Document:

Restricted Stock Award Agreement (Sean Suresh Narayanan)

 Exhibit 10.17 
 

 
 iGATE CORPORATION 
 iGATE Corporation 2006 Stock Incentive Plan 
 RESTRICTED STOCK AGREEMENT

 THIS RESTRICTED STOCK AGREEMENT (the “Agreement”), made as of this 12th day of May, 2011 (the “Grant Date”), by and between
iGATE Corporation, 6528 Kaiser Drive, Fremont, CA 94555 (the “Corporation”) 
 and 

Sean Narayanan (Emp ID – 704873) (the “Grantee”), a key employee of the Corporation. 

WITNESSETH THAT: 

WHEREAS, Grantee is now employed by the Corporation [“Corporation”, when used herein with reference to employment of
Grantee, shall include any Affiliate of the Corporation as such term is defined in the iGATE Corporation 2006 Stock Incentive Plan (the Plan)] as a key employee of the Corporation. Grantee in consideration of the covenants and agreements herein
contained and intending to be legally bound hereby, agree as follows: 
 SECTION 1: Stock Award 

 

	1.1	 Award. Subject to the terms and conditions set forth in this Agreement and to the terms of the the “Plan”, the Corporation hereby
awards to the Grantee 22,000 shares of the Corporation’s common stock, par value $.01 per share, (the “Common Stock”) on 12th day of May 2011 (the “Grant Date”), subject to adjustment as provided in Section 14 of the Plan.
Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan. 

  

	1.2	Acceptance. The Grantee accepts the award confirmed hereby, and agrees to be bound by the terms and provisions of this Agreement and the Plan, as the Agreement
and the Plan may be amended from time to time; provided, however, that no alteration, amendment, revocation or termination of this Agreement or the Plan shall, without the written consent of the Grantee, adversely affect the rights of the
Grantee with respect to the award. 

 SECTION 2: Restrictions on Transfer 

 

	2.1	Nontransferable. No shares of Common Stock awarded hereunder or any interest therein may be sold, transferred, assigned, pledged or otherwise disposed of (any
such action being hereinafter referred to as a “Disposition”) by the Grantee until such time as this restriction lapses with respect to such shares pursuant to Sections 3.1 or 3.2 hereof, and any attempt to make such a Disposition shall be
null and void and result in the immediate forfeiture and return to the Corporation without consideration of any shares of Common Stock as to which restrictions on Disposition shall at such time be in effect. 

	2.2	Legend. The Grantee agrees that a restrictive legend in substantially the following form may be placed on the shares of Common Stock awarded hereunder:

 “The sale, transfer, assignment, pledge or other disposition of the shares represented
hereby is subject to the restrictions set forth in the iGATE Corporation 2006 Stock Incentive Plan and in the Restricted Stock Agreement executed thereunder dated as of 12th day of May, 2011. No such transaction shall be recognized as valid or effective unless there shall have been
compliance with the terms and conditions of such Plan and Agreement.” 
  

	2.3	Custody. The Grantee hereby authorizes the Corporation or its agents to retain custody of the Common Stock awarded hereunder until such time as the restrictions
on Disposition lapse. As soon as practicable after the date on which restrictions on Disposition of any shares lapse, the Corporation will cause such shares to be issued to or credited to a book-entry account in the Grantee’s name with the
restrictive legend described in Section 2.2 hereof removed. The Grantee understands that the transfer agent for the Common Stock will be instructed to effect transfers of the shares of Common Stock awarded hereunder only upon satisfaction of
the conditions set forth herein and in the Plan. 

 SECTION 3: Vesting, Forfeiture, Termination of Employment
and Disability 
  

	3.1	Vesting Period and Forfeiture. 

  

	 	(a)	Vesting. Subject to Section 3.2 hereof, if the Grantee remains continuously employed by the Corporation through the close of business on the dates listed
below, the restrictions on Disposition on the number of shares of restricted Common Stock set forth next to such particular date (as may be adjusted under Section 14 of the Plan) will lapse upon such date and the Grantee shall receive the
shares of Common Stock free of such restrictions on Disposition: 

  

					
	 Vesting Date
	  	Number of Shares	 
	 May 12, 2014
	  	 	5,500	  
	 May 12, 2015
	  	 	5,500	  
	 May 12, 2016
	  	 	11,000	  

  

	 	(b)	Forfeiture upon Termination of Employment. Upon the effective date of Granteee’s voluntary termination of employment, termination for cause, involuntary
termination or retirement from the Corporation occurring prior to the lapse of restrictions on Disposition pursuant to this Section 3.1 or pursuant to Section 3.2 hereof, all shares of Common Stock then subject to restrictions on
Disposition shall immediately be forfeited and returned to the Corporation without consideration or further action being required of the Corporation. The effective date of the Grantee’s termination shall be the date upon which the Grantee
ceases to perform services as an employee of the Corporation, without regard to accrued vacation, severance or other benefits or the characterization thereof on the payroll records of the Corporation. 

