These excerpts taken from the N 10-Q filed Aug 13, 2008. NOTICE OF GRANT OF RESTRICTED STOCK UNITS Unless otherwise defined herein, the terms defined in the 2007 Equity Incentive Plan (the Plan) will have the same defined meanings in this Notice of Grant of Restricted Stock Units (the Notice of Grant) and Terms and Conditions of Restricted Stock Unit Grant, attached hereto as Exhibit A (together, the Agreement).
Participant has been granted the right to receive an Award of Restricted Stock Units, subject to the terms and conditions of the Plan and this Agreement, as follows:
Vesting Schedule: Subject to any acceleration provisions contained in the Plan or set forth below, the Restricted Stock Unit will vest in accordance with the following schedule:
-1-
OR [INSERT VESTING SCHEDULE] In the event Participant ceases to be a Service Provider for any or no reason before Participant vests in a Restricted Stock Unit, such Restricted Stock Unit and Participants right to acquire any Shares thereunder will immediately terminate. Further, notwithstanding any terms or conditions of the Plan or this Agreement to the contrary, in the event of termination of Participants relationship as a Service Provider, Participants right to vest in Restricted Stock Units under the Plan, if any, will terminate effective as of the date that Participant is no longer actively providing service to the Company or a Subsidiary or Parent of the Company and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of garden leave or similar period pursuant to local law); furthermore, in the event of termination of Participants relationship as a Service Provider (whether or not in breach of local labor laws), Participants right to receive Shares pursuant to the Restricted Stock Units after such termination, if any, will be measured by the date of termination of Participants active Service Provider relationship and will not be extended by any notice period mandated under local law; the Administrator shall have the exclusive discretion to determine when Participant is no longer in an active Service Provider relationship for purposes of the Restricted Stock Units. Participant and the Company agree that this Award of Restricted Stock Units is granted under and governed by the terms and conditions of the Plan and this Agreement. Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to accepting this Agreement and fully understands all provisions of the Plan and Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated above. Participant acknowledges and agrees that by clicking the ACCEPT button on the E*TRADE on-line grant agreement response page, it will act as Participants electronic signature to this Agreement and will constitute Participants acceptance of and agreement with all of the terms and conditions of the Restricted Stock Units, as set forth in the Agreement and the Plan. NETSUITE INC.
-2-
NOTICE OF GRANT OF RESTRICTED STOCK UNITS Unless otherwise defined herein, the terms defined in the 2008 Restricted Stock Unit Plan (the Plan) will have the same defined meanings in this Notice of Grant of Restricted Stock Units (the Notice of Grant) and Terms and Conditions of Restricted Stock Unit Grant, attached hereto as Exhibit A (together, the Agreement).
The Company has entered into an Agreement and Plan of Merger (the Merger Agreement) with NetSuite, Inc., Merger Sub, the Securityholder Representative and the Escrow Agent (each as defined in the Merger Agreement), whereby the Company will become a wholly owned subsidiary of NetSuite, Inc. (the Merger). In connection with the transactions contemplated under the Merger Agreement, Participant has been granted the right to receive an Award of Restricted Stock Units, subject to the terms and conditions of the Plan and this Agreement, and contingent upon the closing of the Merger as follows:
Vesting Schedule: Subject to any acceleration provisions contained in the Plan or set forth below, the Restricted Stock Units will vest in accordance with the following schedule: In the event that the Merger is consummated, then 25% of the Restricted Stock Units shall vest on November 15, 2008, and as to the remaining Restricted Stock Units 12.5% of the Restricted Stock Units shall vest on each three-month anniversary thereafter, subject, with respect to any vesting date, to Participant continuing to be a Service Provider through such date. In the event that the Merger Agreement terminates by its terms or the Merger is not otherwise consummated, all Restricted Stock Units shall immediately expire, and Participants right to acquire any Shares thereunder will immediately terminate.
In the event Participant ceases to be a Service Provider for any reason, other than a termination without Cause, before Participant vests in a Restricted Stock Unit, such Restricted Stock Unit and Participants right to acquire any Shares thereunder will immediately terminate. Notwithstanding the foregoing, in the event the Company (or its Subsidiary employing Participant) terminates Participants employment with the Company (or its Subsidiary employing Participant) without Cause, a number of Restricted Stock Units will immediately vest upon such termination equal to (i) 4.166% of the number of Restricted Stock Units subject to this Award multiplied by the number of full months that elapse from the most recent quarterly vesting date prior to the date of such termination through the date of such termination, and (ii) 50% of the unvested Restricted Stock Units then subject to this Award after taking into account the number of units that vest pursuant to clause (i). The foregoing vesting acceleration will in all cases be subject to Participant signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company acting in good faith and that becomes effective no later than March 15 of the calendar year following the calendar year during which such termination occurs (it being understood that no Shares will be issued with respect to the portion of this Award that vests pursuant to this paragraph until the later of such termination or the effectiveness of the separation agreement and release of claims). For purposes of this Agreement, Cause means (i) Participants failure to devote sufficient time and effort to the performance of his or her duties; (ii) Participants continued failure to perform Participants employment duties, (iii) Participants repeated unexplained or unjustified absences from the Company or its Subsidiary employing Participant; (iv) Participants material and willful violation of any federal or state law which if made public would injure the business or reputation of the Company or its Subsidiary employing Participant; (v) Participants refusal or willful failure to act in accordance with any specific lawful direction or order of the Company or its Subsidiary employing Participant or stated written policy of the Company; (vi) Participants commission of any act of fraud with respect to the Company or any of its affiliates; or (vii) Participants conviction of, or plea of nolo contendere to, a felony or a crime involving moral turpitude causing material harm to the standing and reputation of the Company or its affiliates, in each case as reasonably determined by the Company or the Board). The Company may not terminate Participants employment under clause (i), (ii), or (iii) above unless it (or its Subsidiary employing the Participant) (1) provides Participant with a written notice that specifically sets forth the factual basis to support the Companys right to terminate Participants employment under clause (i), (ii), or (iii) above, and (2) permits Participant to cure such failure, to the Companys satisfaction, within 10 business days after receiving such notice. Further, after giving effect to any applicable acceleration of vesting provided above and notwithstanding any other terms or conditions of the Plan or this Agreement to the contrary, in the event of termination of Participants relationship as a Service Provider, Participants right to vest in Restricted Stock Units under the Plan, if any, will terminate effective as of the date that Participant is no longer actively providing service to the Company or a Subsidiary or Parent of the Company and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of garden leave or similar period pursuant to
-2-
local law); furthermore, in the event of termination of Participants relationship as a Service Provider (whether or not in breach of local labor laws), Participants right to receive Shares pursuant to the Restricted Stock Units after such termination, if any, will be measured by the date of termination of Participants active Service Provider relationship and will not be extended by any notice period mandated under local law; the Administrator shall have the exclusive discretion to determine when Participant is no longer in an active Service Provider relationship for purposes of the Restricted Stock Units. Participant and the Company agree that this Award of Restricted Stock Units is granted under and governed by the terms and conditions of the Plan and this Agreement. Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to accepting this Agreement and fully understands all provisions of the Plan and Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated above. Participant acknowledges and agrees that by clicking the ACCEPT button on the E*TRADE on-line grant agreement response page, it will act as Participants electronic signature to this Agreement and will constitute Participants acceptance of and agreement with all of the terms and conditions of the Restricted Stock Units, as set forth in the Agreement and the Plan. OPENAIR, INC.
-3-
| EXCERPTS ON THIS PAGE:
RELATED TOPICS for N: |