Document:

Exhibit 10.1

 

RESTRICTED STOCK AWARD AGREEMENT

 

This Restricted
Stock Award Agreement (this “Agreement”), dated as of                      (the “Award Date”), is by and between                    (the “Participant”), and United Stationers
Inc., a Delaware corporation (the “Company”). 
Any term capitalized but not defined in this Agreement will have the
meaning set forth in the Company’s 2004 Long-Term Incentive Plan (the “Plan”).

In the exercise of
its discretion to issue stock of the Company, the Committee has determined that
the Participant should receive a restricted stock award, on the following terms
and conditions:

1.                                       Grant.  The Company
hereby grants to the Participant a Restricted Stock Award (the “Award”) of             shares of Stock (the “Restricted Shares”).  The Award will be subject to the terms and
conditions of the Plan and this Agreement. 
The Award constitutes the right, subject to the terms and conditions of
the Plan and this Agreement, to distribution of the Restricted Shares.

2.                                       Stock Certificates. 
The Company will issue certificates for, or cause its transfer agent to
maintain a book entry account reflecting the issuance of, the Restricted Shares
in the Participant’s name.  The Secretary
of the Company, or the Company’s transfer agent, will hold the certificates for
the Restricted Shares, or cause such Restricted Shares to be maintained as
restricted shares in a book entry account, until the Restricted Shares either vest
or are forfeited.  Any certificates that
are issued for Restricted Shares will bear a legend, and any book entry
accounts that are maintained therefor will have an appropriate notation, in
accordance with Section 6 hereof.  The
Participant’s right to receive the Award hereunder is contingent upon the
Participant’s execution and delivery to the Secretary of the Company of all
stock powers or other instruments of assignment (including a power of
attorney), each endorsed in blank with a guarantee of signature if deemed
necessary or appropriate by the Company, which would permit transfer to the
Company of all or a portion of the Restricted Shares in the event such
Restricted Shares are forfeited in whole or in part.  The Company, or its transfer agent, will
distribute to the Participant (or, if applicable, the Participant’s designated
beneficiary or other appropriate recipient in accordance with Section 5 hereof)
certificates evidencing ownership of vested Restricted Shares as and when
provided in Sections 4 and 5 hereof.

3.                                       Rights as Stockholder. 
On and after the Award Date, and except to the extent provided in
Section 9 hereof, the Participant will be entitled to all of the rights of a
stockholder with respect to the Restricted Shares, including the right to vote
the Restricted Shares, the right to receive dividends and other distributions
payable with respect to the Restricted Shares, and the right to participate in
any capital adjustment applicable to all holders of Stock; provided, however,
that a distribution with respect to shares of Stock, other than any regular
cash dividend, will be deposited with the Company and will be subject to the
same restrictions as the Restricted Shares. 
If the Participant forfeits any rights he or she may have under this
Award in accordance with Section 4 hereof, the Participant shall, on the day
following the event of forfeiture, no longer have any rights as a stockholder
with 

 

                                                respect to any and all Restricted Shares
not then vested and so forfeited, or any interest therein, and the Participant
shall no longer be entitled to receive dividends on or vote any such Restricted
Shares as of any record date occurring thereafter.

4.                                       Vesting; Effect of Date of Termination. 
The Participant’s Restricted Shares will become vested on                   ; provided that the
Participant’s Date of Termination has not occurred before that date.  If the Participant’s Date of Termination
occurs for any reason before all of the Participant’s Restricted Shares have
become vested under this Agreement, the Participant’s Restricted Shares that
have not theretofore become vested will be forfeited on and after the
Participant’s Date of Termination, subject to the following:

(a)                                  If the Participant’s Date of Termination
occurs by reason of the Participant’s death or Permanent and Total Disability,
a Pro Rata Portion of the Restricted Shares that have not otherwise vested
under this Agreement will then become vested as of the Participant’s Date of
Termination.  As used herein, the “Pro
Rata Portion” of the then unvested Restricted Shares shall be determined by
multiplying the total number of Restricted Shares then remaining unvested by a
fraction, the numerator of which shall be the number of whole months elapsed
from the Award Date to the Date of Termination and the denominator of which
shall be the number of whole months between the Award Date and the normal
vesting date provided in the first sentence of this Section 4.

