Document:

EXHIBIT 10.6

 

PepsiAmericas, Inc.

1999 Stock Option Plan

 

Incentive Stock Option Agreement

 

THIS AGREEMENT,
entered into as of                                   
(the “Grant Date”), is by and between                                   
(the “Participant”) and PepsiAmericas, Inc. (the “Company”).

 

WHEREAS, the Company
has established and maintains the PepsiAmericas, Inc. 1999 Stock Option Plan
(the “Plan”), which is incorporated into and forms a part of this Agreement.

 

WHEREAS, the Company
has determined that the Participant is an Eligible Employee and wishes to grant
the Participant an Award pursuant to the terms of the Plan.

 

NOW, THEREFORE, IT IS AGREED,
by and between the Company and the Participant:

 

1.                                       Award
of Stock Option.  The Company hereby
grants to the Participant an incentive stock option (the “Option”) to purchase              
shares (the “Covered Shares”) of Class B common stock of the Company (the “Stock”)
at an exercise price of $             
per share (the “Exercise Price”). The Exercise Price is not less than the Fair
Market Value of the Stock subject to the Option on the Grant Date.  If the Participant is a 10% or more
shareholder of the Company, the Exercise Price is not less than 110% of the
Fair Market Value of the Stock subject to the Option on the Grant Date.

 

2.                                       Incentive
Stock Option.  The Option granted
hereunder is intended to constitute an “incentive stock option” as that term is
used in Section 422(b) of the Internal Revenue Code.  To the extent that the aggregate Fair Market
Value (determined on the Grant Date) of shares of Stock with respect to which
incentive stock options are exercisable for the first time by the Participant
during any calendar year under all plans of the Company and its Subsidiaries
exceeds $100,000, the options or portions thereof which exceed such limit
(according to the order in which they were granted) shall be treated as
non-statutory stock options.  The
Participant acknowledges and agrees that there is no assurance that the Option
will, in fact, be treated as an incentive stock option.

 

3.                                       Vesting.  The Option shall vest as follows:

 

	
  

  Years Expires Since

  Grant Date

  	
   

  	
  Cumulative Percentage of

  Covered Shares as to which

  Option is Exercisable

  
	
  1

  	
   

  	
  33-1/3%

  
	
  2

  	
   

  	
  66-2/3%

  
	
  3

  	
   

  	
  100%

  

 

The Participant must remain in
continuous employment by the Company or a Subsidiary through each applicable
vesting date. The Option shall vest 100% on the Participant’s Date of
Termination, as defined in Section 16, if the Participant’s Date of
Termination occurs by reason of death or Disability. The Option shall be fully
exercisable to the extent vested through the Expiration Date, as defined in Section 4,
in accordance with the terms of this Agreement and the Plan.

 

 

4.                                       Expiration
Date.  The Option shall expire on the
close of business on the last business day that occurs prior to the earliest to
occur of the following events (the “Expiration Date”);

 

(a)                                  the
ten-year anniversary of the Grant Date;

 

(b)                                 if
the Participant’s Date of Termination, as defined in Section 16, occurs by
reason of death or Disability, as defined in Section 16, the one-year
anniversary of such Date of Termination; or

 

(c)                                  if
the Participant’s Date of Termination occurs for reasons other than death or
Disability, the three (3) month anniversary of such Date of Termination.

 

5.                                       Exercising
the Option.

 

(a)                                  Notice.  Subject to the terms of this Agreement and
the Plan, the Option may be exercised in whole or in part by filing written
notice with the Secretary of the Company at its principal executive office
prior to the Expiration Date.  Such
notice shall specify the number of Covered Shares which the Participant elects
to purchase, and shall be accompanied by payment in full of the Exercise Price
for such Covered Shares, together with payment of or provision for any withholding
requirements as specified in Section 6.

 

(b)                                 Payment
of Exercise Price.  The Exercise
Price shall be paid by cash or by cashier’s check payable to the Company.  Notwithstanding the foregoing, unless
otherwise provided by the Committee prior to delivery of the notice specified
in Section 5(a), (i) all or a portion of the Exercise Price may be paid by
the Participant by delivery of shares or by attestation of Stock owned by the
Participant and acceptable to the Committee having an aggregate Fair Market
Value (valued as of the date of exercise) that is equal to the amount of cash
that would otherwise be required; and (ii) the Participant may pay the Exercise
Price by irrevocably authorizing a third party to sell shares of Stock (or a
sufficient portion of the shares) acquired upon exercise of the Option and
remit to the Company a sufficient portion of the sale proceeds to pay the
entire Exercise Price and any tax withholding resulting from such exercise.

