Document:

exhibit_10-23.htm

    Exhibit
10.23

    

    THOMAS
WEISEL PARTNERS GROUP, INC.

    

    EQUITY
INCENTIVE PLAN

    

    RESTRICTED STOCK UNIT AWARD
AGREEMENT

    

    

    Thomas
Weisel Partners Group, Inc., a Delaware corporation (the “Company”), hereby grants to
the “Participant” this
“Award” of Restricted
Stock units (“RSUs”)
pursuant to the Thomas Weisel Partners Group, Inc., Third Amended and Restated
Equity Incentive Plan (the “Plan”) upon the following
terms and conditions:

     

    
      	 
      	 
      	
              Name of Participant: Lionel
      CONACHER

            
	 
      	 
      	 
      
	 
      	 
      	
              Grant Date: February 27,
      2009

            
	 
      	 
      	 
      
	 
      	 
      	
              Number of RSUs: Up to a maximum
      of

            
	 
      	 
      	 
      
	
              1.

            	 
      	
              This
      Award is subject to all terms and conditions of this Agreement and the
      Plan. The terms of the Plan are hereby incorporated by reference.
      Capitalized terms not otherwise defined herein shall have the meaning
      assigned to such term in the Plan.

            
	 
      	 
      	 
      
	
              2.

            	 
      	
              Each
      RSU represents an unfunded and unsecured promise of the Company to deliver
      a future payment equal to the Fair Market Value of one Share at the time
      of such payment. Such payment may, at the Committee’s election, be in cash
      or Shares or a combination thereof.

            
	 
      	 
      	 
      
	
              3.

            	 
      	
              Subject
      to your continuous employment with the Company throughout the period
      commencing on the Grant Date up to and including the relevant vesting
      date, (unless otherwise provided under the terms and conditions of the
      Plan or this Agreement), in accordance with Paragraph 2 above you
      shall be entitled to receive (and the Company shall deliver to you) on the
      relevant vesting date set forth below (subject to an administrative delay
      as set forth below), the number of Shares underlying the RSUs (or a cash
      payment therefor) as set forth below in accordance with the following
      vesting schedule:

               

            

    

    

    
      	
               
      

            	
              Vesting
      Date 1 – on the first anniversary of the Grant Date, 100% of the Shares
      underlying Tranche 1 RSUs forfeited by the Grantees pursuant to the
      Grantees’ Restricted Stock Unit Award Agreements, the Plan or otherwise
      for no consideration during the period commencing on the Grant Date up to
      and including the first Vesting
Date.

            

    

    

    
      	
               
      

            	
              Vesting
      Date 2 - on the second anniversary of the Grant Date, 100% of the Shares
      underlying Tranche 2 RSUs forfeited by the Grantees pursuant to the
      Grantees’ Restricted Stock Unit Award Agreements, the Plan or otherwise
      for no consideration during the period commencing on the Grant Date up to
      and including the second Vesting
Date.

            

    

    

    
      	
               
      

            	
              Vesting
      Date 3 - on the third anniversary of the Grant Date, 100%
      of  the Shares underlying Tranche 3 RSUs forfeited by the
      Grantees pursuant to the Grantees’ Restricted Stock Unit Award Agreements,
      the Plan or otherwise for no consideration during the period commencing on
      the Grant Date up to and including the third Vesting
  Date.

            

    

    

    For
purposes of this Agreement,

    

    “Tranche 1
RSUs” means the RSUs set forth under the column entitled Tranche 1 RSUs
awarded to the Grantees, as set forth in the table in Exhibit A
hereto.

    

    “Tranche 2
RSUs” means the RSUs set forth under the column entitled Tranche 2 RSUs
awarded to the Grantees, as set forth in the table in Exhibit A.

    

    “Tranche 3
RSUs” means the RSUs set forth under the column entitled Tranche 3 RSUs
awarded to the Grantees, as set forth in the table in Exhibit A.

    

    “Grantees”
shall mean the individuals listed under the column entitled Grantee in the table
in Exhibit A.

