Document:

exv10w30

EXHIBIT 10.30

FORM OF

PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT

«Insert Date»

«FirstName» «LastName»

«Title»

Valassis Communications, Inc.

19975 Victor Parkway

Livonia, MI 48152

Dear Mr./Ms. «LastName»:

     This Agreement confirms the grant of an Award of Performance-Based Restricted Stock to you
effective as of «Insert Date» (the “Grant Date”) under the Valassis Communications, Inc. 2008
Omnibus Incentive Compensation Plan, as the same may be amended from time to time (the “Plan”),
upon the following terms and conditions. Capitalized terms used in this Agreement, but not defined
herein, shall have the meanings set forth in the Plan.

     1. Award Grant. Valassis Communications, Inc. (the “Company”) hereby grants to you an Award of
Performance-Based Restricted Stock under the Plan for an aggregate of «Insert Share Amount» shares
of Stock (the “Restricted Shares”).

     2. Restrictions.

          (a) The Restricted Shares are being awarded to you subject to the transfer and forfeiture
restrictions set forth below (the “Restrictions”). You may not directly or indirectly, by operation
of law or otherwise, voluntarily or involuntarily, alienate, attach, sell, assign, pledge,
encumber, charge or otherwise transfer any of the Restricted Shares still subject to the
Restrictions. Notwithstanding the foregoing, Restricted Shares may be transferred to a family
member (as defined in the Form S-8 Registration Statement under the Securities Act of 1933) as a
gift or by a domestic relations order, only if, in each case, the transferee executes a written
consent to be bound by the terms of this Agreement.

          (b) Except as otherwise provided in this Agreement, the Restrictions shall lapse to the extent
that the Restricted Shares vest in accordance with (A) the following performance metrics, subject
to you remaining continuously employed by the Company, a Subsidiary, or an Affiliate on the
applicable vesting date:

	 	(i)	 	one-third of the Restricted Shares shall vest and the
Restrictions with respect to those Restricted Shares shall lapse if the
Company’s [performance] for its 201-— Fiscal Year (as certified by the
Committee for the 201-— Fiscal Year) [meets or exceeds a specified metric
determined by the Committee before the end of the first quarter of the 201—
Fiscal Year];
	 
	 	(ii)	 	one-third of the Restricted Shares shall vest and the
Restrictions with respect to those Restricted Shares shall lapse if the
Company’s [performance] for its 201-— Fiscal Year (as certified by the
Committee for the 201-— Fiscal Year) [meets or exceeds a specified metric
determined by the Committee before the end of the first quarter of the 201—
Fiscal Year]; and
	 
	 	(iii)	 	the remaining one-third of the Restricted Shares shall vest and
the Restrictions with respect to those Restricted Shares shall lapse if the
Company’s [performance] for its 201-— Fiscal Year (as certified by the
Committee for the 201-— Fiscal Year) [meets or exceeds a specified metric
determined by the Committee before the end of the first quarter of the 201—
Fiscal Year].

provided, however, that vesting may occur earlier or later than the vesting dates set forth above
in Paragraph 2(b)(A) in accordance with (B) the following metrics, subject to you remaining
continuously employed by the Company, a Subsidiary, or an Affiliate on the following applicable
vesting date:

	 	(i)	 	one-third of the Restricted Shares shall vest and the
Restrictions with respect to those Restricted Shares shall lapse if shares of
common stock of the Company (the “Common Shares”) achieve a market price of five
dollars ($5.00) per share greater than the Fair Market Value of the Common
Shares on the Grant Date;

 

 

	 	(ii)	 	one-third of the Restricted Shares shall vest and the
Restrictions with respect to those Restricted Shares shall lapse if Common
Shares achieve a market price of ten dollars ($10.00) per share greater than the
Fair Market Value of the Common Shares on the Grant Date; and
	 
	 	(iii)	 	one-third of the Restricted Shares shall vest and the
Restrictions with respect to those Restricted Shares shall lapse if Common
Shares achieve a market price of fifteen dollars ($15.00) per share greater than
the Fair Market Value of the Common Shares on the Grant Date;

provided, however, that the market price targets described above must be achieved
within three years from the Grant Date;

it being understood and agreed that: (x) in the event that vesting occurs pursuant to clause (i),
(ii) or (iii) of Paragraph 2(b)(B), no vesting shall be permitted to occur pursuant to the
correspondingly numbered clause of Paragraph 2(b)(A); and (y) in the event that vesting occurs
pursuant to clause (i), (ii) or (iii) of Paragraph 2(b)(A), no vesting shall be permitted to occur
pursuant to the correspondingly numbered clause of Paragraph 2(b)(B).

