Document:

Exhibit 10.3

CELADON GROUP, INC.

AMENDED AND RESTATED AWARD NOTICE

	
 

GRANTEE:

	 	
Paul Svindland

	
 

TYPE OF AWARD:

	 	
Restricted Shares

	
 

NUMBER OF RESTRICTED SHARES ("RESTRICTED SHARES"):

	 	
100,000

	
 

DATE OF GRANT:

	 	
July 24, 2017

1. Grant of Restricted Stock.  This Amended and Restated Award Notice (this "Award Notice") serves to notify you that Celadon Group, Inc., a Delaware corporation (the “Company”), hereby grants to you a Restricted Stock Award (the “Award”), on the terms and conditions set forth in this Award Notice, of the number of Restricted Shares set forth above of the Company’s common stock, par value $0.033 per share (the “Common Stock”).  The Restricted Shares are intended to qualify as an “employment inducement award” within the meaning of Rule 303A.08 of the New York Stock Exchange Listed Company Manual. You should review the terms of this Award Notice carefully. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in that certain Employment Agreement between you and the Company, dated July 13, 2017 (the “Employment Agreement”).

2. Restrictions and Vesting.  Subject to the terms and conditions set forth in this Award Notice, the Restricted Shares will vest as set forth on Schedule A.

3. Additional Vesting Matters.  Subject to Section 4, any unvested Restricted Shares that do not vest as a result of your failure to have been continuously in the employment or service of the Company or any corporation or other business entity in which the Company directly or indirectly has an ownership interest of twenty percent (20%) or more (each such entity, a "Subsidiary") for any reason from the Date of Grant until the vesting dates set forth on Schedule A will automatically be forfeited on the date your employment or service is terminated without any obligation of the Company to pay any amount or deliver any Restricted Shares to you or to any other person or entity; provided, however, that notwithstanding the foregoing, any unvested Restricted Shares shall immediately vest upon (1) your death; or (2) a termination of your employment as a result of your Disability pursuant to Section 6 of the Employment Agreement.

4. Effect of Change in Control.  Notwithstanding Section 3 hereof, if, during the six (6) months preceding or the twelve (12) months following a Change in Control (as defined in the Employment Agreement), the Company or its successor terminates your employment without Cause (as defined in the Employment Agreement) or you terminate your employment with the Company or its successor for Good Reason (as defined in the Employment Agreement), then any unvested portion of the Restricted Shares will immediately vest in full on the date of such termination without Cause or termination with Good Reason, or, if such termination occurs prior to the Change in Control, on the date of such Change in Control.

5. Book-Entry Registration.  The Restricted Shares initially will be evidenced by book-entry registration only, without the issuance of a certificate representing the Restricted Shares.

6. Issuance of Shares.  Subject to Sections 7 and 13 of this Award Notice, upon the vesting of any Restricted Shares pursuant to this Award Notice, the Company will issue a certificate or do book entry registration representing such vested Restricted Shares as promptly as practicable following the date of vesting.

7. Withholding.  You will pay to the Company or a Subsidiary thereof, or make other arrangements satisfactory to the Company regarding the payment of, any federal, state, or local taxes of any kind required by applicable law to be withheld with respect to the Restricted Shares awarded under this Award Notice. Your right to receive the Restricted Shares under this Award Notice is subject to, and conditioned on, your payment of such withholding amounts.  At the sole discretion of the Committee (as defined below), and in accordance with applicable law, upon your advance request not more than 90 days in advance and not less than 30 days in advance of any vesting date, and upon determination by the Committee that such action is consistent with the Company's best interests, you may be permitted remit a number of shares or Restricted Shares having a fair market value equal to any withholding required under applicable law.

8. Nonassignability.  The Restricted Shares and the right to vote such shares and to receive dividends thereon, may not be sold, assigned, transferred, pledged, or encumbered in any way prior to the vesting of such shares, whether by operation of law or otherwise, except by will or the laws of descent and distribution.  After vesting, the sale or other transfer of the shares of Common Stock will be subject to applicable laws and regulations under federal and state securities laws, as well as anti-hedging and anti-pledging policies adopted by the Company.