    

    
      	 
      	 
      	
              To
      the extent a Grantee vests with respect to Shares underlying Tranche 1, 2
      or 3 RSUs, as the case may be, in accordance with the terms and conditions
      of such Grantee’s Restricted Stock Unit Award Agreement or pursuant to the
      terms of the Plan, RSUs granted under this Agreement shall be
      automatically forfeited and, commensurate with such vesting date, canceled
      in the same number as the RSUs that vest under the Grantee’s Restricted
      Stock Unit Award Agreement.

               

              The
      payment of the vested RSUs may be subject to administrative delay,
      provided that the applicable RSUs shall be paid no later than March
      15th
      following the year of the applicable vesting
      date.  Notwithstanding the foregoing, all amounts payable to you
      in respect of the RSUs shall be paid within 3 years following the end of
      the year in which the RSUs were granted.

               

              Notwithstanding
      anything in the Plan to the contrary, in the event of your death,
      Disability or Retirement prior to any applicable vesting date, all RSUs
      that have been forfeited by the Grantees prior to the occurrence of that
      event shall become immediately vested to you or your beneficiary, and any
      RSUs that are subsequently forfeited by the Grantees shall become
      immediately vested to you or your beneficiary upon such
      forfeiture.

               

              Notwithstanding
      anything in the Plan to the contrary, in the event of a Change in Control
      and the Committee determines that such Change in Control constitutes a
      “change in control event” within the meaning of Treasury Regulation §
      1.409A-3(i)(5)(i), all RSUs that have been forfeited by the Grantees prior
      to the occurrence of the Change in Control shall become immediately vested
      to you, and any RSUs that are subsequently forfeited by the Grantees shall
      become immediately vested to you upon such forfeiture.

               

            
	
               

              4.

            	 
      	
               

              In
      accordance with Section 15(a) of the Plan, the Committee may in its sole
      discretion withhold from the payment to you hereunder a sufficient amount
      (in cash or Shares) to provide for the payment of any taxes required to be
      withheld by federal, state or local law with respect to income resulting
      from such payment. You have been advised to review with your own tax
      advisors the federal, state, local and foreign tax consequences of this
      investment and the transactions contemplated by this Agreement. You are
      relying solely on such advisors and not on any statements or
      representations of the Company or any of its agents. You understand that
      you (and not the Company) shall be responsible for your own tax liability
      that may arise as a result of this investment or the transactions
      contemplated by this Agreement.

               

              Notwithstanding
      any provision to the contrary in this Agreement, if you are deemed by the
      Company at the time of your separation from service with the Company to be
      a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the
      Code, to the extent delayed commencement of payment of any RSUs (or cash
      equivalent dividend payments)  is required under Section 409A of
      the Code, the payment or delivery of any RSUs (or cash equivalent dividend
      payments) will be delayed for a period of six months from the date of your
      separation from service with the Company (or, if earlier, your death), if
      and to the extent such delay is required under Section 409A of the
      Code.

            
	 
      	 
      	 
      
	
              5.

            	 
      	
              The
      Company shall have the right to offset against the obligation to deliver
      RSU Shares (or a cash payment therefore) to you, any outstanding
      amounts then owed by you to the Company, provided such offset complies
      with Section 409A of the Code and applicable state law.

            
	 
      	 
      	 
      
	
              6.

            	 
      	
              An
      RSU does not represent an equity interest in the Company, and carries no
      voting rights. You will not have any rights of a shareholder with respect
      to the RSUs until the Shares have been delivered to
you.

            
	 
      	 
      	 
      
	
              7.

            	 
      	
              This
      Award of RSUs is made as a bonus in respect of your performance and is in
      addition to and not a substitute for or in lieu of ordinary salary and
      wages received by you in respect of your service to the
      Company.

            
	 
      	 
      	 
      
	
              8.

            	 
      	
              Notices
      hereunder and under the Plan, if to the Company, shall be delivered to the
      Plan administrator (as so designated by the Company) or mailed to the
      Company’s principal office, One Montgomery Street, San Francisco,
      California 94104, attention of General Counsel, or, if to
      you, shall be delivered to you or mailed to your address as the same
      appears on the records of the Company.

            
	 
      	 
      	 
      
	
              9.

            	 
      	
              All
      decisions and interpretations made by the Board of Directors or the
      Committee with regard to any question arising hereunder or under the Plan
      shall be binding and conclusive on all persons. In the event of any
      inconsistency between the terms hereof and the provisions of this
      Agreement and the Plan, this Agreement shall govern.

