Document:

Exhibit 10.2

 

SUPERMEDIA
INC.

 

EMPLOYEE RESTRICTED STOCK
AWARD AGREEMENT

 

Scott W. Klein

Grantee

 

	
  Date of Award:

  	
   

  	
  March 12, 2010

  
	
  Number of Shares:

  	
   

  	
  78,999

  
	
  General Vesting Schedule/Restricted Period:

  	
   

  	
  Three (3) years, with vesting in equal installments of one-third
  (1/3) on the anniversary date of the Date of Award in each of the years.

  

 

AWARD
OF RESTRICTED STOCK

 

1.                                      GRANT
OF RESTRICTED STOCK AWARD. 
The Human Resources Committee (the “Committee”)
of the Board of Directors of SuperMedia Inc., a Delaware corporation (the “Company”), pursuant to the SuperMedia Inc.
2009 Long-Term Incentive Plan (the “Plan”),
hereby awards to you, the above-named Grantee, effective as of the Date of
Award set forth above (the “Date of Award”),
that number of shares (the “Shares”)
of the Common Stock, set forth above as Restricted Stock on the following terms
and conditions:

 

During the Restricted Period, the
Shares of Restricted Stock will be evidenced by entries in the stock register
of the Company reflecting that such Shares of Restricted Stock have been issued
in your name.  For purposes of this
Agreement, the term “Restricted Period”
means the period designated by the Committee during which the Shares may not be
sold, assigned, transferred, pledged, or otherwise encumbered.

 

The Shares that are awarded hereby to
you as Restricted Stock shall be subject to the prohibitions and restrictions
set forth herein with respect to the sale or other disposition of such Shares
and the obligation to forfeit and surrender such Shares to the Company (the “Forfeiture Restrictions”).  The Restricted Period and all Forfeiture
Restrictions on the Restricted Stock covered hereby shall lapse as to those Shares
when the Shares become vested and you meet all other terms and conditions of
this Agreement.

 

2.                                      TERMINATION OF EMPLOYMENT/CHANGE IN CONTROL.  The following provisions will
apply in the event your employment with the Company and all Affiliates
(collectively, the “Company Group”)
terminates, or a Change in Control occurs, before the third anniversary of the
Date of Award (the “Third Anniversary Date”) under this
Agreement:

 

2.1           Termination
Generally.  If your
employment with the Company Group terminates on or before the Third Anniversary
Date for any reason, the Forfeiture Restrictions then applicable to the Shares
of Restricted Stock shall not lapse and the number of Shares of Restricted
Stock then subject to the Forfeiture Restrictions shall be forfeited to the
Company on the date your employment terminates, except that the Committee, at
its sole option and election, may permit the Forfeiture Provisions to lapse
only in part if you are terminated without cause.

 

2.2           Change in
Control.  If a Change in Control occurs
on or before the Third Anniversary Date, all remaining Forfeiture Restrictions shall
immediately lapse on the date the Change in Control occurs.

 

 

3.                                      TAX WITHHOLDING.  To the extent that the receipt of the Shares
of Restricted Stock or the lapse of any Forfeiture Restrictions results in
income, wages or other compensation to you for any income, employment or other
tax purposes with respect to which the Company has a withholding obligation,
you shall deliver to the Company at the time of such receipt or lapse, as the
case may be, such amount of money as the Company may require to meet its
obligation under applicable tax laws or regulations, and, if you fail to do so,
the Company is authorized to withhold from the Shares awarded hereby or from
any cash or stock remuneration or other payment then or thereafter payable to
you any statutory minimum tax required to be withheld by reason of such taxable
income, wages or compensation sufficient to satisfy the withholding obligation
based on the last per share sales price of the Common Stock for the trading day
immediately preceding the date that the withholding obligation arises, as
reported in the NASDAQ Composite Transactions.

