Document:

Form of Notice of Grant of Non-Employee Director Restricted Stock Units

 Exhibit 10.10h(8) 
  

			
	 

	 	 GlobalSantaFe Corporation
 15375 Memorial Drive
 Houston, Texas 77079-4101

  

 Notice of Grant of Director Restricted Stock Units 

  

	Date:	[Grant Date] 

  

	To:	[Name of Director] 

  

	From:	Cheryl D. Richard 

  

	Subject:	Non-Employee Director Restricted Stock Units 

 Effective
[Grant Date], you have been granted 3,000 non-employee director Restricted Stock Units representing ordinary shares of GlobalSantaFe Corporation, subject to the restrictions and other terms and conditions set forth in the attachment to this
memorandum. Your Restricted Stock Units are evidenced by a credit to a book entry account in the company’s records, and this memorandum and its attachment are the only evidence of your grant that you will receive. 
 As always, please feel free to contact me (telephone 281-925-6994; e-mail Sherry.Richard@GSFDrill.com) if you have any questions. 
 Cheryl D. Richard 
 Attachment 

 

 
 GLOBALSANTAFE CORPORATION 
 TERMS AND CONDITIONS 
 OF 
 NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNITS 
 The board of directors of GlobalSantaFe
Corporation (the “Company”), acting through its Compensation Committee (the “Committee”), has granted to you, pursuant to the GlobalSantaFe 2003 Long-Term Incentive Plan (the “Plan”), restricted stock units
(“Restricted Units”) representing ordinary shares, $.01 par value per share, of the Company (“Ordinary Shares”). This grant of Restricted Units is awarded to encourage your continued dedication and service as a Non-Employee
Director of the Company and is intended to motivate you to continue your efforts to enhance shareholder value by increasing your potential stake as a shareholder and thereby aligning your interests more directly with the interests of the
Company’s other shareholders. Terms used herein and not otherwise defined shall have the meaning set forth in the Plan. 
  

	1.	Restricted Unit Grant. Subject to the restrictions and other terms and conditions outlined herein (the “Terms and Conditions”) and the terms and conditions of the
Plan as amended from time to time in accordance with its terms, you are granted the number of Restricted Units stated in the memorandum to which these Terms and Conditions are attached (the “Memorandum”), effective the date stated in the
Memorandum (the “Grant Date”). Each Restricted Unit represents one Ordinary Share. During the period of time between the Grant Date and the earlier of the date your Restricted Units vest or are forfeited (the “Restricted
Period”), your Restricted Units will be evidenced by a credit to a book entry account in the Company’s records. 

  

	2.	Agreement. By accepting the Restricted Units granted hereunder, you represent and agree that (i) you will abide by the terms of the Plan and such other terms and
conditions as may be imposed by the Company’s board of directors or the Committee, (ii) you will not induce or solicit, directly or indirectly, any employee of the Company or an affiliate of the Company to terminate such employee’s
employment with the Company or such affiliate and (iii) during the course of your service as a Non-Employee Director of the Company and at all times thereafter, you will not disclose to others or use other than for the benefit of the Company
and its affiliates, whether directly or indirectly, any Confidential Information. “Confidential Information” shall mean the information about the Company or any of its affiliates that you learned in the course of performing your duties
with the Company, including, without limitation, any proprietary knowledge, trade secrets, data, information and customer lists unless such disclosure is required by law or authorized by the Company. 

	3.	Vesting. Except as otherwise provided in Sections 9 and 10, your Restricted Units will vest on the third anniversary of the Grant Date, at which time the restrictions imposed
by these Terms and Conditions will be removed and your Restricted Units and dividend equivalent payments will be payable to you pursuant to the payment provisions of Sections 7 and 8; provided that you serve continuously as a director of the
Company or any successor company throughout the three-year period following the Grant Date (the “Vesting Period”). Restricted Units that do not vest and dividend equivalent payments that do not become payable pursuant to Section 7 or
8 shall be forfeited to the Company, and you shall not thereafter have any rights with respect to such forfeited Restricted Units or dividend equivalent payments. 

