French Qualified RSUs Clause Samples
The 'French Qualified RSUs' clause defines the terms and conditions under which Restricted Stock Units (RSUs) are granted to employees in France in a manner that qualifies for favorable French tax and social security treatment. This clause typically outlines eligibility requirements, vesting schedules, and compliance with specific French legal and regulatory standards, such as the French Commercial Code and tax laws. By ensuring that RSUs meet these qualifications, the clause helps both employers and employees benefit from reduced tax liabilities and social charges, making equity compensation more attractive and compliant with local regulations.
French Qualified RSUs. (a) The following additional terms and conditions are also applicable to Awards of Qualified RSUs granted pursuant to this Agreement and the French Schedule attached hereto.
(b) For purposes of this Agreement, Eligible Individuals are officers or employees of the Company or a company in which the Company owns directly or indirectly at least 10% of the equity or voting rights, who are located in France. Eligible Individuals are selected by their employer and approved by the Company or the empowered corporate body. No Qualified RSU Unit can be granted to an Eligible Individual who:
(i) holds directly or indirectly, more than ten percent (10%) of the outstanding Shares of the Company; or
(ii) would, as a result of a grant of a Qualified RSU, hold more than ten percent (10%) of the outstanding Shares of the Company. Any Eligible Individual who, on the Grant Date of a Qualified RSU, and to the extent required under French law, is employed under the terms and conditions of an employment contract (“contrat de travail”) by a French entity or who is a corporate officer of a French entity, shall be eligible to receive, at the discretion of the Company or the empowered corporate body, Qualified RSUs under the Plan as adjusted to meet the requirements of the French Code de commerce.
(c) Vesting will take place on the dates outlined in the Grant Details and will be subject to the Plan, the Agreement, this Appendix and the Eligible Individual’s continuous employment. The awards will Vest over a four year period, Vesting 25% each year. Notwithstanding any other rule of the Plan, the Agreement or the Schedule:
(i) where an Eligible Individual leaves employment for reason of death during the Vesting Period or any Holding Period, his or her personal representatives may require, within six months from the date of death, Vesting of the deceased’s Qualified RSUs (if not already Vested) and the transfer of the underlying Shares (the Shares will be transferred to the personal representatives of the Eligible Individual as soon as practicably possible following their request); and
(ii) in the event of disability (as defined under the second or third category of Article L.341-4 of the French Code de la sécurité sociale), Vesting of the Eligible Individual’s Qualified RSUs may be accelerated at the discretion of the empowered corporate body (and the underlying Shares shall then be transferred to the Eligible Individual as soon as practicably possible).
(d) In relation to the first 2...
French Qualified RSUs. The following additional terms and conditions are also applicable to Awards of Qualified RSUs granted pursuant to this Agreement and the French Schedule attached hereto.
French Qualified RSUs. The RSUs are intended to qualify for the favorable tax and social security regime in France under Section L. ▇▇▇-▇▇▇-▇ to L. 225-197-6-1 of the French Commercial Code, as amended. Certain events may affect the status of the RSUs as French-qualified RSUs, and the French-qualified RSUs may be disqualified in the future. The Company does not make any undertaking or representation to maintain the qualified status of the RSUs. If the RSUs no longer qualify as French-qualified RSUs, the favorable tax and social security treatment will not apply, and the Participant will be required to pay his or her portion of social security contributions resulting from the RSUs (as well as any income tax that is due).
French Qualified RSUs. Notwithstanding anything to the contrary in the ECP Award Agreement, the ECP Terms and Conditions, this Addendum or the Plan, if the Participant is a French resident and qualifies for participation in the French-qualified regime, any RSU that may be granted to the Participant pursuant to the ECP Award shall be granted under the French specific regime provided by Articles L225-197-1 and seq. of the French Commercial Code, as may be amended from time to time, and subject to the Rules of the International Flavors and Fragrances Inc. 2015 Stock Award and Incentive Plan for Grants of RSU Awards in France (the “French Sub-Plan”) and the related French-Qualified RSU Award Agreement, incorporated herein by reference.