Document:

Exhibit 10.1

Exhibit 10.1

WESTMORELAND COAL COMPANY

Restricted Stock Agreement

Granted under the 2007 Equity Incentive Plan for Employees and Non-Employee Directors

	 	 	 	 	 	 	 
	 

	 	Name of Recipient:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Number of shares of restricted common stock awarded:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Grant Date:	 	 	 	 
	 

	 	 	 	 

	 	 

Westmoreland Coal Company (the “Company”) has selected you to receive the restricted stock
award described above, which is subject to the provisions of the Company’s 2007 Equity Incentive
Plan for Employees and Non-Employee Directors (the “Plan”) and the terms and conditions contained
in this Restricted Stock Agreement (this “Agreement”). The terms and conditions of the award of
shares of restricted common stock of the Company (the “Restricted Shares”) made to the
Recipient are as follows:

Issuance of Restricted Shares.

The Restricted Shares are issued to the Recipient, effective as of the Grant Date as set forth
above, in consideration of [Recipient’s acceptance of employment with the Company and of services
to be rendered] [employment services rendered and to be rendered] by the Recipient to the Company.

As promptly as practicable following the Grant Date, the Company shall issue one or more
certificates in book-entry form in the name of the Recipient for the Restricted Shares. Such
certificate(s) shall initially be held on behalf of the Recipient by the Secretary of the Company.
Following the vesting of any Restricted Shares pursuant to Section 2 below, the Secretary
shall, if requested by the Recipient, deliver to the Recipient a certificate representing the
vested Restricted Shares. The Recipient agrees that the Restricted Shares shall be subject to the
forfeiture provisions set forth in Section 3 of this Agreement and the restrictions on
transfer set forth in Section 4 of this Agreement.

Vesting.

Vesting Schedule. Unless otherwise provided in this Agreement or the Plan, the
Restricted Shares shall vest in accordance with the following vesting schedule: _____% of the total
number of Restricted Shares shall vest on the [first anniversary] of the Grant Date and _____% of the
total number of Restricted Shares shall vest at the end of each successive _____-month period
following the [first anniversary] of the Grant Date, through and including the _____ anniversary of
the Grant Date. Any fractional number of Restricted Shares resulting from the
application of the foregoing percentages shall be rounded down to the nearest whole number of
Restricted Shares.

 

 

 

Acceleration of Vesting. Notwithstanding the foregoing vesting schedule, all unvested
Restricted Shares shall vest effective immediately prior to (i) a Change in Control Event (as
defined in the Plan) or (ii) the death, Disability (as defined below) or Qualifying Retirement (as
defined below) of the Recipient.

Definitions. For purposes of this Agreement:

“Disability” means: (A) if the Recipient’s employment with the Company is subject to
the terms of an employment agreement between the Recipient and the Company, which employment
agreement includes a definition of “Disability”, the term “Disability” as used in this Agreement
shall have the meaning set forth in such employment agreement during the period that such
employment agreement remains in effect; (B) in the absence of such an agreement, the term
“Disability” as used in the Company’s long-term disability plan, if any; or (C) if neither clause
(A) nor clause (B) is applicable, a physical or mental infirmity which impairs the Recipient’s
ability to substantially perform his or her duties for a period of 180 consecutive days.

A “Qualifying Retirement” means retirement by the Recipient after the Recipient has
both (1) attained the age of 62 and (2) completed at least twenty years of employment with
the Company.

Forfeiture of Unvested Restricted Shares Upon Employment Termination.

In the event that the Recipient ceases to be employed by the Company for any reason or no
reason, with or without cause (except as provided in Section 2(b) above), all of the
Restricted Shares that are unvested as of the time of such employment termination shall be
forfeited immediately and automatically to the Company, without the payment of any consideration to
the Recipient, effective as of such termination of employment. The Recipient hereby authorizes the
Company to take any actions necessary or appropriate to cancel any certificate(s) representing
forfeited Restricted Shares and transfer ownership of such forfeited Restricted Shares to the
Company; and if the Company or its transfer agent requires an executed stock power or similar
confirmatory instrument in connection with such cancellation and transfer, the Recipient shall
promptly execute and deliver the same to the Company. The Recipient shall have no further rights
with respect to any Restricted Shares that are so forfeited. If the Recipient is employed by a
subsidiary of the Company, any references in this Agreement to employment with the Company shall
instead be deemed to refer to employment with such subsidiary.

