Document:

int_Ex10-1

		

			 

		

		
			Exhibit 10.1
		

		
			 
		

		
			LONG-TERM INCENTIVE
		

		
			RESTRICTED STOCK UNIT GRANT AGREEMENT
		

		
			 
		

		
			1.  Grant of Award.  The Compensation Committee (the “Committee”) of the Board of Directors of World Fuel Services Corporation, a Florida corporation (the “Company”), has awarded to              (the “Participant”), effective as of              (the “Grant Date”), an award of             restricted stock units (the “RSUs”) corresponding to the same number of shares (the “Shares”) of the Company’s common stock, par value US $0.01 per share (the “Common Stock”).  The RSUs have been granted under the Company’s 2006 Omnibus Plan, as amended and restated (the “Plan”), which is incorporated herein for all purposes, and the grant of RSUs shall be subject to the terms, provisions and restrictions set forth in this Agreement and the Plan.  As a condition to entering into this Agreement, and as a condition to the issuance of any Shares (or any other securities of the Company), the Participant agrees to be bound by all of the terms and conditions set forth in this Agreement and in the Plan.  
		

		
			2.  Definitions.  Capitalized terms and phrases used in this Agreement shall have the meaning set forth below. Capitalized terms used herein and not defined in this Agreement, shall have the meaning set forth in the Plan.  Notwithstanding the foregoing, the definitions of “Cause”, “Disability”, “Good Reason” and “Change of Control”, as used herein, shall have the meanings set forth in the Employment Agreement (as defined in Section 2(b) below).
		

		
			(a)  “Determination Date” means the date as soon as reasonably practicable following the completion of the Measurement Period, but in no event later than March 15, 2015, as determined by the Committee, on which the Committee determines whether the Performance Goal has been achieved. 
		

		
			(b)  “Employment Agreement”  means any employment agreement or individual executive severance agreement by and between the Company and the Participant, as in effect on the Grant Date.
		

		
			(c)  “Measurement Period” means the one (1) year period from January 1, 2014 through December 31, 2014.
		

		
			(d)  “Performance Goal” means the goal set forth on Schedule A.
		

		
			(e)   “Section 409A” means Section 409A of Code and the Treasury Regulations thereunder.
		

		
			(f)   “Termination Date” means the date on which the Participant is no longer an employee of the Company or any Subsidiary.  
		

		
			3.  Vesting and Forfeiture of Shares.  (a)  Performance Goal.    (i)   On the Determination Date, the Committee shall determine whether the Performance Goal has been achieved.  Subject to the provisions of this Section 3, the delivery of Shares with respect to the RSUs is contingent on the attainment of the Performance Goal and, except as otherwise set forth in this Section 3, all outstanding RSUs will be immediately forfeited on the Determination Date unless the Committee determines that the Performance Goal has been satisfied.    Except as 
		

		 

		

			 

		

 

		

			 

		

		
			otherwise provided in this Section 3, there shall be no proportionate or partial vesting of the RSUs prior to the applicable Vesting Date (as defined in Section 3(b) below).  
		

		
			(ii)  The RSUs are intended to qualify as “qualified performance-based compensation” under Section 162(m) of the Code.  The Committee retains the sole and plenary discretion to make any adjustment permitted by Section 3.2 of the Plan or to reduce or eliminate the number of RSUs in accordance with the terms of the Plan for any reason deemed appropriate by the Committee, even if the Performance Goal has been attained and without regard to the Employment Agreement or any similar agreement between the Participant and the Company or any Subsidiary.
		

		
			(b)  Service-Based Vesting.  Subject to achievement of the Performance Goal and to the provisions of Section 3(d), 20% of the RSUs shall become vested on each of March 15, 2015, 2016, 2017, 2018 and 2019 (each such date a “Vesting Date”);  provided,  however, that, except as otherwise provided in Section 3(d), the RSUs shall only become vested if the Participant is continuously employed by the Company or any Subsidiary from the Grant Date through and until the applicable Vesting Date.
		

		
			(c)  The Participant expressly acknowledges that the terms of this Section 3 shall supersede any inconsistent provision in the Employment Agreement or any similar agreement between the Participant and the Company or any Subsidiary.
		

		
			(d)  The vesting of the RSUs shall be subject to this Section 3(d):
		

		
			(i)  Change of Control. (A)  Except as otherwise determined by the Committee as set forth in Section 3(d)(i)(B) hereof, in the event that a Change of Control occurs while the Participant is employed by the Company or any Subsidiary, the Participant shall immediately become fully vested upon the Change of Control in a pro-rated portion of any outstanding RSUs determined by multiplying the number of outstanding RSUs that would otherwise have vested on the next Vesting Date following the Change of Control by a fraction, (A) the numerator of which shall be the number of days that have elapsed between the Vesting Date immediately preceding the Change of Control and the Change of Control (or, if the Change of Control occurs before the first Vesting Date, between the Grant Date and the Change of Control), and (B) the denominator of which shall be 365 (such fraction, the “CIC Ratio”) and the portion of the RSUs that do not vest pursuant to this Section 3(d)(i)(A) shall be immediately forfeited.  For the avoidance of doubt, in the event the Change of Control occurs prior to the Determination Date and this Section 3(d)(i)(A) is applicable, the Performance Goal shall be deemed satisfied and the Participant shall vest in a pro-rated portion of the RSUs on the Change of Control determined by multiplying the number of RSUs that would otherwise have vested on the first Vesting Date by the CIC Ratio.   
		