9. Rights as a Stockholder; Limitation on Rights.  Unless the Award is cancelled or forfeited as provided in Section 3 of this Award Notice and subject to Sections 10 and 11 of this Award Notice, you will have all of the other rights of a stockholder with respect to the Restricted Shares, including, but not limited to, (with respect to vested shares only), the right to receive such cash dividends, if any, as may be declared on such shares from time to time and the right to vote (in person or by proxy) such shares at any meeting of stockholders of the Company. Neither the granting of the Award nor this Award Notice gives you any right to remain in the employment or service of the Company or a Subsidiary thereof.

10. No Registration.  You represent and warrant that the Restricted Shares issued pursuant to this Award Notice are being acquired for your own account for investment only and not with a view to, or for sale in connection with, any distribution of such Restricted Shares in violation of the Securities Act of 1933, as amended (the “Securities Act”) or any applicable state securities laws or any rules or regulations promulgated thereunder (“Applicable Securities Laws”). You further acknowledge, represent and warrant that the Restricted Shares have not been registered under Applicable Securities Laws, and as a result, you will not be able to transfer or sell shares even after the restrictions lapse unless exemptions from registration under Applicable Securities Laws are available. Such exemptions from registration are limited and might be unavailable. You agree that any resale by you of Shares shall comply in all respects with the requirements of all Applicable Securities Laws (including, without limitation, the provisions of the Securities Act, the Exchange Act and the respective rules and regulations promulgated thereunder) and any other law, rule or regulation applicable thereto, as such laws, rules and regulations may be amended from time to time. The Company shall not be obligated to either issue Restricted Shares or permit the resale of any shares following vesting, if such issuance or resale would violate any such requirements. You acknowledge that the Company is under no obligation to register the Restricted Shares on your behalf or to assist you in complying with any exemption from registration under the Securities Act or state securities laws.

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11. Obligation to Maintain Stock Ownership.  Your ability to dispose of Restricted Shares after vesting is subject to stock ownership guidelines adopted by the Company for similarly situated executive officers, and the Company is authorized to place a restrictive legend on such shares, issue stop-transfer instructions to the transfer agent, or take such other actions as may be advisable, in the Compensation Committee's (the "Committee") sole discretion, to enforce such ownership guidelines.  Please determine whether you are subject to the guidelines and how many Restricted Shares may be disposed of prior to attempting to dispose of any shares.

12. Rights of the Company and Subsidiaries.  This Award Notice does not affect the right of the Company or a Subsidiary thereof to take any corporate action whatsoever, including without limitation its right to recapitalize, reorganize, or make other changes in its capital structure or business, merge or consolidate, issue bonds, notes, shares of Common Stock, or other securities, including preferred stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or business.

13. Restrictions on Issuance of Shares.  If at any time the Company determines that the listing, registration, or qualification of the Restricted Shares upon any securities exchange or quotation system, or under any state or federal law, or the approval of any governmental agency, is necessary or advisable as a condition to the issuance of a certificate representing any vested Restricted Shares, such issuance may not be made in whole or in part unless and until such listing, registration, qualification, or approval will have been effected or obtained free of any conditions not acceptable to the Company.

14. Authority of the Committee. The Committee shall have the exclusive right to (i) accelerate the vesting, exercise, or payment of the Award when such action or actions would be in the best interest of the Company, (ii) administer this Award, at its discretion, in accordance with the Company's 2006 Omnibus Incentive Plan, as amended, and (iii) certify whether, and to what extent, the vesting conditions set forth in Schedule A have been attained and you agree that the Committee's determination is binding.

15. Amendment.  Except as otherwise provided herein, the Company may only alter, amend, or terminate this Award with your consent.

16. Governing Law. This Award Notice will be governed by and construed in accordance with the laws of the State of Delaware, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions.

