Document:

EX-10.1

 

Exhibit 10.1

UST INC.

2005 LONG-TERM INCENTIVE PLAN

REVISED NOTICE OF GRANT OF RESTRICTED STOCK

     This Revised Notice, which supercedes the Notice of Grant of Restricted Stock previously
provided to the Participant with respect to the Target Number of Shares and Grant Date below, is to
certify that the Participant named below has been granted the number of shares of Restricted Stock
set forth below (see the target award number) under the UST Inc. 2005 Long-Term Incentive Plan (the
“Plan”) and subject to the terms and conditions set forth in this Revised Notice and attached
Restricted Stock Agreement (“Agreement”). This Revised Notice is subject to and incorporates by
reference the terms and conditions of the Agreement. Please refer to the Agreement and the Plan
document for an explanation of the terms and conditions of this grant and a full description of
your rights and obligations. If the Agreement is not signed and returned to the Company, on or
before the date on which the Restricted Stock vests, the Restricted Stock granted hereunder shall
be forfeited. Please sign and date the Agreement and return it promptly in the enclosed envelope.

	 	 	 	 	 
	Name of Participant:

	 	[
	 	]
	 
	 	 	 	 
	Target Number of Shares of Restricted
Stock that will vest if the targets for
each of 2008, 2009 and 2010 are achieved
and the service requirement in the
Agreement is completed (“Target
Award”):

	 	[
	 	]
	 
	 	 	 	 
	Grant Date:	 	[May 2 or August 6, 2007, as applicable]
	 
	 	 	 	 
	Performance Vesting Schedule:	 	The number of shares that can vest on January 31, 2011 (the “Vesting Date”) will
depend on the attainment of pre-established targets for each of 2008, 2009 and 2010.
The percentage of the Target Award that can vest on January 31, 2011 will be
determined initially at the beginning of 2009 based on achievement of an EPS target of
$3.65 for the 2008 performance year according to the following schedule:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	% of Target
	 	 	% of 2008	 	 	 	 	 	Award that
	 	 	EPS Target	 	 	 	 	 	Can Be Earned
	 
	 	below 75%	 	 	 	 	 	 	0.00	%
	 
	 	 	75.0	%	 	 	 	 	 	 	66.66	%
	 
	 	 	77.5	%	 	 	 	 	 	 	70.00	%
	 
	 	 	85.0	%	 	 	 	 	 	 	80.00	%
	 
	 	 	92.5	%	 	 	 	 	 	 	90.00	%
	 
	 	 	100.0	%	 	 	 	 	 	 	100.00	%
	 
	 	 	107.5	%	 	 	 	 	 	 	110.00	%
	 
	 	 	115.0	%	 	 	 	 	 	 	120.00	%

	 	 	 
	 

	 	The percentage of your Target Award that can be
earned shall be interpolated based on 2008
results in accordance with the above schedule.
Your interpolated percentage will be applied to
your Target Award to determine the maximum number
of shares that can be earned (with any fractional
share rounded to the nearest whole share)
(“Maximum Award”). As of the beginning of 2009,
one-third the Maximum Award (rounded down to the
nearest whole share) will have met the
performance vesting standard. An additional third
of the Maximum Award (rounded down to the nearest
whole share) will meet the performance vesting
standard if the dividend that is paid during 2009
is at least equal to the dividend paid during
2008. The remaining shares in your Maximum Award
(i.e., total Maximum Award shares less shares
subject to 2008 and 2009 performance) will meet
the performance vesting standard if the dividend
that is paid during 2010 is at least equal to the
dividend paid during 2008.
	 
	 	 
	Additional Terms:

	 	See the Restricted Stock Agreement.

 

UST INC.

2005 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

          RESTRICTED STOCK AGREEMENT, made as of the date set forth on the Notice of Grant of Restricted
Stock, by and between UST Inc., a Delaware corporation (the “Company”), pursuant to the 2005
Long-Term Incentive Plan (the “Plan”) and the employee of the Company or a Subsidiary named on the
Notice of Grant of Restricted Stock (the “Employee”);

          WHEREAS, the Company desires, by affording the Employee the opportunity to acquire or enlarge
the Employee’s ownership of shares of the Company’s common stock, $.50 par value (“Common Stock”),
and providing the Employee with a direct proprietary interest in the Company’s success, to carry
out the purpose of the Plan; and

          WHEREAS, the Committee administering the Plan has granted (as of the effective date of grant
specified in the Notice of Grant of Restricted Stock) to the Employee the shares of Restricted
Stock as set forth in the Notice of Grant of Restricted Stock which is incorporated herein by
reference.

          NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto have agreed and do hereby agree as follows:

	1.	 	Grant of Award. Pursuant to Section 7 of the Plan, the Company grants to the
Employee, subject to the terms and conditions of the Plan and subject further to the terms and
conditions set forth herein and in the Notice of Grant of
Restricted Stock, the number of shares of Restricted Stock as shown on the Notice of Grant of Restricted Stock. The
Participant’s grant and record of Restricted Stock share ownership shall be kept on the books
of the Company until the restrictions on transfer have lapsed. At the Employee’s request,
vested shares may be evidenced by stock certificates.
	 