  
 - 2 -

	3.2	Specified Terminations of Employment. 

  

	 	(a)	Death or Permanent Total Disablement. The restrictions on Disposition of the Common Stock set forth in Section 2.1 hereof shall lapse immediately upon
termination of the Grantee’s employment with the Corporation if such termination is by reason of (i) the Grantee’s death, or (ii) Grantee’s permanent total disablement (covered by a long-term disability plan of the
Corporation then in effect) and the Grantee/the Grantee’s legal heir shall be entitled to shares of Common Stock vested till the time of Death or permanent total disablement. Notwithstanding anything contained herein, the Compensation Committee
of the Board at its own discretion may review on a case to case basis regarding the unvested awards in case of Grantee’s death or permanent total disablement. 

 

	 	(b)	Change in Control. Notwithstanding the foregoing, upon the occurrence of the following events set forth in (i), (ii), (iii) and (iv) below (each a
“Change in Control”), the restrictions on Disposition of the Common Stock set forth in Section 2.1 hereof shall lapse immediately and the unvested shares of Common Stock shall become payable immediately in the form of
restricted Stock on the effective date in the Change of Control. For these purposes, “Change in Control” shall mean the occurrence of any of the following events: 

 

	 	i)	the acquisition, other than from the Corporation, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Act”)) (a “Person”) (other than the Corporation, a Subsidiary or any of their respective benefit plans or affiliates within the meaning of Rule 144 under the Securities Act of 1933, as amended) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of 30% or more of either (i) the then outstanding shares of Stock (the “Outstanding Stock”) or (ii) the combined voting power of the then
outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Company Voting Securities”); or 

  

	 	ii)	Individuals who, as of the date of this Agreement, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Board, provided that any individual becoming a director subsequent to the Effective Date whose election or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall 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 is in connection with an actual or threatened election
contest relating to the election of the Directors of the Company (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Act); or 

  

	 	iii)	 Approval by the stockholders of the Corporation of a reorganization, merger or consolidation or similar form of corporate transaction, involving the
Corporation or any of its Subsidiaries (a “Business Combination”), in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Stock and Company
Voting Securities immediately prior to such Business Combination do not, immediately following such Business Combination, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the
combined voting power of the 

  
 - 3 -

	 	
then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination in substantially the
same proportion as their ownership immediately prior to such Business Combination of the Outstanding Stock and Company Voting Securities, as the case may be; or 

 

	 	iv)	(A) Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation or (B) sale or other disposition of all or
substantially all of the assets of the Corporation other than to a corporation with respect to which, following such sale or disposition, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of directors is then owned beneficially, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Stock and Company Voting Securities immediately prior to such sale or disposition in substantially the same proportion as their ownership of the Outstanding Stock and Company Voting Securities, as the case may be,
immediately prior to such sale or disposition. 

 SECTION 4: Miscellaneous 

 

	4.1	No Right to Employment. Neither the award of Common Stock nor anything else contained in this Agreement or the Plan shall be deemed to limit or restrict the
right of the Corporation to terminate the Grantee’s employment at any time, for any reason, with or without cause. 

  

	4.2	Compliance with Laws. Notwithstanding any other provision of this Agreement, the Grantee hereby agrees to take any action, and consents to the taking of any
action by the Corporation, with respect to the Common Stock awarded hereunder necessary to achieve compliance with applicable laws or regulations in effect from time to time. Any determination in this connection by the Committee shall be final,
binding and conclusive. The Corporation shall in no event be obligated to register any securities pursuant to the Securities Act of 1933 (as the same shall be in effect from time to time) or to take any other affirmative action in order to cause the
award of Common Stock under the Plan, the lapsing of restrictions thereon or the delivery of shares in book-entry form or otherwise therefore to comply with any law or regulation in effect from time to time. 

