EX-99.12 11 d258532dex9912.htm EX-99.12 EX-99.12

Exhibit 99.12

INGRAM MICRO INC.

2011 Incentive Plan

Non-EU Restricted Stock Award Agreement (“Award Agreement”)

(Time Vested)

Section 1. Grant of Restricted Stock Award. As of [INSERT DATE OF GRANT], Ingram Micro Inc., a Delaware corporation (“Micro”) hereby grants [INSERT LEGAL NAME OF AWARDEE] (“Awardee”) a Restricted Stock Award (the “Restricted Stock Award”). This Restricted Stock Award represents the right to receive a total of up to X,XXX shares of Class A Common Stock, $.01 par value per share, of Micro’s common stock (the “Common Stock”), subject to the fulfillment of the vesting conditions set forth below and pursuant to and subject to the terms and conditions set forth in the Ingram Micro Inc. 2011 Incentive Plan (the “Plan”). Capitalized terms used and not otherwise defined herein are used with the same meanings as in the Plan.

Section 2. Vesting. Subject to the provisions of this Award Agreement, this Restricted Stock Award shall become vested, and the Restrictions shall lapse, as set forth below, provided Awardee remains employed with or continues to render services (including as a member of the Board) to Micro or any of its Affiliates (collectively, the “Employer”) through the respective Vesting Date:

 

Number Of Shares
Awarded

 

Vesting Date
(Date that Restrictions
Lapse)

 

Restriction Period
and/or
Other Conditions

X,XXX

  [Insert vesting date]   [Insert restriction period]. See Section 8 below and Section 11 of the Plan.

For purposes of this Award Agreement, “Restrictions” shall mean the restrictions on sale or other transfer set forth in Section 3 and the exposure to forfeiture set forth in the schedule above.

Section 3. Nontransferability of Restricted Stock Award. This Restricted Stock Award shall not be assigned, alienated, pledged, attached, sold or otherwise transferred by Awardee except by will or by the laws of descent and distribution. The terms of this Restricted Stock Award shall be binding on the executors, administrators, heirs and successors of Awardee.

Section 4. Termination or Suspension of Employment or Service. The following provisions shall apply in the event of Awardee’s termination of employment or service, unless the Committee shall have provided otherwise.

(a) Termination of Employment or Service for Cause or any reason other than death, Disability or Retirement. Except as the Committee may at any time otherwise provide, if Awardee’s employment or service with the Employer is terminated for Cause or any reason other than death, Disability or Retirement (whether or not later to be found invalid and whether or not in breach of employment laws in the jurisdiction where Awardee is employed or providing services), the unvested Restricted Stock Award shall be cancelled (forfeited) on the Termination Date (as defined in Section 4(d) below) and Awardee shall not be entitled to receive any payment thereunder.

(b) Disability or Death. Except as the Committee may at any time otherwise provide, if Awardee’s employment or service with the Employer is terminated due to Disability or death, the unvested Restricted Stock Award will immediately vest as of the Termination Date (as defined in Section 4(d) below) or the date of Awardee’s death. For purposes hereof, “Disability” means “permanent and total disability” as defined in Section 22(e)(3) of the Code and as determined by the Committee in its sole discretion.

(c) Retirement. Except as the Committee may at any time otherwise provide, if Awardee’s employment or service with the Employer is terminated due to Retirement, Awardee’s unvested Restricted Stock Award will continue to vest in accordance with the vesting schedule set forth in Section 2 of this Award Agreement. Unless the Committee otherwise permits, the Committee has determined that the term “Retirement” means that Awardee’s employment has terminated other than by reason of death, Disability or Cause and that all of the following criteria have been satisfied as of the Termination Date (as defined in Section 4(d) below): either (1) Awardee is at least 65 years of age and has completed at least five years of service with the Employer, or (2) Awardee is at least 55 years of age and has completed at least ten years of service with the Employer. However, if

 

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Awardee’s employment or service with the Employer is terminated by reason of Retirement within 12 months of his/her grant date, Awardee shall receive on the Vesting Date a prorated payment under the Restricted Stock Award based on the number of full calendar months of participation as an Awardee, from the grant date through the Termination Date, as the numerator, and whose denominator shall be 12.

