Document:

exhibit104.htm

                                                                                                    EXHIBIT
10.4

     

    PDI,
INC.

    2004
STOCK AWARD AND INCENTIVE PLAN

    RESTRICTED
STOCK UNIT AGREEMENT

    

    This
RESTRICTED STOCK UNIT AGREEMENT (this “Agreement") is made and entered into as
of _____ __, 200_ (the “Grant Date”), by and between PDI, Inc. (the “Company”)
and _______________ (the “Participant”).

    

    WHEREAS,
the Company maintains the 2004 Stock Award and Incentive Plan (the “Plan”);
and

    

    WHEREAS,
the Compensation Committee of the Board of Directors of the Company has approved
the grant of restricted stock units pursuant to the Plan to the Participant on
the terms and conditions set forth herein;

    

    NOW,
THEREFORE, IT IS AGREED, by and between the Company and the Participant, as
follows:

    

    1. Defined
Terms.  Capitalized terms not otherwise defined herein shall
have the meaning ascribed to them in the Plan.

     

    2. Grant of Restricted Stock
Units.  The Participant is hereby granted _____ restricted
stock units (the “Restricted Stock Units”) under the Plan, subject to all of the
terms and conditions of this Agreement and the Plan.  The Award
evidenced by this Agreement will constitute a Deferred Stock award for purposes
of the Plan.  No Dividend Equivalents shall be paid to the Participant
with respect to the Restricted Stock Units.

     

    3. Vesting and Forfeiture of
Units.  All Restricted Stock Units shall be unvested unless and
until they become vested and nonforfeitable in accordance with this Section
3.  Except as otherwise provided below, all Restricted Stock Units
granted hereunder shall vest on the third anniversary of the Grant Date (the
“Vesting Date”), provided that the Participant is employed by the Company or any
of its affiliates on such date.  Notwithstanding the foregoing
provisions of this Section 3, all of the Restricted Stock Units that have not
otherwise vested in accordance with the foregoing provisions of this Section 3
shall become vested and nonforfeitable in accordance with the
following:

     

    
      	
              (a)  

            	
              Death
      or Permanent Disability.  The Restricted Stock Units
      shall become fully vested and nonforfeitable upon the Participant’s
      termination of employment with the Company and its affiliates prior to the
      Vesting Date if the Participant’s employment with the Company and its
      affiliates terminates on account of his or her death or Permanent
      Disability.  For purposes of this Agreement, “Permanent
      Disability” shall mean a disability which, in the opinion of a physician
      designated by the Company, permanently prevents the Participant from being
      able to render services to the Company or any of its
      affiliates.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Change in
Control.  The Restricted
Stock Units shall become fully vested and nonforfeitable upon a Change in
Control that occurs prior to the Vesting Date.

    
      	
              (b)  

            	
              Retirement.  The
      Restricted Stock Units shall become fully vested and nonforfeitable upon
      the Participant’s Retirement prior to the Vesting Date.  For
      purposes of this Agreement, “Retirement” shall mean the Participant’s
      voluntary termination of his or her employment with the Company and its
      affiliates after he or she satisfies the Retirement
      Conditions.  The “Retirement Conditions” are that the
      Participant has attained age 62 and has been continuously employed by the
      Company and its affiliates for at least two (2)
  years.

            

    

     

    Any
Restricted Stock Units that are not otherwise vested and nonforfeitable upon the
Participant’s termination of employment with the Company and its affiliates
shall be immediately forfeited and the Participant shall have no further rights
to, under or with respect to such Restricted Stock Units.

     

    4. Settlement.  Restricted
Stock Units that have become vested in accordance with Section 3 shall be
settled as of the “Settlement Date” which is the earliest of (a) the Vesting
Date, (b) the date on which a Change in Control occurs, or (c) the date of the
Participant’s termination of employment with the Company and its affiliates
pursuant to Sections 3(a) or (c) hereof; provided, however, that if the
Participant will or could satisfy the Retirement Conditions at any time prior to
the Vesting Date, settlement of the Participant’s Restricted Stock Units shall
occur on the date of the Change in Control only if the Change in Control
constitutes a change in control event within the meaning of section 409A of the
Code.  Settlement of the vested Restricted Stock Units on the
Settlement Date shall be made in the form of shares of Stock (with one share of
Stock distributed for each vested Restricted Stock Unit and cash equal in value
to any fractional Restricted Stock Unit) registered in the name of the
Participant.  The shares of Stock distributed in settlement of the
Restricted Stock Units will be evidenced by stock certificates which shall be
delivered to Participant.

