Document:

EXHIBIT 10.TT

 

OMNIBUS STOCK PLAN

 

RESTRICTED
STOCK AWARD AGREEMENT

 

AGREEMENT,
made effective as of
                                 
by and between Mercantile Bankshares Corporation, a Maryland corporation (“Company”),
and                                  
(“Award Recipient”):

 

WHEREAS,
the Company maintains the Mercantile Bankshares Corporation 1999 Omnibus Stock
Plan (“Omnibus Stock Plan”) under which the Company’s Compensation Committee (“Committee”)
of the Board of Directors (“Board”) may, among other things, award shares of
the Company’s Common Stock of $2.00 par value (“Common Stock”) to such members
of the Company’s management team as the Committee may determine, subject to
such terms, conditions, or restrictions as the Committee may deem appropriate;
and

 

WHEREAS,
pursuant to the Omnibus Stock Plan, the Committee, with the approval of the
Board, has granted to the Award Recipient a restricted stock award subject to
this Agreement setting forth the terms and conditions applicable to such award
in accordance with Article 5 of the Omnibus Stock Plan; and

 

WHEREAS,
the Award Recipient desires to accept said award in accordance with the terms
and provisions of the Omnibus Stock Plan and this Agreement.

 

NOW,
THEREFORE, in consideration of the
premises and mutual covenants and agreements contained herein, the Company and
Award Recipient agree as follows:

 

1.             AWARD OF SHARES:

 

Under the terms of the
Omnibus Stock Plan, the Committee has granted to the Award Recipient, and has
caused to be recorded on the books of the Company, a restricted stock award
made on
                                 
(“Award Date”), of
                                 
shares of Common Stock (“Award Shares”) subject to the terms, conditions, and
restrictions set forth in this Agreement. 
The Award Recipient has paid to the Company a purchase price of $
                                 ,
equal to $0.01 for each Award Share granted hereunder.

 

2.                                      AWARD
RESTRICTIONS:

 

The Award Shares shall be
nontransferable and subject to forfeiture until such shares vest in accordance
with the provisions set forth below. 
Subject to Section 4 of this Agreement, the Award Shares shall become
fully vested at the end of the three-year period ending
                                 
(the “restriction period”), if the Award Recipient shall have been continuously
employed by the Company throughout such restriction

 

1

 

period.  The number of Award Shares which may become
vested upon expiration of the  restriction
period are set forth below.

 

	
  Number of Award

  Shares Vesting

  	
   

  	
  Restriction

  Period Ending

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

Upon the vesting of Award
Shares by virtue of the lapse of the restriction period set forth above or
under Section 4 of this Agreement, the Company shall deliver to the Award
Recipient (or the person or persons entitled thereto under Section 12 of this
Agreement in the event of her death) a stock certificate covering the requisite
number of vested shares registered on the Company’s books within 30 days after
vesting.  Upon receipt of such stock
certificate, the holder is free to hold or dispose of such certificate at will,
subject to any applicable securities laws or regulations governing
transferability of shares of the Company.

 

During the restriction
period and prior to vesting, Award Shares are not transferable by the Award
Recipient by means of sale, assignment, exchange, pledge, hypothecation, or
otherwise (other than by will or other instrument taking effect upon her death
or the laws of descent and distribution).

 

3.                                      STOCK
CERTIFICATES:

 

Prior to the vesting of
the Award Shares, the stock certificate(s) evidencing the Award Shares shall be
registered on the Company’s books in the name of the Award Recipient as of the
Award Date.  Physical possession or
custody of such stock certificate(s) shall be retained by the Company until
such time as the shares are vested. 
While in its possession, the Company reserves the right to place a
legend on the stock certificate(s) restricting the transferability of such
certificate(s) and referring to the terms and conditions (including forfeiture)
approved by the Committee and applicable to the shares represented by the
certificate(s).  The Award Recipient
shall deliver to the Company such number of stock powers, endorsed in blank, as
the Committee shall require with respect to the Award Shares to be held by the
Company during the restriction period.