 

	4.3	Plan Governs. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. 

 

	4.4	Liability for Breach. The Grantee hereby indemnifies the Corporation and holds it harmless from and against any and all damages or liabilities incurred by the
Corporation (including liabilities for attorneys’ fees and disbursements) arising out of any breach by the Grantee of this Agreement, including, without limitation, any attempted Disposition in violation of Section 2.1 hereof.

  

	4.5	 Tax Withholding. The Grantee shall be advised by the Corporation as to the amount of any federal, state, local or foreign income or employment
taxes required to be withheld on the compensation income resulting from the award of, or lapse of restrictions on, the Common Stock. The Grantee shall pay any taxes required to be withheld directly to the Corporation in cash upon request; provided,
however, that where the restrictions on Disposition set forth in Section 2.1 hereof have lapsed the Grantee may satisfy such obligation in whole or in part by requesting the

  
 4 

	 	
Corporation in writing to withhold from the Common Stock otherwise deliverable to the Grantee or by delivering to the Corporation shares of its Common Stock having a Fair Market Value, on the
date the restrictions lapse equal to the amount of the aggregate minimum statutory withholding tax obligation to be so satisfied, in accordance with such rules as the Compensation Committee may prescribe. The Corporation’s obligation to issue
or credit shares to the Grantee is contingent upon the Grantee’s satisfaction of an amount sufficient to satisfy any federal, state, local or other withholding tax requirements, notwithstanding the lapse of the restrictions thereon.

  

	4.6	Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, other than any choice of law
provisions calling for the application of laws of another jurisdiction. 

 IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the Grant Date. 
  

	
	iGATE CORPORATION
	
	 /s/ Mukund Srinath

	Mukund Srinath
	Sr.VP- Legal & Corporate Secretary
	
	 /s/ Sean Narayanan

	GRANTEE

  
 - 5 -Performance-Based Restricted Stock Award Agreement (Sean Suresh Narayanan)

 Exhibit 10.18 
 

 
 iGATE CORPORATION 
 PERFORMANCE SHARE AWARD AGREEMENT 
 THIS
PERFORMANCE SHARE AWARD AGREEMENT (the “Agreement”), made as of this 12th day of May, 2011 (the “Grant Date”), by and between iGATE Corporation, 6528 Kaiser Drive, Fremont, CA 94555 (the “Corporation”) 

and 
 Sean
Narayanan (Emp ID – 704873) (the “Grantee”), a key employee of the Corporation. 
 WITNESSETH THAT:

 WHEREAS, Grantee is now employed by the Corporation (“Corporation”, when used herein with reference to
employment of Grantee, shall include any Affiliate of the Corporation as such term is defined in the iGATE Corporation 2006 Stock Incentive Plan) as a key employee; and 
 WHEREAS, the Corporation has adopted a compensation award strategy, the iGATE Corporation 2011 Aspirational Long Term Incentive Plan, which is a program of the iGATE Corporation 2006 Stock Incentive Plan
(the “Plan”) under which the Corporation may grant to key employees of the Corporation performance share awards entitling the recipient of such an award to acquire shares of Common Stock, par value $.01 per share, of the Corporation
(“Stock”) upon the attainment of specified performance goals subject to restrictions set forth in the Plan and in this Agreement; and 
 WHEREAS, capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Plan; and 

WHEREAS, the Corporation desires to grant a performance share award to Grantee at this time; 

NOW THEREFORE, in consideration of the covenants and agreements herein contained and intending to be legally bound, the parties hereby
agree with each other as follows: 
 SECTION 1: Performance Share Award 

 

	1.1	Subject to the terms and conditions set forth herein and to the terms of the Plan, and in order to provide an additional incentive for Grantee, as a key employee, to
work for the long-range success of the Corporation, the Grantee is hereby granted, effective on the Grant Date, a performance share award (the “Award”) representing a right to acquire 88,000 shares of Stock, contingent upon
satisfaction of the performance goals and other conditions set forth herein. For purposes of this Award, 88,000 shares are considered the Grantee’s “Target Amount.” Except as otherwise provided herein, the payment due in
settlement of the Grantee’s vested Award shall be made in the form of shares of Stock, with the number of shares payable determined by reference to the Corporation’s trailing twelve month EBITDA at any fiscal quarter-end within the
five-year period commencing on January 1, 2011 and ending on December 31, 2015 (the “Performance Period”) as further described in Section 2.1 herein. For purposes of the Award, “EBITDA” shall mean
adjusting net income by adding interest expense (or subtracting interest income), income tax expense, depreciation and amortization, subtracting net other income and foreign exchange gains (or subtracting foreign exchange losses), and adding equity
in loss of affiliated companies (or subtracting equity in gain of affiliated companies). 

