Document:

exv10w3

 

Exhibit 10.3

TRITON PCS HOLDINGS, INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

     TRITON PCS HOLDINGS, INC. (“Triton”) hereby establishes the Triton PCS
Holdings, Inc. Nonqualified Deferred Compensation Plan (the “Plan”) effective
as of dated this Plan is adopted.

ARTICLE 1

PURPOSE AND CONSTRUCTION

     1.1     Purpose. The purpose of the Plan is to provide tax-deferred savings
to a select group of key executive-level employees and directors by allowing
them to elect to defer compensation otherwise payable to them for service as an
employee of Triton or its subsidiaries or affiliates (the “Company”) and/or as
a member of the Triton’s Board of Directors. The Plan also provides a
mechanism for the deferral of restricted stock as permitted under the Triton
PCS Holdings, Inc. Stock and Incentive Plan and the Triton PCS Holdings, Inc.
Directors’ Stock and Incentive Plan (collectively, the “Stock Plans”).

     1.2     Construction. The Plan is intended to be an unfunded deferred
compensation plan maintained for the benefit of a select group of management or
highly compensated employees (a “top hat plan”) and is intended to be exempt
from the provisions of the Employee Retirement Income Security Act of 1974
(“ERISA”). The Plan also is intended to be unfunded for income tax purposes
and will be administered and construed consistent with that intent.

ARTICLE 2

PLAN ADMINISTRATION

     2.1     Powers of the Committee. The Compensation Committee of Triton’s Board
of Directors (the “Committee”) shall have discretionary authority to (a)
construe, interpret, apply and enforce the terms of the Plan, including,
without limitation, the discretionary power and authority to remedy
ambiguities, inconsistencies, omissions and erroneous calculations, (b) make
any rules and regulations the Committee determines are consistent with the
terms of, and necessary or advisable in connection with the administration of,
the Plan, (c) modify or rescind such rules or regulations and (d) make such
other determinations and take such action as the Committee deems necessary or
advisable. The actions of the Committee shall be final and binding on all
persons and parties concerned. The Committee may retain any accounting, legal,
clerical and other services reasonably required by it in the administration of
the Plan. The Committee may agree to pay reasonable compensation for such
services, and the Company shall pay all of the reasonable expenses of the
administration of the Plan.

     2.2     Claim Procedure. The Committee will establish a process for
Participants and beneficiaries to submit claims and to make decisions on claims
under this Plan.

 

 

ARTICLE 3

ELIGIBILITY AND PARTICIPATION

     3.1     Eligibility. Eligibility to participate in the Plan is limited to:
(a) employees of the Company designated on the payroll as Senior Vice President
or above and (b) any individuals serving on Triton’s Board of Directors.

     3.2     Election to Participate. Each individual eligible to participate
shall become a participant (a “Participant”) by electing, in a manner
prescribed by the Committee, to have units credited to him or her during any
calendar year pursuant to Article 4 based on a percentage of his or her
“eligible compensation” otherwise payable for services to the Company. For
this purpose, the term “eligible compensation” shall include: (a) up to 90% of
an employee’s base salary; (b) up to 90% of an employee’s annual bonus; and (c)
all fees received as a director. No deferral election may reduce a
Participant’s compensation below the amount necessary to satisfy applicable
employment taxes, the withholding requirements under applicable law and the
amount of any contributions which the individual may be required to make or may
have elected to make under other benefit plans. Notwithstanding anything to
the contrary, any election to defer compensation shall not apply to any
compensation attributable to services already rendered or any compensation
already paid.

     3.3     Deferral of Restricted Stock. Under the Stock Plans a Participant is
permitted to defer the receipt of restricted stock otherwise payable under a
restricted stock award by making an election described therein. Such deferral
of restricted stock shall be credited to a Participant’s Account under this
Plan for bookkeeping purposes.

     3.4     Initial Plan Year. The Plan’s initial plan year shall begin on the
date this Plan is adopted and end on December 31, 2004. Each Participant who
wishes to participate in the Plan and defer a portion of his or her eligible
compensation earned on or after June 1, 2004 in the initial plan year must
submit an election form no later than May 20, 2004, or as otherwise determined
by the Committee.

     3.5     Subsequent Plan Years. Subsequent plan years shall be January 1st
through December 31st (beginning January 1, 2005). Each eligible individual
who wishes to participate in the Plan and defer a portion of his or her
eligible compensation must submit an election form no later than December 20th
of the year immediately prior to the plan year with respect to which the
election is to be effective, or as otherwise determined by the Committee. In
the case of an individual who becomes eligible for the Plan after the first day
of any plan year, the election must be filed with the Committee no later than
30 days after he or she becomes eligible to participate in the Plan, or as
otherwise determined by the Committee.