 

Prior to the vesting of
the Award Shares, the Award Recipient shall be entitled to vote the Award
Shares and to all other rights of a holder of Common Stock of the Company,
except that cash dividends will not be paid to the Award Recipient but shall be
withheld by the Company on the following terms. 
The Company shall maintain and record a calculation of the number of
additional shares of Common Stock (“Additional Award Shares”) that the Award
Recipient would own at the end of the restriction period (or at such earlier
date on which Award Shares shall become vested under Section 4 of this
Agreement) as if cash dividends (commencing with the dividend payable in                    )
had been payable to the Award Recipient and had been reinvested in Common Stock
(including fractional shares) of the Company by her as a participant in the
Company’s Dividend Reinvestment and Stock Purchase Plan (as in effect on the
date

 

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hereof, or any such
amended or successor plan).  Upon the
vesting of the Award Shares, a certificate for the Additional Award Shares
shall be issued to the Award Recipient in the same manner as will apply to the
Award Shares and shall be deemed to be awarded as a supplemental restricted
stock award under the Omnibus Stock Plan, in consideration of the amount of
cash dividends withheld, with cash paid in lieu of any fractional Additional
Award Share.  If any Award Shares do not
become vested, the Additional Award Shares attributable thereto will not be
issued and no payments to the Award Recipient with respect to such Award Share
cash dividends will be made.

 

Any securities or other
property distributable to holders of Common Stock of the Company, other than
cash dividends, prior to the vesting of Award Shares, shall be treated in the
same way, subject to the same vesting and forfeiture conditions, as Award Shares
and shall not be distributed to the Award Recipient unless and until such Award
Shares become vested.

 

4.                                      TERMINATION
OF EMPLOYMENT:

 

If the Award Recipient’s
employment with the Company terminates due to death or total and permanent
disability or by reason of involuntary termination of her employment by the
Company in violation of any employment agreement, during the restriction
period, any Award Shares which are then subject to restriction shall become
fully vested as of such date of termination of employment.  If the employment of the Award Recipient with
the Company is terminated for any other reason during the restriction period,
no Award Shares which are then subject to restriction shall become vested and
such Award Shares shall be forfeited by the Award Recipient and revert to the
Company, without payment of any consideration to the Award Recipient.  The Committee shall have absolute discretion
(subject to any applicable laws) to determine whether an authorized leave of
absence or absence on military or government service or otherwise shall
constitute a termination of employment for purposes of this Agreement.  The Committee shall have absolute discretion
to determine whether an Award Recipient’s termination of employment is due to
total and permanent disability.  The
Committee may require the Award Recipient to provide whatever evidence the
Committee deems desirable to ascertain whether the Award Recipient is totally
and permanently disabled.

 

5.                                      WITHHOLDING
TAXES AND TAX ELECTIONS:

 

The Company shall have
the right to deduct from any compensation or any other payment of any kind
(including withholding the issuance of shares of Common Stock) due the Award
Recipient the amount of any federal, state or local taxes required by law to be
withheld as a result of the grant of the restricted stock award or the lapse of
the restriction period in whole or in part; provided, however, that the value
of the shares of Common Stock withheld may not exceed the statutory minimum
withholding amount required by law.  In lieu
of such deduction, the Company may require the Award Recipient to make a cash
payment to the Company or an Affiliate equal to the amount required to be
withheld.  If the Award Recipient does
not make such payment when

 

3

 

requested, the Company
may refuse to issue any Common Stock certificate under this Agreement until
arrangements satisfactory to the Committee for such payment have been made.

 

The Award Recipient has
received an information letter disclosing that an election could be made under
Section 83(b) of the Internal Revenue Code of 1986, as amended, under which she
could recognize income on the grant of Award Shares at the time of the grant
and prior to the vesting of such Award Shares.

 

6.                                      IMPACT
ON OTHER BENEFITS:

 

The value of the
restricted stock award (either on the Award Date or at the time the shares are
vested) shall not be includable as compensation or earnings for purposes of any
other benefit plan offered by the Company.

