Document:

Exhibit

PBF ENERGY INC.
2012 EQUITY INCENTIVE PLAN

2016 RESTRICTED STOCK AGREEMENT FOR NON-EMPLOYEE DIRECTORS

THIS AGREEMENT (the “Agreement”), is made effective as of the date set forth on the signature page hereto (the “Date of Grant”), between PBF Energy Inc. (the “Company”) and the individual named on the signature page hereto (the “Grantee”).
R E C I T A L S:
WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and
WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its stockholders to grant the Restricted Shares (as defined below) provided for herein to the Grantee pursuant to the Plan and the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:
1.Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below.  Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.
(a)Company Group:  The Company and its subsidiaries and Affiliates.
(b)Plan:  The PBF Energy Inc. 2012 Equity Incentive Plan, as it may be amended or supplemented from time to time.
(c)Restricted Share:  A Share with respect to which the terms, conditions and restrictions are set forth in Section 3 of this Agreement.
2.Grant of the Restricted Shares.  The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth herein and in the Plan, the number of Shares set forth on the signature page hereto, subject to adjustment as set forth in the Plan. 
3.Vesting; Transfer Restrictions; Terms and Conditions.
(a)General.  The Restricted Shares shall be fully vested as of the date of grant but except as otherwise provided in Section 6, shall not be assigned, sold, transferred or otherwise be subject to alienation by the Grantee until such time as the restrictions lapse in accordance with the schedule on the signature page hereto.
(b)Termination of Service.  If the Grantee’s service with the Company Group terminates for any reason prior to the lapse of the transfer restrictions in accordance with Section 3(a), all restrictions on any Restricted Shares shall immediately lapse and the Shares underlying such Restricted Shares shall be free of any of the transfer restrictions set forth in Section 3(a).  
(c)Ownership of Shares.  Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess from Date of Grant all incidents of ownership of the Restricted Shares granted hereunder, including, without limitation, (i) the right to vote such Restricted Shares, and (ii) the right to receive dividends (on a current basis) with respect to such Restricted Shares (but only to the extent declared and paid to holders of Shares by the Company in its sole discretion), provided, however, that any such dividends shall be treated, to the extent required by applicable law, as additional compensation for tax purposes if paid on Restricted Shares.  
4.No Right to Continued Service.  Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to be retained in the service of, or in any consulting relationship to, any member of the Company Group.  Further, any member of the Company Group may at any time dismiss the Grantee or discontinue any service or consulting relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein.  Any determinations as to whether the Grantee continues to be provide services shall be at the discretion of the Committee.