	2.	 	Vesting. The shares of Restricted Stock granted to the Employee shall vest in
accordance with the performance criteria and vesting schedule set forth in the Notice of Grant
of Restricted Stock. Such vesting schedule indicates the performance criteria used to
determine the number of shares which shall vest and the date upon which the Employee shall be
entitled to receive shares of freely transferable Common Stock equal
to the number of vested shares of Restricted Stock as determined pursuant to the Notice of Grant of Restricted Stock,
provided that, as of the vesting date, the Employee has not incurred a termination of
service with the Company and all Subsidiaries (collectively, the Company and its Subsidiaries
shall be referred to herein as the “Company”). There shall be no proportionate or partial
vesting in the periods between the vesting date(s), if any, specified in the Notice of Grant
of Restricted Stock and all vesting shall occur only on such vesting date(s), except as set
forth in Sections 7 and 8 below.

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     Other than as set forth in Sections 7 and 8 below and as provided in the Plan, no vesting
shall occur after the termination of a Employee’s employment or service with the Company for any
reason.

	3.	 	Rights as a Stockholder. The Employee shall have all of the rights of a stockholder
with respect to the number of shares of Restricted Stock designated as the Target Award in the
Notice of Grant of Restricted Stock, including the right to vote on all matters with respect
to which the stockholders of the Company have the right to vote and the right to receive
dividends thereon. Dividends shall be paid on the Employee’s shares of Restricted Stock at
the same time as they are paid to shareholders generally.
	 
	4.	 	Restrictions on Transfer. Shares of Restricted Stock may not be transferred or
otherwise disposed of by the Employee, including by way of sale, assignment, transfer, pledge,
hypothecation or otherwise, except as permitted by the Committee, or by will or the laws of
descent and distribution.
	 
	5.	 	Approvals. The delivery of any shares of Common Stock hereunder is subject to
approval of any government agency which may, in the opinion of counsel, be required in
connection with the authorization, issuance or sale of Common Stock. No Common Stock shall be
issued upon the lapse of restrictions relating to the shares of Restricted Stock prior to
compliance with such requirements and with the Company’s listing agreement with the New York
Stock Exchange (or other national exchange upon which the Company’s shares may then be
listed).
	 
	6.	 	Invalid Transfers. No purported sale, assignment, mortgage, hypothecation, transfer,
pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or
creation of a security interest in or lien on, any of the shares of Restricted Stock by any
holder thereof in violation of the provisions of this Restricted Stock Agreement shall be
valid, and the Company will not transfer any of said shares of Restricted Stock on its books
nor will any of said shares of Restricted Stock be entitled to vote, nor will any dividends be
paid thereon, unless and until there has been full compliance with said provisions to the
satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of
any other remedies, legal or equitable, available to enforce said provisions.
	 
	7.	 	Change in Control. Subject to the provisions of the next sentence of this Section 7,
upon the occurrence of a Change in Control, the shares of Restricted Stock shall no longer be
subject to the performance criteria described in the Notice of Grant of Restricted Stock for
years with respect to which performance has not yet been determined, and the number of shares
of Restricted Stock corresponding to such performance period shall be deemed to have been
earned at target as of the vesting date set forth in the Notice of Grant of Restricted Stock,
provided, however, that if the Employee’s employment is terminated by the
Company without Cause or by the Employee for “Good Reason” (as such term is defined in the
employment agreement, severance agreement or Change in Control agreement entered into between
the Company and the Employee) following the Change in Control, the restrictions that apply to
any shares of Restricted Stock which have not yet vested,

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	 	 	or with respect to which the restrictions have not lapsed, shall immediately lapse as of
the date of such termination. Notwithstanding the foregoing, upon a Change in Control in
which the Company is not the surviving corporation (or survives only as a subsidiary of
another corporation) or other Change in Control described in clause (iii) or (iv) of the
definition of a “Change in Control” set forth in the Plan, the shares of Restricted Stock
shall be immediately vested in full, regardless of whether the performance criteria set
forth in the Notice of Grant of Restricted Stock have been attained, and shall be treated
in accordance with the provisions of Section 11(c) of the Plan. For all purposes of this
Section 7, the number of shares of Restricted Stock that shall either remain outstanding
until the vesting date set forth in the Notice of Grant of Restricted Stock or immediately
vest in accordance with this Section 7 shall equal the sum of (a) the number of shares
corresponding to any performance period with respect to which performance has been
determined prior to the date of the Change in Control, calculated based on actual
performance and (b) the number of shares corresponding to any performance period with
respect to which performance has not yet been determined as of the date of the Change in
Control, calculated based on deemed performance at target.
	 
	8.	 	Effect of Termination of Employment. 

	 	(a)	 	If the employment of the Employee is terminated by reason of his/her death or
Disability, or for any other reason if the Committee so determines,
the number of shares equal to the sum of (i) and (ii) below shall become fully vested as of the date
of such termination of employment, where (i) equals the number of shares of Restricted
Stock corresponding to any performance period with respect to which performance has
been determined prior to the date of termination, calculated based on actual
performance and (ii) equals the number of shares of Restricted Stock corresponding to
any performance period with respect to which performance has not yet been determined
as of the date of termination, calculated based on deemed performance at target.
	 
	 	(b)	 	If the employment of the Employee is terminated due to his/her Retirement,
the Employee shall become vested as of the vesting date specified in the Notice of
Grant of Restricted Stock with respect to a number of shares of Restricted Stock equal
to the sum of (i) and (ii) below, where (i) equals the number of shares of Restricted
Stock corresponding to any performance period with respect to which performance has
been determined prior to the date of Retirement, calculated based on actual
performance for such period and (ii) equals the number of shares of Restricted Stock
corresponding to any performance period with respect to which performance has not been
determined prior to the date of Retirement, calculated based on actual performance
ultimately attained for such period and then multiplied by a fraction. The numerator
of this fraction is the number of full months that have elapsed from the beginning of
such performance period until the date of Retirement, and the denominator of which is
the number of full months in such performance period overall. If the resulting number
is not a whole number of shares, the number calculated shall be rounded up or down (as
appropriate) to the nearest whole number of shares.