 

7.                                      ADMINISTRATION:

 

The Committee or the
Board shall have full authority and discretion (subject only to the express
provisions of the Omnibus Stock Plan) to decide all matters relating to the
administration, interpretation and implementation of the Omnibus Stock Plan and
this Agreement.  All such Committee
determinations shall be final, conclusive, and binding upon the Company, the
Award Recipient, and any and all interested parties.

 

8.                                      RIGHT
TO CONTINUED EMPLOYMENT:

 

Nothing in the Omnibus
Stock Plan or this Agreement shall be construed as a contract of employment
between the Company and the Award Recipient, or as a contractual right of the
Award Recipient to continue in the employ of the Company or any affiliate.

 

9.                                      AMENDMENTS:

 

This Agreement contains
the entire agreement between the parties with respect to the subject matter
contained herein and may not be modified, except as provided in the Omnibus
Stock Plan or in a written document signed by each of the parties hereto.

 

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10.                               FORCE
AND EFFECT:

 

This Agreement is
intended to conform in all respects with, and is subject to all applicable
provisions of, the Omnibus Stock Plan (including, without limitation, the
antidilution and other provisions of Article 7), which is incorporated herein
by reference.  Inconsistencies between
the Agreement and the Omnibus Stock Plan shall be resolved in accordance with
the terms of the Omnibus Stock Plan.  In
the event of any ambiguity in the Agreement or any matters as to which the
Agreement is silent, the Omnibus Stock Plan shall govern.

 

11.                               PREVAILING
LAWS:

 

This Agreement shall be
construed and enforced in accordance with and governed by the laws of the State
of Maryland, without regard to the conflict of laws principles thereof.

 

12.                               SUCCESSORS:

 

This Agreement shall be
binding upon and inure to the benefit of the Company, its successors and
assigns, and the Award Recipient and his heirs, personal representatives and
assigns.

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer, and the Award Recipient has hereunto
set her hand and seal, on this
           day of
                          .

 

	
  ATTEST:

  	
  Mercantile Bankshares Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  John L. Unger, Secretary

  	
   

  	
  Edward J. Kelly, III.

  
	
   

  	
   

  	
  Chairman, President & CEO

  
	
   

  	
   

  
	
  WITNESS:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
						

 

5

 

STOCK
POWER

 

FOR VALUE RECEIVED, the
undersigned,
                         
an individual residing at                                                                                         ,
whose social security number is
                             ,
hereby sells, assigns and transfers unto Mercantile Bankshares Corporation or
its successor
                   
shares of Common Stock, $2.00 par value per share, of the Mercantile Bankshares
Corporation (the “Company”) standing in my name of the books of the Company,
represented by Certificate No.
                   ,
which is attached hereto, and hereby irrevocably constitutes and appoints
Mercantile Bankshares Corporation as my attorney to transfer the said stock on
the books of the Company with full power of substitution in the premises.

 

WITNESS:

 

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Shareholder

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
						

 

1Exhibit
10.UU

 

MERCANTILE
BANKSHARES CORPORATION

 

2004
RESTRICTED STOCK PROGRAM

 

Article 1:  Introduction

 

On March 3 2004, the
Compensation Committee (the “Committee”) of
the Board of Directors of Mercantile Bankshares Corporation (“MBC”), pursuant to Section 3.2 of the Mercantile Bankshares
Corporation 1999 Omnibus Stock Plan (the “Stock Plan”),
approved and adopted this Mercantile Bankshares Corporation 2004 Restricted
Stock Program (“Incentive Program”). Awards of
Restricted Stock hereunder are conditioned upon and subject to the prior (a)
approval by MBC stockholders of the Stock Plan, as amended, and (b)
certification in writing by the Committee that the performance goals and other
requirements set forth herein have been met. 
The awards of Restricted Stock hereunder are intended to qualify as
qualified performance-based compensation under Section 162(m) of the Internal
Revenue Code of 1986, as amended (“Code”) and
the Treasury Regulations thereunder.  The
Incentive Program shall be interpreted and administered in compliance with such
provisions.  Capitalized terms under this
Incentive Program shall have the same meaning as under the Stock Plan unless
defined differently herein.

 

Article 2.  Administration.

