Document:

Exhibit 4.7

 BE Aerospace, Inc. 1994 Employee Stock Purchase Plan (Amended and Restated as of July 29, 2010)

 

SECTION 1. PURPOSE OF PLAN

 

 This document amends and restates the BE Aerospace, Inc. 1994 Employee Stock Purchase Plan (the “Plan”) as of July 29, 2010. The Plan is intended to provide a method by which eligible employees of BE Aerospace, Inc. (“BE Aerospace”) and of such of BE Aerospace’s parents and subsidiaries as BE Aerospace’s Board of Directors (the “Board of Directors”) may from time to time designate (such parents, subsidiaries, together with BE Aerospace, being hereinafter referred to as the “Company”) may use voluntary, systematic payroll deductions to purchase shares of the Common Stock of BE Aerospace, par value $.01 per share (the “Stock”) and thereby acquire an interest in the future of BE Aerospace. The Plan is intended to comply with the provisions of Section 423 of the Internal Revenue Code of 1986, as amended and the regulations and guidance promulgated thereunder (the “Code”) and shall be administered, interpreted and construed in accordance with such provisions. For purposes of the Plan, (i) a “subsidiary” is any corporation which constitutes a “subsidiary” of BE Aerospace within the meaning of Section 424 of the Code and (ii) a “parent” constitutes a “parent” of BE Aerospace within the meaning of Section 424 of the Code.

 

SECTION 2. OPTIONS TO PURCHASE STOCK

 

 Under the Plan, there is available an aggregate of not more than 4,000,000 shares of Stock (subject to adjustment as provided in Section 14) for sale pursuant to the exercise of options (“Options”) granted under the Plan. The Stock to be delivered upon exercise of Options under the Plan may be either shares of authorized but unissued Stock or shares of reacquired Stock, as the Board of Directors may determine.

 

SECTION 3. ELIGIBLE EMPLOYEES

 

Except as otherwise provided in the Plan, each individual: (i) who is an active Employee of the Company (“Employee”); (ii) who has a customary working schedule of at least 20 hours per week; (iii) who has been an Employee for at least 90 days; and (iv) whose customary employment is for five months or more in any calendar year will be eligible to participate in the Plan (each such individual, an “Eligible Employee”). From time to time, the Compensation Committee of the Board of Directors (the “Compensation Committee”) may amend the requirements of an Eligible Employee, subject to the provisions of Sections 423 and 424 of the Code.

 

Any Employee who immediately after the grant of an Option would, in accordance with the provisions of Sections 423 and 424 of the Code, own stock possessing 5% or more of the total combined voting power or value of all classes of stock of BE Aerospace or any of its parents or subsidiaries, will not be an Eligible Employee.

 

No Employee will be granted an Option under the Plan which would permit his or her rights to purchase shares of Stock under all employee stock purchase plans of the Company (as defined by Section 423(b) of the Code) to accrue at a rate which exceeds $25,000 in fair market value of such Stock (determined at the time the Option is granted) for each calendar year during which any such Option granted to such Employee is outstanding at any time, as provided in Sections 423 and 424(d) of the Code. For purposes of this limitation, the date of grant of an Option shall be the date on which the Option is exercised pursuant to Section 8. ”Fair market value” on any given day will mean the Closing Price of the Stock on such day (or, if there was no Closing Price on such day, the latest day prior thereto on which there was a Closing Price). The “Closing Price” of the Stock on any business day will be the last sale price as reported on the principal market on which the Stock is traded or, if no last sale is reported, then the mean between the highest bid and lowest asked prices on that day. A good faith determination by the Compensation Committee as to fair market value shall be final and binding.

   

  

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SECTION 4. METHOD OF PARTICIPATION

 

(a) Each of the periods during which this Plan remains in effect is hereinafter referred to as an “Option Period”. Option Periods shall be of six-month duration. Each Plan Year (January 1st through December 31st) shall contain two Option Periods, one shall commence January 1 and terminate June 30 and the other shall commence July 1 and terminate December 31.

 

(b) Each person who is an Eligible Employee on the first day of an Option Period may elect to participate in the Plan by executing and delivering a payroll deduction authorization in accordance with Section 5. Such Employee will thereby become a participant (“Participant”) for such Option Period. Unless otherwise specified prior to the beginning of the year pursuant to Section 5, a Participant shall be deemed to have elected to participate in each subsequent Plan Year for which the Participant is an Eligible Employee to the same extent and in the same manner as at the end of the prior Plan Year. 

