Document:

Exhibit 10.1

Exhibit 10.1

PURE CYCLE CORPORATION

SUBSCRIPTION AGREEMENT

The undersigned (the “Subscriber”) hereby subscribes for and agrees to purchase the number of
shares of common stock, par value one third of $0.01 per share (“Common Stock”), in Pure Cycle
Corporation, a Colorado corporation (the “Company”), set forth opposite its name on the signature
page hereof (such number of shares hereinafter collectively referred to as the “Shares”), and
agrees to pay therefor the sum of $3.00 per share. Such amount is to be paid in full by wire
transfer to “Pure Cycle Corporation” pursuant to the wire transfer instructions attached hereto as
Exhibit A, and the Company agrees to sell such Shares to the Subscriber.

This Subscription Agreement shall be subject to and governed by the laws of the State of
Colorado (without regard to its conflicts of laws doctrine).

This Subscription Agreement is not assignable by the undersigned and may not be modified,
waived or terminated except by an instrument in writing signed by the party against whom
enforcement of such modification, waiver or termination is sought.

Except as otherwise provided herein, this Subscription Agreement Intent shall be binding upon
and inure to the benefit of the parties and their heirs, executors, administrators, legal
representatives, successors and assigns, and the agreements, representations, warranties and
acknowledgments contained herein shall be deemed to be made by and be binding upon such heirs,
executors, administrators, legal representatives, successors and assigns.

This Subscription Agreement constitutes the entire agreement of the undersigned and the
Company relating to the matters contained herein superseding all prior contracts or agreements,
whether oral or written.

[Signatures on Following Page]

 

 

 

EXECUTION BY SUBSCRIBER

By signing below, the undersigned expressly agrees to the terms and conditions set forth above.

Dated: September __, 2010

Shares subscribed for:                                           

Dollar Amount of Investment Subscribed: $                                         

	 	 	 	 
	 
	 	 
	 	 	 
	Signature
	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	 

	 	 
	Subscriber Name (Please Print)

	 	Tax ID or Social Security Number
	 	 	 

	 	 	 	 	 
	Address:

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 

Telephone No.:                                           

Fax No.:                                           

WHEN COMPLETED AND SIGNED THIS SUBSCRIPTION AGREEMENT SHOULD BE DELIVERED TO THE COMPANY.

	 	 	 	 	 
	 	 	ACCEPTED: SEPTEMBER __, 2010
	 
	 	 	 	 
	 	 	PURE CYCLE CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Mark W. Harding, President

 

2

 

EXHIBIT A

Wire Transfer Instructions

Please wire the Dollar Amount of Investment Subscribed to the following account:

Pure Cycle Corporation
Routing Number:[•]

Account Number: [•]

Bank Information:

 

3exv10w1

Exhibit 10.1

FORM OF

RESTRICTED STOCK UNIT AGREEMENT

CONAGRA FOODS 2009 STOCK PLAN

This Restricted Stock Unit Agreement, hereinafter referred to as the “Agreement” is made on
the                      day of                                         , 20               
   between ConAgra Foods, Inc., a Delaware corporation (“ConAgra
Foods”), and the undersigned [as applicable: employee/consultant] of the Company (“Participant”).

	1.	 	Award Grant. ConAgra Foods hereby grants Restricted Stock Units (“RSUs”, and each
such unit an “RSU”) to the Participant under the ConAgra Foods 2009 Stock Plan (the “Plan”),
as follows:

	 	 	 	 	 	 	 

	 

	 	Participant:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Employee ID:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Number of RSUs:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Date of Grant:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Vesting Date:
	 	                                              (“Settlement Date”)
 

	 	 
	 	 	 	 	The Settlement Date is subject to modification for early settlement upon
 termination as provided in Paragraph 3.