		
			(B)  Notwithstanding Section 3(d)(i)(A) hereof, if in the event of a Change of Control the Committee determines that the successor company shall assume or substitute the RSUs as of the date of the Change of Control, then the vesting of the RSUs that are assumed or substituted shall not be so accelerated as a result of such Change of Control; provided,  however, that, if the Change of Control occurs 
		

		 

		

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			prior to the Determination Date and the RSUs are so assumed or substituted, the RSUs shall no longer be subject to the Performance Goal.  For this purpose, the RSUs shall be considered assumed or substituted only if (1) the RSUs that are assumed or substituted vest at the times that such RSUs would vest pursuant to this Agreement, (2) the economic terms of the RSUs that are assumed or substituted are substantially comparable to the economic terms of the RSUs prior to the Change of Control and (3) immediately following the Change of Control, the RSUs confer the right to receive for each unvested RSU held immediately prior to the Change of Control, the consideration (whether stock, cash or other securities or property) received by holders of Shares in the transaction constituting a Change of Control for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided,  however, that if such consideration received in the transaction constituting a Change of Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may provide that the consideration to be received upon the vesting of any RSU will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value (on a per share basis) to the per share consideration received by holders of Shares in the transaction constituting a Change of Control.  The determinations of (1) whether the RSUs shall be assumed or substituted in accordance with this Section 3(d)(i)(B) or shall accelerate vesting in accordance with Section 3(d)(i)(A) hereof and (2) in the event that this Section 3(d)(i)(B) is applicable, such substantial equality of value of consideration shall be made by the Committee in its sole discretion and such determinations shall be conclusive and binding.  The award resulting from the assumption or substitution of the RSUs by the successor company shall, except as otherwise provided in this Section 3(d), continue to vest after the Change of Control transaction based solely on the Participant’s continued employment with the successor company and its affiliates through the applicable Vesting Date, and shall be referred to hereafter as the “Acquirer RSUs”.
		

		
			(ii)  In the event that the Participant’s employment with the Company and its Subsidiaries is terminated prior to an applicable Vesting Date due to the Participant’s death or Disability, regardless of whether such termination occurs prior to, on or after the Determination Date or prior to or after a Change of Control,  the Participant shall immediately become fully vested upon the Termination Date in a pro-rated portion of any outstanding RSUs (or, if applicable, Acquirer RSUs) determined by multiplying the number of outstanding RSUs (or, if applicable, Acquirer RSUs) that would otherwise have vested on the next Vesting Date following the Termination Date by a fraction, (A) the numerator of which shall be the number of days that have elapsed between the Vesting Date immediately preceding the Termination Date and the Termination Date (or, if the Termination Date occurs before the first Vesting Date, between the Grant Date and the Termination Date), and (B) the denominator of which shall be 365 (such fraction, the “Pro Rata Ratio”) and the portion of the RSUs (or, if applicable, Acquirer RSUs) that do not vest pursuant to this Section 3(d)(ii) shall be immediately forfeited;  provided,  
		

		 

		

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			however,  that, in the event such termination occurs on or after the Determination Date, the Committee has determined that the Performance Goal has been achieved.  
		

		
			(iii)  In the event that the Participant’s employment with the Company and its Subsidiaries is terminated prior to an applicable Vesting Date by the Company and its Subsidiaries without Cause[, due to the Company’s failure to renew the Participant’s employment under Section 1 of the Employment Agreement] or by the Participant for Good Reason, and (A) prior to a Change of Control and prior to the Determination Date, the vesting of the RSUs shall be determined by the Committee following the end of the Measurement Period, subject to the achievement of the Performance Goal and, if the Performance Goal has been achieved, the Participant shall vest in a pro-rated portion of the RSUs on the Determination Date determined by multiplying the number of RSUs that would otherwise have vested on the first Vesting Date by the Pro Rata Ratio;  provided,  however, that, notwithstanding the foregoing, in the event that a Change of Control occurs following such Termination Date but prior to the Determination Date, the Performance Goal shall be deemed satisfied as of the date of the Change of Control and the pro-rated vesting of the RSUs described in this clause (A) shall nevertheless apply, or (B)  on or following the Determination Date and regardless of whether such termination occurs prior to or after a Change of Control,  the Participant shall vest in a pro-rated portion of the RSUs (or, if applicable, Acquirer RSUs) on the Termination Date determined by multiplying the number of RSUs (or, if applicable, Acquirer RSUs) that would otherwise have vested on the next Vesting Date following the Termination Date by the Pro Rata Ratio.  Any RSUs (and, if applicable, Acquirer RSUs) that do not vest pursuant to this Section 3(d)(iii) shall be immediately forfeited.    
		

