Document:

exv10w1

    Exhibit 10.1

 

    AMENDED
    AND RESTATED

    

 

    SWISHER
    HYGIENE INC.

    

 

    2010
    STOCK INCENTIVE PLAN

 

 

    1. ESTABLISHMENT, EFFECTIVE DATE AND TERM

 

    Swisher Hygiene Inc., a Delaware corporation, hereby establishes
    the Amended and Restated Swisher Hygiene Inc. 2010 Stock
    Incentive Plan. The Effective Date of the Plan shall be the date
    that the Plan was approved by the Board in accordance with the
    laws of the State of Delaware or such later date as provided in
    the resolutions adopting the Plan; provided, however, that the
    shareholders of Swisher shall have approved this Plan within
    twelve months following such approval by the Board. Any Award
    issued under the Plan prior to the shareholders’ approval
    of the Plan shall be contingent on such approval.

 

    2. PURPOSE

 

    The purpose of the Plan is to enable Swisher to attract, retain,
    reward and motivate Eligible Individuals by providing them with
    an opportunity to acquire or increase a proprietary interest in
    Swisher and to incentivize them to expend maximum effort for the
    growth and success of the Company, so as to strengthen the
    mutuality of the interests between the Eligible Individuals and
    the shareholders of Swisher.

 

    3. ELIGIBILITY

 

    Awards may be granted under the Plan to any Eligible Individual,
    as determined by the Committee from time to time, on the basis
    of their importance to the business of the Company pursuant to
    the terms of the Plan.

 

    4. ADMINISTRATION

 

    (a) Committee.  The Plan shall be
    administered by the Committee, which shall have the full power
    and authority to take all actions, and to make all
    determinations not inconsistent with the specific terms and
    provisions of the Plan deemed by the Committee to be necessary
    or appropriate to the administration of the Plan, any Award
    granted or any Award Agreement entered into hereunder. The
    Committee may correct any defect or supply any omission or
    reconcile any inconsistency in the Plan or in any Award
    Agreement in the manner and to the extent it shall deem
    expedient to carry the Plan into effect as it may determine in
    its sole discretion. The decisions by the Committee shall be
    final, conclusive and binding with respect to the interpretation
    and administration of the Plan, any Award or any Award Agreement
    entered into under the Plan.

 

    (b) Delegation to Officers or
    Employees.  The Committee may designate
    officers or employees of the Company to assist the Committee in
    the administration of the Plan. The Committee may delegate
    authority to officers or employees of the Company to grant
    Awards and execute Award Agreements or other documents on behalf
    of the Committee in connection with the administration of the
    Plan, subject to whatever limitations or restrictions the
    Committee may impose and in accordance with applicable law.

 

    (c) Designation of Advisors.  The
    Committee may designate professional advisors to assist the
    Committee in the administration of the Plan. The Committee may
    employ such legal counsel, consultants, and agents as it may
    deem desirable for the administration of the Plan and may rely
    upon any advice and any computation received from any such
    counsel, consultant or agent. The Company shall pay all expenses
    and costs incurred by the Committee for the engagement of any
    such counsel, consultant or agent.

 

    (d) Participants Outside the
    U.S.  In order to conform with the provisions
    of local laws and regulations in foreign countries in which the
    Company operates, the Committee shall have the sole discretion
    to (i) modify the terms and conditions of the Awards
    granted under the Plan to Eligible Individuals located outside
    the United States; (ii) establish subplans with such
    modifications as may be necessary or advisable under the
    circumstances present by local laws and regulations; and
    (iii) take any action which it deems advisable to

    

    1

 

    comply with or otherwise reflect any necessary governmental
    regulatory procedures, or to obtain any exemptions or approvals
    necessary with respect to the Plan or any subplan established
    hereunder.

 

    (e) Liability and
    Indemnification.  No Covered Individual shall
    be liable for any action or determination made in good faith
    with respect to the Plan, any Award granted hereunder or any
    Award Agreement entered into hereunder. The Company shall, to
    the maximum extent permitted by applicable law and the Articles
    of Incorporation and Bylaws of Swisher, indemnify and hold
    harmless each Covered Individual against any cost or expense
    (including reasonable attorney fees reasonably acceptable to the
    Company) or liability (including any amount paid in settlement
    of a claim with the approval of the Company), and amounts
    advanced to such Covered Individual necessary to pay the
    foregoing at the earliest time and to the fullest extent
    permitted, arising out of any act or omission to act in
    connection with the Plan, any Award granted hereunder or any
    Award Agreement entered into hereunder. Such indemnification
    shall be in addition to any rights of indemnification such
    individuals may have under applicable law or under the Articles
    of Incorporation or Bylaws of Swisher. Notwithstanding anything
    else herein, this indemnification will not apply to the actions
    or determinations made by a Covered Individual with regard to
    Awards granted to such Covered Individual under the Plan or
    arising out of such Covered Individual’s own fraud or bad
    faith.

 

    5. SHARES OF COMMON STOCK SUBJECT TO PLAN

 

    (a) Shares Available for
    Awards.  The Common Stock that may be issued
    pursuant to Awards granted under the Plan shall be treasury
    shares or authorized but unissued shares of the Common Stock.
    The total number of shares of Common Stock that may be issued
    pursuant to Awards granted under the Plan shall be Eleven
    Million and Four Hundred Thousand (11,400,000) shares.

 

    (b) Certain Limitations on Specific Types of
    Awards.  Subject to the overall limit on
    Common Stock which may be issued under the Plan as specified in
    Section 5(a) above, the granting of Awards under this Plan
    shall be subject to the following limitations:

 

    (i) With respect to the shares of Common Stock reserved
    pursuant to this Section, a maximum of Six Million (6,000,000)
    of such shares may be subject to grants of Incentive Stock
    Options;

 

    (ii) With respect to the shares of Common Stock reserved
    pursuant to this Section, a maximum of Five Million and Seven
    Hundred Thousand (5,700,000) of such shares may be issued in
    connection with Awards, other than Stock Options and Stock
    Appreciation Rights, that are settled in Common Stock;

 

    (iii) With respect to the shares of Common Stock reserved
    pursuant to this Section, a maximum of Six Hundred Thousand
    (600,000) of such shares may be subject to grants of Options or
    Stock Appreciation Rights to any one Eligible Individual during
    any one fiscal year;

 

    (iv) With respect to the shares of Common Stock reserved
    pursuant to this Section, a maximum of Three Hundred and Fifty
    Thousand (350,000) of such shares may be subject to grants of
    Performance Shares, Restricted Stock, and Awards of Common Stock
    to any one Eligible Individual during any one fiscal
    year; and

 

    (v) The maximum value at Grant Date of grants of
    Performance Units which may be granted to any one Eligible
    Individual during any one fiscal year shall be One Million
    dollars ($1,000,000).

 

    (c) Awards to Insiders.  Unless
    permitted under TSX Policies or by Regulatory Approval and, if
    required thereby, the requisite shareholder approval is obtained
    the number of shares of Common Stock which may be issued to
    Insiders within any one year and the number of Awards that may
    be granted to Insiders at any time under the Plan and under each
    of the Swisher’s other securities based compensation
    arrangements, may not exceed in aggregate, 10% of the issued
    Common Stock.

    

    2

 

 

    (d) Reduction of Shares Available for
    Awards.  Upon the granting of an Award, the
    number of shares of Common Stock available under this Section
    hereof for the granting of further Awards shall be reduced as
    follows:

 

    (i) In connection with the granting of an Award that is
    settled in Common Stock, the number of shares of Common Stock
    shall be reduced by the number of shares of Common Stock subject
    to the Award; and

 

    (ii) Awards settled in cash shall not count against the
    total number of shares of Common Stock available to be issued
    pursuant to the Plan.

 

    (e) Cancelled, Forfeited or Surrendered
    Awards.  Notwithstanding anything to the
    contrary in this Plan, if any Award is cancelled, forfeited or
    terminated for any reason prior to exercise or becoming vested
    in full, the shares of Common Stock that were subject to such
    Award shall, to the extent cancelled, forfeited or terminated,
    immediately become available for future Awards granted under the
    Plan as if said Award had never been granted; provided, however,
    that any shares of Common Stock subject to an Award, other than
    a Stock Appreciation Right, which is cancelled, forfeited or
    terminated in order to pay the Exercise Price, purchase price or
    any taxes or tax withholdings on an Award shall not be available
    for future Awards granted under the Plan. Any Common Stock
    subject to a Stock Appreciation Right which is not issued upon
    settling such Stock Appreciation Right shall be available for
    future Awards granted under the Plan.

 

    (f) Recapitalization.  If the
    outstanding shares of Common Stock are increased or decreased or
    changed into or exchanged for a different number or kind of
    shares or other securities of Swisher by reason of any
    recapitalization, reclassification, reorganization, stock split,
    reverse split, combination of shares, exchange of shares, stock
    dividend or other distribution payable in capital stock of
    Swisher or other increase or decrease in such shares effected
    without receipt of consideration by Swisher occurring after the
    Effective Date, an appropriate and proportionate adjustment
    shall be made by the Committee to (i) the aggregate number
    and kind of shares of Common Stock available under the Plan,
    (ii) the aggregate limit of the number of shares of Common
    Stock that may be granted pursuant to an Incentive Stock Option,
    (iii) the aggregate limit of the number of shares of Common
    Stock that may be issued in connection with Awards, other than
    Stock Options and Stock Appreciation Rights, that are settled in
    Common Stock, (iv) the limits on the number of shares of
    Common Stock that may be granted to an Eligible Employee in any
    one fiscal year, (v) the calculation of the reduction or
    increase of shares of Common Stock available under the Plan,
    (vi) the number and kind of shares of Common Stock issuable
    upon exercise (or vesting) of outstanding Awards granted under
    the Plan;
    and/or
    (vii) the Exercise Price of outstanding Options granted
    under the Plan. No fractional shares of Common Stock or units of
    other securities shall be issued pursuant to any such adjustment
    under this Section 5(f), and any fractions resulting from
    any such adjustment shall be eliminated in each case by rounding
    downward to the nearest whole share or unit. Any adjustments
    made under this Section 5(f) with respect to any Incentive
    Stock Options must be made in accordance with Code
    Section 424.

 

    6. OPTIONS

 

    (a) Grant of Options.  Subject to
    the terms and conditions of the Plan, the Committee may grant to
    such Eligible Individuals as the Committee may determine,
    Options to purchase such number of shares of Common Stock and on
    such terms and conditions as the Committee shall determine in
    its sole and absolute discretion. Each grant of an Option shall
    satisfy the requirements set forth in this Section.

 

    (b) Type of Options.  Each Option
    granted under the Plan may be designated by the Committee, in
    its sole discretion, as either (i) an Incentive Stock
    Option, or (ii) a Non-Qualified Stock Option. Options
    designated as Incentive Stock Options that fail to continue to
    meet the requirements of Code Section 422 shall be
    re-designated as Non-Qualified Stock Options automatically on
    the date of such failure to continue to meet such requirements
    without further action by the Committee. In the absence of any
    designation, Options granted under the Plan will be deemed to be
    Non-Qualified Stock Options.

