Document:

EX 10.2 2014.03.31

Exhibit 10.2

2012 PLUM CREEK TIMBER COMPANY, INC. STOCK INCENTIVE PLAN 
2014 AWARD AGREEMENT 

This AWARD AGREEMENT made as of the 3rd day of February 2014 (the “Agreement”), between Plum Creek Timber Company, Inc., a Delaware corporation (the “Company”), and Mr. Rick R. Holley, an employee of Plum Creek Timberlands, L.P., a subsidiary of the Company (“Employee”). In recognition of the important contributions that Employee makes to the success of the Company, and in consideration of the mutual agreements and other matters set forth herein and in the 2012 Plum Creek Timber Company, Inc. Stock Incentive Plan, as the same may be amended from time to time (the “Plan”), which Plan is incorporated herein by reference as a part of this Agreement, the Company hereby grants to Employee under the Plan the following long-term incentive awards on the terms and conditions set forth below. 
A. Definitions. Capitalized terms used herein, unless otherwise defined herein, shall have the meanings ascribed to such terms in the Plan. The following definitions will apply for purposes of this Agreement: 
  

	
			
	 
	1.
	“Award” means an Award of Restricted Stock Units granted hereunder and under the Plan. 

  
	
			
	 
	2.
	“Grant Date” means the date of this Agreement.

 
	
			
	 
	3.
	“Restricted Period” means the three-year period beginning on the Grant Date and ending on February 3, 2017.

 
	
			
	 
	4.
	“Securities Act” means the Securities Act of 1933, as amended.

 
	
			
	 
	5.
	“Vest” or “Vesting” means the lapse of restrictions applicable to the Restricted Stock Units upon the expiration of the applicable Restricted Period on the Vesting Date in accordance with Section B.2. or such earlier date in accordance with Section B.3.

	
			
	 
	6.
	“Vested” means that portion of the Restricted Stock Units that are paid and transferred to Employee in shares of Stock and as to which Employee has acquired a non-forfeitable right in accordance with Section B.2. or Section B.3, as applicable.

 
	
			
	 
	7.
	“Vesting Date” means February 3, 2017.

	
		
	B.
	Restricted Stock Unit Award. 

1. Grant of Restricted Stock Units. The Company hereby grants to Employee Forty Four Thousand Four Hundred Forty Five (44,445) Restricted Stock Units, on the terms and conditions set forth herein and in the Plan, and subject to such other restrictions, if any, as may be imposed by law. 
2. Vesting and Payment of Restricted Stock Units.  Subject to Section 10 of the Plan and Section B.3 hereof, the Restricted Stock Units shall Vest entirely on the Vesting Date, conditioned upon Employee’s continued 

employment with the Company during and through the entirety of the Restricted Period, in accordance with the following schedule:

	
					
	Number of Full Years (Date)
	  
	Percentage of Units
	 

	Less than 3-years
	  
	 
	0
	% 

	3-years (February 3, 2017)
	  
	 
	100
	% 

Within a reasonable period of time after the Vesting Date, the Company shall pay and transfer to Employee a number of shares of Stock equal to the aggregate number of Restricted Stock Units that Vested on the Vesting Date.
3. Termination of Employment; Change in Control.  Notwithstanding anything herein to the contrary, the Award of Restricted Stock Units granted hereby shall be subject to Section 10 of the Plan (terminations due to death, Disability or Change of Control). Except for such terminations of employment governed by Section 10 of the Plan, if Employee’s employment terminates prior to the end of the Restricted Period, then the entire Award of Restricted Stock Units granted hereby shall be forfeited automatically.  

