Document:

exv10w22

 

Exhibit 10.22

TRITON PCS HOLDINGS, INC.

DIRECTOR STOCK AWARD AGREEMENT

     THIS AGREEMENT is made as of this [___] day of [___], 20[___], by and between Triton PCS
Holdings, Inc., a Delaware corporation (the “Company”) and [_________] (the “Director”).

W I T N E S S E T H

     WHEREAS, the Board of Directors of the Company (the “Board”), at a duly convened meeting held
in [___], 20[_], approved an award to the Director consisting of [___] shares of the Company’s
Class A Common Stock (the “Shares”), subject to certain vesting and transferability restrictions as
set forth herein (the “Restricted Stock Award”) and the Company’s stockholders approval of the
Triton PCS Holdings, Inc. Directors’ Stock and Incentive Plan (the “Plan”) at the [___] Annual
Meeting of Stockholders;

     WHEREAS, the Company’s stockholders approved the Plan at the [___] Annual Meeting of
Stockholders; and

     WHEREAS, as a final condition of the grant of the Restricted Stock Award, the Director is
required to execute this Restricted Stock Award Agreement (this “Agreement”).

     In consideration of the mutual promises and covenants contained in this Agreement, the parties
hereto, intending to be legally bound, agree as follows:

     1. Grant of Restricted Stock Award. Effective as of the date of this Agreement (the
“Grant Date”), and subject to all the terms and conditions set forth herein, the Company hereby
grants the Director a Restricted Stock Award consisting of [___] Shares.

     2. Vesting.

     (a) The Restricted Stock Award shall vest as follows:

[____] Shares shall vest on [____], 20[__];

[____] Shares shall vest on [____], 20[__]; and

[____] Shares shall vest on [____], 20[__].

     (b) Upon the Director’s termination of service as a member of the Board
prior to [___], 20[___], for any reason, including as a result of death, retirement or disability,
the Director shall forfeit any remaining interest in the Restricted Stock Award.

     (c) Notwithstanding the vesting date set forth in subsection (a) of this Section 2, in the
event that the Director ceases to be a director of the Company following a Change of Control, as
defined herein (other than as a result of the breach of any duty or obligation to the Company

 

 

or as the result of the Director’s engaging in conduct materially detrimental to the Company),
all unvested Shares shall vest immediately. “Change of Control” shall mean any transaction or
event, or series of transactions or events, whether voluntary or involuntary, that results in, or
as a consequence of which, any of the following events shall occur: (A) any person or entity shall
acquire, directly or indirectly, Beneficial Ownership (as defined in Rule 13d-3 of the Securities
Exchange Act of 1934, as amended) of more than 50% of the voting stock of the Company or (B) a
proxy contest for the election of directors of the Company results in the persons constituting the
Board of Directors of the Company immediately prior to the initiation of such proxy contest ceasing
to constitute a majority of the Board of Directors upon the conclusion of such proxy contest.

     3. Nontransferability. During the period before the Director’s interest in the
Restricted Stock Award vests in accordance with Section 2 hereof, and unless otherwise permissible
under the terms of this Agreement, neither the Shares nor any interest under the Restricted Stock
Award shall be assignable, transferable or otherwise disposable by the Director other than by will
or the laws of descent and distribution. No right or interest of the Director in the Shares or the
Restricted Stock Award shall be pledged to or encumbered in favor of any party, or shall be subject
to any lien, obligation or liability of the Director to any party other than the Company. Any
purported assignment or transfer of the Shares or the Restricted Stock Award that is not in
accordance with the express terms of this Agreement will be null and void and of no effect
whatsoever.

     4. Rights as a Stockholder.

     (a) The Director shall have all of the rights of a stockholder of the Company with respect to
the Restricted Stock Award, including but not limited to the right to vote the Shares subject to
the Restricted Stock Award and to receive dividends declared with respect to such Shares,
regardless of whether or not the Director has an unrestricted right to retain the Restricted Stock
Award, provided that any dividends paid with respect to the Restricted Stock Award shall be
withheld by the Company and paid to the Director, without interest, only when and to the extent the
Director vests in the Restricted Stock Award.

     (b) Nothing in this Agreement shall confer upon the Director any right to continue serving on
the Board.

