GLG PARTNERS, INC. 2007 LONG-TERM INCENTIVE PLAN UNITED KINGDOM RESTRICTED STOCK AGREEMENT FOR UK RESIDENT EMPLOYEES
Exhibit 4.6
GLG PARTNERS, INC.
2007 LONG-TERM INCENTIVE PLAN
UNITED KINGDOM RESTRICTED STOCK AGREEMENT
FOR UK RESIDENT EMPLOYEES
2007 LONG-TERM INCENTIVE PLAN
UNITED KINGDOM RESTRICTED STOCK AGREEMENT
FOR UK RESIDENT EMPLOYEES
To: Date: |
[Name] [Date] |
In accordance with a determination of the Special Grant Committee of the Board of Directors of
GLG Partners, Inc. (the “Company”) on [Date] (the “Grant Date”), [Shares] shares (“Restricted
Stock”) of Common Stock of the Company have been granted to you as Restricted Stock pursuant to
Sub-Plan A (the “Sub-Plan”) of the Company’s 2007 Long-Term Incentive Plan (the “Plan”).
Capitalized terms used in this agreement (the “Restricted Stock Agreement”) but not otherwise
defined shall have the meanings assigned to such terms in the Plan or the Sub-Plan.
The shares of Restricted Stock have been granted to you on the Grant Date upon the following
terms and conditions:
1. That you are an Employee and not a Service Provider, and that you are resident and except as
indicated on the signature page of this Restricted Stock Agreement ordinarily resident in the
United Kingdom for United Kingdom tax purposes at the date of Award. For the purposes of this
Restricted Stock Agreement, Participant shall be construed accordingly.
2. Definitions
| (a) | “Cause” shall be deemed to exist if you at any time: |
| (i) | are guilty of gross misconduct, or commit a material breach of any written agreement between you and the Company or any Subsidiary, including this Restricted Stock Agreement; or | ||
| (ii) | are in breach of regulatory requirements or internal compliance rules of the Company or its Subsidiaries that are applicable to you; or | ||
| (iii) | have any required registration terminated or cancelled by regulatory authorities governing financial services business in any relevant jurisdiction; or | ||
| (iv) | are investigated (which includes any informal or formal stage in any administrative, investigative, enforcement, adjudicative, disciplinary, or judicial investigation or proceeding, but excludes any such investigation or proceeding the subject of which is the Company or a Subsidiary but not you) by the Securities Exchange Commission in the United States, the Financial Services Authority in the United Kingdom, the Financial Industry Regulatory Authority, Inc. or another government agency or regulatory body or authority in any relevant jurisdiction, in each case for a potential violation of securities laws, including any xxxxxxx xxxxxxx rules, the Financial Services Authority’s Principles for Approved Persons, including, without limitation, Principle 1, or any applicable rule or regulation of any such governmental agency or |
| regulatory body or authority governing the financial services business or people who work in such business; provided, that if such investigation has been completed and results in a finding of no violation by you, then, to the extent that the Company or a Subsidiary has not yet exercised its right to terminate your employment with Cause as a result of such investigation, such investigation will no longer be grounds for the Company or a Subsidiary to terminate your employment with Cause; or |
| (v) | are guilty of serious negligence in connection with or affecting the business or affairs of the Company or its Subsidiaries for which you are required to perform duties; or | ||
| (vi) | are guilty of conduct that brings or is likely to bring you, the Company or any Subsidiary into disrepute; or | ||
| (vii) | are convicted of, or plead no contest to, a criminal offense other than a traffic-related offense for which a non-custodial penalty is imposed; or | ||
| (viii) | are in material breach of any of the following conditions or continuing obligations: |
| (A) | validity of all representations made by you regarding your educational, vocational, professional, and any other appropriate qualifications; upon request by the Company or a Subsidiary, you will be required to produce these certificates; you recognize that your employment may be terminated in any case where it is discovered that any false information has been given; | ||
| (B) | compliance with the Company’s Compliance Regulations, Code of Conduct, and Personal Investment policy, copies of which are contained in the Employee Handbook, if applicable, or any equivalent document of any Subsidiary. |
(b) “Code” means the U.S. Internal Revenue Code of 1986, and any successor statute, as it or
they may be amended from time to time.