		
			(iv)  In the event that the Participant’s employment with the Company and its Subsidiaries is terminated prior to an applicable Vesting Date for any reason other than the Participant’s death or Disability, a termination without Cause or a termination for Good Reason, then the Participant shall immediately forfeit all of the unvested RSUs (and, if applicable, all unvested Acquirer RSUs) on the Termination Date.  Termination of employment with the Company to accept immediate re-employment with a Subsidiary, or vice-versa, or termination of employment with a Subsidiary to accept immediate re-employment with a different Subsidiary, shall not be deemed termination of employment for purposes of this Section 3.  
		

		
			4.  Adjustment. The number of RSUs (and, if applicable, Acquirer RSUs) are subject to adjustment by the Committee in the event of any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation of the Common Stock or the payment of a stock dividend on Common Stock, or any other increase or decrease in the number of Shares effected without receipt or payment of consideration by the Company. 
		

		
			5.  Settlement of Awards.  
		

		
			(a)  Delivery of Shares.  The Company shall deliver the Shares corresponding to the vested RSUs (and, if applicable, Acquirer RSUs) to the Participant within 30 days following the applicable Vesting Date; provided that, (i) in the event of the Participant’s termination of employment due to death or Disability, the Company shall deliver the Shares with respect to 
		

		 

		

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			vested RSUs (and, if applicable, Acquirer RSUs) outstanding on the Termination Date within 30 days following the Termination Date, (ii) in the event of the Participant’s termination of employment without Cause or for Good Reason, the Company shall deliver the Shares with respect to vested RSUs (and, if applicable, consideration corresponding to Acquirer RSUs) (with respect to any RSUs that remain subject to satisfaction of the Performance Goal, only in the event that the Performance Goal is satisfied)  outstanding on the Termination Date within 30 days following the Termination Date or if such termination occurs prior to the Determination Date, as soon as practicable following the Determination Date, but in no event later than March 15, 2015, and (iii) in the event of a Change of Control pursuant to which a portion of the RSUs accelerate vesting in accordance with Section 3(d)(i)(A) hereof, the Company shall deliver Shares corresponding to vested RSUs to the Participant within 10 days following such Change of Control. Notwithstanding any provision in this Agreement to the contrary, the RSUs (and, if applicable, Acquirer RSUs) shall be settled no later than March 15 of the calendar year immediately following the year in which they are no longer subject to a substantial risk of forfeiture (within the meaning of Treasury Regulation Section 1.409A-1(d)). 
		

		
			(b)  Death of Participant. By written notice to the Company’s Secretary, the Participant may designate a beneficiary or beneficiaries to whom any vested RSUs (or, if applicable, Acquirer RSUs) and the Participant’s Cash Account (as defined below) shall be transferred upon the death of the Participant.  In the absence of such designation, or if no designated beneficiary survives the Participant, such vested RSUs (or, if applicable, Acquirer RSUs) and the Participant’s Cash Account shall be transferred to the legal representative of the Participant’s estate. No such transfer of the RSUs (or, if applicable, Acquirer RSUs)  shall be effective to bind the Company unless the Committee shall have been furnished with (i) written notice thereof, (ii) a copy of the will and/or such evidence as the Committee deems necessary to establish the validity of such transfer or right to convert and (iii) an executed agreement by the transferee, administrator, or executor (as applicable) to (A) comply with all the terms of this Agreement that are or would have been applicable to the Participant and (B) be bound by the acknowledgements made by the Participant in connection with this grant. 
		

		
			(c)  Settlement Conditioned Upon Satisfaction of Tax Obligations.  Notwithstanding the foregoing, the Company’s obligation to deliver any consideration pursuant to this Section 5 shall be subject to, and conditioned upon, satisfaction of the Participant’s obligations relating to the applicable Federal, state, local and foreign withholding or other taxes pursuant to Section 9 hereof. 
		

		
			6.  Rights with Respect to Shares Represented by RSUs.
		

		
			(a)  No Rights as Shareholder until Delivery.  Except as otherwise provided in this Section 6, the Participant shall not have any rights, benefits or entitlements with respect to any Shares subject to this Agreement unless and until the Shares have been delivered to the Participant.  On or after delivery of the Shares, the Participant shall have, with respect to the Shares delivered, all of the rights of a shareholder of the Company, including the right to vote the Shares and the right to receive all dividends, if any, as may be declared on the Shares from time to time.  
		

		

		

		 

		

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			(b)  Dividend Equivalents.  
		