(b)                                 If a Change of Control occurs after the
Award Date and prior to the Participant’s Date of Termination, then (i) 50% of
the Restricted Shares that have not otherwise vested under this Agreement will
then become fully vested as of the date of such event; and (ii) the portion of
the Restricted Shares that does not vest in accordance with the preceding
clause (i) shall be subject to the vesting provisions of this Agreement without
regard to the acceleration of vesting under clause (i).

(c)                                  If a Change of Control occurs after the
Award Date and prior to the Participant’s Date of Termination and, during the
two-year period following the date of such Change of Control, the Participant’s
Date of Termination occurs by reason of termination of the Participant’s
employment by the Company or its Subsidiaries without Cause or by the
Participant for Good Reason, the Restricted Shares that have not otherwise
vested under this Agreement will be fully vested as of the Participant’s Date
of Termination.

(d)                                 If the Participant’s Date of Termination
occurs during an Anticipated Change of Control by reason of termination of the
Participant’s employment by the Company or its Subsidiaries without Cause or by
the Participant for Good Reason, and  a
Change of Control then occurs within two years following the Participant’s Date
of Termination, the number of shares (subject to paragraph 5.2(f) of the Plan)
that were forfeited under this Agreement on the Date of Termination shall be
granted to the Participant on a fully vested basis as of the date of the Change
of Control.

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For purposes of this
Agreement, the term “Permanent and Total Disability” means the Participant’s
inability, due to illness, accident, injury, physical or mental incapacity or
other disability, effectively to carry out his duties and obligations as an
employee of the Company or its Subsidiaries or to participate effectively and
actively as an employee of the Company or its Subsidiaries for 90 consecutive
days or shorter periods aggregating at least 180 days (whether or not
consecutive) during any twelve-month period.

Except as otherwise
specifically provided, the Company will not have any further obligations to the
Participant under this Agreement if the Participant’s Restricted Shares are
forfeited as provided herein.

5.                                       Terms and Conditions of Distribution. 
The Company, or its transfer agent, will distribute to the Participant
certificates for  any portion of the
Restricted Shares which becomes vested in accordance with this Agreement as
soon as practicable after the vesting thereof. 
If the Participant dies before the Company has distributed certificates
for any vested portion of the Restricted Shares, the Company will distribute
certificates for that vested portion of the Restricted Shares and, to the
extent provided under Section 4 hereof, the remaining balance of the Restricted
Shares which become vested upon the Participant’s death to the beneficiary
designated by the Participant on a form provided by the Company for this
purpose.  If the Participant failed to
designate a beneficiary, the Company will distribute certificates for such
Restricted Shares in accordance with the Participant’s will or, if the Participant
did not have a will, in accordance with the laws of descent and distribution.

Notwithstanding the
foregoing, the Committee may require the Participant, or the alternate
recipient identified in the preceding paragraph, to satisfy any potential federal,
state, local or other tax withholding liability.  Such liability must be satisfied at the time
such Restricted Shares become “substantially vested” (as defined in the
regulations issued under Section 83 of the Code).  At the election of the Participant, and
subject to such rules and limitations as may be established by the Committee
from time to time, such withholding obligations may be satisfied: (A) through a
cash payment by the Participant, (B) through the surrender of shares of Stock
that the Participant already owns (provided, however, to the extent shares
described in this clause (B) are used to satisfy more than the minimum
statutory withholding obligation, as described below, then payments made with
shares of Stock in accordance with this clause (B) shall be limited to shares
held by the Participant for not less than six months prior to the payment
date), (C) through the surrender of shares of Stock to which the Participant is
otherwise entitled in respect of the Award under this Agreement; provided,
however, that such shares under this clause (C) may be used to satisfy not more
than the minimum statutory withholding obligation of the Company or applicable
Subsidiary (based on minimum statutory withholding rates for federal, state and
local tax purposes, including payroll taxes, that are applicable to such 

