UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2014
EXPRESS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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001-34742
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26-2828128
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1 Express Drive
Columbus, Ohio
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43230
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(Address of principal executive offices)
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(Zip Code)
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(614) 474-4001
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
New Equity Award Agreements
On March 31, 2014, in connection with its annual review of executive compensation arrangements, the Compensation & Governance Committee (the “Committee”) of the Board of Directors of Express, Inc. (the “Company”) approved (1) a new form of restricted stock unit award agreement for restricted stock units with time-based vesting terms (“Restricted Stock Units”), (2) a new form of restricted stock unit award agreement for restricted stock units with performance-based and time-based vesting terms (“Performance Stock Units”), and (3) a new form of non-qualified stock option award agreement (together, the “New Equity Award Agreements”) for such equity awards granted pursuant to the Company’s 2010 Incentive Compensation Plan (as amended, the “Plan”).
Pursuant to the New Equity Award Agreements, in the case of the executive officer’s death or disability, all of the unvested equity awards granted pursuant to such award agreements will automatically vest (with such vesting to occur at 100% of the performance target in the case of Performance Stock Units). The new form of restricted stock unit award agreement for Restricted Stock Units provides that in the case of the executive officer’s retirement, a pro rata amount of any unvested Restricted Stock Units scheduled to vest at the next vesting date following retirement shall automatically vest based on the number of days worked in the period between the most recent vesting date (or the grant date if no vesting date has yet occurred) and the next vesting date. The new form of restricted stock unit award agreement for Performance Stock Units provides that in the case of the executive officer’s retirement, a pro rata amount of any unvested Performance Stock Units scheduled to vest at the next vesting date following retirement shall automatically vest based on the number of days worked in the period between the most recent vesting date (or the grant date if no vesting date has yet occurred) and the next vesting date and subject to actual achievement of performance goals. The new form of non-qualified stock option award agreement provides that in the case of the executive officer’s retirement, all of the unvested stock options granted pursuant to such award agreement will automatically vest. The new form of restricted stock unit award agreement for Restricted Stock Units and the new form of restricted stock unit award agreement for Performance Stock Units also provide that any cash dividends paid by the Company on account of unvested Restricted Stock Units and Performance Stock Units will be deemed reinvested in Company common stock and paid out in Company common stock in accordance with the vesting terms of such award agreement.
The New Equity Award Agreements are effective for the equity awards granted to named executive officers by the Committee on April 1, 2014 as described below under the heading “2014 Equity Compensation Awards”.
2014 Equity Compensation Awards
On April 1, 2014, the Company’s named executive officers were granted the following equity awards:
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Named Executive Officer
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Non-Qualified Stock Options
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Restricted Stock Units
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Performance Stock Units
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Threshold
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Target
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Maximum
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Michael Weiss
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155,158
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83,832
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125,748
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167,664
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209,580
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David Kornberg
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26,050
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21,112
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30,876
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41,168
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51,460
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Matthew Moellering
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23,311
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18,892
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27,629
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36,839
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46,048
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Colin Campbell
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12,112
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9,824
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14,367
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19,157
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23,946
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D. Paul Dascoli
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10,956
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8,880
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12,986
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17,315
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21,643
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One-fourth of the stock options and one-fourth of the Restricted Stock Units are scheduled to vest on April 15
th
of 2015, 2016, 2017, and 2018, subject to continued employment with the Company (or subject to continued service in the case of Mr. Weiss). The Performance Stock Units are subject to time and performance-based vesting. The number of Performance Stock Units that vest will be determined based on the Company’s adjusted earnings per diluted share for the two-year period commencing on the first day of the Company’s 2014 fiscal year and ending on the last day of the Company’s 2015 fiscal year, compared to the performance goals established by the Committee. The range of possible payouts for the Performance Stock Units are set forth in the table above. The number of Performance Stock Units that vest will be determined using straight line interpolation if adjusted earnings per diluted share over the performance period is an amount between performance goals. One-half of the
Performance Stock Units that are earned based on achievement of the performance goals are scheduled to vest on April 15
th
of 2016 and 2017, subject to continued employment with the Company (or subject to continued service in the case of Mr. Weiss).
