Attached files
file | filename |
---|---|
10-K - FORM 10-K - MATERION Corp | l38920e10vk.htm |
EX-24 - EX-24 - MATERION Corp | l38920exv24.htm |
EX-23 - EX-23 - MATERION Corp | l38920exv23.htm |
EX-21 - EX-21 - MATERION Corp | l38920exv21.htm |
EX-31.1 - EX-31.1 - MATERION Corp | l38920exv31w1.htm |
EX-31.2 - EX-31.2 - MATERION Corp | l38920exv31w2.htm |
EX-4.13 - EX-4.13 - MATERION Corp | l38920exv4w13.htm |
EX-32.1 - EX-32.1 - MATERION Corp | l38920exv32w1.htm |
EX-10.8 - EX-10.8 - MATERION Corp | l38920exv10w8.htm |
EX-4.11 - EX-4.11 - MATERION Corp | l38920exv4w11.htm |
EX-10.34 - EX-10.34 - MATERION Corp | l38920exv10w34.htm |
EX-10.26 - EX-10.26 - MATERION Corp | l38920exv10w26.htm |
Exhibit 10aa
BRUSH ENGINEERED MATERIALS INC.
Restricted Stock Units Agreement
WHEREAS, , (the Grantee) is an employee of Brush Engineered Materials Inc., an Ohio
corporation (the Corporation) or a Subsidiary; and
WHEREAS, the execution of an agreement in the form hereof (this Agreement) has been
authorized by a resolution of the Compensation Committee (the Committee) of the Board of
Directors of the Corporation that was duly adopted on February ___, 2010;
NOW, THEREFORE, pursuant to the Corporations 2006 Stock Incentive Plan (the Plan), the
Corporation hereby confirms to the Grantee the grant, effective on February ___, 2010 (the Date of
Grant), of Restricted Stock Units (as defined in the Plan) (RSUs), subject to the terms
and conditions of the Plan and the following additional terms, conditions, limitations and
restrictions:
ARTICLE I
DEFINITIONS
All terms used herein with initial capital letters that are defined in the Plan shall have the
meanings assigned to them in the Plan when used herein with initial capital letters.
ARTICLE II
CERTAIN TERMS OF RESTRICTED STOCK UNITS
1. Payment of RSUs. The RSUs covered by this Agreement shall become payable to the
Grantee if they become nonforfeitable in accordance with Section 3 of this Article II.
2. RSUs Not Transferable. The RSUs covered by the Agreement shall not be transferable
other than by will or pursuant to the laws of descent and distribution prior to payment.
3. Vesting of RSUs.
(a) Subject to the provisions of Sections 3(b) and 3(c) of this Article II, all of the
RSUs covered by this Agreement shall become nonforfeitable if the Grantee shall have
remained in the continuous employ of the Corporation or a Subsidiary for three years from
the Date of Grant.
(b) Notwithstanding the provisions of Section 3(a) of this Article II, all of the RSUs
covered by this Agreement shall immediately become nonforfeitable (i) if the Grantee dies or
becomes permanently disabled (as hereinafter defined) while in the employ of the Corporation
or a Subsidiary during the three-year period from the Date of Grant, or (ii) if a Change in
Control (as defined below in Section 3(d) of this Article II) occurs during the three-year
period from the Date of Grant while the Grantee is employed by the Corporation or a
Subsidiary. The Grantee shall be considered to have become permanently disabled if the
Grantee has suffered a permanent disability within the meaning of the long-term disability
plan in effect for, or applicable to, the Grantee and is disabled within the meaning of
Section 409A(a)(2)(C) of the Code. However, if the Change in Control does not constitute a
change in control for purposes of Section 409A(a)(2)(A)(v) of the Code, then payment for
the RSUs will be made upon the earliest of (1) the Grantees separation from service with
the Corporation and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the
Code (or, if the Grantee is a specified employee as determined pursuant to identification
methodology adopted by the Corporation in compliance with Section 409A of the Code, the date
of payment shall be the first business day of the seventh month after the date of the
Grantees separation from service with the Corporation and its Subsidiaries within the
meaning of Section 409A(a)(2)(A)(i) of the Code), (2) the applicable vesting date under
Section 3(a) of this
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Article II, (3) the Grantees death, or (4) the Grantees permanent disability (as
defined herein).
