Document:

Form of deferred common stock award agreement.

 Exhibit 10.14 
  
 PENN VIRGINIA CORPORATION 
  
 Fourth Amended and Restated 1995 Directors’ Compensation Plan 
  
 Deferred Common Stock Unit Grant 
  
 This DEFERRED COMMON STOCK UNIT GRANT, dated as of
                    , 2005 (the “Date of Grant”), is delivered by Penn Virginia Corporation (the “Company”) to
                     (the “Grantee”). 
  
 RECITALS 
  
 The Fourth Amended and Restated 1995 Directors’ Compensation Plan (the “Plan”), as amended and restated effective January 1, 2005, provides
for the grant of Deferred Common Stock Units (as defined in the Plan) in accordance with the terms and conditions of the Plan. The Compensation and Benefits Committee of the Board of Directors of the Company (the “Committee”) has decided
to grant Deferred Common Stock Units to the Grantee as an inducement for the Grantee to promote the best interests of the Company and its shareholders. A copy of the Plan is attached. 
  
 NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows: 
  
 1. Grant of Deferred Common Stock Units. Subject to the terms and conditions set forth
in this Agreement and the Plan, the Company hereby grants the Grantee _________ Deferred Common Stock Units. The Company will establish an Account (as defined in the Plan) in the Grantee’s name that will be credited with the number of Deferred
Common Stock Units granted hereunder. 
  
 2. Share Distributions.

  
 On each date on which the Company makes a Share Distribution,
the Company will pay to the Grantee that amount equal to (x) the amount of cash or other property paid in such Share Distribution times (y) the number of Deferred Common Units granted hereunder. 
  
 3. Vesting and Non-transferability. 
  
 (a) The Grantee shall be fully vested at all times in the Deferred Common
Stock Units granted hereunder. 
  
 (b) The Deferred Common Stock
Units shall not be transferable unless otherwise determined by the Board. 
  
 4.
Distribution of Deferred Common Stock Unit. Deferred Common Stock Units will be distributed to the Grantee on the date on which such Grantee ceases for any reason to be a 

  

 
member of the Board; provided that, upon the death of the Grantee, distribution shall be made to the beneficiary designated by such Grantee on Exhibit
A attached hereto. If the Grantee fails to designate a beneficiary or the Grantee’s beneficiary predeceases the Grantee, distribution shall be made to the Grantee’s estate. Each Deferred Common Stock Unit shall be payable in one share
of common stock of the Company. 
  
 5. Change in Control. The provisions of
the Plan applicable to a Change in Control shall apply to the Deferred Common Stock Units, and upon the consummation of a Change in Control, the Shares represented by Deferred Common Stock Units credited to each Non-employee Director’s Account
shall be distributed to the Grantee. 
  
 6. Grant Subject to Plan
Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The grant is subject to interpretations, regulations and
determinations concerning the Plan established from time to time by the Board in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights and obligations with respect to withholding taxes, (b)
the registration, qualification or listing of the shares, (c) changes in capitalization of the Company, (d) compliance with section 409A of the Internal Revenue Code and the applicable regulations thereunder, and (e) other requirements of applicable
law. The Board shall have the authority to interpret and construe the grant pursuant to the terms of the Plan, and its decisions shall be conclusive as to questions arising hereunder. 
  
 7. Withholding. The Grantee shall be required to pay to the Company, or make other arrangements satisfactory to the Company to
provide for the payment of, any federal, state, local or other taxes that the Company is required to withhold with respect to the grant of the Deferred Common Stock Units or the delivery of Common Stock. 
  
 8. Requirements for Issuance or Transfer of Shares. No common stock shall be issued,
transferred or delivered in connection with this Deferred Common Stock Unit Grant unless and until all legal requirements applicable to the issuance of such stock have been complied with to the satisfaction of the Board. The Board shall have the
right to condition this grant or delivery of such stock on Grantee’s undertaking in writing to comply with such restrictions on the Grantee’s subsequent disposition of such shares of common stock as the Board shall deem necessary or
advisable to comply with all applicable laws and regulations, and certificates representing such shares may be legended to reflect any such restrictions. Certificates representing shares of common stock issued, transferred or delivered hereunder
will be subject to such stop-transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon. 
  