Dividends: Dividend equivalents on the RSU will [as applicable: be paid to
the Participant when regular, cash dividends are declared and paid on the Stock/ be accumulated for
the benefit of the Participant and paid to the Participant upon settlement of an RSU as regular,
cash dividends are declared and paid on the Stock / not be paid or accumulated.]

IN WITNESS WHEREOF, ConAgra Foods and the Participant have caused this Agreement to be
executed effective as of the date first written above. ConAgra Foods and the Participant
acknowledge that this Agreement includes six pages including this first page. The Participant
acknowledges reading and agreeing to all six pages and that in the event of any conflict between
the terms of this Agreement and the terms of the Plan, the Plan shall control.

	 	 	 	 	 	 	 	 	 	 	 

	CONAGRA FOODS, INC.	 	 	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Date

	 	 	 	 	 	Date	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 

1

 

2. Definitions.  Capitalized terms used herein without definition have
the meaning set forth in the Plan. The following terms shall have the respective
meanings set forth below:

(a) “Continuous Employment” shall mean the absence of any interruption or termination
of employment with the Company and the performance of substantial services. Except as set
forth in Section 3(c), Continuous Employment shall not be considered interrupted in the case
of sick leave, long term disability, military leave or any other leave of absence approved
by the Company.

(b) “Early Retirement” means terminating employment with the Company when the Participant is
(i) at least age 55, and (ii) has at least ten years of vesting or credited service with the
Company.

(c) “Normal Retirement” shall mean a Separation from Service with the Company on or after
attaining age [applicable age, 65 or 62 to be inserted].

(d) “Separation from Service”: “Termination of employment,” “separation from service” and
similar terms mean the date that the Participant “separates from service” within the meaning
of Section 409A of the Code. Generally, a Participant separates from service if and only if
the Participant dies, retires, or otherwise has a termination of employment with the
Company, determined in accordance with the following:

	 	(i)	 	Leaves of Absence. The employment relationship is treated as
continuing intact while the Participant is on military leave, sick leave, or other
bona fide leave of absence if the period of such leave does not exceed six months,
or, if longer, so long as the Participant retains a right to reemployment with the
Company under an applicable statute or by contract. A leave of absence
constitutes a bona fide leave of absence only if there is a reasonable expectation
that the Participant will return to perform services for the Company. If the
period of leave exceeds six months and the Participant does not retain a right to
reemployment under an applicable statute or by contract, the employment
relationship is deemed to terminate on the first date immediately following such
six month period. Notwithstanding the foregoing, where a leave of absence is due
to any medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less
than six months, where such impairment causes the Participant to be unable to
perform the duties of his or her position of employment or any substantially
similar position of employment, a twenty nine month period of absence shall be
substituted for such six month period.
	 
	 	(ii)	 	Dual Status. Generally, if a Participant performs services both as
an employee and an independent contractor, such Participant must separate from
service both as an employee, and as an independent contractor pursuant to
standards set forth in Treasury Regulations, to be treated as having a separation
from service. However, if a Participant provides services to the Company as an
employee and as a member of the Board, and if any plan in which such person
participates as a Board member is not aggregated with this Agreement pursuant to
Treasury Regulation Section 1.409A-1(c)(2)(ii), then the services provided as a
director are not taken into account in determining whether the Participant has a
separation from service as an employee for purposes of this Agreement.
	 
	 	(iii)	 	Termination of Employment. Whether a termination of employment has
occurred is determined based on whether the facts and circumstances indicate that
the Company and the Participant reasonably anticipated that no further services
would be performed after a certain date or that the level of bona fide services
the Participant would perform after such date (whether as an employee or as an
independent contractor except as provided in (ii) above) would permanently
decrease to no more than twenty (20) percent of the average level of bona fide
services performed (whether as an employee or an independent contractor, except as
provided in (ii) above) over the immediately preceding thirty-six month period
(or the full period of services to the Company if the Participant

2

 

	 	 	 	has been providing services to the Company less than thirty-six months). For
periods during which a Participant is on a paid bona fide leave of absence and
has not otherwise terminated employment as described above, for purposes of this
paragraph (iii) the Participant is treated as providing bona fide services at a
level equal to the level of services that the Participant would have been
required to perform to receive the compensation paid with respect to such leave
of absence. Periods during which a Participant is on an unpaid bona fide leave
of absence and has not otherwise terminated employment are disregarded for
purposes of this paragraph (iii) (including for purposes of determining the
applicable thirty-six month (or shorter) period).