 

(c)                                  Compliance
with Securities Laws.  The Option
shall not be exercisable if and to the extent the Company determines that such
exercise would violate applicable state or Federal securities laws or the rules
and regulations of any securities exchange on which the Stock is traded.  If the Company makes such a determination, it
shall use all reasonable efforts to obtain compliance with such laws, rules or
regulations.  In making any determination
hereunder, the Company may rely on the opinion of counsel for the Company.

 

6.                                       Withholding.  All deliveries and distributions under this
Agreement are subject to withholding of all applicable taxes.  At the election of the Participant, and
subject to such rules and limitations as may be established by the Committee
from time to time, such withholding

 

2

 

obligations
may be satisfied through cash payment by the Participant, through the surrender
of shares of Stock which the Participant already owns, or through the surrender
of shares of Stock to which the Participant is otherwise entitled pursuant to
the exercise of the Option.

 

7.                                       Transferability.  Except as otherwise provided in this Section 7,
the Option is not transferable other than as designated by the Participant by
will or by the laws of descent and distribution, and during the Participant’s
life may be exercised only by the Participant.

 

8.                                       Heirs
and Successors.  This Agreement shall
be binding upon, and inure to the benefit of, the Company and its successors
and assigns, and upon any person acquiring, whether by merger, consolidation,
purchase of assets or otherwise, all or substantially all of the Company’s
assets and business.  If any rights
exercisable by the Participant or benefits deliverable to the Participant under
this Agreement have not been exercised or delivered, respectively, at the time
of the Participant’s death, such rights shall be exercisable by the Designated
Beneficiary, as defined in Section 16, and such benefits shall be
delivered to the Designated Beneficiary in accordance with the provisions of
this Agreement and the Plan.  If a
deceased Participant fails to designate a beneficiary, or if the Designated
Beneficiary does not survive the Participant, any rights that would have been
exercisable by the Participant and any benefits distributable to the
Participant shall be exercised by or distributed to the legal representative of
the estate of the Participant.

 

9.                                       Administration.  The authority to manage and control the
operation and administration of this Agreement shall be vested in the Committee,
and the Committee shall have all powers with respect to this Agreement as it
has with respect to the Plan.  Any
interpretation of the Agreement by the Committee and any decision made by it
with respect to this Agreement is final and binding on all persons.

 

10.                                 Plan
Governs.  Notwithstanding anything in
this Agreement to the contrary, the terms of this Agreement and the Option
shall be subject to the terms of the Plan, a copy of which may be obtained by
the Participant from the office of the Secretary of the Company.  This Agreement is subject to all
interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan.

 

11.                                 Not
An Employment Contract.  Neither this
Agreement nor the Option confers on the Participant any right with respect to
continuance of employment or other service with the Company or any Subsidiary,
nor will it interfere in any way with any right the Company or any Subsidiary
would otherwise have to terminate or modify the terms of such Participant’s
employment or other service at any time.

 

12.                                 Notices.  Any written notices provided for in this
Agreement or the Plan shall be in writing and shall be deemed sufficient if
delivered by hand, or sent by fax, overnight courier, or by postage paid first
class mail.  Notices sent by mail shall
be deemed received three business days after mailed but in no event later than
the date of actual receipt.  Notices
shall be directed, if to the Participant, at the Participant’s address
indicated by the Company’s records, or if to the Company, at the Company’s
principal executive office.

 

13.                                 Fractional
Shares.  In lieu of issuing a
fraction of a share upon any exercise of the Option, resulting from an
adjustment of the Option pursuant to Section 3.2(e) of the Plan or

 

3

 

otherwise,
the Company will be entitled to pay to the Participant an amount equal to the
Fair Market Value of such fractional share.

 

14.                                 No
Rights As Shareholder.  The
Participant shall not have any rights of a shareholder with respect to the
Covered Shares until a stock certificate has been duly issued following
exercise of the Option as provided herein. 
The Participant shall have no voting rights and shall not receive any
dividends paid or any dividend equivalent payments before the stock certificate
is issued.

 

15.                                 Amendment.  This Agreement may be amended by written
agreement of the Participant and the Company, without the consent of any other
person.

 

16.                                 Definitions.  In addition to the words and phrases defined
throughout this Agreement, the following definitions shall apply:

 

(a)                                  Date
of Termination:  The term “Date of
Termination” shall mean the first day occurring on or after the Grant Date on
which the Participant is not employed by the Company or any Subsidiary,
regardless of the reason for the termination of employment; provided that a
termination of employment shall not be deemed to occur by reason of a transfer
of the Participant between the Company and a Subsidiary or between two
Subsidiaries; and further provided that the Participant’s employment shall not
be considered terminated while the Participant is on a leave of absence from
the Company or a Subsidiary approved by the Participant’s employer. If, as a
result of a sale or other transaction involving the Company, the Participants
employer ceases to be the Company or a Subsidiary (and the Participant’s
employer is or becomes an entity that is separate from the Company), the
occurrence of such transaction shall be treated as the Participant’s Date of
Termination caused by the Participant being discharged by the employer.