  

	4.	Restrictions. Except as authorized by Section 5, any Restricted Units granted hereunder may not be sold, assigned, pledged or otherwise transferred prior to satisfaction
of the payment provisions of Section 7 or 8. 

  

	5.	Transfer. You may transfer Restricted Units to (i) your spouse, children or grandchildren (“Immediate Family Members”), (ii) a trust or trusts for your
exclusive benefit or the exclusive benefit of your Immediate Family Members, (iii) a partnership in which you and/or your Immediate Family Members are the only partners, (iv) a transferee pursuant to a judgment, degree or order relating to
child support, alimony or marital property rights that is made pursuant to a domestic relations law of a state or country with competent jurisdiction (a “Domestic Relations Order”), or (v) such other transferee as may be approved by
the Committee in its sole and absolute discretion; provided, however, that (x) the Committee may prohibit any transfer with or without cause in its sole and absolute discretion, and (y) subsequent transfers of transferred Restricted
Units or any portion thereof are prohibited except those to or by you in accordance with this Section 5 or pursuant to a Domestic Relations Order. Following any transfer, the Restricted Units will continue to be subject to the same restrictions
described in these Terms and Conditions as were applicable immediately prior to the transfer, and any and all terms of these Terms and Conditions, other than those in items (ii) and (iii) in Section 2, will apply to the transferee.

 Each transfer permitted in this Section will be effected by written notice thereof duly signed and delivered by the
transferor to the Secretary of the Company at the Company’s principal business office. Such notice will state the name and address of the transferee, the number of Restricted Units being transferred, and such other information as may be
requested by the Secretary. The person or persons entitled to receive dividend equivalent payments with respect to the Restricted Units and to receive Ordinary Shares upon vesting of the Restricted Units will be that person or those persons
appearing on the Company’s records as the owner or owners of the Restricted Units. The Company will have no obligation to, or liability for any failure to, notify you or any transferee of any forfeiture of Restricted Units or of any event that
will or might result in such forfeiture. 
  

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	6.	Dividend Equivalent Payments. Upon payment during the Restricted Period or any Deferral Period (as defined below in Section 8) of any dividend with respect to Ordinary
Shares, you will be credited on the books of the Company with a cash amount equal to the amount of such dividend multiplied by the number of Restricted Units you are granted hereunder. Accrued dividend equivalent payments credited to you will be
payable to you pursuant to the payment provisions of Section 7 or 8. 

  

	7.	Payment. Except as otherwise contemplated in Section 8, upon satisfaction of the vesting conditions set forth in Sections 3, 9 or 10, (i) your Restricted Units
will be payable to you in the form of a transfer to you of a number of Ordinary Shares equal to the number of your vested Restricted Units, and (ii) all dividend equivalent payments credited to you pursuant to Section 6 will be payable to
you, without interest, in the form of a number of Ordinary Shares equal to the total of the dividend equivalent payments credited to you divided by the per share Fair Market Value (as defined in the Plan) of the Ordinary Shares on the vesting date,
with any fractional share resulting from the calculation being forfeited without any payment in respect thereof. 

  

	8.	Deferral Election. You may elect to defer the transfer of Ordinary Shares in payment of vested Restricted Units until the earlier of (i) a date specified by you at the
time of your deferral election, or (ii) your termination of service as a director of the Company for any reason. Any such election shall be irrevocable, must be made in writing and delivered to the Company pursuant to Section 16, and shall
be subject to such terms and restrictions as the Committee may prescribe. To be effective, any deferral election must be made at a time and in a manner that would not result in the imposition of an excise tax under Section 409A of the U.S.
Internal Revenue Code of 1986, as amended, and related regulations and Treasury pronouncements (“Section 409A”). If you make a deferral election, any dividend equivalent payments credited to you during the period from the date of vesting
of the Restricted Units to the date of transfer of Ordinary Shares (the “Deferral Period”) shall be immediately converted into a number of stock units representing a number of Ordinary Shares equal to the total of the dividend equivalent
payments credited to you divided by the per share Fair Market Value (as defined in the Plan) of the Ordinary Shares on the dividend payment date (“Deferred Dividend Equivalent Units”). Dividend equivalent payments will be credited to you
with respect to Deferred Dividend Equivalent Units in the same manner as Restricted Units. Upon payment of your Restricted Units, you will also receive a transfer of a number of Ordinary Shares equal to the number of your Deferred Dividend
Equivalent Units with any fractional share being forfeited without any payment in respect thereof. You are advised to consult a tax advisor before making a deferral election. 

