Document:

Exhibit 10.8

 

RESTRICTED STOCK UNIT AWARD

47 MONTH SEMI-ANNUAL VESTING

 

CEO

(TIME BASED)

 

	
Award   Number:
    	
 
    	
 
    

 

 

	
Award   Date
    	
 
    	
  Number of Units
    	
 
    	
  Final Vesting Date
    

 

THIS CERTIFIES THAT SureWest Communications (the “Company”) has on the Award Date specified above granted to [Recipient’s Name] (“Participant”) an award (the “Award”) to receive that number of restricted stock units (the “Restricted Stock Units”) indicated above in the box labeled “Number of Units,” each Restricted Stock Unit representing the right to receive one share of SureWest Communications Common Stock (the “Common Stock”), plus an additional amount pursuant to Section 1(b), subject to certain restrictions and on the terms and conditions contained in this Award and the SureWest Communications 2000 Equity Incentive Plan (the “Plan”), the terms and conditions of which are incorporated herein by reference.  A copy of the Plan is available upon request.  In the event of any conflict between the terms of the Plan and this Award, the terms of the Plan shall govern.  Any terms not defined herein shall have the meaning set forth in the Plan.

 

1.                                                                                      Rights of the Participant with Respect to the Restricted Stock Units.

 

(a)                                 No Shareholder Rights.  The Restricted Stock Units granted pursuant to this Award do not and shall not entitle Participant to any rights of a shareholder of Common Stock.

 

(b)                                 Additional Restricted Stock Units.  As long as Participant holds Restricted Stock Units granted pursuant to this Award, the Company shall credit to Participant, on each date that the Company pays a cash dividend to holders of Common Stock generally, an additional number of Restricted Stock Units (“Additional Restricted Stock Units”) equal to the total number of whole Restricted Stock Units and Additional Restricted Stock Units previously credited to Participant under this Award multiplied by the dollar amount of the cash dividend paid per share of Common Stock by the Company on such date, divided by the Fair Market Value of a share of Common Stock on such date.  Any fractional Restricted Stock Unit resulting from such calculation shall be included in the Additional Restricted Stock Units.  A report showing the number of Additional Restricted Stock Units so credited shall be sent to Participant periodically as

 

Page 1 of 5

 

determined by the Company.  The Additional Restricted Stock Units so credited shall be subject to the same terms and conditions as the Restricted Stock Units to which such Additional Restricted Stock Units relate.

 

(c)                                  Payment of Restricted Stock Units.  All Shares of Common Stock shall be issued to Participant in a single payment to the extent of the vesting of the Restricted Stock Units only on the next business day immediately following the Participant’s “separation from service” (within the meaning of Section 409A of the Code except to the extent that such payment must be deferred for six months after the Participant’s separation of service to comply with Section 409A of the Code.  Neither this Section 1(c) nor any action taken pursuant to or in accordance with this Section 1(c) shall be construed to create a trust of any kind.  The value of any fractional Restricted Stock Unit or Additional Restricted Stock Unit shall be paid in cash in accordance with the foregoing timing rules.

 

2.                                                                                      Vesting.  Subject to the terms and conditions of this Award, 12.5% of the Restricted Stock Units shall vest, and the restrictions with respect to the Restricted Stock Units shall lapse, each June 1 and December 1 if the Participant remains or continues to serve as an employee of the Company until the respective vesting dates.

 

3.                                                                                      Forfeiture or Early Vesting Upon Termination of Service.

 

(a)                                 Termination of Service Generally.  If, prior to vesting of the Restricted Stock Units pursuant to Section 2 or 3, Participant ceases to serve as an employee of the Company, for any reason (voluntary or involuntary) other than death, Disability or Retirement (as defined below), or a Qualifying Termination pursuant to any Change in Control as defined in any Change in Control Agreement between Participant and the Company (in which event benefits will be determined by such Agreement and such Agreement shall govern and control over any provisions of this Award) then, except as otherwise set forth in this Section 3, Participant’s rights to all of the unvested Restricted Stock Units shall be immediately and irrevocably forfeited, including the right to receive Additional Restricted Stock Units.

 

(b)                                 Death or Disability.  If Participant dies while serving as an employee of the Company or its Subsidiaries, or if Participant’s service is terminated due to a Disability, then all unvested Restricted Stock Units shall become immediately vested.  No transfer by will or the applicable laws of descent and distribution of any Restricted Stock Units that vest by reason of Participant’s death shall be effective to bind the Company unless the Committee shall have been furnished with written notice of such transfer and a copy of the will or such other evidence as the Committee may deem necessary to establish the validity of the transfer.

