AGREEMENT FOR RESTRICTED STOCK AWARD
Exhibit
10.33
AGREEMENT
FOR RESTRICTED STOCK AWARD
This
Agreement for Restricted Stock Award (the "Agreement") is between FIRST FINANCIAL BANCORP., an
Ohio corporation (the "Corporation"),
and who, as
of , 2010 which is the
date of this Agreement, is an employee
of
(the "Grantee"):
WHEREAS,
the Corporation established the 2009 Employee Stock Plan (the "Plan") and a
Committee of the Board of Directors of the Corporation designated in the Plan
(the "Committee") approved the execution of this Agreement containing the
Restricted Stock Award to the Grantee upon the terms and conditions hereinafter
set forth:
NOW
THEREFORE, in consideration of the mutual obligations contained herein, it is
hereby agreed:
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1.
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Award
of Restricted Stock. The
Corporation hereby awards to Grantee as of the date of this
Agreement
shares of
restricted Common Stock of the Corporation ("Common Stock"), without par
value, in consideration of services to be
rendered.
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2.
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Restrictions
on Transfer. The shares
of restricted Common Stock so received by the Grantee and any additional
shares attributable thereto received by the Grantee as a result of any
stock dividend, recapitalization, merger, reorganization or similar event
are subject to the restrictions set forth herein and may not be sold,
assigned, transferred, pledged or otherwise encumbered during the
Restriction Period, except as permitted
hereby.
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3.
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Restriction
Period. The
Restriction Period as used in this Agreement shall mean the period that
begins as of the date of this Agreement and ends with respect to the
restricted Common Stock granted under this Agreement as of the applicable
anniversary date(s) of the date of this Agreement (the "Anniversary
Dates") as set forth in Schedule 3. The ending of the
Restriction Period also may be referred to in this Agreement as the
vesting of the restricted Common Stock or as when the Common Stock
vests.
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Notwithstanding
the foregoing or anything in this Agreement to the contrary, if the Committee
determines that there has been a Change in Control (as such term is defined in
the Plan), the Restriction Period ends with respect to such shares of restricted
Common Stock, effective as of the date of such Change in Control (as determined
by the Committee).
The
Committee may, at the time of the granting to the Grantee of the restricted
Common Stock or at any time thereafter, reduce or terminate the Restriction
Period otherwise applicable to all or any portion of the restricted Common
Stock.
Schedule
3
Shares
of Common Stock
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Anniversary
Date
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First
Eligible to Vest on
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Group
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of this Agreement
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Indicated Anniversary Date
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A
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1st
anniversary date
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33.33 | % | |||
B
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2nd
anniversary date
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33.33 | % | |||
C
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3rd
anniversary date
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33.34 | % |
4.
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Forfeiture
Provision. Notwithstanding
any other provision of this Agreement, Grantee hereby agrees that if his
or her employment with the Corporation or a Subsidiary is terminated for
any reason, voluntarily or involuntarily, whether by retirement, death,
disability, resignation or dismissal for cause or otherwise, and such
termination is prior to the ending of the Restriction Period applicable to
any shares of the restricted Common Stock, the Grantee's ownership and all
related rights with respect to all shares of Common Stock for which the
Restriction Period has not ended as of the date that the termination of
employment occurs will be forfeited automatically as of the date that such
termination of employment occurs, and the Corporation automatically will
become the sole owner of such shares as of such
date.
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A
transfer of the Grantee's employment between Subsidiaries or between any
Subsidiary and the Corporation will not be considered a termination of
employment for purposes of this Agreement. Notwithstanding the
foregoing, a Grantee's employment will be considered terminated for
purposes of this Agreement as of the date that the Grantee's employing
Subsidiary ceases to be a Subsidiary for any reason, unless prior to or as
of such date the Grantee's employment is transferred to the Corporation or
to a remaining Subsidiary.
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5.
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Stock
Certificates.
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(a)
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Upon
award of the restricted Common Stock to the Grantee, one or more stock
certificates which evidence such shares of restricted Common Stock will be
issued by the Corporation for the benefit of the Grantee. Each
such stock certificate will be deposited with and held by the Corporation
or its agent. Any such certificate for restricted Common Stock
of the Corporation resulting from any stock dividend, recapitalization,
merger, reorganization or similar event will also be deposited with and
held by the Corporation or its agent. All such stock
certificates and Common Stock evidenced thereby will be subject to the
forfeiture provisions, limitations on transferability and all other
restrictions herein contained. The Grantee hereby agrees to
deposit with the Corporation stock powers endorsed by the Grantee in blank
and in such number as requested by the
Corporation.
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(b)
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All
stock certificates for shares of restricted Common Stock issued during the
Restriction Period will bear the following
legend:
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"The
transferability of this certificate and the shares of stock represented
hereby are subject to the terms and conditions (including forfeiture) of
the First Financial Bancorp. 2009 Employee Stock Plan and an Agreement for
Restricted Stock. Copies of such Plan and Agreement are on file
at the offices of First Financial Bancorp., Cincinnati,
Ohio."