		
			(i)  Cash Dividends.  As of each date on which the Company pays a cash dividend with respect to its Shares, the Company shall credit to a bookkeeping account (the “Cash Account”) for the Participant an amount equal to the cash dividend that would have been payable with respect to the Shares corresponding to the RSUs (or, if applicable, shares corresponding to Acquirer RSUs), excluding any RSUs (or, if applicable, Acquirer RSUs) which have been forfeited, as if those Shares had been issued and outstanding as of the dividend payment date.  Upon the vesting of any RSUs hereunder (or, if applicable, Acquirer RSUs), the Participant shall vest in and have the right to receive that portion of the Cash Account which relates to any such vested RSUs (or, if applicable, Acquirer RSUs). The value of the Participant’s Cash Account shall vest and be distributable to the Participant at the same time as the Shares corresponding to the vested RSUs (or, if applicable, the consideration corresponding to Acquirer RSUs) are distributed to the Participant.  
		

		
			(ii)  Stock Dividends.  As of each date on which the Company pays a stock dividend with respect to its Shares, the Shares corresponding to the RSUs shall be increased by the stock dividend that would have been payable with respect to the Shares that correspond to the RSUs, and shall be subject to the same vesting requirements as the RSUs to which they relate and, to the extent earned and vested, shall be distributed at the same time as the Shares corresponding to the vested RSUs are distributed.
		

		
			7.  Transfers.  The Participant may not, directly or indirectly, sell, pledge or otherwise transfer any RSUs or Acquirer RSUs or any rights with respect to the Cash Account.
		

		
			8.  Registration Statement.  The Participant acknowledges and agrees that the Company has filed a Registration Statement on Form S-8 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “1933 Act”), to register the Shares under the 1933 Act. The Participant acknowledges receipt of the Prospectus prepared by the Company in connection with the Registration Statement. Prior to conversion of the RSUs into Shares, the Participant shall execute and deliver to the Company such representations in writing as may be requested by the Company in order for it to comply with the applicable requirements of Federal and state securities law.  
		

		
			9.  Taxes; Potential Forfeiture.  
		

		
			(a)  Payment of Taxes.  On or prior to the date on which any Shares corresponding to any vested RSUs (or, if applicable, consideration in respect of Acquirer RSUs) are delivered or cash attributable to the Participant’s vested Cash Account is paid, the Participant shall remit to the Company an amount sufficient to satisfy any applicable Federal, state, local and foreign withholding or other taxes. No certificate for any Shares corresponding to any RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) which have vested, uncertificated Shares or any cash attributable to the Participant’s Cash Account, shall be delivered or paid to the Participant until the foregoing obligation has been satisfied. 
		

		
			(b)  Alternative Payment Methods and Company Rights.  The Company may, at its option, permit the Participant to satisfy his obligations under this Section 9, by tendering to the Company a portion of the Shares (or, if applicable, consideration in respect of Acquirer 
		

		

		

		 

		

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			RSUs) that otherwise would be delivered to the Participant pursuant to the RSU (or, if applicable, Acquirer RSUs).  In the event that the Participant fails to satisfy his or her obligations under this Section 9, the Participant agrees that the Company shall have the right to satisfy such obligations on the Participant’s behalf by taking any one or more of the following actions (such actions to be in addition to any other remedies available to the Company): (1) withholding payment of any fees or any other amounts payable to the Participant (e.g., expense reimbursements), (2) selling all or a portion of the Shares underlying the RSUs (or, if applicable, consideration underlying Acquirer RSUs) in the open market or (3) withholding and canceling all or a portion of the Shares corresponding to the vested RSUs (or, if applicable, consideration corresponding to Acquirer RSUs). Any acquisition of Shares corresponding to RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) by the Company as contemplated hereby is expressly approved by the Committee as part of the approval of this Agreement.  The Participant agrees that the Company shall have the right to satisfy federal, state, local and foreign withholding and other applicable taxes in respect of any distribution from the Participant’s Cash Account by withholding a portion of such Cash Account sufficient to satisfy such obligations.  The tax consequences to the Participant (including, without limitation, federal, state, local and foreign income tax consequences) with respect to the RSUs (or, if applicable Acquirer RSUs) (including without limitation the grant, vesting, settlement and/or forfeiture thereof) and the Participant’s Cash Account are the sole responsibility of the Participant.    
		

		
			(c)  Forfeiture for Failure to Pay Taxes.  If and to the extent that (i) the Participant fails to satisfy his obligations under this Section 9 and (ii) the Company does not exercise its right to satisfy those obligations under Section 9(b) hereof with respect to any RSUs (or, if applicable, Acquirer RSUs) or any portion of the vested Cash Account within 30 days after the date on which the Shares corresponding to the vested RSUs (or, if applicable, the consideration corresponding to vested Acquirer RSUs) or vested Cash Account otherwise would be delivered pursuant to Sections 5 and 6(b) hereof, as applicable, the Participant shall immediately forfeit any rights with respect to the portion of the RSUs (or, if applicable, Acquirer RSUs) or vested Cash Account to which such failure relates.
		

