RESTRICTED STOCK AWARD AGREEMENT
Exhibit 10(l)
Pursuant to the provisions of the Pulte Corporation 2000 Stock Incentive Plan for Key
Employees (the “Plan”), the employee named in the Grant Acceptance (the “Holder”) has been granted
a restricted stock award (the “Award”) of the number of shares of common stock, $.01 par value, of
Pulte Homes, Inc., a Michigan corporation (the “Company”) set forth in the Grant Acceptance (the
“Shares”), subject to adjustment as provided herein and in the Plan. The Award is subject to the
restrictions, terms and conditions set forth below. Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Plan. This Agreement, together with the Grant
Acceptance, constitute the Restricted Stock Agreement which is made and entered into as of the
grant date set forth in the Grant Acceptance (the “Grant Date”).
1. Award Subject to Acceptance of Agreement. The Award shall be null and void unless
the Holder shall (a) accept this Agreement in the manner prescribed by the Company and (b) if
requested by the Company, execute and return one or more irrevocable stock powers to facilitate the
transfer to the Company (or its assignee or nominee) of the Shares subject to the Award if Shares
are forfeited pursuant to Section 4 hereof or if required under applicable laws or regulations. As
soon as practicable after the Holder has accepted this Agreement in accordance with the procedures
prescribed by the Company and, if requested by the Company, such stock power or powers, and
returned the same to the Company, the Company shall cause to be issued in the Holder’s name the
total number of Shares subject to the Award.
2. Rights as a Stockholder. The Holder shall have the right to vote the Shares
subject to the Award and to receive dividends and other distributions thereon unless and until such
Shares are forfeited pursuant to Section 4 hereof; provided, however, that a dividend or other
distribution with respect to such Shares (including, without limitation, a stock dividend or stock
split), other than a regular cash dividend, shall be subject to the same restrictions as the Shares
with respect to which such dividend or other distribution was made (and if the Holder shall have
received such dividend or other distribution, the Holder shall deliver the same to the Company and
shall, if requested by the Company, execute and return one or more irrevocable stock powers related
thereto).
3. Custody and Delivery of Shares. The Shares subject to the Award shall be held by
the Company or by a custodian in book entry form, with restrictions on the Shares duly noted, until
such Award shall have vested pursuant to Section 4 hereof, and as soon thereafter as practicable,
subject to Section 5.3 hereof, the vested Shares shall be delivered to the Holder as the Holder
shall direct. Alternatively, in the sole discretion of the Company, the Company shall hold a
certificate or certificates representing the Shares subject to the Award until such Award shall
have vested, in whole or in part, pursuant to Section 4 hereof, and the Company shall as soon
thereafter as practicable, subject to Section 5.3 hereof, deliver the certificate or certificates
for the vested Shares to the Holder and destroy the stock power or powers relating to the vested
Shares delivered by the Holder pursuant to Section 1 hereof. If such stock power or powers also
relate to unvested Shares, the Company may require, as a condition precedent to delivery of any
certificate pursuant to this Section 3, the execution and delivery to the Company of one or more
stock powers relating to such unvested Shares.
4. Vesting.
(a) Except to the extent earlier forfeited or vested pursuant to this Section 4 or in the
event of a Change in Control, the Award shall vest on the third anniversary of the Grant Date.
(b) If the Holder’s employment by the Company terminates by reason of retirement with the
consent of the Company, or terminates by reason of the Holder’s death or disability, the Award
shall become fully vested as of the effective date of the Holder’s termination of employment or the
date of death, as the case may be, provided that if such termination of employment is by reason of
retirement and the Holder executes a release in connection with such retirement that provides for a
period in which such release may be revoked, the Award shall become fully vested upon the
expiration of such revocation period if the Holder has not revoked such release and, provided
further, that the Award shall not become fully vested if the Holder has revoked such release..
(c) If the Holder’s employment by the Company is terminated by the Company for Cause, the
portion of the Award which is not vested as of the effective date of the Holder’s termination of
employment shall be forfeited by the Holder and shall be transferred, without payment of any
consideration to the Holder, to the Company (or its assignee or nominee).
