Document:

Restricted Stock Award Agreement Two Year

    
      Exhibit
        10.14

       

       

      RESTRICTED
        STOCK AWARD AGREEMENT

      

      

      THIS
        AGREEMENT (the “Agreement”), is made, effective as of __________, the “Grant
        Date”) between Bristol West Holdings, Inc., a Delaware corporation (hereinafter
        called the “Company”), and [NAME],
        an
        employee of the Company or an Affiliate (as defined below) of the Company,
        hereinafter referred to as the “Employee.”

      

      WHEREAS,
        the Company has adopted the 2004 Stock Incentive Plan for the Company and
        Subsidiaries (the “Plan”), the terms of which are hereby incorporated by
        reference and made a part of this Agreement (capitalized terms not otherwise
        defined herein shall have the same meanings as in the Plan);

       

      WHEREAS,
        the Committee has determined that it would be to the advantage and best interest
        of the Company and its shareholders to grant the Shares provided for herein
        (the
“Restricted Stock Award”) to the Employee as an incentive for increased efforts
        during his or her term of office with the Company or its Affiliates, and
        has
        advised the Company thereof and instructed the undersigned officer to grant
        this
        Restricted Stock Award;

       

      NOW,
        THEREFORE, in consideration of the mutual covenants herein contained and
        other
        good and valuable consideration, receipt of which is hereby acknowledged,
        the
        parties hereto do hereby agree as follows:

       

      1. Grant
        of the Restricted Stock.
        Subject
        to the terms and conditions of the Plan, and the additional terms and conditions
        set forth in this Agreement, the Company hereby grants to the Employee a
        Restricted Stock Award equal to ________Shares (hereinafter called the
“Restricted Stock”). The Restricted Stock shall vest and become nonforfeitable
        in accordance with Section 2 hereof.

      

      2. Vesting.

      

      (a) Unless
        otherwise provided in this Agreement, so long as the Employee continues to
        be
        employed by the Company or its Affiliates, the Restricted Stock shall become
        fully vested on ___________ [TWO
        YEARS FROM THE GRANT DATE].

      

      (b) If
        the
        Employee’s employment with the Company or its Affiliates terminates as a result
        of the Employee’s death or Disability (as hereinafter defined) the Restricted
        Stock shall, to the extent not then vested, immediately become fully vested.
        If
        the Employee’s employment is terminated for any reason other than due to death
        or Disability, the Restricted Stock shall, to the extent not then vested,
        be
        forfeited by the Employee without consideration. For purposes of this Agreement,
        “Disability” shall mean “disability” as defined in any employment agreement then
        in effect between the Employee and the Company or any subsidiary thereof,
        or if
        not defined therein or if there is no such agreement, as defined in the
        Company’s long-term disability plan as in effect from time to time, or if there
        is no such plan or if not defined therein, the Employee’s becoming unable to
        engage in the activities required by Employee’s job by reason of any medically
        determined physical or mental impairment which can be expected to result
        in
        death or which has lasted or can be expected to last for a continuous period
        of
        not less than six (6) months.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (c) Notwithstanding
        any other provision of this Agreement to the contrary, upon the occurrence
        of a
        Change in Control, all unvested Restricted Stock shall become immediately
        vested. 

      

      3. Certificates.
        Certificates evidencing the Restricted Stock shall be issued by the Company
        and
        shall be registered in the Employee’s name on the stock transfer books of the
        Company promptly after the date hereof, but shall remain in the physical
        custody
        of the Company or its designee at all times prior to the vesting of such
        Restricted Stock pursuant to Section 2. The Employee hereby acknowledges
        and
        agrees that the Company shall retain custody of such certificate or certificates
        until the restrictions imposed by Section 2 on the Shares granted hereunder
        lapse. As a condition to the receipt of this Restricted Stock Award, the
        Employee shall deliver to the Company a stock power, duly endorsed in blank,
        relating to the Restricted Stock. No certificates shall be issued for fractional
        Shares.

