Document:

EX-10.6

 

Exhibit 10.6

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of
January 17, 2008, among POWERSECURE INTERNATIONAL, INC., a Delaware corporation (the
“Borrower”), the lenders party to the Credit Agreement defined below (the
“Lenders”), and CITIBANK, N.A., as Administrative Agent.

BACKGROUND

     A. The Borrower, the Lenders and the Administrative Agent are parties to that certain Credit
Agreement, dated as of August 23, 2007 (the “Credit Agreement”; the terms defined in the
Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit
Agreement).

     B. The Borrower, the Lenders and the Administrative Agent desire to make certain amendments to
the Credit Agreement.

     NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:

     1. AMENDMENTS.

     (a) Section 1.01 of the Credit Agreement is hereby amended by adding the following
defined terms thereto in proper alphabetical order:

     “Term Credit Agreement” means that certain Term Credit Agreement, dated as of
January 17, 2008, among the Borrower, Citibank, as administrative agent, and the lenders
party thereto.

     “Term Credit Agreement Collateral Documents” means the Collateral Documents as
defined in the Term Credit Agreement.

     “Term Credit Agreement Obligations” has the meaning specified in
Section 10.20.

     (b) Section 1.01 of the Credit Agreement is hereby amended by amending the definition
of “Interest Payment Date” to read as follows:

     “Interest Payment Date” means, (a) as to any Loan other than a Alternate Base
Rate Loan, the last day of each Interest Period applicable to such Loan and the Revolving
Maturity Date or Term Maturity Date, as applicable; provided, however, that
if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates
that fall every three months after the beginning of such Interest Period shall also be
Interest Payment Dates; and (b) as to any Alternate Base Rate Loan, the last Business Day of
each March, June, September and December and the Revolving Maturity Date or Term Maturity
Date, as applicable.

     (c) Section 6.01(b) of the Credit Agreement is hereby amended to read as follows:

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     (b) as soon as available, but in any event within 45 days after the end of the first
three Fiscal Quarters of each Fiscal Year (and within 90 days after the end of the fourth
Fiscal Quarter of each Fiscal Year) of the Borrower (commencing with the Fiscal Quarter
ended June 30, 2007), a consolidated and consolidating balance sheet of the Borrower and its
Subsidiaries as at the end of such Fiscal Quarter, and the related consolidated and
consolidating statements of income or operations, and consolidated cash flows for such
Fiscal Quarter (other than consolidated cash flows, which shall be on a year-to-date basis)
and for the portion of the Borrower’s Fiscal Year then ended, setting forth, to the extent
the information is available to the Borrower, in each case in comparative form the figures
for the corresponding Fiscal Quarter of the previous Fiscal Year and the corresponding
portion of the previous Fiscal Year, all in reasonable detail, such consolidated statements
to be certified by a Responsible Officer of the Borrower as fairly presenting the financial
condition, results of operations and cash flows of the Borrower and its Subsidiaries in
accordance with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes and such consolidating statements to be certified by a Responsible Officer of the
Borrower to the effect that such statements are fairly stated in all material respects when
considered in relation to the consolidated financial statements of the Borrower and its
Subsidiaries;

     (d) Section 7.01 of the Credit Agreement is hereby amended by (i) deleting “and” after
the end of clause (p) thereof, (ii) deleting “.” at the end of clause (q) thereof and adding “;
and” in lieu thereof, and (iii) adding the following new clause (r) at the end thereof:

     (r) Liens granted pursuant to the Term Credit Agreement Collateral Documents.

     (e) Section 7.03 of the Credit Agreement is hereby amended by (i) deleting “and” after
the end of clause (g) thereof, (ii) deleting “.” at the end of clause (h) thereof and inserting “;
and” in lieu thereof, and (iii) adding the following new clause (i) at the end thereof:

     (i) Indebtedness in respect of the Term Credit Agreement and any other Loan Documents
(as defined in the Term Credit Agreement).

     (f) Section 8.01 of the Credit Agreement is hereby amended by (i) deleting “or” after
the end of clause (j) thereof, (ii) deleting “.” after the end of clause (k) thereof and inserting
”; or” in lieu thereof, and (iii) adding the following new clause (l) at the end thereof:

     (l) Term Credit Agreement. An Event of Default (as defined in the Term Credit
Agreement) shall occur.

