Infinity Property and Casualty Corporation Restricted Stock Agreement with Employee

Contract Categories: Business Finance › Equity Distribution Agreements
Summary

This agreement is between Infinity Property and Casualty Corporation and an employee, granting the employee shares of company stock under the 2002 Restricted Stock Plan. The shares become fully owned by the employee over a set period, based on years of service. The agreement outlines whether the employee has voting rights or receives dividends before the shares are fully vested. The shares are subject to restrictions on sale or transfer until they are vested. Both the company and the employee must sign the agreement to make it effective.

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EX-10.2 3 dex102.htm FORM OF RESTRICTED STOCK AGREEMENT Form of Restricted Stock Agreement

Exhibit 10.2

INFINITY PROPERTY AND CASUALTY CORPORATION

RESTRICTED STOCK AGREEMENT

Infinity Property and Casualty Corporation (the “Company”), hereby awards to [Employee]                  shares of its common stock (“Shares”) in accordance with and subject to the terms of the Infinity Property and Casualty Corporation 2002 Restricted Stock Plan (the “Plan”), a copy of which is attached hereto and made a part hereof, and of this Restricted Stock Agreement. The Shares shall become “Vested Shares,” as defined in the Plan according to the following schedule:

 

Years of Service

  

Vested Percentage

1

       %

2

       %

3

       %

4

       %

You [are / are not] entitled to voting rights on Shares that are not Vested Shares. You [are / are not] entitled to receive dividends and other distributions on Shares that are not Vested Shares.

The Shares acquired pursuant to the Plan are subject to certain restrictions affecting the sale, assignment, transfer, pledge, hypothecation or other disposition of such Shares in accordance with and subject to the terms of the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the      day of                 ,20    .

 

INFINITY PROPERTY AND CASUALTY CORPORATION  
By:  

 

  
Name:  

 

  
Title:  

 

  

I hereby accept the award of Shares set forth above in accordance with and subject to the terms and conditions of this Restricted Stock Agreement and of the Plan and agree to be bound thereby.

 

 

  
Employee