     

    5. Restrictions on
Transfer.  The Participant may not sell, assign, pledge or
transfer, other than by the laws of descent or distribution, his or her
Restricted Stock Units or any rights under or with respect to the Restricted
Stock Units.

     

    6. Rights as a
Stockholder.  The Participant shall not be a stockholder of the
Company until the shares of Stock issued in settlement of the Restricted Stock
Units are registered in his or her name in accordance with the terms of this
Agreement.

     

    7. Notices.  Any
notice required or permitted under this Agreement shall be deemed given when
delivered personally, or when deposited in a United States Post Office, postage
prepaid, addressed, as appropriate, to the Company at its principal offices, to
the Participant at the Participant’s address as last known by the Company or, in
either case, such other address as one party may designate in writing to the
other.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Securities Laws
Requirements.  The Company may require as a condition of
distribution of any shares of Stock in settlement of the Restricted Stock Units
that the Participant furnish a written representation that he or she is holding
the shares of Stock for investment and not with a view to resale or distribution
to the public.

    8. Protections Against
Violations of Agreement.  No purported sale, assignment,
mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust
(voting or other) or other disposition of, or creation of a security interest in
or lien on, any of the Restricted Stock Units by any holder thereof in violation
of the provisions of this Agreement shall be valid.  The Restricted
Share Units do not constitute shares of Stock unless and until the shares of
Stock issued in settlement of the Restricted Stock Units are registered in his
or her name in accordance with the terms of this Agreement and the Participant
shall not, as a result of this Agreement, be a stockholder of the
Company.  The foregoing restrictions are in addition to and not in
lieu of any other remedies, legal or equitable, available to enforce said
provisions.

     

    9. Taxes.  The
Participant understands that he or she (and not the Company) shall be
responsible for any tax obligations that may arise as a result of the
transactions contemplated by this Agreement and shall pay to the Company the
amount determined by the Company to be such tax obligation at the time such tax
obligation arises.  If the Participant fails to make such payment, the
number of shares of Stock necessary to satisfy the tax obligations shall be
withheld from any distribution in settlement of Restricted Stock Units and shall
be used to satisfy the Participant’s tax obligations.  Without
limiting the generality of the foregoing, (a) the Company has the right to
withhold any shares of Stock to satisfy any applicable withholding taxes
required by law, to the extent that the Company determines it is required to do
so by law, and (b) the Participant agrees to pay to the Company (and hereby
authorizes the Company to withhold from other amounts that are otherwise payable
to him or her from the Company if he or she fails to make such payment) the
amount of the Participant’s portion of any required employment taxes (e.g., FICA
and Medicare taxes) that are due upon the vesting of all or any portion of the
Restricted Stock Units, which payment shall be made at such time specified by
the Company in order to enable the Company to meet its legal obligations with
respect to such payments.

     

    10. Failure to Enforce Not a
Waiver.  The failure of the Company to enforce at any time any
provision of this Agreement shall in no way be construed to be a waiver of such
provision or of any other provision hereof.

     

    11. Governing
Law.  This Agreement shall be governed by and construed
according to the laws of the State of Delaware without regard to its principles
of conflict of laws.

     

    12. Amendments.  Except
as provided in Section 17, this Agreement may be amended or modified at any time
only by an instrument in writing signed by each of the parties
hereto.

     

    13. Survival of
Terms.  This Agreement shall apply to and bind the Participant
and the Company and their respective permitted assignees and transferees, heirs,
legatees, executors, administrators and legal successors.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Agreement Not a Contract for
Services.  Neither the grant of Restricted Stock Units, this
Agreement nor any other action taken pursuant to this Agreement shall constitute
or be evidence of any agreement or understanding, express or implied, that the
Participant has a right to continue to provide services as an officer, director,
employee or consultant of the Company for any period of time or at any specific
rate of compensation.