 9. No Service or Other Rights. This grant shall not confer upon the Grantee any right
to be retained in the service of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee’s service at any time. The right of the Company to terminate at will the Grantee’s service at any time
for any reason is specifically reserved. 
  
 10. Assignment by Company. The
rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee’s
consent. 
  

 2 

 11. Applicable Law. The validity, construction, interpretation and effect of this instrument shall be governed by
and construed in accordance with the laws of the Commonwealth of Virginia, without giving effect to the conflicts of laws provisions thereof. 
  
 12. Notice. Any notice to the Company provided for in this instrument shall be addressed to the Company in care of General Counsel at Three Radnor Corporate
Center, Suite 230, Radnor, PA 19087 and any notice to the Grantee shall be addressed to such Grantee at the current address known by the Company, or to such other address as the Grantee may designate to the Company in writing. Any notice shall be
delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 
  
 IN WITNESS WHEREOF, the Company has caused its duly authorized officers to
execute and attest this instrument, and the Grantee has placed his or her signature hereon, effective as of the Date of Grant. 
  

									
	 	 	 	 	 Penn Virginia Corporation

	 Attest:
	 	 	 	 
				
	 	 	 	 	By:	 	 

  
 I hereby accept the grant of Deferred
Common Stock Units described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all the decisions and determinations of the Board shall be final and binding. 
  

	
	
	 
	 Grantee

	
	 
	 Date

  

 3 

 EXHIBIT A 
  

PENN VIRGINIA CORPORATION 
  
 Fourth Amended and Restated 1995 Directors’ Compensation Plan 
  
 Deferred Common Stock Unit Grant 
  
 Beneficiary Designation Form 
  

Unless I notify you in writing after the date hereof that I wish to change my beneficiary, the beneficiary to whom payment is to be made under all Deferred Common
Stock Unit Grants in the event of my death prior to receipt of my entire Account balance is: 
  

					
			
	  	 	 	 	  
	Name	 	 	 	Address

  
 Unless I change my contingent
beneficiary after the date hereof, the contingent beneficiary to whom payment is to be made in the event of my death prior to receipt of my entire Account, if the beneficiary listed above dies before full payment has been made, is: 
  

					
			
	  	 	 	 	  
	Name	 	 	 	Address

  

	
	
	  
	 Employee

	
	 Date: _______________________________

  

									
	 Receipt Acknowledged:
	 	 	 	 
			
	 PENN VIRGINIA CORPORATION
	 	 	 	 
					
	By:	 	 	 	 	 	 	 	 
				
	 Title:
	 	 	 	 	 	 Date: _______________________________

  

 4Amendment No. 7 to Credit Agreement

 Exhibit 10.8 
  
 Amendment No. 7 
 to 
 Amended and Restated Credit Agreement 
  
 THIS AMENDMENT NO. 7 TO AMENDED AND RESTATED CREDIT AGREEMENT (the “Agreement”) is being executed and
delivered as of February 1, 2005 by and among Stericycle, Inc., a Delaware corporation (the “Borrower”), the Subsidiaries of the Borrower named as signatories hereto (collectively, the “Subsidiary Guarantors”),
certain of the financial institutions from time to time party to the Credit Agreement referred to and defined below (collectively, the “Required Lenders”) and Bank of America, N.A., as representative of the Lenders party to the
Credit Agreement referred to and defined below (in such capacity, the “Administrative Agent”). Undefined capitalized terms used herein shall have the meanings ascribed to such terms in such Credit Agreement referred to and defined
below. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Borrower, the Lenders, the Administrative Agent, Credit Suisse
First Boston, as the Co-Syndication Agent, UBS Warburg, LLC, as the Co-Syndication Agent, and Fleet National Bank, as the Documentation Agent, have entered into that certain Amended and Restated Credit Agreement dated as of October 5, 2001, as
amended by Amendment No. 1 to Amended and Restated Credit Agreement dated as of June 28, 2002, Amendment No. 2 to Amended and Restated Credit Agreement dated as of January 27, 2003, Amendment No. 3 to Amended and Restated Credit Agreement dated as
of March 15, 2004, Amendment No. 4 and Consent to Amended and Restated Credit Agreement dated as of June 8, 2004, Amendment No. 5 to Amended and Restated Credit Agreement dated as of July 7, 2004 and Amendment No. 6 to Amended and Restated Credit
Agreement dated as of August 23, 2004 (as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which, among other things, the Lenders have agreed to provide, subject
to the terms and conditions contained therein, certain loans to the Borrower; and 
  
