Document:

Exhibit 4.5

 

FORM OF

RESTRICTED STOCK/RESTRICTED STOCK UNIT AWARD AGREEMENT

FOR BENEFICIAL BANCORP, INC.

2016 OMNIBUS INCENTIVE PLAN

 

This Award Agreement is provided to                                          (the “Participant”) by Beneficial Bancorp, Inc. (the “Company”) as of                                               , 20        , the date the Compensation Committee of the Board of Directors of the Company (the “Committee”) awarded the Participant a [restricted stock]/[restricted stock unit] award pursuant to Beneficial Bancorp, Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”), subject to the terms and conditions of the 2016 Plan and this Award Agreement (referred to herein as the “Award”):

 

	
1.
    	
Type of Award
    	
 
    	
                Restricted Stock
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
                Restricted Stock Unit
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Number of Shares Subject to   Your Award:
    	
 
    	
                    shares of Common Stock (“Shares”), subject to adjustment as may be necessary   pursuant to the 2016 Plan.
    
	
 
    	
 
    	
 
    	
 
    
	
2.
    	
Grant Date:
    	
 
    	
                            ,   20         
    

 

Unless sooner vested in accordance with Section 3 of the Terms and Conditions (attached hereto) or otherwise in the discretion of the Committee, the restrictions imposed under Section 2 of the Terms and Conditions will expire as to the following percentages of the Shares awarded hereunder, on the dates noted below; provided that the Participant is still employed by or in service with the Company or any Affiliate:

 

	
Percentage of
   Shares Vesting
    	
 
    	
Number of
   Shares/Stock Units
   Vesting
    	
 
    	
Vesting Date
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

IN WITNESS WHEREOF, Beneficial Bancorp, Inc., acting by and through the Compensation Committee of the Board of Directors, has caused this Award Agreement to be executed as of the Grant Date set forth above.

 

	
 
    	
BENEFICIAL   BANCORP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
On   behalf of the Compensation   Committee
    

 

	
Accepted by Participant:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date
    	
 
    

 

 

TERMS AND CONDITIONS

 

1.                                      Grant.  The Grant Date and number of Shares underlying your Award are stated on page 1 of this Award Agreement.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the 2016 Plan.

 

2.                                      Restrictions.  Your Award is subject to the following restrictions:

 

(a)                                 Unvested Restricted Shares/Restricted Stock Units may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered.

 

(b)                                 If your Continuous Status as a Participant terminates for any reason other than as set forth in paragraph (b) of Section 3 hereof, then you will forfeit all of your rights, title and interest in this Award as of your termination date.

 

(c)                                  Your Award is subject to the vesting schedule set forth on page 1 of this Award Agreement.

 

3.                                      Expiration and Termination of Restrictions.  The restrictions imposed under Section 2 will expire on the earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted Period”):

 

(a)                                 As to the percentages of the Restricted Shares/Restricted Stock Units specified in the vesting schedule on page 1 of this Award Agreement, on the respective dates specified in the vesting schedule on page 1; provided your Continuous Status as a Participant has not terminated; or

 

(b)                                 Upon termination of your Continuous Status as a Participant by reason of death, Disability or a Change in Control.

 

4.                                                                                      (a)                                 Delivery of Shares — Restricted Stock Award.  Once the Shares are vested (see vesting schedule on page 1), the Shares (and accumulated dividends and earnings, if any) will be distributed in accordance with your instructions.

 

(b)                                 Delivery of Shares — Restricted Stock Units.  Once the Stock Units are vested (see vesting schedule on page 1), the Shares (or if the Committee so elects, in lieu thereof, the fair market value of the Shares in cash ) will be distributed in accordance with your instructions.

 

5.                                                                                      (a)                                 Voting and Dividend Equivalent Rights — Restricted Stock Award.  As beneficial owner of the Shares, you have full voting and dividend equivalent rights with respect to the Shares during and after the Restricted Period.  You are also entitled to receive a payment equal to any dividends, or other distributions declared and paid by the Company with respect to the Restricted Shares.  If you forfeit your rights under this Award Agreement in accordance with Section 2, you will no longer have any rights as a shareholder with respect to the Restricted Shares and you will no longer be entitled to receive dividends on the Shares.