 

    (c) Exercise Price.  Subject to the
    limitations set forth in the Plan relating to Incentive Stock
    Options, the Exercise Price of an Option shall be fixed by the
    Committee and stated in the respective Award Agreement, provided
    that the Exercise Price of the shares of Common Stock subject to
    such Option may not

    

    3

 

    be less than Fair Market Value of such Common Stock on the Grant
    Date, or if greater, the par value of the Common Stock.

 

    (d) Limitation on
    Repricing.  Unless such action is approved by
    Swisher’s shareholders in accordance with applicable law:
    (i) no outstanding Option granted under the Plan may be
    amended to provide an Exercise Price that is lower than the
    then-current Exercise Price of such outstanding Option (other
    than adjustments to the Exercise Price pursuant to
    Sections 5(e) and 12); (ii) the Committee may not
    cancel any outstanding Option and grant in substitution
    therefore new Awards under the Plan covering the same or a
    different number of shares of Common Stock and having an
    Exercise Price lower than the then-current Exercise Price of the
    cancelled Option (other than adjustments to the Exercise Price
    pursuant to Sections 5(e) and 12); and (iii) the
    Committee may not authorize the repurchase of an outstanding
    Option which has an Exercise Price that is higher than the
    then-current fair market value of the Common Stock (other than
    adjustments to the Exercise Price pursuant to Sections 5(e)
    and 12).

 

    (e) Limitation on Option
    Period.  Subject to the limitations set forth
    in the Plan relating to Incentive Stock Options and unless
    otherwise provided by the Committee, Options granted under the
    Plan and all rights to purchase Common Stock thereunder shall
    terminate no later than the tenth anniversary of the Grant Date
    of such Options, or on such earlier date as may be stated in the
    Award Agreement relating to such Option. In the case of Options
    expiring prior to the tenth anniversary of the Grant Date, the
    Committee may in its discretion, at any time prior to the
    expiration or termination of said Options, extend the term of
    any such Options for such additional period as it may determine,
    but in no event beyond the tenth anniversary of the Grant Date
    thereof.

 

    (f) Limitations on Incentive Stock
    Options.  Notwithstanding any other provisions
    of the Plan, the following provisions shall apply with respect
    to Incentive Stock Options granted pursuant to the Plan.

 

    (i) Limitation on
    Grants.  Incentive Stock Options may only be
    granted to Section 424 Employees. The aggregate Fair Market
    Value (determined at the time such Incentive Stock Option is
    granted) of the shares of Common Stock for which any individual
    may have Incentive Stock Options which first become vested and
    exercisable in any calendar year (under all incentive stock
    option plans of the Company) shall not exceed $100,000. Options
    granted to such individual in excess of the $100,000 limitation,
    and any Options issued subsequently which first become vested
    and exercisable in the same calendar year, shall automatically
    be treated as Non-Qualified Stock Options.

 

    (ii) Minimum Exercise Price.  In no
    event may the Exercise Price of a share of Common Stock subject
    an Incentive Stock Option be less than 100% of the Fair Market
    Value of such share of Common Stock on the Grant Date.

 

    (iii) Ten Percent
    Shareholder.  Notwithstanding any other
    provision of the Plan to the contrary, in the case of Incentive
    Stock Options granted to a Section 424 Employee who, at the
    time the Option is granted, owns (after application of the rules
    set forth in Code Section 424(d)) stock possessing more
    than ten percent of the total combined voting power of all
    classes of stock of Swisher, such Incentive Stock Options
    (i) must have an Exercise Price per share of Common Stock
    that is at least 110% of the Fair Market Value as of the Grant
    Date of a share of Common Stock, and (ii) must not be
    exercisable after the fifth anniversary of the Grant Date.

 

    (g) Vesting Schedule and
    Conditions.  No Options may be exercised prior
    to the satisfaction of the conditions and vesting schedule
    provided for in the Award Agreement relating thereto or in the
    Plan.

 

    (h) Exercise.  When the conditions
    to the exercise of an Option have been satisfied, the
    Participant may exercise the Option only in accordance with the
    following provisions. The Participant shall deliver to Swisher a
    written notice stating that the Participant is exercising the
    Option and specifying the number of shares of Common Stock which
    are to be purchased pursuant to the Option, and such notice
    shall be accompanied by payment in full of the Exercise Price of
    the shares for which the Option is being exercised, by one or
    more of the methods provided for in the Plan. Unless otherwise
    provided by the Committee, said notice must be delivered to
    Swisher at its principal office and addressed to the attention
    of Chief Financial Officer. An

    

    4

 

    attempt to exercise any Option granted hereunder other than as
    set forth in the Plan shall be invalid and of no force and
    effect.

 

    (i) Payment.  Payment of the
    Exercise Price for the shares of Common Stock purchased pursuant
    to the exercise of an Option shall be made by one of the
    following methods:

 

    (i) by cash, certified or cashier’s check, bank draft
    or money order;

 

    (ii) except for any Participant who is subject to taxation
    in Canada, through the delivery to Swisher of shares of Common
    Stock which have been previously owned by the Participant for
    the requisite period necessary to avoid a charge to
    Swisher’s earnings for financial reporting purposes; such
    shares shall be valued, for purposes of determining the extent
    to which the Exercise Price has been paid thereby, at their Fair
    Market Value on the date of exercise; without limiting the
    foregoing, the Committee may require the Participant to furnish
    an opinion of counsel acceptable to the Committee to the effect
    that such delivery would not result in Swisher incurring any
    liability under Section 16(b) of the Exchange Act;

 

    (iii) through a “cashless exercise sale and remittance
    procedure” pursuant to which the Participant shall
    concurrently provide irrevocable instructions (A) to a
    brokerage firm approved by the Committee to effect the immediate
    sale of the purchased shares and remit to Swisher, out of the
    sale proceeds available on the settlement date, sufficient funds
    to cover the aggregate Exercise Price payable for the purchased
    shares plus all applicable federal, state and local income,
    employment, excise, foreign and other taxes required to be
    withheld by the Company by reason of such exercise and
    (B) to Swisher to deliver the certificates for the
    purchased shares directly to such brokerage firm in order to
    complete the sale; or

 

    (iv) by any other method which the Committee, in its sole
    and absolute discretion and to the extent permitted by
    applicable law, may permit.

 

    (j) Termination of Employment, Disability or
    Death.  Unless otherwise provided in an Award
    Agreement, upon the termination of the employment or other
    service of a Participant with Company for any reason, all of the
    Participant’s outstanding Options (whether vested or
    unvested) shall be subject to the rules of this paragraph. Upon
    such termination, the Participant’s unvested Options shall
    expire. Notwithstanding anything in this Plan to the contrary,
    the Committee may provide, in its sole and absolute discretion,
    that following the termination of employment or other service of
    a Participant with the Company for any reason (i) any
    unvested Options held by the Participant that vest solely upon a
    future service requirement shall vest in whole or in part, at
    any time subsequent to such termination of employment or other
    service, and or (ii) a Participant or the
    Participant’s estate, devisee or heir at law (whichever is
    applicable), may exercise an Option, in whole or in part, at any
    time subsequent to such termination of employment or other
    service and prior to the termination of the Option pursuant to
    its terms. Unless otherwise determined by the Committee,
    temporary absence from employment because of illness, vacation,
    approved leaves of absence or military service shall not
    constitute a termination of employment or other service.

 

    (i) Termination for Reason Other Than Cause,
    Disability or Death.  If a Participant’s
    termination of employment or other service is for any reason
    other than death, Disability, Cause or a voluntary termination
    within ninety (90) days after occurrence of an event which
    would be grounds for termination of employment or other service
    by the Company for Cause, any Option held by such Participant,
    may be exercised, to the extent exercisable at termination, by
    the Participant at any time within a period not to exceed ninety
    (90) days from the date of such termination, but in no
    event after the termination of the Option pursuant to its terms.

 

    (ii) Disability.  If a
    Participant’s termination of employment or other service
    with the Company is by reason of a Disability of such
    Participant, the Participant shall have the right at any time
    within a period not to exceed one (1) year after such
    termination, but in no event after the termination of the Option
    pursuant to its terms, to exercise, in whole or in part, any
    vested portion of the Option held by such Participant at the
    date of such termination; provided, however, that if the
    Participant dies within such period, any vested Option held by
    such Participant upon death shall be exercisable by the
    Participant’s estate, devisee or heir at law (whichever is
    applicable) for a period not to exceed one (1) year after
    the Participant’s death, but in no event after the
    termination of the Option pursuant to its terms.

    

    5

 

 

    (iii) Death.  If a Participant dies
    while in the employment or other service of the Company, the
    Participant’s estate or the devisee named in the
    Participant’s valid last will and testament or the
    Participant’s heir at law who inherits the Option has the
    right, at any time within a period not to exceed one
    (1) year after the date of such Participant’s death,
    but in no event after the termination of the Option pursuant to
    its terms, to exercise, in whole or in part, any portion of the
    vested Option held by such Participant at the date of such
    Participant’s death.

 

    (iv) Termination for Cause.  In the
    event the termination is for Cause or is a voluntary termination
    within ninety (90) days after occurrence of an event which
    would be grounds for termination of employment or other service
    by the Company for Cause (without regard to any notice or cure
    period requirement), any Option held by the Participant at the
    time of such termination shall be deemed to have terminated and
    expired upon the date of such termination.

 

    7. RESTRICTED STOCK

 

    (a) Grant of Restricted
    Stock.  Subject to the terms and conditions of
    the Plan, the Committee may grant to such Eligible Individuals
    as the Committee may determine, Restricted Stock, in such
    amounts and on such terms and conditions as the Committee shall
    determine in its sole and absolute discretion. Each grant of
    Restricted Stock shall satisfy the requirements as set forth in
    this Section.

 

    (b) Restrictions.  The Committee
    shall impose such restrictions on any Restricted Stock granted
    pursuant to the Plan as it may deem advisable including, without
    limitation; time based vesting restrictions, or the attainment
    of Performance Goals. Shares of Restricted Stock subject to the
    attainment of Performance Goals will be released from
    restrictions only after the attainment of such Performance Goals
    has been certified by the Committee in accordance with
    Section 10(d).

 

    (c) Certificates and Certificate
    Legend.  With respect to a grant of Restricted
    Stock, Swisher may issue a certificate evidencing such
    Restricted Stock to the Participant or issue and hold such
    shares of Restricted Stock for the benefit of the Participant
    until the applicable restrictions expire. Swisher may legend the
    certificate representing Restricted Stock to give appropriate
    notice of such restrictions. In addition to any such legends,
    each certificate representing shares of Restricted Stock granted
    pursuant to the Plan shall bear the following legend:

 

    “The sale or other transfer of the shares of stock
    represented by this certificate, whether voluntary, involuntary,
    or by operation of law, are subject to certain terms,
    conditions, and restrictions on transfer as set forth in The
    Amended and Restated Swisher Hygiene Inc. 2010 Stock Incentive
    Plan (the “Plan”), and in an Agreement entered into by
    and between the registered owner of such shares and Swisher
    Hygiene Inc (the “Company”),
    dated          
    (the “Award Agreement”). A copy of the Plan and the
    Award Agreement may be obtained from the Secretary of the
    Company.”

