Document:

EX-10.60 PURCHASE PLAN 06/12/07

 

Exhibit 10.60

RULE 10B5-1 PURCHASE PLAN

Pinnacle Airlines Corp. (the “Corporation”), as of this 12th day of June, 2007, has established
this Plan (this “Plan”) in order to purchase up to $30 million of the Corporation’s common stock
(to be offset by amounts purchased prior to June 15, 2007) pursuant to the requirements of and in
conformity with the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”).

The Corporation requests that Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”)
execute the Plan as follows:

	1.	 	Starting on June 15, 2007, purchase shares pursuant to the attached table on a “not held”
basis.

	2.	 	Merrill Lynch will notify the Corporation of all purchases executed under the Plan pursuant
to customary trade confirmations.

	3.	 	The Plan shall end on the earliest of:

	 	a.	 	the opening of the trading day immediately following the delivery date of
written notice by the Corporation of termination of the Plan;

	 	b.	 	the completion of all purchases contemplated by the Plan;

	 	c.	 	the date that Merrill Lynch becomes aware of the commencement of any voluntary
or involuntary case or other proceeding seeking liquidation, reorganization or other
relief under any bankruptcy, insolvency or similar law or seeking the appointment of a
trustee, receiver or other similar official, in each case, with respect to the
Corporation or the taking of any corporate action by the Corporation to authorize or
commence any of the foregoing;

	 	d.	 	the date that the Corporation or any other person publicly announces a tender
or exchange offer with respect to the shares or a merger, acquisition, reorganization,
recapitalization or other similar business combination or transaction as a result of
the consummation of which the shares would be exchanged or converted into cash,
securities or other property;

	 	e.	 	the Corporation’s or Merrill Lynch’s reasonable determination that:

	 	(i)	 	the Plan does not comply with Rule 10b5-1 or other applicable
securities laws; or

	 	(ii)	 	the Corporation has not, or Merrill Lynch has not, complied
with the Plan, Rule 10b5-1 or other applicable securities laws.

 

 

	4.	 	The Corporation will pay Merrill Lynch $*** per share commission rate.

	5.	 	The Corporation represents and agrees that in connection with this Plan it has complied and
will comply with the provisions of Rule 10b-18. Merrill Lynch is entitled to conclusively rely
on information communicated to it by the Corporation concerning the Corporation’s market
activities. In executing the Plan, Merrill Lynch is instructed to use its best efforts to
comply with the purchasing conditions of Rule 10b-18.

	6.	 	The Corporation confirms that (a) it established the Plan in good faith in compliance with
the requirements of Rule 10b5-1 at a time when it was not in possession of non-public material
information, (b) it understands the proscriptions of Rule 10b5-1 in respect of offsetting and
hedging transactions, (c) it will not disclose to any persons at Merrill Lynch effecting
purchases under the Plan any information regarding the Corporation that might influence the
execution of the Plan and (d) it will inform Merrill Lynch as soon as possible of any
subsequent legal or contractual restrictions affecting the execution of the Plan by Merrill
Lynch or by the Corporation and of the occurrence of any event that would cause the Plan to
end or be suspended as contemplated in Paragraph 3 or 7.

	7.	 	If Merrill Lynch must suspend purchases of shares under this Plan on a particular day for any
of the following reasons:

	 	a.	 	a day specified by the Plan is not a day on which the shares trade regular way
on the Exchange;

	 	b.	 	trading of the shares on the Exchange is suspended for any reason; or

	 	c.	 	Merrill Lynch cannot effect a purchase of shares due to legal, regulatory or
contractual restrictions applicable to it or to the Corporation (including without
limitation, Regulation M, Rule 10b-5 or Rule 10b-18),

	 	 	 	then Merrill Lynch will resume purchases in accordance with Paragraph 1 on the next day
specified in the Plan after the condition causing the suspension of purchases has been
resolved to the satisfaction of Merrill Lynch and the Corporation.

	8.	 	Any number of shares to be purchased (and the corresponding Price Limits) set forth in the
Daily Pricing Strategy below shall be adjusted automatically on a proportionate basis to take
into account any stock split, reverse stock split or stock dividend with respect to the shares
or any change in capitalization with respect to the Corporation or any similar event that
occurs during execution of the Plan, as determined by Merrill Lynch in good faith and in a
commercially reasonable manner.

	9.	 	The Plan may be modified or amended by the Corporation provided that (a) such modification or
amendment is (i) is in writing, (ii) is made in good faith and not as part of a plan or scheme
to evade the prohibitions of Rule 10b-5 or 10b-18 and (iii) is in accordance with the terms of
the Plan; and (b) at the time of such modification or amendment the Corporation represents and
warrants to Merrill Lynch that it is not in possession of any non-public material information.

	10.	 	The Plan may be signed in counterparts, each of which will be an original.

2

 

	11.	 	The Plan and the attachment together constitute the entire agreement between the Corporation
and Merrill Lynch and supersede any prior agreements or understandings regarding the Plan.

	12.	 	All notices given by the parties under this Plan will be as follows:

	 	a.	 	If to Merrill Lynch:

4 World Financial Center, 5th Floor

New York, NY 10080

Attention: Charles Plohn, Jr., Fax no: (212) 449-0355

	 	b.	 	If to the Corporation:

1689 Nonconnah Blvd., Suite 111

Memphis, TN 38132

Attention: Peter D. Hunt, Fax no: (901) 348-4103

	13.	 	This Plan will be governed by and construed in accordance with the internal laws of the State
of New York.

	 	 	 	 	 
	 	Pinnacle Airlines Corp.

