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INTERNATIONAL FLAVORS & FRAGRANCES INC. 2000 Stock Award and Incentive Plan,

Shareholder Agreement

INTERNATIONAL FLAVORS & FRAGRANCES INC. 2000 Stock Award and Incentive Plan, | Document Parties: INTERNATIONAL FLAVORS & FRAGRANCES INC You are currently viewing:
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INTERNATIONAL FLAVORS & FRAGRANCES INC

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Title: INTERNATIONAL FLAVORS & FRAGRANCES INC. 2000 Stock Award and Incentive Plan,
Date: 8/5/2009
Industry: Chemical Manufacturing     Sector: Basic Materials

INTERNATIONAL FLAVORS & FRAGRANCES INC. 2000 Stock Award and Incentive Plan,, Parties: international flavors & fragrances inc
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Exhibit 10.2

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:

      Number granted:                          Units

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:

Check Only One:

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 ):

 

       

 

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).*

 

 

       

 

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.**

For the following                      Tranche(s) ( fill in vesting years of Tranches being deferred, and fill out one but not both of the following) :

 

       

 

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).*

 


 

 

       

 

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.**

For the following                      Tranche(s) ( fill in vesting years of Tranches being deferred, and fill out one but not both of the following) :

 

       

 

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)*.

 

 

       

 

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.**

 

*

 

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.

 

**

 

Subject to accelerated settlement of the deferred Units in the event of a Change in Control (subject to Section 6).

 

 

(Note: Attach additional copies of this page with further elections, if more than three different elections for specific Tranches are desired.)

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)

2


 

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.

 

 

 

 

 

 

 

Employee

 

 

 

INTERNATIONAL FLAVORS & FRAGRANCES INC.

 

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

Name

 

 

 

 

 

 

 Dennis M. Meany

 

 

 

 

 

 

Senior Vice President, General Counsel and Secretary

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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