EXHIBIT 4.21
EXFO ELECTRO-OPTICAL ENGINEERING
RESTRICTED STOCK AWARD PLAN
(EFFECTIVE AS OF DECEMBER 20, 2000)
1. PURPOSE
The purpose of the Plan is to provide a means through which
the Company may promote the retention of employees of the Subsidiary and to
provide a means whereby such employees can acquire and maintain Stock ownership,
thereby strengthening their commitment to the welfare of the Company and
promoting an identity of interest between stockholders and these employees. The
Plan provides for granting Awards.
2. DEFINITIONS
The following definitions shall be applicable throughout the
Plan.
(a) "Affiliate" means (i) any entity that
directly or indirectly is controlled by, or is under common control with the
Company and (ii) any entity in which the Company has a significant equity
interest, in either case as determined by the Committee..
(b) "Award" means the grant of the right to
receive a specified number of shares of Company Stock on the Vesting Dates set
forth in Section 6.
(c) "Board" shall having the meaning given to
such term in the Option Plan.
(d) "Cause" means the Company or the Subsidiary
having "cause" to terminate a Participant's employment or service, as defined in
any existing employment, consulting or any other agreement between the
Participant and the Company or the Subsidiary, or, in the absence of such an
employment, consulting or other agreement, upon (i) the determination by the
Committee that the Participant has ceased to perform his duties to the Company
or the Subsidiary (other than as a result of his incapacity due to physical or
mental illness or injury), which failure amounts to a willful failure to perform
his duties to such party, (ii) the Committee's determination that the
Participant has engaged or is about to engage in conduct materially injurious to
the Company or the Subsidiary, (iii) the Participant having been convicted of,
or plead guilty or no contest to, a felony, (iv) material violation of contract
provisions or (v) with respect to a Participant who is a member of the
Management Team, the voluntary resignation of that Participant's employment due
to a material decrease in salary and benefits or a reduction in responsibilities
or duties (other than a reduction in responsibilities or duties resulting,
directly or indirectly, from the Subsidiary's becoming a subsidiary of the
Company).
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(e) "Change of Control" shall having the meaning
given to such term in the Option Plan.
(f) "Code" means the Internal Revenue Code of
1986, as amended. Reference in the Plan to any section of the Code shall be
deemed to include any amendments or successor provisions to such section and any
regulations under such section.
(g) "Committee" shall having the meaning given
to such term in the Option Plan.
(h) "Company" means EXFO Electro-Optical
Engineering Inc.
(i) "Date of Grant" means December 20, 2000 or
such other date as set forth next to a Participant's name on Schedule 1 hereto.
(j) "Disability" means a condition entitling a
person to receive benefits under the long-term disability plan of the Company or
the Subsidiary, as may be applicable to the Participant in question, or, in the
absence of such a plan, the complete and permanent inability by reason of
illness or accident to perform the duties of the occupation at which a
Participant was employed or served when such disability commenced or, as
determined by the Committee based upon medical evidence acceptable to it.
(k) "Management Team" means an employee of the
Subsidiary whose name is set forth on Schedule 2 hereto.
(l) "Normal Termination" means termination of
employment or service with the Company and Affiliates:
(i) on account of death or Disability;
or
(ii) on account of retirement on or after
age 60.
(m) "Option Plan" means the Stock Option Plan of
EXFO Electro-Optical Engineering Inc.
(n) "Participant" means an employee of the
Subsidiary whose name is set forth on Schedule 1 hereto.
(o) "Plan" means this EXFO Electro-Optical
Engineering Inc. Restricted Stock Award Plan.
(p) "Restricted Period" means the period of time
from the grant date of an Award through the Vesting Date of shares of Stock
subject thereto.
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(q) "Stock" means the subordinate voting shares
of the Company.
(r) "Subsidiary" means Burleigh Instruments,
Inc.
(s) "Vesting Date" means each of the first four
anniversaries of the Date of Grant.
3. EFFECTIVE DATE, DURATION AND SHAREHOLDER APPROVAL
The Plan is effective as of December 19, 2000 (the "Effective
Date"). The expiration date of the Plan, on and after which no Awards may be
granted hereunder, shall be the next business day immediately following the Date
of Grant; PROVIDED, HOWEVER, that the administration of the Plan shall continue
in effect until all matters relating to the payment of Awards previously granted
have been settled.