     3.6     Changes to Elections. At the election of the Participant, an election
to defer eligible compensation under the Plan may either: (a) continue in
effect until the Participant elects to change or to discontinue the election or
(b) apply for a single plan year only. Any change or discontinuance of an
election to defer eligible compensation shall be effective for the plan year
beginning after the change or discontinuance notice is received by the
Committee. To be effective, elections must be made on a form and in a manner
prescribed by the Committee. Any change or discontinuance of an election to
defer compensation shall not apply to any

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compensation attributable to services already rendered or any compensation
already paid to the Participant.

     3.7     Duration of Participation. A Participant shall continue to be a
Participant until the entire amount due under the Plan, if any, is paid to the
Participant and/or his or her beneficiary.

     3.8     Participant Obligations. Each Participant is bound by all of the
terms and conditions of the Plan, all rules and regulations established from
time to time by the Committee and all decisions made by the Committee in
accordance with the Plan. Each Participant must furnish to the Committee all
pertinent information and execute all forms, agreements and other instruments
requested by the Committee.

ARTICLE 4

CREDITING OF ACCOUNTS

     4.1     Account. The Committee shall establish a bookkeeping account (the
“Account”) on behalf of each Participant under the Plan. Over the course of
each plan year, the Committee shall accrue the amount of eligible compensation
elected by the Participant to be deferred under the Plan and credit each
Participant’s Account accordingly. In a manner and at times prescribed by the
Committee, the Committee shall credit and/or debit each Participant’s Account
based upon the performance of a Participant’s deemed investments.

     4.2     Deemed Investments.

     (a)      Investment Funds. A Participant may elect in a manner prescribed by
the Committee to have a specified percentage of his or her Account attributed
to eligible compensation deemed invested in one or more investment fund(s) made
available by the Committee from time to time. In accordance with any
procedures established by the Committee, each Participant may at any time elect
to change the deemed investment(s) of all or a portion of his or her Account
among the investments then allowed by the Plan. The Participant shall assume
all risks in connection with the value credited (or debited) to the
Participant’s Account as a result of his or her election. The Committee, in
its sole discretion, may add, delete or otherwise alter the deemed investment
funds at anytime.

     (b)      Triton PCS Stock. Any restricted stock deferred pursuant to the terms
of the Stock Plans shall be deemed to be invested in Triton PCS Class A common
stock (“Common Stock”). The Participant shall assume all risks in connection
with the value credited or debited to the Participant’s Account as a result of
his or her deemed investment in Common Stock. A Participant may not elect to
diversify the portion of his or her Account deemed invested in Common Stock.

ARTICLE 5

PAYMENT OF BENEFITS

     5.1     Vesting. Each Participant shall be 100% vested at all times in
amounts held in his or her Account attributable to the deferral of eligible
compensation. The vesting of amounts held

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in a Participant’s Account attributable to the deferral of restricted
stock shall be subject to the Participant’s restricted stock award issued under
the Stock Plans.

     5.2     Payment of Benefits.

     (a)      Within a reasonably period of time following a Participant’s
termination of employment with the Company or his or her ceasing to be a
director of Triton, at any time and for any reason, the Company shall make a
payment to the Participant (or the Participant’s beneficiary, if applicable)
equal to the amount credited to his or her Account.

     (b)      Notwithstanding the foregoing, in accordance with procedures
established by the Committee in its sole discretion, a Participant may elect,
at the time he or she makes the election to defer compensation, to receive
payment of any deferral (plus gains or losses thereon) to his or her Account
with respect to a plan year as of a date earlier than otherwise applicable
under the preceding, but in no event less than two years following the last day
of the calendar year in which the deferral was made.

     (c) Any payments due a Participant (or the Participant’s beneficiary, if
applicable) shall be paid in a single lump sum. Amounts deemed to be invested
in investment funds shall be paid in cash and amounts deemed to be invested in
Common Stock shall be paid in the form of Common Stock under the Stock Plans.
The number of shares of Common Stock to be so paid under the Stock Plans to or
on behalf of the Participant shall be equal to the number of shares of Common
Stock deemed to be held in the Participant’s Account at the time payment is
made.

     5.3     Beneficiaries. A Participant may designate in writing on a form
provided by or acceptable to the Committee a beneficiary or beneficiaries to be
paid any benefits that are payable under the Plan following the Participant’s
death. In the absence of any written designation of a beneficiary or a
surviving beneficiary, any benefits payable under the Plan following the
Participant’s death shall be payable to his or her estate.

     5.4     Payment in the Event of Incapacity. If any individual entitled to
receive a payment under the Plan is determined by the Committee, in its sole
discretion, to be physically, mentally, or legally incapable of receiving or
acknowledging receipt of such payment, and no legal representative has been
appointed for the individual, the Company may (but is not required to) direct
payment to either the Participant’s beneficiary or the Participant’s spouse,
children or other relatives by blood or marriage. The Committee and/or the
Company is not required to see to the proper application of such payments, and
the payment to any such individual completely discharges all claims which the
Participant (and his or her heirs and successors) have under the Plan to the
extent of the payment.

