Document:

Exhibit 10(y) - NED Restricted Stock Agreement

Exhibit 10(y)

[Grant Number]

RESTRICTED STOCK AWARD AGREEMENT 
PURSUANT TO THE 
COMTECH TELECOMMUNICATIONS CORP. 
2000 STOCK INCENTIVE PLAN

Dear [Director Name]:
Preliminary Statement
As a non-employee director of Comtech Telecommunications Corp. (the “Company”), and pursuant to your election made in accordance with Section 13.6(a) of The Comtech Telecommunications Corp. 2000 Stock Incentive Plan, as amended (the “Plan”), you were automatically granted on [Date] (the “Grant Date”), pursuant to the terms of the Plan and this Restricted Stock Award Agreement (this “Agreement”), the number of shares of Restricted Stock set forth below.  
The terms of the grant are as follows:
1.    Grant of Restricted Stock.  Subject in all respects to the Plan and the terms and conditions set forth herein and therein, on the Grant Date you were automatically granted [ # ] shares of Restricted Stock (the “Award”).  To the extent required by law, you shall pay to the Company the par value ($0.10) for each share of Restricted Stock awarded to you simultaneously with the execution of this Agreement.
2.    Vesting.  This Award shall vest in installments over a three (3) year period, commencing on the Grant Date, at the rate of 25% effective on the first and second anniversaries of the Grant Date and 50% on the third anniversary of the Grant Date; provided that you have not incurred a Termination of Directorship (as defined below) prior to the applicable vesting date.  Notwithstanding the foregoing, the Award shall become fully vested upon (i) your death or (ii) a Change in Control.  The date that a share of Restricted Stock becomes vested shall be referred to herein as the “Vesting Date”.  
There shall be no proportionate or partial vesting in the periods prior to each Vesting Date and all vesting shall occur only on the appropriate Vesting Date.
3.    Dividends.  Any dividends which would have been paid on shares of Restricted Stock but for the restrictions thereon prior to the Vesting Date shall be credited to a dividend book entry account on your behalf (any such credited amount, a “Dividend Equivalent”).  Any cash Dividend Equivalents shall not be deemed to be reinvested in shares of Common Stock and will be held uninvested and without interest.  Your right to receive any Dividend Equivalents with respect to cash dividends shall vest only if and when the related Restricted Stock vests, and an amount equal to such cash dividends shall be paid to you in cash on the applicable Vesting Date on which the Restricted Stock vests.  Your right to receive any Dividend Equivalents with respect to dividends other than cash dividends shall vest only if and when the related Restricted Stock vests, and on the applicable Vesting Date you will be paid an amount in cash equal to the Fair Market Value of the property underlying such dividend as of the applicable Vesting Date.  Prior to the payment thereof, any Dividend Equivalents will be encompassed within the term “Award” with respect to the relevant shares of Restricted Stock.

        

4.    Termination.  Any shares of Restricted Stock (including any Dividend Equivalents credited thereupon) that are not vested upon your Termination of Directorship shall, upon such Termination of Directorship, terminate and be forfeited in their entirety as of the date of such Termination of Directorship.  For the purposes of this Agreement, “Termination of Directorship” means that you have ceased to be a director of the Company; provided, that in the event that you become an Eligible Employee or a Consultant upon your ceasing to be a director, a Termination of Directorship shall not be deemed to occur until such time as such you are no longer an Eligible Employee or Consultant.  
5.    Restriction on Transfer.  The Award is not transferable other than by will or by the laws of descent and distribution.  In addition, the Award shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Award shall not be subject to execution, attachment or similar process.  Upon any attempt to transfer, assign, negotiate, pledge or hypothecate all or part of the Award or in the event of any levy upon the Award by reason of any execution, attachment or similar process contrary to the provisions hereof, the Award shall immediately become null and void.  In addition, you shall not be permitted to Transfer the shares of Restricted Stock (including any Dividend Equivalents credited thereupon) awarded to you prior to vesting.
6.    Legend.  You shall be issued your shares of Restricted Stock as book entries by the transfer agent, as evidencing ownership of shares of Restricted Stock.  Any such book entry shares shall be registered in your name, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form:
"The anticipation, alienation, attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of The Comtech Telecommunications Corp. 2000 Stock Incentive Plan (the "Plan") and an Agreement entered into between the registered owner and the Company dated June 5, 2013.  Copies of such Plan and Agreement are on file at the principal office of the Company."
7.    Rights as a Stockholder.  You shall have, with respect to your shares of Restricted Stock, all of the rights of a holder of shares of Common Stock of the Company including, without limitation, the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares; provided, however, that except as expressly provided herein, you shall not have the right to receive any dividends with respect to your shares of Restricted Stock unless and until your shares of Restricted Stock vest and all Dividend Equivalents shall be paid in cash.  If and when your shares of Restricted Stock vest, the certificates for such shares shall be delivered to you.  All legends shall be removed from said certificates at the time of delivery to you except as otherwise required by applicable law.
8.    Provisions of Plan Control.  This grant is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions of the Plan, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Board of Directors of the Company and as may be in effect from time to time.  Any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  The Plan is incorporated herein by reference.  If and to the extent that this grant conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this grant shall be deemed to be modified accordingly.
9.    Notices.  Any notice or communication given hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, or by United States mail, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify):

