Document:

ozrk-ex102_7.htm

 

 

Exhibit 10.2

Form of Notice of Grant of Restricted Stock And

Award Agreement (the “Agreement”)

 

 

Recipient: ___________________________

1.Grant of Restricted Stock. Effective  (the “Grant Date”), you have been granted ______________ shares (the “Restricted Shares”) of common stock, par value $0.01 per share (“Common Stock”), of Bank of the Ozarks, Inc. (the “Company”) pursuant to the Second Amended and Restated Bank of the Ozarks, Inc. 2009 Restricted Stock and Incentive Plan, effective May 16, 2016 (the “Plan”), subject to the terms and conditions of this Agreement. Capitalized terms used in this Agreement that are not otherwise defined in this Agreement are used as defined in the Plan.

 

2.Value of Stock. Based on the average of the highest reported asked price and the lowest reported bid price of trades with respect to the Common Stock as reported on the NASDAQ Global Select Market as of the close of business on the Grant Date, the fair market value of the Restricted Shares is $________ per share, or $________in the aggregate. You are not obligated to make any payment in respect of the Restricted Shares at the time of this grant award, except if you make an election (a “Section 83(b) election”) under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”). See Section 6 below regarding Section 83(b) elections.

 

3.Vesting Restrictions. 

 

(a)The Restricted Shares are subject to a substantial risk of forfeiture (i.e., you may not be irrevocably assured of ownership of the Restricted Shares until the vesting date or dates).  Except as otherwise provided in this Agreement, your Restricted Shares will become vested according to the following schedule, provided you remain continuously employed by the Company, or any Subsidiary, through such date:

 

	
Vesting Date
	
% of Restricted Shares Vested

 

(b)If your employment is terminated by reason of death or Disability prior to the vesting date of all of your Restricted Shares, your unvested Restricted Shares shall become fully vested.

 

(c)If your employment is terminated for any reason, other than Disability or death, prior to the vesting date of all of your Restricted Shares, your unvested Restricted Shares shall be forfeited in accordance with the Plan. 

 

(d)In the event of a Change in Control, the following shall apply to any unvested Restricted Shares awarded pursuant to this Agreement: 

 

	
 
	
(i)
	
if any successor corporation (or any affiliate thereof) of the Company assumes, continues or replaces the unvested Restricted Shares with equity awards that preserve the existing value of the unvested Restricted Shares at the time of the Change in Control (with equivalent or more favorable terms), then the unvested Restricted Shares will not accelerate upon a Change in Control and will continue pursuant to the vesting schedule under Section 3(a) above, except that if, within 24 months following a Change in Control, your employment with the Company (or successor company) is terminated for a reason other than gross negligence or deliberate misconduct which demonstrably harms the Company, or if you resign for Good Reason (as defined in the Plan), then any unvested Restricted Shares shall immediately vest; 

	
 
	
(ii)
	
if any successor corporation (or any affiliate thereof) of the Company does not assume, continue or replace the unvested Restricted Shares with equity awards that preserve the existing value of the unvested Restricted Shares at the time of the Change in Control (with equivalent or more favorable terms), then all unvested Restricted Shares shall immediately vest.

 

 

4.Rights While Shares Are Restricted.  

 

(a)While your shares remain restricted, you will be entitled to any dividends paid on the Restricted Shares, and to any voting rights with respect to such shares on the same basis as other holders of Common Stock who have no restrictions relating to their shares of Common Stock. Until the date your Restricted Shares become vested, you may not assign or otherwise transfer the Restricted Shares except as provided in the Plan. Once your Restricted Shares vest, you may not be able to immediately sell your shares depending on securities laws and any Company-imposed restrictions with respect to compliance with such laws. Any inability to sell or transfer the Restricted Shares will not relieve you of the obligation to pay any required withholding taxes at the time of vesting (see Section 6 below regarding the taxation of Restricted Shares).

(b)The Restricted Shares shall be held in escrow by the Secretary of the Company until such time as the Restricted Shares vest or are forfeited. Upon the vesting of such Restricted Shares and the satisfaction of the other terms and conditions of this Agreement, the Company will deliver the Restricted Shares to you, subject to payment of any taxes payable by you with respect to the Restricted Shares.

5.Application of Company Clawback Policy.  The Award and any shares of Common Stock, cash or other property acquired in connection with this Award will be subject to the terms and conditions of any clawback or recoupment policy adopted by the Company and as may be in effect from time to time. 

 

6.Taxation of Restricted Shares. 

