AGREEMENT FOR RESTRICTED STOCK AWARD
Exhibit
10.30
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 , 2009, which is the
date of this Agreement, is an employee of (the
"Employee"):
WHEREAS,
the Corporation established the 1999 Stock Incentive Plan for Officers and
Employees (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 Employee upon the
terms and conditions hereinafter set forth:
NOW
THEREFORE, in consideration of the mutual obligations contained herein, it is
hereby agreed:
1.
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Award
of Restricted Stock. The
Corporation hereby awards to Employee as of the date of this Agreement
shares of
restricted common stock of the Corporation without par value ("Common
Stock"), 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 Employee and any additional
shares attributable thereto received by the Employee 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.
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(a)
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The
term “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(a).
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Notwithstanding
the foregoing, 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).
Schedule
3(a)
Shares
of Restricted Common Stock
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Anniversary
Date
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First
Eligible to Vest on
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of this Agreement
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Indicated Anniversary
Date
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1st
Anniversary Date
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25%
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2nd
Anniversary Date
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25%
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3rd
Anniversary Date
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25%
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4th
Anniversary Date
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25%
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(b)
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If,
on the date of this Agreement, the Employee is subject to the limitations
on bonus payments (“Bonus Limitations”) set forth in Section 111(b)(3)(D)
of the Emergency Economic Stabilization Act of 2008 and the regulations
promulgated thereunder
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(“EESA”),
then , notwithstanding Section 3(a), the shares of restricted Common Stock with
respect to which the Restriction Period has lapsed shall only become
transferable (as defined in 26 C.F.R. 1.83-3(d)) based on the date on which the
Corporation repays the percentage of aggregate financial assistance received
under the Troubled Assets Relief Program (“TARP Funds”) as set forth in Schedule
3(b).
Schedule
3(b)
Amount of TARP Funds Repaid
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Shares of Common Stock First Eligible to
Become
Transferable
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25%
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25%
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50%
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25%
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75%
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25%
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100%
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25%
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Notwithstanding
the foregoing:
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(i)
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The
Employee shall forfeit any restricted Common Shares for which the
Restriction Period has lapsed or that have become transferable if the
Employee does not continue performing substantial services for the
Corporation for at least two years from the date of grant (other than due
to the Employee’s earlier death, disability or the occurrence of a change
in control event (as defined in 26 C.F.R.
1.409A-3(i)(5)(i));
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(ii)
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If,
prior to the date that any restricted Common Shares for which the
Restriction Period has not lapsed, the Committee determines that there has
been a Change in Control, the Restriction Period with respect to any
shares of restricted Common Stock for which the Restriction Period has not
yet ended shall be determined pursuant to Schedule 3(a) (disregarding any
provisions relating to a Change in Control);
and,
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(iii)
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If
the Employee does not make an election under Internal Revenue Code
Section 83(b), the Committee may make a portion of the restricted
Common Stock transferable that is reasonably required for the Employee to
pay the federal, state, local or foreign taxes that are anticipated to
apply to the income recognized due to the restricted Common Stock being
deemed to be substantially vested (as defined in 26 CFR
1.83-3(b)). The portion of the restricted Common Stock made
transferable for this purpose may occur at any time beginning with the
date upon which the restricted Common Stock is deemed to be substantially
vested and ending on December 31 of that calendar
year.
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(c)
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If
on the date of this Agreement Employee is not subject to the Bonus
Limitations, but, during the Restriction Period as defined in Section
3(a), Employee becomes subject to the Bonus Limitations, the provisions of
Section 3(b) shall apply to the portion of the restricted Commons Shares
for which the “Restriction Period” has not yet ended
(“Remaining Restricted Common Stock”) and the second column of Schedule
3(b) shall be applied to determine the transferability of such Remaining
Restricted Common Stock rather than all shares of restricted Common Stock
granted under this Agreement.
