Document:

exhibit4-7welwind.htm

     

    
      

      

    

    
      WELWIND
        ENERGY INTERNATIONAL CORPORATION

      2008
        EQUITY INCENTIVE PLAN

      STOCK
        AWARD AGREEMENT FOR
        STOCK UNITS

      

      

      Unless
        otherwise defined herein, capitalized terms shall have the defined meaning
        set
        forth in the Welwind Energy International Corporation 2008 Equity Incentive
        Plan. 

      1.    NOTICE
        OF STOCK UNIT GRANT

      

      You
        have
        been granted Stock Units, subject to the terms and conditions of the Plan
        and
        this Stock Award Agreement, as follows:

      
        	Name
                of Awardee:	 
	Total
                Number of Stock Units Granted:	 
	Grant
                Date:	 
	Vesting
                Commencement  Date:	 
	
                Vesting
                  Schedule:

              	
                The
                  first [25%]
                  of the Stock Units
                  subject to this Stock Award Agreement shall vest [on the
                  Vesting
                  Commencement Date], and
[25%]
                  of the Stock Units
                  subject to this Stock Award Agreement shall vest [each year
                  thereafter],
                  subject to the Awardee continuing to be a Service Provider on such
                  dates.

              

      

      

      2.    AGREEMENT

      

      2.1    Grant
        of Stock Units.
        Pursuant to the terms and conditions set forth in this Stock Award Agreement
        (including Section 1 above) and the Plan, the Administrator hereby grants
        to the Awardee named in Section 1, on the Grant Date set forth in
        Section 1, the number of Stock Units set forth in
        Section 1.

      

      2.2    Purchase
        of Stock
        Units. No payment of cash is required for the Stock Units.

      

      2.3    Vesting/Delivery
        of
        Shares.

      General.
        The Awardee
        shall vest in the granted Stock Units in accordance with the vesting schedule
        set forth in Section 1 above; provided, however, that the Awardee shall
        cease vesting in the granted Stock Units upon the Awardee's Termination of
        Service. [Notwithstanding
        the
        foregoing, the Awardee shall vest in all granted Stock Units if the Company
        is
        subject to a Change in Control before the Awardee's Termination of Service,
        and
        the Awardee is subject to a Termination of Service resulting from: (i) the
        Awardee's involuntary discharge by the Company (or the Affiliate employing
        him
        or her) for reasons other than Cause (defined below), death or Disability;
        or
        (ii) the Awardee's resignation for Good Reason (defined below) in anticipation
        of or within 24 months after the Change in Control.] Within [60]
        days following the date on
        which the Awardee vests in a Stock Unit, the Company shall deliver to the
        Awardee one Share for each Stock Unit in which the Awardee becomes vested
        and
        such Stock Unit shall terminate.

      

       [The
        term "Cause" shall mean (1) the
        Awardee's theft, dishonesty, or falsification of any documents or records
        of the
        Company or any Affiliate; (2) the Awardee's improper use or disclosure of
        confidential or proprietary information of the Company or any Affiliate that
        results or will result in material harm to the Company or any Affiliate;
        (3) any
        action by the Awardee which has a detrimental effect on the reputation or
        business of the Company or any Affiliate; (4) the Awardee's failure or inability
        to perform any reasonable assigned duties after written notice from the Company
        or an Affiliate, and a reasonable opportunity to cure, such failure or
        inability; (5) any material breach by the Awardee of any employment or service
        agreement between the Awardee and the Company or an Affiliate, which breach
        is
        not cured pursuant to the terms of such agreement; (6) the Awardee's conviction
        (including any plea of guilty or nolo contendere) of any criminal act which
        impairs the Awardee's ability to perform his or her duties with the Company
        or
        an Affiliate; or (7) violation of a material Company policy. The term "Good
        Reason" shall mean, as determined by the Administrator, (A) a material adverse
        change in the Awardee's title, stature, authority, or responsibilities with
        the
        Company (or the Affiliate employing him or her); (B) a material reduction
        in the
        Awardee's base salary or annual bonus opportunity; or (C) receipt of notice
        that
        the Awardee's principal workplace will be relocated by more than 50
        miles.]

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      2.4    Forfeiture
        of Stock
        Units. The unvested Stock Units shall automatically be forfeited upon the
        Awardee's Termination of Service.

      

      2.5    No
        Interest in Company
        Assets. The Awardee shall have no interest in any fund or specific asset
        of the Company by reason of the Stock Units.

