EXHIBIT 10.45
AMCON DISTRIBUTING COMPANY
2007 OMNIBUS INCENTIVE PLAN
RESTRICTED STOCK AWARD AGREEMENT
Date of Grant: ---------- , 20--
Number of Restricted Shares Granted: ------------------
This Restricted Stock Award Agreement, dated ----------, 20-- (this
"Award Agreement"), is made by and between AMCON Distributing Company,
a Delaware corporation (the "Company"), and ---------------------
("Participant").
RECITALS:
A. Effective April 17, 2007, the Company's stockholders approved the
AMCON Distributing Company 2007 Omnibus Incentive Plan (the "Plan")
pursuant to which the Company may, from time to time, grant Shares of
Restricted Stock to eligible Service Providers of the Company.
B. Participant is a Service Provider of the Company or one of its
Affiliates and the Company desires to encourage him to own Shares and
to give him added incentive to advance the interests of the Company,
and desires to grant Participant shares of Restricted Stock of the
Company under the terms and conditions established by the Committee.
AGREEMENT:
In consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:
1. INCORPORATION OF PLAN. All provisions of this Award Agreement and
the rights of Participant hereunder are subject in all respects to the
provisions of the Plan and the powers of the Committee therein
provided. Capitalized terms used in this Award Agreement but not
defined shall have the meaning set forth in the Plan.
2. GRANT OF RESTRICTED STOCK. Subject to the conditions and
restrictions set forth in this Award Agreement and in the Plan, the
Company hereby grants to Participant that number of Shares of
Restricted Stock identified above opposite the heading "Number of
Restricted Shares Granted" (the "Restricted Shares").
3. RESTRICTIONS ON TRANSFER; VESTING DATE. Subject to any exceptions
set forth in this Award Agreement or in the Plan, the Restricted
Shares or the rights relating thereto may not be sold, transferred,
gifted, bequeathed, pledged, assigned, or otherwise alienated or
hypothecated, voluntarily or involuntarily, prior to the vesting date
for such Restricted Shares identified below (the "Vesting Date"). On
the Vesting Date, such restriction on transfer shall lapse and the
Restricted Shares, if not previously forfeited pursuant to Section 4
below, will become freely transferable under this Award Agreement and
the Plan, subject only to such further limitations on transfer, if
any, as may exist under applicable law or any other agreement binding
upon Participant. Subject to any exceptions listed in this Award
Agreement or in the Plan, the Restricted Shares shall become vested in
accordance with the schedule set forth below:
Vesting Date Percentage of Shares Vested
-------------- -----------------------------
------------, 20-- ---%
------------, 20-- ---%
------------, 20-- ---%
Notwithstanding the foregoing, (i) the Committee may, in its sole
discretion, accelerate the Vesting Date for any or all of the
Restricted Shares, if in its judgment the performance of Participant
has warranted such acceleration and/or such acceleration is in the
best interests of the Company, and (ii) if Participant's position as a
Service Provider with the Company or any of its Affiliates is
terminated by the Company or such Affiliate without Cause or by reason
of the Participant's death or Disability, the Vesting Date for all of
the Restricted Shares automatically will be accelerated to the date of
Participant's termination as a Service Provider. If the Participant
voluntarily terminates their position as a Service Provider with the
Company, the portion of Restricted Shares that are unvested shall be
forfeited and full ownership of such Restricted Shares and rights will
revert to the Company. For purposes of this Award Agreement, "Cause"
means any act or failure to act by the Participant that constitutes
willful misconduct or gross negligence.
4. FORFEITURE PRIOR TO VESTING. Unless otherwise provided below, if
Participant's position as a Service Provider with the Company or any
of its Affiliates is terminated by the Company or any such Affiliate
for Cause prior to the Vesting Date for one or more of the Restricted
Shares, Participant will thereupon immediately forfeit any and all
unvested Restricted Shares, and the full ownership of such Restricted
Shares and rights will revert to the Company. Upon such forfeiture,
Participant shall have no further rights under this Award Agreement.
For purposes of this Award Agreement, transfer of employment between
the Company and any of its Affiliates (or between Affiliates) does not
constitute a termination of Participant's position as a Service
Provider. If the Participant voluntarily terminates their position as
a Service Provider with the Company, the portion of Restricted Shares
that are unvested shall be forfeited and full ownership of such
Restricted Shares and rights will revert to the Company.
5. CERTIFICATES. The Restricted Shares are issued to Participant in
reliance on the exemption from registration provided in Section 4(2)
of the 1933 Act and Regulation D promulgated thereunder. The
Restricted Shares shall be issued in the name of Participant or a
nominee of Participant as of the Date of Grant. One or more
certificates representing the Restricted Shares shall bear a legend
substantially similar to the following, and stop transfer instructions
may be given to the transfer agent for the Company's Stock that are
consistent with such legend:
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED SECURITIES
AND SUBJECT TO CERTAIN CONDITIONS UNDER THE AMCON DISTRIBUTING COMPANY
2007 OMNIBUS INCENTIVE PLAN AND THE APPLICABLE RESTRICTED STOCK AWARD
AGREEMENT PURSUANT TO WHICH THE SHARES WERE ISSUED. THESE SHARES ARE
SUBJECT TO A RISK OF FORFEITURE AND CANNOT BE SOLD, DONATED,
TRANSFERRED OR IN ANY OTHER MANNER ENCUMBERED EXCEPT IN ACCORDANCE
WITH THE TERMS OF SUCH PLAN AND AGREEMENT, COPIES OF WHICH ARE
AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF AMCON DISTRIBUTING
COMPANY. IN ADDITION, THESE SHARES HAVE BEEN ISSUED ON -------, 20--
PURSUANT TO THE AMCON DISTRIBUTING COMPANY 2007 OMNIBUS INCENTIVE PLAN
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE
SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR AN
EXEMPTION FROM REGISTRATION THEREUNDER.