(c) “Disability” means any illness, injury, physical or mental impairment, or other incapacity
that is certified and established by documented medical evidence reasonably satisfactory to the
Compensation Committee of the Board of Directors or the Special Grant Committee designated by the
Board of Directors as a result of which you shall fail to perform, after reasonable accommodation
as required by law, the essential duties required of you by the Company or a Subsidiary during any
six (6) consecutive months. In the event of a dispute as to whether you have a Disability, the
Company may refer you to a licensed practicing physician of the Company’s choice, and, in addition
to your consent in paragraph 19, you (i) agree to submit to such tests and examinations as such
physician shall deem appropriate and to share copies of the results of such tests and examinations,
and the physician’s related conclusions, with the Company, (ii) authorize such physician to share
and discuss with the Company the results of such tests and examinations and the physician’s related
conclusions, and (iii) agree to sign any separate authorization that the
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selected physician or the Company may require in order to give affect to the disclosure
obligations contained in this sentence. Notwithstanding the foregoing, the final determination
that you have incurred a Disability will be made by the Company in its sole discretion.
(d) “LLP” means Laurel Heights LLP, an English limited liability partnership, or Lavender
Heights LLP, a Delaware limited liability partnership.
(e) “Non-Stock Dividends” means any dividends or distributions on or in respect of Restricted
Stock, whether in cash or otherwise, other than Stock Dividends.
(f) “Stock Dividends” means any dividends or distributions on or in respect of Restricted
Stock in the form of additional shares of Common Stock, other securities of the Company or
securities of another entity.
(g) “Termination of Service” means (i) your termination of your employment as an employee of
the Company or a Subsidiary for any reason or (ii) the Company or a Subsidiary terminating your
employment; provided, that (A) death, (B) Disability, (C) a transfer from the Company to a
Subsidiary or affiliate of the Company, whether or not incorporated, or vice versa, or from one
Subsidiary or affiliate of the Company to another, (D) a change in status from an Employee to a
Limited Partner or (E) a leave of absence, duly authorized in writing by the Company or any
Subsidiary, shall not be deemed a Termination of Service.
In the event that you incur a change in status from an Employee to a Limited Partner (per
subclause (D) above), then all references in this Restricted Stock Agreement to your employment and
your status as an employee shall instead be deemed to be a reference to your limited partner
membership and your status as a Limited Partner, and “Termination of Service” shall thereafter mean
(i) your termination of your status as a Limited Partner for any reason, or (ii) the applicable LLP
or LLPs terminating your status as a Limited Partner; provided, that (A) death or (B) Disability
shall not be deemed a Termination of Service. Notwithstanding the preceding sentence, this
Restricted Stock Agreement shall continue to be subject to the terms and conditions of the
Sub-Plan.
3. Earning of Restricted Stock
You shall be deemed to have earned the Restricted Stock subject to this Restricted Stock
Agreement as follows; provided, that unearned Restricted Stock may be forfeited in accordance with
paragraph 8:
| • | 25% on the first anniversary of the Grant Date [(“First Vesting Date”), subject to satisfaction of the performance criteria applicable to the First Vesting Date set forth in Schedule A]; | ||
| • | 25% on the second anniversary of the Grant Date [(“Second Vesting Date”), subject to satisfaction of the performance criteria applicable to the Second Vesting Date set forth in Schedule A]; | ||
| • | 25% on the third anniversary of the Grant Date [(“Third Vesting Date”), subject to satisfaction of the performance criteria applicable to the Third |
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| Vesting Date set forth in Schedule A]; and |
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| • | 25% on the fourth anniversary of the Grant Date [(“Fourth Vesting Date”), subject to satisfaction of the performance criteria applicable to the Fourth Vesting Date set forth in Schedule A]. |
Notwithstanding the foregoing, if one of the following events occurs earlier, and prior to
forfeiture under paragraph 8, you shall be deemed to have earned 100% of the Restricted Stock
subject to this Restricted Stock Agreement on the date of occurrence of such event: (a) your death
or Disability; or (b) the occurrence of a Change of Control and within one year after such Change
of Control, the occurrence of a Termination of Service because the Company or any Subsidiary has
terminated your employment with the Company or a Subsidiary, or the applicable LLP or LLPs has or
have terminated your status as a Limited Partner, if applicable, without Cause.
