Document:

Exhibit

Exhibit 10.1

November 1, 2019

Corrine Ricard
The Mosaic Company
1109 Abbey’s Way
Tampa, FL 33602

Letter of Understanding: Long Term International Assignment to Sao Paulo, Brazil

Dear Corrine,

On behalf of The Mosaic Company (hereafter referred to as “the Company”), it is my pleasure to confirm the terms of your compensation and international assignment package for the role of Senior Vice President, Mosaic Fertilizantes.  This Letter of Understanding outlines the terms and conditions that will govern your international assignment.
Assignment Details
For the purpose of the international assignment, your home country place of origin will be Tampa, FL, United States and your host country location will be considered Sao Paulo, Brazil.

The anticipated start date of your international project assignment is November 15, 2019. Your international assignment will continue for a period of approximately 36 months after which a review to extend it will occur. Any time spent in Sao Paulo prior to the assignment start date will be considered a business trip. 

Your anticipated repatriation date is November 14, 2022 and is based upon the Company’s reasonable expectations at this time. This date is subject to change as determined by the Company’s business needs and is conditioned upon your agreement to the terms of this Letter of Understanding. Upon completion of your international assignment, it is expected that you will repatriate to your home country location, in accordance with the terms and conditions that govern your international assignment. However, if, after 24 months on assignment, it is mutually agreed that you will remain in Sao Paulo, Brazil, for a longer period of time, discussions regarding your extension will occur.

The Company has engaged Plus Relocation Services, Inc. (hereafter referred to as “PLUS”), a global relocation service provider, to administer your benefits. Your PLUS Relocation Counselor will be available for questions and counselling throughout your international assignment.

	
	
	Plus Relocation Services Representative: 
Kari Cinker, International Relocation Counselor
Plus Relocation Services, Inc. (PLUS)
600 Hwy 169 South, Suite 500, Minneapolis, MN 55426
  Tel: 1.952.512.5592 Fax: 1.952.358.7705 E-mail: kari.cinker@plusrelocation.com 

Corrine Ricard    Page 1 of 9    

Your Role While on Assignment
Throughout the international assignment period you will be considered an employee of the Company’s U.S. entity, and your payroll will be administered by your home and host country payroll departments. 

You will assume the titles of Senior Vice President, Mosaic Fertilizantes and President Brazil based in Sao Paulo, and will be reporting to Joc O’Rourke, CEO. While residing in Sao Paulo, your role will be to lead the existing Mosaic Fertilizantes business. 
Compensation and Incentives
As an employee of the Company’s home country, your base pay structure will remain the same as when you were working in your home country location.  As such, your annual base salary will be $550,000 USD and will be subject to the annual focal review and adjustment process, which is based on performance goals and objectives as defined by the Company.  You will participate in your home country bonus plan and will be subject to required deductions as determined by the home country’s governing tax criteria for economic and social tax collection.

Eligibility and participation with respect to incentive schemes will continue to be administered in accordance with the home country criteria for each fiscal year. For the remainder of 2019, your incentive plan will be based on the Corporate Management Incentive Plan. Your incentive target will be 75% of base salary. Upon return, your compensation structure will return to current US market norms for your new role.

Expatriate Family Eligibility
Accompanying Dependents
Dependents are members of your immediate family sharing the residence with you in a bona fide dependency status (e.g. legal spouse, children, or other relatives). Dependents must fall into the following categories and may accompany you:

		
	•
	A person who is a dependent on the home country tax return, or

		
	•
	A person who is a dependent on your health insurance plan through the Company.

Children
Dependent children may accompany you only if there is no conflict with immigration or other laws or regulations in the host country.

	
		
	Dependents
	The members of an Expatriate's immediate family sharing the residence with the Expatriate in a bona fide dependency status (e.g., legal status, children or other relatives whose status qualifies as dependency under tax/legal status in the employee's home country and the Company's entity). A legal spouse is one who has legal spouse recognition/rights from the Expatriate's home country government. This does not include common-law marriage unless the home country recognizes it (usually with a certificate) as a legal marriage.