      

      4.  Rights
        as a Stockholder.
        The
        Employee shall be the record owner of the Restricted Stock until or unless
        such
        Stock is forfeited pursuant to Section 2 hereof, and as record owner shall
        be
        entitled to all rights of a common stockholder of the Company, including,
        without limitation, voting rights with respect to the Restricted Stock;
provided,
        however,
        that
        any cash or in-kind dividends paid with respect to the Restricted Stock that
        has
        not previously vested shall be withheld by the Company and shall be paid
        to the
        Employee only when, and if, such Restricted Stock shall become fully vested
        pursuant to Section 2. As soon as practicable following the vesting of the
        Restricted Stock pursuant to Section 2, certificates for the Restricted Stock
        which shall have vested shall be delivered to the Employee or to the Employee’s
        legal guardian or representative along with the stock powers relating
        thereto.

      

      5.  Legend
        on Certificates.
        The
        certificates representing the vested Restricted Stock delivered to the Employee
        as contemplated by Section 3 above shall be subject to such stop transfer
        orders
        and other restrictions as the Committee may deem advisable under the Plan
        or the
        rules, regulations, and other requirements of the Securities and Exchange
        Commission, any stock exchange upon which such Stock is listed, and any
        applicable Federal or state laws, and the Committee may cause a legend or
        legends to be put on any such certificates to make appropriate reference
        to such
        restrictions.

      

      6. Transferability.
        The
        Restricted Stock may not, at any time prior to becoming vested pursuant to
        Section 2 or thereafter, be transferred, sold, assigned, pledged, hypothecated
        or otherwise disposed of unless such transfer, sale, assignment, pledge,
        hypothecation or other disposition complies with the provisions of this
        Agreement and, to the extent applicable, any employee stockholder’s agreement or
        other agreement with the Company or any of its Affiliates regarding the
        transferability, sale or other disposition of the Restricted Stock.

      

      7.  Purchaser’s
        Employment by the Company.
        Nothing
        contained in this Agreement or in any other agreement entered into by the
        Company or its Affiliates and the Employee contemporaneously with the execution
        of this Agreement (subject to any rights set forth in an employment agreement
        between the Employee and the Company or any Affiliate as in effect from time
        to
        time) (i) obligates the Company or any Affiliate to employ the Employee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      in
        any
        capacity whatsoever or (ii) prohibits or restricts the Company (or any
        Affiliate) from terminating the employment, if any, of the Employee at any
        time
        or for any reason whatsoever, with or without cause, and the Employee hereby
        acknowledges and agrees that neither the Company nor any other Person has
        made
        any representations or promises whatsoever to the Employee concerning the
        Employee’s employment or continued employment by the Company or any Affiliate
        thereof.

      

      8. Change
        in Capitalization.
        If,
        prior to the time the restrictions imposed by Section 2 on the Restricted
        Stock
        granted hereunder lapse, the Company shall be reorganized or otherwise
        restructured, or consolidated or merged with another corporation (other than
        a
        Change in Control, which results in the immediate vesting of Restricted Stock),
        any stock, securities or other property exchangeable for such Stock pursuant
        to
        such reorganization, consolidation or merger shall be deposited with the
        Company
        and shall become subject to the restrictions and conditions of this Agreement
        to
        the same extent as if it had been the original property granted hereby, pursuant
        to Section 9 of the Plan.

      

      9. Withholding.
        It
        shall be a condition of the obligation of the Company to deliver Restricted
        Stock to the Employee that the Employee pay to the Company such amount as
        may be
        requested by the Company for the purpose of satisfying any liability for
        any
        federal, state or local income or other taxes required by law to be withheld
        with respect to such Restricted Stock, including the payment to the Company
        upon
        the vesting of the Restricted Stock or other settlement in respect of the
        Restricted Stock of all such taxes and requirements. The Company shall be
        authorized to take such action as may be necessary, in the opinion of the
        Company’s counsel (including, without limitation, withholding vested Restricted
        Stock otherwise deliverable to the Employee hereunder and/or withholding
        amounts
        from any compensation or other amount owing from the Company to the Employee),
        to satisfy the obligations for payment of the minimum amount of any such
        taxes.
        The Employee is hereby advised to seek his own tax counsel regarding the
        taxation of the grant of Restricted Stock made hereunder.