17. Notices.  All notices and other communications to the Company required or permitted under this Award Notice will be written, and will be either delivered personally or sent by registered or certified first-class mail, postage prepaid and return receipt requested addressed to the Company’s office at 9503 East 33rd Street, One Celadon Drive, Indianapolis, Indiana, 46235, Attention: Chief Financial Officer.  Each such notice and other communication delivered personally will be deemed to have been given when delivered.  Each such notice and other communication delivered by mail will be deemed to have been given when it is deposited in the United States mail in the manner specified herein, and each such notice and other communication delivered by facsimile or electronically will be deemed to have been given when it is so transmitted and the appropriate confirmation is received.

18. Amendment and Restatement.  This Award Notice amends and restates that certain award notice dated July 24, 2017, between you and the Company regarding the time-vested restricted shares covered hereby, and shall supersede such previous award notice in all respects.

* * * * * * * * * *

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ACKNOWLEDGEMENT

The undersigned acknowledges receipt of, and understands and agrees to be bound by, this Award Notice.  The undersigned further acknowledges that this Award Notice sets forth the entire understanding between him or her and the Company regarding the Restricted Shares granted by this Award Notice and that this Award Notice supersedes all prior oral and written agreements on that subject.

	
Dated: December 5, 2018

	 
	 	 
	 	
Grantee:

	 	 
	 	/s/ Paul Svindland
	 	
Paul Svindland

	 	 
	 	
Celadon Group, Inc.

	 	 
	 	 
	 	
By:

	/s/ Chase Welsh
	 	
Name:

	Chase Welsh
	 	
Title:

	General Counsel and Secretary

 

Schedule A

If (and only if) you are continuously employed by or in the service of the Company or a Subsidiary from the Date of Grant through each vesting date, and subject to the terms and conditions of this Award Notice, including, without limitation, the provisions of Section 3 pertaining to immediate vesting upon your death or termination of your employment as a result of your Disability, the Restricted Shares will vest as follows:

	
Number of Restricted Shares

	 	
Vesting Date

	
12,500

	 	
August 1, 2019

	
12,500

	 	
November 1, 2019

	
12,500

	 	
February 1, 2020

	
12,500

	 	
May 1, 2020

	
12,500

	 	
August 1, 2020

	
12,500

	 	
November 1, 2020

	
12,500

	 	
February 1, 2021

	
12,500

	 	
May 1, 2021

Back to Form 8-KExhibit 10.4

CELADON GROUP, INC.

AMENDED AND RESTATED AWARD NOTICE

	
GRANTEE:

	 	
Paul Svindland

	
TYPE OF AWARD:

	 	
Non-Qualified Stock Option

	
NUMBER OF SHARES:

	 	
200,000

	
EXERCISE PRICE PER SHARE:

	 	
As set forth on Schedule A

	
DATE OF GRANT:

	 	
July 24, 2017

	
EXPIRATION DATE:

	 	
July 24, 2027

1. Grant of Option.  This Amended and Restated Award Notice (this “Award Notice”) serves to notify you that Celadon Group, Inc., a Delaware corporation (the “Company”), hereby grants to you an option (the “Option”) to purchase, on the terms and conditions set forth in this Award Notice, up to the number of shares set forth above (the “Option Shares”) of the Company’s common stock, par value $0.033 per share (the “Common Stock”), at the price per share set forth above.  The Option is intended to qualify as an “employment inducement award” within the meaning of Rule 303A.08 of the New York Stock Exchange Listed Company Manual. You should review the terms of this Award Notice carefully.  Capitalized terms used herein and not otherwise defined herein have the meanings ascribed thereto in that certain Employment Agreement between you and the Company, dated July 13, 2017 (the “Employment Agreement”).

2. Term.  Unless the Option is previously terminated pursuant to the terms of this Award Notice, the Option will expire at the close of business on the expiration date set forth above (the “Expiration Date”).