 

(b)                                 Designated
Beneficiary:  The term “Designated
Beneficiary” shall mean the beneficiary or beneficiaries designated by the
Participant in a writing filed with the Committee in such form and at such time
as the Committee shall require.

 

(c)                                  Disability:  Except as may otherwise be provided by the
Committee, the term “Disability” shall mean that the Participant is unable, by
reason of a medically determinable physical or mental impairment, to engage in
any substantial gainful activity, which condition, in the opinion of a
physician selected by the Committee, is expected to have a duration of at least
120 days.

 

(d)                                 Other
Defined Terms:  Defined terms not
otherwise set forth and defined herein shall have the meaning ascribed them in
the Plan.

 

4

 

IN WITNESS WHEREOF,
the Participant has executed this Agreement, and the Company has caused these
presents to be executed in its name and on its behalf, all as of the Grant
Date.

 

	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PEPSIAMERICAS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Robert
  C. Pohlad

  	
   

  
	
   

  	
   

  	
  Its: Chief
  Executive Officer

  	
   

  

 

5EXHIBIT 10.7

 

RESTRICTED STOCK AWARD

 

RESTRICTED STOCK AWARD AGREEMENT dated as of                            ,
between PepsiAmericas, Inc., a Delaware corporation (the “Corporation”), and
(Employee Name), an employee of the Corporation or one of its subsidiaries (the
“Employee”).

 

WHEREAS, the Board
of Directors of the Corporation has established and the shareholders have
approved the Corporation’s Revised Stock Incentive Plan, as most recently
restated in 1999 (the “Plan”);

 

WHEREAS, the
Management Resources and Compensation Committee of the Board of Directors of
the Corporation (the “Committee”), in accordance with the provisions of the
Plan, has determined that the Employee is entitled to a Restricted Stock Award
under the Plan;

 

NOW, THEREFORE, in
consideration of the foregoing and the Employee’s acceptance of the terms and
conditions hereof, the parties hereto have agreed, and do hereby agree, as
follows:

 

1.                                       The
Corporation hereby grants to the Employee, as a matter of separate agreement
and not in lieu of salary or any other compensation for services, (number of
shares) shares of Common Stock of the Corporation on the terms and conditions
herein set forth (the “Restricted Shares”).

 

2.                                       The
certificates representing the Restricted Shares shall be registered in the name
of a nominee for the benefit of the Employee and retained in the custody of the
Corporation until such time as they are delivered to the Employee or forfeited
to the Corporation in accordance with the terms hereof  (the “Restriction Period”).  During the Restriction Period, the Employee
will be entitled to vote the Restricted Shares. 
In addition, any dividends paid on the Restricted Shares shall, at the
option of the Corporation, either be (a) paid to the Employee in cash as
additional compensation, or (b) invested in additional shares of Common Stock
held in custody for the Employee, subject to the same restrictions as the
Restricted Shares, and to be delivered with the Restricted Shares.  Such additional shares of Common Stock shall
be deemed to be included in the definition of “Restricted Shares”.

 

3.                                       If
the Employee shall have been continuously in the employment of the Corporation
for a period of three years from the date of grant of this Restricted Stock
Award, the Corporation shall deliver to the Employee on or about the third
anniversary hereof a certificate, registered in the name of the Employee and
free of restrictions hereunder, representing the total number of Restricted
Shares granted to the Employee pursuant to this Agreement.  No payment shall be required from the
Employee in connection with any delivery to the Employee of shares hereunder.

 

4.                                       In
the event of the termination of the Employee’s employment with the Corporation
by reason of (a) the Employee’s Retirement at a time when the Employee is at
least 55 years of age, if Corporation approved, or (b) the death of the
Employee, and if there then

 

 

remain
any undelivered Restricted Shares subject to restrictions hereunder, then such
restrictions shall be deemed to have lapsed and the certificates for the
remaining Restricted Shares shall forthwith be delivered to the Employee (or
the legatees under the last will of the Employee, or to the personal
representatives or distributees of the Employee).

 

5.                                       In
the event of the termination of the Employee’s employment with the Corporation
by reason of the permanent and total disability of the Employee (within the
meaning of Section 22(e)(3) of the Code), and if there then remain any
undelivered Restricted Shares subject to restrictions hereunder, then the
Restricted Shares shall continue to vest until such restrictions shall be
deemed to have lapsed.

