Document:

EX-10.6 RESTRICTED STOCK AWARD AGREEMENT

 

EXHIBIT 10.6

CRAWFORD & COMPANY

EXECUTIVE STOCK BONUS PLAN

RESTRICTED STOCK AWARD AGREEMENT

     THIS AGREEMENT, entered into as of the Grant Date, by and between the Participant and Crawford
& Company (the “Company”);

     WHEREAS, the Company maintains the Crawford & Company Executive Stock Bonus Plan (the “Plan”),
which is incorporated into and forms a part of this Agreement, and the Participant has been
selected by the committee administering the Plan (the “Committee”) to receive an Award of
Restricted Stock under the Plan;

     NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows:

     1. Terms of Award and Definitions. For following terms used in this Agreement shall have the
meanings set forth in this Section 1:

     (a) Date of Termination. The Participant’s “Date of Termination” shall be the first
day occurring on or after the Grant Date on which the Participant is neither employed by the
Company or any Subsidiary Corporation; provided that a termination shall not be considered
to have occurred while the Participant is on an approved leave of absence from the Company
or a Subsidiary Corporation. If, as a result of a sale or other transaction that does not
constitute a Terminating Event, the Participant’s employer is or becomes an entity that is
separate from the Company or any Subsidiary Corporation, the occurrence of such transaction
shall be treated as the Participant’s Date of Termination caused by the Participant being
discharged by the employer.

     (b) Designated Beneficiary. The “Designated Beneficiary” shall be the beneficiary or
beneficiaries designated by the Participant in a writing filed with the Committee in such
form and at such time as the Committee shall require.

     (c) Disability. Except as otherwise provided by the Committee, the Participant shall
be considered to have a “Disability” if he is eligible for disability payments under the
Company’s long-term disability plan.

     (d) Grant Date. The “Grant Date” is October 24, 2006.

     (e) Participant. The “Participant” is W. Bruce Swain.

     (f) Retirement. “Retirement” of the Participant shall mean, with the approval of the
Committee, the occurrence of the Participant’s Date of Termination on or after the date the
Participant attains age 65.

     (g) Restricted Period. The “Restricted Period” is the period beginning on the Grant
Date and ending on the Vesting Date.

 

 

     (h) Restricted Stock. The number of shares of “Restricted Stock” awarded under this
Agreement shall be six thousand (6,000) shares.

     (i) Vesting Date. The “Vesting Date” is the date the Period of Restriction shall end
and the Shares of Restricted Stock shall be owned free and clear of any restrictions by the
Participant except as otherwise provided in Section 5(a). The shares of Restricted Stock
shall vest on the applicable Vesting Date as set forth on the following schedule, provided
the Participant’s Date of Termination has not occurred on or before such Vesting Date.

	 	 	 
	Number of Shares	 	Vesting Date
	20% of the Restricted Stock Award

	 	December 31, 2007
	20% of the Restricted Stock Award

	 	December 31, 2008
	20% of the Restricted Stock Award

	 	December 31, 2009
	20% of the Restricted Stock Award

	 	December 31, 2010
	20% of the Restricted Stock Award

	 	December 31, 2011

Except where the context clearly implies or indicates the contrary, a word, term, or phrase
used in the Plan is similarly used in this Agreement.

     2. Award. The Participant is hereby granted the number of shares of Restricted Stock set forth
in Section 1.

     3. Dividends and Voting Rights. The Participant shall be entitled to receive any dividends
paid with respect to shares of Restricted Stock that become payable during the Restricted Period;
provided, however, that no dividends shall be payable to or for the benefit of the Participant with
respect to record dates occurring prior to the Grant Date, or with respect to record dates
occurring on or after the date, if any, on which the Participant has forfeited the Restricted
Stock. The Participant shall be entitled to vote the shares of Restricted Stock during the
Restricted Period to the same extent as would have been applicable to the Participant if the
Participant was then vested in the shares; provided, however, that the Participant shall not be
entitled to vote the shares with respect to record dates for such voting rights arising prior to
the Grant Date, or with respect to record dates occurring on or after the date, if any, on which
the Participant has forfeited the Restricted Stock.

