EXHIBIT 4.6
HUDSON HIGHLAND GROUP,
INC.
RESTRICTED STOCK AWARD
AGREEMENT
RESTRICTED STOCK AWARD
AGREEMENT (“Agreement”) made as of the [DAY]th
day of [MONTH], [YEAR] (the “Grant Date”), by and
between HUDSON HIGHLAND GROUP, INC. , a Delaware corporation
(the “Company”) and FIRST NAME LAST NAME (the
“Grantee”).
W I T N E S S E T
H:
WHEREAS , pursuant to the Hudson Highland Group, Inc.
2009 Incentive Stock and Awards Plan (the “Plan”), the
Company desires to grant to the Grantee and the Grantee desires to
accept an award of shares of common stock, $.001 par value, of the
Company (the “Common Stock”) upon the terms and
conditions set forth in this Agreement.
NOW, THEREFORE
, the parties hereto agree as
follows:
1. Award . Subject to the
terms and conditions set forth herein, the Company hereby awards
the Grantee [RESTRICTED STOCK AWARDS] shares of Common Stock (the
“Restricted Stock”).
2. Restrictions; Vesting .
Except as otherwise provided herein, the Restricted Stock may not
be sold, transferred, pledged, encumbered, assigned or otherwise
alienated or hypothecated, if at all, until such shares of
Restricted Stock have vested in accordance with the following
schedule based upon the number of full years of the Grantee’s
continuous employment with the Company or an Affiliate (as defined
in the Plan) of the Company following the Grant Date.
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Full Years of Continuous
Employment
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Incremental
Percentage of
Vested
Restricted
Stock
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Cumulative
Percentage of
Vested
Restricted Stock
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Less than 1
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%
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%
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1
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%
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%
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2
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%
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%
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3
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%
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%
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[4]
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%
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%
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If any fractional shares would
result from the strict application of the incremental percentages
set forth above, then the actual number of shares of Restricted
Stock that vest on any specific date will cover only the full
number of shares determined by rounding the number of shares to be
issued from the strict application of the incremental percentages
set forth above to the nearest whole number.
3. Evidence of Restricted
Stock . The shares of Restricted Stock awarded under this
Agreement initially will be evidenced by book entries on the
Company’s stock transfer records. If and when the shares of
Restricted Stock vest pursuant to Section 2, 5 or 8 and the
restrictions imposed by Section 2 terminate, the Company will
deliver to the Grantee one or more stock certificates for the
appropriate number of shares, free of any restrictions imposed
under this Agreement.
4. Tax Withholding .
Notwithstanding anything herein to the contrary, certificates for
shares of Restricted Stock that have vested shall not be delivered
to the Grantee unless and until the Grantee has delivered to the
Executive Vice President, Human Resources of the Company (or such
other executive officer of the Company performing a similar
function), at its corporate headquarters in New York, New York,
cash payment, if any, deemed necessary by the Company to enable it
to satisfy any federal, foreign or other tax withholding
obligations with respect to the shares of Restricted Stock that
have vested (the “Tax Amount”) (unless other
arrangements acceptable to the Company in its sole discretion have
been made). Notwithstanding anything herein to the contrary, in the
event that a Grantee has not satisfied the conditions outlined in
the immediately preceding sentence within twenty (20) days
after the shares of Restricted Stock have vested, the Company may
(but shall not be required to), in its sole discretion, at any time
by notice to the Grantee, choose to satisfy the conditions outlined
in the immediately preceding sentence by unilaterally revoking the
Grantee’s right to receive that number of shares of
Restricted Stock that have vested with an aggregate value equal to
150% of the Tax Amount. For purposes of the preceding sentence,
each share of Restricted Stock shall be deemed to have a value
equal to the average closing price of a share of the Common Stock
on the Nasdaq Global Market (or such other U.S. exchange or market
on which the Common Stock is then primarily traded) on the five
(5) trading days up to and including the date of vesting. The
Company may from time to time change (or provide alternatives to)
the method of tax withholding on the Restricted Stock granted
hereunder by notice to the Grantee, it being understood that from
and after such notice the Grantee will be bound by the method (or
alternatives) specified in any such notice. The Company (in its
sole and absolute discretion) may permit all or part of the Tax
Amount to be paid with shares of Common Stock owned by the Grantee,
or in installments (together with interest) evidenced by the
Grantee’s secured promissory note.