      

      10. Limitation
        on Obligations.
        The
        Company’s obligation with respect to the Restricted Stock granted hereunder is
        limited solely to the delivery to the Employee of Shares on the date when
        such
        shares are due to be delivered hereunder, and in no way shall the Company
        become
        obligated to pay cash in respect of such obligation. This Restricted Stock
        Award
        shall not be secured by any specific assets of the Company or any of its
        subsidiaries, nor shall any assets of the Company or any of its subsidiaries
        be
        designated as attributable or allocated to the satisfaction of the Company’s
        obligations under this Agreement. In addition, the Company shall not be liable
        to the Employee for damages relating to any delays in issuing the share
        certificates to him (or his designated entities), any loss of the certificates,
        or any mistakes or errors in the issuance of the certificates or in the
        certificates themselves.

      

      11.  Securities
        Laws.
        Upon
        the vesting of any Restricted Stock, the Company may require the Employee
        to
        make or enter into such written representations, warranties and agreements
        as
        the Committee may reasonably request in order to comply with applicable
        securities laws or with this Agreement. The granting of the Restricted Stock
        hereunder shall be subject to all applicable laws, rules and regulations
        and to
        such approvals of any governmental agencies as may be required.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      12. Notices.
        Any
        notice to be given under the terms of this Agreement to the Company shall
        be
        addressed to the Company in care of its Secretary, and any notice to be given
        to
        the Employee shall be addressed to him or her at the address given beneath
        his
        signature hereto. By a notice given pursuant to this Section 12, either party
        may hereafter designate a different address for notices to be given to him
        or
        her. Any notice that is required to be given to the Employee shall, if the
        Employee is then deceased, be given to the Employee’s personal representative if
        such representative has previously informed the Company of his or her status
        and
        address by written notice under this Section 12. Any notice shall have been
        deemed duly given when enclosed in a properly sealed envelope or wrapper
        addressed as aforesaid, deposited (with postage prepaid) in a post office
        or
        branch post office regularly maintained by the United States Postal
        Service.

      

      13. Governing
        Law.
        The
        laws of the State of Delaware shall govern the interpretation, validity and
        performance of the terms of this Agreement regardless of the law that might
        be
        applied under principles of conflicts of laws.

      

      14.  Restricted
        Stock Award Subject to the Plan.
        The
        Restricted Stock Award shall be subject to the terms and provisions of the
        Plan,
        the Employee Stockholder’s Agreement between Employee and Bristol
        West Holdings, Inc.
        and the
        other parties thereto, and the Sale Participation Agreement, in each case
        to the
        extent applicable to the Restricted Stock. In the event of a conflict between
        any term or provision contained herein and a term or provision of the Plan,
        the
        Employee Stockholder’s Agreement, or the Sale Participation Agreement, the
        applicable terms and provisions of the Plan, the Employee Stockholder’s
        Agreement, or the Sale Participation Agreement, as applicable, will govern
        and
        prevail. In the event of a conflict between any term or provision of the
        Plan
        and any term or provision of the Employee Stockholder’s Agreement or the Sale
        Participation Agreement, the applicable terms and provisions of the Employee
        Stockholder’s Agreement or the Sale Participation Agreement will govern and
        prevail.

      

      

      15.  Signature
        in Counterparts.
        This
        Agreement may be signed in counterparts, each of which shall be an original,
        with the same effect as if the signatures thereto and hereto were upon the
        same
        instrument.

      

      [Continued
        on next page.]

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement.

      

      

      BRISTOL
        WEST HOLDINGS, INC.

