Exhibit 10.2
TECO ENERGY, INC.
2004 EQUITY INCENTIVE
PLAN
Restricted Stock
Agreement
TECO Energy, Inc. (the “
Company ”) and Sherrill W. Hudson (the “
Grantee ”) have entered into this Restricted Stock
Agreement (the “ Agreement ”) effective as of
, under the Company’s 2004 Equity Incentive Plan (the “
Plan ”). Capitalized terms not otherwise defined
herein have the meanings given to them in the Plan.
1. Grant of Restricted Stock
. Pursuant to the Plan and subject to the terms and conditions set
forth in this Agreement, the Company grants, issues and delivers to
the Grantee the number of shares of its Common Stock as shown on
the Notice of Grant attached hereto, or as may be shown on Notices
of Grant that may delivered to the Grantee from time to time in the
future (such shares as shown on the attached Notice of Grant or on
Notices of Grant that may be delivered to the Grantee in the future
are referred to herein as the “ Restricted Stock
”).
2. Restrictions on Stock .
Until the restrictions terminate under Section 3, unless
otherwise determined by the Committee:
(a) the Restricted Stock may not be
sold, assigned, pledged or transferred by the Grantee;
and
(b) all shares of Restricted Stock
will be forfeited and returned to the Company if the Grantee ceases
to be employed in his current position with the Company.
3. Termination of
Restrictions . The restrictions will terminate as to
twenty-five percent (25%) of the shares of Restricted Stock on
the last Business Day of each fiscal quarter, or as may be
otherwise specified in the applicable Notice of Grant. A
“Business Day” is any day other than a Saturday or
Sunday that is not a day on which the New York Stock Exchange is
authorized or required by law or regulations to be
closed.
4. Rights as Shareholder .
Subject to the restrictions and other limitations and conditions
provided in this Agreement, the Grantee as owner of the Restricted
Stock will have all the rights of a shareholder, including but not
limited to the right to receive all dividends paid on, and the
right to vote, such Restricted Stock.
5. Stock Certificates . The
Restricted Stock will be registered in the name of the Grantee and
held by the Company’s transfer agent in uncertificated form
in a restricted account, or a certificate will be issued and
registered in the name of the Grantee and deposited by the Grantee
with the Company and will bear a legend in substantially the
following form:
THE TRANSFERABILITY OF THIS
CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT
TO THE TERMS, CONDITIONS AND RESTRI
