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): February 27, 2012
AECOM TECHNOLOGY CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware |
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1-33447 |
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61-1088522 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
555 South Flower Street, Suite 3700
Los Angeles, California 90071
(Address of Principal Executive Offices, including Zip Code)
Registrants telephone number, including area code (213) 593-8000
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 (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
To further enhance the link between compensation philosophy and pay practices, and specifically to strengthen the alignment between pay and company performance, the Compensation/Organization Committee (Committee) of the Board of Directors of AECOM Technology Corporation (AECOM) has approved amended stock option and restricted stock unit standard terms and conditions for the fiscal year 2011 awards (the Awards) made under the AECOM Technology Corporation Amended and Restated 2006 Stock Incentive Plan (2006 Plan) to AECOMs Chairman and Chief Executive Officer. The Awards were originally scheduled to vest in three annual installments, subject to the Chairman and Chief Executive Officers continued service with AECOM. One-third of the shares subject to each of the Awards vested on December 8, 2011 and the shares subject to the vested portion of the restricted stock unit award were issued to the Chairman and Chief Executive Officer at that time. The amended standard terms and conditions add performance conditions to the Awards and provide that (i) the portion of the stock options that previously vested in 2011 shall no longer be considered vested or exercisable and instead shall vest in 2012, (ii) all unvested Awards scheduled to vest in December 2012 shall vest in full only if AECOM achieves at least 5% EPS growth in its 2012 fiscal year, (iii) all unvested Awards scheduled to vest in December 2013 shall vest in full only if AECOM achieves at least 5% compound annual EPS growth for its 2012 and 2013 fiscal years, and (iv) no portion of the unvested Awards scheduled to vest in 2012 or 2013, respectively, shall vest if AECOMs applicable EPS growth rate for the relevant period is 0% or less.
The amended stock option and restricted stock unit standard terms and conditions apply to all fiscal year 2011 stock option and restricted stock unit grants awarded under the 2006 Plan to AECOMs Chairman and Chief Executive Officer. The Committee determined that 5% is an appropriate EPS growth rate for the next two fiscal years and is consistent with AECOMs stated EPS guidance range for fiscal year 2012 and AECOMs strategic plan for that period. In establishing the performance criteria, the Committee also considered that, over the past five years, the compound annual EPS growth rate for S&P 500 companies was approximately 3%.
The foregoing description of the amended stock option and restricted stock unit standard terms and conditions is qualified in its entirety by reference to the copies of such forms attached hereto as Exhibits 10.1 and 10.2, respectively, and are hereby incorporated by reference in this Item 5.02.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Amended Stock Option Standard Terms and Conditions under 2006 Stock Incentive Plan.
10.2 Amended Restricted Stock Unit Standard Terms and Conditions under 2006 Stock Incentive Plan.
SIGNATURES
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 thereto duly authorized.
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AECOM TECHNOLOGY CORPORATION | |
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Dated: February 27, 2012 |
By: |
/s/ DAVID Y. GAN |
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David Y. Gan |
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Vice President, Assistant General Counsel |
EXHIBIT INDEX
Exhibit
10.1 Amended Stock Option Standard Terms and Conditions under 2006 Stock Incentive Plan.
10.2 Amended Restricted Stock Unit Standard Terms and Conditions under 2006 Stock Incentive Plan.
Exhibit 10.1
AECOM TECHNOLOGY CORPORATION
STANDARD TERMS AND CONDITIONS FOR
NON-QUALIFIED STOCK OPTIONS
These Standard Terms and Conditions apply to any Options granted to the Chairman and Chief Executive Officer of the Company on December 8, 2010 under the AECOM Technology Corporation 2006 Stock Incentive Plan which are evidenced by a Term Sheet or an action of the Administrator that specifically refers to these Standard Terms and Conditions.
