Document:

Exhibit 10.5

AMERICAN WATER WORKS COMPANY, INC.

2007 OMNIBUS EQUITY COMPENSATION PLAN 

STOCK UNIT GRANT

This STOCK UNIT GRANT, dated as of May 9, 2014 (the “Date of Grant”), is delivered by American Water Works Company, Inc. (the “Company”) to _____ (the “Participant”). 

RECITALS 

WHEREAS, the Committee (as defined in the American Water Works Company, Inc. 2007 Omnibus Equity Compensation Plan) has determined to grant each non-employee member of the Board of Directors of the Company (the “Board”) who is a non-employee director of the Company immediately following the Company’s 2014 Annual Stockholder meeting a stock unit grant that will be converted to shares of common stock of the Company, par value $0.01 per share, (the “Company Stock”) at a later date; 

WHEREAS, the Participant is a non-employee director on the Board; and

WHEREAS, the Committee has determined that the stock unit grant granted to the Participant shall be issued under the American Water Works Company, Inc. 2007 Omnibus Equity Compensation Plan (the “Plan”) and the terms and conditions of such stock unit shall be memorialized in this grant (the “Grant”).  

NOW, THEREFORE, the parties to this Grant, intending to be legally bound hereby, agree as follows: 

1.Grant of Stock Units.  Subject to the terms and conditions set forth in this Grant and the Plan, the Company hereby grants to the Participant _____ units (the “Stock Units”).  Each Stock Unit shall be a phantom right and shall be equivalent to one share of Company Stock on the applicable distribution date, as described in Paragraph 4 below. 

2.Stock Unit Account.  The Company shall establish and maintain a Stock Unit account as a bookkeeping account on its records (the “Stock Unit Account”) for the Participant and shall record in such Stock Unit Account the number of Stock Units granted to the Participant.  The Participant shall not have any interest in any fund or specific assets of the Company by reason of this grant or the Stock Unit Account established for the Participant.

3.Vesting.  The Participant shall be fully vested in the Stock Units credited to the Participant’s Stock Unit Account pursuant to this Grant on the Date of Grant.

4.Distribution.  The Stock Units shall be converted to shares of Company Stock and distributed by the Company within thirty (30) days following the earlier of (i) August 14, 2015     (the “Specified Date”) (or, if applicable, the Deferred Date, as defined in Paragraph 5 below), (ii) the Participant’s separation from service (within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) with the Company (the “Separation from Service Date”), or (iii) the date of a Change of Control (as defined below) (the “Change of Control Date”).  At the time of distribution, all Stock Units shall be converted to an equivalent number of shares of Company Stock, and the Participant shall receive a single sum distribution of such shares of Company Stock, which shall be issued under the Plan.  For purposes of this Grant, the term “Change of Control” shall have the same meaning as such term is defined in the Plan, except that a Change of Control shall not be deemed to have occurred for purposes of this Grant unless the event constituting the Change of Control constitutes a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of section 409A of the Code and its corresponding regulations.

5.Deferrals.  The Participant may make an irrevocable election to defer the Specified Date (or further defer the Deferred Date (as defined below), if applicable) of all of the Stock Units, plus dividend equivalents earned on such Stock Units as described in Paragraph 6 below, to a later date, provided that (i) the election shall not take effect until at least twelve (12) months after the date on which the election is made, (ii) the deferred Specified Date cannot be earlier than five (5) years from the original Specified Date under Paragraph 4 (or five (5) years from the applicable Deferred Date, if a subsequent deferral of a Deferred Date is being made), and (iii) the election must be made no less than twelve (12) months prior to the date of the Specified Date (or twelve (12) months prior to the previously applicable Deferred Date, if a subsequent deferral of a Deferred Date is being made).  To defer the Specified Date, the Participant must elect to defer 100% of the Stock Units, including corresponding dividend equivalents, granted to the Participant under this Grant and complete the deferral election form provided to the Participant by the Committee, in the form attached hereto as Exhibit A or as may subsequently modified in the discretion of the Committee.  If the Participant desires to make a further deferral, the Participant must make such election on a separate form provided by the Committee for such purpose.  Any such election shall be made in accordance with section 409A of the Code and any corresponding guidance and regulations issued under section 409A of the Code.  Notwithstanding a Participant’s election pursuant to this Paragraph, if the Separation from Service Date or Change of Control Date occurs prior to the Deferred Date, the distribution of the Participant’s Stock Units, plus corresponding dividend equivalents, will be made as a result of the occurrence of the Separation from Service Date or Change of Control Date, whichever is earlier.  If a Specified Date is delayed one or more times pursuant to this Paragraph 5, the new Specified Date shall be referred to as the “Deferred Date.”

