INTERNATIONAL FLAVORS &
FRAGRANCES INC.
2000 Stock Award and Incentive
Plan,
as amended and restated effective as of December 31,
2007
U.S. Restricted Stock Units
Agreement
This Restricted
Stock Units Agreement (the “Agreement”) confirms the
grant on
, 20___ (the
“Grant Date”) by INTERNATIONAL FLAVORS & FRAGRANCES
INC., a New York corporation (the “Company”), to
(“Employee”) of Restricted Stock Units (the
“Units”), as follows:
Units vest : 20% of the Units will vest on
, 20___, and an
additional 20% of the Units will vest on each anniversary thereof
in 20___, 20___, 20___, and 20___(each of those five dates being a
“Stated Vesting Date”), if such Units have not
previously been forfeited. In addition, the Units, if not
previously forfeited, will become immediately vested upon a Change
in Control or upon the occurrence of certain events relating to
termination of employment in accordance with Section 4 hereof.
The Units scheduled to vest on a given Stated Vesting Date are
referred to as a “Tranche” (so, for example, the Units
scheduled to vest on
, 20___are the
“20___Tranche”).
Settlement : Units granted hereunder will be settled by
delivery of one share of the Company’s Common Stock, par
value $.12-1/2 per share, for each Unit being settled. Such
settlement shall occur promptly on or following the vesting (the
lapse of the risk of forfeiture) of each Unit as specified above,
subject to Section 6. Any reference in this Agreement to
settlement “promptly” following a vesting date requires
that shares be delivered no more than 60 days after the
settlement date. The foregoing notwithstanding, settlement shall be
deferred in certain cases if so elected by Employee by filling out
the following section, executing the Agreement and returning it to
the Company by
, 20___ or as otherwise provided under Section 6
hereof:
Note: You
may elect to defer any Tranche or combination of Tranches. If a
given Tranche is not deferred. the Units in that Tranche will be
settled promptly following the date of vesting (this includes any
date following Termination of Employment deemed to result from
continued vesting under Section 4(b) or (c))
For the
following
Tranche(s) ( fill in vesting years of Tranches being deferred,
and fill out one but not both of the following ):
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I
hereby elect to defer the settlement of the indicated Units until
the first business day of the year (date must be after the Stated
Vesting Date of any affected Tranche).*
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I
hereby elect to defer the settlement of the indicated Units until
my Termination of Employment for any reason, including Retirement,
at which time settlement will occur promptly but subject to the
six-month delay rule of Section 6(b), if
applicable.**
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For the
following
Tranche(s) ( fill in vesting years of Tranches being deferred,
and fill out one but not both of the following) :
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I
hereby elect to defer the settlement of the indicated Units until
the first business day of the year (date must be after the Stated
Vesting Date of any affected Tranche).*
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I
hereby elect to defer the settlement of the indicated Units until
my Termination of Employment for any reason, including Retirement,
at which time settlement will occur promptly but subject to the
six-month delay rule of Section 6(b), if
applicable.**
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For the
following
Tranche(s) ( fill in vesting years of Tranches being deferred,
and fill out one but not both of the following) :
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I
hereby elect to defer the settlement of the indicated Units until
the first business day of the year (date must be after the Stated
Vesting Date of any affected Tranche)*.
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I
hereby elect to defer the settlement of the indicated Units until
my Termination of Employment for any reason, including Retirement,
at which time settlement will occur promptly but subject to the
six-month delay rule of Section 6(b), if
applicable.**
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*
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Subject to
accelerated settlement of the deferred Units in the event of a
Change in Control (subject to Section 6) and accelerated
settlement of previously vested Units in the event of
Employee’s Termination of Employment for any reason,
including Normal or Early Retirement, after the Stated Vesting
Date, at which time settlement will occur promptly but subject to
the six-month delay rule of Section 6(b), if
applicable.
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**
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Subject to
accelerated settlement of the deferred Units in the event of a
Change in Control (subject to Section 6).
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(Note: Attach additional copies of this page
with further elections, if more than three different elections for
specific Tranches are desired.)
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If I have
elected to defer the settlement of my Units, I acknowledge and
agree that, if the Company declares and pays a dividend of any kind
on the Company’s Common Stock, amounts equivalent to such
dividends will be paid on any vested Units after the Stated Vesting
Date, even if such Units have not been settled, and that such
dividend equivalents will be treated as compensation to
me.
The Units are
granted under Section 6(e) of the 2000 Stock Award and Incentive
Plan, as amended and restated effective as of December 31,
2007(the “Plan”), and are subject to the terms and
conditions of the Plan and this Agreement, including the Terms and
Conditions of Restricted Stock Units attached hereto. The number of
Units and the kind of shares deliverable in settlement of Units are
subject to adjustment in accordance with Section 5 hereof and
Section 11(c) of the Plan.