Restrictions on Transfer. The Recipient shall not sell, assign, transfer, pledge,
hypothecate or otherwise dispose of, by operation of law or otherwise (collectively
“transfer”) any Restricted Shares, or any interest therein, until such Restricted Shares
have vested, except that the Recipient may transfer such Restricted Shares: to or for the benefit
of any spouse, parents, children, step-children, grandchildren, legal dependents and any other
relatives approved by the Compensation and Benefits Committee (collectively, “Approved
Relatives”) or to a trust established solely for the benefit of the Recipient and/or Approved
Relatives, provided that such
Restricted Shares shall remain subject to this Agreement (including without limitation the
forfeiture provisions set forth in Section 3 and the restrictions on transfer set forth in
this Section 4) and such permitted transferee shall, as a condition to such transfer,
deliver to the Company a written instrument confirming that such transferee shall be bound by all
of the terms and conditions of this Agreement. The Company shall not be required (i) to transfer
on its books any of the Restricted Shares which have been transferred in violation of any of the
provisions of this Agreement or (ii) to treat as owner of such Restricted Shares or to pay
dividends to any transferee to whom such Restricted Shares have been transferred in violation of
any of the provisions of this Agreement.

 

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Restrictive Legends. All certificates representing Restricted Shares shall have
affixed thereto a legend in substantially the following form, in addition to any other legends that
may be required under applicable law:

“These shares of stock are subject to forfeiture provisions and
restrictions on transfer set forth in a certain Restricted Stock
Agreement between the corporation and the registered owner of these
 shares (or his or her predecessor in interest), and such Agreement
is available for inspection without charge at the office of the
Secretary of the corporation.”

Rights as a Shareholder. Except as otherwise provided in this Agreement, for so long
as the Recipient is the registered owner of the Restricted Shares, the Recipient shall (i) have the
right to vote the Restricted Shares and act in respect of the Restricted Shares at any meeting of
shareholders and (ii) be entitled to all ordinary cash dividends paid with respect to the
Restricted Shares. If any dividends or distributions are paid in shares, or consist of a dividend
or distribution to holders of Common Stock other than an ordinary cash dividend, the shares, cash
or other property will be subject to the same restrictions on transferability and forfeitability as
the shares of Restricted Stock with respect to which they were paid.

Provisions of the Plan. This Agreement is subject to the provisions of the Plan, a
copy of which will be furnished to you upon your request.

Tax Matters.

Acknowledgments; Section 83(b) Election. The Recipient acknowledges that he or she is
responsible for obtaining the advice of the Recipient’s own tax advisors with respect to the
acquisition of the Restricted Shares and the Recipient is relying solely on such advisors and not
on any statements or representations of the Company or any of its agents with respect to the tax
consequences relating to the Restricted Shares. The Recipient understands that the Recipient (and
not the Company) shall be responsible for the Recipient’s tax liability that may arise in
connection with the acquisition, vesting and/or disposition of the Restricted Shares. The
Recipient acknowledges that he or she has been informed of the availability of making an election
under Section 83(b) of the Internal Revenue Code, as amended, with respect to the issuance of the
Restricted Shares and that the Recipient has decided not to file a Section 83(b) election.

 

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Withholding. The Recipient acknowledges and agrees that the Company has the right to
deduct from payments of any kind otherwise due to the Recipient any federal, state, local or other
taxes of any kind required by law to be withheld with respect to the vesting of the Restricted
Shares. On each date on which Restricted Shares vest, the Company shall deliver written notice to
the Recipient of the amount of withholding taxes due with respect to the vesting of the Restricted
Shares that vest on such date; provided, however, that the total tax withholding cannot exceed the
Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates
for federal and state tax purposes, including payroll taxes, that are applicable to such
supplemental taxable income). The Recipient may, at the option of the Recipient, satisfy such tax
withholding obligations by transferring to the Company, on each date on which Restricted Shares
vest under this Agreement, such number of Restricted Shares that vest on such date as have a fair
market value (calculated using the last reported sale price of the common stock of the Company on
the American Stock Exchange on the trading date immediately prior to such vesting date) equal to
the amount of the Company’s tax withholding obligation in connection with the vesting of such
Restricted Shares. To effect such delivery of Restricted Shares, the Recipient hereby authorizes
the Company to take any actions necessary or appropriate to cancel any certificate(s) representing
such Restricted Shares and transfer ownership of such Restricted Shares to the Company; and if the
Company or its transfer agent requires an executed stock power or similar confirmatory instrument
in connection with such cancellation and transfer, the Recipient shall promptly execute and deliver
the same to the Company.

