Document:

Exhibit
10.1

 

WESTMORELAND COAL COMPANY

 

Restricted
Stock Agreement

Granted under the 2007 Equity Incentive Plan for Employees and
Non-Employee Directors

 

	
  Name
  of Recipient:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number
  of shares of restricted common stock awarded:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Grant
  Date:

  	
   

  	
   

  

 

Westmoreland
Coal Company (the “Company”) has selected you (the “Recipient”) to
receive the restricted stock award described above, which is subject to the
provisions of the Company’s 2007 Equity Incentive Plan for Employees and
Non-Employee Directors (the “Plan”) and the terms and conditions
contained in this Restricted Stock Agreement (this “Agreement”).  Please confirm your acceptance of this
restricted stock award and of the terms and conditions of this Agreement by
signing a copy of this Agreement where indicated below.

 

 

	
   

  	
  WESTMORELAND COAL COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  

  
	
   

  	
   

  	
  Title:

  

 

Accepted
and Agreed:

 

	
   

  	
   

  
	
  Name:

  	
   

  

 

 

The
terms and conditions of the award of shares of restricted common stock of the
Company (the “Restricted Shares”) made to the Recipient, as set forth on
the cover page of this Agreement, are as follows:

 

1.             Issuance
of Restricted Shares.

 

(a)           The
Restricted Shares are issued to the Recipient, effective as of the Grant Date
(as set forth on the cover page of this Agreement), in consideration of
Recipient’s service as a member of the Company’s board of directors (the “Board”),
as outlined pursuant to the Plan.

 

(b)           As
promptly as practicable following the Grant Date, the Company shall issue the
Restricted Shares in the name of the Recipient subject to the restrictions on
transfer set forth in Section 2 of this Agreement.  The Recipient agrees that the Restricted
Shares may be issued in book-entry form on the Company’s stock ledger until
such time as the restrictions may lapse. 
At the time that such restrictions lapse, the Company will distribute
such shares to the Recipient in a reasonable period of time, which may consist
of electronic transfer to brokerage accounts required to be established by the
Recipient and such shares of the common stock shall be transferable by the
Recipient.  .

 

2.             Restrictions
on Transfer.

 

The
Recipient shall not sell, assign, transfer, pledge, hypothecate or otherwise
dispose of, by operation of law or otherwise (collectively “transfer”)
any Restricted Shares, or any interest therein, until the first anniversary of
the Grant Date, except that the Recipient may transfer such Restricted Shares:
to or for the benefit of any spouse, parents, children, step-children,
grandchildren, legal dependents and any other relatives approved by the
Compensation and Benefits Committee (collectively, “Approved Relatives”)
or to a trust established solely for the benefit of the Recipient and/or
Approved Relatives, provided that such Restricted Shares shall remain
subject to this Agreement and such permitted transferee shall, as a condition
to such transfer, deliver to the Company a written instrument confirming that
such transferee shall be bound by all of the terms and conditions of this
Agreement.  The Company shall not be
required (i) to transfer on its books any of the Restricted Shares that
have been transferred in violation of any of the provisions of this Agreement
or (ii) to treat as owner of such Restricted Shares or to pay dividends to
any transferee to whom such Restricted Shares have been transferred in
violation of any of the provisions of this Agreement.

 

2

 

3.             Restrictive
Legend.

 

All
Restricted Shares shall have affixed thereto a legend in the following form, in
addition to any other legends that may be required under applicable law:

 

“These
shares of stock are subject to restrictions on transfer set forth in a certain
Restricted Stock Agreement between Westmoreland Coal Company and the registered
owner of these shares (or his or her predecessor in interest.  Any attempt to dispose of these shares in
contravention of the restrictions, including by way of sale, assignment,
transfer, pledge, hypothecation or otherwise, shall be null and void and
without effect.”

 

4.             Rights
as a Shareholder.  Except as
otherwise provided in this Agreement, for so long as the Recipient is the
registered owner of the Restricted Shares, the Recipient shall (i) have
the right to vote the Restricted Shares and act in respect of the Restricted
Shares at any meeting of shareholders and (ii) be entitled to all ordinary
cash dividends paid with respect to the Restricted Shares.  If any dividends or distributions are paid in
shares, or consist of a dividend or distribution to holders of Common Stock other
than an ordinary cash dividend, the shares, cash or other property will be
subject to the same restrictions on transferability as the shares of Restricted
Stock with respect to which they were paid.

