Document:

hawkins103608_ex10-2.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit
10.2

 

HAWKINS,
INC.

2010
OMNIBUS STOCK PLAN

 

Restricted Stock Agreement

 

 

	
  Name of Director:

   

  
	
  No. of Shares Covered:

   

  	
  Date of Issuance:

  
	
   

  Vesting Schedule pursuant to Section 3:

   

  
	
  

  Vesting Date(s)

   

   

  	
  No. of Shares Which

  Become Vested as of Such Date

   

   

   

  
	
   

  

 

This is a Restricted Stock
Agreement (“Agreement”) between Hawkins,
Inc., a Minnesota corporation (the “Company”), and the above-named
member of the Board of Directors (the “Director”).

 

Recitals

 

WHEREAS, the Company maintains the Hawkins, Inc. 2010 Omnibus Stock Plan
(as amended from time to time, the “Plan”); 

 

WHEREAS, the Board of Directors (the “Board”) of the Company has
appointed the Compensation Committee  (the “Committee”) with the
authority to determine the awards to be granted under the Plan; and

 

WHEREAS, the Committee or its designee has determined that the Director
is eligible to receive an award under the Plan in the form of restricted stock and has set the terms thereof;

 

NOW, THEREFORE, the Company and the Director mutually agree as follows:

 

 

 

 

Terms and Conditions*

 

	
1.

	
Grant of Restricted Shares.

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Grant.  The Company hereby issues to the Director the number of shares specified at the beginning of this Agreement (the “Restricted Shares”) on the terms and conditions and subject to the restrictions set forth in this Agreement.  The term “Restricted Shares” also refers to all securities received by the Director in replacement of or in connection with the Restricted Shares granted hereby pursuant to a recapitalization, reclassification, stock dividend, stock split, stock combination or other relevant event.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Certificate.  Within a reasonable time after the execution of this Agreement by the Director and the Company, the Company shall have a certificate or certificates representing the Restricted Shares issued in the name of the Director and delivered to the Company to hold until the vesting and other conditions set forth in this Agreement have been satisfied.  The Company shall pay all original issue or transfer taxes, if any, with respect to the issue or transfer of the Restricted Shares and all fees and expenses necessarily incurred by the Company in connection therewith.  All Restricted Shares so issued shall be fully paid and nonassessable.  Notwithstanding anything to the contrary in this Agreement, the Company shall not be required to deliver a certificate or certificates representing any Restricted Shares prior to (i) the vesting of such Restricted Shares in accordance with Section 3 and (ii) the completion of such registration or other qualification of such Restricted Shares for sale under the laws, rules or regulations of any state or other jurisdiction as the Company shall determine to be necessary or desirable.  Upon the vesting of Restricted Shares in accordance with Section 3 and provided that the other conditions set forth in the previous sentence and elsewhere in this Agreement have been satisfied, the Company shall deliver a certificate or certificates representing such vested Restricted Shares to the Director as promptly as practicable.

	
 

	
 

	
 

	
 

	
2.

	
Forfeiture Events and Transfer Restrictions.

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Forfeiture Events.  Upon the occurrence of a “Forfeiture Event” (as defined below), the Director shall forfeit to the Company all of the Restricted Shares that have not become vested pursuant to Section 3, and upon such forfeiture the Director shall immediately return any stock certificates representing Restricted Shares then held by the Director and execute and deliver such stock powers as the Company may request.  The Restricted Shares that are forfeited pursuant to the previous sentence shall become authorized but unissued shares of the Company’s capital stock.  A Forfeiture Event means any of the following events:

 

_______________________________

	
*

	
Unless the context indicates otherwise, terms that are not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

 

-2-

 

 

	
 

	
 

	
(i)

	
termination of the Director’s status as a member of the Board for any reason, whether by the Company with or without cause, voluntarily or involuntarily by the Director or otherwise (“Termination of Directorship”); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
any attempt to transfer or otherwise dispose of any of the Restricted Shares, or to levy any attachment or pursue any similar involuntary process with respect to any Restricted Shares, in violation of Section 2(b) of this Agreement.

