Document:

EX-10.4

Exhibit 10.4
AMSURG CORP.
RESTRICTED SHARE AWARD AGREEMENT

THIS RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”) is made and entered into as of ___________, 20__ (the “Grant Date”), between AmSurg Corp., a Tennessee corporation, together with its subsidiaries (the “Company”), and ____________ (the “Grantee”), under the Company’s 2014 Equity and Incentive Plan (the “Plan”).  Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Plan.

WHEREAS, the Company has adopted the Plan, which permits the issuance of restricted shares of the Company’s common stock, no par value per share (the “Common Stock”); and

WHEREAS, pursuant to the Plan, the Committee responsible for administering the Plan has granted an award of restricted shares to the Grantee as provided herein;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.Grant of Restricted Shares.

(a)The Company hereby grants to the Grantee an award (the “Award”) of ________ shares of restricted Common Stock (the “Shares” or the “Restricted Shares”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.

(b)The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the date on which the restrictions shall lapse in accordance with Sections 2, 3 and 4 hereof.

2.Terms and Rights as a Stockholder.

(a)Except as provided herein and subject to such other exceptions as may be determined by the Committee in its discretion, the “Restricted Period” for the Restricted Shares granted herein shall expire with respect to one-third of the Restricted Shares on each of the second anniversary, third anniversary and fourth anniversary of the date hereof.

(b)The Grantee shall have all rights of a stockholder with respect to the Restricted Shares, including the right to receive dividends and the right to vote such Shares as of the Grant Date, subject to the following restrictions: 

(i)the Grantee shall not be entitled to delivery of the stock certificate for any Shares until the expiration of the Restricted Period as to such Shares; 

(ii)none of the Restricted Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during the Restricted Period as to such Shares;

(iii)any dividends to which the Grantee may become entitled shall be withheld and paid only if and when the underlying Restricted Shares become vested; and 

(iv)except as otherwise determined by the Committee at or after the grant of the Award hereunder, any Restricted Shares (and any dividends accrued thereon) as to which the applicable “Restricted Period” has not expired shall be forfeited, and all rights of the Grantee to such Shares and accrued dividends shall terminate, without further obligation on the part of the Company, unless the Grantee remains in the continuous employment of the Company for the entire Restricted Period applicable to such Shares.

(c)Notwithstanding the foregoing, the Restricted Period shall automatically terminate as to all Restricted Shares awarded hereunder (as to which such Restricted Period has not previously terminated) upon the termination of the Grantee’s employment from the Company, a Subsidiary or Affiliate which results from Grantee’s Normal Retirement or Early Retirement, death or Disability (to be determined in the sole discretion of the Committee).

Any Shares, any other securities of the Company and any other property distributed with respect to the Restricted Shares shall be subject to the same restrictions, terms and conditions as such Restricted Shares.

3.Termination of Restrictions.  Following the termination of the Restricted Period, all restrictions set forth in this Agreement or in the Plan relating to such portion or all, as applicable, of the Restricted Shares shall lapse as to such portion or all, as applicable, of the Restricted Shares, and a stock certificate for the appropriate number of Shares, free of the restrictions and restrictive stock legend, shall, upon request, be delivered to the Grantee pursuant to the terms of this Agreement (or an appropriate book entry shall be made).

4.Change in Control.  In the event of a Change in Control in which the Company or the successor to the Company assumes (or substitutes substantially similar awards under its own applicable equity plan in accordance with Section 13.2(a) of the Plan) the Restricted Shares that have not yet terminated, if within one year following such Change in Control, a Participant’s employment with the Company (or its successor) is terminated by reason of (a) death; (b) disability; (c) Normal Retirement or Early Retirement; (d) for Good Reason by the Participant; or (e) involuntary termination by the Company for any reason other than for Cause, the Restricted Period shall automatically terminate as to all Restricted Shares awarded hereunder (as to which such Restricted Period has not previously terminated). In the event of a Change in Control in which the Company or the successor to the Company does not assume (or substitute substantially similar awards under its own applicable equity plan in accordance with Section 13.2(a) of the Plan) the Restricted Shares that have not yet terminated, the Restricted Period applicable to such Restricted Shares shall terminate immediately prior to such Change in Control (as to which such Restricted Period has not previously terminated).

