Back to top

BUSINESS DEVELOPMENT SOLUTIONS, INC. 2009 EQUITY INCENTIVE PLAN NOTICE OF RESTRICTED STOCK AWARD

Equity Incentive Plan Agreement

BUSINESS DEVELOPMENT SOLUTIONS, INC. 2009 EQUITY INCENTIVE PLAN NOTICE OF RESTRICTED STOCK AWARD | Document Parties: BUSINESS DEVELOPMENT SOLUTIONS, INC. You are currently viewing:
This Equity Incentive Plan Agreement involves

BUSINESS DEVELOPMENT SOLUTIONS, INC.

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: BUSINESS DEVELOPMENT SOLUTIONS, INC. 2009 EQUITY INCENTIVE PLAN NOTICE OF RESTRICTED STOCK AWARD
Governing Law: Delaware     Date: 8/14/2009

BUSINESS DEVELOPMENT SOLUTIONS, INC. 2009 EQUITY INCENTIVE PLAN NOTICE OF RESTRICTED STOCK AWARD, Parties: business development solutions  inc.
50 of the Top 250 law firms use our Products every day

Exhibit 10.4

BUSINESS DEVELOPMENT SOLUTIONS, INC.

2009 EQUITY INCENTIVE PLAN

NOTICE OF RESTRICTED STOCK AWARD [PRC RESIDENTS]

Capitalized but otherwise undefined terms in this Notice of Restricted Stock Award and the attached Restricted Stock Award Agreement shall have the same defined meanings as in the Business Development Solutions, Inc. 2009 Equity Incentive Plan (the “ Plan ”).

Grantee Name: _______________________

Address:  _______________________

You have been granted shares of Restricted Stock subject to the terms and conditions of the Plan and the attached Restricted Stock Award Agreement, as follows:

 

Date of Grant:

_______________________

 

Vesting Commencement Date

_______________________

 

(if different from Date of Grant):

_______________________

 

Purchase Price per Share:

_______________________

 

Total Number of Shares Granted:

_______________________

 

Agreement Date :

_______________________

 

Vesting Schedule:

_______________________

 


BUSINESS DEVELOPMENT SOLUTIONS, INC.

2009 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

     This RESTRICTED STOCK AWARD AGREEMENT (“ Agreement ”), dated as of the Agreement Date specified on the Notice of Restricted Stock Award is made by and between BUSINESS DEVELOPMENT SOLUTIONS, INC., a Delaware Company (the “ Company ”), and the grantee named in the Notice of Restricted Stock Award (the “ Grantee ,” which term as used herein shall be deemed to include any successor to Grantee by will or by the laws of descent and distribution, unless the context shall otherwise require). Capitalized terms used but not otherwise defined in this Agreement have the meanings ascribed to them in the Business Development Solutions, Inc. 2009 Equity Incentive Plan (the “ Plan ”).

BACKGROUND

     Pursuant to the Plan, the Company, acting through the Administrator, approved the issuance to Grantee, effective as of the date set forth above, of an award of the number of Shares of Restricted Stock (“ Restricted Shares ”) as is set forth in the attached Notice of Restricted Stock Award (which is expressly incorporated herein and made a part hereof, the “ Notice of Restricted Stock Award ”), upon the terms and conditions hereinafter set forth.

     NOW, THEREFORE , in consideration of the mutual premises and undertakings hereinafter set forth, the parties agree as follows:

1. Grant and Purchase of Restricted Shares . The Company hereby grants to Grantee, and Grantee hereby accepts the number of Restricted Shares set forth in the Notice of Restricted Stock Award.

2. Stockholder Rights .

     (a) Voting Rights . Until such time as all or any part of the Restricted Shares are forfeited to the Company under this Agreement, if ever, Grantee (or any successor in interest) has the rights of a stockholder, including voting rights, with respect to the Restricted Shares subject, however, to the transfer restrictions or any other restrictions set forth in the Plan.

     (b) Dividends and Other Distributions . During the period of restriction, Participants holding Restricted Shares are entitled to all regular cash dividends or other distributions paid with respect to all Shares while they are so held. If any such dividends or distributions are paid in Shares, such Shares will be subject to the same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid.

3. Vesting of Restricted Shares .

     (a) The Restricted Shares are restricted and subject to forfeiture until vested. The Restricted Shares which have vested and are no longer subject to forfeiture are referred to as “ Vested Shares .” All Restricted Shares which have not become Vested Shares are referred to as “ Nonvested Shares .”

     (b) Restricted Shares will vest and become nonforfeitable in accordance with the vesting schedule contained in the Notice of Restricted Stock Award.

2


     (c) Any Nonvested Shares of Grantee will automatically vest and become nonforfeitable if Grantee’s service with the Company ceases owing to the Grantee’s (a) death, (b) Disability, or (c) Retirement, unless the Administrator provides otherwise.

     (d) In the event of a Change in Control, the Administrator, in its discretion, may accelerate the time at which all or any portion of Grantee’s Restricted Shares will vest.

