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exv10w1

 

Exhibit 10.1

AMENDMENT NUMBER ONE

TO THE KITTY HAWK

2003 LONG TERM EQUITY INCENTIVE PLAN

     THIS AMENDMENT TO THE KITTY HAWK 2003 LONG TERM EQUITY INCENTIVE PLAN (this “Amendment”),
effective as of June 30, 2005, is made and entered into by Kitty Hawk, Inc., a Delaware corporation
(the “Company”). Terms used in this Amendment with initial capital letters that are not otherwise
defined herein shall have the meanings ascribed to such terms in the Kitty Hawk 2003 Long Term
Equity Incentive Plan (the “Plan”).

RECITALS

     WHEREAS, Section 5.1 of the Plan provides that the maximum number of shares of Common Stock
that may be delivered pursuant to Awards granted under the Plan is 6,500,000; and

     WHEREAS, the Board of Directors of the Company (the “Board”) desires to amend the Plan to
increase the aggregate number of shares of Common Stock that may be granted to Participants under
the Plan to 7,000,000, effective June 30, 2005; and

     WHEREAS, the Board submitted the proposal to amend the Plan as described above to the
Company’s stockholders at the 2004 Annual Meeting of Stockholders; and

     WHEREAS, the Company’s stockholders approved the proposal to amend the Plan;

     NOW, THEREFORE, the Company hereby amends the Plan as follows:

	1.	 	Section 5.1 of the Plan is hereby amended by deleting such Section in its entirety and
substituting in lieu thereof the following:

5.1 Number Available for Awards. Subject to adjustment as provided in Articles 11
and 12, the maximum number of shares of Common Stock that may be delivered
pursuant to Awards granted under the Plan is 7,000,000 shares; provided,
however, that the number of shares of Common Stock that may be awarded to
a Participant in a single year may not exceed 1,500,000. Shares to be issued may
be made available from authorized but unissued Common Stock, Common Stock held by
the Company in its treasury, or Common Stock purchased by the Company on the open
market or otherwise. During the term of this Plan, the Company will at all times
reserve and keep available the number of shares of Common Stock that shall be
sufficient to satisfy the requirements of this Plan.

	2.	 	Except as expressly amended by this Amendment, the Plan shall continue in full force and effect
in accordance with the provisions thereof.

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     IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed as of the date
first written above.

	 	 	 	 	 
	 	KITTY HAWK, INC.

 	 
	 	By:  	/s/ Steven E. Markoff
 	 
	 	 	Name:  	Steven E. Markhoff 	 
	 	 	Title:  	Vice President Strategic Planning, General
Counsel and Corporate Secretaryexv10w5w1

 

Exhibit 10.5.1

PIER 1 IMPORTS, INC.

MANAGEMENT RESTRICTED STOCK PLAN

AMENDED AND RESTATED AS OF JUNE 30, 2005

     1. Purpose. The purpose of the Pier 1 Imports, Inc. Management Restricted Stock Plan (the
“Plan”) is to further the growth and profitability of the Company by offering incentives to those
key management personnel, who have the capacity for contributing in substantial measure toward the
growth and profitability of the Company and to attract and retain such key employees.

     2. Definitions. For purposes of the Plan the following terms shall have the indicated meanings
unless otherwise expressly provided or unless the context otherwise requires:

     “Award” means an award of Restricted Stock pursuant to the provisions of the Plan.

     “Board” means the Board of Directors of the Company.

“Committee” means Compensation Committee of the Board or the Committee appointed by the
Board to administer the Plan in accordance with Section 3 hereof.

     “Company” means Pier 1 Imports, Inc., a Delaware corporation.

     “Employee” means any individual employed by the Company or any Subsidiary.

     “Grantee” means an Employee to whom an Award has been granted hereunder.

     “Permanent Disability” means permanent and total disability of the Grantee, as determined by
the Committee in accordance with uniform and non discriminatory standards adopted by the Committee.

     “Restricted Stock” means the Shares awarded upon the terms and conditions and subject to the
restrictions set forth in Section 6.

     “Restricted Stock Agreement” means the agreement pursuant to which Restricted Stock is issued
in accordance with Section 6.

     “Retirement” means, in the case of an Employee, a Termination of Employment by reason of the
Employee’s retirement at or after his or her normal retirement date under the Company’s retirement
plan.

     “Early Retirement” means, in the case of an Employee, a Termination of Employment, after
completing 15 years of service with the Company or any Subsidiary and attaining age 55.

     “Shares” means shares of Common Stock, par value $1.00 per share, of the Company.

     “Subsidiary” means any corporation or business trust the majority of the outstanding voting
stock of which is owned, directly or indirectly, by the Company.

