THE WHITEWAVE FOODS COMPANY
Exhibit 10.9
THE WHITEWAVE FOODS COMPANY
2013 DIRECTOR’S RESTRICTED STOCK AWARD AGREEMENT
THIS AGREEMENT (this “Agreement”), effective as of the date indicated on the Notice of Grant delivered herewith (the “Notice of Grant”), is made and entered into by and between The WhiteWave Foods Company, a Delaware corporation (the “Company”), and the individual named on the Notice of Grant (“you”).
WITNESSETH:
WHEREAS, the Board of Directors of the Company has adopted and approved The WhiteWave Foods Company 2012 Stock Incentive Plan (the “Plan”), which Plan was approved as required by the Company’s stockholders and provides for the grant of Restricted Stock and other forms of stock-based compensation to certain selected Employees and non-employee Directors of the Company and its Subsidiaries (capitalized terms used and not otherwise defined in this Agreement shall have the meanings set forth in the Plan); and
WHEREAS, the Restricted Stock and other Awards provided for under the Plan are intended to comply with the requirements of Rule 16b-3 under the Securities Exchange Act of 1934, as amended; and
WHEREAS, the Company currently pays its non-employee Directors an annual fee that is payable partially in cash and partially in equity, and the Company offers each non-employee Director the option of receiving the cash portion of his or her annual fee in restricted shares of the Company’s common stock (such shares being referred to as “Restricted Stock”); and
WHEREAS, if a non-employee Director elects to receive all or any portion of his or her cash fees in shares of Restricted Stock rather than in cash, the number of shares issuable will be determined and issued on the last day of each quarter by (i) multiplying 1.5 by the amount of cash fees elected to be received in Restricted Stock, (ii) dividing such product by four, and (iii) dividing the result by the average closing price of the Company’s common stock on the New York Stock Exchange over the last 30 trading days of the applicable quarter; and
WHEREAS, you are a non-employee Director and you have elected to receive all or a portion of your non-employee Director fees in shares of Restricted Stock rather than in cash and, in accordance with your election, the Committee has awarded to you the Restricted Stock described in this Agreement and in the Notice of Grant.
NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and other terms and conditions set forth in this Agreement, the Company and the Participant agree as follows:
1. Grant of Award. The Company hereby grants to you, and you hereby accept, subject to the terms and conditions set forth in the Plan and in this Agreement, the number of shares of Restricted Stock shown on the Notice of Grant, effective as of the date indicated on the Notice of Grant (the “Grant Date”). In addition, each quarter during calendar 2013 the Company will grant to you additional shares of Restricted Stock pursuant to this Agreement, each time by completing a Notice of Grant that reflects the number of shares granted, the vesting provisions and the grant date. The Restricted Stock represents the right to receive, subject to the terms and conditions set forth in the Plan and in this Agreement, unrestricted shares of the Company’s Stock (such shares of Stock are referred to as the “Shares”). Subject to the provisions of Sections 2(c) and 3(b) hereof, this Award of Restricted Stock is irrevocable and is intended to conform in all respects with the Plan.
2. Vesting.
(a) Regular Vesting. Except as otherwise provided in the Plan or in this Section 2, your Restricted Stock will vest ratably in three (3) equal annual increments on the Grant Date and on the first and second anniversaries of the Grant Date.
(b) Accelerated Vesting. In addition to the vesting provisions contained in Section 2(a) above, your Restricted Stock will automatically and immediately vest in full upon (i) a Change in Control, (ii) your death or Disability, or (iii) your Retirement or other retirement from service on the Board upon expiration of your term. For purposes of this Agreement, “Retirement” shall be defined as your retirement from service to the Company or any Subsidiary after you reach the age of sixty-five (65); and “Disability” shall be defined as your permanent and total disability (within the meaning of Section 22(e)(3) of the Code).
(c) Forfeiture of Unvested Restricted Stock. If your service as a non-employee Director of the Company terminates for any reason (other than by reason of your death, Disability, Retirement or other retirement from service on the Board upon expiration of your term) before all or any portion of the Restricted Stock subject to this Award have vested, the unvested Restricted Stock will be immediately forfeited and you will have no further rights to such unvested Restricted Stock or the Shares represented by those forfeited Restricted Stock.
3. Distribution of Shares.
(a) Distribution Upon Vesting. The Company will distribute to you (or to your estate in the event of your death) the Shares represented by the Restricted Stock that vested on such vesting date as soon as administratively practicable (but in no event more than 60 days) after each vesting date. Notwithstanding the immediately preceding sentence, any Restricted Stock subject to this grant that become vested on account of your Retirement shall be distributed to you as soon as administratively practicable (but in no event more than 60 days) following the date on which you cease to be a director of the Company.