  

	9.	Termination of Service as a Director. 

  

	 	(a)	 Termination by Reason of Death or Disability or Involuntary Termination Other Than For Cause. If, during the Vesting Period, your service as a 

  

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director of the Company is terminated by reason of your death or disability or is terminated by the Company’s shareholders other than for Cause (as
defined below), or your service as a director of the Company is terminated due to a failure to nominate you for reelection as a director other than for Cause (in each case other than as a result of your ineligibility for reelection under provisions
of the Company’s Articles of Association regarding age (“Retirement”)), your Restricted Units will vest immediately upon such termination, at which time the restrictions imposed by these Terms and Conditions will be removed and your
Restricted Units and dividend equivalent payments will be payable to you pursuant to the payment provisions of Section 7. 

  

	 	(b)	Voluntary Termination or Termination For Cause. If, during the Vesting Period, you voluntarily terminate your service as a director of the Company, including without
limitation due to your resignation or decision not to stand for reelection, or your service as a director of the Company is terminated for Cause, your unvested Restricted Units and any associated dividend equivalent payments will be forfeited
immediately upon such termination. 

  

	 	(c)	Retirement. If, during the Vesting Period, your service as a director of the Company is terminated by reason of your Retirement, (meaning your ineligibility for reelection
under provisions of the Company’s Articles of Association regarding age), your Restricted Units will thereafter vest to the same extent and at the same time as they would have vested under Section 3, 9 or 10 if you had remained a director.

 Your termination will be for “Cause” if your service as a director is terminated because you willfully engage in
conduct that is materially injurious to the Company and/or an affiliate of the Company, monetarily or otherwise; provided, however that (i) no termination of your service as a director shall be for Cause until you have been delivered a
copy of a written notice setting forth that you were guilty of the conduct and specifying the particulars thereof in detail and (ii) termination solely on account of inadequate performance or incompetence shall not constitute termination for
Cause. No act, nor failure to act, shall be considered “willful” unless you have acted, or failed to act, without a reasonable belief that your action or failure to act was in the best interest of the Company and its affiliates.
Notwithstanding anything contained in these Terms and Conditions to the contrary, your failure to perform after notice of termination is given shall not constitute Cause. 
  

	10.	Change in Control. If a Change in Control occurs while you are a director of the Company, your Restricted Units will vest immediately on the date of such Change in Control,
at which time the restrictions imposed by these Terms and Conditions will be removed and your Restricted Units and dividend equivalent payments will be payable to you pursuant to the payment provisions of Sections 7 and 8. 

 

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 A “Change in Control” means the occurrence of any of the following events: 
 (i) The acquisition by any individual, entity or group (within the meaning of Section 13(d) or 14(d) of the U.S. Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) (a “Person”), other than an Excluded Person (as defined below), of the beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of 35% or more of either (A) the then
outstanding ordinary shares of the Company (the “Outstanding Company Ordinary Shares”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that neither an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or by any affiliate controlled by the Company nor an
acquisition by an affiliate of the Company that remains under the Company’s control will constitute a Change in Control; or 
 (ii)
Individuals who, as of the date hereof, constitute the Company’s board of directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Company’s board of directors; provided, however, that any
individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s equityholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board will be
considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (meaning a
solicitation of the type that would be subject to Rule 14a-11 of Regulation 14A under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Company’s board of directors;
or 
 (iii) Approval by the equityholders of the Company of a reorganization, merger, consolidation or similar transaction to which the
Company or any affiliate is a party, in each case unless, following such reorganization, merger, consolidation or similar transaction, (A) more than 50% of, respectively, the then outstanding ordinary shares or shares of common stock of the
corporation or other entity resulting from such reorganization, merger, consolidation or similar transaction and the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding
Company Voting Securities immediately prior to such reorganization, merger, consolidation or similar transaction in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, consolidation or similar
transaction, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities, as the case may be, (B) 50% of, 

