exhibit
10.61
Adobe
Systems Incorporated
Amended
and Restated 2003 Equity Incentive Plan
Restricted Stock Unit
Grant Notice
(Director –
Initial Grant)
Adobe Systems
Incorporated (the “Company” ), pursuant
to its Amended and Restated 2003 Equity Incentive Plan (the
“Plan” ), hereby awards to Participant
the Restricted Stock Unit Award (the “ Award
”) covering the number of Restricted Stock Units set forth
below. This Award is subject to all of the terms and
conditions as set forth herein and in the Restricted Stock Unit
Award Agreement (the “ Award Agreement ”)
and the Plan, each of which are attached hereto and incorporated
herein in their entirety. Unless otherwise defined
herein, capitalized terms shall have the meanings set forth in the
Plan or the Program, as applicable.
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Participant:
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%%FIRST_NAME%-% %%LAST_NAME%-%
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%%OPTION_DATE,’Month DD,
YYYY’%-%
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Vesting
Commencement Date:
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%%VEST_BASE_DATE,’Month DD,
YYYY%-%
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Number of
Restricted Stock Units:
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%%TOTAL_SHARES_GRANTED%-%
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Participant’s services to the Company (to
the greatest extent permitted by applicable law)
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Vesting
Schedule : This Award shall vest as to fifty
percent (50%) of the Restricted Stock Units on the first (1
st ) anniversary of the Vesting Commencement Date
and the remaining fifty percent (50%) of the Restricted Stock Units
shall vest on the second anniversary of the Vesting Commencement
Date, so that the Restricted Stock Units are fully vested on the
second anniversary of the Vesting Commencement Date;
provided, however, that the Participant’s Service has
not terminated prior to each such vesting date.
In the event of
a Change of Control, any unvested portions of this Award shall
become immediately vested in full as of immediately prior to the
effective date of the Change of Control, subject to the
consummation of the Change of Control.
Delivery
Schedule : Except as otherwise provided in
Section 5 of the Award Agreement, the Company shall deliver on each
vesting date one share of Stock for each Restricted Stock Unit that
vests on such date, less any shares to be withheld pursuant to
Section 11 of the Award Agreement.
Additional
Terms/Acknowledgements: The undersigned Participant
acknowledges receipt of, and understands and agrees to, this Grant
Notice, the Award Agreement, and the Plan. Participant
further acknowledges that as of the Date of Grant, this Grant
Notice, the Award Agreement, and the Plan set forth the entire
understanding between Participant and the Company regarding the
Award and supersede all prior oral and written agreements on that
subject.
Adobe Systems
Incorporated:
By: __________________________________
Shantanu
Narayen
Title: Chief
Executive Officer
Adobe
Systems Incorporated
Amended
and Restated 2003 Equity Incentive Plan
Restricted Stock Unit
Award Agreement
(Director)
Pursuant to the Grant Notice (
“Grant Notice” ) and this Award Agreement
( “Award Agreement” ), Adobe Systems
Incorporated (the “Company” ) has awarded
you, pursuant to its Amended and Restated 2003 Equity Incentive
Plan (the “Plan” ), a Restricted Stock
Unit Award for that number of Restricted Stock Units as indicated
in the Grant Notice. Unless otherwise defined herein or the Grant
Notice, capitalized terms shall have the meanings set forth in the
Plan. Subject to adjustment and the terms and conditions as
provided herein and in the Plan, each Restricted Stock Unit shall
represent the right to receive one (1) share of Stock.
The details of your Award, in addition to those
set forth in the Grant Notice, are as follows.
1.
Number
of Stock Units and Shares of Stock.
(a)
The number of Restricted Stock Units
subject to your Award and the number of shares of Stock deliverable
with respect to such Restricted Stock Units will be adjusted from
time to time for capitalization adjustments as described in the
Plan. You shall receive no benefit or adjustment to your Award with
respect to any cash dividend or other distribution that does not
result in a capitalization adjustment pursuant to the Plan;
provided, however, that this sentence shall not apply with
respect to any shares of Stock that are subject to your Award after
such shares have been delivered to you.
(b)
Any additional Restricted Stock
Units, shares of Stock, cash or other property that become subject
to the Award pursuant to this Section 1 shall be subject, in a
manner determined by the Board, to the same forfeiture
restrictions, restrictions on transferability, and time and manner
of delivery as applicable to the other Restricted Stock Units and
shares of Stock covered by your Award.