4. ADMINISTRATION
The Committee shall administer the Plan. Unless otherwise
expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any
Award or any documents evidencing any and all Awards shall be within the sole
discretion of the Committee, may be made at any time granted pursuant to the
Plan and shall be final, conclusive, and binding upon all parties, including,
without limitation, the Company, Affiliate, any Participant, any holder or
beneficiary of any Award, and any shareholder. No member of the Committee shall
be liable for any action or determination made in good faith with respect to the
Plan or any Award hereunder.
5. GRANT OF AWARDS; SHARES SUBJECT TO THE PLAN
The Committee shall grant the Awards set forth on Schedule 1
hereto to the Participants on the Date of Grant. Subject to Section 8, the
aggregate number of shares of Stock in respect of which Awards may be granted
under the Plan is 360,000 shares. Stock delivered by the Company in settlement
of Awards granted under the Plan shall be authorized and unissued Stock or Stock
held in the treasury of the Company.
6. TERMS OF AWARDS.
(a) RESTRICTED PERIOD; VESTING. The Restricted
Period of an Award shall commence on the Date of Grant and shall, subject to the
Participant's continued employment with the Company, the Subsidiary or any
Affiliate, expire with respect to 25% of Stock subject to an Award on each of
the Vesting Dates.
(b) ISSUANCE OF SHARES; NO RIGHTS. Upon a
Vesting Date of an Award, the restrictions set forth in Section 6(c) shall be of
no further force or effect with
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respect to the portion of an Award which has vested and has not then been
forfeited and the Committee shall cause a stock certificate registered in the
name of the Participant, or his beneficiary (as applicable), to be issued for
the number of shares of Stock with respect to which the Restricted Period
expired on such Vesting Date. No Participant shall have any rights or privileges
of a stockholder as to an Award, including the right to vote and receive
dividends, other than in respect of Stock with respect to which the Restricted
Period has expired.
(c) RESTRICTIONS.
(i) No Award may be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by a
Participant otherwise than by will or by the laws of descent and
distribution and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or the Subsidiary; provided that the
designation of a beneficiary shall not constitute an assignment,
alienation, pledge, attachment, sale, transfer or encumbrance.
(ii) An Award shall be subject to
forfeiture to the extent provided in Section 6(d) and all rights of the
Participant to such Award shall terminate without further obligation on
the part of the Company or the Subsidiary.
(iii) The Committee shall have the
authority to remove any or all of the restrictions on the Award
whenever it may determine that, by reason of changes in applicable laws
or other changes in circumstances arising after the date of the Award,
such action is appropriate.
(d) FORFEITURE PROVISIONS. In the event a
Participant terminates employment with the Company or the Subsidiary during a
Restricted Period, that portion of the Award with respect to which restrictions
have not expired ("Non-Vested Portion") shall be treated as follows.
(i) Upon the voluntary resignation of a
Participant or discharge by the Company or the Subsidiary for Cause or
the discharge of a Participant who is not a member of the Management
Team by the Company or the Subsidiary without Cause prior to a Change
of Control, the Non-Vested Portion of the Award shall be completely
forfeited.
(ii) Upon Normal Termination, the
Non-Vested Portion of the Award shall become fully vested but the
Restricted Period shall continue to apply with respect to the Award, so
that the restrictions shall remain in effect through the Vesting Dates
originally contemplated by this Plan.
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(iii) With a respect to a Participant who
is a member of the Management Team, upon a termination without Cause
that is initiated by the Company, the Award shall become fully vested
and the Restricted Period shall expire with respect to the entire
Award.
(iv) With a respect to a Participant who
is a member of the Management Team, upon a termination without Cause
prior to a Change of Control that is initiated by the Subsidiary, the
Non-Vested Portion of the Award shall be completely forfeited.
(v) Notwithstanding any other provision
in this Plan to the contrary, upon a termination of a Participant's
employment without Cause by the Company or the Subsidiary (or their
respective successors) following a Change of Control, the Award shall
become fully vested and the Restricted Period shall expire with respect
to the entire Award.
