Document:

ex10_2.htm

Exhibit 10.2

 

DSW INC.

RESTRICTED STOCK UNITS AGREEMENT

 

Summary of Terms

 

 

	Awardee Name:	 
	 	 
	Grant Date:	 
	 	 
	Award Type:	 
	 	 
	Number of Shares:	 
	 	 
	Vesting Schedule:	 

 

  

  

  

 

DSW INC.

RESTRICTED STOCK UNITS AGREEMENT

 

This Agreement is entered into in Franklin County, Ohio. On ____ (the “Grant Date”), DSW Inc., an Ohio corporation (the “Company”), has awarded to __________  (“Awardee”) ____ Restricted Stock Units (the “Restricted Stock Units” or “Award”), representing an unfunded unsecured promise of the Company to deliver common shares, without par value, of the Company (the “Shares”) to Awardee as set forth herein. The Restricted Stock Units have been granted pursuant to the DSW Inc. 2005 Equity Incentive Plan, as amended (the “Plan”), and shall be subject to all provisions of the Plan, which are incorporated herein by reference, and shall be subject to the provisions of this Restricted Stock Units Agreement (this “Agreement”). Capitalized terms used in this Agreement which are not specifically defined shall have the meanings ascribed to such terms in the Plan.

 

1. Vesting.  The Restricted Stock Units shall vest on the fourth anniversary of the Grant Date (the “Vesting Date”), subject to the provisions of this agreement, including those relating to the Awardee’s continued employment with the Company or any Related Entity. Notwithstanding the foregoing, in the event of a Change in Control prior to Awardee’s Employment Termination, the Restricted Stock Units shall vest in full.

 

2. Transferability.  The Restricted Stock Units shall not be transferable.

 

3. Termination of Employment.

 

(a) General. Except as set forth below or as otherwise provided for in another agreement, if an Employment Termination occurs prior to the vesting of a Restricted Stock Unit, such Restricted Stock Unit shall be forfeited by Awardee.

 

(b) Death and Disability. If an Employment Termination occurs prior to the vesting in full of the Restricted Stock Units by reason of Awardee’s death or Disability, then any unvested Restricted Stock Units shall immediately vest in full and shall not be forfeited.

 

(c) Retirement. If an Employment Termination occurs prior to the vesting in full of the Restricted Stock Units by reason of the Awardee’s Retirement, then any unvested Restricted Stock Units shall immediately vest in full and shall not be forfeited.

 

4. Payment.  Awardee shall be entitled to receive from the Company (without any payment on behalf of Awardee other than as described in Paragraph 8) the Stock represented by such Restricted Stock Unit; provided, however, that in the event that such Restricted Stock Units vest prior to the applicable Vesting Date as a result of the death, Disability or Retirement of Awardee or as a result of a Change in Control, Awardee shall be entitled to receive the corresponding Stock from the Company on the date of such vesting.

 

5. Dividend Equivalents.  Awardee’s Restricted Stock Units will be credited with dividend equivalents at the same rate and at the same time dividends are paid on shares of Company Stock.

 

6. Right of Set-Off.  By accepting these Restricted Stock Units, Awardee consents to a deduction from, and set-off against, any amounts owed to Awardee by the Company or a Related Entity from time to time (including, but not limited to, amounts owed to Awardee as wages, severance payments or other fringe benefits) to the extent of the amounts owed to the Company or a Related Entity by Awardee under this Agreement.

 

7. No Shareholder Rights.  Awardee shall have no rights of a shareholder with respect to the Restricted Stock Units, including, without limitation, Awardee shall not have the right to vote the Stock represented by the Restricted Stock Units.

 

  

  

  

 

8. Withholding Tax.

 

(a) Generally. Awardee is liable and responsible for all taxes owed in connection with the Restricted Stock Units regardless of any action the Company takes with respect to any tax withholding obligations that arise in connection with the Restricted Stock Units. The Company does not make any representation or undertaking regarding the tax treatment or the treatment of any tax withholding in connection with the grant or vesting of the Restricted Stock Units or the subsequent sale of Stock issuable pursuant to the Restricted Stock Units. The Company does not commit and is under no obligation to structure the Restricted Stock Units to reduce or eliminate Awardee’s tax liability.

