Attached files
file | filename |
---|---|
EXCEL - IDEA: XBRL DOCUMENT - JONES SODA CO | Financial_Report.xls |
EX-10.5 - EX-10.5 - JONES SODA CO | v59631exv10w5.htm |
EX-32.1 - EX-32.1 - JONES SODA CO | v59631exv32w1.htm |
EX-10.3 - EX-10.3 - JONES SODA CO | v59631exv10w3.htm |
EX-31.1 - EX-31.1 - JONES SODA CO | v59631exv31w1.htm |
EX-10.1 - EX-10.1 - JONES SODA CO | v59631exv10w1.htm |
EX-31.2 - EX-31.2 - JONES SODA CO | v59631exv31w2.htm |
EX-32.2 - EX-32.2 - JONES SODA CO | v59631exv32w2.htm |
10-Q - FORM 10-Q - JONES SODA CO | v59631e10vq.htm |
Exhibit
10.4
JONES SODA CO.
2011 INCENTIVE PLAN
2011 INCENTIVE PLAN
RESTRICTED STOCK AWARD NOTICE
Jones Soda Co. (the Company) hereby grants to you a Restricted Stock Award (the Award) for
shares of the Companys Common Stock under the Companys 2011 Incentive Plan (the Plan). The
Award is subject to all the terms and conditions set forth in this Restricted Stock Award Notice
(the Award Notice) and in the Restricted Stock Award Agreement and the Plan, which are
incorporated into the Award Notice in their entirety.
Participant: |
||||
Grant Date: |
||||
Vesting Commencement Date: |
||||
Number of Shares Subject to the Award
(the Shares): |
||||
Fair Market Value Per Share on Grant Date: |
$ | |||
Vesting Schedule: |
Additional Terms/Acknowledgement: You acknowledge receipt of, and understand and agree to, the
Award Notice, the Restricted Stock Award Agreement and the Plan. You further acknowledge that as
of the Grant Date, the Award Notice, the Restricted Stock Award Agreement and the Plan set forth
the entire understanding between you and the Company regarding the Award and supersede all prior
oral and written agreements on the subject.
JONES SODA CO.
|
PARTICIPANT | |
By:
|
[Name] | |
Title: |
||
Attachments:
1. Restricted Stock Award Agreement
1. Restricted Stock Award Agreement
JONES SODA CO.
2011 INCENTIVE PLAN
2011 INCENTIVE PLAN
RESTRICTED STOCK AWARD AGREEMENT
Pursuant to your Restricted Stock Award Notice (the Award Notice) and this Restricted Stock
Award Agreement (this Agreement), Jones Soda Co. (the Company) has granted you a Restricted
Stock Award (the Award) under its 2011 Incentive Plan (the Plan) for the number of
shares of the Companys Common Stock indicated in your Award Notice. Capitalized terms not defined
in this Agreement but defined in the Plan have the same definitions as in the Plan.
The details of the Award are as follows:
1. Vesting
The Award will vest and no longer be subject to forfeiture according to the vesting schedule
set forth in the Award Notice (the Vesting Schedule). Shares subject to the portion of the Award
that has vested and is no longer subject to forfeiture according to the Vesting Schedule are
referred to herein as Vested Shares. Shares subject to the portion of the Award that has not
vested and remains subject to forfeiture under the Vesting Schedule are referred to herein as
Unvested Shares. The Unvested Shares will vest (and to the extent so vested cease to be Unvested
Shares remaining subject to forfeiture) in accordance with the Vesting Schedule (the Unvested and
Vested Shares are collectively referred to herein as the Shares).
2. Termination of Service
Unless the Committee determines otherwise prior to your Termination of Service, all Unvested
Shares will immediately be forfeited to the Company upon your Termination of Service without
payment of any consideration to you.
3. Consideration for Award
The Company acknowledges your payment of full consideration for the Award in the form of
services previously rendered and/or services to be rendered hereafter to the Company (in either
case, in an amount equal to no less than the aggregate par value of the Shares).
4. Securities Law Compliance
4.1 You represent and warrant that you (a) have been furnished with a copy of the Plan and all
information which you deem necessary to evaluate the merits and risks of receipt of the Shares, (b)
have had the opportunity to ask questions and receive answers concerning the information received
about the Shares and the Company, and (c) have been given the opportunity to obtain any additional
information you deem necessary to verify the accuracy of any information obtained concerning the
Shares and the Company.