	
 

	
 

	
 

	
 

	
 

	
For purposes of this Agreement, a leave of absence granted to the Director by the Board shall not be deemed a Termination of Directorship.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Limitation on Transfer.  Until such time as the Restricted Shares have become vested under Section 3 of this Agreement, the Director shall not transfer the Restricted Shares and the Restricted Shares shall not be subject to pledge, hypothecation, execution, attachment or similar process.  Any attempt to assign, transfer, pledge, hypothecate or otherwise dispose of any Restricted Shares contrary to the provisions hereof, and any attempt to levy any attachment or pursue any similar process with respect to them, shall be null and void.

	
 

	
 

	
 

	
 

	
3.

	
Vesting.   The Restricted Shares shall cease to be subject to forfeiture under Section 2 hereof in the numbers and on the dates specified in the vesting schedule at the beginning of this Agreement; provided, however, that the Restricted Shares shall immediately cease to be subject to forfeiture under Section 2 hereof (i) upon the occurrence of a Fundamental Change or (ii) if the Director’s directorship terminates because of death or disability.  Restricted Shares that have so ceased to be subject to forfeiture are sometimes referred to as “vested” or as “Vested Shares” in this Agreement.

	
 

	
 

	
 

	
 

	
4.

	
Shareholder Rights.  As of the date of issuance specified at the beginning of this Agreement, the Director shall have all of the rights of a shareholder of the Company with respect to the Restricted Shares, except as otherwise specifically provided in this Agreement.

	
 

	
 

	
 

	
 

	
5.

	
Tax Withholding.  The parties hereto recognize that the Company or a subsidiary of the Company may be obligated to withhold federal and state taxes or other taxes upon the vesting of the Restricted Shares, or, in the event that the Director elects under Code Section 83(b) to report the receipt of the Restricted Shares as income in the year of receipt, upon the Director’s receipt of the Restricted Shares.  The Director agrees that, at such time, if the Company or a subsidiary is required to withhold such taxes, the Director will promptly pay, in cash or through the forfeiture of Vested Shares to the Company (or in any other manner permitted by the Committee in accordance with the terms of the Plan), upon demand, to the Company or the subsidiary having such obligation, such amounts as shall be necessary to satisfy such obligation.  The Director further acknowledges that the Company has directed the Director to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which the Director may reside, and the tax consequences of the Director’s death.

 

-3-

 

 

	
6.

	
Restrictive Legends and Stop-Transfer Orders.

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Legends.  The certificate or certificates representing the Restricted Shares shall bear the following legend (as well as any legends required by applicable state and federal corporate and securities laws) noting the existence of the restrictions set forth in this Agreement:

	
 

	
 

	
 

	
 

	
 

	
 

	 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE DIRECTOR, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Stop-Transfer Notices.  The Director agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Refusal to Transfer.  The Company shall not be required (i) to transfer on its books any Restricted Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of the Restricted Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom the Restricted Shares shall have been so transferred.

	
 

	
 

	
 

	
 

	
7.

	
Interpretation of This Agreement.  All decisions and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive upon the Company and the Director.  If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern.

	
 

	
 

	
 

	
 

	
8.

	
Binding Effect.  This Agreement shall be binding in all respects on the heirs, representatives, successors and assigns of the Director.

	
 

	
 

	
 

	
 

	
9.

	
Choice of Law.  This Agreement is entered into under the laws of the State of Minnesota and shall be construed and interpreted thereunder (without regard to its conflict-of-law principles).

	
 

	
 

	
 

	
 

	
10.

	
Entire Agreement.  This Agreement and the Plan set forth the entire agreement and understanding of the parties hereto with respect to the issuance and sale of the Restricted Shares and the administration of the Plan and supersede all prior agreements, arrangements, plans, and understandings relating to the issuance and sale of these Restricted Shares and the administration of the Plan.

	
 

	
 

	
 

	
 

	
11.