		
			10.  No Effect on Employment.  Except as otherwise provided in the Employment Agreement, the Participant’s employment with the Company and any Subsidiary is at-will. Accordingly, subject to the terms of the Employment Agreement, nothing in this Agreement or the Plan shall confer upon the Participant any right to continue to be employed by the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company or any Subsidiary, which are hereby expressly reserved, to terminate the employment of the Participant at any time for any lawful reason whatsoever or for no reason, with or without Cause and with or without notice. Such reservation of rights can be modified only in an express written contract executed by a duly authorized officer of the Company. 
		

		
			11.  Stock Retention Policy.  The Participant understands that the Committee has adopted a policy that requires the Participant to retain ownership of one-half (50%) of the Shares underlying the RSUs acquired by the Participant hereunder (net of the number of Shares which would need to be sold to satisfy any applicable taxes owed upon vesting), for a period of three (3) years after vesting of such RSUs (or until the Participant’s employment with, and services for, the Company and its Subsidiaries terminate, if earlier).  The Participant agrees to comply
		

		 

		

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			with such policy and any modifications thereof that may be adopted by the Committee from time to time.
		

		
			12.  Stock Ownership Policy.  The Participant understands that the Committee has adopted a policy that requires the Participant to own a multiple of the Participant’s base salary, determined by leadership level, in Common Stock.  The Participant agrees to comply with such policy and any modifications thereof that may be adopted by the Committee from time to time.
		

		
			13.  Other Benefits.  Except as provided below, nothing contained in this Agreement shall affect the Participant’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other employee welfare plan or program of the Company or any Subsidiary.  
		

		
			14.  Binding Agreement.  This Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
		

		
			15.  Plan Governs.  This Agreement is subject to all of the terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. 
		

		
			16.  Governing Law/Jurisdiction.  The validity and effect of this Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Florida, without regard to any conflict-of-law rule or principle that would give effect to the laws of another jurisdiction. Any dispute, controversy or question of interpretation arising under, out of, in connection with or in relation to this Agreement or any amendments hereof, or any breach or default hereunder, shall be submitted to, and determined and settled by, litigation in the state or Federal courts in Miami-Dade County, Florida.  Each of the parties hereby irrevocably submits to the exclusive jurisdiction of the state and Federal courts sitting in Miami-Dade County, Florida. Each party hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any litigation in Miami-Dade County, Florida. 
		

		
			17.  Committee Authority.  The Committee shall have all discretion, power, and authority 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. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Participant, the Company and all other interested persons, and shall be given the maximum deference permitted by law. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 
		

		
			18.  Captions.  The captions provided herein are for convenience only and are not to serve as a basis for the interpretation or construction of this Agreement. 
		

		
			19.  Agreement Severable.  In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or 
		

		

		

		 

		

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			unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement.
		

		
			20.  Miscellaneous.  This Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations or inducements other than those contained herein. This Agreement and the Plan can be amended or terminated by the Company to the extent permitted under the Plan. Amendments hereto shall be effective only if set forth in a written statement or contract executed by a duly authorized member of the Committee. The Participant shall at any time and from time to time after the date of this Agreement, do, execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and delivered, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney, receipts, acknowledgments, acceptances and assurances as may reasonably be required to give effect to the terms hereof, or otherwise to satisfy and perform Participant’s obligations hereunder.
		

		
			21.  Compliance with Section 409A.  
		

		
			(a)  It is intended that the RSUs awarded pursuant to this Agreement and the Cash Account be exempt from Section 409A, because it is believed that the Agreement does not provide for a deferral of compensation and accordingly that the Agreement does not constitute a nonqualified deferred compensation plan within the meaning of Section 409A.  If and to the extent that the Committee believes that the RSUs (including, if applicable, the Acquirer RSUs) or rights to the Cash Account may constitute a “nonqualified deferred compensation plan” under Section 409A, the terms and conditions set forth in this Agreement (and/or the provisions of the Plan applicable thereto) shall be interpreted in a manner consistent with the applicable requirements of Section 409A, and the Committee, in its sole discretion and without the consent of the Participant, may amend this Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines necessary or appropriate to comply with applicable requirements of Section 409A. 
		

		
			(b)  If and to the extent required to comply with Section 409A:
		

		
			(i)  Payments or delivery of Shares (or, if applicable, consideration in respect of Acquirer RSUs) or cash in respect of the Participant’s Cash Account under this Agreement may not be made earlier than (u) the Participant’s “separation from service”, (v) the date the Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or pursuant to a fixed schedule)” specified in this Agreement at the date of the deferral of such compensation or (y) a “change in the ownership or effective control” of the corporation, or in the “ownership of a substantial portion of the assets” of the corporation;
		

		
			(ii)  The time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; and
		

		
			(iii)  If the Participant is a “specified employee”, a distribution on account of a “separation from service” may not be made before the date which is six (6) months after 
		

		 

		

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			the date of the Participant’s “separation from service” (or, if earlier, the date of the Participant’s death).
		

		
			For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for purposes of Section 409A, and the limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A that are applicable to this Agreement.
		