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supplemental taxable
income), or (D) any combination of (A), (B) and (C); provided, however,
that the Committee shall have sole discretion to disapprove of an election
pursuant to any of clauses (B)-(D) and that the Committee may require that the
method of satisfying such an obligation be in compliance with Section 16 of the
Exchange Act (if the Participant is subject thereto) and any other applicable
laws and the respective rules and regulations thereunder.  Any fraction of a share of Stock which would
be required to satisfy such an obligation will be disregarded and the remaining
amount due will be paid in cash by the Participant.

The Company will not be
required to make any distribution of any portion of the Restricted Shares under
this Section 5 (i) before the first date that such portion of the Restricted
Shares may be distributed to the Participant without penalty or forfeiture
under federal or state laws or regulations governing short swing trading of
securities, or (ii) at any other time when the Company or the Committee
reasonably determines that such distribution or any subsequent sale of the
Restricted Shares would not be in compliance with other applicable securities
or other laws or regulations.  In
determining whether a distribution would result in any such penalty, forfeiture
or noncompliance, the Company and the Committee may rely upon information
reasonably available to them or upon representations of the Participant or the
Participant’s legal or personal representative.

6.                                       Legend on Stock Certificates. 
If one or more certificates for all or any portion of the Restricted
Shares are issued in the Participant’s name under this Agreement before such
Restricted Shares become vested, the certificates shall bear the following
legend, or any alternate legend that counsel to the Company believes is
necessary or desirable, to facilitate compliance with applicable securities or
other laws:

                                                “The securities
represented by this Certificate are subject to certain restrictions on transfer
specified in the Restricted Stock Award Agreement dated as of [the Award Date]
between the issuer (the “Company”) and the holder named on this Certificate,
and the Company reserves the right to refuse the transfer of such securities,
whether voluntary, involuntary or by operation of law, until such conditions
have been fulfilled with respect to such transfer.  A copy of such conditions shall be furnished
by the Company to the holder hereof upon written request and without charge.”

If
any such Restricted Shares are not represented by certificate(s) prior to their
vesting, but are instead maintained by the Company’s transfer agent in
uncertificated form in a book entry account, the account shall bear an
appropriate notation to the effect that the Restricted Shares included therein
are subject to the restrictions of this Agreement.  Whether maintained in certificated or
uncertificated book entry form, the Company may instruct its transfer agent to
impose stop transfer instructions with respect to any such unvested Restricted
Shares.

                                                The foregoing
legend or notation and stop transfer instructions will be removed from the
certificates evidencing or account maintained for all or any portion of the
Restricted Shares after the conditions set forth in Sections 4 and 5 hereof
have been satisfied as to such Restricted Shares.

 

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7.                                       Delivery of Certificates. 
Despite the provisions of Sections 4 and 5 hereof, the Company is not
required to issue or deliver any certificates for Restricted Shares if at any
time the Company determines that the listing, registration or qualification of
such Restricted Shares upon any securities exchange or under any law, the
consent or approval of any governmental body or the taking of any other action
is necessary or desirable as a condition of, or in connection with, the
delivery of the Restricted Shares hereunder in compliance with all applicable
laws and regulations, unless such listing, registration, qualification,
consent, approval or other action has been effected or obtained, free of any
conditions not acceptable to the Company.

8.                                       No Right to Employment. 
Nothing herein confers upon the Participant any right to continue in the
employ of the Company or any Subsidiary.

