Document:

Exhibit 10.7

 

RESTRICTED STOCK AWARD AGREEMENT

 

This Restricted Stock Award Agreement (this “Agreement”), dated as of August 29, 2012, is made by and between BankUnited, Inc., a Delaware Company (the “Company”), and [   ] (the “Grantee”).

 

WHEREAS, the Company has adopted the BankUnited, Inc. 2010 Omnibus Equity Incentive Plan (the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement.  Capitalized terms used but not otherwise defined herein shall have meanings ascribed to such terms in the Plan; and

 

WHEREAS, the Administrator has determined that it would be in the best interests of the Company and its shareholders to grant the Restricted Stock Award provided for herein to the Grantee pursuant to the Plan and the terms set forth herein.

 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

 

1.                                       Grant of Restricted Stock.  Subject to all of the terms and conditions set forth in this Agreement, the Company hereby conveys to the Grantee on the date hereof (the “Grant Date”), the Fair Market Value of Shares on the Grant Date equal to $[                ] (the “Restricted Stock Award”).

 

2.                                       Vesting/Transfer Restrictions.

 

(a)                                  General.  The Restricted Stock Award shall vest as to one-third (1/3) (each installment, a “Tranche”) on each of December 31, 2012, December 31, 2013 and December 31, 2014 (each, a “Vesting Date”), subject to the Grantee’s continued employment with the Company or any of its Affiliates on each Vesting Date.  Any unvested portion of the Restricted Stock Award and the Shares in respect thereof following a Vesting Date shall be subject to the restrictions described in Section 2(b).

 

(b)                                 Transfer Restrictions. The restrictions applicable to each Tranche of the Restricted Stock Award are such that the Restricted Shares and the Shares in respect thereof following a Vesting Date shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered until the first anniversary date of each Vesting Date as to which such Tranche relates or until such restrictions and any additional requirements contained in this Agreement have been satisfied, terminated or expressly waived by the Company in writing (the “Transfer Restrictions”).  Upon any attempt by the Grantee to transfer any Restricted Shares or the Shares in respect thereof following a Vesting Date (or any respective related rights thereto) before the lapse of the applicable Transfer Restrictions, such Restricted Shares or Shares (and all of the respective rights related thereto) shall be immediately forfeited by the Grantee without payment of any consideration.  Notwithstanding the foregoing, the Grantee may transfer Restricted Shares or Shares in respect thereof following the Vesting Date (i) to the Grantee’s spouse and descendants (whether or not adopted) and any trust, family limited

 

 

partnership or limited liability company that is and remains at all times solely for the benefit of the Grantee and/or the Grantee’s spouse and/or descendants, in each case which transferee has executed and delivered to the Company the documents the Company requires, including, but not limited to, documents providing that the transferee remains bound the Plan and this Agreement in the same manner as the Grantee and (ii) to satisfy any statutorily required minimum income tax withholding obligation in respect of any Restricted Shares that have vested hereunder.

 

(c)                                  Change in Control.  Notwithstanding any other provisions in this Agreement to the contrary, upon a Change in Control, one hundred percent (100%) of any unvested portion of the Restricted Stock Award shall vest and the Transfer Restrictions shall not apply to such portion, and all existing Transfer Restrictions shall lapse.

 

(d)                                 Death/Disability.  Notwithstanding any other provisions in this Agreement to the contrary, in the event of a termination of the Grantee’s employment with the Company due to the Grantee’s death or Disability, that portion of the Restricted Stock Award which would have vested in the 12 months immediately following the Grantee’s death or Disability, but for such termination of employment, shall vest as of the date of such termination of employment and the Transfer Restrictions shall not apply to such portion, and all existing Transfer Restrictions shall lapse.  The remaining unvested portion of any Restricted Stock Award shall immediately be forfeited without consideration upon such termination of employment.

