Document:

exv10w1

 

EXHIBIT 10.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.

STOCK OPTION

KNOW ALL MEN BY THESE PRESENTS that Philadelphia Consolidated Holding Corp. (The “Company”) having
adopted an Amended and Restated Employees’ Stock Incentive and Performance Based Compensation Plan (the “Plan”), hereby grants «First» «Last» (the
“Optionee”) the right and option to purchase «Share» shares of the Common Stock of the
Company pursuant to such Plan and in accordance with the following terms and conditions:

     1. The option granted herein is a Non-Qualified Option as to «Share» shares, and
shall become exercisable in accordance with the provisions in Annex 1 hereto.

     2. The unexercised portion of the option granted herein shall automatically and without
notice terminate and become null and void at the time of the earliest of the following to occur:

	 	a.  	the expiration of ten years from the
date on which this option is granted;

	 	b.  	the expiration of 30 days from the
date of termination of the Optionee’s employment
with the Company; provided that if the Optionee
shall die during such 30-day period, the provisions
of sub-paragraph c. below shall apply;

	 	c.  	the expiration of six months after
the issuance of letters testamentary or letters of
administration to the executor or administrator of
the Optionee if the Optionee’s death occurs either
during his employment with the Company or during the
30-day period following the date of termination of
such employment, but not later than one Year after
the Optionee’s death;

	 	d.  	the termination of the Optionee’s
employment with the Company for cause, including a
breach by the Optionee of an employment agreement
with the Company or any of its subsidiaries or the
Optionee’s commission of a felony or misdemeanor
(whether or not prosecuted) against the Company or
any of its subsidiaries.

     3. The option granted herein shall be exercised by the Optionee (or by his executors or
administrators, as provided in paragraph 7) as to all or part of the shares covered hereby, by the
giving of written notice of such exercise to the Company at its principal business office,
specifying the number of share to be purchased and specifying a business day (the “exercise date”),
not less than 5 days nor more than 15 days from the date such notice is given, for the payment of
the purchase price against delivery of the shares being purchased. The giving of such written
notice to the Company shall constitute an irrevocable election to purchase the number of shares
specified in the notice, which may be specifically enforced by the Company.

     The Company shall cause certificates for the shares so purchased to be delivered to the
Optionee or his executors or administrators at its principal business office, against payment to
the Company on the exercise date of the purchase price, and all income taxes required to be
withheld by the Company with respect to such purchase.

     4. The purchase price of the shares which may be purchased pursuant to the option granted
herein shall be
«dollar» per share.

 

 

     5. Neither the Optionee nor his executors or administrators shall have any of the rights of a
stockholder of the Company with respect to the shares subject to this option until a certificate or
certificates for such shares shall have been issued upon the exercise of this option.

     6. The option granted herein shall not be transferable by the Optionee other than to his
executors or administrators by will or the laws of descent and distribution, and during the
Optionee’s lifetime shall be exercisable only by him.

     7. In the event of the Optionee’s death during his employment with the Company, or during the
30-day period following the date of termination of such employment pursuant to paragraph 2 b., this
option shall thereafter be exercisable, as provided in paragraph 2 c., only by his executors or
administrators.

     8. In the event of any stock split, stock dividend, reclassification of capitalization which
changes the character or amount of the Company’s outstanding Common Stock while any portion of this
option is outstanding but unexercised, the Stock Option Committee appointed under the Plan shall
make such adjustments in the character and number of shares subject to such unexercised portion of
this option, and in the option price, as shall be equitable and appropriate in order to make the
option, as nearly as may be practicable, equivalent to this option immediately prior to such
change; provided that no adjustment shall give the Optionee any additional benefits under this
option.

     If the Company participates in any transaction resulting in a corporate merger, consolidation,
acquisition of property or stock, separation, re-organization or liquidation, the Board of
Directors of the Company or any surviving or acquiring corporation shall take such action as is
equitable and appropriate to substitute a new option for this option, or to assume this option, in
order to make the new option, as nearly as may be practicable, equivalent to this option.

     9. The Optionee, by his acceptance hereof, represents and warrants to the Company that his
purchase of shares of Common Stock upon the exercise hereof shall be for investment and not with a
view to distribution, provided that this representation and warranty shall be inoperative if, in
the opinion of counsel to the company, a proposed sale or distribution of such shares is pursuant
to an applicable effective registration statement under the Securities Act of 1933 or without such
representation and warranty is exempt from registration under such Act.