 

(b) Payment of Withholding Taxes. Prior to any event in connection with the Restricted Stock Units (e.g., vesting or settlement) that the Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any employment tax obligation (the “Tax Withholding Obligation”), Awardee is required to arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company. Unless Awardee elects to satisfy the Tax Withholding Obligation by an alternative means that is then permitted by the Company, Awardee’s acceptance of this Agreement constitutes Awardee’s instruction and authorization to the Company to withhold on Awardee’s behalf the number of shares from those Shares issuable to Awardee at the time when the Restricted Stock Units become vested and payable as the Company determines to be sufficient to satisfy the Tax Withholding Obligation. In the case of any amounts withheld for taxes pursuant to this provision in the form of shares, the amount withheld shall not exceed the minimum required by applicable law and regulations.

 

9. Governing Law/Venue for Dispute Resolution.  This Agreement shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of law, except to the extent superceded by the laws of the United States of America. The parties agree and acknowledge that the laws of the State of Ohio bear a substantial relationship to the parties and/or this Agreement and that the Restricted Stock Units and benefits granted herein would not be granted without the governance of this Agreement by the laws of the State of Ohio. In addition, all legal actions or proceedings relating to this Agreement shall be brought exclusively in state or federal courts located in Franklin County, Ohio and the parties executing this Agreement hereby consent to the personal jurisdiction of such courts. Any provision of this Agreement which is determined by a court of competent jurisdiction to be invalid or unenforceable should be construed or limited in a manner that is valid and enforceable and that comes closest to the business objectives intended by such provision, without invalidating or rendering unenforceable the remaining provisions of this Agreement.

 

10. Action by the Committee.  The parties agree that the interpretation of this Agreement shall rest exclusively and completely within the sole discretion of the Committee. The parties agree to be bound by the decisions of the Committee with regard to the interpretation of this Agreement and with regard to any and all matters set forth in this Agreement. The Committee may delegate its functions under this Agreement to an officer of the Company designated by the Committee (hereinafter the “Designee”). In fulfilling its responsibilities hereunder, the Committee or its Designee may rely upon documents, written statements of the parties or such other material as the Committee or its Designee deems appropriate. The parties agree that there is no right to be heard or to appear before the Committee or its Designee and that any decision of the Committee or its Designee relating to this Agreement shall be final and binding unless such decision is arbitrary and capricious.

 

11. Prompt Acceptance of Agreement.  The Restricted Stock Unit grant evidenced by this Agreement shall, at the discretion of the Committee, be forfeited if this Agreement is not manually executed and returned to the Company, or electronically executed by Awardee by indicating Awardee’s acceptance of this Agreement in accordance with the acceptance procedures set forth on the Company’s third-party equity plan administrator’s web site, within 90 days of the Grant Date.

 

12. Electronic Delivery and Consent to Electronic Participation.  The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Unit grant under and participation in the Plan or future Restricted Stock Units that may be granted under the Plan by electronic means or to request Awardee’s consent to participate in the Plan by electronic means. Awardee hereby consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, including the acceptance of restricted stock unit grants and the execution of restricted stock unit agreements through electronic signature.

 

  

  

  

 

13. Notices.  All notices, requests, consents and other communications required or provided under this Agreement to be delivered by Awardee to the Company will be in writing and will be deemed sufficient if delivered by hand, facsimile, nationally recognized overnight courier, or certified or

registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Company at the address set forth below:

 

DSW Inc.

 

810 DSW Drive

 

Columbus, Ohio 43219

 

Attention: EVP & General Counsel

 

Facsimile: (614) 872-1475

 

All notices, requests, consents and other communications required or provided under this Agreement to be delivered by the Company to Awardee may be delivered by e-mail or in writing and will be deemed sufficient if delivered by e-mail, hand, facsimile, nationally recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Awardee.

 

14. Employment Agreement, Offer Letter or Other Arrangement.  To the extent a written employment agreement, offer letter or other arrangement (“Employment Arrangement”) that was approved by the Compensation Committee or the Board of Directors or that was approved in writing by an officer of the Company pursuant to delegated authority of the Compensation Committee provides for greater benefits to Awardee with respect to vesting of the Award on Employment Termination, than provided in this agreement or in the plan, then the terms of such Employment Arrangement with respect to vesting of the Award on Employment Termination by reason of such specified events shall supersede the terms hereof to the extent permitted by the terms of the plan under which the Award was made.

 

 

	 	
DSW INC.