	
Amendment and Waiver.  Except as provided in the Plan, this Agreement may be amended, waived, modified, or canceled only by a written instrument executed by the parties or, in the case of a waiver, by the party waiving compliance.

 

-4-

 

 

 

	
12.

	
Acknowledgment of Receipt of Copy.  By execution hereof, the Director acknowledges having received a copy of the Plan.

 

IN WITNESS WHEREOF, the Director and the Company have executed this Agreement as of the date of issuance specified at the beginning of this Agreement.

 

 

	
 

	
DIRECTOR

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
HAWKINS, INC.

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

-5-trump-ex101_072810.htm

 

Exhibit 10.1

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT, dated as of July 23, 2010 (this “AMENDMENT”) and effective as of July 16, 2010, is made and entered into by and among TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P., a Delaware limited partnership (the “BORROWER”), TRUMP ENTERTAINMENT RESORTS, INC., a Delaware corporation and general partner of the Borrower (“TER” or the “GENERAL PARTNER”), as a Guarantor, the Subsidiary Guarantors, the Lenders, Beal Bank, SSB, as collateral agent (the “COLLATERAL AGENT”) for the Secured Parties and Beal Bank, SSB, as administrative agent (the “ADMINISTRATIVE AGENT”, and together with the COLLATERAL AGENT, the “AGENTS”) for the Lender Parties.

 

RECITALS: 

 

A.  The Borrower, TER, the Subsidiary Guarantors, the Lenders, the Administrative Agent and the Collateral Agent are party to that certain Amended and Restated Credit Agreement (the “CREDIT AGREEMENT”) dated as of July 16, 2010;

 

B.  The Borrower, TER, the Subsidiary Guarantors, the Lenders, the Administrative Agent and the Collateral Agent desire to amend the Credit Agreement to reflect the Bankruptcy Court’s ruling on July 15, 2010 regarding the replacement of the term “Borrower” with the term “General Partner” relating to the cash flow sweep provisions and for certain financial reporting requirements.

 

C.  All capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Credit Agreement, unless otherwise defined herein.

 

AGREEMENTS:

 

Accordingly, in consideration of the premises and the mutual covenants contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

 

AMENDMENTS TO CREDIT AGREEMENT

 

1.             The definition of “Available Cash Flow” in the Credit Agreement is hereby amended by replacing the first, second and third instance of “Borrower” with “General Partner” and the fourth and fifth instance of “Borrower” with “General Partner and its Subsidiaries”, each as contained in the definition of “Available Cash Flow”.

 

2.             The definition of “EBITDA” in the Credit Agreement is hereby amended by replacing “Borrower” with “General Partner” in the definition of “EBITDA”.

 

3.             The definition of “Fiscal Year” in the Credit Agreement is hereby amended by replacing “Borrower” with “General Partner” in the definition of “Fiscal Year”.

 

4.             The definition of “Free Cash Flow” in the Credit Agreement is hereby amended by replacing the first instance of “Borrower” with “General Partner” and by replacing the second instance of “Borrower” with “General Partner and its Subsidiaries”, each as contained in the definition of “Free Cash Flow”.

 

5.             The definition of “Net Income” in the Credit Agreement is hereby amended by replacing each instance of “Borrower” with “General Partner” in the definition of “Net Income”.

 

6.             Section 5.03(b) of the Credit Agreement is hereby amended by replacing each instance of “Borrower” with “General Partner” in section 5.03(b) of the Credit Agreement.

 

7.             Section 5.03(c) of the Credit Agreement is hereby amended by replacing each instance of “Borrower” with “General Partner” in section 5.03(c) of the Credit Agreement.

 

8.             Section 5.03(d) of the Credit Agreement is hereby amended by replacing each instance of “Borrower” with “General Partner” in section 5.03(d) of the Credit Agreement.

 

9.             Item 4 of Schedule 5.01(k) to the Credit Agreement is hereby amended by deleting the phrase “the day that is seven days after the Closing Date” and replacing it with “July 30, 2010”.