 

(e)                                  Termination without Cause/For Good Reason; Expiration.  Notwithstanding any other provisions in this Agreement to the contrary, in the event of a termination of the Grantee’s employment by the Company without Cause or by the Grantee for Good Reason one hundred percent (100%) of any unvested portion of the Restricted Stock Award shall vest as of the date of such termination of employment and the Transfer Restrictions shall not apply to such portion.  If after the final Vesting Date, the Board and the Grantee fail to agree to an extension of the Grantee’s employment term under any employment agreement with the Company or its Affiliates following the expiration of such term (whether the Grantee remains employed with the Company or its Affiliates on an at-will basis or incurs a termination of employment with the Company or its Affiliates, following such expiration), all existing Transfer Restrictions shall lapse.

 

(f)                                    Termination for Cause/Without Good Reason.  Notwithstanding any other provisions in this Agreement to the contrary, in the event that the Grantee’s employment with the Company is terminated by the Company for Cause or by the Grantee without Good Reason, the unvested portion of the Restricted Stock Award shall immediately be forfeited by the Grantee without consideration.

 

3.                                       Shareholder Rights.  The Grantee shall be the record owner of the Restricted Shares underlying the Restricted Stock Award unless and until such Restricted Shares are forfeited or sold or otherwise disposed of, and as record owner shall generally be entitled to all rights of a common shareholder of the Company, including, without limitation, voting rights and the right to receive dividends with respect to the Restricted Shares.

 

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4.                                       Legend on Certificates.  Certificates evidencing the Restricted Shares awarded to the Grantee hereunder shall bear such legends as the Company may determine in its sole discretion.

 

5.                                       No Rights to Continued Employment.  Nothing in this Agreement shall confer upon the Grantee any right to remain employed by the Company or its Affiliates or shall interfere with or restrict the right of the Company and its Affiliates to terminate the Grantee’s employment at any time and for any reason.

 

6.                                       Section 83(b).  Due to the forfeiture conditions on the Restricted Stock Award, the Grantee may make an election to be taxed upon the Restricted Stock Award under Section 83(b) of the Code. To effect such election, the Grantee must file an appropriate election with the Internal Revenue Service within thirty (30) days of the Grant Date and otherwise in accordance with applicable Treasury Regulations. THE GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE’S SOLE RESPONSIBILITY TO FILE A TIMELY ELECTION UNDER SECTION 83(b) OF THE CODE AND THAT THE GRANTEE WILL RELY SOLELY ON HIS OWN ADVISORS WITH RESPECT TO SUCH DECISION AND THE EFFECT THEREOF ON THE GRANTEE.

 

7.                                       Governing Law.  This Agreement shall be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State of Delaware.

 

8.                                       Subject to Plan.  By entering into this Agreement, the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan.  The Restricted Stock Award is subject to the Plan, as may be amended from time to time, and the terms and provisions of the Plan are hereby incorporated herein by reference.

 

9.                                       Agreement Binding on Successors.  The terms of this Agreement shall be binding upon Grantee and upon Grantee’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees.

 

10.                                 No Assignment.  Notwithstanding anything to the contrary in this Agreement, neither this Agreement nor any rights granted herein shall be assignable by Grantee.

 

11.                                 Necessary Acts.  Grantee hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

 

12.                                 Entire Agreement.  This Agreement contains the entire agreement and understanding among the parties as to the subject matter hereof.

 

13.                                 Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

 

14.                                 Counterparts. This Agreement may be executed in any number of counterparts, each of

 

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which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

15.                                 Amendment. No amendment or modification hereof shall be valid unless it shall be in writing and signed by both parties hereto.

 

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

 

 

	
 
    	
BANKUNITED, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GRANTEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Grantee Name]Exhibit 10.1

 

 

August 27, 2012

 

Dr. Lee F. Allen

[address]

[address]

 

Re:                             Retention Agreement

 

Dr. Allen:

 

Reference is made to that certain Employment Agreement, dated as of December 15, 2009, by and between AMAG Pharmaceuticals, Inc. (the “Company”) and you, which was amended by the Amendment to Employment Agreement dated as of February 1, 2011, and the Second Amendment to Employment Agreement dated as of November 3, 2011 (as amended, the “Employment Agreement”).