The foregoing descriptions of the New Equity Award Agreements and the 2014 Equity Compensation Awards are qualified in their entirety by reference to the complete text of the Form of Restricted Stock Unit Award Agreement for Restricted Stock Units, the Form of Performance Stock Unit Award Agreement for Performance Stock Units, and the Form of Non-Qualified Stock Option Award Agreement, copies of which are attached to this current report on Form 8-K as Exhibit 10.1, 10.2. and 10.3, respectively, and incorporated herein by reference, as well as the Plan which is filed with the SEC as Appendix B to the Company’s 2012 Proxy Statement and incorporated herein by reference.
Item 8.01 Other Events.
As previously disclosed in a Current Report on Form 8-K filed by the Company on March 28, 2014, Express, LLC, a Delaware limited liability company (“Express”), and Express Finance Corp., a Delaware corporation (“Express Finance,” and together with Express, the “Issuers”), sent a conditional redemption notice to U.S. Bank National Association (the "Trustee"), for all of the Issuers’ outstanding 8.750% Senior Notes due 2018 (CUSIP No. 30218A AB8), originally issued on March 5, 2010 (the “2018 Notes”), at a redemption price of 104.375% of the principal amount or $1,043.75 per $1,000.00 principal amount thereof (the “Redemption Price”), plus accrued and unpaid interest to but not including the redemption date of April 28, 2014. The redemption was conditioned upon the completion of and receipt of sufficient net proceeds from a new term loan on terms and conditions acceptable to the Issuers (the “Term Loan”) to permit the Issuers to deposit, prior to 10:00 a.m. Eastern Time on April 28, 2014, money sufficient to pay the Redemption Price.
The Issuers now intend to complete the redemption of the 2018 Notes on or before May 31, 2014 using proceeds from a new term loan. Accordingly, the Issuers directed the Trustee to rescind the conditional redemption notice issued on March 28, 2014 that provided for a redemption date of April 28, 2014.
FORWARD-LOOKING STATEMENTS
This current report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Issuers’ intention to redeem the 2018 Notes on or before May 31, 2014 using proceeds from a new term loan. Forward-looking statements include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements concerning the Issuers’ intention to redeem the 2018 Notes on or before May 31, 2014. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, changes in circumstances that are difficult to predict, and significant contingencies, many of which are beyond the Company’s control. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) the Company’s ability to identify and respond to new and changing fashion trends, customer preferences, and other related factors; (3) fluctuations in the Company’s sales and results of operations on a seasonal basis and due to store events, promotions, and a variety of other factors; (4) competition from other retailers; (5) changes in customer traffic at malls and shopping centers; (6) the Company’s dependence on a strong brand image; (7) the Company’s ability to successfully develop and maintain a relevant and reliable omni-channel shopping experience; (8) the Company’s reliance on information systems and any failure, inadequacy, interruption, or security failure of such systems; (9) the Company’s dependence upon independent third parties to manufacture all of its merchandise; (10) changes in the cost of raw materials, labor, and freight; (11) supply chain disruption or difficulties associated with distribution facilities; (12) the Company’s dependence upon key executive management; (13) the Company’s growth strategy, including new store growth, e-commerce, and international expansion plans; (14) the Company’s reliance on third parties to provide it with certain key services for its business; (15) claims made against the Company resulting in litigation or other regulatory proceedings; (16) changes in laws and regulations applicable to the Company’s business; (17) the Company’s inability to protect its trademarks or other intellectual property rights; (18) the Company’s substantial indebtedness and lease obligations; (19) fluctuations in energy costs; and (20) changes in taxation or results of tax audits. Additional information concerning these and other factors can be found in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Item 9.01 Financial Statements and Exhibits.
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Exhibit No.
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Description of Exhibit
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10.1
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Form of Non-qualified Stock Option Agreement.
