Document:

EX-4.5 FORM OF RESTRICTED STOCK AWARD AGREEMENT

 

Exhibit 4.5

PIKE ELECTRIC CORPORATION

Restricted Share Award Agreement

for 2008 Omnibus Incentive Compensation Plan

     THIS RESTRICTED SHARE AWARD AGREEMENT (this “Award Agreement”) is entered into as of
[Date] by and between Pike Electric Corporation, a Delaware corporation (the “Company”),
and [Employee] (“Recipient”) pursuant to the Pike Electric Corporation 2008 Omnibus
Incentive Compensation Plan (the “Plan”).

Statement of Purpose

     Recipient has a relationship with the Company or an Affiliate as an employee, officer,
director or consultant thereof (as applicable, the “Relationship”). This Award Agreement
sets forth the terms and conditions of an award of shares of the Company’s Common Stock, $0.001 par
value, (“Shares”) that are subject to certain restrictions on transfer and risks of
forfeiture and other terms and conditions specified herein.

     NOW, THEREFORE, in consideration of the foregoing and the covenants hereinafter set forth, the
Company and Recipient agree as follows:

     SECTION 1. Grant of Restricted Shares. The Company hereby grants to Recipient
[Number] Shares (the “Restricted Shares”), which are subject to the terms and conditions
stated in this Award Agreement and the Plan, which are incorporated into this Award Agreement. In
the event of any conflict between the terms of the Plan and the terms of this Award Agreement, the
terms of this Award Agreement shall govern. Unless otherwise stated herein, in the event of any
conflict between the terms of this Award Agreement and the terms of any employment or other
agreement between Recipient and the Company or an Affiliate, the terms of such agreement will
govern.

     SECTION 2. Definitions. Capitalized terms used but not defined herein have the
meanings ascribed thereto in the Plan. The following terms have the meanings set forth below:

     “Business Day” means a day that is not a Saturday, a Sunday or a day on which
banking institutions are legally permitted to be closed in the City of New York.

     “Cause” has the meaning set forth in the employment or other agreement between
Recipient and the Company or an Affiliate or, in the absence thereof, shall mean (i)
Recipient’s fraud, embezzlement or misappropriation with respect to the Company or its
Affiliates, (ii) Recipient’s material breach of this Agreement or any other agreement
between recipient and the Company or an Affiliate which is not cured within 15 days (or any
shorter cure period in such other agreements) after Recipient’s receipt of written notice
thereof from the Company or an Affiliate, (iii) Recipient’s breach of fiduciary duties to
the Company, its Affiliates or their stockholders, (iv) Recipient’s conviction or plea of
nolo contendere in respect of a felony or of a misdemeanor involving moral turpitude, (v)
alcohol or substance abuse by Recipient, or (vi) Recipient’s willful or negligent misconduct
that has a material adverse effect on the property or business of the Company or an
Affiliate.

     “Disability” has the meaning set forth in any long-term disability plan of the
Company or an Affiliate in which Recipient participates or, in the absence thereof, shall
mean the inability of Recipient, due to the condition of Recipient’s physical, mental or
emotional health, effectively to perform Recipient’s duties with the Company or an Affiliate
consistent with Recipient’s Relationship with or without reasonable accommodation for a
continuous period of more than 90

 

 

days or for 90 days in any period of 180 consecutive days, as determined by a physician
retained by the Company (and Recipient hereby authorizes the disclosure and release to the
Company of such determination and all supporting medical records).

     “Vesting Date” means the date on which Recipient’s rights with respect to all
or a portion of the Restricted Shares subject to this Award Agreement may become fully
vested, and the restrictions set forth in this Award Agreement may lapse, as provided in
Section 4(a) of this Award Agreement.