		
			(c)  Notwithstanding the foregoing, the Company does not make any representation to the Participant that any consideration awarded pursuant to this Agreement is exempt from, or satisfies, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any beneficiary for any tax, additional tax, interest or penalties that the Participant or any beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, that either is consented to by the Participant or that the Company reasonably believes should not result in a violation of Section 409A, is deemed to violate any of the requirements of Section 409A.
		

		
			22.  Unfunded Agreement.   The rights of the Participant under this Agreement with respect to the Company’s obligation to distribute Shares corresponding to vested RSUs (or, if applicable, consideration in respect of Acquirer RSUs) and the value of the Participant’s vested Cash Account, if any, shall be unfunded and shall not be greater than the rights of an unsecured general creditor of the Company. 
		

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

			
					
						 

					
					
						 

					
					
						WORLD FUEL SERVICES CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title: 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PARTICIPANT

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Signature:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				

		

		

		 

		

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			SCHEDULE A
		

		
			World Fuel Services Corporation’s (“WFS”) consolidated net revenues for the 2014 fiscal year must be equal to or greater than 75% of WFS’s consolidated net revenues for the 2013 fiscal year
		

		
			 
		

		 

		

			11EXHIBIT 10.B.I SEPARATION AGREEMENT

Exhibit 10(b)(i)
SEPARATION AGREEMENT AND RELEASE

COURT CARRUTHERS

This Separation Agreement (the "Agreement") Is entered into this 22 of July, 2015, between ACKLANDS-GRAINGER, INC., with offices at 90 West Beaver Creek Road, Richmond Hill, Ontario I4B 1E7 as well as its’ Parent Company, W.W. Grainger, Inc. (the “Company’’) and COURT CARRUTHERS, (“Carruthers”) a resident of Ontario, Canada.
FOR AND IN CONSIDERATION of the mutual terms, conditions and covenants herein, the Company and Carruthers agree as follows:
		
	1.
	Resignation.  Carruthers will resign from the office of Senior Vice President effective July 31, 2015 (the “Resignation Date”) and agrees to execute such documents as may be required to effect his resignation as an officer or director of the Company, its parent or any of its affiliates. Until December 31, 2015 (the “Separation Date”) Carruthers will receive his regular salary and benefit coverage, and in so doing will assist the Company with the transition of his responsibilities, as required. His employment status with the Company will terminate for all purposes on the earlier of December 31, 2017 or the date on which Separation Payments cease (the “Termination Date”).

		
	2.
	Separation Payments.  Subject to continued compliance by Carruthers with his obligations under section 16 hereunder, commencing on the first pay date following the Separation Date, the Company shall pay the equivalent of eighteen (18) months of salary to Carruthers, calculated at his current base rate of pay (the “Separation Payments”), less required deductions with no other allowances except as called out below. Payments shall be made on the Company’s regular pay dates and pursuant to the Company’s normal payroll processes on a pro-rated basis over a period of eighteen (18) months, or pro-rated over 24 months ending December 31, 2017, at Carruthers’ election.  In the event of the death of Carruthers prior to the Termination Date, the balance of any Separation Payments to which he is entitled at that time shall be paid to the duly appointed personal representative of his estate. The Separation Payments are inclusive of any statutory entitlements.

		
	3.
	Management Incentive Program (“MIP”).  Carruthers’ current and future participation in the MIP shall be governed by way of this Section as well as the provisions of the Plan then in effect.  In or about March 2016, Carruthers will receive a payment under the MIP in respect of the full year 2015, based upon his current base salary subject to the applicable percentage multiple and the actual performance of the Company, and pursuant to the terms of the Plan then in effect as would be applicable to Senior Officers of the Company. No other MIP payments will be made to Carruthers beyond those outlined above.

		
	4.
	Vacation Pay/PTO.  Carruthers will be paid all vacation pay/PTO outstanding and accrued as of the Separation Date on the date of the first Separation Payment in accordance with the Company’s practice and subject to applicable United States and Canadian provisions. No additional vacation or PTO will be earned after this date.

		
	5.
	Group Health Benefits.  Carruthers’ current group health benefit coverage for health care, dental, life insurance and vision care benefits will continue, to the extent permitted by the carriers, until the earlier of the Termination Date or the date on which Carruthers becomes eligible for benefit coverage through a subsequent employer, subject to any revisions to the plans that are made generally in respect of benefits for executives of the Company. Eligibility for Grainger’s Executive Physical Examination Program shall remain available to Carruthers for the years 2015 and 2016.  All other benefit coverage and Carruthers’ eligibility to participate in any other Company employee programs end on the Separation Date.

		
	6.
	Pension Plan.  The Company will, consistent with its past practice and subject to Carruthers continuing his contributions, continue its contributions to the defined contribution pension plan to the earlier of the Termination Date or the date on which Carruthers becomes eligible for membership in a pension plan through a subsequent employer. Carruthers will be contacted by the plan administrator after his participation ends regarding his options under the pension plan.