  

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respectively, the then outstanding ordinary shares or shares of common stock of the parent of the corporation or other entity resulting from such
reorganization, merger, consolidation or similar transaction and the combined voting power of the then outstanding voting securities of the parent of such corporation or other entity entitled to vote generally in the election of directors is then
beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities immediately prior to such reorganization,
merger, consolidation or similar transaction, (C) no Person (excluding the Company, any affiliate of the Company that remains under the Company’s control, any employee benefit plan (or related trust) sponsored or maintained by the Company
or by any affiliate controlled by the Company or such corporation resulting from such reorganization, merger, consolidation or similar transaction, and any Person beneficially owning, immediately prior to such reorganization, merger, consolidation
or similar transaction, directly or indirectly, 35% or more of the Outstanding Company Ordinary Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 35% or more of, respectively, the then
outstanding ordinary shares or shares of common stock of the corporation or other entity resulting from such reorganization, merger, consolidation or similar transaction or the combined voting power of the then outstanding voting securities of such
corporation or other entity entitled to vote generally in the election of directors, and (D) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger, consolidation or similar
transaction were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger, consolidation or similar transaction; or 
 (iv) Approval by the equityholders of the Company of any plan or proposal which would result directly or indirectly in (A) a complete liquidation or
dissolution of the Company, or (B) any sale or other disposition (or similar transaction) (in a single transaction or series of related transactions) of (x) 50% or more of the assets or earnings power of the Company, or (y) business
operations which generated a majority of the consolidated revenues (determined on the basis of the Company’s four most recently completed fiscal quarters for which reports have been completed) of the Company and its affiliates immediately prior
thereto, other than to an affiliate of the Company or to a corporation or other entity with respect to which following such sale or other disposition (I) more than 50% of, respectively, the then outstanding ordinary shares or shares of common
stock of such corporation or other entity and the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of directors is then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities immediately prior to such sale or other
disposition in substantially the same proportions as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities, as the case may 

  

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be, (II) no Person (excluding the Company, any affiliate of the Company that remains under the Company’s control, any employee benefit plan (or related
trust) sponsored or maintained by the Company or by any affiliate controlled by the Company or such corporation, and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 35% or more of the
Outstanding Company Ordinary Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 35% or more of, respectively, the then outstanding ordinary shares or shares of common stock of such
corporation or other entity or the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of directors, and (III) at least a majority of the members of the board
of directors of such corporation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Company’s board of directors providing for such sale or other disposition of assets; or 
 (v) Approval by the equityholders of the Company of a “merger of equals” (which for purposes of this Subsection shall mean a merger with another
company of relatively equal size) to which the Company is a party as a result of which the persons who were equity holders of the Company immediately prior to the effective date of such merger shall have beneficial ownership of less than 55% of the
combined voting power for election of members of the board (or equivalent) of the surviving entity or its parent following the effective date of such merger, provided that the Company’s board of directors shall have authority to increase said
percentage as may in its sole discretion be deemed appropriate to cover a specific transaction. 
 For purposes of the preceding sentence, the
term “Excluded Person” shall mean and include (i) any corporation beneficially owned by shareholders of the Company in substantially the same proportion as their ownership of shares of the Company and (ii) the Company and any
affiliate of the Company. 
  

	11.	Rights as a Stockholder. Neither you, nor any person claiming through you, shall have any rights as a stockholder with respect to the Ordinary Shares represented by your
Restricted Units unless and until all these Terms and Conditions and the terms of the Plan that affect you or such other person shall have been complied with as specified herein and Ordinary Shares have been transferred to you in accordance with
Section 7 or 8. 