     5.5     Regulatory Compliance and Listing. The issuance or delivery of any
shares of Common Stock under the Stock Plans may be postponed by the Committee
for such period as may be required to comply with any applicable requirements
under the Federal securities laws, any applicable requirements of any national
securities exchange or any requirements under any other law or regulation
applicable to the issuance or delivery of such shares, and the Committee and/or
the Company shall not be obligated to issue or deliver any such shares if the
issuance or

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delivery thereof shall constitute a violation of any provision of any law
or any regulation of any governmental authority or any national securities
exchange.

     5.6     Withholding of Taxes. Any taxes required to be paid by law with
respect to the benefits paid under this Plan may be satisfied by reducing cash
or other compensation otherwise payable to the Participant (or his or her
beneficiary).

     5.7     Change in Control. Notwithstanding anything to the contrary, all of a
Participant’s accumulated benefits under the Plan held in his or her Account
shall become immediately payable to the Participant (or the Participant’s
beneficiary, if applicable) as soon as administratively practicable following a
“change in control” of Triton. For this purpose, “change of control” means any
transaction or event, or series of transactions or events, whether voluntary or
involuntary, that results in, or as a consequence of which, any of the
following events shall occur: (a) any Person (as defined in the First Amended
and Restated Stockholders’ Agreement dated as of October 27, 1999 between
Triton and the stockholders of Triton named therein, as the same may be
amended, modified or supplemented from time to time) shall acquire, directly or
indirectly, Beneficial Ownership (as defined in Rule 13d-3 of the 1934 Act) of
more than 50% of the voting stock of Triton, (b) any sale of all or
substantially all of the assets of Triton or (c) a proxy contest for the
election of directors of Triton results in the individuals constituting
Triton’s Board of Directors immediately prior to the initiation of such proxy
contest ceasing to constitute a majority of Triton’s Board of Directors upon
conclusion of such proxy contest.

ARTICLE 6

AMENDMENT

     The Committee reserves the right to amend the Plan at any time and in any
fashion as it deems advisable. To be effective, any amendment to the Plan must
be stated in a written instrument adopted by the Committee. An amendment to
the Plan adopted under this section is binding on all interested parties as of
the effective date of the amendment. No amendment to the Plan may have any
retroactive effect that deprives any Participant or the beneficiary of a
deceased Participant of any material benefit, right or feature to which the
Participant is entitled under the terms of the Plan immediately prior to the
effective date of the amendment.

ARTICLE 7

TERMINATION

     The Committee reserves the right to terminate the Plan at any time. The
Plan will terminate as of the date designated by the Committee. Upon
termination of the Plan, the Committee may in its sole discretion elect to
cause all accumulated benefits under the Plan in a Participant’s Account to be
paid.

ARTICLE 8

FUNDING

     Triton intends the Plan to be unfunded for federal income tax purposes and
for purposes of ERISA. Accordingly, Triton’s obligations under this Plan shall
be general obligations of the Company and shall not be secured in any manner.
The eventual payment of benefits under this

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Plan shall not be secured by the issuance of any negotiable instrument or
other evidence of indebtedness of the Company. Any claim for benefits under
this Plan is solely an obligation of Triton. The Company may establish a trust
and place assets or shares of Common Stock in such trust to assist it in
meeting the obligations under the Plan. No participant, beneficiary or other
person shall be deemed to have any property interest, legal or equitable, in
any specific assets of the Company as a result of the benefits provided by this
Plan. To the extent that any person acquires any right to receive payments
under this Plan, that right shall be no greater than, nor shall it have any
preference or priority over, the rights of any unsecured general creditor of
the Company. In no event shall any of the directors, officers or employees of
the Company or any affiliate be liable in their individual capacities to any
person whomsoever for the payment of benefits under the Plan.

ARTICLE 9

GENERAL AND MISCELLANEOUS PROVISIONS.

     9.1     Adjustment. In the event that any dividend is paid by the Company
with respect to Common Stock (whether in the form of cash, Common Stock or
other property) or with respect to any of the investment funds, then the
Committee shall, in such manner it deems equitable or appropriate, adjust the
amount credited to the Participant’s Account and/or under the Stock Plans to
reflect such dividend. In the event that a recapitalization, reorganization,
merger, consolidation, spin-off, repurchase or share exchange or other similar
corporate transaction or event occurs with respect to the Company such that an
adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the rights of the Participants under the Plan, then
the Committee shall, in such manner it deems equitable or appropriate, adjust
the amount credited to the Participant’s Account or pursuant to the terms of
the Stock Plans.

