Document:

EXHIBIT 10.5

 

RESTRICTED STOCK UNIT AWARD
AGREEMENT

(for Non-Employee Directors)

 

MTR Gaming, Inc.

2010 Long Term Incentive Plan

 

This RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), made as
of the [      ] day of
[                  ],
2010 (the “Date of Grant”), between MTR Gaming, Inc. a Delaware
corporation (the “Company”), and [NAME], a Non-Employee Director (the “Participant”),
is made pursuant to the terms of the Company’s 2010 Long Term Incentive Plan
(the “Plan”).  Capitalized terms used herein
but not defined shall have the meanings set forth in the Plan.

 

Section 1.                                            Restricted
Stock Unit Award.  The Company
grants to the Participant, on the terms and conditions hereinafter set forth,
an award of 30,000 Restricted Stock Units (the “RSUs”).  The RSUs are notional, non-voting units, which will entitle the
Participant to receive payments, subject to the terms hereof, in shares of
Common Stock on the payments dates specified in Section 2 hereof.

 

Section 2.                                            Payment of
Award.  The RSUs shall at all times be
fully vested and nonforfeitable, and shall be paid upon the earlier to occur of
(i) the Participant’s termination of Service, and (ii) a Change in
Control.  The RSUs shall be paid by the
Company by delivering to the Participant a number of shares of Common Stock
equal to the number of RSUs that become payable upon that applicable payment
date.

 

Section 3.                                            Restrictions on
Transfer.  Neither
this Agreement nor any RSUs covered hereby may be sold, assigned, transferred,
encumbered, hypothecated or pledged by the Participant, other than to the
Company.

 

Section 4.                                            Investment
Representation.  Upon the
acquisition of the RSUs or Common Stock at a time when there is not in effect a
registration statement under the Securities Act of 1933 relating to the Common
Stock, the Participant hereby represents and warrants, and by virtue of such
acquisition shall be deemed to represent and warrant, to the Company that the
RSUs or Common Stock shall be acquired for investment and not with a view to
the distribution thereof, and not with any present intention of distributing
the same, and the Participant shall provide the Company with such further
representations and warranties as the Company may require in order to ensure
compliance with applicable federal and state securities, blue sky and other
laws.  No RSUs or Common Stock shall be
acquired unless and until the Company and/or the Participant shall have
complied with all applicable federal or state registration, listing and/or
qualification requirements and all other requirements of law or of any
regulatory agencies having jurisdiction, unless the Committee has received
evidence satisfactory to it that the Participant may acquire the RSUs or Common
Stock pursuant to an exemption from registration under the applicable
securities laws.  Any determination in
this connection by the Committee shall be final, binding and conclusive.  The Company reserves the right to legend any
certificate or book entry representation of the Common Stock conditioning sales
of such shares upon compliance with applicable federal and state securities
laws and regulations.

 

1

 

Section 5.                                            Adjustments.  The RSUs granted hereunder shall be subject
to the provisions of Section 4.3 of the Plan relating to adjustments for
recapitalizations, reclassifications and other changes in the Company’s
corporate structure.

 

Section 6.                                            No Right of
Continued Service.  Nothing in
the Plan or this Agreement shall confer upon the Participant any right to
continued Service.

 

Section 7.                                            Limitation of
Rights.  The Participant shall not have
any privileges of a shareholder of the Company with respect to the RSUs awarded
hereunder, including without limitation any right to vote shares underlying the
RSUs or to receive dividends or other distributions in respect thereof until
the date of the issuance to the Participant of a share of Common Stock in
payment of the RSUs.

 

Section 8.                                            Construction.  This Agreement and the RSUs granted hereunder
are granted by the Company pursuant to the Plan and are in all respects subject
to the terms and conditions of the Plan. 
The Participant hereby acknowledges that a copy of the Plan has been
delivered to the Participant and accepts the RSUs hereunder subject to all
terms and provisions of the Plan, which are incorporated herein by
reference.  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.  The construction of and decisions under the
Plan and this Agreement are vested in the Committee, whose determinations shall
be final, conclusive and binding upon the Participant.

