Document:

exv10w21

Exhibit 10.21

RESTRICTED STOCK UNIT AWARD AGREEMENT

UNDER THE PROGRESS SOFTWARE CORPORATION

2008 STOCK OPTION AND INCENTIVE PLAN

Name of Grantee:

Number of Restricted Stock Units:

Grant Date:

     Pursuant to the Progress Software Corporation 2008 Stock Option and Incentive Plan as amended
through the date hereof (the “Plan”), Progress Software Corporation (the “Company”) hereby grants
the number of Restricted Stock Units (“RSUs”) specified above (the “Award”) to the Grantee named
above, subject to the terms of the Plan and this Award Certificate. The Award represents a promise
to pay to the Grantee one share of Common Stock, par value $.01 per share (the “Stock”) of the
Company for each RSU, subject to the restrictions and conditions set forth herein and in the Plan.

     1. Restrictions.

          (a) No Voting Rights and Dividends. Until such time as the RSUs are paid to the
Grantee in shares of Stock, the Grantee shall have no voting rights and no rights to any dividends
or other distributions with respect to the RSUs.

          (b) Restrictions on Transfer. The RSUs granted pursuant to this Agreement may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated and any such attempt
to transfer any RSU will not be honored.

     2. Vesting of Restricted Stock Units.

          (a) Form of Payment. Subject to the Grantee being employed by the Company on each
vesting date, the restrictions and conditions in Paragraph 1 of this Agreement with respect to such
RSU shall lapse and such RSU shall become payable to the Grantee in shares of Stock on the relevant
vesting date specified below:

	 	 	 
	Vesting Date	 	Vesting Percentage
	April 1, 2010
	 	1/6th
	October 1, 2010
	 	1/6th
	April 1, 2011
	 	1/6th
	October 1, 2011
	 	1/6th
	April 1, 2012
	 	1/6th
	October 1, 2012
	 	1/6th

 

 

          (b) The Grantee’s rights to all RSUs granted herein and not yet vested in accordance with the
provisions of Paragraph 2(a) shall automatically terminate upon the Grantee’s termination of
employment, voluntarily or involuntarily, with the Company and its Subsidiaries for any reason
(including death).

     3. Receipt of Stock Upon Vesting. Upon the vesting of the RSUs as provided in
Paragraph 2(a), the Grantee shall receive one share of Stock for each RSU vested. Shares of Stock
acquired pursuant to this Award shall be issued and delivered to the Grantee either in actual stock
certificates or by electronic book entry, subject to tax withholding as provided in Paragraph 6
below.

     4. Incorporation of Plan. Notwithstanding anything herein to the contrary, this
Agreement shall be subject to and governed by all the terms and conditions of the Plan, including
the powers of the Administrator set forth in the Plan. Capitalized terms in this Agreement shall
have the meaning specified in the Plan, unless a different meaning is specified herein.

     5. Transferability. This Agreement is personal to the Grantee, is non-assignable and
is not transferable in any manner, by operation of law or otherwise, other than by will or the laws
of descent and distribution.

     6. Tax Withholding. A taxable event will occur when the RSUs vest. At the time of
vesting, the Company will calculate the amount of the tax withholding obligation based on the value
of the Stock on the date of vest. The Grantee will have the option pursuant to the Election Form
attached hereto as Exhibit A to pay the tax withholding obligation by delivery of a
check for the amount of such withholding obligation within one business day following the date of
vesting or by the Company withholding the required minimum amount from the shares of Stock to be
issued to the Grantee. If the Grantee does not make an election, the tax withholding obligation
will be satisfied by the Company withholding the required minimum amount from the shares of Stock
to be issued to the Grantee. The Grantee may change this election by written notice to Jocelyn
Stanick, Senior Treasurer Analyst of the Company, up to thirty (30) days prior to the first vesting
date.

