Exhibit 10.5
REVISED RESTRICTED STOCK AWARD
AGREEMENT
THIS REVISED RESTRICTED STOCK AWARD AGREEMENT
(“Agreement”) is made effective as of
_____________________, 200__, by and between TOTAL SYSTEM SERVICES,
INC., a Georgia corporation (the “Corporation”), and
______________________________
(“Executive”).
WHEREAS, Executive has been awarded _______ fully
paid and non-assessable shares of the Common Stock of the
Corporation, par value $0.10 per share (“Shares of Restricted
Stock”), pursuant to the terms and conditions of the
Corporation’s 2008 Omnibus Plan (“Plan”) and this
Agreement; and
WHEREAS, the Shares of Restricted Stock will be held
in an account at Mellon Investor Services, LLC
(“Mellon”) for Executive until the shares become
transferable and non-forfeitable in accordance with the terms and
conditions of the Plan and this Agreement.
NOW, THEREFORE, in accordance with the provisions of
the Plan and this Agreement, Executive hereby agrees to the
following terms and conditions:
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1.
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Transfer of Shares; Custody of Shares of
Restricted Stock
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The Corporation hereby transfers the Shares of
Restricted Stock to Executive subject to the terms and conditions
set forth in the Plan and in this Agreement. Effective upon the
date of such transfer, Executive will be the holder of record of
the Shares of Restricted Stock and will have all rights of a
shareholder with respect to such shares (including the right to
vote such shares at any meeting at which the holders of the
Corporation's Common Stock may vote, the right to receive all
dividends declared and paid upon such shares and the right to
exercise any rights or warrants issued in respect of any such
shares), subject only to the terms and conditions set forth in the
Plan and in this Agreement. The Shares of Restricted Stock will be
held in an account for Executive at Mellon, who will hold the
shares in accordance with the terms and conditions set forth in the
Plan and in this Agreement.
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2.
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Restriction Against Transfer
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Neither the Shares of Restricted Stock nor any
interest in the Shares of Restricted Stock may be sold, assigned,
transferred, pledged or hypothecated or otherwise be disposed of or
encumbered except at the time(s) and under the circumstances
specifically permitted or required by this Agreement including, but
not limited to, any pledge of the Shares of Restricted Stock. In
the event of any attempt to effect any action in contravention of
the next preceding sentence, then, any provision of this Agreement
to the contrary notwithstanding, such Shares of Restricted Stock
shall thereupon be forfeited to the Corporation.
Any Shares of Restricted Stock which do not vest
pursuant to the provisions of Section 4 below will be forfeited to
the Corporation unless the Corporation’s Compensation
Committee in its sole discretion determines otherwise, as more
fully provided in Section 4 below.
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4.
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Vesting of Shares of Restricted
Stock
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(a) Vesting
Conditions . If Executive remains in the
continuous employ of the Corporation or a Subsidiary of the
Corporation through the date(s) indicated in Column I below, the
Shares of Restricted Stock will become non-forfeitable (i.e.,
"vest") to the extent indicated in Column II below:
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If employment
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the % of the Restricted
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continues through
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then
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Shares which vests is
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Such vesting will occur (to the extent indicated in
Column (II) above) at the close of business on the applicable
date(s) indicated in Column (I) above. Any Shares of Restricted
Stock which are not vested on the date of Executive’s
termination of employment will be forfeited to the Corporation,
unless the Compensation Committee in its sole and exclusive
discretion determines otherwise.
(b) Effect of Voluntary
Termination or Involuntary Termination or Suicide
. If Executive’s employment with the
Corporation and its Subsidiaries is terminated: (i) by Executive
voluntarily or (ii) by the Corporation or a Subsidiary
involuntarily or (iii) by Executive’s death due to suicide
before all Shares of Restricted Stock vest pursuant to the
provisions of paragraph 4(a) above, then any Shares of Restricted
Stock which are not vested at the time of such termination will be
forfeited to the Corporation on the date of such termination,
unless the Compensation Committee in its sole and exclusive
discretion determines otherwise.
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(c) Effect of Death (Other
Than by Suicide) or Disability . If
Executive’s employment with the Corporation and its
Subsidiaries terminates by reason of Executive’s death (other
than by suicide) or Disability, then any Shares of Restricted Stock
which are not vested at the time of such termination will become
vested automatically.
(d) Effect of [Retirement
or] Leave of Absence . [If
Executive’s employment with the Corporation and its
Subsidiaries is terminated by reason of Executive’s
Retirement, Executive will receive the Shares of Restricted Stock
that are vested on the date of Executive’s Retirement. For
purposes of this Agreement, “Retirement” shall mean
Executive’s separation of employment [after attaining age 62
with 15 years of service] [after attaining age 65]. Any Shares of
Restricted Stock which are not vested on the date of
Executive’s Retirement will become vested automatically.] A
leave of absence which is approved in writing by the Compensation
Committee with specific reference to this Agreement will not be
considered a termination of Executive’s employment with the
Corporation and its subsidiaries for purposes of this Section 4 or
any other provision of this Agreement.
(e) No Forfeiture of Vested
Shares . Any Restricted Share which vests
pursuant to the preceding provisions of this Section 4 will not
thereafter be forfeited. As soon as practicable after any
Share