 

Section 9.                                            Governing Law.  This Agreement shall be construed and
enforced in accordance with, the laws of the State of Delaware, without giving
effect to the choice of law principles thereof.

 

Section 10.                                      Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

 

Section 11.                                      Binding Effect.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, executors,
administrators, successors and assigns.

 

Section 12.                                      Entire Agreement.  This Agreement and the Plan constitute the
entire agreement between the parties with respect to the subject matter hereof
and thereof, merging any and all prior agreements.

 

[SIGNATURES ON FOLLOWING PAGE]

 

 

2

 

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

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
                                                                                

  	
  MTR
  GAMING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Participant’s
  Signature

  	
  Date

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Participant’s
  Name

  
	
   

  	
  address

  	
   

  
	
   

  	
  address

  	
   

  

 

3Exhibit 10.1

 

PONIARD PHARMACEUTICALS, INC.

AMENDED AND RESTATED 2004 INCENTIVE COMPENSATION PLAN

 

RESTRICTED STOCK UNIT AWARD
NOTICE

(Non-Employee Directors)

 

Poniard Pharmaceuticals, Inc.
(the “Company”) hereby grants to
you (“Participant”) a Restricted Stock
Unit Award (the “Award”).  The Award is subject to all the terms and
conditions set forth in this Restricted Stock Unit Award Notice (the “Award Notice”) and the Restricted
Stock Unit Award Agreement (the “Award Agreement”)
and the Poniard Pharmaceuticals, Inc. Amended and Restated 2004 Incentive
Compensation Plan (the “Plan”),
which are incorporated into the Award Notice in their entirety.

 

	
  Participant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number of Restricted Stock Units Subject to
  Award (the “Units”):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
  50% of the Units will vest on the first annual
  meeting of shareholders that occurs after the 2010 annual meeting of
  shareholders and the remaining 50% of the Units will vest on the second
  annual meeting of shareholders that occurs after the 2010 annual meeting of
  shareholders, subject to continued service as a director to the Company.

  

 

Additional Terms/Acknowledgement:  You acknowledge receipt of, and
understand and agree to, the Award Notice, the Award Agreement and the
Plan.  You further acknowledge that as of
the Grant Date, the Award Notice, the Award Agreement and the Plan set forth
the entire understanding between you and the Company regarding the Award and
supersede all prior oral and written agreements on the subject.

 

	
  PONIARD PHARMACEUTICALS, INC.

  	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [print participant’s name]

  
	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

Attachments:

1.  Restricted Stock Unit Award Agreement

2.  Plan Summary for the Plan

 

 

PONIARD PHARMACEUTICALS, INC.

AMENDED AND RESTATED 2004 INCENTIVE
COMPENSATION PLAN

 

RESTRICTED STOCK UNIT AWARD
AGREEMENT

 

Pursuant to your Restricted Stock Unit Award Notice (the
“Award Notice”) and this Restricted
Stock Unit Award Agreement (this “Award  Agreement”), Poniard Pharmaceuticals, Inc. (the “Company”) has granted to you a
Restricted Stock Unit Award (the “Award”)
under its Amended and Restated 2004 Incentive Compensation Plan (the “Plan”) for the number of Restricted
Stock Units indicated in your Award Notice. 
Capitalized terms not explicitly defined in this Award Agreement or the
Award Notice but defined in the Plan have the same definitions as in the Plan.

 

The details of the
Award are as follows:

 

1.                                      Vesting

 

Subject
to the terms of this Award Agreement, the Award will vest as set forth in the
Award Notice (the “Vesting Schedule”).  One share of the
Company’s Common Stock will be issuable for each Restricted Stock Unit that
vests.  Restricted Stock Units that have
vested and are no longer subject to forfeiture according to the Vesting
Schedule are referred to herein as “Vested Units.”  Restricted Stock Units that have not vested
and remain subject to forfeiture under the Vesting Schedule are referred to
herein as “Unvested Units.”  The Unvested Units will vest (and to the
extent so vested cease to be Unvested Units remaining subject to forfeiture) in
accordance with the Vesting Schedule (the Unvested and Vested Units are
collectively referred to herein as the “Units”).