(g) The initial paragraph of Section 8.03 is hereby amended to read as follows:

Section 8.03. Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become due and payable and the
L/C Obligations have automatically been required to be Cash Collateralized as set forth in
the proviso to Section 8.02), any amounts received on account of the Obligations
shall be applied by the Administrative Agent in the following order, subject to
Section 10.20:

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     (h) Article X of the Credit Agreement is hereby amended by adding a new
Section 10.20 thereto to read as follows:

     Section 10.20. Term Credit Agreement. The parties hereto acknowledge that the Liens
now or hereafter granted pursuant to the Collateral Documents and the Secured Obligations
with respect to this Agreement and the other Loan Documents and the Liens (as defined in the
Term Credit Agreement) and the Secured Obligations (as defined in he Term Credit Agreement)
and defined herein as the “Term Credit Agreement Obligations” are pari passu and of
equal ranking, and notwithstanding anything herein (including Section 8.03) or in
the Term Credit Agreement to the contrary, and proceeds received from the Collateral and the
Guaranties (as defined in each of this Agreement and the Term Credit Agreement) shall be
applied to the Secured Obligations and the Term Credit Agreement Obligations pro rata in
proportion to the respective outstanding amounts of the Secured Obligations and the Term
Credit Agreement Obligations.

     2. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and
delivery hereof, the Borrower represents and warrants that, as of the date hereof and after giving
effect to the amendments set forth in the foregoing Section 1:

     (a) the representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct on and as of the date hereof as made on and as of such date, except
to the extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct as of such earlier date;

     (b) no event has occurred and is continuing which constitutes a Default or an Event of
Default;

     (c) the Borrower has full power and authority to execute and deliver this First Amendment, and
this First Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and
binding obligations of the Borrower, enforceable against the Borrower in accordance with their
respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by
general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law) and subject to an implied covenant of good faith and fair dealing and except as rights
to indemnity may be limited by federal or state securities laws;

     (d) no authorization, approval, consent, or other action by, notice to, or filing with, any
governmental authority or other Person (not already obtained), is required for the execution,
delivery or performance by (i) the Borrower of this First Amendment or (ii) the acknowledgment of
this First Amendment by any Guarantor, other than those already obtained or made; and

     (e) all of the conditions precedent to the advance of the term loan under the Term Credit
Agreement shall have been satisfied.

     3. CONDITIONS OF EFFECTIVENESS. This First Amendment shall be effective as of
January 17, 2008 subject to the following:

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     (a) the representations and warranties set forth in Section 2 of this First Amendment shall be
true and correct;

     (b) the Administrative Agent shall have received a certified resolution of the board of
directors of the Borrower authorizing (i) the execution and delivery of this First Amendment and
(ii) the performance of the Credit Agreement, as amended by this First Amendment.

     (c) the Administrative Agent shall have received counterparts of this First Amendment executed
by the Lenders; and

     (d) the Administrative Agent shall have received counterparts of this First Amendment executed
by the Borrower and acknowledged by each Guarantor.

     4. GUARANTOR’S ACKNOWLEDGMENT. By signing below, each Guarantor (i) acknowledges,
consents and agrees to the execution, delivery and performance by the Borrower of this First
Amendment, (ii) acknowledges and agrees that its obligations in respect of its Guaranty are not
released, diminished, waived, modified, impaired or affected in any manner by this First Amendment,
or any of the provisions contemplated herein, (iii) ratifies and confirms its obligations under its
Guaranty and (iv) acknowledges and agrees that it has no claim or offsets against, or defenses or
counterclaims to, its Guaranty.

5. REFERENCE TO THE CREDIT AGREEMENT.

     (a) Upon and during the effectiveness of this First Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference
to the Credit Agreement, as affected by this First Amendment.

     (b) Except as expressly set forth herein, this First Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights or remedies of the
Borrower or the Administrative Agent or the Lender under the Credit Agreement or any of the other
Loan Documents, and shall not alter, modify, amend, or in any way affect the terms, conditions,
obligations, covenants, or agreements contained in the Credit Agreement or the other Loan
Documents, all of which are hereby ratified and affirmed in all respects and shall continue in full
force and effect.

