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Exhibit 99.1
Form of OFFICEMAX
INCORPORATED
2009 Director Restricted Stock
Unit Award Agreement
This Restricted Stock Unit
Award (the “Award”) is granted on << insert
award date >> (the “Award Date”) by OfficeMax
Incorporated (“OfficeMax”) to << insert
name >> (“Director” or “you”)
pursuant to the 2003 OfficeMax Incentive and Performance Plan,
as may be amended from time to time (the “Plan”), and
pursuant to the following terms of this agreement (the
“Agreement”):
1.
Terms and Conditions.
The Award
is subject to all the terms and conditions of the Plan. All
capitalized terms not defined in this Agreement shall have the
meaning stated in the Plan. If there is any inconsistency
between the terms of this Agreement and the terms of the Plan, the
terms of the Plan shall control unless this Agreement explicitly
states that an exception to the Plan is being made.
2.
Award. You are hereby
awarded << insert
RSUs >> restricted stock
units, at no cost to you, subject to the restrictions set forth in
the Plan and this Agreement.
3.
Vesting. Your Award will vest
six months following the Award Date, << insert award date >>, if you are then
still an OfficeMax Director. Your Award will vest immediately
if you terminate service as a director prior to the six month
anniversary of the Award Date due to your death or total and
permanent disability. Vested units will be payable six months
following the date of your termination of service as a director due
to your (i) retirement or resignation from the Board,
(ii) death or (iii) total and permanent disability, as
determined by OfficeMax in its sole and complete discretion,
provided that such termination constitutes a separation from
service under Section 409A of the Internal Revenue Code of
1986, as amended, including applicable regulations and other
guidance promulgated thereunder (“Code”), or, if later,
upon the first date that payment may be made without violating the
requirements of Code Section 409A. Unless otherwise
approved by the Board of Directors or as set forth in
Section 4 below, if you terminate service as a director prior
to six months following the Award Date for a reason other than
death or total and permanent disability, your Award will be
forfeited.
4.
Change in Control.
In the event of a
Change in Control prior to the end of the vesting period pursuant
to paragraph 3, the continuing entity may either continue this
Award or replace this Award with an award of at least equal value
with terms and conditions not less favorable than the terms and
conditions provided in this Agreement, in which case the new award
will vest and become payable according to the terms of the
applicable award agreement. Notwithstanding any provisions of this
Agreement or the Plan to the contrary, if the continuing entity
does not so continue or replace this Award, all restrictions
described in this Agreement will lapse with respect to all unvested
restricted stock units held by you at the time of the Change in
Control, so that all such restricted stock units will vest upon the
Change in Control; payment of your Award will be made in the common
stock of the continuing entity (or the parent thereof,
as
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