RESTRICTED STOCK AGREEMENT
Exhibit 10.2
THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) is made as of ___, 200___, between
XXXXXXXX MARITIME LIMITED, a Xxxxxxxx Islands company (the “Company”), and
___(the “Employee”). The parties agree as follows:
1) Award. Pursuant to the XXXXXXXX MARITIME LIMITED 2005 STOCK INCENTIVE PLAN (the
“Plan”), as of the date of this Agreement, ___shares (the “Restricted Shares”) of the
Company’s common stock shall be issued as hereinafter provided in the Employee’s name subject to
certain restrictions thereon. The Restricted Shares shall be issued upon acceptance hereof by
Employee and upon satisfaction of the conditions of this Agreement. The Employee acknowledges
receipt of a copy of the Plan and agrees that this award of Restricted Shares shall be subject to
all of the terms and provisions of the Plan, including future amendments thereto, if any, pursuant
to the terms thereof.
2) Restricted Shares. The Employee hereby accepts the Restricted Shares when issued
and agrees with respect thereto as follows:
a) Forfeiture Restrictions. The Restricted Shares may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of to the
extent then subject to the Forfeiture Restrictions, and in the event of termination of the
Employee’s employment with the Company for any reason other than as provided in Section
2(b), the Employee shall, for no consideration, forfeit to the Company all Restricted Shares
then subject to the Forfeiture Restrictions. The prohibition against transfer and the
obligation to forfeit and surrender Restricted Shares to the Company upon termination of
employment are herein referred to as the “Forfeiture Restrictions.” The Forfeiture
Restrictions shall be binding upon and enforceable against any transferee of Restricted
Shares.
b) Lapse of Forfeiture Restrictions. The Forfeiture Restrictions shall lapse
as to the Restricted Shares in accordance with the following schedule provided that the
Employee has been continuously employed by the Company from the date of this Agreement
through the lapse date:
| Number | ||||
| of Restricted Shares Granted | ||||
| as to Which | ||||
| Date | Forfeiture Restrictions Lapse | |||
_________ |
—% | |||
_________ |
—% | |||
_________ |
—% | |||
_________ |
—% | |||
_________ |
—% | |||
_________ |
—% | |||
Notwithstanding the foregoing, if the Employee’s employment with the Company is
terminated by reason of his death or disability (within the meaning of section 22(e)(3) of
the Code), the Forfeiture Restrictions shall lapse as to all of the Restricted Shares then
subject to the Forfeiture Restrictions.
2. Certificates. A certificate evidencing the Restricted Shares shall be issued by
the Company in the Employee’s name, pursuant to which the Employee shall have all of the rights of
a shareholder of the Company with respect to the Restricted Shares, including, without limitation,
voting rights and the right to receive dividends (provided, however, that dividends paid in shares
of the Company’s stock shall be subject to the Forfeiture Restrictions). The Employee may not
sell, transfer, pledge, exchange, hypothecate or otherwise dispose of the stock until the
Forfeiture Restrictions have expired (except with regard to a “qualified domestic relations
order”), and a breach of the terms of this Agreement shall cause a forfeiture of the Restricted
Shares. The certificate shall contain an appropriate endorsement reflecting the Forfeiture
Restrictions. The certificate shall be delivered upon issuance to the Secretary of the Company or
to such other depository as may be designated by the Committee as a depository for safekeeping
until the forfeiture of such Restricted Shares occurs or the Forfeiture Restrictions lapse pursuant
to the terms of the Plan and this award. On the date of this Agreement, the Employee shall, if
required by the Committee, deliver to the Company a stock power, endorsed in blank, relating to the
Restricted Shares. Upon the lapse of the Forfeiture Restrictions without forfeiture, the Company
shall cause a new certificate or certificates to be issued without legend (except for any legend
required pursuant to applicable securities laws or any other agreement to which the Employee is a
party) in the name of the Employee in exchange for the certificate evidencing the Restricted
Shares.
3. Corporate Acts. The existence of the Restricted Shares shall not affect in any way
the right or power of the Board of Directors of the Company or the shareholders of the Company to
make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s
capital structure or its business, any merger or consolidation of the Company, any issue of debt or
equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange or
other disposition of all or any part of its assets or business or any other corporate act or
proceeding. The prohibitions of Section 2(a) hereof shall not apply to the transfer of Restricted
Shares pursuant to a plan of reorganization of the Company, but the stock, securities or other
property received in exchange therefor shall also become subject to the Forfeiture Restrictions and
provisions governing the lapsing of such Forfeiture Restrictions applicable to the original
Restricted Shares for all purposes of this Agreement and the certificates representing such stock,
securities or other property shall be legended to show such restrictions.