Miscellaneous.

Authority of Compensation and Benefits Committee. In making any decisions or taking
any actions with respect to the matters covered by this Agreement, the Compensation and Benefits
Committee shall have all of the authority and discretion, and shall be subject to all of the
protections, provided for in the Plan. All decisions and actions by the Compensation and Benefits
Committee with respect to this Agreement shall be made in the Compensation and Benefits Committee’s
discretion and shall be final and binding on the Recipient.

No Right to Continued Employment. The Recipient acknowledges and agrees that,
notwithstanding the fact that the vesting of the Restricted Shares is contingent upon his or her
continued employment by the Company, this Agreement does not constitute an express or implied
promise of continued employment or confer upon the Recipient any rights with respect to continued
employment by the Company.

Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the internal laws of the State of Delaware without regard to any applicable
conflicts of laws provisions.

Conflicts and Interpretation. In the event of any conflict between this Agreement and
the Plan, this Agreement shall control. In the event of any ambiguity in this Agreement, or any
matters as to which this Agreement is silent, the Plan shall govern, including, without limitation,
the provisions thereof pursuant to which the Compensation and Benefits Committee has the power,
among others, to (i) interpret the Plan, (ii) amend and repeal administrative rules,
guidelines and practices relating to the Plan and (iii) make all other determinations deemed
necessary or advisable for the administration of the Plan.

 

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Recipient’s Acknowledgments. The Recipient acknowledges that he or she has read this
Agreement, has read the Plan, and understands the terms and conditions of this Agreement and the
Plan.

	 	 	 	 	 
	 	WESTMORELAND COAL COMPANY

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 
	Accepted and Agreed:
	 
	 
	 	 
	 	 
	Name:	 	 

 

5Exhibit 10.2

Exhibit 10.2

WESTMORELAND COAL COMPANY

Restricted Stock Unit Agreement

Granted under the 2007 Equity Incentive Plan for Employees and Non-Employee Directors

	 	 	 	 	 	 	 
	 

	 	Name of Recipient:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Number of restricted stock units awarded:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Grant Date:	 	 	 	 
	 

	 	 	 	 

	 	 

Westmoreland Coal Company (the “Company”) has selected you to receive the restricted stock
unit award described above, which is subject to the provisions of the Company’s 2007 Equity
Incentive Plan for Employees and Non-Employee Directors (the “Plan”) and the terms and conditions
contained in this Restricted Stock Unit Agreement (this “Agreement”). The terms and conditions of
the award of restricted stock units (the “Restricted Stock Units”) made to the Recipient are as
follows:

1. Issuance of Restricted Stock Units.

(a) The Restricted Stock Units are issued to the Recipient on the Grant Date set forth above,
in consideration of [Recipient’s acceptance of employment with the Company and of services to be
rendered] [employment services rendered and to be rendered] by the Recipient to the Company. Each
Restricted Stock Unit represents the right to receive one share of the Company’s common stock,
$2.50 par value per share (the “Common Stock”) upon vesting in accordance with the vesting schedule
set forth in Section 2. Alternatively, the Company may elect at any time prior to the
vesting date, in lieu of issuing Common Stock, to pay the Recipient cash equal to the fair market
value of the Common Stock as to which rights have vested. The Company may make such election by
notifying you in writing of its intention to pay cash in lieu of issuing stock on the vesting date.
The fair market value will be the value of the Common Stock on the vesting date, determined based
on the closing price of the Common Stock on the principal U.S. exchange on which the Common Stock
is traded on the vesting date. Unless and until the Restricted Stock Units vest, Recipient will
have no right to receive shares of Common Stock.

