Document:

Exhibit 10.14

 

CRA INTERNATIONAL, INC.

 

2006 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

Name of Grantee:

 

Number of Restricted Stock Units:

 

Grant Date:

 

CRA
INTERNATIONAL, INC. (the “Company”) has selected you (“Grantee”) to receive an
award of Restricted Stock Units identified above, subject to the terms set
forth on Appendix A hereto and the attached Statement of Terms and
Conditions, each of which is incorporated herein by reference and made a part
of this Agreement, and to the provisions of the Company’s 2006 Equity Incentive
Plan (the “Plan”).  By signing below you both accept this
Award and acknowledge that you have read, understand, agree to and accept this
Restricted Stock Unit Award Agreement (the “Agreement”).

 

Conditions:

 

1.               Company must be granted a
right of first refusal in connection with the subsequent transfer of any or all
of the shares.

 

2.               Shares are subject to the
Company’s stock ownership guidelines and holding requirements.

 

Signed
as a Massachusetts agreement under seal as of the Grant Date:

 

CRA
INTERNATIONAL, INC.

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:
  Paul A. Maleh, President and CEO

  	
   

  	
  {Insert Holder name}

  

 

 

Appendix A

 

Vesting Schedule

 

	
  Percentage
  of Units

  Vested

  	
   

  	
  Number of Units

  Vesting

  	
   

  	
  Vesting Date

  	
   

  
	
  25%

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  50%

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  75%

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  100%

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2

 

STATEMENT OF TERMS AND
CONDITIONS

 

Restricted
Stock Unit Award

 

Each Restricted Stock Unit represents the right to
receive one share of common stock of the Company (“Common Stock”) on the
vesting date of that unit, as set forth in Appendix A, (each a “Vesting Date”).  Capitalized terms used, but not defined,
herein shall have the meanings ascribed to them in the Award.  For purposes of this Agreement, Company shall
also mean all of the Company’s subsidiaries. 
The Company agrees to grant you the Award, subject to the terms and
conditions of the Plan and this Agreement as follows:

 

1.                                       Acceptance of
Award.  The Grantee shall have no
rights with respect to this Award unless he/she shall have accepted this Award
by signing and delivering to the Company a copy of this Agreement within thirty
(30) days of the Grant Date indicated on the first page of thisAgreement.

 

2.                                       Vesting of
Restricted Stock Units.

 

The Restricted Stock Units shall vest in accordance
with the schedule set forth in Appendix A, conditioned upon the Grantee’s continued employment
with or performance of services for the Company as of each Vesting Date.  Notwithstanding the foregoing, the interest of the
Grantee in the Award shall vest as to 100% of the then unvested Restricted
Stock Units upon the Grantee’s termination of service to the Company due to
death or Disability.  As used herein, the
term “Disability” shall mean any condition, arising by reason of ill health or
otherwise, on account of which the Grantee shall become unable to perform
services as an employee or independent contractor of the Company for a period
of six (6) consecutive months; provided, however, that the Grantee is not
competing directly or indirectly with the Company, as determined by the Company
in its discretion.

 

3.                                       Forfeiture of Restricted Stock Units.

 

If
service for the Company as an employee or independent contractor is terminated
by the Company or by the Grantee for any reason (other than death or
Disability), the balance of the Restricted Stock Units that have not vested at
the time of the Grantee’s termination of service shall be forfeited by the
Grantee and shall automatically be returned to the Company.

 

4.                                       Duties; Disputes.

 

(a)                                  In performing its duties under this
Agreement, the Company shall be entitled to rely upon any statement, notice, or
other writing that it shall in good faith believe to be genuine and to be
signed or presented by a proper party or parties or on other evidence or
information deemed by it to be reliable. 
In no event shall the Company be liable for any action taken or omitted
in good faith.  The Company may consult
with its counsel or counsel of any of the other parties hereto and, without
limiting the generality of the preceding sentence, shall not be held liable for
any action taken or omitted in good faith on advice of such counsel.

 

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(b)                                 It is further agreed that if any
controversy arises, between the parties hereto or with any third person, with
respect to the Restricted Stock Units or any part of the subject matter of this
Agreement, its terms or conditions, the Company shall not be required to take
any actions in the premises, but may await the settlement of any such
controversy by final appropriate legal proceedings or otherwise as it may
require, notwithstanding anything in this Agreement to the contrary, and in
such event the Company shall not be liable for interest or damages.

 

(c)                                  In the event that a dispute should arise
with respect to the delivery, right to possession, and/or ownership of the
certificates held by the Company representing the Restricted Stock Units, the
Company is authorized to retain such certificates and evidences in its
possession, or any portion thereof, without liability to anyone, until such
dispute shall have been settled either by mutual written agreement of the
parties concerned or by final order, decree or judgment of a court of competent
jurisdiction after the time for appeal has expired and no appeal has been
perfected, but the Company shall be under no duty whatsoever hereunder to
institute or defend any such proceedings.

 

(d)                                 The provisions of this Section 4
shall survive the expiration or earlier termination of this Agreement.

 

5.                                       Restriction on Transfer.

 

(a)                                  The Grantee shall not sell, assign,
transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose of,
voluntarily or involuntarily, by operation of law or otherwise (collectively, “transfer”),
any of the Restricted Stock Units or any interest therein, except by
beneficiary designation in accordance with the Plan, or by will or the laws of
descent and distribution upon death.

 

(b)                                 The Grantee shall not have any
stockholder rights, including voting or dividend rights, with respect to the
Award until the Grantee becomes a record holder of those shares of Common Stock
following their actual issuance pursuant to Section 6 of this Agreement.

 

6.                                       Receipt of Shares of Common Stock;
Escrow; Transferability.

 

(a)                                  The Restricted Stock Units in which the
interest of the Grantee vests in accordance with the vesting schedule set forth
in Appendix A will be issuable in the form of shares of Common Stock (“RSU
Shares”) as soon as practicable after vesting, but in no event later than two
and one-half months after the end of the year in which vesting occurs, subject
to the collection of the minimum withholding taxes in accordance with the
mandatory share withholding provision of Section 15 of this
Agreement.  Notwithstanding the
foregoing, subject to Section 409A of the Code, to the extent that the
Company reasonably anticipates its deduction with respect to the delivery of
RSU Shares would not be permitted due to the application of Section 162(m) of
the Code, such delivery may be delayed in accordance with the regulations
promulgated under Section 409A of the Code.