	 	 	 	 	 	 	 
	 	 	PROGRESS SOFTWARE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 
	 	 	 	 
	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

     The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed
to by the undersigned.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 

Grantee’s Signature
	 	 

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PROGRESS SOFTWARE CORPORATION

ELECTION FORM

			
	To:	 	Jocelyn Stanick, Senior Treasury Analyst

	1.	 	I hereby elect to pay any required tax withholding obligation as a result of the vesting of
Restricted Stock Units awarded pursuant to the Restricted Stock Unit Award Agreement to which
this Election Form constitutes a part by:

	 	o	 	Delivery of a check for the amount of such withholding obligation within one
business day following the date of vesting
	 
	 	o	 	The Company withholding the required tax withholding amount from the shares
of common stock to be issued to me upon vesting of such Restricted Stock Units

	2.	 	The above election shall remain in effect unless I notify the Company of a new election on or
before the date that is thirty days prior to the first vesting date of the Restricted Stock
Units.
	 
	 	 	Executed this                      day of                     , 2009.

	 	 	 	 	 
	 

	 	 

Signature
	 	 
	 
	 	 	 	 
	 

	 	 

Print Nameexv10w1

EXHIBIT 10.1

FORM OF TARP RESTRICTED STOCK UNIT AGREEMENT

     THIS RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made effective as of the grant date set
forth below by and between SYNOVUS FINANCIAL CORP., a Georgia corporation (the “Corporation”), and
                     (“Executive”).

     WHEREAS, Executive has been awarded Restricted Stock Units (“RSUs”) under the Corporation’s
2007 Omnibus Plan (“Plan”).

     NOW, THEREFORE, in accordance with the provisions of the Plan and this Agreement, Executive
hereby agrees to the following terms and conditions:

	1.	 	Grant of RSUs

     Executive is hereby granted RSUs as follows:

     Date of Grant:                     , 200___

     Vesting Period: Please refer to Section 2 of this Agreement

     Total Number of RSUs:                     

	2.	 	Vesting of RSUs

(a) Vesting Conditions. The RSUs will be subject to three separate vesting
requirements: the service-based vesting requirement set forth in paragraph (b) below (the
“Service Requirement”), the performance-based vesting requirement set forth in paragraph (c)
below (the “Performance Requirement”), and the requirement that the Corporation repay all or
a portion of its obligations under the U.S. Treasury Department’s Capital Purchase Program
under the Troubled Asset Relief Program (“TARP”) as set forth in paragraph (d) below (the
“TARP Requirement”). All three vesting requirements — the Service Requirement, the
Performance Requirement and the TARP Requirement — must be satisfied as described below in
order for the RSUs to vest.

(b) Service Based Requirement. If Executive remains in the continuous employ of the
Corporation or a Subsidiary of the Corporation through the date(s) indicated in Column I
below, the RSUs will become non-forfeitable (i.e., “vest”) to the extent indicated in Column
II below:

 

	 	 	 
	(I)	 	(II)
	If employment	 	the % of the RSUs
	continues through	then	which vest is
	 
	                    , 200___
	 	100%
	 
	[or]	 	 
	 
	                    , 200___
	 	___%
	 
	[or]	 	 
	 
	                    , 200___
	 	___%
	 
	[or]	 	 
	 
	                    , 200___
	 	___%
	 
	[or]	 	 
	 
	                    , 200___
	 	___%
	 
	[or]	 	 
	 
	                    , 200___
	 	___%

Such vesting will occur (to the extent indicated in Column (II) above) at the close of
business on the applicable date(s) indicated in Column (I) above. Any RSUs for which the
Service Requirement is not satisfied on the date of Executive’s termination of employment
for any reason other than death or disability will be forfeited to the Corporation.

(c) Performance Requirement. In order for the RSUs to vest, the Corporation must
have a positive net income for two consecutive quarters as determined under generally
accepted accounting principles. Any RSUs for which the Performance Requirement is not
satisfied on the date of Executive’s termination of employment for any reason other than
death or disability will be forfeited to the Corporation.

