Move, Inc. Performance - Based Restricted Stock Unit Agreement
EXHIBIT 99.4
Move, Inc.
Performance - Based Restricted Stock
Unit Agreement
Unit Agreement
[ ] Performance Period
Non-transferable
G R A N T T O
[ ]
(“Grantee”)
(“Grantee”)
by Move, Inc. (the “Company”) of Restricted Stock Units (the “Units”) representing the right to
earn, on a one-for-one basis, shares of the Company’s common stock, par value $0.001 per share
(“Shares”), pursuant to and subject to the provisions of the Company’s 1999 Incentive Stock Option
Plan (the “Plan”) and to the terms and conditions set forth on the following pages of this Award
Certificate (this “Certificate”).
Depending on the Company’s level of attainment of specified targets for the period commencing as of
[ ] and ending [ ] (the “Performance Period”) in accordance with
the matrices attached hereto as Exhibit A, Grantee may earn up to [ ] Shares (the
“Maximum Award”).
By accepting this award, Grantee shall be deemed to have agreed to the terms and conditions of this
Certificate and the Plan.
IN WITNESS WHEREOF, the Company, acting by and through its duly authorized officers, has caused
this Certificate to be executed as of [ ].
| Move, Inc. | |||||||
By:
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Accepted by Grantee: | ||||||
Its:
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Authorized Officer | ||||||
00000 Xxxxxxx Xxxxx Xxxx, Xxxxxxxx Xxxxxxx, XX 00000 P.805.557.2300 F.805.557.2680
TERMS AND CONDITIONS
1. Defined Terms. Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to such terms in the Plan. In addition, for purposes of this Certificate:
1.1 “Change of Control” shall have the meaning set forth in Executive’s Executive Retention
and Severance Agreement dated as of [ ] (the “Retention Agreement”).
1.2 “Committee” means the Company’s Management Development and Compensation Committee.
1.3 “Company” means Move, Inc., any successor thereto and, following a Change of Control, any
successor or owner of substantially all the business and/or assets of Move, Inc.
1.4 “Incumbent Director” shall have the meaning set forth in the Retention Agreement.
2. Vesting of Units. The Units have been credited to a bookkeeping account on behalf of
Grantee. The Units will vest on the earliest to occur of the following (in any such case, the
“Vesting Date”):
(a) Completion of Performance Period. [ ]; or
(b) Upon Change of Control. In the event of a Change of Control, immediately prior
to the effective date of the Change of Control, then the Maximum Award will become fully vested
and nonforfeitable, and the conversion of the Units to common stock will occur as of the effective
date of such event.
If Grantee’s employment with the Company terminates prior to the Vesting Date for any reason, other
than a Termination Upon Change of Control (as such term is defined in the Retention Agreement),
Grantee shall forfeit all right, title and interest in and to the Units as of the date of such
termination and the Units will be reconveyed to the Company without further consideration or any
act or action by Grantee. In addition, any Units that fail to vest in accordance with the terms of
this Certificate will be forfeited and reconveyed to the Company without further consideration or
any act or action by Grantee.
3. Conversion to Shares. For awards provided under Section 2(a), the vested Units will be
converted (one Share per Unit) to actual Shares subject to the attainment of the goals set forth on
Exhibit A attached hereto. Such conversion shall occur as soon as practicable after the
Committee’s certification of the Company’s achievement over the Performance Period of the goals set
forth on Exhibit A (the “Conversion Date”). Shares will be registered on the books of the
Company in Grantee’s name as of the date they are converted, and shall be delivered to Grantee as
soon as practical thereafter, in certificated or uncertificated form. Any Units that are not
converted in accordance with the terms of this Certificate will be forfeited and reconveyed to the
Company without further consideration or any act or action by Grantee.
For an award provided under Section 2(b), the Units that vest will be converted (one Share per
Unit) to actual Shares immediately prior to the consummation of the Change of Control, enabling
the Grantee to receive the same consideration for such Shares as received by the other common
stockholders of the Company as a result of the Change of Control.
4. Restrictions on Transfer and Pledge. No right or interest of Grantee in the Units may
be pledged, encumbered, or hypothecated or be made subject to any lien, obligation, or liability of
Grantee to any other party other than the Company or an affiliate thereof (“Affiliate”). The Units
may not be sold, assigned, transferred or otherwise disposed of by Grantee.
5. Limitation of Rights. The Units do not confer to Grantee or Grantee’s beneficiary,
executors or administrators any rights of a stockholder of the Company unless and until Shares are
in fact issued to such person in connection with the Units. Nothing in this Certificate shall
interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee’s
employment at any time, nor confer upon Grantee any right to continue in employment of the Company
or any Affiliate.
6. Payment of Taxes. The Company or any Affiliate employing Grantee has the authority and
the right to deduct or withhold, or require Grantee to remit to the employer, an amount sufficient
to satisfy federal, state, and local taxes (including Grantee’s FICA obligation) required by law to
be withheld with respect to any taxable event arising as a result of the vesting or settlement of
the Units. The withholding requirement may be satisfied, in whole or in part, at the election of
the Grantee, by authorizing the Company to withhold from the settlement of the Units, such number
of Shares having a fair market value on the date of withholding equal to the minimum amount (and
not any greater amount) required to be withheld for tax purposes, all in accordance with such
procedures as the Company’s corporate secretary establishes. In the event of such election, the
Company shall promptly remit such withheld amount to the appropriate taxing authority. The
obligations of the Company under this Certificate will be conditional on such payment or
arrangements, and the Company, and, where applicable, its Affiliates will, to the extent permitted
by law, have the right to deduct any such taxes from any payment of any kind otherwise due to
Grantee.
7. Arbitration. Any claim, dispute or controversy arising out of this Certificate, the
interpretation, validity or enforceability of this Certificate or the alleged breach thereof shall
be submitted by the parties to binding arbitration by the Judicial Arbitration and Mediation
Service (JAMS). The site of the arbitration proceeding shall be in Santa Xxxxx County, California,
or another location mutually agreed to by the parties.
8. Miscellaneous.
8.1 Successors of the Company. The Company will require any successor or assign
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, expressly, absolutely and
unconditionally to assume and agree to perform this Certificate in the same manner and to the same
extent that the Company would be required to perform it if no such succession or assignment had
taken place.
8.2 Modification of Certificate and Construction. This Certificate may be modified,
amended or superceded only by a written agreement signed by Grantee and the Chief Grantee Officer
or an authorized member of the Board of Directors of the Company. In the event of any
conflict between the terms of this Certificate and the Plan and the terms of the Retention
Agreement and the Offer Letter between Executive and the Company dated as of [ ] (the
“Offer Letter”), the terms of the Retention Agreement and the Offer Letter shall govern.
8.3 Governing Law. This Certificate shall be interpreted in accordance with and
governed by the laws of the State of California.
