Restricted Stock Award Granted by OMNIAMERICAN BANCORP, INC. under the OMNIAMERICAN BANCORP, INC. 2011 EQUITY INCENTIVE PLAN
Exhibit 10.6
EMPLOYEE
Restricted Stock Award
Granted by
under the
OMNIAMERICAN BANCORP, INC.
2011 EQUITY INCENTIVE PLAN
2011 EQUITY INCENTIVE PLAN
This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is and will be
subject in every respect to the provisions of the 2011 Equity Incentive Plan (the “Plan”) of
OmniAmerican Bancorp, Inc. (the “Company”) which are incorporated herein by reference and made a
part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided to
each person granted a Restricted Stock Award pursuant to the Plan. The holder of this Restricted
Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the
terms and provisions of the Plan and this Agreement, and agrees that all decisions under and
interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan
(“Committee”) or the Board will be final, binding and conclusive upon the Participant and the
Participant’s heirs, legal representatives, successors and permitted assigns. Capitalized terms
used herein but not defined will have the same meaning as in the Plan.
| 1. | Name of Participant:_____________________________________________________ |
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| 2. | Date of Xxxxx: June 13, 2011 |
| 3. | Total number of shares of Company common stock, $0.01 par value per share, covered by the
Restricted Stock Award: |
__________ (subject to adjustment pursuant to Section 9 hereof).
| 4. | Vesting Schedule. Except as otherwise provided in this Agreement, this
Restricted Stock Award first becomes earned in accordance with the vesting schedule specified
herein. |
|
The Restricted Stock Awards granted under the Plan shall vest in five (5) equal annual
installments, with the first installment becoming exercisable on the first anniversary of
the date of grant, or June 13, 2012 and succeeding installments on each anniversary
thereafter, through June 13, 2016. To the extent the shares of Restricted Stock awarded to
me are not equally divisible by “5,” any excess shares of Restricted Stock shall vest on
June 13, 2016. |
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Vesting will automatically accelerate pursuant to Section 2.5 of the Plan (in the event of
death, Disability or Involuntary Termination of Employment following a Change in Control). |
| 5. | Grant of Restricted Stock Award. |
|
The Restricted Stock Award will be in the form of issued and outstanding shares of Stock
that will be either registered in the name of the Participant and held by the Company,
together with a stock power executed by the Participant in favor of the Company, pending the
vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered
to, the Participant. Notwithstanding the foregoing, the Company may in its sole discretion,
issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the
paperless transfer of such Awards. |
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If certificated, the certificates evidencing the Restricted Stock Award will bear a legend
restricting the transferability of the Restricted Stock. The Restricted Stock awarded to
the Participant will not be sold, encumbered hypothecated or otherwise transferred except in
accordance with the terms of the Plan and this Agreement. |
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| 6. | Terms and Conditions. |
|
The Participant will have the right to vote the shares of Restricted Stock awarded
hereunder. |
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Any dividends or distributions declared and paid with respect to shares of Stock subject to
the Restricted Stock Award, other than a stock dividend consisting of shares of Stock, will
be immediately distributed to the Participant. |
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| 7. | Delivery of Shares. |
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Delivery of shares of Stock under this Restricted Stock Award will comply with all
applicable laws (including, the requirements of the Securities Act), and the applicable
requirements of any securities exchange or similar entity. |
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| 8. | Change in Control. |
| 8.1 | In the event of the Participant’s Involuntary Termination of Employment
following a Change in Control, all Restricted Stock Awards held by the Participant will
become fully exercisable. |
| 8.2 | A “Change in Control” will be deemed to have occurred as provided in Section
4.2 of the Plan. |
| 9. | Adjustment Provisions. |
This Restricted Stock Award, including the number of shares subject to the
Restricted Stock Award, will be adjusted upon the occurrence of the events specified
in, and in accordance with the provisions of, Section 3.4 of the Plan. |
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| 10. | Effect of Termination of Service on Restricted Stock Award. |
| 10.1 | This Restricted Stock Award will vest as follows: |
| (i) | Death. In the event of the Participant’s Termination of Service by
reason of the Participant’s death, all Restricted Stock will vest as to all
shares subject to an outstanding Award, whether or not immediately vested, at
the date of Termination of Service. |
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| (ii) | Disability. In the event of the Participant’s Termination of Service
by reason of Disability, all Restricted Stock will vest as to all shares
subject to an outstanding Award, whether or not immediately vested, at the date
of Termination of Service. |
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| (iii) | Termination for Cause. If the Participant’s Service has
been terminated for Cause, all Restricted Stock granted to a Participant that
has not vested will expire and be forfeited. |
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| (iv) | Other Termination. Subject to the provisions of Section 2.5(b) of
the Plan, if a Participant terminates Service for any reason other than due to
death, Disability or Involuntary Termination of Employment following a Change
in Control or for Cause, all shares of Restricted Stock awarded to the
Participant which have not vested as of the date of Termination of Service will
expire and be forfeited. |
| 11. | Miscellaneous. |
| 11.1 | This Agreement may not be amended or otherwise modified unless evidenced in
writing and signed by the Company and the Participant. |
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| 11.2 | Restricted Stock Awards are not transferable prior to the time such Awards vest
in the Participant. |
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| 11.3 | This Restricted Stock Award will be governed by and construed in accordance
with the laws of the State of Texas. |
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| 11.4 | This Restricted Stock Award is subject to all laws, regulations and orders of
any governmental authority which may be applicable thereto and, notwithstanding any of
the provisions hereof, the Company will not be obligated to issue any shares of stock
hereunder if the issuance of such shares would constitute a violation of any such law,
regulation or order or any provision thereof. |
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| 11.5 | The Participant shall have the right to direct the Company to satisfy the
minimum required federal, state and local tax withholding by withholding a number of
shares (based on the Fair Market Value on the vesting date) otherwise vesting that
would satisfy the minimum amount of required tax withholding. |
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| 11.6 | The Committee will have the authority and discretion to interpret the Plan, to
establish, amend and rescind any rules and regulations relating to the Plan, and to
make all other determinations that may be necessary or advisable for the administration
of the Plan. Any interpretation of the Plan by the Committee and any decision made by
it under the Plan is final and binding on all persons. |
[Remainder of Page Intentionally Blank]
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IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on
its behalf as of the date of grant of this Restricted Stock Award set forth above.
| OMNIAMERICAN BANCORP, INC. |
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| By: | ||||
| Its: | ||||
PARTICIPANT’S ACCEPTANCE
The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms
and conditions hereof, including the terms and provisions of the 2011 Equity Incentive Plan. The
undersigned hereby acknowledges receipt of a copy of the Company’s 2011 Equity Incentive Plan.
PARTICIPANT
__________________________________
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EXHIBIT A
ACKNOWLEDGMENT OF RECEIPT OF EARNED SHARES
I hereby acknowledge the delivery to me by OmniAmerican Bancorp, Inc. (the “Company”) or its
affiliate on
, of stock certificates for
shares of common stock of the Company earned by me pursuant to the terms and conditions of the Restricted
Stock Agreement and the OmniAmerican Bancorp, Inc. 2011 Equity Incentive Plan, which shares were
transferred to me on the Company’s stock record books on
.
Date:______________________________
____________________________________
Participant’s signature
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