3. Vesting; Forfeiture; Limitation on Exercise.  Subject to the terms and conditions set forth in this Award Notice, the Option will vest and become exercisable as set forth on Schedule B. Any unvested portion of the Option that does not vest as a result of your failure to have been continuously in the employment or service of the Company or any corporation or business entity in which the Company directly or indirectly has an ownership interest of twenty percent (20%) or more (each such entity, a “Subsidiary”) for any reason from the Date of Grant until the vesting dates set forth on Schedule B will automatically be forfeited on the date your employment or service is terminated without any obligation of the Company to pay any amount or deliver any shares of Common Stock. If your employment with or service to the Company or a Subsidiary is terminated for Cause (as defined in the Employment Agreement), any unvested potion of the Option shall be forfeited in accordance with this Section 3, and any vested portion of the Option shall no longer be exercisable on or after the date of such termination. If your employment with or service to the Company or a Subsidiary is terminated for any reason other than for Cause, any unvested portion of the Option shall vest or be forfeited in accordance with this Section 3 or Section 5, as applicable, and you may thereafter exercise any vested portion of the Option until the earlier of (a) the date which is ninety (90) days following the date of such termination and (b) the Expiration Date; provided, however, that notwithstanding the foregoing,  (i) any unvested portion of the Option shall immediately vest upon (1) your death; or (2) a termination of your employment as a result of your Disability pursuant to Section 6 of the Employment Agreement; and (ii) upon the immediate vesting of the Option pursuant to the preceding clause (i), the Option may be exercised at any time thereafter through the fifth anniversary of such vesting date.

4. Exercise.

(a) Method of Exercise.  To the extent exercisable under Section 3, the Option may be exercised in whole or in part, provided that the Option may not be exercised for less than one (1) share of Common Stock in any single transaction.  The Option shall be exercised by your giving written notice of such exercise to the Company specifying the number of Option Shares that you elect to purchase and the Exercise Price to be paid.  Upon determining that compliance with this Award Notice has occurred, including compliance with such reasonable requirements as the Company may impose and payment of the Exercise Price, the Company shall issue to you a certificate or do book entry registration for the Option Shares purchased on the earliest practicable date (as determined by the Company) thereafter.

(b) Payment of Exercise Price.  The Exercise Price may be paid as follows:

(i) In United States dollars in cash or by check, bank draft, or money order payable to the Company;

(ii) At the sole discretion of the Company’s Compensation Committee (the “Committee”), through the delivery of shares of Common Stock with an aggregate Fair Market Value (as defined in the Company’s 2006 Omnibus Incentive Plan, as amended (the “Plan”)) at the date of such delivery equal to the Exercise Price;

(iii) Subject to any and all limitations imposed by the Committee from time to time (which may not be uniform), through a “cashless exercise,” whereby you (A) irrevocably instruct a broker or dealer acceptable to the Company to sell, on your behalf, shares of Common Stock to be issued upon exercise pursuant to this Award Notice and to deliver cash sale proceeds therefrom to the Company in payment of the Exercise Price, and (B) direct the Company to deliver shares of Common Stock to be issued upon such exercise directly to such broker or dealer;

(iv) At the sole discretion of the Committee, through the surrender of part of the Option or other exercisable options having a difference between (A) the exercise price of such surrendered Options and (B) the Fair Market Value (as defined in the Plan) of the Common Stock equal to the Exercise Price;

(v) Any other method approved or accepted by the Committee in its sole discretion, subject to any and all limitations imposed by the Committee from time to time (which may not be uniform); or

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(vi) At the sole discretion of the Committee, in any combination of Sections 4(b)(i), 4(b)(ii), 4(b)(iii), 4(b)(iv), and 4(b)(v) above.

The Committee in its sole discretion shall determine acceptable methods for surrendering Common Stock or options as payment upon exercise of the Option and may impose such limitations and conditions on the use of Common Stock or options to exercise the Option as it deems appropriate.  Among other factors, the Committee will consider the restrictions of Rule 16b‐3 of the Exchange Act and Section 402 of the Sarbanes-Oxley Act, and any successor laws, rules, or regulations.