    14. Severability.  If
a provision of this Agreement is held invalid by a court of competent
jurisdiction, the remaining provisions will nonetheless be enforceable according
to their terms.  Further, if any provision is held to be over broad as
written, that provision shall be amended to narrow its application to the extent
necessary to make the provision enforceable according to applicable law and
enforced as amended.

     

    15. Plan.  The
Restricted Stock Units are granted pursuant to the Plan, and the Restricted
Stock Units and this Agreement are in all respects governed by the Plan and
subject to all of the terms and provisions thereof, whether such terms and
provisions are incorporated in this Agreement by reference or are expressly
cited.

     

    16. Special Section 409A
Rules.  Notwithstanding any other provision of this Agreement
to the contrary, if any payment or benefit hereunder is subject to section 409A
of the Code, and if such payment or benefit is to be paid or provided on account
of the Participant’s termination of employment (or other separation from
service):

     

    
      	
              (a)  

            	
              and
      if the Participant is a specified employee (within the meaning of section
      409A(a)(2)(B) of the Code) and if any such payment or benefit is required
      to be made or provided prior to the first day of the seventh month
      following the Participant’s separation from service or termination of
      employment, such payment or benefit shall be delayed until the first day
      of the seventh month following the Participant’s separation from service;
      and

            

    

     

    
      	
              (b)  

            	
              the
      determination as to whether the Participant has had a termination of
      employment (or separation from service) shall be made in accordance with
      the provisions of section 409A of the Code and the guidance issued
      thereunder without application of any alternative levels of reductions of
      bona fide services permitted
thereunder.

            

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement,
effective as of the date first noted above.

    

    PDI,
INC.                                                                                     PARTICIPANT

    

    

    

    ___________________________                                                                                                ___________________________

    Name:                                                                                     
Name:

    Title:

     

     

     

     

     

    
      
        
        

      

      
        4exhibit105.htm

    EXHIBIT
10.5

    

    PDI,
INC.

    2004
STOCK AWARD AND INCENTIVE PLAN

    STOCK
APPRECIATION RIGHTS AGREEMENT

    

    This
Stock Appreciation Rights (“SAR”) Agreement (this "Agreement") is made as of
_____ __, 200_ (the "Date of Grant") between PDI, Inc., a Delaware corporation,
(the "Company"), and ____________ (the "Recipient"), an employee of the
Company.  This Agreement and the SARs granted hereunder are made
pursuant to the terms of the Company’s 2004 Stock Award and Incentive Plan (the
"Plan"). Capitalized terms not otherwise defined herein shall have the meaning
ascribed to them in the Plan.

     

    Section 1. Stock Appreciation Rights
Award. The Company hereby grants to the Recipient, on the terms and
conditions hereinafter set forth, _________ Stock Appreciation Rights (the
“SARs”).  Each SAR represents the right to receive an amount payable
in shares of the Company’s Stock (the “Shares”) as provided in Section 4 below,
equal in value to the excess, if any, of the Fair Market Value of a Share on the
date of exercise of the SAR over the SAR Exercise Price .  For
purposes of this Agreement, the “SAR Exercise Price” shall mean the Fair Market
Value of a Share as of the Date of Grant ($_____).

     

     Section 2. Vesting of SARs.
Subject to Sections 4 and 5 hereof, the SARs shall vest in three (3) equal
annual installments on each anniversary of the Date of Grant in accordance with
the vesting schedule below.

     

    
      	
              Vesting Date

            	
              Number of SARs

            
	
              _______
      _, 20__

            	
              ______

            
	
              _______
      _, 20__

            	
              ______

            
	
              _______
      _, 20__

            	
              ______

            

    

    

    Section 3. SAR Term. Subject to
the provisions of Section 5 of this Agreement, the SARs that become vested
pursuant to Section 2 hereof may be exercised at any time for a period of five
(5) years from the Date of Grant (the “SAR Term”).  Upon the
expiration of the SAR Term, any vested and unexercised SARs shall be cancelled
and no longer exercisable, and shall be of no further force or
effect.

