Document:

exv10w13

 

Exhibit 10.13

ORION MARINE GROUP, INC.

LONG TERM INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

     This Agreement is made and entered into as of the Date of Grant set forth in the Notice of
Grant of Restricted Stock (“Notice of Grant”) by and between Orion Marine Group, Inc., a Delaware
corporation (the “Company”) and you;

     WHEREAS, the Company in order to induce you to enter into and to continue and dedicate service
to the Company and to materially contribute to the success of the Company agrees to grant you this
Restricted Stock award;

     WHEREAS, the Company adopted the Orion Marine Group, Inc. Long Term Incentive Plan as it may
be amended from time to time (the “Plan”) under which the Company is authorized to grant Restricted
Stock awards to certain employees and service providers of the Company;

     WHEREAS, a copy of the Plan has been furnished to you and shall be deemed a part of this
restricted stock award agreement (“Agreement”) as if fully set forth herein and the terms
capitalized but not defined herein shall have the meanings set forth in the Plan; and

     WHEREAS, you desire to accept the Restricted Stock made award pursuant to this Agreement.

     NOW, THEREFORE, in consideration of and mutual covenants set forth herein and for other
valuable consideration hereinafter set forth, the parties agree as follows:

     1. The Grant. Subject to the conditions set forth below, the Company hereby grants
you effective as of the Date of Grant set forth in the Notice of Grant, as a matter of separate
inducement but not in lieu of any salary or other compensation for your services for the Company,
an award (the “Award”) consisting of the aggregate number of shares of Stock (the “Restricted
Shares”) set forth in the Notice of Grant in accordance with the terms and conditions set forth
herein and in the Plan.

     2. Escrow of Restricted Shares. The Company shall evidence the Restricted Shares in
the manner that it deems appropriate. The Company may issue in your name a certificate or
certificates representing the Restricted Shares and retain that certificate or those certificates
until the restrictions on such Restricted Shares expire as contemplated in Section 5 of this
Agreement and described in the Notice of Grant or the Restricted Shares are forfeited as described
in Sections 4 and 6 of this Agreement. If the Company certificates the Restricted Shares, you
shall execute one or more stock powers in blank for those certificates and deliver those stock
powers to the Company. The Company shall hold the Restricted Shares and the related stock powers
pursuant to the terms of this Agreement, if applicable, until such time as (a) a certificate or
certificates for the Restricted Shares are delivered to you, (b) the Restricted Shares are
otherwise transferred to you free of restrictions, or (c) the Restricted Shares are canceled and
forfeited pursuant to this Agreement.

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     3. Ownership of Restricted Shares. From and after the time the Restricted Shares are
issued in your name, you will be entitled to all the rights of absolute ownership of the Restricted
Shares, including the right to vote those shares and to receive dividends thereon if, as, and when
declared by the Board, subject, however, to the terms, conditions and restrictions set forth in
this Agreement; provided, however, that each dividend payment will be made no later than the end of
the calendar year in which the dividends are paid to the holders of Stock or, if later, the 15th
day of the third month following the date the dividends are paid to the holders of Stock.

     4. Restrictions; Forfeiture. The Restricted Shares are restricted in that they may
not be sold, transferred or otherwise alienated or hypothecated until these restrictions are
removed or expire as contemplated in Section 5 of this Agreement and as described in the Notice of
Grant. The Restricted Shares are also restricted in the sense that they may be forfeited to the
Company (the “Forfeiture Restrictions”). You hereby agree that if the Restricted Shares are
forfeited, as provided in Section 6, the Company shall have the right to deliver the Restricted
Shares to the Company’s transfer agent for, at the Company’s election, cancellation or transfer to
the Company.

     5. Expiration of Restrictions and Risk of Forfeiture. The restrictions on the
Restricted Shares granted pursuant to this Agreement of this Agreement will expire and the
Restricted Shares will become transferable, except to the extent provided in Section 14 of this
Agreement and Section 10(a) of the Plan, and nonforfeitable as set forth in the Notice of Grant,
provided that you remain in the employ of or a service provider to the Company or its Subsidiaries
until the applicable dates set forth therein.