     6. COSTS AND EXPENSES. The Borrower shall be obligated to pay or reimburse the
Administrative Agent for all reasonable costs and expenses incurred by the Administrative Agent in
connection with the preparation, reproduction, execution and delivery of this First Amendment and
the other instruments and documents to be delivered hereunder.

     7. EXECUTION IN COUNTERPARTS. This First Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which when taken together shall
constitute but one and the same instrument. For purposes of this First Amendment, a counterpart
hereof (or signature page thereto) signed and transmitted by any Person party hereto to the
Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be
treated as an original. The signature of such Person thereon, for purposes hereof, is to be
considered as an original signature, and the counterpart (or signature

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page thereto) so transmitted is to be considered to have the same binding effect as an
original signature on an original document.

     8. GOVERNING LAW; BINDING EFFECT. This First Amendment shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made and to
be performed entirely within such state (provided that each party shall retain all rights arising
under federal law), and shall be binding upon the parties hereto and their respective successors
and assigns.

     9. HEADINGS. Section headings in this First Amendment are included herein for
convenience of reference only and shall not constitute a part of this First Amendment for any other
purpose.

     10. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS FIRST AMENDMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER
THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BETWEEN THE PARTIES.

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

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     IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the date first
above written.

	 	 	 	 	 
	 	POWERSECURE INTERNATIONAL, INC.

 	 
	 	By:   	/s/ Christopher T. Hutter 	 
	 	 	Christopher T. Hutter 	 
	 	 	Chief Financial Officer 	 

6

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITIBANK, N.A., as Administrative Agent and Lender

 
	 	By:   	/s/ Gary D. Pitcock	 
	 	 	Gary D. Pitcock	 
	 	 	Vice President	 

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ACKNOWLEDGED AND AGREED:

POWERSECURE, INC.

POWERSERVICES, INC.

ENERGYLITE, INC.

UTILITYENGINEERING, INC.

UTILITYDESIGN, INC.

MARCUM GAS TRANSMISSION, INC.

REID’S TRAILER, INC.

EFFICIENTLIGHTS, LLC

SOUTHERN FLOW COMPANIES, INC.

METRETEK, INCORPORATED

	 	 	 	 	 
	 	By:  	/s/
Christopher T. Hutter 	 
	 	 	Christopher T. Hutter 	 
	 	 	Chief Financial Officer for all 	 

8<PAGE>
                                                                 Exhibit 10.1

                               F.N.B. CORPORATION

                      RESTRICTED STOCK UNIT AWARD AGREEMENT
                 (PURSUANT TO 2007 INCENTIVE COMPENSATION PLAN)

         This Restricted Stock Unit Award Agreement (the "Agreement") is between
________________ ("Participant") and F.N.B. Corporation ("F.N.B.") and sets
forth the terms and conditions of the award of Restricted Stock Units granted to
Participant on January 16, 2008 ("Grant Date") by the Compensation Committee of
the Board of Directors (the "Committee") of F.N.B. pursuant to the terms of the
2007 Incentive Compensation Plan (the "Plan"). The terms of the Plan are
incorporated herein by reference, including the definitions of terms contained
in the Plan. Unless the context indicates otherwise, all references in this
Agreement to "F.N.B." shall mean F.N.B. and its direct and indirect subsidiaries
and affiliates.

                                    RECITALS

         WHEREAS, F.N.B.'s Board and shareholders have adopted and approved the
F.N.B. Corporation 2007 Incentive Compensation Plan ("Plan"); and

         WHEREAS, F.N.B. is committed to be a high dividend paying corporation;
and

         WHEREAS, F.N.B. intends to award certain management employees for
F.N.B.'s long term performance which is designed to deliver total shareholder
return by combining a strong dividend yield with earnings per share growth for
the purpose of attaining a corresponding share price appreciation; and

         WHEREAS, F.N.B. believes these awards will align management's interest
with those of the shareholders; and

         WHEREAS, the Participant has accepted the grant of the Restricted Stock
Units and agree to the terms and conditions stated below:

SECTION 1. PURPOSE. The purpose of this award is to align Participant's interest
with that of F.N.B. shareholders by attaining total shareholder return through a
combination of an attractive dividend yield and earnings per share growth over
the performance period, which is consistent with F.N.B.'s investment thesis of
achieving total shareholder return of nine to twelve percent.

