INGRAM MICRO INC.
Exhibit
99.17
XXXXXX
MICRO INC.
2003
Equity Incentive Plan
Restricted
Stock Unit Award Agreement (“Award Agreement”)
(Time
Vested)
ITALY
Section
1. Grant of Restricted Stock Unit
Award. As of [INSERT
DATE OF GRANT], Xxxxxx Micro Inc., a Delaware corporation
(“Micro”) hereby grants [LEGAL NAME OF AWARDEE]
(“Awardee”) a Restricted Stock
Unit Award (the
“Restricted Stock Unit Award”). This Restricted
Stock Unit Award represents the right to receive a total
of up to X,XXX shares of Class A Common Stock, $.01 par value
per share, of Micro’s common stock (the “Common Stock”),
subject to the fulfillment of the vesting conditions set forth below and
pursuant to and subject to the terms and conditions set forth in the Xxxxxx
Micro Inc. 2003 Equity Incentive Plan (the
“Plan”). Capitalized terms used and not otherwise
defined herein are used with the same meanings as in the Plan.
Section
2. Restricted Stock Unit
Award. This Restricted Stock Unit Award
is not intended to qualify as an incentive stock option award as that term
is
used in Section 422 of the Code.
Section
3. Time of Exercise;
Expiration. This Restricted Stock Unit
Award shall become vested as set forth below:
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Number
Of Shares Awarded
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Vesting
Date
(Date
that Restrictions Lapse)
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Vesting
Period and/or
Other
Conditions
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Section
4. Acceptance of
Grant. This Restricted Stock Unit Award
shall be awarded by Micro to the Awardee. The Awardee may accept this
Restricted Stock Unit Award (within 30 days of grant) by signing and delivering
this Award Agreement to the stock plan administrator.
Section
5. Time and Form of
Payment. Subject to satisfaction of tax
or similar obligations as provided for in Section 9, any vested Restricted
Stock
Unit Awards shall be paid by Micro in shares of Common Stock (on a one-to-one
basis) within 30 days after the applicable vesting date (which for purposes
of
this Section 5 includes the date of any accelerated vesting under Section 7
below); provided that such payment is intended to satisfy the short-term
deferral exemption under Section 1.409A-1(b)(4) of the Department of Treasury
regulations and shall be made not later than 2-½ months after the end of the
year in which such vesting date occurs.
Section
6. Nontransferability of Restricted Stock Unit
Award. This Restricted Stock Unit Award
shall not be transferable by Awardee otherwise than by will or by the laws
of
descent and distribution. The terms of this Restricted Stock Unit
Award shall be binding on the executors, administrators, heirs and successors
of
Awardee.
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Section
7. Termination or Suspension of Employment or
Service.
(a) In
the
event Awardee voluntarily terminates his/her employment with Micro or an
Affiliate, Awardee’s unvested Restricted Stock Unit Award will be cancelled
(forfeited) on such termination date.
(b) In
the
event Awardee’s employment with Micro or an Affiliate is terminated by Micro or
an Affiliate, Awardee’s unvested Restricted Stock Unit Award will be cancelled
(forfeited) on such termination date.
(c) In
the
event of Awardee’s Disability or death, Awardee’s unvested Restricted Stock Unit
Award will immediately vest as of the effective date of such Awardee’s
Disability, as defined under the Plan or on the date of Awardee’s
death.
(d) Except
as
the Committee may otherwise determine, termination of Awardee’s employment or
service for any reason shall occur on the date such Awardee ceases to perform
services for Micro or any Affiliate without regard to whether such Awardee
continues thereafter to receive any compensatory payments therefrom or is paid
salary thereby in lieu of notice of termination or, with respect to a member
of
the Board who is not also an employee of Micro or any Affiliate, the date such
Awardee is no longer a member of the Board.
Section
8. Restrictions on Issuance of Shares of Common
Stock. Micro shall not be obligated to
issue any shares of Common Stock pursuant to this Restricted Stock Unit Award
unless the shares are at that time effectively registered or exempt from
registration under the U.S. Securities Act of 1933, as amended, and, as
applicable, local laws.