 WHEREAS, the Borrower has requested that the Administrative Agent, the Issuer and the Required Lenders amend the Credit Agreement to (a) increase the Letter of Credit Commitment Amount from $40,000,000 to $80,000,000
and (b) provide for the issuance of one or more Letters of Credit denominated in British Pound Sterling, Euro or such other currency as the Administrative Agent and the Issuer may agree to from time to time (the “Alternative Currency Letters
of Credit”) and, subject to the terms and conditions of this Agreement, the Administrative Agent, the Issuer and the Required Lenders hereby agree to such amendments to the Credit Agreement. 
  
 NOW, THEREFORE, in consideration of the foregoing premises, the terms and
conditions stated herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Borrower, the Subsidiary Guarantors, the Lenders and the Administrative Agent, such parties hereby agree as follows:

 1. Amendments to the Credit Agreement. Subject to the satisfaction of each of the conditions set
forth in Paragraph 2 of this Agreement, the Credit Agreement is hereby amended as follows: 
  
 (a) Section 1.1 of the Credit Agreement is hereby amended as follows: 
  
 (i) The definition of “White Rose Letter of Credit” is hereby deleted in its entirety.

  
 (ii) The definition of “Dollar
Equivalent” is hereby amended and restated as follows: 
  
 “ ‘Dollar Equivalent’ means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the
equivalent amount thereof in Dollars as determined by the Issuer at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.” 
  
 (iii) The definition of “Letter of Credit Commitment
Amount” is hereby amended and restated as follows: 
  
 “ ‘Letter of Credit Commitment Amount’ means, on any date, a maximum Dollar Equivalent amount of $80,000,000, as such amount may be permanently reduced from time to time pursuant to Section
2.2.” 
  
 (iv) The definition of
“Revaluation Date” is hereby amended to replace each reference therein to “White Rose Letter of Credit” with a reference to “Alternative Currency Letter of Credit”. 
  
 (v) The definition of “Spot Rate” is hereby
amended and restated as follows: 
  
 “
‘Spot Rate’ for a currency means the rate determined by the Issuer to be the rate quoted by the Issuer as the spot rate for the purchase by the Issuer of Dollars with such currency through its principal foreign exchange trading
office on the date as of which the foreign exchange computation is made; provided that the Issuer may obtain such spot rate from another financial institution designated by the Issuer if the Issuer does not have as of the date of
determination a spot buying rate for any such currency.” 
  
 (vi) The following definitions are hereby added in the appropriate alphabetical locations: 
  
 “ ‘Alternative Currency’ means each of Euro and Sterling and each other currency (other than Dollars) that is
approved in accordance with Section 1.6.” 

 “ ‘Alternative Currency Letter of Credit’ means any Letter of
Credit denominated in an Alternative Currency issued hereunder.” 
  
 “ ‘EMU’ means the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of
1998.” 
  
 “ ‘EMU
Legislation’ means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency.” 
  
 “ ‘Participating Member State’ means each state so described in any EMU
Legislation.” 
  
 “
‘Euro’ and ‘EUR’ mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.” 
  
 (b) Section 1.5 of the Credit Agreement is hereby amended to (i) replace each reference therein to
“White Rose Letters of Credit” with a reference to “Alternative Currency Letters of Credit” and (ii) to replace the reference to “Sterling” therein with the following clause: “any Alternative Currency. 

 
 (c) Article I of the Credit Agreement is hereby amended to
add the following Section 1.6 at the end of such Article: 
  
 “SECTION 1.6 Additional Alternative Currencies. 
  
 (a) The Company may from time to time request that Alternative Currency Letters of Credit be issued in a currency other than those
specifically listed in the definition of “Alternative Currency;” provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the
case of any such request with respect to the issuance of Alternative Currency Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the Issuer. 
  
 (b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days
prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and the Issuer, in their sole discretion). The Administrative Agent shall promptly notify the Issuer of any such request. The
Issuer shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it 

 
consents, in its sole discretion, to the issuance of Letters of Credit, as the case may be, in such requested currency (with any such issuance being subject
to Section 2.1.2). 
  