 

    (d) Removal of
    Restrictions.  Except as otherwise provided in
    the Plan, shares of Restricted Stock shall become freely
    transferable by the Participant upon the lapse of the applicable
    restrictions. Once the shares of Restricted Stock are released
    from the restrictions, the Participant shall be entitled to have
    the legend required by paragraph (c) above removed
    from the share certificate evidencing such Restricted Stock and
    the Company shall pay or distribute to the Participant all
    dividends and distributions, if any, held in escrow by the
    Company with respect to such Restricted Stock.

 

    (e) Shareholder Rights.  Unless
    otherwise provided in an Award Agreement, until the expiration
    of all applicable restrictions, (i) the Restricted Stock
    shall be treated as outstanding, (ii) the Participant
    holding shares of Restricted Stock may exercise full voting
    rights with respect to such shares, and (iii) the
    Participant holding shares of Restricted Stock shall be entitled
    to receive all dividends and other distributions paid with
    respect to such shares while they are so held. If any such
    dividends or distributions are paid in shares of Common Stock,
    such shares shall be subject to the same restrictions on
    transferability and forfeitability as the shares of Restricted
    Stock with respect to which they were paid. Notwithstanding
    anything to the contrary, at the discretion of the Committee,
    all such dividends and distributions may be held in escrow by
    the Company (subject to the same restrictions on forfeitability)
    until all restrictions on the respective Restricted Stock have
    lapsed.

    

    6

 

 

    (f) Termination of Service.  Unless
    otherwise provided in a Award Agreement, if a Participant’s
    employment or other service with the Company terminates for any
    reason, all unvested shares of Restricted Stock held by the
    Participant and any dividends or distributions held in escrow by
    Swisher with respect to such Restricted Stock shall be forfeited
    immediately and returned to the Company. Notwithstanding this
    paragraph, all grants of Restricted Stock that vest
    solely upon the attainment of Performance Goals shall be treated
    pursuant to the terms and conditions that would have been
    applicable under Section 10(e) as if such grants of
    Restricted Stock were Awards of Performance Shares.
    Notwithstanding anything in this Plan to the contrary, the
    Committee may provide, in its sole and absolute discretion, that
    following the termination of employment or other service of a
    Participant with the Company for any reason, any unvested shares
    of Restricted Stock held by the Participant that vest solely
    upon a future service requirement shall vest in whole or in
    part, at any time subsequent to such termination of employment
    or other service.

 

    8. RESTRICTED STOCK UNITS.  Subject to the
    terms and conditions of the Plan, the Committee may grant to
    such Eligible Individuals as the Committee may determine,
    Restricted Stock Units, in such amounts and on such terms and
    conditions as the Committee shall determine in its sole and
    absolute discretion. Each grant of Restricted Stock Units shall
    satisfy the requirements as set forth in this Section.

 

    (a) Award and
    Restrictions.  Restricted Stock Units shall be
    subject to such restrictions on transferability, risk of
    forfeiture and other restrictions, if any, as the Committee may
    impose, which restrictions may lapse separately or in
    combination at such times, under such circumstances (including
    based on achievement of performance conditions
    and/or
    future service requirements), in such installments or otherwise
    and under such other circumstances as the Committee may
    determine at the date of grant or thereafter. Unless otherwise
    provided in the Award Agreement, and permitted by then
    applicable regulatory rules and policies including the TSX
    Policies, a Participant granted Restricted Stock Units shall not
    have any of the rights of a stockholder, including the right to
    vote or the right to dividends, until Common Stock shall have
    been issued in the Participant’s name pursuant to the
    Restricted Stock Units, except that the Committee may provide
    for Dividend Equivalents pursuant to Section 8(c) below.

 

    (b) Limitation on Vesting and
    Payouts.  The grant, issuance, retention,
    vesting
    and/or
    settlement of Restricted Stock Units shall occur at such time
    and in such installments as set forth in the Award Agreement.
    Notwithstanding anything to the contrary herein, unless provided
    otherwise in the Award Agreement, Restricted Stock Units shall
    be paid on or after January 1 and on or before March 15 of the
    year immediately following the year in which Restricted Stock
    Units vest. The Committee shall have the right to make the
    timing of the grant
    and/or the
    issuance, ability to retain, vesting
    and/or
    settlement of Restricted Stock Units subject to continued
    employment, passage of time
    and/or such
    performance conditions as deemed appropriate by the Committee.

 

    (c) Dividend Equivalents.  Unless
    otherwise provided in the Award Agreement, Dividend Equivalents
    with respect to Common Stock covered by vested Restricted Stock
    Units shall be paid at the time the shares of Common Stock under
    the Restricted Stock Units are issued to the Participant in
    either cash or Common Stock having a Fair Market Value equal to
    the amount of such Dividend Equivalents, as the Committee shall
    determine or permit a Participant to elect.

 

    (d) Termination of
    Employment.  Unless otherwise provided in an
    Award Agreement or in the Plan, if a Participant’s
    employment or other service with the Company terminates for any
    reason, all of the Participant’s outstanding unvested
    Restricted Stock Units shall immediately terminate and be
    forfeited to the Company. Notwithstanding this paragraph,
    all grants of Restricted Stock Units that vest solely upon
    the attainment of Performance Goals shall be treated pursuant to
    the terms and conditions that would have been applicable under
    Section 10(e) as if such grants of Restricted Stock Units
    were Awards of Performance Units. Notwithstanding anything in
    this Plan to the contrary, the Committee may provide, in its
    sole and absolute discretion, that following the termination of
    employment or other service of a Participant with the Company
    for any reason, any unvested shares of Restricted Stock Units
    held by the Participant that vest solely upon a future service
    requirement shall vest in whole or in part, at any time
    subsequent to such termination of employment or other service.

    

    7

 

 

    9. STOCK APPRECIATION RIGHTS

 

    (a) Grant of Stock Appreciation
    Rights.  Subject to the terms and conditions
    of the Plan, the Committee may grant to such Eligible
    Individuals as the Committee may determine, Stock Appreciation
    Rights, in such amounts and on such terms and conditions as the
    Committee shall determine in its sole and absolute discretion.
    Each grant of a Stock Appreciation Right shall satisfy the
    requirements as set forth in this Section.

 

    (b) Terms and Conditions of Stock Appreciation
    Rights.  Unless otherwise provided in an Award
    Agreement, the terms and conditions (including, without
    limitation, the limitations on the Exercise Price, exercise
    period, repricing and termination) of the Stock Appreciation
    Right shall be substantially identical (to the extent possible
    taking into account the differences related to the character of
    the Stock Appreciation Right) to the terms and conditions that
    would have been applicable under Section 6 above were the
    grant of the Stock Appreciation Rights a grant of an Option.

 

    (c) Exercise of Stock Appreciation
    Rights.  Stock Appreciation Rights shall be
    exercised by a Participant only by written notice delivered to
    the Chief Financial Officer of Swisher, specifying the number of
    shares of Common Stock with respect to which the Stock
    Appreciation Right is being exercised.

 

    (d) Payment of Stock Appreciation
    Right.  Unless otherwise provided in an Award
    Agreement, upon exercise of a Stock Appreciation Right, the
    Participant or Participant’s estate, devisee or heir at law
    (whichever is applicable) shall be entitled to receive payment,
    in cash, in shares of Common Stock, or in a combination thereof,
    as determined by the Committee in its sole and absolute
    discretion. The amount of such payment shall be determined by
    multiplying the excess, if any, of the Fair Market Value of a
    share of Common Stock on the date of exercise over the Fair
    Market Value of a share of Common Stock on the Grant Date, by
    the number of shares of Common Stock with respect to which the
    Stock Appreciation Rights are then being exercised.
    Notwithstanding the foregoing, the Committee may limit in any
    manner the amount payable with respect to a Stock Appreciation
    Right by including such limitation in the Award Agreement.

 

    10. PERFORMANCE SHARES AND PERFORMANCE UNITS

 

    (a) Grant of Performance Shares and Performance
    Units.  Subject to the terms and conditions of
    the Plan, the Committee may grant to such Eligible Individuals
    as the Committee may determine, Performance Shares and
    Performance Units, in such amounts and on such terms and
    conditions as the Committee shall determine in its sole and
    absolute discretion. Each grant of a Performance Share or a
    Performance Unit shall satisfy the requirements as set forth in
    this Section.

 

    (b) Performance Goals.  Performance
    Goals will be based on one or more of the following criteria, as
    determined by the Committee in its absolute and sole discretion:
    (i) the attainment of certain target levels of, or a
    specified increase in, Swisher’s enterprise value or value
    creation targets; (ii) the attainment of certain target
    levels of, or a percentage increase in, Swisher’s after-tax
    or pre-tax profits including, without limitation, that
    attributable to Swisher’s continuing
    and/or other
    operations; (iii) the attainment of certain target levels
    of, or a specified increase relating to, Swisher’s
    operational cash flow or working capital, or a component
    thereof; (iv) the attainment of certain target levels of,
    or a specified decrease relating to, Swisher’s operational
    costs, or a component thereof (v) the attainment of a
    certain level of reduction of, or other specified objectives
    with regard to limiting the level of increase in all or a
    portion of bank debt or other of Swisher’s long-term or
    short-term public or private debt or other similar financial
    obligations of Swisher, which may be calculated net of cash
    balances
    and/or other
    offsets and adjustments as may be established by the Committee;
    (vi) the attainment of a specified percentage increase in
    earnings per share or earnings per share from Swisher’s
    continuing operations; (vii) the attainment of certain
    target levels of, or a specified percentage increase in,
    Swisher’s net sales, revenues, net income or earnings
    before income tax or other exclusions; (viii) the
    attainment of certain target levels of, or a specified increase
    in, Swisher’s return on capital employed or return on
    invested capital; (ix) the attainment of certain target
    levels of, or a percentage increase in, Swisher’s after-tax
    or pre-tax return on shareholder equity; (x) the attainment
    of certain target levels in the fair market value of
    Swisher’s Common Stock; (xi) the growth in the value
    of an investment in the Common Stock assuming the reinvestment
    of dividends; (xii) successful mergers, acquisitions of
    other companies or assets and any cost savings or synergies
    associated therewith
    and/or
    (xiii) the attainment of certain target levels of, or a
    specified

    

    8

 

    increase in, EBITDA (earnings before income tax, depreciation
    and amortization). In addition, Performance Goals may be based
    upon the attainment by a subsidiary, division or other
    operational unit of Swisher of specified levels of performance
    under one or more of the measures described above. Further, the
    Performance Goals may be based upon the attainment by Swisher
    (or a subsidiary, division, facility or other operational unit
    of Swisher) of specified levels of performance under one or more
    of the foregoing measures relative to the performance of other
    corporations. With respect to Awards intended to qualify as
    performance-based compensation under Section 162(m) of the
    Code, to the extent permitted under Section 162(m) of the
    Code (including, without limitation, compliance with any
    requirements for shareholder approval), the Committee may, in
    its sole and absolute discretion: (i) designate additional
    business criteria upon which the Performance Goals may be based;
    (ii) modify, amend or adjust the business criteria
    described herein; or (iii) incorporate in the Performance
    Goals provisions regarding changes in accounting methods,
    corporate transactions (including, without limitation,
    dispositions or acquisitions) and similar events or
    circumstances. Performance Goals may include a threshold level
    of performance below which no Award will be earned, levels of
    performance at which an Award will become partially earned and a
    level at which an Award will be fully earned.

