Document:

a6682818ex10-3.htm

EXHIBIT 10.3

RESTRICTED STOCK AWARD AGREEMENT

APRIL 8, 2011 Time-Based Award

 

 

THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”) is made effective and entered into as of April 8, 2011, by and between PIER 1 IMPORTS, INC., a Delaware corporation (the “Company”), and _____________________ (the “Grantee”).

 

WHEREAS, pursuant to the provisions of the Pier 1 Imports, Inc. 2006 Stock Incentive Plan, as restated and amended (the “Plan”), the Committee that administers the Plan has the authority to grant Awards under the Plan to employees of the Company and its Affiliates; and

 

WHEREAS, the Committee has determined that the Grantee be granted a Restricted Stock Award under the Plan for the number of shares and upon the terms set forth below;

 

NOW, THEREFORE, the Company and the Grantee hereby agree as follows:

 

1.           Grant of Award.  The Grantee is hereby granted a Restricted Stock Award under the Plan (this “Award”), subject to the terms and conditions hereinafter set forth, with respect to _________________________________________________________ (________) restricted shares of Common Stock.  Restricted shares of Common Stock covered by this Award shall be represented by a stock certificate registered in the Grantee’s name, or by uncertificated shares designated for the Grantee in book entry form on the records of the Company’s transfer agent, subject to the restrictions set forth in this Agreement.  Any stock certificate issued shall bear the following or a similar legend:

 

“The transferability of this certificate and the shares of Common Stock represented hereby are subject to the terms, conditions and restrictions (including forfeiture) contained in the Pier 1 Imports, Inc. 2006 Stock Incentive Plan, as restated and amended and the Restricted Stock Award Agreement entered into between the registered owner and Pier 1 Imports, Inc.  A copy of such plan and agreement is on file in the offices of Pier 1 Imports, Inc., 100 Pier 1 Place, Fort Worth, Texas 76102.”

 

Any Common Stock certificates or book-entry uncertificated shares evidencing such shares shall be held in custody by the Company or, if specified by the Committee, with a third party custodian or trustee, until the restrictions thereon shall have lapsed, and, as a condition of this Award, the Grantee shall deliver a stock power, duly endorsed in blank, relating to any certificated restricted shares of Common Stock covered by this Award.

 

2.           Transfer Restrictions.  Except as expressly provided herein, this Award and the restricted shares of Common Stock issued with respect to this Award are non-transferable otherwise than by will or by the laws of descent and distribution, and may not otherwise be assigned, pledged or hypothecated or otherwise disposed of and shall not be subject to execution, attachment or similar process.  Upon any attempt to effect any such disposition, or upon the levy of any such process, this Award shall immediately become null and void and the restricted shares of Common Stock relating thereto shall be forfeited.

  

  

  

3.           Restrictions.  The restrictions on the shares of Common Stock covered by this Award shall lapse and such shares shall vest at the rate of (i) thirty-three percent (33%) of such shares on first anniversary date of grant of this Award, (ii) thirty-three percent (33%) of such shares on the second anniversary date of grant of this Award, and (iii) thirty-four percent (34%) of such shares on the third anniversary of the date of grant of this Award.  Upon termination of employment of the Grantee with the Company or any Affiliate of the Company (or the successor of any such company) for any reason, the Grantee shall forfeit all rights in shares of Common Stock covered by this Award as to which the restrictions thereon shall not have lapsed, and the ownership of such shares shall immediately vest in the Company.  For purposes of this Award, no termination of Grantee’s employment shall occur as a result of the transfer of Grantee between the Company and any Affiliate or as a result of the transfer of the Grantee between two Affiliates.  The cessation of a relationship between the Company and an Affiliate with which the Grantee is employed whereby such company is no longer an Affiliate shall constitute a termination of employment of the Grantee.

 

4.           Voting and Dividend Rights.  With respect to the Common Stock covered by this Award for which the restrictions have not lapsed, the Grantee shall have the right to vote such shares, but shall not receive any cash dividends paid with respect to such shares.  Any dividend or distribution payable with respect to restricted shares of Common Stock covered by this Award that shall be paid in shares of Common Stock shall be subject to the same restrictions provided for herein. Any other form of dividend or distribution payable on shares of the restricted shares of Common Stock covered by this Award, and any consideration receivable for or in conversion of or exchange for the restricted shares of Common Stock covered by this Award, unless otherwise determined by the Committee, shall be subject to the terms and conditions of this Restricted Stock Award Agreement or with such modifications thereof as the Committee may provide in its absolute discretion.