5. Termination of Employment
. If the Grantee’s employment or service with the Company or
its Affiliates is terminated for any reason other than death,
including but not limited to by reason of disability, then the
shares of Restricted Stock that have not yet become fully vested in
accordance with Section 2 will automatically be forfeited by
the Grantee (or the Grantee’s successors) and any book entry
with respect thereto will be canceled. If the Grantee’s
employment terminates by reason of the Grantee’s death, then
the shares of Restricted Stock that have not yet become fully
vested in accordance with Section 2 will automatically become
fully vested and the restrictions imposed upon the Restricted Stock
by Section 2 will be immediately deemed to have
lapsed.
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6. Voting Rights; Dividends and
Other Distributions .
(a) While the Restricted Stock is
subject to restrictions under Section 2 and prior to any
forfeiture thereof, the Grantee may exercise full voting rights for
the Restricted Stock registered in his name.
(b) While the Restricted Stock is
subject to the restrictions under Section 2 and prior to any
forfeiture thereof, the Grantee shall be entitled to receive all
dividends and other distributions paid with respect to the
Restricted Stock. If any such dividends or distributions are paid
in shares of Common Stock, then such shares shall be subject to the
same restrictions as the shares of Restricted Stock with respect to
which they were paid.
(c) Subject to the provisions of
this Agreement, the Grantee shall have, with respect to the
Restricted Stock, all other rights of holders of Common
Stock.
7. Securities Law
Restrictions . Notwithstanding anything herein to the contrary,
shares of Restricted Stock shall not be issued hereunder if, in the
opinion of counsel to the Company, such exercise and/or issuance
may result in a violation of federal or state securities laws or
the securities laws of any other relevant jurisdiction.
8. Change in Control .
Effective upon a Change in Control (as defined below), if the
Grantee is employed by the Company or an Affiliate immediately
prior to the date of such Change in Control, the shares of
Restricted Stock will fully vest and the restrictions imposed upon
the Restricted Stock by Section 2 will be immediately deemed
to have lapsed. For purposes hereof, a “Change in
Control” shall be deemed to occur on the first to occur of
any one of the following events: (a) the consummation of a
consolidation, merger, share exchange or reorganization involving
the Company, unless such consolidation, merger, share exchange or
reorganization is a “Non-Control Transaction” (as
defined below); (b) the stockholders of the Company approve a
plan of complete liquidation or dissolution of the Company or an
agreement for the sale or disposition by the Company of all, or
substantially all, of the assets of the Company (in one transaction
or a series of related transactions within any period of 24
consecutive months), other than a sale or disposition by the
Company of all, or substantially all, of the Company’s assets
to an entity at least 75% of the combined voting power of the
voting securities of which are owned by stockholders of the Company
in substantially the same proportions as their ownership of the
Company immediately prior to such sale; (c) any person (as
such term is used in Section 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) (other than (1) the Company, (2) any
subsidiary of the Company, (3) a trustee or other fiduciary
holding securities under any employee benefit plan (or any trust
forming a part thereof) maintained by the Company or any subsidiary
or (4) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions
as their ownership of stock in the Company) is or becomes the
beneficial owner (within the meaning of Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company
(not including in the securities beneficially owned by such person
any securities acquired directly from the Company after the Grant
Date pursuant to express authorization by the Board that refers to
this exception) representing more than 20% of the then outstanding
shares of Common Stock or the combined voting power of the
Company’s then outstanding voting securities; or (d) the
following individuals cease for any reason to constitute
a
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majority of the number of directors then
serving: individuals who, as of the Grant Date,