Document:

ex1018arowformofrsu

  Arrow Financial Corporation  2013 Long Term Incentive Plan  Restricted Stock Unit Agreement    This Restricted Stock Unit Agreement (this “Agreement”) is made and entered into as of  _______ (the “Grant Date”) by and between Arrow Financial Corporation, a New York  corporation (the “Company”) and ________ (the “Grantee”).    WHEREAS, the Company has adopted the Arrow Financial Corporation 2013 Long Term  Incentive Plan (the “Plan”) pursuant to which awards of Restricted Stock Units may be granted;  and    WHEREAS, the Committee has determined that it is in the best interests of the Company and its  shareholders to grant the award of Restricted Stock Units provided for herein.    NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:    1.  Grant of Restricted Stock Units.         1.1  Pursuant to Section 10 of the Plan, the Company hereby issues to the Grantee on the Grant  Date an Award consisting of, in the aggregate, ______ Restricted Stock Units, representing a  value as of the Grant Date equal to _____%  of the Grantee’s base salary as of __________ (the  “Restricted Stock Units”). Each Restricted Stock Unit represents the right to receive one share  of Stock, subject to the terms and conditions set forth in this Agreement and the Plan. Capitalized  terms that are used but not defined herein have the meaning ascribed to them in the Plan.        1.2  The Restricted Stock Units shall be credited to a separate account maintained for the  Grantee on the books and records of the Company (the “Account”). All amounts credited to the  Account shall continue for all purposes to be part of the general assets of the Company.    2.  Consideration. The grant of the Restricted Stock Units is made in consideration of the  services to be rendered by the Grantee to the Company.    3.  Vesting.         3.1 Except as otherwise provided herein, provided that the Grantee remains employed through  the applicable vesting date, the Restricted Stock Units will vest in accordance with the following  schedule (the period during which restrictions apply, the “Restricted Period”):     Vesting Date    Number of Restricted Stock Units That Vest                    Once vested, the Restricted Stock Units become “Vested Units.”         3.2  The foregoing vesting schedule notwithstanding, if the Grantee’s employment Terminates  (i) as a result of death or Disability, or (iii) on or after the Grantee has attained age 55 and 10  

 

years of service or attained a combined age and years of service totaling 65 (as determined under  the Arrow Financial Corporation Employees Pension Plan and Trust), 100% of the unvested  Restricted Stock Units shall vest as of the date of such Termination.         3.3  The foregoing vesting schedule notwithstanding, if a Change of Control occurs and the  Grantee’s employment is Terminated by the Company without cause or by the Grantee for good  reason (as the terms “cause” and “good reason” are defined in Grantees’ employment agreement)  within twelve (12) months following the Change of Control, all unvested Restricted Stock Units  shall automatically become 100% vested on the Grantee’s date of Termination.        3.4   If the Grantee’s employment Terminates for any reason before all of his Restricted Stock  Units have vested pursuant to Sections 3.1 through 3.3, including, but not limited to, Termination  for Cause (as defined in Grantee’s employment agreement), the Grantee’s unvested Restricted  Stock Units shall be automatically forfeited upon such Termination of employment and neither  the Company nor any Subsidiary shall have any further obligations to the Grantee under this  Agreement.       4.  Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the  Restricted Period and until such time as the Restricted Stock Units are settled in accordance with  Section 6, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated,  pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to  assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units  or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the  Restricted Stock Units will be forfeited by the Grantee and all of the Grantee’s rights to such  units shall immediately terminate without any payment or consideration by the Company.    5.  Rights as Shareholder; Dividend Equivalents.        5.1 The Grantee shall not have any rights of a shareholder with respect to the shares of Stock  underlying the Restricted Stock Units unless and until the Restricted Stock Units vest and are  settled by the issuance of such shares of Stock.         5.2 Upon and following the settlement of the Restricted Stock Units, the Grantee shall be the  record owner of the shares of Stock underlying the Restricted Stock Units unless and until such  shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a  shareholder of the Company (including voting rights).        5.3 If, prior to the settlement date, the Company declares a cash dividend on the shares of  Stock, then, on the payment date of the dividend, the Grantee’s Account shall be credited with  Dividend Equivalents in an amount equal to the dividends that would have been paid to the  Grantee if one share of Stock had been issued on the Grant Date for each Restricted Stock Unit  granted to the Grantee as set forth in this Agreement.        5.4  Dividend Equivalents shall be subject to the same vesting and forfeiture restrictions as the  Restricted Stock Units to which they are attributable and shall be paid in cash on the same date  that the Restricted Stock Units to which they are attributable are settled in accordance with  Section 6 hereof.    