 

    (c) Terms and Conditions of Performance Shares and
    Performance Units.  The applicable Award
    Agreement shall set forth (i) the number of Performance
    Shares or the dollar value of Performance Units granted to the
    Participant; (ii) the Performance Period and Performance
    Goals with respect to each such Award; (iii) the threshold,
    target and maximum shares of Common Stock or dollar values of
    each Performance Share or Performance Unit and corresponding
    Performance Goals, and (iv) any other terms and conditions
    as the Committee determines in its sole and absolute discretion.
    The Committee shall establish, in its sole and absolute
    discretion, the Performance Goals for the applicable Performance
    Period for each Performance Share or Performance Unit granted
    hereunder. Performance Goals for different Participants and for
    different grants of Performance Shares and Performance Units
    need not be identical. Unless otherwise provided in an Award
    Agreement, the Participants’ rights as a shareholder in
    Performance Shares shall be substantially identical to the terms
    and conditions that would have been applicable under
    Section 7 above if the Performance Shares were Restricted
    Stock. Unless otherwise provided in an Award Agreement or in
    this Section 10 and unless permitted by then applicable
    regulatory rules and policies including the TSX Policies, the
    Participants’ rights as a shareholder in Performance Units
    shall be substantially identical to the terms and conditions
    that would have been applicable under Section 8 above if
    the Performance Units were Restricted Stock Units. No payments
    shall be made with respect to unvested Performance Shares and
    Performance Units.

 

    (d) Determination and Payment of Performance Units or
    Performance Shares Earned.  As soon as
    practicable after the end of a Performance Period, the Committee
    shall determine the extent to which Performance Shares or
    Performance Units have been earned on the basis of the
    Company’s actual performance in relation to the established
    Performance Goals as set forth in the applicable Award Agreement
    and shall certify these results in writing. On the last day of
    the second month following the end of the calendar year in which
    the Committee has certified the results in writing, the amounts
    payable or distributable with respect to Performance Shares or
    Performance Units shall be paid or distributed to the
    Participant or the Participant’s estate, devisee or heir at
    law (whichever is applicable). Unless otherwise provided in an
    Award Agreement, the Committee shall determine in its sole and
    absolute discretion whether payment with respect to the
    Performance Share or Performance Unit shall be made in cash, in
    shares of Common Stock, or in a combination thereof. For
    purposes of making payment or a distribution with respect to a
    Performance Share or Performance Unit, the cash equivalent of a
    share of Common Stock shall be determined by the Fair Market
    Value of the Common Stock on the day the Committee designates
    the Performance Shares or Performance Units to be payable.

 

    (e) Termination of
    Employment.  Unless otherwise provided in an
    Award Agreement, if a Participant’s employment or other
    service with the Company terminates for any reason, all of the
    Participant’s outstanding Performance Shares and
    Performance Units shall be subject to the rules of this Section.

 

    (i) Termination for Reason Other Than Death or
    Disability.  If a Participant’s
    employment or other service with the Company terminates prior to
    the expiration of a Performance Period with respect to any
    Performance Units or Performance Shares held by such Participant
    for any reason other than death or Disability, the outstanding
    Performance Units or Performance Shares held by such Participant
    for which

    

    9

 

    the Performance Period has not yet expired shall terminate upon
    such termination and the Participant shall have no further
    rights pursuant to such Performance Units or Performance Shares.

 

    (ii) Termination of Employment for Death or
    Disability.  If a Participant’s
    employment or other service with the Company terminates by
    reason of the Participant’s death or Disability prior to
    the end of a Performance Period, the Participant, or the
    Participant’s estate, devisee or heir at law (whichever is
    applicable) shall be entitled to a payment of the
    Participant’s outstanding Performance Units and Performance
    Share at the end of the applicable Performance Period, pursuant
    to the terms of the Plan and the Participant’s Award
    Agreement; provided, however, that the Participant shall
    be deemed to have earned only that proportion (to the nearest
    whole unit or share) of the Performance Units or Performance
    Shares granted to the Participant under such Award as the number
    of full months of the Performance Period which have elapsed
    since the first day of the Performance Period for which the
    Award was granted to the end of the month in which the
    Participant’s termination of employment or other service,
    bears to the total number of months in the Performance Period,
    subject to the attainment of the Performance Goals associated
    with the Award as certified by the Committee. The right to
    receive any remaining Performance Units or Performance Shares
    shall be canceled and forfeited.

 

    11. OTHER AWARDS

 

    Provided that such Awards are in compliance with all then
    applicable regulatory rules and polices including the TSX
    Policies, Awards of shares of Common Stock, phantom stock and
    other awards that are valued in whole or in part by reference
    to, or otherwise based on, Common Stock, may also be made, from
    time to time, to Eligible Individuals as may be selected by the
    Committee. Such Common Stock may be issued in satisfaction of
    awards granted under any other plan sponsored by the Company or
    compensation payable to an Eligible Individual. In addition,
    such awards may be made alone or in addition to or in connection
    with any other Award granted hereunder. The Committee may
    determine the terms and conditions of any such award. Each such
    award shall be evidenced by an Award Agreement between the
    Eligible Individual and the Company which shall specify the
    number of shares of Common Stock subject to the award, any
    consideration therefore, any vesting or performance requirements
    and such other terms and conditions as the Committee shall
    determine in its sole and absolute discretion.

 

    12. CHANGE IN CONTROL

 

    Unless otherwise provided in an Award Agreement, upon the
    occurrence of a Change in Control of Swisher, the Committee may
    in its sole and absolute discretion, provide on a case by case
    basis that (i) some or all outstanding Awards may become
    immediately exercisable or vested, without regard to any
    limitation imposed pursuant to this Plan, (ii) that all
    Awards shall terminate, provided that Participants shall have
    the right, immediately prior to the occurrence of such Change in
    Control and during such reasonable period as the Committee in
    its sole discretion shall determine and designate, to exercise
    any vested Award in whole or in part, (iii) that all Awards
    shall terminate, provided that Participants shall be entitled to
    a cash payment equal to the Change in Control Price with respect
    to shares subject to the vested portion of the Award net of the
    Exercise Price thereof (if applicable), (iv) provide that,
    in connection with a liquidation or dissolution of Swisher,
    Awards shall convert into the right to receive liquidation
    proceeds net of the Exercise Price (if applicable) and
    (v) any combination of the foregoing. In the event that the
    Committee does not terminate or convert an Award upon a Change
    in Control of Swisher, then the Award shall be assumed, or
    substantially equivalent Awards shall be substituted, by the
    acquiring, or succeeding corporation (or an affiliate thereof).

 

    13. CHANGE IN STATUS OF PARENT OR SUBSIDIARY

 

    Unless otherwise provided in an Award Agreement or otherwise
    determined by the Committee, in the event that an entity or
    business unit which was previously a part of the Company is no
    longer a part of the Company, as determined by the Committee in
    its sole discretion, the Committee may, in its sole and absolute
    discretion: (i) provide on a case by case basis that some
    or all outstanding Awards held by a Participant employed by or
    performing service for such entity or business unit may become
    immediately exercisable or vested, without regard to any
    limitation imposed pursuant to this Plan; (ii) provide on a
    case by case basis that some or all outstanding Awards held by a
    Participant employed by or performing service for such entity or

    

    10

 

    business unit may remain outstanding, may continue to vest,
    and/or may
    remain exercisable for a period not exceeding one (1) year,
    subject to the terms of the Award Agreement and this Plan;
    and/or
    (ii) treat the employment or other services of a
    Participant employed by such entity or business unit as
    terminated if such Participant is not employed by Swisher or any
    entity that is a part of the Company immediately after such
    event.

 

    14. REQUIREMENTS OF LAW

 

    (a) Violations of Law.  The Company
    shall not be required to sell or issue any shares of Common
    Stock under any Award if the sale or issuance of such shares
    would constitute a violation by the individual exercising the
    Award, the Participant or the Company of any provisions of any
    law or regulation of any governmental authority, including
    without limitation any provisions of the Sarbanes-Oxley Act, and
    any other federal or state securities laws or regulations. Any
    determination in this connection by the Committee shall be
    final, binding, and conclusive. The Company shall not be
    obligated to take any affirmative action in order to cause the
    exercise of an Award, the issuance of shares pursuant thereto or
    the grant of an Award to comply with any law or regulation of
    any governmental authority.

 

    (b) Registration.  At the time of
    any exercise or receipt of any Award, the Company may, if it
    shall determine it necessary or desirable for any reason,
    require the Participant (or Participant’s heirs, legatees
    or legal representative, as the case may be), as a condition to
    the exercise or grant thereof, to deliver to the Company a
    written representation of present intention to hold the shares
    for their own account as an investment and not with a view to,
    or for sale in connection with, the distribution of such shares,
    except in compliance with applicable federal and state
    securities laws with respect thereto. In the event such
    representation is required to be delivered, an appropriate
    legend may be placed upon each certificate delivered to the
    Participant (or Participant’s heirs, legatees or legal
    representative, as the case may be) upon the Participant’s
    exercise of part or all of the Award or receipt of an Award and
    a stop transfer order may be placed with the transfer agent.
    Each Award shall also be subject to the requirement that, if at
    any time the Company determines, in its discretion, that the
    listing, registration or qualification of the shares subject to
    the Award upon any securities exchange or under any state,
    provincial or federal law, or the consent or approval of any
    governmental regulatory body, is necessary or desirable as a
    condition of or in connection with, the issuance or purchase of
    the shares thereunder, the Award may not be exercised in whole
    or in part and the restrictions on an Award may not be removed
    unless such listing, registration, qualification, consent or
    approval shall have been effected or obtained free of any
    conditions not acceptable to the Company in its sole discretion.
    The Participant shall provide the Company with any certificates,
    representations and information that the Company requests and
    shall otherwise cooperate with the Company in obtaining any
    listing, registration, qualification, consent or approval that
    the Company deems necessary or appropriate. The Company shall
    not be obligated to take any affirmative action in order to
    cause the exercisability or vesting of an Award, to cause the
    exercise of an Award or the issuance of shares pursuant thereto,
    or to cause the grant of Award to comply with any law or
    regulation of any governmental authority.