 

SECTION 5. PAYROLL DEDUCTIONS

 

(a) The payroll deduction authorization will be in a form determined by the Compensation Committee from time to time. The payroll deduction authorization must be delivered to the Company at least fifteen days prior to the first date of the Option Period (or such earlier or later date specified by the Compensation Committee from time to time). When executing and delivering the payroll deduction authorization, the Participant shall request withholding at a rate (in whole percentages) of not less than 2% or more than 15% of the Participant’s Compensation by means of equal payroll deductions over the Option Period. All amounts withheld in accordance with a Participant’s payroll deduction authorization will be credited to a withholding account for such Participant. All such amounts shall be assets of the Company and may be used by the Company for any corporate purpose. The payroll deduction authorization will remain in effect for each consecutive subsequent Option Periods unless changed or revoked by the Participant pursuant to Section 5(b). For purposes of the Plan, “Compensation” will mean the sum of the types and amounts of compensation determined from time to time by the Compensation Committee to be eligible to be taken into account under the Plan; provided, however, that no such determination shall include or exclude any type or amount of compensation contrary to the requirements of Section 423 of the Code.

 

(b) At any time during an Option Period, a Participant may (i) cancel an Option and cease participation in the Plan with respect to all (but not less than all) of the Stock subject to such Option or (ii) reduce the withholding rate of his or her payroll deduction authorization for the Option Period by one or more whole percentage points (but not to below 2%) by delivering written notice to the Company in the form specified by the Compensation Committee, such cancellation or reduction to take effect prospectively as soon as practicable following receipt of such notice by the Company. A Participant may increase or reduce the withholding rate of his or her payroll deduction authorization for a future Option Period, or cease participation entirely for a future Option Period, by written notice delivered to the Company at least 15 days prior to the first day of the Option Period as to which the change is to be effective (or such earlier or later date specified by the Compensation Committee from time to time). To the extent then an Eligible Employee, any Participant who ceased to participate may elect to participate in a future Option Period by completing the process specified in Sections 4 and 5. Upon cancellation, the balance in the Participant’s withholding account will be returned to the Participant.

SECTION 6. GRANT OF OPTIONS

 

Each person who is a Participant on the first day of an Option Period will, as of such day, be granted an Option for such Period. Such Option will be for the number of whole shares (not in excess of the share maximum as hereinafter defined) of Stock to be determined by dividing (i) the balance in the Participant’s withholding account on the last day of the Option Period, by (ii) the purchase price per share of the Stock determined under Section 7. For purposes of the preceding sentence, the share maximum with respect to any Option for any Option Period shall be the largest whole number of shares of Stock which, when multiplied by the fair market value of a share of Stock on the last day of the Option Period, produces a dollar amount of $12,500 or less. The number of shares of Stock receivable by each Participant upon exercise of his or her Option for an Option Period will be reduced, on a substantially proportionate basis, in the event that the number of shares then available under the Plan is otherwise insufficient.

  

  

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SECTION 7. PURCHASE PRICE

 

 The purchase price of Stock issued pursuant to the exercise of an Option will be 85% of the fair market value of the Stock at the time at which the Option is exercised pursuant to Section 8.

 

SECTION 8. EXERCISE OF OPTIONS

 

(a) Each Employee who is a Participant in the Plan on the last day of an Option Period will be deemed to have exercised, on the last day of the Option Period, the Option granted to him or her for that Option Period. Upon such exercise, the balance of the Participant’s withholding account will be applied to the purchase of the number of whole shares of Stock determined under Section 6 and as soon as practicable thereafter the shares will be issued to the Participant either in certificates or electronically in “book entry” form with the transfer agent. In the event that the balance of the Participant’s withholding account following an Option Period is in excess of the total purchase price of the shares issued, the balance of the account shall be returned to the Participant; provided, however, that if the balance left in the account consists solely of an amount equal to the value of a fractional share it will be retained in the withholding account and carried over to the next Option Period. The entire balance of the Participant’s withholding account following the final Option Period shall be returned to the Participant. No fractional shares will be issued hereunder.