(b) Forfeiture of Shares. Notwithstanding any provision of this Agreement or the Plan to the contrary, if you are removed as a non-employee Director of the Company due to your willful or intentional fraud, embezzlement, violation of the Company’s Code of Ethics, or other conduct seriously detrimental to the Company or any Subsidiary, your rights in your unvested Restricted Stock will be immediately and permanently forfeited. The determination of whether you have been removed for any of the reasons specified in the preceding sentence (which will be referred to in this Agreement as “Cause”) will be determined by the Board or the Committee.
(c) Compliance With Law. The Plan, the granting and exercising of this Restricted Stock, and any obligations of the Company under the Plan, shall be subject to all applicable federal, state and foreign country laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange on which the Stock is listed. The Company, in its discretion, may postpone the granting of this Restricted Stock, the issuance or delivery of Shares under this Restricted Stock or any other action permitted under the Plan to permit the Company, with reasonable diligence, to complete such stock exchange listing or registration or qualification of such Stock or other required action under any federal, state or foreign country law, rule or regulation and may require you to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Stock in compliance with applicable laws, rules and regulations. The Company shall not be obligated by virtue of any provision of the Plan to recognize the vesting of this Restricted Stock or to otherwise sell or issue Stock in violation of any such laws, rules or regulations.
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4. Stockholder Rights; Transfer of Restricted Stock. Beginning on the Grant Date, you have all of the rights and privileges of a stockholder of the Company in respect of the Shares issuable pursuant to this Restricted Stock award, including voting rights and the right to receive dividends (to the extent declared by the Company) with respect to all Restricted Stock granted to you from time to time pursuant to this Agreement, subject to the restrictions on transfer set forth in Sections 6 and 7.
5. Tax Withholding. Any provision of this Agreement to the contrary notwithstanding, the Company may take such steps as it deems necessary or desirable for the withholding of any taxes that it is required by law or regulation of any governmental authority, federal, state or local, domestic or foreign, to withhold in connection with vesting of any Restricted Stock or issuance of any of the Shares subject thereto.
6. Restrictions on Transfer. The Participant may not sell, pledge or otherwise transfer unvested shares of Restricted Stock. The Company is not obligated to recognize any purported sale or other transfer of Restricted Stock in violation of this Section 6 and may treat any such purported sale or transfer as null, void and of no effect. You hereby agree with the Company that a notation will be made in your account to enforce these restrictions on transfer of the unvested Restricted Stock.
7. Compliance with Securities Laws. The Restricted Stock and the underlying Shares may not be sold, pledged or otherwise transferred in the absence of an effective registration statement pertaining thereto under the Securities Act of 1933, as amended, and all applicable regulations promulgated thereunder, and under any applicable state securities laws and all applicable regulations promulgated thereunder, or an exemption from the registration requirements thereof.
7. Plan Incorporated. You accept the Restricted Stock hereby granted subject to all the provisions of the Plan, which, except as expressly contradicted by the terms hereof, are incorporated into this Agreement, including the provisions that authorize the Committee to administer and interpret the Plan and which provide that the Committee’s decisions, determinations and interpretations with respect to the Plan are final and conclusive on all persons affected thereby.
8. Miscellaneous.
(a) Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company at its principal executive offices, and any notice to be given to you shall be addressed to you at the address set forth on the attached Notice of Grant, or at such other address for a party as such party may hereafter designate in writing to the other. Any such notice shall be deemed to have been duly given if mailed, postage prepaid, addressed as aforesaid.
(b) Binding Agreement. Subject to the limitations in this Agreement on the transferability by you of the Award granted herein, this Agreement shall be binding upon and inure to the benefit of the representatives, executors, successors or beneficiaries of the parties hereto.
(c) Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware and the United States, as applicable, without reference to the conflict of laws provisions thereof.
(d) Severability. If any provision of this Agreement is declared or found to be illegal, unenforceable or void, in whole or in part, then the parties shall be relieved of all obligations arising under such provision, but only to the extent that it is illegal, unenforceable or void, it being the intent and agreement of the parties that this Agreement shall be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not possible, by substituting therefore another provision that is legal and enforceable and achieves the same objectives.
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(e) Interpretation. All section titles and captions in this Agreement are for convenience only, shall not be deemed part of this Agreement, and in no way shall define, limit, extend or describe the scope or intent of any provisions of this Agreement.
(f) Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.
(g) No Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.
(h) Relief. In addition to all other rights or remedies available at law or in equity, the Company shall be entitled to injunctive and other equitable relief to prevent or enjoin any violation of the provisions of this Agreement.
END OF AGREEMENT
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