LUMINEX CORPORATION FORM OF RESTRICTED SHARE UNIT AGREEMENT
EXHIBIT
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THIS RESTRICTED SHARE UNIT AGREEMENT (this “Agreement”) is made and entered into as of
the ___ day of ___, 200___ (the “Grant Date”), between Luminex Corporation, a
Delaware corporation (the “Company”), and [employee] (the “Grantee”). Capitalized terms
not otherwise defined herein shall have the meaning ascribed to such terms in the Luminex
Corporation 2006 Equity Incentive Plan (the “Plan”).
WHEREAS, the Company has adopted the Plan, which permits the issuance of Restricted Share
Units; and
WHEREAS, pursuant to the Plan, the Committee responsible for administering the Plan has
granted an award of Restricted Share Units to the Grantee in his capacity as an employee of the
Company or one of its Subsidiaries as provided herein.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows:
1. Grant of Restricted Share Unit Award.
1.1 The Company hereby grants to the Grantee an award (the “Award”) of [number]
Restricted Share Units (“RSUs”) on the terms and conditions set forth in this Agreement and as
otherwise provided in the Plan.
1.2 The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by
all the terms and provisions thereof. The terms of this Agreement are governed by the terms of the
Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the
Plan, the terms of the Plan shall govern.
1.3 The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior
to the dates on which the RSUs shall vest in accordance with Section 2 hereof.
2. Vesting and Payment.
2.1
Except as provided in Section 2.3, the Award shall vest on ___, 200___ with respect to
______% of the RSUs, and shall vest with respect to an additional ______% of the RSUs on each of the ______ succeeding one-year anniversaries of such date.
2.2 The Grantee shall be entitled to payment in respect of each RSU covered by the Award upon
the vesting of such RSU. Subject to the provisions of the Plan, such payment shall be made through
the issuance to the Grantee, as promptly as practicable following the applicable vesting date (or
to the executors or administrators of Grantee’s estate, as promptly as practicable after the
Company’s receipt of notification of Grantee’s death, as the case may be), of
a stock certificate for a number of Shares equal to the number of such vested RSUs, less any
Shares withheld to satisfy withholding obligations in accordance with Section 5 below.
2.3 Except as otherwise determined by the Committee at or after the grant of the Award
hereunder, Grantee shall forfeit all unpaid RSUs granted hereunder, and all rights of the Grantee
to the Shares payable with respect to such RSUs shall terminate, without further obligation on the
part of the Company, unless the Grantee remains in the continuous employment of the Company or its
Subsidiaries for the entire period beginning on the Grant Date and ending on the vest date
applicable to such RSUs as provided in Section 2.1. “Continuous employment” will be deemed to end
on the date on which notice of termination is received by the Grantee (or such later date as
specified in such notice by the Company) or notice of resignation is given by the Grantee.
Notwithstanding the foregoing, the Award shall automatically vest as to all RSUs awarded
hereunder (as to which such RSUs have not previously vested) upon the occurrence of termination of
the Grantee’s employment from the Company, a Subsidiary or Affiliate which results from Grantee’s
death or Disability (to be determined in the sole discretion of the Committee).
3. Dividend Equivalents; No Voting Rights.
RSUs covered by this Award shall be credited with dividend equivalents as follows: the amount
of any cash, or the Fair Market Value of any Shares, payable as a dividend with respect to a
corresponding number of Shares from time to time shall be converted into additional RSUs based on
the Fair Market Value of a Share at the time such dividends are paid, provided that such RSUs shall
be subject to the same forfeiture restrictions and restrictions on transferability as apply to the
RSUs with respect to which they relate. The Grantee shall not be entitled to voting rights with
respect to RSUs covered by this Award.
4. No Right to Continued Service.
Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the
Grantee any right to continue service as an employee of the Company, any Subsidiary or Affiliate,
and the Company or its Subsidiaries or Affiliates may at any time dismiss Grantee from employment,
free from any liability or any claim under the Plan but subject to the terms of the Grantee’s
employment agreement, if any.
5. Withholding of Taxes.
Upon the vesting and payment of the RSUs granted hereunder, the Company shall be entitled to
satisfy any required tax withholding obligation imposed by any applicable taxing authority by (a)
withholding from payment to Grantee upon vesting of the RSUs such number of Shares having a Fair
Market Value equal to any such withholding obligation, (b) requiring Grantee, as a condition to
receiving Shares otherwise payable pursuant to Section 2.3 hereof, to remit a cash payment to the
Company sufficient to allow the Company to satisfy such withholding obligations, or (c) any other
method determined by the Committee in its sole discretion.
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6. Modification of Agreement.
Subject to the restrictions contained in the Plan, the Committee may waive any conditions or
rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, the Award,
prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension,
discontinuance, cancellation or termination that would adversely affect the rights of the Grantee
or any holder or beneficiary of the Award shall not to that extent be effective without the consent
of the Grantee, holder or beneficiary affected.
7. Severability.
If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or
Award under any laws deemed applicable by the Committee, such provision shall be construed or
deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the
Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder
of the Plan and Award shall remain in full force and effect.
8. Governing Law.
The validity, interpretation, construction, effect and performance of this Agreement shall be
governed by the laws of the State of Delaware without giving effect to the conflicts of law
principles thereof, except to the extent that such laws are preempted by Federal law.
9. Successors in Interest.
This Agreement shall inure to the benefit of and be binding upon any successor to the Company.
This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations
imposed upon the Grantee and all rights granted to the Company under this Agreement shall be
binding upon the Grantee’s heirs, executors, administrators and successors.
10. Resolution of Disputes.
Any dispute or disagreement which may arise under, or as a result of, or in any way related
to, the interpretation, construction or application of this Agreement shall be determined by the
Committee. Any determination made hereunder shall be final, binding and conclusive on the Grantee
and the Company for all purposes.
12. Notices.
All notices required to be given under this Award shall be deemed to be received if delivered
or mailed as provided for herein, to the parties at the following addresses, or to such other
address as either party may provide in writing from time to time.
To the Company:
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Luminex Corporation | |
| 00000 Xxxxxxxxxx Xxxx. | ||
| Xxxxxx, XX 00000 | ||
| Attn: Corporate Secretary | ||
To the Grantee:
|
The address then maintained with respect to the Grantee in the Company’s records. |
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IN WITNESS WHEREOF, the parties have caused this Restricted Share Unit Agreement to be duly
executed effective as of the day and year first above written.
| LUMINEX CORPORATION |
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| By: | ||||
| GRANTEE: |
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| Please Print | ||||
| GRANTEE: |
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| Signature | ||||
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