Benefit Plans
During your international assignment, your health coverage will be provided by the Company's preferred provider that covers employees who are working away from home. You are responsible for scheduling a meeting with your benefits administrator prior to your departure date to ensure that no lapse in health coverage occurs. While on expatriate assignment you and your eligible dependents will be covered by an international expatriate plan offered by Cigna that includes medical, dental and vision. Details will be provided to you upon your acceptance of the assignment.

Physical Examinations, Inoculations, Vaccinations and Documentation
It will be your responsibility to ensure that you and any approved accompanying family members undertake necessary physical examinations, inoculations and vaccinations. Prior to commencement of the international assignment, you must also obtain any necessary medical records and documents that are required by both the home and host country laws. The Company will reimburse the expenses incurred in complying with such requirements if not covered by your health plan.

Corrine Ricard    Page 2 of 9    

Holiday, Vacation and External Board Membership Travel
Your vacation plan will continue to be administered by the Company's home country location. It is expected that you will coordinate planned time off in advance with your manager as you do today.

Your holiday entitlement will be based on your host country location. You are expected to adopt the local working hours and employment practices in accordance with the laws and customs of the host country.

In addition, you will be allowed time and travel for up to four (4) trips annually for external board meetings. 
Immigration Services
Your international assignment is dependent upon the successful processing of your relevant entry, travel and work permit requirements, in accordance with the International Assignment Policy. The Company's immigration service provider will manage your home and host country immigration and relevant work permit obligations.

All immigration aspects of the international assignment, including work permits and visa applications, will be coordinated through the immigration services contact listed below.

	
	
	CIBT 
Lisa McCallum, Concierge Agent
169 E Flagler St., Suite 1522
Miami, FL 33131
305.377.3077 ext 21219
Lisa.McCallum@Cibt.com 

Host Country Allowances and Benefits
The Companies approach for facilitating international assignments maintains both a standard of living that is appropriate for the host country location and ensures a personal tax liability roughly equivalent to your peers in your home country location. The primary objective is to ensure that you experience neither negative nor significant positive financial variances.  

The table below details certain key elements of your allowances and benefits and the location where each component will be paid/received. The allowance and benefit adjustments indicated below will become effective upon commencement of the international assignment and receipt of your work permit. It is imperative that you notify PLUS of your departure and arrival dates to ensure you are paid in a timely manner.

Corrine Ricard    Page 3 of 9    

	
		
	 
	BENEFITS

	Immigration
(Visa/Work Permit)
	§    Coordinated with a selected provider
§    Reasonable costs for vaccinations or exams that are not covered by medical insurance
§    Employee and immediate family members going on assignment

	Tax Consultation and Preparation
	§    Coordinated with selected provider
§    Home & Host Tax Consultation provided
§    Tax preparation & filing for duration of assignment and applicable tax situations beyond the duration of the assignment
§    Hypothetical Tax Calculation usually utilized

	Tax Assistance
	§    Tax Equalization

	Household Goods Shipment
	§ Packing, transporting and insuring
§ Customs duties covered 
§ 30 days in transit storage (no storage for autos) 
§ Pet Transportation costs capped at 5,000 USD 
§ Home Country permanent storage: Up to 600 USD/month 
--------------------------------------------------------- 
§ Air Shipments 
§ Employee LDN 650 lbs
§ Employee, Spouse & Family 1,000 lbs 

§ Air Shipment Valuation Caps: 
§ Employee (and spouse) LDN shipments not to exceed 12,500 USD of insurance valuation 
§ Family shipments not to exceed 17,500 USD of insurance valuation 
--------------------------------------------------------- 
§ Auto Shipments 
§ No shipments or storage of autos 

	Auto Loss on Sale
	§ Reimbursement for the loss on sale automobile 
§ Reimbursement capped at 2,500 USD per automobile 
§ Single employee approved for 1 car 
§ Married employee approved for 2 cars 
§ Lease breaking fees covered up to the above caps 

	Preview/Home
Finding Trip
	§ 1 trip up to 5 days/4 nights 
§ Employee, spouse
§ Round-trip airfare per travel policy guidelines 
§ Reasonable meals, lodging, and local transportation 
§ Mileage at current rate, if applicable 

	En Route Trip
	§ One-way airfare per travel policy 
§ Ground transportation to/from airport 
§ Reasonable lodging, meals, and miscellaneous expenses (luggage, taxi/airport transfer, customary gratuities, initial entry duties) 

