Document:

10.2 Director's Agreement Basham - Amended

Exhibit 10.2
VIEWPOINT FINANCIAL GROUP, INC. AND VIEWPOINT BANK, N.A.
AMENDED AND RESTATED DIRECTOR'S AGREEMENT

WHEREAS, Gary D. Basham (the “Director”) has served as a director of ViewPoint Financial Group, Inc. and its predecessors and affiliates (“VPFG”); and 

WHEREAS, as of the Service Completion Date, as defined below, the Director will no longer be providing services as a director to VPFG; and 

WHEREAS, in recognition of the past services provided by the Director, VPFG desires to provide separation compensation to the Director in accordance with this Agreement.

NOW THEREFORE, VPFG shall provide the Director with separation compensation under Section A(1) or A(2), as elected by the Director prior to the Service Completion Date, and Section A(4).

Section A.    Director Separation Benefit 
Depending on the election made by the Director under Section B below, the Director will receive either, but not both, of the following, which may be paid by ViewPoint Financial Group, Inc. (the “Company”) or ViewPoint Bank, N.A. (the “Bank”):

(1)    Installment Payment Benefit. 
(a)    The Director shall receive an annual benefit of $50,000 over the Payout Period. 
(b)    The Director's Payout Period shall be four years.
(c)     Payments under this Section shall commence on the first day of the month following the Service Completion Date and on each anniversary of that date thereafter during the Payout Period. The “Service Completion Date” shall be the Director's last day of service as a director of VPFG, which is expected to be on or about May 16, 2013.
(d)    If the Director dies prior to the Service Completion Date, a lump sum benefit equal to the payment under Section A(2) below shall be paid to the Director's Beneficiary. If the Director dies after the Service Completion Date but prior to the Director's receipt of his entire benefit payable hereunder, the remaining payments shall be paid in a cash lump sum to the Director's Beneficiary. In each case the Director's Beneficiary shall be paid on the first day of the month following the Director's death, or as soon as practical thereafter. 

(2)    Lump Sum Payment.
Following the Service Completion Date, the Director shall receive a cash lump sum payment of $200,000, which is equal to the total annual benefit payments that would have been paid under Section A(1). 

(3)    Election Regarding Form of Cash Benefit and Beneficiary Designation. 
The Director's election regarding his form of cash benefit shall be made at Section B. If the Installment Payment Method described in Section A(1) is elected, the Director's beneficiary designation shall be made at the Beneficiary Designation at the end of this Agreement.

(4)    Restricted Stock to be Granted to the Director.
In addition to the cash payments to be paid to the Director under Section A(1) or A(2) hereunder, the Director shall also receive as of the Service Completion Date a restricted stock award under the ViewPoint Financial Group, Inc. 2012 Equity Incentive Plan (the “Plan”) of 15,000 shares subject to vest equally in three (3) annual installments over a three (3) year period commencing on the first anniversary of the grant date, all as to be set forth in a Restricted Stock Award Agreement under the Plan. In order to accommodate the vesting of such award, it is hereby agreed that as of the Service Completion Date, VPFG shall appoint the Director to be an advisory director.

(5)    Nature of Compensation. 
The Director acknowledges that any cash payments made hereunder will constitute ordinary taxable income to the Director or other recipient at the time it is received, and that the Director has been advised that the benefits paid hereunder may not be rolled over or transferred to an individual retirement account or to a tax-qualified plan.

(6)    Required Board Ratification.
This Agreement shall not be final, and the benefits provided for hereunder shall not be paid, unless and until the Agreement is approved and/or ratified by the Boards of Directors of the Company and the Bank, which approval shall be granted or denied on or before the Service Completion Date. 

Section B.    Election of Form of Cash Benefit     

The Director elects the form of cash benefit as follows (initial as desired):
	
		
	 
	 

	 
	The Installment Payment Method described in Section A(1). See “Beneficiary Designation” at end of this Agreement.

	X
	 The Lump Sum Payment Method described in Section A(2).     

