BURGER KING HOLDINGS, INC. 2006 OMNIBUS INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD
EXHIBIT 10.47
BURGER KING HOLDINGS, INC.
2006 OMNIBUS INCENTIVE PLAN
2006 OMNIBUS INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD
Unless defined in this Restricted Stock Unit Award Agreement (this “Award Agreement”),
capitalized terms will have the same meanings ascribed to them in the Burger King Holdings, Inc.
2006 Omnibus Incentive Plan (as it may be amended from time to time, the “Plan”).
Pursuant to Section 8 of the Plan, you have been granted Restricted Stock Units (“RSUs”) on
the following terms and subject to the provisions of the Plan, which is incorporated herein by
reference. In the event of a conflict between the provisions of the Plan and this Award Agreement,
the provisions of the Plan will govern.
Total Number of RSUs:
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The number of Restricted Stock Units underlying this award is available at xxx.xxxxxxxx.xx.xxx under the Grant Information section. | |
Grant Date:
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The Grant Date is available at xxx.xxxxxxxx.xx.xxx | |
Vesting Schedule:
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3 Year Cliff |
By your electronic acceptance, you and the Company agree that this Award of RSUs is granted
under and governed by the terms and conditions of the Plan and the terms and conditions set forth
in the attached Exhibit A.
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EXHIBIT A
TERMS AND CONDITIONS OF THE
RESTRICTED STOCK UNIT AWARD
RESTRICTED STOCK UNIT AWARD
No Payment for Shares.
No payment is required for Shares that you receive under this Award.
Restricted Share Units.
Each RSU represents a right to receive one Share. To the extent dividends are paid on Shares
while the RSUs remain outstanding, you shall receive an amount in cash for each of your vested and
unvested RSUs equal to the amount per share of the dividend, but such amount of cash or shares
shall not be paid out to you until settlement of the RSUs.
Termination.
Except as set forth below in this section, upon termination of your employment for any reason,
you will forfeit all of your RSUs that are unvested at the time of termination without any
consideration due to you.
In the event of involuntary termination of your employment (whether or not in breach of local
labor laws), your right to receive RSUs and vest under the Plan, if any, will terminate effective
as of the date that you are no longer actively employed and will not be extended by any notice
period mandated under local law (e.g., active employment would not include a period of “garden
leave” or similar period pursuant to local law); furthermore, in the event of involuntary
termination of employment (whether or not in breach of local labor laws), your right to receive
RSUs under this Award Agreement after termination of employment, if any, will be measured by the
date of termination of your active employment and will not be extended by any notice period
mandated under local law; the Committee shall have the exclusive discretion to determine when you
are no longer actively employed for purposes of this Award.
In the event that a Change in Control occurs and, within twenty-four months following the date
of such Change in Control, your employment is terminated by the Company Without Cause (as defined
below), all RSUs that are unvested at the time of termination shall vest in full upon such
termination and be free of restrictions. Additionally, if you have an employment agreement with
the Company or one of its Affiliates that defines the term “Good Reason”, then in the event that a
Change in Control occurs and, within twenty-four months following the date of such Change in
Control, your employment is terminated by you for Good Reason (as defined in the employment
agreement), all RSUs that are unvested at the time of termination shall vest in full upon such
termination and be free of restrictions.
In the event that there is a conflict between the terms of this Award Agreement regarding the
effect of a termination of employment on your Award and the terms of any employment agreement or
offer, promotion or confirmation letter with the Company or one of its Affiliates (“Employment
Agreement”), the terms of your Employment Agreement will govern.
For purposes of this Award Agreement, the following terms shall have the following meanings:
“Cause” means (i) a material breach by you of any of your obligations under any
written agreement with the Company or any of its Affiliates, (ii) a material violation by you of
any of the Company’s policies, procedures, rules and regulations applicable to employees generally
or to employees at your grade level, including without limitation, the Burger King Companies’ Code
of Business Ethics and Conduct, in each case, as they may be amended from time to time in the
Company’s sole discretion; (iii) the failure by you to reasonably and substantially perform your
duties to the Company or its Affiliates (other than as a result of physical or mental illness or
injury); (iv) your willful misconduct or gross negligence that has caused or is reasonably expected
to result in material injury to the business, reputation or prospects of the Company or any of its
Affiliates; (v) your fraud or misappropriation of funds; or (vi) the commission by you of a felony
or other serious crime involving moral turpitude; provided that if you are a party to an Employment
Agreement at the time of your termination of employment and such Employment Agreement contains a
different definition of “cause” (or any derivation thereof), the definition in such Employment
Agreement will control for purposes of this Award Agreement.
