Document:

Exhibit 10.48

Exhibit 10.48

Restricted Stock Unit

Award Agreement

«Participant_Name»

«Grant_Date»

 

 

 

Tractor Supply Company

Restricted Stock Unit Award Agreement

THIS AGREEMENT, effective «Grant_Date», represents the grant of Restricted Stock Units (“RSUs”) by
Tractor Supply Company (the “Company”), to «Participant_Name», Director, pursuant to the provisions
of the 2006 Stock Incentive Plan (the “Plan”).

The Plan provides a complete description of the terms and conditions governing the RSUs. If there
is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s
terms shall completely supersede and replace the conflicting terms of this Agreement. All
capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set
forth otherwise herein. The parties hereto agree as follows:

Overview of the Director’s Award

	1.	 	Date of Grant. «Grant_Date»

	 
	2.	 	Grant of Restricted Stock Units. The Company hereby grants the Director «Shares_Granted» RSUs
pursuant to the terms and conditions contained herein.

	 
	3.	 	Vesting Period. One hundred percent (100%) of the RSUs will vest over the subject Term as
director (“Term” defined herein as the annual Board of Director’s term of director service,
i.e. May 7, 2009-May 2010) provided the Director has continued in the service of the Company
through such date.

	 
	4.	 	Termination of Service. Subject to the requirements set forth in Paragraph 8, and unless
otherwise determined by the Committee at the time of the Director’s termination of service,
all unvested RSUs held by the Director upon termination of service shall be forfeited to the
Company.

	 
	5.	 	Payment of RSUs. The Director shall be entitled to receive Shares for RSUs whose
restrictions have lapsed pursuant to Paragraphs 3 or 8 herein. The Director will receive a
number of Shares equal to the number of vested RSUs. The Shares will be distributed to the
Director promptly following the date on which the Director’s Term expires. Notwithstanding the
foregoing, if the Director’s service is terminated due to a Change in Control, the Shares (or
the value of the Shares) shall be distributed to the Director 30 days following the Change in
Control; provided however, if the change in control does not qualify for a Change in Control
as defined under Code Section 409A the Shares (or the value of the Shares) shall not be
distributed until one year following the date in which the Director’s service on the Board
terminates.

	 
	6.	 	Dividends. Currently the Company does not pay dividends on its Shares; however, the Director
shall be entitled to receive dividend equivalents, which represent the right to receive cash
payments or Shares, measured by the dividend payable with respect to the corresponding number
of RSUs, if the Company begins paying dividends during the
mandatory deferral period. Such dividend equivalents shall be paid in cash or Shares 30 days
following the date in which the dividend is distributed to the shareholders.

«Participant_Name»

 

1

 

	7.	 	Rights as Stockholder. The Director shall not have voting or any other rights as a
shareholder of the Company with respect to RSUs. The Director will obtain full voting and
other rights as a shareholder of the Company upon the settlement of RSUs in Shares.

	 
	8.	 	Change in Control. In the event of a Change in Control of the Company, all then-outstanding
RSUs shall vest in full and the Shares (or value of such Shares) shall be distributed to the
Director as provided in Paragraph 5 of this Agreement.

	 
	9.	 	Non-transferability. The RSUs awarded pursuant to this Agreement may not be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated (“Transfer”) other than
by will or by the laws of descent and distribution, except as provided in the Plan. If any
Transfer, whether voluntary or involuntary, of RSUs is made, or if any attachment, execution,
garnishment, or lien shall be issued against or placed upon the Deferred Stock Units, the
Director’s right to such RSUs shall be immediately forfeited to the Company, and this
Agreement shall lapse.

	 
	10.	 	Requirements of Law. The granting of RSUs under the Plan shall be subject to all applicable
laws, rules, and regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

	 
	11.	 	Administration. This Agreement and the Director’s rights hereunder are subject to all the
terms and conditions of the Plan, as the same may be amended from time to time, as well as to
such rules and regulations as the Committee may adopt for administration of the Plan. It is
expressly understood that the Committee is authorized to administer, construe, and make all
determinations necessary or appropriate to the administration of the Plan and this Agreement,
all of which shall be binding upon the Director.

	 
	12.	 	Continuation of Directorship. This Agreement shall not confer upon the Director any right to
continuation of service with the Company nor shall this Agreement interfere in any way with
the Board’s right to terminate the Director’s service at any time.

	 
	13.	 	Amendment to the Plan and/or this Agreement. The Plan is discretionary in nature and the
Committee may terminate, amend, or modify the Plan; provided, however, that no such
termination, amendment, or modification of the Plan may in any way adversely affect the
Director’s rights under this Agreement, without the Director’s written approval. Any amendment
and/or termination of this Agreement will not accelerate a payment date if such amendment or
termination would subject such amounts to taxation under Code Section 409A.