 

(a)Based on current tax laws, you will not be taxed on your Restricted Shares until they vest. At the time of vesting, the Company will treat the fair market value of the vested Restricted Shares as compensation taxable to you as ordinary income. If the Common Stock is then traded on the NASDAQ Global Select Market, or any other such market or exchange that is the principal trading market for the Company’s Common Stock, the fair market value will be based on the average of the highest reported asked price and the lowest reported bid price of trades with respect to the Common Stock as reported on such exchange or market on the vesting date, or if there is no sale for the relevant date, then on the last previous date on which a sale was reported, or if the Common Stock is not then listed on any established stock exchange or a national market system, then in the sole discretion of the Board of Directors of the Company.

(b)You may make a Section 83(b) election, to include in your gross income in the year of this Award the amount specified in Section 83(b) of the Code. If you make such an election, you must notify the Company in writing within 10 days after filing the notice of the election with the Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.  You acknowledge that it is your sole responsibility and not the Company’s to timely file the election under Section 83(b) of the Code, even if you request the Company or its representatives to make this filing on your behalf.

(c)Upon satisfaction of any vesting requirements, before any Restricted Shares may be delivered to you, or as set forth below, if you make a Section 83(b) election, at the time of making such election, you must satisfy your obligation for federal, state and local tax withholding on the Restricted Shares (the “Restricted Withholding”). 

(d)You may elect to have the Restricted Withholding satisfied, in whole or part, by (i) authorizing the Company to withhold a number of vested Restricted Shares you own equal to the Fair Market Value as of the date withholding is effected that would satisfy the Restricted Withholding, (ii) transferring to the Company cash or other shares of Common Stock owned by you with a Fair Market Value equal to the amount of the Restricted Withholding, or (iii) if you are an Employee of the Company or a Subsidiary (as such terms are defined in the Plan) at the time such Restricted Withholding is effected, by withholding such amount from your cash compensation. Whether or not you make a Section 83(b) election, no fractional shares of Common Stock shall be issued, and the Company will deliver cash to you equal to the Fair Market Value of any fractional share resulting from such withholding.

 

 

(e)If you make a Section 83(b) election, you must remit to the Company an amount sufficient to satisfy all Restricted Withholding at the time of your election. Such Restricted Withholding may be satisfied in any authorized manner set forth in Section 6(d). Your failure to timely submit the Restricted Withholding may result in forfeiture of your Restricted Shares. 

(f)In accordance with the income tax law and regulations, any dividends paid to you on unvested Restricted Shares will be treated as additional employee compensation, subject to all applicable payroll tax withholding and reporting.

(g)The Company is providing you this information for educational purposes only and you hereby acknowledge and agree that you are responsible for determining your tax obligations as a result of the transactions contemplated by this Agreement.

7.Acknowledgement.  By your signature and the Company’s signature below, you and the Company agree that the Restricted Shares are granted under and governed by this Agreement and the Plan, which is attached and incorporated herein by reference. In the event of any inconsistency or ambiguity between the terms and conditions of this Agreement and the Plan or in the event that this Agreement is silent as to any other matters addressed in the Plan, the terms of the Plan shall control.

 

8.Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to your current or future participation in the Plan by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system that may be established and maintained by the Company or a third party designated by the Company.

 

 

	
BANK OF THE OZARKS, INC.

 

 
	
 
	
 

	
By:
	
 
	
 
	
 

	
 
	
George G. Gleason, II

Chairman and Chief Executive Officer
	
 
	
Date

	
 
	
 
	
 
	
 

	
Recipient Name:
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
Signature
	
 
	
Dateozrk-ex103_8.htm

 

Exhibit 10.3

 

Bank of the Ozarks, Inc.

Non-Employee Director Stock Plan

(Effective May 18, 2015, as amended on May 16, 2016)

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions.  As used herein, the following terms shall have the meanings hereinafter set forth unless the context clearly indicates to the contrary:

 

	
 
	
(a)
	
“Award” shall mean an award of Stock.

 

	
 
	
(b)
	
“Awardee” shall mean an Eligible Director to whom Stock has been awarded hereunder.

 

	
 
	
(c)
	
“Board” shall mean the Board of Directors of the Company.

 

	
 
	
(d)
	
“Committee” shall mean the administrative body provided for in Section 3.1.

 

	
 
	
(e)
	
“Company” shall mean Bank of the Ozarks, Inc. and any successor or assignee corporation(s) into which the Company may be merged, changed or consolidated; any corporation for whose securities the securities of the Company shall be exchanged; and any assignee of or successor to substantially all of the assets of the Company.

 

	
 
	
(f)
	
“Eligible Director” shall mean a member of the Board of the Company who is not an employee of the Company or any of its Subsidiaries at the time of grant of an Award.