      

      2.6    No
        Rights as a Stockholder
        Before Delivery. The Awardee shall not have any right, title, or interest
        in, or be entitled to vote or receive distributions in respect of, or otherwise
        be considered the owner of, any of the shares of Common Stock covered by
        the
        Stock Units.

      

      2.7    Regulatory
        Compliance. The issuance of Common Stock pursuant to this Stock Award
        Agreement shall be subject to full compliance with all applicable requirements
        of law and the requirements of any stock exchange or interdealer quotation
        system upon which the Common Stock may be listed or traded.

      

      2.8    Withholding
        Tax. The
        Company's obligation to deliver any Shares upon vesting of Stock Units shall
        be
        subject to the satisfaction of all applicable federal, state, local, and
        foreign
        income and employment tax withholding requirements. The Awardee shall pay
        to the
        Company an amount equal to the withholding amount (or the Company may withhold
        such amount from the Awardee's salary) in cash. At the Administrator's
        discretion, the Awardee may pay the withholding amount with Shares; provided,
        however, that payment in Shares shall be limited to the withholding amount
        calculated using the minimum statutory withholding rates.

      

              
               2.9      Plan.
        This Stock Award Agreement is subject
        to all provisions of the Plan, receipt of a copy of which is hereby acknowledged
        by the Awardee. The Awardee shall accept as binding, conclusive, and final
        all
        decisions and interpretations of the Administrator upon any questions arising
        under the Plan and this Stock Award Agreement.

      

      2.10    Successors.
        This
        Stock Award Agreement shall inure to the benefit of and be binding upon the
        parties hereto and their legal representatives, heirs, and permitted successors
        and assigns.

      

      2.11    Restrictions
        on
        Transfer. The Stock Units may not be sold, assigned, transferred,
        pledged, or otherwise encumbered, whether voluntarily or involuntarily, by
        operation of law or otherwise. No right or benefit under this Agreement shall
        be
        subject to transfer, anticipation, alienation, sale, assignment, pledge,
        encumbrance, or charge, whether voluntary, involuntary, by operation of law
        or
        otherwise, and any attempt to transfer, anticipate, alienate, sell, assign,
        pledge, encumber, or charge the same shall be void. No right or benefit
        hereunder shall in any manner be liable for or subject to any debts, contracts,
        liabilities, or torts of the person entitled to such benefits. Any assignment
        in
        violation of this Section 2.11 shall be void.

      

      2.12    Restrictions
        on
        Resale. The Awardee agrees not to sell any Shares that have been issued
        pursuant to the vested Stock Units at a time when Applicable Laws, Company
        policies, or an agreement between the Company and its underwriters prohibit
        a
        sale. This restriction shall apply as long as the Awardee is a Service Provider
        and for such period after the Awardee's Termination of Service as the
        Administrator may specify.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      2.13    Section
        409A.
        Notwithstanding anything herein or in the Plan to the contrary, this Stock
        Award
        Agreement is intended to comply with the requirements of Section 409A of
        the
        Code, and shall be interpreted in a manner consistent with that
        intention.

      

      2.14    Entire
        Agreement; Governing
        Law. This Stock Award Agreement and the Plan constitute the entire
        agreement of the parties with respect to the subject matter hereof and supersede
        in their entirety all prior undertakings and agreements of the Company and
        the
        Awardee with respect to the subject matter hereof, and may not be modified
        adversely to the Awardee's interest except by means of a writing signed by
        the
        Company and the Awardee. This Stock Award Agreement is governed by the internal
        substantive laws, but not the choice of law rules, of Delaware.

      

      2.15    No
        Guarantee of Continued
        Service. The vesting of the Stock Units pursuant to the vesting schedule
        hereof is earned only by continuing as a Service Provider at the will of
        the
        Company (and not through the act of being hired or being granted Stock Units).
        This Stock Award Agreement, the transactions contemplated hereunder, and
        the
        vesting schedule set forth herein constitute neither an express nor implied
        promise of continued engagement as a Service Provider for the vesting period,
        for any period, or at all, and shall not interfere with Awardee's right or
        the
        Company's right to terminate Awardee's relationship as a Service Provider
        at any
        time, with or without Cause.

