Document:

EXHIBIT 10.3

 

RESTRICTED STOCK AWARD

 

RESTRICTED STOCK AWARD AGREEMENT dated as of                                       ,
between PepsiAmericas, Inc., a Delaware corporation (the “Corporation”), and
(Employee Name), an employee of the Corporation or one of its subsidiaries (the
“Employee”).

 

WHEREAS, the Board
of Directors of the Corporation has established and the shareholders have
approved the Corporation’s 2000 Stock Incentive Plan, as most recently amended
in 2005 (the “Plan”);

 

WHEREAS, the
Management Resources and Compensation Committee of the Board of Directors of
the Corporation (the “Committee”), in accordance with the provisions of the
Plan, has determined that the Employee is entitled to a Restricted Stock Award
under the Plan;

 

NOW, THEREFORE, in
consideration of the foregoing and the Employee’s acceptance of the terms and
conditions hereof, the parties hereto have agreed, and do hereby agree, as
follows:

 

1.                                       The
Corporation hereby grants to the Employee, as a matter of separate agreement
and not in lieu of salary or any other compensation for services, (number of
shares) shares of Common Stock of the Corporation on the terms and conditions
herein set forth (the “Restricted Shares”).

 

2.                                       The
certificates representing the Restricted Shares shall be registered in the name
of a nominee for the benefit of the Employee and retained in the custody of the
Corporation until such time as they are delivered to the Employee or forfeited
to the Corporation in accordance with the terms hereof (the “Restriction Period”).  During the Restriction Period, the Employee
will be entitled to vote the Restricted Shares. 
In addition, any dividends paid on the Restricted Shares shall, at the
option of the Corporation, either be (a) paid to the Employee in cash as
additional compensation, or (b) invested in additional shares of Common Stock
held in custody for the Employee, subject to the same restrictions as the
Restricted Shares, and to be delivered with the Restricted Shares.  Such additional shares of Common Stock shall
be deemed to be included in the definition of “Restricted Shares”.

 

3.                                       If
the Employee shall have been continuously in the employment of the Corporation
for a period of three years from the date of grant of this Restricted Stock
Award, the Corporation shall deliver to the Employee on or about the third
anniversary hereof a certificate, registered in the name of the Employee and
free of restrictions hereunder, representing the total number of Restricted
Shares granted to the Employee pursuant to this Agreement.  No payment shall be required from the
Employee in connection with any delivery to the Employee of shares hereunder.

 

4.                                       In
the event of the termination of the Employee’s employment with the Corporation
by reason of (a) the Employee’s Retirement at a time when the Employee is at
least 55 years of age, if Corporation approved, or (b) the death of the
Employee, and if there then

 

 

remain
any undelivered Restricted Shares subject to restrictions hereunder, then such
restrictions shall be deemed to have lapsed and the certificates for the
remaining Restricted Shares shall forthwith be delivered to the Employee (or
the legatees under the last will of the Employee, or to the personal
representatives or distributees of the Employee).

 

5.                                       In
the event of the termination of the Employee’s employment with the Corporation
by reason of the permanent and total disability of the Employee (within the
meaning of Section 22(e)(3) of the Code), and if there then remain any
undelivered Restricted Shares subject to restrictions hereunder, then the
Restricted Shares shall continue to vest until such restrictions shall be
deemed to have lapsed.

 

6.                                       Except
as provided in Sections 4 and 5, if the Employee ceases to be an employee of
the Corporation during the Restriction Period, then the Restricted Shares to
which the Employee has not theretofore become entitled pursuant to Section 3
shall be forfeited, and all rights of the Employee in and to such Restricted
Shares shall lapse.  In addition, the
Committee shall from time to time determine in its sole discretion whether any
period of nonactive employment, including authorized leaves of absence, or
absence by reason of military or governmental service, shall constitute
termination of employment for the purposes of this Section.

 

7.                                       The
granting of this Restricted Stock Award shall not in any way prohibit or
restrict the right of the Corporation to terminate the Employee’s employment at
any time, for any reason.  The Employee
shall have no right to any prorated portion of the Restricted Shares otherwise
deliverable to the Employee on the anniversary hereof next following a
termination of employment (whether voluntary or involuntary) in respect of a
partial year of employment.

 

8.                                       Shares
of Common Stock held in custody for the Employee pursuant to this Agreement may
not, before being vested, be sold, transferred, pledged, exchanged,
hypothecated or disposed of by the Employee and shall not be subject to
execution, attachment or similar process.

 

9.                                       This
Agreement and each and every obligation of the Corporation relating to the
Restricted Stock Award hereunder are subject to the requirement that if at any
time the Corporation shall determine, upon advice of counsel, that the listing,
registration or qualification of the shares covered hereby upon any securities
exchange or under any state or Federal law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of or in
connection with the granting hereof or the delivery of shares hereunder, then
the delivery of shares hereunder to the Employee may be postponed until such
listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Corporation.

