Document:

exv10w14

 

EXHIBIT 10.14

RESTRICTED STOCK UNIT AWARD

RESTRICTED STOCK UNIT AWARD AGREEMENT dated as of                     ,
___, between PepsiAmericas, Inc., a Delaware corporation (the
“Corporation”), and                      , 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 2000 Stock Incentive Plan, as most recently amended in 2005 (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 Unit 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, ___Restricted Stock Units on the terms
and conditions herein set forth (the “Restricted Stock Units”).

     2. 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 Unit Award (the “Restriction
Period”), the Corporation shall deliver to the Employee a lump sum cash payment equal to the
product of the number of Restricted Stock Units awarded under this Agreement multiplied by the fair
market value of the Corporation’s Common Stock on the third anniversary of the date of grant, or if
such date is not a trading day at the New York Stock Exchange then the first trading day
immediately following the third anniversary of the date of grant. If the Corporation’s Common
Stock is no longer traded on New York Stock Exchange, the Committee shall, with the advice of its
outside accountants, determine the fair market value of the Corporation’s Common Stock for purposes
of making this calculation.

     3. The Employee shall have no right under this Agreement to receive shares of Common Stock of
the Corporation. Further, the Employee shall have no right under this Agreement to vote or receive
dividends on shares of Common Stock of the Corporation.

     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, and the Employee has been an employee of the

 

 

Corporation for at least five years, or (b) the death of the Employee, and if there then
remain any Restricted Stock Units subject to restrictions hereunder, then such restrictions shall
be deemed to have lapsed and a lump sum cash payment calculated in accordance with Section 3 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). In the event of the termination of
the Employee’s employment with the Corporation by reason of the Employee’s Retirement at a time
when the Employee is at least 55 years of age, if Corporation approved, but the Employee has been
an employee of the Corporation for less than five years, and if there then remain any Restricted
Stock Units subject to restrictions hereunder, then such restrictions shall be deemed to have
lapsed on a prorated basis and a lump sum cash payment calculated in accordance with Section 3
shall forthwith be delivered to the Employee. Prorating for this purpose will be determined by
year based on grant year, with a standard grant date of February 28 for purposes of calculating
such proration.

     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 Restricted Stock Units subject to restrictions hereunder,
then the Restricted Stock Units shall continue to vest until such restrictions shall be deemed to
have lapsed.

     6. Should the Employee be a key employee as that term in defined in Section 416 of the
Internal Revenue Code, any payment hereunder resulting from termination of employment pursuant to
Section 4 or 5 shall be deferred until the later of six months from the date of the Employee’s
termination of employment or the date all restrictions applying to this Award lapse.

     7. 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 Stock Units 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 Stock Units 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.

     8. The granting of this Restricted Stock Unit 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 value of the Restricted Stock Units
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.

     9. 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.

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     10. 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 Stock Units.

     11. 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.

     12. 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.

     13. 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 Restricted Stock Units; 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 Stock Units.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	PEPSIAMERICAS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Senior Vice President
	 	 
	 
	 	 	 	 	 	 	 	 
	ACCEPTED:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

Employee

	 	 	 	 	 	 	 	 

3exv10w21

 

EXHIBIT 10.21

AGREEMENT FOR SEPARATION AND WAIVER

	 	 	 
	Name: xxxxxxxxxxx (“Employee”)

	 	SSN: xxx-xx-xxxx
	Hire Date: xxxx x, 2000

	 	Effective Date: December 31, 2006

     This Agreement between Employee and PepsiAmericas (as defined below) is effective on
December 31, 2006. The benefits to be provided to Employee are fully explained in the Summary Plan
Description and include the items set forth below. This Agreement memorializes the benefits due to
Employee upon his separation from the Company. Employee’s separation is due to a Company
restructuring

Benefits Summary:

	 	a.	 	Salary Continuance: 18 weeks.
	 
	 	b.	 	Company payment for continued Health and Insurance benefits for 18 weeks.
	 
	 	c.	 	Tenure Lump Sum Payment: 6 weeks salary.
	 
	 	d.	 	Bonus: 2006 bonus paid in March 2007 based upon actual results
	 
	 	e.	 	Outplacement services.

     All monetary amounts identified and summarized above will be less applicable deductions for
taxes, FICA and insurance. Employee’s account balances in any retirement accounts will be
distributed in accordance with the applicable plans.