 

ARTICLE II

 

MISCELLANEOUS

 

10.           Bankruptcy Court Ruling and Schedule 5.01(k).  The Loan Parties, Lenders, and Agents agree that this Amendment, when executed and delivered, will satisfy the Bankruptcy Court’s ruling referred to in Recital B above and item 1 of Schedule 5.01(k) to the Credit Agreement.

 

11.           Full Force and Effect. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent or Collateral Agent under, the Credit Agreement or any other Loan Documents, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

 

12.           No Oral Agreements.  THIS AMENDMENT, TOGETHER WITH THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AS WRITTEN, REPRESENT THE FINAL AGREEMENTS BETWEEN AND AMONG THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG (A) ANY LOAN PARTY, (B) ANY AGENT AND/OR (C) ANY LENDER.

 

13.           Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF ANOTHER LAW.

 

14.           Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

15.           Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE ACTIONS OF ANY AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF.

 

16.           Headings.  The headings in this Amendment are for the purpose of reference only and shall not affect the construction of this Amendment.

 

                IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

[Remainder of Page Intentionally Left Blank]

 

 

	
BEAL BANK, SSB

	
as Administrative Agent and Collateral Agent

	 
	 
	
By:

	/s/ Jacob Cherner
	
Name:

	Jacob Cherner
	
Title:

	Authorized Representative

 

 

	
ICAHN PARTNERS LP

	
as a Lender

	 
	 
	
By:

	/s/ Edward Mattner
	
Name:

	Edward Mattner
	
Title:

	Authorized Signatory

	
ICAHN PARTNERS MASTER FUND LP

	
as a Lender

	 
	 
	
By:

	/s/  Edward Mattner
	
Name:

	Edward Mattner 
	
Title:

	Authorized Signatory

 

	
ICAHN PARTNERS MASTER FUND II LP

	
as a Lender

	 
	 
	
By:

	/s/  Edward Mattner
	
Name:

	Edward Mattner 
	
Title:

	Authorized Signatory

 

	
ICAHN PARTNERS MASTER FUND III LP

	
as a Lender

	 
	 
	
By:

	/s/ Edward Mattner  
	
Name:

	Edward Mattner   
	
Title:

	Authorized Signatory

	
TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P.,

	
as Borrower

	 
	
 

	
By:  Trump Entertainment Resorts, Inc., its general partner

	 
	 
	
By:

	/s/ John P. Burke
	
Name:

	John P. Burke
	
Title:

	Chief Financial Officer, Executive Vice President and Corporate Treasurer

 

	
TRUMP ENTERTAINMENT RESORTS, INC.,

	
as a Guarantor

	 
	 
	
By:

	/s/ John P. Burke  
	
Name:

	John P. Burke  
	
Title:

	Chief Financial Officer, Executive Vice President and Corporate Treasurer

 

	
TERH LP Inc.,

	
as a Subsidiary Guarantor

	 
	  
	
By:

	/s/ Robert M. Pickus  
	
Name:

	Robert M. Pickus
	
Title:

	Vice President and Secretary

	
TRUMP MARINA ASSOCIATES, LLC;

	 
	
TRUMP PLAZA ASSOCIATES, LLC;

	 
	
TRUMP TAJ MAHAL ASSOCIATES, LLC;

	 
	
TRUMP ENTERTAINMENT RESORTS DEVELOPMENT COMPANY, LLC;

	
each as a Subsidiary Guarantor

	 
	
By:  Trump Entertainment Resorts Holdings, L.P., their sole member

	 
	
By:  Trump Entertainment Resorts, Inc., its general partner

	 
	 
	
By:

	/s/ John P. Burke
	
Name:

	John P. Burke
	
Title:

	Chief Financial Officer, Executive Vice President and Corporate Treasurer

 

	
TRUMP ENTERTAINMENT RESORTS FUNDING, INC.,

	
as a Subsidiary Guarantor

	 
	 
	
By:

	/s/ John P. Burke  
	
Name:

	John P. Burke
	
Title:

	Chief Financial Officer, Executive Vice President and Corporate Treasurer

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