Employee
acknowledges and agrees that (i) Units are nontransferable,
except as provided in Section 3 hereof and Section 11(b) of the
Plan, (ii) Units, and certain amounts of gain realized upon
settlement of Units, are subject to forfeiture in the event
Employee fails to meet applicable requirements relating to
non-competition, confidentiality, non-solicitation of customers,
suppliers, business associates, employees and service providers,
non-disparagement and cooperation in litigation with respect to the
Company and its subsidiaries and affiliates, and financial
reporting, as set forth in Section 7 hereof and
Section 10 of the Plan, (iii) Units are subject to
forfeiture in the event of Employee’s Termination of
Employment in certain circumstances prior to vesting, as specified
in Section 4 hereof, (iv) sales of shares delivered in
settlement of Units will be subject to the Company’s policies
regulating trading by employees and (v) a copy of the Plan and
related prospectus have previously been delivered to Employee, are
being delivered to Employee or are available as specified in
Section 1 hereof. In addition, and without limiting the
foregoing, Employee consents, acknowledges and agrees that, as a
condition to the grant of Units hereunder, Section 10(d) of the
Plan, which relates to forfeitures of Awards (as defined in the
Plan)
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in the
event of financial reporting misconduct, will apply to the Units
granted hereunder as well as to any other Awards that may have been
granted to Employee prior to the Grant Date set forth
above.
IN WITNESS
WHEREOF, INTERNATIONAL FLAVORS & FRAGRANCES INC. has caused
this Agreement to be executed by its officer thereunto duly
authorized, and Employee has duly executed this Agreement, by which
each has agreed to the terms of this Agreement.
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Employee
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INTERNATIONAL
FLAVORS & FRAGRANCES INC.
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By:
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Dennis M.
Meany
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Senior Vice
President, General Counsel and Secretary
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3
TERMS AND CONDITIONS OF RESTRICTED
STOCK UNITS
The following
Terms and Conditions apply to the Units granted to Employee by
INTERNATIONAL FLAVORS & FRAGRANCES INC. (the
“Company”), as specified in the U.S. Restricted Stock
Units Agreement (of which these Terms and Conditions form a part).
Certain terms of the Units, including the number of Units granted,
vesting date(s) and settlement date, are set forth on the preceding
pages.
1.
General . The Units are granted to Employee under the
Company’s 2000 Stock Award and Incentive Plan (the
“Plan”), a copy of which is available for review, along
with other documents constituting the “prospectus” for
the Plan, on the Company’s intranet site at One
IFF/Corporate/Law Department. All of the applicable terms,
conditions and other provisions of the Plan are incorporated by
reference herein. Capitalized terms used in this Agreement but not
defined herein shall have the same meanings as in the Plan. If
there is any conflict between the provisions of this document and
mandatory provisions of the Plan, the provisions of the Plan
govern. By accepting the grant of the Units, Employee agrees to be
bound by all of the terms and provisions of the Plan (as presently
in effect or later amended), the rules and regulations under the
Plan adopted from time to time, and the decisions and
determinations of the Company’s Compensation Committee (the
“Committee”) made from time to time, provided that no
such Plan amendment, rule or regulation or Committee decision or
determination shall materially and adversely affect the rights of
the Employee with respect to outstanding Units.
2.
Account for Employee . The Company shall maintain a
bookkeeping account for Employee (the “Account”)
reflecting the number of Units then credited to Employee hereunder
as a result of such grant of Units.
3.
Nontransferability . Until Units become settleable in
accordance with the terms of this Agreement, Employee may not
transfer Units or any rights hereunder to any third party other
than by will or the applicable laws of descent and distribution,
except for transfers to a Beneficiary upon death of Employee or
otherwise if and to the extent permitted by the Company and subject
to the conditions under Section 11(b) of the Plan.
4.
Termination Provisions . The following provisions
will govern the vesting and forfeiture of the Units in the event of
Employee’s Termination of Employment (as defined below),
provided that the Committee retains its powers to accelerate
vesting or modify these terms, subject to the consent of Employee
in the case of a modification materially adverse to Employee and
subject to Section 6(b) hereof:
(a) Voluntary
Resignation and Termination by the Company for Cause . In the
event of Employee’s Termination of Employment due to his or
her voluntary resignation (other than a Normal or Early Retirement
governed by clause (b) or (c) below) or Termination of
Employment by the Company for Cause (as defined below), all
unvested Units will be immediately forfeited, and the portion of
the then-outstanding Units that is vested and non-forfeitable at
the date of Termination will be settled promptly following such
Termination, subject to the six-month delay rule in Section 6(b) if
applicable.
(b) Disability
or Normal Retirement . In the event of Employee’s
Termination of Employment due to Disability (as defined below) or
Normal Retirement (as defined below), Employee’s unvested
Units will not be forfeited, but will remain outstanding and will
become vested at the applicable date under this Agreement as though
Employee had not had such a Termination of Employment; provided
that Employee shall forfeit the unvested Units if before the date
of vesting Employee engages in an activity that results in a
Forfeiture Event set forth in Section 10 of the Plan. Upon
vesting, such Units will be settled promptly. Units vested prior to
such Termination will be settled promptly following such
Termination, subject to the six-month delay rule in Section 6(b) if
applicable.
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Employee
acknowledges that the Committee has relied on the discretion
granted to it under Section 10(e) of the Plan in requiring
forfeiture upon occurrence of a Forfeiture Event during the
applicable post-Termination period.
(c) Termination
by the Company Not for Cause or Early Retirement. In the event
of Employee’s Termination of Employment by t
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