6. DIVIDENDS AND VOTING. Participant is entitled to (i) receive all
dividends, payable in stock, in cash or in kind, or other
distributions, declared on or with respect to any Restricted Shares as
of a record date that occurs on or after the Date of Grant hereunder
and before any transfer or forfeiture of the Restricted Shares by
Participant, provided that any such dividends paid in cash are to be
held in escrow by the Company and, such cash dividends and
distributions are to be subject to the same rights, restrictions on
transfer and conditions regarding vesting and forfeiture as the
Restricted Shares with respect to which such dividends or
distributions are paid at the time of payment, and (ii) exercise all
voting rights with respect to the Restricted Shares, if the record
date for the exercise of such voting rights occurs on or after the
Date of Grant hereunder and prior to any transfer or forfeiture of
such Restricted Shares. In the event of forfeiture by Participant of
any or all of the Restricted Shares or any of the equity securities
distributed to Participant with respect thereto, Participant shall
forfeit all cash dividends held in escrow and relating to the
underlying forfeited Restricted Shares and must return to the Company
any distributions previously paid to Participant with respect to such
Restricted Shares.
7. WITHHOLDING WITH STOCK. Unless specifically denied by the
Committee, Participant may elect to pay all minimum required amounts
of tax withholding, or any part thereof, by electing to transfer to
the Company, Shares having a value equal to the minimum amount
required to be withheld under federal, state or local law or such
lesser amount as may be elected by the Participant. The value of
Shares to be transferred to the Company shall be based on the Fair
Market Value of the Stock on the date that the amount of tax to be
withheld is to be determined (the "Tax Date"), as determined by the
Committee. Any such election by the Participant to have Shares
withheld for this purpose will be subject to the following
restrictions:
(a) All elections must be made prior to the Tax Date;
(b) All elections shall be irrevocable; and
(c) If Participant is an officer or director of the Company within
the meaning of Section 16 of the 1934 Act ("Section 16"), the
Participant must satisfy the requirements of such Section 16 and any
applicable rules thereunder with respect to the use of Stock to
satisfy such tax withholding obligation.]
[7][8]. TITLES. Titles are provided herein for convenience only and
are not to serve as a basis for interpretation or construction of this
Award Agreement.
[8][9]. NOTICE OF I.R.C. SECTION 83(b) ELECTION. If Participant
makes an election under Section 83(b) of the Code, Participant shall
promptly notify the Company of such election.
[9][10]. AMENDMENT. This Award Agreement may be amended only by a
writing executed by the parties hereto which specifically states that
it is amending this Award Agreement.
[10][11]. GOVERNING LAW. The laws of the State of Delaware will
govern the interpretation, validity and performance of this Award
Agreement regardless of the law that might be applied under principles
of conflicts of laws.
[11][12]. BINDING EFFECT. A signature of a party to this Award
Agreement sent by facsimile or other electronic transmission shall be
deemed to constitute an original and fully effective signature of such
party. Except as expressly stated herein to the contrary, this Award
Agreement will be binding upon and inure to the benefit of the
respective heirs, legal representatives, successors and assigns of the
parties hereto.
This Award Agreement has been executed and delivered by the parties
hereto.
The Company: Participant:
AMCON DISTRIBUTING COMPANY
By:
------------------------ ----------------------------
Name:
---------------------- ----------------------------
Title:
--------------------
Address of Participant:
----------------------------
----------------------------
SCHEDULE OF AWARDS
As of November 7, 2008, awards have been made to executive officers of
AMCON Distributing Company utilizing the foregoing form of Restricted
Stock Award Agreement, which awards are summarized below. In the
event that any future awards are made utilizing the foregoing form of
Restricted Stock Award Agreement, AMCON Distributing Company
undertakes to provide disclosure concerning such awards to the extent
that it is required to do so under the Securities Exchange Act of
1934, or the rules and regulations there under.
Restricted Percentage
Grant Shares Vesting of Shares
Name Date Granted Date Vesting
---------------------- -------------- --------- --------- ------------
Xxxxxxxxxxx X. Xxxxxx 10/16/2007 15,000 10/16/2008 33-1/3%
10/16/2009 33-1/3%
10/16/2010 33-1/3%
Xxxx X. Xxxxxxxxx 10/16/2007 5,000 10/16/2008 33-1/3%
10/16/2009 33-1/3%
10/16/2010 33-1/3%
Xxxxxx X. Xxxxxxx 10/16/2007 2,000 10/16/2008 33-1/3%
10/16/2009 33-1/3%
10/16/2010 33-1/3%
Xxxxxx X. Xxxxxxxx 10/16/2007 2,000 10/16/2008 33-1/3%
10/16/2009 33-1/3%
10/16/2010 33-1/3%