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	 	(c)	 	Subject to the provisions of Section 7, if the employment of the Employee is
terminated for any reason other than by reason of his death, Disability or Retirement
and the Employee is not eligible for Retirement, and if the Committee does not
determine otherwise, the number of shares of Restricted Stock that have not
theretofore become vested shall be forfeited.
	 
	 	(d)	 	For purposes of this Agreement, the term “Disability” shall mean a
“disability,” as defined in the Company’s Long-Term Disability Plan or, if such plan
is not applicable to the Employee, as defined by the State or federal disability
program which applies to the Employee.

	9.	 	Non-Competition.

	 	(a)	 	In consideration of the grant of Restricted Stock made pursuant to this
Agreement, during the term of the Employee’s employment with the Company and for a
period of one (1) year after that employment is terminated, by the Company or the
Employee, for any reason other than the cessation of business by the Company pursuant
to a filing for bankruptcy protection or liquidation initiated by the Company, the
Employee will not, without the Company’s prior written approval, directly or
indirectly:

	 	(i)	 	recruit, solicit or knowingly induce, or attempt to induce,
any employee or consultant of the Company to terminate his/her employment or
consulting relationship with, or otherwise cease his/her relationship with,
the Company; or
	 
	 	(ii)	 	solicit, divert or take away, or attempt to divert or to take
away, the business or patronage of any of the clients, customers or accounts,
or prospective clients, customers or accounts, of the Company. For purposes of
this Agreement, a prospective client, customer or account is any individual or
entity whose business is solicited by the Company, proposed to be solicited by
the Company, or who approaches the Company with respect to possibly becoming a
client, customer, or account during the period of the Employee’s employment
with the Company; or
	 
	 	(iii)	 	engage (whether for compensation or without compensation),
directly or indirectly, as an individual proprietor, partner, officer,
employee, director, independent contractor, consultant or in any other
capacity whatsoever, in any business currently involved in, or actually
contemplating involvement in, the manufacture or distribution of smokeless
tobacco or tobacco seed, wines or distilled spirits, whether or not the same
is pursued for gain, profit or other pecuniary advantage. The foregoing shall
not, however, be construed as preventing the Employee from making investments
in any other business, provided, however, that such investments do not require
his/her services in the operation of the affairs of the businesses in which
such investments are made.

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	 	(b)	 	If any restriction set forth in this Section 9 is found by any court of
competent jurisdiction to be unenforceable because it extends for too long a period of
time or over too great a range of activities or in too broad a geographic area, it
shall be interpreted to extend only over the maximum period of time, range of
activities or geographic areas to which it may be enforceable.
	 
	 	(c)	 	The restrictions contained in this Section 9 are necessary for the protection
of the business and goodwill of the Company and are considered by the Employee to be
reasonable for this purpose. The Employee agrees that any breach of this Section 9
will cause the Company substantial and irrevocable damage and, therefore, in the event
of any such breach, in addition to such other remedies which may be available, the
Company will have the right to seek specific performance and injunctive relief,
attorney’s fees, costs and disbursements to enforce its rights hereunder.

	10.	 	Finding of Cause; Violation of Non-Competition Covenant. If (a) the employment of
the Employee is terminated for Cause or (b) after the Employee’s termination of employment
with the Company other than for Cause, the Company discovers the occurrence of an act or
failure to act by the Employee, while in the employ of the Company, that would have enabled
the Company to terminate the Employee’s employment for Cause had the Company known of such act
or failure to act at the time of its occurrence, or (c) subsequent to his termination of
employment, the Employee violates the restrictions set forth in Section 9 of this Agreement,
and, in each case, such act is discovered by the Company within three (3) years of its
occurrence, then, unless otherwise determined by the Committee,

	 	(i)	 	any shares of Restricted Stock granted pursuant to the Notice
of Grant of Restricted Stock which have not yet become vested shall thereupon
be forfeited and shall be returned to the Company; and
	 
	 	(ii)	 	the Employee (or, in the event of the Employee’s death
following the commission of such act, his beneficiaries or estate) shall (A)
return to the Company all shares of Restricted Stock that became vested during
the 180 day period prior to and including the date of the termination of the
Employee’s employment (the “Acquired Shares”) and (B) to the extent such
Acquired Shares granted pursuant to the Notice of Grant of Restricted Stock
have previously been sold or otherwise disposed of by the Employee, other than
by reason of death (or if applicable, by his beneficiaries or estate), repay
to the Company the Fair Market Value of such shares on the date of such sale
or other disposition.

	 	(a)	 	(iii) for purpose of clause (ii)(B) above, (A) the amount of repayment
described therein shall not be affected by whether the Employee (or, if applicable,
his/her beneficiaries or estate) actually received such Fair Market Value with respect
to such sale or other disposition, and (B) repayment may, without limitation, be
affected, at the discretion of the

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	 	 	 	Company, by means of offset against any amount owed by the Company to the Employee
(or, if applicable, his/her beneficiaries or estate).