4.2 You hereby agree that you will in no event sell or distribute all or any part of the
Shares unless (a) there is an effective registration statement under the Securities Act and
applicable state securities laws covering any such transaction involving the Shares or (b) the
Company receives an opinion of your legal counsel (concurred in by legal counsel for the Company)
stating that such transaction is exempt from registration or the Company otherwise satisfies itself
that such transaction is exempt from registration.
4.3 You confirm that you have been advised, prior to your receipt of the Shares, that neither
the offering of the Shares nor any offering materials have been reviewed by any administrator under
the Securities Act or any other applicable securities act.
4.4 You hereby agree to indemnify the Company and hold it harmless from and against any loss,
claim or liability, including attorneys fees or legal expenses, incurred by the Company as a
result of any breach by you of, or any inaccuracy in, any representation, warranty or statement
made by you in this Agreement or the breach by you of any terms or conditions of this Agreement.
5. Transfer Restrictions
Any sale, transfer, assignment, pledge, encumbrance, hypothecation, conveyance in trust,
gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, whether
voluntary or by operation of law, directly or indirectly, of Unvested Shares will be strictly
prohibited and void.
[Sections 6 is for employees subject to U.S. tax law only:]
6. Section 83(b) Election for Award
You understand that under Section 83(a) of the Code, the Fair Market Value of the Unvested
Shares on the date the forfeiture restrictions lapse will be taxed, on the date such forfeiture
restrictions lapse, as ordinary income subject to payroll and withholding tax and tax reporting, as
applicable. For this purpose, the term forfeiture restrictions means the right of the Company to
receive back any Unvested Shares upon your Termination of Service. You understand that you may
elect under Section 83(b) of the Code to be taxed at the time the Unvested Shares are acquired,
rather than when and as the Unvested Shares cease to be subject to the forfeiture restrictions.
Such election (an 83(b) Election) must be filed with the Internal Revenue Service within 30 days
from the Grant Date of the Award.
You understand that there are significant risks associated with the decision to make an 83(b)
Election. If you make and 83(b) Election and the Unvested Shares are subsequently forfeited to the
Company, you will not be entitled to a deduction for any ordinary income previously recognized as a
result of the 83(b) Election. If you make an 83(b) Election and the value of the Unvested Shares
subsequently declines, the 83(b) Election may cause you to recognize more ordinary income than you
would have otherwise recognized. On the other hand, if the value of the Unvested Shares increases
and you have not made an 83(b) Election, you may recognize more ordinary income than you would have
if you had made the election.
THE FORM FOR MAKING AN 83(b) ELECTION IS ATTACHED TO THIS AGREEMENT AS EXHIBIT B. YOU
UNDERSTAND THAT, IF YOU DECIDE TO MAKE AN 83(b) ELECTION, IT IS YOUR RESPONSIBILITY TO FILE SUCH AN
ELECTION AND THAT FAILURE TO FILE SUCH AN ELECTION WITHIN THE 30-DAY PERIOD MAY RESULT IN THE
RECOGNITION OF ORDINARY INCOME BY YOU AS THE FORFEITURE RESTRICTIONS LAPSE. You further understand
that an additional copy of such election form should be filed with your federal income tax
return for the calendar year in which the date of this Agreement falls. You acknowledge that the
foregoing is only a summary of the federal income tax laws that apply to the receipt of the
Unvested Shares under this Agreement and does not purport to be complete. YOU FURTHER ACKNOWLEDGE
THAT THE COMPANY HAS DIRECTED YOU TO
- 2 -
SEEK INDEPENDENT ADVICE REGARDING THE APPLICABLE PROVISIONS OF
THE CODE, THE INCOME TAX LAWS OF ANY MUNICIPALITY, STATE OR FOREIGN COUNTRY IN WHICH YOU MAY
RESIDE, AND THE TAX CONSEQUENCES OF YOUR DEATH.
You agree to execute and deliver to the Company with this Agreement a copy of the
Acknowledgment and Statement of Decision Regarding Section 83(b) Election attached hereto as
Exhibit A. You further agree that, if you choose to make an 83(b) Election with the Internal
Revenue Service, you will execute and deliver to the Company with this Agreement a copy of the
83(b) Election attached hereto as Exhibit B.