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10.2
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Form of Restricted Stock Unit Agreement for Restricted Stock Units.
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10.3
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Form of Restricted Stock Unit Agreement for Performance Stock Units.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EXPRESS, INC.
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Date: April 4, 2014
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By
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/s/ Lacey J. Bundy
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Lacey J. Bundy
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Senior Vice President, General Counsel & Secretary
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NONQUALIFIED STOCK OPTION AGREEMENT
PURSUANT TO THE
EXPRESS, INC. 2010 INCENTIVE COMPENSATION PLAN
* * * * *
Participant: [___________]
Grant Date:
[___________]
Per Share Exercise Price:
[___________]
Number of Shares subject to this Option: [___________]
* * * * *
THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (this “
Agreement
”), dated as of the Grant Date specified above, is entered into by and between Express, Inc., a Delaware corporation (the “
Company
”), and the Participant specified above, pursuant to the Express, Inc. 2010 Incentive Compensation Plan, as in effect and as amended from time to time (the “
Plan
”), which is administered by the Committee; and
WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the non‑qualified stock option provided for herein to the Participant.
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1.
Incorporation By Reference; Plan Document Receipt
. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. No part of the Option granted hereby is intended to qualify as an “incentive stock option” under Section 422 of the Code.
2.
Grant of Option
. The Company hereby grants to the Participant, as of the Grant Date specified above, a non‑qualified stock option (this “
Option
”) to acquire from the Company at the Per Share Exercise Price specified above, the aggregate number of shares of Common Stock specified above (the “
Option Shares
”). Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. The Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by this Option unless and until the Participant has become the holder of record of the shares, and no adjustments shall be
made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this Agreement.
3.
[Vesting and Exercise
.
(a)
Vesting
. The Option subject to this grant shall become vested pursuant to the schedule set forth in the table below, provided [the Participant is then employed by the Company and/or one of its Subsidiaries or Affiliates on the applicable vesting date]. There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date.
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Vesting Date
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Cumulative Percentage
of Option Shares Vested
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[___________]
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[___________]
% of Option Shares
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[___________]
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[___________]
% of Option Shares
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[___________]
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[___________]
% of Option Shares
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[___________]
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[___________]
% of Option Shares
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(b)
Vesting Upon Termination Due to Death, Disability or Retirement
. Notwithstanding Section 3(a), in the event of Termination due to the Participant’s death, “Disability” or “Retirement” (each, as defined below), the unvested portion of the Option shall become fully vested on the effective date of such Termination. For purposes hereof, the term “
Disability
” shall mean Participant is disabled as determined in accordance with the Company’s long-term disability plan applicable to Participant or, in the absence of such a plan, as determined by the Committee, for a period of at least six (6) months in any twelve (12)‐month calendar period. For purposes hereof, the term “
Retirement
” shall mean any Termination by the Participant, other than a Termination for Cause, death or Disability, at or after age fifty-five (55) and when the Participant has at least ten (10) years of full-time service (whether or not continuous) with the Company or any of its Subsidiaries.
(c)
Effect of Detrimental Activity
. The provisions of Section 10.4 of the Plan regarding Detrimental Activity shall apply to the Option.
(d)
Expiration
. Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, all portions of this Option (whether vested or not vested) shall expire and shall no longer be exercisable after the expiration of ten (10) years from the Grant Date.
]
4.
Termination
.
Subject to the terms of the Plan and this Agreement, the Options, to the extent vested at the time of the Participant’s Termination, shall remain exercisable as follows:
(a)
Termination due to Death or Disability
. In the event of the Participant’s Termination by reason of death or Disability, the vested portion of this Option shall remain exercisable until the expiration of the stated term of the Option pursuant to Section 3 hereof.
(b)
Retirement
. In the event of the Participant’s Termination by reason of Retirement, the vested portion of this Option shall remain exercisable until the earlier of (i) five (5) years from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3 hereof.
(c)
Termination Without Cause
. In the event of the Participant’s involuntary Termination by the Company without Cause, the vested portion of this Option shall remain exercisable until the earlier
of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3 hereof.
