EXHIBIT 10v
PERSONAL and CONFIDENTIAL
[Date]
[First Name]
[Last Name]
[Title]
Dear [First
Name]
I am pleased
to inform you that you have been awarded [Number of Shares]
Restricted Stock Units. This is a special one-time
incentive approved by the Board of Directors for the Executive
Leadership team, based on your leadership to date and our hopes and
aspirations for the future. Continued strong financial
performance will also hopefully generate meaningful gains in the
value of this award in the years ahead - we all have a vested
interest in making this even more valuable!
The Restricted
Stock Units will vest as follows:
|
% Vested
|
No. of Shares
|
|
First anniversary of
the date of grant
|
16.67%
|
[Yr1]
|
|
Second anniversary of
the date of grant
|
33.33%
|
[Yr2]
|
|
Third anniversary of
the date of grant
|
50%
|
[Yr3]
|
This award is
subject to the enclosed Terms and Conditions and the provisions of
the Company's 2006 Long-Term Incentive Plan. You should
retain this letter and the enclosed Terms and Conditions as
evidence of the Restricted Stock Units awarded to you.
Also enclosed
is a memorandum that provides certain information about Restricted
Stock Units awarded to you under the 2006 Long-Term Incentive
Plan.
We continue to
be excited about Stryker's prospects and I am confident that your
efforts - along with the rest of the XLT - will play a big part in
helping us achieve our goal of becoming one of the best
companies on the planet.
Sincerely,
/s/ Stephen P. MacMillan
Stephen P. MacMillan
President and Chief Executive Officer
SPM/se
Enclosures
STRYKER CORPORATION
NON-U.S. TERMS AND CONDITIONS
RELATING TO RESTRICTED STOCK UNITS GRANTED
PURSUANT TO THE 2006 LONG-TERM INCENTIVE PLAN
ON
[Date]
1. The Restricted
Stock Units with respect to Common Stock of Stryker Corporation
(the "Company") granted to you on [Date] are subject to all of the
terms and conditions of the Company's 2006 Long-Term Incentive
Plan, as amended (the "Plan"), which are incorporated herein by
reference. In the case of a conflict between these Terms and
Conditions and the terms of the Plan, the provisions of the Plan
will govern. Capitalized terms used but not defined herein have the
meaning provided therefor in the Plan.
2. Your right to
receive the shares of Common Stock issuable pursuant to the
Restricted Stock Units upon vesting shall be only as follows:
(a) If you cease to
be an Employee of the Company or a Subsidiary by reason of
Disability (as such term is defined in the Plan or determined under
local law) or death, you or your estate will become fully vested in
your Restricted Stock Units, and you or your estate will receive
all of the underlying Shares as soon as administratively
practicable following your termination by reason of Disability or
your death.
(b) If you cease to be an
Employee of the Company or a Subsidiary for any reason other than
those provided in (a) above or if your role and/or
responsibilities with the Company or a Subsidiary are decreased
significantly for any reason from those assigned to you on the date
of grant of the Restricted Stock Units, you or your estate (in the
event of your death after such termination) shall cease vesting in
your Restricted Stock Units effective as of your Termination Date
(which is defined in the Plan as the earliest of (i) the date on
which notice of termination is provided to you, (ii) the last day
of your active service with the Company or a Subsidiary or (iii)
the last day on which you are an Employee of the Company or a
Subsidiary, as determined in each case without including any
required advance notice period and irrespective of the status of
the termination under local labor or employment laws) or the date
that your role and/or responsibilities are decreased
significantly, as applicable, and you will receive the underlying
Shares attributable to any previously vested Restricted Stock Units
as soon as administratively practicable following your
termination.
(c) If you are a local
national of and/or employed in a country that is a member of the
European Union, the grant of the Restricted Stock Units and the
terms and conditions governing the Restricted Stock Units are
intended to comply with the age discrimination provisions of the EU
Equal Treatment Framework Directive, as implemented into local law
(the "Age Discrimination Rules"). To the extent that a court
or tribunal of competent jurisdiction determines that any provision
of the Restricted Stock Units is invalid or unenforceable, in whole
or in part, under the Age Discrimination Rules, the Company, in its
sole discretion, shall have the power and authority to revise or
strike such provision to the minimum extent necessary to make it
valid and enforceable to the full extent permitted under local
law.
3. The number of
Shares subject to the Restricted Stock Units shall be subject to
adjustment and the vesting dates hereof may be accelerated as
follows:
(a) In the event that the
Shares, as presently constituted, shall be changed into or
exchanged for a different number or kind of shares of stock or
other securities of the Company or of another corporation (whether
by reason of merger, consolidation, recapitalization,
reclassification, split-up, combination of shares, or otherwise) or
if the number of such Shares shall be increased through the payment
of a stock dividend or a dividend on the Shares of rights or
warrants to purchase securities of the Company shall be made, then
there shall be substituted for or added to each Share theretofore
subject to the Restricted Stock Units the number and kind of shares
of stock or other securities into which each outstanding Share
shall be so changed, or for which each such share shall be
exchanged, or to which each such share shall be entitled. The
other terms of the Restricted Stock Units shall also be
appropriately amended as may be necessary to reflect the foregoing
events. In the event there shall be any other change in the
number or kind of the outstanding Shares, or of any stock or other
securities into which such Common Stock shall have been exchanged,
then if the Compensation Committee shall, in its sole discretion,
determine that such change equitably requires an adjustment in the
Restricted Stock Units, such adjustment shall be made in accordance
with such determination.
(b) Fractional Shares
resulting from any adjustment in the Restricted Stock Units may be
settled in cash or otherwise as the Compensation Committee shall
determine. Notice of any adjustment will be given to you and
such adjustment (whether or n