5.Delivery of Shares.

(a)As of the date hereof, certificates representing the Restricted Shares shall be registered in the name of the Grantee and held by the Company or transferred to a custodian appointed by the Company for the account of the Grantee subject to the terms and conditions of the Plan and shall remain in the custody of the Company or such custodian until their delivery to the Grantee as set forth in Section 5(b) hereof or their reversion to the Company as set in Section 2(b) hereof.

(b)Certificates representing Restricted Shares in respect of which the applicable Restricted Period has lapsed pursuant to this Agreement shall be delivered to the Grantee upon request following the date on which the restrictions on such Restricted Shares lapse.

(c)Each certificate representing Restricted Shares shall bear a legend in substantially the following form or substance:

THIS SALE OR OTHER TRANSFER OF THE SHARES represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on transfer set forth in the AmSurg Corp. 2014 equity and Incentive Plan (the “Plan”) and the restricted share award agreement (the “award agreement”) between the grantee and amsurg corp.  A copy of the Plan and the award agreement may be obtained from the Secretary of AmSurg Corp.

6.Effect of Lapse of Restrictions.  To the extent that the Restricted Period applicable to any Restricted Shares shall have lapsed, the Grantee may receive, hold, sell or otherwise dispose of such Shares free and clear of the restrictions imposed under the Plan and this Agreement.

7.No Right to Continued Employment.  This Agreement shall not be construed as giving Grantee the right to be retained in the employ of the Company, and the Company may at any time dismiss Grantee from employment, free from any liability or any claim under the Plan.

8.Adjustments.  The Committee shall make equitable and proportionate adjustments in the terms and conditions of, and the criteria included in, this Award in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.2 of the Plan) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations, or accounting principles in accordance with the Plan.

9.Amendment to Award.  Subject to the restrictions contained in the Plan, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate the Award, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would adversely affect the rights of the Grantee or any holder or beneficiary of the Award shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected.

10.Withholding of Taxes.  If the Grantee makes an election under Section 83(b) of the Code with respect to the Award, the Award made pursuant to this Agreement shall be conditioned upon the prompt payment to the Company of any applicable withholding obligations or withholding taxes by the Grantee ("Withholding Taxes").  Failure by the Grantee to pay such Withholding Taxes will render this Agreement and the Award granted hereunder null and void ab initio and the Restricted Shares granted hereunder will be immediately cancelled.  If the Grantee does not make an election under Section 83(b) of the Code with respect to the Award, upon the lapse of the Restricted Period with respect to any portion of Restricted Shares (or property distributed with respect thereto), the Company shall satisfy the required Withholding Taxes as set forth by Internal Revenue Service guidelines for the employer's minimum statutory withholding with respect to Grantee and issue vested shares to the Grantee without restriction.  The Company shall satisfy the required Withholding Taxes by withholding from the Shares included in the Award that number of whole shares necessary to satisfy such taxes as of the date the restrictions lapse with respect to such Shares based on the Fair Market Value of the Shares.

11.Plan Governs.  The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.  The terms of this Agreement are governed by the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern.

12.Severability.  If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and Award shall remain in full force and effect.

13.Notices.  All notices required to be given under this Grant shall be deemed to be received if delivered or mailed as provided for herein, to the parties at the following addresses, or to such other address as either party may provide in writing from time to time.
	
				
	To the Company:
	 
	AMSURG
	 

	 
	 
	20 Burton Hills Boulevard
	 

	 
	 
	Nashville, Tennessee 37215
	 

	 
	 
	Attn:  Director of Human Resources

	 
	 
	 
	 

	 
	 
	 
	 

	To the Grantee:
	 
	The address then maintained with respect to the Grantee

	 
	 
	 in the Company’s records.