 

    (c) Withholding.  The Committee may
    make such provisions and take such steps as it may deem
    necessary or appropriate for the withholding of the minimum
    amount of taxes that the Company is required by any law or
    regulation of any governmental authority, whether federal,
    provincial, state or local, domestic or foreign, to withhold in
    connection with the grant or exercise of an Award, or the
    removal of restrictions on an Award including, but not limited
    to: (i) the withholding of delivery of shares of Common
    Stock until the holder reimburses the Company for the amount the
    Company is required to withhold with respect to such taxes;
    (ii) the canceling of any number of shares of Common Stock
    issuable in an amount sufficient to reimburse the Company for
    the amount it is required to so withhold; (iii) withholding
    the amount due from any such person’s wages or compensation
    due to such person; (iv) the cancelling of a portion of the
    Options, Restricted Share Units, Performance Units or other
    Awards or (v) requiring the Participant to pay the Company
    cash in the amount the Company is required to withhold with
    respect to such taxes.

 

    (d) Governing Law.  The Plan shall
    be governed by, and construed and enforced in accordance with,
    the laws of the State of Delaware.

    

    11

 

 

    15. GENERAL PROVISIONS

 

    (a) Award Agreements.  All Awards
    granted pursuant to the Plan shall be evidenced by an Award
    Agreement. Each Award Agreement shall specify the terms and
    conditions of the Award granted and shall contain any additional
    provisions as the Committee shall deem appropriate, in its sole
    and absolute discretion (including, to the extent that the
    Committee deems appropriate, provisions relating to
    confidentiality, non-competition, non-solicitation and similar
    matters). The terms of each Award Agreement need not be
    identical for Eligible Individuals provided that all Award
    Agreements comply with the terms of the Plan.

 

    (b) Purchase Price.  To the extent
    the purchase price of any Award granted hereunder is less than
    par value of a share of Common Stock and such purchase price is
    not permitted by applicable law, the per share purchase price
    shall be deemed to be equal to the par value of a share of
    Common Stock.

 

    (c) Dividends and Dividend
    Equivalents.  Except as provided by the
    Committee in its sole and absolute discretion or as otherwise
    provided in Section 5(f) and subject to Section 7(e),
    8(c) and 10(c) of the Plan, a Participant shall not be entitled
    to receive, currently or on a deferred basis, cash or stock
    dividends, Dividend Equivalents, or cash payments in amounts
    equivalent to cash or stock dividends on shares of Commons Stock
    covered by an Award which has not vested or an Option. The
    Committee in its absolute and sole discretion may credit a
    Participant’s Award with Dividend Equivalents with respect
    to any Awards. To the extent that dividends and distributions
    relating to an Award are held in escrow by the Company, or
    Dividend Equivalents are credited to an Award, a Participant
    shall not be entitled to any interest on any such amounts. The
    Committee may not grant Dividend Equivalents to an Award subject
    to performance-based vesting to the extent that the grant of
    such Dividend Equivalents would limit the Company’s
    deduction of the compensation payable under such Award for
    federal tax purposes pursuant to Code Section 162(m).

 

    (d) Deferral of Awards.  The
    Committee may from time to time establish procedures pursuant to
    which a Participant may elect to defer, until a time or times
    later than the vesting of an Award, receipt of all or a portion
    of the shares of Common Stock or cash subject to such Award and
    to receive Common Stock or cash at such later time or times, all
    on such terms and conditions as the Committee shall determine.
    The Committee shall not permit the deferral of an Award unless
    counsel for Swisher determines that such action will not result
    in adverse tax consequences to a Participant under
    Section 409A of the Code. If any such deferrals are
    permitted, then notwithstanding anything to the contrary herein,
    a Participant who elects to defer receipt of Common Stock shall
    not have any rights as a shareholder with respect to deferred
    shares of Common Stock unless and until shares of Common Stock
    are actually delivered to the Participant with respect thereto,
    except to the extent otherwise determined by the Committee.

 

    (e) Prospective
    Employees.  Notwithstanding anything to the
    contrary, any Award granted to a Prospective Employee shall not
    become vested prior to the date the Prospective Employee first
    becomes an employee of the Company.

 

    (f) Issuance of Certificates; Shareholder
    Rights.  Swisher shall deliver to or as
    directed by the Participant a certificate evidencing the
    Participant’s ownership of shares of Common Stock issued
    pursuant to the exercise of an Award as soon as administratively
    practicable after satisfaction of all conditions relating to the
    issuance of such shares. A Participant shall not have any of the
    rights of a shareholder with respect to such Common Stock prior
    to satisfaction of all conditions relating to the issuance of
    such Common Stock, and, except as expressly provided in the
    Plan, no adjustment shall be made for dividends, distributions
    or other rights of any kind for which the record date is prior
    to the date on which all such conditions have been satisfied.

 

    (g) Transferability of Awards.  A
    Participant may not Transfer an Award other than by will or the
    laws of descent and distribution. Awards may be exercised during
    the Participant’s lifetime only by the Participant. No
    Award shall be liable for or subject to the debts, contracts, or
    liabilities of any Participant, nor shall any Award be subject
    to legal process or attachment for or against such person. Any
    purported Transfer of an Award in contravention of the
    provisions of the Plan shall have no force or effect and shall
    be null and void, and the purported transferee of such Award
    shall not acquire any rights with respect to such Award.
    Notwithstanding anything to the contrary, the Committee may in
    its sole and absolute discretion permit the

    

    12

 

    Transfer of an Award to a Participant’s “family
    member” as such term is defined in the
    Form 8-A
    Registration Statement under the Securities Act of 1933, as
    amended, under such terms and conditions as specified by the
    Committee. In such case, such Award shall be exercisable only by
    the transferee approved of by the Committee. To the extent that
    the Committee permits the Transfer of an Incentive Stock Option
    to a “family member”, so that such Option fails to
    continue to satisfy the requirements of an incentive stock
    option under the Code such Option shall automatically be
    re-designated as a Non-Qualified Stock Option.

 

    (h) Buyout and Settlement
    Provisions.  Except as prohibited in
    Section 6(e) of the Plan, the Committee may at any time on
    behalf of Swisher offer to buy out any Awards previously granted
    based on such terms and conditions as the Committee shall
    determine which shall be communicated to the Participants at the
    time such offer is made.

 

    (i) Use of Proceeds.  The proceeds
    received by Swisher from the sale of Common Stock pursuant to
    Awards granted under the Plan shall constitute general funds of
    Swisher.

 

    (j) Modification or Substitution of an
    Award.  Subject to the terms and conditions of
    the Plan, the Committee may modify outstanding Awards.
    Notwithstanding the following, no modification of an Award shall
    adversely affect any rights or obligations of the Participant
    under the applicable Award Agreement without the
    Participant’s consent. The Committee in its sole and
    absolute discretion may rescind, modify, or waive any vesting
    requirements or other conditions applicable to an Award.
    Notwithstanding the foregoing, without the approval of the
    shareholders of Swisher in accordance with applicable law, an
    Award may not be modified to reduce the exercise price thereof
    nor may an Award at a lower price be substituted for a surrender
    of an Award, provided that the foregoing shall not apply to
    adjustments or substitutions in accordance with Section 5
    or Section 12.

 

    (k) Amendment and Termination of
    Plan.  The Board may, at any time and from
    time to time, amend, suspend or terminate the Plan as to any
    shares of Common Stock as to which Awards have not been granted;
    provided, however, that the approval of the shareholders
    of Swisher in accordance with applicable law, the Articles of
    Incorporation and Bylaws of Swisher as well as the rules of any
    stock exchange or automated quotation system on which the Common
    Stock may be listed or traded shall be required for any
    amendment: (i) that changes the class of individuals
    eligible to receive Awards under the Plan; (ii) that
    increases the maximum number of shares of Common Stock in the
    aggregate that may be subject to Awards that are granted under
    the Plan (except as permitted under Section 5 or
    Section 12 hereof); (iii) the approval of which is
    necessary to comply with federal or state law (including without
    limitation Section 162(m) of the Code and
    Rule 16b-3
    under the Exchange Act); (iv) any amendment to increase or
    remove the insider participation limit set forth in
    Section 5(c) hereof; or (v) that proposed to eliminate
    a requirement provided herein that the shareholders of Swisher
    must approve an action to be undertaken under the Plan. Subject
    to the foregoing sentence and Sections 6(d) and 15(j)
    hereof, the approval of shareholders of Swisher shall not be
    required for any amendment of the Plan. Except as permitted
    under Section 5 or Section 12 hereof, no amendment,
    suspension or termination of the Plan shall, without the consent
    of the holder of an Award, alter or impair rights or obligations
    under any Award theretofore granted under the Plan. Awards
    granted prior to the termination of the Plan may extend beyond
    the date the Plan is terminated and shall continue subject to
    the terms of the Plan as in effect on the date the Plan is
    terminated.

 

    (l) Section 409A of the
    Code.  The Plan is intended to provide for
    deferral of compensation for purposes of Section 409A of
    the Code, by means of complying with
    Section 1.409A-1(b)(4)
    and/or
    Section 1.409A-1(b)(5)
    of the final Treasury regulations issued under Section 409A
    of the Code. The provisions of the Plan shall be interpreted in
    a manner that satisfies the requirements of
    Section 1.409A-1(b)(4)
    and/or
    Section 1.409A-1(b)(5)
    of the final Treasury regulations issued under Section 409A
    of the Code and the Plan shall be operated accordingly. If any
    provision of the Plan or any term or condition of any Award
    would otherwise frustrate or conflict with this intent, the
    provision, term or condition will be interpreted and deemed
    amended so as to avoid this conflict.

 

    In the event that following the application of the immediately
    preceding paragraph, any Award is subject to Section 409A
    of the Code, the provisions of Section 409A of the Code and
    the regulations issued thereunder are incorporated herein by
    reference to the extent necessary for any Award that is subject
    Section 409A of the

    

    13

 

    Code to comply therewith. In such event, the provisions of the
    Plan shall be interpreted in a manner that satisfies the
    requirements of Section 409A of the Code and the related
    regulations, and the Plan shall be operated accordingly. If any
    provision of the Plan or any term or condition of any Award
    would otherwise frustrate or conflict with this intent, the
    provision, term or condition will be interpreted and deemed
    amended so as to avoid this conflict.

 

    Notwithstanding any other provisions of the Plan, the Company
    does not guarantee to any Participant or any other person that
    any Award intended to be exempt from Section 409A of the
    Code shall be so exempt, nor that any Award intended to comply
    with Section 409A of the Code shall so comply, nor will the
    Company indemnify, defend or hold harmless any individual with
    respect to the tax consequences of any such failure.

 

    (m) Notification of 83(b)
    Election.  If in connection with the grant of
    any Award a Participant makes an election permitted under Code
    Section 83(b), such Participant must notify the Company in
    writing of such election within ten (10) days of filing
    such election with the Internal Revenue Service.

 

    (n) Disclaimer of Rights.  No
    provision in the Plan, any Award granted hereunder, or any Award
    Agreement entered into pursuant to the Plan shall be construed
    to confer upon any individual the right to remain in the employ
    of or other service with the Company or to interfere in any way
    with the right and authority of the Company either to increase
    or decrease the compensation of any individual, including any
    holder of an Award, at any time, or to terminate any employment
    or other relationship between any individual and the Company.
    The grant of an Award pursuant to the Plan shall not affect or
    limit in any way the right or power of the Company to make
    adjustments, reclassifications, reorganizations or changes of
    its capital or business structure or to merge, consolidate,
    dissolve or liquidate, or to sell or transfer all or any part of
    its business or assets.