 

4.                                      NONTRANSFERABILITY.  Notwithstanding anything in
this Agreement to the contrary and except as specified below, the Shares of
Restricted Stock awarded to you under this Agreement shall not be transferable
or assignable by you other than by will or the laws of descent and distribution
to the extent then subject to Forfeiture Restrictions. You may transfer the
Shares to (a) a member or members of your immediate family, (b) to a
revocable living trust established exclusively for you or you and your spouse, (c) a
trust under which your immediate family members are the only beneficiaries or (d) a
partnership of which your immediate family members are the only partners.  For this purpose, “immediate family” means
your spouse, children, stepchildren, grandchildren, parents, grandparents,
siblings (including half brothers and sisters), and individuals who are family
members by adoption.

 

The terms applicable to the
assigned Shares shall be the same as those in effect for the Shares immediately
prior to such assignment and shall be set forth in such documents to be executed
by the assignee as the Committee may deem appropriate.  You may also designate one or more persons as
the beneficiary or beneficiaries of your Shares of Restricted Stock under the
Plan, and those Shares shall, in accordance with such designation,
automatically be transferred to such beneficiary or beneficiaries upon your
death while holding those Shares. Such beneficiary or beneficiaries shall take
the transferred Shares of Restricted Stock subject to all the terms and
conditions of this Agreement. Except for the limited transferability provided
by the foregoing, outstanding Shares of Restricted Stock under the Plan shall
not be assignable or transferable to the extent then subject to Forfeiture
Restrictions.

 

None
of the Company, its employees or directors makes any representations or
guarantees concerning the tax consequences associated with the inclusion of this
provision in this Agreement or your transfer of the Shares of Restricted
Stock.  It is your sole responsibility to seek advice from your own tax
advisors concerning those tax consequences. 
You are entitled to rely upon only the tax advice of your own tax
advisors.

 

5.                                      SALE
OF SECURITIES.  Shares awarded hereby that are no longer
subject to Forfeiture Restrictions may not be sold or otherwise disposed of in
any manner that would constitute a violation of any applicable federal or state
securities laws.  You also agree that (a) the
Company may refuse to cause the transfer of the Shares to be registered on the
stock register of the Company if such proposed transfer would in the opinion of
counsel satisfactory to the Company constitute a violation of any applicable
federal or state securities law and (b) the Company may give related
instructions to the transfer agent, if any, to stop registration of the
transfer of the Shares.

 

6.                                      CAPITAL ADJUSTMENTS AND REORGANIZATIONS.  The existence of the Shares of
Restricted Stock shall not affect in any way the right or power of the Company
to make or 

 

2

 

authorize any adjustment, recapitalization,
reorganization or other change in its capital structure or its business, engage
in any merger or consolidation, issue any debt or equity securities, dissolve
or liquidate, or sell, lease, exchange or otherwise dispose of all or any part
of its assets or business, or engage in any other corporate act or proceeding.

 

7.                                      RIGHTS REGARDING DISTRIBUTIONS MADE BY THE COMPANY DURING THE RESTRICTED
PERIOD.  During the Restricted Period, (a) any
securities of the Company distributed by the Company in respect of the Shares
of Restricted Stock will be evidenced by entries in the appropriate securities
register of the Company reflecting that such securities of the Company, if any,
have been issued in your name (the “Retained
Company Securities”) and (b) any securities of any company
other than the Company or any other property (other than regular cash
dividends) distributed by the Company in respect of the Shares of Restricted
Stock will be evidenced in your name by such certificates or in such other
manner as the Company determines (the “Retained
Other Securities and Property”) and may bear a restrictive legend to
the effect that ownership of such Retained Other Securities and Property and
the enjoyment of all rights appurtenant thereto, are subject to the
restrictions, terms, and conditions provided in the Plan and this
Agreement.  The Retained Company
Securities and the Retained Other Securities and Property (collectively, the “Retained Distributions”) shall be subject
to the same restrictions, terms and conditions as are applicable to the Shares
of Restricted Stock.