14.Governing Law.  The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the State of Tennessee without giving effect to conflicts of laws principles.

15.Successors in Interest.  This Agreement shall inure to the benefit of and be binding upon any successor to the Company.  This Agreement shall inure to the benefit of the Grantee’s legal representatives.  All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors.

16.Resolution of Disputes.  Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation, construction or application of this Agreement shall be determined by the Committee.  Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Company for all purposes.

IN WITNESS WHEREOF, the parties have caused this Restricted Share Award Agreement to be duly executed effective as of the day and year first above written.

	
			
	 
	AMSURG CORP.

	 
	 
	 

	 
	By:
	/s/ Christopher A. Holden

	 
	Name:
	Christopher A. Holden

	 
	Title:
	President and Chief Executive Officer

        
	
			
	 
	GRANTEE:

	 
	 
	 

	 
	 
	 

	 
	NAMEtomcarteremploymentagrmt.htm

Exhibit 10.1

 

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

That certain Executive Employment Agreement dated July 13, 2009, by and between Thomas E. Carter (“Executive”) and Nexstar Broadcasting Group, Inc. (“Company”) is hereby amended as follows:

1.           Paragraph 2 is amended to read as follows:

“2.           Term of Employment.  Unless terminated earlier as provided in Paragraph 3, the Company’s employment of Executive under this Agreement will continue until August 2, 2018; provided, however, that the term of employment under this Agreement will be automatically renewed for successive one-year periods (the first of which will commence August 3, 2018) unless, at least ninety (90) days prior to the end of the then current term of employment under this Agreement, Executive or the Company gives written notice to the other of the notifying party’s intent not to renew the term of employment under this Agreement as of the end of the then current term.”

2.           Paragraphs 4(a) and 4(b) are amended to read as follows:

“4.  Compensation.

(a)           Base Salary.                      During the term of this Amendment to the Agreement, Executive will be entitled to receive a base salary (“Base Salary”) at the annual rate specified below:

 

	
Period

	 	
Base Salary

	 
	
From August 3, 2014 to August 2, 2015

	 	$	550,000	 
	
From August 3, 2015 to August 2, 2016

	 	$	575,000	 
	
From August 3, 2016 to August 2, 2017

	 	$	600,000	 
	
After August 2, 2017

	 	$	625,000	 

 

(b)           Target Bonus.     After the end of each Company fiscal year during the term of this Agreement, Executive will be entitled to receive an annual bonus (the “Bonus”), in an amount, if any, up to the amount specified below (or in excess of such amount, as the CEO, with the approval of the Compensation Committee of the Company’s board of directors (the “Compensation Committee”), may determine is appropriate), pro-rated for any partial fiscal year during which Executive is employed by the Company pursuant to this Agreement, to be determined by the CEO, with the approval of the Compensation Committee, based on, among other things, whether the Company achieved the budgeted revenue and profit goals for such fiscal year:

 

	
Period

	 	
Base Salary

	 
	
For the 2014 Fiscal Year

	 	$	275,000	 
	
For the 2015 Fiscal Year

	 	$	287,500	 
	
For the 2016 Fiscal Year

	 	$	300,000	 
	
For the 2014 Fiscal Year and Thereafter

	 	$	312,500	”

 

 

  

  

  

 

3.           Section 4(d) is added:

“4.  Compensation.

	
  

	
 

	
 
(d) Grant of Restricted Stock.  Upon execution of the Amended Executive Employment Agreement, Executive will receive Restricted Stock equal to 12,500 shares of the Company’s Class A Common Stock will become vested in equal percentages on each August 1 beginning August 1, 2015 through and including August 1, 2018.”

4.           Section 5(c) is added:

“5.  Fringe Benefits.

