THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. RESTRICTED STOCK AGREEMENT (PURSUANT TO THE TERMS OF THE POOL CORPORATION AMENDED AND RESTATED 2007 LONG- TERM INCENTIVE PLAN)
EXHIBIT 10.3
THIS
DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE
BEEN
REGISTERED
UNDER THE SECURITIES ACT OF 1933.
(PURSUANT
TO THE TERMS OF THE
POOL
CORPORATION
AMENDED
AND RESTATED 2007 LONG-TERM INCENTIVE PLAN)
This
RESTRICTED STOCK AGREEMENT (this "Restricted Stock Agreement") is between Pool
Corporation, a Delaware corporation ("Company"), and _____________("Recipient"),
and is dated as of the date set forth immediately above the signatures
below.
1. Grant of
Restricted Stock. The Company hereby grants to Recipient all rights,
title and interest in the record and beneficial ownership of ________ shares
(the "Restricted Stock" or the “Incentive”) of common stock, $.001 par value per
share, of Company ("Common Stock") subject to the conditions described in
Paragraphs 4 and 5 as well as the other provisions of this Restricted Stock
Agreement. The Restricted Stock is granted pursuant to and to implement in part
Pool Corporation’s Amended and Restated 2007 Long-Term Incentive Plan (as
amended and in effect from time to time, the "Plan") and is subject to the
provisions of the Plan, which is hereby incorporated herein and is made a part
hereof, as well as the provisions of this Restricted Stock Agreement. Recipient
agrees to be bound by all of the terms, provisions, conditions and limitations
of the Plan and this Restricted Stock Agreement and in the event of any
inconsistency, the provisions of the Plan shall control. All capitalized terms
have the meanings set forth in the Plan unless otherwise specifically provided.
All references to specified paragraphs pertain to paragraphs of this Restricted
Stock Agreement unless otherwise specifically provided.
2. Custody
of Restricted Stock. Upon satisfaction of the vesting conditions set
forth in Paragraph 4 or the occurrence of any of the events contemplated by
Paragraph 5(b) or 5(c), Company shall issue and deliver to Recipient a
certificate or certificates for such number of shares of Restricted Stock as are
required to be issued and delivered under this Restricted Stock Agreement. Prior
to the satisfaction of such vesting conditions or the occurrence of such events,
the Restricted Stock is not transferable and shall be held in trust until such
time as the applicable restrictions on the transfer thereof have expired or
otherwise lapsed.
4. Vesting
Dates. Subject to Paragraph 5, the shares of Restricted Stock subject to
this Restricted Stock Agreement shall vest in full on
[ ].
5. Termination
of Employment; Change in Control. Voluntary or involuntary termination of
employment, retirement, death or Disability of Recipient, or occurrence of a
Change in Control, shall affect Recipient's rights under this Restricted Stock
Agreement as follows:
2
3
9. Certain
Restrictions. By accepting the Restricted Stock, Recipient agrees that if
at the time of delivery of certificates for shares of Restricted Stock issued
hereunder any sale of such shares is not covered by an effective registration
statement filed under the Securities Act of 1933 (the "Act"), Recipient will
acquire the Restricted Stock for Recipient's own account and without a view to
resale or distribution in violation of the Act or any other securities law, and
upon any such acquisition Recipient will enter into such written
representations, warranties and agreements as Company may reasonably request in
order to comply with the Act or any other securities law or with this Restricted
Stock Agreement.
10. Nontransferability
of Incentive. This Incentive is not
transferable other than by will, the laws of descent and distribution or by
domestic relations order, as defined in the Code. No right or benefit hereunder
shall in any manner be liable for or subject to any debts, contracts,
liabilities, or torts of Recipient.
11. Amendment
and Termination. No amendment or termination of this Restricted Stock
Agreement which would impair the rights of Recipient shall be made by the
Compensation Committee at any time without the written consent of Recipient. No
amendment or termination of the Plan will adversely affect the right, title and
interest of Recipient under this Restricted Stock Agreement or to Restricted
Stock granted hereunder without the written consent of Recipient.