 

(b)                                 The Company may elect to pay vested
Restricted Stock Units in cash, RSU Shares, or any combination thereof in its
discretion.

 

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(c)                                  The Grantee shall deposit with the
Company, the certificate or certificates representing all of the RSU Shares and
shall promptly upon acquisition of any additional shares of stock, property or
securities described in Sections 8 and 10 hereof, deposit with the Company the
certificate or certificates for such additional shares.  Any such additional shares shall for all
purposes be deemed RSU Shares under this Agreement.  To all certificates deposited by the Grantee
with the Company, there shall be attached a stock power or stock powers, duly
executed by the Grantee in blank, constituting and appointing the Company his
attorney to transfer such stock on the books of the Company.  The Company shall hold such certificates and
stock powers for the purposes of this Agreement.  Notwithstanding anything to the contrary
herein, the Company may elect to have the RSU Shares, including, without
limitation, any additional shares of stock, property or securities described in
Sections 8 and 10 hereof, issued in book-entry in the Company’s stock record
books.  The Grantee shall continue to be
the owner of the RSU Shares, despite such deposit and stock powers or
book-entry issuance, and shall be entitled to exercise all rights of ownership
in such RSU Shares, subject, however, to the provisions of this Agreement.

 

(d)                                 In accordance with the Company’s Stock
Ownership Guidelines, the Grantee is required to hold (i) 100% of any RSU
Shares issued to him or her pursuant to this Agreement, net of withholding
taxes, until the Grantee’s share ownership guideline is met and (ii) thereafter
and so long as the Grantee continues to meet his or her share ownership
guideline, 40% of any such RSU Shares until the Grantee’s employment with the
Company ends.  Subject to the foregoing,
the Grantee will be free to sell RSU Shares, subject, however, to the Purchase
Right (as defined in Section 7) and applicable requirements of federal and
state securities law and the Company’s insider trading policy.

 

7.                                       Right of First Refusal.

 

(a)                                  In addition to the other restrictions on
transfer set forth in Sections 3, 5 and 6, the Company shall have a right of
first refusal with respect to any RSU Shares the Grantee wishes to sell.  The Grantee shall provide the Company with
notice, sent by electronic mail to the following email addresses (or such other
email addresses as the Company informs the Grantee): holdernotice@crai.com (the
“Grantee Notice”), of the Grantee’s bona fide intent to transfer some or all of
the RSU Shares (the “Offered Securities”), and the Company shall have the
right, as further described in this Section 7 (the “Purchase Right”), to
purchase all of the Offered Securities from the Grantee at a purchase price per
share (the “Purchase Price”) equal to the closing price of the Company’s Common
Stock on the Receipt Date.  The “Receipt
Date” shall be (i) the trading day that the Company receives the Grantee
Notice, if the time that the Company receives such Grantee Notice is on or
before 5:00 pm, or (ii) the first trading day following the date of such
receipt, if the time of such receipt is after 5:00 pm.  Such Grantee Notice may only be provided on a
date when the transfer of the Offered Securities are not otherwise subject to
any other applicable restrictions on such transfer, including Company “blackout
periods.”

 

(b)                                 For the purpose of this Section 7, (i) the
time and date of receipt by the Company of any notice by electronic mail shall
be conclusively determined by references to the logs of the Company’s incoming
mail server, (ii) the time and date of sending by the Company of any
notice by electronic mail shall be conclusively determined by references to the
logs of the Company’s outgoing mail server, (iii) all times shall be
measured in Eastern Daylight Time or 

 

5

 

Eastern Standard
Time, as applicable in The Commonwealth of Massachusetts on the measurement
date, and (iv) a Grantee’s e-mail address shall be the e-mail address
identified in the applicable Grantee Notice (which shall be deemed to be the “Reply-To:”
address of such Grantee Notice unless such Grantee specifies differently in
such Grantee Notice).

 

(c)                                  The Company shall be deemed to have
exercised (a “Deemed Exercise”) the Purchase Right with respect to all of the
Offered Securities described in a Grantee Notice, unless the Company sends
notice, before 9:30 am on the first trading day following the Receipt Date of
such Grantee Notice (such time on such day, the “Exercise Time Limit”) and by
electronic mail to the applicable Grantee’s e-mail address, of the Company’s
intent not to exercise the Purchase Right with respect to the Offered
Securities.  The foregoing
notwithstanding, if, at any time prior to receiving such Grantee Notice, the
Company has provided such Grantee with notice (a “Suspension Notice”), which
notice has not been subsequently revoked by the Company, that Deemed Exercises
have been suspended for a period of time that includes such Receipt Date, the
Company may not exercise (and may not be held by such Grantee to have
exercised) the Purchase Right with respect to such Grantee Notice by Deemed
Exercise.  If such a Suspension Notice is
in effect, the Company may exercise the Purchase Right with respect to all such
Offered Securities by (and only by) sending notice, before the Exercise Time
Limit and by electronic mail to such Grantee’s e-mail address, of the Company’s
intent to exercise the Purchase Right with respect to the Offered Securities.

 

(d)                                 The sale of the Offered Securities to be
sold to the Company pursuant to this Section 7 shall be made at the
principal executive office of the Company on or before the tenth (10th) day
following the date of the Exercise Time Limit (or if such tenth (10th) day is
not a business day, then on the next succeeding business day).  Such sale shall be effected by (1) release
from escrow and delivery to the Company of (i) a certificate or
certificates evidencing the Offered Securities to be purchased by it, and (ii) stock
assignments therefor endorsed by the Grantee for transfer to the Company and (2) payment
by the Company to the Grantee of the aggregate Purchase Price for the Offered
Securities to be purchased by the Company. 
The Company shall have satisfied its payment obligation hereunder by
delivering to the Grantee the aggregate Purchase Price in person or by
registered mail, return receipt requested, to the Grantee’s address appearing
in the Company’s records.