     6. Termination of Services.

          (a) Termination Generally. Subject to subsection (b), if your service relationship
with the Company or any of its Subsidiaries is terminated for any reason, then those Restricted
Shares for which the restrictions have not lapsed as of the date of termination shall become null
and void and those Restricted Shares shall be forfeited to the Company. The Restricted Shares for
which the restrictions have lapsed as of the date of such termination shall not be forfeited to the
Company.

          (b) Effect of Employment Agreement. Notwithstanding any provision herein to the
contrary, in the event of any inconsistency between this Section 6 and any employment agreement
entered into by and between you and the Company, the terms of the employment agreement shall
control.

     7. Election Under Section 83(b) of the Code. You understand that you should consult
with your tax advisor regarding the advisability of filing with the Internal Revenue Service an
election under section 83(b) of the Code with respect to the Restricted Shares for which the
restrictions have not lapsed. This election must be filed no later than 30 days after Date of
Grant set forth in the Notice of Grant of Restricted Stock (the “Notice of Grant”). This time
period cannot be extended. You acknowledge (a) that you have been advised to consult with a tax
advisor regarding the tax consequences of the award of the Restricted Shares and

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(b) that timely filing of a section 83(b) election is your sole responsibility, even if you
request the Company or its representative to file such election on your behalf.

     8. Leave of Absence. With respect to the Award, the Company may, in its sole
discretion, determine that if you are on leave of absence for any reason you will be considered to
still be in the employ of or providing services for the Company, provided that rights to the
Restricted Shares during a leave of absence will be limited to the extent to which those rights
were earned or vested when the leave of absence began.

     9. Delivery of Stock. Promptly following the expiration of the restrictions on the
Restricted Shares as contemplated in Section 5 of this Agreement, the Company shall cause to be
issued and delivered to you or your designee a certificate or other evidence of the number of
Restricted Shares as to which restrictions have lapsed, free of any restrictive legend relating to
the lapsed restrictions, upon receipt by the Company of any tax withholding as may be requested
pursuant to Section 10. The value of such Restricted Shares shall not bear any interest owing to
the passage of time.

     10. Payment of Taxes. The Company may require you to pay to the Company (or the
Company’s Subsidiary if you are an employee of a Subsidiary of the Company), an amount the Company
deems necessary to satisfy its or its Subsidiary’s current or future obligation to withhold
federal, state or local income or other taxes that you incur as a result of the Award. With
respect to any required tax withholding, you may (a) direct the Company to withhold from the shares
of Stock to be issued to you under this Agreement the number of shares necessary to satisfy the
Company’s obligation to withhold taxes; which determination will be based on the shares’ Fair
Market Value at the time such determination is made; (b) deliver to the Company shares of Stock
sufficient to satisfy the Company’s tax withholding obligations, based on the shares’ Fair Market
Value at the time such determination is made; or (c) deliver cash to the Company sufficient to
satisfy its tax withholding obligations. If you desire to elect to use the stock withholding
option described in subparagraph (a), you must make the election at the time and in the manner the
Company prescribes. The Company, in its discretion, may deny your request to satisfy its tax
withholding obligations using a method described under subparagraph (a) or (b). In the event the
Company determines that the aggregate Fair Market Value of the shares of Stock withheld as payment
of any tax withholding obligation is insufficient to discharge that tax withholding obligation,
then you must pay to the Company, in cash, the amount of that deficiency immediately upon the
Company’s request.