1. TERMS OF OPTION
AECOM Technology Corporation, a Delaware corporation (the Company), has granted to the Optionee named in the Term Sheet provided to said Optionee herewith (the Term Sheet) a non-qualified stock option (the Option) to purchase up to the number of shares of the Companys Common Stock, $0.01 par value per share (the Common Stock), set forth in Term Sheet, at the purchase price per share and upon the other terms and subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions (as amended from time to time, and including Attachment A hereto), and the Plan specified in the Term Sheet (the Plan). For purposes of these Standard Terms and Conditions and the Term Sheet, any reference to the Company shall include a reference to any Subsidiary, as such term is defined in the Plan.
2. NON-QUALIFIED STOCK OPTION
The Option is not intended to be an incentive stock Option under Section 422 of the Internal Revenue Code of 1986, as amended (the Code) and will be interpreted accordingly.
3. EXERCISE OF OPTION
The Option shall not be exercisable as of the Grant Date set forth in the Term Sheet. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable to the extent it becomes vested, as described in the Term Sheet and Attachment A hereto, to purchase up to that number of shares of Common Stock as set forth in the Term Sheet provided that (except as set forth in Section 4) Optionee remains employed with the Company and does not experience a termination of employment. The vesting period and/or exercisability of the Option shall be adjusted by the Administrator to reflect the effects of any period during which the Optionee is on an approved leave of absence or is employed on a less than full time basis, provided that no such adjustment may be made which would result in an accounting charge to the Company.
To exercise the Option (or any part thereof), Optionee shall deliver a Notice of Exercise to the Company specifying the number of whole shares of Common Stock Optionee wishes to purchase and how Optionees shares of Common Stock should be registered (in Optionees name only or in Optionees and Optionees spouses names as community property, as joint tenants with right of survivorship, or such other form of
personal ownership allowed by the Company in the Optionees locality or state of residence).
The exercise price (the Exercise Price) of the Option is set forth in the Term Sheet. The Company shall not be obligated to issue any shares of Common Stock until Optionee shall have paid the total Exercise Price for that number of shares of Common Stock. The Exercise Price may be paid by delivery of a personal check. In addition, the Administrator may permit the Exercise Price to be paid:
A. Broker Assisted: By payment under an arrangement with a broker where payment is made pursuant to an irrevocable commitment by a broker to deliver in the future all or part of the proceeds from the sale of the Option shares to the Company.
B. Share Tender: By tendering (either physically or by attestation) shares of Common Stock owned by the Optionee and having a fair market value on the date of exercise equal to the Exercise Price but only if such tender will not result in an accounting charge to the Company.
C. Cashless: By the Company withholding from the shares of Common Stock otherwise issuable to the Optionee upon the exercise of the Option (or portion thereof) the whole number of shares (rounded down) having a fair market value on the date of exercise sufficient to satisfy the Exercise Price. If the withheld shares are not sufficient to pay the Exercise Price, the Optionee shall pay to the Company on the date of exercise any amount of the Exercise Price that is not satisfied by the withholding of shares of Common Stock described above and if the withheld shares are more than sufficient to satisfy the Exercise Price the Company shall make such arrangement as it determines appropriate to credit such amount for the Optionees benefit.
D. Combination: By any combination of the foregoing or in such other form(s) of consideration as the Administrator (as defined in the Plan) in its discretion shall specify.
Fractional shares may not be exercised. Shares of Common Stock will be issued as soon as practical after exercise. Notwithstanding the above, the Company shall not be obligated to deliver any shares of Common Stock during any period when the Company determines that the exercisability of the Option or the delivery of shares hereunder would violate any federal, state or other applicable laws.
4. EXPIRATION OF OPTION
Except as provided in this Section 4, the Option shall expire and cease to be exercisable as of the Expiration Date set forth in the Term Sheet. For purposes of the Option, termination of employment means ceasing to serve as a full-time employee of the Company and its Subsidiaries, except that (i) the Administrator may determine, subject to the Plan, that an approved leave of absence or approved employment on a less than full-time basis is not considered a termination of employment, (ii) the Administrator may
determine that a transition of employment to service with a partnership, joint venture or corporation not meeting the requirements of a Subsidiary in which the Company or a Subsidiary is a party is not considered a termination of employment, and (iii) service as a member of the Board shall constitute continued employment with respect to the Option.