(d)
Voluntary Termination
. In the event of the Participant’s voluntary Termination (other than due to Retirement), the vested portion of this Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3 hereof.
(e)
Termination for Cause
. In the event of the Participant’s Termination by the Company for Cause, all Options granted hereunder (whether or not vested) shall terminate and expire upon such Termination.
(f)
Treatment of Unvested Options upon Termination
. Any portion of this Option that is not vested as of the date of the Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.
5.
Method of Exercise and Payment
. Subject to Section 8 hereof, to the extent that the Option has become vested and exercisable with respect to a number of shares of Common Stock as provided herein, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein and in accordance with Sections 6.4(c) and 6.4(d) of the Plan, including, without limitation, by the delivery of any form of exercise notice as may be required by the Committee and payment in full of the Per Share Exercise Price multiplied by the number of shares of Common Stock underlying the portion of the Option exercised.
6.
Non-transferability
.
The Options, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution. Notwithstanding the foregoing, the Committee may, in its sole discretion, permit the Options to be Transferred to a Family Member for no value, provided that such Transfer shall only be valid upon execution of a written instrument in form and substance acceptable to the Committee in its sole discretion evidencing such Transfer and the transferee’s acceptance thereof signed by the Participant and the transferee, and provided, further, that the Options may not be subsequently Transferred otherwise than by will or by the laws of descent and distribution or to another Family Member (as permitted by the Committee in its sole discretion) in accordance with the terms of the Plan and this Agreement, and shall remain subject to the terms of the Plan and this Agreement.
Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the Options, or the levy of any execution, attachment or similar legal process upon the Options, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.
7.
Governing Law
. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.
8.
Withholding of Tax
.
The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Option and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common
Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required minimum withholding obligation with regard to the Participant may, with the consent of the Committee, be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable upon exercise of the Option.
9.
Entire Agreement; Amendment
. This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
10.
Notices
. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Chief Financial Officer of the Company. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.
11.
No Right to Employment
. Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without cause.
12.
Transfer of Personal Data
.
The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Option awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization and consent is freely given by the Participant.
13.
Compliance with Laws
. The issuance of this Option (and the Shares upon exercise of this Option) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the 1934 Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this Option or any of the Shares pursuant to this Agreement if any such issuance would violate any such requirements.
14.
Section 409A
. Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.
15.
Binding Agreement; Assignment
. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except as provided by Section 6 hereof) any part of this Agreement without the prior express written consent of the Company.
16.
Headings
. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.
17.
Counterparts
.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
18.
Further Assurances
. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
19.
Severability
. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
20.
Acquired Rights
. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time; (b) the award of Options made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Options awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.
[Remainder of Page Intentionally Left Blank]
IN WITNESS WHEREOF
, the parties hereto have executed this Agreement as of the date first written above.
EXPRESS, INC.
By:_____________________________
Name:___________________________
Title:____________________________
PARTICIPANT
_______________________________________
Name:___________________________
Restricted Stock Unit Agreement
(time-based vesting)
RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE
EXPRESS, INC. 2010 INCENTIVE COMPENSATION PLAN
* * * * *
Participant:
[___________]
Grant Date:
[___________]
Number of Restricted Stock Units granted: [___________]
* * * * *
THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “
Agreement
”), dated as of the Grant Date specified above, is entered into by and between Express, Inc., a Delaware corporation organized in the State of Delaware (the “
Company
”), and the Participant specified above, pursuant to the Express, Inc. 2010 Incentive Compensation Plan,
as in effect and as amended from time to time
(the “
Plan
”), which is administered by the Committee; and
WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the Restricted Stock Units (“
RSUs
”) provided herein to the Participant.
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1.
Incorporation By Reference; Plan Document Receipt
. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.
2.
Grant of Restricted Stock Unit Award
. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of RSUs specified above. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. Subject to Section 5, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until such shares are delivered to the Participant in accordance with Section 4.
3.