     SECTION 3. Term of Restricted Shares. Any unvested Restricted Shares, and
Recipient’s right to such unvested Restricted Shares, shall terminate when the first of the
following occurs:

          (a) the termination of this Agreement and the Restricted Shares pursuant to Section 7 of the
Plan,

          (b) the expiration of ten (10) years from the date hereof,

          (c) the date of termination of Recipient’s Relationship for Cause; or

          (d) 90 days after the date of termination of Recipient’s Relationship for any reason other
than Cause unless such termination results from Recipient’s death or Disability or Recipient dies
within 90 days after the date of termination of Recipient’s Relationship with the Company, in
which case this Award Agreement and the Restricted Shares shall terminate 180 days after the date
of termination of Recipient’s Relationship.

     SECTION 4. Vesting and Exercise.

          (a) Vesting. On each Vesting Date set forth below, Recipient’s rights with respect
to the number of Restricted shares that corresponds to such Vesting Date, as specified in the
chart below, shall become vested and the restrictions set forth in this Award Agreement with
respect thereto shall lapse, provided that Recipient must continue to have its Relationship with
the Company or an Affiliate on the relevant Vesting Date, except as otherwise determined by the
Committee in its sole discretion or as otherwise provided in an employment or other agreement
between Recipient and the Company or an Affiliate.

	 	 	 	 	 	 	 	 	 
	 	Vesting Date
	 	 	Percentage of Award

Vested on Vesting Date

(%)
	 	 	Number of Restricted

Shares Vesting on

Vesting Date

(#)	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

          (b) Delivery of Shares. On or following the date of this Award Agreement,
certificates issued in respect of the Restricted Shares shall be registered in Recipient’s name and
deposited by

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Recipient, together with a stock power endorsed in blank, with the Company or such other
custodian as may be designated by the Committee or the Company, and shall be held by the Company or
other custodian, as applicable, until such time, if any, as Recipient’s rights with respect to the
Restricted Shares become vested. Upon the vesting of Recipient’s rights with respect to Restricted
Shares, the Company or other custodian, as applicable, shall deliver such certificates to Recipient
or Recipient’s legal representative.

     SECTION 5. Termination of Relationship. Unless the Committee determines otherwise,
and except as otherwise provided in an employment or other agreement between Recipient and the
Company or an Affiliate, Recipient’s rights with respect to any Restricted Shares awarded under
this Award Agreement, including any payments or benefits related thereto, shall terminate upon the
termination of Recipient’s Relationship; provided, however, that the termination of
Recipient’s Relationship as a result of Recipient’s death or Disability shall automatically
accelerate the vesting of any unvested Restricted Shares in full.

     SECTION 6. No Rights as a Stockholder. Prior to the Vesting Date of a Restricted
Share, Recipient shall not be entitled to exercise any voting rights with respect to such
Restricted Share and shall not be entitled to receive dividends or other distributions with respect
thereto.

     SECTION 7. Non-Transferability of Restricted Shares. Unless otherwise provided by
the Committee in its discretion, Restricted Shares may not be sold, assigned, alienated,
transferred, pledged, attached or otherwise encumbered except as provided in Section 9(a) of the
Plan. Any purported sale, assignment, alienation, transfer, pledge, attachment or other
encumbrance of Restricted Shares in violation of the provisions of this Section 7 and Section 9(a)
of the Plan shall be void.

     SECTION 8. Withholding, Consents and Legends.

          (a) Withholding. The delivery of Shares pursuant to Section 4(b) is conditioned on
satisfaction of any applicable withholding taxes in accordance with Section 9(d) of the Plan. If
the Company does not withhold or deduct any amounts for taxes, Recipient shall be solely
responsible for the payment of any Federal, state, local or other applicable taxes in respect of
the amounts payable to Recipient under this Agreement.

          (b) Consents. Recipient’s rights in respect of the Restricted Shares are
conditioned on the receipt to the full satisfaction of the Committee of any required consents that
the Committee may determine to be necessary or advisable (including, without limitation,
Recipient’s consenting to the Company’s supplying to any third-party recordkeeper of the Plan such
personal information as the Committee deems advisable to administer the Plan).