     5. Legends. The Company may at any time place legends referencing any applicable
federal or state securities law restriction on all certificates representing the Shares subject to
the Restricted Stock Award. The Director shall, at the request of the Company, promptly present to
the Company any and all certificates representing such Shares that are in the possession of the
Director in order to effectuate the provisions of this Section 5.

     6. Transfer Restrictions. The Director agrees that while serving as a Director of the
Company (or any successor), the Director will not, directly or indirectly, sell, transfer, assign,
pledge, place in trust or otherwise dispose of (collectively, “Transfer”) beneficial ownership of
any shares of the Company’s Class A Common Stock, including the shares, whether now owned or
subsequently acquired, however acquired (“Triton Shares”), except as otherwise expressly

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permitted
in this Section. Any such Transfer shall be subject to the terms and conditions of any
other agreements applicable to any Transfer of Triton Shares as may be in effect during the
term of this agreement.

          (a) The Director may Transfer Triton Shares provided the price per share is at least eight
dollars (as such amount may be appropriately adjusted for stock splits, stock dividends,
combinations, recapitalizations and such similar events) or such lower amount as may be established
by the Committee from time to time in its sole discretion.

          (b) The Director may Transfer such Triton Shares as may be necessary to satisfy any tax
obligation arising as a result of the award or vesting of any Triton Shares or upon the exercise of
any option to acquire any Triton Shares.

          (c) The Director may Transfer Triton Shares provided the Director has not been a director of
or employed by the Company or any of its affiliates for a period of at least 90 days.

          (d) The Director may Transfer any Triton Shares that have been acquired in an open market
acquisition on or after January 1, 2001.

          (e) In the event of a Transfer of the Company’s Class A Common Stock by J.P. Morgan Partners
(23 A SBIC), LLC, Equity-Linked Investors-II or Private Equity Investors III, L.P., the Director
may Transfer an equivalent proportion of Triton Shares.

Nothing in this Section shall be deemed to preclude any Transfer of Triton Shares either: (i) to
members of the Director’s immediate family, or to a trust for the benefit of members of the
Director’s immediate family, provided that the family member or trust agrees to continue to be
bound by the transfer restrictions set forth in this Section 7; or (ii) to or for the benefit of
any charitable organization.

     7. Modification. No change, termination (other than as provided in subsection (e) of
Section 2 of this Agreement), waiver or modification of this Agreement will be valid unless in
writing and signed by all of the parties to this Agreement.

     8. Consent to Jurisdiction. The Director hereby consents to the jurisdiction of any
state or federal court located in the county in which the principal executive office of the Company
is then located for purposes of the enforcement of this Agreement and waives personal service of
any and all process upon him or her. The Director waives any objection to venue of any action
instituted under this Agreement.

     9. Parties to Agreement. This Agreement will be binding on and will operate for the
benefit of the Company, its successors and assigns, and the Director and his or her heirs, estate,
personal representatives, successors and assigns, and will be binding on any person or entity to
whom the Restricted Stock Award is transferred in violation of the provisions of this Agreement,
and the heirs, estate, personal representatives, successors and assigns of such person or entity.

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     10. Notices. All notices, designations, consents, offers or any other communications
provided for in this Agreement must be given in writing, personally delivered, or by facsimile
transmission with an appropriate written confirmation of receipt, by nationally recognized
overnight courier or by U.S. mail. If by mail or overnight courier, it must be sent with
first-class postage prepaid and return receipt requested, in which event it will be deemed to have
been given on the date following the date it was so posted. Notice to the Company is to be
addressed to its then principal office. Notice to the Director or any transferee is to be
addressed to his, her or its respective address as it appears on the transfer books of the Company,
or to such other address as may be designated by the receiving party by notice in writing to the
Secretary or Assistant Secretary of the Company.

     11. Further Assurances. At any time, and from time to time after executing this
Agreement, the Director will execute such additional instruments and take such actions as may be
reasonably requested by the Company to confirm or perfect or otherwise to carry out the intent and
purpose of this Agreement.

     12. No Restriction on Corporate Action. Nothing contained in this Agreement shall be
construed to prevent the Board, in accordance with Delaware law, from taking any corporate action
that is deemed by the Board to be appropriate or in the Company’s best interests, whether or not
such action would have an adverse effect on the Restricted Stock Award. Neither the Director nor
any beneficiary thereof, nor other Person shall have any claim against the Company as a result of
any such action.

