milestone, then the percentages applicable to the achievement of the Regulatory Approval Milestone and the Commercial Sale Milestone shall remain as set forth in clauses (b) and (c) below;

 

“Clinical Proof of Concept” shall mean a measurable biological effect related to the target of interest in an early-phase clinical trial that would be reasonably likely to predict a clinically meaningful effect in an advanced-phase clinical trial.

 

 

 

b)80% of the Performance-Based Restricted Share Units awarded hereunder will be earned upon receipt of the first regulatory approval of a Wave drug product by the U.S. Food and Drug Administration or European Medicines Agency (the “Regulatory Approval Milestone”); and 

c)20% of the Performance-Based Restricted Share Units awarded hereunder will be earned upon the first commercial sale of a Wave drug product (the “Commercial Sale Milestone”).

 

The vesting date for any earned award shall be the date of the certification of the event in writing by the Compensation Committee; provided, however, if any of the events listed above is earned prior to April 1, 2022, then the vesting date of such event shall be April 1, 2022. Such certification shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law.

 

Notwithstanding the foregoing, in the event the Company consummates a Change of Control and on or within one year following the Change of Control the Participant is terminated by the Company other than for Cause (including in the event of death or Disability) or the Participant resigns from the Company for Good Reason (the “Termination Date”), the Performance-Based Restricted Share Units shall on the Termination Date become immediately vested in full. However, in the event of a Change of Control where the Performance-Based Restricted Share Units are not assumed or substituted in accordance with Section 12.3 of the Plan, the Performance-Based Restricted Share Units shall become immediately vested in full in connection with the Change of Control.  No vesting shall occur if the Change of Control or Termination Date is after the Expiration Date. 

 

“Change of Control” shall mean (A) a merger or consolidation of the Company whether or not approved by the Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring shareholder approval.

 

“Good Reason” shall mean (A) if the Participant is a party to an employment or other service agreement with the Company or its Affiliates and such agreement provides for a definition of Good Reason, the definition contained therein; or (B) if no such agreement exists that defines Good Reason:  (i) relocation of the Participant’s principal business location to a location more than fifty (50) miles from the Participant’s then-current business location; (ii) a material diminution in the Participant’s duties, authority or responsibilities; or (iii) a material reduction in the Participant’s Base Salary (other than as a result of a broad based reduction of salary similarly affecting other Company employees having comparable rank, authority and seniority); provided that (a) the Participant provides the Company with written notice that the Participant intends to terminate his or her employment hereunder for one of the grounds set forth above within thirty (30) days of such ground occurring, (b) if such ground is capable of being cured, the Company has failed to cure such ground within a period of thirty (30) days from the date of such written notice, and (c) the Participant terminates his or her employment within sixty-five days from the date that Good Reason first occurs.  

 

2

 

The Company and the Participant acknowledge receipt of this Performance-Based Restricted Share Unit Award Grant Notice and agree to the terms of the Performance-Based Restricted Share Unit Agreement attached hereto and incorporated by reference herein, the Company’s 2014 Equity Incentive Plan and the terms of this Performance-Based Restricted Share Unit Award as set forth above.

 

			
	
 
	
Wave Life Sciences Ltd.

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
Paul B. Bolno

	
 
	
Title:
	
President & CEO

 

3

 

PERFORMANCE-BASED RESTRICTED SHARE UNIT AGREEMENT - INCORPORATED TERMS AND CONDITIONS

This Performance-Based Restricted Share Unit Agreement (this “Agreement”) is made and entered into as of the Grant Date by and between Wave Life Sciences Ltd., a company incorporated in Singapore (the “Company”), and the individual whose name appears on the Performance-Based Restricted Share Unit Award Grant Notice (the “Participant”).

WHEREAS, the Company has adopted the Wave Life Sciences Ltd. 2014 Equity Incentive Plan (the “Plan”) pursuant to which awards of Performance-Based Restricted Share Units may be granted; and

 

WHEREAS, the Board or the Committee has determined that it is in the best interests of the Company and its shareholders to grant the award of Performance-Based Restricted Share Units provided for herein.