All Restricted Shares for which the Restrictions have not lapsed at such time shall be immediately
forfeited by you and shall be returned to or canceled by the Company, as applicable.

          (c) Notwithstanding Paragraph 2(b), subject to Paragraph 3 hereof, all Restricted Shares
(unless earlier forfeited in accordance with the terms hereof) shall vest and the Restrictions
shall lapse with respect to the Restricted Shares as follows:

	 	(i)	 	a Change in Control, if you remain continuously employed on the
effective date of a Change in Control with the Company, a Subsidiary,
an Affiliate, or such other Person that acquires more than 50% of the
combined voting power of the Company’s then outstanding securities in
connection with such Change in Control (in which case all of the
Restricted Shares shall vest and all of the Restrictions shall lapse),
or
	 
	 	(ii)	 	a termination of your employment with the Company and its
Subsidiaries and Affiliates under the following conditions (in which
case you shall continue to be eligible to vest in the Restricted
Shares and the Restrictions shall lapse to the extent the performance
metrics set forth in Paragraph 2(b) above are satisfied):

	 	(A)	 	by reason of death or Disability (as “Disability” is defined in your
employment agreement with the Company, a Subsidiary, or an Affiliate;
if no “Disability” definition exists in your employment agreement (or
no employment agreement exists), a Disability shall be deemed to occur
if you are absent from your duties with the Company, a Subsidiary, or
an Affiliate for a period of at least 180 days during any 12 month
period as a result of incapacity due to a mental or physical illness,
as determined solely in the discretion of the Committee);
	 
	 	(B)	 	by the Company other than for Cause (as “Cause” is defined in your
employment agreement with the Company, a Subsidiary, or an Affiliate;
if no “Cause” definition exists in your employment agreement (or no
employment agreement exists), Cause shall have the following meaning:
(1) conviction of any felony or misdemeanor; (2) violation of any
Company policy, including, but not limited to, the Company’s Drug and
Alcohol policies, code of conduct, and/or employee handbook; (3) the
commission of any act detrimental to the best interests or reputation
of the Company; (4) the failure to follow the reasonable directives of
your supervisory personnel; (5) failure to relocate if so requested;
or (6) the failure to meet applicable performance standards);
	 
	 	(C)	 	by you for Good Reason (if and only if termination for Good Reason is
permitted under your employment agreement with the Company, a
Subsidiary, or an Affiliate and only to the extent defined in your
employment agreement); or
	 
	 	(D)	 	by reason of your retirement under the Valassis Employees’ Retirement Savings Plan.

 

 

          (d) Notwithstanding Paragraph 2(b), subject to Paragraph 3 hereof, if your employment with the
Company and its Subsidiaries and Affiliates terminates for any reason other than a termination of
employment described in Paragraph 2(c)(ii) above (and excluding any termination for “Cause” (as
defined above)) and if, as of such termination of employment, the sum of your age plus your years
of service with the Company and its Subsidiaries and Affiliates (including partial years of age and
service), as determined by the Company’s employment records, equals or exceeds seventy-five (the
“Rule of 75 Termination”), then the Restricted Shares, to the extent the Restricted Shares remain
outstanding and the Restrictions have not lapsed (in accordance with the terms hereof), shall be
eligible to continue to vest and the Restrictions shall lapse to the extent the performance metrics
set forth in Paragraph 2(b) above are satisfied, notwithstanding your termination of employment;
provided that all such Restricted Shares shall become fully vested and the Restrictions shall lapse
upon a subsequent Change in Control prior to the end of the Company’s 201-— Fiscal Year.

     3. Forfeiture; Conditions to Qualify for Rule of 75 Termination.

     (a) Except as otherwise expressly provided in Paragraph 2 hereof, upon termination of your
employment with the Company, a Subsidiary, or an Affiliate for any reason, all Restricted Shares
for which the Restrictions have not lapsed at such time shall be immediately forfeited by you and
shall be returned to or canceled by the Company, as applicable.