        

If to the Company, to:
Comtech Telecommunications Corp. 
68 South Service Road, Suite 230 
Melville, NY 11747 
Attention:  Secretary
If to you, to the address indicated at the end of this Agreement.
10.    Securities Representations.  The grant of the Award and the issuance of shares of Restricted Stock pursuant hereto shall be subject to, and in compliance with, all applicable requirements of federal, state or foreign securities law.  No shares of Restricted Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which such shares may then be listed.  As a condition to the grant of the Award, the Company may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation.
The shares of Restricted Stock are being issued to you and this Agreement is being made by the Company in reliance upon the following express representations and warranties.  You acknowledge, represent and warrant that:
(a)    you have been advised that you may be an “affiliate” within the meaning of Rule 144 under the Securities Act of 1933, as amended (the “Act”) and in this connection the Company is relying in part on your representations set forth in this section.
(b)    if you are deemed to be an affiliate within the meaning of Rule 144 of the Act, the shares issued to you must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such shares and the Company is under no obligation to register the shares (or to file a “re-offer prospectus”).
(c)    if you are deemed to be an affiliate within the meaning of Rule 144 of the Act, you understand that the exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the shares, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sales of the shares may be made only in limited amounts in accordance with such terms and conditions.

11.    Right to Terminate Directorship.  Neither the Plan nor the grant of the Award hereunder shall impose any obligations on the Company and/or the stockholders of the Company to retain you as a director, nor shall it impose any obligation on your part to remain as a director of the Company.
12.    Agreement and Grant Not Effective Unless Accepted. By selecting the “Accept" button below you agree (i) to enter into this Agreement electronically, and (ii) to the terms and conditions of the Agreement. Until you select the "Accept" button below and accept the corresponding Irrevocable Stock Power (the “Power”), this Award shall not be effective and if you do not select the “Accept" button and accept the corresponding Power within 14 days from the date the Agreement is made available to you electronically this Award shall be null and void.

        

IRREVOCABLE STOCK POWER

KNOW ALL MEN BY THESE PRESENTS, that [Director Name] (the “Transferor”), for value received, has assigned and transferred, and by these presents does assign and transfer unto Comtech Telecommunications Corp., a Delaware corporation, (the “Company”) [#] shares of the common stock, par value $0.10 per share, of the Company standing in the Transferor's name on the books of the Company, and does hereby constitute and appoint the Secretary of the Company, his true and lawful attorney, irrevocable for him and in his name and stead, to assign, transfer and set over said stock, and for that purpose, to make and execute all necessary acts of assignment and transfer, and one or more persons to substitute with like full power, hereby ratifying and confirming all that his said attorney, or the substitute or substitutes, shall lawfully do by virtue hereof.

By selecting the “Accept” button below you, [Director Name], agree (i) to execute this Irrevocable Stock Power (the “Power”) electronically, and (ii) to the terms and conditions of the Power. Until you select the “Accept” button below, this Power shall not be effective and if you do not select the “Accept” button and accept the corresponding Restricted Stock Award within 14 days from the date the Power is made available to you electronically this Power shall be null and void.Exhibit 10(z) - Performance Share Agreement with Dividends (Auto Deferral)

Exhibit 10(z)

[Grant Number]

