Document:

exv10w14

 

EXHIBIT 10.14

ASSISTED LIVING CONCEPTS, INC.

CASH INCENTIVE COMPENSATION AWARD AGREEMENT

     THIS CASH INCENTIVE COMPENSATION AWARD AGREEMENT (the “Award Agreement”) is entered into as of
February 26, 2008, between Assisted Living Concepts, Inc. (“ALC”) and                      (“Employee”). In
consideration of the mutual promises and covenants made in this Agreement and the mutual benefits
to be derived from this Agreement, ALC and Employee agree as follows.

     This Award Agreement sets forth the terms and conditions of a cash incentive award of
performance compensation (the “Award”) that is granted to you under the 2006 Omnibus Incentive
Compensation Plan (the “Plan”) and is a Performance Compensation Award. This Award provides you
with the opportunity to earn, subject to the terms of this Award Agreement, cash compensation as
set forth in Section 3 below.

     THIS AWARD IS SUBJECT TO ALL TERMS AND CONDITIONS OF THE PLAN AND THIS AWARD AGREEMENT,
INCLUDING, WITHOUT LIMITATION, THE DISPUTE RESOLUTION PROVISIONS SET FORTH IN SECTION 10. BY
SIGNING YOUR NAME BELOW, YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF THE TERMS AND CONDITIONS OF
THIS AWARD AGREEMENT.

1. The Plan. This Award is made pursuant to the Plan, all the terms of which are hereby
incorporated in this Award Agreement. In the event of any conflict between the terms of the Plan
and the terms of this Award Agreement, the terms of this Award Agreement shall govern. In the
event of any conflict between the terms of this Award Agreement and the terms of any individual
employment agreement between you and ALC or any of its Affiliates (an “Employment Agreement”), the
terms of your Employment Agreement will govern.

2. Definitions. Capitalized terms used in this Award Agreement that are not defined in
this Award Agreement have the meanings as used or defined in the Plan. As used in this Award
Agreement, the following terms have the meanings set forth below:

     “Business Day” means a day that is not a Saturday, a Sunday or a day on which banking
institutions are legally permitted to be closed in the City of New York.

     “Committee” means the Compensation/ Nominating/ Governance committee of the Board of Directors
of ALC (the “Board”) or such other committee of the Board as may be designated by the Board from
time to time to administer the Plan.

     “Determination Date” means the date during the first quarter of 2009, as determined by the
Committee, on which the Committee determines whether Performance Goals with respect to the
Performance Period have been achieved.

     “Performance Goals” means the performance goals set forth on Exhibit A to this Award
Agreement.

     “Performance Period” means the period from January 1, 2008 through December 31, 2008.

3. (a) Performance-Based Right to Payment. The amount of cash compensation payable pursuant
to the Award shall be determined based on the achievement of the Performance Goals. On the
Determination Date, the Committee in its sole discretion shall determine whether you are entitled
to payment with respect to all or a portion of your Award subject to this Award Agreement. Except
as otherwise provided in your Employment Agreement, the payment of cash compensation with respect
to your Award is contingent on the attainment of the Performance Goals. Accordingly, unless
otherwise provided in your Employment Agreement, you will not become entitled to payment with
respect to the Award subject to this Award Agreement on the Determination Date unless the Committee
determines that the Performance Goals with respect to the Determination Date have been attained.
Upon such determination by the Committee and subject to the provisions of the Plan and this Award
Agreement, you shall have the right to payment of the cash compensation as set forth on Exhibit A.
Pursuant to Section 4 and except as otherwise provided in your Employment Agreement, in order to be
entitled to payment with respect to any Award on the Determination Date, you must be employed by
ALC or an Affiliate on the Determination Date.

 

 

     (b) Payment of Award. Payments made pursuant to this Award Agreement shall be payable
in cash as soon as administratively practicable following the Determination Date. The Committee
and ALC shall use commercially reasonable efforts to make such payments by March 15, 2009.

4. Forfeiture of Award. Unless the Committee determines otherwise, and except as otherwise
provided in your Employment Agreement, if your rights with respect to any Award awarded to you
pursuant to this Award Agreement have not become payable prior to the date on which your employment
with ALC and its Affiliates terminates, your rights with respect to such Award shall immediately
terminate, and you will be entitled to no further payments or benefits with respect thereto. If
pursuant to Section 3 the Committee determines in its sole discretion that the Performance Goals
with respect to the Determination Date have not been attained, your rights with respect to such
Award shall immediately terminate, and you will be entitled to no further payments or benefits with
respect thereto.