 

(e)                                  After the time at which any of the
Offered Securities that are RSU Shares are required to be delivered to the
Company for purchase by the Company pursuant to subsection (d) above, the
Company shall not pay any further dividends to the Grantee on account of such
Offered Securities nor permit the Grantee to exercise any of the privileges or
rights of a stockholder with respect to such Offered Securities, but shall, in
so far as permitted by law, treat the Company as the owner of such Offered
Securities and transfer to its own name such Offered Securities, without
further action by the Grantee.

 

(f)                                    For a period of ninety (90) days following
the Receipt Date of the Exercise Time Limit, the Grantee may transfer, free of
the Purchase Right, but subject to any other applicable restrictions on such
transfer, including Company “blackout periods,” any Offered Securities neither
purchased nor subject to purchase by the Company pursuant to subsection (d) above;
provided, however, that if such transfer is not consummated in such ninety 

 

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(90) day period,
any proposed transfer of any RSU Shares by the Grantee shall again become
subject to the Purchase Right on the terms and conditions set forth in this Section 7.

 

(g)                                 Any RSU Shares that have vested pursuant
to Section 2 may, without compliance with the other provisions of this Section 7,
be transferred by the Grantee to a member of the Grantee’s immediate family, a
family partnership, or a family trust or, on the Grantee’s death, to the
Grantee’s estate or those entitled to a distribution under the laws of descent
and distribution; provided, however, that 
RSU Shares that are so transferred shall remain subject to the Purchase
Right and, as a condition to any transfer, the Grantee or the Grantee’s legal
representative shall obtain a written agreement from the proposed transferee or
transferees by which such transferee agrees or transferees agree to be bound by
this Section 7.

 

8.                                       Stock Dividends and Certain Other Issuances and
Payments.  If the Company shall pay a stock dividend
(other than in the form of cash or shares of Common Stock) on, or have a merger,
consolidation, capital reorganization or recapitalization in which, while
existing Common Stock remains outstanding, new stock is issued with respect to
any of the Common Stock, the shares of stock of the Company issued in payment
of such dividend on, or issued in connection with such merger, consolidation,
capital reorganization or recapitalization shall be added to, and deemed part
of, the Restricted Stock Units for all purposes of this Agreement.  If the Company shall make a distribution of
property (other than cash or shares of Common Stock) on any of the Common
Stock, or shall distribute to its stockholders shares of stock of another
corporation, such property or shares of stock of such other corporation
distributed with respect to the Restricted Stock Units shall be added to and
deemed part of the Restricted Stock Units for all purposes of this
Agreement.  References to additional
shares of stock and certificates for such shares as described in Sections 8 and
10 and stock powers therefor shall be deemed to include, without limitation,
reference to such property and instruments evidencing substituted securities
described in Section 10 and to appropriate instruments of transfer
therefor, respectively.  In the event of
any such dividend, merger, consolidation, capital reorganization or
recapitalization while existing Common Stock remains outstanding, new stock is
issued, or in the event of any such distribution of property or shares of
another corporation, unvested Restricted Stock Units shall remain subject to
forfeiture as set forth above, but the provisions hereof shall be appropriately
adjusted by the Company so that they will continue to apply with similar effect
to such new Restricted Stock Units.

 

9.                                       Dividend Equivalents.

 

(a)                                  If on any date the Company shall pay any
cash dividend on shares of Common Stock of the Company, the number of
Restricted Stock Units credited to the Grantee shall, as of such date, be
increased by an amount determined by the following formula:

 

W = (X multiplied by Y) divided by Z, where:

 

W = the number of additional Restricted Stock Units to be credited to
the Grantee on such dividend payment date;

 

X = the aggregate number of Restricted Stock Units credited to the
Grantee as of the record date of the dividend;

 

7

 

Y = the cash dividend per share amount; and

 

Z = the Fair Market Value per share of Common Stock (as determined
under the Plan) on the dividend payment date.

 

(b)                                 In the case of a dividend paid on Common
Stock in the form of Common Stock, including without limitation a distribution
of Common Stock by reason of a stock dividend, stock split or otherwise, the
number of Restricted Stock Units credited to the Grantee shall be increased by
a number equal to the product of (i) the aggregate number of Restricted
Stock Units that have been awarded to the Grantee through the related dividend
record date, and (ii) the number of shares of Common Stock (including any
fraction thereof) payable as dividend on one share of Common Stock.  Any additional Restricted Stock Units shall
be subject to the vesting and restrictions of this Agreement in the same manner
and for so long as the Restricted Stock Units granted pursuant to this
Agreement to which they relate remain subject to such vesting and restrictions,
and shall be promptly forfeited to the Company if and when such Restricted
Stock Units are so forfeited.

 

10.                                 Stock Splits, Recapitalizations and Other Events. 
If the outstanding shares of the Common Stock shall be subdivided into a
greater number of shares or combined into a smaller number of shares, or in the
event of a reclassification of the outstanding shares of Common Stock, or if
the Company shall be a party to any merger, consolidation, recapitalization or
capital reorganization in which securities are issued in exchange for the
Restricted Stock Units, there shall be substituted for the Restricted Stock
Units hereunder such amount and kind of securities as are issued in such
subdivision, combination, reclassification, merger, consolidation,
recapitalization or capital reorganization with respect to the Restricted Stock
Units outstanding immediately prior thereto, and thereafter such securities
shall for all purposes be deemed the Restricted Stock Units hereunder.  In any such event, the unvested Restricted
Stock Units shall remain subject to forfeiture as set forth above, but the
provisions hereof shall be appropriately adjusted by the Company so that they
will continue to apply with similar effect to such new Restricted Stock Units.

 

11.                                 No Transfer in Violation of Agreement. 
The Company shall not be required to transfer any of the Restricted
Stock Units of RSU Shares on its books that shall purportedly have been sold,
assigned or otherwise transferred in violation of this Agreement, or to treat
as owner of such units or shares, or to accord the right to vote as such owner
or to pay dividends to, any person or entity to which any such shares shall
purportedly have been sold, assigned or otherwise transferred in violation of this
Agreement.  Additionally, if any transfer
of Restricted Stock Units or RSU Shares is made or attempted in violation of
this Agreement, the Company shall have the right, (i) in the case of
Restricted Stock Units, to effect the forfeiture and cancellation of such units
and (ii) in the case of RSU Shares, to purchase such shares from the owner
thereof or his transferee at any time before or after the transfer, as provided
in Section 7 hereof.  It is
expressly understood and agreed that the restrictions on transfer imposed by
this Agreement shall apply not only to voluntary transfers but also to
involuntary transfers, by operation of law or otherwise.  The Grantee shall pay all legal fees and
expenses of the Company arising out of or relating to any purported sale,
assignment or transfer of any Restricted Stock Units or RSU Shares in violation
of this Agreement.

