Document:

EX-10.28

 

EXHIBIT 10.28

AGREEMENT FOR RESTRICTED STOCK AWARD

FOR NON-EMPLOYEE DIRECTORS

This Agreement for Restricted Stock Award (the “Agreement”) is between FIRST FINANCIAL BANCORP., an
Ohio Corporation (the “Corporation”), and who, as of April 25, 2006, which is the date of this
Agreement, is a non-employee director of First Financial Bancorp. (the “Director”):

WHEREAS, the Corporation established the Amended and Restated 1999 Non-Employee Director Stock Plan
(the “Plan”) and a Committee of the Board of Directors of the Corporation designated in the Plan
(the “Committee”) approved the execution of this Agreement containing the Restricted Stock Award
herein set forth to the Director upon the terms and conditions hereinafter set forth:

NOW THEREFORE, in consideration of the mutual obligations contained herein, it is hereby agreed:

	 	1.	 	Award of Restricted Stock. The Corporation hereby awards to Director as of the
date of this Agreement shares of restricted Common Stock of the Corporation (“Common
Stock”), without par value, in consideration of services to be rendered (the “Award”).
	 
	 	2.	 	Restrictions on Transfer. The shares of restricted Common Stock so received by
the Director and any additional shares attributable thereto received by the Director as a
result of any stock dividend, recapitalization, merger, reorganization or similar event are
subject to the restrictions set forth herein and may not be sold, assigned, transferred,
pledged or otherwise encumbered during the Restriction Period, except as permitted hereby.
	 
	 	3.	 	Restriction Period. The Restriction Period begins as of the date of this
Agreement and, except as otherwise provided in this Agreement or the Plan, all restrictions
on restricted Common Stock granted pursuant to the Award shall end (and the restricted
Common Stock shall thereupon become vested) on the applicable anniversary date(s) of the
date of this Agreement (the “Anniversary Dates”) as set forth below:

	 	 	 	 	 
	Anniversary Date	 	First Eligible to Vest on
	of this Agreement	 	Indicated Anniversary Date
	1st anniversary date
	 	 	33.33	%
	2nd anniversary date
	 	 	33.33	%
	3rd anniversary date
	 	 	33.33	%

Notwithstanding the foregoing, if there has been a Change in Control (as such term is
defined in the Plan), the Restriction Period ends with respect to such shares of restricted
Common Stock in accordance with the Plan.

	 	4.	 	Terms and Conditions. Awards are subject to the Plan, including, but not
limited to, “Section 7.2 Terms and Condition.”
	 
	 	5.	 	Stock Certificates.

	 	(a)	 	Upon award of the restricted Common Stock to the Director, one or more stock
certificates which evidence such shares of restricted Common Stock will be issued by
the Corporation for the benefit of the Director. Each such stock certificate will be
deposited with and held by the Corporation or its agent. Any such certificate for
restricted Common Stock of the Corporation resulting from any stock dividend,
recapitalization,
merger, reorganization or similar event will also be deposited with and held by the

 

 

	 	 	 	Corporation or its agent. All such stock certificates and Common Stock evidenced
thereby will be subject to the forfeiture provisions, limitations on transferability
and all other restrictions herein contained. The Director hereby agrees to deposit
with the Corporation stock powers endorsed by the Director in blank and in such
number as requested by the Corporation.
	 
	 	(b)	 	All stock certificates for shares of restricted Common Stock issued during the
Restriction Period will bear the following legend:
	 
	 	 	 	           “The transferability of this certificate and the shares of stock
represented hereby are subject to the terms and conditions (including
forfeiture) of the First Financial Bancorp. Amended and Restated 1999
Non-Employee Director Stock Plan and an Award Agreement. Copies of such Plan
and Agreement are on file at the offices of First Financial Bancorp., Hamilton,
Ohio.”
	 
	 	(c)	 	With regard to any shares of restricted Common Stock which cease to be
subject to restrictions pursuant to Section 3, the Corporation will, within sixty
(60) days of the date such shares cease to be subject to restrictions, transfer
Common Stock for such shares free of all restrictions set forth in the Plan and
this Agreement to the Director or the Director’s designee, or in the event of such
Director’s death subsequent to expiration of the Restriction Period, to the
Director’s legal representative, heir or legatee.

	 	6.	 	Shareholder’s Rights. Subject to the terms of this Agreement, during the
Restriction Period:

	 	(a)	 	The Director will have, with respect to the restricted Common Stock, the right
to vote all shares of the restricted Common Stock received under or as a result of this
Agreement, including shares which are subject to the restrictions on transfer in
Section 2 and to the forfeiture provisions in Section 4 of this Agreement.
	 