5. Recovery of Award Following Restatement. If ALC’s financial statements are the subject
of a restatement due to error or misconduct, to the extent permitted by governing law, in all
appropriate cases, Employee shall on demand from ALC repay all excess incentive cash compensation
paid under this Award Agreement. For purposes of this Award Agreement, excess incentive cash
compensation means the positive difference, if any, between (i) the Award made to Employee and (ii)
the Award that would have been made to Employee had the Award been calculated based on ALC’s
financial statements as restated. ALC will not be required to award Employee an additional Award
should the restated financial statements result in a higher calculated Award. The repayment of
excess incentive cash compensation is in addition to and separate from any other relief available
to ALC due to the Employee’s error or misconduct.

6. Non-Transferability of Award. Unless otherwise provided by the Committee in its
discretion, the Award may not be sold, assigned, alienated, transferred, pledged, attached or
otherwise encumbered except as provided in Section 9(a) of the Plan. Any purported sale,
assignment, alienation, transfer, pledge, attachment or other encumbrance of a Performance Award in
violation of the provisions of this Section 5 and Section 9(a) of the Plan shall be void.

7. Withholding. The payment of cash compensation pursuant to Section 3(b) is conditioned
on satisfaction of any applicable withholding taxes in accordance with Section 9(d) of the Plan.

8. Successors and Assigns of ALC. The terms and conditions of this Award Agreement shall
be binding upon and shall inure to the benefit of ALC and its successors and assigns.

9. Committee Discretion. Subject to your Employment Agreement, the Committee shall have
full and plenary discretion with respect to any actions to be taken or determinations to be made in
connection with this Award Agreement, and its determinations shall be final, binding and
conclusive.

10. Dispute Resolution.

     (a) Jurisdiction and Venue. Notwithstanding any provision in your Employment
Agreement, you and ALC irrevocably submit to the exclusive jurisdiction of (i) the United States
District Court for the Eastern District of Wisconsin and (ii) the courts of the State of Wisconsin
for the purposes of any suit, action or other proceeding arising out of this Award Agreement or the
Plan. You and ALC agree to commence any such action, suit or proceeding either in the United
States District Court for the Eastern District of Wisconsin or, if such suit, action or other
proceeding may not be brought in such court for jurisdictional reasons, in the courts of the State
of Wisconsin. You and ALC further agree that service of any process, summons, notice or document
by U.S. registered mail to the other party’s address set forth below shall be effective service of
process for any action, suit or proceeding in Wisconsin with respect to any matters to which you
have submitted to jurisdiction in this Section 9o. You and ALC irrevocably and unconditionally
waive any objection to the laying of venue of any action, suit or proceeding arising out of this
Award Agreement or the Plan in (A) the United States District Court for the Eastern District of
Wisconsin or (B) the courts of the State of Wisconsin, and hereby and thereby further irrevocably
and unconditionally waive and agree not to plead or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient forum.

     (b) Waiver of Jury Trial. You and ALC hereby waive, to the fullest extent permitted
by applicable law, any right either of you may have to a trial by jury in respect to any litigation
directly or indirectly arising out of, under or in connection with this Award Agreement or the
Plan.

 

 

     (c) Confidentiality. You hereby agree to keep confidential the existence of, and any
information concerning, a dispute described in this Section 9, except that you may disclose
information concerning such dispute to the court that is considering such dispute or to your legal
counsel or other advisors (provided that such counsel or other advisors agree not to disclose any
such information other than as necessary to the prosecution or defense of the dispute).

11. Notice. All notices, requests, demands and other communications required or permitted
to be given under the terms of this Award Agreement shall be in writing and shall be deemed to have
been duly given when delivered by hand or overnight courier or three Business Days after they have
been mailed by U.S. registered mail, return receipt requested, postage prepaid, addressed to the
other party as set forth below:

	 	 	 
	If to ALC:

	 	Assisted Living Concepts, Inc.
	 

	 	W140 N8981 Lilly Road
	 

	 	Menomonee Falls, WI 53051
	 

	 	Attn: Corporate Secretary
	 
	 	 
	If to you:

	 	[NAME/ADDRESS OF EMPLOYEE]

The parties may change the address to which notices under this Award Agreement shall be sent by
providing written notice to the other in the manner specified above.

12. Headings. Headings are given to the Sections and subsections of this Award Agreement
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of this Award Agreement or any provision
thereof.

13. Amendment of this Award Agreement. The Committee may waive any conditions or rights
under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Award Agreement
prospectively or retroactively; provided, however, that any such waiver, amendment, alteration,
suspension, discontinuance, cancellation or termination that would materially and adversely impair
your rights under this Award Agreement shall not to that extent be effective without your consent.

