COACHMEN INDUSTRIES, INC. STOCK AWARD AGREEMENT
COACHMEN
INDUSTRIES, INC.
This
STOCK AWARD AGREEMENT
(the "Agreement") is entered into as of the 25th day of
November, 2008, between COACHMEN INDUSTRIES, INC., an
Indiana corporation (the "Company"), and _______________ ("Employee").
WHEREAS,
the Coachmen Industries, Inc. Board of Directors has authorized the Compensation
Committee of the Board of Directors (the "Committee")to award company stock to
directors, officers and key employees pursuant to the Coachmen Industries, Inc.
2000 Omnibus Stock Incentive Program (the "Omnibus Plan") attached hereto as
Exhibit "A";
WHEREAS,
the Committee has determined to advance the interests of the Company and its
shareholders by affording certain employees of the Company an opportunity to
acquire or increase their proprietary interest in the Company by the issuance of
stock under the Omnibus Plan;
WHEREAS,
the Company has entered into the Asset Purchase Agreement dated as of the
20th
day of November, 2008 by and among Forest River, Inc., Consolidated Leisure
Industries, LLC, Coachmen Recreational Vehicle Company, LLC, Viking Recreational
Vehicle, LLC, Coachmen RV Group West Coast Regional Operations Center, LLC,
Michiana Easy Livin' Country, LLC and Coachmen Industries, Inc. ("Forest River
Transaction Agreement").
NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement,
the parties agree as follows:
1. Grant of Stock Award. The
Company in conjunction with the execution of this Agreement hereby agrees to
issue to the Employee _______ shares of the Company's common stock (the
"Shares"), subject to the vesting requirements listed herein and contained in
paragraph 2.
2. Terms
of Vesting
(a) Except as
provided in (b) below, the Shares shall be forfeited: (i) if the
Employee ceases to be employed by the Company for any reason, prior to November
25, 2010; or (ii) if the Forest River Transaction does not close pursuant to the
Terms of the Forest River Transaction Agreement.
(b) Notwithstanding
the foregoing, Employee shall become fully vested in the Shares
if: (i) his/her employment terminates as a result of his/her death or
disability; or (ii) the Company undergoes a Change of Control as defined in
Section 10 of the Omnibus Plan.
(c) Any
Shares forfeited under paragraph 2.(a) above shall terminate and become null and
void. To further this end, the employee agrees to sign the stock
power attached as Exhibit B hereto ("Stock Power") and to allow the Company to
hold the Shares and the Stock Power until all restrictions in paragraph 2(a)
lapse. If the Employee has not forfeited his or her Shares, the
Company will release the signed Stock Power and the Shares to the employee when
the restrictions in paragraph 2(a) lapse.
(d) Prior to
vesting, the Employee shall be entitled to vote the unvested Shares and to
receive all distributions made with respect to the unvested Shares.
3. Limitation Upon Transfer.
Prior to vesting, the Shares shall not be transferred, assigned, pledged, or
hypothecated (whether by operation of law or otherwise), and shall not be
subject to execution, attachment, or similar process. Upon any attempt to
transfer, assign, pledge, hypothecate, or otherwise dispose of the Shares
contrary to the provisions in this Agreement, or upon the levy of, or any
attachment or similar process upon, the Shares, the Shares shall immediately
become null and void.
4. Partial Invalidity. The
invalidity or unenforceability of any particular provision of this Agreement
shall not affect the remaining provisions, and this Agreement shall be construed
in all respects as if such invalid or unenforceable provisions were
omitted.
5. Entire Agreement;
Modification. This Agreement and the Omnibus Plan contain the entire
agreement among the parties with respect to the Shares and shall supersede all
other prior agreements, negotiations, writings, and conversations. Any change or
modification of this Agreement shall be made in accordance with the provisions
of the Omnibus Plan.
6. Notices. All notices,
requests, demands and other communications hereunder shall be in writing and
shall be delivered by hand or mailed by certified mail, return receipt
requested, postage prepaid, or by simultaneous fax transmission, as
follows:
(a) If to the
Company:
Coachmen
Industries, Inc.
c/o Xxxxxxx
X. Xxxxxx
0000 Xxxxxx
Xxxxx
Xxxxxxx,
Xxxxxxx 00000
(b) if to the
Employee:
To
the address then currently on file in the Employee's personnel
file.
or to
such other address as any party shall have previously specified in writing to
the other.
7. Benefit - Successors. This
Agreement shall be binding upon and shall operate for the benefit of the Company
and the Employee and his or her respective executors, administrators or legal
representatives.
8. Section 83(b)
Election. Prior to December 24, 2008, the Employee may elect
to include the value of the Shares in the Employee’s gross income in 2008 by
filing an election under Section 83(b) of the Internal Revenue
Code. A copy of this election is attached as Exhibit C. If
the Employee makes this Section 83(b) election the Employee agrees to provide
the Company with a copy of the election within 5 business days after making the
election.
9. Construction. The
Agreement shall be construed in a manner consistent with the provisions of the
Omnibus Plan. In the event of any inconsistency between the Agreement
and the Omnibus Plan, the provisions of the Omnibus Plan will override the
inconsistent language contained in the Agreement.
IN
WITNESS WHEREOF, parties have executed this Agreement as of the date and year
first above written.
COACHMEN
INDUSTRIES, INC.
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EMPLOYEE
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By:
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Its:
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