If you are terminated Without Cause and, within the twelve (12) month period subsequent to such
termination of employment, the Company determines that your employment could have been terminated
for Cause, subject to anything to the contrary that may be contained in your Employment Agreement
at the time of your termination of employment, your employment will, at the election of the
Company, be deemed to have been terminated for Cause, effective as of the date the events giving
rise to Cause occurred.
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“Disability” means (i) a physical or mental condition entitling you to benefits under the long-term
disability policy of the Company covering you or (2) in the absence of any such plan, a physical or
mental condition rendering you unable to perform your duties for the Company or any of its
Affiliates for a period of six (6) consecutive months or longer; provided that if you are a party
to an Employment Agreement at the time of your termination of employment and such Employment
Agreement contains a different definition of “disability” (or any derivation thereof), the
definition in such Employment Agreement will control for purposes of this Award Agreement.
“Without Cause” means a termination of your employment other than by the Company for Cause, by you
for any reason, or due to your death or Disability (as defined above) ; provided that if you are a
party to an Employment Agreement at the time of your termination of employment and such Employment
Agreement contains a different definition of “without cause” (or any derivation thereof), the
definition in such Employment Agreement will control for purposes of this Award Agreement.
Settlement.
Except to the extent that you have made a timely election to defer the receipt of Shares upon
vesting of this Award pursuant to such rules as have been established by the Committee, the Company
shall deliver to you Shares underlying those RSUs that vest in accordance with this Award Agreement
as soon as practicable following the relevant vesting date. You will have no rights of a
shareholder with respect to the RSUs until such Shares have been delivered to you.
Taxes.
Regardless of any action the Company or your employer (the “Employer”) takes with respect to
any or all income tax, social insurance, payroll tax, payment on account or other tax-related
withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related
Items legally due by you is and remains your responsibility and that the Company and/or the
Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related
Items in connection with any aspect of the RSUs including the grant or vesting of the RSUs, the
subsequent sale of Shares acquired pursuant to such vesting and the receipt of any dividends; and
(2) do not commit to structure the terms of the grant or any aspect of the RSUs to reduce or
eliminate your liability for Tax-Related Items.
Prior to settlement of the RSUs, you will pay or make adequate arrangements satisfactory to
the Company and/or the Employer to satisfy all withholding and payment on account obligations of
the Company and/or the Employer. In this regard, you authorize the Company and/or the Employer to
withhold all applicable Tax-Related Items legally payable by you from your wages or other cash
compensation paid to you by the Company and/or the Employer or from proceeds of the sale of Shares
issued upon settlement of the RSUs. Alternatively, or in addition, if permissible under local law,
the Company may (1) sell or arrange for the sale of Shares that you acquire to meet the withholding
obligation for Tax-Related Items, and/or (2) withhold in RSUs, provided that the Company only
withholds the amount of RSUs necessary to satisfy the minimum withholding amount. If the Company
or the Employer satisfies the obligation for Tax-Related Items by withholding a number of whole
RSUs as described herein, you will be deemed to have been issued the full number of RSUs subject to
this Award, notwithstanding that a number of the RSUs is held back solely for the purpose of paying
the Tax-Related Items due as a result of the vesting and settlement of the RSUs. Finally, you will
pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer
may be required to withhold as a result of your participation in the Plan or your receipt of RSUs
that cannot be satisfied by the means previously described. The Company may refuse to honor the
vesting and refuse to settle the RSUs if you fail to comply with your obligations in connection
with the Tax-Related Items as described in this section.
No Guarantee of Continued Service.
You acknowledge and agree that the vesting of this Award as provided in this Award Agreement
is earned only by continuing as an employee at the will of the Company (not through the act of
being hired or being granted this Award). You further acknowledge and agree that this Award
Agreement, the transactions contemplated hereunder and the vesting and settlement terms do not
constitute an express or implied promise of continued employment for any period or at all and will
not interfere in any way with your right or the Company’s or any Affiliate’s right to dismiss you
from employment at any time or for any reason not prohibited by law and will not confer upon you
any right to continue your employment for any specified period of time.
