Document:

exv10w43

 

Exhibit 10.43

MONEYGRAM INTERNATIONAL, INC.

2005 OMNIBUS INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT FOR DIRECTORS

As Adopted February 15, 2006

(NQ — DIR)

     This Non-Qualified Stock Option Agreement is between MoneyGram International, Inc., a Delaware
corporation (Corporation) and the person (Director or Grantee) named in the accompanying Notice of
Stock Option Grant (Notice). This Agreement is effective as of the date of grant set forth in the
Notice (Grant Date).

     The Corporation desires to provide Director with an opportunity to purchase shares of the
Corporation’s Common Stock, par value $0.01 (Common Stock), as provided in this Agreement, in order
to carry out the purpose of the MoneyGram International, Inc. 2005 Omnibus Incentive Plan (Plan).

     The Corporation hereby grants to Director, effective as of the Grant Date, the right and
option (Option) to purchase all or any part of the aggregate number of shares of Common Stock set
forth in the Notice, on the terms and conditions contained in this Agreement and in accordance with
the terms of the Plan. The Option is not intended to be an incentive stock option within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the Code). The per share
purchase price of the shares subject to the Option shall be the purchase price per share set forth
in the Notice.

     1. Option Period and Termination of Service of Director. The period during which this
Option may be exercised (Option Period) is the period beginning on the date hereof and ending ten
(10) years from such date, subject to Section 2 below, and during this period this Option may be
exercised only by the Director personally and while a director of the Corporation, except that:

     (a) If the Director ceases to be a director of the Corporation for any reason, excluding
death, disability, or retirement, the option rights hereunder (as they exist on the day the
Director ceases to be a director) may be exercised only within a period of three (3) months
thereafter, subject to the notice requirements and forfeiture provisions set forth below, or prior
to the expiration of the Option Period, whichever shall occur sooner.

     (b) If the Director ceases to be a director of the Corporation due to death, or dies within
the three month or three year periods referred to in Sections (a) or (c) of this Section 1, the
option rights hereunder (as they exist immediately prior to the Director’s death) may be exercised
by the Director’s personal representative only during a period of twelve (12) months thereafter in
the case of death and only during a period of three (3) years thereafter in the case of disability,
provided, if the Director dies within such three-year period, any unexercised option held by the
Director will, notwithstanding the expiration of such three-year period, continue to be exercisable
to the extent to which it was exercisable at the time of death for a period of twelve (12) months
from the date of such death, subject in each case to the notice requirements set forth below, or
prior in each case to the expiration of the Option Period, whichever shall occur sooner.

     (c) If the Director ceases to be a director of the Corporation by reason of disability, the
option rights hereunder (as they exist on the day the Director ceases to be such director) may be
exercised only within a period of three (3) years thereafter, subject to Section 2 below including
the notice requirements set forth therein, or prior to the expiration of the Option Period,
whichever shall occur sooner.

     (d) If the Director ceases to be a director of the Corporation at or after the age of 65
years, the Director shall be deemed to have retired for purposes of this Agreement and the option
rights hereunder (as they exist on the day the Director ceases to be such director) may be
exercised only within a period of five (5) years thereafter, subject to the terms and conditions of
this Agreement, including the notice requirements and non-compete provisions set forth below, or
prior to the expiration of the Option Period, whichever shall occur sooner.

     2. Method of Exercise of this Option. This Option may be exercised in the manner
hereinafter prescribed, in whole or in part, at any time or from time to time, during the Option
Period as follows.

 

 

     (a) One-third of the Shares hereby optioned at any time after one year from the date hereof,

     (b) One-third of the Shares hereby optioned at any time two years from the date hereof,
and

     (c) the balance of the Shares hereby optioned at any time after three years from the date
hereof. This Option shall not be exercisable prior to the expiration of one year from the date of
grant, except as otherwise specified in the Plan. All purchases hereunder must be completed within
the time periods prescribed herein for the exercise thereof.

     (d) Notwithstanding Sections (a), (b) and (c) of this Section 2 if the Director ceases to be a
director of the Corporation by reason of death, disability or retirement, this Option (to the
extent valid and outstanding as of the date such Director ceases to be a director) if not then
exercisable shall become fully exercisable to the full extent of the original grant; provided,
however, that if such date on which such Director ceases to be a director or an employee is within
six months of the date of grant of a particular Stock Option held by a Director this Option shall
not become fully exercisable until six months and one day after such date of grant.