Section C.    General Matters

(1)    Jurisdiction.
This Agreement will be governed by the laws of the State of Texas, with venue for any dispute or cause of action that arises or is related to this Agreement being brought in any court of competent jurisdiction located in Collin County, Texas, and the parties consent to such jurisdiction and exclusive venue in said county.

(2)    Unsecured General Creditor. 
The Director and his Beneficiaries shall have no legal or equitable rights, interests or claims in any property or assets of VPFG or any affiliate. VPFG's obligation under this Agreement shall be merely of an unfunded and unsecured promise to pay money in the future.

(3)    Nonassignability. 
Neither the Director nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder. No part of the amounts payable shall, prior to actual payment be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance allowed by the Director or any other person, be transferable by operation of law in the event of a Director's or any other person's bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.

(4)    Successors. 
The provisions of this Plan shall bind and inure to the benefit of VPFG and its successors and assigns and the Director and his designated Beneficiaries.

(5)   Change in Control. 
For purpose of this Section C(5), "Change in Control" means a change in control as defined in Internal Revenue Code section 409A and rules, regulations, and guidance of general application thereunder issued by the Department of the Treasury.  If a Change in Control occurs before all cash benefits under Section A have been paid to the Director, VPFG shall pay to the Director any unpaid cash benefit described in Section A. If the Director receives benefits under this Section C(5) because of the occurrence of a Change in Control,  the  Director  shall  not be  entitled  to  claim  additional benefits  under the terms of this agreement if an additional  Change in Control  occurs thereafter.

(6)    Section 409A.
This Agreement shall be subject to Section 409A of the Internal Revenue Code of 1986, as amended, and shall be administered and interpreted accordingly. 

(7)    Other Obligations of Parties. 
(a) The Director agrees to return to VPFG all property of VPFG or its affiliates in the Director's possession, including, without limitation, all computers and computer-related equipment, consumer electronics, security access devices, computer diskettes, and files and papers of any sort containing any information about VPFG or its affiliated organizations, or their customers, suppliers, officers, directors, employees, affiliates, agents, representatives or advisors. If the Director discovers that the Director or someone else is in possession of any of the foregoing as a result of the Director's actions or omissions, the Director shall immediately return such property to VPFG.
(b) The Director agrees to hold in strictest confidence and not disclose to anyone or use, directly or indirectly, any trade secrets, member/customer information or confidential and proprietary information of VPFG or its affiliates, including but not limited to any information concerning the business or affairs of a current, past or prospective customer of VPFG, information about the development of any product or invention of VPFG, and any information concerning VPFG or its affiliates or their operations not readily available to the public, unless expressly authorized in writing by VPFG. 
(c) The Director and VPFG each agree to maintain the terms of this Agreement in strict confidence and to not, directly or indirectly, make any negative, derogatory, false, misleading or defamatory statements about the other party or any of the other party's affiliated organizations, officers, directors, employees or representatives. 

If either the Director or VPFG violates the provisions of this Section C(6), then the non-defaulting party shall be entitled to seek injunctive relief and any other remedies available at law or in equity. VPFG will be entitled to offset any actual damages awarded to VPFG against unpaid remaining payments, if any, due the Director under this Agreement. 

Effective this date:  March 6, 2013

Signed By: /s/ Gary D. Basham
Gary D. Basham, Director                

VIEWPOINT FINANCIAL GROUP, INC.

By: /s/ Kevin Hanigan
Kevin Hanigan, President/CEO 

VIEWPOINT BANK, N.A.

By: /s/ Kevin Hanigan
Kevin Hanigan, President/CEOEXHIBIT 10.66

 

 

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    	12Exhibit 10.1

	
			
	
	 
	

	 

2013
Annual Incentive Plan
(AIP)

April 1, 2013

            

        

2013 Annual Incentive Plan (AIP)

Atkore International (the “Company”) is providing an annual incentive plan, named the 2013 Annual Incentive Plan (the “Plan”), that provides an opportunity to reinforce a performance culture by sharing the Company’s success and rewarding eligible employees based on individual contributions and overall company success. Awards are made in cash, according to eligibility.  This document is intended to provide you with a summary of certain terms and conditions of the Plan.  