     (b) You shall not be eligible to qualify for the special provisions herein attributable to the
Rule of 75 Termination in respect of the Restricted Shares unless, during the period beginning with
the Grant Date and ending on the applicable vesting date on which the Restrictions lapse in respect
of each of the Restricted Shares (the “Restriction Period”), you satisfy all of the following
conditions:

          (i) You do not offer or sell any products or services that compete in any market with the
businesses of the Company, any Subsidiary, or any Affiliate;

          (ii) You do not render services to any firm, person or corporation that competes in any market
with the businesses of the Company, any Subsidiary, or any Affiliate (each a “Competitor”);

          (iii) You do not have any interest, direct or indirect, in any Competitor; provided, however,
that ownership of five percent or less of any class of debt or equity securities which are publicly
traded securities shall not be a violation of this condition; and

          (iv) You do not, directly or indirectly, (i) solicit any employee of the Company, any
Subsidiary, or any Affiliate with a view to inducing or encouraging such employee to leave the
employ of the Company, a Subsidiary, or an Affiliate, respectively, for the purpose of being hired
by you or any employer affiliated with you, or (ii) solicit, take away, attempt to take away, or
otherwise interfere with the business relationship between the Company, any Subsidiary, or any
Affiliate and any of its respective customers.

     Notwithstanding any other provision in this Agreement to the contrary, (A) in the event of a
breach of this Paragraph 3(b) during the Restriction Period, then the Restricted Shares, to the
extent the Restrictions have not lapsed, shall be immediately forfeited by you and shall be
returned to or cancelled by the Company, as applicable; and (B) upon the occurrence of an event
covered by the Company’s compensation recovery policies as in effect from time to time, then the
Restricted Shares, to the extent the Restrictions have not lapsed, shall be immediately forfeited
by you and shall be returned to or cancelled by the Company, as applicable, and to the extent the
Restrictions have lapsed, the Restricted Shares shall be returned to the Company.

          (c) Upon a forfeiture of your Restricted Shares pursuant to and in accordance with this
Paragraph 3, the Company will not be obligated to pay you any consideration whatsoever for the
forfeited Restricted Shares.

     4. Issuance and Custody of Certificates.

          (a) The Company shall cause the Restricted Shares to be issued in your name, either by
book-entry registration or issuance of a stock certificate or certificates, which certificate or
certificates shall be held by the Company. The Shares shall be restricted from transfer during the
period during which the Restrictions exist and shall be subject to an appropriate stop-transfer
order. If any certificate is issued, the certificate shall bear an appropriate legend referring to
the Restrictions applicable to the Restricted Shares.

          (b) If any certificate is issued, you shall be required to execute and deliver to the Company
a stock power or stock powers relating to the Restricted Shares.

 

 

          (c) Upon vesting, the Company shall promptly cause your Vested Shares (less any Shares that
may have been withheld to pay taxes) to be delivered to you, free of the restrictions and/or legend
described in Paragraph 4(a) hereof, either by book-entry registration or in the form of a
certificate or certificates, registered in your name or in the names of your legal representatives,
beneficiaries or heirs, as applicable.

     5. Withholding Taxes.

          (a) You acknowledge that you will consult with your personal tax advisor regarding the
federal, state and local tax consequences of the grant of the Restricted Shares, payment of
dividends on the Restricted Shares (if any), the vesting of the Restricted Shares and any other
matters related to this Agreement. You are relying solely on your advisors and not on any
statements or representations of the Company or any of its agents. You understand that you are
responsible for your own tax liability that may arise as a result of this grant of the Restricted
Shares or any other matters related to this Agreement.

          (b) In order to comply with all applicable federal, state or local income tax laws or
regulations, the Company may take such action as it deems appropriate to ensure that all income and
payroll taxes, which are your sole and absolute responsibility, are withheld or collected from you
at the minimum required withholding rate.

          (c) In accordance with the terms of the Plan, and such rules as may be adopted by the
Committee administering the Plan, in the discretion of the Committee, you may elect to satisfy any
applicable tax withholding obligations arising from the receipt of, or the lapse of restrictions
relating to, the Restricted Shares by:

	 	(i)	 	delivering cash (including check, draft, money order or wire transfer
made payable to the order of the Company);
	 
	 	(ii)	 	having the Company withhold a portion of the Vested Shares having a
Fair Market Value equal to the amount of the minimum statutory
withholding obligations;
	 
	 	(iii)	 	delivering to the Company shares of Common Stock having a Fair
Market Value equal to the amount of such taxes. The Company will not
deliver any fractional Share but will pay, in lieu thereof, the Fair
Market Value of such fractional Share. Your election must be made on
or before the date that the amount of tax to be withheld is
determined; or
	 
	 	(iv)	 	using such other methods of payment that the Committee, in its
discretion, deems appropriate from time to time.