(d) Termination Date. Except as the Committee may otherwise determine, for purposes hereof, any termination of Awardee’s employment or service for any reason shall occur on the date such Awardee ceases to be actively employed by or ceases to perform services for the Employer (the “Termination Date”) without regard to whether such Awardee continues thereafter to receive any compensatory payments therefrom or is paid salary thereby in lieu of notice of termination. The Termination Date will not be extended by any notice period mandated under local law (e.g., active employment or service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Awardee is employed or providing services); the Employer shall have the exclusive discretion to determine the Termination Date for purposes of the Restricted Stock Award (including whether Awardee may still be considered to provide continuous employment or services while on an approved leave of absence).

Section 5. Restrictions on Issuance and Sale of Shares of Common Stock. Awardee understands and agrees that Micro shall not be obligated to sell or issue any Shares pursuant to this Restricted Stock Award prior to the fulfillment of all of the following conditions:

(a) The admission of such Shares to listing on all stock exchanges on which the Common Stock is then listed;

(b) The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the U.S. Securities and Exchange Commission or of any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable;

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Committee shall, in its absolute discretion, determine to be necessary or advisable; and

(d) The receipt by Micro of full payment for such Shares, including payment of any Tax-Related Items (as defined in Section 6 below).

Further, Awardee agrees that Micro shall have unilateral authority to amend the Plan and the Award Agreement without Awardee’s consent to the extent necessary to comply with securities and or other laws applicable to the issuance of Shares.

Section 6. Responsibility for Taxes. Awardee acknowledges that, regardless of any action taken by the Employer, the ultimate liability for all income tax, social insurance, payroll tax, payment on account or other tax-related items related to Awardee’s participation in the Plan and legally applicable to Awardee or deemed by the Employer to be an appropriate charge to Awardee even if technically due by the Employer (“Tax-Related Items”), is and remains Awardee’s responsibility and may exceed the amount actually withheld by the Employer. Awardee further acknowledges that the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Award, including, but not limited to, the grant or vesting of the Restricted Stock Award, the lapse of any Restrictions applicable to the Restricted Stock Award, the subsequent sale of Shares acquired pursuant to the Restricted Stock Award and the receipt of any dividends or other distributions, if any; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Award to reduce or eliminate Awardee’s liability for Tax-Related Items or achieve any particular tax result. Further, if Awardee is subject to Tax-Related Items in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, Awardee acknowledges that the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, Awardee agrees to make adequate arrangements satisfactory to the Employer to satisfy all Tax-Related Items. In this regard, Awardee authorizes the Employer, or their respective agents, at their sole discretion and pursuant to such procedures as they may specify from time to time, to satisfy the obligations with regard to all applicable Tax-Related Items by one or a combination of the following: (1) withholding from Awardee’s wages or other cash compensation paid to Awardee by the Employer; (2) withholding from proceeds of the sale of Shares acquired pursuant to the Restricted Stock Award, either through a voluntary sale or mandatory sale arranged by Micro (on Awardee’s behalf pursuant to this authorization without further consent); or (3) withholding in Shares acquired pursuant to the Restricted Stock Award.

 

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Depending on the withholding method, the Employer may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates, in which case Awardee will receive a refund of any over-withheld amount in cash and will have no entitlement to the Common Stock equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Shares as described herein, for tax purposes, Awardee is deemed to have vested in the full number of Shares subject to the Restricted Stock Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Finally, Awardee will pay to the Employer any amount of Tax-Related Items that the Employer may be required to withhold or account for as a result of Awardee’s participation in the Plan or Awardee’s acquisition of Shares that cannot be satisfied by the means previously described. Micro may refuse to deliver the Shares or the proceeds of the sale of Shares if Awardee fails to comply with his or her obligations in connection with the Tax-Related Items.

Section 7. Adjustment. The number of Shares subject to this Restricted Stock Award may be adjusted by Micro from time to time pursuant to Section 12 of the Plan.