9.                                       Nontransferability. 
Except as otherwise provided by the Committee or as provided in Section
5, and except with respect to vested shares, the Participant’s interests and
rights in and under this Agreement are not assignable or transferable other
than as designated by the Participant by will or by the laws of descent and
distribution.  Distribution of Restricted
Shares will be made only to the Participant; or, if the Committee has been
provided with evidence acceptable to it that the Participant is legally
incompetent, the Participant’s personal representative; or, if the Participant
is deceased, to the designated beneficiary or other appropriate recipient in
accordance with Section 5 hereof.  The
Committee may require personal receipts or endorsements of a Participant’s
personal representative, designated beneficiary or alternate recipient provided
for herein, and the Committee shall extend to those individuals the rights
otherwise exercisable by the Participant with regard to any withholding tax
election in accordance with Section 5 hereof. 
Any effort to otherwise assign or transfer any Restricted Shares (before
they are distributed) or any rights or interests therein or thereto under this
Agreement will be wholly ineffective, and will be grounds for termination by
the Committee of all rights and interests of the Participant and his or her
beneficiary in and under this Agreement.

10.                                 Administration and Interpretation. 
The Committee has the authority to control and manage the operation and
administration of the Plan.    Any interpretations
of the Plan by the Committee and any decisions made by it under the Plan are
final and binding on the Participant and all other persons.

11.                                 Governing Law.   
This Agreement and the rights and obligations hereunder shall be
governed by and construed in accordance with the laws of the state of Delaware,
without regard to principles of conflicts of law of Delaware or any other
jurisdiction.

12.                                 Sole Agreement. 
Notwithstanding anything in this Agreement to the contrary, the terms of
this Agreement shall be subject to all of the terms and conditions of the Plan
(as the same may be amended in accordance with its terms), a copy of which may
be obtained by the Participant from the office of the Secretary of the Company.  In addition, this Agreement and the
Participant’s rights hereunder shall be subject to all interpretations,  determinations, guidelines, rules and
regulations adopted or made by the Committee from time to time pursuant to the
Plan.  This Agreement is the entire
agreement between the parties to it with respect to the subject matter hereof,
and supersedes any and all prior oral 

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                                                and written discussions, commitments,
undertakings, representations or agreements (including, without limitation, any
terms of any employment offers, discussions or agreements between the parties).

13.                                 Binding Effect. 
This Agreement will be binding upon and will inure to the benefit of the
Company and the Participant and, as and to the extent provided herein and under
the Plan, their respective heirs, executors, administrators, legal
representatives, successors and assigns.

14.                                 Amendment and Waiver. 
This Agreement may be amended in accordance with the provisions of the
Plan, and may otherwise be amended by written agreement between the Company and
the Participant without the consent of any other person.  No course of conduct or failure or delay in
enforcing the provisions of this Agreement will affect the validity, binding
effect or enforceability of this Agreement.

IN WITNESS WHEREOF, the Company has duly executed this Agreement as of
the Award Date.

United Stationers Inc., a Delaware corporation

	
   By:
  ___________________________________

  
	
   

  
	
   Its:
  ___________________________________

  

 

 

 

6Exhibit 10.1

 

 

401 River Oaks Parkway

San Jose, CA 95134

 

Nov.
16, 2004

 

Mr. Ephraim Kwok

 

Dear Ephraim:

 

We are pleased to offer you a position with WJ
Communications Inc. (the Company) as Senior Vice President and Chief Financial
Officer (CFO). Your starting salary will be $200,000, annualized and you will
report directly to myself. Your responsibilities will include the financial
management, financial processes (including SOX 404) and financial reports of
the Company, interaction with the Audit Committee and board of directors on
financial matters, supervision of the WJ Finance and Human Resources groups,
coordination of work activities with our outside legal firm, Shumaker, Loop,
Kendrick, LLP and various other activities and responsibilities that the CEO
and Board of Directors may assign to you from time to time. You will also be a
member of the Company’s Senior Management Staff and you will directly
participate in the weekly, senior management business staff meetings and
decision making processes.  Also you will
participate in and have annual performance and salary review and your yearly
salary may be increased as a result of such reviews but not decreased.