 

The Incentive Program
shall be administered by the Committee as provided in Article 3 of the Stock
Plan.  The Committee consists solely of
two (2) or more “outside directors” within the meaning of Code Section 162(m)
and “nonemployee directors” as defined for purposes of Rule 16b-3 of the
Securities Exchange Act of 1934 (the “Exchange Act”).

 

Article 3.  Participants

 

Participants under the
Incentive Program shall mean those executives of MBC or its Affiliates listed
on Appendix A hereto.  Participation in
the Incentive Plan neither guarantees nor precludes participation in other
incentive and/or equity compensation plans of MBC or its Affiliates for 2004 or
other years.

 

Article 4.  Performance Period.

 

(a)                                  Definition:  The
period over which the performance goals set forth below must be met is the period
from January 1, 2004 to December 31, 2005 (the “Performance
Period”).

 

 

(b)                                 Sale of MBC.  Notwithstanding
the above, the Performance Period shall end on the date of a “Sale” of MBC, if
earlier than December 31, 2005, which shall mean:

 

(i)                                     The
acquisition by any person, entity or “group”, within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act (excluding for this purpose, MBC or
its Affiliates, and excluding any acquisition of securities by any employee
benefit plan of MBC or its Affiliates), of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent
(50%) or more of either the then outstanding shares of common stock of MBC or
the combined voting power of MBC’s then outstanding voting securities entitled
to vote generally in the election of directors (such common stock or then
outstanding voting securities being referred to herein as “Voting
Securities”), calculated on the date of the transaction causing the
foregoing fifty percent (50%) test to be met, without regard to any limitation
upon the voting rights of any acquiring person under Maryland statutes and
without regard to the potential exercisability of rights, not exercised on such
date, pursuant to any Stockholder Protection Rights Agreement of MBC then in
effect; or

 

(ii)                                  Approval
by the stockholders of MBC of (A) a reorganization, merger, consolidation or
statutory share exchange, in each case, with respect to which persons who are
the holders of the outstanding Voting Securities of MBC immediately prior to
such reorganization, merger, consolidation or statutory share exchange do not,
immediately thereafter, own more than fifty percent (50%) of the combined
voting power entitled to vote generally in the election of directors of the entity
resulting from such reorganization, merger, consolidation or statutory share
exchange, or (B) a liquidation or dissolution of MBC or the sale of all or
substantially all of the assets of MBC to an entity other than an Affiliate.

 

Article 5.  Incentive Awards.

 

(a)                                  Amount.  The award
payable to each Participant hereunder, subject to the conditions herein, shall
be shares of Restricted Stock in an amount whose Value (as defined below), as
of the last day of the Performance Period, equals one hundred percent (100%) of
the Participant’s annual base salary (not total base salary during the
Performance Period) as of the date of adoption and approval of this Incentive
Program by the Committee.  “Value” of the Restricted Stock shall mean the Fair Market
Value as defined in the Stock Plan or, in the case of a Sale of MBC, the
average weighted closing price of the shares for the thirty- (30) day trading
period immediately preceding the closing date of the transaction.

 

(b)                                 Issuance of Shares. 
Such shares of Restricted Stock shall be awarded and issued within
ninety (90) days of the end of the Performance Period, provided the Stock Plan,
as amended, is approved by MBC stockholders and the Committee certifies in
writing after the end of the Performance Period and prior to such award and
issuance of

 

3

 

the Restricted Stock that
the performance goals and other requirements herein have been met.  No fractional shares shall be issued under
this Incentive Program.

 

(c)                                  Adjustments.  The
Committee may not increase the amount of any award hereunder that would be
issued and payable upon attainment of the performance goals herein but may
within its discretion reduce or eliminate any such award.