      By
        the
        Awardee's signature and the signature of the Company's representative below,
        the
        Awardee and the Company agree that this Award is granted under and governed
        by
        the terms and conditions of this Stock Award Agreement and the Plan. The
        Awardee
        has reviewed this Stock Award Agreement and the Plan in their entirety, has
        had
        an opportunity to obtain the advice of counsel before executing this Stock
        Award
        Agreement and fully understands all provisions of this Stock Award Agreement
        and
        the Plan. The Awardee hereby agrees to accept as binding, conclusive and
        final
        all decisions or interpretations of the Administrator upon any questions
        relating to this Stock Award Agreement and the Plan.

      

      The
        Awardee further agrees that the Company may deliver by email all documents
        relating to the Plan or this Award (including prospectuses required by the
        Securities and Exchange Commission) and all other documents that the Company
        is
        required to deliver to its security holders (including annual reports and
        proxy
        statements). The Awardee also agrees that the Company may deliver these
        documents by posting them on a web site maintained by the Company or by a
        third
        party under contract with the Company.

      
        	AWARDEE:	 	 	WELWIND
                ENERGY
                INTERNATIONAL CORPORATION
	 
	 	
                 By:

              	 
	Signature	 	 	 
	 
	 	 Its:	 
	Printed
                Name	 	 	 
	 
	 	 	 
	Residence
                Address	 	 	 

      

      

      
        
          
            
            

          

          
            3ex10_1.htm

    
      Exhibit
        10.1

       

       

       

      SELECTIVE
        INSURANCE GROUP, INC.

      2005
        OMNIBUS STOCK PLAN

      RESTRICTED
        STOCK UNIT AGREEMENT

       

      This
        RESTRICTED STOCK UNIT AGREEMENT (the “Restricted Stock
        Unit
        Agreement”) is made and entered into as of [DATE] (the “Date of
        Grant”), by
        and between Selective Insurance Group, Inc., a New Jersey corporation (the
        “Company”) and
        [EMPLOYEE] (the “Recipient”).

       

      WHEREAS,
        the Salary and Employee Benefits Committee (the “Committee”) of the
        Board of Directors of the Company (the “Board”) has approved
        the grant of Restricted Stock Units pursuant to the Selective Insurance Group,
        Inc. 2005 Omnibus Stock Plan, as amended (the “Plan”), as
        hereinafter defined, to the Recipient as set forth below;

       

      NOW,
        THEREFORE, in consideration of the covenants and agreements herein contained,
        and intending to be legally bound hereby, the parties agree as
        follows:

       

      1.           
        Definitions.  Capitalized
        terms which are not defined herein shall have the meanings set forth in the
        Plan.

       

      2.           
        Grant of Restricted
        Stock Units.  The Company hereby grants to the Recipient an
        award of [NUMBER] Restricted Stock Units, subject to all of the terms and
        conditions of this Restricted Stock Unit Agreement and the Plan.

       

      3.           
        Lapse of
        Restrictions.  All Restricted Stock Units shall vest as set
        forth in this Section 3, and, except as herein provided, shall be forfeited
        upon
        the Recipient’s termination of employment with the Company and all its
        Subsidiaries.  The Restricted Stock Units shall become vested
        if:

       

      (a)           
        the Recipient is employed by the Company or any Subsidiary as of the applicable
        anniversary date set forth below (the “Vesting Date”); and

       

      (b)           
        [satisfaction of performance goals].

       

      Notwithstanding the foregoing,
        the
        Restricted Stock Units shall not be forfeited if the Recipient terminates
        employment with the Company and all its Subsidiaries prior to the Vesting
        Date
        solely as a result of the Recipient’s death, termination of employment on or
        after “Early Retirement Age” or “Normal Retirement Age,” as each is defined in
        the Retirement Income Plan for Selective Insurance Company of America (the
        “Retirement Income
        Plan”), or “Total Disability” as defined in the Retirement Income
        Plan.  However, except where the Recipient dies 

       

       

      
        
          Restricted
            Stock Unit Agreement (Performance Based)

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      while still employed by the
        Company or a Subsidiary, the Recipient shall not vest in any of his Restricted
        Stock Units unless the performance goals set forth in paragraph (b) are
        satisfied.