4. Cash Upon Payment of Dividends. If on any date the Company shall pay any dividend on the Stock, then the Company shall pay to Employee a cash amount equal to the product of the number of Restricted Stock Units granted hereunder multiplied by the per share amount of any such dividend (or, in the case of any dividend payable in property other than cash, the per share value of such dividend, as determined in good faith by the Board). 
5. Withholding of Tax Upon Payment of Stock or Cash. Any obligation of the Company to pay and transfer to Employee Stock pursuant to Section B.2 or cash pursuant to Section B.4 shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements as determined by the Company, and in connection therewith the Company is hereby authorized to withhold from any cash or Stock remuneration then or thereafter payable to Employee any tax required to be withheld by reason of such resulting compensation income.
6. Additional Restrictions on Sale of Stock.  Employee shall not be permitted to sell, transfer, pledge, assign or otherwise dispose of any shares of Stock acquired upon the Vesting of the Restricted Stock Units pursuant to Section B.2. or Section B.3, as applicable, until the second anniversary of the date on which Employee acquired such shares of Stock in accordance with the terms of this Agreement.
  
	
		
	C.
	Miscellaneous.

1. Employment Relationship. For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as Employee remains an employee of either the Company, a parent or subsidiary corporation (as defined in section 428 of the Code) of the Company, or a corporation or a parent or subsidiary of such corporation. Any question as to whether and when there has been a termination of such employment, and the cause of any such termination, shall be determined by the Committee in its sole discretion, and such determination shall be final. 
2. Voting and Other Rights. Unless and until a certificate or certificates representing shares of Stock shall have been issued by the Company to Employee in connection with the payment of Stock in connection with Vested Restricted Stock Units, Employee shall not be, or have any of the rights or privileges of a stockholder of the Company with respect to, shares of Stock. 
3. Status of Stock. Notwithstanding any other provision of this Agreement, in the absence of an effective registration statement under the Securities Act, or an available exemption from registration under the Securities Act, for the issuance of shares of Stock in connection with any Award granted hereby, such issuance of shares of Stock will be delayed until registration of such shares of Stock is effective or an exemption from registration under the Securities Act is available. The Company intends to use its best efforts to ensure that no such delay will occur. In the event exemption from registration under the Securities Act is available, Employee, if requested by the Company to do so, will execute and deliver to the Company in writing an agreement containing such provisions as the 

Company may require to assure compliance with applicable securities laws. Employee agrees that the shares of Stock that Employee may acquire in connection with any Award will not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable securities laws. Employee also agrees that (a) the certificates representing such shares of Stock may bear such legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws, (b) the Company may refuse to register the transfer of such shares of Stock on the stock transfer records of the Company if such proposed transfer would, in the opinion of counsel satisfactory to the Company, constitute a violation of any applicable securities law and (c) the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of such shares of Stock. 
4. Reimbursement by Employee. Employee hereby agrees that if (a) any gains realized upon sale of Stock acquired upon Vesting of any Restricted Stock Units were predicated upon the achievement of financial results that were the product of fraudulent activity or were subsequently the subject of a material negative restatement of the Company’s financial statements as filed with the Securities and Exchange Commission (SEC), (b) in the Committee’s sole discretion Employee engaged in fraud or conduct known by him or her to be in violation of SEC rules and regulations or Company policy that caused Employee to be personally responsible for the fraudulent activity or restatement, and (c) in the Committee’s judgment in light of relevant facts and circumstances less gain would have been realized by Employee absent such restatement or fraudulent activity, then immediately upon demand by the Committee, Employee shall reimburse the Company the entire amount of proceeds received by Employee from the sale of such Stock acquired upon Vesting of Restricted Stock Units. 
5. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Employee. 
6. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Washington. 

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer thereunto duly authorized, and Employee has executed this Agreement, all as of the day and year first above written. 

Plum Creek Timber Company, Inc. 