6.Dividend Equivalents.  Until the earlier of the Specified Date (or the Deferred Date, if elected), Separation from Service Date or Change of Control Date, if any dividends are paid with respect to the shares of Company Stock, the Company shall credit to a dividend equivalent account (the “Dividend Equivalent Account”) the value of the dividends that would have been distributed if the Stock Units credited to the Participant’s Stock Unit Account as of the date of payment of any such dividend were shares of Company Stock.  At the same time that the Stock Units are converted to shares of Company Stock and distributed to the Participant, the Company shall pay to the Participant a lump sum cash payment equal to the value of the dividends credited to the Participant’s Dividend Equivalent Account.  No interest shall accrue on any dividend equivalents credited to the Participant’s Dividend Equivalent Account. 

7.Change of Control.  Except as set forth above, the provisions set forth in the Plan applicable to a Change of Control (as defined in the Plan) shall apply to the Stock Units, and, in the event of a Change of Control, the Committee may take such actions as it deems appropriate pursuant to the Plan and is consistent with the requirements of section 409A of the Code.  

8.Acknowledgment by Participant.  By accepting this Grant, the Participant acknowledges that with respect to any right to distribution pursuant to this Grant, the Participant is and shall be an unsecured general creditor of the Company without any preference as against other unsecured general creditors of the Company, and the Participant hereby covenants for himself or herself, and anyone at any time claiming through or under the Participant, not to claim any such preference, and hereby disclaims and waives any such preference which may at any time be at issue, to the fullest extent permitted by applicable law.  The Participant also hereby agrees to be bound by the terms and conditions of the Plan and this Grant.  The Participant further agrees to be bound by the determinations and decisions of the Committee with respect to this Grant and the Plan and the Participant’s rights to benefits under this Grant and the Plan, and agrees that all such determinations and decisions of the Committee shall be binding on the Participant, his or her beneficiaries and any other person having or claiming an interest under this Grant and the Plan on behalf of the Participant.

9.Restrictions on Issuance or Transfer of Shares of Company Stock.

(a)The obligation of the Company to deliver shares of Company Stock upon the distribution of the Stock Units shall be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the shares of Company Stock upon any securities exchange or under any state 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 of shares of Company Stock, the shares of Company Stock may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.  The issuance of shares of Company Stock and the payment of cash to the Participant pursuant to this Grant is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof.

(b)As a condition to receive any shares of Company Stock upon conversion of the Stock Units, the Participant agrees:

(i)to be bound by the Company’s policies regarding the limitations on the transfer of such shares, and understands that there may be certain times during the year that the Participant will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, hypothecating or otherwise encumbering the shares; and

(ii)that the shares of Company Stock obtained by the Participant upon the distribution of the Stock Units shall not be tradable until the Participant owns enough shares of Company Stock outright, as stock units convertible into shares of Company Stock, and time-based restricted Company Stock, to meet or exceed five (5) times the Participant’s annual cash retainer, which ownership requirement must be satisfied by the later of February 2015, or the fifth (5th) anniversary of the Participant’s commencement of service as a director on the Board. 

10.Grant Subject to Plan Provisions.  This Grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan.  In the event of any contradiction, distinction or difference between this Grant and the terms of the Plan, the terms of the Plan will control.  Except as otherwise defined in this Grant, capitalized terms used in this Grant shall have the meanings set forth in the Plan.  This Grant is subject to the interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of the shares of Company Stock, (iii) changes in capitalization of the Company, and (iv) other requirements of applicable law.  The Committee shall have the authority to interpret and construe this Grant pursuant to the terms of the Plan, its decisions shall be conclusive as to any questions arising hereunder and the Participant’s acceptance of this Grant is the Participant’s agreement to be bound by the interpretations and decisions of the Committee with respect to this Grant and the Plan.