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(c)
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Subject
to Section 5(d) below, with regard to any shares of restricted Common
Stock which cease to be subject to restrictions pursuant to Section 3, the
Corporation will, within sixty (60) days of the date such shares cease to
be subject to restrictions, transfer Common Stock for such shares free of
all restrictions set forth in the Plan and this Agreement to the Grantee
or the Grantee's designee, or in the event of such Grantee's death
subsequent to expiration of the Restriction Period, to the Grantee's legal
representative, heir or legatee.
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2
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(d)
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By
accepting shares of restricted Common Stock, the Grantee agrees not to
sell shares at a time when applicable laws or the Corporation’s rules
prohibit a sale. This restriction shall apply as long as the
Grantee is an employee, consultant or director of the Corporation or a
Subsidiary. Upon receipt of nonforfeitable shares subject to
this Agreement, the Grantee agrees, if requested by the Corporation, to
hold such shares for investment and not with a view of resale or
distribution to the public, and if requested by the Corporation, the
Grantee must deliver to the Corporation a written statement satisfactory
to the Corporation to that effect. The Committee may refuse to
deliver (via certificate or such other method as the Committee determines)
any shares to Grantee for which Grantee refused to provide an appropriate
statement.
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6.
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Shareholder's
Rights. Subject to
the terms of this Agreement, during the Restriction
Period:
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(a)
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The
Grantee will have, with respect to the restricted Common Stock, the right
to vote all shares of the restricted Common Stock received under or as a
result of this Agreement, including shares which are subject to the
restrictions on transfer in Section 2 and to the forfeiture provisions in
Section 4 of this Agreement.
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(b)
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The Grantee shall not be paid any
dividends with respect to the restricted Common Stock until the Restricted
Period ends. At the time of vesting, the Grantee shall receive a cash
payment equal to the aggregate dividends (without interest) that the
Grantee would have received if the Grantee had owned all the shares in
which the Grantee had vested for the period beginning on the date of grant
of those shares, and ending on the date of vesting. By way of example,
when the Restricted Period ends for Group B awards, Grantee will be
entitled to two years of accumulated dividends from the date of grant to
the 2nd anniversary date. No
dividends shall be paid to the Grantee with respect to any shares of
restricted Common Stock that are forfeited by the
Grantee.
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(c)
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Dividends
payable in Common Stock with respect to the restricted Common Stock during
the Restriction Period will be held subject to the vesting of the
underlying restricted Common Stock and then automatically paid in the form
of Common Stock to the Grantee.
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7.
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Regulatory
Compliance. The issue
of shares of restricted Common Stock and Common Stock will be subject to
full compliance with all then-applicable requirements of law and the
requirements of the exchange upon which Common Stock may be traded, as set
forth in the Plan. Furthermore, First Financial shall have the
right to refuse to issue or transfer any shares under this Agreement if
First Financial, acting in its absolute discretion determines that the
issuance or transfer of such Common Stock might violate any applicable law
or regulation.
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8.
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Withholding
Tax. The Grantee
agrees that, in the event that the award and receipt of the restricted
Common Stock or the expiration of restrictions thereon results in the
Grantee's realization of income which for federal, state or local income
tax purposes is, in the opinion of counsel for the Corporation, subject to
withholding of tax at source by the Grantee's employer, the Grantee will
pay to such Grantee's employer an amount equal to such withholding tax or
make arrangements satisfactory to the Corporation regarding the payment of
such tax (or such employer on behalf of the Corporation may withhold such
amount from Grantee's salary or from dividends paid by the Corporation on
shares of the restricted Common Stock or any other compensation payable to
the Grantee). Alternatively, if the Grantee makes a proper Code
Section 83(b) election, the Grantee must notify First Financial in
accordance with the requirements of Code Section 83(b) and promptly pay
First Financial the applicable federal, state and local withholding taxes
due with respect to the shares of restricted Common Stock subject to the
election.
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9.
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Investment
Representation. The Grantee
represents and agrees that if he or she is awarded and receives the
restricted Common Stock at a time when there is not in effect under the
Securities Act of 1933 a registration statement pertaining to the shares
and there is not available for delivery a prospectus meeting the
requirements of Section 10(A)(3) of said Act, (i) he or she will accept
and receive such shares for the purpose of investment and not with a view
to their resale or distribution, (ii) that upon such award and receipt, he
or she will furnish to the Corporation an investment letter in form and
substance satisfactory to the Corporation, (iii) prior to selling or
offering for sale any such shares, he or she will furnish the Corporation
with an opinion of counsel satisfactory to the Corporation to the effect
that such sale may lawfully be made and will furnish the Corporation with
such certificates as to factual matters as the Corporation may reasonably
request, and (iv) that certificates representing such shares may be marked
with an appropriate legend describing such conditions precedent to sale or
transfer.
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10.