     6. Conditions to Issuance of Stock Certificates. The Company shall not be required to issue or
deliver any Shares pursuant to this Agreement prior to fulfillment of all of the following
conditions:

          (a) The admission of such Shares to listing on all stock exchanges on which such Shares are
then listed;

          (b) The completion of any registration or other qualification of such Shares under any state
or federal law or under rulings or regulations of the Securities and Exchange Commission or of any
other governmental regulatory body, which the Committee shall, in its absolute discretion, deem
necessary or advisable;

          (c) The obtaining of any approval or other clearance from any state or federal governmental
agency which the Committee shall, in its absolute discretion, determine to be necessary or
advisable; and

          (d) The receipt by the Company of any applicable withholding tax with respect to such Shares
(subject to any minimum statutory withholding limits).

     7. Incorporation of Plan Provisions. This Agreement is made pursuant to the Plan and is
subject to all the terms and provisions of such Plan as if the same were fully set forth herein. In
the event of a conflict between the terms of this Agreement and the terms of the Plan, the Plan
shall control.

     8. Shareholder Rights. With respect to the Restricted Shares, you shall be entitled effective
as of the Grant Date to exercise the rights of a shareholder of Stock of the Company, including the
right to vote the Restricted Shares and the right to receive dividends on the Restricted Shares,
unless and until the Restricted Shares are forfeited under Paragraph 3 above. Notwithstanding the
foregoing, you shall be subject to the transfer restrictions in Paragraph 2. Your

 

 

rights with respect to the Restricted Shares shall remain forfeitable at all times prior to the date or
dates on which the Restrictions lapse with respect to the Restricted Shares.

     9. Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     10. Entire Agreement. This Agreement represents the complete understanding with respect to the
Restricted Shares granted hereunder and supersedes and cancels all prior written or oral agreements
and understandings relating to the terms of this Agreement and the Restricted Shares.

     11. Severability. Whenever feasible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

     12. Miscellaneous. This Agreement: (a) shall be binding upon and inure to the benefit of any
successor of the Company and your successors, assigns and estate, including your executors,
administrators and trustees; (b) shall be governed by the laws of the State of Delaware and any
applicable laws of the United States; and (c) may not be amended except in writing. It is intended
that this Award will be exempt from Section 409A of the Code. However, nothing in the Agreement
shall be construed to result in a guarantee of this tax treatment, and you shall be responsible for
all of your federal, state and local taxes (and any related liabilities). All actions or
proceedings arising out of, or related to, this Agreement shall be brought only in an appropriate
federal or state court in Michigan and the Parties hereby consent to the jurisdiction of such
courts over themselves and the subject matter of such actions or proceedings.

     To confirm your acceptance of the foregoing, please sign and return this Agreement to Todd L.
Wiseley, General Counsel, Senior Vice President, Administration and Secretary, Valassis
Communications, Inc., 19975 Victor Parkway, Livonia, Michigan, 48152.

	 	 	 	 	 
	 	

VALASSIS COMMUNICATIONS, INC.

 	 
	 	By:  	 	 
	 	 	Todd L. Wiseley 	 
	 	 	General Counsel, Senior Vice President, 

Administration and Secretary 	 

	 	 	 

	AGREED:
	 	 
	 
	 	 
	 
	 	 
	 

«Insert Name»

	 	 

Date:Exhibit 10.12

Exhibit 10.12

SECOND AMENDMENT TO

2007 EQUITY INCENTIVE PLAN

OF

ENDURANCE SPECIALTY HOLDINGS LTD.

WHEREAS, Endurance Specialty Holdings Ltd. (the “Company”) desires to amend the 2007
Equity Incentive Plan (as amended and in effect, the “Plan”) of the Company to increase the
number of the Company’s ordinary shares, par value $1.00 per share, authorized for issuance
under the Plan (the “Plan Amendment”); and

WHEREAS, on February 11, 2010, subject to shareholder approval, the Board of Directors
of the Company approved the Plan Amendment.

NOW THEREFORE, the Plan is hereby amended as follows:

	1.	 	Section 3(b) of the Plan is hereby amended by deleting it in its entirety and
substituting the following in lieu thereof:

“Subject to adjustments pursuant to the provisions of Section 16 hereof, a total of
3,895,000 Ordinary Shares shall be authorized for issuance under the Plan, which is
comprised of 1,280,000 Ordinary Shares authorized for issuance and approved by the
Company’s shareholders on May 9, 2007, 820,000 Ordinary Shares from the Prior Plans
authorized for issuance and approved by the Company’s shareholders on May 9, 2007
and 1,795,000 Ordinary Shares authorized for issuance upon the approval of the
second amendment to the Plan by the Company’s shareholders on May 13, 2010. The
grant of a Tandem SAR shall not reduce the number of Ordinary Shares with respect to
which Incentive Awards may be granted pursuant to the Plan.”