	 	(b)	 	Cash dividends paid with respect to restricted Common Stock during the
Restriction Period will be paid in cash to the Director.
	 
	 	(c)	 	Dividends payable in Common Stock with respect to the restricted Common Stock
during the Restriction Period will be held subject to the vesting of the underlying
restricted Common Stock and then automatically paid in the form of Common Stock to the
Director.

	 	7.	 	Regulatory Compliance. The issue of shares of restricted Common Stock and Common
Stock will be subject to full compliance with all then-applicable requirements of law and
the requirements of the exchange upon which Common Stock may be traded, as set forth in the
Plan.
	 
	 	8.	 	Withholding Tax. The Corporation shall have the right to retain or sell without
notice sufficient Common Stock to cover the amount of any federal income tax required to be
withheld with respect to such Common Stock being issued or vested, remitting any balance to
the Director; provided, however, that the Director shall have the right to provide the
Corporation with the funds to enable it to pay such tax.
	 
	 	9.	 	Investment Representation. The Director represents and agrees that if he or she is
awarded and receives the restricted Common Stock at a time when there is not in effect under
the Securities Act of 1933 a registration statement pertaining to the shares and there is not
available for delivery

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	 	 	 	a prospectus meeting the requirements of Section 10(A)(3) of said Act,
(i) he or she will accept and receive such shares for the purpose of investment and not with a
view to their resale or distribution, (ii) that upon such award and receipt, he or she will
furnish to the Corporation an investment letter in form and substance satisfactory to the
Corporation, (iii) prior to selling or offering for sale any such shares, he or she will
furnish the Corporation with an opinion of counsel satisfactory to the Corporation to the
effect that such sale may lawfully be made and will furnish the Corporation with such
certificates as to factual matters as the Corporation may reasonably request, and (iv) that
certificates representing such shares may be marked with an appropriate legend describing such
conditions precedent to sale or transfer.
	 
	 	10.	 	Federal Income Tax Election. The Director hereby acknowledges receipt of advice
that, pursuant to current federal income tax laws, (i) he or she has thirty (30) days in which
to elect to be taxed in the current taxable year on the fair market value of the restricted
Common Stock in accordance with the provisions of Internal Revenue Code Section 83(b), and
(ii) if no such election is made, the taxable event will occur upon expiration of restrictions
on transfer at termination of the Restriction Period and the tax will be measured by the fair
market value of the restricted Common Stock on the date of the taxable event.
	 
	 	11.	 	Adjustments. If, after the date of this Agreement, the Common Stock of the
Corporation is, as a result of a merger, reorganization, consolidation, recapitalization,
reclassification, split-up, spin-off, separation, liquidation, stock dividend, stock split,
reverse stock split, property dividend, share repurchase, share combination, share exchange,
issuance of warrants, rights or debentures or other change in corporate structure of the
Corporation, increased or decreased or changed into or exchanged for a different number or
kind of shares of stock or other securities of the Corporation or of another corporation,
then:

	 	(a)	 	there automatically will be substituted for each share of restricted Common
Stock for which the Restriction Period has not ended granted under the Agreement the
number and kind of shares of stock or other securities into which each outstanding
share is changed or for which each such share is exchanged; and
	 
	 	(b)	 	the Corporation will make such other adjustments to the securities subject to
provisions of the Plan and this Agreement as may be appropriate and equitable;
provided, however, that the number of shares of restricted Common Stock will always be
a whole number.

	 	12.	 	Notices. Each notice relating to this Agreement must be in writing and
delivered in person or by registered mail to the Corporation at its office, 300 High Street,
Hamilton, Ohio 45011, attention of the Secretary, or at such other place as the Corporation
has designated by notice. All notices to the Director or other person or persons succeeding
to his or her interest will be delivered to the Director or such other person or persons at
the Director’s address below specified or such other address as specified in a notice filed
with the Corporation.
	 
	 	13.	 	Determinations of the Corporation Final. Any dispute or disagreement which
arises under, as a result of, or in any way relates to the interpretation or construction of
this Agreement will be determined by the Board of Directors of the Corporation or by a
committee appointed by the Board of Directors of the Corporation (or any successor
corporation). The Director hereby agrees to accept any such determination as final, binding
and conclusive for all purposes.
	 
	 	14.	 	Successors. All rights under this Agreement are personal to the Director and
are not transferable except that in the event of the Director’s death, such rights are
transferable to the Director’s legal representatives, heirs or legatees. This Agreement will
inure to the benefit of and be binding upon the Corporation and its successors and assigns.

