Document:

AGNC Exhibit 10.1 6/30/14 10-Q

Exhibit 10.1
AMERICAN CAPITAL AGENCY CORP.
EQUITY INCENTIVE PLAN FOR INDEPENDENT DIRECTORS
RESTRICTED STOCK UNIT AGREEMENT

This Restricted Stock Unit Agreement (this “Agreement”) is executed and delivered as of [●] (the “Grant Date”) by and between American Capital Agency Corp., a Delaware corporation (the “Company”), and [●], a director of the Company (the “Grantee”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the American Capital Agency Corp. Equity Incentive Plan for Independent Directors (the “Plan”).  The Grantee and the Company hereby agree as follows:

		
	1.
	Grant. Pursuant to the Plan, the Company hereby grants to the Grantee [●] Restricted Stock Units (the “RSUs”), representing the right to receive an equivalent number of shares of Stock, plus any dividend equivalents on the RSUs, subject to the terms and conditions of the Plan and this Agreement.

		
	2.
	Vesting. The RSUs will vest on [●] (the “Vesting Date”), subject to the Grantee’s continued service through the Vesting Date.  If the Grantee separates from service for any reason prior to the Vesting Date, his or her RSUs will be forfeited as of such separation date.

		
	3.
	Distribution.  Notwithstanding any other provision of the Plan, unless a deferral election is made pursuant to Section 4 below, the RSUs will be paid in Stock as soon as practicable (and in no event more than thirty (30) days) after the Vesting Date.   In the event of a deferral election with respect to the RSUs, the RSUs shall be paid in Stock as soon as practicable (and in no event more than thirty (30) days) after the deferred payment date elected by the Grantee.  The Grantee agrees that he or she will cooperate with the Company to facilitate payment of the RSUs, which cooperation may include being required to maintain a brokerage account with the Plan’s recordkeeper.

		
	4.
	Deferral Elections.  The Grantee may, by completing a copy of the attached Deferral Election Exhibit and returning it to the Corporate Secretary of the Company no later than [●], irrevocably elect to defer payment of all or a portion of the RSUs to any later date after the Vesting Date, provided that he or she may not elect to defer payment of the RSUs or portion thereof to any date after [●].  

The Grantee may also elect multiple payment dates for the RSUs, provided that he or she also specifies in the election the percentage of the RSUs that will be payable on each such date.  However, the Grantee may not elect more than one payment date in any particular calendar year for the RSUs or portion of the RSUs.  
For example, the Grantee may elect to defer payment of 50% of the RSUs to April 1, 2021, and payment of the remaining 50% of the RSUs to July 1, 2022, but may not elect to defer payment of the remaining 50% of the RSUs to another date or dates in 2021.  

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Subject to the rules described in the preceding paragraphs, the Grantee may elect to defer all, some, or none of the RSUs, and may elect different payment dates for each.  
Notwithstanding the foregoing, if the Grantee separates from service (within the meaning of Section 409A) with the Company, or in the event of the Grantee’s death or disability or a Change of Control, any vested RSUs the Grantee has elected to defer will be paid to the Grantee (in the event of the Grantee’s death, to his or her surviving spouse or, if none, to his or her estate) as soon as practicable (and in no event more than thirty (30) days) thereafter, notwithstanding any later payment dates(s) the Grantee may have elected.  
If the Grantee fails to complete the Deferral Election Exhibit and timely return it, he or she will be deemed to have elected not to defer payment of any of the RSUs.  Under applicable tax rules, late deferral elections are not permitted.  
		
	5.
	Dividend Equivalents.  The terms of Section 6(b)(iii)(C) of the Plan shall apply to the extent dividends are paid with respect to the Company’s Stock.  To the extent the Grantee makes a deferral election with respect to any portion of his Award, dividend equivalents credited on the RSUs underlying such portion shall be distributed at the same time as such underlying RSUs.

		
	6.
	Establishment of Trust.    The Company may establish a trust to fund the payment of the Award (the “Trust”), and the assets of such Trust shall be invested in Stock.  Notwithstanding the establishment of such trust, (a) all credits and adjustments to the account for the Grantee’s Award shall be bookkeeping entries only and shall not represent a special reserve or otherwise constitute a funding of the Company’s unsecured promise to pay any amounts hereunder, and (b) to the extent that the Grantee or any other person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company, and such person has only the unsecured promise of the Company that such payments shall be made.  The Award evidenced by this Agreement is intended to be part of an unfunded incentive program exempt from the Employee Retirement Income Security Act of 1974, as amended, pursuant to 29 C.F.R. Section 2510.3-2(c).   