  

	12.	Adjustments. The Restricted Units are subject to adjustment (including, without limitation, as to the number and type of shares represented by the Restricted Units) in the
sole discretion of the Committee and in such manner as the Committee may deem equitable and appropriate in connection with the occurrence of any of the events described in the adjustment provisions of the Plan following the Grant Date.

  

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	13.	Requirements of Law and Stock Exchanges. Your right to the Restricted Units and the issuance and delivery of the Ordinary Shares are subject to compliance with all applicable
requirements of law. In addition, the Company will not be required to deliver any Ordinary Shares if such delivery would violate any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any
securities exchange or association upon which the Ordinary Shares are listed or quoted. 

  

	14.	Continued Service and Future Grants. Neither the grant of Restricted Units nor the other arrangements outlined herein give you the right to remain a director of the Company
or to be selected to receive similar or identical grants in the future. 

  

	15.	Company’s Rights. The existence of the Restricted Units shall not affect in any way the right or power of the Company or its shareholders to undertake or accomplish any
corporate act. 

  

	16.	Notices. Notice or other communication to the Company with respect to these Terms and Conditions must be made in writing and delivered to: Secretary, GlobalSantaFe
Corporation, at its principal business office, Houston, Texas. 

  

	17.	Governing Law. These Terms and Conditions shall be governed by, and construed in accordance with, the laws of the state of Texas. 

  

	18.	The Plan, the Board of Directors and the Committee. The Restricted Units are granted to you under and pursuant to the Plan as the same shall have been amended from time to
time in accordance with its terms. The decision of the Company’s board of directors or the Committee on any questions concerning the interpretation or administration of the Plan or any matters covered in these Terms and Conditions will be final
and conclusive. No amendment to the Plan or decision of the board of directors or the Committee will deprive you, without your consent, of any rights hereunder. 

 A copy of the Plan in its present form is available at the Company’s principal office for inspection during business hours by you or other persons
who may be entitled to any of the Restricted Units as contemplated herein. 
  

	19.	Code Section 409A Compliance. If any provision of these Terms and Conditions would result in the imposition of an excise tax under Section 409A, that provision will
be reformed to avoid imposition of the excise tax, and no action taken to comply with Section 409A shall be deemed to impair a benefit under these Terms and Conditions. 

  

 8GlobalSantaFe Retention Program  - Amended and Restated

 Exhibit 10.12a 
 GlobalSantaFe 
 Retention Program 
 SUMMARY PLAN DESCRIPTION 
 AND 
 PLAN DOCUMENT 
 (As Amended and Restated 
 Effective
December 20, 2005) 

 GlobalSantaFe Corporation 
 Certificate 
 I, Jon A. Marshall, President and Chief Executive Officer of
GlobalSantaFe Corporation, do hereby certify that attached hereto is a true, correct and complete copy of the GlobalSantaFe Retention Program as amended and restated effective December 20, 2005. 
 

 

 GlobalSantaFe Retention Program 
 Summary Plan Description and Plan Document 
 (As Amended and Restated Effective
December 20, 2005) 
  

	1.	Purpose. The purpose of the GlobalSantaFe Retention Program (the “Retention Program”) is to provide an incentive for selected employees of GlobalSantaFe Corporation
(“GSF”) and its Affiliates to remain employees of GSF and its Affiliates. 

  