 

(b) As a condition to receiving shares or cash amounts hereunder, (i) the Company may require a Participant to make a cash payment to the Company of, or (ii) the Company may withhold from any shares and cash amounts distributable under the Plan, an amount necessary to satisfy all Federal, state, city or other taxes required to be withheld in respect of such payments pursuant to any law or governmental regulation or ruling.

 

(c) An Option may not be exercised and shares of Stock may not be issued in connection with an Option, unless the issuance of the shares of Stock (i) has been registered under the Securities Act of 1933, as amended, (ii) has qualified under applicable state “blue sky” laws (or the Company has determined that an exemption from registration and from qualification under state “blue sky” laws is available); and

(iii) complies with foreign securities laws and other applicable laws rules and regulations (including any required consents and approvals). The Compensation Committee may require each Participant exercising an Option to represent to and agree with the Company in writing that the Participant is acquiring the Stock for investment purposes and not with a view to the distribution of the Stock. All certificates for Stock delivered under the Plan shall be subject to such stock transfer orders and other restrictions as the Compensation Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any exchange upon which the Stock is then listed, and any applicable securities law, and the Compensation Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. The Company may affix a legend to the stock certificate issued upon the exercise of an Option as it deems necessary in its sole discretion. The Company is under no obligation to register the Stock transferred to a Participant upon exercise. If the Stock is not registered, a Participant may not resell, offer to resell or otherwise transfer such Stock unless the resale or transfer takes place in accordance with applicable law and as otherwise determined by the Compensation Committee.

 

SECTION 9. INTEREST

 

 No interest will be payable on withholding accounts.

 

SECTION 10. TERMINATION OF EMPLOYMENT; LEAVE OF ABSENCE; SALE TRANSACTION

 

(a) Subject to Section 11, upon the termination of a Participant’s service with the Company for any reason, (i) he or she will cease to be a Participant, (ii) any Option held by the Participant under the Plan will be deemed canceled, (iii) the balance of the Participant’s withholding account will be returned to the Participant, and (iv) the Participant will have no further rights under the Plan.

 

(b) Unless the Compensation Committee otherwise determines, a Participant on a paid leave of absence shall continue to be a Participant in the Plan so long as such Participant is on such paid leave of absence. Unless otherwise determined by the Compensation Committee, a Participant on an unpaid leave of absence will no longer be eligible to make any additional contributions as of the date such unpaid leave has begun; provided, however, that, unless the Participant cancels the Option pursuant to Section 5, the balance of the Participant’s withholding account shall be applied to the purchase of Stock, in accordance with Section 8 hereof, on the last day of the Option Period immediately following the commencement of the Participant’s leave of absence.

 

(c) In the event of the proposed dissolution or liquidation of BE Aerospace, the Option Period then in progress shall be shortened by the Compensation Committee setting a new exercise date and shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Compensation Committee. The new exercise date selected by the Compensation Committee shall be before the date of the proposed dissolution or liquidation of BE Aerospace. Each Participant will be notified in writing, at least 10 business days prior to the new exercise date (or such longer or shorter period as the Compensation Committee may determine) that the exercise date for the Participant’s Options has been changed to the new exercise date and that the balance of the Participant’s withholding account shall be applied to the purchase of shares, in accordance with Section 8 hereof, on the new exercise date, unless prior to such date the Participant has ceased to participate in the Plan as provided in Section 5 hereof.

 

(d) In the event of a proposed sale of all or substantially all of the assets of BE Aerospace, or the merger or consolidation of BE Aerospace with or into another entity, unless provided otherwise by the Compensation Committee, each outstanding Option shall be assumed, or an equivalent right to purchase shares substituted, by the successor or resulting entity or a parent or subsidiary of the such entity. In lieu of such substitution or assumption, the Compensation Committee may elect to shorten any Option Period then in progress by setting a new exercise date and any Option Period then in progress shall end on the new exercise date. The new exercise date selected by the Compensation Committee shall be before the effective date of such proposed sale, merger or consolidation. Each Participant will be notified in writing, at least 10 business days prior to the new exercise date (or such longer or shorter period as the Compensation Committee may determine) that the exercise date for the Participant’s Options has been changed to the new exercise date and that the balance of the Participant’s withholding account shall be applied to the purchase of shares, in accordance with Section 8 hereof, on the new exercise date, unless prior to such date the Participant has ceased to participate in the Plan as provided in Section 5 hereof.