14. Counterparts. This Award 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 have duly executed this Award Agreement as of the date first
written above.Exhibit 4.2

 

    EXHIBIT 4.2

 

    TRIANGLE
    CAPITAL CORPORATION

    DIVIDEND REINVESTMENT PLAN

 

    Triangle Capital Corporation, a Maryland corporation (the
    “Corporation”), hereby adopts the following plan (the
    “Plan”) with respect to dividends and distributions
    declared by its Board of Directors (the “Board of
    Directors”) on shares of its common stock, par value $0.001
    per share (the “Common Stock”):

 

    1. Unless a stockholder specifically elects to receive cash
    as set forth below, all cash dividends and distributions
    hereafter declared by the Board of Directors shall be payable in
    shares of the Common Stock of the Corporation, and no action
    shall be required on such stockholder’s part to receive a
    distribution in stock.

 

    2. Such cash dividends and distributions shall be payable
    on such date or dates as may be fixed from time to time by the
    Board of Directors to stockholders of record at the close of
    business on the record date(s) established by the Board of
    Directors for the dividend
    and/or
    distribution involved.

 

    3. The Corporation intends to use primarily newly-issued
    shares of its Common Stock to implement the Plan, so long as the
    Corporation’s Common Stock is trading at or above net asset
    value. If the Corporation’s Common Stock is trading below
    net asset value, the Corporation will purchase shares in the
    open market to implement the Plan. However, the Corporation
    reserves the right to purchase shares in the open market at any
    time in connection with its obligations under the Plan. If
    dividends and distributions are reinvested in newly-issued
    shares, then the number of shares to be issued to a stockholder
    shall be determined by dividing the total dollar amount of the
    distribution payable to such stockholder by the market price per
    share of the Corporation’s Common Stock at the close of
    regular trading on the NASDAQ Global Market on the valuation
    date fixed by the Board of Directors for such distribution.
    Market price per share on that date shall be the closing price
    for such shares on the NASDAQ Global Market or, if no sale is
    reported for such day, at the average of their reported bid and
    asked prices. If dividends and distributions are reinvested in
    shares purchased on the open market, then the number of shares
    received by a stockholder shall be determined by dividing the
    total dollar amount of the distribution payable to such
    stockholder by the average price per share for all shares
    purchased by the Plan Administrator on the open market in
    connection with such distribution.

 

    4. A stockholder may, however, elect to receive his, her or
    its dividends and distributions in cash. To exercise this
    option, such stockholder shall notify The Bank of New York
    Mellon, the plan administrator (the “Plan
    Administrator”), so that such notice is received by the
    Plan Administrator no later than three (3) days prior to
    the payment date fixed by the Board of Directors for the
    dividend
    and/or
    distribution involved for the payment to be paid in cash. If
    such notice is received by the Plan Administrator less than
    three (3) days prior to the payment date, then that
    dividend will be reinvested pursuant to the terms of the Plan
    and any subsequent dividends will be paid in cash.

 

    5. The Plan Administrator will set up an account for shares
    acquired pursuant to the Plan for each stockholder who has not
    so elected to receive dividends and distributions in cash (each
    a “Participant”). The Plan Administrator may hold each
    Participant’s shares, together with the shares of other
    Participants, in non-certificated form in the Plan
    Administrator’s name or that of its nominee. Upon request
    by a Participant, received no later than three (3) days
    prior to a payment date, the Plan Administrator will promptly
    terminate the Participant’s account and, instead of
    crediting shares to
    and/or
    carrying shares in a Participant’s account, will issue a
    certificate registered in the Participant’s name for the
    number of whole shares registered to the Participant and a check
    for any fractional interest, the value of which will be
    calculated using the market value of the Corporation’s
    shares determined in accordance with Section 3 hereof, less
    any service fees. If a request to terminate a Participant’s
    account is received by the Plan Administrator less than three
    (3) days prior to a payment date, then the shares payable
    to the Participant in connection with that distribution will be
    credited to the Participant’s account and, for subsequent
    distributions, the Participant will receive his, her or its
    dividends and distributions in cash.

    

    1

 

    6. Upon request by a Participant, the Plan Administrator
    will, without charge to the Participant, issue a certificate
    registered in the Participant’s name for the number of
    whole shares registered to the Participant without terminating
    the Participant’s account.

 

    7. The Plan Administrator will confirm to each Participant
    each acquisition made pursuant to the Plan as soon as
    practicable after the date of each acquisition. Although each
    Participant may from time to time have an undivided fractional
    interest (computed to three decimal places) in a share of Common
    Stock of the Corporation, no certificates for a fractional share
    will be issued. However, dividends and distributions on
    fractional shares will be credited to each Participant’s
    account. In the event of termination of a Participant’s
    account under the Plan, the Plan Administrator will adjust for
    any such undivided fractional interest in cash at the market
    value of the Corporation’s shares at the time of
    termination.

 

    8. The Plan Administrator will forward to each Participant
    any Corporation-related proxy solicitation materials and each
    Corporation report or other communication to stockholders, and
    will vote any shares held by it under the Plan in accordance
    with the instructions set forth on proxies returned by
    Participants to the Corporation.