    

    Section 4. SAR
Exercise.

     

    (a)           Subject
to the provisions of Section 5 hereof, the Recipient may inform the Company of
his or her intention to exercise any portion (or all) of the vested SARs at any
time prior to the expiration of the SAR Term by submitting the appropriate SAR
exercise form to the Company.  The SAR exercise form must be provided
to the Company at least three (3) business days prior to the proposed exercise
date, and must: (i) state the number of SARs desired to be exercised; (ii) in
the event that the SARs shall be exercised by any person other than the
Recipient hereof, include appropriate proof of the right of such person to
exercise the SAR; and (iii) comply with such further requirements consistent
with the Plan as the Board or the

     

    
      
        
           

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    Committee
may from time to time prescribe. No exercise of any SARs will be effective until
the appropriate and completed SAR exercise form is received and processed in the
ordinary course by the Company.

     

    (b)           Upon
the exercise of a SAR, the Recipient shall be entitled to receive an amount
equal to the product of (i) the excess of the Fair Market Value of one Share on
the date of exercise over the SAR Exercise Price, multiplied by (ii) the number
of Shares in respect to which the SAR has been exercised.  Except as
otherwise determined by the Committee, the payment shall be made in Shares based
upon the Fair Market Value of a Share on the date of exercise, , subject to all
applicable federal and state income tax and other appropriate
deductions.  Fractional shares shall be settled by payment in cash
based upon the Fair Market Value on such date.  Recipient is
responsible for the payment of all federal, state and local income taxes and
other appropriate deductions associated with any SAR exercise, and the Company
reserves the right to postpone the transfer of any Shares payable as a result of
a Recipient’s SAR exercise until such amounts are paid.  Subject to
the above provisions, the Shares payable upon the exercise of SARs shall be paid
as soon as practicable following the exercise date; provided, however, that the
Company may delay the issuance of such Shares to the extent necessary to comply
with applicable federal and/or state laws and securities registration/ownership
requirements.

    

    Section 5. Termination of
Service. If Recipient's service as an employee of the Company is
terminated, the Recipient shall: (i) immediately forfeit his or her interest in
any SARs that have not yet become vested, which shall be cancelled and be of no
further force or effect, and (ii) retain the right to exercise any SARs that had
previously become vested prior to the effective date of termination of
employment with the Company until the expiration of thirty (30) days after the
effective date of such termination of employment; provided, however, that in the
event such termination of employment is as a result of the Recipient’s
Retirement or Permanent Disability, the period during which an Recipient may
exercise his or her vested SARs shall continue until the expiration of ninety
(90) days after the effective date of termination of employment.  For
purposes of this Agreement, “Retirement” shall mean the Recipient’s voluntary
termination of his or her employment with the Company at any time on or after
the date on which the following two conditions have been satisfied: (i) the
Recipient has reached age 62 and (ii) the Recipient has been continuously
employed by the Company and its affiliates for at least two (2)
years.  For purposes of this Agreement, “Permanent Disability” shall
mean a disability which, in the opinion of a physician designated by the
Company, permanently prevents the Recipient from being able to render services
to the Company.  If the Recipient’s employment with the Company
terminates as a result of his or her death, or if the Recipient should die after
terminating his or her employment with the Company but prior to the expiration
of the above referenced thirty (30) or ninety (90) day exercise period, as
appropriate, the representative of the Recipient’s estate shall have one (1)
year from the effective date of termination of employment to exercise any SARs
that had previously become vested prior to the effective date of termination of
the deceased Recipient’s employment with the Company.

     

    Section
6.  No Rights as Stockholder or
Employee.

     

    (a)           The
Recipient shall not be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any Shares subject to the SARs until such SAR shall
have been exercised pursuant to the terms of this Agreement and the Company
shall have issued the Shares

     

    
      
        
          

        

         

      

      
        2

        
          

        

      

      
         

      

    

    to the
Recipient, whereupon the Recipient shall have full voting and other ownership
rights with respect to such Shares.