Once earned, all restrictions attaching to the Restricted Stock shall cease to apply and the
Restricted Stock shall cease to be forfeitable and can be transferred subject to the applicable
provisions of the Securities Act of 1933, as amended (the “Securities Act”). The provisions of
section 4(b) of the Sub-Plan shall not apply to this Restricted Stock Agreement.
4. Retention of Certificates for Restricted Stock
Certificates for the Restricted Stock and any Stock Dividends shall be delivered to and held
by the Company, or shall be held in book-entry form subject to the Company’s instructions, until
you shall have earned the Restricted Stock in accordance with the provisions of paragraph 3. To
facilitate implementation of the provisions of this Restricted Stock Agreement, you undertake to
sign and deposit with the Company’s Office of the Secretary (i) a Stock Transfer Power in the form
of Attachment 1 hereto with respect to the Restricted Stock; (ii) a Dividend Order (with respect to
Stock Dividends) in the form of Attachment 2 hereto; and (iii) such other documents appropriate to
effectuate the purpose and intent of this Restricted Stock Agreement as the Company may reasonably
request from time to time.
5. Non-Stock Dividends
Non-Stock Dividends on the Restricted Stock held by you shall be paid to you as and when
declared and paid by the Company, subject to applicable withholding. You shall not be entitled to
any Dividend Equivalents in respect of Restricted Stock subject to this Restricted Stock Agreement.
6. Voting Rights
Notwithstanding the retention by the Company of certificates (or the right to give
instructions with respect to shares held in book-entry form) for the Restricted Stock and any Stock
Dividends, you shall be entitled to vote the Restricted Stock and any Stock Dividends held by the
Company in accordance with paragraph 4, unless and until such shares have been forfeited in
accordance with paragraph 8.
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7. Delivery of Earned Restricted Stock
As promptly as practicable after you shall have been deemed to have earned the Restricted
Stock in accordance with paragraph 3, the Company shall deliver to you (or in the event of your
death, to your estate or any person who acquires your interest in the Restricted Stock by bequest
or inheritance) the Restricted Stock earned, together with any Stock Dividends earned then held by
the Company (or subject to its instructions).
8. Forfeiture of Unearned Restricted Stock and Stock Dividends
Notwithstanding any other provision of this Restricted Stock Agreement, (a) if at any time it
shall become impossible for you to earn any of the Restricted Stock in accordance with this
Restricted Stock Agreement, or (b) unless determined otherwise by the Compensation Committee of the
Board of Directors or the Special Grant Committee designated by the Board of Directors, in the
event of a Termination of Service (other than as provided in paragraph 3), all unearned Restricted
Stock, together with any Stock Dividends relating to the unearned stock, then being held by the
Company (or subject to its instructions) in accordance with paragraph 4 shall be forfeited, and you
shall have no further rights of any kind or nature with respect thereto. Upon any such forfeiture,
the Restricted Stock, together with any Stock Dividends relating to the unearned Restricted Stock,
shall be transferred to the Company.
For the avoidance of doubt, the forfeiture period shall not extend beyond five years less a
day from the date of Award under this Restricted Stock Agreement.
9. Transferability
Except as otherwise provided in the Sub-Plan, this grant is not transferable by you and the
Restricted Stock, any Non-Stock Dividends and any Stock Dividends shall be deliverable, during your
lifetime, only to you.
