Document:

ex10_7.htm

 

Exhibit No. 10.7

 

AGREEMENT FOR RESTRICTED STOCK

 

GRANTED UNDER THE INDIANA COMMUNITY BANCORP

 

2010 STOCK OPTION AND INCENTIVE PLAN

 

This Agreement has been entered into as of the ___ day of ____________, _______ between Indiana Community Bancorp, an Indiana corporation (the “Corporation”), and ___________________________, a [employee/director] of the Corporation or one of its affiliates (the “Participant”), pursuant to the Corporation’s 2010 Stock Option and Incentive Plan (the “Plan”) and evidences and sets forth certain terms of the grant to the Participant pursuant to the Plan of an aggregate of ___________ shares of Restricted Stock as of the date of this Agreement. Capitalized terms used herein and not defined herein have the meanings set forth in the Plan.

 

Section 1.                      Receipt of Plan; Restricted Stock and this Agreement Subject to Plan.

 

 The Participant acknowledges receipt of a copy of the Plan. This Agreement and the shares of Restricted Stock granted to Participant are subject to the terms and conditions of the Plan, all of which are incorporated herein by reference.

 

Section 2.                      Restricted Period; Lapse of Restrictions and Vesting.

 

 Subject to Section 5 of this Agreement and the provisions of the Plan, the restrictions on the shares of Restricted Stock granted to the Participant shall lapse and such shares shall become fully vested and not subject to forfeiture to the Corporation as follows: ___.

 

Section 3.                      Certificates for Shares.

 

 Each certificate representing the shares of Restricted Stock granted to the Participant shall be registered in the name of the Participant and deposited by the Participant, together with a stock power endorsed in blank, with the Corporation and shall bear the following (or a similar) legend:

 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) contained in the 2010 Stock Option and Incentive Plan of the Corporation, and an Agreement entered into between the registered owner and the Corporation. Copies of such Plan and Agreement are on file in the office of the Secretary of the Corporation.”

 

Upon the lapse of restrictions on such shares of Restricted Stock, the Corporation shall promptly deliver a stock certificate for such shares, free of such legend, to the Participant.

 

Section 4.                      Transferability.

 

 Until such time as the restrictions on the shares of Restricted Stock granted to Participant have lapsed and such shares are no longer subject to forfeiture to the Corporation, the Participant shall not sell, assign, transfer, pledge or otherwise encumber such shares of Restricted Stock.

 

Section 5.                      Termination.

 

 If the Participant ceases to maintain Continuous Service for any reason (other than death, Disability or Retirement), all shares of Restricted Stock granted to the Participant which at the time of such termination of Continuous Service are still subject to restrictions shall upon such termination of Continuous Service be forfeited and returned to the Corporation. If the Participant ceases to maintain Continuous Service by reason of death, Disability, or Retirement then the restrictions with respect to the Ratable Portion (as defined in the Plan) of the shares of Restricted Stock granted to the Participant shall lapse and such shares shall be free of restrictions and shall not be forfeited. If the Continuous Service of the Participant is involuntarily terminated, for whatever reason, at any time within 18 months after a Change in Control, any Restricted Period with respect to the shares of Restricted Stock granted to the Participant shall lapse upon such termination and all shares of Restricted Stock granted to the Participant shall become fully vested in the Participant.

 

 

  

  

  

 

Section 6.                      Dividends.

 

 In the event any dividends or other distributions, whether in cash, property or stock of another company, are paid on any of the shares of Restricted Stock granted to the Participant, such dividends or other distributions shall be delivered to the Participant at that time. Stock dividends and shares issued as a result of any stock-split, if any, issued with respect to the Restricted Shares shall be treated as additional Restricted Shares and shall be subject to the same restrictions and other terms and conditions that apply with respect to, and shall vest or be forfeited at the same time as, the Restricted Shares with respect to which such stock dividends or shares are issued.

 

Section 7.                      No Employment Rights.

 

 None of this Agreement, the Plan or the award of shares of Restricted Stock hereunder shall be construed as giving the Participant any right to be retained as an employee or director of the Corporation or any Affiliate.

 

Section 8.                      Withholding.

 

 In connection with the delivery of shares of Common Stock as a result of the vesting of Restricted Stock, the Corporation shall have the right to require the Participant to pay an amount in cash sufficient to cover any tax, including any Federal, state or local income tax, required by any governmental entity to be withheld or otherwise deducted and paid with respect to such delivery (“Withholding Tax”), and to make payment to the appropriate taxing authority of the amount of such Withholding Tax.

 

Section 9.                      Plan Controlling.

 

 The terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of the Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon Participant and his or her legal representatives.

 

Section 10.                      Governing Law.

 

 This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.

 

Section 11.                      Notices.