      

      By:
        _____________________________

      Name:
        

      Title:

      

      

      EMPLOYEE

      

      _________________________________

      [NAME]Restricted Stock Award Agreement Five Year

    Exhibit
      10.15

     

     

    RESTRICTED
      STOCK AWARD AGREEMENT

    

    

    THIS
      AGREEMENT (the “Agreement”), is made, effective as of _______ (the “Grant Date”)
      between Bristol West Holdings, Inc., a Delaware corporation (hereinafter called
      the “Company”), and [NAME],
      an
      employee of the Company or an Affiliate (as defined below) of the Company,
      hereinafter referred to as the “Employee.”

    

    WHEREAS,
      the Company has adopted the 2004 Stock Incentive Plan for the Company and
      Subsidiaries (the “Plan”), the terms of which are hereby incorporated by
      reference and made a part of this Agreement (capitalized terms not otherwise
      defined herein shall have the same meanings as in the Plan);

     

    WHEREAS,
      the Committee has determined that it would be to the advantage and best interest
      of the Company and its shareholders to grant the Shares provided for herein
      (the
“Restricted Stock Award”) to the Employee as an incentive for increased efforts
      during his or her term of office with the Company or its Affiliates, and has
      advised the Company thereof and instructed the undersigned officer to grant
      this
      Restricted Stock Award;

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained and other
      good and valuable consideration, receipt of which is hereby acknowledged, the
      parties hereto do hereby agree as follows:

     

    1. Grant
      of the Restricted Stock.
      Subject
      to the terms and conditions of the Plan, and the additional terms and conditions
      set forth in this Agreement, the Company hereby grants to the Employee a
      Restricted Stock Award equal to ___________ Shares
      (hereinafter called the “Restricted Stock”). The Restricted Stock shall vest and
      become nonforfeitable in accordance with Section 2 hereof.

    

    2. Vesting.

    

    (a) Unless
      otherwise provided in this Agreement, so long as the Employee continues to
      be
      employed by the Company or its Affiliates, the Restricted Stock shall become
      fully vested on ___________ [FIVE
      YEARS FROM THE GRANT DATE].

    

    (b) If
      the
      Employee’s employment with the Company or its Affiliates terminates as a result
      of the Employee’s death or Disability (as hereinafter defined) the Restricted
      Stock shall, to the extent not then vested, immediately become fully vested.
      If
      the Employee’s employment is terminated for any reason other than due to death
      or Disability, the Restricted Stock shall, to the extent not then vested, be
      forfeited by the Employee without consideration. For purposes of this Agreement,
      “Disability” shall mean “disability” as defined in any employment agreement then
      in effect between the Employee and the Company or any subsidiary thereof, or
      if
      not defined therein or if there is no such agreement, as defined in the
      Company’s long-term disability plan as in effect from time to time, or if there
      is no such plan or if not defined therein, the Employee’s becoming unable to
      engage in the activities required by Employee’s job by reason of any medically
      determined physical or mental impairment which can be expected to result in
      death or which has lasted or can be expected to last for a continuous period
      of
      not less than six (6) months.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) Notwithstanding
      any other provision of this Agreement to the contrary, upon the occurrence
      of a
      Change in Control, all unvested Restricted Stock shall become immediately
      vested. 

    

    3. Certificates.
      Certificates evidencing the Restricted Stock shall be issued by the Company
      and
      shall be registered in the Employee’s name on the stock transfer books of the
      Company promptly after the date hereof, but shall remain in the physical custody
      of the Company or its designee at all times prior to the vesting of such
      Restricted Stock pursuant to Section 2. The Employee hereby acknowledges and
      agrees that the Company shall retain custody of such certificate or certificates
      until the restrictions imposed by Section 2 on the Shares granted hereunder
      lapse. As a condition to the receipt of this Restricted Stock Award, the
      Employee shall deliver to the Company a stock power, duly endorsed in blank,
      relating to the Restricted Stock. No certificates shall be issued for fractional
      Shares.