(c) Notwithstanding the provisions of Section 3(a) of this Article II, if the Grantee
should Retire (as hereinafter defined), a portion of the RSUs covered by this Agreement
shall become nonforfeitable. The number of RSUs that shall become nonforfeitable shall be
determined by multiplying the total number of RSUs granted hereunder by the number of months
the Grantee remained in the continuous employ of the Corporation or a Subsidiary between the
Date of Grant and the effective date of such retirement divided by 36. The Committee may,
however, provide that more than such fraction shall become nonforfeitable in its discretion
pursuant to Section 19(c) of the Plan. Retire shall mean the Grantees retirement under a
retirement plan of the Corporation or a Subsidiary at or after normal retirement age
provided for in such retirement plan or retirement at an earlier age with the consent of the
Committee, or if any such retirement does not constitute a separation from service with the
Corporation and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code,
the Grantees later separation from service. Notwithstanding the foregoing, if the Grantee
is a specified employee as determined pursuant to identification methodology adopted by
the Corporation in compliance with Section 409A of the Code, the date of payment for the
RSUs shall be the first business day of the seventh month after the date of the Grantees
separation from service with the Corporation and its Subsidiaries within the meaning of
Section 409A(a)(2)(A)(i) of the Code.
(d) For purposes of this Agreement, Change in Control means:
(i) The acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
Exchange Act)) (a Person) of beneficial ownership (within
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the meaning of Rule 13d-3 promulgated under the Exchange Act) of voting
securities of the Corporation where such acquisition causes such Person to own (A)
20% or more of the combined voting power of the then outstanding voting securities
of the Corporation entitled to vote generally in the election of directors (the
Outstanding Corporation Voting Securities) without the approval of the Incumbent
Board as defined in (ii) below or (B) 35% or more of the Outstanding Voting
Securities of the Corporation with the approval of the Incumbent Board; provided,
however, that for purposes of this subsection (i), the following acquisitions shall
not be deemed to result in a Change of Control: (I) any acquisition directly from
the Corporation that is approved by the Incumbent Board (as defined in subsection
(ii), below), (II) any acquisition by the Corporation or a subsidiary of the
Corporation, (III) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Corporation or any corporation controlled by the
Corporation, (IV) any acquisition by any Person pursuant to a transaction described
in clauses (A), (B) and (C) of subsection (iii) below, or (V) any acquisition by, or
other Business Combination (as defined in (iii) below) with, a person or group of
which employees of the Corporation or any subsidiary of the Corporation control a
greater than 25% interest (a MBO) but only if the Grantee is one of those
employees of the Corporation or any subsidiary of the Corporation that are
participating in the MBO; provided, further, that if any Persons beneficial
ownership of the Outstanding Corporation Voting Securities reaches or exceeds 20% or
35%, as the case may be, as a result of a transaction described in clause (I) or
(II) above, and such Person subsequently acquires beneficial ownership of additional
voting securities of the Corporation, such subsequent acquisition shall be treated
as an acquisition that causes such
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Person to own 20% or 35% or more, as the case may be, of the Outstanding
Corporation Voting Securities; and provided, further, that if at least a majority of
the members of the Incumbent Board determines in good faith that a Person has
acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of 20% or more of the Outstanding Corporation Voting Securities
inadvertently, and such Person divests as promptly as practicable a sufficient
number of shares so that such Person beneficially owns (within the meanings of Rule
13d-3 promulgated under the Exchange Act) less than 20% of the Outstanding
Corporation Voting Securities, then no Change of Control shall have occurred as a
result of such Persons acquisition; or
(ii) individuals who, as of the date hereof, constitute the Board (the
Incumbent Board (as modified by this clause (ii)) cease for any reason to
constitute at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the date hereof whose election, or nomination for
election by the Corporations shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board (either by a specific
vote or by approval of the proxy statement of the Corporation in which such person
is named as a nominee for director, without objection to such nomination) shall be
considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office
occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board; or
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(iii) the consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Corporation or
the acquisition of assets of another corporation, or other transaction (Business
Combination) excluding, however, such a Business Combination pursuant to which (A)
the individuals and entities who were the ultimate beneficial owners of voting
securities of the Corporation immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 65% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the entity resulting from such Business
Combination (including, without limitation, an entity that as a result of such
transaction owns the Corporation or all or substantially all of the Corporations
assets either directly or through one or more subsidiaries), (B) no Person
(excluding any employee benefit plan (or related trust) of the Corporation, the
Corporation or such entity resulting from such Business Combination) beneficially
owns, directly or indirectly (I) 20% or more, if such Business Combination is
approved by the Incumbent Board or (II) 35% or more, if such Business Combination is
not approved by the Incumbent Board, of the combined voting power of the then
outstanding securities entitled to vote generally in the election of directors of
the entity resulting from such Business Combination and (C) at least a majority of
the members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board, providing for
such Business Combination; or
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(iv) approval by the shareholders of the Corporation of a complete liquidation
or dissolution of the Corporation except pursuant to a Business Combination
described in clauses (A), (B) and (C) of subsection (iii), above.
4. Form and Time of Payment of RSUs. Except as otherwise provided for in Section 2 of
Article III, payment for the RSUs shall be made in form of the cash at the time they become
nonforfeitable or otherwise become payable in accordance with Section 3 of this Article II. The
cash payment shall be equal to (a) Market Value per Share on the date the RSUs become
nonforfeitable times (b) the number of RSUs covered by this Agreement plus any dividend equivalents
accrued on the RSUs since the Date of Grant (as provided in Section 6 of this Article II below).
Payments will be made in U.S. Dollars, less any applicable federal, state, local or foreign
withholding taxes. For the avoidance of doubt, in no event shall the Grantee be entitled to
receive payment in any form other than cash, and under no circumstances shall the Grantee be
entitled to receive Common Shares or any other security hereunder.
5. Forfeiture of RSUs. The RSUs shall be forfeited, except as otherwise provided in
Section 3(b) or 3(c) of this Article II above, if the Grantee ceases to be employed by the
Corporation or a Subsidiary prior to three years from the Date of Grant.
6. Dividend Equivalents. From and after the Date of Grant and until the earlier of
(a) the time when the RSUs become nonforfeitable and payable in accordance with Section 3 of this
Article II or (b) the time when the Grantees right to receive cash payment of RSUs is forfeited in
accordance with Section 4 of this Article II, on the date that the Corporation pays a cash dividend
(if any) to holders of Common Shares generally, the Grantee shall be entitled to a number of
additional whole RSUs determined by dividing (i) the product of (A) the dollar amount of the cash
dividend paid per Common Share on such date and (B) the total number of RSUs (including dividend
equivalents paid thereon) previously credited to the Grantee as of such date, by (ii) the Market
Value per Share on such date. Such dividend
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equivalents (if any) shall be subject to the same terms and conditions and shall be paid or
forfeited in the same manner and at the same time as the RSUs to which the dividend equivalents
were credited.
7. Effect of Detrimental Activity. Notwithstanding anything herein to the contrary,
if the Grantee, either during employment by the Corporation or a Subsidiary or within one year
after termination of such employment, shall engage in any Detrimental Activity, (as hereinafter
defined) and the Board shall so find, the Grantee shall:
(a) Forfeit all RSUs held by the Grantee, and
(b) With respect to any RSUs that have become nonforfeitable and been paid pursuant to
this Agreement, pay to the Corporation in cash an amount equal to the payment Grantee
received when the RSUs become nonforfeitable. To the extent that such amount is not paid to
the Corporation, the Corporation may, to the extent permitted by law, set off the amount so
payable to it against any amounts that may be owing from time to time by the Corporation or
a Subsidiary to the Grantee, whether as wages, deferred compensation or vacation pay or in
the form of any other benefit or for any other reason.