     9.2     No Guarantee of Employment or Directorship. Nothing contained herein
shall be construed as conferring upon a Participant the right to continue in
the employ of the Company and Participation in this Plan will in no way
interfere with any rights the shareholders have in the absence of such
participation to determine the duration of the Participant as a director of
Triton.

     9.3     Waiver of Breach. If the Company, the Committee or any Participant
fails to require the performance of any term of this Plan, then that failure
does not prevent the party from later enforcing that term. If the Company, the
Committee or any Participant waives a breach of a term, then that waiver is not
treated as waiving a later breach of the term. Subject to the terms of the
Stock Plans, this Plan constitutes the entire agreement of the parties with
respect to the Plan and the Accounts, and a Participant may not rely on any
promises, representations or undertakings other than those expressly set forth
in the Plan or the Stock Plans.

     9.4     Severability. If any part of this Plan is for any reason found to be
invalid or unenforceable, it shall not affect the other provisions, and this
Plan shall remain in effect as though the invalid or unenforceable provisions
were omitted. Upon a determination that any term or other provision is invalid
or unenforceable, the Committee shall in good faith amend the Plan so as to
give effect to the original intent of the Committee as closely as possible.

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     9.5     Non-Assignability. Without the consent of the Committee or the Board,
neither a Participant nor any beneficiary has the right to sell, transfer,
encumber or otherwise convey or assign any right to receive any payment, or any
other benefit, under this Plan or the Stock Plans. No part of amounts payable
under the Plan will be subject to seizure or sequestration to pay any debts or
judgments owned by a Participant or a beneficiary to any person or entity other
than the Company.

     9.6     Tax Treatment. The Company and the Committee make no warranties to
any person regarding tax treatment of participation in the Plan and makes no
warranties for any action or omission of the Company, the Committee or a
Participant in connection with such tax treatment. Each Participant will hold
harmless the Committee, the Company, its affiliates and each of their
respective officers, directors, employees, agents and advisors providing
services with respect to the Plan, from and against any and all liabilities,
losses, costs and expenses (including reasonable legal fees) of every kind and
nature that may be imposed on, incurred by or asserted against such person or
entity at any time resulting from any income or payroll tax position taken by
such person or entity in good faith in connection with the Plan.

     9.7     Successors. Unless otherwise stated in the Plan, all obligations of
the Company under the Plan are binding on all corporate successors. If an
unrelated party acquires some or all of the assets of the Company it will be
deemed a successor only to the extent so provided in the written agreement
between the Company and such third party.

     9.8     Governing Law. Except to the extent that federal law supersedes
state-law provisions, this Plan is governed by the substantive laws of the
State of Delaware, without giving effect to its choice-of-law provisions.
Captions herein are for convenience of reference only and shall not be
considered in construing the terms of the Plan.

[END OF PLAN]

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Exhibit 10.4

Triton PCS Holdings, Inc.

Amended and Restated Stock and Incentive Plan

(As Amended)

1.   PURPOSE

     The purpose of this Triton PCS Holdings, Inc. Stock and Incentive Plan (as
may be amended from time to time, the “Plan”) is to provide a means through
which Triton PCS Holdings, Inc., a Delaware corporation (“Triton”), and its
subsidiaries (collectively, the “Company”) may attract high caliber Associates
to enter the employ of the Company and to provide a means whereby those
individuals upon whom the responsibilities of the successful administration and
management of the Company rest, and whose present and potential contributions
to the welfare of the Company are of importance, may acquire and maintain stock
ownership, thereby strengthening their concern for the welfare of the Company
and their desire to remain in its employ. A further purpose of the Plan is to
provide such individuals with additional incentive and reward opportunities
designed to enhance the profitable growth of the Company.

     This Plan is an amendment and restatement of the Triton PCS Holdings, Inc.
1999 Stock and Incentive Plan (the “1999 Plan”). Any awards issued under the
1999 Plan or any predecessor plan or arrangement, including the terms and
conditions of any letter agreement previously issued to any participant under
any such plan, shall continue in force and effect under the terms of the Plan.

2.   DEFINITIONS

     The following definitions shall be applicable throughout the Plan and
shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.”

(a)  "Associate” means any individual in an employment relationship with the
Company or any parent or subsidiary corporation (as defined in section 424 of
the Code) of the Company.

(b)   "Award” means a Restricted Stock Award granted to Holders under the Plan.

(c)   “Award Agreement” means any written agreement, instrument or document
evidencing the terms and conditions of an Award. Each Award Agreement shall be
subject to the terms and conditions of the Plan.

(d)  "Board” means the Board of Directors of Triton.