            
	 
      	 
      	 
      
	
              10.

            	 
      	
              By
      accepting this Award, you acknowledge receipt of a copy of the Plan, and
      agree to be bound by the terms and conditions set forth in this Agreement
      and the Plan, as in effect from time to time.

            
	 
      	 
      	 
      
	
              11.

            	 
      	
              By
      accepting this Award, you further acknowledge that the federal securities
      laws and/or the Company’s policies regarding trading in its securities may
      limit or restrict your right to buy or sell Shares, including, without
      limitation, sales of Shares acquired in connection with your RSUs. You
      agree to comply with such federal securities law requirements and Company
      policies, as such laws and policies are amended from time to
      time.

            
	 
      	 
      	 
      
	
               12.

            	 
      	
              The
      Committee may waive any conditions or rights under, amend any terms of, or
      amend, alter, suspend, discontinue or terminate the Award granted under
      this Agreement, provided, however, that no such action shall impair the
      rights of a Participant or holder or beneficiary of any Award under this
      Agreement without the consent of such Participant or holder or beneficiary
      of any Award.

            
	
              13.

            	 
      	
              This
      Agreement shall be governed by the laws of the State of New York without
      giving effect to its choice of law
provisions.

            

    

    

    
      
        
          	 
      	 
      	
                  Thomas
      Weisel Partners Group, Inc.

                  By:

                
	 
      	 
      	 
      
	 
      	 
      	
                  /s/ Mark Fisher

                
	 
      	 
      	
                   Name:  Mark
      Fisher

                
	 
      	 
      	
                   Title:  General
      Counsel & Secretary

                
	 
      	 
      	 
      
	 
      	 
      	
                  Lionel
      Conacher

                
	 
      	 
      	 
      
	 
      	 
      	
                  /a/
      Lionel Conacher

                
	 
      	 
      	
                   Signature

                

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

    

    The
number of RSUs subject to this Agreement shall be forfeited and canceled to the
extent the following Grantees vest in their RSUs, which have been granted
simultaneously with the award of RSUs under this Agreement, in accordance with
the terms of the Plan and their respective Restricted Stock Unit Award
Agreements:

    

    
      	
              
                 

                Grantee

              

            	
              
                Award
      of RSUs

              

            	
              
                Tranche
      1

                RSUs

              

            	
              
                Tranche
      2 RSUs

              

            	
              
                Tranche
      3

                RSUs

              

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Total
      RSUs subject to forfeiture:

            	 
      	 
      	 
      	 
      

    

    

    The RSU
Awards described above shall be subject to the terms and conditions of the
Grantee’s individual Restricted Stock Unit Award Agreement and the Plan,
including the requirement that the Grantee be continuously employed through the
applicable vesting date and certain terms and conditions relating to Change in
Control.  To the extent the Grantee vests in accordance with the terms
and conditions of the Grantee’s Restricted Stock Unit Award Agreement or
pursuant to the terms of the Plan, the RSUs granted under this Agreement shall
be forfeited and canceled in the same number as the RSUs that vest under the
Grantee’s applicable Restricted Stock Unit Award Agreement.

    
      
        
          --

        

         

      

      
         

        
          

        

      

      
         

      

    

     

    

     

              If
you would like to designate a beneficiary to exercise your rights under this
Agreement in the event of your death, please complete your designation in the
space provided below, as well as please sign and print your name and date in the
space provided below, and return this Agreement to Thomas Weisel Partners Group,
Inc., One Montgomery Street, San Francisco, California 94104, to the attention
of Human Resources.

    

    
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
              Beneficiary:

            	 
      	
              __________________________________________________ 

            	 
      	 
      	 
      	 
      	 
      
	
               

              Participant
      name

              (print
      & sign):

            	 
      	
               

               

              __________________________________________________

            	 
      	 
      	 
      	 
      	 
      

    

    

    
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
              Date:United State Securities and Exchange Commission Edgar Filing

EXHIBIT 10.4.2

FORM OF AMENDMENT TO DIRECTOR DEFERRED FEE AGREEMENTS WITH DENNIS O. GREEN AND JAMES W. HOLDEN, JR.