 

(c)                                  Voluntary Retirement.  If Participant voluntarily retires and all of the following conditions are satisfied, all unvested Restricted Stock Units shall become immediately vested:

 

Page 2 of 5

 

(i)                               Participant has attained his “normal retirement age” under the Company’s tax-qualified defined benefit retirement plan or successor defined benefit pension plan (or if the Participant is not a participant of such plan or if such plan has been terminated, age 65), and

 

(ii)                            The Participant freely and voluntarily retires without coercion or at the request of the Company, as the Company shall determine in its own discretion, and

 

(iii)                         The Company, in its sole discretion, determines that on the date of the Participant’s retirement

 

·                  his performance is satisfactory,

 

·                  he is not in violation of any provision of the Company’s Code of Ethics,

 

·                  that but for his election to retire, the Company would continue his employment until the unvested Shares vested in accordance with the vesting schedule, and

 

·                  the Company determines, in its sole discretion, that the Company’s financial condition would not be adversely impaired, impacted or affected by vesting the remaining unvested Shares.

 

(d)                                      Accelerated Vesting.  The vesting terms under this agreement can be accelerated partially or in whole by the Compensation Committee at its sole discretion, provided that no distributions shall be permitted under any accelerated vesting provision under or pursuant to this agreement, or otherwise, except in compliance with Section 409A of the Code which presently preclude distributions under this Award until a minimum of six months after separation from service.

 

4.                                                                                      Restriction on Transfer.  The Restricted Stock Units and any rights under this Award may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by Participant otherwise than by will or by the laws of descent and distribution, and any such purported sale, assignment, transfer, pledge, hypothecation or other disposition shall be void and unenforceable against the Company.  No transfer by will or the applicable laws of descent and distribution of any Restricted Stock Units upon Participant’s death shall be effective to bind the Company unless the Committee shall have been furnished with written notice of such transfer and a copy of the will or such other evidence as the Committee may deem necessary to establish the validity of the transfer.  Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of Participant and receive any property distributable with respect to the Restricted Stock Units upon the death of Participant.

 

Page 3 of 5

 

5.                                                                                      Adjustments to Restricted Stock Units.  In the event that any dividend or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Common Stock or other securities of the Company or other similar corporate transaction or event affecting the Common Stock would be reasonably likely to result in the diminution or enlargement of any of the benefits or potential benefits intended to be made available under the Award (including, without limitation, the benefits or potential benefits of provisions relating to the vesting of the Restricted Stock Units), the Committee shall, in such manner as it shall deem equitable or appropriate in order to prevent such diminution or enlargement of any such benefits or potential benefits, make adjustments to the Award, including adjustments in the number and type of shares of Common Stock Participant would have received upon vesting of the Restricted Stock Units; provided, however, that the number of shares into which the Restricted Stock Units may be converted shall always be a whole number.

 

6.                                                                                      Income Tax Matters.

 

(a)                               In order to comply with all applicable federal and state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant.

 

(b)                                 In accordance with the terms of the Plan, and such rules as may be adopted by the Committee under the Plan, Participant may elect to satisfy Participant’s federal and state income tax withholding obligations arising from the receipt of, or the lapse of restrictions relating to, the Restricted Stock Units, by (i) delivering cash, check (bank check, certified check or personal check) or money order payable to the Company, (ii) having the Company withhold a portion of the shares of Common Stock otherwise to be delivered having a Fair Market Value equal to the amount of such taxes, or (iii) delivering to the Company shares of Common Stock already owned by Participant having a Fair Market Value equal to the amount of such taxes.  The Company will not deliver any fractional share of Common Stock but will pay, in lieu thereof, the Fair Market Value of such fractional share.  Participant’s election must be made on or before the date that the amount of tax to be withheld is determined.

 

7.                                                                                      Miscellaneous.

 

(a)                                 This Award does not confer on Participant any right with respect to the continuance of any relationship with the Company or its Subsidiaries, whether as an employee, officer or director, nor will it interfere in any way with the right of the Company to terminate such relationship at any time.

 

Page 4 of 5

 

(b)                                 The Company shall not be required to deliver any shares of Common Stock until the requirements of any federal or state securities laws, rules or regulations or other laws or rules (including the rules of any securities exchange and Section 409A of theCode) as may be determined by the Company to be applicable are satisfied.

 

(c)                                  An original record of this Award and all the terms hereof, executed by the Company, is held on file by the Company.  To the extent there is any conflict between the terms contained in this Award and the terms contained in the original held by the Company, the terms of the original held by the Company shall control.