 

8.                                      RIGHTS WITH RESPECT TO SHARES OF RESTRICTED STOCK AND RETAINED
DISTRIBUTIONS DURING RESTRICTED PERIOD.  You shall have the right to vote the Shares
of Restricted Stock awarded to you and to receive and retain all regular cash
dividends (which will be paid currently and in no case later than the end of
the calendar year in which the dividends are paid to the holders of the Common
Stock or, if later, the 15th day of the third month following the date the
dividends are paid to the holders of the Common Stock), and to exercise all
other rights, powers and privileges of a holder of the Common Stock, with
respect to such Shares of Restricted Stock, with the exception that (a) you
shall not be entitled to have custody of such Shares of Restricted Stock until
the Forfeiture Restrictions applicable thereto shall have lapsed, (b) the
Company shall retain custody of all Retained Distributions made or declared
with respect to the Shares of Restricted Stock until such time, if ever, as the
Forfeiture Restrictions applicable to the Shares of Restricted Stock with
respect to which such Retained Distributions shall have been made, paid, or
declared shall have lapsed, and such Retained Distributions shall not bear
interest or be segregated in separate accounts and (c) you may not sell,
assign, transfer, pledge, exchange, encumber, or dispose of the Shares of
Restricted Stock or any Retained Distributions during the Restricted
Period.  During the Restricted Period,
the Company may, in its sole discretion, issue certificates for some or all of
the Shares of Restricted Stock, in which case all such certificates shall be
delivered to the Corporate Secretary of the Company or to such other depository
as may be designated by the Committee as a depository for safekeeping until the
forfeiture of such Shares of Restricted Stock occurs or the Forfeiture
Restrictions lapse.  When requested by
the Company, you shall execute such stock powers or other instruments of
assignment as the Company requests relating to transfer to the Company of all
or any portion of such Shares of Restricted Stock and any Retained
Distributions that are forfeited in accordance with the Plan and this
Agreement.

 

9.                                      EMPLOYMENT RELATIONSHIP.  For purposes of this Agreement, you shall be
considered to be in the employment of the Company Group as long as you have an
employment relationship with the Company Group. 
The Committee shall determine any questions as to whether and when there
has been a termination of such employment relationship, and the cause of such
termination, under the Plan and the Committee’s determination shall be final
and binding on all persons.

 

3

 

10.                               SECTION 83(B) ELECTION.  You shall not exercise the election permitted
under Section 83(b) of the Code with respect to the Shares of
Restricted Stock without the written approval of the Chief Financial Officer or
General Counsel of the Company.

 

11.                               NOT AN EMPLOYMENT AGREEMENT.  This Agreement is not an employment
agreement, and no provision of this Agreement shall be construed or interpreted
to create an employment relationship between you and the Company or any
Affiliate or guarantee the right to remain employed by the Company or any
Affiliate for any specified term.

 

12.                               SECURITIES ACT LEGEND.  If you are an officer or affiliate of the
Company under the Securities Act of 1933, you consent to the placing on any
certificate for the Shares of an appropriate legend restricting resale or other
transfer of the Shares except in accordance with such Act and all applicable rules thereunder.

 

13.                               REGISTRATION.  The Shares that may be issued under the Plan
are registered with the Securities and Exchange Commission under a Registration
Statement on Form S-8.

 

14.                               LIMIT OF LIABILITY.  Under no circumstances will the Company or
any Affiliate be liable for any indirect, incidental, consequential or special
damages (including lost profits) of any form incurred by any person, whether or
not foreseeable and regardless of the form of the act in which such a claim may
be brought, with respect to the Plan.

 

15.                               MISCELLANEOUS.  This Agreement
is awarded pursuant to and is subject to all of the provisions of the Plan,
including amendments to the Plan, if any. 
In the event of a conflict between this Agreement and the Plan
provisions, the Plan provisions will control. 
This Agreement (a) supersedes the terms and conditions of, and
fulfills and replaces in its entirety any obligation to make grants under, any
benefit plan or employment agreement, arrangement or understanding, and (b) in
the event of an inconsistency or difference between this Agreement and the
provisions of the Company’s Executive Transition Plan or any other benefit plan
or employment or other agreement, arrangement, or understanding, whether
written or oral, this Agreement and the Plan provisions will control.  By execution of this Agreement, you
affirmatively agree that the award of the Shares under this Agreement satisfies
and discharges in full all obligations of the Company to make an annual long-term
incentive award for the year 2011 under any employment agreement, arrangement,
or understanding between you and the Company. 
The term “you” and “your” refer to the Grantee named in this
Agreement.  Capitalized terms that are
not defined herein shall have the meanings ascribed to such terms in the Plan.