	 
	14.	 	Successor. All obligations of the Company under the Plan and this Agreement, with respect to
the RSUs, shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise,
of all or substantially all of the business and/or assets of the Company.

«Participant_Name»

 

2

 

	15.	 	Severability. The provisions of this Agreement are severable and if any one or more
provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the
remaining provisions shall nevertheless be binding and enforceable.

	 
	15.	 	Applicable Laws and Consent to Jurisdiction. The validity, construction, interpretation, and
enforceability of this Agreement shall be determined and governed by the laws of the state of
Tennessee without giving effect to the principles of conflicts of law. For the purpose of
litigating any dispute that arises under this Agreement, the parties hereby consent to
exclusive jurisdiction and agree that such litigation shall be conducted in the federal or
state courts of the state of Tennessee.

	 
	16.	 	Voiding of Agreement Provision. If a provision under this Agreement causes an amount to
become subject to taxes and penalties under Code Section 409A, such amount shall be deemed
null and void and the Committee has the ability to take whatever steps required to accomplish
the objectives of the Agreement without causing such amount to be subject to tax and
penalties, and without the Company incurring additional cost or liability.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of
«Grant_Date».

Tractor Supply Company:

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 

Director:

«Participant_Name»

	 	 	 
	 

Signature

	 	 

«Participant_Name»

 

3Exhibit 10.49

Exhibit 10.49

RESTRICTED SHARE UNIT AGREEMENT

under the

TRACTOR SUPPLY COMPANY

 2006 STOCK INCENTIVE PLAN

THIS RESTRICTED SHARE UNIT AGREEMENT, dated «Grant_Date», is made by and between Tractor Supply
Company, a Delaware corporation hereinafter referred to as “Company,” and «Participant_Name», an
Employee of the Company or a Subsidiary, hereinafter referred to as “Grantee”:

WHEREAS, the Company wishes to afford the Grantee the opportunity to acquire shares of Common Stock
or their economic equivalent; and

WHEREAS, the Company wishes to carry out the Company’s 2006 Stock Incentive Plan (the “Plan”) (the
terms of which are hereby incorporated by reference and made a part of this Restricted Share Unit
Agreement); and

WHEREAS, the Compensation Committee of the Board of Directors (the “Committee”), appointed to
administer the Plan, has determined that it would be to the advantage and best interest of the
Company and its shareholders to grant Restricted Share Units, as defined in Section 2(ee) of the
Plan, provided for herein to the Grantee as an inducement to enter into or remain in the service of
the Company or its Subsidiaries and as an incentive for increased efforts during such service, and
has advised the Company thereof and instructed the undersigned officer to issue said Restricted
Share Units;

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and
valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree
as follows:

SECTION 1. Grant of Restricted Share Units

1.1. Grant of Restricted Share Units. In consideration of the Grantee’s agreement to provide
services to the Company or its Subsidiaries, and for other good and valuable consideration, on the
date listed hereof the Company irrevocably grants to the Grantee «Shares_Granted» Restricted Share
Units, subject to the conditions described in Section 2 as well as the other provisions of this
Restricted Share Unit Agreement and the terms of the Plan.

1.2. Adjustments in Restricted Share Units. The Committee shall make adjustments with respect
to this Restricted Share Units grant in accordance with the provisions of Section 4.2 of the Plan.

SECTION 2. Vesting

2.1 Vesting of Restricted Share Units. Subject to Sections 2.2 and 2.3, 100% of the Restricted
Share Units awarded under this Restricted Share Unit Agreement shall vest upon the third
anniversary of the date of this Restricted Share Unit Agreement; however, provided the
Committee may determine, in its sole discretion, that certain Restricted Share Units may vest
earlier than upon the third anniversary of the date of this Restricted Share Unit Agreement.

 

 

 

2.2 Acceleration of Vesting.

	 	(a)	 	In the event of a termination of employment resulting from a Grantee’s death or
Disability (as defined below), any unvested Restricted Share Units granted hereunder shall
vest in full as of the date of such termination. For purposes of this Restricted Share
Unit Agreement, “Disability” means a disability that would qualify as a total and
permanent disability under the Company’s then current long-term disability plan.

	 	(b)	 	Notwithstanding Section 2.1, in the event of a Change in Control, the Restricted
Share Units shall vest according to Section 13 of the Plan.

2.3. Risk of Forfeiture. Subject to Section 2.1 and 2.2, upon a termination of employment with
the Company, Grantee shall forfeit any non-vested Restricted Share Units.