	11.	 	Taxes. The Company will distribute vested shares of Common Stock net of the minimum
number of whole shares of Common Stock the fair market value of which is sufficient to meet
the minimum amount of federal, state and local taxes required to be withheld under applicable
tax laws. Such withholding shall occur at the time required by law or regulation, even if the
            shares of Restricted Stock withheld to meet such liability are not otherwise considered vested
under this Agreement. The Employee shall be precluded from making any election pursuant to
Section 83(b) of the Internal Revenue Code. The Employee understands that he/she (and not the
Company) shall be responsible for any tax liability that may arise as a result of the
transactions contemplated by this Restricted Stock Agreement. This Restricted Stock Agreement
shall be interpreted and applied so that the Employee’s Restricted Stock will not be subject
to Internal Revenue Code Section 409A. If notwithstanding the preceding sentence, the
Employee’s Restricted Stock becomes subject to Section 409A, then the specified time of
payment of the Restricted Stock for purposes of Section 409A shall be the calendar year in
which the short-term deferral period expires with respect to the Restricted Stock (but payment
may be made by such later time as may be permitted by Section 409A under the circumstances).
	 
	12.	 	Compliance with Law and Regulations; Legend. The award and any obligation of the
Company hereunder shall be subject to all applicable federal, state and local laws, rules and
regulations and to such approvals by any government or regulatory agency as may be required.
The Company may require, as a condition of the issuance and delivery of certificates
evidencing Restricted Stock pursuant to the terms hereof, that the certificates bear such
legends as set forth immediately below, in addition to any other legends required under
federal and state securities laws or as otherwise determined by the Committee.
	 
	 	 	The transferability of this certificate and the shares of stock represented hereby are
subject to the restrictions, terms and conditions (including forfeiture provisions and
restrictions against transfer) contained in the UST Inc. 2005 Long-Term Incentive Plan and
an Agreement entered into between the registered owner of such shares and the Company. A
copy of the Plan and Agreement is on file in the office of the Secretary of the Company, 6
High Ridge Park, Building A, Stamford, Connecticut 06905.
	 
	 	 	Such legend shall not be removed until such shares vest pursuant to the terms hereof.
	 
	13.	 	Incorporation of Plan. This Agreement is made under the provisions of the Plan
(which is incorporated herein by reference) and shall be interpreted in a manner consistent
with it. To the extent that this Agreement is silent with respect to, or in any way
inconsistent with, the terms of the Plan, the provisions of the Plan, as determined by the
Committee, shall govern and this Restricted Stock Agreement shall be deemed to be modified
accordingly. Unless otherwise defined herein or

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	 	 	otherwise required by the context, all terms used herein shall have the meaning ascribed to
them in the Plan.
	 
	14.	 	Notices. Any notices required or permitted hereunder shall be addressed to the
Company, at 6 High Ridge Park, Building A, Stamford, Connecticut 06905, or to the Employee at
the address then on record with the Company, as the case may be, and deposited, postage
prepaid, in the United States mail. Either party may, by notice to the other given in the
manner aforesaid, change his/her or its address for future notices.
	 
	15.	 	Successor. This Agreement shall bind and inure to the benefit of the Company, its
successors and assigns, and the Employee and his or her personal representatives and
beneficiaries.
	 
	16.	 	Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware. The Committee shall have final authority to interpret and
construe the Plan and this Agreement and to make any and all determinations under them, and
its decision shall be binding and conclusive upon the Employee and his/her legal
representative in respect of any questions arising under the Plan or this Agreement.
	 
	17.	 	Amendment. This Agreement may be amended or modified by the Company at any time;
provided that notice is provided to the Employee in accordance with Section 14; and provided
further that no amendment or modification that is adverse to the rights of the Employee as
provided by this Agreement shall be effective unless set forth in a writing signed by the
parties hereto. (except that an amendment or modification that is made to comply with Internal
Revenue Code section 409A, or to preserve an exemption from section 409A, shall be effective
upon adoption by the Company unless expressly rejected by the Employee in writing).
	 
	18.	 	Binding Agreement. By signing below, the Employee acknowledges that he or she has
read this Agreement and the Notice of Grant of Restricted Stock and agrees to the terms and
conditions specified therein and in the Plan. This Agreement shall be binding upon the
Employee and his or her personal representatives and beneficiaries without any need for
additional action by the Employee, and any attempt by the Employee and his or her personal
representatives and beneficiaries to exercise any rights under this Agreement shall be
conclusive evidence of such person’s acceptance thereof.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer
thereunder duly authorized and the Employee has hereunto set his hand, all as of the day and year
set forth above.

UST INC.

                                                            

Name: Richard A. Kohlberger

Title: Senior Vice President, General Counsel and Secretary

	 	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Employee Signature

	 	 
	 	Date

8EX-10.8.8

 

Exhibit 10.8.8

GLG PARTNERS, INC.

2007 LONG-TERM INCENTIVE PLAN

UNITED KINGDOM RESTRICTED STOCK AGREEMENT

FOR UK RESIDENT GRANTEES

	 	 	 
	To:

	 	Paul Myners
	Date:

	 	3 December 2007

     In accordance with a determination of the Compensation Committee of the Board of Directors of
GLG Partners, Inc. (the “Company”) on 2 November 2007 (the “Grant Date”), 148,368 shares
(“Restricted Stock”) of Common Stock of the Company have been granted to you as Restricted Stock
pursuant to Sub-Plan A (the “Sub-Plan”) of the Company’s 2007 Long-Term Incentive Plan (the
“Plan”). Capitalized terms used in this agreement (the “Restricted Stock Agreement”) but not
otherwise defined shall have the meanings assigned to such terms in the Plan or the Sub-Plan.