7. Book Entry Registration of Shares
The Company may issue the Shares by registering the Shares in book entry form with the
Companys transfer agent in your name in which case the applicable restrictions will be noted in
the records of the Companys transfer agent in the book entry system.
8. Stop-Transfer Notices
You understand and agree that, in order to ensure compliance with the restrictions referred to
in this Agreement, the Company may issue appropriate stop-transfer instructions to its transfer
agent, if any, and that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. The Company will not be required to (a) transfer
on its books any Shares that have been sold or transferred in violation of the provisions of this
Agreement or (b) treat as the owner of the Shares, or otherwise accord voting, dividend or
liquidation rights to, any transferee to whom the Shares have been transferred in contravention of
this Agreement.
9. Independent Tax Advice
You acknowledge that determining the actual tax consequences to you of receiving or disposing
of the Shares may be complicated. These tax consequences will depend, in part, on your specific
situation and may also depend on other variables not within the control of the Company. You are
aware that you should consult a competent and independent tax advisor for a full understanding of
the specific tax consequences to you of receiving or disposing of the Shares. Prior to executing
the Award Notice, you either have consulted with a competent tax advisor independent of the Company
to obtain tax advice concerning the receipt or disposition of the Shares in light of your specific
situation or you have had the opportunity to consult with such a tax advisor but chose not to do
so.
10. Tax Withholding
As a condition to the removal of forfeiture restrictions from your Vested Shares, you agree to
make arrangements satisfactory to the Company for the payment of any federal, state, local or
foreign withholding tax obligations that arise either upon receipt of the Shares or as the
forfeiture restrictions on any Shares lapse. You may satisfy such withholding obligation by any of
the following means or a combination thereof: (a) tendering a cash payment to the Company, (b)
having the Company withhold an amount from any cash amount otherwise due or become due from the
Company to you, (c) having the Company withhold a number of shares of the Companys Common Stock
that would otherwise become vested under this Agreement (up to the employers minimum tax
withholding rate) or (d)
- 3 -
surrendering to the Company already owned shares of the Companys Common
Stock (up to the employers minimum required tax withholding rate). Notwithstanding the previous
sentence, you acknowledge and agree that the Company and any Related Company have the right to
deduct from payments of any kind otherwise due to you any federal, state or local taxes of any kind
required by law to be withheld with respect the Award.
11. General Provisions
11.1 Assignment. The Company may assign its forfeiture rights at any time, whether or not
such rights are then exercisable, to any person or entity selected by the Companys Board of
Directors, including, without limitation, one or more of the Companys shareholders.
11.2 No Waiver. No waiver of any provision of this Agreement will be valid unless in writing
and signed by the person against whom such waiver is sought to be enforced, nor will failure to
enforce any right hereunder constitute a continuing waiver of the same or a waiver of any other
right hereunder.
11.3 Cancellation of Shares. If the Company or its assignees exercises the Companys
forfeiture rights in accordance with the provisions of this Agreement, then, from and after such
time, the person from whom such Shares are to be forfeited will no longer have any rights as a
recipient of such Shares, such Shares will be deemed forfeited in accordance with the applicable
provisions of this Agreement, and the Company or its assignees will be deemed the owner and
recipient of such Shares, whether or not any certificates therefor have been delivered as required
by this Agreement.
11.4 Undertaking. You hereby agree to take whatever additional action and execute whatever
additional documents the Company may deem necessary or advisable in order to carry out or effect
one or more of the obligations or restrictions imposed on either you or the Shares pursuant to the
express provisions of this Agreement.
11.5 Agreement Is Entire Contract. This Agreement and the Award Notice constitute the entire
contract between the parties hereto with regard to the subject matter hereof and supersede all
prior oral and written agreements on the subject. This Agreement and the Award Notice are made
pursuant to the provisions of the Plan and will in all respects be construed in conformity with the
express terms and provisions of the Plan.
11.6 Successors and Assigns. The provisions of this Agreement will inure to the benefit of,
and be binding on, the Company and its successors and assigns and you and your legal
representatives, heirs, legatees, distributees, assigns and transferees by operation of law,
whether or not any such person will have become a party to this Agreement and agreed in writing to
join herein and be bound by the terms and conditions hereof.