 (c) Any failure by the
Issuer to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by the Issuer to permit Letters of Credit to be issued in such requested currency. If the Administrative Agent and the
Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Company and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of
any Alternative Currency Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.6, the Administrative Agent shall promptly so notify the
Company.” 
  
 (d) Section 2.1.2 of the
Credit Agreement is hereby to as follows: 
  
 (i)
Section 2.1.2(a) is hereby amended and restated as follows: 
  
 “(a) issue one or more standby letters of credit denominated in Dollars or an Alternative Currency (each, together with each “Letter of Credit” outstanding on the Closing Date issued for the
account of the Borrower or any Restricted Subsidiary pursuant to and as defined in the Original Credit Agreement, a “Letter of Credit”) for the account of the Borrower or any Restricted Subsidiary that is a Subsidiary
Guarantor in the Stated Amount requested by the Borrower on such day;” 
  
 (ii) The final sentence of such Section is hereby amended and restated as follows: 
  
 “The Issuer shall not be permitted or required to issue any Letter of Credit if, after giving effect thereto, (i) the aggregate
amount of all Letter of Credit Outstandings would exceed the Letter of Credit Commitment Amount, (ii) the sum of the aggregate amount of all Letter of Credit Outstandings plus the aggregate principal amount of all Revolving Loans and Swing Line
Loans then outstanding would exceed the Revolving Loan Commitment Amount or (iii) with respect to any Alternative Currency Letters of Credit, the aggregate Letter of Credit Outstandings with respect to all Alternative Currency Letters of Credit
would exceed $40,000,000.” 
  
 (e) Section
2.6 of the Credit Agreement is hereby amended to replace each reference therein to “White Rose Letter of Credit” with a reference to “Alternative Currency Letter of Credit”. 

 (f) Section 2.6.3 of the Credit Agreement is hereby amended to replace the reference to
“Sterling” therein with a reference to “the Alternative Currency”. 
  
 (g) Section 2.6.6 of the Credit Agreement is hereby amended to (i) replace each reference therein to “White Rose Letters of
Credit” with a reference to “Alternative Currency Letters of Credit” and (ii) replace the reference to “Sterling” therein with the following clause: “an Alternative Currency”. 
  
 (h) Section 3.1.1(i) of the Credit Agreement is hereby
amended and restated as follows: 
  
 “(i)
If the Administrative Agent notifies the Borrower at any time that the Letter of Credit Outstandings of all Alternative Currency Letters of Credit at such time exceeds $40,000,000, then, within two Business Days after receipt of such notice, the
Borrower shall Cash Collateralize such Letter of Credit Outstandings in an aggregate amount equal to such excess amount. Without limiting the foregoing, the Administrative Agent may, at any time and from time to time after any Alternative Currency
Letters of Credit are Cash Collateralized, request that additional cash collateral be provided in order to protect against the results of exchange rate fluctuations.” 
  
 (i) Section 4.4(d) of the Credit Agreement is hereby amended and restated as follows: 
  
 “(d) any adverse change in the relevant exchange rates
or in the availability of the relative Alternative Currency or in the relevant currency markets generally;” 
  
 (j) Clause (c) of Section 5.2.1 of the Credit Agreement is hereby amended to (i) replace each reference therein to “White Rose Letter
of Credit” with a reference to “Alternative Currency Letter of Credit” and (ii) replace the reference to “Sterling” therein with the following clause: “the relevant Alternative Currency”. 
  
 (k) Exhibit B-2 to the Credit Agreement is hereby amended
and restated in the form attached hereto and made part hereof as Exhibit A. 
  
 2. Effectiveness of this Agreement; Conditions Precedent. The provisions of Paragraph 1 of this Agreement shall be effective upon the Administrative Agent’s receipt of an originally-executed
counterpart (or facsimile thereof) of this Agreement duly executed and delivered by Authorized Officers of the Borrower, the Issuer, the Subsidiary Guarantors and the Required Lenders. 

 3. Representations, Warranties and Covenants. 
  
 (a) Each of the Borrower and each Subsidiary Guarantor hereby
represents and warrants that this Agreement and the Credit Agreement, as applicable, constitute the legal, valid and binding obligations of such Person enforceable against such Person in accordance with their terms. 
  