Section
9. Responsibility for
Taxes. Regardless of any action
Micro or Awardee’s 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”), Awardee
acknowledges that the ultimate liability for all Tax-Related Items legally
due
by Awardee is and remains Awardee’s responsibility and that Micro 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 Restricted Stock
Unit
Award, including the grant and vesting of the Restricted Stock Unit Award,
the
delivery of shares of Common Stock, the subsequent sale of shares of Common
Stock acquired pursuant to the Restricted Stock Unit Award and the receipt
of
any dividends or other distributions, if any; and (2) do not commit to structure
the terms of the grant or any aspect of the Restricted Stock Unit Award to
reduce or eliminate Awardee’s liability for Tax-Related Items.
Prior
to a
taxable event, Awardee shall pay or make adequate arrangements satisfactory
to
Micro and/or the Employer to satisfy all Tax-Related Items withholding and
payment on account obligations of Micro and/or the Employer. In this
regard, if permissible under local law, Awardee authorizes Micro and/or the
Employer, at their sole discretion and pursuant to such procedures as they
may
specify from time to time, to satisfy the obligations with regard to all
applicable Tax-Related Items legally payable by one or a combination of the
following: (1) withholding from Awardee’s wages or other cash compensation paid
to Awardee by Micro and/or the Employer; (2) withholding from proceeds of the
sale of shares of Common Stock acquired pursuant to the Restricted Stock Unit
Award; (3) arranging for the sale of shares of Common Stock acquired pursuant
to
the Restricted Stock Unit Award (on Awardee’s behalf and at Awardee’s discretion
pursuant to this authorization); or (4) withholding in shares of Common Stock,
provided that Micro only withholds the amount of shares of Common Stock
necessary to satisfy the minimum withholding amount. If the
obligation for Awardee’s Tax-Related Items is satisfied by withholding a number
of shares of Common Stock as described herein, Awardee is deemed to have been
issued the full number of shares of Common Stock subject to the Restricted
Stock
Unit Award, notwithstanding that a number of the shares of Common Stock are
held
back solely for the purpose of paying the Tax-Related Items due as a result
of
any aspect of this Restricted Stock Unit Award.
Finally,
Awardee will pay to Micro or the Employer any amount of Tax-Related Items that
Micro or the Employer may be required to withhold as a result of Awardee’s
participation in the Plan or Awardee’s acquisition of shares of Common Stock
that cannot be satisfied by the means previously described. Micro may
refuse to deliver the
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shares
of
Common Stock if Awardee fails to comply with his or her obligations in
connection with the Tax-Related Items as described in this section.
Section
10.
Adjustment. The
number of shares of Common Stock subject to this Restricted Stock Unit Award
and
the price per share, if any, of such shares may be adjusted by Micro from time
to time pursuant to the Plan.