A. Upon the date of a termination of employment for any reason other than a termination of employment by the Company for death, Total and Permanent Disablement or Cause, (i) any part of the Option that is unexercisable as of such termination date shall remain unexercisable and shall terminate as of such date, and (ii) any part of the Option that is exercisable as of the date of termination shall be exercisable by the Optionee at any time during the one (1) year following the date of termination and shall terminate at the end of such one (1) year period but in no event will the one (1) year period go beyond the Expiration Date set forth in the Term Sheet.
B. Upon the date of a termination of employment by the Company due to the Optionees death or Total and Permanent Disablement, the Option shall immediately vest in full and shall remain exercisable by the Optionee (or, in the case of the Optionees death, the Optionees estate, heir or beneficiary) at any time during the one (1) year following the date of termination and shall terminate at the end of such one (1) year period but in no event will the one (1) year period go beyond the Expiration Date set forth in the Term Sheet.
C. Upon the date of the Optionees termination of employment for Cause, the Option, to the extent unexercised as of the day prior to the date of such termination, shall terminate as of the date of termination.
Notwithstanding anything herein to the contrary, if at the time that the Option would otherwise expire pursuant to this Section 4 (other than in connection with a termination of employment by the Company for Cause), the Optionee is prohibited from exercising the Option because such an exercise would, in the opinion of counsel to the Company, violate applicable securities laws, the period during which the Option may be exercised shall automatically be extended until the date that is thirty (30) days following the first date on which the exercise of the Option would no longer violate applicable securities laws.
5. CONDITIONS AND RESTRICTIONS ON OPTION SHARES
The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Optionee or other subsequent transfers by the Optionee of any shares of Common Stock issued as a result of the exercise of the Option, including without limitation (a) restrictions under an insider trading policy or pursuant to applicable law, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Optionee and holders of other Company equity compensation arrangements, (c) restrictions in connection with any underwritten public offering by the Company of the Companys securities pursuant to an effective
registration statement filed under the Securities Act of 1933, (d) restrictions as to the use of a specified brokerage firm for such resales or other transfers, and (e) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy tax withholding or other obligations.
At no time will the Optionee have the right to require the Company to purchase from the Optionee any Shares acquired by the Optionee under the Option. Any Shares acquired by the Optionee under the Option may not be repurchased by the Company for a period of six (6) months following the date on which the Optionee acquired such Shares pursuant to the Option.
6. INCOME TAXES
The Optionee will be subject to federal and state income and other tax withholding requirements on the date (generally, the date of exercise) determined by applicable law, based on the excess of the fair market value of the shares of Common Stock underlying the portion of the Option that is exercised over the Exercise Price. The Optionee will be solely responsible for the payment of all U.S. federal income and other taxes, including any state, local or non-U.S. income or employment tax obligation that may be related to the exercise of the Option, including any such taxes that are required to be withheld and paid over to the applicable tax authorities (the Tax Withholding Obligation), if any. The Optionee will be responsible for the satisfaction of such Tax Withholding Obligation in a manner acceptable to the Company in its sole discretion.
The Company may refuse to issue any shares of Common Stock to the Optionee until the Optionee satisfies the Tax Withholding Obligation, if any. The Optionee acknowledges that the Company has the right to retain without notice from shares issuable upon exercise of the Option (or any portion thereof) or from salary or other amounts payable to the Optionee, shares or cash having a value sufficient to satisfy the Tax Withholding Obligation, if any.
The Optionee is ultimately liable and responsible for all taxes owed by the Optionee in connection with the Option, regardless of any action the Company takes or any transaction pursuant to this Section 6 with respect to any tax withholding obligations that arise in connection with the Option. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or exercise of the Option or the subsequent sale of any of the shares of Common Stock acquired upon exercise of the Option. The Company does not commit and is under no obligation to structure the Option to reduce or eliminate the Optionees tax liability.