 

The Company and you hereby agree as follows:

 

1.  You will be paid a special bonus, in place of your normal annual bonus, which will equal at least 120% of your 2012 target bonus if the sNDA for the broad iron deficiency anemia (“IDA”) indication for Feraheme is filed with the U.S. Food and Drug Administration (the “FDA”) by November 30, 2012.  Any such bonus will be paid within thirty days of filing, provided, however, that in order to earn such bonus you must remain employed by the Company as of the sNDA filing date.  Such bonus will replace any other performance bonus that you are otherwise be entitled to receive and the final amount of the bonus will be determined by the Compensation Committee of the Board of Directors.

 

2.  Within 60 days after FDA approval of the sNDA for the broad IDA indication for Feraheme, you shall receive a cash bonus equal to your special bonus paid in 2012, provided such approval is obtained by March 31, 2014 and provided that you continue to serve at the time as an employee or consultant of the Company.

 

3.  In the event of your “Termination Without Cause or for Good Reason,”as provided in your Employment Agreement, you will be entitled to the payments provided for in Section 5(a) and Section 5(b) of your Employment Agreement.  In the event of such termination, the Company will also pay or reimburse you for the premiums for continued coverage for you and your eligible dependents under the provisions of the Consolidated Omnibus Reconciliation Act 

 

 

of 1985 (“COBRA”), in the same amounts and for the same coverage in effect immediately prior to your termination from employment, under the Company’s group health and dental plans, and subject to your eligibility for and timely election of COBRA coverage, until the earlier of: (i) six months from the date of employment termination, or (ii) the date you are provided with health and dental coverage by another employer’s health and dental plan.

 

4.  In the event of the termination of your employment with the Company (other than termination by the Company for Cause, as defined in your Employment Agreement), the Company will engage you as a consultant until March 31, 2014, provided that you remain employed with the Company through the filing of sNDA for the broad IDA indication for Feraheme with the FDA and such filing occurs by December 31, 2012.  The Company may not terminate the consulting relationship other than for Cause (in this context, such term shall be deemed to match the definition in your current Employment Agreement). You agree to provide consulting services to the Company at a rate of $500 per hour.  The number of consulting hours per week will be determined by the Company in its sole discretion.  The Company confirms that any change in status from an employee to a consultant as provided above will not constitute a termination of your continuous service or Business Relationship with the Company solely for purposes of and as defined in the Company’s equity incentive plan and the agreements governing your options, restricted stock units and other equity awards.  Therefore during such consulting period, your equity incentives with the Company will continue to vest in accordance with the regular vesting schedules provided in your equity incentive agreements. The specific terms of your consulting arrangement will be described in the consulting agreement to be entered into by the Company and you at the time of the termination of your employment.

 

5.  You agree that during your consulting period with the Company and for the one (1) year period after the termination or expiration of such consulting period, regardless of the reasons for termination, you will not, directly or indirectly, as an officer, director, employee, consultant, owner, partner, or in any other capacity solicit, perform, or provide, or attempt to perform or provide any services to any person or entity with respect to a Competing Product, nor will you assist another person or entity to solicit, perform or provide or attempt to perform or provide services with respect to a Competing Product. “Competing Product” shall mean an intravenous iron replacement therapeutic. You agree that these restrictions are reasonable and have been specifically agreed upon based on the consideration set forth in this letter agreement.

 

In the event that the payment provided in Sections 1 and 3 of this letter agreement is made after the termination of your employment with the Company, you agree to execute, deliver to the Company, within 60 days of the termination of your employment, and not to revoke a general release (in a form acceptable to the Company) releasing and waiving any and all claims that you have or may have against the Company, its directors, officers, employees, agents, successors and assigns with respect to your employment (other than the obligations contemplated in this letter agreement and the planned consulting agreement).  Any payment pursuant to this letter agreement shall be subject to Section 16 of the Employment Agreement as if such section were incorporated herein by reference.

 

 

This letter agreement shall be deemed to be a contract made under the laws of the Commonwealth of Massachusetts, and the validity, interpretation and performance of this letter agreement shall be governed by, and construed in accordance with, the laws of Massachusetts, without regard to conflict of law principles.  The provisions of your Employment Agreement shall remain in full force and effect except as modified herein.

 

This letter agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

	
 
    	
AMAG   PHARMACEUTICALS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William K. Heiden
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

	
Agreed and Acknowledged:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Lee F. Allen
    	
 
    	
 
    
	
Dr. Lee F. Allen

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