5.Certificate; Book Entry Form; Legend.  
(a)The Company shall issue the Restricted Shares either (i) in certificate form or (ii) in book entry form, registered in the name of the Grantee, with legends or notations, as applicable referring to the terms, conditions and restrictions applicable to the Award.  To the extent applicable, all certificates (or book entries) representing the Shares shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates (or notations made next to the book entries) to make appropriate reference to such restrictions.  The Grantee further agrees that any certificate issued for Restricted Shares prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following legend: 
This certificate and the shares of stock represented hereby are subject to the terms and conditions, including restrictions against transfer, contained in the PBF Energy Inc. 2012 Equity Incentive Plan, as amended from time to time, and an agreement entered into between the registered owner and the Company, copies of which are on file at the principal offices of the Company.  
(b)Upon the lapse of the transfer restrictions relating to any Restricted Shares, the Company shall, as applicable, either remove the notations on any such Shares issued in book-entry form or deliver to the Grantee or the Grantee’s personal representative a stock certificate representing a number of Shares, free of the restrictive legend described in Section 5(a) above, equal to the number of Shares with respect to which such restrictions have lapsed. If certificates representing such Shares shall have theretofore been delivered to the Grantee, such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer prior to the issuance by the Company of such unlegended Shares. 
6.Transferability.  The Restricted Shares (or any portion thereof) shall not be transferable or assignable by the Grantee other than by will or by the laws of descent and distribution until the applicable transfer restrictions have lapsed; provided, that, subject to the approval by the Committee, in its discretion, the Restricted Shares may be transferred for no consideration to, or for the benefit of, an “immediate family member” (to be defined by the Committee) or to a bona fide trust for the exclusive benefit of such immediate family member, or a partnership or limited liability company in which immediate family members are the only partners or members.  Any sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of this Section 6 shall be void, and shall not be recognized by the Company.  All of the terms and conditions of the Plan and this Agreement shall be binding upon any permitted successors and assigns or Permitted Transferees.
7.Taxes; Withholding.  The Grantee may be required to pay to the Company Group and the Company Group shall have the right and is authorized to withhold any applicable withholding or other taxes in respect of the Award or any payment or transfer under or with respect to the Restricted Shares and to take such other action as may be necessary in the opinion of the Committee to satisfy all of the Company’s obligations for the payment of such withholding or other taxes.  The Grantee acknowledges that he or she is solely responsible for the direct payment of any taxes owed by Grantee in connection with the Award for which the Company is not statutorily required to withhold, and with respect to which the Company has not entered into an agreement with Grantee to withhold such taxes voluntarily.
8.Notices.  Any notice under this Agreement shall be addressed to the Company in care of its Secretary, and to the Grantee at the address appearing in the personnel records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other.  Any such notice shall be deemed effective upon receipt thereof by the addressee.
9.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware without regard to conflicts of laws.
10.Arbitration.  Any dispute with regard to the enforcement of this Agreement shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the Commercial Arbitration Rules of AAA with the arbitrator applying the substantive law of the State of Delaware as provided for under Section 9 hereof.  The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives.  The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction.  Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration. 
11.Amendment.  This Agreement may be amended only by a written instrument executed by the parties hereto, which specifically states that it is amending this Agreement.

12.Restricted Shares Subject to Plan; Conflict.  By entering into this Agreement the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan.  The Restricted Shares are subject to the Plan.  The terms and provisions of the Plan, as they may be amended from time to time, are hereby incorporated by reference.  In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail, except where the terms of this Agreement are more restrictive than the terms of the Plan.  
13.Severability.  In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.
14.Non-Disclosure of Confidential Information.
(a)Protection of Confidential Information. All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company Group that are not made public by the Company Group through authorized means will be considered confidential (hereafter, “Confidential Information”).  Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing.  Except in connection with the faithful performance of the Grantee’s duties hereunder or as permitted pursuant to Section 14(c), the Grantee shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information.  The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company Group, or any of its successors.
(b)Return of Confidential Information.  Upon termination of the Grantee’s service or employment with the Company for any reason, the Grantee upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in the Grantee’s possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company Group. 
(c)No Prohibition.  Nothing in this Agreement shall prohibit the Grantee from (i) disclosing information and documents when required by law, subpoena or court order (provided the Grantee gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company’s expense, in resisting or otherwise responding to such order or process), (ii) disclosing information and documents to his attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his personal correspondence, his personal rolodex or outlook contacts and documents related to his own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of the Grantee in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources.
15.Specific Performance. The Grantee acknowledges and agrees that remedies at law available to the Company for a breach or threatened breach of any of the provisions of Section 14 would be inadequate and any member of the Company Group would suffer irreparable damages as a result of such breach or threatened breach.  In recognition of this fact, the Grantee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.
16.Conformity to Section 409A.  It is intended that the Award either be exempt from or avoid taxation under Section 409A.  Any ambiguity in this Agreement shall be interpreted to preserve exemption from, or comply with, Section 409A.  To the extent applicable, as determined in the sole discretion of the Committee with and upon advice of counsel, (a) each amount or benefit payable pursuant to this Agreement shall be deemed a separate payment for purposes of Section 409A and (b) in the event the equity interests of the Company are publicly traded on an established securities market or otherwise and the Grantee is a “specified employee” (as determined under the Company’s administrative procedure for such determinations, in accordance with Section 409A) at the time of the Grantee’s separation from service, any payments under this Agreement that are deemed to be deferred compensation subject to Section 409A shall not be paid or begin payment until the earlier of the Grantee’s death and the first day following the six (6) month anniversary of the Grantee’s date of separation from service.  The Committee shall use commercially reasonable efforts to implement the provisions of this Section 16 in good faith; provided that neither the Company, the Board, the Committee nor any of the Company’s employees, directors or representatives shall have any liability to Grantee with respect to this Section 16.

