Document:

Document

Exhibit 10.3

[DATE]
[FIRST NAME] [LAST NAME]
[ADDRESS]

Dear [FIRST NAME],

Atlassian US, Inc., a Delaware corporation (the “Company”), is pleased to extend an offer of employment to you on the terms described below. 

1.Position. You will start in the full-time position of [POSITION TITLE], based in the 
[CITY], [STATE] area, on [START DATE] (“Start Date”). Additionally, as part of your duties, we may require you to travel domestically and overseas and to work temporarily at any location domestically and overseas, including any of our offices and of our clients and customers. You may be required to work on leave or non-working days and/or be required to be on-call to respond to business needs of the Company and/or its customers on any day. By signing this letter, you confirm with the Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties with the Company, that you hold the qualifications set out in any documents you provided to the Company, resumes or curriculum vitae, and online profiles and that the representations you made in relation to your experience and abilities are true and accurate.

2.Compensation and Employee Benefits. You will be paid a starting salary at the rate of USD $[BASE SALARY] per year, less applicable deductions and withholdings (“Base Salary”), and payable on the Company’s regular semi-monthly payroll dates. As an exempt employee of the Company, you are not eligible for overtime. You will be eligible to participate in a number of Company-sponsored benefits, which are described in the employee benefits summary separately provided to you.

3.Company Annual Bonus Plan. You also will be eligible for an annual bonus with a target of [BONUS PERCENTAGE]% of your Base Salary, subject to the terms and conditions of the bonus plan in effect for that bonus plan year. Your target annual bonus and the terms and conditions of any bonus plan are subject to change from time to time in the Company’s sole discretion.    

4.Long Term Incentive Scheme. Subject to the approval of the Board of Directors of Atlassian Corporation (the “Parent Company”), you will be granted an award of restricted share units (“RSUs”) under the Parent Company’s 2015 Amended and Restated Share Incentive Plan (the “Plan”) with an initial value of USD $[RSU INITIAL VALUE] (the “Initial Value”). The actual number of RSUs granted to you will be equal to the Initial Value divided by the monthly average closing price (based on the closing price on NASDAQ) of a share of the Parent Company’s Class A Common Stock in the month you start. You will receive an email with your award information within 90 days after your Start Date. The grant is conditioned on your execution of the Parent Company’s standard form of RSU award agreement. The RSUs will be subject to the terms and conditions of the Plan and the RSU award agreement. The vesting of your RSU award will be subject to a time-based condition, which must be satisfied before shares of Parent Company Class A Common Stock will be issued to you. So long as you continue providing services to the Company or a subsidiary of the Company, 25% of your RSUs will vest on: (i) February 18th of the following year if your Start Date falls on or after January 1st and prior to April 1st; (ii) May 18th of the following year if your Start Date falls on or after April 1st and prior to July 1st; (iii) August 18th of the following year if your Start Date falls on or after July 1st and prior to October 1st; or (iv) November 18th of the following year if your Start Date falls on or after October 1st and prior to January 1st. Your remaining RSUs will vest 6.25% per quarter over the three years thereafter, until the RSUs are fully vested, subject to your continuation of services to the Company or a subsidiary of the Parent Company. One share of the Parent Company’s Class A Common Stock 
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Exhibit 10.3

will be issued to you for each fully vested RSU (as may be adjusted for any changes in capital structure) as soon as practicable following each vesting date. In its discretion, the Parent Company may impose a different vesting schedule for the RSUs if it determines that a different vesting schedule may be required or recommended to comply with local law or be advisable to take advantage of any special tax regime available in your country. The Parent Company can grant RSUs to you only if and as long as it is permitted and feasible under the laws of the country in which you reside or the laws to which you may be subject. If local law requires registration, approval, or any other type of filing in connection with the RSUs, the Parent Company will decide, in its discretion, whether to complete such filing and is under no obligation to offer the RSUs unless and until the necessary filings have been completed. Notwithstanding the foregoing, this letter shall not be deemed to be an offer of securities that you are able to accept. If the Board subsequently approves such an offer, you will receive a written notification indicating the actual terms of the offer as well as instructions regarding how you can accept the offer. 

