Document:

Exhibit
10.1

 

FORM OF RESTRICTED STOCK GRANT AGREEMENT(1)

 

THIS GRANT AGREEMENT (the “Agreement”), dated
as of June __, 2005 (the “Grant Date”) is made by and between PanAmSat Holding
Corporation, a Delaware corporation (the “Company”), and [NAME] (the “Participant”).  Any capitalized terms not otherwise defined
herein shall have the same meaning set forth in the Plan (as defined below).

 

WHEREAS, the
Company maintains the Second Amended and Restated 2004 Stock Option Plan for
Key Employees of PanAmSat Holding Corporation and its Subsidiaries (the “Plan”),
the terms of which are hereby incorporated by reference and made part of this
Agreement;

 

WHEREAS, the
Compensation Committee of the Board (the “Committee”) has determined that it
would be in the best interests of the Company and its stockholders to grant the
restricted shares provided for herein to the Participant pursuant to the Plan
and the terms of this Agreement;

 

NOW THEREFORE, in
consideration of the mutual covenants hereinafter set forth, the parties hereto
agree as follows:

 

                                1.             Grant of Shares.  Subject to the terms and conditions of the
Plan, and the additional terms and conditions set forth in this Agreement, the
Company hereby grants to the Participant (the “Grant”) the number of shares of
common stock (the “Restricted Shares”) set forth on the signature page
hereof.  The Restricted Shares shall vest
and become nonforfeitable in accordance with Section 2.

 

2.             Vesting(2).

 

                                (a)           Subject
to the Participant’s continued service on the Board and the terms of this
Agreement, all of the Restricted Shares granted hereunder shall become
unconditionally vested on the first anniversary of the Grant Date.

 

                                (b)           If
the Participant’s service on the Board is terminated for any reason prior to
the first anniversary of the Grant Date, a pro rata portion of the Restricted
Shares shall vest based on the ratio that the number of days the Participant
served on the Board since (and including) the Grant Date bears to 365, and the
remaining Restricted Shares, to the extent not then vested, shall be forfeited
by the Participant without consideration.

 

                                3.             Certificates.

 

                                (a)           The
Restricted Shares shall be issued by the Company and shall be registered in the
Participant’s name on the stock transfer books of the Company promptly after
the date hereof, but any certificates (if applicable) representing the
Restricted Shares shall remain in the physical custody of the Company or its
designee at all times prior to the vesting of such Restricted Shares pursuant
to Section 2.  The Participant hereby
acknowledges and agrees that the Company shall retain custody of such
certificate or certificates (if applicable) until the vesting of such
Restricted Shares pursuant to Section 2. 
As a condition to the receipt of the Grant, the Participant shall
deliver to the Company a stock power or powers, duly endorsed in blank,
relating to the Restricted Shares.  No
certificates shall be issued for fractional Shares.

 

	
  (1)

  	
  To the extent that a
  non-employee director of the Company serves as an authorized representative
  of an entity and Restricted Shares are issued directly to such entity
  pursuant to the Plan, this form agreement will be modified as necessary.

  
	
   

  	
   

  
	
  (2)

  	
  This section to be
  modified as necessary.

  

 

 

                                (b)           As
soon as practicable following the full vesting of the Restricted Shares
pursuant to Section 2, the stock power relating to the Restricted Shares shall
be delivered to the Participant or the Participant’s legal guardian or
representative and, if the Common Stock shall have become certificated,
certificates for the vested Restricted Shares shall be delivered to the
Participant or the Participant’s legal guardian or representative.

 

                                4.             Rights
as a Stockholder.  The Participant
shall be the record owner of the Restricted Shares until or unless such Shares
are forfeited pursuant to Section 2 hereof and as record owner shall be
entitled to all rights of a common stockholder of the Company, including,
without limitation, voting rights with respect to the Restricted Shares and the
Participant shall receive, when paid, any dividends on all of the Restricted
Shares granted hereunder as to which the Participant is the record holder on
the applicable record date; provided that the Restricted Shares shall be
subject to the limitations on transfer and encumbrance set forth in Section 6.

 

                                5.             Legend
on Certificates.  If the Common Stock
shall have become certificated, certificates representing the Restricted Shares
delivered to the Participant as contemplated by Section 3(b) above shall bear a
legend stating that the Shares are subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the Plan or the
rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which such Shares are listed, and any
applicable Federal or state laws, and the Committee may cause a legend or
legends to be put on any such certificates to make appropriate reference to
such restrictions.