10. Withholding
The Company and its Subsidiaries shall have the right, in connection with the delivery of the
Restricted Stock and any Non-Stock Dividends and Stock Dividends (and interest thereon) subject to
this Restricted Stock Agreement, (i) to deduct from any payment otherwise due by the Company or its
Subsidiaries to you or any other person receiving delivery of the Restricted Stock and any
Non-Stock Dividends and Stock Dividends (and interest thereon) an amount equal to the taxes and
social security required to be withheld by law with respect to such delivery, (ii) to require you
or any other person receiving such delivery to pay to it an amount sufficient to provide for any
such taxes and social security so required to be withheld or (iii) to sell for fair market value
such number of the Restricted Stock and any Stock Dividends as may be necessary so that the net
proceeds of such sale shall be an amount sufficient to provide for any such taxes and social
security so required to be withheld. Notwithstanding the foregoing, in the event that you make an
effective election pursuant to Section 83(b) of the Code with respect to the Restricted Stock or
any Stock Dividends, the Company shall require you to deliver to the Company concurrently with such
election, (1) a copy of the election, and (2) payment of the amount that is equal to the taxes and
social security required to be withheld pursuant to such election.
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11. No Obligation to Register
The Company shall be under no obligation to register the resale of the Restricted Stock or any
Stock Dividends pursuant to the Securities Act or any other U.S. federal or state securities laws.
The Company shall not be obligated to deliver any shares until they have been listed (or authorized
for listing upon official notice of issuance) upon each stock exchange upon which are listed
outstanding shares of the same class as that of the shares subject to this award and until there
have been compliance with such laws and regulations as the Company may deem applicable.
12. Restrictive Legends
Until you have earned the shares of Restricted Stock subject to this Restricted Stock
Agreement, certificates representing shares of Restricted Stock or confirmation and account
statements relating to shares of Restricted Stock in book-entry form shall bear the restrictive
legends in the form of Attachment 3 hereto.
13. Protections Against Violations of Agreement
No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift,
transfer in trust (voting or other) or other disposition of, or creation of a security interest in
or lien on, any of the Restricted Stock by any holder thereof in violation of the provisions of
this Restricted Stock Agreement will be valid, and the Company will not transfer any of said
Restricted Stock on its books nor will any such Restricted Stock be entitled to vote, nor will any
distributions be paid thereon, unless and until there has been full compliance with said provisions
to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu
of any other remedies, legal or equitable, available to enforce said provisions.
14. Failure to Enforce Not a Waiver
The failure of the Company to enforce at any time any provision of this Restricted Stock
Agreement shall in no way be construed to be a waiver of such provision or of any other provision
hereof.
15. Survival of Terms
This Restricted Stock Agreement shall apply to and bind you, the Company and your and its
respective permitted assignees and transferees, heirs, legatees, executors, administrators and
legal successors.
16. Counterparts
This Restricted Stock Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which together shall be deemed to be one and the same
instrument.
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17. Severability
Should any provision of this Restricted Stock Agreement be held by a court of competent
jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect
the validity of the remainder of this Restricted Stock Agreement, the balance of which shall
continue to be binding upon the parties hereto with any such modification (if any) to become a part
hereof and treated as though contained in this original Restricted Stock Agreement. Moreover, if
one or more of the provisions contained in this Restricted Stock Agreement shall for any reason be
held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable,
in lieu of severing such unenforceable provision, such provision or provisions shall be construed
by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the
maximum extent compatible with the applicable law as it shall then appear, and such determination
by such judicial body shall not affect the enforceability of such provisions or provisions in any
other jurisdiction.