    

    4.  Rights
      as a Stockholder.
      The
      Employee shall be the record owner of the Restricted Stock until or unless
      such
      Stock is forfeited pursuant to Section 2 hereof, and as record owner shall
      be
      entitled to all rights of a common stockholder of the Company, including,
      without limitation, voting rights with respect to the Restricted Stock;
provided,
      however,
      that
      any cash or in-kind dividends paid with respect to the Restricted Stock that
      has
      not previously vested shall be withheld by the Company and shall be paid to
      the
      Employee only when, and if, such Restricted Stock shall become fully vested
      pursuant to Section 2. As soon as practicable following the vesting of the
      Restricted Stock pursuant to Section 2, certificates for the Restricted Stock
      which shall have vested shall be delivered to the Employee or to the Employee’s
      legal guardian or representative along with the stock powers relating
      thereto.

    

    5.  Legend
      on Certificates.
      The
      certificates representing the vested Restricted Stock delivered to the Employee
      as contemplated by Section 3 above shall be subject to such stop transfer orders
      and other restrictions as the Committee may deem advisable under the Plan or
      the
      rules, regulations, and other requirements of the Securities and Exchange
      Commission, any stock exchange upon which such Stock is listed, and any
      applicable Federal or state laws, and the Committee may cause a legend or
      legends to be put on any such certificates to make appropriate reference to
      such
      restrictions.

    

    6. Transferability.
      The
      Restricted Stock may not, at any time prior to becoming vested pursuant to
      Section 2 or thereafter, be transferred, sold, assigned, pledged, hypothecated
      or otherwise disposed of unless such transfer, sale, assignment, pledge,
      hypothecation or other disposition complies with the provisions of this
      Agreement and, to the extent applicable, any employee stockholder’s agreement or
      other agreement with the Company or any of its Affiliates regarding the
      transferability, sale or other disposition of the Restricted Stock.

    

    7.  Purchaser’s
      Employment by the Company.
      Nothing
      contained in this Agreement or in any other agreement entered into by the
      Company or its Affiliates and the Employee contemporaneously with the execution
      of this Agreement (subject to any rights set forth in an employment agreement
      between the Employee and the Company or any Affiliate as in effect from time
      to
      time) (i) obligates the Company or any Affiliate to employ the Employee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    in
      any
      capacity whatsoever or (ii) prohibits or restricts the Company (or any
      Affiliate) from terminating the employment, if any, of the Employee at any
      time
      or for any reason whatsoever, with or without cause, and the Employee hereby
      acknowledges and agrees that neither the Company nor any other Person has made
      any representations or promises whatsoever to the Employee concerning the
      Employee’s employment or continued employment by the Company or any Affiliate
      thereof.

    

    8. Change
      in Capitalization.
      If,
      prior to the time the restrictions imposed by Section 2 on the Restricted Stock
      granted hereunder lapse, the Company shall be reorganized or otherwise
      restructured, or consolidated or merged with another corporation (other than
      a
      Change in Control, which results in the immediate vesting of Restricted Stock),
      any stock, securities or other property exchangeable for such Stock pursuant
      to
      such reorganization, consolidation or merger shall be deposited with the Company
      and shall become subject to the restrictions and conditions of this Agreement
      to
      the same extent as if it had been the original property granted hereby, pursuant
      to Section 9 of the Plan.

    

    9. Withholding.
      It
      shall be a condition of the obligation of the Company to deliver Restricted
      Stock to the Employee that the Employee pay to the Company such amount as may
      be
      requested by the Company for the purpose of satisfying any liability for any
      federal, state or local income or other taxes required by law to be withheld
      with respect to such Restricted Stock, including the payment to the Company
      upon
      the vesting of the Restricted Stock or other settlement in respect of the
      Restricted Stock of all such taxes and requirements. The Company shall be
      authorized to take such action as may be necessary, in the opinion of the
      Company’s counsel (including, without limitation, withholding vested Restricted
      Stock otherwise deliverable to the Employee hereunder and/or withholding amounts
      from any compensation or other amount owing from the Company to the Employee),
      to satisfy the obligations for payment of the minimum amount of any such taxes.
      The Employee is hereby advised to seek his own tax counsel regarding the
      taxation of the grant of Restricted Stock made hereunder.