 

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In accepting the award of Shares of Restricted Stock
set forth in this Agreement you accept and agree to be bound by all the terms
and conditions of the Plan and this Agreement.

 

 

	
   

  	
  SUPERMEDIA INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  Agreed and accepted

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Date:
  March     , 2010Exhibit 10.3

 

SUPERMEDIA INC. 2009 LONG-TERM INCENTIVE PLAN

2010 LONG-TERM INCENTIVE AWARD AGREEMENT

 

This Award
Agreement (this “Agreement”) made as of the 12th day of March, 2010, by and
between SUPERMEDIA INC. (the “Company”) and SCOTT W. KLEIN (the “Participant”).

 

1.                                       Award.  In accordance
with the SuperMedia Inc. 2009 Long-Term Incentive Plan (the “Plan”), the Company
has granted a 2010 long-term incentive award (the “Award”) to the Participant consisting
of 79,000 restricted shares.

 

2.                                       SuperMedia Inc. common stock (“Restricted
Shares”).  This Award and the Restricted
Shares covered by this Award are subject to the terms and conditions of this
Agreement and the Plan, a copy of which is has been furnished to the
Participant.  The Participant is a party to
that certain Employment Agreement between the Participant and the Company,
dated May 30, 2008 (the “Employment Agreement”).  The provisions of the Employment Agreement will govern
in the event of any inconsistency with the terms of this Agreement.  Except as otherwise provided herein, capitalized
terms used but not defined in this Agreement will have the meanings ascribed to
them by the Plan.  This award is
made in accordance with and in satisfaction of the Company’s obligation under Section
2.4(b) of the Employment Agreement (relating to the 2010 long term incentive
award to Mr. Klein).

 

3.                                       Vesting Conditions.

 

(a)                                  General.  Subject to the Participant’s continuous
employment with the Company or any of its subsidiaries (collectively, “SuperMedia”)
through the applicable vesting date, the Restricted Shares will vest in one-third
increments on each of March     , 2011,
March     , 2012, and March     ,
2013.

 

(b)                                 Forfeiture of
Unvested Award.  Except as
otherwise provided, if the Participant’s employment with SuperMedia is
terminated, then, upon the termination of such employment, the Participant will
forfeit all right, title and interest in any then outstanding Restricted Shares
that have not vested as provided herein. 
The Participant is the record owner of the Restricted Shares on the
Company’s books, subject to the restrictions and conditions set forth in this
Agreement.  By executing this Agreement,
the Participant expressly authorizes the Company to cancel, reacquire, retire,
or retain, at its election, any Restricted Shares if and when they are
forfeited in accordance with this Agreement. The Participant will execute and
deliver such other documents and take such other actions, if any, as the
Company may reasonably request in order to evidence such action with respect to
any Restricted Shares that are forfeited.

 

(i)                                     Special Vesting
Rules.  If, before the Award becomes
vested, (A) the Participant’s employment with SuperMedia is terminated by
reason of the Participant’s death, (B) the Participant’s employment with
SuperMedia is terminated by SuperMedia without “Cause” or by reason of the
Participant’s “Disability” (as such terms are defined in the Employment Agreement),
(C) the Participant’s employment with SuperMedia is terminated by the
Participant for Good Reason pursuant to the Employment Agreement, or (D) there
occurs a Change in Control, then the Award will thereupon become fully vested;
provided, however, that 

 

 

no such acceleration of
vesting will apply unless, as of the time such acceleration would otherwise
occur, the Participant has maintained continuous compliance with the
restrictive covenants set forth in Section 8 of the Employment Agreement
(the “Restrictive Covenants”) and the Participant has executed and delivered to
the Company a general release of claims against the Company, its subsidiaries
and any of its or their affiliates in the form attached to the Employment
Agreement as Exhibit C.