8. For purposes of this Agreement, the term Detrimental Activity shall include:
(a) (i) Engaging in any activity in violation of the Section entitled Competitive
Activity; Confidentiality; Nonsolicitation in the Severance Agreement between the
Corporation and the Grantee, if such agreement is in effect at the date hereof, or in
violation of any corresponding provision in any other agreement between the Corporation and
the Grantee in effect on the date hereof providing for the payment of severance
compensation; or
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(ii) If no such severance agreement is in effect as of the date hereof or if a
severance agreement does not contain a Section corresponding to Competitive
Activity; Confidentiality; Nonsolicitation:
(A) Competitive Activity During Employment. Competing with the
Corporation anywhere within the United States during the term of the Grantees
employment, including, without limitation:
(I) entering into or engaging in any business which competes with the
business of the Corporation;
(II) soliciting customers, business, patronage or orders for, or
selling, any products or services in competition with, or for any business
that competes with, the business of the Corporation;
(III) diverting, enticing or otherwise taking away any customers,
business, patronage or orders of the Corporation or attempting to do so; or
(IV) promoting or assisting, financially or otherwise, any person,
firm, association, partnership, corporation or other entity engaged in any
business which competes with the business of the Corporation.
(B) Following Termination. For a period of one year following the
Grantees termination date:
(I) entering into or engaging in any business which competes with the
Corporations business within the Restricted Territory (as hereinafter
defined);
(II) soliciting customers, business, patronage or orders for, or
selling, any products or services in competition with, or for any business,
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wherever located, that competes with, the Corporations business within
the Restricted Territory;
(III) diverting, enticing or otherwise taking away any customers,
business, patronage or orders of the Corporation within the Restricted
Territory, or attempting to do so; or
(IV) promoting or assisting, financially or otherwise, any person,
firm, association, partnership, corporation or other entity engaged in any
business which competes with the Corporations business within the
Restricted Territory.
For the purposes of Sections 8(a)(ii)(A) and (B) above, inclusive, but
without limitation thereof, the Grantee will be in violation thereof if the
Grantee engages in any or all of the activities set forth therein directly
as an individual on the Grantees own account, or indirectly as a partner,
joint venturer, employee, agent, salesperson, consultant, officer and/or
director of any firm, association, partnership, corporation or other entity,
or as a stockholder of any corporation in which the Grantee or the Grantees
spouse, child or parent owns, directly or indirectly, individually or in the
aggregate, more than five percent (5%) of the outstanding stock.
(C) The Corporation. For the purposes of this Section 8(a)(ii) of
Article II, the Corporation shall include any and all direct and indirect
subsidiaries, parents, and affiliated, or related companies of the Corporation for
which the Grantee worked or had responsibility at the time of termination of the
Grantees employment and at any time during the two year period prior to such
termination.
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(D) The Corporations Business. For the purposes of this Section 8
of Article II inclusive, the Corporations business is defined to be the
manufacture, marketing and sale of high performance engineered materials serving
global telecommunications and computer, magnetic and optical data storage, aerospace
and defense, automotive electronics, industrial components and appliance markets, as
further described in any and all manufacturing, marketing and sales manuals and
materials of the Corporation as the same may be altered, amended, supplemented or
otherwise changed from time to time, or of any other products or services
substantially similar to or readily substitutable for any such described products
and services.
(E) Restricted Territory. For the purposes of Section 8(a)(ii)(B) of
Article II, the Restricted Territory shall be defined as and limited to:
(I) the geographic area(s) within a one hundred mile radius of any and
all of the Corporations location(s) in, to, or for which the Grantee
worked, to which the Grantee was assigned or had any responsibility (either
direct or supervisory) at the time of termination of the Grantees
employment and at any time during the two-year period prior to such
termination; and
(II) all of the specific customer accounts, whether within or outside
of the geographic area described in (I) above, with which the Grantee had
any contact or for which the Grantee had any responsibility (either direct
or supervisory) at the time of termination of the Grantees employment and
at any time during the two-year period prior to such termination.