     11. Compliance with Securities Law. Notwithstanding any provision of this Agreement
to the contrary, the issuance of Stock (including Restricted Shares) will be subject to compliance
with all applicable requirements of federal, state, or foreign law with respect to such securities
and with the requirements of any stock exchange or market system upon which the Stock may then be
listed. No Stock will be issued hereunder if such issuance would constitute a violation of any
applicable federal, state, or foreign securities laws or other law or regulations or the
requirements of any stock exchange or market system upon which the Stock may then be listed. In
addition, Stock will not be issued hereunder unless (a) a registration statement under the
Securities Act of 1933, as amended (the “Act”), is at the time of issuance in effect with respect
to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may
be issued in accordance with the terms of an applicable exemption from the

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registration requirements of the Act. The inability of the Company to obtain from any
regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to
be necessary to the lawful issuance and sale of any shares subject to the Award will relieve the
Company of any liability in respect of the failure to issue such shares as to which such requisite
authority has not been obtained. As a condition to any issuance hereunder, the Company may require
you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with
any applicable law or regulation and to make any representation or warranty with respect to such
compliance as may be requested by the Company. From time to time, the Board and appropriate
officers of the Company are authorized to take the actions necessary and appropriate to file
required documents with governmental authorities, stock exchanges, and other appropriate Persons to
make shares of Stock available for issuance.

     12. Lock-Up Period. You hereby agree that, if so requested by the Company or any
representative of the underwriters (the “Managing Underwriter”) in connection with any registration
of the offering of any securities of the Company under the Act, you will not sell or otherwise
transfer any Stock acquired hereunder or other securities of the Company during the 180-day period
(or such other period as may be requested in writing by the Managing Underwriter and agreed to in
writing by the Company) (the “Market Standoff Period”) following the effective date of a
registration statement of the Company filed under the Act. Such restriction will apply only to the
first registration statement of the Company to become effective under the Act that includes
securities to be sold on behalf of the Company to the public in an underwritten public offering
under the Act. The Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restrictions until the end of such Market Standoff Period.

     13. Stockholders Agreement. The Committee may, in its sole discretion, condition the
delivery of Stock subject to this Award upon your entering into a stockholders’ agreement in such
form as approved from time to time by the Board.

     14. Legends. The Company may at any time place legends referencing any restrictions
imposed on the shares pursuant to Sections 4, 11 and 12 of this Agreement on all certificates
representing shares issued with respect to this Award.

     15. Right of the Company and Subsidiaries to Terminate Services. Nothing in this
Agreement confers upon you the right to continue in the employ of or performing services for the
Company or any Subsidiary, or interfere in any way with the rights of the Company or any Subsidiary
to terminate your employment or service relationship at any time.

     16. Furnish Information. You agree to furnish to the Company all information
requested by the Company to enable it to comply with any reporting or other requirements imposed
upon the Company by or under any applicable statute or regulation.

     17. Remedies. The parties to this Agreement shall be entitled to recover from each
other reasonable attorneys’ fees incurred in connection with the successful enforcement of the
terms and provisions of this Agreement whether by an action to enforce specific performance or for
damages for its breach or otherwise.

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     18. No Liability for Good Faith Determinations. The Company and the members of the
Board shall not be liable for any act, omission or determination taken or made in good faith with
respect to this Agreement or the Restricted Shares granted hereunder.

     19. Execution of Receipts and Releases. Any payment of cash or any issuance or
transfer of shares of Stock or other property to you, or to your legal representative, heir,
legatee or distributee, in accordance with the provisions hereof, shall, to the extent thereof, be
in full satisfaction of all claims of such Persons hereunder. The Company may require you or your
legal representative, heir, legatee or distributee, as a condition precedent to such payment or
issuance, to execute a release and receipt therefor in such form as it shall determine.

     20. No Guarantee of Interests. The Board and the Company do not guarantee the Stock
of the Company from loss or depreciation.

     21. Company Records. Records of the Company or its Subsidiaries regarding your period
of service, termination of service and the reason(s) therefor, leaves of absence, re-employment,
and other matters shall be conclusive for all purposes hereunder, unless determined by the Company
to be incorrect.

     22. Notice. All notices required or permitted under this Agreement must be in writing
and personally delivered or sent by mail and shall be deemed to be delivered on the date on which
it is actually received by the person to whom it is properly addressed or if earlier the date it is
sent via certified United States mail.

