Document:

2014 OGE 10-K - Ex. 10.54

Exhibit 10.54

OGE ENERGY CORP. 
FORM OF RESTRICTED STOCK UNITS AGREEMENT
UNDER THE 2013 STOCK INCENTIVE PLAN

OGE Energy Corp. (the "Company") hereby awards to [_________] (the "Participant") [________] Restricted Stock Units (the “Units”) pursuant to the OGE Energy Corp. 2013 Stock Incentive Plan (the "Plan"), the definitions and provisions of which are incorporated herein by reference.
The specific terms and conditions of the award are set forth hereinafter.
1.Restrictions on Transfer and Restriction Periods.
(a)During the respective periods hereinafter described in Section 1(b) (the Restriction Periods”), the Units may not be sold, assigned, transferred, pledged, or otherwise encumbered by the Participant and shall be subject to a risk of forfeiture, except as hereinafter provided.
(b)The restrictions described above shall commence on the date of this Agreement (the “Grant Date”) and, except as provided in Section 1(d) or Section 2, shall lapse with respect to one-third (33.3%) of the Units on the first anniversary of the Grant Date, one-third (33.3%) of the Units on the second anniversary of the Grant Date and with respect to the remaining Units on the third anniversary of the Grant Date.
(c)The number of shares of Common Stock covered by this award is equal to the number of Units.
(d)Absent a prior forfeiture, each Unit subject to this Agreement shall vest and shall represent the right to receive one share of Common Stock, and related dividends as described below, upon the expiration of the Restriction Period applicable to such Unit or, if earlier, upon a Change of Control as defined in the Plan or upon a waiver of the restrictions applicable to such Unit as described below in Section 2.  The date on which a Unit vests is hereinafter referred to as the "Vesting Date."
2.Termination of Service.
If the Participant has a Termination of Employment (as defined on the Plan), all Units which are then subject to the restrictions imposed by Section 1 shall be forfeited and of no further effect; provided, however, that if the Participant ceases employment by reason of Retirement (as defined in the Plan) or involuntary termination, the Compensation Committee (the “Compensation Committee”) of the Company’s Board of Directors may waive all remaining restrictions.
3.Vesting and Payout of Units.
As soon as practicable following the Vesting Date for one or more Units (the "Vested Units"), the Company shall cause to be delivered to the Participant:  (i) a number of shares of Common Stock (less the number of shares, if any, withheld pursuant to Section 6(b) below) equal to the number of Vested Units in such manner as the Committee may deem appropriate, including book-entry or other electronic registration or issuance of one or more stock certificates and (ii) a lump sum cash payment equal to the amount of dividends that would have been declared, during the period from Grant Date through the Vesting Date(s), on the number of shares of Common Stock being issued under the preceding clause (i) of this Section 3.
4.Participant’s Rights.
The Participant acknowledges and agrees that the Units do not evidence, and do not entitle the Participant to, any rights of a shareholder of the Company.
5.Acceptance of Award.
By execution of this Agreement, the Participant accepts the award, acknowledges receipt of a copy of the Plan (a copy of which is attached as Annex I), and represents that the Participant is familiar with the terms and provisions thereof and agrees to be bound thereby.  Participant further agrees to accept as binding, conclusive and final all decisions or interpretations of the Compensation Committee with respect to any questions arising under the Plan and this Agreement.

1

6.Taxes and Other Matters.
(a)By execution of this Agreement, the Participant agrees to pay all withholding and other taxes payable with respect to the Units evidenced by this Agreement, at such times and in such manner as the Company may request and to comply with all Federal and State securities laws.
(b)Participant may elect to satisfy Participant's minimum tax withholding requirements upon expiration or lapsing of a Restriction Period, in whole or in part, by having the Company withhold shares of Common Stock having a fair market value equal to all or a portion of the amount so required to be withheld.  The value of the shares to be withheld is to be based upon the same price of the shares that is utilized to determine the amount of withholding tax that the Participant owes.  All elections under this Section 6(b) shall be (i) irrevocable and (ii) made electronically through the Company Stock Plan Services Administrator.
7.Other Condition.
The award of Units evidenced by this Agreement shall be subject to delivery to the Company of an executed copy of this Agreement.

Dated this _________ day of _____________________________.

                    

	
		
	OGE ENERGY CORP.

