Document:

exv10w25

 

Exhibit 10.25

MarineMax, Inc.

Director Fee Share Purchase Program

I. Effectiveness. This Director Fee Share Purchase Program (the “Program”) shall be
effective immediately upon its adoption by the Board of Directors (the “Board”) of MarineMax, Inc.
(the “Company”). The Program was adopted by the Board effective December 8, 2006.

II. Purpose. The purpose of this Program is to allow members of our Board (each a
“Director”) to use the cash fees they receive as Directors (the “Directors Fees”) to purchase
shares of the Company’s common stock (the “Shares”) from the Company without payment of a broker’s
fee and as an exempt purchase under Section 16 of the Securities and Exchange Act of 1934, as
amended (Section 16). It is the Company’s understanding that these purchases will also be exempt
from the stockholder approval requirements of Rule 303A.08 of the Corporate Governance Standards of
the New York Stock Exchange.

III Eligibility. All Directors who are paid Directors Fees are eligible to participate in
this Program.

IV Procedure for Purchasing Shares. For a Director to purchase Shares under the Program,
the following procedures shall be followed:

     A. At least ten (10) days prior to the end of the Company’s fiscal quarter, a Director may
notify the Company of the portion of his or her Directors Fees with respect to such quarter (in
whole percentages up to one hundred percent (100%)) that the Director would like to use to purchase
Shares. A Director may make either a one-time election for a quarter or an election effective for
all future Directors Fees until revoked by the Director in a written notice to the Company.

     B. At the end of each of the Company’s fiscal quarters (each a “Payment Date”), the Company
shall calculate the number of whole Shares purchasable (rounding down to the nearest whole Share)
using the closing sales price of the Shares on the primary stock exchange on which the Shares are
traded on the Payment Date.

     C. Any cash amounts remaining after the purchase (i.e., the amount that would not equal a
whole Share) shall be paid out in cash as part of the Directors Fees.

     D. The Shares purchased by the Director shall, at the election of the Director, either be (i)
issued to the Director in certificate form or (ii) issued in street name to the broker designated
by the Director.

IV Administration. The Board shall administer this Program. As the Administrator, the
Board may make all determinations and decisions regarding the operation and interpretation of this
Program. The Board may amend or terminate this Program at any time, provided no amendment or
termination shall effect the issuance of shares after the end of the fiscal quarter of the Company
in which the related Directors Fees were earned.

1Exhibit 10.1 Form of Restricted Stock Unit Agreement

    

      EXHIBIT 10.1

      
        
          

        

      

       

      RESTRICTED
        STOCK UNIT AWARD NO. _____

       

      AGL
        RESOURCES INC.

       

      LONG-TERM
        INCENTIVE PLAN (1999)

       

      RESTRICTED
        STOCK unit AGREEMENT 

       

      This
        Agreement between AGL Resources Inc. (the “Company”) and the Recipient sets
        forth the terms of the Restricted Stock Units awarded under the above-named
        Plan. 

       

      Name
        of Recipient: 

       

      Date
        of Award:    Number
        of Restricted Stock Units: 

       

      Performance
        Measurement Period: 

      

      Performance
        Measure:
        The
        performance measure for this Award relates to [insert specific performance
        measure goal applicable to individual recipient], one of the performance
        measures enumerated in Section 5.2 of the Plan. 

      

      At
        the
        end of the Performance Measurement Period, the Restricted Stock Units will
        be
        eligible for vesting, provided,
        that, the
        Company’s [insert applicable performance measure] meets or exceeds [insert
        applicable performance measure goal], as certified by the Compensation and
        Management Development Committee of the Board of Directors of the Company
        (the
“Committee”). The last sentence of Section 8.5 of the Plan shall not apply to
        the award evidenced by this Agreement. 

       

      Vesting:
        At
        the
        end of the Performance Measurement Period and upon certification by the
        Committee (the “Certification Date”), the Restricted Stock Units shall be
        converted into an equal number of shares of Company common stock, and such
        shares of common stock shall be issued to the Recipient within a reasonable
        period of time pursuant to the terms of the Plan. 

       

      Upon
        issuance of the common stock, such shares shall become vested and nonforfeitable
        as follows:

       

      	·  	
              [insert]
                shall vest as of each anniversary date of the Certification
                Date.

            

       

      Upon
        a
        change in control of the Company, (i) the Restricted Stock Units shall be
        converted into an equal number of shares of Company common stock and become
        immediately 100% vested and nonforfeitable and (ii) any outstanding nonvested
        shares of Restricted Stock will become immediately 100% vested and
        nonforfeitable.

       

      Shareholder
        rights:
        Upon
        issuance of the common stock, the Recipient will have immediate rights of
        ownership in the stock, including the right to vote the stock and receive
        dividends on the stock. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Forfeiture;
        termination of employment: Subject
        to the terms of the Plan and the terms set forth above, in the event that
        the
        Committee does not certify the attainment of the performance criteria set
        forth
        above, the Restricted Stock Units under this Agreement shall be forfeited
        immediately.

      

      In
        addition, unless the Committee decides otherwise, all Restricted Stock Units
        and
        shares of Restricted Stock covered hereunder that remain subject to restriction
        upon the Recipient’s termination of employment for any reason (including death,
        disability or retirement under the terms of the Company’s Retirement Plan, or
        any other retirement plan approved by the Board, for that purpose) will be
        forfeited as of the date of such termination of employment.

