RESTRICTED STOCK AGREEMENT by IBERIABANK CORP
Company: IBERIABANK CORP
SEC CIK: 933141
SEC Type: EX-10.1
SIC Code: 6022
SIC Industry: STATE COMMERCIAL BANKS
Date Filed: 2012-05-23
RESTRICTED STOCK AGREEMENT
UNDER THE IBERIABANK CORPORATION
2010 STOCK INCENTIVE PLAN
THIS INCENTIVE AGREEMENT (Agreement) is entered into as of, between IBERIABANK Corporation (IBKC or (the Company) and (the Award Recipient).
WHEREAS, under the 2010 Stock Incentive Plan (the Plan), the Compensation Committee of the IBKC Board of Directors (the Committee) may, among other things, award shares of common stock of IBKC (the Common Stock) in the form of restricted stock (Restricted Stock) to a key employee or Director of IBKC or one of its subsidiaries (collectively, the Company);
NOW, THEREFORE, in consideration of the premises, it is agreed as follows:
1. Conditional Award of Restricted Stock
Pursuant to the terms of the Plan, the Award Recipient is hereby awarded, subject to the other terms, conditions, and restrictions contained herein, shares of Restricted Stock.
2. Award Restrictions
2.1 The shares of Restricted Stock and the right to vote them and to receive dividends thereon may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered until such time as the shares vest and the restrictions imposed thereon lapse, as provided below.
2.2 The shares of Restricted Stock issued to the Award Recipient shall become vested and nonforfeitable and the restrictions imposed thereon will lapse as to one third (33 1/3%) of the shares of Restricted Stock on each of the first through third anniversaries of the date of this Agreement; provided that on each vesting date if a fraction of a share would vest, a whole share shall vest in lieu thereof and on the last date the number of shares that vest will be the total number of shares awarded less the total number of shares previously vested; and provided further that on the applicable vesting date the Award Recipient is in the employ of or serving as a member of the Board of IBKC. The period during which the restrictions imposed on the shares of Restricted Stock by the Plan and this Agreement are in effect is referred to herein as the Restricted Period. During the Restricted Period, the Award Recipient shall be entitled to all rights of a shareholder of IBKC, including the right to vote such shares of Restricted Stock and to receive dividends thereon.
2.3 All restrictions on the Restricted Stock issued to the Award Recipient shall immediately lapse and the shares shall vest (a) if the Award Recipient dies while he is employed by or serving on the Board of the Company, (b) if the Award Recipients Continuous Service to the Company terminates as a result of Disability, or (c) if service on the Board terminates due to ineligibility for re-election to serve on the Board because of having reached the mandatory retirement age. Unless otherwise determined by the Committee, the Award Recipient shall forfeit his or her unvested Restricted Stock upon the termination of his or her Continuous Service to the Company, for any reason, other than as provided in the foregoing sentence.
3. Registration of Stock Ownership
3.1 The shares of Restricted Stock shall be registered in the name of the Award Recipient by book entry. A stock power endorsed in blank by the Award Recipient, substantially in the form attached hereto as Exhibit A, shall be deposited with IBKC. The restrictions on transfer and forfeiture terms of the Restricted Stock under the Plan and the Agreement shall be reflected in the books of IBKCs transfer agent and noted on the written information statement required to be provided to the Award Recipient under Louisiana law.
3.2 Upon the lapse of restrictions on any shares of Restricted Stock issued to the Award Recipient, IBKC shall cause a stock certificate without any restrictive legend representing such shares of Restricted Stock to be issued in the name of the Award Recipient or his nominee within 30 days after the end of the Restricted Period. Upon receipt of such stock certificate, the Award Recipient is free to hold or dispose of the shares of Common Stock represented by such certificate subject to applicable securities laws.
Any dividends paid on the shares of Restricted Stock granted to the Award Recipient shall be paid to the Award Recipient as soon as practicable following the date such dividends are declared and paid to the Companys shareholders.
5. Withholding Taxes
5.1 IBKC shall have the right to withhold from any payments or stock issuances under the Plan, or to collect as a condition of payment, any taxes required by law to be withheld. By signing this Award Agreement, the Award Participant agrees that he or she is solely responsible for the satisfaction of any taxes that may arise (including taxes arising under Sections 409A or 4999 of the Code) and that IBKC shall not have any obligation whatsoever to pay such taxes.
5.2 Unless an Award Recipient timely makes the election described in Section 5.3, at the time that all or any portion of the Restricted Stock vests the Award