11.No Rights as Stockholder.  The Participant shall not have any rights as a stockholder of the Company, including the right to any cash dividends (except as provided in Paragraph 6), or the right to vote, with respect to any Stock Units.

12.No Rights to Continued Employment or Service.  This Grant shall not confer upon the Participant any right to be retained in the employment or service of the Employer (as defined in the Plan) and shall not interfere in any way with the right to terminate the 

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Participant’s employment or service at any time.  The right to terminate at will the Participant’s employment or service at any time for any reason is specifically reserved.

13.Assignment and Transfers.  No Stock Units or dividend equivalents awarded to the Participant under this Grant may be transferred, assigned, pledged, or encumbered by the Participant and the Stock Units and dividend equivalents shall be distributed during the lifetime of the Participant only for the benefit of the Participant.  Any attempt to transfer, assign, pledge, or encumber the Stock Units or dividend equivalents under this Grant by the Participant shall be null, void and without effect.  The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company.  This Grant may be assigned by the Company without the Participant’s consent.

14.Withholding. To the extent required by applicable law, the Participant shall be required to pay to the Company, or make other arrangements satisfactory to the Company to provide for the payment of, any federal, state, local or other taxes that the Company is required to withhold with respect to the Grant, vesting or distribution of the Stock Units and dividend equivalents.  

15.Effect on Other Benefits.  The value of shares of Company Stock and dividend equivalents distributed with respect to the Stock Units shall not be considered eligible earnings for purposes of any other plans maintained by the Employer.  Neither shall such value be considered part of the Participant’s compensation for purposes of determining or calculating other benefits that are based on compensation, such as life insurance.

16.Applicable Law.  The validity, construction, interpretation and effect of this Grant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof.

17.Notice.  Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the General Counsel at the Company’s corporate headquarters, and any notice to the Participant shall be addressed to such Participant at the current address shown on the records of the Company, or to such other address as the Participant may designate to the Company in writing.  Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service.

18.Section 409A of the Code.  

(a)This Grant is intended to comply with the requirements of section 409A of the Code and shall be interpreted and administered to avoid any penalty sanctions under section 409A of the Code.  If any distribution cannot be provided or made at the time specified herein or as elected by the Participant, then such distribution shall be provided in full at the earliest time thereafter when such sanctions cannot be imposed.  Except according to a valid election made pursuant to Paragraph 5 above, in no event may the Participant designate the calendar year of distribution.

(b)Notwithstanding any provision to the contrary in this Grant, if any of the distributions under this Grant are payable to the Participant upon separation from service (within the meaning of section 409A of the Code) from the Employer, then if at the time of the Participant’s separation from service the Participant is a “specified employee” (as such term is defined in section 409A(2)(B)(i) of the Code and its corresponding regulations) as determined by the Company (or any successor thereto) in its sole discretion in accordance with its specified employee determination policy, then all distributions to the Participant pursuant to this Grant shall be postponed for a period of six (6) months following the Participant’s separation from service from the Employer.  The postponed amounts shall be distributed to the Participant in a lump sum within thirty (30) days after the date that is six (6) months following the Participant’s separation from service from the Employer.  If the Participant dies during such six (6)-month period and prior to the distribution of the postponed amounts hereunder, the amounts delayed on account of section 409A of the Code shall be distributed to the personal representative of the Participant’s estate within sixty (60) days after the date of the Participant’s death, and any amounts not delayed shall be distributed to the personal representative of the Participant’s estate in accordance with the terms of this Grant.

[SIGNATURE PAGE FOLLOWS]

 

 

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IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Grant, effective as of the Date of Grant.

 

			
	
AMERICAN WATER WORKS COMPANY, INC.