Section
11. Nature of the
Award. By accepting this Restricted
Stock Unit Award, Awardee acknowledges that:
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(1)
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the
Plan is established voluntarily by Micro, it is discretionary in
nature
and it may be modified, amended, suspended or terminated by Micro
at any
time, unless otherwise provided in the Plan and this Award
Agreement;
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(2)
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the
grant of the Restricted Stock Unit Award is voluntary and occasional
and
does not create any contractual or other right to receive future
grants of
Restricted Stock Unit Award, or benefits in lieu of Restricted Stock
Unit
Awards, even if Restricted Stock Unit Awards have been granted repeatedly
in the past;
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(3)
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all
decisions with respect to future Restricted Stock Unit Award grants,
if
any, will be at the sole discretion of
Micro;
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(4)
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participation
in the Plan shall not create a right to further employment with the
Employer and shall not interfere with the ability of the Employer
to
terminate Awardee’s employment relationship at any time with or without
cause;
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(5)
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participating
in the Plan is voluntary;
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(6)
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the
Restricted
Stock Unit Award
is an extraordinary
item that does not constitute compensation of any kind for services
of any
kind rendered to Micro or the Employer,
and which is outside the
scope of Awardee’s
employment
contract,
if any;
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(7)
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the
Restricted
Stock Unit Award
and the shares
of
Common Stock acquired under the Plan are not part of normal or expected
compensation or salary for any purpose, including, but not limited
to,
calculating any severance, resignation, termination, redundancy,
end of
service payments, bonuses, long-service awards, pension,
welfare or retirement benefits or
similar payments, and in no event should be considered as compensation
for, or relating in any way to, past services to Micro or the Employer;
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(8)
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in
the event Awardee is not an
employee of Micro or
Awardee is an employee of a subsidiary or Affiliate of Micro, the Restricted
Stock Unit Award
will not be interpreted to form an employment contract or relationship
with Micro; and furthermore, the Restricted Stock Unit Award will
not be
interpreted to form an employment contract with the Employer or
any subsidiary or
Affiliate of
Micro;
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(9)
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the
future value of the underlying
shares of Common Stock is unknown and cannot be predicted with
certainty;
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(10)
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if
Awardee accepts the Restricted
Stock Unit Award and obtains shares of Common Stock, the value of
those
shares of Common Stock acquired may increase or decrease in value;
and
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(11)
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in
consideration of the grant of
the Restricted Stock Unit Award, no claim or entitlement to compensation
or damages shall arise from termination of the Restricted Stock Unit
Award
or diminution in value of the Restricted Stock Unit Award or shares
of
Common Stock acquired under the Restricted Stock Unit Award resulting
from termination
of Awardee’s employment by Micro or the Employer (for any reason
whatsoever and whether or not in breach of local labor laws) and
Awardee
irrevocably releases Micro 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, Awardee shall be deemed irrevocably
to have
waived Awardee’s entitlement
to pursue such
claim;
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(12)
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notwithstanding
any terms or
conditions of the Plan to the contrary, in the event of involuntary
termination of Awardee’s employment
(whether or not in
breach of local labor laws), Awardee’s right
to receive Restricted
Stock Units
under the Plan,
if
any, will terminate effective as of the date that Awardee is
no
longer actively employed; Micro
shall have the exclusive discretion to determine when Awardee is
no
longer actively employed for
purposes of the Restricted
Stock Unit
Award;
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(13)
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the
vesting of any Restricted
Stock Unit
Award ceases
upon termination
of
employment, or other
cessation of eligibility to vest for any reason, except as may otherwise
be explicitly provided in the Plan document or this Award
Agreement;
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(14)
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Micro
is not providing any tax,
legal or financial advice, nor is Micro making any recommendations
regarding Awardee’s
participation in the
Plan or the
acquisition or the
sale of shares of Common Stock under the
Plan;
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(15)
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Awardee
is advised to
consult with personal
tax, legal and financial advisors regarding participation in the
Plan
before taking any action related to the
Plan;
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(16)
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Awardee
acknowledges
that this Award Agreement is
between Awardee
and Micro,
and that
the Employer
is not a party to
this Award Agreement;
and
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(17)
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Awardee
agrees to provide Micro
with any data requested if Awardee is a mobile employee to facilitate
the
proper withholding and reporting by Micro and/or the Employer, as
applicable.
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Section
12. Data Privacy.Awardee
explicitly and
unambiguously consents to the collection, use and transfer, in electronic or
other form, of Awardee’s personal data as described in this document by and
among, as applicable, Micro, the Employer and Affiliates of Micro for the
exclusive purpose of implementing, administering and managing Awardee’s
participation in the Plan.