(d) If the Holder’s employment by the Company terminates for any reason other than a reason
specified in Section 4(b) or 4(c) hereof, the portion of the Award which is not vested as of the
effective date of the Holder’s termination of employment shall be forfeited by the Holder and shall
be transferred, without payment of any consideration to the Holder, to the Company (or its assignee
or nominee); provided, however, that the Committee may, in its discretion, make a determination
that part or all of such unvested portion of the Award shall become fully vested as of the
effective date of the Holder’s termination of employment.
(e) As used herein, “Cause” shall mean a determination by the Company that the Holder has (i)
willfully and continuously failed to substantially perform the duties assigned by the Company or a
Subsidiary with which the Holder is employed (other than a failure resulting from the Holder’s
disability), (ii) willfully engaged in conduct which is demonstrably injurious to the Company or
any Subsidiary, monetarily or otherwise, including conduct that, in the reasonable judgment of the
Company, does not conform to the standard of the Company’s executives or employees, or (iii)
engaged in any act of dishonesty, the commission of a felony or a significant violation of any
statutory or common law duty of loyalty to the Company or any Subsidiary.
(f) As used herein, “Change in Control” shall mean:
(i) the acquisition by any individual, entity or group (a “Person”), including any “person”
within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the
“Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated under the
Exchange Act, of 40% or more of either (i) the then outstanding shares of common stock of the
Company (the “Outstanding Common Stock”) or (ii) the combined voting power of the then outstanding
securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Voting Securities”); excluding, however, the following: (A) any acquisition directly from the
Company (excluding any acquisition resulting from the exercise of an exercise, conversion or
exchange privilege unless the security being so exercised, converted or exchanged was acquired
directly from the
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Company), (B) any acquisition by the Company, (C) any acquisition by an employee benefit plan
(or related trust) sponsored or maintained by the Company or any corporation controlled by the
Company, (D) any acquisition by any corporation pursuant to a transaction which complies with
clauses (i), (ii) and (iii) of subsection (iii) of this Section 4(f) or (E) any acquisition by any
one or more of Xxxxxxx X. Xxxxx, his spouse, any trust or other entity established for the benefit
of either or both of such persons, or any charitable organization established by either or both of
such persons (“Exempt Persons”); provided further, that for purposes of clause (B), if any Person
(other than the Company, any one or more Exempt Persons or any employee benefit plan (or related
trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall
become the beneficial owner of 40% or more of the Outstanding Common Stock or 40% or more of the
Outstanding Voting Securities by reason of an acquisition by the Company, and such Person shall,
after such acquisition by the Company, become the beneficial owner of any additional shares of the
Outstanding Common Stock or any additional Outstanding Voting Securities and such beneficial
ownership is publicly announced, such additional beneficial ownership shall constitute a Change in
Control;
(ii) individuals who, as of the date hereof, constitute the Board of Directors of the Company
(the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board of
Directors; provided that any individual who becomes a director of the Company subsequent to the
date hereof whose election, or nomination for election by the Company’s stockholders, was approved
by the vote of at least a majority of the directors then comprising the Incumbent Board shall be
deemed a member of the Incumbent Board; and provided further, that any individual who was initially
elected as a director of the Company as a result of an actual or threatened solicitation by a
Person other than the Board of Directors for the purpose of opposing a solicitation by any other
Person with respect to the election or removal of directors, or any other actual or threatened
solicitation of proxies or consents by or on behalf of any Person other than the Board of Directors
shall not be deemed a member of the Incumbent Board;
(iii) the consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”);
excluding, however, a Corporate Transaction pursuant to which (i) all or substantially all of the
individuals or entities who are the beneficial owners, respectively, of the Outstanding Common
Stock and the Outstanding Voting Securities immediately prior to such Corporate Transaction will
beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding shares of
common stock, and the combined voting power of the outstanding securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from such
Corporate Transaction (including, without limitation, a corporation which as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or
indirectly) in substantially the same proportions relative to each other as their ownership,
immediately prior to such Corporate Transaction, of the Outstanding Common Stock and the
Outstanding Voting Securities, as the case may be, (ii) no Person (other than: the Company; any
employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company; the corporation resulting from such Corporate Transaction; and any
Person which beneficially owned, immediately prior to such Corporate Transaction, directly or
indirectly, 40% or more of the Outstanding Common Stock or the Outstanding Voting Securities, as
the case may be) will beneficially own, directly or indirectly, 40% or more of, respectively, the
outstanding shares of common stock of the corporation resulting from such Corporate Transaction or
the combined voting power of the outstanding securities of such corporation entitled to vote
generally in the election of directors and (iii) individuals who were members of the Incumbent
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Board will constitute at least a majority of the members of the board of directors of the
corporation resulting from such Corporate Transaction; or
(iv) the consummation of a plan of complete liquidation or dissolution of the Company.