     On or before the expiration of the Option Period specified herein, written notice of the
exercise of this Option with respect to all or a part of the Common Stock hereby optioned may be
mailed or delivered to the Corporation by the Director in such form as the Corporation may require,
properly completed and among other things stating the number of Shares of Common Stock with respect
to which the Option is being exercised, and specifying the method of payment for such Common Stock.
The notice must be mailed or delivered prior to the expiration of this Option.

     Before any stock certificates shall be issued or book entry made reflecting the transfer of
shares to Grantee, the entire purchase price of the Common Stock purchased shall be paid to the
Corporation. Certificates will be issued to the purchaser, or book entry made, as soon as
practicable thereafter. Failure to pay the purchase price for any Common Stock within the time
specified in said notice shall result in forfeiture of the Grantee’s right to purchase the Common
Stock at a later date and the number of shares of Common Stock which may thereafter be purchased
hereunder shall be reduced accordingly.

     The purchase price may be paid either entirely in cash or in whole or in part with
unrestricted Common Stock already owned by the Director. If the Director elects to pay the
purchase price entirely in cash, he will be notified of the purchase price by the Corporation. If
the Director elects to pay the purchase price either substantially all with Common Stock or partly
with Common Stock and the balance in cash, he will be notified by the Corporation of the fair
market value of the Common Stock on the exercise date and the amount of Common Stock or cash
payable. Within five business days after the exercise date, the Director shall deliver to the
Corporation either cash or Common Stock certificates, in negotiable form, at least equal in value
to the purchase price, or that portion thereof to be paid for with Common Stock, together with cash
sufficient to pay the full purchase price. Only full Shares of Common Stock shall be utilized for
payment purposes.

     To the extent permissible under applicable tax, securities, and other laws, the Director may
satisfy a tax withholding requirement by surrendering Shares, including Shares to which Director is
entitled as a result of the exercise of this Option.

     3. Non-Compete. Unless a Change in Control (as defined below) shall have occurred
after the date hereof:

     (a) In order to better protect the goodwill of the Corporation and its Affiliates and to
prevent the disclosure of the Corporation’s or its Affiliates’ trade secrets and confidential
information and thereby help insure the long-term success of the business, the Director, without
prior written consent of the Corporation, will not engage in any activity or provide any services,
whether as a director, manager, supervisor, employee, adviser, agent, consultant, owner of more
than five (5) percent of any enterprise or otherwise, for a period of two (2) years following the
date of the Director’s termination of service with the Corporation or any of its Affiliates, in
connection with the manufacture, development, advertising, promotion, design, or sale of any
service or product which is the same as or similar to or competitive with any services or products
of the Corporation or its Affiliates (including both existing services or products as well as
services or products
known to the Director, as a consequence of the Director’s service on the Board of Directors of the
Corporation to be in development).

2

 

     (b) For purposes of the provisions of Section 3, it shall be conclusively presumed that the
Director has knowledge of information he or she was directly exposed to through actual receipt or
review of memos or documents containing such information, or through actual attendance at meetings
at which such information was discussed or disclosed.

     (c) The Corporation is authorized to suspend or terminate this Option and any other
outstanding stock option or stock appreciation right held by the Director prior to or after
termination of service on the Corporation’s Board of Directors if the Director engages in any
conduct agreed to be avoided pursuant to the provisions of Section 3 at any time within the two (2)
years following the date of the Director’s termination of service.

     (d) If, at any time within two (2) years after the date of the Director’s termination of
service with the Corporation or any of its Affiliates, Director engages in any conduct agreed to be
avoided pursuant to the provisions of this Section 3, then any gain (without regard to tax effects)
realized by Director from the exercise of this Option, in whole or in part, shall be paid by
Director to the Corporation. Director consents to the deduction from any amounts the Corporation
or any of its Affiliates owes to Director to the extent of the amounts Director owes the
Corporation hereunder.

     4. Non-Transferability of this Option. This Option may not be assigned, encumbered or
transferred, in whole or in part, except by the Director’s will or in accordance with the
applicable laws of descent and distribution or as otherwise provided or permitted under the Plan,
except that a Director holding a Non-Qualified Stock Option may designate as the transferee of any
such Option any member of such Director’s “Immediate Family"(as defined in Rule 16a, as promulgated
by the Commission under the Exchange Act) or to a trust whose beneficiaries are members of such
Director’s Immediate Family, without payment of consideration, to have the power to exercise such
Option, and be subject to all the conditions of such Option prior to such designation, such power
to exercise to become effective only in the event that such Director shall die prior to exercising
such Option.