LOWCOUNTRY NATIONAL BANK

Director Deferred Fee Agreement 

 

 

THIRD AMENDMENT

TO THE

LOWCOUNTRY NATIONAL BANK

DIRECTOR DEFERRED FEE AGREEMENT

FOR 

[NAME]

THIS THIRD AMENDMENT is adopted this 17th day of December, 2008, effective as of January 1, 2009, by and between CBC National Bank (formerly known as and currently doing business as Lowcountry National Bank), a nationally-chartered commercial bank with offices located in Beaufort, South Carolina (the “Company”), and _______________ (the “Director”).

The Company and the Director executed the Director Deferred Fee Agreement on January 26, 2004, which has been amended twice since such date (the “Agreement”).

The undersigned hereby amend the Agreement for the purpose of bringing the Agreement into compliance with the final regulations Section 409A of the Internal Revenue Code, including the transition rules under IRS Notice 2007-86.  Therefore, the following changes shall be made:

Section 1.1 of the Agreement shall be deleted in its entirety and replaced by the following:

1.1

“Change of Control” means, with respect to the Company, a “change in the ownership of a corporation” as defined in Treasury Regulations Section 1.409A-3(i)(5)(v).

Section 1.12a of the Agreement shall be deleted in its entirety and replaced by the following:

1.12a

“Specified Employee” means a key employee (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) of any member of the Service Recipient, any stock of which is publicly traded on an established securities market or otherwise as of the date of the Director’s Termination of Service. For this purpose, a Director is a key employee if the Director meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding Code Section 416(i)(5)) at any time during the twelve (12) month period ending on December 31.  Notwithstanding the foregoing, if the Director is a key employee determined under the preceding sentence, the Director will be deemed to be a Specified Employee for the period commencing as of April 1 following such December 31 and through the succeeding March 31 or as otherwise required by Code Section 409A.

ANNEX D - 1

LOWCOUNTRY NATIONAL BANK

Director Deferred Fee Agreement 

 

 

The following Section 1.12b shall be added to the Agreement immediately following Section 1.12a:

1.12b

“Service Recipient” means the Company and each business entity that, together with the Company, constitutes the “service recipient” as defined in Code Section 409A and the regulations thereunder.

Section 1.13 of the Agreement shall be deleted in its entirety and replaced by the following:

1.13

“Termination of Service” means the termination of the service relationship between a Director and the Service Recipient for any reason which constitutes a “separation from service” under Code Section 409A.  Notwithstanding the foregoing, the service relationship between a Director and the Service Recipient is considered to remain intact while the Director is on military leave, sick leave or other bona fide leave of absence if there is a reasonable expectation that the Director will return to perform services for the Service Recipient and the period of such leave does not exceed six months, or if longer, so long as the Director retains a right to return to service with the Service Recipient under applicable law or contract.  If the Director is also an employee of the Company or other member of the Service Recipient, the termination of such employment will not constitute a Termination of Service if the Director continues to serve as a director of the Company or other member of the Service Recipient, and the average level of bona fide services performed as an employee shall not be considered in determining whether a Termination from Service has occurred.

Section 1.14 of the Agreement shall be deleted in its entirety and replaced by the following:

1.14

“Unforeseeable Emergency” means a severe financial hardship of the Director, the Director’s spouse, the Director’s beneficiary, or the Director’s dependent (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)); loss of the Director’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance); or other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the control of the Director.  

The following Section 4.9 shall be added to the Agreement immediately following Section 4.8:

4.9

Payment Pursuant to Code Section 409A Transition Rule.  Notwithstanding anything in this Agreement to the contrary, to the extent not already paid, the Director may, at a time designated by the Company that is not later than December 31, 2008, make a special one-time change in the time and form of payment of his Deferral Account under this Section 4.9.  The Director may elect under this Section to have the Director’s entire Deferral Account balance as of December 31, 2008 paid to the Director in a single lump sum in January 2009 as soon as practicable following January 1, 2009.  Such payment shall be in 

ANNEX D - 2

LOWCOUNTRY NATIONAL BANK

Director Deferred Fee Agreement 

 

 

full satisfaction of the Director’s Deferral Account balance as of December 31, 2008.  This provision shall not alter the timing of any payment that would otherwise be made in the 2008 calendar year under the terms of this Agreement.

