Hilb Rogal & Hobbs Company 2005 Restricted Stock Agreement with John H. Doe

Contract Categories: Business Finance › Stock Agreements
Summary

This agreement grants John H. Doe 10,000 shares of restricted stock in Hilb Rogal & Hobbs Company under the company's 2000 Stock Incentive Plan. The shares vest in four equal installments of 2,500 shares each year from 2007 to 2010, contingent on the company achieving specified earnings growth. The agreement outlines the terms, vesting schedule, and conditions for the award, and requires John H. Doe to accept the terms by signing and returning the agreement.

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EX-10.25 5 dex1025.htm 2005 FORM OF HILB ROGAL & HOBBS COMPANY RESTRICTED STOCK AGREEMENT 2005 form of Hilb Rogal & Hobbs Company Restricted Stock Agreement

Exhibit 10.25

 

February 22, 2005

 

John H. Doe

111 Somewhere Street

Richmond, VA 22222

 

Dear John:

 

I am pleased to announce that pursuant to the terms and conditions of the company’s 2000 Stock Incentive Plan (the ‘Plan’), you have been granted Restricted Stock Award for 10,000 shares (the ‘Option’) of stock as outlined below.

 

Subject to the terms and conditions in the Plan, as amended from time to time and Exhibit A, attached hereto and made a part hereof (together with this letter, the “Agreement”), your award is as follows:

 

Grant Date:     

February 7, 2005

       
Restricted Shares Granted:     

1,000

       
Expiration Date:     

2/7/2012

       
Vesting Schedule:     

Executive Restricted

     

10% Earnings Growth Contingency

      

2,500 on 02/07/2007

     

2006 vs. 2005 or 2005 vs. 2004

      

2,500 on 02/07/2008

     

2007 vs. 2006 or 2006 vs. 2005

      

2,500 on 02/07/2009

     

2008 vs. 2007 or 2007 vs. 2006

      

2,500 on 02/07/2010

     

2009 vs. 2008 or 2008 vs. 2007

 

Please indicate your acceptance by executing two (2) original copies of this Agreement and returning one (1) copy by U.S. Mail to Gwynn Noble.

 

Very truly yours,

Martin L. Vaughan, III

Chairman and Chief Executive Officer

 

By my signature below, I hereby acknowledge my Consent to Electronic Delivery, receipt of this Option, pursuant to all terms and conditions of the Plan, and electronic receipt of the Plan and Prospectus. I agree to conform to all of the terms and conditions of the Option and the Plan.

 

Signature:

  

 

   Date:  

 

   

John H. Doe

        

 

Note: If there are any discrepancies in the name or address shown above, please make the appropriate corrections on this form.

RESTRICTED STOCK AWARDS

FOR NAMED EXECUTIVE OFFICERS

 

   

AWARD DATE

  

SHARES AWARDED

Martin L. Vaughan, III

   2/7/05   10,000

Robert B. Lockhart

   2/7/05   6,000

Timothy J. Korman

   2/7/05   4,500

John P. McGrath

   2/7/05   3,500

Thomas Stiles

   2/7/05   3,500