   

  

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SECTION 11. DEATH OF PARTICIPANT

 

 A Participant may file a written designation of beneficiary specifying who is to receive any Stock and/or cash credited to the Participant under the Plan in the event of the Participant’s death, which designation will also provide for the election by the Participant of either (i) cancellation of the Participant’s Option upon his or her death, as provided in Section 5 or (ii) application as of the last day of the Option Period of the balance of the deceased Participant’s withholding account at the time of death to the exercise of his or her Option, pursuant to Section 8 of the Plan. In the absence of a valid election otherwise, the death of a Participant will be deemed to effect a cancellation of his or her Option pursuant to Section 5. A designation of beneficiary and election may be changed by the Participant at any time, by written notice in a manner specified by the Compensation Committee. In the event of the death of a Participant and receipt by BE Aerospace of proof of the identity and existence at the Participant’s death of a beneficiary validly designated by him or her under the Plan, BE Aerospace will deliver to such beneficiary such Stock and/or cash to which the beneficiary is entitled under the Plan. Where the Participant has elected option (ii) above but there is no surviving designated beneficiary, BE Aerospace will deliver such Stock and/or cash to the executor or administrator of the estate of the Participant. No beneficiary will, prior to the death of the Participant by whom he or she has been designated, acquire any interest in any Stock or cash credited to the Participant under the Plan.

 

 

 

  

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SECTION 12. PARTICIPANT’S RIGHTS NOT TRANSFERABLE

 

 All Participants will have the same rights and privileges under the Plan. Each Participant’s rights and privileges under any Option may be exercisable during his or her lifetime only by him or her, and may not be assigned, sold, pledged, assigned, or otherwise transferred in any manner (other than by will or the laws of descent and distribution). Any attempt at such transfer shall be without effect. In the event any Participant violates the terms of this Section 12, any Option held by him or her may be terminated by the Company in its sole discretion and upon return to the Participant of the balance of his or her withholding account, all his or her rights under the Plan will terminate.

 

SECTION 13. EMPLOYMENT RIGHTS

 

 Nothing contained in the provisions of the Plan will be construed to give to any Employee the right to be retained in the employ of the Company or to interfere with the right of the Company to discharge any Employee at any time. The loss of existing or potential profit in Options will not constitute an element of damages in the event of termination of employment for any reason, even if the termination is in violation of an obligation to the Participant.

 

SECTION 14. CHANGE IN CAPITALIZATION

 

 In the event of any change in the outstanding Stock by reason of a stock split, reverse stock split, stock dividend, recapitalization, reorganization, partial or complete liquidation, reclassification, merger, consolidation, separation, extraordinary cash dividend, split-up, spin-off, combination, exchange of Stock, warrants or rights offering to purchase Stock at a price substantially below fair market value, or any other corporate event or distribution of stock or property of BE Aerospace affecting the Stock, after the effective date of this Plan, the aggregate number of shares available under the Plan, the number of shares under Options granted but not exercised, and the purchase price will be appropriately adjusted. Such adjustment shall be made equitably by the Compensation Committee subject to the limitations of Section 424 of the Code.

 

SECTION 15. ADMINISTRATION OF PLAN

 

(a) The Plan will be administered by the Compensation Committee, which will have the full power and authority (i) to determine any questions which may arise regarding the interpretation and application of the provisions of the Plan, (ii) to proscribe, amend and rescind rules and regulations and (iii) to make, administer, construe and interpret such rules and regulations as it deems necessary or advisable in its sole discretion. Any determinations hereunder shall be made in the Compensation Committee’s sole discretion and shall be final and binding. Anything in the Plan to the contrary notwithstanding, subject to applicable law, any authority or responsibility that, under the terms of the Plan, may be exercised by the Compensation Committee may alternatively be exercised by the Board of Directors.

 

(b) To the extent not prohibited by applicable law, the Compensation Committee may, from time to time, delegate some or all of its authority under the Plan to a subcommittee or subcommittees of the Compensation Committee or other persons or groups of persons as it deems necessary, appropriate or advisable under conditions or limitations that it may set at or after the time of the delegation. For purposes of the Plan, reference to the Compensation Committee shall be deemed to refer to any subcommittee, subcommittees, or other persons or groups of persons to whom the Compensation Committee delegates authority pursuant to this Section 15.