As used in connection with the definition of “Separation from Service,” Company includes
ConAgra Foods and any other entity that with ConAgra Foods constitutes a controlled group of
corporations (as defined in section 414(b) of the Code), or a group of trades or businesses
(whether or not incorporated) under common control (as defined in section 414(c) of the
Code), substituting 25% for the 80% ownership level for purposes of both 414(b) and (c).

(e) “Specified Employee” is as defined under Section 409A of the Code and Treasury
Regulation Section 1.409A-1(i).

(f) “Successors” shall mean the beneficiaries, executors, administrators, heirs, successors
and assigns of a person.

3. RSU Settlement.

(a) Continuous Employment. Subject to the Plan and this Agreement, if the
Participant has been in Continuous Employment through a Settlement Date (as set forth on
Page1 or as modified by Paragraph 3(b)), then the Company will issue to Participant one
share of Stock on the Settlement Date for each RSU subject to such Settlement Date.

(b) Termination of Employment. If the Participant’s employment with the Company
shall terminate by reason of:

	 	(i)	 	Death: all RSUs granted pursuant to this Agreement shall
become 100% vested and the Settlement Date shall be a date not later than
thirty days after death, subject to any deferral on payment required by
Section 409A of the Code or other applicable law.
	 
	 	(ii)	 	Normal Retirement: if Normal Retirement occurs after the
first anniversary of the Date of Grant, then all RSUs granted pursuant to
this Agreement shall become 100% vested and the Settlement Date shall be a
date not later than thirty days after Normal Retirement, subject to any
deferral on payment required by Section 409A of the Code or other applicable
law.
	 
	 	(iii)	 	Not for Cause: all RSUs for which a Settlement Date has
not occurred shall immediately be forfeited without further consideration to
the Participant, except in the case of involuntarily termination as set forth
in (iv) below.
	 
	 	(iv)	 	Early Retirement or Involuntary Termination Due to Disability
[as applicable: , Position Elimination or Reduction in Force].
Notwithstanding the foregoing, if the Participant’s Continuous Employment
should be terminated due to Early Retirement or involuntarily terminated due
to disability [as applicable: , position elimination or reduction in force]
([each] as defined in the Company’s sole discretion) after a Vesting Date (as
set forth below), but prior to the related Settlement Date (as set forth
below), the Company will issue shares of Stock following such termination of
employment in settlement of the RSUs that have vested as of the date of
termination of employment, and such date of termination of employment shall
be the Settlement Date for all purposes hereunder. All RSUs for which a
Settlement Date has not occurred on the date of such termination of
employment

3

 

	 	 	 	shall immediately be forfeited without further consideration to the Participant.

	 	 	 	 	 
	% Vested	 	Vesting Date	 	Settlement Date
	 
	 	 	 	 
	                                        %
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	                                        %
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	                                        %
	 	 	 	 
	 

	 	 
	 	 

	 	(v)	 	For Cause prior to the Settlement Date: all RSUs, whether
vested or unvested prior to the Settlement Date, shall be immediately
forfeited without further consideration to the Participant.

(c) Participant Representation. As a condition to settlement of any RSUs, the
Company may require the Participant to make any representation and warranty to the Company
as may be required by any applicable law or regulation. All RSUs shall be settled no later
than thirty (30) days after the occurrence of the payment event set forth herein, subject to
any deferral on payment required by Section 409A of the Code or other applicable law.