 

5.           Distribution Following End of Restrictions.  Upon the expiration of the restrictions provided in Section 3 hereof as to any portion of the restricted shares of Common Stock covered by this Award, the Company in its sole discretion will either cause a certificate evidencing such amount of Common Stock to be delivered to the Grantee (or, in the case of his death after such events, cause such certificate to be delivered to Grantee's legal representative, beneficiary or heir) or provide book-entry uncertificated shares designated for the Grantee (or, in the case of his death after such events, provide book-entry uncertificated shares designated for Grantee's legal representative, beneficiary or heir) on the records of the Company’s transfer agent free of the legend or restriction regarding transferability, as the case may be; provided, however, that the Company shall not be obligated to issue any fractional shares of Common Stock.

 

6.           Tax Withholding.  The obligation of the Company to deliver any certificate or book-entry uncertificated shares to the Grantee pursuant to Section 5 hereof shall be subject to the receipt by the Company from the Grantee of any minimum withholding taxes required as a result of the grant of the Award or lapsing of restrictions thereon.  The Grantee may satisfy all or part of such withholding tax requirement by electing to require the Company to purchase that number of unrestricted shares of Common Stock designated by the Grantee at a price equal to the Fair Market Value on the date of lapse of the restrictions or, if the Common Stock did not trade on such day, on the first preceding day on which trading occurred.  The Company shall have the right, but not the obligation, to sell or withhold such number of unrestricted shares of Common Stock distributable to the Grantee as will provide assets for payment of any tax so required to be paid by the Company for Grantee unless, prior to such sale or withholding, Grantee shall have paid to the Company the amount of such tax.  Any balance of the proceeds of such a sale remaining after the payment of such taxes shall be paid over to Grantee.  In making any such sale, the Company shall be deemed to be acting on behalf and for the account of Grantee.

  

  

  

7.           Securities Laws Requirements.  The Company shall not be required to issue shares pursuant to this Award unless and until (a) such shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then listed; and (b) the Company has complied with applicable federal and state securities laws.  The Committee may require the Grantee to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with this Award, an agreement, in such form as the Committee may from time to time deem appropriate, in which the Grantee represents that the shares acquired by him under this Award are being acquired for investment and not with a view to the sale or distribution thereof.

 

8.           Incorporation of Plan Provisions.  This Restricted Stock Award Agreement is made pursuant to the Plan and is subject to all of the terms and provisions of the Plan as if the same were fully set forth herein, and receipt of a copy of the Plan is hereby acknowledged.  Capitalized terms not otherwise defined herein shall have the same meanings set forth for such terms in the Plan.

 

9.           Miscellaneous.  This Restricted Stock Award Agreement (a) shall be binding upon and inure to the benefit of any successor of the Company, (b) shall be governed by the laws of the State of Delaware, and any applicable laws of the United States, and (c) may not be amended without the written consent of both the Company and the Grantee.  No contract or right of employment shall be implied by this Agreement, nor shall this Agreement interfere with or restrict in any way the rights of the Grantee’s employer to discharge the Grantee at any time for any reason whatsoever, with or without cause.

 

IN WITNESS WHEREOF, the parties hereto have executed this Restricted Stock Award Agreement on the date first above written.

 

 

	
COMPANY:

	 	
GRANTEE:

	 	 	 
	
Pier 1 Imports, Inc.

	 	 
	 	 	 
	 	 	 
	
By: __________________________________________

	__________________________________________
	
                Alexander W. Smith

	 	 
	
                President and CEO

	 	 
	 	 	Soc. Sec. #  ________________________________
	 	 	 
	 	 	
Address:

	 	 	               ___________________________________
	 	 	               ___________________________________
	 	 	               ___________________________________
	 	 	 
	 	 	Email:     ___________________________________a6685209ex4-1.htm

Exhibit 4.1

 

AMENDMENT NO. 1 TO RIGHTS AGREEMENT

 

THIS AMENDMENT NO. 1 TO RIGHTS AGREEMENT (the “Amendment”) is made as of April 10, 2011, by and between Tasty Baking Company, a Pennsylvania corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (successor to American Stock Transfer & Trust Company, a New York corporation) (the “Rights Agent”).  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Rights Agreement referenced below.