	
  

	
 

	
 
(c) Automobile Allowance.  During the term of the Agreement, the Company will pay Executive a vehicle allowance in accordance with the Company Vehicle Policy, however, which in no case will be less than $750 per month.”

5.           Paragraph 6(b) is amended to read as follows:

“6.  Termination Payments.

(b)           In the event of termination of Executive’s employment pursuant to any of the following provisions:

Paragraph 3(c)                                           [Consolidation, Merger or Comparable Transaction]

Paragraph 3(e)                                           [By the Company Other Than For Cause]

Paragraph 3(f)                                           [Good Reason]

the Company will pay Executive the amounts described in Paragraph 6(a) plus an amount equal to twelve (12) months’ of Executive’s then current salary, plus an additional $11,400.00.

Without limiting the remedies available to the Company for breach by Executive of Paragraph 7, if Executive violates the provisions of Paragraph 7 after the termination of Executive’s employment with the Company in a manner reasonably determined by the Board to be injurious to the Company or any of its affiliates, then Executive will forfeit the right to any payments under this Paragraph 6 which are unpaid at the time such violation occurs.”

6.           Paragraph 10(b) is amended to read as follows:

“10.  Notices.

	
  

	
 

	
 
(b) If to the Company, then to Nexstar Broadcasting Group, Inc., 545 E. John Carpenter Freeway, Suite 700, Irving, TX  75062, Attention Perry A. Sook or as the Company may otherwise specify by prior written notice to Executive.”

 

  

  

  

  

 

	
7.

	
Paragraph 19(d) is amended to read as follows:

	
  

	
“19.  Binding Arbitration.

	
  

	
(d) Conduct of Arbitration.  The arbitration will be conducted in the Dallas, Texas, metropolitan area under the AAA Rules, as modified by any written agreement among the Persons involved in the Dispute in question.  The arbitrator will conduct the arbitration in a manner so that the final result, determination, finding, judgment or award determined by the arbitrator (the “Final Arbitration Award”) is made or rendered as soon as practicable, and the Persons involved will use reasonable efforts to cause a Final Arbitration Award to occur within ninety (90) days after the arbitrator is selected.  Any Final Arbitration Award will be final and binding upon all Persons and there will be no appeal from or reexamination of any Final Arbitration Award, except in the case of fraud, perjury or evident partiality or misconduct by the arbitrator prejudicing the rights of such Persons or to correct manifest clerical errors.”

8.           Headings.  The headings in the Paragraphs of this Amendment are inserted for convenience only and will not constitute a part of this Agreement.

 

9.           Severability.  The parties agree that if any provision of this Amendment is under any circumstances deemed invalid or inoperative, the Amendment will be construed with the invalid or inoperative provision deleted, and the rights and obligations of the parties will be construed and enforced accordingly.

 

10.           Governing Law.  This Amendment is governed by and construed in accordance with the internal law of the State of Delaware without giving effect to any choice of law or conflict provision or rule that would cause the laws of any jurisdiction other than the State of Delaware to be applied.

 

11.           Amendment; Modification.  This Amendment may not be amended, modified or supplemented other than in a writing signed by the parties hereto.

 

 

12.           Entire Agreement.  The Agreement as amended by this Amendment is hereby ratified in full and embodies the entire agreement between the parties hereto with respect to Executive’s employment with the Company, and there have been and are no other agreements, representations or warranties between the parties regarding such matters.

 

13.           Counterparts.  This Amendment may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute but one and the same instrument.

 

All other terms and conditions will remain unchanged.

 

  

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year written below.

 

 

	 /s/ Thomas E. Carter	 	/s/ Perry Sook 	 
	Thomas E. Carter	 	Perry Sook	 
	Executive	 	President & Chief Executive Officer	 
	 	 	Nexstar Broadcasting, Inc.	 
	 	 	 	 
	Date: August 1, 2014	 	 Date: August 1, 2014

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