(b) The shares of Common Stock issuable upon vesting of the Restricted Stock Units (the “RSU
Shares”) shall be deemed issued to you and outstanding as of the vesting date. You will be
considered a shareholder as to the RSU Shares as of the vesting date. Notwithstanding any other
provisions of this Agreement, the Company shall not be obligated to issue or deliver any RSU Shares
if the issuance or delivery thereof shall constitute a violation of any provision of any law or of
any regulation of any governmental authority, and the issuance or delivery of any RSU Shares may be
postponed for such period as may be required to comply with any requirements under any law or
regulation applicable to the issuance or delivery of such shares. The Recipient agrees that his or
her right to receive the RSU Shares shall be subject to the vesting schedule set forth in
Section 2 of this Agreement, the termination provisions set forth
in Section 3 of this Agreement, and the restrictions on transfer set forth in
Section 4 of this Agreement.

 

 

 

2. Vesting.

(a) Vesting Schedule. Unless otherwise provided in this Agreement or the Plan, the
Restricted Stock Units shall vest in accordance with the following vesting schedule:
 _____% of the
total number of Restricted Stock Units shall vest on the [first anniversary] of the Grant Date and

 _____% of the total number of Restricted Stock Units shall vest at the end of each successive

 _____-month period following the [first anniversary] of the Grant Date, through and including the

 _____ 
anniversary of the Grant Date. Any fractional number of Restricted Stock Units resulting from
the application of the foregoing percentages shall be rounded down to the nearest whole number of
Restricted Stock Units.

(b) Acceleration of Vesting. Notwithstanding the foregoing vesting schedule, all
unvested Restricted Stock Units shall vest effective immediately prior to (i) a Change in Control
Event (as defined in the Plan) or (ii) the death, Disability (as defined below) or Qualifying
Retirement (as defined below) of the Recipient.

(c) Definitions. For purposes of this Agreement:

(i) “Disability” means: (A) if the Recipient’s employment with the Company is
subject to the terms of an employment agreement between the Recipient and the Company, which
employment agreement includes a definition of “Disability,” the term “Disability” as used in
this Agreement shall have the meaning set forth in such employment agreement during the
period that such employment agreement remains in effect; (B) in the absence of such an
agreement, the term “Disability” as used in the Company’s long-term disability plan, if any;
or (C) if neither clause (A) nor clause (B) is applicable, a physical or mental infirmity
which impairs the Recipient’s ability to substantially perform his or her duties for a
period of 180 consecutive days.

(ii) A “Qualifying Retirement” means retirement by the Recipient after the
Recipient has both (1) attained the age of 62 and (2) completed at least twenty
years of employment with the Company.

(d) Reorganization Event. If the Company undergoes a Reorganization Event (as defined
in the Plan) other than a liquidation or dissolution, the Restricted Stock Units will represent a
right to receive the cash, securities or other property into which the Common Stock of the Company
was converted or for which it was exchanged pursuant to the Reorganization Event. Upon a
liquidation or dissolution of the Company, all restrictions and conditions on all Restricted Stock
Units are automatically deemed terminated or satisfied.

3. Termination of Unvested Restricted Stock Units Upon Employment Termination. In the
event that the Recipient ceases to be employed by the Company for any reason or no reason, with or
without cause (except as provided in Section 2(b) above), all of the Restricted Stock Units
that are unvested as of the time of such employment termination shall be terminated immediately and
automatically, without the payment of any consideration to the Recipient, effective as of such
termination of employment. The Recipient shall have no further rights with
respect to any Restricted Stock Units that are so terminated, and shall have no further right
to receive any RSU Shares (or cash equivalent). If the Recipient is employed by a subsidiary of
the Company, any references in this Agreement to employment with the Company shall instead be
deemed to refer to employment with such subsidiary.

 

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4. Restrictions on Transfer. The Recipient shall not sell, assign, transfer, pledge,
hypothecate or otherwise dispose of, by operation of law or otherwise (collectively “transfer”) any
Restricted Stock Units, or any interest therein, until such Restricted Stock Units have vested.
The Company shall not be required to treat as owner of such Restricted Stock Units any transferee
to whom such Restricted Stock Units have been transferred in violation of any of the provisions of
this Agreement.

5. Rights as a Shareholder. Until vested in accordance with Section 2, the
Recipient shall have no right to vote the RSU Shares or to act in respect of the RSU Shares at any
meeting of shareholders and is not entitled to any dividends paid with respect to the RSU Shares.