 

6.                                       Except
as provided in Sections 4 and 5, if the Employee ceases to be an employee of
the Corporation during the Restriction Period, then the Restricted Shares to
which the Employee has not theretofore become entitled pursuant to Section 3
shall be forfeited, and all rights of the Employee in and to such Restricted
Shares shall lapse.  In addition, the
Committee shall from time to time determine in its sole discretion whether any
period of nonactive employment, including authorized leaves of absence, or
absence by reason of military or governmental service, shall constitute
termination of employment for the purposes of this Section.

 

7.                                       The
granting of this Restricted Stock Award shall not in any way prohibit or
restrict the right of the Corporation to terminate the Employee’s employment at
any time, for any reason.  The Employee
shall have no right to any prorated portion of the Restricted Shares otherwise
deliverable to the Employee on the anniversary hereof next following a
termination of employment (whether voluntary or involuntary) in respect of a
partial year of employment.

 

8.                                       Shares
of Common Stock held in custody for the Employee pursuant to this Agreement may
not, before being vested, be sold, transferred, pledged, exchanged,
hypothecated or disposed of by the Employee and shall not be subject to
execution, attachment or similar process.

 

9.                                       This
Agreement and each and every obligation of the Corporation relating to the
Restricted Stock Award hereunder are subject to the requirement that if at any
time the Corporation shall determine, upon advice of counsel, that the listing,
registration or qualification of the shares covered hereby upon any securities
exchange or under any state or Federal law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of or in
connection with the granting hereof or the delivery of shares hereunder, then the
delivery of shares hereunder to the Employee may be postponed until such
listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Corporation.

 

10.                                 Any
payment required under this Agreement shall be subject to all requirements of
the law with regard to income and employment withholding taxes, filings, and
making of reports, and the Corporation and the Employee shall use their best
efforts to satisfy promptly all such requirements, as applicable.  In addition to amounts in respect of taxes
which the Corporation shall be required by law to deduct or withhold from any
dividend payments on the Restricted Shares covered hereby, the Corporation may
defer making any delivery of Restricted

 

2

 

Shares
under this Agreement until completion of arrangements satisfactory to the
Corporation for the payment of any applicable taxes, whether through share
withholding provided for by the Plan or otherwise.

 

11.                                 In
the event of a “change in control”, as that term is defined in the Plan, then
the Employee shall have all the rights specified in Paragraph 10(B) of the
Plan, which shall include the immediate lapsing of all restrictions on the Restricted
Shares.

 

12.                                 Each
capitalized word used in this Agreement without definition shall have the same
meaning set forth in the Plan, the terms and conditions of which shall
constitute an integral part hereof.  For
all purposes of this Agreement, references to employment with the Corporation
shall include employment with any of the Corporation’s subsidiaries.

 

13.                                 Any
notice which either party hereto may be required or permitted to give the other
shall be in writing and may be delivered personally or by mail, postage
prepaid, addressed to the Treasurer of the Corporation at its principal office
and to the Employee at his address as shown on the Corporation’s payroll
records, or to such other address as the Employee by notice to the Corporation
may designate in writing from time to time.

 

14.                                 Nothing
herein contained shall confer on the Holder any right to continue in the
employment of the Corporation or interfere in any way with the right of the
Corporation to terminate the Holder’s employment at any time; confer on the
Holder any of the rights of a shareholder with respect to any of the shares
subject to the Restricted Shares until such shares shall be issued once the
restrictions lapse; affect the Holder’s right to participate in and receive
benefits under and in accordance with the provisions of any pension,
profit-sharing, insurance, or other employee benefit plan or program of the
Corporation or any of its subsidiaries; or limit or otherwise affect the right
of the Board of Directors of the Corporation (subject to any required approval
by the shareholders) at any time or from time to time to alter, amend, suspend
or discontinue the Plan and the rules for its administration; provided,
however, that no termination or amendment of the Plan may, without the consent of the Holder, adversely affect the Holder’s rights
under the Restricted Shares.

 

	
   

  	
   

  	
  PEPSIAMERICAS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
  ACCEPTED:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Employee

  	
   

  
					

 

*You will be taxed
automatically on the Restricted Shares subject to this Agreement when the
restrictions lapse.  You may elect to be
taxed on the date of grant.  Please
consult your tax advisor immediately to discuss this election.  If you choose to be taxed at grant, please
call Wendy Dorley at (847) 483-7506 to request the appropriate form to file
with the Internal Revenue Service.  You
must execute and file the appropriate form with the IRS no later than 30 days
after the date of grant.

 

3

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