Plan Highlights:

		
	•
	Bonus award opportunity to reinforce a performance culture: 

		
	•
	A combination of Company performance and a participant’s individual performance determines the payout opportunity.

		
	•
	The greater the Company’s results, the greater the payout opportunity.

		
	•
	Personal performance may adjust the award up or down.

		
	•
	Award opportunity is linked to Company financial objectives:

		
	•
	Key performance measures have been determined for Atkore International and specific Business Units (Award Groups), where applicable. 

		
	•
	2013 key performance measures:

		
	•
	EBITDA (Atkore and/or Business Unit)

		
	•
	Working Capital Days Achievement (Atkore or Business Unit)

		
	•
	Personal Performance Objectives

		
	•
	Each key performance measure begins payout according to a threshold:

		
	•
	EBITDA threshold is set at 75% of target.

		
	•
	Working Capital Days payout begins at an increase of 5% of target.

	
										
	Award Group
	Metric
	Performance
	Payout
	 
	Performance
	Payout
	 
	Performance
	Payout

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corporate & ELT
	EBITDA
	75%
	50%
	 
	100%
	100%
	 
	125%
	200%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Business Unit
	EBITDA
	75%
	50%
	 
	100%
	120%
	 
	125%
	200%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Brazil
	EBITDA
	75%
	50%
	 
	100%
	120%
	 
	125%
	200%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corporate & ELT
	WCD Total Atkore
	+5.0% above target # of days
	50%
	 
	100%
	100%
	 
	8.0% below target # of days
	200%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Business Unit
	WCD BU
	+5.0% above target # of days
	50%
	 
	100%
	100%
	 
	8.0% below target # of days
	200%

 
                   
        
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How the Plan Works: 

Timing.
The 2013 Annual Incentive Plan covers the performance period from September 29, 2012 through September 27, 2013.   Payout is made after the determination of the extent to which the Company achieved its key performance measures and the participant’s individual performance has been evaluated.   

Eligibility.
Eligibility varies and, is in the sole discretion of the Company. In order to be eligible for a payment, a participant:  (a) must not have been a participant, during the entire 2013 year, of another short term variable pay plan (e.g. Sales Incentive Plan); (b) must be an active full/part-time employee, not hired with a temporary contract, on the last day of active work (as defined by Company policies and practices) of the Plan year (not on notice); and must have worked at Atkore International, or any Atkore entity, for at least two (2) continuous months during the Plan year (hence, hired prior to August 1, 2013).

		
	•
	It is a condition to payment that the employee is an active eligible employee at the date of payout, unless the reason is due to death, retirement, or a reduction in force.  

		
	•
	Employees who retire, die, or are terminated in a reduction in force during the period September 29, 2012 through the 2013 bonus payout date are eligible for a prorated 2013 bonus payout.

		
	•
	Partial year participants of short-term variable pay plans (e.g., Sales Incentive Plan) may be eligible for consideration of an award.  For purposes of calculating an AIP payment, their pro-rated eligibility (based upon the number of months in their non-incentive/bonus eligible position) will be used.

Award Groups.
Eligible employees are assigned to award groups based on the organization they directly belong to or directly support.  Employees that spend 80% or more of their time working on behalf of a specific Business Unit will be measured on the Business Unit plan.

Corporate & ELT: Those operating in global staff or Executive Leadership Team roles. 

Business Unit:  Those in a specific Business Unit and related staff are in their own Business Unit Award Group, such as:
		
	•
	Allied Tube & Conduit

		
	•
	AFC Cable

		
	•
	Unistrut North America Cable Management

		
	•
	Unistrut EMEA

		
	•
	Unistrut APAC

		
	•
	Brazil

The Chief Executive Officer and Global Vice President of Human Resources will make the final determination of assignment of employees into Award Groups. 

 
                   
        
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Award Group Changes: For participants who change Award Group during the course of the 2013 Plan year, the Award Group that they are assigned to, for purposes of determining their 2013 Plan bonus opportunity, is as follows:
		
	•
	Greater than six months assigned to an Award Group --- the entire Award Group portion of the bonus opportunity is calculated based upon that Award Group’s business results.