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(d)
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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. However, for any Employee to whom the Bonus Limitations
apply, any reference to the ending of the Restriction Period shall mean
the restricted Common Stock becoming substantially vested (as that term is
defined in 26 C.F.R. 1.83-1(b))Subject to the provisions of Sections 3(b)
and 3(c), the Committee may, at the time of the granting to the Employee
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, provided, however, that if the
Employee is a Covered Employee (as defined in the Plan), any applicable
Benchmarks have been satisfied, or the Covered Employee has terminated
employment due to his or her death or Disability (as defined in the
Plan).
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4.
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Forfeiture
Provision. Notwithstanding
any other provision of this Agreement, Employee hereby agrees that if his
or her employment with the Corporation 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 Employee'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 employment termination date
will be forfeited automatically on the date of termination, and the
Corporation automatically will become the sole owner of such shares as of
such date.
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References
to the Corporation in this Section include the Corporation's subsidiaries
and Affiliates. A transfer of the Employee's employment between
subsidiaries and/or Affiliates of the Corporation or between any
subsidiary or Affiliate and the Corporation will not be considered a
termination of employment for purposes of this
Agreement. Notwithstanding the foregoing, an Employee's
employment will be considered terminated for purposes of this Agreement as
of the date that the Employee's employing subsidiary or Affiliate ceases
to be a subsidiary or Affiliate of the Corporation for any reason, unless
prior to or as of such date the Employee's employment is transferred to
the Corporation or to a remaining subsidiary or Affiliate of the
Corporation. For purposes of applying the Bonus Limitations,
the Corporation’s Common Stock constitutes stock of an eligible issuer of
service recipient stock (as defined in 26 C.F.R.
1.409A-1(b)(5)(iii)(E)).
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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 Employee, one or more stock
certificates which evidence such shares of restricted Common Stock will be
issued by the Corporation for the benefit of the Employee. Each
such stock certificate will be deposited with and held by the Corporation
or its agent. Any 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 Employee hereby agrees to
deposit with the Corporation stock powers endorsed by the Employee 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. 1999 Stock Incentive Plan for Officers and
Employees and an Agreement for Restricted Stock Award. 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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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 Employee or the Employee's designee,
or in the event of such Employee's death subsequent to expiration of the
Restriction Period, to the Employee's legal representative, heir or
legatee.
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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
Employee 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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Cash
dividends paid with respect to restricted Common Stock during the
Restriction Period will be paid in cash to the Employee at the same time
that cash dividends are paid to the Corporation’s other shareholders,
except to the extent prohibited by the Bonus Limitations.
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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 Employee at the same time that the underlying
Common Stock is transferred to the
Employee.
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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.
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8.
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Withholding
Tax. The
Employee agrees that, in the event that the award and receipt of the
restricted Common Stock or the expiration of restrictions thereon results
in the Employee'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 Employee's employer, the
Employee will pay to such Employee'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 Employee's salary or from
dividends paid by the Corporation on shares of the restricted Common Stock
or any other compensation payable to the
Employee).
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9.
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Investment
Representation. The
Employee 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
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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.
10.
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Federal
Income Tax Election. The
Employee hereby acknowledges receipt of advice that, pursuant to current
federal income tax laws, (i) he or she has thirty (30) days from the date
the restricted Common Stock was granted, ________, 2009, 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. Employee shall notify the Corporation
immediately if he or she makes a Section 83(b)
election.
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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, 0000 Xxxxx Xxxx,
Xxxxxxxxxx, Xxxx 00000, attention of the Secretary, or at such other place
as the Corporation has designated by notice. All notices to the
Employee or other person or persons succeeding to his or her interest will
be delivered to the Employee or such other person or persons at the
Employee'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 Employee 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 Employee and are not transferable
except that in the event of the Employee's death, such rights are
transferable to the
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Employee'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.
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 Employee with respect to any loss, cost or
expense which the Employee may incur in connection with or arising out of
any transaction in connection
therewith.
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16.
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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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17.
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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 Employee 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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18.
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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 Employee 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. The Employee hereby consents to any amendment to this
Agreement to the extent required to comply with the Bonus Limitations or
otherwise comply with the requirements of
EESA.
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19.
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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
Employee
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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 Employee
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Street
Address
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City,
State, and Zip Code
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Social
Security Number
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Signature
of Employee
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