(d) TARP Requirement. If the Corporation has not repaid its obligations under the
TARP, then the RSUs will not vest or otherwise become transferable until such TARP repayment
(except as necessary to reflect a merger or acquisition of the Company), except that: (i)
25% of the RSUs granted will vest at the time of repayment of 25% of the aggregate
obligations of the Corporation under TARP; (ii) an additional 25% of the RSUs granted (for
an aggregate total of 50% of the shares of RSUs granted) will vest at the time of repayment
of 50% of the aggregate obligations of the Corporation under TARP; (iii) an additional 25%
of the shares of RSUs granted (for an aggregate total of 75% of the shares of RSUs granted)
will vest at the time of repayment of 75% of the aggregate obligations of the Corporation
under TARP; and (iv) the remainder of the shares of RSUs granted will vest at the time of
repayment of 100% of the aggregate obligations of the Corporation under TARP. In
calculating such percentages, any portion of the RSUs transferred or sold to pay taxes shall
not count toward the percentages above.

(e) Change of Control. Notwithstanding the preceding provisions, the Service
Requirement and the Performance Requirement shall be deemed satisfied in the event of a
change of control event of the Corporation as defined in 26 CFR 1.280G-1, Q&A-27 through
Q&A-29, or as defined in 26 CFR 1.409A-3(i)(5)(i).

(f) Termination of Employment. In the event of Executive’s termination of
employment for any reason (other than death or disability) after the Service Requirement

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and
the Performance Requirement have been satisfied, the RSUs will not be forfeited to the
Corporation and Executive (or Executive’s estate) will vest in such RSUs upon the
satisfaction of the TARP Requirement, regardless of Executive’s employment status. In the
event of an Executive’s death or disability, the Service Requirement and the Performance
Requirement shall be automatically satisfied and Executive (or Executive’s estate) will vest
in such RSUs upon the satisfaction of the TARP Requirement, regardless of Executive’s
employment status.

	3.	 	Conversion of RSUs and Issuance of Shares
	 
	 	 	Upon vesting of the RSUs, one share of the Corporation’s Common Stock shall be issued for
each RSU that vests on such vesting date, subject to the terms and conditions of this
Agreement and the Plan.
	 
	4.	 	Transfer of RSUs
	 
	 	 	Unless otherwise permitted by the Committee, the RSUs may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than pursuant to a will or the laws
of descent and distribution. Any attempted disposition in violation of this Agreement and
the Plan shall be void.
	 
	5.	 	Status of Executive
	 
	 	 	The Executive shall not be, or have rights as, a stockholder of the Corporation with respect
to any of the shares of Common Stock subject to the RSUs unless such RSUs have vested, and
 shares underlying the RSUs have been issued and delivered to him or her. The Corporation
shall not be required to issue or transfer any certificates for shares of Common Stock upon
vesting of the RSUs until all applicable requirements of law have been complied with and
such shares have been duly listed on any securities exchange on which the Common Stock may
then be listed.
	 
	6.	 	Dividend Equivalents
	 
	 	 	The RSUs will be credited with dividend equivalents equal to amount of cash dividend
payments that would have otherwise been paid if the shares of the Corporation’s Common Stock
represented by the RSUs (including deemed reinvested additional shares attributable to the
RSUs pursuant to this paragraph) were actually outstanding. These dividend equivalents will
be deemed to be reinvested in additional shares of the Corporation’s Common Stock determined
by dividing the deemed cash dividend amount by the Fair Market Value (as defined in the
Plan) of a share of the Corporation’s Common Stock on the applicable dividend payment date.
Such credited amounts will be added to the RSUs and will vest or be forfeited in accordance
with Section 2 based on the vesting or forfeiture of the initial RSUs to which they are
attributable. In addition, the RSUs will be credited with any dividends or distributions
that are paid in shares of the Corporation’s Common Stock represented by the RSUs and will
otherwise be adjusted by the Committee for other capital or corporate events as provided for
in the Plan.

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	7.	 	Recoupment of RSUs or Other Awards Paid or Vested Based Upon Misstated Financials or
Other Performance Metric.
	 