     The Optionee agrees that the obligation of the Company to issue shares upon the exercise of an
option shall also be subject as conditions precedent to compliance with applicable provisions of
the Securities Act of 1933, the Securities Exchange Act of 1934, state securities laws, rules and
regulations under any of the foregoing and applicable requirements of any securities exchange upon
which the Company’s securities shall be listed.

     The Company may endorse an appropriate legend referring to the foregoing restriction upon the
certificate or certificates representing any shares issued or transferred to the Optionee upon the
exercise of this option.

     10. As used herein, the term “employment with the Company” shall include employment with the
Company or with any of its subsidiaries.

     IN WITNESS WHEREOF, the Company has caused these presents to be signed by its officer duly
authorized thereto and its corporate seal to be affixed as of this «Day» day of
«Month».

	 	 	 	 	 
	 	 	PHILADELPHIA CONSOLIDATED HOLDING CORP.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	President
	ATTEST:
	 	 	 	 
	 	 	ACCEPTED AND AGREED TO:
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Optioneeexv10w2

 

EXHIBIT 10.2

PHILADELPHIA INSURANCE COMPANIES

RESTRICTED STOCK AWARD AGREEMENT

     THIS AWARD (the “Award”) is hereby granted as of                           ,       (the “Grant Date”) by
Philadelphia Consolidated Holding Corp., a Pennsylvania corporation (the “Company”), to
                     (the “Grantee”) pursuant to the Company’s Amended and Restated Employees’
Stock Incentive and Performance Based Compensation Plan (the “Plan”), and subject to the terms and
conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein
shall, unless otherwise required by the context, have the meaning ascribed to such terms in the
Plan.

          By action of the Committee, and subject to the terms of the Plan, the Grantee is hereby
granted shares of the Company’s Common Stock, no par value, as indicated below (the “Stock”),
subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award
Agreement.

          NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this
Agreement, the parties agree as follows:

W I T N E S S E T H

     1. Definitions. As used herein, the following terms shall have the meanings set forth below:

          (a) “Date of Grant” means the Effective Date as indicated above.

          (b) “Forfeiture Date” means any date prior to the end of the Restriction Period on which
Grantee’s employment with the Company (or an affiliate of the Company) terminates for any reason
unless such termination of employment is treated hereunder as accelerating the end of the
Restriction Period.

          (c) “Restriction Period” with respect to any Stock subject to this Award Agreement, means the
period from the Date of Grant up to the Vesting Date applicable to such Stock.

          (d) “Vesting Date” means, with respect to any of the Stock subject to this Award Agreement,
the date specified as the applicable vesting date herein, or such earlier date as such Stock may
become vested under the terms of the Plan.

     2. Grant. The Company grants to the Grantee upon the terms and conditions set forth in this
Award Agreement
                     shares of the Company’s Common Stock. This Award is given
upon the following terms and conditions:

          (a) Subject to the terms and conditions set forth herein and in the Plan, Grantee shall not be
permitted to sell, transfer, pledge or assign any Restricted Stock during such shares’ Restricted
Period.

 

 

          (b) The Stock subject to this Award Agreement shall have Vesting Date(s) as specified below:

	 	 	 
	Vesting Date

	 	Percent Vested

          (c) Subject to the terms and conditions set forth herein and in the Plan, the restrictions on
the Stock subject to this Award Agreement imposed hereunder or pursuant to the Plan shall lapse on
each Vesting Date with respect to the portion of such Stock to which such Vesting Date is
applicable. The Stock subject to this Award Agreement shall, however, be fully vested upon a
Change in Control to the extent provided in the Plan (such event being treated as a Vesting Date
for these purposes). Notwithstanding the foregoing, the vesting of the Stock subject to this
Award on the occurrence of a Vesting Date shall only occur if the Grantee is, and has continuously
been, an employee of the Company or of an affiliate of the Company from the Date of Grant through
such Vesting Date.

          (d) In the event the Grantee ceases to serve as an employee of the Company or of an affiliate
of the Company prior to the occurrence of a Vesting Date, the Stock to which such Vesting Date was
applicable shall be forfeited by the Grantee and the Stock so forfeited shall be reacquired by the
Company without consideration.

          (e) Except for the restrictions specified herein and in the Plan, the Grantee shall have all
of the rights of a shareholder with respect to the Stock subject to this Award, including the right
to vote such Stock to the same extent that such shares could be voted if they were not subject to
the restrictions set forth in this Award Agreement.