SECTION 2. RESTRICTED STOCK UNIT AWARD. Subject to the provisions of this
Agreement and the provisions of the Plan, F.N.B. hereby grants to Participant
______ restricted stock units evidencing a right to receive ______ shares of
common stock of F.N.B. (the "Target Amount") provided that the applicable
Vesting Requirements described in 3(a)(i)(1), (2) and (3) of this Agreement have
been met. These Restricted Stock Units are notational units of measurement
denominated in shares of F.N.B. common stock (i.e., one restricted stock unit is
equivalent to one share of F.N.B. common stock). The restricted stock units
represent an unfunded, unsecured deferred compensation obligation of F.N.B.

<PAGE>

SECTION 3.   VESTING.

(a)      All, a portion, a multiple or none of Participant's Target Amount will
         vest subject to the following terms and conditions:

         (i)      TIME AND PERFORMANCE REQUIREMENTS. Subject to the forfeiture
                  and accelerated vesting provisions set forth in Section 4
                  hereof, the Target Amount shall become vested in shares of
                  F.N.B. common stock and shall become deliverable in the amount
                  described in Section 3(b) hereof (provided such delivery is
                  otherwise in accordance with federal and state laws) to the
                  Participant on March 1, 2012 ("Vesting Date"), provided each
                  of the following three vesting requirements set forth in
                  Section 3(a)(i)(1), (2) and (3) below, are satisfied, which
                  shall hereinafter be referred to as the "Vesting
                  Requirements."

                  (1)      SERVICE REQUIREMENT. Participant remains continuously
                           employed by F.N.B. from the Grant Date through the
                           Vesting Date; and

                  (2)      FIRST PERFORMANCE TRIGGER. F.N.B.'s relative return
                           on average tangible equity ("ROATE"), as calculated
                           under Section 3(c)(i) herein, during the four year
                           period beginning on January 1, 2008, and ending on
                           December 31, 2011 (the "Performance Period"), is
                           greater than or equal to the 50th percentile of the
                           peer financial institutions' (identified in Schedule
                           1 attached hereto and hereinafter referred to as the
                           "Peer Financial Institutions") ROATE during the
                           Performance Period as approved by the Committee on
                           January 16, 2008 ("ROATE Performance Goal"); and

                  (3)      SECOND PERFORMANCE TRIGGER. F.N.B.'s diluted earnings
                           per share growth during the Performance Period
                           ("F.N.B. EPS Growth") is greater than zero, and at or
                           above the 20th percentile of the Peer Financial
                           Institutions' diluted earnings per share growth (Peer
                           Financial Institutions' EPS Growth") during the
                           Performance Period, as calculated under Section
                           3(c)(ii) herein.

(b) DETERMINATION OF VESTED RESTRICTED STOCK UNITS AWARD AMOUNT. Provided the
Vesting Requirements are met, the number of the Participant's restricted stock
units that will become vested on the Vesting Date will be determined as follows:

         (i)      Maximum. If F.N.B.'s EPS Growth is at or above the 60th
                  percentile of the Peer Financial Institutions' EPS Growth
                  during the Performance Period, then the vested amount shall be
                  1.75 times the Target Amount ("Maximum Amount");

         (ii)     Target. If F.N.B.'s EPS Growth is at the 35th percentile of
                  the Peer Financial Institutions' EPS Growth during the
                  Performance Period, then the vested amount shall be the Target
                  Amount;

         (iii)    Threshold. If F.N.B.'s EPS Growth is at the 20th percentile of
                  the Peer Financial Institutions' EPS Growth during the
                  Performance Period, then the vested amount shall be 0.5 times
                  the Target Amount ("Threshold Amount"); and

                                      -2-
<PAGE>

         (iv)     Interpolation Between Levels. For amounts between the
                  Threshold and Target levels or between the Target and Maximum
                  levels, straight line interpolation, rounded up to the next
                  whole share, will be used to determine the number of
                  restricted stock units that shall vest on the Vesting Date.
                  For purposes of this Agreement, the amount of the
                  Participant's award that vests under the calculation set forth
                  under this Section 3(b) of the Agreement shall be referred to
                  herein as the "Award Amount."