7. NON-TRANSFERABILITY OF OPTION
Unless otherwise provided by the Administrator, the Optionee may not assign or transfer the Option to anyone other than by will or the laws of descent and distribution and the Option shall be exercisable only by the Optionee during his or her lifetime. The
Company may cancel the Optionees Option if the Optionee attempts to assign or transfer it in a manner inconsistent with this Section 7.
8. THE PLAN AND OTHER AGREEMENTS
In addition to these Terms and Conditions, the Option shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Capitalized terms not otherwise defined herein are defined in the Plan.
The Term Sheet, these Standard Terms and Conditions (including Attachment A hereto) and the Plan constitute the entire understanding between the Optionee and the Company regarding the Option. Any prior agreements, commitments or negotiations concerning the Option are superseded.
9. LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION
Neither the Optionee (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Optionee shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Term Sheet or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person upon exercise of the Option or any part of it. Nothing in the Plan, in the Term Sheet, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Optionee any right to continue in the Companys employ or service nor limit in any way the Companys right to terminate the Optionees employment at any time for any reason.
10. NOTICES
All notices, requests, demands and other communications pursuant to these Standard Terms and Conditions shall be in writing and shall be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party at the following addresses (or at such other address as shall be given in writing by either party to the other):
If to the Company to:
AECOM Technology Corporation
515 South Flower Street 3rd Floor
Los Angeles, CA 90071-2201
Attention: Compensation Manager
If to the Optionee, to the address set forth below the Optionees signature on the Term Sheet.
11. GENERAL
In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.
The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect.
These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.
All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion. In the event the Optionee or other holder of the Option believes that a decision by the Administrator with respect to such person was arbitrary or capricious, the Optionee or other optionholder may request arbitration with respect to such decision in accordance with the terms of the Plan. The review by the arbitrator shall be limited to determining whether the Administrators decision was arbitrary or capricious. This arbitration shall be the sole and exclusive review permitted of the Administrators decision, and the Optionee and any other option holder hereby explicitly waive any right to judicial review.
Attachment A
Notwithstanding anything to the contrary in the Standard Terms and Conditions and/or Term Sheet relating to your award of options (the Award), (a) the portion of your Award that vested on December 8, 2011 (the 2011 Tranche) shall, as of the date hereof, no long be considered vested for purposes of the Award and the Standard Terms and Conditions and shall not be eligible to vest until December 8, 2012, and (b) the 2011 Tranche, the portion of your Award originally scheduled to vest on December 8, 2012 (the 2012 Tranche) and the portion of your Award scheduled to vest on December 8, 2013 (the 2013 Tranche), shall, subject to the other conditions set forth in the Standard Terms and Conditions and Term Sheet, vest only and to the extent the Company achieves an EPS (as defined below) growth rate over FY2012 and FY2013 as provided in the following tables:
a) The portion of your Award eligible to vest in December 2012:
EPS Growth from FY2011 to |
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Portion of 2011 and 2012 Tranche Eligible to Vest |
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0 |
% |
0 |
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2.5 |
% |
50 |
% |
5 |
% |
100 |
% |
b) The portion of your Award eligible to vest in December 2013:
EPS Compound Annual |
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Portion of 2013 Tranche Eligible to Vest |
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0 |
% |
0 |
% |
2.5 |
% |
50 |
% |
5 |
% |
100 |
% |
If results fall between the levels set forth in the tables above, the portion of the award vesting shall be determined by linear interpolation.
For purposes of this Attachment A, the term EPS for a fiscal year means the Companys fully-diluted earnings per share for that year.
Exhibit 10.2
AECOM TECHNOLOGY CORPORATION
STANDARD TERMS AND CONDITIONS FOR
RESTRICTED STOCK UNITS
These Standard Terms and Conditions apply to any Award of restricted stock units granted to the Chairman and Chief Executive Officer of the Company on December 8, 2010 under the AECOM Technology Corporation 2006 Stock Incentive Plan and its amendments (the Plan), which are evidenced by a Term Sheet or an action of the Administrator that specifically refers to these Standard Terms and Conditions.
