EXHIBIT 10.47
Sample TELLABS, INC. 2009
Executive Performance Stock Units Award Statement
for:
Congratulations! You were granted a
2009 Executive Performance Stock Units (PSU) Award on March 9,
2009 as authorized by the Compensation Committee of the Tellabs,
Inc. (the “Company”) Board of Directors. The following
summarizes your PSU Award:
PERFORMANCE STOCK UNITS
AWARD
|
|
|
|
PSUs
Awarded:
|
|
%%TOTAL_SHARES_GRANTED%-% PSUs
(subject to the vesting and payout
terms provided in the Terms of the 2009 Executive Performance Stock
Units Award Agreement attached to this PSU statement).
|
PERFORMANCE
TARGETS/PAYOUT/VESTING:
|
|
|
|
Performance
Targets:
|
|
2009 operating
earnings, as detailed in the Terms of the 2009 Executive
Performance Stock Units Award Agreement attached to this PSU
Statement.
|
|
|
|
Payout
Range:
|
|
Up to two (2)
shares of Tellabs common stock may be earned for each PSU
based upon the level of 2009 operating earnings achieved, as
detailed in the Terms of the 2009 Executive Performance Stock Units
Agreement attached to this PSU Statement.
|
|
|
|
Vesting and
Payout Dates:
|
|
Except in
limited circumstances, earned shares will vest and be
issued to you in equal annual installments in March 2010,
March 2011 and March 2012, if you are continually employed by the
Company or its subsidiaries through those vesting dates. The
vesting and payment provisions are detailed in the Terms of the
2009 Executive Performance Stock Units Award Agreement attached to
this PSU Statement.
|
This PSU Award is issued under the
Amended and Restated Tellabs, Inc. 2004 Incentive Compensation Plan
(“Plan”) in consideration of you remaining an employee
of the Company and/or one of its subsidiaries. If you accept the
terms of this PSU Award, you consent to be bound by all of the
terms and conditions of this PSU Award Statement, which includes
the accompanying Terms of the 2009 Executive Performance Stock
Units Award Agreement, and the Plan. You also acknowledge that you
have been given access to the summary description of the Plan and a
copy of the Plan.
To the extent not otherwise defined
herein, capitalized terms shall have the meaning ascribed to them
in the Plan.
This Award Statement, including the
accompanying Terms of the 2009 Executive Performance Stock Units
Award Agreement, constitutes part of a prospectus covering
securities that have been registered under the Securities Act of
1933, as amended.
TELLABS, INC. Terms of the 2009
Executive Performance Stock Units Award Agreement
|
|
|
|
|
|
Type of
Award:
|
|
Performance
Stock Units (“PSUs”), representing an opportunity to
earn shares of common stock of Tellabs, Inc. (the
“Company” or “Tellabs”).
|
|
|
|
|
The number of
shares, if any, earned with respect to the PSUs will depend upon
the Company’s certified financial results during the 2009
fiscal year as compared to the performance targets described below,
and, except as provided below, your right to receive any shares
earned will depend on your continued employment through the vesting
dates.
|
|
|
|
Performance Targets
:
|
|
The performance
targets are as follows:
|
|
|
|
|
|
1)
|
|
operating
earnings up to $ million earns up
to 50% of PSUs;
|
|
|
|
|
|
2)
|
|
operating
earnings of $ million earns 100% of
PSUs;
|
|
|
|
|
|
3)
|
|
operating
earnings between $ million and $
million earns up to 150% of
PSUs;
|
|
|
|
|
|
4)
|
|
operating
earnings between $ and $
million earns up to 175% of
PSUs;
|
|
|
|
|
|
5)
|
|
operating
earnings between $ and $
million earns up to 200% of PSUs;
and
|
|
|
|
|
</</tr> |