     The shares of Restricted Stock have been granted to you on the Grant Date upon the following
terms and conditions:

     1. That you are a director of the Company and that you are resident and except as indicated on the
signature page of this Restricted Stock Agreement ordinarily resident in the United Kingdom for
United Kingdom tax purposes at the date of Award. For the purposes of this Restricted Stock
Agreement, Participant shall be construed accordingly.

2. Definitions

     (a) “Acquisition Closing Date” means 2 November 2007.

     (b) “Code” means the U.S. Internal Revenue Code of 1986, and any successor statute, as it or
they may be amended from time to time.

     (c) “Disability” means any illness, injury, physical or mental impairment, or other incapacity
that is certified and established by documented medical evidence reasonably satisfactory to the
Compensation Committee of the Board of Directors as a result of which you shall fail to perform,
after reasonable accommodation as required by law, the essential duties required of you by the
Company or a Subsidiary during any six (6) consecutive months. In the event of a dispute as to
whether you have a Disability, the Company may refer you to a licensed practicing physician of the
Company’s choice, and, in addition to your consent in paragraph 19, you (i) agree to submit to such
tests and examinations as such physician shall deem appropriate and to share copies of the results
of such tests and examinations, and the physician’s related conclusions, with the Company, (ii)
authorize such physician to share and discuss with the Company the results of such tests and
examinations and the physician’s related conclusions, and (iii) agree to sign any separate
authorization that the selected physician or the Company may require in order to give affect to the
disclosure obligations contained in this sentence. Notwithstanding the foregoing, the final
determination that you have incurred a Disability will be made by the Company in its sole
discretion.

 

 

     (d) “Non-Stock Dividends” means any dividends or distributions on or in respect of Restricted
Stock, whether in cash or otherwise, other than Stock Dividends.

     (e) “Stock Dividends” means any dividends or distributions on or in respect of Restricted
Stock in the form of additional shares of Common Stock, other securities of the Company or
securities of another entity.

     (f) “Termination of Service” means the termination of your service as a director of the
Company for any reason; provided, that (A) death or (B) Disability shall not be deemed a
Termination of Service.

3. Earning of Restricted Stock

     You shall be deemed to have earned the Restricted Stock subject to this Restricted Stock
Agreement as follows; provided, that unearned Restricted Stock may be forfeited in accordance with
paragraph 8:

	 	•	25% on the first anniversary of the Grant Date;
	 
	 	•	25% on the second anniversary of the Grant Date;
	 
	 	•	25% on the third anniversary of the Grant Date; and
	 
	 	•	25% on the fourth anniversary of the Grant Date.

     Notwithstanding the foregoing, if one of the following events occurs earlier, and prior to
forfeiture under paragraph 8, you shall be deemed to have earned 100% of the Restricted Stock
subject to this Restricted Stock Agreement on the date of occurrence of such event: your death or
Disability.

     Once earned, all restrictions attaching to the Restricted Stock shall cease to apply and the
Restricted Stock shall cease to be forfeitable and can be transferred subject to the applicable
provisions of the Securities Act of 1933, as amended (the “Securities Act”). The provisions of
section 4(b) of the Sub-Plan shall not apply to this Restricted Stock Agreement.

4. Retention of Certificates for Restricted Stock

     Certificates for the Restricted Stock and any Stock Dividends shall be delivered to and held
by the Company, or shall be held in book-entry form subject to the Company’s instructions, until
you shall have earned the Restricted Stock in accordance with the provisions of paragraph 3. To
facilitate implementation of the provisions of this Restricted Stock Agreement, you undertake to
sign and deposit with the Company’s Office of the Secretary (i) a Stock Transfer Power in the form
of Attachment 1 hereto with respect to the Restricted Stock; (ii) a Dividend Order (with respect to
Stock Dividends) in the form of Attachment 2 hereto; and (iii) such other documents appropriate to
effectuate the purpose and intent of this Restricted Stock Agreement as the Company may reasonably
request from time to time.

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5. Non-Stock Dividends

     Non-Stock Dividends on the Restricted Stock held by you shall be paid to you as and when
declared and paid by the Company, subject to applicable withholding. You shall not be entitled to
any Dividend Equivalents in respect of Restricted Stock subject to this Restricted Stock Agreement.

6. Voting Rights

     Notwithstanding the retention by the Company of certificates (or the right to give
instructions with respect to shares held in book-entry form) for the Restricted Stock and any Stock
Dividends, you shall be entitled to vote the Restricted Stock and any Stock Dividends held by the
Company in accordance with paragraph 4, unless and until such shares have been forfeited in
accordance with paragraph 8.

7. Delivery of Earned Restricted Stock

     As promptly as practicable after you shall have been deemed to have earned the Restricted
Stock in accordance with paragraph 3, the Company shall deliver to you (or in the event of your
death, to your estate or any person who acquires your interest in the Restricted Stock by bequest
or inheritance) the Restricted Stock earned, together with any Stock Dividends earned then held by
the Company (or subject to its instructions).

8. Forfeiture of Unearned Restricted Stock and Stock Dividends

     Notwithstanding any other provision of this Restricted Stock Agreement, (a) if at any time it
shall become impossible for you to earn any of the Restricted Stock in accordance with this
Restricted Stock Agreement, or (b) unless determined otherwise by the Compensation Committee of the
Board of Directors, in the event of a Termination of Service (other than as provided in paragraph
3), all unearned Restricted Stock, together with any Stock Dividends relating to the unearned
stock, then being held by the Company (or subject to its instructions) in accordance with paragraph
4 shall be forfeited, and you shall have no further rights of any kind or nature with respect
thereto. Upon any such forfeiture, the Restricted Stock, together with any Stock Dividends relating
to the unearned Restricted Stock, shall be transferred to the Company.