     13. Provisions Severable. If any provision of this Agreement is invalid or
unenforceable, it shall not affect the other provisions, and this Agreement shall remain in effect
as though the invalid or unenforceable provisions were omitted. Upon a determination that any term
or other provision is invalid or unenforceable, the Board, in accordance with Delaware general
corporate law, shall in good faith modify this Agreement so as to effect the original intent of the
parties as closely as possible.

     14. Captions. Captions herein are for convenience of reference only and shall not be
considered in construing this Agreement.

     15. Entire Agreement. This Agreement represents the parties’ entire understanding and
agreement with respect to the issuance of the Restricted Stock Award, and each of the parties
acknowledges that it has not made any, and makes no promises, representations or undertakings,
other than those expressly set forth or referred to therein.

     16. Governing Law. This Agreement is to be governed by the laws of the State of
Delaware without regard to conflicts of law principles thereof.

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officers
thereunto duly authorized, and the Director has hereunto set his hand, all on the day and year
first above written.

	 	 	 	 	 
	 	 	TRITON PCS HOLDINGS, INC.

	 
	 	 	 	 
	 	 	 

	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 
	 
	 	 	 	 
	 	 	DIRECTOR
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 

- 5 -exv10w25

 

Exhibit 10.25

To accept this
award, no further action is required. 

To decline this award, you must complete the Notice of Award Refusal on the last page and
return it to Liz Callahan by [___] , 20[_].

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Associate Name	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Home Address	 	   	 	Price On Date	 	 	 	 
	 	 	 	 	Of Grant	 	$x.xx./share

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Performance

	 	 	 	No. of	 	 	 	 	 	 	 	 	 	 
	Level	 	 	 	Shares Awarded	 	 	 	 	 	Grant Date	 	[___] [__], [___]

MANAGEMENT AWARD AMOUNT: The 20[___] award is based upon your overall Associate Performance Evaluation Score and competitive market data for long term
incentive awards for your position.

Awards have been reduced by the approximate number of shares to be issued to you as a “retirement contribution” under the Triton Management Company, Inc.
Savings and Investment Plan.

ON-GOING ELIGIBILITY: You must meet the following criteria to be eligible for future awards:

	 	•  	Full-Time employment as of the Grant Date;
	 
	 	•  	Attainment of 21 years of age as of May 1st of the year in which the award is granted;
	 
	 	•  	Overall performance Level equal to a “meets” or greater on your most recent review;
	 
	 	•  	No 2nd level Performance Improvement Plans in the prior twelve months from the Grant Date (no Associate will
be excluded from a grant for more than one year as a result of the same Performance Improvement Plan); and
	 
	 	•  	Actively at work on the Grant Date.
	 

VESTING: The shares awarded to you vest 25% per year over a four -year period, commencing on May 1, 20[___]. A summary of the vesting schedule is as
follows:

	 	 	 	 	 	 	 
	Anniversary of Grant Date	 	Vesting Percent	 	Vest Date
	1st Anniversary

	 	 	25%		 	May 1, 20[___]
	2nd Anniversary

	 	 	50%		 	May 1, 20[___]
	3rd Anniversary

	 	 	75%		 	May 1, 20[___]
	4th Anniversary

	 	 	100%		 	May 1, 20[___]

The shares cease to vest on the date your employment with Triton terminates for any reason. Any unvested shares will be forfeited.

 

 

TAX LIABILITY: This restricted stock award is considered “compensation” under the Internal Revenue Code and,
therefore, carries with it an income tax liability. By accepting this award, you agree to recognize the income tax
liability upon either the date you vest or the Grant Date as described below:

	 	1.  	On any vesting date, you may sell enough shares to satisfy the tax liability or pay the withholding tax
obligation by remitting a personal check to Triton for the appropriate amount of taxes.
	 
	 	2.  	Within thirty (30) days of the Grant Date, you may file an “83(b) election” with the Internal Revenue Service
to recognize as income 100% of the award’s fair market value as of the Grant Date. You will be required to remit
a payment equal to the tax liability with the 83(b) election. The 83(b) election and payment should be sent via
certified mail to the Internal Revenue Service. You must also send a copy of the 83(b) election and check used
for payment to the Payroll Department in Berwyn, PA (Attention: Laurie Marshall). Otherwise, Triton will
require taxes to be paid when you vest.