	Temporary Living
	§    Furnished/serviced housing
§    Up to 30 days, when “preview trip” taken
§    Up to 90 days if no preview/home finding trip
§    No meals, unless there are no cooking facilities; case by case calculation
§    Car rental/public transportation reimbursed for up to 30 days

Corrine Ricard    Page 4 of 9    

	
		
	Annual Home Leave and On Assignment Travel
	§ 8 round trips for family and dependents per travel policy guidelines

	Emergency Support and Leave
	§ Intl SOS Comprehensive Coverage in the event of serious illness, injury or death of assignee or spouse/partner’s immediate family members 

	Home Country Housing Support
	§ Home Sale 
§ Marketing Assistance 
§ Appraised Value Option 
§ Appraisals ordered at 90 days 
§ Must market for 120 days before accepting offer 
§ After 60 days of marketing, must reduce list price to within 105% of Most Probable Sales Price 
§ Must use PLUS approved agents 
§ Equity advance 
§ Home sale benefit eligibility has been approved for 24 months from the start of the assignment 
§ Home Sale Incentive 
§ Home Sale Incentive up to 2% of sale price, capped at $6,000 
§ Home must be sold within the 90 day marketing period 
§ Not grossed-up for taxes 
§ Property Management Services 
§ If homes are maintained, Property Management up to 200 USD per month per property for up to two properties 

	Host Country Housing Support
	§ Furnished and serviced host country housing (rent) or an unfurnished or semi-furnished apartment plus a $20,000 USD furniture allowance; either case also includes utilities 
§ Security deposits covered by company 
§ Rental Commissions covered per destination norms 
§ Home housing norm deduction 
§ Purchases not supported or recommended 

	Host Country Transportation
	§ Up to two cars and drivers to be arranged for employee and spouse 

	Cultural Training
	§ 2-day program for employee and spouse/partner/dependents 

	Host Country Destination Services
	§ 2 days settling-in service to establish temporary residency, bank account, credit, cell phone, and other customary local services 
§ Home search assistance with destination agent, up to 3 days (only 2 days if preview trip was taken) 

	Language Lessons
	§ Language training for employee and spouse for the duration of the assignment 

	Family/Spousal Assistance
	§ Up to 3,000 USD per assignment for reimbursement 

	Various Allowances
	§ Mail forwarding support (bi-weekly shipments sent to host office) 
§ Goods & Services Differential (COLA) – adjusted 2 to 4 times annually, changes made if +/- 1%) 
§ Hardship Premiums (annually reviewed amount determined by ORC, case by case) as applicable per policy

	Transfer Allowance
	§ 1 month’s salary, less taxes 

	Sign-on Bonus
	§ A sign-on bonus (amount to be determined prior to the assignment) will be paid to you within 30 days of the start of the assignment

Please work with your PLUS Relocation Counselor to coordinate all of these benefits and to process any payments or reimbursements.

Corrine Ricard    Page 5 of 9    

Tax Equalization 
In accordance with the Company’s International Assignment Tax Policy, you will be neither advantaged nor disadvantaged during your international assignment as a result of the differences in the income taxes and social security costs in the home and/or host country locations.  

To achieve this balance your current tax withholdings may cease and a hypothetical rate of tax may be calculated and withheld from your wages. This ‘hypo tax’ may be retained by the Company to off-set the cost of home and host tax payments made on your behalf during your international assignment. The ‘hypo tax” may be adjusted either up or down during your international assignment.  

Signing the Tax Equalization Policy Agreement acknowledging that you accept the terms and conditions of this Policy, is a pre-requisite to accepting the offer for a long-term international assignment. Under the terms of the Tax Equalization Policy Agreement, you agree to be considered tax equalized to your home state and country, which is effective from the start date of your international assignment through any subsequent years while on the international assignment.

In the event of voluntary or involuntary separation from the Company, a preliminary tax equalization settlement may be prepared, resulting in additional terms of payment to or from the Company at time of separation.

Before your international assignment begins, you should contact the Company’s Worldwide Tax Service Representative to schedule a home and host country tax consultation.