          (c) Legends. The Company may affix to certificates for Shares issued pursuant to
this Award Agreement any legend that the Committee determines to be necessary or advisable
(including to reflect any restrictions to which Recipient may be subject under any applicable
securities laws). The Company may advise the transfer agent to place a stop order against any
legended Shares.

     SECTION 9. Successors and Assigns of the Company. The terms and conditions of this
Award Agreement shall be binding upon and shall inure to the benefit of the Company and its
successors and assigns.

     SECTION 10. Committee Discretion. The Committee shall have full and plenary
discretion with respect to any actions to be taken or determinations to be made in connection with
this Award Agreement, and its determinations shall be final, binding and conclusive.

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     SECTION 11. Dispute Resolution.

          (a) Jurisdiction and Venue. Notwithstanding any provision in an employment or other
agreement between Recipient and the Company or an Affiliate, Recipient and the Company irrevocably
submit to the exclusive jurisdiction of (i) the United States District Court for the District of
Delaware and (ii) the courts of the State of Delaware for the purposes of any suit, action or
other proceeding arising out of this Award Agreement or the Plan. Recipient and the Company agree
to commence any such action, suit or proceeding either in the United States District Court for the
District of Delaware or, if such suit, action or other proceeding may not be brought in such court
for jurisdictional reasons, in the courts of the State of Delaware. Recipient and the Company
further agree that service of any process, summons, notice or document by U.S. registered mail to
the other party’s address set forth below shall be effective service of process for any action,
suit or proceeding in Delaware with respect to any matters to which Recipient has submitted to
jurisdiction in this Section 11(a). Recipient and the Company irrevocably and unconditionally
waive any objection to the laying of venue of any action, suit or proceeding arising out of this
Award Agreement or the Plan in (A) the United States District Court for the District of Delaware
or (B) the courts of the State of Delaware, and hereby and thereby further irrevocably and
unconditionally waive and agree not to plead or claim in any such court that any such action, suit
or proceeding brought in any such court has been brought in an inconvenient forum.

          (b) Waiver of Jury Trial. Recipient and the Company hereby waive, to the fullest
extent permitted by applicable law, any right either of Recipient may have to a trial by jury in
respect to any litigation directly or indirectly arising out of, under or in connection with this
Award Agreement or the Plan.

          (c) Confidentiality. Recipient hereby agrees to keep confidential the existence of,
and any information concerning, a dispute described in this Section 11, except that Recipient may
disclose information concerning such dispute to the court that is considering such dispute or to
Recipient’s legal counsel (provided that such counsel agrees not to disclose any such information
other than as necessary to the prosecution or defense of the dispute).

     SECTION 12. Notice. All notices, requests, demands and other communications required
or permitted to be given under the terms of this Award Agreement shall be in writing and shall be
deemed to have been duly given when delivered by hand or overnight courier or three Business Days
after they have been mailed by U.S. registered mail, return receipt requested, postage prepaid,
addressed to the other party as set forth below:

	 	 	 
	If to the Company:

	 	Pike Electric Corporation

100 Pike Way

Mt. Airy, NC 27030
	 
	 	 
	If to Recipient:

	 	________________________

________________________

________________________

________________________

The parties may change the address to which notices under this Award Agreement shall be sent by
providing written notice to the other in the manner specified above.

     SECTION 13. Headings. Headings are given to the Sections and subsections of this
Award Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed
in any way

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material or relevant to the construction or interpretation of this Award Agreement or any
provision thereof.

     SECTION 14. No Employment. Nothing contained in this Award Agreement shall confer,
intend to confer or imply any rights to an employment or other relationship or rights to a
continued employment or other relationship with the Company or its Affiliates in favor of Recipient
or limit the ability of the Company or its Affiliates to terminate, with or without cause, in its
sole and absolute discretion, the Relationship with Recipient, subject to the terms of any written
employment or other agreement between Recipient and the Company or an Affiliate.