 

(c) Subject to applicable law: (i) no member of the Board of Directors or Compensation Committee (or its delegates) shall be liable for any good faith action or determination made in connection with the operation, administration or interpretation of the Plan; and (ii) the members of the Board of Directors or the Compensation Committee (and its delegates) shall be entitled to indemnification and reimbursement in the manner provided in the Certificate of Incorporation and Bylaws of BE Aerospace, as they may be amended from time to time. In the performance of its responsibilities with respect to the Plan, the Compensation Committee shall be entitled to rely upon, and no member of the Compensation Committee shall be liable for any action taken or not taken in reliance upon, information and/or advice furnished by the Company’s officers or employees, the Company’s accountants, the Company’s counsel and any other party that the Compensation Committee deems necessary.

   

  

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SECTION 16. AMENDMENT AND TERMINATION OF PLAN

 

(a) The Company reserves the right at any time or times to amend the Plan to any extent and in any manner it may deem advisable by vote of the Board of Directors; provided, however, that any amendment relating to the aggregate number of shares which may be issued under the Plan (other than an adjustment provided for in Section 14) will have no force or effect unless it is approved by the shareholders within twelve months before or after its adoption. Shareholder approval is also required to the extent necessary to comply with applicable laws, rules and regulations including, without limitation, Sections 423 and 424 of the Code.

 

(b) The Plan as amended and restated will become effective beginning on the first Option Period following the approval by the shareholders of BE Aerospace. The Plan will automatically terminate on December 31, 2018 (at the end of the second Option Period beginning in Plan Year 2018). The Plan may be earlier suspended or terminated by the Board of Directors, but no such suspension or termination will adversely affect the rights and privileges of holders of outstanding Options. The Plan will terminate in any case when all or substantially all the Stock reserved for the purposes of the Plan has been purchased.

SECTION 17. CAPTIONS, ETC.

 

The captions of the sections and paragraphs of this Plan have been inserted solely as a matter of convenience and in no way define or limit the scope or intent of any provision of the Plan. References to sections herein are to the specified sections of this Plan unless another reference is specifically stated. Wherever used herein, a singular number shall be deemed to include the plural unless a different meaning is required by the context.

 

SECTION 18. EFFECT OF PLAN

 

The provisions of the Plan shall be binding upon, and inure to the benefit of, all successors of the Company and each Participant, including, without limitation, such Participant’s estate and the executors, administrators or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such Participant.

 

SECTION 19. GOVERNING LAW

 

Except as to matters of federal law, the Plan and all actions taken under the Plan shall be governed by and construed in accordance with the laws of the State of Florida.

 

IN WITNESS WHEREOF, BE Aerospace has caused this Plan to be executed on its behalf the 29th day of July, 2010.

 

BE AEROSPACE, INC.

 

By:  /s/ Thomas P. McCaffrey                   

Name: Thomas P. McCaffrey

Title: Senior Vice President and Chief Financial Officer 

 

A-6Exhibit 10.3

Exhibit 10.3

Board of Director Initial Grant Form

GSI Commerce, Inc.

2010 Equity Incentive Plan

Restricted Stock Unit Award Grant Notice

GSI Commerce, Inc. (the “Company”), pursuant to Section 6(b) of its 2010 Equity Incentive Plan (the
“Plan”), hereby awards to you as a Participant under the Plan a Restricted Stock Unit Award for the
number of shares of the Company’s Common Stock set forth below (the “Award”). This Award is
subject to all of the terms and conditions as set forth herein and in (i) the applicable Restricted
Stock Unit Award Agreement, which is attached hereto and incorporated herein in its entirety, and
(ii) the Plan, which is available on the Company’s Intranet under the Legal and Human Resources
sections and is incorporated herein in its entirety.

	 	 	 	 	 
	Participant:
	 	 	 	 
	Date of Grant:

	 	 

	 	 
	Number of Shares subject to Award:

	 	 

	 	 
	 

	 	 

	 	 
	Consideration:

	 	Your Services to the Company	 	 

Vesting Schedule: The shares subject to this Award will vest in accordance with the following
schedule; provided that the vesting will cease upon the cessation of Participant’s Continuous
Service as a member of the Company’s Board of Directors due to the Company’s termination or removal
for Cause or due to Participant’s resignation:

25% of the total number of shares will vest on each of the first, second,
third and fourth annual anniversary dates of the Date of Grant.