5.Executive Severance Plan. You will be eligible to participate in the Parent Company’s Amended and Restated Executive Severance Plan (“Executive Severance Plan”), a copy of which is attached to this letter. Your participation is conditioned on you signing a Participation Agreement, in which you agree to the terms of conditions of the Executive Severance Plan. The benefits are subject to and are more fully described in the Executive Severance Plan.  

6.Confidential Information and Invention Assignment Agreement. You will be required, as a condition of your employment with the Company, to sign the Company’s enclosed standard Confidential Information and Invention Assignment Agreement.

7.Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at-will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations which may have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, reporting relationships, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, at the Company’s option, the “at-will” nature of your employment may only be changed in an express written agreement signed by you and the Company’s senior management.

8.Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting activity, or other business activity that would create a conflict of interest or compete with the Company. In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company, or in hiring any employees or consultants of the Company.

9.Entire Agreement. This letter supersedes and replaces any prior understandings or agreements, whether oral, written, or implied, between you and the Company regarding the matters described in this letter.

10.Background Check and Authorization to Work. Your employment with the Company is contingent upon the satisfactory outcome of a background check, and as required by law, your employment with the Company is also contingent upon you providing legal proof of your identity and authorization to work in the United States. 

If you wish to accept this offer, please sign and date this letter and the enclosed Confidential Information and Invention Assignment Agreement and return them to me by noon on [DEADLINE TO SIGN].
We look forward to having you join us.

Yours sincerely,

[MANAGER NAME]
[TITLE]
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Exhibit 10.3

    
    

												
	ACCEPTED AND AGREED:

	

{candidate_signature}
		

	
	Signed by [FIRST NAME] [LAST NAME]		Date	

3Document

ALEXANDER & BALDWIN, INC.
NOTICE OF AWARD OF PERFORMANCE-BASED RESTRICTED STOCK UNITS 

The Company hereby awards to Participant, as of the Award Date indicated below, an award (the “Award”) of performance-based restricted stock units under the Company’s 2022 Omnibus Incentive Plan (the “Plan”), which represents the right to receive shares of Common Stock on the applicable issuance date following the vesting of the performance-based restricted stock units.  The number of performance-based restricted stock units subject to this Award and the applicable performance-vesting requirement for those units and the underlying shares of Common Stock are set forth below.  The remaining terms and conditions governing the Award, including the applicable service-vesting requirements and the applicable issuance date or dates for the shares of Common Stock that vest and become issuable under the Award, shall be as set forth in the form Performance-Based Restricted Stock Unit Award Agreement attached hereto as Exhibit A.

AWARD SUMMARY
						
	Participant:	
	Award Date:	
	Performance Stock Units:	The actual number of shares of Common Stock that may become issuable pursuant to this Award shall be determined in accordance with the performance-vesting provisions of attached Schedule I and this Award Summary and the service-vesting provisions of the attached form Performance-Based Restricted Stock Unit Award Agreement.  For purposes of the applicable calculations under those vesting provisions, the number of shares of Common Stock to be utilized is            shares (the “Performance Stock Units”). 

	Vesting Schedule:	The number of shares of Common Stock which may actually vest and become issuable pursuant to the Award shall be determined pursuant to a two-step process: (i) first there shall be calculated the maximum number of shares of Common Stock in which Participant can vest as a result of the level at which each of the Performance Goals specified on attached Schedule I is in fact attained and (ii) then the number of shares calculated under clause (i) in which Participant may actually vest shall be determined on the basis of Participant’s satisfaction of the applicable Service vesting requirements set forth in the attached form Performance-Based Restricted Stock Unit Award Agreement.