Article 5 of the Agreement shall be deleted in its entirety and replaced by the following:

Article 5

Death Benefits

5.1

Death after Normal Retirement Age.

  If the Director dies after reaching his Normal Retirement Age, the Company shall pay to the Director’s beneficiary the remaining portion of the Deferral Account balance at the same time and in the same amounts as they would have been paid to the Director had the Director survived.

5.2

Death Before Normal Retirement Age.  If the Director dies prior to reaching his Normal Retirement Age, the Company shall pay to the Director’s beneficiary the Deferral Account balance in a lump sum within 60 days after the Director’s death.

The flush language under Section 7.1 of the Agreement that reads “The Director’s Deferrals shall be paid to the Director in a lump sum within 60 days following Termination of Service.” shall be deleted.

Section 9.3 of the Agreement shall be deleted in its entirety and replaced by the following:

9.3

Plan Terminations Under Section 409A.  Notwithstanding anything to the contrary in Section 9.2, the Company may distribute the Deferral Account balance determined as of the date of the termination of the Agreement in a lump sum to the Director (or, in the event of the Director’s death, to the Director’s beneficiary) if the Company terminates this Agreement:

(a)

within twelve (12) months of a corporate dissolution taxed under Code Section 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the Deferral Account distributed from the Agreement is included in the Director’s gross income in the latest of the following years (or, if earlier, the taxable year in which the amount is actually or constructively received):

(1)

The calendar year in which the Agreement termination and liquidation occurs;

(2)

The first calendar year in which the Deferral Account is no longer subject to a substantial risk of forfeiture; or

(3)

The first calendar year in which the payment of the Deferral Account is administratively practicable;

(b)

pursuant to irrevocable action taken by the Company within the thirty (30) days preceding or the twelve (12) months following a “change in control event” as defined in Code Section 409A and the regulations thereunder (a “409A Change of

ANNEX D - 3

LOWCOUNTRY NATIONAL BANK

Director Deferred Fee Agreement 

 

 

Control”), provided that this Subsection will only apply to a payment under the Agreement if all agreements, methods, programs, and other arrangements sponsored by the Service Recipient immediately after such 409A Change of Control with respect to which deferrals of compensation are treated as having been deferred under a single plan under Treasury Regulations Section 1.409A-1(c)(2) are terminated and liquidated with respect to each participant that experienced the 409A Change of Control, so that under the terms of the termination and liquidation, all such participants are required to receive all amounts of compensation deferred under the terminated agreements, methods, programs, and other arrangements within twelve (12) months of the date the Service Recipient irrevocably takes all necessary action to terminate and liquidate the agreements, methods, programs, and other arrangements.  Solely for purposes of this Subsection, where the 409A Change of Control event results from an asset purchase transaction, the applicable member of the Service Recipient with the discretion to liquidate and terminate the agreements, methods, programs, and other arrangements is the member of the Service Recipient that is primarily liable immediately after the transaction for the payment of the deferred compensation; or 

(c)

at any time, provided that 

(1)

the termination and liquidation does not occur proximate to a downturn in the financial health of any member of the Service Recipient; 

(2)

every member of the Service Recipient terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by any member of the Service Recipient that would be aggregated with any terminated and liquidated agreements, methods, programs, and other arrangements under Treasury Regulations Section 1.409A-1(c) if the Director had deferrals of compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated;

(3)

no payments in liquidation of the Agreement are made within twelve (12) months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement other than payments that would be payable under the terms of the Agreement if the action to terminate and liquidate the Agreement had not occurred;

(4)

all payments are made within twenty-four (24) months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement; and 

(5)

no member of the Service Recipient adopts a new plan that would be aggregated under Treasury Regulations Section 1.409A-1(c) with any plan terminated and liquidated pursuant to this Subsection if any such plan covers any employee or director who was a participant in any such plan, at any time within three years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement.

[Remainder of page intentionally left blank.]

ANNEX D - 4

LOWCOUNTRY NATIONAL BANK

Director Deferred Fee Agreement 

 

 

IN WITNESS OF THE ABOVE, the Company and the Director hereby consent to this Third Amendment.

					
	Director:

	 
	CBC National Bank

	 
	 
	 

	 
	 
	By 

	 

	[name]

	 
	 
	Title 

	 

ANNEX D - 5

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