 

5.             Sale
of Securities. Shares awarded
hereby that are no longer subject to restrictions may not be sold or otherwise
disposed of in any manner that would constitute a violation of any applicable
federal or state securities laws.  You also agree that (a) the
Company may refuse to cause the transfer of the Shares to be registered on the
stock register of the Company if such proposed transfer would in the opinion of
counsel satisfactory to the Company constitute a violation of any applicable
federal or state securities law and (b) the Company may give related instructions
to the transfer agent, if any, to stop registration of the transfer of the
Shares.

 

6.             Provisions
of the Plan.

 

This
Agreement is subject to the provisions of the Plan, a copy of which will be
furnished to the Recipient upon request.

 

7.             Tax
Matters.  The Recipient acknowledges
that he or she is responsible for obtaining the advice of the Recipient’s own
tax advisors with respect to the acquisition of the Restricted Shares, and the
Recipient is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents with respect to the tax
consequences relating to the Restricted Shares. 
The Recipient understands that the Recipient (and not the Company) shall
be responsible for the Recipient’s tax liability that may arise in connection
with the acquisition and/or disposition of the Restricted Shares.

 

8.             Miscellaneous.

 

(a)           Authority
of Compensation and Benefits Committee. 
In making any decisions or taking any actions with respect to the
matters covered by this Agreement, the 

 

3

 

Compensation and Benefits Committee shall have all
of the authority and discretion, and shall be subject to all of the
protections, provided for in the Plan. 
All decisions and actions by the Compensation and Benefits Committee
with respect to this Agreement shall be made in the Compensation and Benefits
Committee’s discretion and shall be final and binding on the Recipient.

 

(b)           No
Right to Continued Service.  The
Recipient acknowledges and agrees that this Agreement does not constitute an
express or implied promise of continued service or confer upon the Recipient
any rights with respect to continued service on the Board.

 

(c)           Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflicts of law provisions.

 

(d)           Recipient’s
Acknowledgments.  The Recipient
acknowledges that he or she has read this Agreement, has received and read the
Plan, and understands the terms and conditions of this Agreement and the Plan.

 

4Exhibit
10.2

 

WESTMORELAND
COAL COMPANY

 

Restricted Stock Unit Agreement

Amended and Restated 2007 Equity Incentive Plan for Employees and Non-Employee
Directors

 

	
  Name of Recipient:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Number of restricted stock units awarded:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  	
   

  

 

Westmoreland
Coal Company (the “Company”) has selected you (the “Recipient”) to receive the
restricted stock unit award described above, which is subject to the provisions
of the Company’s 2007 Equity Incentive Plan for Employees and Non-Employee
Directors (the “Plan”) and the terms and conditions contained in this
Restricted Stock Unit Agreement (this “Agreement”).  The terms and conditions of the award of
restricted stock units (the “RSUs”) made to the Recipient are as follows:

 

1.             Issuance
of Restricted Stock Units.

 

(a)           The
RSUs are issued to the Recipient on the Grant Date set forth above, in
consideration of employment services rendered and to be rendered by the
Recipient to the Company.  Each RSU
represents the right to receive one share of the Company’s common stock, $2.50
par value per share (the “Common Stock”) upon vesting in accordance with the
vesting schedule set forth in Section 2.  Alternatively, the Company may elect at any
time prior to the vesting date, in lieu of issuing Common Stock, to pay the
Recipient cash equal to the fair market value of the Common Stock as to which
rights have vested.  The Company may make
such election by notifying you in writing of its intention to pay cash in lieu
of issuing stock on the vesting date. 
The fair market value will be the value of the Common Stock on the
vesting date, determined based on the closing price of the Common Stock on the
principal U.S. exchange on which the Common Stock is traded on the vesting
date.  Unless and until the RSUs vest,
Recipient will have no right to receive shares of Common Stock.