						
		Performance Vesting: Attached Schedule I specifies the two Performance Goals and the Performance Period established for this Award.  For each Performance Goal, there are three designated levels of attainment set forth in Schedule I: Threshold, Target and Maximum.  The Performance Stock Units designated for this Award are hereby allotted fifty percent (50%) to each Performance Goal.  Within sixty (60) days after the completion of the Performance Period, the Plan Administrator shall determine and certify the actual level of attainment for each Performance Goal and shall then measure that level of attainment against the Threshold, Target and Maximum Levels set forth for that Performance Goal in attached Schedule I.  The maximum number of shares in which Participant can vest based upon the actual level of attainment of each Performance Goal shall be determined by applying the corresponding percentage below for that level of attainment to the number of Performance Stock Units allotted to that particular Performance Goal (the “Allotted Performance Stock Units”) in accordance with the foregoing allocations:

		Attainment below the Threshold Level: 0% of the Allotted Performance Stock Units

Attainment at the Threshold Level:        35% of the Allotted Performance      Stock Units
Attainment at the Target Level:          100% of the Allotted Performance Stock Units
Attainment at Maximum Level:          200% of the Allotted Performance Stock Units 

		To the extent the actual level of attainment of a Performance Goal is at a point between the Threshold and Target Levels, the maximum number of Allotted Performance Stock Units in which Participant can vest shall be pro-rated between the two points on a straight line basis in accordance with the payout slope set forth in attached Schedule I.
To the extent the actual level of attainment of a Performance Goal is at a point between the Target and Maximum Levels, the maximum number of Allotted Performance Stock Units in which Participant can vest shall be pro-rated between the two points on a straight line basis in accordance with the payout slope set forth in attached Schedule I.
The maximum number of shares of Common Stock in which Participant can vest in the aggregate on the basis of the actual level of attainment of both Performance Goals shall be hereinafter designated the “Performance- Qualified Shares” and shall in no event exceed in the aggregate 200% of the number of Performance Stock Units set forth above.

		

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		Service Vesting.  The number of Performance-Qualified Shares in which Participant actually vests shall be determined on the basis of Participant’s satisfaction of the Service-vesting requirements set forth in Paragraph 3 of the attached form Performance-Based Restricted Stock Unit Award Agreement.   
Resulting Shares.  Each Performance-Qualified Share in which Participant vests in accordance with the applicable performance-vesting and service-vesting provisions of this Award shall entitle Participant to receive one share of Common Stock on the designated issuance date for that share determined in accordance with the provisions of the attached Performance-Based Restricted Stock Unit Award Agreement.

Participant understands and agrees that the Award is granted subject to and in accordance with the terms of the Plan and hereby agrees to be bound by the terms of the Plan and the terms of the Award as set forth in the form Performance-Based Restricted Stock Unit Award Agreement attached hereto as Exhibit A.  Participant hereby acknowledges that Participant has received or been provided access to the official prospectus for the Plan.  A copy of the Plan is available upon request made to the Human Resources Department at the Company’s principal offices at 822 Bishop Street, Honolulu, Hawaii 96813.
Coverage under Recoupment Policy.  By accepting this Award, Participant hereby agrees that should Participant at this time be, or at any time hereafter become, either an executive officer of the Company subject to Section 16 of the Securities Exchange Act of 1934, as amended, or a participant in the Company’s Performance Improvement Incentive Plan, then:
(a)    Participant shall be subject to the Alexander & Baldwin, Inc. Policy Regarding Recoupment of Certain Compensation, effective as of June 29, 2012, as may be amended from time to time, the terms of which are hereby incorporated herein by reference and receipt of a copy of which Participant hereby acknowledges; and 
(b)    any incentive compensation that is paid or granted to, or received by, Participant during the three-year period preceding the date on which the Company is required to prepare an accounting restatement due to material non-compliance with any applicable financial reporting requirements under the federal securities laws shall, accordingly, be subject to recovery and recoupment pursuant to the terms of such policy.
For purposes of such recoupment policy, “incentive compensation” means any cash or equity-based awards (e.g., any stock award, time-based restricted stock unit award, performance-based restricted stock unit award or stock option grant or shares of Common Stock issued thereunder) or any profit sharing payment or distribution that is based upon the achievement of financial performance metrics.  An additional copy of the recoupment policy is available upon request made to the Corporate Secretary at the Company’s principal offices.
Continuing Consent.  Participant further acknowledges and agrees that, except to the extent the Plan Administrator notifies Participant in writing to the contrary, each subsequent award of performance-based restricted stock units made to Participant under the Plan shall be subject to the same terms and conditions set forth in the form Performance-Based Restricted Stock Unit Award Agreement attached hereto as Exhibit A, and Participant hereby accepts those terms and conditions for each such subsequent performance-based restricted stock unit award that may be made to Participant under the Plan and hereby agrees to be bound by those terms and conditions for any such performance-based restricted stock unit awards, without any further 
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consent or acceptance required on Participant’s part at the time or times when those awards may be made.  However, Participant may, at any time Participant holds an outstanding performance-based restricted stock unit award under the Plan, request a written copy of the form Performance-Based Restricted Stock Unit Award Agreement from the Company by contacting the Company’s Human Resources Department at the Company’s principal offices. 
Employment at Will.  Nothing in this Notice or in the form Performance-Based Restricted Stock Unit Award Agreement or in the Plan shall confer upon Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining Participant) or of Participant, which rights are hereby expressly reserved by each, to terminate Participant’s Service at any time for any reason, with or without cause.
Definitions.  All capitalized terms in this Notice shall have the meaning assigned to them in this Notice or in the attached form Performance-Based Restricted Stock Unit Award Agreement.
DATED:   