 

As
soon as practicable after Unvested Units become Vested Units, but in no event
later than 45 days after vesting, the Company will settle the Vested Units by
issuing to you one share of the Company’s Common Stock for each Vested Unit.

 

2.                                      Automatic Forfeiture of Unvested Units

 

If
you cease to be a director of the Company for any reason, any Unvested Units
automatically will be forfeited to the Company at such time.  You will have no further rights, and the
Company will have no further obligations to you, with respect to such Unvested
Units.

 

3.                                      Corporate Transaction

 

Unvested
Units will become fully vested immediately prior to a Corporate Transaction to
the extent provided by Section 10.2 of the Plan.

 

4.                                      Securities Law Compliance

 

4.1          You represent and warrant
that you (a) have been furnished with a copy of the Plan and the plan
summary for the Plan and all information which you deem necessary to evaluate
the merits and risks of receipt of the Award, (b) have had the opportunity
to ask 

 

 

questions
and receive answers concerning the information received about the Award and the
Company, and (c) have been given the opportunity to obtain any additional
information you deem necessary to verify the accuracy of any information
obtained concerning the Award and the Company.

 

4.2          You hereby agree that you
will in no event sell or distribute all or any part of the Company’s Common
Stock that you may receive pursuant to settlement of the Units (the “Shares”) unless (a) there is an
effective registration statement under the Securities Act of 1933, as amended
(the “Securities Act”), and
applicable state securities laws covering any such transaction involving the
Shares or (b) the Company receives an opinion of your legal counsel
(concurred in by legal counsel for the Company) stating that such transaction
is exempt from registration or the Company otherwise satisfies itself that such
transaction is exempt from registration. 
You understand that the Company has no obligation to you to register the
Shares with the Securities and Exchange Commission and has not represented to
you that it will so register the Shares.

 

4.3          You
confirm that you have been advised, prior to your receipt of the Shares, that
neither the offering of the Shares nor any offering materials have been
reviewed by any administrator under the Securities Act or any other applicable
securities act (the “Acts”) and
that the Shares cannot be resold unless they are registered under the Acts or
unless an exemption from such registration is available.

 

4.4          You hereby agree to
indemnify the Company and hold it harmless from and against any loss, claim or
liability, including attorneys’ fees or legal expenses, incurred by the Company
as a result of any breach by you of, or any inaccuracy in, any representation,
warranty or statement made by you in this Award Agreement or the breach by you
of any terms or conditions of this Award Agreement.

 

5.                                      Transfer Restrictions

 

Units
shall not be sold, transferred, assigned, encumbered, pledged or otherwise
disposed of, whether voluntarily or by operation of law.

 

6.                                      No Rights as Shareholder

 

You
shall not have voting or other rights as a shareholder of the Company with
respect to the Units.

 

7.                                      Independent Tax Advice

 

You acknowledge that
determining the actual tax consequences to you of receiving or disposing of the
Units and the Shares may be complicated. 
These tax consequences will depend, in part, on your specific situation
and may also depend on the resolution of currently uncertain tax law and other
variables not within the control of the Company.  You are aware that you should consult a
competent and independent tax advisor for a full understanding of the specific
tax consequences to you of receiving the Units and receiving or disposing of
the Shares.  Prior to executing the Award
Notice and Award Agreement, you either have consulted with a competent tax advisor
independent of the Company to obtain tax advice concerning the receipt of the
Units 

 

2

 

and the receipt or disposition of the Shares in
light of your specific situation or you have had the opportunity to consult
with such a tax advisor but chose not to do so.

 

8.             Book Entry Registration of Shares

 

The
Company will issue the Shares by registering the Shares in book entry form with
the Company’s transfer agent in your name and the applicable restrictions will
be noted in the records of the Company’s transfer agent and in the book entry
system.