 

8

 

12.                                 Legends.  The
certificates representing any RSU Shares to be issued to the Grantee shall have
endorsed thereon, in addition to any other legends thereon, legends
substantially in the following form:

 

The securities represented by this certificate are
subject to the Corporation’s right of first refusal, as set forth in a
restricted stock unit agreement between the Corporation and the registered
holder hereof, a copy of which will be provided to the holder hereof by the
Corporation upon written request and without charge.

 

13.                                 Severability.  If any
provision of this Agreement shall be determined to be invalid, illegal or
otherwise unenforceable by any court of competent jurisdiction, the validity,
legality and enforceability of the other provisions of this Agreement shall not
be affected thereby.  Any invalid, illegal
or unenforceable provision of this Agreement shall be severable, and after any
such severance, all other provisions hereof shall remain in full force and
effect.

 

14.                                 Equitable Relief.  The Grantee
acknowledges that money damages alone will not adequately compensate the
Company for breach of any of the Grantee’s covenants and agreements herein and,
therefore, agrees that in the event of the breach or threatened breach of any
such covenant or agreement, in addition to all other remedies available to the
Company, at law, in equity or otherwise, the Company shall be entitled to
injunctive relief compelling specific performance of, or other compliance with,
the terms hereof.

 

15.                                 Tax Matters.

 

(a)                                  The Grantee will be liable for any and
all taxes, including, without limitation, withholding taxes, arising out of the
grant or vesting of the Restricted Stock Units or the issuance of any RSU
Shares hereunder.  The Company intends to
meet its minimum tax withholding obligation by withholding from the RSU Shares
to be issued to the Grantee, and the Grantee acknowledges and agrees that such
withholding may occur.

 

(b)                                 The Grantee will provide the Company with
all information that the Company shall request in connection with the Grantee’s
receipt of the Restricted Stock Units, and any subsequent disposition(s) thereof
in order for the Company to satisfy tax, accounting and securities laws
reporting and other regulatory requirements. 
Information with respect to disposition(s) of Restricted Stock
Units should be delivered to the Company before the end of the month within
which they occurred.  Information should
be provided to the attention of the Company’s General Counsel or, in his
absence, to its Chief Financial Officer.

 

(c)                                  Any other provision of this Agreement to
the contrary notwithstanding, the Grantee shall defend, indemnify and hold the
Company harmless from and against any and all damages, costs, expenses, fines,
penalties, reasonable attorney’s fees and claims of every kind or nature
arising from the Grantee’s failure to provide any information required
hereunder or to pay any tax amounts promptly and when due.

 

16.                                 No Obligation to Continue
Employment.  The Company
is not obligated by or as a result of the Plan or this Award to continue the
Grantee in employment or in any other consulting arrangement with the Company
and neither the Plan nor this Award shall interfere in 

 

9

 

any way with the right of the Company to terminate the employment or
consulting relationship of the Grantee at any time.

 

17.                                 Notices.  Any notice
required or permitted under this Agreement shall be given in writing and shall
be deemed effectively given (a) upon personal delivery, (b) on the
first business day after being sent by express mail or a nationally recognized
overnight courier service, (c) upon transmission by facsimile with receipt
confirmed, or (d) on the third business day after being sent by registered
or certified mail, return receipt requested, postage prepaid.  To be effective, any such notice shall be
addressed, if to the Company, at its principal office, and if to the Grantee at
the last address of record on the books of the Company or at such other address
as such party may designate by ten (10) days prior written notice to the
other party hereto.

 

18.                                 Benefit of the Agreement. 
The rights and obligations of the Grantee hereunder are personal to the
Grantee, and except as otherwise expressly provided herein, such rights and
obligations may not be assigned or delegated by the Grantee without the prior
written consent of the Company.  Any
assignment or delegation of such rights and obligations of the Grantee absent
such consent shall be void and of no force or effect.  This Agreement shall inure to the benefit of,
and be binding upon, the legal representatives, successors and assigns of the
Company and the heirs, legal representatives, successors and permitted assigns
of the Grantee.  The rights and remedies
of the Company hereunder shall be cumulative and in addition to all other rights
and remedies the Company may have, at law, in equity, by contract or
otherwise.  No modification, renewal,
extension, waiver or termination of this Agreement or any of the provisions
herein contained shall be binding upon the Company unless made in writing and
signed by a duly authorized officer of the Company.

 

19.                                 Choice of Law and Forum.  This
Agreement shall be governed by, and construed and enforced in accordance with,
the substantive laws of The Commonwealth of Massachusetts without regard to its
principles of conflicts of laws.  All
litigation arising from or relating to this Agreement shall be filed and
prosecuted before any court of competent subject matter jurisdiction located in
Boston, Massachusetts.  The Grantee
consents to the jurisdiction of such courts over him or her, stipulates to the
convenience, efficiency and fairness of proceeding in such courts, and
covenants not to allege or assert the inconvenience, inefficiency or unfairness
of proceeding in such courts.

 

20.                                 Construction.  The genders
and numbers used in this Agreement are used as reference terms only and shall
apply with the same effect whether the parties are of the masculine, neuter or
feminine gender, corporate or other form, and the singular shall likewise
include the plural.

 

*        *        *

 

10Exhibit 10.15

 

CRA INTERNATIONAL, INC.

 

2006 EQUITY INCENTIVE PLAN

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT

 

Name of Grantee:

 

Number of Performance Restricted Stock Units:

 

Grant Date:

 

CRA
INTERNATIONAL, INC. (the “Company”) has selected you (“Grantee”) to receive an
award of Performance Restricted Stock Units identified above, subject to the
attached Statement of Terms and Conditions, which is incorporated herein by
reference and made a part of this Agreement, and to the provisions of the
Company’s 2006 Equity Incentive Plan (the “Plan”).  By signing below you both accept this Award and
acknowledge that you have read, understand, agree to and accept this
Performance Restricted Stock Unit Award Agreement (the “Agreement”).