     “Termination of Employment” means the time when the employee-employer relationship between the
Employee and the Company and its Subsidiaries is terminated for any reason, including, but not
limited to, a termination by resignation, discharge, death, Permanent Disability, Retirement, Early
Retirement or the disaffiliation of a Subsidiary, but excluding any such termination where there is
a immediate reemployment by either the Company or one of its Subsidiaries.

     3. Administration of the Plan. The Plan shall be administered by the Committee, which shall
consist of not fewer than two members of the Board, who shall be appointed by and serve at the
pleasure of the Board. Each member of the Committee shall be a non-employee director of the
Company as that term is defined in Rule 16b-3 promulgated under the Securities Exchange Act of
1934, as amended, or any successor provision.

     Subject to the provisions of the Plan, the Committee shall have exclusive power to select the
Employees who are to participate in the Plan, to determine the number of Shares to be subject to
any Award and the time or times at which Awards will be granted, to provide additional limitations
in any Awards that are not specifically set forth in the

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Plan, and to establish other terms and conditions of each Award. The Committee shall also have
the power to modify or amend the terms of any or all outstanding Awards in any respect subject to
the terms of the Plan, provided that no such amendment may adversely affect the terms of a
Grantee’s Award without the Grantee’s written consent. The Committee shall have complete authority
to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan,
and to make all other determinations necessary or advisable in the administration of the Plan, all
of which determinations shall be final and binding upon all persons having an interest in the Plan.
No member of the Committee shall be personally liable for any action, determination, or
interpretation taken or made with respect to the Plan, unless such action, determination, or
interpretation constitutes criminal misconduct, gross negligence or demonstrates bad faith, and all
members of the Committee shall be fully protected by the Company with respect to any such action,
determination or interpretation.

     4. Plan Limitations; Stock Subject to the Plan. The maximum number of shares of Restricted
Stock that may be issued or transferred under the Plan shall be 250,000 shares of Restricted Stock,
subject to adjustment pursuant to the provisions of Section 10. Any shares of Restricted Stock that
have been awarded under the Plan but later are forfeited or otherwise revert to the Company
pursuant to the provisions of an Award may again be issued as Awards under the Plan.

     5. Eligibility for Participation. The Committee shall from time to time in its absolute
discretion select from among the Employees those persons who, in the opinion of the Committee are
in a position to contribute materially to the growth and success of the Company.

     6. Restricted Stock Awards.

     (a) Grant of Award. The Committee may, from time to time, grant Awards to eligible Employees
Each Award shall be evidenced by a Restricted Stock Agreement between the Company and the Grantee,
which Agreement shall contain terms prescribed by the Plan and such other terms and conditions as
the Committee may deem necessary or advisable. The purchase price of Restricted Stock awarded under
the Plan shall not exceed such amount as may be required for the issuance of such shares under the
jurisdiction of incorporation of the Company. To the extent permissible by law, the award of
Restricted Stock shall be made in consideration of the services of the Grantee.

     (b) Restrictions. Restricted Stock shall be subject to the following restrictions:

     (i) no Restricted Stock may be sold, assigned, transferred, pledged, hypothecated or
otherwise disposed of during such time as such Restricted Stock is subject to the
restrictions provided in this Section 6;

     (ii) The restrictions with respect to the Restricted Stock shall lapse in accordance
with the provisions established by the Committee and set forth in each Grantee’s Restricted
Stock Agreement.

     (iii) Each certificate issued with respect to Restricted Stock shall be registered in
the name of the Grantee and deposited, together with a stock power duly executed in blank by
the Grantee, with the Company or, if the Committee so specifies, with a third party
custodian or trustee, and shall bear the following, or a similar, legend:

“The transferability of this certificate and the shares of Common Stock represented hereby
are subject to the terms, conditions and restrictions (including forfeiture) contained in
the Management Restricted Stock Plan of Pier 1 Imports, Inc. and the Restricted Stock
Agreement entered into between the registered owner and Pier 1 Imports, Inc. A copy of such
Plan and Agreement is on file in the offices of Pier 1 Imports, Inc., , 100 Pier 1 Place,
Fort Worth, Texas 76102.”

     (c) At the expiration of the restrictions provided herein and in the Restricted Stock
Agreement, the Company will cause a new certificate to be delivered to the Grantee (or in the case
of his death to his or her legal representative, beneficiary or heir), free of any legend provided
herein for such number of Shares as to which such restrictions shall have lapsed; provided,
however, that the Company shall not be required to issue fractional Shares.

     (d) During the applicable period of restriction as to any Restricted Stock, a Grantee shall be
the record owner thereof and shall be entitled to vote such Shares and receive all dividends and
other distributions paid with respect to such Shares; provided that if any such dividend or
distribution is paid in Shares the Shares so received shall be subject to the same restrictions as
the Restricted Stock with respect to which such dividend or distribution was paid. The Committee
may provide in the agreement such other restrictions terms or conditions with respect to the
treatment and holding of any shares, cash or other property that may be received as consideration
or in exchange for Restricted Stock.