Termination for Cause; Restrictive Covenants.
In consideration for the grant of this Award and for other good and valuable consideration,
the sufficiency of which is acknowledged by you, you agree as follows:
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Upon (i) a termination of your employment for Cause, (ii) a retroactive termination of your
employment for Cause as permitted herein or under your Employment Agreement, (iii) a violation of
any post-termination restrictive covenant (including, without limitation, non-disclosure,
non-competition and/or non-solicitation) contained in your Employment Agreement or (iv) a violation
of any post-termination restrictive covenant (including, without limitation, non-disclosure,
non-competition and/or non-solicitation) contained in any separation or termination or similar
agreement you may enter into with the Company or one of its Affiliates in connection with your
termination of employment, any RSUs you then hold that have not been settled shall be immediately
forfeited and the Company may require that you repay (with interest or appreciation (if any), as
applicable, determined up to the date payment is made), and you shall promptly repay (in cash or in
Shares), to the Company, the Fair Market Value of any Shares (including Shares withheld for taxes)
received upon the settlement of RSUs during the period beginning on the date that is one year
before the date of your termination and ending on the first anniversary of the date of your
termination. The Fair Market Value of any such Shares shall be determined as of the date the RSUs
were settled.
Company’s Right of Offset.
If you become entitled to a distribution of benefits under this Award, and if at such time you
have any outstanding debt, obligation, or other liability representing an amount owing to the
Company or any of its Affiliates, then the Company or its Affiliates, upon a determination by the
Committee, and to the extent permitted by applicable law, may offset such amount so owing against
the amount of benefits otherwise distributable. Such determination shall be made by the Committee.
Acknowledgment of Nature of Award.
In accepting this grant of an Award, you acknowledge that:
(a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be
modified, amended, suspended or terminated by the Company at any time, as provided in the Plan;
(b) the grant of an Award is voluntary and occasional and does not create any contractual or other
right to receive future awards of RSUs, or benefits in lieu RSUs even if RSUs have been awarded
repeatedly in the past;
(c) all decisions with respect to future awards, if any, will be at the sole discretion of the
Company;
(d) your participation in the Plan is voluntary;
(e) this Award is an extraordinary item that does not constitute compensation of any kind for
services of any kind rendered to the Company or to the Employer and is outside the scope of your
employment contract, if any;
(f) this Award is not part of normal or expected compensation or salary for any purposes,
including, but not limited to, calculation of any severance, resignation, termination, redundancy,
end of service payments, bonuses, long-service awards, pension or retirement benefits or similar
payments;
(g) neither Award nor any provision of this Award Agreement, the Plan or the policies adopted
pursuant to the Plan confer upon you any right with respect to employment or continuation of
current employment, and in the event that the Employee is not an employee of the Company, RSUs
shall not be interpreted to form an employment contract or relationship with the Company;
(h) the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(i) if you receive Shares, the value of such Shares acquired upon vesting and settlement of RSUs
may increase or decrease in value; and
(j) no claim or entitlement to compensation or damages arises from termination of this Award, and
no claim or entitlement to compensation or damages shall arise from any diminution in value of the
RSUs or Shares received upon vesting and settlement of the RSUs resulting from termination of your
employment by the Employer (for any reason whatsoever and whether or not in breach of local labor
laws) and you irrevocably release the Company and the Employer from any such claim that may arise;
if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to
have arisen, then, by signing this Award Agreement, you shall be deemed irrevocably to have waived
your entitlement to pursue such claim.
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Data Privacy Notice and Consent.
You hereby explicitly and unambiguously consent to the collection, use and transfer, in
electronic or other form, of your personal data as described in this Award Agreement by and among,
as applicable, the Employer, the Company, its Subsidiaries and its affiliates for the exclusive
purpose of implementing, administering and managing your participation in the Plan.