 

	
 
	
(g)
	
“Fair Market Value” for any given date means the reasonable value of the Stock as determined by the Board, in its sole discretion.  If the Stock is listed on a securities exchange or traded over a national market system, Fair Market Value means the average of the highest reported asked price and the lowest reported bid price reported on that exchange or market on the relevant date, or if there is no sale for the relevant date, then on the last previous date on which a sale was reported.

 

	
 
	
(h)
	
“Plan” shall mean the Bank of the Ozarks, Inc. Non-Employee Director Stock Plan, as amended from time to time.

 

	
 
	
(i)
	
“Plan Effective Date” shall mean the latest to occur of (1) adoption by the Board, and (2) approval of this Plan by the shareholders of the Company, if required. 

 

	
 
	
(j)
	
“Stock” shall mean shares of the Company’s common stock, par value $0.01 per share, or in the event that the outstanding shares of Stock are hereafter changed into or exchanged for shares of a different stock or securities of the Company or some other corporation, such other stock or securities.

  

	
 
	
(k)
	
“Subsidiary” shall mean any corporation, the majority of the outstanding capital stock of which is owned, directly or indirectly, by the Company.

 

ARTICLE II.

GENERAL

 

2.1Name.  This Plan shall be known as the “Bank of the Ozarks, Inc. Non-Employee Director Stock Plan.”

 

2.2Purpose.  The purpose of the Plan is to advance the interests of the Company and its shareholders by affording to Eligible Directors of the Company an opportunity to acquire or increase their proprietary interest in 

 

 

the Company by the grant to such directors of Awards under the terms set forth herein. By encouraging non-employee directors to become owners of Company shares, the Company seeks to increase their incentive for enhancing shareholder value and to motivate, retain and attract those highly competent individuals upon whose judgment, initiative, leadership and continued efforts the success of the Company in large measure depends. 

 

2.3Eligibility.  Any Eligible Director shall be eligible to participate in the Plan.

 

ARTICLE III. 

ADMINISTRATION

 

3.1Composition of Committee.  The Plan shall be administered by the Personnel and Compensation Committee of the Board, and/or by the Board or another committee of the Board, as appointed from time to time by the Board (any such administrative body, the “Committee”). 

 

3.2Duties and Powers of the Committee.  Subject to the express provisions of this Plan, the Committee shall be authorized and empowered to do all things necessary or desirable in connection with the administration of this Plan with respect to the Awards over which such Committee has authority, including, without limitation, the following:

 

	
 
	
(a)
	
to prescribe, amend and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein;

 

	
 
	
(b)
	
to prescribe and amend the terms of the agreements or other documents evidencing Awards made under this Plan;

 

	
 
	
(c)
	
to determine whether, and the extent to which, adjustments are required pursuant to Section 6.1 hereof;

 

	
 
	
(d)
	
to interpret and construe this Plan, any rules and regulations under the Plan and the terms and conditions of any Award granted hereunder, and to make exceptions to any such provisions in good faith and for the benefit of the Company; and

 

	
 
	
(e)
	
to make all other determinations deemed necessary or advisable for the administration of the Plan.

 

3.3Determinations of the Committee.  All decisions, determinations and interpretations by the Committee or the Board regarding the Plan shall be final and binding on all current or former directors of the Company and their beneficiaries, heirs, successors and assigns. The Committee or the Board, as applicable, shall consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice of any officer of the Company or Eligible Director and such attorneys, consultants and accountants as it may select.

 

3.4Company Assistance.  The Committee may designate certain officers of the Company, or any Subsidiary, to assist the Committee in the administration of the Plan, and may grant authority to such persons to execute agreements evidencing Awards made under this Plan or other documents entered into under this Plan on behalf of the Committee or the Company. The Company shall supply full and timely information to the Committee on all matters relating to Eligible Directors, their death, retirement, disability or removal or resignation from the Board and such other pertinent facts as the Committee may require. The Company shall furnish the Committee with such clerical and other assistance as is necessary in the performance of its duties.

 

ARTICLE IV. 

STOCK AWARDS

 

4.1Limitations.  Subject to adjustment pursuant to the provisions of Section 6.1 hereof, the aggregate number of shares of Stock which may be issued as Awards shall not exceed 50,000.  