	
	
	Global Tax Network: 
Raj Azad, Senior Manager
7950 Main Street N, Ste 200
Minneapolis, MN 55369
Tel: 1.763.746.4557 Email: razad@globaltaxnetwork.com 

Repatriation
At the conclusion of your project assignment, the Company will coordinate your repatriation back to the home country location. You should begin to discuss job possibilities at the home country location at least six (6) months prior to the end date of your assignment in the host country. The following table is a list of the benefits that apply to your repatriation:

Corrine Ricard    Page 6 of 9    

	
		
	 
	BENEFITS

	Repat Home Finding Trip
	§ May be eligible for a home finding trip if no home country housing is owned or maintained. 
§ 1 trip up to 5 days/4 nights 
§ Employee, spouse and high school aged children, grades 9-12 
§ Round-trip airfare per travel policy 
§ Reasonable lodging, rental car and fuel 
§ Meal per diem 30 USD per adult, 15 USD per child age 15 and under 
§ Mileage at current rate, if applicable 

	Repat Household Goods Shipment
	§ Packing, transporting and insuring 
§ 30 days in transit storage 
§ Allow 10% increase on return shipment 
§ Pet Transportation costs capped at 5,000 USD 

§ Air Shipments 
§ Employee LDN 650 lbs/295 kg 
§ Employee, Spouse & Family 1,000 lbs/450 kg 

§ Air Shipment Valuation Caps: 
§ Employee LDN shipments not to exceed 12,500 USD of insurance valuation 
§ Family shipments not to exceed 25,000 USD of insurance valuation 
------------------------------------------------------ 
§ Sea/Surface Shipments 
§ Employee 20ft container 
§ Employee & Spouse 20ft container 
§ Family 40ft container 

§ Sea Shipment Valuation Caps: 
§ Employee shipments not to exceed 175,000 USD of insurance valuation 
§ Employee + Spouse shipments not to exceed 175,000 USD of insurance valuation 
§ Family shipments not to exceed 225,000 USD of insurance valuation 
------------------------------------------------------ 
§ Auto Shipments 
§ No shipments or storage of autos 

	Repat
Host Country Departure Assistance
	

§ 1 day departure services offered for lease breaking, lease close out, utility disconnections, local deregistration requirements 

	Repat
En Route Trip
	§ One-way airfare per travel policy 
§ Ground transportation to/from airport 
§ Reasonable lodging, meals, and miscellaneous expenses (luggage, taxi/airport transfer, customary gratuities, initial entry duties) 

	Repat
Temporary Living
	§ Furnished/serviced housing 
§ Up to 30 days 
§ No meals, unless there are no cooking facilities; case by case calculation 
§ Car rental/public transportation reimbursed for up to 30 days 

	Repat
Home Country Housing Support
	

§ 1 day rental tour, if applicable 

	Repat
Transfer Allowance
	

§ 1 month’s salary, less taxes 

Re-employment
Although the Company cannot guarantee any position of employment when your international assignment ends, the intention of the Company is to make reasonable efforts to identify a suitable location and position that will most benefit from the skills, experience, and expertise you have gained during your international assignment. 

In the event that a reasonably appropriate position is not available to you, and in the event your re-employment is, therefore, involuntarily terminated by the Company during or within 30 days of the conclusion of your assignment for reasons other than for “Cause” (as defined below), and subject to your execution of a separation agreement and release of claims reasonably acceptable to the Company, the Company will provide you with such severance benefits as may be available under the Company’s Severance and Change in Control Agreement at the time your international assignment ends. If there is not an appropriate level position available upon return to your home country, you will be treated as a Senior Advisor until age 60 and then severed according to your then active Severance and Change in Control agreement.

For purposes of this Agreement, “Cause” means: (a) malfeasance which has an adverse impact upon the Company; (b) refusal to perform duties ordinarily performed by an employee in the same or similar position; (c) conviction of a crime which has an 

Corrine Ricard    Page 7 of 9    

adverse impact on the Company or your ability to successfully perform job duties; (d) failure to comply with the written or known policies of the Company or directions of your superiors; (e) failure to fulfill your employment responsibilities in a competent and professional manner; or (f) a material breach of this Agreement or the Employee Confidential Information, Inventions, and Original Works of Authorship Agreement previously signed by you at your hire. 