       

      
      

      
        	 	Date	Percentage
                Vested
	 	[Third
                anniversary
                of the Date of Grant]	[100%]1

      

       

       

      4.           
        Dividend
        Equivalents.  Following the vesting of a Restricted Stock Unit,
        the Recipient shall also be entitled to receive the Fair Market Value of
        that
        number of shares of Company Stock that would have been payable had the aggregate
        dividends paid with respect to a share of Company Stock during the period
        commencing on the date of grant of the Restricted Stock Unit and terminating
        on
        the date on which the Recipient is entitled to settlement of such Restricted
        Stock Unit pursuant to Section 6 of this Restricted Stock Unit Agreement
        (that
        is, on the Vesting Date, the Recipient’s date of death, the Recipient’s
        Separation from Service or the first business day following the expiration
        of
        six months following the Recipient’s Separation from Service, as applicable)
        been immediately reinvested in Company Stock on the dividend payment
        date.  All such dividend equivalents shall be subject to the same
        vesting and forfeiture requirements as apply to the Restricted Stock Units,
        and
        shall be paid to the Recipient in shares of Company Stock (with any fractional
        shares paid in cash) in accordance with, and at the same time as, settlement
        of
        the vested Restricted Stock Units to which they are related.

       

      5.           
        Restrictions on
        Transfer.  The Restricted Stock Units may not be sold,
        assigned, hypothecated, pledged or otherwise transferred or encumbered in
        any
        manner except (i) by will or the laws of descent and distribution or (ii)
        as may
        be permitted by the Committee pursuant to Section 22(c) of the
        Plan.

       

      6.           
        Settlement of
        Restricted Stock Units.

       

        
        (a)            Subject to
        the provisions of Section 15 of the Plan and this Section 6, the Company
        shall
        deliver to the Recipient (or, if applicable, the Recipient’s Designated
        Beneficiary or legal representative) that number of shares of Company Stock
        as
        is equal to the number of Restricted Stock Units covered by this Restricted
        Stock Unit Agreement that have become vested and nonforfeitable as soon as
        administratively practicable after the Vesting Date but in no event later
        than
        the end of the calendar year in which the Vesting Date occurs.

       

        
        (b)           
Notwithstanding paragraph (a) of this Section 6, if the Recipient dies prior
        to
        the Vesting Date while still employed by the Company or any of its Subsidiaries,
        then the Recipient shall be immediately vested in all his Restricted Stock
        Units
        and the Company shall deliver to the Recipient (or, if applicable, the
        Recipient’s Designated Beneficiary or legal representative) that number of
        shares of Company Stock as is equal to the number of Restricted Stock Units
        covered by this Restricted Stock Unit Agreement as soon as administratively
        practicable after the Recipient’s death, but in no event later than the end of
        the calendar year in which such death occurs.

       

       
        
          

        

      

      1    
[Actual
        dates and vesting percentages to be determined by the Committee at the time
        of
        grant.]
         

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

      

       

       

        
        (c)            If the
        Recipient is (or is reasonably expected to be) a “covered employee” within the
        meaning of Section 162(m) of the Code for the calendar year in which delivery
        of
        Company Stock and/or payment of dividend equivalents would ordinarily be
        made to
        the Recipient, the Company may delay delivery to the Recipient of that portion
        of the shares of Company Stock and/or the payment of that portion of the
        dividend equivalents for which the Company reasonably believes that Section
        162(m) of the Code will preclude the Company from taking a compensation expense
        deduction, until the Recipient’s “separation from service,” as such term is
        defined in Section 409A of the Code and Treas. Reg. Section 1.409A-1(h),
        from
        the Company (“Separation from Service”).  Notwithstanding the
        foregoing, if the Recipient is a “specified employee,” as such term is defined
        in Section 409A of the Code and Treas. Reg. Section 1.409A-1(i), of the Company
        at the time of his Separation from Service, then such delayed delivery of
        Company Stock or payment of dividend equivalents shall be made on the first
        business day following the expiration of six months following the Recipient’s
        Separation from Service.

       

      7.           
        No Rights as a
        Shareholder.  Until shares of Company Stock are issued, if at
        all, in satisfaction of the Company’s obligations under this Restricted Stock
        Unit Agreement, the Recipient shall have no rights as a
        shareholder.

       

      8.           
        Notices. 
        Any notice required or permitted under this Restricted Stock Agreement shall
        be
        deemed given when delivered personally, or when deposited in a United States
        Post Office, postage prepaid, addressed, as appropriate, to the Recipient
        either
        at the Recipient’s address as last known by the Company or such other address as
        the Recipient may designate in writing to the Company.