11.7 No Employment or Service Contract. Nothing in this Agreement will affect in any manner
whatsoever the right or power of the Company, or a Related Company, to terminate your employment
or services on behalf of the Company, for any reason, with or without Cause.
11.8 Shareholder of Record. You will be recorded as a shareholder of the Company and will
have, subject to the provisions of this Agreement and the Plan, all the rights of a shareholder
with respect to the Shares.
- 4 -
11.9 Counterparts. The Award Notice may be executed in two or more counterparts, each of
which will be deemed an original, but which, upon execution, will constitute one and the same
instrument.
11.10 Governing Law. To the extent not otherwise governed by the laws of the United States,
this Agreement will be construed and administered in accordance with and governed by the laws of
the State of Washington without giving effect to principles of conflicts of law.
12. Section 409A. The Award is intended to be exempt from the rules of Section 409A or to
satisfy those rules, and shall be construed accordingly.
[Sections 13 and 14 are for non-U.S. employees:]
13. Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation.
In accepting the Award, you acknowledge, understand and agree that (a) the Plan is established
voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or
terminated by the Company at any time; (b) the grant of the Award is voluntary and occasional and
does not create any contractual or other right to receive future grants of Awards, or benefits in
lieu of Awards, even if have been granted repeatedly in the past; (c) all decisions with respect
to future Award grants, if any, will be at the sole discretion of the Company; (d) you are
voluntarily participating in the Plan; (e) the Award and any Shares acquired under the Plan are
extraordinary items that do not constitute compensation of any kind for services of any kind
rendered to the Company, and which is outside the scope of your service contract, if any; (f) the
Award and any Shares acquired under the Plan are not intended to replace any compensation; (g) the
Award and any Shares acquired under the Plan are not part of normal or expected compensation for
any purposes, including, but not limited to, calculating any severance, resignation, termination,
redundancy, dismissal, end of service payments, bonuses, long-service awards, or similar payments
and in no event should be considered as compensation for, or relating in any way to, past services
for the Company or any Related Company; (h) the future value of the Award is unknown and cannot be
predicted with certainty; (i) no claim or entitlement to compensation or damages shall arise from
forfeiture of the Award resulting from your Termination of Service by the Company or a Related
Company (for any reason whatsoever and whether or not in breach of local laws) and in consideration
of the grant of the Award to which you are otherwise not entitled, you irrevocably agree never to
institute any claim against the Company or any Related Company, waive your ability, if any, to
bring any such claim, and release the Company or any Related Company from any such claim; if,
notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction,
then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue
such claim and agree to execute any and all documents necessary to request dismissal or withdrawal
of such claims; (j) in the event of your Termination of Service (whether or not in breach of local
laws), your right to vest in the Award under the Plan, if any, will terminate effective as of the
date that you are no longer actively retained and will not be extended by any notice period
mandated under local law;
and (k) the Award and the benefits under the Plan, if any, will not automatically transfer to
another company in the case of a merger, take-over or transfer of liability.
- 5 -
14. Data Privacy.
By entering into this Agreement and accepting the Award, you explicitly and unambiguously
consent to the collection, use and transfer, in electronic or other form, of any of your personal
data that is necessary to facilitate the implementation, administration and management of the Award
and the Plan. You understand that the Company and any Related Company may, for the purpose of
implementing, administering and managing the Plan, hold certain personal information about you,
including, but not limited to, your name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job title any shares of stock
or directorships held in the Company, details of all Awards or any other entitlement to shares of
stock awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the
exclusive purpose of implementing, administering and managing the Plan (Data).
You understand that Data may be transferred to any third parties assisting in the
implementation, administration and management of the Plan, including any broker with whom the
Shares issued upon vesting of the Award may be deposited, and that these recipients may be located
in your country or elsewhere, and that the recipients country (e.g., the United States) may have
different data privacy laws and protections than your country You understand that you may request
a list with the names and addresses of any potential recipients of the Data by contacting the
Company. You authorize the Company, and any other possible recipients which may assist the Company
(presently or in the future) with implementing, administering and managing the Plan to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of
implementing, administering and managing your participation in the Plan. You understand that Data
will be held only as long as is necessary to implement, administer and manage your participation in
the Plan. You understand that you may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing the Company. You
understand, however, that refusing or withdrawing your consent may affect your ability to
participate in the Plan. For more information on the consequences of your refusal to consent or
withdrawal of consent, you understand that you may contact the Company.