    

    10. Limitation
      on Obligations.
      The
      Company’s obligation with respect to the Restricted Stock granted hereunder is
      limited solely to the delivery to the Employee of Shares on the date when such
      shares are due to be delivered hereunder, and in no way shall the Company become
      obligated to pay cash in respect of such obligation. This Restricted Stock
      Award
      shall not be secured by any specific assets of the Company or any of its
      subsidiaries, nor shall any assets of the Company or any of its subsidiaries
      be
      designated as attributable or allocated to the satisfaction of the Company’s
      obligations under this Agreement. In addition, the Company shall not be liable
      to the Employee for damages relating to any delays in issuing the share
      certificates to him (or his designated entities), any loss of the certificates,
      or any mistakes or errors in the issuance of the certificates or in the
      certificates themselves.

    

    11.  Securities
      Laws.
      Upon
      the vesting of any Restricted Stock, the Company may require the Employee to
      make or enter into such written representations, warranties and agreements
      as
      the Committee may reasonably request in order to comply with applicable
      securities laws or with this Agreement. The granting of the Restricted Stock
      hereunder shall be subject to all applicable laws, rules and regulations and
      to
      such approvals of any governmental agencies as may be required.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    12. Notices.
      Any
      notice to be given under the terms of this Agreement to the Company shall be
      addressed to the Company in care of its Secretary, and any notice to be given
      to
      the Employee shall be addressed to him or her at the address given beneath
      his
      signature hereto. By a notice given pursuant to this Section 12, either party
      may hereafter designate a different address for notices to be given to him
      or
      her. Any notice that is required to be given to the Employee shall, if the
      Employee is then deceased, be given to the Employee’s personal representative if
      such representative has previously informed the Company of his or her status
      and
      address by written notice under this Section 12. Any notice shall have been
      deemed duly given when enclosed in a properly sealed envelope or wrapper
      addressed as aforesaid, deposited (with postage prepaid) in a post office or
      branch post office regularly maintained by the United States Postal
      Service.

    

    13. Governing
      Law.
      The
      laws of the State of Delaware shall govern the interpretation, validity and
      performance of the terms of this Agreement regardless of the law that might
      be
      applied under principles of conflicts of laws.

    

    14.  Restricted
      Stock Award Subject to the Plan.
      The
      Restricted Stock Award shall be subject to the terms and provisions of the
      Plan,
      the Employee Stockholder’s Agreement between Employee and Bristol West Holdings,
      Inc. and the other parties thereto, and the Sale Participation Agreement, in
      each case to the extent applicable to the Restricted Stock. In the event of
      a
      conflict between any term or provision contained herein and a term or provision
      of the Plan, the Employee Stockholder’s Agreement, or the Sale Participation
      Agreement, the applicable terms and provisions of the Plan, the Employee
      Stockholder’s Agreement, or the Sale Participation Agreement, as applicable,
      will govern and prevail. In the event of a conflict between any term or
      provision of the Plan and any term or provision of the Employee Stockholder’s
      Agreement or the Sale Participation Agreement, the applicable terms and
      provisions of the Employee Stockholder’s Agreement or the Sale Participation
      Agreement will govern and prevail.

    

    

    15.  Signature
      in Counterparts.
      This
      Agreement may be signed in counterparts, each of which shall be an original,
      with the same effect as if the signatures thereto and hereto were upon the
      same
      instrument.

    

    [Continued
      on next page.]

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement.

    

    

    BRISTOL
      WEST HOLDINGS, INC.

    

    By:
      _____________________________

    Name:
      

    Title:

    

    

    EMPLOYEE

    

    _________________________________

    [NAME]

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