EXHIBIT 10.2
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UNITED FIRE & CASUALTY COMPANY
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EMPLOYEE STOCK PURCHASE PLAN
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AMENDED AND RESTATED AS OF NOVEMBER 16,
2007
1.
Purpose . The purpose
of the Employee Stock Purchase Plan (the (Plan() is to provide the
employees of UNITED FIRE & CASUALTY COMPANY and its
subsidiaries (hereinafter called the
(Company() with a convenient way to become shareholders in the
Company. It is believed that employee participation in the
ownership of the Company will help to achieve the unity of purpose
essential to the continued growth of the Company and the mutual
benefit of its employees and shareholders.
2.
Terms of Plan . The
Plan will continue from year to year, but it may be modified or
discontinued by the Company at any time.
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3.
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Eligibility . All
employees of the Company are eligible to participate.
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4.
Participation .
Employees who wish to participate in the Plan shall execute an
Election Form to be furnished by the Company electing to
participate in the Plan and authorizing and instructing the Company
to deduct from their pay a specified amount, to be applied to the
purchase of the Company(s common stock. Payroll deductions may not
be less than Ten Dollars ($10) per pay period and must be in whole
dollar amounts only. The deduction will be made at each pay
period. Payroll deductions may not exceed
Twelve Thousand Dollars ($12,000) in any calendar year. Upon
written request to the Company by the employee, the amount of
payroll deduction will be changed or discontinued. A request to
discontinue payroll deduction will not cause termination of an
employee(s participation in the Plan unless an employee elects to
terminate participation pursuant to paragraph 14. Nonparticipating
employees may at any time elect to participate in the Plan by
delivering a completed Election Form to the Company. Payroll
deductions will commence with paychecks issued not later than the
second pay period following receipt of the employee(s Election Form
authorizing payroll deductions. The purchase of Shares in
accordance with the Plan will commence after remittance of one (1)
month(s deductions to the bank appointed to act as the financial
agent (hereinafter referred to as the (Custodian Bank().
5.
Special Purchases . In
addition to payroll deduction, participants in the Plan may make
optional cash payments directly to the Company for the purchase of
stock under the Plan. To make such optional cash payments,
participants must utilize the form provided for that purpose by the
Company. Optional cash payments must be in whole dollar amounts of
not less than Ten Dollars ($10). Cumulative optional cash
contributions made during any calendar year may not exceed Twelve
Thousand Dollars ($12,000). The Company will remit optional cash
payments received pursuant to this paragraph to the Custodian Bank
with the next following remittance made pursuant to paragraph
7.
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6.
Delivery of Funds . All
amounts withheld from an employee's compensation (pursuant to
paragraph 4 hereof) or otherwise paid into the Plan by the employee
(pursuant to paragraph 5 hereof) shall be remitted to the Custodian
Bank from time to time but no later than the tenth (10th) day of
each month for the purpose of purchasing stock for the employee(s
account pursuant to paragraph 7.
7.
Purchase of Stock .
Within thirty (30) days following the date of each remittance the
Custodian Bank will, in a single transaction, apply all of the
funds remitted by the Company to the purchase of the Company(s
commo