(c) FINANCIAL PERFORMANCE MEASUREMENTS.

         (i)      F.N.B. ROATE. For purposes of this Agreement, the calculation
                  of F.N.B.'s ROATE for the Performance Period shall be computed
                  by taking the average of F.N.B.'s ROATE for each year in the
                  Performance Period and comparing that to the average ROATE for
                  the Peer Financial Institutions for each year in the
                  Performance Period. ROATE is calculated for each year in the
                  Performance Period by taking net income and adding back the
                  after-tax effect of the amortization of acquisition-related
                  intangible assets, divided by average shareholders' equity
                  minus average acquisition-related intangible assets;

          (ii)    F.N.B. AND PEER FINANCIAL INSTITUTIONS' EPS. For purposes of
                  this Agreement, the calculation of F.N.B.'s earnings per share
                  growth for the four-year Performance Period shall be computed
                  by taking the average of F.N.B.'s annual diluted EPS growth
                  for each year in the four-year Performance Period and
                  comparing that to the average annual diluted EPS growth for
                  the Financial Institutions Peer Group for each year in the
                  four-year Performance Period.

SECTION 4. FORFEITURE; TERMINATION OF EMPLOYMENT; AND ACCELERATED VESTING OF
RESTRICTED STOCK UNITS. Upon the effective date of the termination of
Participant's employment with F.N.B., the Restricted Stock Units shall
immediately be forfeited and returned to the Company by the administrator of
this award program without consideration or future action being required of the
Company; except that notwithstanding the foregoing, in the event such
termination is a result of the following circumstances:

(a) DEATH. The Target Amount shall automatically vest (to the extent this award
has not been previously forfeited) and become payable in accordance with Section
7 hereof immediately upon Participant's death between the Grant Date and the
Vesting Date.

(b) DISABILITY. Provided the Vesting Requirements, except for the service
requirement set forth at Section 3(a)(i)(1) hereof, have been met, the
Participant shall be entitled to vesting on the Vesting Date in an amount not
less than the pro rata amount of the Award Amount for the number of full months
of the Performance Period (Participant shall be credited with working the full
month of January 2008) the Participant worked before the Participant became a
"Disabled Participant" (as defined in the Plan) as a portion of the total number
of months (including January 2008) in the Performance Period. The number of
restricted stock units the Participant is entitled to have vest as a result of
becoming a "Disabled Participant" and payable in accordance with Section 7
hereof, shall be calculated by multiplying the Award Amount by the fraction, the
numerator of which is the number of full months (including credit for the full
month of January 2008) the Participant

                                      -3-
<PAGE>

worked during the Performance Period before the date Participant became a
"Disabled Participant," and the denominator of which is forty-eight (48),
representing the total number of months in the Performance Period.

(c) EARLY RETIREMENT. Provided the Vesting Requirements have been met, except
for the service requirement set forth at Section 3(a)(i)(1) hereof, the
Participant shall be entitled to vesting on the Vesting Date of not less than
the pro rata amount of the Award Amount, payable in accordance with Section 7
hereof, for the number of full months of the Performance Period (Participant
shall be credited with working the full month of January 2008) during which
Participant remained employed until the effective date of the Participant's
"Early Retirement," as this term is defined in the Plan (i.e., from the Grant
Date to the actual date of the Participant's Early Retirement). The number of
Participant's restricted stock units that Participant is entitled to have vest
under this Agreement upon Participant's "Early Retirement" shall be calculated
by multiplying the Award Amount by the fraction, the numerator of which is the
number of full months the Participant worked during the Performance Period
before the Participant's actual Early Retirement date, and the denominator of
which is forty-eight (48), representing the total number of months in the
Performance Period.