Section 8. Nature of the Award. By accepting this Restricted Stock Award, Awardee acknowledges, understands and agrees that:

 

  (1) the Plan is established voluntarily by Micro, it is discretionary in nature and it may be modified, amended, suspended or terminated by Micro at any time, to the extent permitted by the Plan;

 

  (2) the grant of the Restricted Stock Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Award, or benefits in lieu of Restricted Stock Awards, even if Restricted Stock Awards have been granted in the past;

 

  (3) all decisions with respect to future Restricted Stock Award grants, if any, will be at the sole discretion of Micro;

 

  (4) participation in the Plan shall not create a right to employment or service with the Employer and shall not interfere with the ability of the Employer to terminate Awardee’s employment or service relationship (if any);

 

  (5) participating in the Plan is voluntary;

 

  (6) the Restricted Stock Award and the Shares subject to the Restricted Stock Award are not part of normal or expected compensation or salary for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension, welfare or retirement benefits or similar payments;

 

  (7) the Restricted Stock Award and Awardee’s participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Employer or any subsidiary or Affiliate of Micro;

 

  (8) the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty;

 

  (9)

no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Award resulting from the termination of Awardee’s employment or service with the Employer (for any reason whatsoever and whether or not later to be found invalid and whether or not in breach of employment laws in the jurisdiction where Awardee is employed or providing services), and in consideration of the grant of the Restricted Stock Award to which Awardee is otherwise not entitled, Awardee irrevocably agrees never to institute any claim against the

 

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  Employer, and agrees to waive his or her ability, if any, to bring any such claim, and agrees to release the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then by participating in the Plan, Awardee shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claims;

 

  (10) the vesting of any Restricted Stock Award ceases upon the Termination Date, or other cessation of eligibility to vest for any reason, except as may otherwise be explicitly provided in the Plan or this Award Agreement;

 

  (11) unless otherwise specifically provided for in the Plan or provided by Micro in its discretion, the Restricted Stock Award and the benefits evidenced by this Award Agreement do not create any entitlement to have the Restricted Stock Award or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted, in connection with any corporate transaction affecting the Common Stock of Micro;

 

  (12) Awardee acknowledges that this Award Agreement is between Awardee and Micro, and that the Employer (if different from Micro) is not a party to this Award Agreement;

 

  (13) Awardee agrees to provide Micro with any data requested if Awardee is a mobile employee to facilitate the proper withholding and reporting by the Employer; and

 

  (14) Awardee acknowledges that the Plan and this Award Agreement are intended to conform to the extent necessary with all provisions of the U.S. Securities Act of 1933, as amended, and the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any and all regulations and rules promulgated by the U.S. Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Restricted Stock Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Award Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

Section 9. No Advice Regarding Grant. The Employer is not providing any tax, legal or financial advice, nor is the Employer making any recommendations regarding Awardee’s participation in the Plan or the acquisition or the sale of the underlying Shares. Awardee is hereby advised to consult with personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan.

Section 10. Data Privacy. Awardee explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Awardee’s personal data as described in this Award Agreement and any other Restricted Stock Award grant materials by and among, as applicable, the Employer (if different from Micro), Micro and its subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing Awardee’s participation in the Plan.

Awardee hereby understands that Micro and the Employer (if different from Micro) may hold certain personal information about Awardee, including, but not limited to, Awardee’s name, home address and telephone number, date of birth, employee identification number or other identification number, salary, nationality, job title, any shares of stock or directorships held in Micro, details of all restricted stock units or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Awardee’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”). Awardee hereby understands that Data may be transferred to any third parties assisting Micro with the implementation, administration and management of the Plan, that these recipients may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections than Awardee’s country. Awardee hereby understands that if Awardee resides outside the United States, Awardee may request a list with the names and addresses of any potential recipients of the Data by contacting Awardee’s local human resources representative. Awardee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Awardee’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom Awardee may elect to deposit any Shares acquired upon vesting of the Restricted Stock Award. Awardee hereby understands that Data will be held only as long as

 

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is necessary to implement, administer and manage Awardee’s participation in the Plan as determined by Micro. Awardee hereby understands that if Awardee resides outside the United States, Awardee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Awardee’s local human resources representative. Awardee hereby understands, however, that refusing or withdrawing Awardee’s consent may affect Awardee’s ability to participate in the Plan. For more information on the consequences of Awardee’s refusal to consent or withdrawal of consent, Awardee understands that he or she may contact his or her human resources representative responsible for Awardee’s country at the local or regional level.