 

(b)           The
shares of Common Stock issuable upon vesting of the RSUs (the “RSU Shares”)
shall be deemed issued to you and outstanding as of the vesting date.  You will be considered a shareholder as to
the RSU Shares as of the vesting date. 
Notwithstanding any other provisions of this Agreement, the Company
shall not be obligated to issue or deliver any RSU Shares if the issuance or
delivery thereof shall constitute a violation of any provision of any law or of
any regulation of any governmental authority, and the issuance or delivery of
any RSU Shares may be postponed for such period as may be required to comply
with any requirements under any law or regulation applicable to the issuance or
delivery of such shares.  The Recipient
agrees that his or her right to receive the RSU Shares shall be subject to the
vesting schedule set forth in Section 2 of this Agreement, the
termination provisions set forth in Section 3 of this Agreement,
and the restrictions on transfer set forth in Section 4
of this Agreement.

 

 

2.             Vesting.

 

(a)           Vesting
Schedule.  Unless otherwise provided
in this Agreement or the Plan, the RSUs shall vest in accordance with the
following vesting schedule:  one-third of
the total number of RSUs shall vest on the first anniversary of the Grant Date
and one-third of the total number of RSUs shall vest at the end of each
successive twelve-month period following the first anniversary of the Grant
Date, through and including the third anniversary of the Grant Date.  Any fractional number of Restricted Stock
Units resulting from the application of the foregoing percentages shall be
rounded down to the nearest whole number of RSUs.

 

(b)           Acceleration
of Vesting.  Notwithstanding the
foregoing vesting schedule, all unvested RSUs shall vest effective immediately
prior to (i) a Change in Control Event (as defined in the Plan) or (ii) the
death, Disability (as defined below) or Qualifying Retirement (as defined
below) of the Recipient.

 

(c)           Definitions.  For purposes of this Agreement:

 

(i)            “Disability” means:  (A) if the Recipient’s employment with
the Company is subject to the terms of an employment agreement between the
Recipient and the Company, which employment agreement includes a definition of “Disability,”
the term “Disability” as used in this Agreement shall have the meaning set
forth in such employment agreement during the period that such employment
agreement remains in effect; (B) in the absence of such an agreement, the
term “Disability” as used in the Company’s long-term disability plan, if any;
or (C) if neither clause (A) nor clause (B) is applicable, a
physical or mental infirmity which impairs the Recipient’s ability to
substantially perform his or her duties for a period of 180 consecutive days.

 

(ii)           A “Qualifying Retirement” means retirement by the
Recipient after the Recipient has both (1) attained the age of 62
and (2) completed at least twenty years of employment with the Company.

 

(d)           Reorganization
Event.  If the Company undergoes a
Reorganization Event (as defined in the Plan) other than a liquidation or
dissolution, the RSUs will represent a right to receive the cash, securities or
other property into which the Common Stock of the Company was converted or for
which it was exchanged pursuant to the Reorganization Event.  Upon a liquidation or dissolution of the
Company, all restrictions and conditions on all RSUs are automatically deemed
terminated or satisfied.

 

3.             Termination
of Unvested Restricted Stock Units Upon Employment Termination.  In the event that the Recipient ceases to be
employed by the Company for any reason or no reason, with or without cause
(except as provided in Section 2(b) above), all of the RSUs
that are unvested as of the time of such employment termination shall be
terminated immediately and automatically, without the payment of any
consideration to the Recipient, effective as of such termination of
employment.  The Recipient shall have no
further rights with respect to any RSUs that are so terminated, and shall have
no further right to receive any RSU Shares (or cash equivalent).  If the Recipient is employed by a subsidiary
of the Company, any references in this Agreement to employment with the Company
shall instead be deemed to refer to employment with such subsidiary.

 

2

 

4.             Restrictions
on Transfer.  The Recipient shall not
sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by
operation of law or otherwise (collectively “transfer”) any RSUs, or any
interest therein, until such RSUs have vested.  
The Company shall not be required to treat as owner of such RSUs any
transferee to whom such RSUs have been transferred in violation of any of the
provisions of this Agreement.

 

5.             Rights
as a Shareholder.  Until vested in
accordance with Section 2, the Recipient shall have no right to
vote the RSU Shares or to act in respect of the RSU Shares at any meeting of
shareholders and is not entitled to any dividends paid with respect to the RSU
Shares.

 

6.             Provisions
of the Plan.  This Agreement is
subject to the provisions of the Plan, a copy of which will be furnished to you
upon your request.