 	 
	 	By:  	/s/ Peter D. Hunt
 	 
	 	 	Name:  	Peter D. Hunt 	 
	 	 	Title:  	VP and CFO 	 
	 

ACKNOWLEDGED AND AGREED:

Merrill Lynch, Pierce, Fenner & Smith Incorporated

	 	 	 	 	 
	By:

	 	/s/ Charles Plohn, Jr.
	 	
	 

	 	 	 	 
	 

	 	Name: Charles Plohn, Jr.

Title: Managing Director	 	 

3

 

Attachment

	 	 	 	 	 
	Price	 	Maximum Daily
	Range	 	Target Volume*
	< $***

	 	 	100	%
	$*** — $***

	 	 	75	%
	$*** — $***

	 	 	50	%
	$*** — $***

	 	 	25	%
	> $***

	 	 	0	%

			
	*	 	As a percentage of daily volume limitations pursuant to the provisions of Rule 10b-18
	 
	***	 	Redacted

4EX-10.1

 

Exhibit 10.1

BOB EVANS FARMS, INC.

PERFORMANCE INCENTIVE PLAN

NOTICE OF ELIGIBILITY AND PARTICIPATION AGREEMENT

	 	 	 
	TO:

	 	[Participant’s Name]
	 
	 	 
	FROM:

	 	Bob Evans Farms, Inc. Compensation Committee (“Committee”)
	 
	 	 
	DATE:
	 	 
	 

	 	 
	 
	 	 
	RE:

	 	Bob Evans Farms, Inc. Performance Incentive Plan (“PIP”)

The
Committee has selected you to participate in the PIP for the fiscal year ending ___, 200___ (“200___ Performance Period”) and has established your “Target Award” at ___% of the base salary
you are paid during the 200___ Performance Period, although the actual amount of your “PIP Award”
will be calculated under Sections 1.00 and 2.00. Also, you must satisfy the terms and conditions
described in Section 3.00 to receive your PIP Award.

Any grants you receive will be made under the Bob Evans Farms, Inc. 2006 Equity and Cash Incentive
Plan (“Equity Plan”). This award is intended to be performance-based compensation under Section
162(m) of the Internal Revenue Code.

1.00 Earning Your Option

After the
200___ Performance Period ends, 25% of the dollar value of your Target Award will be paid
as an “Option” to buy Shares through the Equity Plan. The number of Shares you may buy will be [1]
25% of the dollar value of your Target Award, divided by [2] the fair market value of the Option
(determined by using the Black-Scholes valuation model and discounted for vesting conditions) and
[3] rounded up to the next whole Share, but may not exceed any limitation under the Equity Plan.
You also will receive an award agreement describing the Option’s exercise price (which will be
equal to the “fair market value” as defined in the Equity Plan (“FMV”) of a Share on the Option’s
grant date), when the Option may be exercised and any other terms and conditions affecting the
Option.

2.00 Earning Your Restricted Shares

The rest of your PIP Award will be paid as “Restricted Shares” through the Equity Plan if [insert
performance goals]. The number of Restricted Shares you receive (if any) will be calculated first
by determining the value of the award you have earned, which will be based on the following table
(percentages for performance between the levels shown will be interpolated to the nearest
one-hundredth of a percent), but may not exceed any limitation under the Equity Plan:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	% of Goal

Attained
	 	 	Less than

80%
	 	 	

80%
	 	 	

90%
	 	 	

100%
	 	 	

110%
	 	 	120% or

More	 
	 	Payout %
	 	 	0%
	 	 	37.5% of your

Target Award
	 	 	56.25% of your

Target Award
	 	 	75% of your 

Target Award
	 	 	93.75% of your

Target Award
	 	 	112.5% of your

Target Award	 
	 

After the
200___ Performance Period ends and the value of your earned award is calculated, you
will receive a number of Restricted Shares equal to [1] the value of your earned award, divided by
[2] the FMV of a Share on the date the Restricted Shares are granted (discounted to reflect vesting
requirements) and [3] rounded up to the next whole Share, but such number may not exceed any
limitation under the Equity Plan. You also will receive an award
agreement describing when the Restricted Shares will vest and any other terms and conditions affecting them.

 

 

3.00 Termination of Employment

In addition to meeting the requirements described in Sections 1.00 and 2.00, you will receive the
Options and Restricted Shares only if you are employed by the Company or any of its affiliates
through the entire 200___ Performance Period and on the date the Committee grants Restricted Shares
and Options for the 200___ Performance Period under the
PIP. However, if, after the 200___ Performance Period but
before the Options and Restricted Shares for the 200___ Performance Period
are granted, you die, become “disabled” (as determined by the Committee in its sole discretion) or
“retire” (as defined in the Equity Plan) or if your employment ends for another reason that the
Committee believes is not violative of the purpose of the PIP, you (or your beneficiary) will be
paid cash (but not Options or Restricted Shares) equal to the value of the PIP Award that you
earned during the 200___ Performance Period.

4.00 Signature

By signing below, you [1] agree to be bound by the terms and conditions of the PIP and the Equity
Plan, [2] acknowledge that you understand the terms of your award and the conditions that you must
meet before you receive anything under the PIP or the Equity Plan and [3] without any
consideration, agree to accept any changes needed to avoid penalties that might be imposed on you
under Section 409A of the Internal Revenue Code.

	 	 	 
	 

Date 

	 	 

[Participant’s Name]
	RECEIVED BY

	 	 
	 

Authorized Company Representative

 

Print Name

 

Date
	 	 

2

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