		
	7.
	Notional Account Plan.  To the extent permissible, the Company will continue to make notional contributions based on the eligible portion of the Separation Payments for the period ending on the Termination Date in accordance with the provisions of the Acklands-Grainger Inc. Notional Account Plan for Designated Executives and Senior Managers.  Receipt of any Notional Account balance shall occur pursuant to the provisions of the Notional Plan.  So as to insure compliance with U.S. Section 409-a, Carruthers will receive payment of all funds contained within his Notional Account 6 months after his Termination Date.  

		
	8.
	Expatriation - Long Term International Assignment.  The terms of the repatriation engagement letter dated December 22, 2011, with the exception of the tax equalization provisions, shall continue to apply up to the Separation Date. Tax equalization provisions will apply to all payments pursuant to the terms of this Agreement.  Should Carruthers elect to be repatriated to Canada prior to the Separation Date, the repatriation provisions of the repatriation engagement letter will be honoured.  Should Carruthers return to Canada after his Separation Date but prior to September 30, 2016, Grainger will provide Carruthers with a sum, up to $25,000 against invoices for purposes of the movement of household goods between the United States and Canada.

		
	9.
	Stock Options and Performance Share Units.  Carruthers will be eligible to exercise all vested stock options pursuant to the terms of the W.W. Grainger, Inc. 2010 Incentive Plan and companion agreements.   Applicable Options and Performance Share Units (i.e. awarded in 2012, 2013 and 2014) will continue to vest through the Termination Date, with any remaining unvested options or units forfeiting as of the Termination Date.  Thereafter, all then vested options must be exercised on or before the expiration date of each option or within three (3) months of the Termination Date, whichever should occur first.  The Special January 1, 2014 PRSU Grant shall vest by operation of this Agreement as of January 1, 2017.  Performance Shares issued in 2013, 2014 and 2015 will vest by operation of this Agreement.  Carruthers further understands and agrees that the non-competition provisions of performance share, restricted stock unit and/or stock option agreements to which Carruthers is a party, which provisions are  incorporated herein by reference, including without limitation the W.W. Grainger, Inc. Unfair Competition Agreement dated January 1, 2015, and the W.W. Grainger, Inc. Stock Option Agreement dated April 30, 2014 (collectively, the "non­competition provisions"), will remain in full force and effect, and are in addition to and not superseded by any other obligation set forth in this Agreement. Carruthers acknowledges and agrees that, for purposes of such agreements, his employment with the Company shall be considered terminated on the Termination Date hereunder, and the term "Date of Termination" as used in the Unfair Competition Agreement dated January 1, 2015, shall mean the Termination Date hereunder.  Carruthers understands that he will not be eligible for any further grants of Stock Options or Performance Shares beyond those he has already received.

		
	10.
	Outplacement Services.  Carruthers shall be provided with executive level outplacement services through one of the outplacement service providers identified by the Company.  Carruthers shall have the opportunity to both interview and thereafter elect which service provider he chooses to work with from those being made available to him.  Engagement of this service shall remain available to Carruthers so long as he actively begins utilization of services on or before December 31, 2016.

		
	11.
	Executive Advanced Management Program - University of Chicago.  Provided that existing Executive Advanced Management Program requirements continue to be met, the Company will pay the base cost of the current program through its previously established end date.

		
	12.
	Executive Coaching.  If Carruthers so requests, the Company will continue to make Executive Coaching services available to Carruthers, consistent with his current engagement schedule, through his Separation Date.

		
	13.
	Tax Preparation.  The Company will continue to provide tax preparation services to Carruthers for services incurred in the preparation of his tax returns through to the year following the last scheduled year in which Carruthers is receiving payments pursuant to the terms of this Agreement.

		
	14.
	Waiver and Release of All Claims.   In consideration for the promises and undertakings contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, Carruthers and his marital community, descendants, dependents, heirs, representatives, agents, attorneys, successors and assigns, hereby waive, release, and discharge the Company, W.W. Grainger, Inc., their affiliates and subsidiaries (collectively “Grainger”) from any and all complaints, claims, charges, claims for relief, demands, suits, actions, and causes of action, whether in law or in equity, whether administrative, judicial, or other, which they have asserted or could assert against Grainger at common law or under any statute, ordinance, rule, regulation, order, policy, or law, whether federal, state, provincial or local, on any grounds whatsoever, known or unknown, including any and all claims arising under the Employment Standards Act, 2000, the Human Rights Code (Ontario), Illinois’ fair employment statutes, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and 1871, the Immigration Reform and Control Act, the Fair Labor Standards Act, the Employee Retirement and Income Security Act, the federal Family and Medical Leave Act, the Americans with Disabilities Act, the Equal Pay Act, the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act, and any and all actions for breach of contract, express or implied, breach of the covenant of good faith and fair dealing, express or implied, wrongful termination in violation of public policy, all other claims for wrongful termination and constructive discharge, and all other tort claims, including assault, battery, intentional or negligent infliction of emotional distress, invasion of privacy, negligence, negligent investigation, negligent hiring or retention, defamation, libel or slander, intentional or negligent misrepresentation, fraud, whistleblowing, and any and all other laws and regulations relating to employment termination, employment discrimination, harassment or retaliation, wages, hours, benefits, compensation, bonuses, incentives, and any and all claims for attorneys’ fees and costs.  This waiver and release of claims includes all other claims, disputes, and causes of action arising out of Carruthers’ employment with Grainger and the end of that employment up to the date of execution of this Agreement.