[Vesting and Payment.
(a)
The RSUs subject to this grant shall become unrestricted and vested pursuant to the schedule set forth in the table below, provided [the Participant is then employed by the Company and/or one of its Subsidiaries or Affiliates on the applicable vesting date]. There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date.
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Vesting Date
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Cumulative Percentage
of RSUs Vested
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[___________]
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[___________]
% of RSUs granted
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[___________]
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[___________]
% of RSUs granted
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[___________]
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[___________]
% of RSUs granted
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[___________]
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[___________]
% of RSUs granted
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(b)
Death or Disability Terminations
. Notwithstanding Section 3(a), in the event of Termination due to (i) the Participant’s death or (ii) the Participant’s Disability, the unvested RSUs outstanding hereunder as of the date of such Termination shall become fully vested as of the date of such Termination. For purposes hereof, the term “
Disability
” shall mean Participant is disabled as determined in accordance with the Company’s long-term disability plan applicable to Participant or, in the absence of such a plan, as determined by the Committee, for a period of at least six (6) months in any twelve (12)‐month calendar period.
(c)
Retirement
. Notwithstanding Sections 3(a) and 3(b), in the event of the Participant’s Termination due to “Retirement” (as defined below), the number of unvested RSUs subject to this grant that shall become unrestricted and vested at the time of Termination shall be determined on a pro rata basis by multiplying the number of unvested RSUs outstanding hereunder that are scheduled to become vested on the vesting date immediately following the date of such Termination by a fraction, the numerator of which is the number of days in which the Participant was employed by the Company or its Subsidiaries for the period commencing on the vesting date immediately preceding the date of such Termination and continuing through the date of such Termination, and the denominator of which is the number of days in the period commencing on the vesting date immediately preceding the date of such Termination and ending on the vesting date immediately following the date of such Termination. For purposes hereof, the term “
Retirement
” shall mean any Termination by the Participant, other than a Termination for Cause, death or Disability, at or after age fifty-five (55) and when the Participant has at least ten (10) years of full-time service (whether or not continuous) with the Company or any of its Subsidiaries.
(d)
Effect of Detrimental Activity
. The provisions of Section 10.4 of the Plan regarding Detrimental Activity shall apply to the RSUs.
(e)
Forfeiture
. Subject to Sections 3(b) and 3(c), all unvested RSUs shall be immediately forfeited upon the Participant’s Termination for any reason.
]
4.
Delivery of Shares
.
(a)
General
. Subject to Section 4(b) and the provisions of the Plan, the Company shall deliver to the Participant on the applicable vesting date the number of shares of Common Stock equal to the number of RSUs that vested on such date. In no event shall a Participant be entitled to receive any shares with respect to any unvested or forfeited portion of the RSU.
(b)
Blackout Periods
. If the Participant is subject to any Company “blackout” policy or other trading restriction imposed by the Company on the date such distribution would otherwise be made pursuant to Section 4(a), such distribution shall be instead made on the earlier of (i) the date the Participant is not subject to any such policy or restriction and (ii) the later of (A) the end of the calendar year in which such distribution would otherwise have been made and (B) a date that is immediately prior to 2.5 months following the date such distribution would otherwise have been made.
(c)
Fractional Shares
. In lieu of delivering any fractional shares of Common Stock to Participant pursuant to this Agreement, the Company shall first aggregate any such fractional amounts due to be delivered to Participant at such time and then round down for fractional amounts less than one-half and round up for fractional amounts equal to or greater than one-half. No cash settlements shall be made with respect to fractional shares eliminated by rounding.
5.
Dividends and Other Distributions
.
Participants
holding RSUs shall be entitled to receive all dividends and other distributions paid with respect to such shares, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying RSUs and shall be paid at the time the RSUs becomes vested pursuant to Section 3, and provided, further, that such dividends or distributions shall be accumulated and deemed reinvested in additional shares of Common Stock based on the Fair Market Value of the Common Stock at the time of the dividend or distribution and shall be paid only in shares of Common Stock. Any such shares shall be subject to the same restrictions on transferability and forfeitability as the RSUs with respect to which they were paid.