 

7.             Tax
Matters.

 

(a)           Acknowledgments.  The Recipient acknowledges that he or she is
responsible for obtaining the advice of the Recipient’s own tax and financial
advisors with respect to the federal and state tax considerations resulting
from Recipient’s receipt of RSUs and the RSU Shares.  The Recipient understands that the Company
will report to appropriate taxing authorities the payment to the Recipient of
compensation income upon the vesting of the RSUs.  The Recipient understands that the Recipient
(and not the Company) shall be responsible for the Recipient’s federal and
state tax liability that may arise in connection with the acquisition, vesting
and/or disposition of the RSUs and the RSU Shares.

 

(b)           Withholding.  The Recipient acknowledges and agrees that
the Company has the right to deduct from payments of any kind otherwise due to
the Recipient any federal, state, local or other taxes of any kind required by
law to be withheld with respect to the RSUs and the RSU Shares.  On each date on which RSUs vest, the Company
shall deliver written notice to the Recipient of the amount of withholding
taxes due with respect to the vesting of the RSUs that vest on such date;
provided, however, that the total tax withholding cannot exceed the Company’s
minimum statutory withholding obligations (based on minimum statutory
withholding rates for federal and state tax purposes, including payroll taxes,
that are applicable to such supplemental taxable income).  In satisfaction of its withholding
obligations, the Company shall reduce the number of RSU Shares deliverable to
Recipient in respect of such vesting by the number of RSU Shares that have a
fair market value on such vesting date (calculated using the last reported sale
price of the common stock of the Company on the principal stock exchange on
which the Common Stock is traded on such vesting date) equal to the amount of
the Company’s tax withholding obligation in connection with the vesting of such
RSUs.  Any fractional number of RSU
Shares resulting from tax withholding shall be rounded up to the nearest whole
number of RSU Shares. With respect to tax withholding amounts, the Company has
all of the rights specified in Section 7 of this Agreement and has
no obligations to the Recipient except as expressly stated in Section 7
of this Agreement.

 

8.             Miscellaneous.

 

(a)           Authority
of Compensation and Benefits Committee. 
In making any decisions or taking any actions with respect to the
matters covered by this Agreement, the Compensation and Benefits Committee
shall have all of the authority and discretion, and shall be subject to all of
the protections, provided for in the Plan. 
All decisions and actions by the Compensation and Benefits

 

3

 

Committee
with respect to this Agreement shall be made in the Compensation and Benefits
Committee’s discretion and shall be final and binding on the Recipient.

 

(b)           No
Right to Continued Employment.  The
Recipient acknowledges and agrees that, notwithstanding the fact that the
vesting of the RSUs is contingent upon his or her continued employment by the
Company, this Agreement does not constitute an express or implied promise of
continued employment or confer upon the Recipient any rights with respect to
continued employment by the Company.

 

(c)           Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflict of law provisions.

 

(d)           Conflicts
and Interpretation.  In the event of
any conflict between this Agreement and the Plan, this Agreement shall
control.  In the event of any ambiguity
in this Agreement, or any matters as to which this Agreement is silent, the
Plan shall govern, including, without limitation, the provisions thereof
pursuant to which the Compensation and Benefits Committee has the power, among
others, to (i) interpret the Plan, (ii) amend and repeal
administrative rules, guidelines and practices relating to the Plan and
(iii) make all other determinations deemed necessary or advisable for the
administration of the Plan.

 

(e)           Compliance
with Code Section 409A.  The RSUs
granted under this Agreement are intended to fit within the “short-term
deferral” exemption from section 409A of the Internal Revenue Code.  In administering this Agreement, the Company
shall interpret this Agreement in a manner consistent with such exemption.

 

(f)            Recipient’s
Acknowledgments.  The Recipient
acknowledges that he or she has read this Agreement, has read the Plan and the
Information About Restricted Stock Units (“Information”), and understands the
terms and conditions of this Agreement, the Plan and the Information.

 

	
   

  	
   

  	
  WESTMORELAND
  COAL COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Keith
  E. Alessi

  
	
   

  	
   

  	
  Title:

  	
  President
  and Chief Executive Officer

  
	
  Accepted
  and Agreed:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  

 

4

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