PERFORMANCE SHARE AWARD AGREEMENT 
PURSUANT TO THE 
COMTECH TELECOMMUNICATIONS CORP.
2000 STOCK INCENTIVE PLAN
 
THIS PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”), made effective as of [GRANT DATE], by and between Comtech Telecommunications Corp. (the “Company”) and [PARTICIPANT NAME] (the “Participant”).
WHEREAS, the Board of Directors of the Company (the “Board”) adopted, and the stockholders of the Company approved, the Comtech Telecommunications Corp. 2000 Stock Incentive Plan (Amended and Restated Effective June 5, 2013) (the “Plan”);
WHEREAS, the Committee appointed by the Company’s Board of Directors to administer the Plan (the “Committee”), wishes to grant to the Participant a Performance Share Award under Article IX of the Plan that, following the achievement of the performance criteria set forth on Appendix A attached hereto (the “Performance Goal”) and, except as otherwise specifically set forth in this Agreement, subject to the Participant’s continuing service with the Company or an Affiliate through the achievement of the Performance Goal and subsequent Vesting Dates (as defined below), may provide for the issuance of shares of the Company’s Common Stock;
WHEREAS, the Performance Goal is intended to constitute a “Performance Goal,” as set forth under the Plan; and
WHEREAS, such shares of Common Stock, when issued to the Participant, shall be subject to the terms of this Agreement.
NOW, THEREFORE, the Company and the Participant agree as follows

1. Grant of Performance Share Award.  Subject to the restrictions, terms and conditions of the Plan and this Agreement, on [GRANT DATE] (the “Grant Date”) the Company hereby awards and grants to the Participant [TOTAL SHARES] Performance Shares entitling the Participant the right to receive for each Performance Share earned in accordance with Section 2 below, one share of Common Stock, subject to the provisions of Sections 4, 5 and 6 below (the “Performance Share Award”).  
2.  Certification Date.  Subject to the Participant’s not incurring a Termination of Employment prior to the Certification Date and subsequent Vesting Dates (each as defined below) (except as otherwise specifically set forth in this Agreement), upon the Committee determining and certifying the achievement of the Performance Goal with respect to the Company’s fiscal year beginning on [PERFORMANCE PERIOD BEGINNING DATE] and ending on [PERFORMANCE PERIOD END DATE] (the “Performance Period”), the Participant shall earn the right to receive one share of Common Stock for each Performance Share following the Performance Period reflecting the attainment of the Performance Goal (“Awarded Shares”) during the Performance Period, subject to the Participant meeting the service-based vesting requirements of Section 5.  The Committee shall certify the achievement of the Performance Goal no earlier than [EARLIEST CERTIFICATION DATE] and on or before [LATEST CERTIFICATION DATE] (the date of such certification the “Certification Date”).  If on the Certification Date the Committee determines and certifies 

that the Performance Goal has not been achieved, then the Performance Shares shall be forfeited on the Certification Date.
3.  Dividend Equivalents.  Any cash or Common Stock dividends paid on shares of Common Stock underlying an Awarded Share on or following the completion of the Performance Period and prior to the Settlement Date (as defined below) for such Awarded Share shall be credited to a dividend book entry account on behalf of the Participant (any such credited amount, a “Dividend Equivalent”).  Any cash Dividend Equivalents shall not be deemed to be reinvested in shares of Common Stock and will be held uninvested and without interest.  The Participant’s right to receive any Dividend Equivalents with respect to cash dividends shall vest only if and when the related Awarded Share vests, and an amount equal to such cash dividends shall be paid to the Participant in cash on the applicable Settlement Date on which the related Awarded Share is settled.  The Participant’s right to receive any Dividend Equivalents with respect to dividends of Common Stock shall vest only if and when the related Awarded Share vests, and the Participant will be paid an amount in cash equal to the Fair Market Value of the Common Stock underlying such dividend as of the applicable Settlement Date. 
4.  Death or Disability/Change in Control before the Certification Date; Effect of Terminations of Employment. 
4.1.   Death, Disability and Termination of Employment.  In the event of the Participant’s death or Disability prior to the Certification Date and prior to forfeiture of the Performance Shares, the Performance Goal shall be deemed to be satisfied as of the date of such death or Disability and all Awarded Shares shall become fully vested and shall be distributed to the Participant or his or her beneficiary within sixty (60) days following the Participant’s death or Disability.  In the event of any Termination of Employment (other than due to death or after Disability) prior to the Certification Date, subject to Section 4.2, all Performance Shares shall be forfeited on the date of such Termination of Employment.  For purposes of Plan Section 2.14 (definition of “Disability”), the Performance Shares shall be treated as a deferral of compensation under Code Section 409A. 
4.2.   409A Change in Control.  In the event of a 409A Change in Control prior to the Certification Date, the Performance Goal shall be deemed to be satisfied, regardless of the actual achievement of the Performance Goal or the completion of the Performance Period as of the date of the 409A Change in Control, and any other conditions required for vesting of any unvested Awarded Shares shall be deemed satisfied upon the 409A Change in Control, provided that the Participant does not incur a Termination of Employment prior to the 409A Change in Control and the vested Awarded Shares (and any Dividend Equivalents credited thereupon) shall be distributed immediately upon the 409A Change in Control.
5.  Vesting and Distribution of Awarded Shares. Subject to Sections 4 and 6, Awarded Shares shall vest as follows if the Participant does not incur a Termination of Employment prior to the applicable Vesting Date (as defined below): 20% of the Awarded Shares will vest on the Certification Date and the remaining 80% will vest in equal installments as follows: 20% on the first anniversary of the Certification Date; 20% on the second anniversary of the Certification Date; 20% on the third anniversary of the Certification Date; and 20% on the fourth anniversary of the Certification Date (each a “Vesting Date”).  Subject to Section 17.13 of the Plan, Vested Awarded Shares shall be distributed to the Participant within sixty (60) days of the Participant’s Termination of Employment.  The date on which the vested Awarded Shares are distributed to the Participant under the terms of this Agreement is referred to herein as the “Settlement Date” of such Awarded Shares.  In the event that the number of Awarded Shares that would vest on a given Vesting Date pursuant to the above schedule equals a non-whole number, then the number of Awarded Shares that actually vest on such Vesting Date will be rounded down to the nearest whole number, and the fraction share that remains will be carried forward and added to the number of shares to be delivered on the Settlement Date.
Except as otherwise provided herein, there shall be no proportionate or partial vesting in the periods prior to the applicable Vesting Dates and all vesting shall occur only on the appropriate Vesting Date. 