6.
Non-transferability
.
The RSUs, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the RSUs, or the levy of any execution, attachment or similar legal process upon the RSUs, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.
7.
Governing Law
. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.
8.
Withholding of Tax
.
The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the RSUs and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required minimum withholding obligation with regard to the Participant may, with the consent of the Committee, be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable to the Participant hereunder.
9.
Entire Agreement; Amendment
. This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be
modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
10.
Notices
. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Chief Financial Officer of the Company. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.
11.
No Right to Employment
. Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without cause.
12.
Transfer of Personal Data
. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the RSU awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization and consent is freely given by the Participant.
13.
Compliance with Laws
. This issuance of RSUs (and the shares underlying the RSUs) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the 1934 Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this RSU or any of the shares pursuant to this Agreement if any such issuance would violate any such requirements.
14.
Binding Agreement; Assignment
. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except as provided by Section 6 hereof) any part of this Agreement without the prior express written consent of the Company.
15.
Headings
. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.
16.
Counterparts
.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
17.
Further Assurances
. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
18.
Severability
. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other
jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
19.
Acquired Rights
. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time; (b) the award of RSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the RSUs awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.
* * * * *
IN WITNESS WHEREOF
, the parties hereto have executed this Agreement as of the date first written above.
EXPRESS, INC.
By:
______________________________
Name:
____________________________
Title:
_____________________________
PARTICIPANT
___________________________________
Name:
____________________________
Restricted Stock Unit Agreement
(time and performance vesting)
RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE
EXPRESS, INC. 2010 INCENTIVE COMPENSATION PLAN
* * * * *
Participant:
[___________]
Grant Date:
[___________]
Number of Restricted Stock Units granted: [___________]
* * * * *
THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “
Agreement
”), dated as of the Grant Date specified above, is entered into by and between Express, Inc., a Delaware corporation organized in the State of Delaware (the “
Company
”), and the Participant specified above, pursuant to the Express, Inc. 2010 Incentive Compensation Plan, as in effect and as amended from time to time (the “
Plan
”), which is administered by the Committee; and
WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the Restricted Stock Units (“
RSUs
”) provided herein to the Participant.
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1.
Incorporation By Reference; Plan Document Receipt
. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.
2.
Grant of Restricted Stock Unit Award
. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of RSUs specified above. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. Subject to Section 5, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until such shares are delivered to the Participant in accordance with Section 4.
3.
[Vesting and Payment.
(a)
Performance-Based Vesting
. Subject to the provisions of Section 3(b) hereof, the RSUs subject to this grant shall become tentatively vested based on performance as based on the Company’s achievement of varying levels of “Adjusted Earnings Per Diluted Share” for the performance period beginning on
[___________]
and ending on
[___________]
in accordance with the following schedule:
|
|
|
|
Adjusted Earnings Per Diluted Share
|
Performance Level
|
Number of RSUs Tentatively Vested Based on Performance
|
[______]
|
Threshold
|
[______]
|
[______]
|
Target
|
[______]
|
[______]
|
Maximum
|
[______]
|
For purposes hereof, the performance metric of “
Adjusted Earnings Per Diluted Share
” means the Company’s earnings per diluted share calculated in accordance with generally accepted accounting principles, adjusted to exclude the impact of any non-core operating costs consistent with past practice for debt extinguishment and one-time transaction costs. To the extent that actual Adjusted Earnings Per Diluted Share for the performance period hereunder is between the Threshold level and the Target level or between the Target level and the Maximum level, the number of RSUs to become tentatively vested hereunder based on performance shall be determined on a pro rata basis using straight line interpolation and rounding down to the nearest whole unit;
provided
that no RSUs shall become tentatively vested based on performance if the actual Adjusted Earnings Per Diluted Share level achieved for the performance period is less than the Threshold level of performance set forth in the schedule above; and
provided
,
further
, that the maximum number of RSUs that may become tentatively vested based on performance shall not exceed the number of RSUs set forth in the schedule above corresponding to the Maximum level of performance set forth in the schedule above.