	 	
By:

	
 

	 	  	
 

	 	
Its:

	  Director, Compensation & Benefits

 

  

  

  

 

ACCEPTANCE OF AGREEMENT

 

Awardee hereby: (a) acknowledges that he or she has received a copy of the Plan, a copy of the Company’s most recent annual report to shareholders and other communications routinely distributed to the Company’s shareholders, and a copy of the plan description (Prospectus) dated May 21, 2009 pertaining to the Plan; (b) accepts this Agreement and the Restricted Stock Units granted to him or her under this Agreement subject to all provisions of the Plan and this Agreement; (c) represents that he or she understands that the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed the Agreement; (d) represents and warrants to the Company that he or she is purchasing the Restricted Stock Units for his or her own account, for investment, and not with a view to or any present intention of selling or distributing the Restricted Stock Units either now or at any specific or determinable future time or period or upon the occurrence or nonoccurrence of any predetermined or reasonably foreseeable event; and (e) agrees that no transfer of the Stock delivered in respect of the Restricted Stock Units shall be made unless the Stock have been duly registered under all applicable Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration.

 

 

	 	 	
 

	 
	 	 	
 

	 
	 	 	  	 
	 	 	 	 
	 	Dateex10_01.htm

EXHIBIT 10.01

 

NON-COMPETITION AND SEVERANCE AGREEMENT dated November 29, 2011, by and between COLONIAL COMMERCIAL CORP. (“Colonial”) and PETER GASIEWICZ (the “Executive”). The term “Company” as used herein means Colonial and its affiliates, subsidiaries and successors and assigns.

 

For good and valuable consideration, the Company and the Executive hereby agree as follows:

 

	
  

	
1.

	
The Company hereby employs Executive on an at will basis. Each of the Company and the Executive may at any time on 30 days' notice terminate the employment of the Executive for any reason or for no reason. The date on which Executive's employment terminates is the Termination Date. The Executive hereby agrees that he shall also be deemed to have resigned as an Executive, officer, employee and director of the Company effective as of the Termination Date.

 

	
  

	
2.

	
The Company shall pay to the Executive twelve monthly payments of $14,583.33 less withholding taxes as severance if and only if the Company terminates the Executive other than for cause (as defined below).  The Company shall pay such severance payments to the Executive on the last date of each month, with the first such payment to commence with the month that immediately follows the month of termination.

 

	
  

	
3.

	
No severance payments shall be made in respect of termination by the Executive by reason of his death, resignation or retirement, or by the Company for cause or by the Company on account of disability (each as defined below).

 

	
  

	
4.

	
Notwithstanding anything to the contrary herein or in any other agreement or arrangement, the Company shall in no event have any obligation to make any severance or other amounts to the Executive in the event the Executive fails to execute on the Termination Date a general release of all claims in form and substance acceptable to the Company’s counsel (“General Release”).

 

	
  

	
5.

	
Definitions

 

	
  

	
a.

	
Termination for “cause” means the termination of the Executive upon written notification to the Executive for one or more of the following reasons:

 

	
  

	
i.

	
Fraud, misappropriate or embezzlement by the Executive in connection with the Company; or

 

	
  

	
ii.

	
Gross neglect of duties which has a detrimental effect on the Company after notice to the Executive of the particular details thereof and a period of thirty (30) days to correct such mismanagement or neglect, if any; or

 

	
  

	
iii.

	
Conviction or plea of "no contest" by a court of competent jurisdiction in the United States of a felony or a crime involving moral turpitude, including but not limited to drug abuse, violence and sexual harassment, or

 

	
  

	
iv.

	
Willful and unauthorized disclosure of confidential, or proprietary trade secret information of the Company; or

 

  

  

  

 

	
  

	
v.

	
The Executive's breach of any material term or provision of this agreement, after notice to the Executive of the particular details thereof and a period of not less than thirty (30) days thereafter within which to cure such breach, if any.

 

	
  

	
b.

	
Termination for “disability” means, the termination of the Executive by the Company on account of the Executive’s inability, by reason of illness or incapacity, to perform the duties required of him, for a period of (i) ninety (90) consecutive days or (ii) for 180 (one hundred eighty) days in any 365 day period.

 

	
  

	
6.

	
Non-Disclosure. During and after Executive’s employment, and whether or not employment is terminated for cause, without cause or otherwise, the Executive shall not disclose or furnish to any other person, firm or corporation (the "Entity") except in the course of the performance of his duties hereunder, the following:

 

	
  

	
a.

	
any information relating to any process, technique or procedure used by the Company, including, without limitation, computer programs and methods of evaluation and pricing and marketing techniques; or

 

	
  

	
b.

	
any information relating to the operations or financial status of the Company, including, without limitation, all financial data and sources of financing, which is not specifically a matter of public record; or

 

	
  

	
c.

	
any information of a confidential nature obtained as a result of his prior, present or future relationship with the Company, which is not specifically a matter of public record; or

 

	
  

	
d.

	
any trade secrets of the Company; or

 

	
  

	
e.

	
the name, address or other information relating to any customer, supplier or debtor of the Company or other persons who have or had a business relationship with the Company.