          (f) Any dividends payable with respect to the Stock subject to this Award shall be distributed
to the Grantee at the same time and in the same manner as dividends are distributed to any other
holder of the Company’s Common Stock. Any dividends that are in the nature of extraordinary
dividends or that are in the form of a distribution of securities, shall be held in escrow and
shall be subject to the same restrictions and the same provisions for vesting and forfeiture as are
applicable under the terms of this Award Agreement and the Plan to the Stock with respect to which
such dividends were issued. [ALTERNATIVE PROVISION: Any cash dividends payable with respect to
the Stock subject to this Award shall be invested and reinvested in additional full or fractional
shares of the Company’s Common Stock and shall be deemed to be additional Stock subject to the same
restrictions and the same provisions for vesting and forfeiture as are applicable under the terms
of this Award Agreement and the Plan to the Stock with respect to which such dividends were issued.
Any dividends that are in the nature of extraordinary dividends or that are in the form of a
distribution of securities, shall be held in escrow and shall be subject to the same restrictions
and the same provisions for vesting as are applicable to the Stock to which such dividends relate.]

     3. Legends. Certificates representing the Stock subject to this Award Agreement shall bear
such legends as the Company shall deem appropriate to reflect any restrictions on transfer imposed
under the Award Agreement, pursuant to the terms of the Plan, or by reason of applicable federal or
state securities laws.

 

 

     4. Delivery of Shares. Upon a Vesting Date, the Company shall notify Grantee (or Grantee’s
personal representative, heir or legatee in the event of Grantee’s death) that the restrictions on
an installment of Stock have lapsed, and shall, without payment from Grantee for such Restricted
Stock, upon such Grantee’s request deliver a certificate for such Restricted Stock without any
legend or restrictions, except for such restrictions as may be imposed by the Committee, in its
sole judgment, by reason of applicable federal or state securities laws; provided that no
certificates for shares will be delivered to Grantee (or to his or her personal representative,
heir or legatee) until appropriate arrangements have been made with the Company for the withholding
of any taxes which may be due with respect to such Stock. The Company may condition delivery of
certificates for shares of Stock upon the prior receipt from Grantee of any undertakings which it
may determine are required to assure that the certificates are being issued in compliance with
federal and state securities laws. Notwithstanding the foregoing, the Committee may require the
Grantee to deliver to the Company a stock power endorsed in blank relating to the shares of Common
Stock subject to the Award in order to facilitate the reacquisition of the Stock by the Company in
the event of a forfeiture, or may hold the certificates representing the Stock subject to this
Award Agreement until the Restriction Period expires.

     5. Status of Stock. The Stock subject to this Award is intended to constitute property
subject to a substantial risk of forfeiture during the Restriction Period, and subject to federal
income tax in accordance with Section 83 of the Code. Section 83 generally provides that Grantee
will recognize compensation income with respect to the Stock only to the extent it becomes vested
on the applicable Vesting Date or Dates in an amount equal to the then fair market value of the
Stock. Alternatively, Grantee may elect, pursuant to Section 83(b) of the Code, to recognize
compensation income for all or any part of the Stock subject to this Award as of the date the Award
is granted to the Grantee in an amount equal to the fair market value of the Stock subject to the
election. Such election must be made within 30 days of the date the Award is granted, and the
Grantee is required to notify the Company immediately if such an election is made. Grantee should
consult his or her tax advisors to determine whether a Section 83(b) election is appropriate.

     6. Employment. Nothing in the Plan or in this Agreement shall confer upon the Grantee any
right to be continued as an employee of the Company or interfere in any way with the right of the
Company to remove the Grantee as an employee at any time for any cause.

     7. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of any
successor of the Company, but except as provided above, the Award granted shall not be assigned or
otherwise disposed of by the Grantee.

     8. The Plan. This Award is subject to the terms and conditions of the Plan. In the event of
a conflict between the Plan and this Agreement, the terms of the Plan shall control.

 

 

     IN WITNESS WHEREOF, this Award Agreement has been executed on this       day of                     , 20     .

	 	 	 	 	 
	 	PHILADELPHIA CONSOLIDATED HOLDINGS CORP.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 
	 	ACKNOWLEDGED

 	 
	 	By:  	 	 
	 	 	GRANTEE

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