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(F) Extension. If it shall be judicially determined that the Grantee
has violated any of the Grantees obligations under Section 8(a)(ii)(B) of Article
II, then the period applicable to each obligation that the Grantee shall have been
determined to have violated shall automatically be extended by a period of time
equal in length to the period during which such violation(s) occurred.
(b) Non-Solicitation. Except as otherwise provided in Section 8(a)(i) of
Article II, Detrimental Activity shall also include directly or indirectly at any time
soliciting or inducing or attempting to solicit or induce any employee(s), sales
representative(s), agent(s) or consultant(s) of the Corporation and/or of its parents, or
its other subsidiaries or affiliated or related companies to terminate their employment,
representation or other association with the Corporation and/or its parent or its other
subsidiary or affiliated or related companies.
(c) Further Covenants. Except as otherwise provided in Section 8(a)(i) of
Article II, Detrimental Activity shall also include:
(i) directly or indirectly, at any time during or after the Grantees
employment with the Corporation, disclosing, furnishing, disseminating, making
available or, except in the course of performing the Grantees duties of employment,
using any trade secrets or confidential business and technical information of the
Corporation or its customers or vendors, including without limitation as to when or
how the Grantee may have acquired such information. Such confidential information
shall include, without limitation, the Corporations unique selling, manufacturing
and servicing methods and business techniques, training, service and business
manuals, promotional materials, training courses and other training and
instructional materials, vendor and product information, customer and prospective
customer lists, other customer and prospective
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customer information and other business information. The Grantee specifically
acknowledges that all such confidential information, whether reduced to writing,
maintained on any form of electronic media, or maintained in the Grantees mind or
memory and whether compiled by the Corporation, and/or the Grantee, derives
independent economic value from not being readily known to or ascertainable by
proper means by others who can obtain economic value from its disclosure or use,
that reasonable efforts have been made by the Corporation to maintain the secrecy of
such information, that such information is the sole property of the Corporation and
that any retention and use of such information by the Grantee during the Grantees
employment with the Corporation (except in the course of performing the Grantees
duties and obligations to the Corporation) or after the termination of the Grantees
employment shall constitute a misappropriation of the Corporations trade secrets.
(ii) Upon termination of the Grantees employment with the Corporation, for any
reason, the Grantees failure to return to the Corporation, in good condition, all
property of the Corporation, including without limitation, the originals and all
copies of any materials which contain, reflect, summarize, describe, analyze or
refer or relate to any items of information listed in Section 8(c)(i) of Article II
of this Agreement.
(d) Discoveries and Inventions. Except as otherwise provided in Section
8(a)(i) of Article II, Detrimental Activity shall also include the failure or refusal of the
Grantee to assign to the Corporation, its successors, assigns or nominees, all of the
Grantees rights to any discoveries, inventions and improvements, whether patentable or not,
made, conceived or suggested, either solely or jointly with others, by the Grantee while in
the Corporations employ, whether in the course of the Grantees employment
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with the use of the Corporations time, material or facilities or that is in any way
within or related to the existing or contemplated scope of the Corporations business. Any
discovery, invention or improvement relating to any subject matter with which the
Corporation was concerned during the Grantees employment and made, conceived or suggested
by the Grantee, either solely or jointly with others, within one year following termination
of the Grantees employment under this Agreement or any successor agreements shall be
irrebuttably presumed to have been so made, conceived or suggested in the course of such
employment with the use of the Corporations time, materials or facilities. Upon request by
the Corporation with respect to any such discoveries, inventions or improvements, the
Grantee will execute and deliver to the Corporation, at any time during or after the
Grantees employment, all appropriate documents for use in applying for, obtaining and
maintaining such domestic and foreign patents as the Corporation may desire, and all proper
assignments therefor, when so requested, at the expense of the Corporation, but without
further or additional consideration.