		
	7.
	No Tax Advice.  By signing this Agreement, the Grantee represents that he or she has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Grantee understands and agrees that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

		
	8.
	Entire Agreement; Plan Controls.  This Agreement and the Plan contain the entire understanding and agreement of the parties concerning the subject matter hereof, and supersede all earlier negotiations and understandings, written or oral, between the parties with respect thereto.  This Agreement is made under and subject to the provisions of the Plan, and all of the provisions of the Plan are hereby incorporated by reference into this 

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Agreement.  In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.  By signing this Agreement, the Grantee confirms that he or she has received a copy of the Plan and has had an opportunity to review the contents thereof.
		
	9.
	Miscellaneous.

(a)    Notices.  Any notice required or permitted under this Agreement shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Grantee either at his or her address herein below set forth or such other address as he or she may designate in writing to the Company, or to the Company to the attention of the Secretary, at the Company’s address or such other address as the Company may designate in writing to the Grantee.
(b)    Failure to Enforce Not a Waiver.  The failure of the Company or the Grantee to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
(c)    Governing Law.  This Agreement shall be governed by and construed according to the laws of the State of Delaware without giving effect to the choice of law principles thereof.
(d)    Amendments.  This Agreement may be amended or modified at any time by an instrument in writing signed by the parties.
(e)    Agreement Not a Contract of Employment.  Neither this Agreement nor any other action taken in connection herewith shall constitute or be evidence of any agreement or understanding, express or implied, that the Grantee is an employee of the Company or any subsidiary of the Company.
(f)    Captions.  The captions and headings of the sections and subsections of this Agreement are included for convenience only and are not to be considered in construing or interpreting this Agreement.
(g)    Counterparts.  This Agreement may be executed in counterparts, each of which when signed by the Company or the Grantee will be deemed an original and all of which together will be deemed the same agreement.
(h)    Assignment.  The Company may assign its rights and delegate its duties under this Agreement. If any such assignment or delegation requires consent of any state securities authorities, the parties agree to cooperate in requesting such consent. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns.

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(i)    Severability.  This Agreement will be severable, and the invalidity or unenforceability of any term or provision hereof will not affect the validity or enforceability of this Agreement or of any other term or provision hereof.  Furthermore, in lieu of any invalid or unenforceable term or provision, the parties intend that there be added as a part of this Agreement a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.
(j)    Section 409A of the Code.  The Plan and this Agreement are intended to comply, and shall be interpreted in a manner consistent, with the requirements of Section 409A of the Code and the regulations and other regulatory guidance thereunder (including the exceptions thereto), as applicable.  In no event will the Company or any affiliate be liable for any tax, interest or penalties that may be imposed by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.  In addition, please note that the Company shall comply with six-month delay provisions of Section 409A(a)(2)(B) of the Code to the extent applicable. 
*    *    *    *    *
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized representative and the Grantee has hereunto set his or her hand as of the Grant Date.

AMERICAN CAPITAL AGENCY CORP.

		
	By:
	____________________________________

Name: [●]
Title: [●]

GRANTEE

______________________________________
Name: [●]

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DEFERRAL ELECTION EXHIBIT 

1.  Name:   [●]
2.  Date of Award:  [●]
3.  Number of RSUs:     [●] 

4.  Vesting Date:   [●]
Deferral Election (Complete only if electing to defer payment of all or any portion of the RSUs):
The Grantee hereby irrevocably elects to defer payment of all or a portion of the RSUs to the dates specified below.  If more than one date is elected for the RSUs, the Grantee must also specify the percentage of the RSUs that will be payable on each such date (the amount payable on each such multiple payment date will be treated as a separate payment for purposes of Section 409A of the Code).  If the Grantee elects a deferred payment date or dates for any portion of the RSUs, then the elected percentage set forth below must equal 100%.  The Grantee may not elect more than one payment date in any year.
	
		
	Payment Date
	Percentage

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

NOTE: To make a valid election, return this form to the Company not later than [●].