 

4.                                       Dividend Equivalents; Voting Rights.

 

(a)                                  General. If the Company declares and pays dividends on outstanding
Shares, then, on the dividend payment date, the Participant will be credited
with dividend equivalent restricted stock units with respect to the Participant’s
outstanding Restricted Shares (and dividend equivalent restricted stock units).
 The number of such dividend equivalent restricted
stock units will be determined by multiplying the number of the Participant’s
outstanding Restricted Shares (and dividend equivalent restricted stock units),
as the case may be, immediately prior to the dividend payment date by the
quotient (rounded to the nearest whole number) of (a) the amount of the
dividend payable with respect to one outstanding Share on the dividend payment
date, divided by (b) the closing price per Share on the Nasdaq Stock
Market on the dividend payment date (or, if no shares are traded on such date,
the closing price per Share on the immediately preceding date on which the
Shares are traded).  The dividend
equivalent restricted stock units will be subject to substantially the same
vesting, forfeiture, and other terms and conditions applicable to the
corresponding Restricted Shares and will be settled in the form of an
equivalent number of Shares (or, at the election of the HR Committee, cash
equal to the value of such Shares) if and when the corresponding Restricted
Shares become vested.  The Participant
will be entitled to exercise voting rights with respect to outstanding
Restricted Shares held under this Agreement.

 

(b)                                 Dividend Equivalents Following
Termination of Employment.  Notwithstanding the foregoing,
if the Participant’s employment with SuperMedia terminates before the
Participant is fully vested in the Award and if, as a result of such
termination of employment, the Participant’s vested interest in the Award
accelerates pursuant to Section 2 above, then the HR Committee, acting in
its discretion, will determine whether and the extent to which the Participant
will vest in the dividend equivalent restricted stock units credited pursuant
to the preceding subsection, and the HR Committee’s exercise of this discretion
shall be final, conclusive, and binding.  The HR Committee may condition vesting of the dividend
equivalent credits following termination of the Participant’s employment upon
the Participant’s compliance with the Restrictive Covenants and the Participant’s
execution and delivery of the above-referenced general release.

 

5.                                       Settlement of Award.

 

(a)                                  Settlement of Restricted Share Award.  If,
as, and when Restricted Shares become vested, and subject to the satisfaction
of applicable withholding and other legal requirements, (1) the Restricted
Shares will become vested Shares and will no longer be subject to the transfer
restrictions and forfeiture conditions contained in this Agreement, and the
Company’s books will be updated accordingly, and (2) any dividend
equivalent restricted stock

 

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units credited to the
Participant with respect to such vested Shares will be settled in the form of
Shares and/or cash in accordance with Section 3 above.

 

(b)                                 Form of Settlement Following a Change
in Control.  Notwithstanding the foregoing, if a Change in
Control (within the meaning of the Plan) occurs, then, immediately prior to the
Change in Control, the Shares covered by this Agreement (including Restricted
Shares, as well as Shares represented by dividend equivalent restricted stock
units) will be converted into (1) publicly traded and registered shares of
common stock (“exchange stock”) of the acquiring or successor company (or a
parent company) having a value equal to the Change in Control transaction value
of the Shares or (2) the right to receive the payment of a like amount in
cash, as determined by the HR Committee prior to the Change in Control.  For the purposes of applying the provisions of
this Agreement, if, in connection with a Change in Control, the Award is converted
into an Award covering shares of exchange stock, the definition of the term “Shares”
will be deemed to include such shares of exchange stock.

 

6.                                       Assignment; Beneficiary.  The Award and the Participant’s rights with respect
thereto may not be assigned, pledged, or transferred except to the Participant’s
beneficiary following the Participant’s death (subject to the terms of this
Agreement and the Plan), and any attempted assignment, pledge, or transfer in
violation of this Agreement or the Plan will be void ab initio and of no force
or effect.  The Participant may
designate a beneficiary by filing a written (or electronic) beneficiary
designation form with the Company in a manner prescribed or deemed acceptable
for this purpose by the Company’s Executive Vice President - Human Resources
and Employee Administration.  Each such
beneficiary designation will automatically revoke all prior designations by the
Participant.  If the Participant does not
make a valid beneficiary designation under the Plan during the Participant’s
lifetime or if no designated beneficiary survives the Participant, the
Participant’s beneficiary will be deemed to be the Participant’s surviving spouse
or, if none, the Participant’s estate.

