Document:

Exhibit 10.23

 

Form of

Rhino Long-Term Incentive Plan

 

Grant of Unit Awards and Restricted Units

 

Grantee:

 

Grant
Date:

 

1.                                       Grant
of Unit Awards and Restricted Units.  Rhino GP LLC (the “General Partner”) hereby
grants to you, on behalf of and as agent for Wexford Capital LP (“Wexford”),
under the Rhino Long-Term Incentive Plan (the “Plan”) (i)               
Unit Awards, which are 100% vested on the Grant Date, and (ii)             
Restricted Units, which are subject to the terms and conditions set forth herein
and in the Plan, which is incorporated herein by reference as a part of this
Agreement. In the event of any conflict between the terms of this Agreement and
the Plan, the Plan shall control. 
Capitalized terms used in this Agreement but not defined herein shall
have the meanings ascribed to such terms in the Plan, unless the context
requires otherwise.

 

2.                                       Vesting
of Restricted Units and Distributions.

 

(a)                                  Restricted
Units.

 

Subject
to Paragraph 3 below, the Restricted Units granted hereunder shall vest ratably
on the first day of each of the three calendar quarters next beginning
following the Grant Date, as follows:

 

	
  Vesting
  Date

  	
   

  	
  Vested Percentage

  
	
   

  	
   

  	
   

  
	
  On the 1st day of the 1st calendar quarter beginning after the Grant
  Date

  	
   

  	
  331/3%

  
	
   

  	
   

  	
   

  
	
  On the 1st day of the 2nd calendar quarter beginning after the Grant
  Date

  	
   

  	
  662/3%

  
	
   

  	
   

  	
   

  
	
  On the 1st day of the 3rd calendar quarter beginning after the Grant
  Date

  	
   

  	
  100%

  

 

If
on an applicable vesting date the application of above vesting schedule results
in a fractional Restricted Unit being vested, the number of Restricted Units
vesting on such date shall be rounded up to the next whole number of Restricted
Units.

 

 

(b)                                 Distributions
on Restricted Units.

 

Any
distributions made by Rhino Resource Partners LP (the “Partnership”) with
respect to a Restricted Unit shall be held by the General Partner (without
interest) and shall be paid to Wexford (or its assignee), when the Restricted
Unit with respect to which such distribution was made vests or shall be
forfeited when such Restricted Unit is forfeited, as the case may be.

 

3.                                       Events
Occurring Prior to Full Vesting.

 

(a)                                  Termination
of Wexford Director Appointments.  If Wexford ceases to have the right to
appoint an individual to serve as a member of the Board for any reason, the
Restricted Units then remaining automatically shall be forfeited without
payment upon such termination.

 

(b)                                 Change of
Control.  Upon a
Change of Control, the Restricted Units then remaining automatically shall
become fully vested.

 

4.                                       Unit
Certificates.  A
certificate evidencing the Restricted Units may be issued in your name or
Wexford’s (or its assignee’s), pursuant to which Wexford (or its assignee), as
the case may be, shall have all voting rights, if any.  The certificate shall bear the following
legend:

 

The
Units evidenced by this certificate have been issued pursuant to an agreement
made as of [            ], a copy of
which is attached hereto and incorporated herein, between the General Partner
and the registered holder of the Units, and are subject to forfeiture to the
General Partner under certain circumstances described in such agreement.  The sale, assignment, pledge or other
transfer of the Units evidenced by this certificate is prohibited under the
terms and conditions of such agreement, and such Units may not be sold,
assigned, pledged or otherwise transferred except as provided in such
agreement.

 

The
General Partner may cause the certificate to be delivered upon issuance to the
Secretary of the General Partner as a depository for safekeeping until the
forfeiture occurs or the restrictions lapse pursuant to the terms of this
Agreement.  Upon request of the General
Partner, you shall deliver to the General Partner a unit power, endorsed in
blank, relating to the Restricted Units then subject to the restrictions.  Upon the lapse of the restrictions without
forfeiture, the General Partner shall cause a certificate or certificates to be
issued without legend in your name in exchange for the certificate evidencing
the Restricted Units.

 

In
lieu of issuing a certificate in your name, the Restricted Units may be
evidenced, in the discretion of the Committee, in book-entry form.

 

5.                                       Limitations
Upon Transfer.  All rights
under this Agreement shall belong to Wexford (or its assignee) alone and may
not be transferred, assigned, pledged, or hypothecated by Wexford (or its
assignee) in any way (whether by operation of law or otherwise) and 

 

2

 

shall not be subject to execution, attachment, or
similar process.  Upon any attempt by
Wexford (or its assignee) to transfer, assign, pledge, hypothecate, or
otherwise dispose of such rights contrary to the provisions in this Agreement
or the Plan, or upon the levy of any attachment or similar process upon such
rights, such rights shall immediately become null and void.