 

    9. In the event that the Corporation makes available to its
    stockholders rights to purchase additional shares or other
    securities, the shares held by the Plan Administrator for each
    Participant under the Plan will be added to any other shares
    held by the Participant in certificated form in calculating the
    number of rights to be issued to the Participant.

 

    10. The Plan Administrator’s service fee, if any, for
    purchases made pursuant to the Plan, and expenses for
    administering the Plan will be paid for by the Corporation.

 

    11. Each Participant may terminate his, her or its account
    under the Plan by so notifying the Plan Administrator via the
    Plan Administrator’s website at
    https://www.bnymellon.com/shareowner/isd, by filling out the
    transaction request form located at the bottom of the
    Participant’s Statement and sending it to BNY Mellon
    Shareowner Services, P.O. Box 358035, Pittsburgh,
    Pennsylvania
    15252-8015,
    or by calling the Plan Administrator at
    (866) 228-7201.
    Such termination will be effective immediately. The Plan may be
    terminated by the Corporation upon notice in writing mailed to
    each Participant at least 30 days prior to any record date
    for the payment of any dividend or distribution by the
    Corporation. Upon any termination, the Plan Administrator will
    cause a certificate or certificates to be issued for the full
    shares held for the Participant under the Plan and a cash
    adjustment for any fractional share to be delivered to the
    Participant without charge to the Participant. If a Participant
    elects by his, her or its notice to the Plan Administrator in
    advance of termination to have the Plan Administrator sell part
    or all of his, her or its shares and remit the proceeds to the
    Participant, the Plan Administrator is authorized to deduct a
    fee of $15.00 plus a brokerage commission of $0.10 per share
    from the proceeds. A sale request that is received (i) by
    mail before [12:00 p.m. Eastern Time], or
    (ii) via the internet or by telephone before
    4:00 p.m. Eastern Time, will, subject to market
    conditions and their factors, generally be sold the next
    business day. To submit a sale request via the Internet, a
    Participant must have his, her or its
    10-digit
    account number as provided by the Plan Administrator, and his,
    her or its social security number or federal taxpayer
    identification number, as applicable.

 

    12. Any shares issued in connection with a stock dividend
    or stock split declared by the Corporation will be added to the
    Participant’s account with the Plan Administrator.
    Transaction processing may be curtailed or suspended until the
    completion of such stock split or payment of such stock dividend.

 

    13. These terms and conditions may be amended or
    supplemented by the Corporation at any time but, except when
    necessary or appropriate to comply with applicable law or the
    rules or policies of the Securities and Exchange Commission or
    any other regulatory authority, only by mailing to each
    Participant appropriate written notice at least 30 days
    prior to the effective date thereof. The amendment or supplement
    shall be deemed to be accepted by each Participant unless, prior
    to the effective date thereof, the Plan Administrator receives
    written notice of the termination of his, her or its account
    under the Plan. Any such amendment may include an appointment by
    the Plan Administrator in its place and stead of a successor
    agent under these terms and conditions, with full power and
    authority to perform all

    

    2

 

    or any of the acts to be performed by the Plan Administrator
    under these terms and conditions. Upon any such appointment of
    any agent for the purpose of receiving dividends and
    distributions, the Corporation will be authorized to pay to such
    successor agent, for each Participant’s account, all
    dividends and distributions payable on shares of the Corporation
    held in the Participant’s name or under the Plan for
    retention or application by such successor agent as provided in
    these terms and conditions.

 

    14. The Plan Administrator will at all times act in good
    faith for all purchases and sales and will use its commercially
    reasonable best efforts to ensure its full and timely
    performance of all services to be performed by it under this
    Plan and to comply with applicable law, but assumes no
    responsibility and shall not be liable for loss or damage due to
    errors unless such error is caused by the Plan
    Administrator’s gross negligence, bad faith, or willful
    misconduct or that of its employees or agents.

 

    15. A Participant may request to have some or all of the
    Participant’s shares certificated or sold without
    terminating his, her or its account with the Plan Administrator.
    The Plan Administrator does not charge a fee for providing
    certificated shares, but charges a fee of $15.00 plus a
    brokerage commission of $0.10 per share for shares sold by the
    Plan Administrator.

 

    16. A Participant may deposit certificated shares into the
    Participant’s account with the Plan Administrator at any
    time. The Plan Administrator charges a Participant a one-time
    fee of $7.50 for this service. The Participant, and not the
    Corporation, will pay this fee.

 

    17. These terms and conditions shall be governed by the
    laws of the State of New York, including without limitation,
    Section 5-1401
    of the New York General Obligations Law.

 

    Dated January 31, 2007

    

    3

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