     4. Deposit of Shares of Restricted Stock. Each certificate issued in respect of shares of
Restricted Stock granted under this Agreement shall be registered in the name of the

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Participant and shall be deposited in a bank designated by the Committee. The grant of
Restricted Stock is conditioned upon the Participant endorsing in blank a stock power for the
Restricted Stock.

     5. Transfer and Forfeiture of Shares.

     (a) Except as otherwise provided in this Agreement, and provided the Participant’s Date
of Termination does not occur during the Restricted Period, then, at the end of the
Restricted Period, the Participant shall become vested in the shares of Restricted Stock,
and shall own the shares free of all restrictions otherwise imposed by this Agreement. The
Participant shall become vested in the shares of Restricted Stock, and become owner of the
shares free of all restrictions otherwise imposed by this Agreement, prior to the end of the
Restricted Period, as follows:

     (i) The Participant shall become vested in the shares of Restricted Stock as of
the Participant’s Date of Termination prior to the Vesting Date, if the
Participant’s Date of Termination occurs by reason of the Participant’s termination
without “cause” (solely as determined by the Committee), Retirement, death or
Disability; and

     (ii) The Participant shall become vested in the shares of Restricted Stock as
of the date of a Terminating Event, if the Terminating Event occurs prior to the end
of the Restricted Period, and the Participant’s Date of Termination does not occur
before the Terminating Event date.

     (b) Otherwise, shares of Restricted Stock may not be sold, assigned, transferred,
pledged or otherwise encumbered until the expiration of the Restricted Period or, if
earlier, until the Participant is vested in the shares. Except as otherwise provided in
this Section 5, if the Participant’s Date of Termination occurs prior to the end of the
Restricted Period, the Participant shall forfeit the Restricted Stock as of the
Participant’s Date of Termination.

     6. Heirs and Successors.

     (a) This Agreement shall be binding upon, and inure to the benefit of, the Company and
the Participant and their respective heirs, executors, administrators, successors and
assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets
or otherwise, all or substantially all of the Company’s assets and business.

     (b) If any rights exercisable by the Participant or benefits deliverable to the
Participant under this Agreement have not been exercised or delivered, respectively, at the
time of the Participant’s death, such rights shall be exercisable by the Designated
Beneficiary, and such benefits shall be delivered to the Designated Beneficiary, in
accordance with the provisions of this Agreement and the Plan.

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     (c) If a deceased Participant has failed to designate a beneficiary, or if the
Designated Beneficiary does not survive the Participant, any rights that would have been
exercisable by the Participant and any benefits distributable to the Participant shall be
exercised by or distributed to the legal representative of the estate of the Participant.

     (d) If a deceased Participant has designated a beneficiary but the Designated
Beneficiary dies before the Designated Beneficiary’s exercise of all rights under this
Agreement or before the complete distribution of benefits to the Designated Beneficiary
under this Agreement, then any rights that would have been exercisable by the Designated
Beneficiary shall be exercised by the legal representative of the estate of the Designated
Beneficiary, and any benefits distributable to the Designated Beneficiary shall be
distributed to the legal representative of the estate of the Designated Beneficiary.

     7. Withholding. The Participant hereby consents to whatever action the Committee directs to
satisfy the minimum statutory federal and state tax withholding requirements, if any, that the
Committee in its discretion deems applicable to the Award of Restricted Stock or the satisfaction
of any forfeiture or vesting conditions with respect to such Award. The Participant may elect to
satisfy such minimum federal and state tax withholding requirements through a reduction in the
number of shares of Stock actually transferred to him or to her under the Plan. No withholding
shall be effected under the Plan that exceeds the minimum statutory federal and state withholding
requirements.

     8. Administration. The authority to manage and control the operation and administration of
this Agreement shall be vested in the Committee, and the Committee shall have all powers with
respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement
by the Committee and any decision made by it with respect to the Agreement is final and binding on
all persons.