 

10.                                 Any
payment required under this Agreement shall be subject to all requirements of
the law with regard to income and employment withholding taxes, filings, and
making of reports, and the Corporation and the Employee shall use their best
efforts to satisfy promptly all such requirements, as applicable.  In addition to amounts in respect of taxes
which the Corporation shall be required by law to deduct or withhold from any
dividend payments on the Restricted Shares covered hereby, the Corporation may
defer making any delivery of Restricted

 

2

 

Shares
under this Agreement until completion of arrangements satisfactory to the
Corporation for the payment of any applicable taxes, whether through share
withholding provided for by the Plan or otherwise.

 

11.                                 In
the event of a “change in control”, as that term is defined in the Plan, then
the Employee shall have all the rights specified in Paragraph 10(B) of the
Plan, which shall include the immediate lapsing of all restrictions on the
Restricted Shares.

 

12.                                 Each
capitalized word used in this Agreement without definition shall have the same
meaning set forth in the Plan, the terms and conditions of which shall
constitute an integral part hereof.  For
all purposes of this Agreement, references to employment with the Corporation
shall include employment with any of the Corporation’s subsidiaries.

 

13.                                 Any
notice which either party hereto may be required or permitted to give the other
shall be in writing and may be delivered personally or by mail, postage
prepaid, addressed to the Treasurer of the Corporation at its principal office
and to the Employee at his address as shown on the Corporation’s payroll
records, or to such other address as the Employee by notice to the Corporation
may designate in writing from time to time.

 

14.                                 Nothing
herein contained shall confer on the Holder any right to continue in the
employment of the Corporation or interfere in any way with the right of the
Corporation to terminate the Holder’s employment at any time; confer on the
Holder any of the rights of a shareholder with respect to any of the shares
subject to the Restricted Shares until such shares shall be issued once the
restrictions lapse; affect the Holder’s right to participate in and receive
benefits under and in accordance with the provisions of any pension,
profit-sharing, insurance, or other employee benefit plan or program of the
Corporation or any of its subsidiaries; or limit or otherwise affect the right
of the Board of Directors of the Corporation (subject to any required approval
by the shareholders) at any time or from time to time to alter, amend, suspend
or discontinue the Plan and the rules for its administration; provided,
however, that no termination or amendment of the Plan may, without the consent of the Holder, adversely affect the Holder’s rights
under the Restricted Shares.

 

	
   

  	
   

  	
  PEPSIAMERICAS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
  ACCEPTED:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Employee

  	
   

  
					

 

*You will be taxed
automatically on the Restricted Shares subject to this Agreement when the
restrictions lapse.  You may elect to be
taxed on the date of grant.  Please
consult your tax advisor immediately to discuss this election.  If you choose to be taxed at grant, please
call Wendy Dorley at (847) 483-7506 to request the appropriate form to file
with the Internal Revenue Service.  You
must execute and file the appropriate form with the IRS no later than 30 days
after the date of grant.

 

3EXHIBIT 10.4

RESTRICTED STOCK UNIT AWARD

 

RESTRICTED STOCK UNIT AWARD AGREEMENT dated as of                                 ,
between PepsiAmericas, Inc., a Delaware corporation (the “Corporation”), and
(Employee Name), an employee of the Corporation or one of its subsidiaries (the
“Employee”).

 

WHEREAS, the Board
of Directors of the Corporation has established and the shareholders have
approved the Corporation’s 2000 Stock Incentive Plan, as most recently amended
in 2005 (the “Plan”);

 

WHEREAS, the
Management Resources and Compensation Committee of the Board of Directors of
the Corporation (the “Committee”), in accordance with the provisions of the
Plan, has determined that the Employee is entitled to a Restricted Stock Unit
Award under the Plan;

 

NOW, THEREFORE, in
consideration of the foregoing and the Employee’s acceptance of the terms and
conditions hereof, the parties hereto have agreed, and do hereby agree, as
follows:

 

1.                                       The
Corporation hereby grants to the Employee, as a matter of separate agreement
and not in lieu of salary or any other compensation for services, (number of
units) Restricted Stock Units on the terms and conditions herein set forth (the
“Restricted Stock Units”).

 

2.                                       During
the period before restrictions on the Restricted Stock Units awarded hereunder
lapse or the Restricted Stock Units are forfeited (the “Restriction Period”),
no shares of Common Stock of the Corporation shall be set aside for the benefit
of the Employee.  Further, the Employee
has no right to vote any shares or receive any dividends on Common Stock with
respect to this Award during the Restriction Period.