 

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

1.Grant of Performance-Based Restricted Share Units.  Pursuant to Section 7.2 of the Plan, the Company hereby issues to the Participant on the Grant Date set forth in the Performance-Based Restricted Share Unit Award Grant Notice (the “Award”) the number of Performance-Based Restricted Share Units (the “Performance-Based Restricted Share Units”) set forth in the Award. Each Performance-Based Restricted Share Unit represents a contingent right to receive one Ordinary Share, subject to the terms and conditions set forth in this Agreement and the Plan. Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan.

2.Consideration.  The grant of the Performance-Based Restricted Share Units is made in consideration of the services to be rendered by the Participant to the Company. 

3.Vesting.

3.1Except as otherwise provided herein, provided that the Participant remains in Continuous Service through the applicable vesting date, the Performance-Based Restricted Share Units will vest, and no longer be subject to any restrictions, in accordance with the vesting schedule set forth in the Award (the period during which restrictions apply, the “Restricted Period”): 

3.2The foregoing vesting schedule notwithstanding, if the Participant's Continuous Service terminates for any reason at any time before all of his or her Performance-Based Restricted Share Units have vested, the Participant's unvested Performance-Based Restricted Share Units shall be automatically forfeited upon such termination of Continuous Service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement.

4.Rights as Shareholder; Dividend Equivalents.

4.1The Participant shall not have any rights of a shareholder with respect to the Ordinary Shares underlying the Performance-Based Restricted Share Units (including, without limitation, any voting rights or any right to dividends paid with respect to the Ordinary Shares underlying the Performance-Based Restricted Share Units). 

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4.2The Participant shall not be entitled to any Dividend Equivalents in respect of the Performance-Based Restricted Share Units.

5.Settlement of Performance-Based Restricted Share Units.

5.1Within ten days of the vesting of a Performance-Based Restricted Share Unit, the Company shall issue Ordinary Shares registered in the name of the Participant, the Participant’s authorized assignee, or the Participant's legal representative, which shall be evidenced by share certificates representing the shares with the appropriate legends affixed thereto, appropriate entry on the books of the Company or of a duly authorized transfer agent, or other appropriate means as determined by the Company.

5.2To the extent that the Participant does not vest in any Performance-Based Restricted Share Units, all interest in such Performance-Based Restricted Share Units shall be forfeited. The Participant has no right or interest in any Performance-Based Restricted Share Units that are forfeited.

6.Tax Liability and Withholding. 

6.1The Participant shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Participant pursuant to the vesting of the Performance-Based Restricted Share Units, the amount of any applicable foreign, federal, state and local withholding obligations of the Company in respect of the Performance-Based Restricted Share Units and to take all such other action as the  Company deems necessary to satisfy all obligations for the payment of such withholding taxes. The Company shall not deliver any shares to the Participant until it is satisfied that all required withholdings have been made.  By execution of this Agreement, the Participant has authorized the Company, on behalf of the Participant, to instruct a registered broker chosen by the Company, at a time when the Participant is not in possession of material nonpublic information, to sell on the applicable vesting date such number of Ordinary Shares as the Company deems necessary to satisfy the Company’s withholding obligation, after deduction of the broker’s commission, and the broker shall be required to remit to the Company the cash necessary in order for the Company to satisfy its withholding obligation.  To the extent the proceeds of such sale exceed the Company’s withholding obligation the Company agrees to pay such excess cash to the Participant as soon as practicable.  In addition, if such sale is not sufficient to pay the Company’s withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through additional payroll withholding, the amount of any withholding obligation that is not satisfied by the sale of shares. The Participant agrees to hold the Company and the broker harmless from all costs, damages or expenses relating to any such sale.  The Participant acknowledges that the Company and the broker are under no obligation to arrange for such sale at any particular price.  In connection with such sale of shares, the Participant shall execute any such documents requested by the broker in order to effectuate the sale of Ordinary Shares and payment of the withholding obligation to the Company.  The Participant acknowledges that this paragraph is intended to comply with Section 10b5-1(c)(1(i)(B) under the U.S. Securities Exchange Act of 1934, as amended.