- 6 -
EXHIBIT A
ACKNOWLEDGMENT AND STATEMENT OF DECISION REGARDING SECTION 83(b) ELECTION
The undersigned, a recipient of __________ shares of Common Stock of Jones Soda Co., a
Washington corporation (the Company), pursuant to a restricted stock award granted pursuant to
the Companys 2011 Incentive Plan (the Plan), hereby states as follows:
1. The undersigned acknowledges receipt of a copy of the Plan relating to the offering of such
shares. The undersigned has carefully reviewed the Plan and the Restricted Stock Award Notice and
Restricted Stock Award Agreement pursuant to which the award was granted.
2. The undersigned either (check and complete as applicable):
(a) | has consulted, and has been fully advised by, the undersigneds own tax advisor, ________________________, whose business address is _________________________, regarding the federal, state and local tax consequences of receiving shares under the Plan, and particularly regarding the advisability of making an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the Code), and pursuant to the corresponding provisions, if any, of applicable state law, or | ||
(b) | has knowingly chosen not to consult such a tax advisor. |
3. The undersigned hereby states that the undersigned has decided (check as applicable)
(a) | to make an election pursuant to Section 83(b) of the Code, and is submitting to the Company, together with the undersigneds executed Restricted Stock Award Notice, an executed form entitled Election Under Section 83(b) of the Internal Revenue Code of 1986, or | ||
(b) | not to make an election pursuant to Section 83(b) of the Code. |
4. Neither the Company nor any affiliate or representative of the Company has made any
warranty or representation to the undersigned with respect to the tax consequences of the
undersigneds purchase of shares under the Plan or of the making or failure to make an election
pursuant to Section 83(b) of the Code or the corresponding provisions, if any, of applicable state
law.
Dated: | ||||
Recipient | ||||
Print Name | ||||
EXHIBIT B
ELECTION UNDER SECTION 83(b)
OF THE INTERNAL REVENUE CODE OF 1986
OF THE INTERNAL REVENUE CODE OF 1986
The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue
Code, to include in taxpayers gross income for the current taxable year the amount of any
compensation taxable to taxpayer in connection with taxpayers receipt of the property described
below:
1. | The name, address, taxpayer identification number and taxable year of the undersigned are as follows: | |
NAME OF TAXPAYER:________________________ | ||
NAME OF SPOUSE:________________________ | ||
ADDRESS:________________________ | ||
________________________ | ||
IDENTIFICATION NO. OF TAXPAYER:________________________ | ||
IDENTIFICATION NO. OF SPOUSE:________________________ | ||
TAXABLE YEAR: ________________________ | ||
2. | The property with respect to which the election is made is described as follows: _______ shares of the Common Stock of Jones Soda Co., a Washington corporation (the Company). | |
3. | The date on which the property was transferred is: _____________, 20___ | |
4. | The property is subject to the following restrictions: | |
The property is subject to a right pursuant to which taxpayer forfeits the rights in and to the shares if for any reason taxpayers service with the Company is terminated. The Companys right to receive back the shares lapses as follows: ___________________. | ||
5. | The aggregate fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is: $____________ | |
6. | The amount (if any) paid for such property is: $________ |
The undersigned has submitted a copy of this statement to the person for whom the services
were performed in connection with the undersigneds receipt of the above-described property. The
undersigned is the person performing the services in connection with the transfer of said property.
The undersigned understands that the foregoing election may not be revoked except with the
consent of the Commissioner.
Dated: |
||||
Recipient | ||||
Dated: |
||||
Recipients Spouse |
DISTRIBUTION OF COPIES
1. | File original with the Internal Revenue Service Center where the taxpayers income tax return will be filed. Filing must be made by no later than 30 days after the date the property was transferred. | |
2. | Attach one copy to the taxpayers income tax return for the taxable year in which the property was transferred. | |
3. | Mail one copy to the Company at the following address: |
Jones Soda Co.
234 9th Avenue North
Seattle, WA 98109
234 9th Avenue North
Seattle, WA 98109