	2.	 	Section 11(c) of the Plan is hereby amended by deleting it in its entirety and
substituting the following in lieu thereof:

“Dividends on Restricted Shares and Restricted Share Units. The Administrator in its
discretion may permit the payment of dividends or the crediting of dividend
equivalents to a Participant holding Restricted Shares or Restricted Share Units.
The Administrator in its discretion may determine the date or dates of vesting of
any dividend equivalents or require that any dividends paid on Restricted Shares and
Restricted Share Units be held in escrow until all restrictions on such Restricted
Shares or Restricted Share Units have lapsed; provided that any dividend equivalents
or any dividends paid on performance based Restricted Shares and Restricted Share
Units shall be held in escrow until all restrictions on such performance based
restricted Shares or Restricted Share Units have been released upon the attainment
of all applicable performance goals.”

 

 

 

	3.	 	Section 11(g) of the Plan is hereby amended by deleting it in its entirety and
substituting the following in lieu thereof:

“Performance Based Restricted Shares and Restricted Share Units. In addition to or
in lieu of conditioning the release of restrictions applicable to Restricted Shares
or Restricted Share Unites on the continued employment of the Participant for the
restricted period applicable to the Restricted Shares or Restricted Share Units, the
Administrator may condition release of such restrictions on the attainment of one or
more performance goals during the restricted period. The performance goals are to be
pre-established by the Committee in its discretion and set forth in the Agreement
governing the grant of such Restricted Shares or Restricted Share Units, based on
one or more of the following criteria: (1) return on shareholder equity; (2)
earnings per Ordinary Share; (3) growth in book value per Ordinary Share; (4) growth
in price to book value per Ordinary Share; (5) net income (before or after taxes);
(6) gross premiums written or net premiums written; (7) return on assets; (8) return
on capital; (9) return on investment; (10) investment income; (11) increases in
share price; (12) total shareholder return; (13) portfolio yield; (14) loss ratio;
(15) underwriting ratio; (16) general and administrative expense ratio; (17)
combined ratio; (18) market share; (19) strategic goals; or (20) any combination of,
or a specified increase in, any of the foregoing. The performance goals may be based
upon the attainment of specified levels of performance under one or more of the
measures described above relative to the performance of other entities. To the
extent permitted under Section 162(m) of the Code (including, without limitation,
compliance with any requirements for shareholder approval), the Administrator in its
sole discretion may designate additional business criteria on which the performance
goals may be based or adjust, modify or amend the aforementioned business criteria.
Performance goals may include a threshold level of performance below which no
Restricted Shares or Restricted Share Units will be earned, a level of performance
at which the target amount of any Restricted Shares or Restricted Share Units will
be earned and a level of performance at which the maximum amount of any Restricted
Shares or Restricted Share Units will be earned. The Administrator in its sole
discretion shall have the authority to make equitable adjustments to the performance
goals in recognition of unusual or non-recurring events affecting the Company or any
Subsidiary of the Company or the financial statements of the Company or any
Subsidiary of the Company, in response to changes in applicable laws or regulations,
including changes in generally accepted accounting principles or practices, or to
account for items of gain, loss or expense determined to be extraordinary or unusual
in nature or infrequent in occurrence or related to the disposal of a segment of a
business or related to a change in accounting principles, as applicable. Any
performance goal established by the Administrator must be objective so that a third
party with knowledge of the relevant facts could determine whether the performance
goal has been attained. In addition, there must be substantial uncertainty whether
any performance goal established by the Administrator will be attained at the time
it is established by the Administrator. Restricted Shares and Restricted Share Units
conditioned upon the attainment of performance goals shall be released from restrictions only after the attainment of
such performance measures has been certified by the Administrator.”

 

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	4.	 	The Plan Amendment shall be effective upon approval of the shareholders of the
Company at the 2010 Annual General Meeting on May 13, 2010. If the Plan Amendment is
not so approved at such meeting, then the Plan Amendment shall be void ab initio.
	 
	5.	 	Except herein above provided, the Plan is hereby ratified, confirmed and approved in
all respects.

 

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