Document:

exv10w2

 

GUARANTEE

     FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in connection with
that certain funding agreement (the “Funding Agreement”), entered into by and between Principal
Life Insurance Company, an Iowa insurance company (“Principal Life”), and Principal Life Income
Fundings Trust 2007-17, a New York common law trust (the “Trust”), relating to the notes (the
“Notes”) issued by the Trust, Principal Financial Group, Inc., a Delaware corporation and the
indirect parent company of Principal Life (the “Guarantor”), hereby furnishes to the Trust its full
and unconditional guarantee of the Guaranteed Amounts (as hereinafter defined) as follows:

1. Guarantee.

          (a) The Guarantor hereby fully, irrevocably, absolutely and unconditionally guarantees, as a
guarantee of payment and not merely as a guarantee of collection, immediate payment when due to the
Trust any payments required to be made by Principal Life to the Trust under the Funding Agreement
which shall become due and payable regardless of whether such payment is due at maturity, on an
interest payment date or as a result of redemption or otherwise (the “Scheduled Payments”) but
shall be unpaid by Principal Life (the “Guaranteed Amounts”). Notwithstanding anything to the
contrary contained herein, in no event shall the Guaranteed Amounts exceed the Deposit (as defined
in the Funding Agreement) of the Funding Agreement, plus accrued but unpaid interest and any other
amounts due and owing under the Funding Agreement, less any amounts paid by Principal Life to the
Trust.

          (b) In the event that Principal Life fails to make a Scheduled Payment in full when due (the
“Payment Notice Date”), then the Trust or Citibank, N.A., as indenture trustee for the benefit of
the holders of the Notes (the “Indenture Trustee”), pursuant to the indenture (the “Indenture”)
between the Trust and the Indenture Trustee, may present the Guarantor with notice (each, a
“Payment Notice”) of such failure in writing on or after the Payment Notice Date. The Payment
Notice shall identify (1) the Funding Agreement, (2) the Trust, (3) the Payment Notice Date and (4)
the amount of the Scheduled Payments not paid by Principal Life to the Trust as of the Payment
Notice Date. Upon receipt of such Payment Notice, the Guarantor will immediately pay the
Guaranteed Amounts pursuant to Section 7.

          (c) In the event that, after receipt of a Payment Notice from the Trust, the Guarantor fails
to make immediate payment to the Trust or the Indenture Trustee of the Guaranteed Amounts, then
the Trust and the Indenture Trustee may enforce the obligations of the Guarantor under this
Guarantee, including by immediately bringing suit directly against the Guarantor (without first
bringing suit against Principal Life) for the Guaranteed Amounts not paid to the Trust as of the
Payment Notice Date.

          (d) This Guarantee is an unsecured, unsubordinated and contingent obligation of the Guarantor
and ranks equally with all other unsecured and unsubordinated obligations of the Guarantor.

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     2. Termination. This Guarantee is a continuing and irrevocable guarantee of the
Guaranteed Amounts now or hereafter existing and shall terminate and be of no further force and
effect with respect to the Funding Agreement and the Notes upon the full payment of the Scheduled
Payments or upon the earlier extinguishment of the obligations of Principal Life under the Funding
Agreement.

     3. Amendments. Subject to the trust agreement relating to the Trust and the Indenture, no
provision of this Guarantee may be waived, amended, supplemented or modified, except by a written
instrument executed by the Trust and the Guarantor.

     4. Assignment; Governing Law. This Guarantee shall inure to the benefit of the Trust and its
successors, assigns and pledgees. This Guarantee shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to conflict of law principles.

     5. Notices. All notices given pursuant to this Guarantee shall be in writing, and shall
either be delivered, mailed or telecopied to the locations listed below or at such other address or
to the attention of such other persons as such party shall have designated for such purpose in a
written notice complying as to delivery with the terms of this Section 5. Each such notice shall
be effective (i) if given by telecopy, when transmitted to the applicable number so specified in
this Section 5 (such notice shall also be sent by mail, with first class postage prepaid), (ii) if
given by mail, three days after deposit in the mails with first class postage prepaid, or (iii) if
given by any other means, when actually delivered at such address.