(e)  "Change of Control” except as otherwise provided under any Award, means any
transaction or event, or series of transactions or events, whether voluntary or
involuntary, that

 

 

results in, or as a consequence of which, any of the following events shall
occur: (i) any Person (as defined in the Stockholders’ Agreement) shall
acquire, directly or indirectly, Beneficial Ownership (as defined in Rule 13d-3
of the 1934 Act) of more than 50% of the voting stock of Triton except in
connection with any initial public offering of Triton’s equity securities, (ii)
any sale of all or substantially all of the assets of Triton, or (iii) a proxy
contest for the election of directors of Triton results in the individuals
constituting the Board immediately prior to the initiation of such proxy
contest ceasing to constitute a majority of the Board upon conclusion of such
proxy contest.

(f)  “Code” means the Internal Revenue Code of 1986, as amended from time to
time. Reference in the Plan to any section of the Code shall be deemed to
include any amendments or successor provisions to such section and any rules or
regulations promulgated under such section.

(g)  “Committee” means the Compensation Committee of the Board or, if no such
committee shall exist, any members of the Board who are selected by the Board
to administer the Plan in accordance with Section 4.

(h)  “Common Stock” means the Class A Common Stock of Triton or in the event of
an adjustment pursuant to Section 10(a), then such stock as shall have been
awarded or substituted pursuant to such adjustment.

(i)  “Company” has the meaning set forth in Section 1.

(j)  “Fair Market Value” means the market price of the Common Stock, determined
by such methods or procedures as shall be established by the Committee from
time to time; provided that in the event no such procedure has been
established, the Fair Market Value shall be the closing price on the national
securities exchange or market on which the Common Stock is traded on the date
Fair Market Value is being determined, or if there are no transactions on that
date, then the closing price for the preceding date upon which transaction
occurred. Whenever possible, the determination of Fair Market Value by the
Committee shall be based on prices reported in the Eastern Edition of the Wall
Street Journal. Such determination shall be conclusive and binding on all
Persons.

(k)  “Holder” means an Associate who has been granted an Award.

(l)  “Immediate Family” means, with respect to a Holder, the Holder’s spouse,
children or grandchildren (including adopted children, stepchildren and
grandchildren).

(m)  “1934 Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereby.

(o)  “Plan” has the meaning set forth in Section 1.

(p)  “Restricted Stock Award” means an Award granted under Section 7.

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(q)  “Restriction Period” means the period of time during which a Restricted
Stock Award is subject to restrictions, as determined by the Committee in its
sole discretion.

(r)  “Rule 16b-3” means Securities and Exchange Commission Rule 16b-3
promulgated under the 1934 Act, as such may be amended from time to time, and
any successor rule, regulation, or statute fulfilling the same or similar
function.

(s)  “Stockholders’ Agreement” means the First Amended and Restated
Stockholders’ Agreement dated as of October 27, 1999 between Triton and the
stockholders of Triton named therein, as the same may be amended, modified or
supplemented from time to time.

(t)  “Triton” has the meaning set forth in Section 1.

3.   EFFECTIVE DATE AND DURATION

     This Plan as amended and restated shall become effective as of February
26, 2004, following adoption by the Board, provided the Plan is approved by the
stockholders of Triton within twelve months thereafter. Notwithstanding any
provision in the Plan or in any Award Agreement under the Plan, no Award issued
under this amended and restated Plan shall become vested or exercisable prior
to such stockholder approval. No Awards shall be issued under this Plan after
February 26, 2014. This Plan shall remain in effect until all restrictions
imposed upon Restricted Stock Awards have been eliminated or such Awards have
been forfeited.

4.    ADMINISTRATION

(a)  Composition of Committee. This Plan shall be administered by the
Committee. The Committee shall include two or more members of the Board each
of whom is both an “outside director,” within the meaning of Section 162(m) of
the Code, and a “non-employee director” within the meaning of Rule 16b-3. To
the extent that actions of the Committee are intended to satisfy the
requirements of Rule 16b-3, as amended, actions of the Committee shall be
considered effective provided such actions are approved solely by two or more
members of the Committee, each of whom is a “Non-Employee Director” within the
meaning of such Rule 16b-3. To the extent that actions of the Committee are
intended to satisfy the requirements of section 162(m) of the Code, actions of
the Committee shall be considered effective provided such actions are approved
solely by two or more members of the Committee, each of whom is an “outside
director” within the meaning of such section 162(m) of the Code.

