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Exhibit 10.8
WILLIAMS–SONOMA, INC. 2001
LONG-TERM INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD
AGREEMENT
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Name:
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[Name]
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Employee
ID#:
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[ID
Number]
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Award
Date:
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[DATE]
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Award Date FMV:
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$[FMV]
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Number of RSUs:
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[NUMBER]
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1.
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Award.
Williams-Sonoma, Inc. (the “Company”), has awarded you
the number of Restricted Stock Units indicated above. Each
Restricted Stock Unit entitles you to receive one share of common
stock (“Common Stock”) of the Company upon the terms
and subject to the conditions set forth in the Company’s 2001
Long-Term Incentive Plan (the “Plan”) and this
Restricted Stock Unit Award Agreement (the
“Agreement”). Prior to the distribution of any shares
of Common Stock, this Award represents an unsecured obligation,
payable only from the general assets of the Company.
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2.
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Vesting.
Subject to any acceleration provisions contained in the Plan or
this Agreement, the Restricted Stock Units subject to this Award
will vest as follows: [INSERT VESTING SCHEDULE], subject to your
continued employment through each relevant vesting date.
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Subject to the provisions of
Sections 5 and 9, shares of Common Stock will be issued in payment
of the Award as soon as practicable after vesting (but in each such
case no later than the date that is two-and-one-half months from
the end of the Company’s tax year that includes the vesting
date), net of shares of Common Stock withheld by the Company to
satisfy the minimum statutorily required federal, state and local
withholding obligations, as provided in Section 6. You will
have no right to receive shares under this Award unless and until
the Restricted Stock Units vest.
Shares of Common Stock
payable to you under this Award will be issued to you or, in case
of your death, your beneficiary designated in accordance with the
procedures specified by the Administrator. If, at the time of your
death, there is not an effective beneficiary designation on file or
you are not survived by your designated beneficiary, the shares
will be issued to the legal representative of your estate. Any such
transferee must furnish the Company with (i) written notice of
his or her status as transferee, and (ii) evidence
satisfactory to the Company to establish the validity of the
transfer and compliance with any laws or regulations pertaining to
such a transfer.
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3.
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Termination and
Certain Transactions.
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(a)
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If you cease to be
employed due to your death or Disability (as defined below), then
as of the first business day of the month following the date of
termination of your employment, you will vest in the number of
unvested Restricted Stock Units equal to the Pro Rata Number (as
defined below). “Disability” is defined as any one or
more of the following: (i) your being unable to engage in any
substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to
last for a continuous period of not less than twelve
(12) months; (ii) you are, by reason of any medically
determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period
of not less than twelve (12) months, receiving income
replacement benefits for a period of not less than three
(3) months under the Company’s accident and health plan
covering the Company’s employees; or (iii) you have been
determined to be totally disabled by the Social Security
Administration. The “Pro Rata Number” is defined
as:
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i.
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[
]% of the
number of Restricted Stock Units subject to this Award multiplied
by a fraction, the numerator of which is the number of full
calendar months you continued employment with the Company from the
Award Date through and including your termination date, and the
denominator of which is [NUMBER OF MONTHS (#)][, plus [ADD
ADDITIONAL/ALTERED PRO RATA FORMULA AS NECESSARY DEPENDING ON
VESTING TRANCHES]
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(b)
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If you cease to be
employed other than due to a termination described in
(a) above, all then unvested Restricted Stock Units [ADD IF
DIVIDEND EQUIVALENTS ARE INCLUDED: (including
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dividend equivalents, if
any)] awarded hereby shall immediately terminate without notice to
you and shall be forfeited.
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4.
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Rights as
Shareholder. [ADD IF DIVIDEND EQUIVALENTS ARE INCLUDED: Except
as provided by Section 11], n][N]either you nor any person
claiming under or through you will have any of the rights or
privileges of a shareholder of the Company in respect of any shares
of Common Stock deliverable hereunder unless and until certificates
representing such shares (which may be in book entry or other
electronic form) will have been issued, recorded on the records of
the Company or its transfer agents or registrars, and delivered to
you (including through electronic delivery to a brokerage account).
After such issuance, recordation and delivery, you will have all
the rights of a shareholder of the Company with respect to voting
such shares and receipt of dividends and distributions on such
shares.
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5.
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Deferral. If
permitted by the Administrator, the issuance of the Common Stock
issuable with respect to this Award may be deferred upon such terms
and conditions as determined by the Administrator, subject to the
Administrator’s determination that any such right of deferral
or any term thereof complies with applicable laws or regulations in
effect from time to time, including but not limited to
Section 409A (as defined below). If you have elected to defer
receipt of your shares of Common Stock such that this Award is
subject to Section 409A, and if the Administrator, in its
discretion, accelerates the vesting of the balance, or some lesser
portion of the balance, of the Restricted Stock Units subject to
this Award, the payment of such accelerated portion of the Award
nevertheless will be delivered to you on the same dates specified
in your deferral election, except as provided by Section 10
and subject to any six (6) month delay that may be required
pursuant to Section 9. R
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6.
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Tax
Withholding. The Company will withhold from the number of
shares of Common Stock otherwise issuable under this Award a number
of shares of Common Stock that have an aggregate market value
sufficient to satisfy the minimum statutorily required federal,
state and local tax withholding obligations. Shares will be valued
at their Fair Market Value when the taxable event occurs. The
number of shares of Common Stock withheld pursuant to this
Section 6 will be rounded up to the nearest whole share, with
no refund provided in the U.S. for any value of the shares withheld
in excess of the tax obligation as a result of such rounding,
pursuant to such procedures as the Administrator may specify from
time to time.
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Notwithstanding any contrary
provision of this Agreement, no shares of Common Stock will be
issued unless and until all income, employment and other taxes
which the Company determines must be withheld or col
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