 

7.                                       No Other Rights Conferred.  The grant of the Award under this Agreement
shall not be deemed to constitute a contract of employment with the Participant
or affect in any way the right of the Company or a subsidiary to terminate the
Participant’s employment at any time for any or no reason.  Compensation attributable to the Award made
under this Agreement shall not be taken into account as compensation for
purposes of determining the Participant’s benefits or entitlements under any
employee pension, savings, group insurance, severance, or other benefit plan or
arrangement, unless and except to the extent otherwise specifically provided by
such plan or arrangement.

 

8.                                       Withholding.  The Company’s obligation to make payments or issue or
remove restrictions on Shares under this Agreement shall be subject to and
conditioned upon the satisfaction by the Participant of applicable tax
withholding obligations.  The Company and
its subsidiaries may require the Participant to remit an amount sufficient to
satisfy applicable withholding taxes or deduct or withhold such amount from any
payments otherwise owed the Participant (whether or not under this Agreement or
the Plan).  The Participant expressly elects to authorize the Company to
deduct from any compensation or any other payment of any kind due to the Participant, including
withholding the issuance of Shares, the amount of
any federal, state, local, or foreign taxes required by law to be withheld as a
result of the grant or vesting of 

 

3

 

the
Shares in whole or in part; provided, however, that the value of the Shares withheld may not
exceed the statutory minimum withholding amount required by law.

 

9.                                       HR Committee
Authority.  The HR Committee shall have complete
discretion in the exercise of its rights, powers, and duties under this
Agreement.  Any interpretation or
construction of any provision of, and the determination of any question arising
under, this Agreement shall be made by the HR Committee in its discretion and
such exercise shall be final, conclusive, and binding.  The HR Committee may designate any individual
or individuals to perform any of its functions hereunder.

 

10.                                 Successors.  This
Agreement shall be binding upon, and inure to the benefit of, any successor or
successors of the Company and any beneficiary of the Participant.

 

11.                                 Construction.  This
Agreement is intended to grant the Award, including Restricted Shares and
dividend equivalent restricted stock units, upon the terms and conditions
authorized by the Plan.  Any provisions
of this Agreement that cannot be so administered, interpreted, or construed
shall be disregarded.  In the event that
any provision of this Agreement is held invalid or unenforceable, such
provision shall be considered separate and apart from the remainder of this
Agreement, which shall remain in full force and effect.  In the event that any provision, including any
restrictive covenant made as a part of this Agreement, is held to be unenforceable
for being unduly broad as written, such provision shall be deemed amended to
narrow its application to the extent necessary to make the provision
enforceable according to applicable law and shall be enforced as amended.

 

12.                                 Applicable Law.  The validity, construction, interpretation, and effect
of this Agreement shall be governed by and construed in accordance with the
laws of the State of Texas, without giving effect to the conflicts of laws
provisions thereof.

 

13.                                 Notice.  Any notice to
the Company provided for in this Agreement shall be addressed to the Company in
care of the Executive Vice President - Human Resources and Employee
Administration of SuperMedia Inc. at P. O. Box 619810, 2200 West Airfield Dr.,
D/FW Airport, TX, 75261, and any notice to the Participant shall be addressed
to the Participant at the current address shown on the payroll records of the
Company, or to such other address as the Participant may designate to the
Company in writing.  Any notice shall be
delivered by hand, sent by telecopy or enclosed in a properly sealed envelope
as stated above, registered and deposited, postage prepaid, in a post office
regularly maintained by the United States Postal Service.

 

14.                           Dispute Resolution.  Except as otherwise specified herein, all disputes
arising under the Plan or this Agreement and all claims in which the
Participant seeks damages that relate in any way to the Award or other benefits
of the Plan are subject to the dispute resolution procedures described in the
Employment Agreement.

 

4

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.

 

 

	
   

  	
  SUPERMEDIA INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: 

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

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