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	 	15.	 	Obligations of the Corporation. The liability of the Corporation under the Plan and
this Agreement is limited to the obligations set forth therein. No term or provision of the
Plan or this Agreement will be construed to impose any liability on the Corporation in favor
of the Director with respect to any loss, cost or expense which the Director may incur in
connection with or arising out of any transaction in connection therewith.
	 
	 	16.	 	Governing Law. This Agreement will be governed by and interpreted in accordance with
the laws of the State of Ohio.
	 
	 	17.	 	Plan. The First Financial Bancorp. Amended and Restated 1999 Non-Employee Director
Stock Plan (the “Plan”) will control if there is any conflict between the Plan and this
Agreement and on any matters that are not contained in this Agreement. A copy of the Plan has
been provided to the Director and is incorporated by reference and made a part of this
Agreement. Capitalized terms used but not specifically defined in this Agreement will have
the definitions given to them in the Plan.
	 
	 	18.	 	Entire Agreement. This Agreement and the Plan supersede any other agreement, whether
written or oral, that may have been made or entered into by the Corporation and/or any of its
subsidiaries and the Director relating to the shares of restricted Common Stock that are
granted under this Agreement. This Agreement and the Plan constitute the entire agreement by
the parties with respect to such matters, and there are no agreements or commitments except as
set forth herein and in the Plan.
	 
	 	19.	 	Captions; Counterparts. The captions in this Agreement are for convenience only and
will not be considered a part of or affect the construction or interpretation of any provision
of this Agreement. This Agreement may be executed in any number of counterparts, each of
which will constitute one and the same instrument.

IN WITNESS WHEREOF, this Agreement for Restricted Stock Award has been executed and dated by the
parties hereto as of the                      day of                     , 2006.

	 	 	 	 	 
	 	 	FIRST FINANCIAL BANCORP.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Title: President & CEO
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Signature of Director

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I hereby direct that all cash dividends to which I am entitled on my shares of restricted Common
Stock under the foregoing Agreement as well as all notices and other written communications in
connection with such shares be mailed to me at the following address:

	 	 	 	 	 	 	 
	 	 	     
Name of Director	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	     
Street Address	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	     
City, State, and Zip Code	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	     
Social Security Number	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	     
Signature of Director	 	 

5EX-10.1

 

EXHIBIT 10.1

M&T BANK CORPORATION DIRECTORS’ STOCK PLAN

(As Amended and Restated April 18, 2006)

1. Name:

This plan shall be known as the M&T Bank Corporation Directors’ Stock Plan (the “Plan”).

2. Purpose and Intent:

The purpose of the Plan is to enable M&T Bank Corporation, a New York corporation (the
“Corporation”), to attract and retain persons of exceptional ability to serve as directors of the
Corporation and its subsidiaries and as members of M&T Bank Corporation’s or M&T Bank’s Directors
Advisory Councils and to further align the interests of directors and stockholders in enhancing the
value of the Corporation’s common stock (the “Common Stock”). The Plan provides for the payment in
Common Stock of all or a portion of the Annual Compensation paid to each Non-employee Director and
Advisory Director. The Plan, as amended and restated, is effective as of July 1, 2006 (the
“Effective Date”), and shall continue in effect unless and until terminated by the Board of the
Corporation in accordance with Section 10 below.

3. Definitions:

For purposes of the Plan, the following terms shall have the following meanings:

(a) “Advisory Director” means any individual who is a current or future member of one or more of
the Directors Advisory Councils of M&T Bank Corporation or M&T Bank, but who is not a Non-employee
Director or a salaried officer of the Corporation or any of its subsidiaries.

(b) “Annual Compensation” means the total annual compensation payable to a Non-employee Director or
an Advisory Director under the Corporation’s or M&T Bank’s compensation policies for directors in
effect from time to time.

(c) “Board” means the Board of Directors of the Corporation or any subsidiary thereof.

(d) “Compensation Committee” means the Nomination, Compensation and Governance Committee of the
Board of the Corporation.

(e) “Directors Advisory Councils” means the Directors Advisory Council of M&T Bank Corporation and
current or future regional Directors Advisory Councils of M&T Bank with members appointed by the
Boards of M&T Bank Corporation and M&T Bank, respectively.

(f) “Fair Market Value” of a share of Common Stock means the closing price on the date immediately
preceding the Payment Date of a share of Common Stock on the New York Stock Exchange (or such other
principal securities exchange on which the shares of the Common Stock are traded if such shares are
no longer traded on the New York Stock Exchange).

(g) “M&T Bank” means Manufacturers and Traders Trust Company.