		
	•
	Six months assigned equally between two Award Groups --- the Award Group portion of the bonus opportunity is calculated based equally on each respective Award Group’s results.

		
	•
	Less than six months assigned to all Award Groups --- the entire Award Group portion of the bonus opportunity is calculated based upon ATKORE INTERNATIONAL Global results (i.e. the same as for Global Staff).

Target Incentive.
Target incentive varies by employee. The target incentive percentage is multiplied by the employee’s eligible compensation to compute the monetary target amount.  If the incentive target changes during Q1, the participant’s bonus will be 100% based on the new target.  If the incentive target changes during the 2nd or 3rd fiscal quarter, the participant’s bonus will be calculated based upon a combination of prior & new targets.  If the incentive target changes during the last fiscal quarter, the bonus will be based upon the prior incentive target.

Eligible Compensation.
Eligible compensation is the employee’s annual base salary as of August 1, 2013, prorated for the number of days eligible during the plan year. 

Company Performance Factor.
Company performance factor is the percentage of target incentive earned for Company performance and is based on predefined performance criteria and the payout matrix for achieving various levels of performance versus the objectives set.

Performance Criteria.
Performance criteria are the financial or other objectives established by the Compensation Committee of the Board of Directors as the applicable Key Performance Measures at the Atkore International level and, if applicable, the Business Unit (Award Group) level.  The key performance measures are EBITDA, Working Capital Days & Individual Performance objectives.  The key performance measures each have independent thresholds for payout.  

EBITDA

The EBITDA (65%) portion of the company performance factor is weighted as follows:

		
	•
	For those employees in a specific Business Unit other than Brazil:

		
	•
	20% on Atkore International results to ensure alignment of goals across the organization, and;

		
	•
	45% on specific Business Unit results to recognize the specific unit’s contribution to the success of Atkore International.

 
                   
        
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	•
	 For Global staff and ELT members, the EBITDA portion of the bonus is based entirely on Atkore International results.

		
	•
	 For Brazil participants, the EBITDA portion of the bonus is weighted at 45% (rather than 65%) of the Company Performance Factor and is based entirely on Brazil Results.

Working Capital Days 

In prior years, the Company measured number of days Improvement. In FY 2013, The Company will shift to measuring total working capital days. This shift allows the Company to measure its working capital performance more consistently throughout the year.

The Working Capital Days (25%) portion of the company performance factor is determined as follows:

		
	•
	Based on specific Business Unit (Award Group) results to recognize their specific unit’s contribution to the success of Atkore International.

		
	•
	For Global staff and ELT members, based entirely on Atkore International results.

		
	•
	For Brazil participants, the Working Capital Days portion of the bonus is weighted at 30% (rather than 25%) of the company performance factor and is based entirely on Brazil results

Personal Performance Objectives (10%)

		
	•
	Based on specific personal performance results to recognize individual contribution to the success of Atkore International.

		
	•
	For Brazil participants, the Personal Performance Objective portion is weighted at 25% (rather than 10%) of the Company performance factor.

Final Benefit Determination: 

All benefits granted under this 2013 Plan are subject to the final approval of the compensation committee of the Atkore Board of Directors. The compensation committee reserves the right to amend, suspend or terminate any or all provisions of the Plan within its sole discretion.  The compensation committee has the authority to deny any or all payments, even if targets are met.  Similarly, the Company or the compensation committee retains the sole and absolute discretionary authority to resolve all questions arising in the administration, interpretation and application of the Plan. This authority includes construing the terms of the Plan for the current and future performance years, including any disputed and doubtful terms on any of its elements, and determining the eligibility of an individual to participate in the Plan or to receive any benefit from it. The Company's determination will be conclusive and binding on all persons.  Participation in the 2013 Plan does not guarantee the continued employment with the Company or the continued participation in bonus compensation plans in future years. This document is not a contract of employment and is made for informative purposes only.

 
                   
        
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