6.  Termination of Employment/ Change in Control on or after the Certification Date. 
6.1.  Termination of Employment.  In the event of the Participant’s Termination of Employment by reason of death or Disability on or after the Certification Date, all unvested Awarded Shares (and any Dividend Equivalents credited thereupon) shall become fully vested and shall be distributed to the Participant or his or her beneficiary within sixty (60) days following the Participant’s Termination of Employment.  In the event of any other Termination of Employment any unvested and unissued Awarded Shares (and any Dividend Equivalents credited thereupon) shall be forfeited on the date of such Termination of Employment.  
6.2.  Change in Control.  In the event of a 409A Change in Control on or after the Certification Date, the conditions required for vesting of any unvested Awarded Shares shall be deemed satisfied upon the 409A Change in Control, provided that the Participant does not incur a Termination of Employment prior to the 409A Change in Control and the vested Awarded Shares (and any Dividend Equivalents credited thereupon) shall be distributed on the 409A Change in Control.
7.  Detrimental Activity.  In the event the Participant engages in Detrimental Activity prior to, or during the one year period following the later of the Termination of Employment or the vesting of Awarded Shares, the Committee may direct (at any time within one year thereafter) that all unvested Awarded Shares (and any Dividend Equivalents credited thereupon) shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal to the value at the time of vesting of any Awarded Shares or Dividend Equivalents or on the date of Termination of Employment as applicable. 
8.  Restrictions on Transfer.  The Participant shall not sell, negotiate, transfer, pledge, hypothecate, assign, encumber, anticipate or otherwise dispose of the Performance Share Award, Awarded Shares or Dividend Equivalents, and such Performance Share Award, Awarded Shares and Dividend Equivalents shall not be subject to attachment or garnishment by creditors of Participant or Participant’s beneficiaries (if any), except as specifically permitted by the Plan and this Agreement, and only to the extent permitted under Code Section 409A.  Any attempted Transfer in violation of this Agreement and the Plan shall be void and of no effect. 
9.  Issuance Restrictions.  The Company is not obligated to issue any securities if, in the opinion of counsel for the Company, the issuance of such Common Stock shall constitute a violation by the Participant or the Company of any provisions of any law or of any regulations of any governmental authority or any national securities exchange.
10.  Securities Representations.  The shares of Common Stock will be issued to the Participant and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Participant.  The Participant acknowledges, represents and warrants that:
10.1.  The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this section;
10.2.  The Common Stock must be held indefinitely by the Participant unless (i) an exemption from the registration requirements of the Securities Act is available for the resale of such Common Stock or (ii) the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the resale of such Common Stock and the Company is under no obligation to continue in effect a Form S-8 Registration Statement or to otherwise register the resale of the Common Stock (or to file a “re-offer prospectus”);
10.3.  The exemption from registration under Rule 144 will not be available under current law unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions.