 

 All notices and other communications required or permitted under this Agreement shall be written and shall be delivered personally or sent by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Corporation, to the Corporation’s executive offices in Columbus, Indiana, and if to Participant or his or her successor, to the address last furnished by Participant to the Corporation. Each notice and communication shall be deemed to have been given when received by the Corporation or Participant.

 

Section 12.                      No Waiver.

 

 The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

 

  

  

  

 

IN WITNESS WHEREOF, this Agreement has been executed by the undersigned thereunto duly authorized as of the date first above written.

 

	  	
Indiana Community Bancorp

	  	  	  
	  	
By:

	  
	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  
	  	
[signature of Participant]ex10_2.htm

Exhibit 10.2

 

 

MANPOWER INC.

PERFORMANCE SHARE UNIT AGREEMENT

This Performance Share Unit Agreement (this “Agreement”) is executed as of   by and between MANPOWER INC., a Wisconsin corporation (the “Corporation”), and   (the “Employee”).

W I T N E S S E T H:

WHEREAS the Board of Directors of the Corporation has established the 2003 Equity Incentive Plan (the “Plan”) with the approval of the shareholders of the Corporation; and

WHEREAS, the Employee has been granted Performance Share Units under the Plan subject to the terms provided in this Agreement and the Plan.

NOW, THEREFORE, the Corporation and the Employee hereby agree as follows:

1.      Provisions of Plan Control.  This Agreement shall be governed by the provisions of the Plan, the terms and conditions of which are incorporated herein by reference.  The Plan empowers the Administrator to make interpretations, rules and regulations thereunder, and, in general, provides that determinations of the Administrator with respect to the Plan shall be binding upon the Employee.  Unless otherwise provided herein, all capitalized terms in this Agreement shall have the meanings ascribed to them in the Plan.  A copy of the Plan will be delivered to the Employee upon reasonable request.

2.      Terms of Award and Performance Goal.  The Employee has been granted a Target Grant of  [___________] Performance Share Units under the Plan.  The actual number of Performance Share Units earned by Employee will be determined as described below, based upon the actual results for the Performance Period compared to the Performance Goal, subject to the conditions (the “Conditions”) that (a) the Employee remains an employee of the Corporation or its direct and indirect subsidiaries (collectively, the “Manpower Group”) continuously from the date of this Award until the last day of the Service Period, and (b) the actual OPMP for the Service Period equals or exceeds the amount specified below as the Threshold OPMP for the Performance Period.  If either of the Conditions is not satisfied, then except as otherwise provided in this Agreement, or the Plan (to the extent not superseded by this Agreement), no Performance Share Units shall be earned.  The Performance Goal and the number of Performance Share Units earned based on actual results for OPMP for the Performance Period will be as follows:

	 	
OPMP for the Performance Period

	  	
Resulting Performance Share Units Earned

	 
	 	  	  	  	 
	 	
Threshold OPMP (0.60%)

	  	
50% of Target Grant

	 
	 	
Target OPMP (0.95%)

	  	
100% of Target Grant

	 
	 	
Outstanding OPMP (2.00%)

	  	
200% of Target Grant

	 

If actual OPMP for the Performance Period is below Threshold OPMP specified above, no Performance Share Units will be earned, and if actual OPMP for the Performance Period exceeds Outstanding OPMP specified above, the number of Performance Share Units earned will equal the number earned for Outstanding OPMP.  Actual OPMP for the Performance Period between Threshold OPMP and Target OPMP, or between Target OPMP and Outstanding OPMP shall result in a number of Performance Share Units earned determined on a linear basis.  Notwithstanding the foregoing, the Committee retains the discretion to decrease the number of Performance Share Units earned under this Award.

 

 

  

  

  

3.      Award Payment.  The number of Performance Share Units earned shall be paid in Shares after the end of the Service Period as soon as administratively practicable after the Committee has approved and certified the number of Performance Share Units that have been earned hereunder.  Notwithstanding the foregoing, Awards of Performance Share Units that become earned and vested upon the Employee’s death, Disability or a Triggering Event shall be paid in Shares as soon as administratively practicable after such death, Disability or Triggering Event.  Further, to the extent that Performance Share Units granted hereunder become earned and vested upon the Employee’s Retirement and are nonqualified deferred compensation subject to Section 409A of the Code, such Award shall be paid to the Employee in Shares after the Service Period on the date that is the later of (i) six (6) months after the date of the Employee’s “separation of service” as such term is defined under Section 409A of the Code, or (ii) as soon as administratively practicable after the date the Committee has certified and approved the number of Performance Share Units that have been earned hereunder.

