SIDNEY HINTON AMENDMENT NO. 2 TO RESTRICTED STOCK AGREEMENT
This AMENDMENT NO. 2 TO RESTRICTED STOCK AGREEMENT (the “Amendment”) is made and entered into
as of December 17, 2009 (the “Effective Date”), by and between PowerSecure International, Inc.
(formerly known as Metretek Technologies, Inc.), a Delaware corporation (the “Company”), and Xxxxxx
Xxxxxx (the “Grantee”).
Recitals
WHEREAS, the Company and the Grantee have previously entered into that certain Restricted
Stock Agreement, dated as of August 15, 2007, amended as of December 31, 2007 (as from time to time
amended and restated, the “Restricted Stock Agreement”), pursuant to which the Company has granted
to the Grantee restricted shares of Common Stock, par value $.01 per share (“Common Stock”), of the
Company, subject to vesting and other terms and conditions set forth in the Restricted Stock
Agreement; and
WHEREAS, the Company and the Grantee desire to amend the terms of the Restricted Stock
Agreement as set forth herein;
Agreement
NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intend to be legally bound hereby, agree as follows:
1. Definitions. Capitalized terms used in this Amendment and not otherwise defined
herein shall have the respective meanings given to them in the Restricted Stock Agreement.
2. Amendment. The “Vesting Schedule” for the Restricted Shares that were Unvested
Shares on the date hereof is hereby modified and amended as set forth on Schedule I hereto.
3. Effectiveness of Amendment. This Amendment shall be effective as of the date
first above written, and all references to the Restricted Stock Agreement, including the terms
“this Agreement,” “hereof,” “herein” and the like contained in the Restricted Stock Agreement,
shall, as of and after such date, be deemed to be references to the Restricted Stock Agreement as
modified by the terms of this Amendment. Except as and to the extent expressly modified by the
terms of this Amendment, the Restricted Stock Agreement shall remain in full force and effect in
accordance with its terms.
4. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to provisions governing conflicts of laws.
5. Successor and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns.
6. Captions. The captions contained in this Amendment are included for convenience of
reference only and do not define, limit, explain or modify this Agreement or its interpretation,
construction or meaning and are in no way to be construed as a part of this Amendment.
7. Counterparts. This Amendment may be executed in any number of counterparts
(including counterparts executed by less than all parties hereto), each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument.
(Next page is the Signature Page)
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SIGNATURE PAGE
IN WITNESS WHEREOF, this Amendment No. 2 to Restricted Stock Agreement has been executed and
delivered by or on behalf of the parties hereto as of the date first set forth above.
| POWERSECURE INTERNATIONAL, INC. |
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| By: | /s/ Xxxxxxxxxxx X. Xxxxxx | |||
| Xxxxxxxxxxx X. Xxxxxx, Vice President and | ||||
| Chief Financial Officer | ||||
| GRANTEE: |
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| /s/ Xxxxxx Xxxxxx | ||||
| Xxxxxx Xxxxxx | ||||
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SCHEDULE I
Vesting Schedule for Unvested Shares (As Amended)
| Vesting Percentage | ||||
| (Number of Shares) | Vesting Date | Vesting Condition | ||
Service Shares |
||||
50% (300,000)
|
August 8, 2012 | Continuous Employment | ||
Performance Shares |
||||
10% (60,000)
|
Day Form 10-K for Fiscal Year 2009 is filed | Shares Vest on Vesting Date | ||
10% (60,000)
|
Day Form 10-K for Fiscal Year 2010 is filed | Company achieves Restricted Share Performance Goal for Fiscal Year 2010* |
||
10% (60,000)
|
Day Form 10-K for Fiscal Year 2011 is filed | Company achieves Restricted Share Performance Goal for Fiscal Year 2011* |
| * | In the event that the Company fails to achieve the Restricted Share Performance Goal for any Fiscal Year, the Performance Restricted Shares that did not vest for that Fiscal Year shall vest in the subsequent Fiscal Year but only if the Company exceeds by 10% the Restricted Share Performance Goal for that subsequent fiscal year. |
Restricted Share Performance Goal for Unvested Shares
| Fiscal Year | No. Performance Shares | Restricted Share Performance Goal | ||||
2009
|
60,000 | Shares Vest on Vesting Date, No Performance Goal |
||||
2010
|
60,000 | 10% increase over the Company’s 2009 consolidated net income |
||||
2011
|
60,000 | 10% increase over the Company’s 2010 consolidated net income |
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