     

    (b)           Nothing
in this Agreement shall confer upon the Recipient any right to continue as an
employee of the Company or to interfere in any way with the right of the Company
to terminate the Recipient's employment at any time to the same extent as such
right may exist in the absence of this Agreement.

     

    Section 7. Adjustments. If at
any time while any SARs are outstanding, the number of outstanding Shares is
changed by reason of any events described in the Plan, the number of SARs
granted under this Agreement, and any and all rights with regard to same, may be
adjusted in accordance with the provisions of the Plan, in the sole discretion
of the Committee.

     

    Section 8. Restriction on Transfer of
SAR Shares. No SARs (or the option to exercise same) may be transferred,
pledged, assigned, hypothecated or otherwise disposed of in any way by the
Recipient, except to the Company upon termination of the Recipient’s employment
as provided for herein. In the event a Recipient becomes legally incapacitated
and terminates his or her employment, his or her SARs shall be exercisable by
his or her legal guardian, committee or legal representative, in accordance with
the provisions of Section 5 hereof. If the Recipient dies, the SAR shall
thereafter be exercisable by the Recipient's designated beneficiary or, absent
such a designation, by the executors or administrators of Recipient’s estate, in
accordance with Section 5 hereof.  Any attempted assignment, transfer,
pledge, hypothecation or other disposition of any SARs (or rights to exercise
same) contrary to the provisions hereof, or the levy of any execution,
attachment or similar process upon such SARs, shall be null and void and without
effect.

     

    Section 9. Notices. Any notice
hereunder by the Recipient shall be given to the Company in writing and such
notice shall be deemed duly given only upon receipt thereof at the Company's
office at Saddle River Executive Centre, 1 State Route 17 South, Saddle River,
New Jersey 07458, Attn:  Human Resource Department, or at such other
address as the Company may designate by notice to the Recipient. Any notice
hereunder by the Company shall be given to the Recipient in writing and such
notice shall be deemed duly given only upon receipt thereof at such address as
the Recipient may have on file with the Company.

     

    Section 10. Construction. The
construction of this Agreement is vested in the Board or the Committee, as
applicable, and their respective construction shall be final and
conclusive.

     

    Section 11. Governing Law. This
Agreement shall be construed and enforced in accordance with the laws of the
State of Delaware, without giving effect to the choice of law principles
thereof.

     

    Section 12. Failure to Enforce Not a
Waiver. The failure of the Company to enforce at any time any provision
of this Agreement shall in no way be construed to be a waiver of such provision
or of any other provision hereof.

     

    Section 13. Amendments. Except as
provided in Section 16, this Agreement may be amended or modified at any time
only by an instrument in writing signed by each of the parties
hereto.

     

    
      
        
          

        

         

      

      
        3

        
          

        

      

      
         

      

    

    Section 14. Survival of
Terms.  This Agreement shall apply to and bind the Recipient
and the Company and their respective permitted assignees and transferees, heirs,
legatees, executors, administrators and legal successors.

     

    Section 15. Severability.  If
a provision of this Agreement is held invalid by a court of competent
jurisdiction, the remaining provisions will nonetheless be enforceable according
to their terms.  Further, if any provision is held to be over broad as
written, that provision shall be amended to narrow its application to the extent
necessary to make the provision enforceable according to applicable law and
enforced as amended.

     

    Section 16. Plan.  The
SARs are granted pursuant to the Plan, and the SARs and this Agreement are in
all respects governed by the Plan and subject to all of the terms and provisions
thereof, whether such terms and provisions are incorporated in this Agreement by
reference or are expressly cited.

     

    Section 17. Section
409A.  This Agreement shall be interpreted and applied so that
the SARs are exempt from, and will not be subject to, Section 409A of the
Code.  In addition, this Agreement shall be interpreted and applied as
if it contained any additional provisions that is required to obtain in order
for the SARs to be exempt from Section 409A of the Code.

     

    

     

    Grant
Date: _______ _,
20__                                                                           PDI,
Inc.

     

    By:           ___________________________________

     Name:

     Title:

    

     

    RECIPIENT

    

    

    Signature:________________________________

    

    Print
Name:

    

     

    Employee
ID:

     

    

     

    

     

    

     

    
      
        
          

        

         

      

      
        4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]