     For the avoidance of doubt, the forfeiture period shall not extend beyond five years less a
day from the date of Award under this Restricted Stock Agreement.

9. Investment Intent

     You represent and warrant that (i) you are not a U.S. person and are physically outside the
United States at the time you are acquiring the Restricted Stock pursuant to this Restricted Stock
Agreement, and (ii) you will not within one year after the original issuance of the Restricted
Stock pursuant to this Restricted Stock Agreement resell or otherwise transfer the shares except
outside the United States in an offshore transaction in compliance with Regulation S under the
Securities Act.

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10. Transferability

     Except as otherwise provided in the Sub-Plan, this grant is not transferable by you and the
Restricted Stock, any Non-Stock Dividends and any Stock Dividends shall be deliverable, during your
lifetime, only to you.

11. Withholding

     The Company shall have the right, in connection with the delivery of the Restricted Stock and
any Non-Stock Dividends and Stock Dividends (and interest thereon) subject to this Restricted Stock
Agreement, (i) to deduct from any payment otherwise due by the Company to you or any other person
receiving delivery of the Restricted Stock and any Non-Stock Dividends and Stock Dividends (and
interest thereon) an amount equal to the taxes and social security required to be withheld by law
with respect to such delivery, (ii) to require you or any other person receiving such delivery to
pay to it an amount sufficient to provide for any such taxes and social security so required to be
withheld or (iii) to sell for fair market value such number of the Restricted Stock and any Stock
Dividends as may be necessary so that the net proceeds of such sale shall be an amount sufficient
to provide for any such taxes and social security so required to be withheld. Notwithstanding the
foregoing, in the event that you make an effective election pursuant to Section 83(b) of the Code
with respect to the Restricted Stock or any Stock Dividends, the Company shall require you to
deliver to the Company concurrently with such election, (1) a copy of the election, and (2) payment
of the amount that is equal to the taxes and social security required to be withheld pursuant to
such election.

12. Securities Laws Requirements

     The Company shall not be obligated to transfer any Stock to you free of the restrictive legend
in the form of Attachment 3 hereto or of any other restrictive legend, if such transfer, in the
opinion of counsel for the Company, would violate the Securities Act (or any other federal or state
statutes having similar requirements as may be in effect at that time).

13. No Obligation to Register

     The Company shall be under no obligation to register the Restricted Stock or any Stock
Dividends pursuant to the Securities Act or any other U.S. federal or state securities laws. The
Company shall not be obligated to deliver any shares until they have been listed (or authorized for
listing upon official notice of issuance) upon each stock exchange upon which are listed
outstanding shares of the same class as that of the shares subject to this award and until there
have been compliance with such laws and regulations as the Company may deem applicable.

14. Protections Against Violations of Agreement

     No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift,
transfer in trust (voting or other) or other disposition of, or creation of a security interest in
or lien on, any of the Restricted Stock by any holder thereof in violation of the provisions of
this Restricted Stock Agreement will be valid, and the Company will not

4

 

transfer any of said Restricted Stock on its books nor will any such Restricted Stock be
entitled to vote, nor will any distributions be paid thereon, unless and until there has been full
compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are
in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said
provisions.

15. Failure to Enforce Not a Waiver

     The failure of the Company to enforce at any time any provision of this Restricted Stock
Agreement shall in no way be construed to be a waiver of such provision or of any other provision
hereof.

16. Survival of Terms

     This Restricted Stock Agreement shall apply to and bind you, the Company and your and its
respective permitted assignees and transferees, heirs, legatees, executors, administrators and
legal successors.

17. Counterparts

     This Restricted Stock Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which together shall be deemed to be one and the same
instrument.

18. Severability

     Should any provision of this Restricted Stock Agreement be held by a court of competent
jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect
the validity of the remainder of this Restricted Stock Agreement, the balance of which shall
continue to be binding upon the parties hereto with any such modification (if any) to become a part
hereof and treated as though contained in this original Restricted Stock Agreement. Moreover, if
one or more of the provisions contained in this Restricted Stock Agreement shall for any reason be
held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable,
in lieu of severing such unenforceable provision, such provision or provisions shall be construed
by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the
maximum extent compatible with the applicable law as it shall then appear, and such determination
by such judicial body shall not affect the enforceability of such provisions or provisions in any
other jurisdiction.

19. Personal Data

     BY SIGNING THIS RESTRICTED STOCK AGREEMENT, YOU HEREBY ACKNOWLEDGE THAT FOR THE ADMINISTRATION
AND MANAGEMENT OF THE PLAN, THE COMPANY WILL FROM TIME TO TIME NEED TO PROCESS YOUR PERSONAL DATA
(AS DEFINED IN THE UNITED KINGDOM’S DATA PROTECTION LEGISLATION) AND ACCORDINGLY YOU EXPRESSLY
CONSENT TO THE TRANSMISSION OF ANY PERSONAL DATA (AS DEFINED IN THE UNITED KINGDOM’S DATA
PROTECTION LEGISLATION) CONCERNING YOU AND YOUR

5

 

FAMILY OUTSIDE OF THE EUROPEAN ECONOMIC AREA, INCLUDING, WITHOUT LIMITATION, TO THE COMPANY’S
UNITED STATES OFFICES AND THE COMPANY’S AGENTS LOCATED IN THE UNITED STATES.