 

6.  Settlement of Restricted Stock Units.         6.1  Subject to the tax withholding provisions of Section 15 of the Plan, if the Grantee’s  employment Terminates on or after the Grantee has attained age 55 and 10 years of service or  attained a combined age and years of service totaling 65 (as determined under the Arrow  Financial Corporation Employee Pension Plan and Trust, or successor plan), the Company shall  (i) issue and deliver to the Grantee (A) the number of shares of Stock equal to the number of  Vested Units, and (B) cash equal to any Dividend Equivalents credited with respect to such  Vested Units in ten (10) substantially equal annual installments commencing on the first  anniversary of the date of Retirement; and (b) enter the Grantee’s name on the books of the  Company as the shareholder of record with respect to the shares of Stock delivered to the  Grantee.         6.2  Notwithstanding Section 6.1 and subject to the tax withholding provisions of Section 15  of the Plan, if  the Grantee’s employment Terminates as a result of death or Disability, or if a  Change of Control occurs and the Grantee’s employment is Terminated by the Company without  cause or by the Grantee for good reason (as the terms “cause” and “good reason” are defined in  Grantees’ employment agreement) within twelve (12) months following the Change of Control,  the Company shall (i) issue and deliver to the Grantee (or his beneficiary, if applicable) (A) the  number of shares of Stock equal to the number of Vested Units and (B) cash equal to any  Dividend Equivalents credited with respect to such Vested Units within thirty (30) business days  of such Termination of employment; and (b) enter the Grantee’s (or beneficiary’s) name on the  books of the Company as the shareholder of record with respect to the shares of Stock delivered  to the Grantee.         If the Grantee is deemed a “specified employee” within the meaning of Section 409A of the  Code, as determined by the Committee, at a time when the Grantee becomes eligible for  settlement of the RSUs upon his “separation from service” within the meaning of Section 409A  of the Code, then to the extent necessary to prevent any accelerated or additional tax under  Section 409A of the Code, such settlement will be delayed until the earlier of: (a) the date that is  six months following the Grantee’s separation from service and (b) the Grantee’s death.     7.  No Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the  Grantee any right to be retained in any position, as an Employee, Consultant or Director of the  Company. Further, nothing in the Plan or this Agreement shall be construed to limit the  discretion of the Company to terminate the Grantee’s employment at any time, with or without  Cause.     8.  Adjustments. If any change is made to the outstanding Stock or the capital structure of the  Company, if required, the Restricted Stock Units shall be adjusted or terminated in any manner  as contemplated by Section 13 of the Plan.    9.  Compliance with Law. The issuance and transfer of shares of Stock shall be subject to  compliance by the Company and the Grantee with all applicable requirements of federal and  state securities laws and with all applicable requirements of any stock exchange on which the  Company’s shares of Stock may be listed. No shares of Stock shall be issued or transferred  unless and until any then applicable requirements of state and federal laws and regulatory  agencies have been fully complied with to the satisfaction of the Company and its counsel.   

 

  10.  Governing Law. This Agreement will be construed and interpreted in accordance with the  laws of the State of New York without regard to conflict of law principles.    11.  Restricted Stock Units Subject to Plan. This Agreement is subject to the Plan as approved by  the Company’s shareholders. The terms and provisions of the Plan as it may be amended from  time to time are hereby incorporated herein by reference. In the event of a conflict between any  term or provision contained herein and a term or provision of the Plan, the applicable terms and  provisions of the Plan will govern and prevail.     12.  Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and this  Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts  the Restricted Stock Units subject to all of the terms and conditions of the Plan and this  Agreement. The Grantee acknowledges that there may be adverse tax consequences upon the  vesting or settlement of the Restricted Stock Units or disposition of the underlying shares and  that the Grantee has been advised to consult a tax advisor prior to such vesting, settlement or  disposition.     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first  above written.          ARROW FINANCIAL CORPORATION      By: _____________________  Name: ___________________  Title: ____________________                      GRANTEE      _________________________Document