(b)  Powers. Except as may be otherwise provided by the Board, and subject to
the express provisions of the Plan, the Committee shall have authority, in its
sole discretion, to take the following actions:

     (i)   to select and designate Holders;

     (ii)   to determine the number of Awards to be granted, the number of shares
of Common Stock to which an Award will relate, the terms and conditions of any
Award granted under the Plan (including any restriction or condition, any
schedule for lapse of restrictions or conditions relating to transferability or
forfeiture, vesting, exercisability of an Award, and

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waivers or accelerations thereof, based in each case on such
considerations as the Committee shall determine), and all other matters to be
determined in connection with an Award;

     (iii)    to determine whether, to what extent, and under what circumstances
an Award may be settled or cancelled, forfeited or surrendered;

     (iv)   to prescribe the form of each Award Agreement, which need not be
identical for each Holder;

     (v)   to adopt, amend, suspend, waive and rescind such rules and regulations
and appoint such agents as the Committee may deem necessary or advisable to
administer the Plan;

     (vi)   to correct any defect or supply any omission or reconcile any
inconsistency in the Plan and to construe and interpret the Plan and any Award,
rules and regulations, Award Agreement or other instrument hereunder; and

     (vii)   to make all other decisions and determinations as may be required
under the terms of the Plan or as the Committee may deem necessary or advisable
for the administration of the Plan.

(c)   Manner of Exercise of Committee Authority. In making such determinations,
the Committee shall take into account the nature of the services rendered by
the respective Associates, their present and potential contribution to the
Company’s success, and such other factors as the Committee shall deem relevant.
The Committee may delegate to officers of the Company the authority to act on
behalf of the Committee with respect to any matter, right obligation, or
election which is the responsibility of or which is allocated to the Committee
herein (except for grants of Awards to (1) “covered employees”, under section
162(m) of the Code and (2) individuals subject to Section 16 of the 1934 Act.)
A memorandum signed by all members of the Committee shall constitute the act of
the Committee without the necessity, in such event, to hold a meeting. The
determinations of the Committee on the matters referred to in this Section 4
shall be conclusive.

(d)   Limitation of Liability. Each member of the Committee shall be entitled,
in good faith, to rely or act upon any report or other information furnished to
him or her by any officer or other employee of the Company, the Company’s
independent certified public accountants, legal counsel or any executive
compensation consultant or other professional retained by the Company to assist
in the administration of the Plan. No member of the Committee, nor any officer
or employee of the Company acting on behalf of the Committee, shall be
personally liable for any action, determination, or interpretation taken or
made in good faith with respect to the Plan, and all members of the Committee
and any officer or employee of the Company acting on their behalf, shall, to
the extent permitted by law, be fully indemnified and protected by the Company
with respect to any such action, determination, or interpretation.

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5.    GRANT OF RESTRICTED STOCK AWARDS

     The Committee may from time to time grant Awards to one or more Associates
determined by it to be eligible for participation in the Plan in accordance
with the provisions of Section 6. Upon approval of this amended and restated
Plan and subject to shareholder approval as provided in Section 3 above, an
additional 3,000,000 shares of Common Stock (subject to adjustments as provided
in Section 8 shall become available for issuance under the Plan. The 4,954,494
shares of Common Stock (subject to adjustment as provided in Section 8)
previously authorized for issuance under this Plan shall continue to be
available for issuance to the extent not previously issued hereunder or to the
extent that any prior Award lapses as further described below. Subject to
adjustment as provided in Section 8, the aggregate number of shares of Common
Stock that may be issued under the Plan to any individual Associate shall be
1,000,000. Shares of Common Stock shall be deemed to have been issued under
the Plan only to the extent actually issued and delivered pursuant to an Award.
To the extent that an Award lapses, the rights of its Holder terminate, an
Award is paid in cash or is settled in a manner such that all or some of the
shares of Common Stock covered by the Award are not issued, any shares of
Common Stock subject to such Award shall again be available for the grant of an
Award.

6.    ELIGIBILITY

     Awards may be granted only to individuals who, at the time of grant, are
Associates. Awards may not be granted to any individual who immediately after
such grant would become an owner, directly or indirectly, of more than 10% of
the total combined voting power of all classes of capital stock of Triton. An
Award may be granted on more than one occasion to the same individual.

7.    RESTRICTED STOCK AWARDS

(a)   Forfeiture Restrictions to be Established by the Committee. Shares of
Common Stock that are the subject of a Restricted Stock Award shall be subject
to restrictions on disposition by the Holder and an obligation of the Holder to
forfeit and surrender the shares to Triton under certain circumstances (the
"Forfeiture Restrictions”). An award may provide for immediate vesting. The
Forfeiture Restrictions shall be determined by the Committee in its sole
discretion, and, without limiting the generality of the foregoing, the
Committee may provide that the Forfeiture Restrictions shall lapse upon (i) the
attainment of one or more performance measures established by the Committee;
(ii) the Holder’s continued employment with the Company; (iii) the occurrence
of any event or the satisfaction of any other condition specified by the
Committee in its sole discretion, or (iv) a combination of any of the
foregoing. The performance measures may be subject to adjustment for specified
significant extraordinary items or events, and may be absolute, relative to one
or more other companies, or relative to one or more indexes, and may be
contingent upon future performance of the Company during the performance
period. Each Restricted Stock Award may have different Forfeiture
Restrictions, in the discretion of the Committee.