 SECTION 2: Calculation of Potential Award 

 

	2.1	If at the end of any fiscal quarter within the Performance Period, the Corporation’s trailing twelve month EBITDA equals $400,000,000 (“Target
EBITDA”), then the Target Amount of the Award shall be earned by Grantee. If at the end of any fiscal quarter within the Performance Period, the Corporation’s trailing twelve month EBITDA equals $500,000,000 (“Maximum
EBITDA”), then, in addition to the Target Amount, an additional 88,000 shares of Stock shall be earned by Grantee. No pro-rata vesting will be granted for results achieved between Target EBITDA and Maximum EBITDA. Notwithstanding
anything set forth in this Agreement, no payment shall exceed any applicable limits set forth in the Plan. 

  

	2.2	If the Award is earned, the Corporation shall cause a stock certificate to be issued in the Grantee’s name for the number of shares of Stock of the Corporation
determined by the Compensation Committee to be payable pursuant to paragraph 2.1 hereof. Payment shall be made following vesting, and in no event more than two and one-half months following the end of the calendar year in which either Target EBITDA
or Maximum EBITDA is achieved. In the event that any payment to a U.S. tax-payer with respect to any Award is considered to be based upon separation from service, and not compensation the Grantee could receive without separating from service, then
such amounts may not be paid until the first business day of the seventh month following the date of the Grantee’s termination if the Grantee is a “specified employee” under Section 409A of the United States Internal Revenue Code
of 1986, as amended (the “Code”) upon his separation from service. 

 SECTION 3: Forfeiture and
Acceleration 
  

	3.1	The Grantee will not vest and will forfeit the Award immediately upon voluntary termination of employment, termination for cause or involuntary termination prior to the
date of vesting of any Award as determined pursuant to Section 2. If the Grantee terminates employment with the Corporation after the vesting date as determined pursuant to Section 2, but before payment of any vested Award hereunder, such
vested Award shall nonetheless be paid to the Grantee. 

  

	3.2	Notwithstanding the foregoing, upon the occurrence of the following events set forth in (a), (b), (c) and (d) below (each a “Change in
Control”), the Award shall become payable immediately in the form of restricted Stock on the effective date in the Change of Control: 

  

	 	(a)	the acquisition, other than from the Corporation, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Act”)) (a “Person”) (other than the Corporation, a Subsidiary or any of their respective benefit plans or affiliates within the meaning of Rule 144 under the Securities Act of 1933, as amended) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of 30% or more of either (i) the then outstanding shares of Stock (the “Outstanding Stock”) or (ii) the combined voting power of the then
outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Company Voting Securities”); or 

  

	 	(b)	 Individuals who, as of the date of this Agreement, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board, provided that any individual becoming a director subsequent to the Effective Date whose election or 

	 	
nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall 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 is in connection with an actual or threatened election contest relating to the election of the Directors of the
Company (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Act); or 

  

	 	(c)	Approval by the stockholders of the Corporation of a reorganization, merger or consolidation or similar form of corporate transaction, involving the Corporation or any
of its Subsidiaries (a “Business Combination”), in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Stock and Company Voting Securities
immediately prior to such Business Combination do not, immediately following such Business Combination, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination in substantially the same proportion as their ownership
immediately prior to such Business Combination of the Outstanding Stock and Company Voting Securities, as the case may be; or 

  

	 	(d)	(A) Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation or (B) sale or other disposition of all or
substantially all of the assets of the Corporation other than to a corporation with respect to which, following such sale or disposition, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of directors is then owned beneficially, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Stock and Company Voting Securities immediately prior to such sale or disposition in substantially the same proportion as their ownership of the Outstanding Stock and Company Voting Securities, as the case may be,
immediately prior to such sale or disposition. 