(c) Withholding.  The exercise of the Option is conditioned upon your making arrangements satisfactory to the Company for the payment to the Company or a Subsidiary of the amount of all taxes required by any governmental authority to be withheld and paid over by the Company or any Subsidiary to the governmental authority on account of the exercise.  The payment of such withholding taxes to the Company or any Subsidiary may be made by one or any combination of the following methods: (i) in cash or by check, (ii) by the Company withholding such taxes from any other compensation owed to you by the Company or any Subsidiary, (iii) pursuant to a cashless exercise program as contemplated in Section 4(b)(iii) above, or (iv) any other method approved or accepted by the Committee in its sole discretion, subject to any and all limitations imposed by the Committee from time to time (which may not be uniform).

5. Effect of Change in Control. If, during the six months preceding or the 12 months following a Change in Control (as defined in the Employment Agreement), the Company or its successor terminates your employment without Cause (as defined in the Employment Agreement), or you terminate your employment with the Company or its successor with Good Reason (as defined in the Employment Agreement), then the unvested portion of the Option shall immediately vest and become exercisable as of the date of the occurrence of such event, or, if such termination occurs prior to the Change in Control, on the date of such Change in Control. Your right to exercise any vested but unexercised portion of the Option is subject to Section 3 of this Award Notice.

6. Nonassignability.  The Option may not be alienated, transferred, assigned, or pledged (except by will or the laws of descent and distribution).  After vesting and/or exercise, the sale or other transfer of the Option, the Option Shares, and the Common Stock issued upon exercise of the Option will be subject to applicable laws and regulations under federal and state securities laws, as well as anti-hedging and pledging policies adopted by the Company.

7. Limitation of Rights.  You will not have any rights as a stockholder with respect to the Option Shares until you become the holder of record of such shares by exercising the Option.  Neither the granting of the Option nor this Award Notice give you any right to remain in the employment or service of the Company or any subsidiary.

8. Rights of the Company and Subsidiaries.  This Award Notice does not affect the right of the Company or any Subsidiary to take any corporate action whatsoever, including without limitation its right to recapitalize, reorganize, or make other changes in its capital structure or business, merge or consolidate, issue bonds, notes, shares of Common Stock, or other securities, including preferred stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or business.

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9. Restrictions on Issuance of Shares.  If at any time the Company determines that the listing, registration, or qualification of the Option Shares upon any securities exchange or quotation system, or under any state or federal law, or the approval of any governmental agency, is necessary or advisable as a condition to the exercise of the Option, the Option may not be exercised in whole or in part unless and until such listing, registration, qualification, or approval shall have been effected or obtained free of any conditions not acceptable to the Company.

10. No Registration.  You represent and warrant that the Option and the Common Stock issued upon exercise of the Option pursuant to this Award Notice are being acquired for your own account for investment only and not with a view to, or for sale in connection with, any distribution of such Restricted Shares in violation of the Securities Act of 1933, as amended (the “Securities Act”) or any applicable state securities laws or any rules or regulations promulgated thereunder (“Applicable Securities Laws”).  You further acknowledge, represent and warrant that none of the Option, the Option Shares, nor the Common Stock issued upon exercise of the Option have been registered under Applicable Securities Laws, and as a result, you will not be able to transfer or sell shares even after the restrictions lapse unless exemptions from registration under Applicable Securities Laws are available.  Such exemptions from registration are limited and might be unavailable.  You agree that any resale by you of the Option, the Option Shares, or Common Stock issued upon exercise of the Option shall comply in all respects with the requirements of all Applicable Securities Laws (including, without limitation, the provisions of the Securities Act, the Exchange Act and the respective rules and regulations promulgated thereunder) and any other law, rule or regulation applicable thereto, as such laws, rules and regulations may be amended from time to time.  The Company shall not be obligated to issue Common Stock upon exercise of the Option or permit the resale of any such shares, if such issuance or resale would violate any such requirements. You acknowledge that the Company is under no obligation to register the Option, the Option Shares, or the Common Stock issued upon exercise of the Option, on your behalf or to assist you in complying with any exemption from registration under the Securities Act or state securities laws.