12. No
Guarantee of Employment. This Restricted Stock Agreement shall not confer
upon Recipient any right with respect to continuance of employment or other
service with Company or any subsidiary, nor shall it interfere in any way with
any right Company or any subsidiary would otherwise have to terminate such
Recipient's employment or other service at any time.
13. Withholding
of Taxes. Company shall have the right to (i) make deductions from the
number of shares of Restricted Stock otherwise deliverable upon satisfaction of
the conditions precedent under this Restricted Stock Agreement (and other
amounts payable under this Restricted Stock Agreement) in an amount sufficient
to satisfy withholding of any federal, state or local taxes required by law, or
(ii) take such other action as may be necessary or appropriate to satisfy any
such tax withholding obligations.
4
14. No
Guarantee of Tax Consequences. Neither Company nor any subsidiary nor the
Compensation Committee makes any commitment or guarantee that any federal or
state tax treatment will apply or be available to any person eligible for
benefits under this Restricted Stock Agreement.
15. Severability.
In the event that any provision of this Restricted Stock Agreement shall be held
illegal, invalid, or unenforceable for any reason, such provision shall be fully
severable, but shall not affect the remaining provisions of this Restricted
Stock Agreement and this Restricted Stock Agreement shall be construed and
enforced as if the illegal, invalid, or unenforceable provision had never been
included herein.
16. Governing
Law. The Restricted Stock Agreement shall be construed in accordance with
the laws of the State of Delaware to the extent federal law does not supersede
and preempt Delaware law.
17. Section
83(b) Election. The Recipient has reviewed with the
Recipient’s own tax advisors the federal, state, local and foreign tax
consequences of this investment and the transactions contemplated by this
Restricted Stock Agreement. The Recipient is relying solely on such
advisors and not on any statements or representations of the Company or any of
its agents. The Recipient understands that the Recipient (and not the
Company) shall be responsible for the Recipient’s own tax liability that may
arise as a result of the transactions contemplated by this
Agreement. The Recipient understands that the Recipient may elect to
be taxed at the time the shares are granted by filing an election under Section
83(b) of the Code with the IRS within thirty days from the date of
grant. The Recipient acknowledges that it is the Recipient’s sole
responsibility and not the Company’s to file timely the election under Section
83(b), even if the Recipient requests the Company or its representatives, to
make this filing on the Recipient’s behalf.
(a) Not a Contract of
Employment; No Acquired Rights. The adoption and maintenance of the Plan
shall not be deemed to be a contract of employment between the Company or any of
its subsidiaries and any person. Receipt of an Incentive under the Plan at any
given time shall not be deemed to create the right to receive in the future an
Incentive under the Plan, or any other incentive awards granted to an employee
of the Company or any of its subsidiaries, and shall not constitute an acquired
labor right for purposes of any foreign law. The Plan shall not afford any
recipient of an Incentive any additional right to severance payments or other
termination awards or compensation under any foreign law as a result of the
termination of such recipient's employment for any reason
whatsoever.
(b) Not a Part of Salary.
The value of the Restricted Stock granted pursuant to this Restricted Stock
Agreement shall not be included as compensation, earnings, salaries or other
similar terms used when calculating Recipient’s benefits under any employee
benefit plan sponsored by the Company except as such plan otherwise expressly
provides.
5
(c) Electronic Delivery and
Signatures. Recipient hereby consents and agrees to electronic delivery
of any Plan documents, proxy materials, annual reports and other related
documents. If the Company establishes procedures for an electronic signature
system for delivery and acceptance of Plan documents (including documents
relating to any programs adopted under the Plan), Recipient hereby consents to
such procedures and agrees that his or her electronic signature is the same as,
and shall have the same force and effect as, his or her manual signature.
Recipient consents and agrees that any such procedures and delivery may be
effected by a third party engaged by the Company to provide administrative
services related to the Plan, including any program adopted under the
Plan.
"COMPANY"
POOL
CORPORATION
By: __________________________________
Name:
Title:
"Recipient"
_____________________________________
Name:
6