     SECTION 15. Amendment of this Award Agreement. The Committee may waive any
conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate
this Award Agreement prospectively or retroactively; provided, however, that any
such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that
would materially and adversely impair Recipient’s rights under this Award Agreement shall not to
that extent be effective without Recipient’s consent. Notwithstanding the foregoing, this Award
Agreement and the Restricted Shares shall be subject to the provisions of Section 7 of the Plan,
including being subject to amendment by the Company by action of the Board or the Committee without
the consent of Recipient for purposes of maintaining compliance with Section 409A of the Code.

     SECTION 16. Counterparts. This Award Agreement may be signed in counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument.

*      *      *

[signatures on follow page]

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     IN WITNESS WHEREOF, the parties have duly executed this Award Agreement as of the date first
written above.

	 	 	 	 	 
	 

	 	RECIPIENT:
	 
	 	 	 	 
	 

	 	 
	 
	 	 	 	 
	 

	 	COMPANY:
	 
	 	 	 	 
	 

	 	PIKE ELECTRIC CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:Exhibit 10.1

 

Exhibit 10.1

CONFIDENTIAL PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR SUCH PORTIONS. ASTERISKS DENOTE OMISSIONS.

The Coca-Cola Company

Coca-Cola Plaza

Atlanta, Georgia

	 	 	 	 

	 	 	 	ADDRESS REPLY TO 

	 	 	 	P.O. BOX 1734 

	 	 	 	ATLANTA, GA 
	 	 	 	404 676-2121 

March 10, 2008

Mr. Henry W. Flint

Vice-Chairman of the Board of Directors

Coca-Cola Bottling Company Consolidated

4100 Coca-Cola Plaza

Charlotte, NC 28211-3481

	 	 	 	 	 	 	 
	 

	 	Re:
	 	TCCC/CCBCC/ByB
Brand Innovation 

and Distribution Collaboration Agreement

	 	  

Dear Hank:

As set forth in our August 29, 2007 Letter Agreement, TCCC and CCBCC have agreed to a new holistic
collaborative framework for the TCCC-CCBCC business relationship. In consideration of significant
TCCC financial and other commitments to CCBCC as provided for in that Letter Agreement, CCBCC has
agreed to enter into a beverage brand innovation and distribution collaboration arrangement with
TCCC. This arrangement is intended and designed to increase the likelihood of the commercial
success of both TCCC and CCBCC in regards to innovative brand and product ideas. We are very
excited about the prospects of this opportunity.

This Letter Agreement on brand innovation and distribution collaboration expands on Part IV of the
August 29, 2007 Letter Agreement and governs the brand relationship contemplated by the August 29,
2007 Letter Agreement until mutually terminated by both parties in writing.

Covered
CCBCC and ByB Brands

All existing non-alcoholic beverage brands owned by CCBCC or ByB and all brands owned by such
entities on and following the date of this Agreement (“Developed Brands”) are covered within the
scope of this Agreement with the exception of the Cinnabon® Premium Lattes brand (and all line
extensions and other products under the Cinnabon® trade name), for which ByB is a licensee. CCBCC
and ByB agree to

 

 

2

consider in good faith whether and under what terms it could include the Cinnabon® brand within the
scope of this Agreement, but there is no obligation to do so.

It is expressly acknowledged and understood that the development, ownership and introduction of
brands by CCBCC or BYB pursuant to the August 29, 2007 Letter Agreement and this Letter Agreement
are not otherwise prohibited by the Focus and Commitment Letter dated August 28, 2007. It is
further understood, however, that the Focus and Commitment Letter does specifically prohibit CCBCC
and BYB from distributing any new third party brands through August 31, 2010, unless otherwise
provided therein or otherwise agreed to by TCCC, but that the Developed Brands are not considered
to be third party brands for that purpose.