17.Section Headings; Construction.  The section headings contained herein are for the purpose of convenience only and are not intended to define or limit the contents of the sections.  All words used in this Agreement shall be construed to be of such gender or number, as the circumstances require.  Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.
18.Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.
	
			
	 
	PBF ENERGY INC.

	 
	 

	 
	By
	 

	 
	 
	Name: 

	 
	 
	Title: 

	 
	 

	 
	 

	 
	[NAME OF GRANTEE]

	 
	 
	 

The Date of Grant is [           ].
The number of Restricted Shares is [            ]
The restrictions with respect to the Restricted Shares shall lapse at the following times: 
	
		
	Date Transfer Restrictions on Shares Subject to Award Lapse
	Percentage of Shares
as to Which Restrictions Lapse

	 
	 

	Upon the first anniversary of the Grant Date
	33 1/3%

	 
	 

	Upon the second anniversary of the Grant Date
	33 1/3%

	 
	 

	Upon the third anniversary of the Grant Date
	33 1/3%Exhibit

Exhibit 10.1

[Form of Director Restricted Cash Agreement]
TUMI HOLDINGS, INC.
RESTRICTED CASH AWARD GRANT NOTICE
Tumi Holdings, Inc. (the “Company”) hereby grants to the individual listed below, who is a member of the Board of Directors of the Company on the date hereof (the “Participant”), an Award of restricted cash (“Restricted  Cash”). This Award represents the right to receive, in accordance with the Restricted Cash Award Agreement attached hereto as Exhibit A (the “Agreement”), the dollar amount set forth herein. This Restricted Cash Award is subject to all of the terms and conditions set forth herein and in the Agreement and in the 2012 Long-Term Incentive Plan (the “Plan”), which are incorporated herein by reference.
Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Cash Award Grant Notice (the “Notice”) and the Agreement.
Participant:    [Ÿ]
Grant Date:    [Ÿ]
Amount of Restricted Cash:    [Ÿ]
Vesting Date:    [Ÿ]
Vesting Schedule:        [Ÿ]
Termination: Except to the extent paid in accordance with the above vesting schedule or as otherwise provided in the Agreement, the Restricted Cash Award shall terminate, become forfeited or expire without settlement in accordance with the terms of the Agreement.
By his or her signature, the Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and this Notice. The Participant has reviewed the Agreement, the Plan and this Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or relating to the Restricted Cash Award. 

	
					
	 
	TUMI HOLDINGS, INC.
	 
	 
	PARTICIPANT

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	 
	 
	 
	 

	Print Name:
	 
	 
	Print Name:
	 

	 
	 
	 
	 
	 

	Title:
	 
	 
	Title:
	 

Exhibit A
RESTRICTED CASH AWARD AGREEMENT
Pursuant to the Restricted Cash Award Grant Notice (the “Notice”) to which this Restricted Cash Award Agreement (this “Agreement”) is attached, Tumi Holdings, Inc. (the “Company”), has granted to the Participant an Award of restricted cash (“Restricted Cash”). This Restricted Cash Award represents a promise to pay the dollar amount shown in the Notice to the extent vested pursuant to this Agreement. Capitalized terms not specifically defined herein shall have the meanings specified in the Company’s 2012 Long-Term Incentive Plan, as amended from time to time (the “Plan”) and Notice.
ARTICLE I
GENERAL

1.1Incorporation of Terms of Plan. The Award is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
ARTICLE II
GRANT OF RESTRICTED CASH
2.1Grant. In consideration of the Participant’s service to the Company and other good and valuable consideration, effective as of the Grant Date set forth in the Notice, the Company hereby grants to the Participant an Award of Restricted Cash, upon the terms and conditions set forth in the Plan and this Agreement.