     EMPLOYEE REPRESENTS AND AGREES THAT PRIOR TO THE EXECUTION OF
THIS AGREEMENT HE WAS ADVISED TO CONSULT WITH AN ATTORNEY TO DISCUSS ALL ASPECTS OF THIS AGREEMENT.
EMPLOYEE FURTHER THIS REPRESENTS AND AGREES THAT HE HAS BEEN GIVEN A PERIOD OF AT LEAST TWENTY-ONE
(21) DAYS TO CONSIDER THIS AGREEMENT. TO THE EXTENT HE HAS EXECUTED THIS AGREEMENT WITHOUT
CONSULTING WITH AN ATTORNEY OR PRIOR TO THE EXPIRATION OF THE 21 DAY PERIOD, HE HAS DONE SO
VOLUNTARILY. EMPLOYEE FURTHER REPRESENTS AND AGREES THAT HE HAS CAREFULLY READ AND FULLY
UNDERSTANDS ALL THE PROVISIONS OF THIS AGREEMENT AND THAT HE HAS KNOWINGLY AND VOLUNTARILY ENTERED
INTO THIS AGREEMENT.

          PLEASE READ THE ENTIRE DOCUMENT CAREFULLY BEFORE SIGNING BELOW. THIS AGREEMENT CONTAINS A
RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

          By signing below you acknowledge and agree that you have read, understood and signed or
initialed each page of this Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	For HR Use Only
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Presented to Employee	 	 	 	 
	Employee

	 	 	 	Signed by Employee
	 	 

	 	 
	 

	 	 	 	HRIS Notified
	 	 

	 	 
	 

	 	 	 	Benefits Start	 	 	 	 
	PepsiAmericas, Inc.

	 	 	 	Deadline to Exercise Options
	 	 

	 	 
	 

	 	 
	 	Benefits End
	 	 

	 	 
	 	 	 	 	Lump Sum Election	 	          yes          no

 

 

     1. This Agreement for Separation of Employment and Waiver, (including any attached
Exhibits, the “Agreement”), is made by and between the Employee, and PepsiAmericas, Inc., and each
of its subsidiaries, successors and assigns, and each of their respective directors, officers,
shareholders, employees, agents and/or representatives (hereinafter, collectively, the “Company”).
The Agreement is made as a result of Employee’s severing employment with the Company. In executing
this Agreement, the parties intend and agree to settle fully and finally any and all differences
between them that have arisen or might arise from the employment relationship and/or termination of
employment.

     2. It is understood that neither the negotiations for nor any actions taken in fulfillment of
the representations contained herein shall constitute an admission that the Company has acted
wrongfully or unlawfully toward Employee or any other person, or that Employee has any rights or
claims against the Company. The Company specifically disclaims any liability to, or wrongful acts
against, Employee.

     3. Employee understands that he is severing his employment with the Company, that
he will not be employed by the Company, and that he will not apply for, or otherwise seek
employment with the Company at any time in the future without first notifying the Company of this
Agreement. Any such re-employment shall be subject to immediate termination at management’s sole
and exclusive direction should it be determined that proper notification was not provided.

     4. In consideration for Employee’s Tenure Lump Sum Payment, Employee represents that, except
as otherwise permitted or required by law or regulation, he shall not (a) make any derogatory
statements with respect to the Company, or (b) disclose trade secrets of the Company, or (c) for
the next twelve (12) months, and with respect to confidential information that is not a trade
secret, disclose any of the Company’s confidential information within or to a person or entity
doing business in one or more of the States where the Company operates.

     5. Employee represents and agrees that on or before the Effective Date, he will promptly
deliver to the Company all Company property in his possession or control (including, but not
limited to, memoranda, records, notes, plans, manuals, notebooks, disks, diskettes, tapes and any
other

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materials containing any proprietary information of the Company, intellectual property or
trade secrets) irrespective of the location or form of such material. If requested by the Company,
Employee will provide the Company with written confirmation that all such materials have been
delivered to the Company as provided herein.

     6. Employee represents that he has not filed any complaints, charges, lawsuits, or any other
claims against the Company arising out of the employment relationship and/or termination of
employment and that, except to enforce the terms of this Agreement, or otherwise permitted or
required by law or regulation, he will not do so at any time hereafter. This Agreement shall not
operate to waive or bar any claim or right which may not by operation of law or regulation be
waived or barred.

     7. Employee and Company agree that, except as permitted or required by law or regulation,
they will keep the terms, amounts and facts of this Agreement completely confidential and that they
will not disclose any information concerning this Agreement to anyone except their immediate
family, tax advisor or accountant, and legal counsel, provided that each such person also agrees to
keep this information confidential. Employee agrees that the confidentiality and nondisclosure of
this Agreement has substantial economic value to the Company and that a breach of this provision
would cause the Company substantial harm.