 

BACKGROUND

 

WHEREAS, the Company and the Rights Agent entered into a Rights Agreement dated as of July 30, 2003 (the “Rights Agreement”), pursuant to which the Board of Directors of the Company authorized and declared a dividend of one Right for each Common Share outstanding at the close of business on the Record Date, and authorized the issuance of one Right with respect to each Common Share that has or will become outstanding between the Record Date and the earliest of, among other dates, the Distribution Date, with each Right representing the right to purchase one Common Share, upon the terms and subject to the conditions set forth in the Rights Agreement; and

 

WHEREAS, the Board of Directors of the Company has unanimously determined that it is in the best interests of the Company to enter into a certain Agreement and Plan of Merger to be dated as of the date hereof (the “Merger Agreement”), by and among the Company, Flowers Foods, Inc., a Georgia corporation (“Flowers”), and Flowers Bakeries, LLC, a Georgia limited liability company (and its permitted assignee) (collectively with Flowers, “Flowers Group”); and

 

WHEREAS, in connection with the execution of the Merger Agreement, Flowers Group has requested that the Rights Agreement be amended to render it inapplicable to the Offer, the Top-Up Option, the Merger (as such terms are defined in the Merger Agreement), the Merger Agreement and any other transaction contemplated thereby; and

 

WHEREAS, in furtherance thereof, the Company desires, and has directed the Rights Agent, to amend the Rights Agreement to render it inapplicable to the Offer, the Merger, the Merger Agreement and any other transaction contemplated thereby; and

 

WHEREAS, pursuant to Section 28 of the Rights Agreement, the Company and the Rights Agent may from time to time, prior to the Distribution Date, supplement or amend the Rights Agreement for any reason without any approval of the holders of the Rights; and

 

WHEREAS, no Distribution Date has occurred as of the date hereof; and

 

NOW, THEREFORE, the parties hereto, in consideration of the premises and agreements contained herein, intending to be legally bound hereby, agree as follows:

 

1.           Amendments to Rights Agreement.

(a)           A new Section 36 is added to the Rights Agreement to read in its entirety as follows:

Section 36.  Exempted Transaction.  Notwithstanding any provision herein to the contrary, this Agreement shall not be applicable in any way to the Offer, the Top-Up Option, the Merger (as such terms are defined in the Merger Agreement), the Merger Agreement (as defined 

 

  

  

  

 

below) or any other transaction contemplated by the Merger Agreement.  Without limiting the generality of the foregoing, none of Flowers Foods, Inc., a Georgia corporation (“Parent”), or Flowers Bakeries, LLC, a Georgia limited liability company (and its permitted assignee) (“Merger Subsidiary”), or any of their affiliates, shall be considered an Acquiring Person under this Agreement, no Distribution Date shall occur and no Rights shall be exercisable pursuant to Section 7, Section 11 or any other provision hereof, as a result of (i) the approval, execution or delivery of that certain Agreement and Plan of Merger dated as of April 10, 2011 (the “Merger Agreement”), by and among the Company, Parent and Merger Subsidiary, or (ii) the consummation of the Offer, the Top-Up Option, the Merger or any other transaction contemplated by the Merger Agreement.

(b)           Section 27 of the Rights Agreement is amended and restated in part to update the address of the Rights Agent by deleting the language which reads:

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Attention: General Counsel

and replacing such language, in its entirety, with the following:

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: General Counsel

2.           Full Force and Effect.  This Amendment shall be effective as of the date hereof.  Except as expressly amended hereby, the Rights Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.

3.           Governing Law.  This Agreement shall be deemed to be a contract made under the substantive laws of the Commonwealth of Pennsylvania, without regard to conflict of laws principles, and for all purposes shall be governed by and construed in accordance with the laws of such Commonwealth applicable to contracts to be made and performed entirely within such Commonwealth.

 

4.           Counterparts.  This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

[signature page follows]

  

2

  

 

IN WITNESS WHEREOF, the Company and the Rights Agent have caused this Amendment to be duly executed as of the day and year first above written.

 

	 	TASTY BAKING COMPANY	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	  	
Charles P. Pizzi, CEO and President

	 
	 	 	 	 
	 	 	 	 

 

	 	
AMERICAN STOCK TRANSFER & TRUST 

COMPANY, LLC

	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 	 

 

Signature page to Amendment No. 1 to Rights Agreement

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