 

Conditions:

 

1.               Company must be granted a
right of first refusal in connection with the subsequent transfer of any or all
of the shares.

 

2.               Shares are subject to the
Company’s stock ownership guidelines and holding requirements.

 

Signed
as a Massachusetts agreement under seal as of the Grant Date:

 

CRA
INTERNATIONAL, INC.

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:  Paul A. Maleh, President and CEO

  	
   

  	
  {Insert Holder name}

  

 

 

STATEMENT OF TERMS AND CONDITIONS

Performance
Restricted Stock Unit Award

 

Each Performance Restricted Stock Unit represents
the right to receive one share of common stock of the Company (“Common Stock”)
in accordance with, and subject to, the terms of this Agreement.  Capitalized terms used, but not defined,
herein shall have the meanings ascribed to them in the Award.  For purposes of this Agreement, Company shall
also mean all of the Company’s subsidiaries. 
The Company agrees to grant you the Award, subject to the terms and
conditions of the Plan and this Agreement as follows:

 

1.                                       Acceptance of
Award.  The Grantee shall have no
rights with respect to this Award unless he/she shall have accepted this Award
by signing and delivering to the Company a copy of this Agreement within thirty
(30) days of the Grant Date indicated on the first page of this Agreement.

 

2.                                       Vesting of
Performance Restricted Stock Units.

 

Subject
to the Grantee’s continued employment through the last day of the Performance
Period, as hereinafter defined (the “Vesting Date”), to the extent that the
Plan Administrator determines that the performance goals set forth on Exhibit A
attached hereto and made a part hereof (the “Performance Goals”) have been
achieved during the period from                through                (the
“Performance Period”), a designated percentage, as set forth on such Exhibit A,
of the Performance Restricted Stock Units awarded to the Grantee under this
Agreement shall become non-forfeitable (“Vested”) on the Vesting Date.

 

3.                                       Pro-Rata Vesting; Forfeiture.

 

(a) If the Grantee’s service with the Company
terminates prior to the Vesting Date due to death or as a result of a
disability for which the Grantee qualifies for benefits under a long-term
disability plan sponsored by Company, a pro rata portion of the Grantee’s
Performance Restricted Stock Units shall become Vested determined as if 100%
(target) of the Performance Goals had been achieved.

 

(b) If the Grantee’s service with the Company
terminates prior to the Vesting Date for any reason other than as described in
Subsection (a) of this Section, the Grantee’s Performance Restricted Stock
Units shall be forfeited and shall automatically be returned to the Company.

 

(c) For purposes of this Section, the pro rata
portion shall be determined by calculating the number of Performance Restricted
Stock Units that would have vested in accordance with Subsection (a) of
this Section without regard to any proration, and multiplying that number
by a fraction, the numerator of which is the number of full and partial months
of employment the Grantee completed after the date of grant of this Award, and
the denominator of which is the number of months in the Performance Period.

 

2

 

4.                                       Duties; Disputes.

 

(a)                                  In performing its duties under this
Agreement, the Company shall be entitled to rely upon any statement, notice, or
other writing that it shall in good faith believe to be genuine and to be
signed or presented by a proper party or parties or on other evidence or
information deemed by it to be reliable. 
In no event shall the Company be liable for any action taken or omitted
in good faith.  The Company may consult
with its counsel or counsel of any of the other parties hereto and, without
limiting the generality of the preceding sentence, shall not be held liable for
any action taken or omitted in good faith on advice of such counsel.

 

(b)                                 It is further agreed that if any
controversy arises, between the parties hereto or with any third person, with
respect to the Performance Restricted Stock Units or any part of the subject
matter of this Agreement, its terms or conditions, the Company shall not be
required to take any actions in the premises, but may await the settlement of
any such controversy by final appropriate legal proceedings or otherwise as it
may require, notwithstanding anything in this Agreement to the contrary, and in
such event the Company shall not be liable for interest or damages.

 

(c)                                  In the event that a dispute should arise
with respect to the delivery, right to possession, and/or ownership of the
certificates held by the Company representing the Performance Restricted Stock
Units, the Company is authorized to retain such certificates and evidences in
its possession, or any portion thereof, without liability to anyone, until such
dispute shall have been settled either by mutual written agreement of the parties
concerned or by final order, decree or judgment of a court of competent
jurisdiction after the time for appeal has expired and no appeal has been
perfected, but the Company shall be under no duty whatsoever hereunder to
institute or defend any such proceedings.

 

(d)                                 The provisions of this Section 4
shall survive the expiration or earlier termination of this Agreement.

 

5.                                       Restriction on Transfer.

 

(a)                                  The Grantee shall not sell, assign,
transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose of,
voluntarily or involuntarily, by operation of law or otherwise (collectively, “transfer”),
any of the Performance Restricted Stock Units or any interest therein, except
by beneficiary designation in accordance with the Plan, or by will or the laws
of descent and distribution upon death.

 

(b)                                 The Grantee shall not have any
stockholder rights, including voting or dividend rights, with respect to the
Award until the Grantee becomes a record holder of those shares of Common Stock
following their actual issuance pursuant to Section 6 of this Agreement.

 

6.                                       Receipt of Shares of Common Stock;
Escrow; Transferability.

 

(a)                                  Performance Restricted Stock Units that
become Vested will be issuable in the form of shares of Common Stock (“PRSU
Shares”) as soon as practicable after they become Vested, but in no event later
than two and one-half months after the end of the year in which they 

 

3

 

become Vested,
subject to the collection of the minimum withholding taxes in accordance with
the mandatory share withholding provision of Section 15 of this
Agreement.  Notwithstanding the
foregoing, subject to Section 409A of the Code, to the extent that the
Company reasonably anticipates its deduction with respect to the delivery of
PRSU Shares would not be permitted due to the application of Section 162(m) of
the Code, such delivery may be delayed in accordance with the regulations
promulgated under Section 409A of the Code.