If to the Guarantor:

Principal Financial Group, Inc.

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

If to the Trust:

Principal Life Income Fundings Trust (followed by the number of the Trust specified in this Guarantee)

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c/o U.S. Bank Trust National Association

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Thomas E. Tabor

Telephone: (212) 361-6184

Facsimile: (212) 809-5459

With a copy to:

Citibank, N.A.

Citibank Agency and Trust

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Nancy Forte

Telephone: (212) 816-5685

Facsimile: (212) 816-5527

     6. Representations and Warranties. The Guarantor represents and warrants that: (i) it is duly
organized and in good standing under the laws of the jurisdiction of its organization and has full
capacity and right to make and perform this Guarantee, and all necessary authority has been
obtained; (ii) this Guarantee constitutes a legal, valid and binding obligation of the Guarantor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights and general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law; (iii) the making and performance of this
Guarantee does not and will not violate the provisions of any applicable law, regulation or order,
and does not and will not result in the breach of, or constitute a default under, any material
agreement, instrument or document to which it is a party or by which it or any of its property may
be bound or affected, except to the extent disclosed in the registration statement registering the
issuance of this Guarantee and the Funding Agreement, as amended, supplemented or modified from
time to time (the “Registration Statement”), and to the extent that any such violation, breach or
default does not result in a material adverse effect on the Guarantor; and (iv) all consents,
approvals, licenses and authorizations of, and filings and registrations with, any governmental
authority required under applicable law and regulations for the making and performance of this
Guarantee have been obtained or made and are in full force and effect, except to the extent
disclosed in the Registration Statement and to the extent that the failure to acquire any such
consent, approval, license, authorization, filing or registration does not result in a material
adverse effect on the Guarantor.

     7. Notice of, and Consent to, Security Interest. The Trust hereby notifies the Guarantor that
it has granted to the Indenture Trustee, on behalf of the holders of the Notes, a security interest
in the Collateral (as defined in the Indenture), including, but not limited to, any and all payment
to be made by the Guarantor to the Trust under this Guarantee. The Trust hereby notifies the
Guarantor that it has collaterally assigned to the Indenture Trustee, for the benefit of the
holders of the Notes, this Guarantee. The Guarantor, by executing this Guarantee, hereby (i)
affirms that it has made or simultaneously will make changes to its books and records to reflect
such security interest and collateral assignment, (ii) consents to the security interest

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granted, and collateral assignment made, by the Trust to the Indenture Trustee of this
Guarantee, (iii) agrees to make all payments due under this Guarantee to the Collection Account (as
defined in the Indenture) or any other account designated in writing to the Guarantor by the
Indenture Trustee and (iv) agrees to comply with all orders of the Indenture Trustee with respect
to this Guarantee without any further consent from the Trust.

     8. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE
GUARANTOR WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING
OUT OF THIS GUARANTEE. THIS GUARANTEE REPRESENTS THE FINAL AGREEMENT BETWEEN THE GUARANTOR AND THE
TRUST AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS AMONG SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH PARTIES.

	 	 	 	 	 	 	 
	 	 	PRINCIPAL FINANCIAL GROUP, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Elizabeth D. Swanson	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:
	 	Elizabeth D. Swanson	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	 Counsel	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date: The Effective Date (as defined in the Funding Agreement)

	 	 	 
	Acknowledged and Agreed:
	 
	 	 
	THE PRINCIPAL LIFE INCOME FUNDINGS
TRUST DESIGNATED IN THIS GUARANTEE
	 
	 	 
	By:

	 	U.S. Bank Trust National Association,
not in its individual capacity, but solely in its
capacity as trustee
	 
	 	 
	By:

	 	Bankers Trust Company, N.A.,
under Limited Power of Attorney, dated February 16, 2006
	 
	 	 
	By:

	 	/s/ Diana L. Cook
	 

	 	 
	 
	 	 
	Name:

	 	Diana L. Cook

	 

	 	 
	 
	 	 
	Title:

	 	Vice President
	 

	 	 
	 
	 	 
	Date:

	 	
The Effective Date (as defined in the Funding Agreement)

4exv10w13

 

EXHIBIT 10.13

RESTRICTED STOCK AWARD

RESTRICTED STOCK AWARD AGREEMENT dated as of                     ,                     ,
between PepsiAmericas, Inc., a Delaware corporation (the
“Corporation”), and                     , an employee of the Corporation or
one of its subsidiaries (the “Employee”).

