FORFEITURE AND TERMINATION AGREEMENT
Exhibit 10.1
THIS
FORFEITURE AND TERMINATION AGREEMENT is made and entered into as of
the 2nd day of February,
2009, by and between
_____
(“Executive”), and Pike Electric Corporation, a Delaware
Corporation (the “Company”, and collectively, the “Parties”).
Statement of Purpose
Executive has previously been granted the opportunity to receive a Cash Incentive Award (the
“Award”) from Company pursuant to that certain Cash Incentive Award Agreement for Fiscal 2009
between Company and Executive dated September 29, 2008 (the “Award Agreement”). As a means of
more equitably apportioning among the Company’s employees the effects of the current dislocation in the
national and global economies, the parties have determined to terminate the Award Agreement and
Executive has decided to forfeit completely any Award for which he might have been eligible under
the Award Agreement effective as of the date hereof in accordance with the terms of this Forfeiture
and Termination Agreement.
NOW, THEREFORE, in consideration of the foregoing statement of purpose and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Executive on
behalf of himself and his heirs, successors and assigns forfeits the Award in its entirety, and the
Company and Executive agree that the Award Agreement is terminated, both effective as of the
date hereof; provided, that the “Dispute Resolution” provisions of Section 10 of the Award
Agreement shall remain in effect. Executive affirms that this forfeiture is knowing, voluntary and
unconditional.
IN WITNESS WHEREOF, the parties have executed this Forfeiture and Termination Agreement on the date
first written above.
| CORPORATION: | ||||
| PIKE ELECTRIC CORPORATION | ||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| EXECUTIVE: | ||||
| Name: | ||||
| Title: | ||||