(d) NORMAL RETIREMENT. The service vesting requirement set forth under Section
3(a)(i)(1) of this Agreement shall be waived upon Participant's "Normal
Retirement" (as that term is defined in the Plan) in calendar years 2009, 2010
and 2011 and Participant's award shall be entitled to vest on the Vesting Date
in the Award Amount, and payable in accordance with Section 7 hereof, provided
the performance vesting requirements set forth at Section 3(a)(i)(2) and (3) are
met; except, however, if Participant's "Normal Retirement" occurs in calendar
year 2008, the amount that shall vest on the Vesting Date will be pro rated by
multiplying the Award Amount by the fraction, the numerator of which is the
actual number of full months the Participant worked in calendar year 2008 prior
to the effective date of Participant's "Normal Retirement" (including credit for
the full month of January 2008) and the denominator of which is forty-eight
(48), representing the total number of months in the Performance Period.

(e) ACCELERATED VESTING - CHANGE IN CONTROL OR SALE.

         (i)      PARTICIPANT IS AN EMPLOYEE OF F.N.B. CORPORATION OR FIRST
                  NATIONAL BANK OF PENNSYLVANIA ("BANK"). In the event a "Change
                  in Control" (as defined in the Plan) of F.N.B. Corporation or
                  the Bank occurs, prior to the Vesting Date and the Participant
                  has remained continuously employed by F.N.B. Corporation, or
                  the Bank or non-bank affiliate since the Grant Date, the
                  Target Amount shall immediately vest and be payable in
                  accordance with Section 7 hereof.

         (ii)     PARTICIPANT IS AN EMPLOYEE OF NON-BANK AFFILIATE. In the case
                  where Participant is employed by a non-bank affiliate or
                  subsidiary of F.N.B., and the Participant has remained
                  continuously employed by the non-bank affiliate or subsidiary,
                  or by the Bank or by F.N.B., the Participant shall be entitled
                  to immediate vesting of not less than the pro rata amount of
                  the Target Amount for the number of full months of the
                  Performance Period (Participant shall be credited with working
                  the full month of January 2008) the Participant worked before
                  the effective date of the sale of all or substantially all of
                  the common stock or assets (a "Sale") of the non-bank
                  affiliate

                                      -4-
<PAGE>

                  that occurs prior to the Vesting Date. The amount of
                  Participant's Target Amount that shall vest under this
                  Agreement upon the Sale of the non-bank affiliate which
                  employs Participant shall be calculated by multiplying the
                  Target Amount by the fraction, the numerator of which is the
                  number of full months the Participant worked in the
                  Performance Period up to the Sale date, and the denominator of
                  which is forty-eight (48), representing the total number of
                  months in the Performance Period.

         (iii)    TERMINATION OF EMPLOYMENT WHILE CHANGE IN CONTROL PENDING. For
                  purposes of this Agreement, the termination of the
                  Participant's employment following execution of a definitive
                  agreement contemplating a "Change in Control" of F.N.B. or the
                  Bank, without "Cause" (as defined in the Plan), prior to the
                  consummation date of the "Change in Control" or such Sale,
                  shall immediately result in full vesting at the Target Amount.
                  In the event the Participant is an employee of a non-bank
                  affiliate or subsidiary of F.N.B. and such Participant's
                  employment is terminated without "Cause" while a Sale of such
                  non-bank affiliate or subsidiary is pending, then the
                  restricted stock units shall vest in a pro rata amount for
                  each full month up to the effective date of the Sale.

SECTION 5.   RESTRICTIONS.  The Restricted Stock Units shall be subject to the
following restrictions:

         (a) RESTRICTIONS ON TRANSFER. The restricted stock units may not be
sold, assigned, transferred, encumbered, hypothecated or pledged by the
Participant, other than to F.N.B. as a result of forfeiture of the units as
provided herein and except by beneficiary designation, will or by laws of
descent and distribution upon the Participant's death.

         (b) NO VOTING RIGHTS. The restricted stock units granted pursuant to
this Agreement, whether or not vested, will not confer any voting rights upon
the Participant, unless and until the restricted stock units are paid to
Participant in shares of F.N.B. common stock.

         (c) RESTRICTED STOCK UNITS SUBJECT TO THE PLANS. The restricted stock
units awarded under the Agreement are subject to the terms of the Plan. In the
event of a conflict or ambiguity between any term or provision contained herein
and a term or provision of the Plan, the Plan will govern and prevail.