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     (e) The Committee may accelerate the time at which the restrictions will lapse or remove any
restrictions whenever it may decide in its absolute discretion that such action is in the best
interests of the Company and not adverse to the interests of the Grantee or his heirs or
beneficiaries.

     (f) Upon Termination of Employment of the Grantee with the Company or any Subsidiary of the
Company (or the successor of any such company) for any reason, all Restricted Stock as to which the
restrictions thereon shall not have lapsed shall be immediately forfeited to the Company.

     7. Effective Date of the Plan; Shareholder Approval. The Plan shall become effective upon the
approval of the Plan, within 12 months of adoption by the Board, by the holders of a majority of
the Shares present or represented by proxy and entitled to vote at a duly held meeting of the
shareholders of the Company.

     8. Amendment of the Plan. The Board may at any time and from time to time modify or amend the
Plan in any respect; provided, that without approval of the shareholders of the Company the Board
may not increase the maximum number of shares of Restricted Stock that may be awarded under the
Plan (other than increases due to adjustments in accordance with Section 10), materially modify the
requirements as to eligibility for participation in the Plan, or otherwise materially increase the
benefits accruing to participants under the Plan. Any modification or amendment to the Plan shall
not, without the written consent of any Grantee, adversely affect the Grantee’s rights under an
Award granted prior to such modification or amendment.

     9. Termination of the Plan. The Plan shall terminate upon the granting of Awards equaling the
maximum number of Shares of Stock that may be awarded under the Plan or upon a vote by the Board to
terminate the Plan, and thereafter the function of the Committee will be limited to the
administration of Restricted Stock Agreements. Each Award shall remain in effect until the
restrictions on the Restricted Stock have lapsed or the Restricted Stock shall revert to the
Company in accordance with the terms hereof. No termination of the Plan shall, without the written
consent of the Grantee, adversely affect the rights or obligations under Awards previously granted.

     10. Dilution and Other Adjustments. In the event of any change in the number of outstanding
Shares by reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off,
reorganization, combination or exchange of shares, or other similar corporate change, the Committee
shall make such adjustments, if any, as in its sole discretion it deems equitable in the aggregate
number or kind of Restricted Stock or other stock or securities which may be awarded pursuant to
the Plan, and in the terms and restrictions of each outstanding Award affected thereby. Such
adjustments shall be conclusive and binding upon all parties concerned.

     11. Tax Withholding. The Company shall deduct from each Grantee’s salary or wages, or, at the
option of the Grantee, the Grantee shall pay to the Company, the amount of any tax required by any
governmental authority to be withheld on account of an Award or the lapse of restrictions on
Restricted Stock. The Committee may, in its sole discretion, permit a Grantee the right to satisfy,
in whole or in part, any tax withholding requirement resulting from the lapse of restrictions by
electing to require the Company to purchase that number of unrestricted Shares designated by the
Grantee at a price equal to the closing price for Shares, as reported for consolidated transactions
on the New York Stock Exchange, on the date of lapse of restrictions, or if not traded on such day
on the next preceding day on which trading occurred. The Company shall not be required to deliver a
certificate for any Shares as to which restrictions shall have lapsed until all such taxes shall
have been paid by the Grantee or the person entitled thereto. The Company shall have the right, but
not the obligation, to sell or withhold such number of Shares distributable to the person entitled
to such distribution as will provide assets for payment of any tax so required to be paid by the
Company for such person unless, prior to such sale or withholding, such person shall have paid to
the Company the amount of such tax. Any balance of the proceeds of such a sale remaining after the
payment of such taxes shall be paid over to such person. In making any such sale, the Company shall
be deemed to be acting on behalf and for the account of such person.

     12. Applicable Laws and Regulations. The Company’s obligation to issue or deliver any Shares
pursuant to an Award shall be subject to such compliance as the Committee in its sole discretion
deems necessary or advisable with respect to the listing of such Shares upon any securities
exchange, the registration or qualification of such Shares under any federal or state law or the
rulings or regulations of any governmental regulatory body, or the obtaining of any approval or
consent from any federal state or other governmental agency.

     13. Employment Rights. Nothing in the Plan or in any Restricted Stock Agreement shall confer
upon any Grantee the right to continue in the employ of the Company or its Subsidiaries or shall
interfere with or restrict in any way the rights of the Grantee’s employer to discharge the Grantee
at any time for any reason whatsoever, with or without cause.

	 	 	 	 	 
	Executed effective June 30, 2005	 	 
	 

	 	 	 	 
	Pier 1 Imports, Inc.

A Delaware corporation	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	          Gregory S. Humenesky

          Executive V.P. – Human Resources	 	 

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