		
	15.
	Officer Indemnification.  The current officer indemnification coverage shall remain in full force and effect pursuant to the terms and conditions of the Individual Indemnification Agreement with Carruthers, as well as continued coverage under the Company’s Directors & Officers indemnity program subject to the terms and conditions of the program.

		
	16.
	Covenants of Carruthers.  It is a condition of this Agreement that Carruthers agree to the following co­operation, non-disclosure, non-competition, non-solicitation and non-disparagement covenants. Continued payments under this Agreement are contingent upon continued compliance with these obligations. In the event of a violation of any of these covenants by Carruthers, all Separation Payments, benefits and other compensation under this Agreement will cease forthwith and the Company  will  have  no  further  obligations  whatsoever to Carruthers subject to any statutory entitlements.

		
	a.
	Co-operation and Assistance.  Carruthers agrees that he will make himself available, as requested and at reasonable times, to provide assistance relative to Company-related matters as well as to assist on any litigation or other or legal matter of which Carruthers has knowledge or in which he was previously involved through his Termination Date.  Carruthers will be reimbursed for all approved expenses he may incur in furtherance of these efforts.  

		
	b.
	Non-Competition. Carruthers understands and agrees that the non-competition, non­ disclosure, non-solicitation and non-disparagement provisions of the 2015 Unfair Competition Agreement, 2014 and 2015 Stock Option Award / Performance Share / PRSU Agreements to which he is a party, and which provisions are incorporated herein by reference, will remain in full force and effect, and are in addition to and not superseded by any other obligation set forth in this Agreement. Carruthers acknowledges and agrees that, for purposes of the Unfair Competition Agreement: (i) his employment with the Company shall be considered terminated on the Termination Date hereunder; (ii) the term "Date of Termination" in the Unfair Competition Agreement dated January 1, 2015, shall mean the Termination Date hereunder; and (iii) the term "Restricted Period" in such agreement shall mean the period ending December 31, 2019.  At the request of Carruthers, the Company shall consider and respond to any specific requests for a waiver of any restriction against competition in respect of a specific competitor of the Company, its parent and affiliates.   

		
	17.
	Change in Control.  The outstanding Change of Control Agreement dated October 27, 2010 is null and void and of no effect as of the Separation Date.

		
	18.
	References and Communications.  At Carruthers' request, the Company will provide positive and mutually agreed-upon references through Jim Ryan, Chairman and C.E.O of W.W. Grainger, Inc. to prospective employers.  Carruthers shall have an opportunity to review and comment on any Company press release or announcement concerning his departure.  In an effort to insure that no conflict exists, Carruthers shall prior to any public disclosure relating to his future employment plans or future employer, notify Grainger of said potential engagement.

		
	19.
	Governing Law; Severability.  This Agreement is governed by the laws of the Province of Ontario.  In the event any provision of this Agreement is determined to be unlawful or unenforceable by a duly authorized court of competent jurisdiction, the remainder of this Agreement shall not be affected thereby and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

		
	20.
	Entire Agreement.  This Agreement sets forth the full terms of the arrangements between the Company and Carruthers and supersedes any prior oral or written understanding with respect to any entitlements on termination of employment, except in so far as other agreements are incorporated by reference in this Agreement. Carruthers specifically acknowledges and agrees that, apart from the terms of this Agreement, he has no further rights to or entitlements to any additional compensation, benefits, perquisites, notice, pay in lieu of notice, severance pay, stock options or restricted stock units of any nature or kind.

		
	21.
	Confidentiality.  Both parties agree that the terms associated with the development and execution of this Agreement are strictly confidential and shall not be disclosed to any other person, except as required by law, to the parties' tax or legal advisors, or by Carruthers to his spouse, who shall be informed of the obligation of confidentiality.

		
	22.
	Independent Legal Advice.  Carruthers hereby accepts and agrees to the terms and conditions of this Agreement and acknowledges having had an opportunity to obtain independent legal advice prior to execution hereof.

		
	23.
	Currency.  All payments and amounts referred to in this Agreement are in Canadian funds, unless otherwise specified.

		
	24.
	Successors.  This Agreement shall be binding upon any successors of the Company.

		
	25.
	Effective Date.  This Agreement is conditional on the approval of the Company’s Board of Directors and shall become effective, once approved, immediately after it is signed by both parties.

IN WITNESS WHEREOF the parties have signed below on July 22, 2015.
	
			
	 
	 
	ACKLANDS-GRAINGER INC.

	 
	 
	 

	 
	 
	 

	/s/ Court Carruthers
	 
	/s/ Joseph C. High

	Court Carruthers
	 
	By: Joseph C. High

	Date: July 22, 2015
	 
	Date: July 22, 2015

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