20. Acceptance

     You have read and understand the terms and provisions of this Restricted Stock Agreement, and
accept the Restricted Stock subject to all the terms and conditions of the Plan, the Sub-Plan and
this Restricted Stock Agreement. You may obtain copies of the Plan or Sub-Plan from the Company
upon request. You hereby agree to accept as binding, conclusive and final all decisions or
interpretations of the Compensation Committee of the Board of Directors upon any questions arising
under this Restricted Stock Agreement. Please sign your name in the space provided on this
Restricted Stock Agreement and deliver it on or before the 15th day after the date of this
Restricted Stock Agreement (subject to any reasonable extension that the Company may provide),
together with the attached Stock Power and Dividend Order, to the Company, c/o GLG Partners LP
(attention of Emmanuel Roman) at One Curzon Street, London W1J 5HB United Kingdom and Mr. Roman
will forward the documents to the Company. If Mr. Roman or the Company does not have your properly
signed copy of this Restricted Stock Agreement, Stock Power and Dividend Order in hand before the
close of business on the 15th day after the date of this Restricted Stock Agreement (subject to any
reasonable extension that the Company may provide), then, anything in this Restricted Stock
Agreement to the contrary notwithstanding, your right to receive the award will terminated and be
of no effect.

21. Waiver

     By signing this Restricted Stock Agreement, you hereby waive any and all rights to
compensation or damages in consequence of the termination of your employment, or your status as a
Limited Partner, if applicable, for any reason whatsoever (and regardless of whether such
termination is lawful or unlawful) insofar as those rights arise or may arise from your ceasing to
have rights under this Restricted Stock Agreement as a result of such termination.

22. Applicable Law

     This Restricted Stock Agreement and the Company’s obligation
to deliver Restricted Stock and any Stock Dividends and
Non-Stock Dividends (and interest thereon) hereunder shall be
governed by and construed and enforced in accordance with the
laws of the State of Delaware and the Federal law of the
United States applicable to contracts made and to be
performed entirely within the State of Delaware, without
regard to the conflicts of law principles of such
State.

6

 

	 	 	 	 	 
	 	GLG PARTNERS, INC.

 	 
	 	By:  	/s/ Noam Gottesman	 
	 	 	Name:  	Noam Gottesman 	 
	 	 	Title:  	Chairman and Co-Chief Executive Officer 	 
	 

Accepted and agreed as of the date set forth above.

	 	 	 	 
	 	 
	/s/ Paul Myners
 	 
	Paul Myners                                               	 
	 	 
	 

	 	 	 	 
	Address:

	 	 
	 
	 	 
	U.K. Taxpayer ID No.:
	 	 
	 
	 	 
	U.S. Social Security No:
	 	 
	 
	 	 

	 	 	o If you are not ordinarily resident in the United Kingdom for United Kingdom tax
purposes, please check the box and indicate the jurisdiction in which you are ordinarily
resident:                                         .

7

 

Attachment 1

STOCK TRANSFER POWER SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED, I, Paul Myners , hereby sell, assign and transfer unto GLG Partners, Inc.
(GLG) (i) the _________shares (the Shares) of the Common Stock of GLG standing in my name on
the books of GLG represented in book-entry form or by Certificate No. ________herewith,
granted to me on 2 November 2007, as Restricted Stock under GLG’s 2007 Long-Term Incentive Plan,
and (ii) any additional shares of GLG’s Common Stock, other securities issued by GLG or securities
of another entity (Stock Dividends) distributed, paid or payable on or in respect of the Shares and
Stock Dividends during the period the Shares and Stock Dividends are held by GLG pursuant to a
certain Restricted Stock Agreement dated 3 December 2007 with respect to the Shares; and I do
hereby irrevocably constitute and appoint _______, attorney with full power of
substitution in the premises to transfer the Shares on the books of GLG.

	 	 	 	 	 
	Dated:
	 	 	 
	 
	 	 	 	(Signature)

 

 

Attachment 2

	 	 
	Send To:
	 

DIVIDEND ORDER

Date: ____________________

     Until this order shall be revoked in writing by the undersigned with the written consent of
the Secretary or an Assistant Secretary of GLG Partners, Inc. (“GLG”), please comply with the
following instructions:

     1. All dividends or other distributions in the form of additional shares of Common Stock, other
securities of GLG or securities of another company (“Stock Dividends”) paid or made on all shares
of Restricted Stock of GLG awarded to the undersigned under the 2007 Long-Term Incentive Plan and
all rights, notices and other communications (other than proxy statements and proxies) pertaining
to the Restricted Stock are to be registered, payable and/or mailed as follows:

Paul Myners

c/o GLG Partners, Inc.

390 Park Avenue, 20th Floor

New York, NY 10022

U.K. Taxpayer Identification No.: ____________

U.S. Social Security No.: ____________

     2. All proxy statements, proxies and related materials pertaining to the above account are to be
mailed to the undersigned at the following address:

	 	 
	Paul Myners

	 
	 

     3. All cash dividends pertaining to the Restricted Stock will be sent by cheque to the address set
forth in paragraph 2 above, unless you indicate an alternative address or request a wire transfer
in lieu of a cheque below:

	 	 	 	 	 	 	 	 
	 

	A.
	 	Alternative Address	 	 	 	 
	 	 	 	 	 	Address:
	 	 
	 	 	 	 	 	 	 	 
	 	B.
	 	Wire Instructions*	 	 	 	 
	 	 	 	 	 	Bank Name:
	 	 
	 	 	 	 	 	Bank Address:
	 	 
	 	 	 	 	 	ABA No. or SWIFT No.:	 	 
	 	 	 	 	 	Account No.:
	 	 
	 	 	 	 	 	Bank Contact:
	 	 
	 	 	 	 	 	Bank Tel. No.:
	 	 

 

			
	*	 	Please note that an administrative fee may be
charged by the transfer agent and/or your bank for wire transfers.