(d) Payment of Taxes Upon Settlement. As a condition of the issuance of shares of
Stock upon settlement of RSUs hereunder, the Participant agrees to remit to the Company at
the time of settlement any taxes required to be withheld by the Company under Federal, State
or local law as a result of the settlement of the RSUs. As a condition of the issuance of
shares of Stock upon settlement of RSUs hereunder, the Participant agrees that the Company
will deduct from the total shares vested a sufficient number of shares to satisfy the
minimum statutory withholding amount permissible. In addition, the Participant may deliver
previously acquired shares of Stock held by the Participant for at least six months in order
to satisfy additional tax withholding above the minimum statutory tax withholding amount
permissible, provided, however, the Participant shall not be entitled to deliver such
additional shares if it would cause adverse accounting consequences for the Company.

(e) Specified Employee. Notwithstanding anything (including any provision of the
Agreement or Plan) to the contrary, if a Participant is a Specified Employee, payment to the
Participant on account of a Separation from Service shall, in accordance with Treasury
Regulation Section 1.409A-3(i)(2), be made to the Participant on the earlier of (a) the
Participant’s death or (b) the first business day (or within 30 days after such first
business day) that is more than six months after the date of Separation from Service. In
the Company’s sole and absolute discretion, interest may be paid due to such delay.
Further, any interest will be calculated in the manner determined by the Company in its sole
and absolute discretion. Dividend equivalents will not be paid with respect to any
dividends that would have been paid during the delay if the Stock had been issued.

4. Non-Transferability of RSUs. The RSUs may not be assigned, transferred,
pledged or hypothecated in any manner (otherwise than by will or the laws of descent or
distribution) nor may the Participant enter into any transaction for the purpose of, or
which has the effect of, reducing the market risk of holding the RSUs by using puts, calls
or similar financial techniques. The RSUs subject to this Agreement may be settled during
the lifetime of the Participant only with the Participant. The terms of this Agreement,
shall be binding upon the Successors of the Participant.

5. Stock Subject to the RSUs. The Company will not be required to issue or deliver
any certificate or certificates for shares to be issued hereunder until such shares have
been listed (or authorized for listing upon official notice of issuance) upon each stock
exchange on which outstanding shares of the same class are then listed and until the Company
has taken such steps as may, in the opinion of counsel for the Company, be required by law
and applicable regulations, including the rules and regulations of the Securities and
Exchange Commission, and state securities laws and regulations, in connection with the
issuance of such shares, and the listing of such shares on each such exchange. The Company will use its
best efforts to comply with any such requirements.

6. Rights as Stockholder. The Participant or his/her Successors shall have no
rights as stockholder with

4

 

respect to any shares covered by this Agreement until the
Participant or his/her Successors shall have become the beneficial owner of such shares,
and, except as provided in Section 7 of this Agreement, no adjustment shall be made for
dividends or distributions or other rights in respect of such shares for which the record
date is prior to the date on which the Participant or his/her Successors shall have become
the beneficial owner thereof.

7. Adjustments Upon Changes in Capitalization; Change in Control. In the event of
any change in corporate capitalization, corporate transaction, sale or disposition of assets
or similar corporate transaction or event involving ConAgra Foods as described in Section
5.4 of the Plan, the Committee shall make equitable adjustment in the number and type of
shares subject to this Agreement, provided, however, that no fractional share shall be
issued upon subsequent settlement of the RSUs. No adjustment shall be made if such
adjustment is prohibited by Section 5.4 of the Plan (relating to Section 409A of the Code).
In the event of a “Change of Control” (as defined in the Plan) all of the RSUs shall
become immediately vested as provided pursuant to Section 11.5 of the Plan, and the date of
the Change of Control shall be a Settlement Date.

