Document:

EX-10.1

 Exhibit 10.1 

 
 

 
 Board of Directors 
 Compensation Program 
 For 

Non-Executive Directors 
 May,
2013 

 PartnerRe Ltd. Board of Directors Compensation Policy 

PartnerRe Ltd. (the “Company”) has developed a Board of Directors Compensation Policy for Non-Executive Directors (the “Policy”) to
address specific objectives: 
  

	 	•	 	 Establish competitive levels of remuneration, benchmarked against an appropriate peer group. 

 

	 	•	 	 Align the interests of Directors and shareholders by using equity as a major component of the total compensation package. 

 

	 	•	 	 Establish one approach to Directors compensation in recognition of the Company’s strategy to rotate Directors’ committee assignments
periodically. 

  

	 	•	 	 Demonstrate good governance and corporate responsibility. 

 As part of this Policy, as approved by the Nominating and Governance Committee, PartnerRe offers a competitive mix of cash and equity compensation for each non executive director and for the Chairman of
the Board (the “Chairman”) (together the “Directors”1). 
 The total compensation package for Director’s service on a calendar year period consists
of two components: 
  

	 	•	 	 Cash compensation; and 

  

	 	•	 	 Restricted Share Units (“RSUs”). 

  

													
	 Component
	 	Director*
Annual 
Amount	 	 	Committee Chair
Fee
Annual Amount	 	 	Chairman of the 
Board
Annual Amount	 
	 Cash
	 	$	80,000	  	 	$	15,000	  	 	$	160,000	  
	 RSUs
	 	$	150,000	  	 				 	$	180,000	  
	 Dividend equivalents paid on RSUs
	 	 
 	Per actual dividend rate
declared by the Board	  
  	 				 	 
 	Per actual dividend rate
declared by the Board	  
  

  

	*	Chairman excluded 

 Cash Compensation

 Directors are entitled to receive cash compensation on an annual basis (as detailed in the table above). Cash compensation is paid once a
year on June 15 or the nearest business day thereafter. 
 Elective Equity Incentive 

Deferred Cash Compensation 
 Directors may
elect to defer 50% or 100% of their cash compensation into RSUs (see RSU description). 
 Company Match 

Should a Director elect to defer his or her cash compensation into RSUs, deferred amounts will receive an additional matching award equal to 25% of the
deferred dollar amount. The matching award will be granted in RSUs (see RSU description). 
 Equity Compensation 

RSUs 
 Directors are entitled to receive
RSUs (as detailed in the table above). RSUs are granted once a year on June 15 or the nearest business day thereafter. 

 

	1 	For the purpose of this document, all references to Directors refer to non-executive directors only and does not include executive directors 

  
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 The number of RSUs awarded is determined by the applicable annual U.S. dollar amount of the award divided by
the Fair Market Value of the Shares (both terms as defined in the PartnerRe Ltd 2003 Non-Employee Directors Share Plan, as amended or replaced from time to time, the “Plan”) on the grant date. RSUs will cliff vest after 5 years from the
grant date and automatic delivery will also occur at this time. 
 Dividend Equivalents 

All RSU awards will accrue dividend equivalents on the same basis as the shares underlying the RSUs, with such dividend equivalents payable annually on
June 15 or the nearest business day thereafter, with no accrued interest on the dividend equivalents. 
 Delivery of RSUs

 Prior to the RSU grant, Directors will have the ability to elect to receive 60% of the value of the RSUs in Shares and 40% in cash.

 Directors Ownership Guidelines 
 Directors are required to own a minimum number of shares equal to 4 times his or her annual cash compensation entitlement (excluding Committee Chair Fee) (“Ownership Target”). For the purpose of
determining the Ownership Target, both shares owned by the Director as well as RSUs are included in the calculation. Directors who do not meet the Ownership Target are required to receive at least 50% of their cash compensation in RSUs until the
Ownership Target is met. 
 Transfers of equity interests into Trusts or Family Partnerships can only occur if the Director Ownership Targets
continue to be met after the transfer has occurred subject to the approval of the Nominating and Governance Committee and in compliance with certain restrictions. 
 Maximum Annual Equity Awards 
 RSU awards made to Directors shall not exceed the maximum
annual limit stated in the Plan. 
 Appointment and Termination of service 
 Appointment 
 Any newly appointed Director is entitled to receive: 

 

	 	•	 	 an amount equal to the annual amount of cash compensation prorated based on the number of days between the date of appointment and December 31
inclusive (the “Prorated Cash Compensation”); and 

  

	 	•	 	 a number of RSUs equal to the applicable annual U.S. dollar amount prorated based on the number of days between the date of appointment and
December 31 inclusive (the “Prorated Number of RSUs”). 

 Should a Director be appointed before June 15,
he/she will receive on June 15 or the nearest business day thereafter, of the year of appointment the Prorated Cash Compensation and the Prorated Number of RSUs. 
 Should the Director be appointed after June 15, the Prorated Cash Compensation and the Prorated Number of RSUs will be paid or granted on June 15 of the following year. 

Termination of service 
 Appendix A will
apply to cash compensation/clawback, share options (previously granted) and RSUs in the event of the Director’s termination of service. 