     23. Waiver of Notice. Any person entitled to notice hereunder may waive such notice
in writing.

     24. Information Confidential. As partial consideration for the granting of the Award
hereunder, you hereby agree to keep confidential all information and knowledge, except that which
has been disclosed in any public filings required by law, that you have relating to the terms and
conditions of this Agreement; provided, however, that such information may be disclosed as required
by law and may be given in confidence to your spouse and tax and financial advisors. In the event
any breach of this promise comes to the attention of the Company, it shall take into consideration
that breach in determining whether to recommend the grant of any future similar award to you, as a
factor weighing against the advisability of granting any such future award to you.

     25. Successors. This Agreement shall be binding upon you, your legal representatives,
heirs, legatees and distributees, and upon the Company, its successors and assigns.

     26. Severability. If any provision of this Agreement is held to be illegal or invalid
for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but
such provision shall be fully severable and this Agreement shall be construed and enforced as if
the illegal or invalid provision had never been included herein.

     27. Company Action. Any action required of the Company shall be by resolution of the
Board or by a person or entity authorized to act by resolution of the Board.

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     28. Headings. The titles and headings of Sections are included for convenience of
reference only and are not to be considered in construction of the provisions hereof.

     29. Governing Law. All questions arising with respect to the provisions of this
Agreement shall be determined by application of the laws of Delaware, without giving any effect to
any conflict of law provisions thereof, except to the extent Delaware law is preempted by federal
law. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable
laws and to the approval of any governmental authority required in connection with the
authorization, issuance, sale, or delivery of such Stock.

     30. Amendment. This Agreement may be amended the Board or by the Committee at any
time (a) if the Board or the Committee determines, in its sole discretion, that amendment is
necessary or advisable in light of any addition to or change in any federal or state, tax or
securities law or other law or regulation, which change occurs after the Date of Grant and by its
terms applies to the Award; or (b) other than in the circumstances described in clause (a) or
provided in the Plan, with your consent.

     31. The Plan. This Agreement is subject to all the terms, conditions, limitations and
restrictions contained in the Plan.

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     Please indicate your acceptance of all the terms and conditions of the Award and the Plan by
signing and returning a copy of this Agreement.

	 	 	 	 	 
	 	 	ORION MARINE GROUP, INC.,
	 	 	a Delaware corporation
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

	 	 	 	 	 
	ACCEPTED:	 	 
	 
	 	 	 	 
	 	 	 
	Signature of grantee	 	 
	 
	 	 	 	 
	 	 	 
	Name of grantee (Please Print)	 	 
	 
	 	 	 	 
	Date:                                         , ____	 	 
	 
	 	 	 	 
	ACKNOWLEDGED AND AGREED:	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 

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                    ,                                          

                                                             

                                                             

                                                             

NOTICE OF GRANT OF RESTRICTED STOCK

     Pursuant to the terms and conditions of the Orion Marine Group, Inc. Long Term Incentive Plan,
attached as Appendix A (the “Plan”), and the associated Restricted Stock Agreement,
attached as Appendix B (the “Agreement”), you are hereby issued shares of Stock subject to
certain restrictions thereon and under the conditions set forth below, in the Agreement, and in the
Plan (the “Restricted Shares”). Capitalized terms used but not defined herein shall have the
meanings set forth in the Plan.

	 	 	 
	Grantee:

	 	                    
	 
	 	 
	Date of Grant:

	 	                     ___, 200___(“Date of Grant”)
	 
	 	 
	Number of Shares:

	 	                    
	 
	 	 
	Fair Market Value of
Shares on Date of Grant:

	 	                    
	 
	 	 
	Vesting Schedule:

	 	The restrictions on all of the Restricted Shares
granted pursuant to the Agreement will expire and
the Restricted Shares will become transferable,
except to the extent provided in Section 12 of
the Agreement, and nonforfeitable as follows:
(a) the restrictions on 1/3
of the Restricted Shares shall expire on the one
year anniversary of the Date of Grant, and (b)
the restrictions on 1/36 of
the Restricted Shares shall expire on each
monthly anniversary of the Date of Grant
thereafter such that 100% of the Restricted
Shares will be vested on the three year
anniversary of the Date of Grant; provided,
however, that such restrictions will expire on
such dates only if you remain in the employ of or
a service provider to the Company or its
Subsidiaries continuously from the Date of Grant
through the applicable vesting date.
	 