Section 11. No Rights Until Issuance. Awardee shall have no rights hereunder as a shareholder with respect to any Shares subject to this Restricted Stock Award until the date certificates representing such Shares (which may be in book entry or electronic form) are issued, recorded on the records of Micro or its broker, transfer agent or registrar, and delivered to (including through electronic delivery to a brokerage account) Awardee. The Shares so delivered shall no longer be subject to the Restrictions hereunder.

Section 12. Entire Agreement. The Plan is incorporated herein by reference. The Plan and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements between Awardee and Micro with respect to the subject matter hereof, and may not be modified adversely to Awardee’s interest except by means of a writing signed by Awardee and Micro.

Section 13. Governing Law and Venue. The grant of this Restricted Stock Award and this Award Agreement shall be governed by and construed according to the laws of the State of Delaware, U.S.A., without regard to its principles of conflicts of laws as provided in the Plan. Any action, lawsuit or other proceedings brought to enforce this Restricted Stock Award, this Award Agreement or the Plan, or relating thereto or arising therefrom, may be brought only in the state or federal courts located in Orange County, California, U.S.A., and no other courts, where this grant is made and/or to be performed, and the parties to this Award Agreement hereby submit to and consent to the sole and exclusive jurisdiction of such courts.

Section 14. Amendment. This Restricted Stock Award may be amended as provided in the Plan.

Section 15. Plan and Prospectus. This Restricted Stock Award is subject to all the terms of the Plan and the related prospectus, a copy of which has been received by Awardee.

Section 16. Binding Agreement; Interpretation. By accepting the grant of this Restricted Stock Award evidenced hereby, Awardee and Micro agree that this Restricted Stock Award is granted under and governed by the terms and conditions of the Plan and this Award Agreement. Awardee has reviewed the related prospectus and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to accepting the Restricted Stock Award and fully understands all provisions of the related prospectus and Award Agreement. Awardee agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan and Award Agreement.

Section 17. Language. Awardee acknowledges that Awardee may be executing part or all of the Award Agreement in English and agrees to be bound accordingly. If Awardee has received this or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

Section 18. Electronic Delivery. Micro may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Awardee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Micro or a third party designated by Micro.

Section 19. Severability. The provisions of this Award Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

Section 20. Code Section 409A. To the extent applicable, this Award Agreement shall incorporate the terms and conditions required by Section 409A of the Code and be interpreted in accordance with Section 409A

 

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of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of this Award Agreement or the Plan to the contrary, in the event that following the date of grant, the Committee determines that it may be necessary or appropriate to do so, the Committee may adopt such amendments to this Award Agreement or the Plan or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Restricted Stock Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Restricted Stock Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Section 409A of the Code.

Section 21. Addendum A. Notwithstanding any provisions in this Award Agreement, the grant of the Restricted Stock Award shall be subject to any special terms and conditions set forth in the Addendum A to this Award Agreement for Awardee’s country. Moreover, if Awardee relocates to another country for which there is an Addendum A, the special terms and conditions of the Addendum A for such country will apply to Awardee, to the extent Micro determines that the application of such terms and conditions is necessary or advisable in order to comply with laws of the country where Awardee resides or to facilitate the administration of the Plan. The Addendum A constitutes part of this Award Agreement.

Section 22. Imposition of Other Requirements. Micro reserves the right to impose other requirements on Awardee’s participation in the Plan, on the Restricted Stock Award and on any Shares acquired under the Plan, to the extent Micro determines it is necessary or advisable in order to comply with laws of the country where Awardee resides or to facilitate the administration of the Plan, and to require Awardee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

Section 23. Waiver. Awardee acknowledges that a waiver by Micro of breach of any provision of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by Awardee.