 

                                6.             Transferability.  The Restricted Shares may not, at any time
prior to becoming vested pursuant to Section 2, be transferred, sold, assigned,
pledged, hypothecated or otherwise disposed of in any manner.

 

                                7.             Board
Membership.   Nothing contained in
this Agreement (i) obligates the Company or any subsidiary of the Company to
retain the Participant as a member of its Board (or employ the Participant in
any capacity whatsoever), or (ii) prohibits or restricts the Company (or any
such subsidiary) from terminating its relationship with the Participant at any
time or for any reason whatsoever, with or without cause, and the Participant
hereby acknowledges and agrees that neither the Company nor any subsidiary of
the Company (nor any other Person) has made any representations or promises
whatsoever to the Participant concerning the Participant’s continued membership
on its Board or employment of the Participant by the Company or any subsidiary
of the Company.

 

                                8.             Adjustments.  If, prior to the time the restrictions
imposed by Section 2 on the Restricted Shares granted hereunder lapse, there is
a change in the outstanding Common Stock by reason of a stock split, spin-off,
stock combination, reclassification, recapitalization, liquidation,
dissolution, reorganization, merger, Change in Control, or other event, the
Committee may adjust appropriately the number and kind of shares subject to the
Grant, and make such other revisions to the Grant as it deems, in good faith,
is equitably required.  For the avoidance
of doubt, in its sole discretion, the Committee may provide, in the event of a
Change in Control, or other similar event, that the Restricted Shares shall, to
the extent not then vested or previously forfeited, immediately become fully
vested and nonforfeitable.

 

                                9.             Withholding.   It shall be a condition of the obligation of
the Company upon delivery of Restricted Shares to the Participant that the
Participant pay to the Company such amount as may be requested by the Company
for the purpose of satisfying any liability for any Federal, state or local
income or other taxes required by law to be withheld with respect to such
Restricted Shares, including the payment to the Company upon the vesting of the
Restricted Shares (or such earlier or later date as may be applicable under
Section 83 of the Code) or other settlement in respect of the Restricted Shares
of all such taxes.  The Company shall be
authorized to take such action as may be necessary in the opinion of the
Company’s counsel (including, without limitation, withholding vested Restricted
Shares otherwise deliverable to Participant hereunder and/or withholding
amounts from any compensation or other amount owing from the Company to the
Participant) to satisfy all obligations for the payment of any such taxes. The
Participant is hereby advised to seek his own tax counsel regarding the
taxation of the grant of Restricted Shares made hereunder.

 

                                10.           Securities
Laws.  Upon the vesting of any
Restricted Shares, the Company may require the Participant to make or enter
into such written representations, warranties and agreements as the Committee
may reasonably request in order to comply with applicable securities laws or
with this Agreement and appropriate

 

 

legends may be placed on
the certificates.  The granting of the
Restricted Shares hereunder shall be subject to all applicable laws, rules and
regulations and to such approvals of any governmental agencies as may be
required and appropriate legends may be placed on the certificates.

 

                                11.           Notices.  Any notice to be given under the terms of
this Agreement to the Company shall be addressed to the Company in care of its
General Counsel, and any notice to be given to the Participant shall be
addressed to him at the address given beneath his signature hereto.  By a notice given pursuant to this Section 11,
either party may hereafter designate a different address for notices to be
given to him.  Any notice which is
required to be given to the Participant shall, if the Participant is then
deceased, be given to the Participant’s personal representative if such
representative has previously informed the Company of his status and address by
written notice under this Section 11. 
Any notice shall have been deemed duly given when enclosed in a properly
sealed envelope or wrapper addressed as aforesaid, deposited (with postage
prepaid) in a post office or branch post office regularly maintained by the
United States Postal Service.

 

                                12.           Governing
Law.  The laws of the State of
Delaware (or if the Company reincorporates in another state, the laws of that
state) shall govern the interpretation, validity and performance of the terms
of this Agreement regardless of the law that might be applied under principles
of conflicts of laws.

 

                                13.           Grant
Subject to Plan.   The Grant shall be
subject to all terms and provisions of the Plan, to the extent applicable to
the Restricted Shares.  In the event of
any conflict between this Agreement and the Plan, the terms of the Plan shall
control.