 

(b)                                 The Company may elect to pay Performance
Restricted Stock Units that become Vested in the form of cash, PRSU Shares, or
any combination thereof in its discretion.  Notwithstanding the
foregoing, the maximum number of PRSU Shares that may be issued to the Grantee
pursuant to this Agreement shall not exceed 100% of the Performance Restricted
Stock Units awarded hereunder, and any additional amount payable to the Grantee
pursuant to this Agreement shall be paid in cash; provided, however, that the
restrictions set forth in this sentence shall not apply if subsequent to the
date of grant but prior to August 30, 2013 the shareholders of the Company
shall approve an amendment of the Plan to increase the number of shares of
Common Stock issuable thereunder.

 

(c)                                  The Grantee shall deposit with the
Company, the certificate or certificates representing all of the PRSU Shares
and shall promptly upon acquisition of any additional shares of stock, property
or securities described in Sections 8 and 10 hereof, deposit with the Company
the certificate or certificates for such additional shares.  Any such additional shares shall for all
purposes be deemed PRSU Shares under this Agreement.  To all certificates deposited by the Grantee
with the Company, there shall be attached a stock power or stock powers, duly
executed by the Grantee in blank, constituting and appointing the Company his
attorney to transfer such stock on the books of the Company.  The Company shall hold such certificates and
stock powers for the purposes of this Agreement.  Notwithstanding anything to the contrary
herein, the Company may elect to have the PRSU Shares, including, without
limitation, any additional shares of stock, property or securities described in
Sections 8 and 10 hereof, issued in book-entry in the Company’s stock record
books.  The Grantee shall continue to be
the owner of the PRSU Shares, despite such deposit and stock powers or
book-entry issuance, and shall be entitled to exercise all rights of ownership
in such PRSU Shares, subject, however, to the provisions of this Agreement.

 

(d)                                 In accordance with the Company’s Stock
Ownership Guidelines, the Grantee is required to hold (i) 100% of any PRSU
Shares issued to him or her pursuant to this Agreement, net of withholding
taxes, until the Grantee’s share ownership guideline is met and (ii) thereafter
and so long as the Grantee continues to meet his or her share ownership
guideline, 40% of any such PRSU Shares until the Grantee’s employment with the
Company ends.  Subject to the foregoing,
the Grantee will be free to sell PRSU Shares, subject, however, to the Purchase
Right (as defined in Section 7) and applicable requirements of federal and
state securities law and the Company’s insider trading policy.

 

7.                                       Right of First Refusal.

 

(a)                                  In addition to the other restrictions on
transfer set forth in Sections 3, 5 and 6, the Company shall have a right of
first refusal with respect to any PRSU Shares the Grantee wishes to sell.  The Grantee shall provide the Company with
notice, sent by electronic 

 

4

 

mail to the
following email addresses (or such other email addresses as the Company informs
the Grantee): holdernotice@crai.com (the “Grantee Notice”), of the Grantee’s
bona fide intent to transfer some or all of the PRSU Shares (the “Offered
Securities”), and the Company shall have the right, as further described in
this Section 7 (the “Purchase Right”), to purchase all of the Offered
Securities from the Grantee at a purchase price per share (the “Purchase Price”)
equal to the closing price of the Company’s Common Stock on the Receipt
Date.  The “Receipt Date” shall be (i) the
trading day that the Company receives the Grantee Notice, if the time that the
Company receives such Grantee Notice is on or before 5:00 pm, or (ii) the
first trading day following the date of such receipt, if the time of such
receipt is after 5:00 pm.  Such Grantee
Notice may only be provided on a date when the transfer of the Offered
Securities are not otherwise subject to any other applicable restrictions on
such transfer, including Company “blackout periods.”

 

(b)                                 For the purpose of this Section 7, (i) the
time and date of receipt by the Company of any notice by electronic mail shall
be conclusively determined by references to the logs of the Company’s incoming
mail server, (ii) the time and date of sending by the Company of any
notice by electronic mail shall be conclusively determined by references to the
logs of the Company’s outgoing mail server, (iii) all times shall be
measured in Eastern Daylight Time or Eastern Standard Time, as applicable in
The Commonwealth of Massachusetts on the measurement date, and (iv) a
Grantee’s e-mail address shall be the e-mail address identified in the
applicable Grantee Notice (which shall be deemed to be the “Reply-To:” address
of such Grantee Notice unless such Grantee specifies differently in such
Grantee Notice).

 

(c)                                  The Company shall be deemed to have
exercised (a “Deemed Exercise”) the Purchase Right with respect to all of the
Offered Securities described in a Grantee Notice, unless the Company sends
notice, before 9:30 am on the first trading day following the Receipt Date of
such Grantee Notice (such time on such day, the “Exercise Time Limit”) and by
electronic mail to the applicable Grantee’s e-mail address, of the Company’s
intent not to exercise the Purchase Right with respect to the Offered
Securities.  The foregoing
notwithstanding, if, at any time prior to receiving such Grantee Notice, the
Company has provided such Grantee with notice (a “Suspension Notice”), which
notice has not been subsequently revoked by the Company, that Deemed Exercises
have been suspended for a period of time that includes such Receipt Date, the
Company may not exercise (and may not be held by such Grantee to have
exercised) the Purchase Right with respect to such Grantee Notice by Deemed
Exercise.  If such a Suspension Notice is
in effect, the Company may exercise the Purchase Right with respect to all such
Offered Securities by (and only by) sending notice, before the Exercise Time
Limit and by electronic mail to such Grantee’s e-mail address, of the Company’s
intent to exercise the Purchase Right with respect to the Offered Securities.

 

(d)                                 The sale of the Offered Securities to be
sold to the Company pursuant to this Section 7 shall be made at the principal
executive office of the Company on or before the tenth (10th) day following the
date of the Exercise Time Limit (or if such tenth (10th) day is not a business
day, then on the next succeeding business day). 
Such sale shall be effected by (1) release from escrow and delivery
to the Company of (i) a certificate or certificates evidencing the Offered
Securities to be purchased by it, and (ii) stock assignments therefor
endorsed by the Grantee for transfer to the Company and (2) payment by the
Company to the Grantee of the aggregate Purchase Price for the Offered
Securities to be purchased by the Company. 
The 

 

5

 

Company shall have
satisfied its payment obligation hereunder by delivering to the Grantee the aggregate
Purchase Price in person or by registered mail, return receipt requested, to
the Grantee’s address appearing in the Company’s records.