	
 

By:
	
 
	
 

Susan Story

	
 

 

	
Its:
	
 
	
President and CEO

 

4TAP EX 10.1_2014.6.30 10Q

Exhibit 10.1
	
				
	 
	 

	DATED 19 May 2014

	

STARBEV NETHERLANDS BV and MOLSON COORS NETHERLANDS BV  
as Borrowers
arranged by
UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S. (FORMERLY UNICREDIT BANK CZECH REPUBLIC, A.S.) and CITIBANK EUROPE PLC, ORGANIZAČNÍ SLOŽKA as Mandated Lead Arrangers
with
UNICREDIT BANK AG, LONDON BRANCH 
acting as Agent

 

	 
	AMENDMENT AGREEMENT RELATING TO AMENDED AND RESTATED AGREEMENT IN RESPECT OF A EUR 150,000,000 UNSECURED UNCOMMITTED REVOLVING CREDIT FACILITIES AGREEMENT
	 

 

	
	
	 

THIS AGREEMENT is dated 19 May 2014 and made 
BETWEEN:
		
	(i)
	STARBEV NETHERLANDS B.V., a private limited liability company (besloten vennootschap met beperkte aansprakeliikheid) incorporated under Dutch law, having its official seat (statuaire zetel) in Amsterdam, the Netherlands and having its registered office address at Naritaweg 165, 1043BW, Amsterdam, the Netherlands, registered with the trade register of the chamber of commerce in Amsterdam, the Netherlands under number 34362656 as a borrower;

		
	(ii)
	MOLSON COORS NETHERLANDS B.V., a private limited liability company (besloten vennootschap met beperkte aansprakeliikheid) incorporated under Dutch law, having its official seat (statuaire zetel) in Amsterdam, the Netherlands and having its registered office address at Naritaweg 165, 1043BW, Amsterdam, the Netherlands, the Netherlands, registered with the trade register of the chamber of commerce in Amsterdam, the Netherlands, under number 55268390 as a borrower (together with Starbev Netherlands B.V. the “Borrowers”);

		
	(iii)
	MOLSON COORS BREWING COMPANY, a Delaware corporation with its executive offices at 1225 17th Street, Suite 3200, Denver, Colorado, USA 80202 and 1555 Notre Dame Street East, Montréal, Québec, Canada H2L 2R5 as guarantor (the “Guarantor”);

		
	(iv)
	UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S. (FORMERLY UNICREDIT BANK CZECH REPUBLIC, A.S.) and CITIBANK EUROPE PLC, operating in the Czech Republic through CITIBANK EUROPE PLC, ORGANIZAČNÍ SLOŽKA as mandated lead arrangers (whether acting individually or together the “Arranger”);

		
	(v)
	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as lenders (the “Original Lenders”); and

		
	(vi)
	UNICREDIT BANK AG, LONDON BRANCH as agent of the other Finance Parties (the “Agent”).

IT IS AGREED as follows:
		
	1.
	DEFINITIONS AND INTERPRETATION

		
	1.1
	Definitions

In this Agreement:
"Amended Agreement" means the Restated Facility Agreement, as amended by this Agreement.
"Restated Facility Agreement" means the EUR 150,000,000 unsecured uncommitted revolving facilities agreement made between, amongst others, the Borrowers, the 

	
		
	 
	 

Guarantor and the Arranger, as amended and restated by the amendment and restatement agreement dated 9 September 2013.
		
	1.2
	Incorporation of defined terms

		
	(a)
	Unless a contrary indication appears, a term defined in the Restated Facility Agreement has the same meaning in this Agreement.

		
	(b)
	The principles of construction set out in the Restated Facility Agreement shall have effect as if set out in this Agreement.

		
	1.3
	Clauses

In this Agreement any reference to a "Clause", "Article" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause, Article or a Schedule to this Agreement.
		
	1.3
	Third party rights

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.
		
	1.4
	Designation

In accordance with the Restated Facility Agreement, each of the Obligors and the Agent designates this Agreement as a Finance Document.
		