	 	 	During any year in which any obligation arising from financial assistance received under
TARP is outstanding within the meaning of Treasury Regulations 31 CFR Part 30, “TARP
Standards for Compensation and Corporate Governance,” the Corporation shall not pay or allow
to vest, or if paid or vested shall recover from Executive any RSUs or other Plan awards
paid or vested to Executive, if such payment or vesting was based on a materially
inaccurate financial statements (which shall include but shall not be limited to statements
of earnings, revenues, or gains) or any other materially inaccurate performance metric or
criteria. The Committee shall base its determination as to whether a financial statement or
performance metric criteria is materially inaccurate on all the facts and circumstances, but
a financial statement or performance metric criteria shall be deemed to be materially
inaccurate with respect to Executive if Executive knowingly engaged in providing inaccurate
information (including knowingly failing to timely correct inaccurate information) relating
to those financial statements or performance metrics. The Corporation shall exercise its
rights under this Agreement to recover such awards or payments except to the extent that it
is unreasonable to do so. Executive agrees that, during any year in which any obligation
arising from financial assistance received under TARP is outstanding, if the RSUs or other
Plan awards paid or vested to Executive are based on materially inaccurate financial
statements (which shall include but not be limited to statements of earnings, revenues, or
gains) or any other materially inaccurate performance metric criteria, Executive will
promptly repay such award or payment to the Corporation upon request by the Corporation.
Executive hereby expressly authorizes the Corporation to deduct such amounts from any other
amount the Corporation may owe to Executive.

	8.	 	General Provisions

(a) Administration, Interpretation and Construction. The terms and conditions set
forth in this Agreement will be administered, interpreted and construed by the Compensation
Committee, whose decisions will be final, conclusive and binding on the Corporation, on
Executive and on anyone claiming under or through the Corporation or Executive. Without
limiting the generality of the foregoing, any determination as to whether an event has
occurred or failed to occur which causes the RSUs to be forfeited pursuant to the terms and
conditions set forth in this Agreement, will be made in the good faith but absolute
discretion of the Compensation Committee. By accepting the transfer of RSUs, Executive
irrevocably consents and agrees to the terms and conditions set forth in this Agreement and
to all actions, decisions and determinations to be taken or made by the Compensation
Committee in good faith pursuant to the terms and conditions set forth in this Agreement.

(b) Withholding. The Corporation will have the right to withhold from any payments
to be made to Executive (whether under this Agreement or otherwise) any taxes the
Corporation determines it is required to withhold with respect to Executive under the laws
and regulations of any governmental authority, whether Federal, state or local and whether
domestic or foreign, in connection with this Agreement, including, without limitation, taxes
in connection with the transfer of RSUs or the lapse of restrictions on RSUs. Failure to
submit any such withholding taxes shall be deemed to cause otherwise lapsed restrictions on
RSUs not to lapse.

(c) Rights Not Assignable or Transferable. No rights under this Agreement will be
assignable or transferable other than by will or the laws of descent and distribution,
either voluntarily, or, to the full extent permitted by law, involuntarily, by way of

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encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided
in this Agreement. Executive’s rights under this Agreement will be exercisable during
Executive’s lifetime only by Executive or by Executive’s guardian or legal representative.

(d) Terms and Conditions Binding. The terms and conditions set forth in the Plan
and in this Agreement will be binding upon and inure to the benefit of the Corporation, its
successors and assigns, including any assignee of the Corporation and any successor to the
Corporation by merger, consolidation or otherwise, and Executive, Executive’s heirs,
devisees and legal representatives. In addition, the terms and conditions set forth in the
Plan and in this Agreement will be binding upon and inure to the benefit of Mellon and its
successors and assigns.

(e) No Employment Rights. No provision of this Agreement or the Plan will be deemed
to confer upon Executive any right to continue in the employ of the Corporation or a
Subsidiary or will in any way affect the right of the Corporation or a Subsidiary to dismiss
or otherwise terminate Executive’s employment at any time for any reason with or without
cause, or will be construed to impose upon the Corporation or a Subsidiary any liability for
any forfeiture of RSUs which may result under this Agreement if Executive’s employment is so
terminated.