       

      Tax
        Withholding: At
        the
        time the shares of Restricted Stock vest, the Recipient must pay to the Company
        an amount necessary to cover minimum required income tax and other withholdings
        required by law. The Recipient may satisfy the withholding requirements by
        any
        one or a combination of the following methods: 

       

      (a)
        cash,
        or 

       

      (b)
        withholding shares of common stock that are otherwise vested under the
        Restricted Stock Unit Agreement.

       

      Except
        as
        provided herein, this Restricted Stock Unit Agreement is subject to the terms
        and conditions of the Plan. The Recipient has received a copy of the Plan’s
        prospectus, including a copy of the Plan. The Recipient agrees to the terms
        of
        this Restricted Stock Unit Agreement, which may be amended only upon a written
        agreement signed by the parties hereto.

       

      This
        ___
        day of ______ 20___

       

      
        	
                AGL
                  RESOURCES INC.

                 

              	
                RECIPIENT:

                 

              
	 	
                 

                 

                ____________________________Exhibit 10.2 Form of Performance Cash Unit Agreement

    

      EXHIBIT 10.2

      
        
          

        

      

       

       

      PERFORMANCE
        UNIT AWARD NO. __________

       

      AGL
        RESOURCES INC.

       

      LONG-TERM
        INCENTIVE PLAN (1999)

       

      PERFORMANCE CASH UNIT
        AGREEMENT 

       

      This
        Agreement between AGL Resources Inc. (the “Company”) and the Recipient sets
        forth the terms of the Performance Units awarded under the above-named Plan.
        

       

      Name
        of Recipient: 

       

      Date
        of Award:            Performance
        Multiple: [1]x

       

      Target
        Performance Units: $ 

       

      Performance
        Measurement Period: 

      

      Performance
        Measurement:
        The
        performance measure (PM) for this Award will be the Company’s [insert specific
        performance measure goal applicable to individual recipient], one of the
        performance measures enumerated under Section 5.2 of the Plan.

       

      Performance
        Calculation: At
        the
        end of the Performance Measurement Period, the Performance Units will vest
        based
        on the increase in the PM during the Performance Measurement Period in
        accordance with the following formula:

       

      

       

      Base
        Pay x Performance Multiple x PM % = Actual Award

       

      

       

      In
        particular, the performance calculation shall be determined as
        follows:

       

      	·  	
              Base
                pay shall be the Recipient’s base pay as of
                [insert].

            

       

      	·  	
              Performance
                Multiple is set forth in this Performance Unit
                Agreement.

            

       

      	·  	
              PM
                shall be calculated as of the end of the Performance Measurement
                Period.
                

            

       

      	·  	
              PM
                shall be calculated to two decimal
                places.

            

       

      Threshold,
        Target and Maximum Payout:
        Threshold payout is calculated at 6% PM growth. Target payout is calculated
        at
        10% PM growth. Maximum payout is calculated at 14% PM growth or more. If
        PM
        growth is less than 6%, then no payout shall be made and the Performance
        Units
        shall be forfeited. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Following
        is an example of threshold, target and maximum payouts under this
        Agreement:

       

      Represents
        Base x Multiple x PM

       

      
        	
                Name

                 

              	
                Perf
                  Period

                 

              	
                Base
                  Pay ($)

                 

              	
                Perf
                  Multiple

                 

              	
                Threshold
                  Payout @ 6% ($)

                 

              	
                Target
                  Payout @ 10%($)

                 

              	
                Maximum
                  Payout @ 14% ($)

                 

              
	 	
                 

                 

                [insert]

                 

              	
                 

                 

                $

                 

              	
                 

                 

                [1]x

                 

              	
                 

                 

                $

                 

              	
                 

                 

                $

                 

              	
                 

                 

                $

                 

              

      

       

      Vesting:
        At
        the
        end of the Performance Measurement Period and upon certification of the PM
        by
        the Compensation and Management Development Committee, the Performance Units
        shall be payable in cash to the Recipient within a reasonable period of time
        pursuant to the terms of the Plan. 

       

      Forfeiture
        of units; termination of employment: Subject
        to the terms of the Plan and the terms set forth above, in the event that
        the
        Committee does not certify the attainment of the threshold performance criteria
        set forth above, the Performance Units under this Agreement shall be forfeited
        immediately.

      

      In
        addition, unless the Committee decides otherwise, all Performance Units covered
        hereunder that remain subject to restriction upon the Recipient’s termination of
        employment for any reason (including death, disability or retirement under
        the
        terms of the Company’s Retirement Plan, or any other retirement plan approved by
        the Board, for that purpose) will be forfeited as of the date of such
        termination of employment.

       

      Tax
        Withholding: At
        the
        time the Performance Units vest, the Recipient must pay to the Company an
        amount
        necessary to cover minimum required income tax and other withholdings required
        by law. The Recipient may satisfy the withholding requirements by any one
        or a
        combination of the following methods: 

       

      (a)
        cash,
        or 

       

      (b)
        withholding Performance Units that are otherwise vested under this Performance
        Unit Agreement.

       

      Except
        as
        provided herein, this Performance Unit Agreement is subject to the terms
        and
        conditions of the Plan. The Recipient has received a copy of the Plan’s
        prospectus, including a copy of the Plan. The Recipient agrees to the terms
        of
        this Performance Unit Agreement, which may be amended only upon a written
        agreement signed by the parties hereto.

       

      This
        ___
        day of ________ 20

       

      
        	
                AGL
                  RESOURCES INC.

                 

              	
                RECIPIENT:

                 

              
	 	
                 

                 

                ____________________________

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