  
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 Travel 
 The Company agrees to reimburse all business expenses related to services rendered, including attendance at educational sessions, as a Director. 
 Partner program 
 Every two years the Company invites the partners of Directors to attend
events at the Board meeting. The cost of providing the program (excluding travel) is covered by the Company. The Board has decided that travel costs for partners to attend these programs shall be paid by the Director and shall not be reimbursed by
the Company. 

  
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 Appendix A 
 PartnerRe Ltd. 
 Permissible Termination = Change in control, death, permanent
disability, mandatory retirement, voluntary termination due to acceptance of a public service position that would either preclude Board service or make such continued service impractical and failure to be re-elected to the Board by Shareholders.

  

											
	 	 	 	 	 Termination Before
June 15th
	 	 Termination After
June 15th

	 Pay Component
	 	 Payment / Grant Date
	 	 Permissible
	 	 Non-Permissible
	 	 Permissible
	 	 Non-Permissible

	Cash Retainer	 	Retainer is paid on June 15th for the calendar year	 	Pay pro rata retainer	 	Pay pro rata retainer	 	Clawback unearned retainer	 	Clawback unearned retainer
						
	Restricted Share Units	 	RSUs are granted on June 15th for the calendar year with a five-year cliff vest	 	 Not granted for current year
  

Accelerated vesting of prior unvested awards
	 	 Not granted for current year
  

Forfeiture of unvested awards
	 	 Accelerated vesting of prior year’s unvested awards and pro rata portion of current year’s award

 
 Forfeiture of unvested portion of current year’s award
	 	Forfeiture of unvested awards
						
	Share Options (previously granted)	 	Share options are granted on June 15th for the calendar year with a three-year ratable vesting schedule	 	 Not granted for current year. Accelerated vesting of prior unvested share options.

 
 Continued exercisability of outstanding share options for remainder of the
term
	 	 Not granted for current year. Forfeiture of unvested share options

 
 Continued exercisability of outstanding share options for remainder of the
term
	 	 Accelerated vesting of prior year’s unvested share options and pro rata portion of current year’s share options

 
 Continued exercisability of outstanding share options for remainder of the
term
  
 Forfeiture of unvested portion of current year’s
award
	 	 Forfeiture of unvested share options
  

Continued exercisability of outstanding share options for remainder of the term

  
 5EX-10.1

 Exhibit 10.1 

 
 

 
  

			
	Grantee: «First_Name» «Last»	  	Grant Date: May 14, 2013
		
	Number of Shares: «Shares_Awarded»	  	Vesting Day: May 1

 Dear «First_Name»: 
  

	 	Re:	Restricted Stock Award—Fiscal Year 2014 

 I am pleased to inform you that Spartan Stores, Inc., a Michigan corporation, (“Spartan”) has granted to you the number of restricted shares of Spartan’s Common Stock described above under
the Spartan Stores, Inc. Stock Incentive Plan of 2005 (the “Plan”). By accepting this grant, you agree that the restricted stock is subject to the terms and conditions of this letter and the Plan (which are incorporated into this
letter by reference). If there is any conflict between the terms of the Plan and this letter, the terms of the Plan will control. 
 Restricted Stock Grant. Spartan grants to you shares of Spartan Stores, Inc. Common Stock, no par value, all of which are subject to restrictions imposed under this letter and the Plan (the
“Restricted Stock”). This grant of Restricted Stock shall not confer any right to you to be granted Restricted Stock or other awards in the future under the Plan. 

Restrictions. The Restricted Stock is subject to the following transfer and forfeiture conditions
(“Restrictions”), which will lapse, if at all, as described in the “Lapse of Restrictions” section below. The period during which Restricted Stock is subject to the Restrictions imposed by the Plan and under this letter is
referred to in this letter as the “Restricted Period.” 
 (1) Until the Restrictions lapse as set forth in
paragraphs (1), (2), (3) or (4) under Lapse of Restrictions below, the Restricted Stock generally is not transferable by you except by will or according to the laws of descent and distribution. All rights with respect to the Restricted
Stock are exercisable during your lifetime only by you, your guardian, or your legal representative. 
 (2) Any shares of
Restricted Stock for which the Restrictions have not lapsed will automatically be forfeited without consideration upon the termination of your employment with Spartan for any reason other than death, Disability or Retirement. Upon the termination of
your employment with Spartan for your death, Disability or Retirement, the Restrictions applicable to any shares of Restricted Stock will lapse in accordance with the applicable provisions set forth in paragraphs (2) or (3) under Lapse of
Restrictions below. Notwithstanding 