2.4. Conditions to Issuance of Stock Certificates. Any shares of Company Stock deliverable
upon the settlement of Restricted Share Units may be either previously authorized but unissued
shares of Common Stock or issued shares of Common Stock which have then been reacquired by the
Company. Such shares of Common Stock shall be fully paid and nonassessable. The Company shall not
be required to issue or deliver any certificate or certificates for shares of Common Stock upon the
settlement of Restricted Share Units or portion thereof prior to fulfillment of all of the
following conditions:

	 	(a)	 	The admission of such shares to listing on all stock exchanges on which such class of
stock is then listed; and

	 
	 	(b)	 	The completion of any registration or other qualification of such shares under any
state or federal law or under rulings or regulations of the Securities and Exchange
Commission or of any other governmental regulatory body, which the Committee shall, in its
sole discretion, deem necessary or advisable; and

	 
	 	(c)	 	The obtaining of any approval or other clearance from any state or federal
governmental agency which the Committee shall, in its sole discretion, determine to be
necessary or advisable; and

	 
	 	(d)	 	The receipt by the Company of full payment of all amounts which, under federal, state
or local tax law, the Company (or Subsidiary) is required to withhold upon the settlement
of the Restricted Share Units.

SECTION 3. Payment of Restricted Share Units and Election To Defer

3.1. Timing of Payment of Restricted Share Units. Subject to the Grantee’s election under
Section 3.3, Restricted Share Units shall be paid in accordance with the following:

	 	(a)	 	To the extent Restricted Share Units vest under Section 2.1, such Restricted Share
Units shall be paid upon vesting.

	 	(b)	 	To the extent Restricted Share Units vest under Section 2.2, such Restricted Share
Units shall be paid upon termination of employment.

«Participant_Name»

 

2

 

3.2. Form of Payment. Vested Restricted Share Units shall be paid in shares of Company Stock.

3.3. Election to Defer Payment.

	 	(a)	 	Subject to Section 3.3(b), the Grantee may irrevocably elect to defer payment of
Restricted Share Units under Section 3.1 to either: (i) the date of the Grantee’s
termination of employment; or (ii) a date specified by the Grantee.

	 	(b)	 	The Grantee’s election under paragraph (a) above shall be made in such manner and at
such time as required by the Company and shall apply to all Restricted Share Units granted
hereunder. If the Grantee elects to defer payment of Restricted Share Units to termination
of employment and at that time the Grantee is a key employee (as defined in Section 416(i)
of the Internal Revenue Code without regard to paragraph (5) thereof) and any of the
Company’s stock is publicly traded on an established securities market or otherwise, then
the payment of vested Restricted Share Units shall not be paid until the sixth month
anniversary of Employee’s termination of employment (without interest for the delay in
payment).

	 	(c)	 	If the Grantee elects to defer payment to a specific date under paragraph (a) above
and the Grantee should die prior to such specified date, then payment of the Grantee’s
vested Restricted Share Units shall be paid upon his death to the Grantee’s designated
beneficiary and if the Grantee has not designated a beneficiary then to the Grantee’s
estate.

SECTION 4. Other Provisions

4.1. Administration. The Committee shall have the power to interpret the Plan and this
Restricted Share Unit Agreement and to adopt such rules for the administration, interpretation, and
application of the Plan as are consistent therewith and to interpret, amend, or revoke any such
rules. All actions taken and all interpretations and determinations made by the Committee in good
faith shall be final and binding upon the Grantee, the Company, and all other interested persons.
No member of the Committee shall be personally liable for any action, determination, or
interpretation made in good faith with respect to the Plan or the Restricted Share Units. In its
sole discretion, the Board may at any time and from time to time exercise any and all rights and
duties of the Committee under the Plan and this Restricted Share Unit Agreement except with respect
to matters which under Rule 16b-3 or Section 162(m) of the Code, or any regulations or rules issued
thereunder, are required to be determined in the sole discretion of the Committee.

4.2. Restricted Share Units Not Transferable. Neither the Restricted Share Units nor any
interest or right therein or part thereof shall be sold, pledged, assigned, or transferred in any
manner other than by will or the laws of descent and distribution, unless and until the shares
underlying such Restricted Share Units have been issued, and all restrictions applicable to such
shares have lapsed. Neither the Restricted Share Units nor any interest or right therein or part
thereof shall be liable for the debts, contracts, or engagements of the Grantee or his successors
in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or
by operation of law by judgment, levy, attachment, garnishment, or any other legal or equitable
proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void
and of no effect.