 

 

(h) “Non-employee Director” means an individual who is a member of a Board, but who is not a
salaried officer of the Corporation or any of its subsidiaries.

(i) “Payment Date” of Annual Compensation in any calendar year means the first business day
following the last business day of a calendar quarter on which the Fair Market Value of shares of
the Common Stock are quoted on the New York Stock Exchange (or such other principal securities
exchange on which the shares of the Common Stock are traded if such shares are no longer traded on
the New York Stock Exchange).

4. Administration:

The Compensation Committee shall be responsible for administering the Plan. The Compensation
Committee shall have all of the powers necessary to enable it to properly carry out its duties
under the Plan. Not in limitation of the foregoing, the Compensation Committee shall have the
power to construe and interpret the Plan and to determine all questions that shall arise
thereunder. The Compensation Committee shall have such other and further specified duties, powers,
authority and discretion as are elsewhere in the Plan either expressly or by necessary implication
conferred upon it. The Compensation Committee may authorize such agents as it may deem necessary
for the effective performance of its duties, and may delegate to such agents such powers and duties
as the Compensation Committee may deem expedient or appropriate that are not inconsistent with the
intent of the Plan. The decision of the Compensation Committee upon all matters within its scope
of authority shall be final and conclusive on all persons, except to the extent otherwise provided
by law.

5. Shares Available:

Shares issued under the Plan shall be issued out of the authorized but unissued shares of Common
Stock or treasury shares, as the Compensation Committee shall determine.

6. Shares for Annual Compensation:

The Annual Compensation payable to a Non-employee Director or Advisory Director on or after
the Effective Date shall be paid in accordance with this Section 6. Each Non-employee Director or
Advisory Director shall file with the Corporation a form under which such Non-employee Director or
Advisory Director shall elect to have Annual Compensation paid either (i) fifty percent (50%) in
shares of Common Stock and fifty percent (50%) in cash, or (ii) one hundred percent (100%) in
shares of Common Stock. Such election may be changed by the Non-employee Director or Advisory
Director at least fifteen days prior to the end of any calendar quarter, effective as of the first
day of the following calendar quarter. The total number of shares of Common Stock to be paid under
this Section to a Non-employee Director or Advisory Director with respect to Annual Compensation
shall be determined by dividing the amount of such Annual Compensation payable in shares of Common
Stock by the Fair Market Value of the Common Stock on the applicable Payment Date. In no event
shall the Corporation be obligated to issue fractional shares under this Section, but instead shall
pay the amount that would constitute a fractional share in cash based on the Fair Market Value of
the Common Stock on the Payment Date.

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7. Adjustments in Authorized Shares:

In the event of any change in corporate capitalization, such as a stock split, or a corporate
transaction, such as any merger, consolidation, separation, including a spin-off, or other
distribution of stock or property of the Corporation, any reorganization (whether or not such
reorganization comes within the definition of such term in Internal Revenue Code Section 368) or
any partial or complete liquidation of the Corporation, such adjustment shall be made in the number
and class of shares which may be paid under the Plan, as may be determined to be appropriate and
equitable by the Compensation Committee in its sole discretion.

8. Resales of Shares:

The Corporation may impose such restrictions on the sale or other disposition of shares paid under
this Plan as the Compensation Committee deems necessary to comply with applicable securities laws.
Certificates for shares paid under this Plan may bear such legends as the Corporation deems
necessary to give notice of such restrictions.

9. Compliance with Law and Other Conditions:

No shares shall be paid under this Plan prior to compliance by the Corporation, to the satisfaction
of its counsel, with any applicable laws. The Corporation shall not be obligated to (but may in
its discretion) take any action under applicable federal or state securities laws (including
registration or qualification of the Plan or the Common Stock) necessary for compliance therewith
in order to permit the payment of shares hereunder, except for actions (other than registration or
qualification) that may be taken by the Corporation without unreasonable effort or expense and
without the incurrence of any material exposure to liability.

10. Amendment, Modification and Termination of the Plan:

The Board of the Corporation shall have the right and power at any time and from time to time to
amend the Plan in whole or in part and at any time to terminate the Plan; provided, however, that
the provisions of Section 6 of the Plan cannot be amended more than once every six (6) months to
the extent such restriction is necessary to ensure that awards of Common Stock paid under the Plan
are exempt from the short-swing profit recovery rules of Section 16(b) of the Securities Exchange
Act of 1934.

11. Miscellaneous:

The Plan shall be construed, administered, regulated and governed in all respects under and by the
laws of the United States to the extent applicable, and to the extent such laws are not applicable,
by the laws of the state of New York. The Plan shall be binding on the Corporation and any
successor in interest of the Corporation.

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