2.2Unsecured Obligation. Unless and until the Restricted Cash has vested in the manner set forth in Article 2 hereof, the Participant will have no right to payment with respect to the Restricted Cash. Prior to actual payment of any vested Restricted Cash, this Award will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

2.3Vesting Schedule. Subject to Sections 2.5, 2.7 and 3.1 hereof, the Restricted Cash shall vest and become nonforfeitable with respect to the applicable portion thereof according to the vesting schedule set forth in the Notice (rounding down to the nearest whole dollar, as applicable).

2.4Consideration to the Company. In consideration of the grant of the Award, the Participant agrees to provide service to the Company as a member of the Board of Directors. Nothing herein shall confer upon the Participant any right to continue as a member of the Board of Directors or shall interfere with or restrict in any way the rights of the Company, under applicable law, the Company’s charter or by-laws, or otherwise, which rights are hereby expressly reserved, to remove Participant from the Board of Directors, in accordance with such provisions.

2.5Forfeiture, Termination and Cancellation upon Termination of Service. Subject to Section 2.7, upon the Participant ceasing to serve as a member of the Company’s Board of Directors, any portion of the Restricted Cash that has not vested prior to or in connection with such termination of service (after taking into consideration any accelerated vesting which may occur pursuant to Section 3.1, if applicable) shall thereupon automatically be forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and the Participant, or the Participant’s beneficiary or personal representative, as the case may be, shall have no further rights hereunder.

2.6Payment upon Vesting.

(a)The Restricted Cash shall represent the right to receive, on the first business day following the Vesting Date, the dollar amount set forth in the Notice determined in accordance with the Vesting Schedule set forth on the Notice of Grant, and provided that the Participant remains a member of the Company’s Board of Directors through the Vesting Date, subject to the provisions of Section 2.7 or Section 3.1. Notwithstanding the above, earned Restricted Cash shall be treated as delivered on (i) the first business day following the Vesting Date, (ii) in the case of termination of service described in Section 2.7, the first business day following the date of such event (each such date, as the case may be, the “Delivery Date”) provided that they are delivered on a date following the Delivery Date that is in the same calendar year as the Delivery Date. On the Delivery Date, the Company shall deliver to the Participant (or any transferee permitted under Section 4.2 hereof) the 

dollar amount that has vested on the Vesting Date or such other date specified in Section 2.7 or Section 3.1, unless such Restricted Cash Award terminates prior to the Vesting Date pursuant to Section 2.5 hereof. 

(b)As set forth in Section 11.1 of the Plan, the Company shall have the authority and the right to deduct or withhold, or to require the Participant to remit to the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the Restricted Cash. 

2.7Vesting under Certain Circumstances. 

(a)Notwithstanding anything herein to the contrary, if the Participant ceases to be a member of the Company’s Board of Directors due to (A) (i) removal without cause, (ii) resignation upon request of a majority of the Board of Directors, other than for reasons the Board of Directors determines to be cause, or (iii) the failure to be re-elected to the Board of Directors either because the Company fails to nominate the participant for re-election or the participants fails to receive sufficient stockholder votes, then, on the day the recipient ceases to so be a member of the Board of Directors, a pro rata portion of the Restricted Cash shall vest, based on the portion of the vesting period that the participant served as a member of the Board of Directors of the Company or (B) due to the Participant’s death or Disability prior to the vesting date set forth in the Notice, the Restricted Cash shall become 100% vested as of the date of such cessation, and shall be paid to the Director (or, in the case of the Director’s death, to the Director’s estate) in accordance with Section 2.6 on or within thirty (30) days following the date of such cessation. 
ARTICLE III

CHANGE IN CONTROL

3.1Change in Control. In the event of a Change in Control the Restricted Cash shall fully vest.