	2.	Definitions. 

 Affiliate: Any entity that is
required to be aggregated with GSF as a single employer pursuant to Section 414(b) or (c) of the Internal Revenue Code of 1986, as amended. 
 Cause: Unacceptable or inadequate performance as determined by the Employee’s employer, including but not limited to failure to perform the Employee’s job at a level or in a manner acceptable to the
employer, misconduct, dishonesty, acts detrimental or destructive to the employer, GSF or any Affiliate or to any employee or property of the employer, GSF or any Affiliate, or any violation of the policies of GSF or the employer. 
 Code: The U.S. Internal Revenue Code of 1986, as amended. 
 Employee: An employee of GSF or of an Affiliate. 
 GSF: GlobalSantaFe Corporation and any
successor thereto. 
 Retention Date: The date specified as the Retention Date in the Retention Notice, which date, except as otherwise
provided in this Retention Program, is the date until which such Employee must remain employed in order to receive a Retention Benefit as described in Section 4. 
 Retention Benefit: A benefit described in Section 4(a). 
 Retention Notice: A written
notice from the Senior Vice President, Human Resources, or Chief Executive Officer of GSF to an Employee, informing the Employee of his or her (i) eligibility for a Retention Benefit under the Program, (ii) Retention Date, and
(iii) Retention Benefit amount. 
 Retention Period: The period of time between the date of the Retention Notice and the Retention
Date. 
  

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 Retention Program: The GlobalSantaFe Retention Program as set forth in this document and as
amended from time to time. 
 Waiver and Release: The legal document in which an Employee, in exchange for certain benefits or other
consideration, releases his or her employer, GSF and other Affiliates, their agents, servants, employees, officers, directors, insurance carriers, employee benefit plans, and trustees, fiduciaries and agents of such plans, and any and all other
persons, firms, organizations and corporations from liability and damages arising from or in connection with the Employee’s employment or the cessation of his or her employment or active employment by the employer, GSF or any other Affiliate
and agrees to certain restrictions on disclosure of confidential information, solicitation of employees and interference with the affairs of the Employer, GSF or any other Affiliate. With respect to Employees working in the United Kingdom, the term
“Waiver and Release” shall refer to a compromise agreement in terms of Section 203 of the Employment Rights Act 1996 and associated legislation of the United Kingdom. 
 Waiver Effective Date: The first date when the Employee has timely signed and returned any required Waiver and Release and the revocation period
has expired without revocation. 
  

	3.	Eligibility and Participation. An Employee will be eligible for a Retention Benefit if the Employee is given a Retention Notice. A Retention Benefit shall only be paid if the
Employee meets the qualifications of Section 4(a) below and is not disqualified by the provisions of Section 4(b) below. 

  

	4.	Payment of Retention Benefit. 

  

	 	(a)	Retention Benefit. In addition to and not in lieu of any other benefits under any other plan or arrangement of GSF or its Affiliates, except as stated in Section 4(b)(v)
below, an Employee who receives a Retention Notice and remains employed until his or her Retention Date shall receive the Retention Benefit amount stated in his or her Retention Notice (“Retention Benefit”), payable in a lump sum cash
payment, subject to applicable withholding, within 20 business days after the latest of the Retention Date and the Waiver Effective Date. The above notwithstanding: 

  

	 	(i)	An Employee whose employment with GSF and its Affiliates is terminated by GSF or an Affiliate other than for Cause prior to the Retention Date, or whose employment with GSF and its
Affiliates is terminated prior to the Retention Date as a result of his or her resignation or retirement at age 62 or after with five or more years of service (but not including termination by reason of his or her resignation or retirement at less
than age 62 or with less than five 

  

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 years of service, or termination by reason of death or disability) shall receive a pro rated portion of
his or her full Retention Benefit, said pro ration to be based on the amount of time he or she was employed by GSF and its Affiliates during the Retention Period relative to the full Retention Period, payable in a lump sum cash payment, subject to
applicable withholding, within 20 business days after (a) the latest of the date of termination and the Waiver Effective Date in the case of an Employee whose employment is terminated by GSF or an Affiliate other than for Cause or (b) the
latest of the Retention Date and the Waiver Effective Date in the case of an Employee whose employment is terminated as a result of his or her resignation or retirement at age 62 or after with five or more years of service, in each case unless
otherwise provided in (ii) below; 
  

	 	(ii)	To the extent required for purposes of compliance with the provisions of Section 409A of the Code, payment due to separation from service for any reason other than death to any
Employee who is a “key employee” (as defined in Section 416(i) of the Code and regulations thereunder, and who is treated as a “key employee” for purposes of Section 409A of the Code under applicable
authorities) shall not be made before the date which is six months after the date of separation from service. 