Additionally, in the event the Participant’s Continuous Service as a member of the Company’s Board
of Directors ceases other than due to the Company’s termination or removal for Cause or due to
Participant’s resignation, the award will vest in full upon such termination. For the avoidance of
doubt, not being re-nominated for election as a director will not in and of itself be considered
termination or removal for Cause.

Additional Terms/Acknowledgements: You acknowledge receipt of, and understand and agree to, this
Restricted Stock Unit Award Grant Notice, the Restricted Stock Unit Award Agreement and the Plan.
You also acknowledge receipt of the 2010 Equity Incentive Plan Prospectus. You further acknowledge
that as of the Date of Grant, this Restricted Stock Unit Award Grant Notice, the Restricted Stock
Unit Award Agreement, and the Plan set forth the entire understanding between you and the Company
regarding the acquisition of stock in the Company pursuant to this Award and supersede all prior
oral and written agreements on that subject with the exception of (i) Stock Awards (as defined in
the Plan) previously granted and delivered to you under the Plan, and (ii) the following agreements
only:

	 	 	 	 	 
	Other Agreements:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	GSI Commerce, Inc.	 	 	 	Participant	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	Signature
	 	 	 	Signature
	 	 
	 

	 	Name:
	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 

Print
	 	 	 	 	 	 

Print
	 	 
	 

	 	Title:
	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	 	 

	 	 
	Date:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

Attachments: Restricted Stock Unit Award Agreement

 

 

 

Attachment I

Restricted Stock Unit Award Agreement

GSI Commerce, Inc.

2010 Equity Incentive Plan

Restricted Stock Unit Award Agreement

Pursuant to your Restricted Stock Unit Award Grant Notice (“Grant Notice”) and this Restricted
Stock Unit Award Agreement (the “Agreement”), GSI Commerce, Inc. (the “Company”) has granted you a
Restricted Stock Unit Award under Section 6(b) of the GSI Commerce, Inc. 2010 Equity Incentive Plan
(the “Plan”) for the number of shares of the Company’s common stock (the “Common Stock”) indicated
in the Grant Notice (collectively, the “Award”). Capitalized terms not explicitly defined in this
Agreement but defined in the Plan or Grant Notice will have the same definitions as in the Plan.

The details of your Award are as follows.

1. Grant of the Award. This Award represents the right to be issued on a future date
the number of shares of the Company’s Common Stock as indicated in the Grant Notice. As of the
Date of Grant, the Company will credit to a bookkeeping account maintained by the Company for your
benefit (“Account”) the number of shares of Common Stock subject to the Award.

2. Distribution of Shares of Common Stock.

(a) The Company will deliver to you a number of shares of Common Stock equal to the number of
vested shares of Common Stock subject to your Award on the vesting date or dates provided in your
Grant Notice; provided, however, that if such vesting date falls on a date that is not a business
day, such delivery date shall instead fall on the next following business day. The form of such
delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined
by the Company.

(b) Notwithstanding the foregoing, in the event that the Company determines that your sale of
shares of Common Stock on the date the shares subject to the Award are scheduled to be delivered
(the “Original Distribution Date”) would violate its policy regarding insider trading of the Common
Stock, as determined by the Company in accordance with such policy, then such shares shall not be
delivered on such Original Distribution Date and shall instead be delivered as soon as practicable
following the next date that you could sell such shares pursuant to such policy; provided, however,
that in no event shall the delivery of the shares be delayed pursuant to this provision beyond the
later of: (1) December 31st of the same calendar year of the Original Distribution Date, or (2) the
15th day of the third calendar month following the Original Distribution Date. .

3. Consideration. The Common Stock delivered to you pursuant to your Award shall be
deemed paid, in whole or in part, in consideration of your services to the Company in the amounts
and to the extent required by law.