 

    (o) Unfunded Status of Plan.  The
    Plan is intended to constitute an “unfunded” plan for
    incentive and deferred compensation. With respect to any
    payments as to which a Participant has a fixed and vested
    interest but which are not yet made to such Participant by the
    Company, nothing contained herein shall give any such
    Participant any rights that are greater than those of a general
    creditor of the Company.

 

    (p) Nonexclusivity of Plan.  The
    adoption of the Plan shall not be construed as creating any
    limitations upon the right and authority of the Board to adopt
    such other incentive compensation arrangements (which
    arrangements may be applicable either generally to a class or
    classes of individuals or specifically to a particular
    individual or individuals) as the Board in its sole and absolute
    discretion determines desirable.

 

    (q) Other Benefits.  No Award
    payment under the Plan shall be deemed compensation for purposes
    of computing benefits under any retirement plan of the Company
    or any agreement between a Participant and the Company, nor
    affect any benefits under any other benefit plan of the Company
    now or subsequently in effect under which benefits are based
    upon a Participant’s level of compensation.

 

    (r) Headings.  The section headings
    in the Plan are for convenience only; they form no part of this
    Agreement and shall not affect its interpretation.

 

    (s) Pronouns.  The use of any
    gender in the Plan shall be deemed to include all genders, and
    the use of the singular shall be deemed to include the plural
    and vice versa, wherever it appears appropriate from the context.

 

    (t) Successors and Assigns.  The
    Plan shall be binding on all successors of the Company and all
    successors and permitted assigns of a Participant, including,
    but not limited to, a Participant’s estate, devisee, or
    heir at law.

 

    (u) Severability.  If any provision
    of the Plan or any Award Agreement shall be determined to be
    illegal or unenforceable by any court of law in any
    jurisdiction, the remaining provisions hereof and thereof shall
    be severable and enforceable in accordance with their terms, and
    all provisions shall remain enforceable in any other
    jurisdiction.

 

    (v) Notices.  Unless otherwise
    provided by the Committee, any communication or notice required
    or permitted to be given under the Plan shall be in writing, and
    mailed by registered or certified mail or delivered

    

    14

 

    by hand, to Swisher, to its principal place of business,
    attention: Chief Financial Officer, Swisher Hygiene Inc., and if
    to the holder of an Award, to the address as appearing on the
    records of the Company.

 

    (w) Termination of Employment or
    Service.  To the extent required by applicable
    law, for purposes of the Plan termination of employment or
    service shall be deemed to have occurred on the last day of
    active employment or service with the Company and specifically
    the date of termination shall not include any period of
    reasonable notice that the Company may be required by law to
    provide to the Participant.

 

    (x) Personal Information.  A
    Participant shall provide Swisher with all information
    (including personal information) required by Swisher to
    administer the Plan. The Participant acknowledges that
    information required by Swisher to administer the Plan may be
    disclosed to a custodian or such third parties outside of the
    Participants jurisdiction of residence. The Participant consents
    and authorizes the Company to make such disclosure on the
    Participant’s behalf.

    

    15

 

    APPENDIX A

    

 

    DEFINITIONS

 

    “Award” means any Common Stock, Option,
    Performance Share, Performance Unit, Restricted Stock,
    Restricted Stock Unit, Stock Appreciation Right or any other
    award granted pursuant to the Plan.

 

    “Award Agreement” means a written agreement
    entered into by Swisher and a Participant setting forth the
    terms and conditions of the grant of an Award to such
    Participant.

 

    “Board” means the board of directors of Swisher.

 

    “Cause” means, with respect to a termination of
    employment or other service with the Company, a termination of
    employment or other service due to a Participant’s
    dishonesty, fraud, insubordination, willful misconduct, refusal
    to perform services (for any reason other than illness or
    incapacity) or materially unsatisfactory performance of the
    Participant’s duties for the Company; provided, however,
    that if the Participant and the Company have entered into an
    employment agreement or consulting agreement which defines the
    term Cause, the term Cause shall be defined in accordance with
    such agreement with respect to any Award granted to the
    Participant on or after the effective date of the respective
    employment or consulting agreement. The Committee shall
    determine in its sole and absolute discretion whether Cause
    exists for purposes of the Plan.

 

    “Change in Control” shall be deemed to occur
    upon:

 

    (a) any “person” as such term is used in
    Sections 13(d) and 14(d) of the Exchange Act (other than
    Swisher, any trustee or other fiduciary holding securities under
    any employee benefit plan of the Company, or any company owned,
    directly or indirectly, by the shareholders of Swisher in
    substantially the same proportions as their ownership of common
    stock of Swisher), is or becomes the “beneficial
    owner” (as defined in
    Rule 13d-3
    under the Exchange Act), directly or indirectly, of securities
    of Swisher representing thirty percent (30%) or more of the
    combined voting power of Swisher’s then outstanding
    securities;

 

    (b) during any period of two (2) consecutive years,
    individuals who at the beginning of such period constitute the
    Board, and any new director (other than a director designated by
    a person who has entered into an agreement with the Company to
    effect a transaction described in paragraph (a), (c), or
    (d) of this Section) whose election by the Board or
    nomination for election by Swisher’s shareholders was
    approved by a vote of at least two-thirds of the directors then
    still in office who either were directors at the beginning of
    the two-year period or whose election or nomination for election
    was previously so approved, cease for any reason to constitute
    at least a majority of the Board;

 

    (c) a merger, consolidation, reorganization, or other
    business combination of Swisher with any other entity, other
    than a merger or consolidation which would result in the voting
    securities of Swisher outstanding immediately prior thereto
    continuing to represent (either by remaining outstanding or by
    being converted into voting securities of the surviving entity)
    more than fifty percent (50%) of the combined voting power of
    the voting securities of Swisher or such surviving entity
    outstanding immediately after such merger or consolidation;
    provided, however, that a merger or consolidation effected to
    implement a recapitalization of Swisher (or similar transaction)
    in which no person acquires thirty percent (30%) or more of the
    combined voting power of Swisher’s then outstanding
    securities shall not constitute a Change in Control; or

 

    (d) the shareholders of Swisher approve a plan of complete
    liquidation of Swisher or the consummation of the sale or
    disposition by Swisher of all or substantially all of
    Swisher’s assets other than (x) the sale or
    disposition of all or substantially all of the assets of Swisher
    to a person or persons who beneficially own, directly or
    indirectly, at least fifty percent (50%) or more of the combined
    voting power of the outstanding voting securities of Swisher at
    the time of the sale or (y) pursuant to a spin-off type
    transaction, directly or indirectly, of such assets to the
    shareholders of Swisher.

    

    16

 

 

    However, to the extent that Section 409A of the Code would
    cause an adverse tax consequence to a Participant using the
    above definition, the term “Change in Control” shall
    have the meaning ascribed to the phrase “Change in the
    Ownership or Effective Control of a Corporation or in the
    Ownership of a Substantial Portion of the Assets of a
    Corporation” under Treasury Department
    Regulation 1.409A-3(i)(5),
    as revised from time to time, and in the event that such
    regulations are withdrawn or such phrase (or a substantially
    similar phrase) ceases to be defined, as determined by the
    Committee.

 

    “Change in Control Price” means the price per
    share of Common Stock paid in any transaction related to a
    Change in Control of Swisher.

 

    “Code” means the Internal Revenue Code of 1986,
    as amended, and the regulations promulgated thereunder.

 

    “Committee” means a committee or
    sub-committee
    of the Board consisting of two or more members of the Board,
    none of whom shall be an officer or other salaried employee of
    the Company, and each of whom shall qualify in all respects as a
    “non-employee director” as defined in
    Rule 16b-3
    under the Exchange Act, and as an “outside director”
    for purposes of Code Section 162(m). If no Committee
    exists, the functions of the Committee will be exercised by the
    Board; provided, however, that a Committee shall be
    created prior to the grant of Awards to a Covered Employee and
    that grants of Awards to a Covered Employee shall be made only
    by such Committee. Notwithstanding the foregoing, with respect
    to the grant of Awards to non-employee directors, the Committee
    shall be the Board.

 

    “Common Stock” means the common stock, par
    value $0.001 per share, of Swisher.

 

    “Company” means Swisher, the subsidiaries of
    Swisher, and all other entities whose financial statements are
    required to be consolidated with the financial statements of
    Swisher pursuant to United States generally accepted accounting
    principles, and any other entity determined to be an affiliate
    of Swisher as determined by the Committee in its sole and
    absolute discretion.

 

    “Covered Employee” means “covered
    employee” as defined in Code Section 162(m)(3).

 

    “Covered Individual” means any current or
    former member of the Committee, any current or former officer or
    director of the Company, or any individual designated pursuant
    to Section 4(c).

 

    “Disability” means a “permanent and total
    disability” within the meaning of Code
    Section 22(e)(3); provided, however, that if a
    Participant and the Company have entered into an employment or
    consulting agreement which defines the term Disability for
    purposes of such agreement, Disability shall be defined pursuant
    to the definition in such agreement with respect to any Award
    granted to the Participant on or after the effective date of the
    respective employment or consulting agreement. The Committee
    shall determine in its sole and absolute discretion whether a
    Disability exists for purposes of the Plan.

 

    “Dividend Equivalents” means an amount equal to
    the cash dividends paid by the Company upon one share of Common
    Stock subject to an Award granted to a Participant under the
    Plan.

 

    “Effective Date” shall mean the date that the
    Plan was approved by the shareholders of Swisher in accordance
    with the laws of the State of Delaware or such later date as
    provided in the resolutions adopting the Plan.

 

    “Eligible Individual” means any employee,
    officer, director (employee or non-employee director) or
    consultant of the Company and, to the extent permitted by
    applicable law, including the law of Canada, any Prospective
    Employee to whom Awards are granted in connection with an offer
    of future employment with the Company, provided, however, that
    for purposes of granting Options and Stock Appreciation Rights
    there shall be excluded from the definition of Eligible
    Individual any individual performing services for the Company,
    who does not perform services for Swisher or any other entity
    with respect which Common Stock is “service recipient
    stock” as such term is defined for purposes of the Treasury
    regulations promulgated under Section 409A of the Code.

 

    “Exchange Act” means the Securities Exchange
    Act of 1934, as amended.

    

    17

 

 

    “Exercise Price” means the purchase price per
    share of each share of Common Stock subject to an Award.

 

    “Fair Market Value” means, unless otherwise
    required by the Code, as of any date, the last sales price
    reported for the Common Stock on the day immediately prior to
    such date (i) as reported by the national securities
    exchange in the United States on which it is then traded, or
    (ii) if not traded on any such national securities
    exchange, as quoted on an automated quotation system sponsored
    by the National Association of Securities Dealers, Inc., or if
    the Common Stock shall not have been reported or quoted on such
    date, on the first day prior thereto on which the Common Stock
    was reported or quoted; provided, however, that the
    Committee may modify the definition of Fair Market Value to
    reflect any changes in the trading practices of any exchange or
    automated system sponsored by the National Association of
    Securities Dealers, Inc. on which the Common Stock is listed or
    traded. If the Common Stock is not readily traded on a national
    securities exchange or any system sponsored by the National
    Association of Securities Dealers, Inc., the Fair Market Value
    shall be determined in good faith by the Committee.