11. Obligation to Maintain Stock Ownership.  Your ability to dispose of the Common Stock issued upon exercise of the Option is subject to stock ownership guidelines adopted by the Company for certain officers and key employees, and the Company is authorized to place a restrictive legend on such shares, issue stop-transfer instructions to the transfer agent, or take such other actions as may be advisable, in the Committee's sole discretion, to enforce such ownership guidelines.  Please determine whether you are subject to the guidelines and how many shares of Common Stock issued upon exercise of the Option may be disposed of prior to attempting to dispose of any shares.

12. Authority of the Committee.  The Committee shall have the exclusive right to (i) accelerate the vesting, exercise, or payment of the Award when such action or actions would be in the best interest of the Company, (ii) administer this Award, at its discretion, in accordance with the Plan, and (iii) certify whether, and to what extent, the vesting conditions set forth in Schedule B have been attained, and you agree that the Committee's determination is binding.

13. Amendment.  Except as otherwise provided herein, the Company may only alter, amend, or terminate the Option with your consent.

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14. Governing Law.  This Award Notice shall be governed by and construed in accordance with the laws of the State of Delaware, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions.

15. Notices.  All notices and other communications to the Company required or permitted under this Award Notice shall be written, and shall be either delivered personally or sent by registered or certified first-class mail, postage prepaid and return receipt requested, or by telex or telecopier, addressed to the Company’s office at 9503 East 33rd Street, One Celadon Drive, Indianapolis, Indiana 46235, Attention: Chief Financial Officer.  Each such notice and other communication delivered personally shall be deemed to have been given when delivered.  Each such notice and other communication delivered by mail shall be deemed to have been given when it is deposited in the United States mail in the manner specified herein, and each such notice and other communication delivered by facsimile or electronically shall be deemed to have been given when it is so transmitted and the appropriate confirmation is received.

16. Amendment and Restatement.  This Award Notice amends and restates that certain award notice dated July 24, 2017, between you and the Company regarding the non-qualified stock options covered hereby, and shall supersede such previous award notice in all respects.

* * * * * * * * * *

5

ACKNOWLEDGEMENT

The undersigned acknowledges receipt of, and understands and agrees to be bound by, this Award Notice.  The undersigned further acknowledges that this Award Notice sets forth the entire understanding between him or her and the Company regarding the Option granted by this Award Notice and that this Award Notice supercedes all prior oral and written agreements on that subject.

	
Dated: December 5, 2018

	 
	 	 
	 	
Grantee:

	 	 
	 	/s/ Paul Svindland
	 	
Paul Svindland

	 	 
	 	
Celadon Group, Inc.

	 	 
	 	 
	 	
By:

	/s/ Chase Welsh
	 	
Name:

	Chase Welsh
	 	
Title:

	General Counsel and Secretary

6

Schedule A

Exercise Price per Share

	
Number of Shares

	 	
Exercise Price per Share

	
70,000 (“Tranche 1”)

	 	
$4.00

	
70,000 (“Tranche 2”)

	 	
$5.00

	
60,000 (“Tranche 3”)

	 	
$6.00

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Schedule B

If (and only if) you are continuously employed by or in the service of the Company or a Subsidiary from the Date of Grant through each vesting date, and subject to the terms of this Award Notice including, without limitation, the provisions of Section 3 pertaining to immediate vesting upon your death or termination of your employment as a result of your Disability, the Option will vest as follows:

	
Number of Option Shares

	 	
Vesting Date

	
66,666

	 	
August 1, 2019

	
66,667

	 	
August 1, 2020

	
66,667

	 	
August 1, 2021

All Options in Tranche 1 will vest before any Options in Tranche 2 vest; all Options in Tranche 2 will vest before any Options in Tranche 3 vest. By way of illustration, on August 1, 2019, 66,666 Options from Tranche 1 will vest; on August 1, 2020, 3,334 Options from Tranche 1 will vest and 63,333 Options from Tranche 2 will vest; on August 1, 2021, 6,667 Options from Tranche 2 will vest and all 60,000 Options from Tranche 3 will vest.

Back to Form 8-K

  

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