 

 

 

4. Vesting. Subject to the limitations contained herein, your Award will vest as
provided in the Grant Notice; provided that vesting will cease upon the termination of your
Continuous Service. Upon such termination of your Continuous Service, the shares credited to the
Account that were not vested on the date of such termination will be forfeited at no cost to the
Company and you will have no further right, title or interest in or to such underlying shares of
Common Stock.

5. Number of Shares. The number of shares of Common Stock subject to your Award
referenced in your Grant Notice may be adjusted from time to time for Capitalization Adjustments as
set forth in the Plan.

(a) Any shares, cash or other property that becomes subject to the Award pursuant to this
Section 5, if any, shall be subject, in a manner determined by the Board, to the same forfeiture
restrictions, restrictions on transferability, and time and manner of delivery as applicable to the
other shares covered by your Award.

(b) Notwithstanding the provisions of this Section 5, no fractional shares or rights for
fractional shares of Common Stock shall be created pursuant to this Section 5. The Board shall, in
its discretion, determine an equivalent benefit for any fractional shares or fractional shares that
might be created by the adjustments referred to in this Section 5.

6. Dividends. You shall receive no benefit or adjustment to your Award with respect
to any cash dividend, stock dividend or other distribution that does not result from a
Capitalization Adjustment as provided in Section 9(a) of the Plan; provided, however, that this
sentence shall not apply with respect to any shares of Common Stock that are delivered to you in
connection with your Award after such shares have been delivered to you.

7. Conditions to Issuance and Delivery of Shares. Notwithstanding any other
provision of this Agreement or the Plan, the Company will not be obligated to issue or deliver any
shares of Common Stock pursuant to this Agreement (i) until all conditions to the Award have been
satisfied or removed, (ii) until, in the opinion of counsel to the Company, all applicable Federal
and state laws and regulations have been complied with, (iii) if the outstanding Common Stock is at
the time listed on any stock exchange or included for quotation on an inter-dealer system, until
the shares to be delivered have been listed or included or authorized to be listed or included on
such exchange or system upon official notice of notice of issuance, (iv) if it might cause the
Company to issue or sell more shares of Common Stock that the Company is then legally entitled to
issue or sell, and (v) until all other legal matters in connection with the issuance and delivery
of such shares have been approved by counsel to the Company.

8. Execution of Documents. You hereby acknowledge and agree that the manner selected
by the Company by which you indicate your consent to your Grant Notice is also deemed to be your
execution of your Grant Notice and of this Agreement. You further agree that such manner of
indicating consent may be relied upon as your signature for establishing your execution of any
documents to be executed in the future in connection with your Award. This Restricted Stock Unit
Award Agreement shall be deemed to be signed by the
Company and you upon the respective signing by the Company and you of the Restricted Stock
Unit Award Grant Notice to which it is attached.

 

 

 

9. Non-transferability. Your Award is not transferable, except by will or by the
laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to
the Company, in a form satisfactory to the Company, you may designate a third party who, in the
event of your death, will thereafter be entitled to receive any distribution of shares pursuant to
Section 1 of this Agreement.

10. Award not a Service Contract. Your Award is not an employment or service
contract, and nothing in your Award will be deemed to create in any way whatsoever any obligation
on your part to continue in the employ of the Company or an Affiliate, or on the part of the
Company or an Affiliate to continue your employment. In addition, nothing in your Award will
obligate the Company or an Affiliate, their respective stockholders, Boards of Directors or
Employees to continue any relationship that you might have as a Employee, Director or Consultant
for the Company or an Affiliate.

11. Unsecured Obligation. Your Award is unfunded, and as a holder of a vested Award,
you will be considered an unsecured creditor of the Company with respect to the Company’s
obligation, if any, to issue shares of Common Stock pursuant to this Agreement. You will not have
voting or any other rights as a stockholder of the Company with respect to the shares of Common
Stock awarded pursuant to this Agreement until such shares are issued to you pursuant to Section 1
of this Agreement. Upon such issuance, you will obtain full voting and other rights as a
stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to
its provisions, will create or be construed to create a trust of any kind or a fiduciary
relationship between you and the Company or any other person.

12. Withholding Obligations.

(a) On or before the time you receive a distribution of shares pursuant to your Award, or at
any time thereafter as requested by the Company, you hereby authorize withholding from, at the
Company’s election, vested shares of Common Stock distributable to you, payroll and any other
amounts payable to you and otherwise agree to make adequate provision for, as determined by the
Company, any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection with your Award.