	 
	 

	 
	 

	 
	 

	BY:
	 

	 
	Chairman of the Board and

	 
	Chief Executive Officer

	 
	 

	 
	 

	 
	 

ACCEPTED AND AGREED TO this  _________ day of _____________________________ 

__________________________________
		
	            
	         Participant

2EX-10.15

 EXHIBIT 10.15 

2004 MOODY’S CORPORATION 
 COVERED EMPLOYEE
CASH INCENTIVE PLAN (as amended, February 10, 2015) 
  

	1.	Purpose of the Plan 

 The purpose of the Plan is to advance the interests of the Company and its
stockholders by providing incentives in the form of periodic cash bonus awards to certain management employees of the Company and its Subsidiaries, thereby motivating such employees to attain performance goals established pursuant to the Plan. 

 

	2.	Definitions 

 The following capitalized terms used in the Plan have the respective meanings set
forth in this Section: 

	 	(a)	Act: The Securities Exchange Act of 1934, as amended, or any successor thereto. 

	 	(b)	Award: A periodic cash bonus award granted pursuant to the Plan. 

	 	(c)	Beneficial Owner: As such term is defined in Rule 13d-3 under the Act (or any successor rule thereto). 

	 	(d)	Board: The Board of Directors of the Company. 

	 	(e)	Change in Control: The occurrence of a change in ownership of Moody’s Corporation, a change in the effective control of Moody’s Corporation, or a change in the ownership of a substantial portion of the
assets of Moody’s Corporation. For this purpose, a change in the ownership of Moody’s Corporation occurs on the date that any one person, or more than one person acting as a group (as determined pursuant to the regulations under
Section 409A), acquires ownership of stock of Moody’s Corporation that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of Moody’s
Corporation. A change in effective control of Moody’s Corporation occurs on either of the following dates: (1) the date any one person, or more than one person acting as a group acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or persons) ownership of stock of Moody’s Corporation possessing 50 percent or more of the total voting power of the stock of Moody’s Corporation, or (2) the date a majority of
members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election.
A change in the ownership of a substantial portion of the assets of Moody’s Corporation occurs on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from Moody’s Corporation that have a total gross fair market value (as determined pursuant to the regulations under Section 409A) equal to or more than 40 percent of the
total gross fair market value of all of the assets of Moody’s Corporation immediately before such acquisition or acquisitions. 

	 	(f)	Code: The Internal Revenue Code of 1986, as amended, or any successor thereto. 

	 	(g)	Committee: The Governance and Compensation Committee of the Board, or any successor thereto or any other committee designated by the Board to assume the obligations of the Committee hereunder. 

	 	(h)	Company: Moody’s Corporation, a Delaware corporation. 

	 	(i)	Covered Employee: An employee who is, or who is anticipated to become, a covered employee, as such term is defined in Section 162(m) of the Code (or any successor section thereto) and the Treasury
Regulations promulgated thereunder. 

	 	(j)	Effective Date: The date on which the Plan takes effect, as defined pursuant to Section 13 of the Plan. 

	 	(k)	Participant: A Covered Employee of the Company or any of its Subsidiaries who is selected by the Committee to participate in the Plan pursuant to Section 4 of the Plan. 

	 	(l)	Performance Period: The calendar year or any other period that the Committee, in its sole discretion, may determine. 

	 	(m)	Person: As such term is used for purposes of Section 13(d) or 14(d) of the Act or any successor sections thereto. 

	 	(n)	Plan: The 2004 Moody’s Corporation Covered Employee Cash Incentive Plan, as amended and restated. 

	 	(o)	Shares: Shares of common stock, par value $0.01 per Share, of the Company. 

	 	(p)	Subsidiary: A subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section thereto). 