     9. Securities Registration. Upon the receipt of Stock pursuant to the terms of this
Agreement, the Participant shall, if so requested by the Company, (a) hold such Stock for
investment and not with a view of resale or distribution to the public and (b) deliver to the
Company a written statement satisfactory to the Company to that effect.

     10. Other Laws. The Company shall have the right to refuse to issue or transfer any Stock
under this Agreement if the Company, acting in its absolute discretion, determines that the
issuance or transfer of such Stock might violate any applicable law or regulation.

     11. Disposition of Shares. The Participant shall, so long as he or she remains an employee of
the Company or Subsidiary Corporation, be obligated to notify the Company in the case of each sale
or other disposition of any Stock acquired pursuant to the terms of this Agreement, such notice to
be given to the Company immediately upon the occurrence of any such sale or other disposition.

     12. No Contract of Employment. Neither the Plan, this Agreement nor any related material
shall give the Participant the right to continue in employment by the
Company or by a Subsidiary Corporation or shall adversely affect the right of the Company or a Subsidiary
Corporation to terminate the Participant’s employment with or without cause at any time.

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     13. Plan Governs. Notwithstanding anything in this Agreement to the contrary, the terms of
this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the
Participant from the office of the Secretary of the Company; and this Agreement is subject to all
interpretations, amendments, rules and regulations promulgated by the Committee from time to time
pursuant to the Plan.

     14. Governing Law, Jurisdiction and Venue. The Plan and this Agreement shall be governed by
the laws of the State of Georgia and the jurisdiction and venue of any suit, action, or other
proceeding relating to this Agreement, including the enforcement of any rights under this Agreement
shall be in the Superior Court of Fulton County, Georgia and the United States District Court for
the Northern District of Georgia. Any process or notice in connection with such suit, action or
other proceeding may be served by certified or registered mail or personal service within or
without the State of Georgia, provided a reasonable time for appearance is allowed.

     15. Amendment.

     (a) The Committee may amend this Agreement by written agreement of the Participant and
the Company, without the consent of any other person.

     (b) Notwithstanding Section 11(a), the Committee shall have the right to amend this
Agreement unilaterally or to withhold or otherwise restrict the transfer of any Stock under
this Agreement to the Participant as the Committee deems appropriate in order to satisfy any
condition or requirement under Rule 16b-3 to the extent Rule 16 of the 1934 Act might be
applicable to such grant or transfer.

     IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused
these presents to be executed in its name and on its behalf, all as of the Grant Date.

	 	 	 	 	 
	Crawford & Company
	 	 	 	 
	 
	 	 	 	 
	/s/ Thomas W. Crawford
 

	 	 	 	 
	Thomas W. Crawford
	 	 	 	 
	President & CEO

	 	 	 	/s/ W. B. Swain
	 

	 	 	 	W. Bruce Swain
	 
	 	 	 	 
	 

	 	 	 	November 7, 2006
	 

	 	 	 	Date

	 	 	 
	Company

	 	Participant

5EX-10.0 Agreement with Elliott Wiener

 

Exhibit 10.0

August 28, 2006

Mr. Elliott Wiener

Levitt and Sons, LLC

7777 Glades Road

Suite 410

Boca Raton, Florida 33434.4198

Dear Elliott:

     Below please find the details of your future employment relationship with Levitt and Sons, LLC
(the “Company”), including the terms of your salary and benefits continuation. When executed by
you and returned to the Company this letter will be presented to the Compensation Committee of
Levitt Corporation for its approval. If the Compensation Committee of Levitt Corporation approves
this letter then this letter shall thereupon become effective as an amendment to your employment
agreement with the Company dated July 19, 2001 (the “Employment Agreement”), and from and after the
date of such approval this letter and the Employment Agreement shall constitute the entire
agreement between the Company and you concerning your employment relationship. If the Compensation
Committee of Levitt Corporation does not approve this letter then it and all of its provisions
shall be null and void and of no force or effect, but the Employment Agreement shall remain in full
force and effect in accordance with its terms. Subject to the approval of the Compensation
Committee of Levitt Corporation:

     1. Base Salary; Incentive Compensation. Your base salary will be increased to
$600,000 per year, paid via regular semi-monthly payroll installments, less applicable taxes,
withholdings and authorized deductions, effective as of and retroactive to January 1, 2006. Your
annual incentive plan in accordance with the provisions of Section 3(b) of the Employment Agreement
and the Performance-Based Annual Incentive Plan is currently 3% of the Company’s pre-tax earnings,
assuming the achievement on an annual basis of at least 15% after-tax return on equity. This
incentive plan is subject to change from time to time, as and to the extent determined by mutual
agreement between you and the Company in accordance with the provisions of Section 3(b) of the
Employment Agreement. Any incentive payment to which you are entitled will be paid in cash no
later than March 15th of the year following the year to which the bonus relates.

     2. Status of Existing Employment Agreement. Except as amended by this letter, the
Employment Agreement shall remain in full force and effect. The term of the Employment Agreement
is extended through and including, and will now expire on, December 31, 2008. The automatic
renewal provision provided in Section 2 of the Employment Agreement is hereby

 

 

terminated and of no further force and effect. During the period through December 31, 2008
(or such earlier date as provided in the following paragraph), you will continue to perform your
duties as provided in Section 5 of the Employment Agreement.

     3. Chairman Emeritus Service. After December 31, 2008 (or at any time prior to
January 1, 2009 as you may elect by written notice to the Company, or as the Company may elect by
written notice to you in the event of your Disability (as defined below)), you will serve as
Chairman Emeritus (“CE”) of the Company for a period of five (5) years after the date on which you
become CE. During this time, your duties will be commensurate with that of a CE and your prior
position. The Company and you acknowledge that, depending upon several factors that are unknown at
this time, your change in status to CE may be required to be treated as a “separation from service”
within the meaning of Section 409A of the Internal Revenue Code (“Section 409A”) but only for
purposes of 409A and not other purposes. You and the Company will evaluate compliance with Section
409A as appropriate when you begin service as CE.

     4. Payment For CE Service. As CE and subject to the limitations of the following
paragraph, you will continue as an employee of the Company and be entitled to receive (i) your base
salary in the amount of $600,000 per year, paid via regular semi-monthly payroll installments, less
applicable taxes, withholdings and authorized deductions, and (ii) coverage under then-current
benefit programs on the same basis as the benefit programs offered to other employees of Levitt
Corporation or its subsidiaries, for so long as you otherwise remain eligible for coverage under
those benefit programs. Options that were granted to you previously will continue to vest as
scheduled as outlined in the applicable plan document.

     5. Tax Compliance Delay. If you are deemed to be a “specified employee” (within the
meaning of Section 409A) at the time of the change in your service status with the Company to CE,
the payment of your base salary will accrue (but not be currently paid) for a period of six (6)
months following such change in service status (the “409A Delay Period”). Upon the expiration of
the 409A Delay Period, payment of your base salary will recommence in the same manner and on the
same basis as in effect immediately prior to your change in service status, and you will be
entitled to an immediate lump-sum payment equal to six (6) months’ of your base salary, less
applicable taxes and withholdings and authorized deductions. In addition, any benefits which are
treated as nonqualified deferred compensation under Section 409A shall be provided to you during
the 409A Delay Period only to the extent that you pay the full cost for such benefits during the
409A Delay Period. At the end of the 409A Delay Period, the Company shall promptly reimburse you
for such paid costs. You shall not be entitled to any interest on or in respect of any amounts of
base salary accrued for your benefit during the 409A Delay Period or any costs advanced by you for
benefits during the 409A Delay Period.