18. Personal Data
BY SIGNING THIS RESTRICTED STOCK AGREEMENT, YOU HEREBY ACKNOWLEDGE THAT FOR THE ADMINISTRATION
AND MANAGEMENT OF THE PLAN, THE COMPANY WILL FROM TIME TO TIME NEED TO PROCESS YOUR PERSONAL DATA
(AS DEFINED IN THE UNITED KINGDOM’S DATA PROTECTION LEGISLATION) AND ACCORDINGLY YOU EXPRESSLY
CONSENT TO THE TRANSMISSION OF ANY PERSONAL DATA (AS DEFINED IN THE UNITED KINGDOM’S DATA
PROTECTION LEGISLATION) CONCERNING YOU AND YOUR FAMILY OUTSIDE OF THE EUROPEAN ECONOMIC AREA,
INCLUDING, WITHOUT LIMITATION, TO THE COMPANY’S UNITED STATES OFFICES AND THE COMPANY’S AGENTS
LOCATED IN THE UNITED STATES.
19. Acceptance
You have read and understand the terms and provisions of this Restricted Stock Agreement, and
accept the Restricted Stock subject to all the terms and conditions of the Plan, the Sub-Plan and
this Restricted Stock Agreement. You may obtain copies of the Plan or Sub-Plan from the Company
upon request. You hereby agree to accept as binding, conclusive and final all decisions or
interpretations of the Compensation Committee of the Board of Directors or the Special Grant
Committee designated by the Board of Directors upon any questions arising under this Restricted
Stock Agreement. Please sign your name in the space provided on this Restricted Stock Agreement
and deliver it on or before the 15th day after the date of this Restricted Stock Agreement (subject
to any reasonable extension that the Company may provide), together with the attached Stock Power
and Dividend Order, to the Company, c/o GLG Partners LP (attention of Xxxxxxxx Xxxxx) at Xxx Xxxxxx
Xxxxxx, Xxxxxx X0X 0XX Xxxxxx Xxxxxxx and Xxx. Xxxxx will forward the documents to the Company. If
Xxx. Xxxxx or the Company does not have your properly signed copy of this Restricted Stock
Agreement, Stock Power and Dividend Order in hand before the close of business on the 15th day
after the date of this Restricted Stock Agreement (subject to any reasonable extension that the
Company may provide), then, anything in this Restricted Stock Agreement to the contrary
notwithstanding, your right to receive the award will terminated and be of no effect.
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20. Waiver
By
signing this Restricted Stock Agreement, you hereby waive any and all rights to
compensation or damages in consequence of the termination of your employment, or your status as a
Limited Partner, if applicable, for any reason whatsoever (and regardless of whether such
termination is lawful or unlawful) insofar as those rights arise or may arise from your ceasing to
have rights under this Restricted Stock Agreement as a result of such termination.
21. Applicable Law
This
Restricted Stock Agreement and the Company’s obligation to deliver Restricted Stock and
any Stock Dividends and Non-Stock Dividends (and interest thereon) hereunder shall be governed by
and construed and enforced in accordance with the laws of the State of Delaware and the Federal law
of the United States applicable to contracts made and to be performed entirely within the State of
Delaware, without regard to the conflicts of law principles of such State.
| GLG PARTNERS, INC. |
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| By: | ||||
| Name: | ||||
| Title: | ||||
Accepted and agreed as of the date set forth above.
[Name] |
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Address: |
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U.K. Taxpayer ID No.: |
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| o | If you are not ordinarily resident in the United Kingdom for United Kingdom tax purposes, please check the box and indicate the jurisdiction in which you are ordinarily resident: | |
| . |
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Schedule A
Performance Criteria Applicable to the First Vesting Date:
Performance Criteria Applicable to the Second Vesting Date:
Performance Criteria Applicable to the Third Vesting Date:
Performance Criteria Applicable to the Fourth Vesting Date:
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Attachment 1
STOCK TRANSFER POWER SEPARATE FROM CERTIFICATE
FOR VALUE RECEIVED, I, [Name], hereby sell, assign and transfer unto GLG Partners, Inc. (GLG)
(i) the
shares (the Shares) of the Common Stock of GLG standing in my name on the
books of GLG represented in book-entry form or by Certificate No.