The restricted stock award is subject to tax treatment specific to capital gains or losses when the stock is eventually
sold. It is your responsibility to consult a tax advisor to determine and establish implications associated with any
grant, vest or sale.

RESTRICTIONS ON UNVESTED SHARES: You will have all of the rights of a stockholder with respect to the unvested shares
awarded to you, including the right to vote the shares and receive any dividends declared. Except for the escrow of
the shares with Triton’s record keeper or the transfer of unvested shares back to Triton upon their forfeiture, none of
the unvested shares can be transferred, encumbered or otherwise disposed of in any way by you.

SALES OF VESTED SHARES: The sale of vested shares may not occur until the tax liability with respect to the shares is
satisfied and the recordkeeper has updated the account accordingly. Typically, this takes 4 to 7 business days
following the receipt of the tax payment.

EMPLOYMENT “AT-WILL:” Employment with Triton is “at-will.” You or Triton may terminate your employment at any
time for any reason or for no reason. This restricted stock award does not in anyway change the “at-will” relationship
between you and Triton.

CHANGE IN CONTROL: Notwithstanding the vesting schedule, your unvested shares shall vest on the date a “change in
control” occurs (the “Change of Control Date”) as follows:

	(i)  	If your vested percentage in the shares is less than 50% on the Change of Control Date, then your vested percentage
for all of the shares shall be increased to 50% on such date; and the remaining unvested shares shall become fully
(i.e., 100%) vested if any of the following occur:

	 	(a)  	Your employment with Triton or its successor is terminated (except for cause) in connection
with the “change of control” or within one year after the Change of Control Date;
	 
	 	(b)  	You decline employment or, prior to the one-year anniversary of the Change of Control Date, terminate
your employment because you are offered a position that is not substantially similar to your position
immediately prior to the Change of Control Date or such new position is located more than thirty (30)
miles from your position held immediately prior to the Change of Control Date; or
	 
	 	(c)  	You remain in the employ of Triton or any successor entity for a period of one year after the Change of
Control Date.

	(ii)  	If your vested percentage in the shares is 50% or more on the Change of Control Date, your vested percentage for
all of the shares shall become fully (i.e., 100%) vested as of the Change of Control Date.

	 
	
As used herein, the term “change of control” shall have the meaning set forth in the Plan.

 

 

TERMS AND CONDITIONS OF PLAN: This Restricted Stock Award Agreement and
Notification is subject to the terms, conditions and restrictions set forth and
incorporated herein and contained in the Triton PCS Holdings Inc. Stock and
Incentive Plan, as amended and restated (the “Plan”). This is not a stock
certificate or a negotiable instrument. To the extent that any conflict may
exist between any term or provision of this Notification of Restricted Stock
Award and any term or provision of the Plan, the term or provision of the Plan
shall control. All questions of interpretation concerning this restricted
stock award are determined by the Compensation Committee of the Board of
Directors of Triton (the “Committee”). All determinations by the Committee
shall be final and binding upon all persons having or claiming an interest in
the shares. Unless otherwise determined by Triton’s Board of
Directors, the Committee may amend this restricted stock award at any time;
provided, however, that no such amendment may impair your rights with respect
to the shares without your consent.

 

 

NOTICE OF AWARD REFUSAL

To decline this award, please complete this Notice of Award Refusal and return by
[___] , 20[_].

	 	 	 
	To:

	 	Liz Callahan Fax to 610-993-2158 or mail to:
	

	 	Human Resources/ Berwyn
	 
	 	 
	From:
	 	 
	

	 	

	 
	 	 
	Date:
	 	 
	

	 	

Re: NOTICE OF AWARD REFUSAL

By signing and dating this Notice of Award Refusal, I acknowledge that I have
read the Notification Of Restricted Stock Award in full, understand the terms
and refuse acceptance of the 20[___] grant awarded under the Triton PCS
Holdings, Inc. Stock and Incentive Plan. I understand that my decision is
final and irrevocable.

	 	 	 
	ASSOCIATE SIGNATURE:

	 	DATE:
	 
	 	 
	

	 	

	PRINT NAME:

	 	SOCIAL SECURITY NUMBER:
	

	 	

Return the original form to Liz Callahan in the Berwyn office by
[___] , 20[_]. Please maintain a copy for your personal records.

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