 

As an additional component of your compensation
program, you will be eligible to receive a bonus,
calculated and paid quarterly. When earned this bonus is to be paid as soon as
practicable after each fiscal quarter, but not later than one hundred twenty
(120) days after the end of each such fiscal quarter. In order to determine the
amount of such bonus, the Company shall determine appropriate business and
financial targets and certain individual objectives for you for each fiscal
quarter, and your bonus for each such fiscal quarter shall be based upon the
extent to which the Company and you attain such business and financial targets
and objectives. Your maximum total annual bonus shall be 50% of your Annual
Base Salary. The determination of appropriate business targets with respect to
each fiscal quarter shall take place not later than thirty (30) days following
the receipt by the Board of Directors of the Company from the Company’s senior
management of the Company’s operating budget with respect to such fiscal
period.

 

 

You will receive an initial WJ Stock Option
grant upon your employment of 600,000 options. The vesting will be 25% annually
over four years with no vesting occurring until the end of the first year of
employment. In the future, you will also be eligible for possible additional
option grants based upon the company’s and your individual performance as
approved by the WJ board of directors. Also you will be eligible to participate
in the WJ Restricted Stock Incentive Program, which rewards exceptional
performance with grants of WJ restricted stock.

 

In addition to your base salary, you will be
eligible to participate in our employee benefits program, which includes a
401(k) plan with company matching contributions of up to 3%.  Also, the company’s benefits program includes
medical, dental, life and ADD insurance coverage, and Paid Time Off, earned at
the rate of 10 days your first year and 15 days per year after one year of
service. As part of the senior management team, you will also be eligible for
the Executive Medical Reimbursement Program, which supplements the standard
health plan available to WJ Communications Employees and provides for payment
of up to $5000 per year for yourself and your family.

 

The Company requests that you complete the
enclosed “Employee Agreement” as a condition of employment. In part, this
Agreement requests that a departing employee refrain from using or disclosing
the Company’s Confidential Information (as defined in the Agreement) in any
manner that might be detrimental to or conflict with the business interests of
the Company or its employees.  This
Agreement does not prevent a former employee from using his or her general
knowledge and experience — no matter when or how gained — in any new field or
position.

 

For purposes of federal immigration law, you
will be required to provide the Company documentary evidence of your identity
and eligibility for employment in the United States.  Such documentation must be provided to us
within three business days of your date of hire, or our employment relationship
will be terminated.

 

Please understand that
this offer is contingent upon successful passage of a pre-employment drug
screening test and background check, which are required by WJ Policy, copies of
which are available through our Human Resources Department.

 

We hope that you and the Company will find
mutual satisfaction with your employment. 
All of us at WJ Communications are very excited about your joining our
team and look forward to a beneficial and fruitful relationship.  Nevertheless, employees have the right to
terminate their employment at any time with or without cause or notice, and the
Company reserves for itself an equal right. 
Nothing in this letter is intended to modify this “at will” employment
relationship.

 

It is our understanding that you will be able to
start at WJ no later than Jan. 2, 2005 and this employment offer is contingent
on that happening. It may however be advantageous if you could come into the
Company for several hours on 1-2 days in mid-late December, 2004 and I would
like to discuss this possibility further with you.

 

2

 

This letter and the “Employee Agreement” contain
the entire agreement with respect to your employment and supersede any prior or
contemporaneous representations or agreements. 
The terms of this offer may only be changed by written agreement by the
President/CEO.

 

We look forward to a positive response to our
offer, Ephraim. Please indicate your acceptance by signing and returning a copy
(via fax: 408-577-6622) of this letter and a completed “Employment Agreement” to
me no later than November 22, 2004.

 

Very truly yours,

 

 

	
  /s/ Michael R. Farese

  	
   

  
	
  Michael R. Farese, PhD

  
	
  President and CEO

  
	
   

  
	
   

  
	
  AGREED AND ACCEPTED:

  
	
   

  
	
   

  
	
  /s/ Ephraim Kwok

  	
   

  
	
  Ephraim Kwok

  
	
   

  
	
   

  
	
  November 17, 2004

  	
   

  
	
  Date

  
			

 

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