This Agreement does not in any manner govern, subordinate, interfere with, or otherwise affect
CCBCC’s merchandising and marketing of current or future TCCC brands. CCBCC’s actions in respect
to such TCCC brands will be solely governed by existing and future contractual obligations and past
business practices relating to those brands.

Ownership
of Developed Brands

CCBCC and ByB own and will continue to own each Developed Brand and sufficient rights to use the
applicable formula in connection therewith until such time that ownership of such brand is
transferred to TCCC or a third party as contemplated by this Agreement.

Nothing contained in this Agreement shall be deemed or construed to impose any limitations upon the
manner in which CCBCC or ByB deals with existing or future licensors, licensees, distributors, or
manufacturers with respect to Developed Brands to the extent they remain owned by CCBCC or ByB.
Notwithstanding, CCBCC expressly agrees not to distribute or license Developed Brands to or through
Pepsico or any Pepsico Bottler.

TCCC
Purchase Option for Developed Brands

To facilitate CCBCC’s and ByB’s comfort in investing in brand and product innovation and
distribution, they grant to TCCC, and TCCC accepts, the option to purchase Developed Brands in
accordance with the following processes, terms, and conditions:

CCBCC and ByB agree to notify TCCC, in writing and on a brand by brand basis, within thirty (30)
business days following the earlier occurrence of either:

(a) such Developed Brand achieving $50MM Net Operating Revenue in any consecutive twelve
month period (continual rolling twelve month periods), or

(b) the later of (i) the fifth anniversary of the date of this Letter Agreement, or (ii)
the fifth year anniversary of the first wholesale or retail sale of such Developed Brand by
either CCBCC, ByB, or any of their distributors or licensees that is followed by at least
six consecutive months of sales of such Developed Brand that

 

 

3

generate a minimum of $250,000 in Net Operating Revenue for such six month period.

For purposes of this Agreement, “Net Operating Revenue” with respect to any Developed Brand is
defined as all billings to customers at agreed-upon prices for products of that Developed Brand
shipped by the owner of such Developed Brand to such customers, less all royalties, pricing
allowances, rebates, discounts, product returns and cooperative marketing program costs applicable
to such Developed Brand; provided, that in the case of billings by ByB to CCBCC, or by TCCC
to any of its affiliates after it has acquired the Developed Brand, “agreed upon prices” shall
generally represent the lowest price charged to external customers for such products.

Within two (2) years after its receipt of such notice, TCCC may, by giving written notice thereof
to CCBCC, exercise an option to purchase the Developed Brand that is the subject of such written
notice. CCBCC and ByB agree not to offer or sell to any third party any Developed Brand in any
period prior to the expiration of the two year period that commences upon the provision of written
notice to TCCC as contemplated above.

Upon TCCC’s election to purchase a Developed Brand, CCBCC shall select one of the following two
purchase price options:

     (a) [***], or

     (b) [***].

If TCCC subsequently transfers ownership of any purchased Developed Brand to a third party, TCCC
and CCBCC will mutually agree to determine in good faith a mechanism for continuation of the
royalty or payment to compensate CCBCC for future royalty lost as a result of such sale.

To the extent TCCC for any reason fails to exercise a purchase option for a Developed Brand within
the time permitted, CCBCC/ByB may, if it so chooses, engage in discussions with third parties with
respect to the sale of such Developed Brand. However, CCBCC/ByB agree to give TCCC prompt written
notice upon their receipt of a bona-fide non-binding proposal or letter of intent or firm offer
from any third party to purchase any Developed Brand. TCCC will have thirty (30) days following
the receipt of such bona-fide offer notice from CCBCC/ByB to agree, by written notice to CCBCC/ByB
of its agreement to do so, to purchase the Developed Brand on the identical terms and conditions as
the third party offer. If TCCC does not match the third party offer within such thirty (30) day
period, CCBCC/ByB shall be free to accept such offer.