herewith,
granted to me on [Date], as Restricted Stock under GLG’s 2007 Long-Term Incentive Plan, and (ii)
any additional shares of GLG’s Common Stock, other securities issued by GLG or securities of
another entity (Stock Dividends) distributed, paid or payable on or in respect of the Shares and
Stock Dividends during the period the Shares and Stock Dividends are held by GLG pursuant to a
certain Restricted Stock Agreement dated [Date] with respect to the Shares; and I do hereby
irrevocably constitute and appoint
, attorney with full power of
substitution in the premises to transfer the Shares on the books of GLG.
Dated:
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Attachment 2
Send To:
DIVIDEND ORDER
Date:
Until this order shall be revoked in writing by the undersigned with the written consent of
the Secretary or an Assistant Secretary of GLG Partners, Inc. (“GLG”), please comply with the
following instructions:
1. All dividends or other distributions in the form of additional shares of Common Stock, other
securities of GLG or securities of another company (“Stock Dividends”) paid or made on all shares
of Restricted Stock of GLG awarded to the undersigned under the 2007 Long-Term Incentive Plan and
all rights, notices and other communications (other than proxy statements and proxies) pertaining
to the Restricted Stock are to be registered, payable and/or mailed as follows:
| [Name] | ||
| c/o GLG Partners, Inc. | ||
| 000 Xxxx Xxxxxx, 00xx Xxxxx | ||
| Xxx Xxxx, XX 00000 | ||
| U.K. Taxpayer Identification No.: |
2. All proxy statements, proxies and related materials pertaining to the above account are to be
mailed to the undersigned at the following address:
| [Name] | ||
3. All cash dividends pertaining to the Restricted Stock will be sent by cheque to the address set
forth in paragraph 2 above, unless you indicate an alternative address or request a wire transfer
in lieu of a cheque below:
A. Alternative Address
| Address: | ||
B. Wire Instructions*
| Bank Name: | ||||||
| Bank Address: | ||||||
| ABA No. or SWIFT No.: | ||||||
| Account No.: | ||||||
| Bank Contact: | ||||||
| Bank Tel. No.: | ||||||
| * | Please note that an administrative fee may be charged by the transfer agent and/or your bank for wire transfers. |
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THIS ORDER MUST BE SIGNED BY ALL REGISTERED OWNERS:
Name: [Name]
SIGNATURE(S) GUARANTEED:
GLG PARTNERS, INC.
GLG PARTNERS, INC.
By: |
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| Title: |
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Attachment 3
Certificates of common stock of the Company shall have impressed on, printed on, written on or
otherwise affixed to them the following legend:
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON
TRANSFER (THE “RESTRICTIONS”) AS SET FORTH IN THE GLG PARTNERS, INC. 2007 LONG-TERM
INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED
OWNER AND GLG PARTNERS, INC. ANY ATTEMPT TO DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE
RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR
OTHERWISE, SHALL BE NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN THE FORFEITURE OF
SUCH SHARES AS PROVIDED BY SUCH PLAN AND AGREEMENT.
Confirmations and account statements sent to holders of shares of common stock of the Company in
book-entry form shall have impressed on, printed on, written on or otherwise affixed to them
substantially the following legend:
THE SHARES OF COMMON STOCK TO WHICH THIS STATEMENT RELATES ARE SUBJECT TO CERTAIN
RESTRICTIONS UPON TRANSFER (THE “RESTRICTIONS”) AS SET FORTH IN THE GLG PARTNERS, INC. 2007
LONG-TERM INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER AND GLG PARTNERS, INC. ANY ATTEMPT TO DISPOSE OF THESE SHARES IN
CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE,
HYPOTHECATION OR OTHERWISE, SHALL BE NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN
THE FORFEITURE OF SUCH SHARES AS PROVIDED BY SUCH PLAN AND AGREEMENT.
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