 

    “Grant Date” means the date on which the
    Committee approves the grant of an Award or such later date as
    is specified by the Committee and set forth in the applicable
    Award Agreement.

 

    “Incentive Stock Option” means an
    “incentive stock option” within the meaning of Code
    Section 422.

 

    “Insider” shall primarily refer to:

 

    (a) directors of the Company; and

 

    (b) executive officers of the Company and any other person
    or company responsible for a principal business unit, division
    or function of Swisher;

 

    and also includes any of the following persons to the extent
    that such person receives an Award under the Plan:

 

    (c) any person or company that has beneficial ownership of
    and/or
    control or direction over, whether direct or indirect,
    securities of Swisher carrying more than 10 per cent of the
    voting rights attached to all of Swisher’s outstanding
    voting securities, or who would have such ownership
    and/or
    control or direction if all rights or obligations of the person
    or company to acquire Swisher securities within the next
    60 days were exercised or complied with;

 

    (d) a director or executive officer of a company of a
    person or company included in (c) above;

 

    (e) a management company that provides significant
    management or administrative services to the Company and every
    director, executive officer or person or company that has
    beneficial ownership of
    and/or
    control or direction over, whether direct or indirect,
    securities of the management company carrying more than
    10 per cent of the voting rights attached to all of the
    management company’s outstanding voting securities;

 

    (f) any individual performing functions similar to the
    functions performance by any of the persons or companies
    included in (a) to (e) above; and

 

    (g) any other person that (i) in the ordinary course
    receives or has access to material facts or material changes
    concerning Swisher before the material facts or material changes
    are generally disclosed and (ii) directly or indirectly
    exercises, or has the ability to exercise, significant power or
    influence over the business, operations, capital or development
    of Swisher.

 

    “Non-Qualified Stock Option” means an Option
    which is not an Incentive Stock Option.

 

    “Option” means an option to purchase Common
    Stock granted pursuant to Sections 6 of the Plan.

 

    “Participant” means any Eligible Individual who
    holds an Award under the Plan and any of such individual’s
    successors or permitted assigns.

 

    “Performance Goals” means the specified
    performance goals which have been established by the Committee
    in connection with an Award.

    

    18

 

 

    “Performance Period” means the period during
    which Performance Goals must be achieved in connection with an
    Award granted under the Plan.

 

    “Performance Share” means a right to receive a
    fixed number of shares of Common Stock, or the cash equivalent,
    which is contingent on the achievement of certain Performance
    Goals during a Performance Period.

 

    “Performance Unit” means a right to receive a
    designated dollar value, or shares of Common Stock of the
    equivalent value, which is contingent on the achievement of
    Performance Goals during a Performance Period.

 

    “Person” shall mean any person, corporation,
    partnership, joint venture or other entity or any group (as such
    term is defined for purposes of Section 13(d) of the
    Exchange Act), other than a parent or subsidiary of Swisher.

 

    “Plan” means this Amended and Restated Swisher
    Hygiene Inc. 2010 Stock Incentive Plan.

 

    “Prospective Employee” means any individual who
    has committed to become an employee of the Company within sixty
    (60) days from the date an Award is granted to such
    individual, provided, however, that for purposes of granting
    Options and Stock Appreciation Rights there shall be excluded
    for the definition of Prospective Employee any individual who
    does commit to perform services for Swisher or any other entity
    with respect which Common Stock is “service recipient
    stock” as such term is defined for purposes of the Treasury
    regulations promulgated under Section 409A of the Code.

 

    “Restricted Stock” means Common Stock subject
    to certain restrictions, as determined by the Committee, and
    granted pursuant to Section 7 hereunder.

 

    “Restricted Stock Unit” means a right, granted
    under Section 8 hereof, to receive Common Stock at the end
    of a specified period.

 

    “Regulatory Approval” means the approval of the
    TSX, together with the approval of any other securities
    regulatory authority that may have lawful jurisdiction over the
    Plan and any Awards issued hereunder.

 

    “Section 424 Employee” means an employee
    of Swisher or any “subsidiary corporation” or
    “parent corporation” as such terms are defined in and
    in accordance with Code Section 424. The term
    “Section 424 Employee” also includes employees of
    a corporation issuing or assuming any Options in a transaction
    to which Code Section 424(a) applies.

 

    “Stock Appreciation Right” means the right to
    receive all or some portion of the increase in value of a fixed
    number of shares of Common Stock granted pursuant to
    Section 9 hereunder.

 

    “Swisher” means Swisher Hygiene Inc., a
    Delaware Corporation, including any successor thereto by merger,
    consolidation, acquisition or otherwise.

 

    “TSX” means the Toronto Stock Exchange and any
    successor thereto;

 

    “TSX Policies” means the rules and policies of
    the TSX, as amended from time to time.

 

    “Transfer” means, as a noun, any direct or
    indirect, voluntary or involuntary, exchange, sale, bequeath,
    pledge, mortgage, hypothecation, encumbrance, distribution,
    transfer, gift, assignment or other disposition or attempted
    disposition of, and, as a verb, directly or indirectly,
    voluntarily or involuntarily, to exchange, sell, bequeath,
    pledge, mortgage, hypothecate, encumber, distribute, transfer,
    give, assign or in any other manner whatsoever dispose or
    attempt to dispose of.

    

    19exv10w1

Exhibit
10.1

ALON USA ENERGY, INC.

AMENDED AND RESTATED 2005 INCENTIVE COMPENSATION PLAN

AWARD AGREEMENT

     This Award Agreement is entered into this 5th day of May, 2011 (the “Grant Date”),
between Paul Eisman (the “Participant”) and Alon USA Energy, Inc., a Delaware corporation (the
“Company”).

     WHEREAS, Participant is an employee of the Company or one of its Subsidiaries, and a Senior
Officer within the meaning of the Alon USA Energy, Inc. Amended and Restated 2005 Incentive
Compensation Plan (the “Plan”); and

     WHEREAS, the grant of Restricted Stock Units evidenced by this agreement (the “Agreement”) was
authorized by a resolution of the Board of Directors of the Company (the “Board”).

     1. Grant.

     Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in
the Plan, which is incorporated herein by reference, the Company hereby grants to the Participant
on the Grant Date 500,000 Restricted Stock Units. Each Restricted Stock Unit represents the right
to receive one share of common stock of the Company (“Common Stock”) upon the vesting of the
Restricted Stock Unit. This Agreement constitutes an “Evidence of Award” under the Plan.

     2. Voting Rights of Participant.

     The Participant will have no voting rights with respect to the Restricted Stock Units.

     3. Dividend Rights and Dividend Equivalent Payments. Except as provided in this Section, the
Participant will have no right to receive dividends with respect to the Restricted Stock Units.
From and after the Grant Date, the Participant will be entitled to receive, whenever a cash
dividend is paid on shares of Common Stock , an amount of cash equal to the product of (A) the
per-share amount of the dividend paid and (B) the Dividend Share Amount, set forth in the table
below for the period in which the dividend is paid (as determined below) (the “Dividend Equivalent
Payment”), provided the Participant has not received the shares of Common Stock underlying the
Restricted Stock Units in accordance with Section 6 hereof or otherwise forfeited the Restricted
Stock Units in accordance with Section 5 hereof.

	 	 	 	 	 
	 	 	Dividend Share	 
	Period	 	Amount	 
	From the Grant Date through March 1, 2012
	 	 	100,000	 
	From March 1, 2012 through March 1, 2013
	 	 	200,000	 
	From March 1, 2013 through March 1, 2014
	 	 	300,000	 
	From March 1, 2014 through March 1, 2015
	 	 	400,000	 

 

 

All Dividend Equivalent Payments will be made no later than 10 days after dividends are paid on the
underlying Common Stock. Notwithstanding the foregoing, Participant shall receive within 10 days
of the Grant Date a Dividend Equivalent Payment for the dividend paid on the Common Stock in the
first quarter of 2011 in an amount of cash equal to the product of (A) $.04 per share and (B)
100,000.

     4. Restrictions on Transfer. The Restricted Stock Units may not be transferred, sold,
pledged, exchanged, assigned or otherwise encumbered or disposed of by the Participant; provided,
however, that the Participant’s interest in the Restricted Stock Units may be transferred by will
or the laws of descent and distribution. Any purported transfer, encumbrance or other disposition
of the Restricted Stock Units will be null and void, and the other party to any such purported
transaction will not obtain any rights to or interest in the Restricted Stock Units.

     5. Vesting of Awards.

          (a) Restricted Stock Units. All 500,000 Restricted Stock Units granted to Participant
under this Agreement will vest on March 1, 2015 (the “RSU Vesting Date”), provided the Participant
remains in the continuous employ of the Company and its Subsidiaries during the period from the
Date of Grant to the RSU Vesting Date.

     For purposes of this Agreement, the continuous employment of the Participant with the Company
and its Subsidiaries will not be deemed to have been interrupted, and the Participant will not be
deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the
transfer of the Participant’s employment among the Company and its Subsidiaries or a leave of
absence approved by the Company’s Executive Chairman of the Board.

          (b) Involuntary Termination, Termination for Good Reason, Death and Disability.
Notwithstanding the provisions of Section 5(a) and (b), the non-vested Restricted Stock Units will
vest in full upon (i) the involuntary termination of the Participant’s employment by the Company
and its Subsidiaries for a reason other than Cause, (ii) the Participant’s termination of
employment with the Company and its Subsidiaries for Good Reason, or (iii) the Participant’s
termination of employment with the Company and its Subsidiaries due to the death or permanent and
total disability of the Participant, as determined by the Committee. Upon the occurrence of any of
these events, the vested Restricted Stock Units will be settled in Common Stock as provided in
Section 6 by the Participant or, in the event of the Participant’s death or disability, by the
Participant’s legal representative.

          (c) Change in Control. Notwithstanding the provisions of Section 5(a), (b) or (c),
the following vesting rules shall apply in connection with a Change in Control: (i) if the
Participant does not receive an offer of continued employment on similar terms from the Company or
its Subsidiaries (or any successors or affiliates) in connection with a Change in Control (for a
reason other than Cause), all non-vested Restricted Stock Units will fully vest immediately prior
to the Change in Control; (ii) if the Participant’s employment with the Company and its
Subsidiaries (and any successors or affiliates) is involuntarily terminated without Cause following
a Change in Control, all non-vested Restricted Stock Units will fully vest upon such termination;
and (iii) if the Participant remains employed by the Company or its Subsidiaries (or any successors
or affiliates) for a period of one year following a Change in

 - 2 - 

 

Control, all non-vested Restricted Stock Units with fully vest on the first anniversary of the
Change in Control.