1. TERMS OF RESTRICTED STOCK UNITS
AECOM Technology Corporation, a Delaware corporation (the Company), has granted to the Participant named in the Term Sheet provided to said Participant herewith (the Term Sheet) an award of a number of restricted stock units (the Award) specified in the Term Sheet. Each restricted stock unit represents the right to receive one share of the Companys Common Stock, $0.01 par value per share (the Common Stock), upon the terms and subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions (including Attachment A hereto), and the Plan, each as amended from time to time. For purposes of these Standard Terms and Conditions and the Term Sheet, any reference to the Company shall, unless the context requires otherwise, include a reference to any Subsidiary, as such term is defined in the Plan.
2. VESTING OF RESTRICTED STOCK UNITS
The Award shall not be vested as of the Grant Date set forth in the Term Sheet and shall be forfeitable unless and until otherwise vested pursuant to the terms of the Term Sheet and these Standard Terms and Conditions (including Attachment A hereto). After the Grant Date, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Award shall become vested as described in the Term Sheet and Attachment A hereto; provided that (except as set forth in Section 5 below) the Participant does not experience a termination of employment (as defined in the Plan). Each date on which restricted stock units subject to the Award vest is referred to herein as a Vesting Date. Notwithstanding anything herein or in the Term Sheet to the contrary, if a Vesting Date is not a business day, the applicable portion of the Award shall vest on the prior business day. Restricted stock units granted under the Award that have vested and are no longer subject to forfeiture are referred to herein as Vested Units. Restricted stock units granted under the Award that are not vested and remain subject to forfeiture are referred to herein as Unvested Units. The vesting period of the Award may be adjusted by the Administrator to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full time basis, provided that the Administrator may take into consideration any accounting consequences to the Company in making any such adjustment.
3. SETTLEMENT OF RESTRICTED STOCK UNITS
Each Vested Unit will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 12 of the Plan) to the Participant or, in the event of the Participants death, to the Participants estate, heir or beneficiary, promptly following the applicable Vesting Date (but in no event later than 90 days following the Vesting Date); provided that the Participant has satisfied all of the tax withholding obligations described in Section 7 below, and that the Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the shares of Common Stock. The issuance of the shares of Common Stock hereunder may be affected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on the Participants behalf with a brokerage firm or other custodian, in each case as determined by the Company. Fractional shares will not be issued pursuant to the Award.
Notwithstanding the above, (i) the Company shall not be obligated to deliver any shares of the Common Stock during any period when the Company determines that the delivery of shares hereunder would violate any federal, state or other applicable laws, (ii) the Company may issue shares of Common Stock hereunder subject to any restrictive legends that, as determined by the Companys counsel, are necessary to comply with securities or other regulatory requirements, and (iii) the date on which shares are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters (which delay shall in no event extend beyond 90 days following the Vesting Date).
4. RIGHTS AS STOCKHOLDER
Prior to any issuance of shares of Common Stock in settlement of the Award, no shares of Common Stock will be reserved or earmarked for the Participant or the Participants account nor shall the Participant have any of the rights of a stockholder with respect to such shares. The Participant will not be entitled to any privileges of ownership of the shares of Common Stock (including, without limitation, any voting or dividend rights) underlying Vested Units and/or Unvested Units unless and until shares of Common Stock are actually delivered to the Participant hereunder.
5. TERMINATION OF EMPLOYMENT
Upon the date of the Participants termination of employment (as defined in the Plan) for any reason, except as provided in this Section 5, all Unvested Units shall be forfeited by the Participant and cancelled and surrendered to the Company without payment of any consideration to the Participant.
A. Upon the date of a termination of the Participants employment as a result of the death of the Participant, the Award will vest in full and the Vested Units will be paid to the Participants estate, heir or beneficiary.
B. Upon termination of employment by the Company as a result of the Total and Permanent Disablement of any Participant, the Award will vest in full.
C. Upon termination of the Participants employment for Cause, all Vested Units and Unvested Units shall be forfeited by the Participant and cancelled and surrendered to the Company without payment of any consideration to the Participant.