  

	3.	Administration 

 The Plan shall be administered by the Committee or such other persons designated by
the Board. The Committee may delegate its duties and powers in whole or in part to any subcommittee thereof consisting solely of at least two individuals who are each “non-employee directors” within the meaning of Rule 16b-3 of the Act (or
any successor rule thereto) and “outside directors” within the meaning of Section 162(m) of the Code (or any successor section thereto) and the Treasury Regulations promulgated thereunder. The Committee shall have the authority to
select the Covered Employees to be granted Awards under the Plan, to determine the size and 

  

					
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terms of an Award (subject to the limitations imposed on Awards in Section 5 below), to modify the terms of any Award that has been granted (except for any modification that would increase
the amount of the Award), to determine the time when Awards will be made and the Performance Period to which they relate, to establish performance objectives in respect of such Performance Periods and to certify that such performance objectives were
attained; provided, however, that any such action shall be consistent with the applicable provisions of Section 162(m) of the Code. The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan; provided, however, that any action permitted to be taken by the Committee may be taken by the
Board, in its discretion, to the extent that any such action taken by the Board is consistent with the applicable provisions of Section 162(m) of the Code. The Committee may correct any defect or omission or reconcile any inconsistency in the
Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be
final, conclusive and binding on all parties concerned. Determinations made by the Committee under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. The Committee
shall have the right to deduct from any payment made under the Plan any federal. state, local or foreign income or other taxes required by law to be withheld with respect to such payment. To the extent consistent with the applicable provisions of
Sections 162(m) of the Code, the Committee may delegate to one or more employees of the Company or any of its Subsidiaries the authority to take actions on its behalf pursuant to the Plan. 

 

	4.	Eligibility and Participation 

 The Committee shall designate those persons who shall be
Participants for each Performance Period. Participants shall he selected from among the Covered Employees of the Company and any of its Subsidiaries who are in a position to have a material impact on the results of the operations of the Company or
of one or more of its Subsidiaries. 
  

	5.	Awards 

	 	(a)	Performance Goals. A Participant’s Award shall be determined based on the attainment of one or more pre-established, objective performance goals established in writing by the Committee, for a Performance
Period established by the Committee, (i) at a time when the outcome for the Performance Period is substantially uncertain and (ii) not later than 90 days after the commencement of the Performance Period to which the performance goal
relates, but in no event after 25 percent of the relevant Performance Period has elapsed. The performance goals shall be based upon one or more or the following criteria: (i) earnings before or after taxes (including earnings before
interest, taxes, depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per Share; (v) book value per Share; (vi) return on stockholders’ equity; (vii) expense management;
(viii) return on investment before or after the cost of capital; (ix) improvements in capital structure; (x) profitability of an identifiable business unit or product; (xi) maintenance or improvement of profit margins;
(xii) stock price:; (xiii) market share; (xiv) revenues or sales; (xv) costs; (xvi) cash flow; (xvii) working capital; (xviii) changes in net assets (whether or not multiplied by a constant percentage intended to
represent the cost of capital); (xix) return on assets; (xx) accuracy, stability, quality or performance of ratings; and (xxi) customer or investor satisfaction or value survey results. The foregoing criteria may relate to the
Company, one or more of its Subsidiaries or one or more of its divisions, units, partnerships, joint ventures or minority investments, product lines or products or any combination of the foregoing, and may be applied on an absolute basis and/or be
relative to one or more peer group companies or indices, or any combination thereof, all as the Committee shall determine. In addition, to the extent consistent with Section 162(m) of the Code, if so determined by the Committee at the time the
applicable performance goal is adopted, the Committee may appropriately adjust any evaluation of performance under the performance goal to (A) eliminate the effects of charges for restructurings, discontinued operations, extraordinary items and
all items of gain, loss or expense determined to be extraordinary or unusual in nature or related to the acquisition or disposal of a segment of a business or related to a change in accounting principle all as determined in accordance with standards
established by the Accounting Principles Board, as well as the cumulative effect of accounting changes, in each case as determined in accordance with generally accepted accounting principles or identified in the Company’s financial statements
or notes to the financial statements, and (B) exclude any of the following events that occurs during a performance period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in
tax law or other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs and (v) accruals of any amounts for payment under this Plan or any other compensation arrangement maintained
by the Company or any affiliate. The maximum amount of an Award to any Participant with respect to a performance period of one calendar year or less shall be $5,000,000. The maximum amount of an Award to any Participant with respect to a multi-year
performance period shall be the product of $5,000,000 multiplied by the number of years in the performance period. 

  

							
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	 	(b)	Payment. The Committee shall determine whether, with respect to a Performance Period, the applicable performance goals have been met with respect to a given Participant and, if they have, to so certify in writing
and ascertain the amount of the applicable Award. No Awards will be paid for such Performance Period until such certification is made by the Committee. The amount of the Award actually paid to a given Participant may be less than the amount
determined by the applicable performance goal formula (including zero), at the discretion of the Committee. The amount of the Award determined by the Committee for a Performance Period shall be paid to the Participant at such time as determined by
the Committee in its sole discretion after the end of such Performance Period. 