     5. Adjustments for Changes in Capitalization of Corporation. The Common Stock covered
by this Option is, at the option of the Corporation, either authorized but unissued or reacquired
Common Stock. In the event of any merger, reorganization, consolidation, recapitalization, stock
dividend, stock split, extraordinary distribution with respect to the Common Stock or other change
in corporate structure affecting the Common Stock during the Option Period, the number of Shares of
Common Stock which may thereafter be purchased pursuant to this Option and the purchase price per
share, shall be appropriately adjusted, or other appropriate substitutions shall be made, and the
determination of the Board of Directors of the Corporation, or the Human Resources Committee of the
Board of Directors, as the case may be, as to any such adjustments shall be final, conclusive and
binding upon the Director.

     6. Effect of Change in Control.

     (a) For purposes of this Agreement, a Change in Control shall mean any of the following
events:

     (i) An acquisition by an individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either: (1) the
then outstanding shares of Common Stock of the Corporation (the “Outstanding Corporation
Common Stock”) or (2) the combined voting power of the then outstanding voting securities of
the Corporation entitled to vote generally in the election of directors (the “Outstanding
Corporation Voting Securities”); excluding, however the following:

     (1) any acquisition directly from the Corporation or any entity controlled by
the Corporation 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
Corporation or any entity controlled by the Corporation,

     (2) any acquisition by the Corporation, or any entity controlled by the
Corporation,

     (3) any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Corporation or any entity controlled by the Corporation or

     (4) any acquisition pursuant to a transaction which complies with clauses (1),
(2) and (3) of Section (iii) below; or

3

 

     (ii) A change in the composition of the Board such that the individuals who, as of the
effective date of the Plan, constitute the Board (such Board shall be hereinafter referred to
as the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Board; provided, however, for purposes of this Section (b) that any individual, who becomes a
member of the Board subsequent to the effective date of the Plan, whose election, or
nomination for election by the Corporation’s stockholders, was approved by a vote of at least
a majority of those individuals who are members of the Board and who were also members of
the Incumbent Board (or deemed to be such pursuant to this proviso), shall be considered as
though such individual were a member of the Incumbent Board; but provided further, that any
such individual whose initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A
promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board shall not be so considered as a
member of the Incumbent Board, or

     (iii) Consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Corporation (a “Corporate
Transaction”) excluding, however, such a Corporate Transaction pursuant to which (1) all or
substantially all of the individuals and entities who are the beneficial owners,
respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities immediately prior to such Corporate Transaction (the “Prior Stockholders”)
beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding
shares of Common Stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of
the Corporation or other entity resulting from such Corporate Transaction (including, without
limitation, a corporation or other entity which as a result of such transaction owns the
Corporation or all or substantially all of the Corporation’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Corporate Transaction, of the Outstanding Corporation Common Stock
and Outstanding Corporation Voting Securities, as the case may be, (2) no Person (other than
the Corporation or any entity controlled by the Corporation, any employee benefit plan (or
related trust) of the Corporation or any entity controlled by the Corporation or such
corporation or other entity resulting from such Corporate Transaction) will beneficially own,
directly or indirectly, 20% or more of, respectively, the outstanding shares of Common Stock
of the Corporation or other entity resulting from such Corporate Transaction or the combined
voting power of the outstanding voting securities of the Corporation or such other entity
entitled to vote generally in the election of directors except to the extent that such
ownership existed prior to the Corporate Transaction and (3) individuals who were members of
the Incumbent Board will constitute at least a majority of the members of the board of
directors of the corporation resulting from such Corporate Transaction; and further excluding
any disposition of all or substantially all of the assets of the Corporation pursuant to a
spin-off, split-up or similar transaction (a “Spin-off”) if, immediately following the
Spin-off, the Prior Stockholders beneficially own, directly or indirectly, more than 80% of
the outstanding shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors of both entities
resulting from such transaction, in substantially the same proportions as their ownership,
immediately prior to such transaction, of the Outstanding Corporation Common Stock and
Outstanding Corporation Voting Securities, respectively; provided, that if another Corporate
Transaction involving the Corporation occurs in connection with or following a Spin-off, such
Corporate Transaction shall be analyzed separately for purposes of determining whether a
Change in Control has occurred; or

     (iv) The approval by the stockholders of the Corporation of a complete liquidation or
dissolution of the Corporation.

     (b) In the event of a Change in Control, this Option (to the extent outstanding as of the date
such Change in Control is determined to have occurred) if not then exercisable and vested shall
become fully exercisable and vested to the full extent of the original grant.