Acceptance
If you are in agreement with the terms and conditions, as defined in this Letter of Understanding and the attached policies, please sign and date the copy of this letter, as well as the attached International Tax Equalization Policy Agreement. Please forward the signed copies to Chris Lewis.  A copy should be retained for your personal information.

SIGNATURE ACCEPTANCE
We are sincerely looking forward to you accepting this international assignment with the Company.

FOR AND ON BEHALF OF THE MOSAIC COMPANY

	
					
	/s/ Corrine Ricard
	 
	11/1/2019

	Corrine Ricard
	 
	 
	Date
	 

	International Assignee
	 
	 
	 
	 

	 
	 
	 
	 
	 

	/s/ Joc O'Rourke
	 
	11/1/2019

	Joc O'Rourke
	 
	 
	Date
	 

	President and Chief Executive Officer
	 
	 
	 

	 
	 
	 
	 
	 

	/s/ Christopher Lewis
	 
	11/1/2019

	Christopher Lewis
	 
	 
	Date
	 

	Senior Vice President, Human Resources
	 
	 
	 

 

Corrine Ricard    Page 8 of 9    

INTERNATIONAL ASSIGNMENT
RELOCATION PAYBACK AGREEMENT

In consideration for my employment, and the agreement by The Mosaic Company to provide for the above-mentioned relocation and other expenses as determined by The Mosaic Company expatriate policy, I agree to the following:

		
	1.
	Should my employment with The Mosaic Company terminate for reasons of cause or resignation within two years of my assignment start date, the following consequences will be agreed: 

		
	a.)
	All assignment benefits (including allowances) will end on the date of termination or the last day the employee is in the Host Country;

		
	b.)
	The Mosaic Company will not pay for any repatriation expenses, including travel or moving expenses back to the home country.

		
	2.
	I authorize The Mosaic Company to withhold from any monies due to me at the time of termination necessary to satisfy this obligation, above those sums exempt from attachment under Federal and State laws.

                

	
					
	PRINT NAME:
	Corrine D. Ricard
	 
	 
	 

	 
	 
	 
	 
	 

	SIGNATURE:
	/s/ Corrine D. Ricard
	DATE:
	11/1/2019
	 

	 
	 
	 
	 
	 

Corrine Ricard    Page 9 of 9Exhibit

Exhibit 10.2

THE MOSAIC COMPANY

RESTRICTED STOCK UNIT AWARD AGREEMENT (201[_] Award) 

This CASH-SETTLED RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is dated this ____ day of ________, 201[__], from The Mosaic Company, a Delaware corporation (the “Company”) to _____ (the “Participant”).  The “Grant Date” shall be ________, 201[__].  The “Performance Period” shall begin on the Grant Date and end on the date that is three (3) years after the Grant Date.
1.    Award.  The Company hereby grants to Participant an award of _____ restricted stock units (“RSUs”) Each RSU represents the right to receive the cash equivalent of one share of common stock, par value $.01 per share (the “Common Stock”), of the Company according to the terms and conditions set forth herein and in The Mosaic Company 2014 Stock and Incentive Plan (the “Plan”).  The RSUs are granted under Sections 6(c) and (f) of the Plan.  A copy of the Plan will be furnished upon request of Participant.
2.    Vesting; Forfeiture; Early Vesting.
(a)    Except as otherwise provided in this Award Agreement, the RSUs will be earned and vested in accordance with the following schedule:
	
			
	On Each of 
the Following Dates
	 
	Number of RSUs  
Earned and Vested

	

_____________, ______
	 
	1/3 of total RSUs awarded

	_____________, ______
	 
	1/3 of total RSUs awarded

	_____________, ______
	 
	1/3 of total RSUs awarded

	 
	 
	 

(b)    Except as provided in Sections 2(c), (d) and (e), if Participant ceases to be an employee of the Company or any Affiliate, whether voluntary or involuntary and whether or not terminated for Cause, prior to vesting of the RSUs pursuant to Section 2(a) hereof, all of Participant’s rights to all of the unvested RSUs shall be immediately and irrevocably forfeited.     
(c)    Notwithstanding Section 2(b), all of a Participant’s unvested RSU’s shall vest upon the date any of the following events occurs:
(i)    Participant’s death; 
(ii)    Participant is determined to be disabled under the Company’s long term disability plan; or
(iii)    Participant retires from the Company with at least five years of service at age sixty (60) or older (or pursuant to early retirement with the consent of the Committee).
(d)    Notwithstanding Section 2(b) or anything else in this Award Agreement to the contrary, in the event of a Change in Control (other than a Change in Control in connection with which the holders of Common Stock receive consideration consisting solely of shares of common stock that are registered under Section 12 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”)) the 