(b)
Time-Based Vesting
. To the extent that the RSUs become tentatively vested based on performance pursuant to Section 3(a) hereof, such tentatively vested RSUs shall become unrestricted and fully vested pursuant to the schedule set forth in the table below, provided that the Participant has not incurred a Termination prior to each such vesting date:
|
|
|
Vesting Date
|
Cumulative Percentage
of Performance Vested RSUs to Become Fully Vested
|
[______]
|
[______]
|
[______]
|
[______]
|
[______]
|
[______]
|
[______]
|
[______]
|
There shall be no proportionate or partial vesting under this Section 3(b) in the periods prior to each vesting date and all vesting under this Section 3(b) shall occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date.
(c)
Death or Disability Terminations
. Notwithstanding Sections 3(a) and 3(b), in the event of Termination due to (i) the Participant’s death or (ii) the Participant’s Disability, the unvested RSUs outstanding hereunder as of the date of such Termination shall become unrestricted and fully vested as of the date of such Termination as follows:
(i)
Prior to Completion of Performance Period
. In the event that such Termination occurs prior to the completion of the applicable performance period under Section 3(a), the unvested RSUs outstanding hereunder as of the date of such Termination shall become unrestricted and fully vested as of the date of such Termination at the target performance level of achievement under Section 3(a) without regard to the vesting provisions under Section 3(b).
(ii)
On or After Completion of Performance Period
. In the event that such Termination occurs on or after the completion of the applicable performance period under Section 3(a), the unvested RSUs outstanding hereunder as of the date of such Termination that have previously become tentatively vested under Section 3(a) shall become unrestricted and fully vested as of the date of such Termination without regard to the vesting provisions under Section 3(b).
For purposes hereof, the term “
Disability
” shall mean Participant is disabled as determined in accordance with the Company’s long-term disability plan applicable to Participant or, in the absence of such a plan, as determined by the Committee, for a period of at least six (6) months in any twelve (12)‐month calendar period.
(d)
Retirement
. Notwithstanding Section 3(b), in the event of the Participant’s Termination due to “Retirement” (as defined below), the number of unvested RSUs subject to this grant as of the date of such Termination shall be subject to the following provisions:
(i)
Prior to Completion of Performance Period
. In the event that such Termination occurs prior to the completion of the applicable performance period under Section 3(a), the number of unvested RSUs subject to this grant as of the date of such Termination that shall become tentatively vested under Section 3(b) as of the date of such Termination shall be determined on a pro rata basis by multiplying the number of unvested RSUs outstanding hereunder that are scheduled to become tentatively vested under Section 3(b) on the vesting date immediately following the date of such Termination by a fraction, the numerator of which is the number of days in which the Participant was employed by the Company or its Subsidiaries for the period commencing on the vesting date immediately preceding the date of such Termination and continuing through the date of such Termination, and the denominator of which is the number of days in the period commencing on the vesting date immediately preceding the date of such Termination and ending on the vesting date immediately following the date of such Termination. Thereafter, the number of tentatively vested RSUs under Section 3(b), after taking into account the accelerated vesting contemplated by this Section 3(d)(i), shall remain outstanding and shall become unrestricted and fully vested upon completion of the applicable performance period provided in Section 3(a) based on actual performance during such performance period in accordance with the provisions of Section 3(a).
(ii)
On or After Completion of Performance Period
. In the event that such Termination occurs on or after the completion of the applicable performance period under Section 3(a), the unvested RSUs outstanding hereunder as of the date of such Termination that have previously become tentatively vested under Section 3(a) shall become unrestricted and fully vested as of the date of such Termination on a pro rata basis determined by multiplying the number of unvested RSUs outstanding hereunder that are scheduled to become unrestricted and fully vested under Section 3(b) on the vesting date immediately following the date of such Termination by a fraction, the numerator of which is the number of days in which the Participant was employed by the Company or its Subsidiaries for the period commencing on the vesting date immediately preceding the date of such Termination and continuing through the date of such Termination, and the denominator of which is the number of days in the period commencing on the vesting date immediately preceding the date of such Termination and ending on the vesting date immediately following the date of such Termination.