  

	 	(b)	Disqualification. Notwithstanding and in addition to the provisions of (a) above, NO Retention Benefit will be paid if: 

  

	 	(i)	the Employee’s employment with GSF and its Affiliates is terminated prior to his or her Retention Date for Cause, or as a result of his or her resignation or retirement at less
than age 62 or with less than five years of service, or as a result of his or her death or disability; or 

  

	 	(ii)	the Employee is not delivered a Retention Notice; or 

  

	 	(iii)	the Employee has been asked, before the Retention Benefit is paid, to sign a Waiver and Release and (A) has not signed and returned it, or (B) has signed and returned it
but the applicable revocation period as provided in the Waiver and Release has not expired without revocation, or (C) has signed, returned and revoked it; provided, however, that in the case of either (A) or (B) above, the Retention
Benefit will be paid if the Waiver and Release is timely signed and returned and the revocation period has expired without revocation; or 

  

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	 	(iv)	the Employee fails to return all property and materials of GSF and the Affiliates to his or her supervisor or other appropriate representative of GSF and the Affiliates upon
termination of employment; or 

  

	 	(v)	the Employee is, for any reason, entitled to retention benefits under any other contract, agreement, plan program or policy of GSF or an Affiliate or under any agreement between the
Employee and GSF or an Affiliate, other than statutory benefits; or 

  

	 	(vi)	the Employee has during the Retention Period worked for, or is at the Retention Date working for, a competitor of GSF or of any of its Affiliates, including without limitation as an
employee of or consultant to the competitor, as determined by the Senior Vice President, Human Resources, of GSF in his or her sole discretion; provided, however, that this disqualification will not apply in the case of an Employee whose employment
with GSF and its Affiliates is terminated by GSF or an Affiliate other than for Cause. 

  

	5.	Other Benefits. Except as otherwise provided, the Retention Benefits payable hereunder shall be payable in addition to, and not in lieu of, all other accrued or vested
benefits that may be owed to an Employee pursuant to an employee benefit plan of GSF or any Affiliate. The Retention Benefits payable hereunder shall not be treated as compensation for purposes of any other plan or arrangement of GSF or any
Affiliate. 

  

	6.	Death of Employee After Becoming Entitled to Retention Benefit. If an Employee who has already become entitled to a Retention Benefit pursuant to Section 4 dies, the
Retention Benefit shall be paid in a lump sum cash payment, subject to applicable withholding, as soon as practicable after the date of death to (a) the Employee’s beneficiary (or beneficiaries) designated under the employer’s group
life insurance plan, if living, or, if none is so designated or living, (b) the executor of the Employee’s estate. 

  

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	7.	Amendment, Termination, Administration, and Miscellaneous. The Retention Program is subject to amendment and/or termination at any time or from time to time at the discretion
of GSF, provided, however, that no amendment or termination will deprive any Employee who has already received a Retention Notice of his or her Retention Benefit pursuant to this Retention Program as amended to the date of the Retention Notice.

 The Retention Program will be administered by the Senior Vice President, Human Resources, of GSF. No benefit will be payable
under the Retention Program unless the Senior Vice President, Human Resources, of GSF determines in his or her sole discretion that the applicant is entitled to the benefit. 
  

	8.	Termination of Employment; Employment Status. Notwithstanding any other provision of the Retention Program, GSF and each Affiliate shall at all times have the right to
terminate any Employee, with or without Cause. The Retention Program does not constitute a contract of employment or impose on GSF or any Affiliate any obligation to retain any Employee as an Employee, to change or not change the status of the
Employee’s employment, or to change the policies of GSF or of any Affiliate regarding termination of employment. 

  

	9.	Section 409A. Notwithstanding anything in this Retention Program to the contrary, if any provision would result in the imposition of an excise tax under Code
Section 409A and related regulations and Treasury pronouncements, that provision will be reformed to avoid imposition of the excise tax and no action taken to comply with Section 409A shall be deemed to impair a benefit under this
Retention Program or any Retention Notice. 

  

 - 5 -

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