SECTION 6. DIVIDEND EQUIVALENTS. Any dividend paid in cash on the shares of the
F.N.B. common stock between the Grant Date and the date the Award Amount is paid
to Participant under Section 7 hereof shall not be paid currently, but subject
to the vesting requirements described herein, shall be converted into additional
restricted stock units and delivered to Participant in accordance with Section 7
hereof. Any restricted stock units resulting from the conversion of these
dividend amounts ("Dividend Units") will be considered restricted stock units
for purposes of this Agreement and will be subject to all the terms, conditions
and restrictions set forth herein. The Dividend Units shall be made in whole
and/or fractional restricted stock units and shall be based on the "Fair Market
Value" (as defined in the Plan) of the shares of F.N.B. common stock on the date
of payment of any such dividend. All Dividend Units shall be subject to the same
vesting requirements applicable to previously held restricted stock units in
respect of which they were credited and shall be payable in accordance with
Section 7 of this Agreement.

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<PAGE>

SECTION 7. PAYMENT OF VESTED RESTRICTED STOCK UNITS. Payment of Vested
Restricted Stock Units shall be made within thirty (30) days of the Vesting Date
following satisfaction of the Vesting Requirements or within thirty (30) days of
an accelerated vesting event described in Section 3 herein. The Restricted Stock
Units shall be paid in shares of F.N.B. common stock, after deduction of
applicable minimum statutory withholding taxes as determined by F.N.B.

SECTION 8. ADJUSTMENTS AND SIGNIFICANT EVENTS.

         (a) ADJUSTMENTS. The Committee shall have the authority to make
equitable adjustments to the restricted stock units in recognition of unusual or
non-recurring events affecting F.N.B. or the financial statements of F.N.B. in
response to changes in applicable laws or regulations, or to account for items
of gain, loss or expense determined to be extraordinary or unusual in nature or
infrequent in occurrence or related to the disposal of a segment of a business
or related to a change in accounting principles. Additionally, the restricted
stock units awarded under this Agreement shall be subject to the provisions of
Section 2.6 of the Plan relating to adjustments for changes in corporate
capitalization.

         (b) SIGNIFICANT EVENTS. In accordance with the terms of the Plan the
Committee may determine the occurrence of a "significant event" which the
Committee expects to have a substantial effect on the measurement of F.N.B.'s
ROATE Performance Goal or F.N.B.'s EPS Growth specified in this Agreement and
therefore, the Committee has sole discretion to establish a revised F.N.B. ROATE
or F.N.B. EPS Growth measurement or other performance measurement as it shall
deem necessary and equitable for purposes of maintaining the objective of the
Award Amount award contemplated by this Agreement. Such modification of the
performance measurement specified in this Agreement by the Committee shall
ensure that the F.N.B.'s ROATE Performance Goal or F.N.B. on Peer Institutions'
EPS Growth or measurement thereof, or establishment of new performance
measurements shall in no event be detrimental to the Participant and shall be
consistent with any adjustment to the Company's capital structure during the
Performance Period. Such "significant events" contemplated herein may include,
but not be limited to, capital raises, stock splits, stock buybacks, sale of
business units, business restructuring charges, merger related costs,
non-recurring activities, and other comparable events.

SECTION 9. NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer upon
the Participant any right to continue as an employee of F.N.B. nor interfere in
any way with the right of F.N.B. to terminate the Participant's employment at
any time or to change the terms and conditions of such employment.

SECTION 10. PARTICIPANT BOUND BY PLAN. The Participant hereby acknowledges
receipt of an e-mail from the Company which includes attachments containing
copies of (a) the Plan and (b) the Prospectus relating to the Plan in connection
with the registration of F.N.B. common stock under the Securities Act of 1933,
as amended, and the Participant agrees to be bound by all the terms and
provisions thereof. The Participant may receive a free hard copy of these Plan
prospectus documents by requesting a copy from the Company Human Resources
Department. To the extent of any inconsistency between the terms of this
Agreement and the terms of the Plan, the latter shall govern. All capitalized
terms used herein and not defined herein shall have the meanings ascribed to
such terms in the Plan.