	 	 
	 

	 	[NOTE: ADDITIONAL VESTING PROVISIONS MAY BE ADDED]

     By your signature and the signature of the Company’s representative below, you and the Company
hereby acknowledge receipt of the Restricted Shares issued on the Date of Grant indicated above,
which have been issued under the terms and conditions of the Plan and the

 

 

                    

Page 2

                    ,
___

Agreement. You further acknowledge receipt of the copy of the Plan and Agreement and agree to
all of the terms and conditions of the Plan and the Agreement, which are incorporated herein by
reference. You acknowledge and agree that (a) you are not relying upon any determination by the
Company, its affiliates, or any of their respective employees, directors, officers, attorneys or
agents (collectively, the “Company Parties”) of the Fair Market Value of the Stock on the Date of
Grant, (b) you are not relying upon any written or oral statement or representation of the Company
Parties regarding the tax effects associated with your execution of this Agreement and your
receipt, holding and vesting of the Restricted Shares, and (c) in deciding to enter into this
Agreement, you are relying on your own judgment and the judgment of the professionals of your
choice with whom you have consulted. You hereby release, acquit and forever discharge the Company
Parties from all actions, causes of actions, suits, debts, obligations, liabilities, claims,
damages, losses, costs and expenses of any nature whatsoever, known or unknown, on account of,
arising out of, or in any way related to the tax effects associated with your execution of the
Agreement and your receipt, holding and exercise of the Restricted Shares.

Note: To accept the Restricted Shares, execute this form and return an executed copy to
                     (the “Designated Recipient”) by                      ___, 200___. Failure to return the executed
copy to the Designated Recipient by such date will render this issuance invalid.

 
	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

Accepted by:

[GRANTEE]

 
	 	 	 	 	 
	By:
	 	 	 	 
	Date:

	 	 

	 	 
	 

	 	 

	 	 

[DESIGNATED RECIPIENT]

	 	 	 	 	 
	By:
	 
	 	 
	Date Received:

	 
	 	 
	 

	 	 

	 	 

			
	Attachments:	 	Appendix A – Orion Marine Group, Inc. Long Term Incentive Plan

Appendix B – Restricted Stock Agreement

 

 

Appendix A

Orion Marine Group, Inc. Long Term Incentive Plan

 

 

Appendix B

Restricted Stock Agreement

 

 

SECTION 83(b) ELECTION

This statement is made under Section 83(b) of the Internal Revenue Code of 1986, as amended,
pursuant to Treasury Regulations Section 1.83-2.

	(1)	 	The taxpayer who performed the services is:
	 
	 	 	Name:                                                             
	 
	 	 	Address:                                                             
	 
	 	 	                                                                          
	 
	 	 	Social Security No.:                     
	 
	(2)	 	The property with respect to which the election is made is
___ shares of the common stock
(the “Shares”) of                      (the “Company”).
	 
	(3)	 	The property was transferred on                      ___, ___(the “Date of Grant”).
	 
	(4)	 	The taxable year for which the election is made is the calendar year ___.
	 
	(5)	 	Pursuant to the terms of a Restricted Stock Award Agreement (the “Agreement”) between the
Company and the taxpayer, the Shares will not be transferable and will be subject to a
substantial risk of forfeiture as set forth in the Agreement. The restrictions on
all of the Shares will expire and the Shares will become transferable, except to the extent
provided in Section 12 of the Agreement, and nonforfeitable as follows: (a) the restrictions
on 1/3 of the Shares will expire on the one year anniversary of the Date
of Grant, and (b) the restrictions on 1/36 of the Shares will expire on
each monthly anniversary of the Date of Grant thereafter such that 100% of the Shares will be
vested on the three year anniversary of the Date of Grant; provided, however, that such
restrictions will expire on such dates only if the taxpayer remains in the employ of or a
service provider to the Company or its subsidiaries continuously from the Date of Grant
through the applicable vesting date. All Shares for which the restrictions have not
terminated shall be forfeited upon the termination of the taxpayer’s employment or service
relationship with the Company or its subsidiaries.
	 