 

4.2Awards under the Plan.  Upon election by the Company’s shareholders at each annual meeting of shareholders, or any special shareholders meeting called for such purpose, each Eligible Director will receive an 

 

 

Award of a number of shares of Stock with a Fair Market Value on the grant date that is equal to $35,000, rounded down to the nearest whole share. Each Eligible Director appointed as a member of the Board for the first time, other than upon election by the Company’s shareholders at an annual shareholders meeting (or any special shareholders meeting called for such purpose), shall receive an Award, as the Board may determine in its discretion, of a number of shares of Stock with a Fair Market Value on the grant date in an amount not to exceed $35,000, rounded down to the nearest whole share. The date of grant of any Award under the Plan shall be the date such Eligible Director is elected as a director by the Company’s shareholders or the date such Eligible Director is first appointed as a member of the Board, as applicable. 

 

4.3Rights as Shareholder.  Upon the issuance to the Awardee of Stock hereunder, the Awardee shall have all the rights of a shareholder with respect to such Stock, including the right to vote the shares and receive all dividends and other distributions paid or made with respect thereto.

 

4.4Stock Certificates.  The Company shall not be required to deliver any certificate or, in the case of uncertificated shares, a notice of issuance, for shares of Stock received as an Award hereunder, prior to fulfillment of all of the following conditions:

 

	
 
	
(a)
	
the admission of such shares to listing on all stock exchanges on which the Stock is then listed;

 

	
 
	
(b)
	
the completion of any registration or other qualification of such shares under any federal or state law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Committee shall in its sole discretion deem necessary or advisable; and

 

	
 
	
(c)
	
the obtaining of any approval or other clearance from any federal or state governmental agency which the Committee shall in its sole discretion determine to be necessary or advisable.

 

ARTICLE V. 

TERMINATION, AMENDMENT AND MODIFICATION OF PLAN

 

The Committee may at any time terminate, and may at any time and from time to time and in any respect amend or modify, the Plan provided that, if under applicable laws or the rules of any securities exchange upon which the Company’s common stock is listed, the consent of the Company’s shareholders is required for such amendment or modification, such amendment or modification shall not be effective until the Company obtains such consent, and provided, further, that no termination, amendment or modification of the Plan shall in any manner affect any Award theretofore granted pursuant to the Plan without the consent of the Awardee.

 

ARTICLE VI. 

MISCELLANEOUS

 

6.1Adjustment Provisions.  Without limiting the Committee’s discretion as otherwise set forth in this Plan, if there shall occur any change in the capital structure of the Company by reason of any extraordinary dividend or other distribution (whether in the form of cash, common stock, other securities or other property, and other than a normal cash dividend), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of common stock or other securities of the Company, or other event having an effect similar to the foregoing, which affects the common stock, then the Committee shall, in an equitable and proportionate manner as determined by the Committee, adjust the number of shares of common stock or other securities of the Company with respect to which Awards may be granted under the Plan under Section 4.1.

 

6.2Continuation of Board Service.  Nothing in the Plan or in any instrument executed pursuant to the Plan will confer upon any Eligible Director any right to continue to serve on the Board.

 

6.3Compliance with Government Regulations.  No shares of Stock will be issued hereunder unless and until all applicable requirements imposed by federal and state securities and other laws, rules, and regulations and by any regulatory agencies having jurisdiction and by any stock exchanges upon which the Stock may be listed have been fully met. As a condition precedent to the issuance of shares of Stock pursuant hereto, the Company may require the Eligible Director to take any reasonable action to comply with such requirements.

 

 

 

6.4Privileges of Stock Ownership.  No director and no beneficiary or other person claiming under or through such person will have any right, title, or interest in or to any shares of Stock allocated or reserved under the Plan or subject to any Award except as to such shares of Stock, if any, that have been issued to such director.

 

6.5Other Compensation Plans.  The adoption of the Plan shall not affect any other stock option or incentive or other compensation plans in effect for the Company or any Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of incentive or other compensation for employees or directors of the Company or any Subsidiary.

 

6.6Plan Binding on Successors.  The Plan shall be binding upon the successors and assigns of the Company.

 

6.7Singular, Plural; Gender.  Whenever used herein, nouns in the singular shall include the plural, and the masculine pronoun shall include the feminine gender.

 

6.8Headings, etc., Not Part of Plan.  Headings of Articles and Sections hereof are inserted for convenience and reference; they constitute no part of the Plan.

 

6.9Governing Law.  This Plan and any Awards hereunder shall be governed by and interpreted and construed in accordance with the laws of the State of Arkansas and applicable federal law. Any reference in this Plan or in the agreement evidencing any Award to a provision of law or to a rule or regulation shall be deemed to include any successor law, rule or regulation of similar effect or applicability.

 

6.10Termination of Plan.  If not previously terminated by the Committee or the Board pursuant to Article V, this Plan will terminate ten (10) years from the effective date.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]