6. CONDITIONS AND RESTRICTIONS ON SHARES
The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued in respect of Vested Units, including without limitation (a) restrictions under an insider trading policy or pursuant to applicable law, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Company equity compensation arrangements, (c) restrictions in connection with any underwritten public offering by the Company of the Companys securities pursuant to an effective registration statement filed under the Securities Act of 1933, (d) restrictions as to the use of a specified brokerage firm for such resales or other transfers, and (e) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy tax withholding or other obligations.
At no time will the Participant have the right to require the Company to purchase from the Participant any Shares acquired by the Participant under the Award. Any Shares acquired by such Participant under the Award may not be repurchased by the Company for a period of six (6) months following the date on which the Participant acquired such Shares pursuant the Award.
7. INCOME TAXES
The Participant will be subject to federal and state income and other tax withholding requirements on a date (generally, the Settlement Date) determined by applicable law (any such date, the Taxable Date), based on the fair market value of the shares of Common Stock underlying the units that are vested. The Participant will be solely responsible for the payment of all U.S. federal income and other taxes, including any state, local or non-U.S. income or employment tax obligation that may be related to the Vested Units, including any such taxes that are required to be withheld and paid to the applicable tax authorities (the Tax Withholding Obligation). The Participant will be responsible for the satisfaction of such Tax Withholding Obligation in a manner acceptable to the Company in its sole discretion.
By accepting the Award the Participant agrees that, unless and to the extent the Participant has otherwise satisfied the Tax Withholding Obligations in a manner permitted or required by the Administrator pursuant to the Plan, the Company is authorized to withhold from the shares of Common Stock issuable to the Participant in respect of Vested Units the whole number of shares (rounded down) having a value (as determined by the Company consistent with any applicable tax requirements) on the
Taxable Date or the first trading day before the Taxable Date sufficient to satisfy the applicable Tax Withholding Obligation. If the withheld shares are not sufficient to satisfy the Participants Tax Withholding Obligation, the Participant agrees to pay to the Company as soon as practicable any amount of the Tax Withholding Obligation that is not satisfied by the withholding of shares of Common Stock described above and if the withheld shares are more than sufficient to satisfy the Participants Tax Withholding Obligation the Company shall make such arrangement as it determines appropriate to credit such amount for the Participants benefit.
At any time not less than five (5) business days before any Tax Withholding Obligation arises (e.g., a Settlement Date), the Participant may elect to satisfy all or any part of the Participants Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient (in light of the uncertainty of the exact amount thereof) to so satisfy the Tax Withholding Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a personal check payable to the Company, or (iii) such other means as specified from time to time by the Administrator, in each case unless the Company has specified prior to such date that the Participant is not permitted to so satisfy the Tax Withholding Obligation.
The Company may refuse to issue any shares of Common Stock to the Participant until the Participant satisfies the Tax Withholding Obligation. The Participant acknowledges that the Company has the right to retain without notice from shares issuable under the Award or from salary or other amounts payable to the Participant, shares or cash having a value sufficient to satisfy the Tax Withholding Obligation.
The Participant is ultimately liable and responsible for all taxes owed by the Participant in connection with the Award, regardless of any action the Company takes or any transaction pursuant to this Section 7 with respect to any tax withholding obligations that arise in connection with the Award. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of the Award or the subsequent sale of any of the shares of Common Stock underlying Vested Units. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Participants tax liability.
8. NON-TRANSFERABILITY OF AWARD
Unless otherwise provided by the Administrator, the Participant may not assign, transfer or pledge the Award, the shares of Common Stock subject thereto or any right or interest therein to anyone other than by will or the laws of descent and distribution. The Company may cancel the Participants Award if the Participant attempts to assign or transfer it in a manner inconsistent with this Section 8.
9. THE PLAN AND OTHER AGREEMENTS
In addition to these Terms and Conditions, the Award shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Certain capitalized terms not otherwise defined herein are defined in the Plan. In the
event of a conflict between the terms and conditions of these Standard Terms and Condition and the Plan, the Plan controls.
