Establishment | | The following is a summary plan description of the terms of the 2017 Stock Ownership Program (“SOP Plan”) for employees. The SOP Plan is a sub-plan of the Daseke, Inc., 2017 Omnibus Incentive Plan (the “Incentive Plan”) and is intended to be a summary of the term of any Award which is governed by the Award Agreement and the Incentive Plan. All capitalized terms used herein shall have the meanings ascribed to them in the Incentive Plan, unless specifically set forth otherwise herein. |
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Eligibility | | Employees, as designated in the sole discretion of the Company, who are employed by the Company or its subsidiaries who are not designated as truck driver employees by the Company, are eligible to participate in the SOP Plan. |
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Award Agreement | | Each Award granted under the SOP Plan shall be evidenced by a written Award Agreement which shall specify the terms and conditions applicable to the Award. |
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Equity Awards | | The equity awards granted under the SOP Plan shall consist solely of Restricted Stock Units. Each Restricted Stock Unit shall represent the right to receive one Share of Company stock, which Share shall, with respect to a Participant who is a resident of Canada, be issued by the Company from treasury. |
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Employment With the Company | | The Restricted Stock Units granted under the SOP Plan are granted on the condition that the Participant continues to be employed by the Company or its subsidiaries from the date of grant through (and including) the applicable vesting date(s) (referred to herein as the “Period of Restriction”). |
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Vesting | | The number of Restricted Stock Units granted shall vest ratably at the rate of twenty percent (20%) annually from the date of grant, provided the Participant continues to be employed with the Company or its subsidiaries through such anniversary or anniversaries. |
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Timing of Payout | | Payout of all vested Restricted Stock Units shall occur as soon as administratively feasible following the vesting date, but in no event later than sixty (60) days after such vesting date. |
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Form of Payout | | Upon or after the lapse of the Period of Restriction, Restricted Stock Units shall be paid in Shares, which Shares shall, with respect to a Participant who is a resident of Canada, be issued by the Company from treasury. |
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Dividend Equivalent and Voting Rights | | During the Period of Restriction, the Participant shall be entitled to dividend equivalent rights, however, the Participant shall not have voting rights with respect to the Restricted Stock Units. Notwithstanding the foregoing, a Participant who is a resident of Canada shall not be entitled to dividend equivalent rights. |
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Termination of Employment by Death or Disability | | In the event the Participant’s employment with the Company is terminated by reason of death or Disability (as defined in the Incentive Plan), all Restricted Stock Units held by the Participant at the date of termination and still subject to the Period of Restriction shall immediately become vested, together with amounts previously vested, on a pro rata basis based on the number of full months completed during the Restriction Period up through the date of termination divided by the total number of months in the Restriction Period, and shall be paid as soon as administratively feasible, but in no event later than sixty (60) days after such termination date. |