                                      -6-
<PAGE>

SECTION 11. NOTICES. Any notice hereunder to the Company shall be addressed to
it at its office, F.N.B. Corporation, One South Hermitage Road, Hermitage,
Pennsylvania 16148, c/o Human Resources Department, and any notice hereunder to
the Participant shall be addressed to him/her at his/her address provided to
Company from time to time, subject to the right of either party to designate at
any time hereafter in writing some other address.

SECTION 12. CONSTRUCTION AND DISPUTE RESOLUTION. This Agreement shall be
governed by and construed in accordance with the internal laws of the
Commonwealth of Pennsylvania, without giving effect to principles of conflict of
laws. All headings in this Agreement have been inserted solely for convenience
of reference only, are not to be considered a part of this Agreement, and shall
not affect the interpretation of any of the provisions of this Agreement. In the
event of any dispute or claim relating to or arising out of this Agreement, the
Participant and the Company agree that all such disputes shall be fully and
finally resolved by binding arbitration conducted by the American Arbitration
Association ("AAA") in Mercer County, Pennsylvania in accordance with the AAA's
National Rules for the Resolution of Employment Disputes. The Participant
acknowledges that by accepting this arbitration provision he/she is waiving any
right to a jury trial in the event of a covered dispute. The arbitrator may, but
is not required, to order that the prevailing party shall be entitled to recover
from the losing party its attorneys' fees and costs incurred in any arbitration
arising out of this Agreement.

SECTION 13. COUNTERPARTS. This Agreement may be executed in two counterparts,
each of which shall be deemed an original, but both of which together shall
constitute one and the same instrument.

IN WITNESS WHEREOF, F.N.B. Corporation has caused this Restricted Stock Unit
Award Agreement to be executed on its behalf by its authorized officer and the
Participant has executed this Restricted Stock Unit Award Agreement, both as of
the day and year first above written.

                                                F.N.B. CORPORATION

                                                BY:
                                                    --------------------------
                                                    STEPHEN GURGOVITS

                                                    --------------------------
                                                    [PARTICIPANT'S NAME]

                                      -7-
<PAGE>

                                   SCHEDULE 1

                             LTIP - 2008 PEER GROUP

   TICKER                COMPANY                        STATE
-------------------------------------------------------------------------------

SRCE            1St Source Corp                      Indiana

AMFI            Amcore Financial Inc                 Illinois

CBC             Capitol Bancorp Ltd                  Michigan

CHFC            Chemical Financial Corp              Michigan

CRBC            Citizens Republic Bancorp            Michigan

CBSH            Commerce Bancshares Inc              Missouri

CBU             Community Bank System Inc.           New York

FCF             First Commonwlth Finl Cp             Pennsylvania

FFBC            First Finl Bancorp Inc               Ohio

FRME            First Merchants Corp                 Indiana

FMBI            First Midwest Bncorp Inc.            Illinois

FMER            FirstMerit Corp                      Ohio

FULT            Fulton Financial Corp                Pennsylvania

HNBC            Harleysville Natl Corp               Pennsylvania

HTLF            Heartland Financial Usa Inc          Iowa

IBCP            Independent Bank Corp                Michigan

IFC             Irwin Financial Corp                 Indiana

MBFI            MB Financial Inc                     Illinois

NBTB            N B T Bancorp Inc                    New York

NPBC            National Penn Bancshares Inc.        Pennsylvania

ONB             Old National Bancorp                 Indiana

PRK             Park National Corp                   Ohio

PVTB            Privatebancorp Inc                   Illinois

PBKS            Provident Bankshares Corp            Maryland

STBA            S & T Bancorp Inc                    Pennsylvania

SBNY            Signature Bank                       New York

SNBC            Sun Bancorp Inc                      New Jersey

SUSQ            Susquehanna Bancshares Inc           Pennsylvania

TAYC            Taylor Capital Group Inc             Illinois

TCB             TCF Financial Corp                   Michigan

UMBF            UMB Financial Corp                   Missouri

UBSI            United Bankshares Inc                West Virginia

VLY             Valley National Bancorp              New Jersey

WSBC            Wesbanco Inc                         West Virginia

WL              Wilmington Trust Corp                Delaware

WTFC            Wintrust Financial Corp              Illinois

--------------------------------------------------------------------------------

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