(c)
Notwithstanding the provisions of
this Section 1, no fractional Restricted Stock Units or rights for
fractional shares of Stock shall be created pursuant to this
Section 1. The Board shall, in its discretion, determine an
equivalent benefit for any fractional Restricted Stock Units or
fractional shares that might be created by the adjustments referred
to in this Section 1.
2.
Payment
by You. Except as
otherwise provided in the Grant Notice, this Award has been granted
in consideration of your Services to the Company (or any other
Participating Company, as applicable). Subject to Section 11 below,
and except as otherwise provided in the Grant Notice, you will not
be required to make any payment to the Company (other than your
past and future services with the Company (or any other
Participating Company, as applicable)) with respect to your receipt
of the Award, the vesting of the Restricted Stock Units, or the
delivery of the shares of Stock underlying the Restricted Stock
Units.
(a)
The Restricted Stock Units shall
vest, if at all, as provided in the Vesting Schedule set forth in
your Grant Notice, this Award Agreement, and the Plan, provided
that vesting shall cease upon the termination of your Service,
except as otherwise set forth herein.
(b)
If your Service with the Company
terminates because of your death or Disability, then you will be
given credit for an additional twelve (12) months of continuous
Service; provided,
however, that
in no event shall such applicable vesting exceed 100% vesting of
your Award. For purposes of this provision, (i) your Service shall
be deemed to have terminated on account of death if your death
occurs within three (3) months after your termination of Service,
and (ii) “ Disability ” shall mean your
permanent and total disability within the meaning of Section
22(e)(3) of the U.S. Internal Revenue Code of 1986, as amended (the
“ Code ”), and any applicable regulations
promulgated thereunder to the extent not inconsistent with the
regulations under Section 409A of the Code.
(c)
The determination that your Service
was terminated shall be made by the Company (or any Participating
Company, as applicable) in its sole discretion. Any such
determination by the Company (or any Participating Company, as
applicable) for the purposes of this Award Agreement shall have no
effect upon any determination of the rights or obligations of you
or the Company (or any Participating Company, as applicable) for
any other purpose.
4.
Distribution of Shares
of Stock . Subject to the
provisions of this Award Agreement (including Sections 5 and 11
below) and the Plan, the Company shall deliver to you on the
applicable vesting date one (1) share of Stock for each Restricted
Stock Unit that vests on such date.
5.
Deferral
Election .
If permitted by the Company to do
so, you may elect to defer receipt of the shares of Stock that
would otherwise be issued pursuant to the vesting of your Award in
accordance with the terms and conditions, including the applicable
eligibility requirements, of the Company's Deferred Compensation
Plan. The Board (or an appropriate committee thereof) will, in its
sole discretion, establish the rules and procedures for such
deferrals.
6.
Securities Law
Compliance . The grant of
your Award and the issuance of any shares of Stock thereunder shall
be subject to compliance with all applicable requirements of
federal, state or foreign law with respect to such securities. You
may not be issued any shares of Stock if such issuance would
constitute a violation of any applicable federal, state or foreign
securities laws or other law or regulations or the requirements of
any stock exchange or market system upon which the Stock may then
be listed. In addition, you may not be issued any shares of Stock
unless (i) a registration statement under the Securities Act shall
at the time of issuance be in effect with respect to the shares or
(ii) in the opinion of legal counsel to the Company, the shares may
be issued in accordance with the terms of an applicable exemption
from the registration requirements of the Securities Act. YOU ARE
CAUTIONED THAT THE SHARES MAY NOT BE ISSUED UNLESS THE FOREGOING
CONDITIONS ARE SATISFIED. The inability of the Company to obtain
from any regulatory body having jurisdiction the authority, if any,
deemed by the Company’s legal counsel to be necessary to the
lawful issuance and sale of any shares of Stock shall relieve the
Company of any liability in respect of the failure to issue or sell
such shares as to which such requisite authority shall not have
been obtained. As a condition to the issuance of any shares of
Stock pursuant to this Award, the Company may require you to
satisfy any qualifications that may be necessary or appropriate, to
evidence compliance with any applicable law or regulation and to
make any representation or warranty with respect thereto as may be
requested by the Company
7.
Restrictive
Legends .
The shares of Stock issued pursuant
to this Award shall be endorsed with appropriate legends, if
any,