ARTICLE IV

OTHER PROVISIONS

4.1Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Administrator or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Restricted Cash.

4.2Transferability of Grant. Except as otherwise set forth in the Plan:

(a)The Restricted Cash Award may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution;

(b)Neither the Restricted Cash Award nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by Section 4.2(a).

4.3Taxes. The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in connection with the grant of Restricted Cash and that the Participant is not relying on the Company for any tax advice. The Company makes no warranties or representations whatsoever to the Participant regarding the tax consequences of the grant of Restricted Cash. The Participant shall be solely responsible for any taxes in respect of the Restricted Cash.

4.4Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the General Counsel of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on the Company’s records.

4.5Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

4.6Governing Law. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

4.7Amendments, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Restricted Cash in any material way without the prior written consent of the Participant.

4.8Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 4.3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.

4.9Entire Agreement. The Plan, the Notice and this Agreement (including all Exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof.

4.10Section 409A. This Restricted Cash Unit Award is intended to comply with Code Section 409A to the extent subject thereto and shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Grant Date. Notwithstanding any provision in the Plan or Agreement to the contrary, no payment or distribution under this Agreement that constitutes an item of deferred compensation under Code Section 409A and becomes payable by reason of the Participant’s termination of service with the Company will be made to the Participant until the Participant’s termination of service constitutes a “separation from service” (as defined in Code Section 409A). For purposes of this Award Agreement, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of Code Section 409A. If a participant is a “specified employee” (as defined in Code Section 409A), then to the extent necessary to avoid the imposition of taxes under Code Section 409A, such Participant shall not be entitled to any payments upon a termination of his or her employment or service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of such Participant’s “separation from service” or (ii) the date of such Participant’s death. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 4.11 (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to such Participant in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Agreement will be paid in accordance with the normal payment dates specified for them herein. The Administrator may, in its discretion, adopt such amendments to the Plan, this Agreement or the Notice or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate to comply with the requirements of Code Section 409A.

ARTICLE V

5.1A “Change in Control” shall be deemed to have occurred on the date upon which:

(a)Any Person other than the Initial Investor becomes the beneficial owner directly or indirectly (within the meaning of Rule 13d-3 under the Exchange Act) of more than 50% of the Company’s then outstanding voting securities (measured on the basis of voting power);

(b)There is consummated a merger or consolidation, other than (i) a merger or consolidation immediately following which the voting securities of the Company outstanding immediately prior thereto continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, at least 50% of the combined voting power of the voting securities of the Company, such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person other than the Initial Investor acquires more than 50% of the combined voting power of the Company’s then outstanding securities;

(c)Individuals who, as of the Effective Date, constituted the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, 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 occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

(d)The stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.
A “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.
Notwithstanding the foregoing, for each Award that constitutes deferred compensation under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to any payment with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code. Consistent with the terms of this Section 5.1, the Administrator shall have full and final authority to determine conclusively whether a Change in Control of the Company has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto.
5.2“Code” shall mean the Internal Revenue Code of 1986, as amended.

5.3"Disability" shall mean a condition such that an individual would be considered disabled for the purposes of Section 409A of the Internal Revenue Code.

5.4“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

5.5“Incumbent Board” shall have the meaning provided in Section 5.2(c) hereof.

5.6“Initial Investor” means any limited partnership or other collective investment vehicle arranged by Doughty Hanson & Co Limited, any wholly-owned direct or indirect subsidiaries of Doughty Hanson & Co Limited and any nominee of, or nominee for any co-investment scheme for employees of subsidiaries of, Doughty Hanson & Co Limited, in each case, other than any portfolio operating company of any of the foregoing.

5.7“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof; however, a Person shall not include (a) the Company or any of its subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries, (c) an underwriter temporarily holding securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Shares.

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