 
the foregoing, the Committee (as defined in the Plan) reserves the right, in its sole discretion, to waive the Restrictions remaining on any or all such shares of Restricted Stock at the time of
termination of employment. 
 (3) If you enter into Competition (as defined in the Plan) with Spartan, all shares of Restricted
Stock still subject to Restrictions will automatically be forfeited without consideration. The Committee (as defined in the Plan) or officers designated by the Committee have absolute discretion to determine whether you have entered into Competition
with Spartan. 
 Lapse of Restrictions. 
 (1) Except as otherwise provided in this letter, and so long as you remain continuously employed by Spartan, 25% of the shares of Restricted Stock will vest and the Restrictions will lapse with respect to
such shares of Restricted Stock on the Vesting Day set forth above in each of the next four years. 
 (2) Notwithstanding
anything to the contrary in this letter, upon termination of your employment with Spartan due to your death or Disability (as defined in the Plan) during the Restricted Period, the Restrictions applicable to any shares of Restricted Stock will lapse
automatically and the Restricted Stock will vest and no longer be subject to forfeiture. 
 (3) Notwithstanding anything to the
contrary in this letter, in the event of your Retirement (as defined in the Plan) during the Restricted Period, the Restrictions applicable to any remaining shares of Restricted Stock will terminate automatically with respect to that number of
shares (rounded to the nearest whole number) equal to: (a) the total number of shares of Restricted Stock granted to you under this letter agreement, multiplied by the number of full months that have elapsed since the Grant Date, divided
by forty-eight (48), less (b) the number of shares of Restricted Stock vested as of the date of Retirement. All remaining shares will be forfeited and returned to the Company. 

(4) Notwithstanding anything to the contrary in this letter, if a Change in Control (as defined in the Plan) occurs at any time during
the Restricted Period and prior to your termination of employment, the Restrictions with respect to all of the remaining shares of Restricted Stock that have been issued to you will lapse automatically and such Restricted Stock will vest and no
longer be subject to forfeiture. 
 Shareholder Rights. During the Restricted Period, you shall have all voting,
dividend, liquidation, and other rights with respect to the Restricted Stock held of record by you as if you held unrestricted Common Stock; provided, however, that the unvested portion of any Restricted Stock award shall be
subject to any restrictions on transferability or risks of forfeiture imposed pursuant to this letter or the Plan. Any non-cash dividends or distributions paid with respect to unvested Restricted Stock shall be subject to the same restrictions as
those relating to the Restricted Stock granted to you under this letter agreement. After the Restrictions applicable to the Restricted Stock lapse, you shall have all shareholder rights, including the right to transfer the shares, subject to such
conditions as Spartan may reasonably specify to ensure compliance with federal and state securities laws. 

  
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 Uncertificated Shares. Your shares of Restricted Stock are being issued without a
paper certificate. The Restricted Stock will be registered in your name in Spartan’s books and records and reflected on the account statements issued to you by Morgan Stanley Smith Barney (or other financial intermediary). Spartan Stores, Inc.
is formed under the laws of the State of Michigan. Spartan Stores, Inc. will furnish to you upon request and without charge a full statement of the designation, relative rights, preferences, and limitations of the shares of each class authorized to
be issued, the designation, relative rights, preferences, and limitations of each series so far as the same have been prescribed, and the authority of the Spartan’s Board of Directors to designate and prescribe the relative rights, preferences,
and limitations of other series. If you have any questions, please contact the Company’s Director of Benefits.  

Certifications. You represent and warrant that you are acquiring the Restricted Stock for your own account and investment and
without any intent to resell or distribute the Restricted Stock. You shall not resell or distribute the Restricted Stock after any Restricted Period except in compliance with such conditions as Spartan may reasonably specify to ensure compliance
with federal and state securities laws. 
 Withholding. Spartan is entitled to: (1) withhold and deduct from your
future wages (or from other amounts that may be due and owing to you from Spartan), or make other arrangements for the collection of, all legally required amounts necessary to satisfy any and all federal, state, local and foreign withholding and
employment-related tax requirements attributable to the award of Restricted Stock, or (2) require you promptly to remit the amount of such withholding to Spartan before taking any action with respect to the Restricted Stock. Upon your written
authorization, withholding may be satisfied by withholding Common Stock to be released upon vesting of and lapse of restrictions with respect to shares of the Restricted Stock or by delivery to Spartan of previously owned Common Stock. 

Binding Effect; Amendment. This letter and the Plan shall be binding upon, and shall inure to the benefit of, the parties hereto and
their respective heirs, successors and permitted assigns. This letter agreement shall not be modified except in a writing executed by you and Spartan. 
 Miscellaneous. 
 (1) This letter and your rights hereunder are
subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such
restrictions on any shares acquired pursuant to this letter, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such
shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such shares. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or
appropriate to the administration of the Plan and this letter, all of which shall be binding upon you. 

  
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 (2) The Board may terminate, amend, or modify the Plan in accordance with the terms of the
Plan. 
 (3) You agree to take all steps necessary to comply with all applicable provisions of federal and state securities laws
in exercising your rights under this letter. This letter shall be subject to all applicable laws, rules, and regulations, Nasdaq Marketplace Rules and to such approvals by any governmental agencies, The Nasdaq Stock Market or any other national
securities exchanges as may be required. 
 (4) To the extent not preempted by federal law, this letter shall be governed by,
and construed in accordance with, the laws of the state of Michigan. 
  

	
	Very truly yours,
	
	 /s/ Dennis Eidson

	
	 Dennis Eidson

President & Chief Executive Officer

  
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