EXHIBIT
10.5
DIRECTOR
RESTRICTED STOCK
AGREEMENT
(PURSUANT TO THE TERMS OF
THE
POOL
CORPORATION
2007 LONG-TERM INCENTIVE
PLAN)
This RESTRICTED STOCK AGREEMENT (this
"Restricted Stock Agreement") is between Pool Corporation, a
Delaware corporation ("Company"), and _____________("Recipient"),
and is dated as of the date set forth immediately above the
signatures below.
1.
Grant of Restricted
Stock . The
Company hereby grants to Recipient all rights, title and interest
in the record and beneficial ownership of ________ shares (the
"Restricted Stock" or the “Incentive”) of common stock,
$.001 par value per share, of Company ("Common Stock") subject to
the conditions described in Paragraphs 4 and 5 as well as the other
provisions of this Restricted Stock Agreement. The Restricted Stock
is granted pursuant to and to implement in part Pool
Corporation’s 2007 Long-Term Incentive Plan (as amended and
in effect from time to time, the "Plan") and is subject to the
provisions of the Plan, which is hereby incorporated herein and is
made a part hereof, as well as the provisions of this Restricted
Stock Agreement and in the event of any inconsistency, the
provisions of the Plan shall control. Recipient agrees to be bound
by all of the terms, provisions, conditions and limitations of the
Plan and this Restricted Stock Agreement. All capitalized terms
have the meanings set forth in the Plan unless otherwise
specifically provided. All references to specified paragraphs
pertain to paragraphs of this Restricted Stock Agreement unless
otherwise specifically provided.
2.
Custody of Restricted
Stock . Upon
satisfaction of the vesting conditions set forth in Paragraph 4 or
the occurrence of any of the events contemplated by Paragraph 5(b)
or 5(c), Company shall issue and deliver to Recipient a certificate
or certificates for such number of shares of Restricted Stock as
are required to be issued and delivered under this Restricted Stock
Agreement. Prior to the satisfaction of such vesting conditions or
the occurrence of such events, the Restricted Stock is not
transferable and shall be held in trust until such time as the
applicable restrictions on the transfer thereof have expired or
otherwise lapsed.
3.
Risk of
Forfeiture .
Subject to Paragraphs 5(b) and 5(c), should Recipient's service as
a member of the Board of Directors of the Company and each
Subsidiary terminate prior to the vesting date set forth in
Paragraph 4, Recipient shall forfeit the Restricted Stock that
would otherwise have vested on such dates. For purposes of this
Restricted Stock Agreement, “Subsidiary” shall mean any
corporation or other entity of which the Company owns securities
having a majority of the ordinary voting power in electing the
board of directors or similar governing body, either directly or
through one or more Subsidiaries.
4.
Vesting
Dates . Subject
to Paragraph 5, the shares of Restricted Stock subject to this
Restricted Stock Agreement shall vest in full on May 8,
2008.
5.
Termination of Service on
the Board of Directors; Change of Control
. Except as otherwise provided in
this Section 5, if Recipient ceases to serve on the Board of
Directors prior to May 8, 2008, then Recipient shall forfeit the
right to receive all of the shares of Restricted Stock.
a.
Change of Control
. If a Change of Control shall
occur, then immediately all nonvested Restricted Stock shall fully
vest, all restrictions (other than those described in Paragraph 9)
applicable to such Restricted Stock shall terminate and Company
shall release from escrow or trust and shall issue and deliver to
Recipient a certificate or certificates for all shares of
Restricted Stock.
b.
Death or Disability
. If Recipient's service on the
Board of Directors is terminated by death or Disability, then
immediately all nonvested Restricted Stock shall fully vest, all
restrictions (other than described in Paragraph 9) applicable to
Restricted Stock shall terminate and Company shall release from
escrow or trust and shall issue and deliver to Recipient, or in the
case of death, to the person or persons to whom Recipient's rights
under this Restricted Stock Agreement shall pass by will or by the
applicable laws of descent and distribution, or in the case of
Disability, to Recipient's personal representative, a certificate
or certificates for all Restricted Stock.
c.
Definition of
Disability .