COUNTRYWIDE FINANCIAL CORPORATION
Exhibit 10.4
COUNTRYWIDE FINANCIAL CORPORATION
2006 Equity Incentive Plan
The Participant specified below has been granted this Restricted Stock Award (“Award”) by
Countrywide Financial Corporation, a Delaware corporation (the “Company”) under the terms
of the Countrywide Financial Corporation 2006 Equity Incentive Plan (the “Plan”). The
Award shall be subject to the following terms and conditions set forth herein as well as the terms
of the Plan (the “Award Terms”).
Section 1. Award. In accordance with the Plan, the Company hereby grants to the
Participant this Award which represents the right to receive Stock (the “Covered Shares”) set forth
on the Award Statement (the “Statement”) linked electronically hereto. This Award is in all
respects limited and conditioned as provided herein. Except where the context clearly implies to
the contrary, any capitalized terms in this award shall have the meaning ascribed to them in the
Plan.
Section 2. Terms of Award. The following words and phrases relating to the grant of
the Award shall have the following meanings:
(a) The “Participant” is the individual recipient of the Award on the specified Grant Date.
(b) The “Grant Date” is [ ].
(c) The number of “Covered Shares” is the number of Stock awarded to the Participant on the
Grant Date as reflected in the corporate records and set forth on the Statement.
Section 3. Restricted Period. This Agreement along with the Statement evidences the
Company’s grant to the Participant as of the Grant Date, on the terms and conditions described in
this Agreement and in the Plan, the right of the Participant to receive Stock free of restrictions
once the Restricted Period ends. Subject to the limitations of the Award Terms, the “Restricted
Period” for each installment of Covered Shares (“Installment”) shall begin on the Grant Date and
end as described in the following schedule (but only if the Participant has not had a Termination
of Service before the end of the Restricted Period):
| INSTALLMENT | RESTRICTED PERIOD WILL END ON: | |
[___] of Covered Shares
|
[___] | |
[___] of Covered Shares
|
[___] | |
[___] of Covered Shares
|
[___] |
(a) Notwithstanding the foregoing provisions of this Section 3, the Restricted Period shall
cease immediately upon the earliest of the following events to occur: (i) a Change
in Control that occurs on or before the Participant’s Termination of Service; or (ii) the
Participant’s Termination of Service as a result of the Participant’s Death, Disability or
Retirement.
(b) In the event the Participant’s Termination of Service other than due to Death, Disability
or Retirement occurs prior to the expiration of one or more Restricted Periods, the Participant
shall forfeit all rights, title and interest in and to any Installment(s) of Covered Shares still
subject to a Restricted Period as of the Participant’s Termination of Service date.
Section 4. Withholding. All deliveries of Covered Shares pursuant to this Agreement
shall be subject to withholding of all applicable taxes. The Company shall have the right to
require the Participant (or if applicable, permitted assigns, heirs or Designated Beneficiaries) to
remit to the Company an amount sufficient to satisfy any tax requirements prior to the delivery
date of any certificate or certificates for Stock under this Agreement. At the election of the
Participant, subject to the rules and limitations as may be established by the Committee, such
withholding obligations may be satisfied through the surrender of shares of Common Stock which the
Participant already owns, or to which Participant is otherwise entitled under the Plan.
Section 5. Heirs and Successors. The Award Terms shall be binding upon, and inure to
the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits distributable to the
Participant under this Agreement have not been settled or distributed, respectively, at the time of
the Participant’s Death, such rights shall be settled and payable to the Designated Beneficiary,
and such benefits shall be distributed to the Designated Beneficiary, in accordance with the
provisions of this Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary
or beneficiaries designated by the Participant in a writing filed with the Committee on the form
found in HRCentral, or such other form as the Committee may require. The designation of
beneficiary form may be amended or revoked from time to time by the Participant. If a deceased
Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the
Participant, any rights that would have been payable to the Participant and shall be payable to the
legal representative of the estate of the Participant. If a deceased Participant designates a
beneficiary and the Designated Beneficiary survives the Participant but dies before the settlement
of Designated Beneficiary’s rights under this Agreement, then any rights that would have been
payable to the Designated Beneficiary shall be payable to the legal representative of the estate of
the Designated Beneficiary.