5. Additional Terms and Conditions of Award.
5.1. Nontransferability of Award. Prior to the vesting of the Shares subject to the
Award, such Shares may not be transferred by the Holder other than by will, the laws of descent and
distribution or pursuant to beneficiary designation procedures approved by the Company. Except to
the extent permitted by the foregoing, such unvested Shares may not be sold, transferred, assigned,
pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or
otherwise) or be subject to execution, attachment or similar process.
5.2. Investment Representation. The Holder hereby represents and covenants that (a)
any Shares acquired upon the vesting of the Award will be acquired for investment and not with a
view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”), unless such acquisition has been registered under the Securities Act and any
applicable state securities law; (b) any subsequent sale of any such Shares shall be made either
pursuant to an effective registration statement under the Securities Act and any applicable state
securities laws, or pursuant to an exemption from registration under the Securities Act and such
state securities laws; and (c) if requested by the Company, the Holder shall submit a written
statement, in form satisfactory to the Company, to the effect that such representation (x) is true
and correct as of the date of acquisition of any Shares hereunder or (y) is true and correct as of
the date of any sale of any such Shares, as applicable. As a further condition precedent to the
delivery to the Holder of any Shares subject to the Award, the Holder shall comply with all
regulations and requirements of any regulatory authority having control of or supervision over the
issuance of the Shares and, in connection therewith, shall execute any documents which the Board of
Directors or the Committee shall in its sole discretion deem necessary or advisable.
5.3. Withholding Taxes. (a) As a condition precedent to the delivery to the Holder
of any Shares subject to the Award, the Holder shall, upon request by the Company, pay to the
Company such amount of cash as the Company may be required, under all applicable federal, state,
local or other laws or regulations, to withhold and pay over as income or other withholding taxes
(the “Required Tax Payments”) with respect to the Award. If the Holder shall fail to advance the
Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any
Required Tax Payments from any amount then or thereafter payable by the Company to the Holder or
withhold Shares.
(b) The Holder may elect to satisfy his or her obligation to advance the Required Tax Payments
by any of the following means: (1) a cash payment to the Company pursuant to Section 5.3(a), (2)
delivery to the Company (either actual delivery or by attestation procedures established by the
Company) of previously acquired shares of Common Stock for which the Holder has good title, free
and clear of all liens and encumbrances and which the Holder has held for at least six months or
purchased on the open market (“Mature Shares”) having a Fair Market Value, determined as of the
date the obligation to withhold or pay taxes first arises in connection with the Award (the “Tax
Date”), equal to the Required Tax Payments, (3) authorizing the Company to withhold from the Shares
otherwise to be
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delivered to the Holder pursuant to the Award, a number of whole Shares having a Fair Market
Value, determined as of the Tax Date, equal to the Required Tax Payments, or (4) any combination of
(1), (2) and (3). “Fair Market Value,” as of a specified date, means the fair market value of a
share of Common Stock as determined by the Committee and may be determined by taking the mean
between the highest and lowest quoted selling prices of Common Stock on any exchange or other
market on which shares of Common Stock are traded on such date, or if there are no sales on such
date, on the next following day on which there are sales. Shares to be delivered or withheld may
not have a Fair Market Value in excess of the minimum amount of the Required Tax Payments. Any
fraction of a Share which would be required to satisfy such an obligation shall be disregarded and
the remaining amount due shall be paid in cash by the Holder. No Shares shall be delivered until
the Required Tax Payments have been satisfied in full.