Awardee
understands that Awardee’s
employer and/or Micro hold certain personal information about Awardee,
including, but not limited to, Awardee’s name, home address and telephone
number, date of birth, national insurance number or other identification number,
salary, nationality, job title, any shares of stock or directorships held in
Micro, details of all restricted stock units or other entitlement to shares
of
stock awarded, canceled, exercised, vested, unvested or outstanding in Awardee’s
favor, for the purpose of implementing, administering and managing the Plan
(“Data”). Awardee is aware that providing Micro with Awardee’s data
is necessary for the performance of this Award Agreement and that Awardee’s
denial to provide such data would make it impossible for Micro to perform its
contractual obligations and may affect Awardee’s ability to vest or realize
benefits from the Restricted Stock Unit Award or otherwise participate in the
Plan. The Controller of personal data processing is Xxxxxx Micro
Inc., with registered offices at 0000 X. Xx. Xxxxxx Xxxxx, Xxxxx Xxx, Xxxxxxxxxx
00000, and, pursuant to D.lgs 196/2003, its representative in Italy is Xxxxxx
Micro Srl,
with registered offices at Xxxxx
Xxxxx Xxxxxxxxx, 00/x, Xxxxxxx,
00000 Xxxxx, Xxxxx.
Awardee
understands that Data will not
be publicized, but it may be transferred to banks, other financial institutions
or brokers involved in the management and administration of the
Plan. Awardee further understands that Micro, the
Employer and/or any Subsidiary or Affiliate will transfer Data among
themselves as necessary for the purpose of implementing, administering and
managing the Awardee’s participation in the Plan, and that Micro, the Employer
and/or any Subsidiary or Affiliate may each further transfer Data to third
parties assisting
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Micro
in the implementation,
administration and management of the Plan, including any requisite transfer
of
Data to a broker or other third party with whom Awardee may elect to deposit
any
shares of Common Stock acquired under the Plan. Such recipients may
receive, possess, use, retain and transfer Data in electronic or other form,
for
the purposes of implementing, administering and managing Awardee’s participation
in the Plan. Awardee understands that these recipients may be located
in or outside the European Economic Area, such as in the United States or
elsewhere. Should Micro exercise its discretion in suspending all
necessary legal obligations connected with the management and administration
of
the Plan, it will delete Data as soon as it has accomplished all the necessary
legal obligations connected with the management and administration of the
Plan.
Awardee
understands that Data processing
related to the purposes specified above shall take place under automated or
non-automated conditions, anonymously when possible, that comply with the
purposes for which Data is collected and with confidentiality and security
provisions as set forth by applicable laws and regulations, with specific
reference to Legislative Decree no. 196/2003.
The
processing activity, including
communication, the transfer of Data abroad, including outside of the European
Economic Area, as herein specified and pursuant to applicable laws and
regulations, does not require the Awardee’s consent thereto as the processing is
necessary to performance of contractual obligations related to implementation,
administration and management of the Plan. Awardee understands that,
pursuant to Section 7 of the Legislative Decree no. 196/2003, Awardee has the
right to, including but not limited to, access, delete, update, correct or
stop,
for legitimate reason, the Data processing. Furthermore, Awardee is
aware that Data will not be used for direct marketing purposes. In
addition, Data provided can be reviewed and questions or complaints can be
addressed by contacting a local representative available at the following
address: Xxxxxx Micro Srl,
Xxxxx Xxxxx Xxxxxxxxx, 00/x, Xxxxxxx,
00000 Xxxxx,
Xxxxx.
Section
13. No Rights Until
Issuance. Awardee shall have no rights
hereunder as a shareholder with respect to any shares subject to this Restricted
Stock Unit Award until the date of the issuance of the stock certificate for
such shares.
Section
14. Entire
Agreement. The Plan is incorporated
herein by reference. The Plan and this Award 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 between the
Awardee and Micro with respect to the subject matter hereof, and may not be
modified adversely to the Awardee’s interest except by means of a writing signed
by the Awardee and Micro.
Section
15. Governing Law and
Venue. The grant of this Restricted
Stock Unit Award and this Award Agreement shall be governed by and construed
according to the laws of the State of Delaware without regard to its principles
of conflicts of laws as provided in the Plan as provided in the
Plan. Any proceeding arising out of or relating to this Award
Agreement or the Plan may be brought only in the state or federal courts located
in Orange County, California where this grant is made and/or to be performed,
and the parties to this Award Agreement consent to the exclusive jurisdiction
of
such courts.