 

(e)                                  After the time at which any of the
Offered Securities that are PRSU Shares are required to be delivered to the
Company for purchase by the Company pursuant to subsection (d) above, the
Company shall not pay any further dividends to the Grantee on account of such
Offered Securities nor permit the Grantee to exercise any of the privileges or
rights of a stockholder with respect to such Offered Securities, but shall, in
so far as permitted by law, treat the Company as the owner of such Offered
Securities and transfer to its own name such Offered Securities, without
further action by the Grantee.

 

(f)                                    For a period of ninety (90) days
following the Receipt Date of the Exercise Time Limit, the Grantee may
transfer, free of the Purchase Right, but subject to any other applicable
restrictions on such transfer, including Company “blackout periods,” any
Offered Securities neither purchased nor subject to purchase by the Company
pursuant to subsection (d) above; provided, however, that if such transfer
is not consummated in such ninety (90) day period, any proposed transfer of any
PRSU Shares by the Grantee shall again become subject to the Purchase Right on
the terms and conditions set forth in this Section 7.

 

(g)                                 Any PRSU Shares that have vested pursuant
to Section 2 or Section 3 may, without compliance with the other
provisions of this Section 7, be transferred by the Grantee to a member of
the Grantee’s immediate family, a family partnership, or a family trust or, on
the Grantee’s death, to the Grantee’s estate or those entitled to a
distribution under the laws of descent and distribution; provided, however,
that PRSU Shares that are so transferred shall remain subject to the Purchase
Right and, as a condition to any transfer, the Grantee or the Grantee’s legal
representative shall obtain a written agreement from the proposed transferee or
transferees by which such transferee agrees or transferees agree to be bound by
this Section 7.

 

8.                                       Stock Dividends and Certain Other Issuances and
Payments.  If the Company shall pay a stock dividend
(other than in the form of cash or shares of Common Stock) on, or have a
merger, consolidation, capital reorganization or recapitalization in which,
while existing Common Stock remains outstanding, new stock is issued with
respect to any of the Common Stock, the shares of stock of the Company issued
in payment of such dividend on, or issued in connection with such merger,
consolidation, capital reorganization or recapitalization shall be added to,
and deemed part of, the Performance Restricted Stock Units for all purposes of
this Agreement.  If the Company shall
make a distribution of property (other than cash or shares of Common Stock) on
any of the Common Stock, or shall distribute to its stockholders shares of
stock of another corporation, such property or shares of stock of such other
corporation distributed with respect to the Performance Restricted Stock Units
shall be added to and deemed part of the Performance Restricted Stock Units for
all purposes of this Agreement. 
References to additional shares of stock and certificates for such
shares as described in Sections 8 and 10 and stock powers therefor shall be
deemed to include, without limitation, reference to such property and
instruments evidencing substituted securities described in Section 10 and
to appropriate instruments of transfer therefor, respectively.  In the event of any such dividend, merger,
consolidation, capital reorganization or recapitalization while existing Common
Stock remains outstanding, new stock is issued, or in the event of any such
distribution of property or shares of 

 

6

 

another
corporation, unvested Performance Restricted Stock Units shall remain subject
to forfeiture as set forth above, but the provisions hereof shall be
appropriately adjusted by the Company so that they will continue to apply with
similar effect to such new Performance Restricted Stock Units.

 

9.                                       Dividend Equivalents.

 

(a)                                  If on any date the Company shall pay any
cash dividend on shares of Common Stock of the Company, the number of
Performance Restricted Stock Units credited to the Grantee shall, as of such
date, be increased by an amount determined by the following formula:

 

W = (X multiplied by Y) divided by Z, where:

 

W = the number of additional Performance Restricted Stock Units to be
credited to the Grantee on such dividend payment date;

 

X = the aggregate number of Performance Restricted Stock Units credited
to the Grantee as of the record date of the dividend;

 

Y = the cash dividend per share amount; and

 

Z = the Fair Market Value per share of Common Stock (as determined
under the Plan) on the dividend payment date.

 

(b)                                 In the case of a dividend paid on Common
Stock in the form of Common Stock, including without limitation a distribution
of Common Stock by reason of a stock dividend, stock split or otherwise, the
number of Performance Restricted Stock Units credited to the Grantee shall be
increased by a number equal to the product of (i) the aggregate number of
Performance Restricted Stock Units that have been awarded to the Grantee
through the related dividend record date, and (ii) the number of shares of
Common Stock (including any fraction thereof) payable as dividend on one share
of Common Stock.  Any additional
Performance Restricted Stock Units shall be subject to the vesting and
restrictions of this Agreement in the same manner and for so long as the
Performance Restricted Stock Units granted pursuant to this Agreement to which
they relate remain subject to such vesting and restrictions, and shall be
promptly forfeited to the Company if and when such Performance Restricted Stock
Units are so forfeited.

 

10.                                 Stock Splits, Recapitalizations and Other Events. 
If the outstanding shares of the Common Stock shall be subdivided into a
greater number of shares or combined into a smaller number of shares, or in the
event of a reclassification of the outstanding shares of Common Stock, or if
the Company shall be a party to any merger, consolidation, recapitalization or
capital reorganization in which securities are issued in exchange for the
Performance Restricted Stock Units, there shall be substituted for the
Performance Restricted Stock Units hereunder such amount and kind of securities
as are issued in such subdivision, combination, reclassification, merger,
consolidation, recapitalization or capital reorganization with respect to the
Performance Restricted Stock Units outstanding immediately prior thereto, and
thereafter such securities shall for all purposes be deemed the Performance
Restricted Stock Units hereunder.  In any
such 

 

7

 

event, the
unvested Performance Restricted Stock Units shall remain subject to forfeiture
as set forth above, but the provisions hereof shall be appropriately adjusted
by the Company so that they will continue to apply with similar effect to such
new Performance Restricted Stock Units.