						
	ALEXANDER & BALDWIN, INC.
	By:	
		
	Title:	

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SCHEDULE I

PERFORMANCE GOALS AND PERFORMANCE PERIOD  
PERFORMANCE PERIOD
    The Performance Period shall be the three-year period beginning January 1, 2022 and ending December 31, 2024.
PERFORMANCE GOALS FOR PERFORMANCE VESTING
Performance Goal One: The performance-vesting requirement for fifty percent (50%) of the Performance Stock Units subject to this Award shall be tied to the percentile level at which the total shareholder return (including stock price appreciation and reinvestment of any cash dividends or other stockholder distributions) to the Company’s stockholders over the Performance Period stands in relation to the total shareholder return realized for that period by the companies comprising the FTSE Nareit All-Equity Index. 

Performance Goal Two: The performance-vesting requirement for the remaining fifty percent (50%) of the Performance Stock Units subject to this Award shall be tied to the percentile level at which the total shareholder return (including stock price appreciation and reinvestment of any cash dividends or other stockholder distributions) to the Company’s stockholders over the Performance Period stands in relation to the total shareholder return realized for that period by the companies comprising the Selected Peer Group (as set forth on attached Schedule II). 

Total Shareholder Return: For purposes of each Performance Goal, the total shareholder return (“TSR”) for the Company’s stockholders shall be determined pursuant to the following formula:

TSR  =  (Ending Stock Price* - Beginning Stock Price**) + Reinvested Dividends***                                Beginning Stock Price**

*  Ending Stock Price is the average daily closing price per share of the Common Stock calculated for the last thirty-one (31) days within the Performance Period.

**  Beginning Stock Price is the average daily closing price per share of the Common Stock calculated for the thirty-one (31)-day period immediately preceding the commencement date of the Performance Period.

*** Reinvested Dividends shall be calculated by multiplying (i) the aggregate number of shares (including fractional shares) of Common Stock that could have been purchased during the Performance Period had each cash dividend paid on a single share of Common Stock during that period been immediately reinvested in additional shares (or fractional shares) of Common Stock at the closing price per share of the Common Stock on the applicable dividend payment date by (ii) the average daily closing price per share of Common Stock calculated for the last thirty-one (31) days within the Performance Period.

Each of the foregoing amounts shall be equitably adjusted for stock splits, stock dividends, recapitalizations and other similar events affecting the shares in question without the issuer’s receipt of consideration.