(b)   Other Terms and Conditions. Shares of Common Stock awarded pursuant to a
Restricted Stock Award shall be represented by one or more stock certificates
registered in the name of the

5

 

Holder of such Restricted Stock Award. The Holder shall have the right to
receive dividends during the Restriction Period, to vote the shares of Common
Stock subject thereto, and to enjoy all other stockholder rights, except that
(i) the Holder shall not be entitled to delivery of the stock certificate(s)
representing unvested shares of Common Stock until the Restriction Period with
respect to such shares shall have expired, (ii) Triton shall (or shall
designate an agent or representative to) retain custody of the stock
certificate(s) during the Restriction Period, (iii) the Holder may not sell,
transfer, pledge, exchange, hypothecate, or otherwise dispose of the shares
during the Restriction Period, and (iv) a breach of the terms and conditions
established by the Committee pursuant to the Restricted Stock Award shall cause
a forfeiture of the Restricted Stock Award. At the time of such Award, the
Committee may, in its sole discretion, prescribe additional terms, conditions,
or restrictions relating to Restricted Stock Awards, including rules pertaining
to the termination of employment (by retirement, disability, death, or
otherwise) or as a Holder prior to expiration of the Restriction Period. Such
additional terms, conditions, or restrictions shall be set forth in an Award
Agreement made in conjunction with the Restricted Stock Award. Such Award
Agreement may also include provisions relating to (i) subject to the provisions
hereof permitting accelerated vesting on a Change of Control, vesting of
Awards, (ii) tax matters (including provisions (x) covering any applicable
Associate wage withholding requirement, or (y) requiring additional “gross-up”
payments to Holders to meet any excise taxes or other additional income tax
liability imposed as a result of a Change of Control payment resulting from the
operation of the Plan or of such Restricted Stock Agreement), and (iii) any
other matters not inconsistent with the terms and provisions of the Plan that
the Committee shall in its sole discretion determine.

(c)   Payment for Restricted Stock. A Holder shall not be required to make any
payment for Common Stock received pursuant to a Restricted Stock Award, except
to the extent otherwise required by law or the Committee.

(d)   Agreements. At the time any Award is made under this Section 7, Triton and
the Holder shall enter into an Award Agreement setting forth each of the
matters contemplated hereby and such other matters as the Committee may
determine to be appropriate. The terms and provisions of the respective Award
Agreements need not be identical.

(e)   Deferral of Receipt. Notwithstanding anything to the contrary in this Plan
or a Restricted Stock Award, a Holder designated on the payroll of Triton as
Senior Vice President or above (an “Eligible Holder”) may, in a manner
prescribed by Triton, elect to defer the receipt of all or a portion of the
Shares of Common Stock subject to a Restricted Stock Award during any calendar
year prior to the year in which the Forfeiture Restrictions are scheduled to
lapse. Such election shall also be available to an Eligible Holder with
respect to any Shares of Common Stock subject to Forfeiture Restrictions
scheduled to lapse on or after June 1, 2004 and before December 31, 2004 if
such Eligible Holder makes an election to defer the receipt of such Shares of
Common Stock prior to June 1, 2004. Any election may either: (i) continue in
effect until the Eligible Holder changes or discontinues it or (ii) apply for a
single year only. Any change or discontinuance of an election shall be
effective for the year beginning after the change or discontinuance notice is
received by Triton. To be effective, elections must be made on a form and in a
manner prescribed by Triton. Any election to defer the receipt of Shares of
Common Stock may be limited as necessary to satisfy applicable employment taxes
or withholding

6

 

requirements under applicable law. The Shares of Common Stock deferred
pursuant to this Section 7(e) shall be distributed to the Eligible Holder (or
his or her beneficiary, as applicable) within a reasonable period of time
following the Eligible Holder’s termination from employment with the Company
or, in accordance with the procedures established by the Committee in its sole
discretion and at the election of the Eligible Holder, as of an earlier date at
least two years following the last day of the calendar year in which the
deferral is made. The eventual payment of the deferred Shares of Common Stock
shall not be secured in any way and shall be a general obligation of the
Company. The Committee may hold the Shares of Common Stock in a grantor trust
established by the Company for purposes of meeting its obligations with respect
to deferred compensation under this Plan or any other plan established by the
Company. The Shares of Common Stock deferred pursuant to this Section 7(e)
shall be credited for the benefit of any Eligible Holder pursuant to the terms
of the Triton PCS Holdings, Inc. Nonqualified Deferred Compensation Plan.
During the deferral period, the deferred Shares of Common Stock shall not be
available for issuance for purposes of Section 5.