	 	 	[NOTE: ADD ADDITIONAL VESTING PROVISIONS, IF ANY.]
	 
	(6)	 	The fair market value of such property at the time of transfer (determined without regard to
any restriction other than a restriction which by its terms will never lapse) is $                     per
share.
	 
	(7)	 	The amount paid for such property is $0.00 per share.
	 
	(8)	 	A copy of this statement was furnished to                     , for whom taxpayer rendered the
services underlying the transfer of such property.
	 
	(9)	 	This statement is executed on                      ___,                     

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	Signature of Spouse (if any)

	 	Signature of Taxpayer

This election must be filed with the Internal Revenue Service Center with which the taxpayer
files his or her federal income tax returns and must be filed within 30 days after the Date of
Grant. This filing should be made by registered or certified mail, return receipt requested. The
taxpayer must retain two copies of the completed form for filing with his or her federal and state
tax returns for the current tax year and an additional copy for his or her records.

2exv10w14

 

Exhibit 10.14

Hunter Acquisition Corp.

Orion Marine Group

Executive Incentive Plan (EIP) Document

Fiscal Year 2006

I. Objectives

	 	1.	 	To provide incentive to Orion’s Senior Management Team to grow the
overall business of Orion in a profitable manner.
	 
	 	2.	 	To financially reward executives for achievement of overall Company
goals, as well as individual goals.

II. Eligibility

	 	3.	 	Eligibility for the EIP includes the CEO, President & COO, CFO and
Vice President Gulf Coast Region.

III.  Incentive Determination

	 	4.	 	The EIP incentive pool will be based on Orion’s performance and will
be based upon Orion’s pre-EIP bonus.
	 
	 	5.	 	Formula Component — 75% of the incentive determination for EIP participants
will be based on the achievement of the consolidated Net Cash Flow target (the”
Target”). This component is only available if Company meets or exceeds 80% of Target.
	 
	 	6.	 	Discretion Component – 25% of the incentive determination for EIP
participants will based on annually agreed to individual objectives. This
component is only available if Company meets or exceeds 80% of Target.

IV. Award Allocation

	 	7.	 	Earned awards are payable only if an EIP participant is an employee
in good standing. Good standing means that, at the time of payout, an
employee:

	 	a)	 	has not resigned,
	 
	 	b)	 	has not indicated an intention to resign,
	 
	 	c)	 	has not been notified that their employment has been
terminated,
	 
	 	d)	 	is not on a performance improvement program.

 

 

V. Timing and Payout Form

	 	8.	 	Incentive awards will be calculated and are payable as soon as
practical following the close of the fiscal year. Awards will be paid as
ordinary income and will be subject to payroll tax withholding.

VI. Termination of Employment

	 	9.	 	Any EIP awards are forfeited in cases of termination.
	 
	 	10.	 	If an employee terminates prior to the fiscal year’s close because
of death or disability (as defined in Company’s long-term disability plan),
EIP awards will be prorated for the year.

VII. Plan Administration

	 	11.	 	The EIP Administrator will be a committee approved by the Board of
Director’s Compensation Committee.
	 
	 	12.	 	The EIP Administrator will approve annually developed performance
measures, performance standards, and award levels, subject to the approval of
the Board of Director’s Compensation Committee.
	 
	 	13.	 	The EIP Administrator will approve all finalized award payments
before submission to payroll, subject to the approval of the Board of
Director’s Compensation Committee.
	 
	 	15.	 	The EIP Administrator will have all authority to approve
continuation, modification or elimination of the Plan based upon a review of
actual results, subject to the approval of the Board of Director’s
Compensation Committee.
	 
	 	16.	 	Terms of valid employment agreements, if any, supercede the terms
and conditions of this document.

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