 

(d)                                 The Committee has discretionary authority with respect to the construction and interpretation of this Award.

 

(e)                                  Except as otherwise expressly provided in this agreement, any capitalized term used in this agreement shall have the meaning ascribed to it in the SureWest Communications 2000 Equity Incentive Plan, as amended and restated.

 

(f)                                   This Award shall be subject to such additional terms and conditions pertaining to the payment of nonqualified deferred compensation under Section 409A of the Code, the terms and conditions of which are fully included herein by reference as such Section may be amended from time to time.

 

* * * *

 

By your signature and the signature of the Company’s representative below, you and the Company agree that these Restricted Stock Units are granted under and governed by the terms and conditions of the Plan and this Restricted Stock Unit Award.

 

	
RECIPIENT:
    	
 
    	
SUREWEST COMMUNICATIONS,
    
	
 
    	
 
    	
a   California corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
Recipient’s   Name
    	
 
    	
 
    	
Name
    
	
 
    	
 
    	
 
    	
Title
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

Page 5 of 5Exhibit 10.9

 

SUREWEST COMMUNICATIONS

2000 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK AGREEMENT

CEO

(PERFORMANCE BASED)

 

	
Payment   for Shares
    	
 
    	
No   payment is required for the Shares you receive.
    
	
 
    	
 
    	
 
    
	
Vesting
    	
 
    	
The   Shares vest in installments upon achieving the performance targets within the   time constraints provided for in the Notice of Grant of Award, provided the   eleven day average closing stock price for the period commencing ten days   before the Target Date, and ending on the Target Date, equals or exceeds the amounts   set forth opposite the Target Date (Metric), or, at any later Target Date, if   the Metric is achieved at such later Target Date as determined in the same   manner, but in no event shall any shares corresponding to a Target Date vest   prior to such corresponding date. Except as otherwise provided in this   agreement, you must also remain employed through the applicable Target Date   to be elgible for this award.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
In   addition, the Shares vest in full if any of the following two events or   conditions or circumstances occur:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
1.
    	
Your   service as an Employee terminates because of death or Disability, or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
2.
    	
The   Company is subject to a Change in Control while you are an Employee of the   Company, and you are then a party to a Change of Control agreement with the   Company which vests your rights hereunder pursuant to a “Qualifying   Termination” (as defined in such agreement), and all conditions and   contingencies relating to the vesting have occurred, in which event any   acceleration shall be governed and controlled by the terms and conditions of   such agreement.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The   vesting terms under this agreement can also be accelerated partially or in   whole by the Committee at its sole discretion.
    

 

Page 1 of 3

 

	
Shares   Restricted
    	
 
    	
Unvested   Shares will be considered “Restricted Shares.” You may not sell, transfer,   pledge or otherwise dispose of any Restricted Shares, except as provided in   the next sentence. With the consent of the Committee, you may transfer Restricted   Shares to your spouse, children or grandchildren or to a trust established by   you for the benefit of yourself or your spouse, children or grandchildren. A   transferee of Restricted Shares must agree in writing on a form prescribed by   the Company to be bound by all provisions of this agreement.
    
	
 
    	
 
    	
 
    
	
Forfeiture
    	
 
    	
Except   as otherwise provided for or set forth below or elsewhere in this document,   if your service as an Employee of the Company terminates for any reason   (except as provided in this Restricted Stock Agreement), then your Shares   will be forfeited to the extent that they have not vested before the   termination date and do not vest as a result of the termination. This means   that the Restricted Shares will immediately revert to the Company. You receive   no payment for Restricted Shares that are forfeited.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The   Company determines in its sole discretion when your service terminates for   this purpose.
    
	
 
    	
 
    	
 
    
	
Stock   Issuance
    	
 
    	
Your   Restricted Shares will be issued and held for you by the Company. After Shares   have vested, Shares will be released to you.
    
	
 
    	
 
    	
 
    
	
Voting   and Dividend Rights
    	
 
    	
You   have the same voting, dividend and other rights as the Company’s other   shareholders.
    
	
 
    	
 
    	
 
    
	
Withholding   Taxes
    	
 
    	
No   Shares will be issued to you unless you have made acceptable arrangements to   pay any withholding taxes that may be due as a result of this award or the   vesting of the Shares. As determined by the Committee, these arrangements may   include withholding Shares that otherwise would be released to you when they   vest. As determined by the Committee, these arrangements may also include   surrendering Shares that have been owned by you. The fair market value of the   Shares you surrender, determined as of the date when taxes otherwise would   have been withheld in cash, will be applied as a credit against the   withholding taxes.
    