The Term Sheet, these Standard Terms and Conditions (including Attachment A hereto) and the Plan constitute the entire understanding between the Participant and the Company regarding the Award. Any prior agreements, commitments or negotiations concerning the Award are superseded.
10. LIMITATION OF INTEREST IN SHARES SUBJECT TO AWARD
Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Term Sheet or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person in respect of Vested Units.
11. NOT A CONTRACT FOR EMPLOYMENT
Nothing in the Plan, in the Term Sheet, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Companys employ or service nor limit in any way the Companys right to terminate the Participants employment at any time for any reason.
12. SECTION 409A
Notwithstanding any other provision of the Plan or these Standard Terms and Conditions, this Award is not intended to provide for a deferral of compensation within the meaning of Section 409A of the Code and is intended to qualify for as a short-term deferral under Section 409A of the Code, and these Standard Terms and Conditions shall be construed or deemed to be amended as necessary to effect such intent. Under no circumstances, however, shall the Company have any liability under the Plan or these Standard Terms and Conditions for any taxes, penalties or interest due on amounts paid or payable pursuant to the Plan or these Standard Terms and Conditions, including any taxes, penalties or interest imposed under Section 409A of the Code.
13. NOTICES
All notices, requests, demands and other communications pursuant to these Standard Terms and Conditions shall be in writing and shall be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party at the following addresses (or at such other address as shall be given in writing by either party to the other):
If to the Company to:
AECOM Technology Corporation
515 South Flower Street 3rd Floor
Los Angeles, CA 90071-2201
Attention: Compensation Department
If to the Participant, to the address set forth below the Participants signature on the Term Sheet.
14. SEPARABILITY
In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.
15. HEADINGS
The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect.
16. FURTHER ASSURANCES
Each party shall cooperate and take such action as may be reasonably requested by another party in order to carry out the provisions and purposes of these Standard Terms and Conditions.
17. BINDING EFFECT
These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.
18. DISPUTES
All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion. In the event the Participant or other holder of an Award believes that a decision by the Administrator with respect to such person was arbitrary or capricious, the Participant or other holder may request arbitration with respect to such decision in accordance with the terms of the Plan. The review by the arbitrator shall be limited to determining whether the Administrators decision was arbitrary or capricious. This arbitration shall be the sole and exclusive review permitted of the Administrators decision, and the Participant and any other holder hereby explicitly waive any right to judicial review.
19. ELECTRONIC DELIVERY
The Company may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request the Participants consent to participate in the Plan by electronic means. By accepting the Award, the Participant consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, and such consent shall remain in effect throughout the Participants term of employment or service with the Company and thereafter until withdrawn in writing by the Participant.
Attachment A
Notwithstanding anything to the contrary in the Standard Terms and Conditions and/or Term Sheet relating to your award of restricted stock units and/or options (the Award), the portion of your Award scheduled to vest on December 8, 2012 (the 2012 Tranche) and the portion of your Award scheduled to vest on December 8, 2013 (the 2013 Tranche), shall, subject to the other conditions set forth in the Standard Terms and Conditions and Term Sheet, vest only and to the extent the Company achieves an EPS (as defined below) growth rate over FY2012 and FY2013 as provided in the following tables:
a) The portion of your Award eligible to vest in December 2012:
EPS Growth from FY2011 to |
|
Portion of 2012 Tranche Eligible to Vest |
|
0 |
% |
0 |
% |
2.5 |
% |
50 |
% |
5 |
% |
100 |
% |
b) The portion of your Award eligible to vest in December 2013:
EPS Compound Annual |
|
Portion of 2013 Tranche Eligible to Vest |
|
0 |
% |
0 |
% |
2.5 |
% |
50 |
% |
5 |
% |
100 |
% |
If results fall between the levels set forth in the tables above, the portion of the award vesting shall be determined by linear interpolation.
For purposes of this Attachment A, the term EPS for a fiscal year means the Companys fully-diluted earnings per share for that year.