“Change of Control” shall occur upon any of the following dates:

(a) The date individuals who constitute the Board (the “Incumbent Board”) cease for any
reason to constitute at least fifty percent (50%) of the members of the Board, provided that
any person becoming a director subsequent to the date hereof whose election, or nomination
for election by the Company’s stockholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be, for purposes of this Agreement,
considered as though such person were a member of the Incumbent Board;

(b) The date of consummation of a reorganization, merger or consolidation, in each case,
with respect to which persons who were the stockholders of ConAgra Foods immediately prior
to such reorganization, merger or consolidation do not, immediately thereafter, own more
than 50% of the combined voting power entitled to vote generally in the election of
directors of the reorganized, merged or consolidated company’s then outstanding voting
securities;

(c) The date of liquidation or dissolution of ConAgra Foods; or

(d) The date that any one person, or more than one person acting as a group who is not
related to the Company within the meaning of Treasury Regulation Section
1.409A-3(i)((vii)(B), acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) assets from the Company that
have a total gross fair market value equal to or more than 80 percent of the total gross
fair market value of all of the assets of the corporation immediately before such
acquisition or acquisitions. For this purpose, gross fair market value means the value of
the assets of the corporation, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets.

For purposes of this Section, “more than one person acting as a group” is determined under
Treasury regulation Section 1.409A-3(i)(5)(v)(B). If a person owns stock in both entities
that enter into a merger, consolidation, purchase or acquisition of stock, such shareholder
is considered to be acting as a group with other shareholders in a corporation only with
respect to the ownership in that corporation before the transaction giving rise to the
change and not with respect to the ownership interest in the other corporation. In no event
shall a change of control occur under circumstances that would not constitute a “change in
the ownership of a corporation,” a “change in effective control of a corporation,” or a “change in the ownership of a
substantial portion of a corporation’s assets,” as those terms are defined in regulations
and other applicable guidance issued under section 409A of the Code.

8. Notices. Each notice relating to this Agreement shall be deemed to have
been given on the date it is received. Each notice to the Company shall be addressed to its
principal Office in Omaha, Nebraska, Attention: Compensation. Each notice to the Participant
or any other person or persons entitled to shares issuable upon settlement of the RSUs shall
be addressed to the Participant’s address and may be in written or electronic

5

 

form. Anyone
to whom a notice may be given under this Agreement may designate a new address by giving
notice to the effect.

9. Benefits of Agreement, This Agreement shall inure to the benefit of and be
binding upon each successor of the Company. All obligations imposed upon the Participant and
all rights granted to the Company under this Agreement shall be binding upon the
Participant’s Successors. This Agreement shall be the sole and exclusive source of any and
all rights which the Participant or his/her Successors may have in respect to the Plan or
this Agreement.

10. Resolution of Disputes. Any dispute or disagreement which should arise under or
as a result of or in any way related to the interpretation, construction or application of
this Agreement will be determined by the Committee. Any determination made hereunder shall
be final, binding and conclusive for all purposes. This Agreement and the legal relations
between the parties hereto shall be governed by and construed in accordance with the laws of
the state of Delaware.

11. Section 409A Compliance. This Agreement is intended to comply with Section 409A
of the Code and any regulations or notices provided thereunder. The Company reserves the
unilateral right to amend this Agreement on written notice to the Participant in order to
comply with such section. It is intended that all compensation and benefits payable or
provided to Participant under this Agreement shall, to the extent required to comply with
Section 409A of the Code, fully comply with the provisions of Section 409A of the Code and
the Treasury Regulations relating thereto so as not to subject Participants to the
additional tax, interest or penalties which may be imposed under Section 409A of the Code.
None of the Company, its contractors, agents and employees, the Board and each member of the
Board shall be liable for any consequences (including, but not limited to, any additional
tax, interest or penalties) of any failure to follow the requirements of Section 409A of the
Code or any guidance or regulations thereunder, unless such failure was the direct result of
an action or failure to act that was undertaken by the Company in bad faith.

12. Amendment. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however, that no
amendment shall adversely affect the rights of the Participant under this Agreement without
the Participant’s consent.

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}]]