7. GENERAL
(a) GOVERNMENT AND OTHER REGULATIONS. The
obligation of the Company to make payment of Awards in Stock or otherwise shall
be subject to all applicable laws, rules, and regulations, and to such approvals
by governmental agencies as may be required. Notwithstanding any terms or
conditions of any Award to the contrary, the Company shall be under no
obligation to offer to sell or to sell and shall be prohibited from offering to
sell or selling any shares of Stock pursuant to an Award unless such shares have
been properly registered for sale pursuant to the Securities Act with the
Securities and Exchange Commission or subject to the prospectus requirements in
Canada or unless the Company has received an opinion of counsel, satisfactory to
the Company, that such shares may be offered or sold without such registration
pursuant to an available exemption therefrom and the terms and conditions of
such exemption have been fully complied with. If the shares of Stock offered for
sale or sold under the Plan are offered or sold pursuant to an exemption from
registration under the Securities Act or under any applicable legislation in
Canada, the Company may restrict the transfer of such shares and may legend the
Stock certificates representing such shares in such manner as it deems advisable
to ensure the availability of any such exemption.
(b) TAX WITHHOLDING. A Participant shall be
required to pay to the Company or any Affiliate and the Company or any Affiliate
shall have the right and is hereby authorized to withhold from any compensation
or other amounts owing to a Participant the amount in cash of any required tax
withholding and payroll taxes in respect of an Award, its exercise, or any
payment or transfer under an Award or under the Plan and to take such other
action as may be necessary in the opinion of the Company to satisfy all
obligations for the payment of such taxes; provided that the Company may make
such alternate arrangements for withholding as it deems appropriate including,
without limitation,
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establishing a program pursuant to which sufficient Shares (out of those Shares
due upon the vesting of an Award) to satisfy any withholding liability shall be
delivered directly to a broker who shall sell the Shares on behalf of the
Participant and remit the proceeds thereof to the Company to satisfy the
Participant's withholding liability.
(c) CLAIM TO AWARDS AND EMPLOYMENT RIGHTS. No
employee of the Company or the Subsidiary, or other person, shall have any claim
or right to be granted an Award under the Plan or, having been selected for the
grant of an Award, to be selected for a grant of any other Award. Neither the
Plan nor any action taken hereunder shall be construed as giving any Participant
any right to be retained in the employ or service of the Company or the
Subsidiary.
(d) NO LIABILITY OF COMMITTEE MEMBERS. No member
of the Committee shall be personally liable by reason of any contract or other
instrument executed by such member or on his behalf in his capacity as a member
of the Committee nor for any mistake of judgment made in good faith, and the
Company shall indemnify and hold harmless each member of the Committee and each
other employee, officer or director of the Company to whom any duty or power
relating to the administration or interpretation of the Plan may be allocated or
delegated, against any cost or expense (including counsel fees) or liability
(including any sum paid in settlement of a claim) arising out of any act or
omission to act in connection with the Plan unless arising out of such person's
own fraud or willful bad faith; PROVIDED, HOWEVER, that approval of the Board
shall be required for the payment of any amount in settlement of a claim against
any such person. The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which such persons may be entitled
under the Company's Articles of Incorporation or By-Laws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them
harmless.
(e) GOVERNING LAW. The Plan shall be governed by
and construed in accordance with the internal laws of the State of New York
without regard to the principles of conflicts of law thereof, or principals of
conflicts of laws of any other jurisdiction which could cause the application of
the laws of any jurisdiction other than the State of New York.
(f) RELIANCE ON REPORTS. Each member of the
Committee and each member of the Board shall be fully justified in relying,
acting or failing to act, and shall not be liable for having so relied, acted or
failed to act in good faith, upon any report made by the independent public
accountant of the Company and Affiliates and upon any other information
furnished in connection with the Plan by any person or persons other than
himself.
(g) RELATIONSHIP TO OTHER BENEFITS. No payment
under the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit
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sharing, group insurance or other benefit plan of the Company or any affiliate
except as otherwise specifically provided in such other plan.
(h) EXPENSES. The expenses of administering the
Plan shall be borne by the Company.
(i) PRONOUNS. Masculine pronouns and other words
of masculine gender shall refer to both men and women.
(j) TITLES AND HEADINGS. The titles and headings
of the sections in the Plan are for convenience of reference only, and in the
event of any conflict, the text of the Plan, rather than such titles or headings
shall control.
(k) TERMINATION OF EMPLOYMENT. For all purposes
herein, a person who transfers from employment or service with the Company to
employment or service with the Subsidiary or any other Affiliate of the Company
or vice versa shall not be deemed to have terminated employment or service with
the Company or the Subsidiary.
(l) SEVERABILITY. If any provision of the Plan
is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any person or Award, or would disqualify the Plan or any
Award under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan or the Award, such provision shall be
stricken as to such jurisdiction, person or Award and the remainder of the Plan
and any such Award shall remain in full force and effect.