(f) No Liability for Good Faith Business Acts or Omissions. Executive recognizes
and agrees that the Compensation Committee, the Board, or the officers, agents or employees
of the Corporation and its Subsidiaries, in their oversight or conduct of the business and
affairs of the Corporation and its Subsidiaries, may in good faith cause the Corporation or
a Subsidiary to act, or to omit to act, in a manner that may, directly or indirectly,
prevent the RSUs from vesting. No provision of this Agreement will be interpreted or
construed to impose any liability upon the Corporation, a Subsidiary, the Compensation
Committee, Board or any officer, agent or employee of the Corporation or a Subsidiary, for
any forfeiture of RSUs that may result, directly or indirectly, from any such action or
omission.

(g) Recapitalization. In the event that Executive receives, with respect to RSUs,
any securities or other property (other than cash dividends) as a result of any stock
dividend or split, spin-off, recapitalization, merger, consolidation, combination or
exchange of shares or a similar corporate change, any such securities or other property
received by Executive will likewise be held by Mellon and be subject to the terms and
conditions set forth in this Agreement and will be included in the term “RSUs.”

(h) Appointment of Agent. By accepting the transfer of RSUs, Executive irrevocably
nominates, constitutes, and appoints Mellon as Executive’s agent for purposes of
surrendering or transferring the RSUs to the Corporation upon any forfeiture required or
authorized by this Agreement. This power is intended as a power coupled with an interest
and will survive Executive’s death. In addition, it is intended as a durable power and will
survive Executive’s disability.

(i) Legal Representative. In the event of Executive’s death or a judicial
determination of Executive’s incompetence, reference in this Agreement to Executive shall be
deemed, where appropriate, to Executive’s heirs or devises.

5

 

(j) Titles. The titles to sections or paragraphs of this Agreement are intended
solely for convenience and no provision of this Agreement is to be construed by reference to
the title of any section or paragraph.

(k) Plan Governs. The RSUs are being transferred to Executive pursuant to and
subject to the Plan, a copy of which is available upon request to the Corporate Secretary of
the Corporation. The provisions of the Plan are incorporated herein by this reference, and
all capitalized terms in this Agreement shall have the same meanings given to such terms in
the Plan. The terms and conditions set forth in this Agreement will be administered,
interpreted and construed in accordance with the Plan, and any such term or condition which
cannot be so administered, interpreted or construed will to that extent be disregarded.

(l) Complete Agreement. This instrument contains the entire agreement of the
parties relating to the subject matter of this Agreement and supersedes and replaces all
prior agreements and understandings with respect to such subject matter. The parties hereto
have made no agreements, representations or warranties relating to the subject matter of
this Agreement which are not set forth herein or incorporated by reference.

(m) Amendment; Modification; Wavier. No provision set forth in this Agreement may
be amended, modified or waived unless such amendment, modification or waiver shall be
authorized by the Compensation Committee and shall be agreed to in writing, signed by
Executive and by an officer of the Corporation duly authorized to do so; provided, however,
that Executive expressly agrees that, notwithstanding anything in this Agreement to the
contrary, the Corporation may unilaterally amend or modify this Agreement if required for
Company to comply with its obligations under TARP, whether currently existing, or
hereinafter enacted or promulgated, to the extent they affect this Agreement. No waiver by
either party hereto of any breach by the other party of any condition or provision set forth
in this Agreement to be performed by such other party will be deemed a waiver of a
subsequent breach of such condition or provision, or will be deemed a waiver of a similar or
dissimilar provision or condition at the same time or at any prior or subsequent time.

(n) Governing Law. The validity, interpretation, performance and enforcement of the
terms and conditions set forth in this Agreement will be governed by the laws of the State
of Georgia, the state in which the Corporation is incorporated, without giving effect to the
principles of conflicts of law of that state.

     The Corporation has issued the RSUs in accordance with the foregoing terms and conditions and
in accordance with the provisions of the Plan. By signing below, Executive hereby agrees to the
foregoing terms and conditions of the RSUs.

     IN WITNESS WHEREOF, Executive has set Executive’s hand and seal, effective as of the date and
year set forth above.

                                         (L.S.)

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