 

	
  

	
7.

	
Non-Competition. The Executive shall not, from the date hereof and until one year following the termination of his employment with the Company for whatever reason, whether with or without cause or otherwise (the "Restricted Period"):

 

	
  

	
a.

	
in any manner, directly or indirectly, be interested in, employed by, make any loan, guaranty or other financial accommodation for, be engaged in or participate in the ownership, management, operation or control of, or act in any advisory, brokerage, finder or other capacity for any entity which, directly or indirectly, then competes with the Company anywhere within the Territory (as that term is hereinafter defined); provided, however, that the Executive may invest in any entity which is "publicly held" and files periodic reports under the Securities Act of 1934 so long as the Executive does not own or control securities which constitute more than four percent of the voting rights or equity ownership of such entity. Without limiting the generality of the foregoing, the Executive or any entity shall be deemed to compete with the Company if at any time during the Restricted Period the Executive or such entity engages in any aspect of the business of distributing products or services for heating ventilation and air conditioning ("HVAC") contractors, climate control systems, appliances, or plumbing and electrical fixtures and supplies. The term "products" includes without limitation equipment, controls, parts, and accessories. The term "services" includes without limitation temperature control system design and panel fabrication, technical field support and technical training.

 

  

  

  

 

	
  

	
b.

	
The Executive shall not during the Restricted Period:

 

	
  

	
i.

	
in any manner, directly or indirectly, attempt to seek to cause any entity to refrain from dealing or doing business with the Company or assist any entity in doing so or attempting to do so;

 

	
  

	
ii.

	
employ or retain any person or entity who or which was an Executive or consultant to the Company at any time during the preceding two years; or

 

	
  

	
iii.

	
solicit the business of any person or entity who at any time was a customer or active prospect of the Company.

 

	
  

	
8.

	
The “Territory” means Connecticut, Massachusetts, New Jersey, New York, Pennsylvania and Vermont, and any other state or province or similar geographic area in which the Company presently or hereafter owns or rents any place of business or offices.

 

	
  

	
9.

	
The Executive shall indefinitely retain in confidence all of the Company’s confidential information. The Executive shall on the Termination Date return to the Company all copies of all of the Company’s confidential information and execute the General Release.

 

	
  

	
10.

	
This Agreement and the obligations of Executive to the Company hereunder or otherwise are enforceable by decrees of specific performance as well as such other remedies as are available without the requirement of posting of a bond or other security. If any court of competent jurisdiction determines that the Territory, Restricted Period, the specified business limitation or any other relevant feature of this Agreement is unreasonable, arbitrary or against public policy, then a lesser time period, geographical area, business limitation or other relevant feature which is determined to be reasonable, not arbitrary and not against public policy may be enforced against the Executive.

 

	
  

	
11.

	
All time periods in this Agreement shall be computed by excluding from such computation any time during which Executive is in violation of any provision of this Agreement.

 

	
  

	
12.

	
The Company may forward a copy of this Agreement to such persons or entities as the Company shall deem necessary to protect its interests. The Executive shall from time to time during the Restricted Period on request of the Company promptly advise the Company of all reasonably relevant details with respect to his then employments and retentions, including, without limitation, the names and address of any persons or entities for whom he performs services and the nature of such services.

 

  

  

  

 

	
  

	
13.

	
The Agreement shall be governed by the internal laws of New Jersey and may not be amended, waived or terminated orally, and it shall be binding upon and inure to the benefit of the parties and their respective personal representatives, successors and assigns. The federal and state courts in New Jersey shall have exclusive jurisdiction over all matters related to this Agreement. Trial by jury is waived. Notices must be writing. Service of process may be effected by written notice or as otherwise provided by law.

 

	
  

	
14.

	
THE EXECUTIVE HAS HAD THE OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH HIS LAWYER.

 

IN WITNESS WHEREOF, the parties have signed this Agreement as of the date first written above.

 

	Colonial Commercial Corp.	 	 
	 	 	 	 
	
By: 

	/s/William Pagano	 	/s/Peter Gasiewicz
	Name: 	
William Pagano, Chief Executive Officer

	 	
PETER GASIEWICZ

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