8. CHANGES IN CAPITAL STRUCTURE
If determined by the Board, Awards granted under the Plan
shall be subject to adjustment or substitution, as determined by the Committee
in its sole discretion, as to the number, price or kind of a share of Stock or
other consideration subject to such Awards or as otherwise determined by the
Committee to be equitable (i) in the event of changes in the outstanding Stock
or in the capital structure of the Company by reason of stock or extraordinary
cash dividends, stock splits, reverse stock splits, recapitalization,
reorganizations, mergers, consolidations, combinations, exchanges, or other
relevant changes in capitalization occurring after the Date of Grant of any such
Award which do not constitute a Change of Control or (ii) in the event of any
change in applicable laws or any change in circumstances which results in or
would result in any substantial dilution or enlargement of the rights granted
to, or available for, Participants, or which otherwise warrants equitable
adjustment because it interferes with the intended operation of the Plan.
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9. EFFECT OF CHANGE OF CONTROL
(a) In the event of a Change of Control,
notwithstanding any vesting schedule with respect to an Award, the Committee
shall in its discretion (i) provide through advance written notice to the
Participants that the Restricted Period shall expire immediately with respect to
100 percent of the shares of Stock covered by an Award or (ii) upon advance
written notice to the Participants or other affected persons, cancel any
outstanding Awards and pay to the holders thereof, in cash or stock, or any
combination thereof, the value of such Awards based upon the price per share of
Stock received or to be received by other shareholders of the Company in the
event.
(b) The obligations of the Company under the
Plan shall be binding upon any successor corporation or organization resulting
from the merger, consolidation or other reorganization of the Company, or upon
any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. The Company agrees that it will make
appropriate provisions for the preservation of Participants' rights under the
Plan in any agreement or plan which it may enter into or adopt to effect any
such merger, consolidation, reorganization or transfer of assets.
10. NONEXCLUSIVITY OF THE PLAN
Neither the adoption of this Plan by the Board nor the
submission of this Plan to the stockholders of the Company for approval shall be
construed as creating any limitations on the power of the Board to adopt such
other incentive arrangements as it may deem desirable, including, without
limitation, the granting of stock options otherwise than under this Plan, and
such arrangements may be either applicable generally or only in specific cases.
11. AMENDMENTS AND TERMINATION
The Board may amend, alter, suspend, discontinue, or terminate
the Plan or any portion thereof at any time; PROVIDED that no such amendment,
alteration, suspension, discontinuation or termination shall be made without
shareholder approval if such approval is necessary to comply with any tax or
regulatory requirement applicable to the Plan; and PROVIDED FURTHER that any
such amendment, alteration, suspension, discontinuance or termination that would
impair the rights of any Participant or any holder or beneficiary of any Award
theretofore granted shall not to that extent be effective without the consent of
the affected Participant, holder or beneficiary.
* * *
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As adopted by the Board of Directors of
EXFO Electro-Optical Engineering Inc.
as of December 20, 2000.
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SCHEDULE 1
PARTICIPANTS
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Stock Awards Distribution
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AWARDS AT 12/20/2000 SHARES
-------------------- ------
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Employee 0.010542
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Battisti, Peter 42,500
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Samoriski, Brian 42,500
--------------------------------------------------------------------------------
Henderson, Dave 30,000
--------------------------------------------------------------------------------
Payne, Cynthia 22,500
--------------------------------------------------------------------------------
Klimasewski, Tim 20,000
--------------------------------------------------------------------------------
Henry, Loretta 8009
--------------------------------------------------------------------------------
Kowulich, Beverly 8316
--------------------------------------------------------------------------------
Schutt, William 7267
--------------------------------------------------------------------------------
Guarino, Joseph 6262
--------------------------------------------------------------------------------
Dickinson, William 6000
--------------------------------------------------------------------------------
Gliewe, Mary 4301
--------------------------------------------------------------------------------
Kruly, Paul 6749
--------------------------------------------------------------------------------
Clark, Lawrence 7434
--------------------------------------------------------------------------------
Farchione, Marcia 4017
--------------------------------------------------------------------------------
Zobel, Jim 6830
--------------------------------------------------------------------------------
Trudeau, Marie 3782
--------------------------------------------------------------------------------
Merlau, Lisa 3691
--------------------------------------------------------------------------------
Kelsey, Jean 3463
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Laird, Tammy 3037
--------------------------------------------------------------------------------
Blair, Robert 7608
--------------------------------------------------------------------------------
Theodorsen, John 3500
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AWARDS AT 12/20/2000 SHARES
-------------------- ------
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Townsend, Robert 6775
--------------------------------------------------------------------------------
Worek, Keith 5013
--------------------------------------------------------------------------------
Terwilliger, Timothy 2947
--------------------------------------------------------------------------------
Skirvin, Chet 4169
--------------------------------------------------------------------------------
Switzer, Paul 3753
--------------------------------------------------------------------------------
Conway, Timothy 3029
--------------------------------------------------------------------------------