8.    ANTI-DILUTION; CHANGE OF CONTROL

(a)   Anti-Dilution. Subject to any required action by Triton’s stockholders,
upon the occurrence of any event that affects the Common Stock in such a way
that an adjustment of outstanding Awards is appropriate in order to prevent the
dilution or enlargement of rights under the Awards (including any extraordinary
dividend or other distribution (whether in cash or in kind), recapitalization,
stock split, reverse split, reorganization, merger, consolidation, spin-off,
combination, repurchase, or share exchange, or other similar corporate
transaction or event), the Committee shall make appropriate equitable
adjustments, which may include adjustments to any or all of the number and kind
of shares of stock (or other securities) which may thereafter be issued in
connection with such outstanding Awards and adjustments to any exercise price
specified in the outstanding Awards and shall also make appropriate equitable
adjustments to the number and kind of shares of stock (or other securities)
authorized by or to be granted under the Plan. Further, the Committee, in its
sole discretion, may make appropriate equitable adjustments, including those
described in the immediately preceding sentence, in any other circumstances
under which the Committee deems such adjustments to be desirable.

(b)   Change of Control. In the event of a Change of Control, the Committee, in
its discretion, may determine that any, all or none of the outstanding Awards
shall immediately vest. The Committee, in its discretion, may also determine
that upon the occurrence of a Change of Control, any, all or none of the Awards
outstanding hereunder shall terminate within a specified number of days after
notice to the Holder, and upon any such termination such Holder shall receive,
with respect to each share of Common Stock subject to such Award, cash in an
amount equal to the excess of (i) the higher of (x) the Fair Market Value of
such share of Common Stock immediately prior to the occurrence of such Change
of Control or (y) the value of the consideration to be received in connection
with such Change of Control for one share of Common Stock over (ii) the
purchase price per share, if applicable, of shares of Common Stock set forth in
such Award. The provisions contained in the preceding sentence shall be
inapplicable to an Award granted within six months before the occurrence of a
Change of Control if the Holder of such Award is subject to the reporting
requirements of Section 16(a) of the 1934 Act, if applicable. If the
consideration offered to stockholders of Triton in any

7

 

transaction described in this Section consists of anything other than cash, the
Committee shall determine the fair cash equivalent of the portion of the
consideration offered which is other than cash. The provisions contained in
this Section shall not terminate any rights of the Holder to further payments
pursuant to any other agreement with Triton following a Change of Control.

9.    AMENDMENT AND TERMINATION

     Unless determined otherwise by the Board, the Committee may amend the Plan
and any Award (and its related Award Agreement) at any time, except as
otherwise specifically provided in such Award Agreement; provided that no
change in any Award theretofore granted may be made that would impair the
rights of the Holder of any Award under the Plan without the consent of such
Holder, and provided, further, that the Committee may not, without approval of
the stockholders, amend the Plan (a) to increase the maximum aggregate number
of shares of Common Stock that may be issued under the Plan or (b) to change
the class of individuals eligible to receive Awards under the Plan. Subject to
Section 3, the Board, in its discretion, may suspend or terminate the Plan at
any time.

10.    MISCELLANEOUS

(a)   No Right to an Award. Neither the adoption of the Plan nor any action of
the Board or of the Committee shall be deemed to give an Associate any right to
an Award except as may be evidenced by a written instrument from Triton
reflecting a grant by Triton of an Award and setting forth the terms and
conditions thereof. This Plan shall be unfunded. The Company shall not be
required to establish any special or separate fund or to make any other
segregation of funds or assets to assure the payment of any Award.

(b)   No Employment Rights Conferred. Nothing contained in the Plan shall confer
upon any Associate any right with respect to continuation of employment with
the Company or interfere in any way with the right of the Company to terminate
his or her employment at any time (subject to the terms of any written
employment agreement with such Associate).

(c)   Other Laws; Withholding. Triton shall not be obligated to issue any shares
of Common Stock until there has been compliance with such laws and regulations
as Triton may deem applicable. Fractional shares of Common Stock may be
awarded. The Company shall have the right to deduct in connection with all
Awards any taxes required by law to be withheld and to require any payments
required to enable it to satisfy its withholding obligations.

(d)   Severability. Any provision of the Plan prohibited by the law of any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition without invalidating the remaining provisions hereof.

(e)   No Restriction on Corporate Action. Except as expressly set forth in
Section 9, nothing contained in the Plan shall be construed to prevent the
Company from taking any corporate action that is deemed by the Company to be
appropriate or in its best interests, whether or not such action would have an
adverse effect on the Plan or any Award made under the Plan. No

8

 

Associate, beneficiary, or other individual shall have any claim against the
Company as a result of any such action.

(f)   Restrictions on Transfer. An Award shall not be transferable or assignable
otherwise than: (i) by will or the laws of descent and distribution, or (ii)
with the consent of the Committee.

(g)   Governing Law. This Plan shall be construed in accordance with the laws of
the State of Delaware.

[END OF PLAN]

9

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