5.4. Compliance with Applicable Law. The Award is subject to the condition that if
the listing, registration or qualification of the Shares subject to the Award upon any securities
exchange or under any law, or the consent or approval of any governmental body, or the taking of
any other action is necessary or desirable as a condition of, or in connection with, the vesting or
delivery of such Shares, the Shares subject to the Award shall not vest or be delivered, in whole
or in part, unless such listing, registration, qualification, consent or approval shall have been
effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to
use reasonable efforts to effect or obtain any such listing, registration, qualification, consent
or approval.
5.5. Delivery of Shares. Subject to Section 5.3, upon the vesting of the Award, in
whole or in part, the Company shall deliver or cause to be delivered the vested Shares. The
Company shall pay all original issue or transfer taxes and all fees and expenses incident to such
delivery, except as otherwise provided in Section 5.3.
5.6. Award Confers No Rights to Continued Employment. In no event shall the granting
of the Award or its acceptance by the Holder give or be deemed to give the Holder any right to
continued employment by the Company or a Subsidiary.
5.7. Decisions of Board of Directors or Committee. The Board of Directors or the
Committee shall have the right to resolve all questions which may arise in connection with the
Award. Any interpretation, determination or other action made or taken by the Board of Directors
or the Committee regarding the Plan or this Agreement shall be final, binding and conclusive.
5.8. Agreement Subject to the Plan. This Agreement is subject to the provisions of
the Plan and shall be interpreted in accordance therewith. The Holder hereby acknowledges receipt
of a copy of the Plan.
6. Miscellaneous Provisions.
6.1. Employment by Subsidiary. References in this Agreement to employment by the
Company shall also mean employment by a Subsidiary.
6.2. Successors. This Agreement shall be binding upon and inure to the benefit of any
successor or successors of the Company and any person or persons who shall, upon the death of the
Holder, acquire any rights hereunder in accordance with this Agreement or the Plan.
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6.3. Notices. All notices, requests or other communications provided for in this
Agreement shall be made, if to the Company, to Pulte Homes, Inc., 000 Xxxxxxxxxx Xxxxx Xxxxxxx,
Xxxxx 000, Xxxxxxxxxx Xxxxx, Xxxxxxxx 00000, Attention: Vice President and General Counsel and if
to the Holder, to the last known mailing address of the Holder contained in the records of the
Company. All notices, requests or other communications provided for in this Agreement shall be
made in writing either (a) by personal delivery, (b) by facsimile with confirmation of receipt, (c)
by mailing in the United States mails or (d) by express courier service. The notice, request or
other communication shall be deemed to be received upon personal delivery, upon confirmation of
receipt of facsimile transmission, upon receipt by the party entitled thereto if by express courier
service, or five days after the date mailed if by United States mails; provided, however, that if a
notice, request or other communication is not received during regular business hours, it shall be
deemed to be received on the next succeeding business day of the Company.
6.4. Governing Law. This Agreement, the Award and all determinations made and actions
taken pursuant hereto and thereto, to the extent not otherwise governed by the laws of the United
States, shall be governed by the laws of the State of Michigan and construed in accordance
therewith without giving effect to conflicts of laws principles.
6.5. Counterparts. This Agreement may be executed in two counterparts each of which
shall be deemed an original and both of which together shall constitute one and the same
instrument.
6.6. Entire Understanding. This Agreement and the Plan contain the entire
understanding of the parties hereto with respect to the subject matter of the Agreement and
supersedes all prior agreements, written or oral, with respect thereto.
6.7. Jurisdiction; Service of Process. Any action or proceeding seeking to enforce
any provision of, or based on any right arising out of, the Agreement shall be brought against the
parties, as the sole and exclusive forum, in the courts of the State of Michigan in the County of
Oakland, or in the United States District Court for the Eastern District of Michigan, Southern
Division, and each party consents to the jurisdiction of such courts (and of the appropriate
appellate courts) in any such action or proceeding and waives any objection to venue laid therein.
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