Exhibit 10.29
PERFORMANCE BASED RESTRICTED STOCK AGREEMENT
THIS AGREEMENT, dated as of the [ ] day of
[ ], 2007, between Unum Group, a Delaware
corporation (the “Company”), and [
] (the
“Employee”).
W I T N E S S E T H
In consideration of the mutual promises and covenants made herein
and the mutual benefits to be derived herefrom, the parties hereto
agree as follows:
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1.
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Grant, Vesting and Forfeiture of Restricted
Stock .
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(a) Grant
. Subject to the provisions of this Agreement and to the
provisions of the Unum Group Stock Incentive Plan of 2007 (the
“Plan”), the Company hereby grants to the Employee as
of [
] (the “Grant Date”), [
]
Shares (the “Restricted Stock”) of common stock of the
Company, par value $0.10 per Share (“Common Stock”).
All capitalized terms used herein, to the extent not defined, shall
have the meaning set forth in the Plan.
(b) Vesting
during the Restriction Period . Subject to the terms
and conditions of this Agreement, the Restricted Stock shall vest
and no longer be subject to any restriction on February 28,
2010, provided that prior to such date the performance goals set
forth on Exhibit A are achieved (such period during which
restrictions apply is the “Restriction Period”).
(c) Termination
of Employment . Upon the Employee’s
Termination of Employment for any reason (other than due to the
Employee’s death, Disability, Retirement or Termination of
Employment by the Company without Cause) during the Restriction
Period, all Shares of Restricted Stock still subject to restriction
shall be forfeited. Upon the Employee’s Termination of
Employment during the Restriction Period due to the
Employee’s death, Disability or Retirement, the restrictions
applicable to the Restricted Stock shall lapse, and such Restricted
Stock shall become free of all restrictions and become fully
vested. Upon the Employee’s Termination of Employment during
the Restriction Period by the Company without Cause, the Employee
shall vest in an additional number of shares of Restricted Stock
equal to the product of (x) the number of shares of Restricted
Stock that are subject to each vesting tranche during the
Restriction Period that have not yet vested as of the date of the
Termination of Employment and (y) a fraction, the numerator of
which is the number of full and partial months in the Restriction
Period from the Grant Date until the date of Termination of
Employment and the denominator of which is the total number of
months in the Restriction Period for such tranche. For purposes of
this Agreement, “Retirement” shall mean the
Employee’s Termination of Employment after the attainment of
age 65 or the attainment of age 55 and at least 15 years of
continuous service, in each case, only if such Termination of
Employment is approved as a “Retirement” by
(i) the Committee in the case of an Employee who is subject to
Section 16 of the Exchange Act or a “covered
employee” within the meaning of Section 162(m) of the
Code or (ii) the Chief Executive Officer or Senior Vice
President, Human Resources, in the case of all other individuals.
For purposes of this Agreement, employment with the Company shall
include employment with the Company’s Affiliates and its
successors. Nothing in this Agreement or the Plan shall confer upon
the Employee any right to continue in the employ of the Company or
any
of its Affiliates or
interfere in any way with the right of the Company or any such
Affiliates to terminate the Employee’s employment at any
time.
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2.
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Nontransferability of the Restricted
Stock .
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During
the Restriction Period, the Shares covered by the Restricted Stock
shall not be transferable by the Employee by means of sale,
assignment, exchange, encumbrance, pledge, hedge or otherwise. Any
purported or attempted transfer of such Shares or such rights shall
be null and void.
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3.
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Rights as a Stockholder .
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Except
as otherwise specifically provided in this Agreement, during the
Restriction Period the Employee shall have all the rights of a
stockholder with respect to the Restricted Stock, including without
limitation the right to vote the Restricted Stock and the right to
receive any dividends with respect thereto. If the Company declares
and pays dividends on the Common Stock during the Restriction
Period, the Employee shall be paid dividends with respect to the
Restricted Stock at such time as dividends are paid to stockholders
of Common Stock generally.
Certificates
representing the Restricted Stock as originally or from time to
time constituted shall bear the following legend:
The Shares represented by this stock certificate have been granted
as restricted stock under a Restricted Stock Agreement between the
registered holder of these Shares and the Company. The Shares
represented by this stock certificate may not be sold, exchanged,
assigned, transferred, pledged, hypothecated or otherwise
encumbered or disposed of until the restrictions set forth in the
Restricted Stock Agreement between the registered holder of these
Shares and the Company shall have lapsed.
As soon as administratively practicable after the end of the
Restriction Period, the Company shall deliver to the Employee or
his or her personal representative, in book-position or certificate
form, the formerly Restricted Stock that does not bear any
restrictive legend making reference to this Agreement. Such Shares
shall be free of restrictions, except for any restrictions required
under Federal securities laws.
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5.
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Adjustment; Change in Control .
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In
the event of certain transactions during the Restricted Period, the
Restricted Stock shall be subject to adjustment as provided in
Section 3(d) of the Plan or any applicable successor provision
under the Plan. Notwithstanding anything in Section 10(a)(ii)
of the Plan to the contrary, in the event of that Change in Control
occurs before the Restricted Stock vests in full, a number of
shares of Restricted Stock shall vest equal to the product of
(x) the total number of shares of Restricted Stock subject to
the grant and (y) a fraction, the numerator of which is the
number of days elapsed from the Grant Date until the date of the
Change in Control and the denominator of which is the total number
of days from the Grant Date until February 28, 2010.
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6.
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Payment of Transfer Taxes, Fees and Other
Expenses .
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