  

	3.3	Notwithstanding Section 3.1, if the Grantee’s termination of employment occurs prior to the end of the Performance Period by reason of (i) Grantee’s
death, (ii) Grantee’s permanent total disablement (covered by a long-term disability plan of the Corporation then in effect) or (iii) Grantee’s retirement, then the Grantee/Grantee’s legal heir shall be entitled to only
Award vested pursuant Section 2.1 herein. If the Grantee’s termination of employment occurs as per this clause, after the vesting date as determined pursuant to Section 2, but before payment of any vested Award hereunder, such vested
Award shall nonetheless be paid to the Grantee. Notwithstanding anything contained herein, the Compensation Committee of the Board at its own discretion may review on a case to case basis regarding the unvested Award in case of Grantee’s death
or permanent total disablement. 

 SECTION 4: Miscellaneous 

 

	4.1	Notwithstanding any other provision of this Agreement, Grantee hereby agrees to take any action, and consents to the taking of any action by the Corporation, with
respect to the Award hereunder necessary to achieve compliance with applicable laws or regulations in effect from time to time. Any determination by the Committee with respect to the need for any action in order to achieve such compliance with laws
or regulations shall be final, binding and conclusive. The Corporation shall in no event be obligated to register any securities pursuant to the Securities Act of 1933 (as the same shall be in effect from time to time) or to take any other
affirmative action in order to cause the Award under the Plan, the lapsing of restrictions thereon or the delivery of certificates therefore to comply with any law or regulation in effect from time to time. 

 

	4.2	Where required by law, no later than the date of payment of any portion of the Award, the Grantee shall pay to the Corporation an amount sufficient to allow the
Corporation to satisfy its tax withholding obligations applicable to the Award. To this end, the Grantee shall either: 

  

	 	(a)	pay the Corporation the amount of tax to be withheld in cash; 

  

	 	(b)	deliver to the Corporation other shares of Stock owned by the Grantee prior to such date having an aggregate Fair Market Value on the date on which the amount of tax to
be withheld is determined which does not exceed the amount of tax required to be withheld (based on the statutory minimum withholding rates for federal and state tax purposes, including payroll taxes); 

 

	 	(c)	make a payment to the Corporation consisting of a combination of both (a) and (b) above; or 

 

	 	(d)	request that the Corporation cause to be withheld a number of shares of Stock otherwise due the Grantee hereunder having a Fair Market Value on the date on which the
amount of tax to be withheld is determined which does not exceed the amount of tax required to be withheld (based on the statutory minimum withholding rates for federal and state tax purposes, including payroll taxes); provided, however, that
shares may be withheld by the Corporation only if such withheld shares have vested). 

 Grantee understands that no
shares of Stock shall be delivered to Grantee, notwithstanding the vesting thereof, unless and until Grantee shall have satisfied any obligation for withholding taxes with respect thereto as provided herein. 

 

	4.3	For the purposes of this Agreement, the term “Subsidiary” means any corporation or other entity (other than the Corporation) in any unbroken chain of
corporations or other entities, beginning with the Corporation, if each of the corporations or entities (other than the last corporation or entity in the unbroken chain) owns stock or other interests possessing 50% or more of the economic, interest
or the total combined voting power of all classes of stock or other interests in one of the other corporations or entities in the chain. 

  

	4.4	Grantee hereby indemnifies the Corporation and holds it harmless from and against any and all damages or liabilities incurred by the Corporation (including liabilities
for attorneys’ fees and disbursements) arising out of any breach by Grantee of this Agreement. 

  

	4.5	Nothing herein shall be construed as giving Grantee any right to be retained in the employment of the Corporation or affect any right which the Corporation may have to
terminate the employment of such Grantee. 

	4.6	Any Award made hereunder is intended to qualify as performance-based compensation under Section 162(m) of the Code, and this Agreement, and any Award made
hereunder, will be construed and administered accordingly. 

  

	4.7	This Agreement is subject in all respects to the terms of the Plan, as amended and interpreted from time to time by the Plan Administrator; provided however, that no
alteration, amendment, revocation or termination of the Plan shall, without the written consent of Grantee, adversely affect the rights of Grantee with respect to the Award. Should there be any inconsistency between the provisions of this Agreement
and the terms and conditions of the Plan, the provisions in the Plan shall govern. 

  

	4.8	This Agreement shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, other than any choice of law provisions calling for the
application of laws of another jurisdiction. 

 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written. 
  

	
	iGATE CORPORATION
	
	 /s/ Mukund Srinath

	Mukund Srinath
	Sr. VP- Legal & Corporate Secretary
	
	 /s/ Sean Narayanan

	GRANTEE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]