6. Provisions of the Plan. This Agreement is subject to the provisions of the Plan, a
copy of which will be furnished to you upon your request.

7. Tax Matters.

(a) Acknowledgments. The Recipient acknowledges that he or she is responsible for
obtaining the advice of the Recipient’s own tax and financial advisors with respect to the federal
and state tax considerations resulting from Recipient’s receipt of Restricted Stock Units and the
RSU Shares. The Recipient understands that the Company will report to appropriate taxing
authorities the payment to the Recipient of compensation income upon the vesting of the Restricted
Stock Units. The Recipient understands that the Recipient (and not the Company) shall be
responsible for the Recipient’s federal and state tax liability that may arise in connection with
the acquisition, vesting and/or disposition of the Restricted Stock Units and the RSU Shares.

(b) Withholding. The Recipient acknowledges and agrees that the Company has the right
to deduct from payments of any kind otherwise due to the Recipient any federal, state, local or
other taxes of any kind required by law to be withheld with respect to the Restricted Stock Units
and the RSU Shares. On each date on which Restricted Stock Units vest, the Company shall deliver
written notice to the Recipient of the amount of withholding taxes due with respect to the vesting
of the Restricted Stock Units that vest on such date; provided, however, that the total tax
withholding cannot exceed the Company’s minimum statutory withholding obligations (based on minimum
statutory withholding rates for federal and state tax purposes, including payroll taxes, that are
applicable to such supplemental taxable income). In satisfaction of its withholding obligations,
the Company shall reduce the number of RSU Shares deliverable to Recipient in respect of such
vesting by the number of RSU Shares that have a fair market value on such vesting date (calculated
using the last reported sale price of the common stock of the Company on the principal stock
exchange on which the Common Stock is traded on such vesting date) equal to the amount of the
Company’s tax withholding obligation in connection with the vesting of such Restricted Stock Units.
With respect to tax withholding
amounts, the Company has all of the rights specified in Section 7 of this Agreement
and has no obligations to the Recipient except as expressly stated in Section 7 of this
Agreement.

 

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8. Miscellaneous.

(a) Authority of Compensation and Benefits Committee. In making any decisions or
taking any actions with respect to the matters covered by this Agreement, the Compensation and
Benefits Committee shall have all of the authority and discretion, and shall be subject to all of
the protections, provided for in the Plan. All decisions and actions by the Compensation and
Benefits Committee with respect to this Agreement shall be made in the Compensation and Benefits
Committee’s discretion and shall be final and binding on the Recipient.

(b) No Right to Continued Employment. The Recipient acknowledges and agrees that,
notwithstanding the fact that the vesting of the Restricted Stock Units is contingent upon his or
her continued employment by the Company, this Agreement does not constitute an express or implied
promise of continued employment or confer upon the Recipient any rights with respect to continued
employment by the Company.

(c) Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the internal laws of the State of Delaware without regard to any applicable
conflicts of laws provisions.

(d) Conflicts and Interpretation. In the event of any conflict between this Agreement
and the Plan, this Agreement shall control. In the event of any ambiguity in this Agreement, or
any matters as to which this Agreement is silent, the Plan shall govern, including, without
limitation, the provisions thereof pursuant to which the Compensation and Benefits Committee has
the power, among others, to (i) interpret the Plan, (ii) amend and repeal administrative rules,
guidelines and practices relating to the Plan and (iii) make all other determinations deemed
necessary or advisable for the administration of the Plan.

(e) Compliance with Code Section 409A. The Restricted Stock Units granted under this
Agreement are intended to fit within the “short-term deferral” exemption from section 409A of the
Internal Revenue Code. In administering this Agreement, the Company shall interpret this Agreement
in a manner consistent with such exemption.

(f) Recipient’s Acknowledgments. The Recipient acknowledges that he or she has read
this Agreement, has read the Plan and the Information About Restricted Stock Units (“Information”),
and understands the terms and conditions of this Agreement, the Plan and the Information.

	 	 	 	 	 
	 	WESTMORELAND COAL COMPANY

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 
	Accepted and Agreed:
	 
	

	 
	

	 
	Name:
	 

	 

 

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