	2.
	AMENDMENT

		
	2.2
	Amendment to Definition of Permitted Financial Indebtedness

With effect from the date of this Agreement, the definition of “Permitted Financial Indebtedness” in Clause 1.1 (Definitions) related to subsection (a) shall be deleted and replaced in its entirety by the following definition:
		
	“(a)
	arising with respect to factoring transactions (on a recourse basis) not exceeding EUR 40,000,000 at any time;”

		
	2.3
	Amendment to Schedule 7 (Timetables)

With effect from the date of this Agreement, Schedule 7 (Timetables) shall be deleted and replaced in its entirety by the following:
“SCHEDULE 7 
TIMETABLES
Part 1 
Loans

	
		
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))

	U-3
9.30 am

	The Agent notifies the Lenders of the requested Loan in accordance with Clause 5.4 (Lenders’ participation)
	U-3
Noon

	The Lenders notify the Agent of their intention to participate in the Utilisation
	U-1
9.30 am

	The Agent notifies the Lenders and the Borrowers of the Lenders participating in the Utilisation
	U-1
Noon

	EURIBOR is fixed
	Quotation Day as of 11.00 a.m. in respect of EURIBOR

“U”        =    date of utilisation.
“U – X”    =    X Business Days prior to date of utilisation.”

		
	3.
	CONTINUITY AND FURTHER ASSURANCE

		
	3.1
	Continuing obligations

The provisions of the Restated Facility Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect.
		
	3.2
	Confirmation of Guarantee Obligations

For the avoidance of doubt, the Guarantor confirms for the benefit of the Lenders that all guarantee obligations owed by it under the Amended Agreement shall remain in full force and effect notwithstanding the amendments referred to in Clause 2 above.
		
	3.3
	Repeating Representations

Each Obligor hereby makes the Repeating Representations to each Finance Party on the date of this Agreement.
		
	4.
	MISCELLANEOUS

		
	4.1
	Counterparts

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.
		
	4.2
	Governing Law

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
4.3    Enforcement
The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non‐contractual obligation arising out of or in connection with this Agreement) (a “Dispute”).
The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.
This Clause 4.3 is for the benefit of the Finance Parties only.  As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.
This Agreement has been entered into on the date stated at the beginning of this Agreement.

SCHEDULE 1 
THE ORIGINAL LENDERS
	
			
	Name of Original Lender
	 
	 

	UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S. (FORMERLY UNICREDIT BANK CZECH REPUBLIC, A.S.)
	 
	 

	CITIBANK EUROPE PLC, ORGANIZAČNÍ SLOŽKA
	 
	 

SIGNATURES
THE BORROWERS
	
			
	

By: STARBEV NETHERLANDS B.V.
	 
	/s/ E. Lee Reichert    
By:  E. Lee Reichert 
Title:  Director
/s/ J.P.V.G. Visser   
By:  J.P.V.G. Visser
Title:  Director

	
			
	By: MOLSON COORS NETHERLANDS B.V.
	 
	/s/ E. Lee Reichert    
By:  E. Lee Reichert 
Title:  Director B
/s/ J.P.V.G. Visser   
By:  J.P.V.G. Visser
Title:  Director A

	
			
	The Guarantor

Executed as a Deed
By: MOLSON COORS BREWING COMPANY
	 
	/s/ E. Lee Reichert   
By:  E. Lee Reichert
Title:  Deputy General Counsel and Assistant Secretary 

The Arrangers 
	
			
	UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S.
	 
	/s/ Michal Barta   
By:  Michal Barta
Title:  Authorised Representative
/s/ Stepan Matekjka   
By:  Stepan Matekjka
Title:  Authorised Representative

	CITIBANK EUROPE PLC
PRESENT when the Common Seal
of Citibank Europe plc was affixed
to this deed and this deed was delivered:
	 
	/s/ Tony Woods   
By:  Tony Woods
Title:  Director
/s/ Deirdre Pepper   
By:  Deirdre Pepper
Title:  Company Secretary 

The Agent
	
			
	UNICREDIT BANK AG, LONDON BRANCH
	 
	/s/ Gillian Akhurst   
By:  Gillian Akhurst
Title:  Director
/s/ Russell Winston   
By:  Russell Winston
Title:  Associate Director

The Lenders 
	
			
	UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S.
	 
	/s/ Michal Barta   
By:  Michal Barta
Title:  Authorised Representative
/s/ Stepan Matekjka   
By:  Stepan Matekjka
Title:  Authorised Representative

	CITIBANK EUROPE PLC
PRESENT when the Common Seal
of Citibank Europe plc was affixed
to this deed and this deed was delivered:
	 
	/s/ Tony Woods   
By:  Tony Woods
Title:  Director
/s/ Deirdre Pepper   
By:  Deirdre Pepper
Title:  Company Secretary

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