Section 24. Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Award Agreement, if Awardee is subject to Section 16 of the Exchange Act, the Plan, the Restricted Stock Award and this Award Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Award Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

Section 25. Section 83(b). This Section 25 only applies to Awardees who are U.S. taxpayers. Awardee understands that Section 83(a) of the Code taxes as ordinary income the difference between the amount, if any, paid for the Shares and the Fair Market Value of such Shares at the time the Restrictions on such Shares lapse. Awardee understands that, notwithstanding the preceding sentence, Awardee may elect to be taxed at the time of the date of grant of the Restricted Stock Award, rather than at the time the Restrictions lapse, by filing an election under Section 83(b) of the Code (an “83(b) Election”) with the U.S. Internal Revenue Service within 30 days of the date of grant. In the event Awardee files an 83(b) Election, Awardee shall provide Micro a copy thereof prior to the expiration of such 30 day period. Awardee understands that in the event an 83(b) Election is filed with the U.S. Internal Revenue Service within such time period, Awardee will recognize ordinary income in an amount equal to the difference between the amount, if any, paid for the Shares and the Fair Market Value of such Shares as of the date of grant. Awardee further understands that an additional copy of such 83(b) Election form should be filed with his or her federal income tax return for the calendar year in which the date of this Award Agreement falls. Awardee acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to the Restricted Stock Award hereunder, and does not purport to be complete. AWARDEE FURTHER ACKNOWLEDGES THAT MICRO IS NOT RESPONSIBLE FOR FILING AWARDEE’S 83(b) ELECTION, AND MICRO HAS DIRECTED AWARDEE TO SEEK INDEPENDENT ADVICE REGARDING THE APPLICABLE PROVISIONS OF THE U.S. INTERNAL REVENUE CODE, THE INCOME TAX LAWS OF ANY MUNICIPALITY, STATE OR FOREIGN COUNTRY IN WHICH AWARDEE MAY RESIDE, AND THE TAX CONSEQUENCES OF AWARDEE’S DEATH.

AWARDEE HEREBY ASSUMES ALL RESPONSIBILITY FOR FILING AWARDEE’S 83(b) ELECTION AND PAYING ANY TAXES RESULTING FROM SUCH ELECTION OR FROM FAILURE TO FILE THE ELECTION AND PAYING TAXES RESULTING FROM THE LAPSE OF THE RESTRICTIONS ON THE UNVESTED SHARES.

 

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AWARDEE UNDERSTANDS THAT AWARDEE MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF AWARDEE’S PURCHASE OR DISPOSITION OF THE SHARES AND AWARDEE REPRESENTS THAT AWARDEE IS NOT RELYING ON MICRO FOR ANY TAX ADVICE.

The following provisions apply only to Awardees outside the United States:

Section 26. Nature of the Award. By accepting this Restricted Stock Award, Awardee acknowledges, understands and agrees that:

 

  (1) except for members of the Board, the Restricted Stock Award and the Shares subject to the Restricted Stock Award are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer, and which are outside the scope of Awardee’s employment contract, if any;

 

  (2) except for members of the Board, the Restricted Stock Award and the Shares subject to the Restricted Stock Award are not intended to replace any pension rights or compensation; and

 

  (3) Awardee acknowledges and agrees that neither the Employer nor any subsidiary or Affiliate of Micro shall be liable for any foreign exchange rate fluctuation between Awardee’s local currency and the United States Dollar that may affect the value of the Restricted Stock Award or of any amounts due to Awardee pursuant to the vesting or lapse of any Restrictions applicable to the Restricted Stock Award or the subsequent sale of any Shares acquired pursuant to the Restricted Stock Award.

 

INGRAM MICRO INC.

LOGO

Lynn Jolliffe
Executive Vice President, Human Resources

Accepted and agreed as to the foregoing:

 

AWARDEE

 

Name

 

Date

 

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