In conjunction with TCCC’s purchase of any Developed Brand, CCBCC/ByB agree to pay, or to expressly
undertake to pay as and when due, all amounts accrued under any and all open third party accounts
and agreements through the time of such purchase (including amounts coming due by reason of such
purchase) with respect to any remaining brand acquisition costs or to the prior development,
production, marketing or

 

 

4

distribution of such Developed Brand (other than distribution contract termination costs, which are
provided for below). TCCC will assume all obligations accruing from and after its purchase of such
Developed Brand under all agreements entered into by CCBCC or ByB with third parties with respect
to the production, marketing or distribution of such Developed Brand. To the extent TCCC, CCBCC,
or ByB incur distribution contract termination costs in connection with or within the twelve (12)
months following TCCC’s purchase of a Developed Brand, or any longer period to the extent that
certain distribution contracts cannot be terminated within twelve months, TCCC and CCBCC will split
such termination costs on a 50/50 basis.

TCCC, CCBCC and ByB agree to document and complete all Developed Brand transfer transactions
contemplated hereby as soon as practicable following agreement to do so, and in any event within
sixty (60) days after TCCC’s election to purchase such Developed Brand.

TCCC
System Distribution of Developed Brands

ByB may, with TCCC’s written consent, sell in wholesale quantities Developed Brands to Bottlers of
the Coca-Cola System under terms and conditions that may be mutually agreed upon between TCCC, ByB,
and the Bottlers. This consent obligation does not apply to any bottling or distribution territory
assigned to CCBCC by TCCC. TCCC, CCBCC and ByB agree that TCCC’s consent may be conditioned upon
such economic arrangements, including a coordination fee or other value provided to TCCC, as may be
mutually agreeable to TCCC, CCBCC and ByB.

Formation
of TCCC/ByB Innovative Brand Development Council

It is imperative to the success of this collaboration and to competitive and effective current and
future brand distribution that there is ongoing collaboration among the parties with respect to
CCBCC/ByB brand development and opportunities. To that end, beginning in 2008, ByB agrees to form
an Innovative Brand Development Council, the membership of which will include at least two mutually
acceptable TCCC-appointed participants and at least two mutually acceptable CCBCC-appointed
participants. While TCCC representatives will have no role in the management of Developed Brands
while owned by CCBCC/ByB, they will be provided access to sufficient information regarding
Developed Brands to enable TCCC to make informed brand purchase and System distribution decisions.
The scope and content of such information regarding Developed Brands will be determined by mutual
agreement of TCCC and CCBCC. The Council will formally meet no less than two (2) times per year.

TCCC, CCBCC and ByB agree to hold the terms of this Agreement and all related information exchanges
as highly confidential except to the extent that such information is required to be disclosed per
SEC or other governmental laws or regulations and to the extent disclosure is reasonably necessary
for such party to perform its obligations hereunder or exercise its rights hereunder or with
respect to the Developed Brands. Each of TCCC and CCBCC agrees that, prior to its first public
disclosure of the terms of this Agreement, it will, with no less than ten (10) days notice (unless
the circumstances

 

 

5

requiring such public disclosure do not permit at least ten days notice, in which case such party
will provide such prior notice to the other party as is reasonably practicable under the
circumstances), notify the other party of its intention to make such public disclosure and give the
other party the opportunity to comment on the content of such disclosure.

	 	 	 
	Acknowledged and Agreed:
	 	 
	 
	 	 
	/s/ Gray Lindsey
 

Gray Lindsey

	 	 
	Senior Vice-President,
	 	 
	Business Development
	 	 

	 	 	 
	Acknowledged and Agreed:
	 	 
	 
	 	 
	/s/ Henry W. Flint
 

Henry W. Flint

	 	 
	Vice-Chairman
	 	 

	 	 	 
	c:

	 	Bill Elmore
	 

	 	Frank Harrison
	 

	 	J.A.M. Douglas
	 

	 	Melody Justice
	 

	 	Steve Westphal

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