 (b) Each of the Borrower and each Subsidiary Guarantor
hereby represents and warrants that its execution, delivery and performance of this Agreement and the Credit Agreement, as applicable, have been duly authorized by all proper corporate action, do not violate any provision of its certificate of
incorporation or bylaws, will not violate any law, regulation, court order or writ applicable to it, and will not require the approval or consent of any governmental agency, or of any other third party under the terms of any contract or agreement to
which such Person or any such Person’s Affiliates is bound. 
  
 (c) The Borrower hereby represents and warrants that, after giving effect to the provisions of this Agreement, (i) no Default or Event of Default has occurred and is continuing or will have occurred and be continuing
and (ii) all of the representations and warranties of the Borrower contained in the Credit Agreement and in each other Loan Document (other than representations and warranties which, in accordance with their express terms, are made only as of an
earlier specified date) are, and will be, true and correct as of the date of the Borrower’s execution and delivery hereof or thereof in all material respects as though made on and as of such date. 
  
 4. Reaffirmation, Ratification and Acknowledgment; Reservation. The
Borrower and each Subsidiary Guarantor hereby (a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, and each grant of security interests and liens in favor of the Administrative Agent, under each Loan
Document to which it is a party, (b) agrees and acknowledges that such ratification and reaffirmation is not a condition to the continued effectiveness of such Loan Documents, and (c) agrees that neither such ratification and reaffirmation, nor the
Administrative Agent’s, or any Lender’s solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from the
Borrower or such Subsidiary Guarantors with respect to any subsequent modifications to the Credit Agreement or the other Loan Documents. The Credit Agreement is in all respects ratified and confirmed. Each of the Loan Documents shall remain in full
force and effect and are hereby ratified and confirmed. Neither the execution, delivery nor effectiveness of this Agreement shall operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, or of any Default or
Event of Default (whether or not known to the Administrative Agent or the Lenders), under any of the Loan Documents, all of which rights, powers and remedies, with respect to any such Default or Event of Default or otherwise, are hereby expressly
reserved by the Administrative Agent and the Lenders. This Agreement shall constitute a Loan Document for purposes of the Credit Agreement. 
  
 5. Governing Law. This Agreement shall be deemed to be a contract made under and governed by and construed in accordance with the laws of the State
of New York (including Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York). 

 6. Administrative Agent’s Expenses. The Borrower hereby agrees to promptly reimburse the
Administrative Agent for all of the reasonable out-of-pocket expenses, including, without limitation, attorneys’ and paralegals’ fees, it has heretofore or hereafter incurred or incurs in connection with the preparation, negotiation and
execution of this Agreement and the related Loan Documents. 
  
 7.
Counterparts. This Agreement may be executed in counterparts, each of which shall be an original and all of which together shall constitute one and the same agreement among the parties. 

 IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first above written.

  

			
	STERICYCLE, INC., as Borrower
		
	By:	 	 /s/ Frank J.M. ten Brink

	Name:	 	Frank J.M. ten Brink
	Title:	 	 Executive Vice President and
Chief Financial Officer

	
	ENVIROMED, INC.,
	BRIDGEVIEW, INC.,
	MICRO-MED INDUSTRIES, INC.,
	MICRO-MED OF GEORGIA, INC.,
	MICRO-MED OF NORTH CAROLINA, INC.,
	MICRO-MED OF TENNESSEE, INC.,
	SCHERER LABORATORIES, INC.,
	BIO-WASTE MANAGEMENT CORPORATION,
	STERICYCLE OF WASHINGTON, INC.,
	WASTE SYSTEMS, INC.,
	MED-TECH ENVIRONMENTAL, INC.,
	MED-TECH ENVIRONMENTAL (MA), INC.,
	IONIZATION RESEARCH CO., INC.,
	BFI MEDICAL WASTE, INC.,
	AMERICAN MEDICAL DISPOSAL, INC.,
	ENVIRONMENTAL HEALTH SYSTEMS, INC.,
	STROUD PROPERTIES, INC.,
	STERICYCLE INTERNATIONAL, LLC,
		
	By:	 	 /s/ Frank J.M ten Brink

	Title:	 	Vice President

  
  

					
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Paul Folino

	Title:	 	Assistant Vice President
	
	BANK OF AMERICA, N.A., as a Lender and as Issuing Bank
		
	By:	 	 /s/ Richard D. Hill, Jr.

	Title:	 	Managing Director
	
	[Signatures of other lenders omitted]

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