 

9.                                      Withholding

 

You
are ultimately responsible for all taxes owned in connection with this Award
(e.g., at vesting and/or upon receipt of the Shares), including any domestic or
foreign tax withholding obligation required by law, whether national, federal,
state or local, including FICA or any other social tax obligation.

 

10.                               General Provisions

 

10.1        Notices.  Whenever
any notice is required or permitted hereunder, such notice must be in writing
and personally delivered or sent by mail. 
Any notice required or permitted to be delivered hereunder will be
deemed to be delivered on the date on which it is personally delivered, or,
whether actually received or not, on the third business day after it is
deposited in the United States mail, certified or registered, postage prepaid,
addressed to the person who is to receive it at the address that such person
has theretofore specified by written notice delivered in accordance
herewith.  You or the Company may change,
by written notice to the other, the address previously specified for receiving
notices.  Notices delivered to the
Company should be addressed as follows:

 

	
   

  	
  Poniard Pharmaceuticals, Inc.

  
	
   

  	
  Attn: Chief Financial
  Officer

  
	
   

  	
  7000 Shoreline Court,
  Suite 270

  
	
   

  	
  South San Francisco,
  California 94080

  

 

10.2        Assignment.  The Company may assign its rights under this
Award Agreement at any time, whether or not such rights are then exercisable,
to any person or entity selected by the Company’s Board of Directors.

 

10.3        No Waiver.  No waiver of any provision of this Award
Agreement will be valid unless in writing and signed by the person against whom
such waiver is sought to be enforced, nor will failure to enforce any right hereunder
constitute a continuing waiver of the same or a waiver of any other right
hereunder.

 

10.4        Undertaking.  You hereby agree to take
whatever additional action and execute whatever additional documents the
Company may deem necessary or advisable in order to carry out or effect one or
more of the obligations or restrictions imposed on either you or the Units
pursuant to the express provisions of this Award Agreement.

 

10.5        Agreement Is Entire Contract.  This Award Agreement, the Award Notice and
the Plan constitute the entire contract between the parties hereto with regard
to the subject matter 

 

3

 

hereof and supersede all prior oral or written
agreements on the subject.  This Award
Agreement is made pursuant to the provisions of the Plan will in all respects
be construed in conformity with the express terms and provisions of the Plan.

 

10.6        Successors and Assigns.  The provisions of this Award
Agreement and the Award Notice will inure to the benefit of, and be binding on,
the Company and its successors and assigns and you and your legal
representatives, heirs, legatees, distributees, assigns and transferees by
operation of law, whether or not any such person will have become a party to
this Award Agreement and agreed in writing to join herein and be bound by the
terms and conditions hereof.

 

10.7        No Service Contract.  Nothing in this Award Agreement
will affect in any manner whatsoever the right or power of the Company, or any
Related Corporation, to terminate your service on behalf of the Company or any
Related Corporation, for any reason, with or without Cause.

 

10.8        Section 409A Compliance.  Payments made pursuant to this
Award Agreement and the Plan are intended to qualify for an exemption from or
comply with Section 409A of the Code. 
Notwithstanding any other provision in this Award Agreement, the Award
Notice and the Plan to the contrary, the Company, to the extent it deems
necessary or advisable in its sole discretion, reserves the right, but shall not
be required, to unilaterally amend or modify this Award Agreement or the Award
Notice so that the Award qualifies for exemption from or complies with Section 409A
of the Code; provided, however, that the Company makes no representations that
the Award shall be exempt from or comply with Section 409A of the Code and
makes no undertaking to preclude Section 409A of the Code from applying to
the Award.  No provision of this Award
Agreement or the Award Notice shall be interpreted or construed to transfer any
liability for failure to comply with Section 409A of the Code from you or
any other individual to the Company.  By
executing the Award Notice, you agree that you shall be deemed to have waived
any claim against the Company with respect to any such tax consequences.

 

10.9        Counterparts.  The Award Notice may be executed in two or
more counterparts, each of which will be deemed an original, but which, upon
execution, will constitute one and the same instrument.

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]