 

3.                                       If
the Employee shall have been continuously in the employment of the Corporation
for a period of three years from the date of grant of this Restricted Stock Unit
Award, the Corporation shall deliver to the Employee a lump sum cash payment
equal to the product of the number of Restricted Stock Units awarded under this
Agreement multiplied by the fair market value of the Corporation’s Common Stock
on the third anniversary of the date of grant, or if such date is not a trading
day at the New York Stock Exchange then the first trading day immediately
following the third anniversary of the date of grant.  If the Corporation’s Common Stock is no
longer traded on New York Stock Exchange, the Committee shall, with the advice
of its outside accountants, determine the fair market value of the Corporation’s
Common Stock for purposes of making this calculation.

 

4.                                       In
the event of the termination of the Employee’s employment with the Corporation
by reason of (a) the Employee’s Retirement at a time when the Employee is at
least 55 years of age, if Corporation approved, or (b) the death of the
Employee, and if there then remain any Restricted Stock Units subject to
restrictions hereunder, then such restrictions shall be deemed to have lapsed
and a lump sum cash payment calculated in accordance with Section 3

 

 

shall
forthwith be delivered to the Employee (or the legatees under the last will of
the Employee, or to the personal representatives or distributees of the
Employee).

 

5.                                       In
the event of the termination of the Employee’s employment with the Corporation
by reason of the permanent and total disability of the Employee (within the
meaning of Section 22(e)(3) of the Code), and if there then remain any
Restricted Stock Units subject to restrictions hereunder, then the Restricted
Stock Units shall continue to vest until such restrictions shall be deemed to
have lapsed.

 

6.                                       Should
the Employee be a key employee as that term in defined in Section 416 of
the Internal Revenue Code, any payment hereunder resulting from termination of
employment pursuant to Section 4 or 5 shall be deferred until the later of
six months from the date of the Employee’s termination of employment or the date
all restrictions applying to this Award lapse.

 

7.                                       Except
as provided in Sections 4 and 5, if the Employee ceases to be an employee of
the Corporation during the Restriction Period, then the Restricted Stock Units
to which the Employee has not theretofore become entitled pursuant to Section 3
shall be forfeited, and all rights of the Employee in and to such Restricted
Stock Units shall lapse.  In addition,
the Committee shall from time to time determine in its sole discretion whether
any period of nonactive employment, including authorized leaves of absence, or
absence by reason of military or governmental service, shall constitute
termination of employment for the purposes of this Section.

 

8.                                       The
granting of this Restricted Stock Unit Award shall not in any way prohibit or
restrict the right of the Corporation to terminate the Employee’s employment at
any time, for any reason.  The Employee
shall have no right to any prorated portion of the value of the Restricted
Stock Units otherwise deliverable to the Employee on the anniversary hereof
next following a termination of employment (whether voluntary or involuntary)
in respect of a partial year of employment.

 

9.                                       Any
payment required under this Agreement shall be subject to all requirements of
the law with regard to income and employment withholding taxes, filings, and
making of reports, and the Corporation and the Employee shall use their best
efforts to satisfy promptly all such requirements, as applicable.

 

10.                                 In
the event of a “change in control”, as that term is defined in the Plan, then
the Employee shall have all the rights specified in Paragraph 10(B) of the
Plan, which shall include the immediate lapsing of all restrictions on the
Restricted Stock Units.

 

11.                                 Each
capitalized word used in this Agreement without definition shall have the same
meaning set forth in the Plan, the terms and conditions of which shall
constitute an integral part hereof.  For
all purposes of this Agreement, references to employment with the Corporation
shall include employment with any of the Corporation’s subsidiaries.

 

12.                                 Any
notice which either party hereto may be required or permitted to give the other
shall be in writing and may be delivered personally or by mail, postage
prepaid, addressed to the Treasurer of the Corporation at its principal office
and to the Employee at his address as

 

2

 

shown
on the Corporation’s payroll records, or to such other address as the Employee
by notice to the Corporation may designate in writing from time to time.

 

13.                                 Nothing
herein contained shall confer on the Holder any right to continue in the
employment of the Corporation or interfere in any way with the right of the
Corporation to terminate the Holder’s employment at any time; confer on the
Holder any of the rights of a shareholder with respect to any of the Restricted
Stock Units; affect the Holder’s right to participate in and receive benefits
under and in accordance with the provisions of any pension, profit-sharing,
insurance, or other employee benefit plan or program of the Corporation or any
of its subsidiaries; or limit or otherwise affect the right of the Board of
Directors of the Corporation (subject to any required approval by the
shareholders) at any time or from time to time to alter, amend, suspend or
discontinue the Plan and the rules for its administration; provided, however,
that no termination or amendment of the Plan may, without the consent of the Holder, adversely affect the Holder’s rights
under the Restricted Stock Units.

 

	
   

  	
   

  	
  PEPSIAMERICAS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
  ACCEPTED:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Employee

  	
   

  
					

 

3

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