     8. In consideration for continued employment through the Effective Date and one-third of the
Employee’s Salary Continuation, Employee agrees that for a period of 18 weeks commencing on the
Effective Date, he shall not accept an employment or consulting position with or for the benefit of
(i) The Coca-Cola Company, or a bottling entity that sells Coca-Cola or Cadbury-licensed products
that (ii) would cause his to work in or otherwise have responsibility for operations in one or more
of the States where the Company operates.

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     9. Employee agrees that he will promptly notify the Company if and when he obtains other
employment with medical coverage during the benefits continuation period, and that his benefits
under the Company benefits program shall thereafter cease. A general explanation of the benefits
being provided herein is contained in the Summary Plan Description. All benefits not specifically
provided for shall cease as of the Effective Date.

     10. Employee understands and agrees that he has twenty-one (21) days during which
he can decide whether or not to enter into this Agreement, during which time he may consult with an
attorney. Employee further agrees that to the extent he so desires he has availed herself of that
right. Employee also understands that he has seven (7) days following signature to revoke this
Agreement by notifying the Company’s Legal Department at 1475 E. Woodfield Road, Suite 1300,
Schaumburg, Illinois 60173, in writing, of his decision to revoke. Upon expiration of the seven
(7) day revocation period, this Agreement shall become effective and enforceable and payment of
consideration set forth herein shall commence.

     11. As a material inducement to the Company to enter into this Agreement, Employee
irrevocably releases forever, with prejudice, the Company and all persons acting by, through, under
or in concert with it, from all complaints, claims, liabilities, obligations, promises, agreements,
rights, demands, costs, losses, debts, and expenses, including attorney fees and costs actually
incurred, of any nature, known or unknown; suspected or unsuspected; including, but not limited to,
rights under federal, state or local laws prohibiting handicap, age, sex, or other forms of
discrimination, including by way of illustration, and not limitation, claims or rights under Title
VII, or the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit
Protection Act, and any and all other state, federal and local labor and employment statutes,
common law, or other claims growing out of the employment relationship or growing out of any legal
restrictions on the Company’s right to hire or terminate its employees. The Parties intend this
release and waiver to be as broad as the law permits, and Employee specifically understands that
his rights, if any, to raise a claim under the Age Discrimination in Employment Act of 1967, as
amended, are being waived herein in return for consideration Employee would not otherwise be
entitled to receive. Employee specifically does not

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waive claims to enforce the Company’s performance under this Agreement which may arise after the
date this Agreement is fully executed.

     12. As a further material inducement to the Company to execute this Agreement, Employee
agrees to cooperate in any matters for which Employee has information. “Cooperate” means providing
the Company with any and all information Employee possesses concerning matters that arose during
his employment, and includes, without limitation, providing testimony.

     13. The benefits contained in this Agreement are subject to termination, reduction,
cancellation, or recoupment, in the event that Employee engages in any conduct violative of the
terms of this Agreement or Company policy.

     14. The provisions of this Agreement are severable, and if any part of the Agreement is found
to be unenforceable, the other provisions shall remain fully valid and enforceable. This Agreement
shall survive the termination of any arrangements contained in it. For the purposes of this
paragraph, the severance pay calculated based on Employee’s base compensation on the Effective Date
is specific consideration for Employee’s release of all claims against the Company. All additional
consideration identified herein is for the other rights being waived by Employee herein.

     15. This Agreement sets forth the entire agreement between the parties, and fully supersedes
any and all prior discussions, agreements or understandings between them on the matter of severance
benefits.

     16. The parties agree and understand that any claims relating to this Agreement must be
brought only within the State or Federal Courts sitting in Chicago, Illinois. The parties further
agree that Illinois law shall apply to any dispute arising under this Agreement.

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EXHIBIT A — PAYMENT ELECTION FORM

By signing below, I acknowledge my election to receive severance payments in the manner set
out below:

o I elect to receive my severance payments over time in accordance with my current
payroll schedule. I understand that I cannot change this election at any time during the
severance pay period.

o I elect to receive my severance payments in a lump sum. I acknowledge that by making this
election, I shall not be entitled to receive continuing medical and dental benefits under the group
plans of the Company after my last day of work, unless I obtain and personally pay for coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) to provide for coverage
for myself and all qualified beneficiaries.

	 	 	 	 	 	 	 
	 

Name:

	 	 
	 	 

(Social Security Number)
	 	 

Date:       
       
             
                     
              ,2007

Employee Severance Agreement

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