          WHEREAS, the Board of Directors of the Corporation has established and the shareholders have
approved the Corporation’s 2000 Stock Incentive Plan, as most recently amended in 2005 (the
“Plan”);

          WHEREAS, the Management Resources and Compensation Committee of the Board of Directors of the
Corporation (the “Committee”), in accordance with the provisions of the Plan, has determined that
the Employee is entitled to a Restricted Stock Award under the Plan;

          NOW, THEREFORE, in consideration of the foregoing and the Employee’s acceptance of the terms
and conditions hereof, the parties hereto have agreed, and do hereby agree, as follows:

     1. The Corporation hereby grants to the Employee, as a matter of separate agreement and not in
lieu of salary or any other compensation for services,                                 shares of Common Stock of the
Corporation on the terms and conditions herein set forth (the “Restricted Shares”).

     2. The certificates representing the Restricted Shares shall be registered in the name of a
nominee for the benefit of the Employee and retained in the custody of the Corporation until such
time as they are delivered to the Employee or forfeited to the Corporation in accordance with the
terms hereof (the “Restriction Period”). During the Restriction Period, the Employee will be
entitled to vote the Restricted Shares. In addition, any dividends paid on the Restricted Shares
shall, at the option of the Corporation, either be (a) paid to the Employee in cash as additional
compensation, or (b) invested in additional shares of Common Stock held in custody for the
Employee, subject to the same restrictions as the Restricted Shares, and to be delivered with the
Restricted Shares. Such additional shares of Common Stock shall be deemed to be included in the
definition of “Restricted Shares”.

     3. If the Employee shall have been continuously in the employment of the Corporation for a
period of three years from the date of grant of this Restricted Stock Award, the Corporation shall
deliver to the Employee on or about the third anniversary hereof a certificate, registered in the
name of the Employee and free of restrictions hereunder, representing the total number of
Restricted Shares granted to the Employee pursuant to this Agreement. No payment shall be required
from the Employee in connection with any delivery to the Employee of shares hereunder.

 

 

     4. In the event of the termination of the Employee’s employment with the Corporation by reason
of (a) the Employee’s Retirement at a time when the Employee is at least 55 years of age, if
Corporation approved, and the Employee has been an employee of the Corporation for at least five
years, or (b) the death of the Employee, and if there then remain any undelivered Restricted Shares
subject to restrictions hereunder, then such restrictions shall be deemed to have lapsed and the
certificates for the remaining Restricted Shares shall forthwith be delivered to the Employee (or
the legatees under the last will of the Employee, or to the personal representatives or
distributees of the Employee). In the event of the termination of the Employee’s employment with
the Corporation by reason of the Employee’s Retirement at a time when the Employee is at least 55
years of age, if Corporation approved, but the Employee has been an employee of the Corporation for
less than five years, and if there then remain any undelivered Restricted Shares subject to
restrictions hereunder, then such restrictions shall be deemed to have lapsed on a prorated basis
and the certificates for the remaining Restricted Shares shall forthwith be delivered to the
Employee. Prorating for this purpose will be determined by year based on grant year, with a
standard grant date of February 28 for purposes of calculating such proration.

     5. In the event of the termination of the Employee’s employment with the Corporation by reason
of the permanent and total disability of the Employee (within the meaning of Section 22(e)(3) of
the Code), and if there then remain any undelivered Restricted Shares subject to restrictions
hereunder, then the Restricted Shares shall continue to vest until such restrictions shall be
deemed to have lapsed.

     6. Except as provided in Sections 4 and 5, if the Employee ceases to be an employee of the
Corporation during the Restriction Period, then the Restricted Shares to which the Employee has not
theretofore become entitled pursuant to Section 3 shall be forfeited, and all rights of the
Employee in and to such Restricted Shares shall lapse. In addition, the Committee shall from time
to time determine in its sole discretion whether any period of nonactive employment, including
authorized leaves of absence, or absence by reason of military or governmental service, shall
constitute termination of employment for the purposes of this Section.