Participant’s RSUs shall vest effective as of the date of the Change in Control, provided that upon a Change in Control specified in Section 3(a)(iv), the Participant’s RSUs shall vest effective immediately prior to consummation of the liquidation or dissolutions provided that the liquidation or dissolution  occurs. 
(e)    Notwithstanding Section 2(b) or anything else in this Award Agreement to the contrary, in the event Participant experiences a Qualified CIC Termination (other than a Change in Control listed in Section 2(d)) the Participant’s RSUs shall vest as of the date of Participant’s termination of employment.
3.    Certain Definitions.
(a)            “Change in Control” shall mean:
(i)    a majority of the directors of the Company shall be persons other than persons (A) for whose election proxies shall have been solicited by the Board of Directors of the Company, or (B) who are then serving as directors appointed by the Board of Directors to fill vacancies on the Board of Directors caused by death or resignation (but not by removal) or to fill newly-created directorships,
(ii)    50% or more of the voting power of all of the outstanding shares of all classes and series of capital stock of the Company entitled to vote in the general election of directors of the Company, voting together as a single class (the “Voting Stock”), of the Company is acquired or beneficially owned by any person, entity or group (within the meaning of Section 13d(3) or 14(d)(2) of the Exchange Act other than (A) an entity in connection with a Business Combination in which clauses (A) and (B) of subparagraph (iii) apply or (B) a licensed broker/dealer or licensed underwriter who purchases shares of Voting Stock pursuant to an underwritten public offering solely for the purpose of resale to the public,
(iii)    the consummation of a merger or consolidation of the Company with or into another entity, a sale or other disposition (in one transaction or a series of transactions) of all or substantially all of the Company’s assets or a similar business combination (each, a “Business Combination”), in each case unless, immediately following such Business Combination, (A) all or substantially all of the beneficial owners of the Company’s Voting Stock immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the voting power of the then outstanding shares of Voting Stock (or comparable voting equity interests) of the surviving or acquiring entity resulting from such Business Combination (including such beneficial ownership of an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one of more subsidiaries), in substantially the same proportions (as compared to the other beneficial owners of the Company’s Voting Stock immediately prior to such Business Combination) as their beneficial ownership of the Company’s Voting Stock immediately prior to such Business Combination, and (B) no person, entity or group beneficially owns, directly or indirectly, 50% or more of the voting power of the outstanding voting stock (or comparable equity interests) of the surviving or acquiring entity (other than a direct or indirect parent entity of the surviving or acquiring entity, that, after giving effect to the Business Combination, beneficially owns, directly or indirectly, 100% of the outstanding Voting Stock (or comparable equity interests) of the surviving or acquiring entity), or
(iv)    approval by the Company’s stockholders of a definitive agreement or plan to liquidate or dissolve the Company.

Notwithstanding the foregoing, a Change in Control shall not have occurred unless the event satisfies the definition of “change in control” under section 409A of the Internal Revenue Code of 1986, as amended, and any regulations, rules, or guidance thereunder (the “Code”).

(b)        “Qualified CIC Termination” shall mean (i) the Company’s termination of Participant’s employment without Cause (or Employee’s termination of employment for Good Reason), and (ii) such termination occurs either (A) upon, or within two years after, the occurrence of a Change in Control of the Company, or (B) at the time of, or following, the entry by the Company into a definitive agreement or plan for a Change in Control of the nature set forth in Section 3(a)(ii), (iii), or (iv) (so long as such Change in Control occurs within six months after the effective date of such termination). 