 

4.      Termination of Employment.  Except as otherwise provided in the Plan and except as otherwise provided in this Agreement, Employee must be an employee of the Manpower Group continuously from the date of this Award until the last day of the Service Period in order for Employee to receive any Shares with respect to any Performance Share Units he or she may earn hereunder.  Notwithstanding the foregoing, Section 10(d)(2) of the Plan, regarding the earning and accelerated vesting of Awards upon a death, Disability or Retirement, shall not apply to this Agreement.  Instead, upon a participant’s death or Disability during the Performance Period, Employee will immediately earn and become vested in the number of Performance Share Units the participant would have otherwise earned if 100% of the Target Performance Goal had been achieved at the end of the Performance Period.  Upon a Participant’s death or Disability during the Service Period, Employee will immediately become vested in the actual number of Performance Share Units earned based on attainment of the Performance Goal.  In the event of Employee’s Retirement prior to the last day of the Service Period, Employee shall earn and become vested in a prorated number of Performance Share Units.  The number of Performance Share Units earned and vested in connection with a Retirement shall be number of Performance Share Units determined by multiplying the number of Performance Share Units that would have been earned at the end of the Performance Period if Employee had remained an Employee until the last day of the Service Period, determined in accordance with the actual OPMP achieved at the end of the Performance Period, taking into account the additional requirement to achieve the Threshold OPMP for the Service Period in order for such Performance Share Units to be earned, by the quotient of (x) the number of days between and including the date of this Agreement and the date of the Employee’s Retirement divided by (y) 682 days.

5.     Triggering Event.  Section 10(e) of the Plan, regarding the earning and accelerated vesting of Awards after a Triggering Event or during a Protected Period, shall not apply to this Agreement.  Instead, upon a Triggering Event while Employee is employed by the Manpower Group and during the Performance Period, the Employee will immediately earn and become vested in the number of Performance Share Units they would have otherwise earned if 100% of the Target Performance Goal had been achieved at the end of the Performance Period.  Upon a Triggering Event while Employee is employed by the Corporation and after the Performance Period, Employee will immediately become vested in the actual number of Performance Share Units that were earned based on attainment of the Performance Goal.

6.      Dividends and Voting Rights.  The Employee shall not be entitled to receive any dividends for his or her Performance Share Units and shall not be entitled to voting rights with respect to such Performance Share Units.

7.      Taxes.  The Corporation may require payment or reimbursement of or may withhold any tax that it believes is required as a result of the grant or vesting of such Performance Share Units or payments of Shares in connection with the Performance Share Units, and the Corporation may defer making delivery of any Shares in respect of Performance Share Units until arrangements satisfactory to the Corporation have been made with regard to any such payment, reimbursement, or withholding obligation.

 

  

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8.      Definitions.

	
a.  

	
“Target Grant” means the number of Performance Share Units established for Employee to earn at Target OPMP.

	
b.  

	
“OPMP” means the Corporation’s annual operating profit divided by revenue from services, both determined in accordance with GAAP as reported on the Company's audited financial statements, with adjustments to be made (a) to reverse the impact of a change in accounting method during the Performance Period or Service Period or (b) for any of the following items that exceed $10 million in any year (the $10 million threshold to be measured separately for each item category):

	
i.  

	
goodwill impairment;

 

	
ii.  

	

nonrecurring restructuring gains or charges; and

 

	
iii.  

	

nonrecurring accrual adjustments pertaining to periods outside of the period of measurement.

 

	
  

	
   c.

	

“Performance Goal” means the OPMP targets for the Performance Period as set by the Administrator.

 

	
  

	
   d.

	
“Performance Period” means the 12-month period beginning on January 1, 2010 and ending on December 31, 2010.

	
  

	
   e.

	
“Service” means the period beginning on the date the Employee’s employment with the Manpower Group commences and ending on the date the Employee’s employment with the Manpower Group terminates.

	
  

	
   f.

	
“Service Period” means the 12-month period beginning on January 1, 2011 and ending on December 31, 2011.

	
  

	
   g.

	
“Retirement” will mean termination of the Employee’s employment on or after the Employee has attained age 55 and has completed 10 years of Service.

9.  Multiple Executed Copies.  This Agreement may be executed in multiple copies, each of which will constitute an original, and which together will constitute one and the same agreement providing for a single grant of Performance Share Units.

 

 

  

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IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed as of the date and year first above written.

 

 

 

	 	 MANPOWER INC. 
	 	 
	 	 
	 	 By:	 /s/ Jeffrey A. Joerres
	 	 	Jeffrey A. Joerres
	 	 	Chairman, Chief Executive Officer & President
	 	 	 

 

The undersigned Employee hereby accepts the foregoing grant of Performance Share Units and agrees to the several terms and conditions hereof and of the Plan.

 

	 	 
	 	 	 
	 	 	 Employee
	 	 	 
	 	 	 
	 

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