Fanton, Kenneth 4739
--------------------------------------------------------------------------------
Edwards, Jonathan 2345
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Bennett, Lonnie 4460
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Jarvie, Donald 5572
--------------------------------------------------------------------------------
Houk, Michael 5127
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Yoffee, Susan 1339
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Shepardson, Alan 2612
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Haas, Fred 5624
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Nothnagle, Joseph 1360
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Smothers, Ruth 1515
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Friedrich, Edward 3769
--------------------------------------------------------------------------------
Knight, Ellen 1510
--------------------------------------------------------------------------------
Graf, Michael 3543
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Culhane, Robert 1476
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Pierce, Sharon 642
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Rayburn, Justin 779
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White, Mabel 844
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Viggiano III, Dan 1703
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Supinski, Peter 1513
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AWARDS AT 12/20/2000 SHARES
-------------------- ------
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Dobbelaere, Donald 1981
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Shirley, Thomas 1133
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Blend, James 1292
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Searls, Lynn 1573
--------------------------------------------------------------------------------
Craghead, Michael 2048
--------------------------------------------------------------------------------
Fasick, John 1681
--------------------------------------------------------------------------------
Snow, Cynthia 1215
--------------------------------------------------------------------------------
Szydlowski, Alan 518
--------------------------------------------------------------------------------
Patterson, Amy 206
--------------------------------------------------------------------------------
Adams, Larry 439
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Bell, Armond 302
--------------------------------------------------------------------------------
Jobson, Kim 437
--------------------------------------------------------------------------------
Hersom, Walter 1015
--------------------------------------------------------------------------------
Kondziela, M. Jefrey 1550
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Guidarelli, Thomas 865
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Tolbert, Mark 1322
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Hayman, Bonnie 681
--------------------------------------------------------------------------------
Kost, Ann 1989
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McKee, Ann 273
--------------------------------------------------------------------------------
Chapman, Mark 1516
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Duver, Frank 843
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Kloiber, George 432
--------------------------------------------------------------------------------
Xu, Qin 1028
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Perry, Lyn 111
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Wiedrick, Michele 25
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AWARDS AT 12/20/2000 SHARES
-------------------- ------
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Adler, Curtis 167
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Bielk, Noah 25
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McMyne, Christopher 43
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Rosato, Michael 53
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White, Timothy 51
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Klinger, Charles 167
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Lusk, Barbara 155
--------------------------------------------------------------------------------
Amarel, Anthony 279
--------------------------------------------------------------------------------
Dera, Peter 867
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Nader, Nabil 247
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Marchese-Ragona, Silvio 193
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Sargent, Mathew 526
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Clapper, David 166
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Reynolds, Melody 711
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Alongi, Anthony 350
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Selice, Frank 25
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Singley, Joseph 185
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Willis, Terleta 167
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Anne, Wendy 36
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Block, Kristofer 276
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Goodman, Carol 49
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Licata, Ignatius 111
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Polakiewicz, Sheree 961
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Schnitzer, Laurie 104
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Hereth, Jeffrey 369
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AWARDS AT 12/20/2000 SHARES
-------------------- ------
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Kavcak, Alexander 336
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Burns, Robert 113
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Powers, Galen 118
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Smith, Jim 3005
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Lombard, Matthew 111
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Total at 12/20/00 357,500
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Subsequent Awards
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Employee Shares Date
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Alan Olderstein 1500 (January 31, 2001)
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James Bluett 1000 (January 31, 2001)
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Total Subsequent Awards 2500
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Total All Awards 360,000
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SCHEDULE 2
MANAGEMENT TEAM
Peter Battisti
Brian Samoniski
Dave Henderson
Cynthia Payne
Tim Klimasewski