     (e) Terms used in Section 3 and Section 4 have the following meanings:

          (i) “ Cause ” has the meaning ascribed to such term or words of similar import in Grantee’s written employment or service contract with the Company or its Affiliates and, in the absence of such agreement or definition, means Grantee’s (i) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Grantee’s duties or willful failure to perform Grantee’s responsibilities in the best interests of the Company or its Affiliates; (v) illegal use or distribution of drugs; (vi) violation of any rule, regulation, procedure or policy of the Company or its Affiliates; or (vii) breach of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by Grantee for the benefit of the Company or its Affiliates, all as determined by the Board of Directors of the Company, which determination will be conclusive.

          (ii) “ Disability ” means a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, and that either (1) renders Grantee unable to engage in any substantial gainful activity or (2) results in Grantee receiving income replacement benefits for a period of not less than three months under an employee accident and health plan covering Grantee.

          (iii) “ Retirement ” means Grantee’s retirement from Company employ at age 65 as determined in accordance with the policies of the Company or its subsidiaries in good faith by the Board of Directors of the Company, which determination will be final and binding on all parties concerned.

     (f) Nonvested Shares may not be sold, transferred, assigned, pledged, or otherwise disposed of, directly or indirectly, whether by operation of law or otherwise. The restrictions set forth in this Section will terminate upon a Change in Control.

4. Forfeiture of Nonvested Shares . Except as provided herein, if Grantee's service with the Company ceases for any reason other than Grantee’s (a) death, (b) Disability, or (c) Retirement, any Nonvested Shares will be automatically forfeited to the Company; provided, however, that the Administrator may cause any Nonvested Shares immediately to vest and become nonforfeitable if Grantee’s service with the Company is terminated by the Company without Cause.

     (a) Legend . Each certificate representing Restricted Shares granted pursuant to the Notice of Restricted Stock Award may bear a legend substantially as follows:

“THE SALE OR OTHER TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY OR BY OPERATION OF LAW, IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE BUSINESS DEVELOPMENT SOLUTIONS, INC. 2009 EQUITY INCENTIVE PLAN AND IN A RESTRICTED STOCK AWARD AGREEMENT. A COPY OF SUCH PLAN AND SUCH AGREEMENT MAY BE OBTAINED FROM BUSINESS DEVELOPMENT SOLUTIONS, INC.”

3


     (b) Escrow of Nonvested Shares . The Company has the right to retain the certificates representing Nonvested Shares in the Company’s possession until such time as all restrictions applicable to such Shares have been satisfied.

     (c) Removal of Restrictions . The Participant is entitled to have the legend removed from certificates representing Vested Shares.

5. Recapitalizations, Exchanges, Mergers, Etc. The provisions of this Agreement apply to the full extent set forth herein with respect to any and all shares of capital stock of the Company or successor of the Company which may be issued in respect of, in exchange for, or in substitution for the Restricted Shares by reason of any stock dividend, split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise which does not terminate this Agreement. Except as otherwise provided herein, this Agreement is not intended to confer upon any other person except the parties hereto any rights or remedies hereunder.

6. Grantee Representations .

     Grantee represents to the Company the following:

     (a) Acknowledgement of Terms . Grantee acknowledges that Grantee has received, read and understood the Plan and the Agreement and agrees to abide by and be bound by their terms and conditions.

     (b) Restrictions on Transfer . Grantee acknowledges that the Restricted Shares to be issued to Grantee must be held indefinitely unless subsequently registered and qualified under the Securities Act of 1933, as amended (the “ Act ”), or unless an exemption from registration and qualification is otherwise available. Grantee hereby covenants and agrees with the Company that (i) Grantee is purchasing the Restricted Shares for Grantee’s own account and not with a view to the resale or distribution thereof, (ii) any subsequent offer for sale or sale of any such Restricted Shares shall be made either pursuant to either (x) a registration statement under that Act, which registration statement shall have become effective and shall be current with respect to the Restricted Shares being offered and sold, or (y) an exemption from the registration statement requirements of that Act, including the provisions of Regulation S promulgated under the Act (“ Regulation S ”), provided that Grantee is not a U.S. person (as defined in Regulation S) and is not acquiring the Restricted Shares for the account or benefit of a U.S. person, will resell the Restricted Shares only in accordance with the provisions of Regulation S and will not engage in any hedging transactions with regard to the Restricted Shares unless in compliance with the Act, but in claiming the exemption in (y), Grantee shall, prior to any offer for sale or sale of such Restricted Shares, obtain a favorable written opinion from counsel for or reasonably approved by the Company as to the applicability of such exemption, and (iii) the certificate evidencing such Restricted Shares shall bear an additional legend to the effect of the foregoing substantially as follows:

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF OTHER THAN IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM THE REGISTRATION STATEMENT REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT THE SELLER DELIVERS TO THE COMPANY AN OPINION OF COUNSEL (WHICH OPINION IS REASONABLY SATISFACTORY TO THE COMPANY) CONFIRMING THE AVAILABILITY OF SUCH EXEMPTION. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES TO THE EXTENT PERMITTED BY APPLICABLE FEDERAL AND STATE SECURITIES LAWS.”

4


          Grantee further acknowledges that the Restricted Shares may be subject to such restrictions, conditions or limitations as the Company determines appropriate as to the timing and man


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more