     7. The granting of this Restricted Stock Award shall not in any way prohibit or restrict the
right of the Corporation to terminate the Employee’s employment at any time, for any reason. The
Employee shall have no right to any prorated portion of the Restricted Shares otherwise deliverable
to the Employee on the anniversary hereof next following a termination of employment (whether
voluntary or involuntary) in respect of a partial year of employment.

     8. Shares of Common Stock held in custody for the Employee pursuant to this Agreement may not,
before being vested, be sold, transferred, pledged, exchanged, hypothecated or disposed of by the
Employee and shall not be subject to execution, attachment or similar process.

     9. This Agreement and each and every obligation of the Corporation relating to the Restricted
Stock Award hereunder are subject to the requirement that if at any time the Corporation shall
determine, upon advice of counsel, that the listing, registration or qualification of the shares
covered hereby upon any securities exchange or under any state or Federal law, or

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the consent or approval of any governmental regulatory body, is necessary or desirable as a
condition of or in connection with the granting hereof or the delivery of shares hereunder, then
the delivery of shares hereunder to the Employee may be postponed until such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to the Corporation.

     10. Any payment required under this Agreement shall be subject to all requirements of the law
with regard to income and employment withholding taxes, filings, and making of reports, and the
Corporation and the Employee shall use their best efforts to satisfy promptly all such
requirements, as applicable. In addition to amounts in respect of taxes which the Corporation
shall be required by law to deduct or withhold from any dividend payments on the Restricted Shares
covered hereby, the Corporation may defer making any delivery of Restricted Shares under this
Agreement until completion of arrangements satisfactory to the Corporation for the payment of any
applicable taxes, whether through share withholding provided for by the Plan or otherwise.

     11. In the event of a “change in control”, as that term is defined in the Plan, then the
Employee shall have all the rights specified in Paragraph 10(B) of the Plan, which shall include
the immediate lapsing of all restrictions on the Restricted Shares.

     12. Each capitalized word used in this Agreement without definition shall have the same
meaning set forth in the Plan, the terms and conditions of which shall constitute an integral part
hereof. For all purposes of this Agreement, references to employment with the Corporation shall
include employment with any of the Corporation’s subsidiaries.

     13. Any notice which either party hereto may be required or permitted to give the other shall
be in writing and may be delivered personally or by mail, postage prepaid, addressed to the
Treasurer of the Corporation at its principal office and to the Employee at his address as shown on
the Corporation’s payroll records, or to such other address as the Employee by notice to the
Corporation may designate in writing from time to time.

     14. Nothing herein contained shall confer on the Holder any right to continue in the
employment of the Corporation or interfere in any way with the right of the Corporation to
terminate the Holder’s employment at any time; confer on the Holder any of the rights of a
shareholder with respect to any of the shares subject to the Restricted Shares until such shares
shall be issued once the restrictions lapse; affect the Holder’s right to participate in and
receive benefits under and in accordance with the provisions of any pension, profit-sharing,
insurance, or other employee benefit plan or program of the Corporation or any of its subsidiaries;
or limit or otherwise affect the right of the Board of Directors of the Corporation (subject to any
required approval by the shareholders) at any time or from time to time to alter, amend, suspend or
discontinue the Plan and the rules for its administration; provided, however, that no termination
or amendment of the Plan may, without the consent of the Holder, adversely affect the Holder’s
rights under the Restricted Shares.

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	 	 	 	 	PEPSIAMERICAS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Senior Vice President
	 	 
	ACCEPTED:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

Employee

	 	 	 	 	 	 	 	 

 

	*	You will be taxed automatically on the Restricted Shares subject to this Agreement when the
restrictions lapse. You may elect to be taxed on the date of grant. Please consult your tax
advisor immediately to discuss this election. If you choose to be taxed at grant, please contact
Fidelity Investments Stock Plan Services at (800) 544-9354 to request the appropriate form to file
with the Internal Revenue Service. You must execute and file the appropriate form with the IRS no
later than 30 days after the date of grant.

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