     6. Disability; Death. You shall be deemed “Disabled” if you satisfy the conditions
for “disability” specified in section 6(a) of your Employment Agreement. If you die before or
after your change in status to CE, in addition to the amounts, if any, otherwise due under the
Employment Agreement, the remainder of the five (5) year Base Salary shall be paid to your estate
via regular semi-monthly payroll installments, less applicable taxes, withholdings and authorized
deductions, in accordance with the Company’s usual payroll procedures. Any amounts otherwise due
under the Employment Agreement (other than any incentive amount due

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under Section 3(b) of the Employment Agreement) will be paid to your estate in a lump sum as
provided in the Employment Agreement. If your death occurs before payment of any incentive amount
due under Section 3(b) of the Employment Agreement, your estate also will receive the incentive
amount for the previous fiscal year in a lump sum payment as provided below. The Company will pay
any lump sum amount due under this paragraph within thirty days after your death, assuming a
personal representative for your estate has been appointed by that date or, if not, as soon as
reasonably practicable after the Company receives a certified copy of the applicable Order of the
Court appointing such personal representative. The Company will pay any incentive payments due
under Section 3(b) of the Employment Agreement in a lump sum no later than March 15th of
the year following the year to which the bonus relates, assuming a personal representative for your
estate has been appointed by that date or, if not, as soon as reasonably practicable after the
Company receives a certified copy of the applicable Order of the Court appointing such personal
representative.

     7. Benefits Matters.

          a. Your contribution to the costs of the medical and the dental plans that you may elect from
time to time shall be made on a pre-tax basis and will continue at the same rate as all employees
of Levitt Corporation and its subsidiaries, subject to the limitations imposed by Section 409A as
described above. Life and Accidental Death and Dismemberment coverage, plus Long Term Disability
coverage, shall be provided at no cost as part of, and on the same general terms as, the Levitt
Corporation benefit program. These insurance coverages do have a reduction schedule for all
employees. For example, the basic life and accidental death and dismemberment coverage was reduced
by 50% when you reached age seventy (70). In addition, you will continue to be covered under the
Guardian and Union insurance programs according to the coverage terms provided to you as an
employee of Levitt Corporation.

          b. Subject to the foregoing provisions, applicable law, and the terms of such plans as they
may exist from time to time, during the term of the Employment Agreement and your term as CE you
will continue to be eligible to participate in the Levitt Corporation flexible benefit program
available to employees of Levitt Corporation and its subsidiaries as well as the Levitt Corporation
Security Plus Plan, for so long as you otherwise remain eligible for coverage under those benefit
plans.

     8. Restricted Activities.

          a. You continue to be bound by the terms of the agreement between you and the Company that you
executed January 28, 2004, which agreement applies during your employment, including your service
as CE, and thereafter as provided in that agreement.

          b. Further, and without limiting the generality of the foregoing, you agree that you will not,
at any time during the six (6) months following the termination of your employment (whether before
or after the date on which you first serve as CE) (the “Termination Date”), directly or indirectly,
whether as an a principal, joint venturer, officer, director, proprietor, employer, partner,
independent contractor, investor (other than as a holder solely as an investment of less than 2% of
the outstanding capital stock of a publicly traded corporation),

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consultant, advisor, broker, facilitator, agent or otherwise acquire (other than by will or by
the laws of descent and distribution or pursuant to a “qualified domestic relations order” as
defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended,
and the rules and regulations thereunder), offer to acquire, agree to acquire, offer for sale,
agree to sell, sell, offer for lease or lease any (a) real property or improvement to any real
property that is within ten (10) miles of any Company real property; (b) real property or
improvement to any real property on which the Company is negotiating for purchase, sale or lease,
or (c) any real property or improvement to real property on which, at any time during the 180-day
period prior to the Termination Date, the Company has engaged in discussions or negotiation for
purchase sale or lease, irrespective of whether the Company’s negotiation resulted in a
transaction, contract, letter of intent, or memorandum of understanding as of or prior to the
Termination Date.

     I would like to personally thank you for everything you’ve done to ensure Levitt’s success,
and I look forward to working closely with you to accomplish our vision of Levitt becoming a
National Homebuilder.

	 	 	 	 	 
	 	Sincerely,

Levitt and Sons, LLC

 	 
	 	By:  	/s/ Alan B. Levan
 	 
	 	 	Name:  	Alan B. Levan 	 
	 	 	Title:  	Chairman 	 
	 

Accepted and agreed to:

/s/
Elliott M. Wiener                    

Elliott M. Wiener

8/17/06          

Date

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