6.2Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or settlement of the Performance-Based Restricted Share Units; and (b) does not commit to structure the Performance-Based Restricted Share Units to reduce or eliminate the Participant's liability for Tax-Related Items.

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7.No Right to Continued Service; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Participant's Continuous Service at any time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any Ordinary Shares subject to the Performance-Based Restricted Share Units prior to the date of settlement.

8.Transferability. The Performance-Based Restricted Share Units are not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by Applicable Laws. No assignment or transfer of the Performance-Based Restricted Share Units, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Performance-Based Restricted Share Units will be forfeited by the Participant and all of the Participant's rights to such Performance-Based Restricted Share Units shall immediately terminate without payment or consideration by the Company and become of no further effect. 

9.Corporate Transaction and Adjustments. The Ordinary Shares subject to the Performance-Based Restricted Share Units may be adjusted or terminated in any manner as contemplated by Sections 11 and 12 of the Plan.

10.Compliance with Law. This Award and the issuance and transfer of Ordinary Shares shall be subject to compliance by the Company and the Participant with all Applicable Laws. No Ordinary Shares shall be issued upon vesting of the Performance-Based Restricted Share Units unless and until any then Applicable Laws have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the Company is under no obligation to register the Ordinary Shares with the U.S. Securities and Exchange Commission, any state securities commission or any stock exchange or under any other Applicable Laws to effect such compliance.

11.Governing Law. This Agreement will be construed and interpreted in accordance with the applicable laws of the Republic of Singapore and any other Applicable Laws, without giving effect to the conflict of law principles thereof.  For the purpose of litigating any dispute that arises under this Agreement, if the Participant is a tax resident of the United States the parties hereby consent to exclusive jurisdiction in the Commonwealth of Massachusetts and agree that such litigation shall be conducted in the state courts of Middlesex County, Massachusetts or the federal courts of the United States for the District of Massachusetts and if the Participant is a resident of any other country the parties consent to the exclusive jurisdiction in the country in which such Participant resides.

12.Lock-Up Agreement. The Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and such Participant is requested by the Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of shares, then it will promptly sign such agreement and will not transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Ordinary Shares or other securities of the Company held by the Participant during such period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required to comply with NASD Rule 2711 or similar rules thereto (such period, the “Lock-Up Period”).  Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant to customary and prevailing terms and conditions.  Notwithstanding whether the Participant has signed 

6

 

such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of the Lock-Up Period.

13.Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company. 

14.Performance-Based Restricted Share Units Subject to Plan. This Agreement is subject to the Plan as approved by the Company's shareholders. 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.Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant's beneficiaries, executors, administrators and the person(s) to whom the Performance-Based Restricted Share Units may be transferred by will or the laws of descent or distribution.

16.Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law. 

17.Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Performance-Based Restricted Share Units in this Agreement does not create any contractual right or other right to receive any Performance-Based Restricted Share Units or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant's employment with the Company. 

18.Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Performance-Based Restricted Share Units, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Participant's material rights under this Agreement unless (a) the Company requests the consent of the Participant; and (b) the Participant consents in writing.

19.Section 409A. This Agreement is intended to comply with an exemption from Section 409A of the Code and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code. 

20.No Impact on Other Benefits. The value of the Participant's Performance-Based Restricted Share Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

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21.Data Privacy. By entering into this Agreement, the Participant:  (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of Performance-Based Restricted Share Units and the administration of the Plan; and (ii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

22.Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

23.Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Performance-Based Restricted Share Units subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Performance-Based Restricted Share Units and that the Participant should consult a tax advisor prior to such vesting or settlement. 

24.Contracts (Rights of Third Parties) Act. Save as provided in the Plan, no person other than the Company (or its subsidiaries) or a Participant shall have any right to enforce any provision of the Plan or this Agreement by virtue of the Contracts (Rights of Third Parties) Act (Chapter 53B of Singapore).

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