(c)        “Cause” shall mean (i) the willful and continued failure by Participant substantially to perform his or her duties and obligations (other than any such failure resulting from his or her incapacity due to physical or mental illness), (ii) Participant’s conviction or plea bargain of any felony or gross misdemeanor involving moral turpitude, fraud or misappropriation of funds or (iii) the willful engaging by Participant in misconduct which causes substantial injury to the Company or its Affiliates, its other employees or the employees of its Affiliates or its clients or the clients of its Affiliates, whether monetarily or otherwise.  For purposes of this paragraph, no action or failure to act on Participant’s part shall be considered “willful” unless done or omitted to be done, by Participant in bad faith and without reasonable belief that his or her action or omission was in the best interests of the Company.
(d)        “Good Reason” shall mean: (i) a material diminution in authority, duties, or responsibilities; (ii) a material change in geographic location where services are provided (the Company has determined this is any requirement by the Company that Participant move to a location more than fifty (50) miles away from Participant’s regular office location); or (iii) a material diminution in base salary.  Good Reason shall not exist if (i) Participant expressly consents to such event in writing, (ii) Participant fails to object in writing to such event within sixty (60) days of its effective date, or (iii) Participant objects in writing to such event within sixty (60) days of its effective date but the Company cures such event within thirty (30) days after written notice from Participant.  The written notice must describe the basis for Participant’s claim of Good Reason and identify what reasonable actions would be required to cure such Good Reason.    
4.    Restrictions on Transfer.  The RSUs shall not be transferable other than by will or by the laws of descent and distribution.  Each right under this Award Agreement shall be exercisable during Participant’s lifetime only by Participant or, if permissible under applicable law, by Participant’s legal representative.  No attempt to transfer the RSUs, whether voluntarily or involuntarily, by operation of law or otherwise, shall vest the purported transferee with any interest or right in or with respect to the RSUs or the Shares.  Notwithstanding the foregoing, Participant may, in the manner established pursuant to the Plan, designate a beneficiary or beneficiaries to exercise the rights of Participant and receive any property distributable with respect to the RSUs upon the death of Participant.
5.    Adjustments.  If any RSUs vest subsequent to any change in the number or character of the Common Stock of the Company (through any stock dividend or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares, or otherwise), Participant shall then receive upon such vesting the cash value of the number and type of securities or other consideration which Participant would have received if such RSUs had vested prior to the event changing the number or character of the outstanding Common Stock.  In the event of a Change in Control in connection with which the holders of Common Stock receive consideration consisting solely of shares of common stock that are registered under Section 12 of the Exchange Act there shall be substituted for each share of Common Stock convertible to cash upon vesting of the RSUs granted 

under this Award Agreement the number and class of shares into which each outstanding share of Common Stock shall be converted pursuant to such Change in Control.

6.    Payment.  The Company shall cause to be paid the cash value of vested whole and fractional RSUs during the Performance Period (less any amounts withheld to pay withholding taxes).

Notwithstanding the foregoing, if there is a Change in Control as described under Section 2(d), then Participant shall receive, within ten (10) days of the occurrence of such Change in Control, a cash payment from the Company in an amount based on the number of RSUs vested under Section 2(d) multiplied by the highest per share price offered to stockholders of the Company in any transaction whereby the Change in Control takes place.

Notwithstanding the foregoing, if there is a Change in Control as described under Section 2(e), then, within ten (10) days of Participant’s Qualified CIC Termination, the Company shall promptly cause to be issued the number and class of whole shares determined under Section 5 hereof registered in the name of Participant or in the name of Participant’s legal representatives, beneficiaries or heirs, as the case may be, subject to Section 8(a).  The value of any fractional Shares shall be paid in cash at the same time.  To the extent that Section 409A of the Code applies and Participant is a specified employee for purposes of section 409A of the Code, payment shall occur the first day of the seventh month following the date of the Participant’s termination of employment (rather than within ten (10) days of Participant’s Qualified CIC Termination).

Upon the issuance of Shares or payments under this Section, Participant’s RSUs shall be cancelled.