     7. Plan and Plan Interpretations as Controlling. This Option and the terms and
conditions herein set forth are subject in all respects to the terms and conditions of the Plan,
which are controlling. The Plan provides that the Board may amend the Plan, and that the Committee
shall administer the Plan. The Director, by acceptance of this Option, agrees to be bound by said
Plan and such Board and Committee actions.

4

 

     8. Termination of the Plan; No Right to Future Grants. By entering into this
Non-Qualified Stock Option Agreement, the Director acknowledges: (a) that the Plan is discretionary
in nature and may be suspended or terminated by the Corporation at any time; (b) that each grant of
an Option is a one-time benefit which does not create any contractual or other right to receive
future grants of Options, or benefits in lieu of Options; (c) that all determinations with respect
to any such future grants, including, but not limited to, the times when the Option shall be
granted, the number of Shares subject to each Option, the Option price, and the time or times when
each Option shall be exercisable, will be at the sole discretion of the Corporation; (d) that the
Director’s participation in the Plan is voluntary; (e) that the right to purchase Common Stock
ceases upon termination of service for any reason except as may otherwise be explicitly provided in
the Plan or this Agreement; (f) that the future value of the Shares is unknown and cannot be
predicted with certainty; (g) that if the underlying Shares do not increase in value, the Option
will have no value; and (h) the foregoing terms and conditions apply in full with respect to any
prior Option grants to Director.

     9. Governing Law. This agreement is governed by and is to be construed and enforced
in accordance with the laws of Delaware. Options to purchase shares of Common Stock of the
Corporation may not be exercised whenever such exercise or the issuance of any of the optioned
Shares would be contrary to law or the regulations of any governmental authority having
jurisdiction.

5exv4w09

 

EXHIBIT
4.09

The Premcor Refining Group Inc.

To

Deutsche Bank Trust Company Americas

Trustee

 

THIRD SUPPLEMENTAL INDENTURE

Dated as of August 31, 2005

73/4% Senior Subordinated Notes due 2012

 

 

     THIRD SUPPLEMENTAL INDENTURE, dated as of August 31, 2005 (this “Third Supplemental
Indenture”) between The Premcor Refining Group Inc., a corporation duly organized and existing
under the laws of the State of Delaware (the “Company”), having its principal executive office at
1700 East Putnam Avenue, Suite 400, Old Greenwich, CT 06870, and Deutsche Bank Trust Company
Americas, a New York banking corporation, as Trustee (the “Trustee”).

RECITALS

     WHEREAS, the Company and the Trustee are parties to that certain Indenture, dated as of
February 11, 2003 (the “Base Indenture”), as amended and supplemented by a Supplemental Indenture,
dated as of November 12, 2003 (solely for purposes of this Third Supplemental Indenture, referred
to as the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
providing for the issuance of $175,000,000 aggregate principal amount of 73/4% Senior Subordinated
Notes due 2012 of the Company (the “Notes”);

     WHEREAS, Section 8.02 of the Base Indenture provides, among other things, that the Company and
the Trustee may enter into a supplemental indenture to add any provisions to or change in any
manner or eliminate any of the provisions of the Indenture or modify in any manner the rights of
the Holders with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series affected by such supplemental indenture;

     WHEREAS, pursuant to Section 8.02 of the Base Indenture, the Company and the Trustee are
entering into this Third Supplemental Indenture to effect the amendments provided for in the
Proposed Amendments (as defined below);

     WHEREAS, the Board of Directors of the Company has authorized the Company to approve the
amendments to the Indenture set forth in Article 2 hereof (the “Proposed Amendments”);

     WHEREAS, pursuant to its offer to purchase and consent solicitation statement dated August 8,
2005 (the “Offer to Purchase”), the Company commenced a tender offer (the “Tender Offer”) for any
and all of the outstanding Notes issued under the Indenture and solicited the consents (the
“Consent Solicitation” and, together with the Tender Offer, the “Offer”) of the Holders of the
Notes to the Proposed Amendments;

     WHEREAS, Holders of not less than a majority in principal amount of the outstanding Notes,
other than Notes held by the Company or any of its affiliates, have duly consented to the Proposed
Amendments;

     WHEREAS, the Company has heretofore delivered or is delivering contemporaneously herewith to
the Trustee an Opinion of Counsel in compliance with and to the effect set forth in Section 8.03 of
the Base Indenture with respect to this Third Supplemental Indenture;

     WHEREAS, Section 8.04 of the Base Indenture provides, for purposes of the rights and
obligations of the parties thereto and the Holders under the Indenture only, that the Holders of

1

 

the Notes shall be bound, except as otherwise expressed herein, by this Third Supplemental
Indenture once this Third Supplemental Indenture becomes effective; and

     WHEREAS, all acts and things prescribed by the Indenture, by law and by the charter and the
bylaws (or comparable constituent documents) of the Company necessary to make this Third
Supplemental Indenture a valid instrument legally binding on the Company, in accordance with its
terms, have been duly done and performed.

     NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the
above premises, the Company and Trustee covenant and agree as follows:

ARTICLE 1

Supplement and Effectiveness

     Section 1.01. Supplement. This Third Supplemental Indenture relates to and only affects the Notes,
is supplemental to the Indenture and shall be deemed to form a part of, and shall be construed in
connection with and as part of, the Indenture for any and all purposes, and every Holder of Notes
heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby.

     Section 1.02. Effectiveness. This Third Supplemental Indenture is effective immediately upon its
execution and delivery by each of the Company and the Trustee; provided, however, that the
provisions of Article 2 of this Third Supplemental Indenture shall not become operative with
respect to the Notes unless and until the Company (or its successor) accepts for payment the
validly tendered Notes pursuant to the Offer in accordance with the terms and conditions of the
Offer to Purchase, and if the Company (or its successor) does not accept for payment the validly
tendered Notes pursuant to the Offer in accordance with the terms and conditions of the Offer to
Purchase, then this Third Supplemental Indenture shall automatically become null and void ab
initio. If the Offer is terminated or withdrawn prior to acceptance of the Notes, this Third
Supplemental Indenture shall automatically become null and void ab initio.

ARTICLE 2

Amendments

     Section 2.01. Deletion of Certain Covenants of the Indenture. With respect to the Notes, (i) each
of the following sections of the Base Indenture hereby is deleted and ceases to be in effect:
Section 7.01(d); Section 9.06; Section 9.07; Section 9.08; Section 9.09; Section 9.10; Section
9.11; Section 9.12; Section 9.13; Section 9.14; Section 9.15; Section 9.17; Section 10.08; and
Section 12.01 and (ii) each of the following sections of the First Supplemental Indenture hereby is
deleted and ceases to be in effect: Section 2(r); and Section 2(s) (collectively, the “Indenture
Designated Provisions”).

     Section 2.02. Deletion of Certain Definitions. With respect to the Notes, notwithstanding any
provision in the Indenture to the contrary, the definition in the Indenture of each capitalized
term that occurs only within the Indenture Designated Provisions as in effect prior to the
execution of this Third Supplemental Indenture shall be of no further force or effect.

2

 

ARTICLE 3

General Provisions

     Section 3.01. Ratification of Indenture; Third Supplemental Indenture Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Third
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore authenticated and delivered shall be bound hereby.

     Section 3.02. Indenture Remains in Full Force and Effect. This Third Supplemental Indenture is
executed and accepted by the Company and the Trustee subject to all the terms and conditions set
forth in the Indenture with the same force and effect as if those terms and conditions were
repeated at length herein and made applicable to the Company and the Trustee with respect hereto.

     Section 3.03. Trustee Not Responsible for Recitals. The recitals contained herein shall be taken
as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental
Indenture, except that the Trustee represents and warrants that it has duly authorized, executed
and delivered this Third Supplemental Indenture.

     Section 3.04. Governing Law. This Third Supplemental Indenture shall be governed by and construed
in accordance with the laws of the State of New York.

     Section 3.05. Definitions. Capitalized terms used and not defined herein shall have the respective
meanings assigned to them in the Indenture.

     Section 3.06. Counterparts. This Third Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts together shall constitute one and the same instrument.

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed as of the day and year first above written.

	 	 	 	 	 
	 	THE PREMCOR REFINING GROUP INC.

 	 
	 	By:  	/s/ Joseph D. Watson
 	 
	 	 	Name:  	Joseph D. Watson 	 
	 	 	Title:  	Executive Vice President and
Chief Financial Officer 	 
	 

Attest:
 
/s/

Jeffrey Dill

 

Name: Jeffrey Dill

Title: Assistant Secretary

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

 	 
	 	By:  	/s/ Annie Jaghatspanyan
 	 
	 	 	Name:  	Annie Jaghatspanyan 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Attest:
 
/s/

Angel E. Milanes, Jr.

 

Name: Angel E. Milanes, Jr.

Title: Client Services Administrator

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]