Section 6. Non-Transferability of Award. During the Restricted Period, the
Participant shall not sell, assign, transfer, pledge, hypothecate, mortgage, encumber or dispose of
any Units awarded under this Agreement.
Section 7. Dividends. The Participant shall be entitle to receive dividends and
distributions paid on the Restricted Stock during the Restricted Period; provided, however, that no
dividends or distributions shall be payable to or for the benefit of the Participant with respect
to record dates for such dividends or distributions occurring before or prior to the Grant Date, or
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with respect to record dates for such dividends or distributions occurring on or after the date, if
any, on which the Participant has forfeited those Covered Shares.
Section 8. Voting Rights. The Participant shall be entitled to vote the Restricted
Stock during the Restricted Period; provided, however, that the Participant shall not be entitled
to vote Covered Shares with respect to record dates for any Covered Shares occurring on or after
the date, if any, on which the Participant has forfeited those Covered Shares.
Section 9. Deposit of Restricted Stock Award. Each certificate issued with respect to
Covered Shares awarded under these Award Terms and subject to the restrictions contained herein,
shall be registered in the name of the Participant and shall be retained by the Company, or an
agent of the Company, until the end of the Restricted Period with respect to such Covered Shares.
Section 10. Administration. The authority to manage and control the operation and
administration of the Award Terms and the Plan shall be vested in the Committee, and the Committee
shall have all powers with respect to the Award Terms as it has with respect to the Plan. Any
interpretation of the Award Terms or the Plan by the Committee and any decision made by it with
respect to the Award Terms or the Plan are final and binding on all persons.
Section 11. Plan Governs. Notwithstanding anything in these Award Terms to the
contrary, the Award Terms shall be subject to the terms of the Plan, a copy of which may be
obtained by the Participant from the office of the Secretary of the Company; and the Award Terms
are subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan. Notwithstanding anything in the Award Terms to the
contrary, in the event of any discrepancies between the corporate records and the Statement, the
corporate records shall control.
Section 12. Not An Employment Contract. The Award will not confer on the Participant
any right with respect to continuance of employment or other service with the Company or any
Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would
otherwise have to terminate or modify the terms of such Participant’s employment or other service
at any time.
Section 13. Amendment. The Award Terms may be amended in accordance with the
provisions of the Plan, and may otherwise be amended by written agreement of the Participant and
the Company without the consent of any other person.
Section 14. Section 409A Amendment. The Committee reserves the right (including the
right to delegate such right) to unilaterally amend this Agreement without the consent of the
Participant in order to maintain an exclusion from the application of, or to maintain compliance
with, Code Section 409A. Participant’s acceptance of this Award constitutes acknowledgement and
consent to such rights of the Committee.
Section 15. Statement and Modifications. The Award granted to the Participant under
the Award Terms set forth in this Agreement shall be set forth on the Statement. The Participant
hereby acknowledges and agrees that the Statement may be revised from time to time by the Company
to reflect additional Award grants and any permitted modifications to the Plan
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and Award granted
thereunder. Unless the Participant provides written notice to the Company’s Award Administrator
within thirty (30) days of receipt of the Statement at the principal office of
the Company in Calabasas, California, or such other addresses as may be communicated to the
Participant, the Statement (including any revisions incorporated therein) shall be binding on the
Participant, without further notice to or acknowledgement by the Participant. If no notice is
received from the Participant within the thirty (30) day period, then the Participant shall be
deemed to have acknowledged that the Statement is binding with respect to the information contained
therein.
Section 16. No Right to Section 83(b) Election. The Participant shall have no right
to file an Internal Revenue Code Section 83(b) election in connection with this Award. In the
event the Participant files such an election, this Award shall become null and void and the
Restricted Stock shall be immediately forfeited.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on
its behalf, all as of the Grant Date and, by clicking the Accept Button below, the Participant
acknowledges acceptance of the terms and conditions of this Agreement.
COUNTRYWIDE FINANCIAL CORPORATION
By:
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Its: |
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Yes, I do accept
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No, I do not accept
(Click here to reject and void the grant)
(Click here to reject and void the grant)
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