(b) Unless the tax withholding obligations of the Company or any Affiliate are satisfied, the
Company will have no obligation to issue a certificate for such shares of Common Stock.

13. Other Documents. You hereby acknowledge receipt or the right to receive a
document providing the information required by Rule 428(b)(1) promulgated under the Securities Act,
which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s insider
trading policy.

 

 

 

14. Notices. All notices with respect to the Plan shall be in writing and shall be
hand delivered or sent by first class mail or reputable overnight delivery service, expenses
prepaid. Notice may also be given by electronic mail or facsimile and shall be effective on
the date transmitted if confirmed within 24 hours thereafter by a signed original sent in a manner
provided in the preceding sentence. Notices to the Company or the Board shall be delivered or sent
to GSI’s headquarters, 935 First Avenue, King of Prussia, PA 19406, to the attention of its Chief
Financial Officer and its General Counsel. Notices to any Participant or holder of shares of
Common Stock issued pursuant to an Award shall be sufficient if delivered or sent to such person’s
address as it appears in the regular records of the Company or its transfer agent.

15. Headings. The headings of the Sections in this Agreement are inserted for
convenience only and will not be deemed to constitute a part of this Agreement or to affect the
meaning of this Agreement.

16. Amendment. This Agreement may be amended only by a writing executed by the
Company and you which specifically states that it is amending this Agreement. Notwithstanding the
foregoing, this Agreement may be amended solely by the Board (or appropriate committee thereof) by
a writing which specifically states that it is amending this Agreement, so long as a copy of such
amendment is delivered to you, and provided that no such amendment adversely affecting your rights
hereunder may be made without your written consent. Without limiting the foregoing, the Board (or
appropriate committee thereof) reserves the right to change, by written notice to you, the
provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose
of the grant as a result of any change in applicable laws or regulations or any future law,
regulation, ruling, or judicial decision, including with respect to compliance with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations issued thereunder,
provided that any such change will be applicable only to rights relating to that portion of the
Award which is then subject to restrictions as provided herein.

17. Miscellaneous.

(a) The rights and obligations of the Company under your Award will be transferable by the
Company to any one or more persons or entities, and all covenants and agreements hereunder will
inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your rights
and obligations under your Award may not be assigned by you, except with the prior written consent
of the Company.

(b) The benefits provided under this Agreement are intended to be subject to a “substantial
risk of forfeiture” under Code Section 409A, and to be payable within the “short term deferral
period” under such statute following lapse of the applicable forfeiture conditions.

(c) You agree upon request to execute any further documents or instruments necessary or
desirable in the sole determination of the Company to carry out the purposes or intent of your
Award.

(d) You acknowledge and agree that you have reviewed your Award in its entirety, have had an
opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully
understand all provisions of your Award.

 

 

 

18. Governing Plan Document. Your Award is subject to all the provisions of the
Plan, the provisions of which are hereby made a part of your Award, and is further subject to all
interpretations, amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award
and those of the Plan, the provisions of the Plan will control. The Board (or appropriate
committee thereof) will have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation, and application of the Plan as are consistent
therewith and to interpret or revoke any such rules. All actions taken and all interpretations and
determinations made by the Board (or appropriate committee thereof) will be final and binding upon
you, the Company, and all other interested persons. No member of the Board (or appropriate
committee thereof) will be personally liable for any action, determination, or interpretation made
in good faith with respect to the Plan or this Agreement.

19. Effect on Other Employee Benefit Plans. The value of the Award subject to this
Agreement will not be included as compensation, earnings, salaries, or other similar terms used
when calculating the Employee’s benefits under any employee benefit plan sponsored by the Company
or any subsidiary except as such plan otherwise expressly provides. The Company expressly reserves
its rights to amend, modify, or terminate any of the Company’s or any subsidiary’s employee benefit
plans.

20. Choice of Law. The interpretation, performance and enforcement of this Agreement
will be governed by the law of the state of Delaware without regard to such state’s conflicts of
laws rules.

21. Severability. If all or any part of this Agreement or the Plan is declared by
any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will
not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.
Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid
will, if possible, be construed in a manner which will give effect to the terms of such Section or
part of a Section to the fullest extent possible while remaining lawful and valid.

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