Form of Amendment to Restricted Stock Unit Award Agreement
Exhibit
10.36
Form of
Amendment to Restricted Stock Unit Award Agreement
THIS
AMENDMENT TO RESTRICTED STOCK UNIT AWARD AGREEMENT (“Amendment”), dated as of
January 21, 2010, is between IntegraMed America, Inc., a
Delaware corporation (the “Company”), and _________________., an
individual resident of the State of _______________
(“Employee”). This Amendment amends, in part, the terms and
conditions of a January 2, 2009 restricted stock unit award (the “Agreement”)
granted under the Company’s 2007 Long-Term Compensation
Plan. Capitalized terms that are not defined in this Amendment shall
have the meaning ascribed to such terms in the Plan or the
Agreement.
RECITALS:
The
Agreement granted to Employee an award of Restricted Stock Units (the “Units”)
for the right to receive shares of the Company’s common stock, par value $.01,
(the “Shares”) on the terms and subject to the conditions set forth in the
Agreement.
The
Agreement provided for the Units to vest and become the right to receive the
Shares in the event the Company’s 2009 Earnings Before Income Taxes,
Depreciation and Amortization are greater than $17,140,768.00 as reflected in
the audited financial statements for the Company’s 2009 fiscal year (the
“Triggering Event”).
The
Agreement provided that in case the Triggering Event resulted in the Units being
converted to the Shares, Employee would vest in the Shares upon receipt;
however, the parties which to change the vesting schedule for such Shares
providing for the Shares to vest over a 36-month period.
NOW,
THEREFORE, in consideration of the premises and mutual covenants herein
contained, the parties hereto agree as follows:
1. Section
3 of the Agreement is hereby deleted in its entirety and restated as
follows:
3. Vesting.
(a) Subject to the terms and conditions
of this Agreement, the Restricted Stock Units awarded hereunder to Employee
shall vest and become the right to receive Shares in the event the Company’s
2009 Earnings Before Income Taxes, Depreciation and Amortization is greater than
$17,140,768.00 as reflected in the audited financial statements for the
Company’s 2009 fiscal year.
(b) Employee
shall vest in the Shares at a rate of 8.33% every 90 days over a 36-month period
(the “Divestiture Period”) so that Employee is fully vested in the Shares three
years from the date of confirmation that the Company’s audited financial
statements for the Company’s 2009 fiscal year
show that Earnings Before Income Taxes, Depreciation and Amortization are
greater than $17,140,768.00. If Employee’s Date of Termination occurs during the
Divestiture Period, Employee shall be obligated to return a pro-rata portion of
the Shares based on a vesting in the Shares at the rate of 8.33% each 90-day
period during the Divestiture Period. Notwithstanding the foregoing, Employee
shall become owner of the Shares free of all restrictions otherwise imposed by
this Agreement, prior to the end of the Divestiture Period, as
follows:
(i) Employee
shall become fully vested in the Shares as of Employee’s Date of Termination
prior to the date the Shares would otherwise become fully vested, if Employee’s
Date of Termination occurs by reason of Employee’s death or
disability.
(ii) Employee
shall become fully vested in the Shares as of the date of a “Change in Control,”
if the “Change in Control” occurs prior to the end of the Divestiture Period,
and Employee’s Date of Termination does not occur before the “Change of Control”
date.
(iii) The
Compensation Committee of the Board of Directors, in its sole discretion, may
accelerate the vesting of some or all unvested Shares in the event Employee’s
employment is terminated for reasons other than “cause.” For purposes of this
Agreement “cause” means termination because Employee (A) is indicted for
committing a felony or a decision or determination is rendered by any court or
governmental authority that Employee has committed any act involving fraud,
dishonesty, breach of trust or moral turpitude, (B) willfully breaches
Employee’s duty of loyalty to, or commits an act of fraud or dishonesty, upon
the Company, one of its Subsidiaries or affiliates, including a Fertility
Centers Division Partner or a Vein Clinic, (C) demonstrates gross negligence,
willful misconduct or insubordination, (D) in the reasonable judgment of the
Board of Directors, engages in personal misconduct of such a material nature as
to render Employee’s presence as an executive of the Company detrimental to the
Company and its reputation, (E) commits a material breach of or default under
Employee’s employment duties, and Employee fails to cure such breach or default
within ten (10) days after prior written notice thereof from
the Company, or (F) commits a material breach of, or default under,
any non-disclosure, confidentiality, non-competition, non-enticement of
Executives (including non-solicitation, non-employment, non-retention or
non-engagement of Executives) or similar agreement, obligation or covenant
heretofore or hereafter entered into with or for the benefit of the
Company.
2. All
other provisions of the Agreement, not in conflict with this Amendment remain in
full force and effect.
IN
WITNESS WHEREOF, the parties hereto executed this Agreement on the
day and year first above written.
IntegraMed
America, Inc.
By:
|
|
Xxxxxx
X. Xxxxx, Vice President
|
Employee:
|
|