FIFTH AMENDMENT TO AMENDED AND RESTATED 
SECTION 382 RIGHTS AGREEMENT

This FIFTH Amendment, dated as of March 10, 2022 (this “Amendment”), to that certain Amended and Restated Section 382 Rights Agreement, dated as of March 18, 2010, as amended by that certain First Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 14, 2013, that certain Second Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 10, 2016, that certain Third Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 7, 2019, and that certain Fourth Amendment to Amended and Restated Section 382 Rights Agreement, dated as of May 11, 2020 (collectively, the “Section 382 Rights Agreement”), is made by and between PulteGroup, Inc., a Michigan corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company (the “Rights Agent”). Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Section 382 Rights Agreement.

WHEREAS, the Board of Directors of the Company (the “Board”) has determined it is in the best interests of the Company and its shareholders to revise Section 7(a) of the Section 382 Rights Agreement to extend the expiration date of the Section 382 Rights Agreement, subject to the approval of the shareholders of the Company;

WHEREAS, the Board has determined that it is advisable and in the best interests of the Company and its shareholders to put the Section 382 Rights Agreement, as amended by this Amendment, to a binding vote at the Company’s 2022 annual meeting of shareholders; and

WHEREAS, pursuant to its authority under Section 27 of the Section 382 Rights Agreement, the Board has authorized and approved this Amendment to the Section 382 Rights Agreement as of the date hereof, and an appropriate officer of the Company has delivered a certificate to the Rights Agent in accordance with Section 27 of the Section 382 Rights Agreement.

NOW THEREFORE, in consideration of the premises and the mutual agreements set forth in this Amendment, the parties hereto hereby agree as follows:

1. The Company hereby directs and instructs the Rights Agent, in its capacity as the Rights Agent under and in accordance with the terms of Section 27 of the Section 382 Rights Agreement, to execute this Amendment.

2. Paragraph (a), clause (i) of Section 7 of the Section 382 Rights Agreement is hereby amended to read in its entirety as follows: 
“(i) the Close of Business on June 1, 2025 (the “Final Expiration Date”),”

3. Paragraph (a), clause (vi) of Section 7 of the Section 382 Rights Agreement is hereby amended to read in its entirety as follows: 

“(vi) June 1, 2022 if Shareholder Approval has not been obtained by such date (the earliest of (i), (ii), (iii), (iv), (v) and (vi) being herein referred to as the “Expiration Date”).” 

4. This Amendment shall be deemed to be a contract made under the laws of the State of Michigan and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State, provided, however, that all provisions regarding the rights, duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

5. This Amendment shall be deemed effective as of March 10, 2022.  Except as otherwise amended hereby, the Section 382 Rights Agreement shall remain in full force and effect and shall be otherwise unaffected hereby. 

6. This Amendment may be executed in counterparts and each of such counterparts shall for all purposes be deemed to be an original, and both such counterparts shall together constitute but one and the same instrument.  A signature to this Amendment executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature. 
* * * * * 

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to Amended and Restated Section 382 Rights Agreement to be duly executed and attested, all as of the day and year first above written.

						
	
		
	Attest:

By:   /s/ Ellen Padesky Maturen                 
Name: Ellen Padesky Maturen 
Title: Vice President and Deputy General Counsel
	PULTEGROUP, INC.

By:   /s/ Todd N. Sheldon                          
Name: Todd N. Sheldon 
Title: Executive Vice President, General 
Counsel and Corporate Secretary

		
	Attest:

By:   /s/ Douglas Ives                                 
Name: Douglas Ives 
Title: AVP, Relationship Manager
	COMPUTERSHARE TRUST COMPANY, N.A.

By:   /s/ Katherine Anderson                     
Name: Katherine Anderson
Title: Vice President, Relationship Management

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