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Federal
Income Tax Election. The Grantee
hereby acknowledges receipt of advice that, pursuant to current federal
income tax laws, (i) he or she has thirty (30) days in which to elect to
be taxed in the current taxable year on the fair market value of the
restricted Common Stock in accordance with the provisions of Internal
Revenue Code Section 83(b), and (ii) if no such election is made, the
taxable event will occur upon expiration of restrictions on transfer at
termination of the Restriction Period and the tax will be measured by the
fair market value of the restricted Common Stock on the date of the
taxable event.
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11.
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Adjustments. If, after
the date of this Agreement, the Common Stock of the Corporation is, as a
result of a merger, reorganization, consolidation, recapitalization,
reclassification, split-up, spin-off, separation, liquidation, stock
dividend, stock split, reverse stock split, property dividend, share
repurchase, share combination, share exchange, issuance of warrants,
rights or debentures or other change in corporate structure of the
Corporation, increased or decreased or changed into or exchanged for a
different number or kind of shares of stock or other securities of the
Corporation or of another corporation,
then:
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(a)
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there
automatically will be substituted for each share of restricted Common
Stock for which the Restriction Period has not ended granted under the
Agreement the number and kind of shares of stock or other securities into
which each outstanding share is changed or for which each such share is
exchanged; and
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(b)
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the
Corporation will make such other adjustments to the securities subject to
provisions of the Plan and this Agreement as may be appropriate and
equitable; provided, however, that the number of shares of restricted
Common Stock will always be a whole
number.
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12.
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Notices. Each notice
relating to this Agreement must be in writing and delivered in person or
by registered mail to the Corporation at its office, 000 Xxxx Xxxxxx
Xxxxxx, Xxxxx 0000, Xxxxxxxxxx, Xxxx 00000, attention of the Secretary, or
at such other place as the Corporation has designated by
notice. All notices to the Grantee or other person or persons
succeeding to his or her interest will be delivered to the Grantee or such
other person or persons at the Grantee's address below specified or such
other address as specified in a notice filed with the
Corporation.
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13.
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Determinations
of the Corporation Final. Any dispute
or disagreement which arises under, as a result of, or in any way relates
to the interpretation or construction of this Agreement will be determined
by the Board of Directors of the Corporation or by a committee appointed
by the Board of Directors of the Corporation (or any successor
corporation). The Grantee hereby agrees to accept any such
determination as final, binding and conclusive for all
purposes.
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14.
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Successors. All rights
under this Agreement are personal to the Grantee and are not transferable
except that in the event of the Grantee's death, such rights are
transferable to the Grantee's legal representatives, heirs or
legatees. This Agreement will inure to the benefit of and be
binding upon the Corporation and its successors and
assigns.
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15.
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Obligations
of the Corporation. The
liability of the Corporation under the Plan and this Agreement is limited
to the obligations set forth therein. No term or provision of
the Plan or this Agreement will be construed to impose any liability on
the Corporation in favor of the Grantee with respect to any loss, cost or
expense which the Grantee may incur in connection with or arising out of
any transaction in connection
therewith.
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16.
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No
Employment Rights. Nothing in
the Plan or this Agreement or any related material shall give the Grantee
the right to continue in the employment of First Financial or any
subsidiary of First Financial or adversely affect the right of First
Financial or any subsidiary of First Financial to terminate the Grantee’s
employment with or without cause at any
time.
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17.
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Governing
Law. This
Agreement will be governed by and interpreted in accordance with the laws
of the State of Ohio.
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18.
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Plan. The Plan
will control if there is any conflict between the Plan and this Agreement
and on any matters that are not contained in this Agreement. A
copy of the Plan has been provided to the Grantee and is incorporated by
reference and made a part of this Agreement. Capitalized terms
used but not specifically defined in this Agreement will have the
definitions given to them in the
Plan.
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19.
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Entire
Agreement. This
Agreement and the Plan supersede any other agreement, whether written or
oral, that may have been made or entered into by the Corporation and/or
any of its subsidiaries and the Grantee relating to the shares of
restricted Common Stock that are granted under this
Agreement. This Agreement and the Plan constitute the entire
agreement by the parties with respect to such matters, and there are no
agreements or commitments except as set forth herein and in the
Plan.
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20.
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Captions;
Counterparts. The
captions in this Agreement are for convenience only and will not be
considered a part of or affect the construction or interpretation of any
provision of this Agreement. This Agreement may be executed in
any number of counterparts, each of which will constitute one and the same
instrument.
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IN
WITNESS WHEREOF, this Agreement for Restricted Stock Award has been executed and
dated by the parties hereto as of the day and year first above
written.
FIRST
FINANCIAL BANCORP.
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By:
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Xxxxxx
X. Xxxxx
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Title:
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President
& CEO
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Signature
of
Grantee
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5
I hereby
direct that all cash dividends to which I am entitled on my shares of restricted
Common Stock under the foregoing Agreement as well as all notices and other
written communications in connection with such shares be mailed to me at the
following address:
Name
of Xxxxxxx
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Xxxxxx
Xxxxxxx
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Xxxx,
Xxxxx, and Zip Code
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Social
Security Number
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Signature
of Grantee
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