	
 
    	
 
    	
 
    
	
Restrictions   on Resale
    	
 
    	
By   signing this agreement, you agree not to sell any Shares at a time when   applicable laws or Company policies prohibit a sale. This restriction will   apply as long as you are an Employee of or 
    

 

Page 2 of 3

 

	
 
    	
 
    	
Consultant   to the Company, or for any other waiting or other period following separation   from service as may be required by Section 16 of the Exchange Act.
    
	
 
    	
 
    	
 
    
	
No   Retention Rights
    	
 
    	
Neither   your Award nor this agreement gives you the right to be employed or retained   by the Company or a Subsidiary in any capacity.
    
	
 
    	
 
    	
 
    
	
Adjustments
    	
 
    	
As   more fully described in the Plan, in the event of a stock split, a stock   dividend or a similar change in Company stock, the number of Restricted   Shares that remain subject to forfeiture will be adjusted accordingly.
    
	
 
    	
 
    	
 
    
	
Applicable   Law
    	
 
    	
This   agreement will be interpreted and enforced under the laws of the State of   California (without regard to choice-of-law provisions).
    
	
 
    	
 
    	
 
    
	
The   Plan and Other Agreements
    	
 
    	
The   text of the Plan is incorporated in this agreement by reference, and shall   prevail over any inconsistent provisions herein, except in cases where you   have a change of control agreement in which case the agreement shall govern   and control vesting, distribution and payment of this Award.
    
	
 
    	
 
    	
 
    
	
Deference   to Plan Administrator
    	
 
    	
The   Committee has discretionary authority with respect to the construction and   interpretation of this Award, including in determining and deciding whether   the performance targets have been achieved and if so, when they have been   achieved.
    

 

This agreement and the Plan constitute the entire understanding between you and the Company regarding this Award.  Any prior agreements, commitments or negotiations concerning this Award are superseded.  This agreement may be amended only by another written agreement, signed by both parties.  Except as otherwise expressly provided in this agreement, any capitalized term used in this agreement shall have the meaning ascribed to it in the SureWest Communications 2000 Equity Incentive Plan, as amended and restated.

 

BY SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.  IN THE EVENT OF A CONFLICT BETWEEN THE TERMS OF THIS AGREEMENT AND THE PLAN, THE PLAN SHALL GOVERN.

 

Page 3 of 3

 

 

	
Notice of Grant of Award and Award Agreement
    	
SureWest Communications
    
	
ID:  68-0365195
    
	
 
    	
8150 Industrial Avenue
    
	
 
    	
Roseville, CA 95678
    
	
 
    	
 
    

 

 

	
Name [Insert recipient’s name]
    	
Award Number: [Insert Award Number]
    
	
Address [Insert recipient’s address]
    	
Plan:
    	
2000
    
	
City, State Zip
    	
ID:
    	
[Insert recipient’s ID number]
    
	
 
    	
 
    	
 
    

 

 

Effective [Insert date], you have been granted a performance award of [Insert number of shares awarded] shares of SureWest Communications (the Company) common stock.  These shares are restricted contingent upon the achievement of the associated Goal(s).

 

The current total value of the performance award is $ [Insert dollar value of award].

 

The Goal will be measured in increments on the date(s) shown.

 

	
Vest
   Period
    	
 
    	
Shares
    	
 
    	
Final
   Measurement
   Date
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

Page 1 of 2

 

 

	
Notice of Grant of Award and Award Agreement
    	
SureWest Communications
    
	
ID:  68-0365195
    
	
 
    	
8150 Industrial Avenue
    
	
(Continued)
    	
Roseville, CA 95678
    
	
 
    	
 
    

 

 

	
Name [Insert recipient’s name]
    	
Award Number: [Insert Award Number]
    
	
Address [Insert recipient’s address]
    	
Plan:
    	
2000
    
	
City, State Zip
    	
ID:
    	
[Insert recipient’s ID number]
    
	
 
    	
 
    	
 
    

 

 

Goal Metric(s) associated with these shares:

 

	
Vest
   Period
    	
 
    	
Target
   Date
    	
 
    	
Metric
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

By your signature and the Company’s signature below, you and the Company agree that this award is granted under and governed by the terms and conditions of the Company’s Award Plan as amended and the Award Agreement, all of which are attached and made a part of this document.

 

	
 
    	
 
    	
 
    
	
SureWest Communications
    	
 
    	
Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Employee’s signature
    	
 
    	
Date
    

 

Page 2 of 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}]]