11.  Not an Employment Agreement.  Neither the execution of this Agreement nor the issuance of the Performance Share Award or the Common Stock hereunder constitute an agreement by the Company to employ or to continue to employ the Participant during the entire, or any portion of, the term of this Agreement, including but not limited to any period during which any shares of Common Stock are outstanding.
12.  Power of Attorney.  The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest.  The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of Common Stock and property provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof.  Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose.
13.  Withholding.  The Participant acknowledges that the Participant is solely responsible for all applicable foreign, federal, state, and local taxes with respect to the Performance Share Award and the payments thereunder; provided, however, that at any time the Company is required to withhold any such taxes (including, without limitation, any employment taxes), the Participant shall pay, or make arrangements to pay, in a manner satisfactory to the Company, an amount equal to the amount of all applicable  minimum statutory federal, state and local or foreign taxes that the Company is required to withhold at any time, including, if then permitted by the Company, by electing to reduce the number of shares of Common Stock otherwise then deliverable to the Participant under this Agreement.  In the absence of such arrangements, the Company or one of its Affiliates shall have the right to make such required withholding from any amounts payable to the Participant, including, but not limited to, the right to withhold shares of Common Stock (or any other payments to be made under this Agreement) otherwise deliverable to the Participant under this Agreement.  If the Company has announced that it will withhold shares in the absence of alternative arrangements, the Participant must make arrangements for such alternative payment (if he or she wishes to do so) either 60 days in advance of the applicable tax date or at a time when the Participant is not otherwise precluded from trading Common Stock under the Company’s insider trading policies (unless otherwise determined by the Company).  For clarity, the Company will not withhold, or permit the Participant to require that the Company withhold, taxes in excess of the statutory minimums (e.g., federal, state and local taxes, including payroll taxes) and the Company, as a matter of practice, will not withhold taxes in excess of statutory minimums.  If a taxing authority or jurisdiction has multiple statutory withholding rates to choose from, the lowest withholding rate must be withheld.
14.  Miscellaneous.
14.1.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or any affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement.  Notwithstanding the foregoing, the Participant may not assign this Agreement other than with respect to shares of Common Stock Transferred in compliance with the terms hereof.
14.2.  This award of the Performance Share Award and the issuance of Common Stock thereunder shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or liquidation of the Company, 

any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.  Performance Shares and Awarded Shares (and any Dividend Equivalents with respect to Common Stock dividends credited thereupon) shall be subject to adjustment in accordance with Section 4.2(b) of the Plan.  For clarity, ordinary dividends on Common Stock will not trigger adjustments to Performance Shares and Awarded Shares.
14.3.  The Participant agrees that the award of the Performance Share Award under this Agreement and the issuance of Common Stock or Dividend Equivalents thereunder is special incentive compensation and that the Performance Share Award (even if treated as compensation for tax purposes) will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.
14.4.  No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.
14.5.  The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.
14.6.  The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.
14.7.  All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice.  Notices to the Company shall be addressed to the Compensation Committee of the Board.
14.8.  This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.
15.  Rights as a Stockholder.  Except as otherwise specifically provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by the Performance Share Award unless and until the Participant has become the holder of record of the shares of Common Stock.  
16.  Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  Specifically, the provisions of Section 17.13 of the Plan (“Section 409A of the Code”) shall apply to this Award.  The Plan is incorporated herein by reference.  A copy of the Plan has been delivered to the Participant.  If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant.
17.  Agreement and Grant Not Effective Unless Accepted. By selecting the “Accept" button below you agree (i) to enter into this Agreement electronically, and (ii) to the terms and conditions of the Agreement. Until you select the "Accept" button below, this Performance Share Award shall not be effective and if 

you do not select the “Accept" button within 14 days from the date the Agreement is made available to you electronically this Performance Share Award shall be null and void.
18.  ERISA Claims Procedures. The provisions of the U.S. Department of Labor Regulations Section 2560.503-1 governing claims procedures shall apply to any disputes relating to the Performance Share Award under this Agreement.  The Performance Share Award shall be considered to be granted under the Guidelines for Deferrable Performance Shares granted under the Plan. 

APPENDIX A
Performance Criteria
The performance criteria set forth herein is established for purposes of the grant of the Performance Shares for the Performance Period and is intended to be “performance-based” under Section 162(m) of the Code.
The performance criteria is [PERFORMANCE GOAL]
With respect to the Performance Period, to the extent any provision contained herein creates impermissible discretion under Section 162(m) of the Code, such provision will be of no force or effect.

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