 

                                14.           Signature
in Counterparts.  This Agreement may
be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

 

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement.

 

 

	
  PANAMSAT HOLDING
  CORPORATION

  
	
   

  
	
   

  
	
  NAME:

  
	
  TITLE:

  
	
   

  
	
   

  
	
  PARTICIPANT:

  
	
   

  
	
   

  
	
  [NAME]

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  ADDRESS

  

 

 

 

 

	
  Aggregate number of

  Restricted Shares granted under

  this Agreement:Exhibit 10.2

 

PANAMSAT
HOLDING CORPORATION

AND

PANAMSAT
CORPORATION

NON-EMPLOYEE
DIRECTOR COMPENSATION

SUMMARY
OF TERMS

 

	
  Compensation Term:

  	
   

  	
  Approximately annual,
  beginning and ending coincident with the annual meeting of stockholders of
  PanAmSat Holding Corporation.

  
	
   

  	
   

  	
   

  
	
  Non-Employee Director
  Compensation:

  	
   

  	
  For serving on the Board
  of Directors of both PanAmSat Holding Corporation and PanAmSat Corporation,
  $70,000 per term, $35,000 to be paid in cash, quarterly and as earned, and
  $35,000 to be paid in value of PanAmSat Holding Corporation common stock
  (“Common Stock”), valued at the closing price of the Common Stock on the day
  prior to the grant date, and, other than for the initial term as described
  below, issued at the beginning of the term. (Such shares subject to transfer
  restrictions and vesting as described below.)

   

  For the initial term
  following the closing of the PanAmSat Holding Corporation initial public
  offering on March 22, 2005 (the “IPO Closing”), the $35,000 in compensation
  to be paid in value of Common Stock shall be calculated as above and shall be
  granted on the date of approval of this compensation plan by the Compensation
  Committee.

  
	
   

  	
   

  	
   

  
	
  Board Chairman:

  	
   

  	
  $100,000 per term, payable
  quarterly in cash and as earned.

  
	
   

  	
   

  	
   

  
	
  Committee Participation:

  	
   

  	
  For serving on the Audit
  Committee, $7,500 per term, payable quarterly in cash and as earned.

   

  For serving on the
  Compensation Committee, $5,000 per term, payable quarterly in cash and as
  earned.

  
	
   

  	
   

  	
   

  
	
  Committee Chairmen:

  	
   

  	
  Audit Committee chairman,
  $20,000 per term, payable quarterly in cash and as earned.

   

  Compensation Committee
  chairman, $10,000 per term, payable quarterly in cash and as earned.

  
	
   

  	
   

  	
   

  
	
  Transfer Restrictions:

  	
   

  	
  Common Stock issued to
  directors as compensation shall not be transferable for 1 year from the date
  of grant.

  
	
   

  	
   

  	
   

  
	
  Vesting:

  	
   

  	
  Shares of Common Stock
  issued as compensation shall unconditionally vest on the 1st anniversary of the date of
  grant. Other than for the initial term, in the event a Director’s term ends
  prior to such anniversary, such shares will vest based on the ratio that the
  number of days such individual has served on the Board of Directors since
  (and including) the grant date bears to 365, with the remaining shares of
  Common Stock forfeited.

   

  For the first grant,
  solely for the purposes of calculating the number of shares vested, the
  anniversary date for full vesting will be March 22, 2006, and the term “date
  of grant” will be replaced with “March 22, 2005.”  For the avoidance of doubt, the actual date
  of the first grant shall be the date approved by the Compensation Committee
  and not March 22, 2005.

   

  Prior to vesting, the
  director shall be the record owner of such shares for all purposes, including
  the payment of dividends.

  

 

 

	
  Book Entry:

  	
   

  	
  During the restriction
  period, all shares of Common Stock issued to directors as compensation shall
  he held by the transfer agent and represented as a book entry.

  
	
   

  	
   

  	
   

  
	
  Restricted Stock Grant
  Agreement:

  	
   

  	
  All shares of Common Stock
  issued as compensation shall be subject to the terms of the form of
  Restricted Stock Grant Agreement approved by the Compensation Committee and
  the Second Amended and Restated 2004 Stock Option Plan for Key Employees of
  PanAmSat Holding Corporation and its Subsidiaries.

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