 

11.                                 No Transfer in Violation of Agreement. 
The Company shall not be required to transfer any of the Performance
Restricted Stock Units of PRSU Shares on its books that shall purportedly have
been sold, assigned or otherwise transferred in violation of this Agreement, or
to treat as owner of such units or shares, or to accord the right to vote as
such owner or to pay dividends to, any person or entity to which any such
shares shall purportedly have been sold, assigned or otherwise transferred in
violation of this Agreement. 
Additionally, if any transfer of Performance Restricted Stock Units or
PRSU Shares is made or attempted in violation of this Agreement, the Company
shall have the right, (i) in the case of Performance Restricted Stock
Units, to effect the forfeiture and cancellation of such units and (ii) in
the case of PSRU Shares, to purchase such shares from the owner thereof or his
transferee at any time before or after the transfer, as provided in Section 7
hereof.  It is expressly understood and
agreed that the restrictions on transfer imposed by this Agreement shall apply
not only to voluntary transfers but also to involuntary transfers, by operation
of law or otherwise.  The Grantee shall
pay all legal fees and expenses of the Company arising out of or relating to
any purported sale, assignment or transfer of any Performance Restricted Stock
Units or PRSU Shares in violation of this Agreement.

 

12.                                 Legends.  The
certificates representing any PRSU Shares to be issued to the Grantee shall
have endorsed thereon, in addition to any other legends thereon, legends
substantially in the following form:

 

The securities represented by this certificate are
subject to the Corporation’s right of first refusal, as set forth in a
restricted stock unit agreement between the Corporation and the registered
holder hereof, a copy of which will be provided to the holder hereof by the
Corporation upon written request and without charge.

 

13.                                 Severability.  If any
provision of this Agreement shall be determined to be invalid, illegal or
otherwise unenforceable by any court of competent jurisdiction, the validity,
legality and enforceability of the other provisions of this Agreement shall not
be affected thereby.  Any invalid,
illegal or unenforceable provision of this Agreement shall be severable, and
after any such severance, all other provisions hereof shall remain in full
force and effect.

 

14.                                 Equitable Relief.  The Grantee
acknowledges that money damages alone will not adequately compensate the Company
for breach of any of the Grantee’s covenants and agreements herein and,
therefore, agrees that in the event of the breach or threatened breach of any
such covenant or agreement, in addition to all other remedies available to the
Company, at law, in equity or otherwise, the Company shall be entitled to
injunctive relief compelling specific performance of, or other compliance with,
the terms hereof.

 

15.                                 Tax Matters.

 

(a)                                  The Grantee will be liable for any and
all taxes, including, without limitation, withholding taxes, arising out of the
grant or vesting of the Performance Restricted 

 

8

 

Stock Units or the
issuance of any PRSU Shares hereunder. 
The Company intends to meet its minimum tax withholding obligation by
withholding from the PRSU Shares to be issued to the Grantee, and the Grantee
acknowledges and agrees that such withholding may occur.

 

(b)                                 The Grantee will provide the Company with
all information that the Company shall request in connection with the Grantee’s
receipt of the Performance Restricted Stock Units, and any subsequent
disposition(s) thereof in order for the Company to satisfy tax, accounting
and securities laws reporting and other regulatory requirements.  Information with respect to disposition(s) of
Performance Restricted Stock Units should be delivered to the Company before
the end of the month within which they occurred.  Information should be provided to the
attention of the Company’s General Counsel or, in his absence, to its Chief
Financial Officer.

 

(c)                                  Any other provision of this Agreement to
the contrary notwithstanding, the Grantee shall defend, indemnify and hold the
Company harmless from and against any and all damages, costs, expenses, fines,
penalties, reasonable attorney’s fees and claims of every kind or nature
arising from the Grantee’s failure to provide any information required
hereunder or to pay any tax amounts promptly and when due.

 

16.                                 No Obligation to Continue
Employment.  The Company
is not obligated by or as a result of the Plan or this Award to continue the
Grantee in employment or in any other consulting arrangement with the Company
and neither the Plan nor this Award shall interfere in any way with the right
of the Company to terminate the employment or consulting relationship of the
Grantee at any time.

 

17.                                 Notices.  Any notice
required or permitted under this Agreement shall be given in writing and shall
be deemed effectively given (a) upon personal delivery, (b) on the
first business day after being sent by express mail or a nationally recognized
overnight courier service, (c) upon transmission by facsimile with receipt
confirmed, or (d) on the third business day after being sent by registered
or certified mail, return receipt requested, postage prepaid.  To be effective, any such notice shall be
addressed, if to the Company, at its principal office, and if to the Grantee at
the last address of record on the books of the Company or at such other address
as such party may designate by ten (10) days prior written notice to the
other party hereto.

 

18.                                 Benefit of the Agreement. 
The rights and obligations of the Grantee hereunder are personal to the
Grantee, and except as otherwise expressly provided herein, such rights and
obligations may not be assigned or delegated by the Grantee without the prior
written consent of the Company.  Any
assignment or delegation of such rights and obligations of the Grantee absent
such consent shall be void and of no force or effect.  This Agreement shall inure to the benefit of,
and be binding upon, the legal representatives, successors and assigns of the
Company and the heirs, legal representatives, successors and permitted assigns
of the Grantee.  The rights and remedies
of the Company hereunder shall be cumulative and in addition to all other
rights and remedies the Company may have, at law, in equity, by contract or
otherwise.  No modification, renewal,
extension, waiver or termination of this Agreement or any of the provisions
herein contained shall be binding upon the Company unless made in writing and
signed by a duly authorized officer of the Company.

 

9

 

19.                                 Choice of Law and Forum.  This
Agreement shall be governed by, and construed and enforced in accordance with,
the substantive laws of The Commonwealth of Massachusetts without regard to its
principles of conflicts of laws.  All
litigation arising from or relating to this Agreement shall be filed and
prosecuted before any court of competent subject matter jurisdiction located in
Boston, Massachusetts.  The Grantee
consents to the jurisdiction of such courts over him or her, stipulates to the
convenience, efficiency and fairness of proceeding in such courts, and
covenants not to allege or assert the inconvenience, inefficiency or unfairness
of proceeding in such courts.

 

20.                                 Construction.  The genders
and numbers used in this Agreement are used as reference terms only and shall
apply with the same effect whether the parties are of the masculine, neuter or
feminine gender, corporate or other form, and the singular shall likewise
include the plural.

 

*        *        *

 

10

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