«Participant_Name»

 

3

 

4.3. Shares to Be Reserved. The Company shall at all times during the term of the Restricted
Share Units reserve and keep available such number of shares of Common Stock as will be sufficient
to satisfy the requirements of this Restricted Share Unit Agreement.

4.4. Notices. Any notice to be given under the terms of this Restricted Share Unit Agreement
to the Company shall be addressed to the Company in care of its Secretary, and any notice to be
given to the Grantee shall be addressed to him at the address given beneath his signature hereto.
By a notice given pursuant to this Section 4.4, either party may hereafter designate a different
address for notices to be given to him. Any notice which is required to be given to the Grantee
shall, if the Grantee is then deceased, be given to the Grantee’s personal representative if such
representative has previously informed the Company of his status and address by written notice
under this Section 4.4. Any notice shall be deemed duly given when enclosed in a properly sealed
envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or
branch post office regularly maintained by the United States Postal Service.

4.5. Titles. Titles are provided herein for convenience only and are not to serve as a basis
for interpretation or construction of this Restricted Share Unit Agreement.

4.6. Construction. This Restricted Share Unit Agreement shall be administered, interpreted,
and enforced under the internal laws of the State of Delaware without regard to conflicts of laws
thereof.

4.7. Severability. In the event that any provision of this Restricted Share Unit Agreement
shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully
severable, but shall not affect the remaining provisions of this Restricted Share Unit Agreement
and this Restricted Share Unit Agreement shall be construed and enforced as if the illegal,
invalid, or unenforceable provision had never been included herein.

4.8. Conformity to Securities Laws. The Grantee acknowledges that the Plan is intended to
conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and
any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder,
including, without limitation, the applicable exemptive conditions of Rule 16b-3. Notwithstanding
anything herein to the contrary, the Plan shall be administered, and the Restricted Share Units are
granted, only in such a manner as to conform to such laws, rules and regulations. To the extent
permitted by applicable law, the Plan and this Restricted Share Unit Agreement shall be deemed
amended to the extent necessary to conform to such laws, rules and regulations.

4.9. Withholding of Taxes. Company shall have the right to (i) make deductions from the number
of shares of Common Stock otherwise deliverable to the Grantee under this Restricted Share Unit
Agreement in an amount sufficient to satisfy withholding of any federal, state or local taxes
required by law provided; that, such amount shall not exceed the applicable minimum statutory
withholding requirements, or (ii) take such other action as may be necessary or appropriate to
satisfy any such tax withholding obligations.

4.10. Electronic Delivery and Electronic Signature. Grantee hereby consents and agrees to
electronic delivery of any Plan documents, proxy materials, annual reports, and other related
documents. If the Company establishes procedures for an electronic signature system for delivery
and acceptance of Plan documents (including documents relating to any programs adopted under the
Plan), Grantee hereby consents to such procedures and agrees that his or her electronic signature
is the same as, and shall have the same force and effect as, his or her manual signature. Grantee
consents and agrees that any such procedures and delivery may be effected by a third party engaged
by the Company to provide administrative services related to the Plan, including any program
adopted under the Plan.

«Participant_Name»

 

4

 

4.11. Inconsistencies between Plan Terms and Terms of Restricted Share Unit Agreement. If
there is any inconsistency between the terms of this Restricted Share Unit Agreement and the terms
of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this
Restricted Share Unit Agreement.

4.12. No Guarantee of Employment. Nothing in this Restricted Share Unit Agreement or in the
Plan shall confer upon the Grantee any right to continue in the employ of the Company or any
Subsidiary, or shall interfere with or restrict in any way the rights of the Company and its
Subsidiaries, which are hereby expressly reserved, to discharge the Grantee at any time for any
reason whatsoever, with or without cause.

4.13 Amendments. This Restricted Share Unit Agreement and the Plan may be amended without the
consent of the Grantee provided that such amendment would not impair any rights of the Grantee
under this Restricted Share Unit Agreement. No amendment of this Restricted Share Unit Agreement
shall, without the consent of the Grantee, impair any rights of the Grantee under this Restricted
Share Unit Agreement.

IN WITNESS WHEREOF, this Restricted Share Unit Agreement has been executed and delivered by the
parties hereto.

	 	 	 
	Tractor Supply Company	 	Grantee
	 
	 
	By:
	 	 
	 
	 	 
	 

	 	 
	 

	 	«Participant_Name»
	 
	 	 
	 

	 	Taxpayer ID:                     
	 
	 	 
	 

	 	Current Address: Please note changes below
	 

	 	«Participant_Address»
	 
	 	 
	 

	 	«City,_State_Zip»
	 
	 	 
	 

	 	Address:         
           
           
           
           
           
please print
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

«Participant_Name»

 

5

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