 

 

THIS ORDER MUST BE SIGNED BY ALL REGISTERED OWNERS:

	 	 	 	 
	
Name: Paul Myners

 	 
	 	 
	 

	 	 	 	 
	SIGNATURE(S) GUARANTEED:

GLG PARTNERS, INC.

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

 

 

Attachment 3

Certificates of common stock of the Company shall have impressed on, printed on, written on or
otherwise affixed to them the following legend:

     THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON
TRANSFER (THE “RESTRICTIONS”) AS SET FORTH IN THE GLG PARTNERS, INC. 2007 LONG-TERM
INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED
OWNER AND GLG PARTNERS, INC. ANY ATTEMPT TO DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE
RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR
OTHERWISE, SHALL BE NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN THE FORFEITURE OF
SUCH SHARES AS PROVIDED BY SUCH PLAN AND AGREEMENT.

     THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD WITHIN THE UNITED STATES (AS DEFINED IN RULE 902(L) UNDER THE SECURITIES
ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN RULE 902(K) UNDER
THE SECURITIES ACT) EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1)
REPRESENTS THAT EITHER (A) IT IS NOT A U.S. PERSON AND IS PHYSICALLY OUTSIDE THE UNITED
STATES AT THE TIME IT IS ACQUIRING THE SHARES OR (B) IT IS AN “ACCREDITED INVESTOR” (AS
DEFINED IN RULE 501(A) UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT WITHIN ONE
YEAR AFTER THE ORIGINAL ISSUANCE OF THE SHARES RESELL OR OTHERWISE TRANSFER THE SHARES
EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT
TO RULE 144 UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE), (3) AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THE SHARES ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND AND (4) IF IT HAS ACQUIRED THE SHARES IN A TRANSACTION PURSUANT TO REGULATION S UNDER
THE SECURITIES ACT, AGREES THAT IT WILL NOT WITHIN ONE YEAR ENGAGE IN HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. IN CONNECTION WITH
ANY TRANSFER OF THESE SECURITIES WITHIN ONE YEAR AFTER ORIGINAL ISSUANCE OF THESE
SECURITIES, IF THE PROPOSED TRANSFER IS OTHER THAN PURSUANT TO REGULATION S OR RULE 144
UNDER THE SECURITIES ACT, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE

 

 

TRANSFER AGENT AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION
AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE
PURSUANT TO AN EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

Confirmations and account statements sent to holders of shares of common stock of the Company in
book-entry form shall have impressed on, printed on, written on or otherwise affixed to them
substantially the following legend:

     THE SHARES OF COMMON STOCK TO WHICH THIS STATEMENT RELATES ARE SUBJECT TO CERTAIN
RESTRICTIONS UPON TRANSFER (THE “RESTRICTIONS”) AS SET FORTH IN THE GLG PARTNERS, INC. 2007
LONG-TERM INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER AND GLG PARTNERS, INC. ANY ATTEMPT TO DISPOSE OF THESE SHARES IN
CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE,
HYPOTHECATION OR OTHERWISE, SHALL BE NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN
THE FORFEITURE OF SUCH SHARES AS PROVIDED BY SUCH PLAN AND AGREEMENT.

     THE SHARES OF STOCK REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD WITHIN THE UNITED STATES (AS DEFINED IN RULE 902(L) UNDER THE SECURITIES
ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN RULE 902(K) UNDER
THE SECURITIES ACT) EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1)
REPRESENTS THAT EITHER (A) IT IS NOT A U.S. PERSON AND IS PHYSICALLY OUTSIDE THE UNITED
STATES AT THE TIME IT IS ACQUIRING THE SHARES OR (B) IT IS AN “ACCREDITED INVESTOR” (AS
DEFINED IN RULE 501(A) UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT WITHIN ONE
YEAR AFTER THE ORIGINAL ISSUANCE OF THE SHARES RESELL OR OTHERWISE TRANSFER THE SHARES
EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT
TO RULE 144 UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE), (3) AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THE SHARES ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND AND (4) IF IT HAS ACQUIRED THE SHARES IN A TRANSACTION PURSUANT TO REGULATION S UNDER
THE SECURITIES ACT, AGREES THAT IT WILL NOT WITHIN ONE YEAR ENGAGE IN HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES UNLESS IN COMPLIANCE

 

 

WITH THE SECURITIES ACT. IN CONNECTION WITH ANY TRANSFER OF THESE SECURITIES WITHIN
ONE YEAR AFTER ORIGINAL ISSUANCE OF THESE SECURITIES, IF THE PROPOSED TRANSFER IS OTHER THAN
PURSUANT TO REGULATION S OR RULE 144 UNDER THE SECURITIES ACT, THE HOLDER MUST, PRIOR TO
SUCH TRANSFER, FURNISH TO THE TRANSFER AGENT AND THE COMPANY SUCH CERTIFICATIONS, LEGAL
OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

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