	
					
	 
	 
	 
	 
	 

	By:
	 
	 /s/ Barbara L. Crowe
	 
	Date: 2/28/2014

	 
	 
	Barbara L. Crowe

	 
	 
	Vice President, Human Resources

/s/ Rick R. Holley                           Date: 3/3/2014
Rick R. HolleyAGN EX 10.1 2014 03 31

EXHIBIT 10.1

SECOND AMENDMENT TO THE
ALLERGAN, INC. PENSION PLAN
(Restated 2013) 

WHEREAS, Allergan, Inc. (the “Company”) maintains the Allergan, Inc. Pension Plan (Restated 2013), as amended (the “Plan”);

WHEREAS, Section 10.1 of the Plan authorizes the Company, by action of the Board or its delegate, to make amendments to the Plan; and

WHEREAS, the Company wishes to amend the Plan to:  (1) clarify the Plan’s definition of Earnings in a manner consistent with the Company’s Savings and Investment Plan; (2) change the Plan’s methodology for determining the highest 60 months for purposes of calculating Average Earnings; and (3) clarify certain other Plan terms.

NOW, THEREFORE, BE IT RESOLVED, that effective March 1, 2014, the Plan is hereby amended as follows: 

1.    Section 2.14 shall be deleted in its entirety and the following substituted therefore:
2.14    Earnings.  Effective for amounts paid on or after January 1, 2014, “Earnings” means the following:
(a)    Amounts paid during a Plan Year to an Employee by the Company for services rendered including:
		
	(i)
	Base earnings and overtime (including shift differential and premium);

		
	(ii)
	Commissions and similar incentive compensation;

		
	(iii)
	Bonus amounts paid under the: 

		
	(A)
	Sales Bonus Program;

		
	(B)
	Management Bonus Plan or Executive Bonus Plan, either in cash, in restricted stock or restricted stock units;

		
	(C)
	Group performance sharing payments, such as the “Partners for Success;” and

		
	(D)
	Amounts paid to the Participant as a “Lump Sum Payment in Lieu of Merit Increase;”

		
	(iv)
	Pay received for the following purposes:

		
	(A)
	Holiday pay;

		
	(B)
	Jury duty;

		
	(C)
	Pay received for military service;

		
	(D)
	Pay received for being available for work, if required (call-in premium);

		
	(E)
	Sickness/accident related pay; 

		
	(F)
	Vacation pay (other than compensation paid under the vacation buy-back policy or any similar policy); 

		
	(G)
	Vacation shift premium;  

		
	(v)
	Amounts of salary reduction elected by a Participant under:

(A)    A Code Section 401(k) cash or deferred arrangement, or
(B)    A Code Section 125 cafeteria plan 
		
	(vi)
	Amounts paid to an Employee pursuant to a “split pay arrangement” between the Company and an Affiliated Company; and 

		
	(vii)
	Amounts deferred under the Executive Deferred Compensation Plan that were otherwise payable in respect of services rendered on or before December 31, 2011.

(b)    Earnings shall not include:
		
	(i)
	Allowances, including:

		
	(A)
	Allowances and adjustments for cost of living and differentials;

		
	(B)
	Company car allowances; 

		
	(C)
	Expatriate reimbursement payments and tax equalization payments; and

		
	(D)
	Payments for loss of Company car;

		
	(ii)
	Relocation and moving expenses;

		
	(iii)
	Special overseas payments;

		
	(iv)
	Business expense reimbursements;

		
	(v)
	Company gifts or the value of Company gifts;

		
	(vi)
	Company stock-related options and payments (other than amounts included under (a)(iii)(B), above);

		
	(vii)
	Employee referral awards;

		
	(viii)
	Flexible compensation credits paid in cash;

		
	(ix)
	Forms of imputed income;

		
	(x)
	Long-term disability pay;

		
	(xi)
	Payments for patents or for writing articles;

		
	(xii)
	Retention and employment incentive payments;

		
	(xiii)
	Severance pay;

		
	(xiv)
	Bonus amounts paid under the following programs: 

		
	(A)
	Long-term incentive awards, bonuses or payments (other than those specifically described in (a) above); 

		
	(B)
	“Impact Award” payments; 

		
	(C)
	“Employee of the Year” payments; 

		
	(D)
	“Awards for Excellence” payments; 

		
	(E)
	“Hidden Gem Award” payments; 