 

6.                                       Restrictions. By accepting
this grant, Wexford (or its assignee) agrees that any Units that Wexford (or
its assignee) may acquire upon vesting of this award will not be sold or
otherwise disposed of in any manner that would constitute a violation of any
applicable federal or state securities laws. 
Wexford (or its assignee) also agrees that (i) the certificates
representing the Units acquired under this award may bear such legend or legends
as the Committee deems appropriate in order to assure compliance with
applicable securities laws, (ii) the Partnership may refuse to register
the transfer of the Units acquired under this award on the transfer records of
the Partnership if such proposed transfer would in the opinion of counsel
satisfactory to the General Partner constitute a violation of any applicable
securities law, and (iii) the Partnership may give related instructions to
its transfer agent, if any, to stop registration of the transfer of the Units
to be acquired under this award.

 

7.                                       Withholding
of Taxes.  If the
grant or vesting of a Restricted Unit or the payment of distributions thereon
results in the receipt of compensation by Wexford (or its assignee) with
respect to which the General Partner has a tax withholding obligation pursuant
to applicable law, the General Partner shall withhold (or net) such cash and
number of unrestricted Units otherwise payable as the General Partner requires
to meet its tax withholding obligations under such applicable laws.  No issuance of an unrestricted Unit shall be
made pursuant to this Agreement until the applicable tax withholding
requirements of the General Partner with respect to such event have been satisfied
in full.

 

8.                                       Binding
Effect.  This
Agreement shall be binding upon and inure to the benefit of any successor or
successors of the Partnership and upon any person lawfully claiming under
Wexford (or its assignee).

 

9.                                       Modifications.  Except as provided below, any modification of
this Agreement shall be effective only if it is in writing and signed by both
an authorized individual acting on behalf of Wexford (or its assignee) and an
authorized officer of the General Partner.

 

10.                                 Entire
Agreement.  This Agreement constitutes the entire agreement
of the parties with regard to the subject matter hereof, and contains all the
covenants, promises, representations, warranties and agreements between the
parties with respect to the Restricted Units granted hereby.  Without limiting the scope of the preceding
sentence, all prior understandings and agreements, if any, among the parties
hereto relating to the subject matter hereof are hereby null and void and of no
further force and effect.

 

11.                                 Governing
Law.  This grant shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without regard to conflicts of laws principles
thereof.

 

3

 

	
   

  	
  Rhino
  GP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
  Dated:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Grantee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [name]

  
	
   

  	
  Dated:

  	
   

  

 

4Exhibit 10(n)

 

DIRECTORS STOCK GRANT PROGRAM

 

1.             PURPOSE

The
purpose of the Directors Stock Grant Program (the “Program”) is to attract and
retain qualified individuals to serve as directors of TCF Financial Corporation
(“TCF Financial”) and its subsidiaries, and to encourage and enhance ownership
of TCF Common Stock by these individuals.

 

2.             ADMINISTRATION

Full
power to construe, interpret and administer the program is vested with a
committee consisting of the non-employee directors (as defined by Rule 16b-3
of the Securities and Exchange Commission (the “SEC”) of the Board of TCF
Financial (the “Committee”).  In the
event such directors at some time do not qualify as disinterested
administrators for the purposes of Rule 16b-3, if disinterested
administration is then required in order for the shares of TCF Stock awarded
under the Program to be exempt under Rule 16b-3, then the Board of
Directors will appoint a new Committee which qualifies under the provisions of Rule 16b-3
as then in effect.  The Committee shall
interpret the Program, prescribe, amend and rescind rules and regulations
relating thereto, and make all other determinations necessary or advisable for
the administration of the Program.  A
majority of the members of the Committee shall constitute a quorum, and all
determinations of the Committee shall be made by a majority of its
members.  Any determination of the
Committee under the Program may be made without notice of meeting of the
Committee by writing signed by a majority of the Committee members.

 

3.             PARTICIPANTS

Participants
in the Program will consist of the outside directors of TCF Financial and is
subsidiaries from time to time.

 

4.             BENEFITS

Director
restricted stock awards will consist of common shares transferred to Directors
without other payment as additional compensation for their services to TCF
Financial or one of its subsidiaries.

 

Each
director of TCF Financial will periodically receive formula awards of
restricted shares.  Each award will be
equal in value to three (3) times the total amount of his or her annual
retainer fee.  Value will be determined
on the basis of the Fair Market Value of TCF Stock on the day the award is
made, based on the annual retainer (not including Committee chair retainer
fees) in effect on that day.  Awards will
be made upon the full vesting of an award previously granted to Directors under
the Program.

 

During
the time the shares are restricted, they will not be transferable by the
directors and a legend will be placed on the stock certificates to that effect.