7.    Dividend Equivalents.  Notwithstanding Section 6 hereof, for record dates that occur before a payment would have been made in accordance with Section 6 hereof, Participant shall be entitled to receive, with respect to each RSU that is converted to cash, dividend equivalent amounts if dividends are declared by the Board of Directors on the Company’s Common Stock.  The dividend equivalent amounts shall be an amount of cash per share of Common stock that is converted to cash pursuant to this Award Agreement equal to the dividends per share paid to common stockholders of the Company on a share of the Company’s Common Stock during the Performance Period.  The dividend equivalent amounts shall be accrued (without interest and earnings) rather than paid when a dividend is paid on a share of the Company’s Common Stock.  If a RSU is forfeited, the dividend equivalents on the RSU are forfeited.  
8.    Miscellaneous.
(a)    Income Tax Matters.
(i)    In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant.
(ii)    In accordance with the terms of the Plan, and such rules as may be adopted under the Plan, Participant may elect to satisfy Participant’s federal and state income tax withholding obligations arising from the receipt of, or the lapse of restrictions relating to, the RSUs (including but not limited to the payment of dividend equivalents) by having the Company withhold a portion of the cash otherwise to be paid equal to the amount of such taxes.  The Participant’s election must be made on or before the date that the amount of tax to be withheld is determined.

(iii)    To the extent a payment is not paid within the short-term deferral period and is not exempt from Section 409A of the Code (such as the rule exempting payments made following an involuntary termination of up to two times pay) then Section 409A of the Code shall apply.  The Company intends this Award Agreement to comply with Section 409A of the Code and will interpret this Award Agreement in a manner that complies with Section 409A of the Code.  For example, the term “termination” shall be interpreted to mean a separation from service under section 409A of the Code and the six-month delay rule shall apply if applicable.  Notwithstanding the foregoing, although the intent is to comply with section 409A of the Code, Participant shall be responsible for all taxes and penalties under this Award Agreement (the Company and its employees shall not be responsible for such taxes and penalties).

(b)    Clawback.  This Award Agreement, and any amounts received hereunder, shall be subject to recovery or other penalties pursuant to (i) any Company clawback policy, as may be adopted or amended from time to time, or (ii) any applicable law, rule or regulation or applicable stock exchange rule, including, without limitation, Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any NYSE Listing Rule adopted pursuant thereto.
(c)    Plan Provisions Control.  In the event that any provision of the Award Agreement conflicts with or is inconsistent in any respect with the terms of the Plan, the terms of the Plan shall control.  Any term not otherwise defined in this Award Agreement shall have the meaning ascribed to it in the Plan.
(d)    Rationale for Grant.  The RSUs granted pursuant to this Award Agreement is intended to offer Participant an incentive to put forth maximum efforts in future services for the success of the Company’s business.  The RSUs are not intended to compensate Participant for past services.  
(e)    No Rights of Stockholders.  Neither Participant, Participant’s legal representative nor a permissible assignee of this award shall have any of the rights and privileges of a stockholder of the Company.
(f)    No Right to Employment.  The issuance of the RSUs shall not be construed as giving Participant the right to be retained in the employ of the Company or an Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate such employment at any time, with or without Cause.  In addition, the Company or an Affiliate may at any time dismiss Participant from employment free from any liability or any claim under the Plan or the Award Agreement.  Nothing in the Award Agreement shall confer on any person any legal or equitable right against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against the Company or an Affiliate.  The award granted hereunder shall not form any part of the wages or salary of Participant for purposes of severance pay or termination indemnities, irrespective of the reason for termination of employment.  Under no circumstances shall any person ceasing to be an employee of the Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under the Award Agreement or Plan which such employee might otherwise have enjoyed but for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise.  By participating in the Plan, Participant shall be deemed to have accepted all the conditions of the Plan and the Award Agreement and the terms and conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.
(g)    Governing Law.  The validity, construction and effect of the Plan and the Award Agreement, and any rules and regulations relating to the Plan and the Award Agreement, shall be determined in accordance with the internal laws, and not the law of conflicts, of the State of Delaware.  Participant hereby submits to the nonexclusive jurisdiction and venue of the federal or state courts of Delaware to resolve any and all issues that may arise out of or relate to the Plan or the Award Agreement.

(h)    Severability.  If any provision of the Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Award Agreement under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction or the Award Agreement, and the remainder of the Award Agreement shall remain in full force and effect.
(i)    No Trust or Fund Created.  Participant shall have no right, title, or interest whatsoever in or to any investments that the Company, its Subsidiaries, and/or its Affiliates may make to aid it in meeting its obligations under the Plan.  Neither the Plan nor the Award Agreement shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and Participant or any other person.
(j)    Headings.  Headings are given to the Sections and subsections of the Award Agreement solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Award Agreement or any provision thereof.

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