		
	(F)
	Special group incentive payments and individual recognition payments which are nonrecurring in nature (such as “Contest Pay”); 

		
	(xv)
	Tuition reimbursements;

		
	(xvi)
	Lump sum amounts paid to Employees under the Company’s vacation buy-back policy or any similar program;

		
	(xvii)
	Any contributions or distributions pursuant to any plan sponsored by the Company and qualified under Code Section 401(a) (other than contributions constituting salary reduction amounts elected by the Participant under a Code Section 401(k) cash or deferred arrangement); and

		
	(xviii)
	Any payments under a health or welfare plan sponsored by the Company, or premiums paid by the Company under any insurance plan for the benefit of Employees (other than a salary reduction election made by a Participant under a Code Section 125 cafeteria plan).

(c)    Earnings for any Plan Year shall not include amounts in excess of $210,000, as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B) for purposes of determining all benefits provided under the Plan for any Plan Year.  Any cost-of-living adjustments in effect for a calendar year shall apply to the Plan Year beginning with or within such calendar year.
(d)    Notwithstanding the foregoing, cost of living allowances earned within the United States of America and paid to an Employee on or after March 1, 2014, shall be included in Earnings to the extent required to prevent a significant reduction in such Employee’s rate of future benefit accruals within the meaning of ERISA Section 204(h).
2.    Section 2.7 shall be deleted in its entirety and the following substituted therefor:

 2.7    Average Earnings “Average Earnings” shall mean, for each Participant, 12 times the monthly average of his or her Earnings for the 60 consecutive months that yield the highest average.  For purposes of this Section, (i) nonconsecutive months interrupted only by months in which a Participant has no Earnings shall be treated as consecutive and (ii) unless the Sponsor expressly determines otherwise, and except as is expressly provided otherwise in the Plan or in resolutions of the Board of Directors, amounts paid to a Participant by a domestic Affiliated Company prior to the effective date on which it became an Affiliated Company (that would have been Earnings if paid by the Company) before he or she became 

a Participant shall be treated as Earnings but only to the extent such Earnings when added to the Earnings actually paid by the Company do not result in more than 60 consecutive months of Earnings.  If a Participant does not have Earnings for 60 consecutive months, his or her Average Earnings shall be 12 times the monthly average of his or her Earnings.  For periods beginning on or after April 1, 2000, a partial month of employment shall be taken into account only if doing so yields a higher monthly average.  Effective for computing Average Earnings on and after March 1, 2014, the 60 consecutive months that yield the highest average shall be determined after applying the relevant limits under Code Section 401(a)(17).  Notwithstanding the preceding sentence,  in no event shall the preceding sentence result in a cutback of  a Participant’s Plan benefit within the meaning of Code Section 411(d)(6) and the Participant’s Accrued Benefit shall be determined in such a manner as to prevent such a cutback.
3.    The last sentence of Section 5.4 is deleted in its entirely and the following new subsection Section 14.12(e) substituted therefore:
(e)    If a Participant incurs a Severance and is entitled to a monthly pension under Section 5.4, and his or her monthly pension begins after the first day of the month coincident with or next following the Normal Retirement Date, such Participant shall be entitled to the monthly pension payments he or she would have received had his or her pension began as of the first day of the month following the Special Retirement Eligibility Date (or, if later, his or Severance Date) or, in lieu thereof, a monthly pension which is equal to his or her Accrued Benefit determined as of the Special Retirement Eligibility Date increased by an actuarial adjustment to take into account a delay in the payment of the Participant’s Accrued Benefit using the actuarial assumptions set forth in Appendix A for determining actuarial equivalence.

IN WITNESS WHEREOF, the Company has caused this First Amendment to the Allergan, Inc. Pension Plan (Restated January 1, 2013) to be executed by its duly authorized officer as of the date set forth below.

Date:   April 16, 2014                    Allergan, Inc.
 /s/ Scott D. Sherman                
Scott D. Sherman
Executive Vice President, Human Resources

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