 

 

Vesting
will occur over a minimum of three years, and is based on the attainment of the
goal set for the award by the Committee. 
If the goal is not achieved, no vesting occurs for that year.  There is not, however, a forfeiture in years
(if any) when the goal is not achieved, so that the grant is effectively
extended for an additional year in such circumstances.  The Director must be on the board on December 31
of the year in order to receive shares vesting based on that year’s
performance.  If the goal is achieved,
one-third of the shares will vest as soon as reasonably feasible following the
fiscal year in which the goal is achieved, as determined by the Committee.  If some or all of the restricted shares are
not vested on the basis of goals by ten (10) years after the grant date,
and if the Director is still with TCF Financial on that date, then any
remaining restricted shares will become vested on that date.  If a Director retires from service on the
board of TCF Financial pursuant to board policy on Director retirement in
effect at that time, the restricted period will lapse and all shares will
become fully vested.  There is no vesting
in the event of a full or partial disability.

 

5.             DEFINITIONS

 

FAIR MARKET VALUE

The
term “Fair Market Value” of TCF Financial’s Common Shares at any time shall be
the average of the high and low sales prices for TCF Financial’s Common Shares
for the date, as reported by the New York Stock Exchange.

 

SUBSIDIARY

The
term “subsidiary” shall mean any corporation, partnership, joint venture or
business trust, fifty percent (50%) or more of the control of which is owned,
directly or indirectly, by TCF Financial.

 

CHANGE
IN CONTROL

A “Change in Control” shall be deemed to have occurred if:

 

(a)   any “person” as defined in Section 13(d) and 14(d) of
the Securities Exchange Act of 1934 (the “Exchange Act”) is or becomes the “beneficial
owner” as defined in Rule 13d-3 under the Exchange Act, directly or
indirectly, of securities of TCF Financial representing thirty percent (30%) or
more of the combined voting power of TCF Financial’s then outstanding
securities.  For purposes of this clause
(a), the term “beneficial owner” does not include any employee benefit plan
maintained by TCF Financial that invests in TCF Financial voting securities; or

 

(b)   during any period of two (2) consecutive years (not including
any period prior to April 1995) there shall cease to be a majority of the
Board comprised as follows:  individuals
who at the beginning of such period constitute the Board or as new directors
whose nomination for election by TCF Financial’s shareholders was approved by a
vote of at least two-thirds (2/3) of the directors then

 

 

still in office who either were directors at the beginning of the
period or whose election or nomination for election previously so approved; or

 

(c)   the shareholders of TCF
Financial approve a merger or consolidation of TCF Financial with any other
corporation, other than a merger or consolidation which would result in the
voting securities of TCF Financial outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least 70% of the combined
voting power of the voting securities of the TCF Financial or such surviving
entity outstanding immediately after such merger of consolidation, or the
shareholders of the TCF Financial approve a plan of complete liquidation of TCF
Financial of all or substantially all TCF Financial’s assets; provided, however,
that no change in control will be deemed to have occurred if such merger,
consolidation, sale or disposition of assets, or liquidation is not
subsequently consummated.

 

DISABILITY

The
term “disability” for all purposes of this Program shall be determined by the
Committee in such manner as the Committee deems equitable or required by the
applicable laws or regulations.

 

RETIREMENT

The
term “retirement” means a retirement under the policies of the Board of
Directors of TCF Financial in effect at the time of a director’s departure from
the Board.

 

6.               ADJUSTMENT
PROVISIONS

If TCF Financial shall at any time change the number of issued Common
Shares without new consideration to TCF Financial (such as by stock dividends
or stock splits), the total number of shares reserved for issuance under this
Program, the number of shares covered by each outstanding Benefit shall be
adjusted so that the limitations, the aggregate consideration payable to TCF
Financial, and the value of each such Benefit shall not be changed.  The Committee shall also have the right to
provide for the continuation of Benefits or for other equitable adjustments
after changes in the Common Shares resulting from reorganization, sale, merger,
consolidation or similar occurrence.

 

Notwithstanding any other provision of the Program, and without
affecting the number of shares otherwise reserved or available hereunder, the
Committee may authorize the issuance or assumption of the grants in connection
with any merger, consolidation, acquisition of property or stock, or
reorganization upon such terms and conditions as it may deem appropriate.

 

 

All terms and conditions of all restricted stock awards outstanding
shall be deemed satisfied and all such awards shall vest as of the date of a
Change in Control.

 

7.             AMENDMENT AND TERMINATION OF
PROGRAM

The Board of Directors of TCF Financial or the Committee may amend this
Program from time to time, but not more often than once every six months, other
than to comply with requirements of the Internal Revenue Code, or may terminate
this Program at any time, but no action shall reduce the then existing amount
of any participant’s benefit or adversely change the terms and conditions
thereof without the participant’s consent. 
No amendment of this Program shall result in any Committee member losing
his or her status as a “disinterested person” as defined in Rule 16b-3 of
the Securities and Exchange Commission with respect to any employee benefit
plan of TCF Financial or result in the program losing its status as a protected
plan under said Rule 16b-3.  This
Program shall expire in ten years from the date of its most recent approval by
shareholders, unless the shareholders approve renewal of this Program before it
expires.

 

8.             SHAREHOLDER APPROVAL

This Program will be submitted to the TCF Shareholders for approval on April 27,
2005.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]