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For each company in the FTSE Nareit All-Equity Index and the Selected Peer Group, the TSR with respect to its common stock shall be calculated in the same manner as for the Common Stock.

In addition, the following parameters shall be in effect for purposes of measuring the TSR for the FTSE Nareit All-Equity Index and the Selected Peer Group:

-    a company will be included in the FTSE Nareit All-Equity Index and the Selected Peer Group  (as applicable) only if that company is represented in the index at the start of the Performance Period and remains publicly traded on an established exchange as an independent entity for the entire Performance Period, and the stock price performance of any company that is acquired, or otherwise ceases to exist as an independent publicly-owned entity, during the Performance Period shall not be taken into account in determining the relative TSR of the companies comprising the applicable Index;

-    a company that is in the FTSE Nareit All-Equity Index or the Selected Peer Group  (as applicable) at the start of the Performance Period that is involved in bankruptcy proceedings (and is no longer publicly traded) during the Performance Period shall be included in the applicable Index with a TSR designated at -100%;

-    any distribution (other than a regular cash dividend), whether in cash, securities (other than shares of the distributing company’s common stock) or other property, made during the Performance Period by a company included in the FTSE Nareit All-Equity Index or the Selected Peer Group  (as applicable) for that period shall be treated in the same manner as a regular cash dividend paid by such distributing company (in an amount per share of the distributing company’s common stock deemed equal to the cash amount or the fair market value of the securities or other property distributed per share of the distributing company’s common stock) that is immediately reinvested in the distributing company’s common stock; and     

-    any spin-off distribution of shares of the common stock of one or more subsidiaries or other affiliated entities that is made during the Performance Period by a company included in the FTSE Nareit All-Equity Index or the Selected Peer Group  (as applicable) for that period shall be treated in the same manner as a regular cash dividend paid by that distributing company (in an amount per share of the distributing company’s common stock deemed equal to the fair market value of the common stock (or fractional share thereof) of the spun-off entity distributed per share of the distributing company’s common stock) that is immediately reinvested in the distributing company’s common stock.

For purposes of measuring the TSR of the Company for the Performance Period, the foregoing parameters governing distributions and spin-off transactions shall also apply to any distribution (other than a regular cash dividend) or spin-off transaction that is effected by the Company during the Performance Period.
 
Should a Change in Control occur during the Performance Period, then the attained level of each Performance Goal shall be determined in accordance with the applicable Change in Control provisions of the form Performance Stock Unit Award Agreement attached hereto as Exhibit A. 

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Payout Slope for Determining Number of Performance-Qualified Shares Based on Attained Levels of Performance Goal:  The number of shares in which Participant may vest on the basis of the certified percentile level of a Performance Goal attainment shall be calculated by multiplying the number of Performance Stock Units allotted to that Performance Goal by the applicable percentage determined in accordance with the following payout slope for the Performance Goal: 

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TOTAL SHAREHOLDER RETURN PAYOUT SLOPE

Payout Slope Details
						
	Percentile
	Percentage of Performance Stock Units Allotted to the Performance Goal in which Participant may vest*
	<35th	0%
	35th	35%
	45th	67.5%
	55th	100%
	65th	150%
	75th	200%

*linear interpolation between performance levels, rounded down to the nearest whole share

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SCHEDULE II

SELECTED PEER GROUP

The Selected Peer Group shall be comprised of the following companies

			
	Name and Ticker
	
	Brixmor Property Group, Inc. BRX
	Urban Edge Properties UE
	Acadia Realty Trust AKR
	Retail Opportunity Investments Corp. ROIC
	Kite Realty Group Trust KRG
	Saul Centers, Inc. BFS
	Urstadt Biddle Properties Inc. Class A UBA
	Cedar Realty Trust, Inc. CDR
	Washington Real Estate Investment Trust WRE
	American Assets Trust, Inc. AAT
	Armada Hoffler Properties, Inc. AHH
	Whitestone REIT WSR
	One Liberty Properties, Inc. OLP 
SITE Centers Corp SITC
RPT Realty RPT

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