          (d) Forfeiture. In the event the Participant terminates employment with the Company
and its Subsidiaries for any reason other than disability, death, involuntary termination by the
Company other than for Cause or termination by the Participant for Good Reason, the Restricted
Stock Units will be forfeited immediately and the Participant will not be entitled to any Common
Stock or Dividend Equivalent Payments hereunder.

     6. Settlement of Restricted Stock Units. At such time as the Restricted Stock Units vest as
provided in this Agreement, shares of Common Stock underlying such Restricted Stock Units will be
transferred to the Participant no later than 20 days after vesting, except as provided in this
Section. The shares of Common Stock underlying the Restricted Stock Units will be transferred to
the Participant by the Company’s transfer agent at the direction of the Company. At such time as
the Restricted Stock Units vest, the Company will direct the transfer agent to forward all such
shares of Common Stock to the Participant, except in the event the Participant has notified the
Company of his election to satisfy any tax obligations by surrender of a portion of such shares, in
which case the transfer agent will be directed to forward the remaining balance of shares after the
amount necessary for such taxes has been deducted.

     7. [Intentionally Left Blank.]

     8. Taxes and Withholding. To the extent that the Company is required to withhold any federal,
state, local or foreign taxes in connection with the issuance of any Common Shares or other
securities pursuant to this Agreement, it will be a condition to the transfer of the Common Shares
that the Participant will pay such taxes or make provisions that are satisfactory to the Company
for the payment thereof. The Participant may elect to satisfy all or any part of any such
withholding obligation by retention by the Company of a portion of the Common Shares that are
transferred to the Participant hereunder, and the Common Shares so retained will be credited
against any such withholding obligation at the Market Value per Share on the date of such issuance
or transfer. However, in no event may the Participant elect to have a number of Common Shares
withheld in excess of the number of Common Shares required to satisfy the Company’s minimum
statutory tax withholding obligation.

     9. Compliance with Law. The Company will comply with all applicable federal and state
securities laws; provided, however, notwithstanding any other provision of this Agreement, the
Company will not be obligated to issue any Common Shares or other securities pursuant to this
Agreement if the issuance thereof would result in a violation of any such law.

     10. Definitions. Capitalized terms used but not defined in this Agreement will have the
meanings ascribed to such terms in the Plan. For purposes of this Agreement, the terms set forth
below will have the following meanings:

          (a) “Cause” means (i) the Participant’s conviction of a felony or a misdemeanor where
imprisonment is imposed for more than 30 days; (ii) the Participant’s commission of any act of
theft, fraud, dishonesty, or falsification of any employment or Company records; (iii) the
Participant’s improper disclosure of confidential information of the

 - 3 - 

 

Company; (iv) any intentional action by the Participant having a material detrimental
effect on the Company’s reputation or business; (v) any material breach by the Participant of this
Agreement or the Participant’s employment agreement with the Company or one of its Subsidiaries,
which breach is not cured within ten (10) business days following receipt by the Participant of
written notice of such breach; (vi) the Participant’s unlawful appropriation of a corporate
opportunity; or (vii) the Participant’s intentional misconduct in connection with the performance
of any of the Participant’s duties, including, without limitation, misappropriation of funds or
property of the Company, securing or attempting to secure to the detriment of the Company any
profit in connection with any transaction entered into on behalf of the Company, any material
misrepresentation to the Company, or any knowing violation of law or regulations to which the
Company is subject.

          (b) “Change in Control” means the occurrence after the date of this Agreement of any of the
following events:

               (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other
than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that for purposes of this clause (i) such person will be
deemed to have “beneficial ownership” of all shares that any such person has the right to acquire,
whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; or

               (ii) the merger or consolidation of the Company with or into another person or the merger of
another person with or into the Company, or the sale of all or substantially all the assets of the
Company (determined on a consolidated basis) to another person (other than, in all such cases, a
person that is controlled by the Permitted Holders), other than a transaction following which (A)
in the case of a merger or consolidation transaction, (1) holders of securities that represented
100% of the Voting Stock of the Company immediately prior to such transaction own directly or
indirectly at least a majority of the voting power of the Voting Stock of the surviving person in
such merger or consolidation transaction immediately after such transaction and in substantially
the same proportion to each other as before the transaction or (2) immediately after such
transaction the Permitted Holders beneficially own, directly or indirectly, at least a majority of
the voting power of the Voting Stock of the surviving person in such merger or consolidation
transaction immediately after such transaction and (B) in the case of a sale of assets transaction,
the transferee assumes the obligations of the Company under this Agreement and either (1) is or
becomes a Subsidiary of the transferor of such assets or (2) is or becomes a person a majority of
the total voting power of the Voting Stock of which is beneficially owned, directly or indirectly,
by the Permitted Holders; or

               (iii) the adoption of a plan relating to the liquidation or dissolution of the Company.

          (c) “Good Reason” means (i) without the Participant’s prior written consent, the Company
reduces Participant’s base compensation or the percentage of the Participant’s base compensation
established as the Participant’s maximum target bonus percentage for purposes of the Company’s
annual cash bonus plan, (ii) any material breach by the Company or its

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Subsidiaries of this Agreement or the Participant’s employment agreement with the Company or
one of its Subsidiaries, which breach is not cured within ten (10) business days following receipt
by the Company of written notice of such breach; and (iii) without the Participant’s prior written
consent, the Company requires the Participant to be based at an office or location that is more
than 35 miles from the location at which the Participant was based on the Date of Grant, other than
in connection with reasonable travel requirements of the Company’s business.

          (d) “Market Value per Share” means, at any date, the closing sale price of the Common Stock on
that date (or, if there are no sales on the date, the last preceding date on which there was a
sale) on the principal national securities exchange or in the principal market on or in which the
Common Stock is traded. If there is no regular public trading market for the Common Stock, the
Market Value per Share will be the fair market value of a share of Common Stock, without discount
for minority interest, illiquidity or restrictions on transfer, as determined in good faith by
agreement of the Participant and the Board; provided that if no agreement is reached within 30
days, the fair market value of a share of Common Stock will be determined by an independent,
recognized investment bank, accounting firm or business valuation company mutually agreed to by the
parties (the “Appraiser”) and whose determination of Market Value per Share will be conclusive and
binding. The costs of the Appraiser will be borne equally by the Participant and the Company.

          (e) “Permitted Holders” means Alon Israel Oil Company, Ltd., Bielsol Investments (1987) Ltd.,
and Tabris Investments Inc.

     11. General Provisions.

          (a) The Company may assign any of its rights and obligations under this Agreement. Any
assignment of rights and obligations by the Participant requires the Company’s prior written
consent. This Agreement, and the rights and obligations of the parties hereunder, will be binding
upon and inure to the benefit of their respective successors, assigns, heirs, executors,
administrators and legal representatives.

          (b) The parties agree to execute such further documents and instruments and to take such
further actions as may be reasonably necessary to carry out the purposes and intent of this
Agreement.

          (c) The titles, captions and headings of this Agreement are included for ease of reference
only and will be disregarded in interpreting or construing this Agreement. Unless otherwise
specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and
“exhibits” to this Agreement.

          (d) This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered will be deemed an original, and all of which together will constitute one
and the same agreement.

          (e) Whenever possible, each provision or portion of any provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable law or rule in any jurisdiction, such invalidity,

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illegality or unenforceability will not affect the validity, legality or enforceability of any
other provision or portion of any provision in such jurisdiction, and this Agreement will be
reformed, construed and enforced in such jurisdiction in such manner as will effect as nearly as
lawfully possible the purposes and intent of such invalid, illegal or unenforceable provision.

          (f) This Agreement may be executed and delivered by facsimile and upon such delivery the
facsimile signature will be deemed to have the same effect as if the original signature had been
delivered to the other party.

          (g) This Agreement may be amended as provided in the Plan, provided all such amendments will
be in writing. Any amendment to the Plan will be deemed to be an amendment to this Agreement to
the extent that the Plan amendment is applicable hereto; provided, however, that no amendment will
adversely affect the rights of the Participant under this Agreement without the Participant’s
consent. No amendment of or waiver of, or modification of any obligation under this Agreement will
be enforceable unless set forth in a writing signed by the party against which enforcement is
sought. Any amendment effected in accordance with this section will be binding upon all parties
hereto and each of their respective successors and assigns. No delay or failure to require
performance of any provision of this Agreement will constitute a waiver of that provision as to
that or any other instance. No waiver granted under this Agreement as to any one provision herein
will constitute a subsequent waiver of such provision or of any other provision herein, nor will it
constitute the waiver of any performance other than the actual performance specifically waived.

          (h) It is intended that that any amounts payable under this Agreement and the Committee’s
exercise of authority or discretion hereunder comply with the provisions of Code Section 409A so as
not to subject the Participant to the payment of the additional tax, interest and any tax penalty
which may be imposed under Code Section 409A. Reference to Code Section 409A will also include any
proposed, temporary or final regulations, or any other guidance promulgated with respect to such
Section by the U.S. Department of the Treasury or the Internal Revenue Service. In particular, to
the extent Restricted Stock Units vest and the event causing the Restricted Stock Units to vest is
an event that does not constitute a permitted distribution under Code Section 409A and the
settlement of the Restricted Stock Units would not constitute short term deferral within the
meaning of Code Section 409A, then issuance of the Common Stock will be made, to the extent
necessary to comply with the provisions of Code Section 409A, to the Participant on the earlier of
(a) the Participant’s “separation from service” with the Company; provided, however, if the
Participant is a “specified employee” (within the meaning of Code Section 409A), the date of
issuance of the Common Stock will be the date that is six months after the date of the
Participant’s separation from service, (b) the seventh anniversary of the Date of Grant, or (c) the
Participant’s death. Notwithstanding the foregoing, no particular tax result for the Participant
with respect to any income recognized by the Participant in connection with this Agreement is
guaranteed, and the Participant will be responsible for any taxes, penalties and interest imposed
on the Participant in connection with this Agreement.

          (i) This Agreement is made under, and will be construed in accordance with, the laws of the
State of Delaware.

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     12. Entire Agreement. This Agreement and the documents referred to herein constitute the
entire agreement and understanding of the parties with respect to the subject matter of this
Agreement, and supersede all prior understandings and agreements, whether oral or written, between
or among the parties hereto with respect to the specific subject matter hereof.

[Remainder of page intentionally left blank]

 -7 -

 

     The Participant hereby accepts and agrees to be bound by all the terms and conditions of the
Plan and this Agreement. The Committee, as constituted from time to time, will, except as
expressly provided otherwise herein, have the right to determine any questions that arise in
connection with this Agreement.

	 	 	 	 	 
	 	ALON USA ENERGY, INC.

 	 
	 	By:  	/s/ David Wiessman
 	 
	 	 	Name:  	David Wiessman 	 
	 	 	Title:  	Executive Chairman of the Board of
Directors 	 
	 

	 	 	 	 	 
	 	ACCEPTED:

 	 
	 	/s/ Paul Eisman
 	 
	 	Signature of Participant 	 
	 	 	 
	 

 -8 -

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