4. Withholding of Tax and Tax Elections. To the extent that the receipt of the
Restricted Shares or the lapse of any Forfeiture Restrictions results in compensation income or
wages to the Employee for federal, state, or local income tax purposes, the Employee shall deliver
to the Company at the time of such receipt or lapse, as the case may be, such amount of
money as the Company may require to meet its obligation under applicable tax laws or
regulations. The Employee may elect with respect to this Agreement to surrender or authorize the
Company to withhold shares of stock of the Company (valued at their Fair Market Value on the date
of surrender or withholding of such shares) to satisfy any tax required to be withheld by reason of
compensation income resulting under this Agreement. An election pursuant to the preceding sentence
shall be referred to herein as a “Stock Withholding Election.” All Stock Withholding Elections
shall be made by written notice to the Company at its principal executive office addressed to the
attention of the Secretary. The Employee may revoke such election by delivering to the Secretary
written notice of such revocation prior to the date such election is implemented through actual
surrender or withholding of shares of stock of the Company. If the Employee fails to pay the
required amount to the Company or fails to make a Stock Withholding Election, the Company is
authorized to withhold from any cash remuneration or stock remuneration, including withholding any
Restricted Shares distributable to the Employee under this Agreement, then or thereafter payable to
the Employee any tax required to be withheld by reason of compensation income resulting under this
Agreement or the disposition of Restricted Shares acquired under this Agreement.
If the Employee makes the election authorized by section 83(b) of the Internal Revenue Code of
1986, as amended (the “Code”), the Employee shall submit to the Company a copy of the statement
filed by the Employee to make such election.
5. Status of Stock. The Employee agrees that the Restricted Shares issued under this
Agreement will not be sold or otherwise disposed of in any manner that would constitute a violation
of any applicable federal or state securities laws. The Employee also agrees that (i) the
certificates representing the Restricted Shares may bear such legend or legends as the Committee
deems appropriate in order to reflect the Forfeiture Restrictions and to assure compliance with
applicable securities laws, (ii) the Company may refuse to register the transfer of the Restricted
Shares on the stock transfer records of the Company if such proposed transfer would constitute a
violation of the Forfeiture Restrictions or, in the opinion of counsel satisfactory to the Company,
of any applicable securities law, and (iii) the Company may give related instructions to its
transfer agent, if any, to stop registration of the transfer of the Restricted Shares.
6. Employment Relationship. For purposes of this Agreement, the Employee shall be
considered to be in the employment of the Company as long as the Employee remains an employee of
either the Company, a parent or subsidiary corporation (as defined in section 424 of the Code) of
the Company. Nothing in the adoption of the Plan, nor the award of the Restricted Shares
thereunder pursuant to this Agreement, shall confer upon the Employee the right to continued
employment by the Company or affect in any way the right of the Company to terminate such
employment at any time. Unless otherwise provided in a written employment agreement or by
applicable law, the Employee’s employment by the Company shall be on an at-will basis, and the
employment relationship may be terminated at any time by either the Employee or the Company for any
reason whatsoever, with or without cause. Any question as to whether and when there has been a
termination of such employment, and the cause of such termination, shall be determined by the
Committee, and its determination shall be final.
7. Notices. Any notices or other communications provided for in this Agreement shall
be sufficient if in writing. In the case of the Employee, such notices or communications shall be
effectively delivered if hand delivered to the Employee at his principal place of employment or if
sent by registered or certified mail to the Employee at the last address the Employee has filed
with the Company. In the case of the Company, such notices or communications shall be effectively
delivered if sent by registered or certified mail to the Company at its principal executive
offices.
8. Amendment. This Agreement may not be modified in any respect by any verbal
statement, representation or agreement made by the Employee or by any employee, officer, or
representative of the Company or by any written agreement unless signed by the Employee and by an
officer of the Company who is expressly authorized by the Company to execute such document.
9. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under the Employee.
10. Controlling Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the Xxxxxxxx Islands, without regards to conflicts of laws principles.
IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and the Employee has executed this Agreement, all as of the date first
above written.
| XXXXXXXX MARITIME LIMITED | ||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| EMPLOYEE | ||||
| [Name of Employee] | ||||