 

Article 6.  Performance and Employment Requirements

 

The following must be
certified in writing as met by the Committee as of the end of the Performance
Period before the award and issuance of Restricted Stock hereunder to a
Participant:

 

(a)                                  Performance Goal: 
Total Stockholder Return during the Performance Period, as measured by
the dividends payable on MBC common stock during the Performance Period
together with the increase from the Beginning Stock Price to the Ending Stock
Price, must reflect a compound annual growth rate of at least twelve percent
(12%).  For this purpose the following
definitions apply:

 

(i)                                     “Total Stockholder Return” means dividends paid on MBC Common
Stock based on each record date during the Performance Period plus appreciation
of MBC common stock as measured by the excess, if any, of the Ending Stock
Price over the Beginning Stock Price.  In
the event of stock splits or other recapitalizations involving MBC (excepting
stock repurchases or issuances of new stock for acquisitions), the Committee
shall make such adjustment as it deems appropriate to maintain comparability
between the Beginning Stock Price and Ending Stock Price.

 

(ii)                                  “Beginning Stock Price” means the average weighted closing
price of MBC common stock for the 30-day trading period beginning on January 1,
2004.

 

(iii)                               “Ending Stock Price” means:

 

(A) if
the Performance Period ends on December 31, 2005, other than as a result of the
Sale of MBC, the average weighted closing price of MBC common stock for the
thirty (30)-day trading period ending on such date; or

 

(B) if
the Performance Period ends on the date of the Sale of MBC, the average
weighted closing price of MBC common stock for the thirty (30)-day trading
period immediately preceding the Closing date of the transaction.

 

(b)                                 Continued Employment: 
The Participant must remain in the continued employment of MBC or its
Affiliates from the beginning of the Performance Period through the last day of
the Performance Period. Notwithstanding the foregoing, if a Participant does
not remain in continued employment during the Performance period

 

4

 

solely because of death
or total disability (as defined in MBC’s long-term disability plan), the
Participant (or his estate, in the event of his death) shall nevertheless be
entitled to receive an award hereunder at the end of the Performance period on
the same basis as if he had remained in continued employment during the
Performance Period, so long as the performance goal described in Article 6 has
been attained.

 

Article
7.  Holding Period.

 

Restricted Stock issued
under this Incentive Program may not be sold or otherwise disposed of by the
Participant for one year from the issuance of the shares. During the
restriction period, cash dividends will not be paid to the Participant, but
will be accumulated as credits, to be converted to and paid as additional
shares at the end of the restriction period. The Committee may impose such
conditions as it determines in order to enforce such restriction including
without limitation providing for the holding of the shares of Restricted Stock
in escrow or providing for an appropriate legend on such share certificates.

 

Article 8.  Tax Withholding

 

MBC or any Affiliate
shall have the right to deduct from any compensation or any other payment of
any kind (including withholding the issuance of shares of MBC common stock) due
the Participant the amount of any federal, state or local taxes required by law
to be withheld as a result of the award, issuance or vesting of the Restricted Stock
hereunder.  In lieu of such deduction,
MBC may require the Participant to make a cash payment to MBC or an Affiliate
equal to the amount required to be withheld. 
If the Participant does not make such payment when requested, MBC may
refuse to issue any MBC common stock certificate hereunder until arrangements
satisfactory to the Committee for such payment have been made.

 

Article 9.  Miscellaneous

 

(a)                                  Employment.  Nothing
in the Incentive Program shall confer upon any Participant the right to remain in
the employ of MBC or its Affiliates or shall interfere or restrict in any way
the rights of the Participant’s employer to discharge or change the terms of
employment of any Participant at any time for any reason whatsoever, with or
without cause.

 

(b)                                 Other Plans.  The
adoption of the Incentive Program shall not affect any other equity or other
compensation or incentive plan in effect for MBC or any Affiliate, and the
Incentive Program shall not preclude the Committee or MBC’s Board of Directors
from establishing any other forms of incentive compensation.

 

5

 

APPENDIX
A

 

LIST OF
PARTICIPANTS UNDER

THE MERCANTILE
BANKSHARES CORPORATION

2004 RESTRICTED STOCK PROGRAM.

 

1.                                       Edward
J. Kelly, III

2.                                       Alexander
Mason

3.                                       Michael
Reid

4.                                       Peter
Floeckher

5.                                       John
Unger

6.                                       Terry
Troupe

7.                                       Michael
Paese

 

1

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