GRANTEE

	
		
	__________________________
	_____________________________

	Name: [●]

	Date

5SE-2014.06.30 Ex10.1

                                   EXHIBIT 10.1
Execution Version

Omnibus Amendment
WHEREAS, this Omnibus Amendment (this “Amendment”), dated as of June 20, 2014     to the equity incentive and non-qualified plans, programs and arrangements set forth on Exhibit A attached hereto (each, a “Plan” and, collectively, the “Plans”) shall be effective as of the date hereof;
WHEREAS, subject to the limitations specified in the Plans, the Plans generally permit the Board of Directors of Spectra Energy Corp (the “Board”) or the Compensation Committee of the Board (the “Committee”) to amend the terms of the Plans; and
WHEREAS, the Board and the Committee wish to amend the Plans on the terms and subject to the conditions described herein.
NOW, THEREFORE, the Plans are hereby amended as of the date hereof as follows:
		
	1.
	Except as otherwise specifically set forth on Exhibit A hereto, with respect to the Plans and with respect to any award, account or benefit outstanding under any Plan, the    definition of “Change in Control” or “Change of Control” shall be amended and restated in its entirety to read as follows:

““Change in Control” means: 
(1)Any individual, entity or group (within the meaning of Section           13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d‐3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the   Company entitled to vote generally in the election of directors (the “Outstanding    Company Voting Securities”); provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change in Control:  (i) any acquisition     directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any company controlled by, controlling or under common control with the Company or (iv) any acquisition pursuant to a transaction that complies with Sections (3)(A), (3)(B)and (3)(C) of this definition;
(2)Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or       removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

(3)Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or securities of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business     Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership     immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any parent or other entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from     such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
(4)Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.
Notwithstanding anything in the foregoing to the contrary, with respect to compensation (i) that is subject to Code Section 409A and (ii) for which a Change in Control would accelerate the timing of payment thereunder, the term “Change in Control” shall mean a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as defined in Code Section 409A and authoritative guidance thereunder, but only to the extent inconsistent with the above definition and as necessary to comply with Code Section 409A as determined by the Company.
For purposes of this definition, the term “Company” shall mean Spectra Energy Corp.”
		
	2.
	With respect to the Spectra Energy Corp Executive Savings Plan (as amended and       restated effective as of May 1, 2012) and the Spectra Energy Corp Executive Cash      

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Balance Plan (as amended and restated effective as of May 1, 2012) only, the following paragraphs will be added to the definition of “Change in Control” in Paragraph 1, above:
“Notwithstanding the foregoing, however, for purposes of Sub-Plan I under the Plan, “Change in Control” means: 
(i)    an acquisition subsequent to the Distribution Date hereof by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then outstanding shares of common stock of the Company or (B) the combined voting power of the then outstanding voting securities of the     Company entitled to vote generally in the election of directors; excluding, however, the following: (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company, (2) any acquisition by the Company, (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or its affiliated companies and (4) any acquisition pursuant to a transaction that complies with the exceptions in Paragraph (iii) of this definition; 
(ii)    during any period of two (2) consecutive years (not including any period prior to the Distribution Date), individuals who at the beginning of such period constitute the Board (and any new directors whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least 2/3 of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was so approved) cease for any reason (except for death, disability or voluntary retirement) to constitute a majority thereof;  
(iii)    the consummation, after the Distribution Date, of a merger, consolidation, reorganization or similar corporate transaction, which has been approved by the shareholders of the Company, whether or not the Company is the surviving corporation in such transaction, other than a merger, consolidation, or reorganization that would result in the voting securities of the Company outstanding immediately prior    thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the combined voting power of the voting securities of the Company (or such surviving entity or any parent thereof) outstanding immediately after such merger, consolidation or reorganization; or
(iv)    the consummation, after the Distribution Date, of (A) the sale or other disposition of all or substantially all of the assets of the Company or (B) a complete liquidation or dissolution of the Company, which has been approved by the shareholders of the Company;
provided that in no event shall a Change in Control be deemed to have occurred by           reason of any of the events resulting from the separation transaction pursuant to which the Company becomes a separate publicly-held corporation for the first time. 

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For purposes of this definition, the term “Company” shall mean Spectra Energy Corp.”
		
	3.
	Except as expressly provided in this Amendment, the Plans shall remain in full force and effect.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, this Amendment has been executed as of the date first above written.
SPECTRA ENERGY CORP

    
	
	
	     /s/   Dorothy M. Ables                 

Name:  Dorothy M. Ables
                Title:  Chief Administrative Officer

[Signature Page to Omnibus Amendment]

EXHIBIT A
Spectra Energy Corp Executive Savings Plan (as amended and restated effective as of May 1,       2012)
Spectra Energy Corp Executive Cash Balance Plan (as amended and restated effective as of May 1, 2012)
Spectra Energy Corp 2007 Long-Term Incentive Plan (as amended and restated)*
*only with respect to awards granted as of and subsequent to the date hereof

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