You understand that the Company and the Employer may hold certain personal information about
you, including, but not limited to, your name, home address and telephone number, date of birth,
social insurance number or other identification number, salary, nationality, job title, any shares
of stock or directorships held in the Company, details of all RSUs or any other entitlement to
Shares awarded, canceled, vested, unvested or outstanding in your favor, for the purpose of
implementing, administering and managing the Plan (“Data”). You understand that Data may be
transferred to any third parties assisting in the implementation, administration and management of
the Plan, that these recipients may be located in the Employee’s country, or elsewhere, and that
the recipient’s country may have different data privacy laws and protections than your country.
You understand that you may request a list with the names and addresses of any potential recipients
of the Data by contacting your local human resources representative. You authorize the recipients
to receive, possess, use, retain and transfer the Data, in electronic or other form, for the
purposes of implementing, administering and managing your participation in the Plan, including any
requisite transfer of such Data as may be required to a broker, escrow agent or other third party
with whom the Shares received upon settlement of the RSUs may be deposited. You understand that
Data will be held only as long as is necessary to implement, administer and manage your
participation in the Plan. You understand that you may, at any time, view Data, request additional
information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing your
local human resources representative. You understand that refusal or withdrawal of consent may
affect your ability to participate in the Plan. For more information on the consequences of your
refusal to consent or withdrawal of consent, you understand that you may contact your local human
resources representative.
No Compensation Deferrals.
Neither the Plan nor this Award Agreement is intended to provide for a deferral of
compensation that would subject the RSUs to taxation prior to the issuance of Shares as a result of
U.S. Internal Revenue Code Section 409A (“Section 409A”). Notwithstanding anything to the
contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award
Agreement as it deems necessary or advisable, in its sole discretion and without your consent, to
comply with Section 409A or to otherwise avoid imposition of any additional tax or income
recognition under Section 409A prior to the actual payment of Shares pursuant to this Award. If
you are subject to U.S. taxes, all RSUs that you are entitled to at vesting will be issued to you
within the period ending no later than the date that is 21/2 months from the end of (i) your tax year
that includes the applicable date of vesting, or (ii) the Company’s tax year that includes the
applicable date of vesting (which payment schedule is intended to comply with the “short-term
deferral” exemption from the application of Section 409A).
Securities Laws.
By accepting this Award, you acknowledge that federal or local securities laws and/or the
Company’s policies regarding trading in its securities may limit or restrict your right to buy or
sell Shares, including, without limitation, sales of Shares acquired in connection with your RSUs.
You agree to comply with such securities law requirements and Company policies, as such laws and
policies are amended from time to time.
Entire Agreement; Dispute Resolution; Governing Law.
The Plan, this Award Agreement and, to the extent applicable, your Employment Agreement,
constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and you with
respect to the subject matter hereof. This Award Agreement may not be modified in a manner that
adversely affects your rights heretofore granted under the Plan, except with your consent or to
comply with applicable law as provided for in Section 14 of the Plan. This Award Agreement is
governed by the laws of the State of Delaware without regard to its principles of conflict of laws.
The Company and you agree that any dispute or controversy arising under or in connection with
this Award Agreement shall be resolved by final and binding arbitration before the American
Arbitration Association (“AAA”). The arbitration shall be conducted in accordance with AAA’s
National Rules for the Resolution of Employment Disputes then in effect at the time of the
arbitration. The arbitration shall be held in Miami, Florida.
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By signing this Award Agreement, you acknowledge receipt of a copy of the Plan and represent
that you are familiar with the terms and conditions of the Plan, and hereby accept this Award
subject to all provisions in this Award Agreement and in the Plan. You hereby agree to accept as
final, conclusive and binding all decisions or interpretations of the Committee upon any questions
arising under the Plan or this Award Agreement.
Electronic Delivery.
The Company may, in its sole discretion, decide to deliver any documents related to RSUs
awarded under the Plan or future RSUs that may be awarded under the Plan by electronic means or
request your consent to participate in the Plan by electronic means. You hereby consent to receive
such documents by electronic delivery and agree to participate in the Plan through an on-line or
electronic system established and maintained by the Company or another third party designated by
the Company.
Agreement Severable.
In the event that any provision in this Award Agreement will be held invalid or unenforceable,
such provision will be severable from, and such invalidity or unenforceability will not be
construed to have any effect on, the remaining provisions of this Award Agreement.
Language.
If you have received this Award Agreement or any other document related to the Plan translated
into a language other than English and if the translated version is different that the English
version, the English version will control.
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