       

      9.           
        Securities Laws
        Requirements.  The Company shall not be obligated to transfer any
        shares of Company Common Stock issued in settlement of this Restricted Stock
        Unit grant from the Recipient to another party, if such transfer, in the
        opinion
        of counsel for the Company, would violate the Securities Act of 1933, as
        amended
        from time to time (or any other federal or state statutes having similar
        requirements as may be in effect at that time).  Further, the Company
        may require as a condition of transfer of any shares to the Recipient that
        the
        Recipient furnish a written representation that he or she is holding the
        shares
        for investment and not with a view to resale or distribution to the
        public.

       

      10.           
        Protections Against
        Violations of Constituent Documents.  No purported sale, assignment,
        mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in
        trust
        (voting or other) or other disposition of, or creation of a security interest
        in
        or lien on, any of the shares of Company Stock deliverable following the
        vesting
        of the Restricted Stock Units by any holder thereof in violation of the
        provisions of the Certificate of Incorporation or the By-Laws of the Company,
        shall be valid, and the Company will not transfer any of said shares of Company
        Stock on its books nor will the holder of any of said Company Stock be entitled
        to vote, nor will any dividends be paid thereon, unless and until there has
        been
        full compliance with said provisions to the satisfaction of the
        Company.  The foregoing restrictions are in addition to and not in
        lieu of any other remedies, legal or equitable, available to enforce said
        provisions.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      11.           
        Taxes.  The
        obligations of the Company under this Restricted Stock Unit Agreement shall
        be
        conditional on satisfaction of the Company’s legal tax withholding obligations
        and, unless the Recipient has made alternative arrangements satisfactory
        to the
        Company with respect to such tax withholding obligations, the Company will
        (1)
        withhold from the shares of Company Stock otherwise deliverable hereunder
        such
        number of shares as it determines is necessary to satisfy all applicable
        withholding tax obligations in respect of such shares, or (2) to the extent
        permitted by law, deduct any such taxes from any payment of any kind otherwise
        due to the Recipient by the Company.

       

      12.           
        Failure to Enforce
        Not
        a Waiver.  The failure of the Company to enforce at any time any
        provision of this Restricted Stock Agreement shall in no way be construed
        to be
        a waiver of such provision or of any other provision hereof.

       

      13.           
        Governing
        Law.  This Restricted Stock Unit Agreement shall be governed by and
        construed according to the laws of the State of New Jersey without regard
        to its
        principles of conflict of laws.

       

      14.           
        Amendments. 
        Except as otherwise provided in Section 16, this Restricted Stock Unit Agreement
        may be amended or modified at any time only by an instrument in writing signed
        by each of the parties hereto.

       

      15.           
        Survival of
        Terms.  This Restricted Stock Unit Agreement shall apply to and bind
        the Recipient and the Company and their respective permitted assignees and
        transferees, heirs, legatees, executors, administrators and legal
        successors.

       

      16.           
        Agreement Not
        a
        Contract for Services.  Neither the grant of Restricted Stock Unit,
        the execution of this Restricted Stock Unit Agreement nor any other action
        taken
        pursuant to this Restricted Stock Unit Agreement shall constitute or be evidence
        of any agreement or understanding, express or implied, that the Recipient
        has a
        right to continue to provide services as an officer, director, employee or
        consultant of the Company for any period of time or at any specific rate
        of
        compensation.

       

      17.           
        Severability. 
        If a provision of this Restricted Stock Unit Agreement is held invalid by
        a
        court of competent jurisdiction, the remaining provisions will nonetheless
        be
        enforceable according to their terms.  Further, if any provision is
        held to be over broad as written, that provision shall be amended to narrow
        its
        application to the extent necessary to make the provision enforceable according
        to applicable law and enforced as amended.

       

      18.           
        Incorporation
        of Plan;
        Acknowledgment.  The Restricted Stock Unit Award is granted pursuant
        to the Plan, and the Restricted Stock Units and this Restricted Stock Unit
        Agreement are in all respects governed by the Plan and subject to all of
        the
        terms and provisions thereof, whether such terms and provisions are incorporated
        in this Restricted Stock Unit Agreement by reference or are expressly
        cited.  By signing this Restricted Stock Agreement, the Recipient
        acknowledges having received and read a copy of the Plan.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS
        WHEREOF, the
        parties hereto have executed and delivered this Restricted Stock Unit Agreement
        on the day and year first above written.

       

      
      

      
        	 	SELECTIVE
                INSURANCE GROUP, INC.
	 	 
	 	By:
	 	Title:
	 	 
	 	 
	 	[EMPLOYEE]
	 	 
	 	 
	 	 
	 	[CURRENT
                DATE]

      

       

       

       

       

       

       

       

       

       

       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]