 

(b)                                 Voting and Dividend Equivalent Rights — Restricted Stock Units.  You have no voting or dividend equivalent rights until you receive a distribution of Shares.

 

 

6.                                      Changes in Capital Structure.  Upon the occurrence of a corporate event (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), your Award will be adjusted as necessary to preserve the benefits or potential benefits of the award.  Without limiting the above, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Stock, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the Shares subject to this Award Agreement will automatically be adjusted proportionately.

 

7.                                      No Right of Continued Employment.  Nothing in this Award Agreement will interfere with or limit in any way the right of the Company or any affiliate to terminate your employment or service at any time, nor confer upon you any right to continue in the employ or service of the Company or any affiliate.

 

8.                                      Payment of Taxes.  You may make an election to be taxed upon your Award under Section 83(b) of the Code within 30 days of the Grant Date.  If you do not make an 83(b) Election, upon vesting of the Award the Committee is entitled to require as a condition of delivery: (i) that you remit an amount sufficient to satisfy any and all federal, state and local (if any) tax withholding requirements and employment taxes (i.e., FICA and FUTA), (ii) that the withholding of such sums come from compensation otherwise due to you or from Shares due to you under the 2016 Plan, or (iii) any combination of the foregoing.  Any withholding shall comply with Rule 16b-3 or any amendments or successive rules.

 

9.                                      Plan Controls.  The terms contained in the 2016 Plan are incorporated into and made a part of this Award Agreement and this Award Agreement shall be governed by and construed in accordance with the 2016 Plan.  In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan will control.

 

10.                               Severability.  If any one or more of the provisions contained in this Agreement is deemed to be invalid, illegal or unenforceable, the other provisions of this Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in this Agreement.

 

11.                               Notice.  Notices and communications under this Agreement must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid.  Notices to the Company must be addressed to:

 

[INSERT CONTACT]

 

or any other address designated by the Company in a written notice to you.  Notices to you will be directed to your address as then currently on file with the Company, or at any other address that you provide in a written notice to the Company.

 

12.                               Successors.  This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Award Agreement and the 2016 Plan.Exhibit 4.6

 

FORM OF

STOCK APPRECIATION RIGHTS AGREEMENT

FOR BENEFICIAL BANCORP, INC.

2016 OMNIBUS INCENTIVE PLAN

 

This Stock Appreciation Rights (“SARs”) Grant is awarded to                                   (the “Participant”) by Beneficial Bancorp, Inc. (the “Company”) as of                               (the “Grant Date”), the date the Compensation Committee of the Board of Directors of the Company (the “Committee”) granted the Participant the right to receive cash or shares (as noted below) equal to the excess of the Fair Market Value of one share of stock on the exercise date over the Exercise Price pursuant to Beneficial Bancorp, Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”), subject to the terms and conditions of the 2016 Plan and this Award Agreement:

 

	
SARs Granted:
    	
 
    	
                         shares of Common Stock.
    
	
 
    	
 
    	
 
    
	
Settlement Form:
    	
 
    	
                     cash                             Shares
    
	
 
    	
 
    	
 
    
	
Date of Grant:
    	
 
    	
                                      ,   20           
    
	
 
    	
 
    	
 
    
	
Exercise Price:
    	
 
    	
$                   
    
	
 
    	
 
    	
 
    
	
Expiration Date:
    	
 
    	
                                ,   unless sooner as set forth in this Award Agreement
    
	
 
    	
 
    	
 
    
	
Vesting Schedule:
    	
 
    	
Unless sooner vested in accordance with Section 2 of   the Terms and Conditions (attached hereto)   the SARs shall vest (become exercisable) in accordance with the following   schedule:
    

 

	
 
    	
 
    	
Installment
    	
 
    	
Vesting Date
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

IN WITNESS WHEREOF, Beneficial Bancorp, Inc., acting by and through the Committee, has caused this Award Agreement to be executed as of the Grant Date set forth above.

 

	
 
    	
BENEFICIAL BANCORP, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
On behalf of the   Committee
    

 

	
Accepted by Participant:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date:
    	
 
    	
 
    
			

 

 

TERMS AND CONDITIONS

 

1.                                      Grant of SAR.  The Grant Date, Exercise Price and number of Shares subject to your SAR are stated on page 1 of this Award Agreement.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the 2016 Plan.

