RESTRICTED STOCK AGREEMENT
(Pursuant to 2007 Incentive Compensation Plan)
This Restricted
Stock Award Agreement (the “Agreement”) is made and
entered into effective as of September 16, 2009 (the
“Award Date”) between F.N.B. CORPORATION, a Florida
corporation (the “Company”), and _______________ (the
“Employee”).
WHEREAS ,
at a meeting of the Compensation Committee (the
“Committee”) of the Board of Directors of the Company
(the “Board”) held on the Award Date, the Committee,
pursuant to the F.N.B. Corporation 2007 Incentive Compensation Plan
(the “Plan”), awarded to certain employees of the
Company, employees of First National Bank of Pennsylvania (the
“Bank”) and employees of other non-Bank Affiliates (the
term “Affiliates” is defined in the Plan), shares of
the Company’s Common stock, par value $0.01 per share (the
“Stock”);
NOW,
THEREFORE, in consideration of the mutual covenants and
agreements herein contained and intending to be legally bound
hereby, each of the parties covenants and agrees as
follows:
1.
Award of Restricted Stock . Subject to the terms and
conditions of the Plan and this Agreement, the Company, pursuant to
the Plan, which is incorporated herein by reference thereto and
made a part hereof as though set forth in full herein (refer to
Section 5 herein for a copy of the Plan), hereby confirms the
award to the Employee, on the date first written above, of an
aggregate of _________ shares of Stock (the
“Shares”).
2.
Terms and Conditions . The award of Shares to the
Employee is subject to the following terms and
conditions:
(a) Vesting
and Forfeiture . The Employee’s right to the Shares
will vest (together with all dividends and/or shares of stock
purchased on account of such Shares under the Company Dividend
Reinvestment and Voluntary Stock Purchase Plan (“DRP”))
and the Shares will become freely transferable, provided, the
Employee has been continuously employed by the Company from the
Award Date through the earlier of, January 16, 2012
(“Vesting Date”), or upon accelerated vesting of the
Shares pursuant to Section 2(b), (c) and (d) hereof. For
purposes of this Agreement, the “Vesting Period” is
defined as the period between January 1, 2009 and the Vesting
Date.
(b)
Accelerated Vesting — Change in Control or Sale
. In the event of a “Change in Control,” as defined in
the Plan, prior to the Vesting Date, if the Employee has remained
continuously employed by Company, Bank or non-Bank Affiliate since
the Award Date, the restrictions on the Shares shall lapse and all
of the Shares (references to “Shares” in this Agreement
shall also include all dividends and/or shares of Stock purchased
under the DRP on account of such Shares) shall immediately vest.
All restrictions on the Shares shall lapse and such Shares shall
vest immediately upon the sale of all or substantially all of the
common stock or assets (a “Sale”) of the
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Bank prior to
the Vesting Date, provided the Employee remains continuously
employed by the Bank, the Company or non-Bank Affiliate. In the
event of a Sale of a non-Bank Affiliate which employed the Employee
on the date the Sale occurs and the Employee has been continuously
employed by the Affiliate, Company or Bank since the Award Date,
the Shares shall vest in an amount not less than the pro rata
amount of the Shares awarded under this Agreement for the period
from the Award Date to the consummation date of the Sale of the
non-Bank Affiliate as calculated by taking the number of Shares
times the fraction, the numerator of which is the actual number of
full months the Employee worked from the Award Date to the
consummation date of the Sale of the non-Bank Affiliate, and the
denominator of which is thirty-six (36), representing the number of
full months in the Vesting Period, less the number of full months
of the Vesting Period prior to the Award Date.
(c)
Termination While Change in Control is Pending . For
purposes of this Agreement the termination of the Employee without
“Cause” (as defined in the Plan), following execution
of a definitive agreement contemplating a “Change in
Control” or Sale of the Bank or non-Bank Affiliate, prior to
the consummation date of the “Change in Control” shall
result in the full vesting of the Shares or in the case of the Sale
of a non-bank affiliate, pro rata vesting for the period of time
the Employee worked between the Award Date and the consummation
date of such Sale of a non-Bank Affiliate of the Shares on the
consummation date of a “Change in Control” or such
Sale.
(d)
Termination of Employment; Forfeiture or Acceleration of
Shares . Upon the effective date of the termination of
Employee’s employment with the Company, the Bank, or a
non-Bank Affiliate, all Shares then subject to a risk of forfeiture
shall immediately be forfeited and returned to the Company by the
administrator of the DRP without consideration or further action
being required of the Company; except in the event such termination
is a result of the following circumstances:
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(1)
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Death . The restrictions on the Shares
shall lapse and the Shares shall automatically vest immediately as
a result of Employee’s death during the Vesting
Period.
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(2)
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Disability
.
The restrictions on the
Shares shall lapse and the Shares shall automatically vest
immediately as a result of Employee becoming a “Disabled
Participant” (as that term is defined in the Plan) during the
Vesting Period.
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(3)
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Early Retirement
. The Employee shall be
entitled to vesting of not less than the pro rata amount of the
Shares for the number of full months of the
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