Section
16. Amendment. This
Restricted Stock Unit Award may be amended as provided in the Plan.
Section
17. Plan and
Prospectus. This Restricted Stock Unit
Award is subject to all the terms of the Plan and the related prospectus, a
copy
of which has been received by the Awardee.
Section
18. Binding Agreement;
Interpretation. By accepting the grant
of this Restricted Stock Unit Award evidenced hereby, the Awardee and Micro
agree that this Restricted Stock Unit Award is granted under and governed by
the
terms and conditions of the Plan and this Award Agreement. The
Awardee has reviewed the related prospectus and this Award Agreement in their
entirety, has had an opportunity to obtain the advice of counsel prior to
accepting the Restricted Stock Unit Award and fully understands all provisions
of the related prospectus and Award Agreement. The Awardee agrees to
accept as binding, conclusive and final all decisions or interpretations of
the
Committee upon any questions relating to the Plan and Award
Agreement.
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Section
19. Language. Awardee
acknowledges that Awardee may be executing part or all of the Award Agreement
in
English and agrees to be bound accordingly. If the Awardee has
received this or any other document related to the Plan translated into a
language other than English and if the translated version is different than
the
English version, the English version will control.
Section
20. Electronic
Delivery. Micro may, in its sole
discretion, decide to deliver any documents related to the Restricted Stock
Unit
Award granted under (and participation in) the Plan or future awards that may
be
granted under the Plan by electronic means or to request the Awardee’s consent
to participate in the Plan by electronic means. The Awardee hereby
consents to receive such documents by electronic delivery and, if requested,
to
agree to participate in the Plan through an on-line or electronic system
established and maintained by Micro or another third party designated by
Micro.
Section
21. Severability. The
provisions of this Award Agreement are severable and if any one or more
provisions are determined to be illegal or otherwise unenforceable, in whole
or
in part, the remaining provisions shall nevertheless be binding and
enforceable.
Section
22. Code Section
409A. The payment of the Restricted
Stock Unit Awards under Section 5 is intended to satisfy the short-term deferral
exemption under Section 1.409A-1(b)(4) of the Department of Treasury
regulations. Notwithstanding any provision of this Award Agreement or
the Plan to the contrary, in the event that following the date of grant, the
Committee determines that it may be necessary or appropriate to do so, the
Committee may adopt such amendments to this Award Agreement or the Plan or
adopt
other policies and procedures (including amendments, policies and procedures
with retroactive effect), or take any other actions, that the Committee
determines are necessary or appropriate to (a) exempt the Restricted Stock
Unit
Award from Section 409A of the Code and/or preserve the intended tax treatment
of the benefits provided with respect to the Restricted Stock Unit Award, or
(b)
comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance and thereby avoid the application of penalty taxes under
Section 409A of the Code.
Section
23. Plan Document
Acknowledgment. In accepting the grant
of the Restricted Stock Unit Award, the Awardee acknowledges that he or she
has
received a copy of the Plan and the Award Agreement and has reviewed the Plan
and the Award Agreement in their entirety and fully understands and accepts
all
provisions of the Plan and the Award Agreement.
The
Awardee further acknowledges that he or she has read and specifically and
expressly approves the following sections of the Award Agreement:
Nontransferability of Restricted Stock Unit Award; Restrictions on Issuance
of
Shares of Common Stock; Responsibility for Taxes; Nature of the Award; Data
Privacy; No Rights Until Issuance; Entire Agreement; Amendment; Governing Law
and Venue; Binding Agreement; Interpretation; Language and Electronic
Delivery.
Section
24. See attached Addendum A, if applicable, and if
applicable, is hereby incorporated by reference.
| XXXXXX MICRO INC. | |
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Xxxx
Xxxxxxxx
Senior
Vice President, Human Resources
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Accepted
and agreed as to the foregoing:
AWARDEE
______________________________
Name
______________________________
Date
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