 

2.                                      Vesting of SARs.  The SAR shall vest (become exercisable) in accordance with the vesting schedule shown on page 1 of this Award Agreement.  Notwithstanding the vesting schedule on page 1, the SAR will also vest and become exercisable upon your death or Disability during your Continuous Status as a Participant or in the event of a Change in Control.

 

3.                                      Term of SARs and Limitations on Right to Exercise.  The term of the SAR will be for a period of ten (10) years, expiring at 5:00 p.m., Eastern Time, on the tenth anniversary of the Grant Date (the “Expiration Date”).  To the extent not previously exercised, the vested portion of your SAR will lapse prior to the Expiration Date upon the earliest to occur of the following circumstances:

 

(a)                                 Three (3) months after the termination of your Continuous Status as a Participant for any reason other than your death or Disability.

(b)                                 Twelve (12) months after termination of your Continuous Status as a Participant by reason of Disability.

(c)                                  Twelve (12) months after the date of your death, if you die while employed, or during the three-month period described in subsection (a) above or during the twelve-month period described in subsection (b) above and before the SAR would otherwise lapse.  Upon your death, your beneficiary (designated pursuant to the terms of the 2016 Plan) may exercise your SAR.

(d)                                 At the end of the remaining original term of the SAR if your employment is involuntarily or constructively terminated within twelve (12) months of a Change in Control.

 

If you or your beneficiary exercises an SAR after your termination of service, the SAR may be exercised only with respect to the Shares that were otherwise vested on the date of your termination of service.

 

You may exercise your SAR by providing written notice of intent to exercise to the address and in the form specified by the Committee from time to time

 

4.                                      Beneficiary Designation.  You may, in a manner determined by the Committee, designate a beneficiary to exercise your rights under the 2016 Plan and to receive any distribution with respect to this SAR upon your death.  A beneficiary, legal guardian, legal representative, or other person claiming any rights under the 2016 Plan is subject to all terms and conditions of this Award Agreement and the 2016 Plan, and to any additional restrictions deemed necessary or appropriate by the Committee.  If you have not designated a beneficiary or none survives you, the SAR may be exercised by the legal representative of your estate, and payment shall be made to your estate.  You may change or revoke a beneficiary designation at any time provided the change or revocation is filed with the Company.

 

5.                                      Withholding.  The Company or any employer Affiliate has the authority and the right to deduct or withhold, or require you to remit to the Company, an amount sufficient to satisfy federal, state, and local (if any) withholding taxes and employment taxes (i.e., FICA and FUTA).

 

 

6.                                      Limitation of Rights.  This SAR does not confer on you or your beneficiary designated pursuant to Paragraph 5 any rights as a shareholder of the Company unless and until the Shares are in fact issued in connection with the exercise of the SAR.  Nothing in this Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate your employment at any time, nor confer upon you any right to continue in the service of the Company or any Affiliate.

 

7.                                      Restrictions on Transfer and Pledge.  You may not pledge, encumber, or hypothecate your right or interest in this SAR to or in favor of any party other than the Company or an Affiliate, and this SAR shall not be subject to any lien, obligation, or liability of the Participant to any other party other than the Company or an Affiliate.  You may not assign or transfer this SAR other than by will or the laws of descent and distribution or pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an SAR under the 2016 Plan; provided, however, that the Committee may (but need not) permit other requested transfers.  Only you or any permitted transferee may exercise this SAR during your lifetime.

 

8.                                      Plan Controls.  The terms contained in the 2016 Plan are incorporated into and made a part of this Award Agreement and this Award Agreement shall be governed by and construed in accordance with the 2016 Plan.  In the event of any actual or alleged conflict between the provisions of the 2016 Plan and the provisions of this Award Agreement, the provisions of the 2016 Plan will control.

 

9.                                      Successors.  This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Award Agreement and the 2016 Plan.

 

10.                               Severability.  If any one or more of the provisions contained in this Award Agreement is invalid, illegal or unenforceable, the other provisions of this Award Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in this Award Agreement.

 

11.                               Notice.  Notices and communications under this Award Agreement must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid.  Notices to the Company must be addressed to:

 

[INSERT CONTACT]

 

or any other address designated by the Company in a written notice to the Participant. Notices to you will be directed to your address, as then currently on file with the Company, or to any other address that you provide in a written notice to the Company.

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