	 	(c)	Compliance with Section 162(m) of the Code. The provisions of this Section 5 shall be administered and interpreted in accordance with Section 162(m) of the Code and the Treasury Regulations
promulgated thereunder to ensure the deductibility by the Company or its Subsidiaries of the payment of Awards: provided, however. that the Committee may, in its sole discretion, administer the Plan in violation of Section 162(m) of the Code.

	 	(d)	Termination of Employment. Upon a termination of employment by reason of death, disability or retirement, a Participant shall have such rights in any Award theretofore granted to him, if any, as may be prescribed
by the Award agreement or in another Company plan or individual agreement. Upon a termination of employment for any reason other than death, disability or retirement prior to the end of any applicable performance period, a Participant shall forfeit
all rights in and to any Award theretofore granted to him, unless the Committee, in its sole discretion, shall determine otherwise. 

  

	6.	Amendments or Termination 

 The Board or the Committee may amend, alter or discontinue the Plan, but
no amendment, alteration or discontinuation shall be made which would impair any of the rights or obligations under any Award theretofore granted to a Participant under the Plan without such Participant’s consent; provided, however, that
the Board or the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of Section 162(m) of the Code or other applicable laws. Notwithstanding anything to the contrary
herein, the Board may not amend, alter or discontinue the provisions relating to Section 10(b) of the Plan after the occurrence of a Change in Control. 
  

	7.	No Right to Employment 

 Neither the Plan nor any action taken hereunder shall be construed as
giving any Participant or other person any right to continue to be employed by or perform services for the Company or any Subsidiary, and the right to terminate the employment of or performance of services by any Participant at any time and for any
reason is specifically reserved to the Company and its Subsidiaries. 
  

	8.	Nontransferability of Awards 

 An award shall not be transferable or assignable by the Participant
otherwise than by will or by the laws of descent and distribution. 
  

	9.	Reduction of Awards 

 Notwithstanding anything to the contrary herein, the Committee, in its sole
discretion (but subject to applicable law), may reduce any amounts payable to any Participant hereunder in order to satisfy any liabilities owed to the Company or any of its Subsidiaries by the Participant. 

 

	10.	Adjustments Upon Certain Events 

	 	(a)	Generally. In the event of any change in the outstanding Shares by reason of any Share dividend or split, reorganization, recapitalization, Merger, consolidation, spin-off, combination or exchange of Shares or
other corporate exchange, or any distribution to stockholders of Shares other than regular cash dividends, the Committee in its sole discretion and without liability to any person may make such substitution or adjustment, if any, as it deems to be
equitable, as to any affected terms of outstanding Awards. 

	 	(b)	Change in Control. In the event that (1) a Participant’s employment is actually or constructively terminated during a given Performance Period (the “Affected Performance Period”) and
(ii) a Change in Control shall have occurred within the 365 days immediately preceding the date of such termination, then such Participant shall receive, promptly after the date of such termination. payment pursuant to his or her Award for
the Affected Performance Period as if the performance goals for such Performance Period had been achieved at 100%. 

  

					
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	11.	Miscellaneous Provisions 

 The Company is the sponsor and legal obligor under the Plan and shall
make all payments hereunder, other than any payments to be made by any of the Subsidiaries (in which case payment shall be made by such Subsidiary, as appropriate). 

The company shall not be required to establish any special or separate fund or to make any other segregation of assets to ensure the payment of any
amounts under the Plan, and the Participants’ rights to the payment hereunder shall be no greater than the rights of the Company’s (or Subsidiary’s) unsecured creditors. All expenses involved in administering the Plan shall be borne
by the Company. 
  

	12.	Governing Law 

 The interpretation, performance and enforcement of this Plan and any disputes or
controversies arising with respect to the transactions contemplated herein, shall be governed by the laws of the State of Delaware, irrespective of Delaware’s choice of law principles that would apply the law of any other jurisdiction. 

 

	13.	Effective Date 

 The Plan as amended shall be effective as of February 10, 2015. 

  

							
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