For purposes hereof, the term “
Retirement
” shall mean any Termination by the Participant, other than a Termination for Cause, death or Disability, at or after age fifty-five (55) and when the Participant has at least ten (10) years of full-time service (whether or not continuous) with the Company or any of its Subsidiaries.
(e)
Effect of Detrimental Activity
. The provisions of Section 10.4 of the Plan regarding Detrimental Activity shall apply to the RSUs.
(f)
Forfeiture
. Subject to Sections 3(c) and 3(d), all unvested RSUs shall be immediately forfeited upon the Participant’s Termination for any reason.
]
4.
Delivery of Shares
.
(a)
General
. Subject to Section 4(b) and the provisions of the Plan, the Company shall deliver to the Participant on the date on which the RSUs become unrestricted and fully vested hereunder the number of shares of Common Stock equal to the number of RSUs that become unrestricted and fully vested on such date. In no event shall a Participant be entitled to receive any shares with respect to any unvested or forfeited portion of the RSU.
(b)
Blackout Periods
. If the Participant is subject to any Company “blackout” policy or other trading restriction imposed by the Company on the date such distribution would otherwise be made pursuant to Section 4(a), such distribution shall be instead made on the earlier of (i) the date the Participant is not subject to any such policy or restriction and (ii) the later of (A) the end of the calendar year in which such distribution would otherwise have been made and (B) a date that is immediately prior to two and one-half (2.5) months following the date such distribution would otherwise have been made.
(c)
In lieu of delivering any fractional shares of Common Stock to Participant pursuant to this Agreement, the Company shall first aggregate any such fractional amounts due to be delivered to Participant at such time and then round down for fractional amounts less than one-half and round up for fractional amounts equal to or greater than one-half. No cash settlements shall be made with respect to fractional shares eliminated by rounding.
5.
Dividends and Other Distributions
.
Participants
holding RSUs shall be entitled to receive all dividends and other distributions paid with respect to such shares, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying RSUs and shall be paid at the time the RSUs become vested pursuant to Section 3, and provided, further, that such dividends or distributions shall be accumulated and deemed reinvested in additional shares of Common Stock based on the Fair Market Value of the Common Stock at the time of the dividend or distribution and shall be paid only in shares of Common Stock. Any such shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the RSUs with respect to which they were paid.
6.
Non-transferability
.
The RSUs, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the RSUs, or the levy of any execution, attachment or similar legal process upon the RSUs, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.
7.
Governing Law
. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.
8.
Withholding of Tax
.
The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the RSUs and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required minimum withholding obligation with regard to the Participant may, with the consent of the Committee, be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable to the Participant hereunder.
9.
Entire Agreement; Amendment
. This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
10.
Notices
. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Chief Financial Officer of the Company. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.
11.
No Right to Employment
. Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without cause.
12.
Transfer of Personal Data
. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the RSU awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization and consent is freely given by the Participant.
13.
Compliance with Laws
. This issuance of RSUs (and the shares underlying the RSUs) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the 1934 Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this RSU or any of the shares pursuant to this Agreement if any such issuance would violate any such requirements.
14.
Binding Agreement; Assignment
. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except as provided by Section 6 hereof) any part of this Agreement without the prior express written consent of the Company.
15.
Headings
. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.
16.
Counterparts
.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
17.
Further Assurances
. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
18.
Severability
. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
19.
Acquired Rights
. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time; (b) the award of RSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the RSUs awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.
* * * * *
IN WITNESS WHEREOF
, the parties hereto have executed this Agreement as of the date first written above.
EXPRESS, INC.
By:
____________________________
Name:
_________________________
Title:
__________________________
PARTICIPANT
__________________________________
Name:
____________________________