(e) Work Made For Hire. Except as otherwise provided in Section 8(a)(i) of
Article II, Detrimental Activity shall also include violation of the Corporations rights in
any or all work papers, reports, documentation, drawings, photographs, negatives, tapes and
masters therefore, prototypes and other materials (hereinafter, items), including without
limitation, any and all such items generated and maintained on any form of electronic media,
generated by Grantee during the Grantees employment with the Corporation. The Grantee
acknowledges that, to the extent permitted by law, all such items shall be considered a
work made for hire and that ownership of any and all copyrights in any and all such items
shall belong to the Corporation. The item will recognize the Corporation as the copyright
owner, will contain all proper copyright notices, e.g.,
14
(creation date) [Corporations Name], All Rights Reserved, and will be in condition
to be registered or otherwise placed in compliance with registration or other statutory
requirements throughout the world.
(f) Termination for Cause. Except as otherwise provided in Section 8(a)(i) of
Article II, Detrimental Activity shall also include activity that results in termination for
Cause. For the purposes of this Section, Cause shall mean that, the Grantee shall have:
(i) been convicted of a criminal violation involving fraud, embezzlement, theft
or violation of federal antitrust statutes or federal securities laws in connection
with his duties or in the course of his employment with the Corporation or any
affiliate of the Corporation;
(ii) committed intentional wrongful damage to property of the Corporation or
any affiliate of the Corporation; or
(iii) committed intentional wrongful disclosure of secret processes or
confidential information of the Corporation or any affiliate of the Corporation;
and any such act shall have been demonstrably and materially harmful to the
Corporation.
(g) Other Injurious Conduct. Detrimental Activity shall also include any other
conduct or act determined to be injurious, detrimental or prejudicial to any significant
interest of the Corporation or any subsidiary unless the Grantee acted in good faith and in
a manner he or she reasonably believed to be in or not opposed to the best interests of the
Corporation.
(h) Reasonableness. The Grantee acknowledges that the Grantees obligations
under this Section 8 of Article II are reasonable in the context of the nature of the
Corporations business and the competitive injuries likely to be sustained by the
15
Corporation if the Grantee were to violate such obligations. The Grantee further
acknowledges that this Agreement is made in consideration of, and is adequately supported by
the agreement of the Corporation to perform its obligations under this Agreement and by
other consideration, which the Grantee acknowledges constitutes good, valuable and
sufficient consideration.
ARTICLE III
GENERAL PROVISIONS
1. Compliance with Law. The Corporation shall make reasonable efforts to comply with
all applicable federal and state securities laws.
2. Dilution and Other Adjustments. The Committee shall make such adjustments in the
RSUs covered by this Agreement as such Committee in its sole discretion, exercised in good faith,
may determine is equitably required to prevent dilution or enlargement of the rights of the Grantee
that otherwise would result from (a) any stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Corporation, or (b) any merger,
consolidation, spin-off, reorganization, partial or complete liquidation or other distribution of
assets, or issuance of warrants or other rights to purchase securities, or (c) any other corporate
transaction or event having an effect similar to any of the foregoing. In the event of any such
transaction or event, the Committee may provide in substitution for this award of RSUs such
alternative consideration as it may in good faith determine to be equitable under the circumstances
and may require in connection therewith the surrender of this award of RSUs so replaced.
3. Continuous Employment. For purposes of this Agreement, the continuous employment
of the Grantee with the Corporation or a Subsidiary shall not be deemed to have been interrupted,
and the Grantee shall not be deemed to have ceased to be
16
an employee of the Corporation or a Subsidiary, by reason of the transfer of his employment
among the Corporation and its Subsidiaries or a leave of absence approved by the Board.
4. No Employment Contract; Right to Terminate Employment. The grant of the RSUs to
the Grantee is a voluntary, discretionary award being made on a one-time basis and it does not
constitute a commitment to make any future awards. The grant of the RSUs and any payments made
hereunder will not be considered salary or other compensation for purposes of any severance pay or
similar allowance, except as otherwise required by law. Nothing in this Agreement will give the
Grantee any right to continue employment with the Corporation or any Subsidiary, as the case may
be, or interfere in any way with the right of the Corporation or a Subsidiary to terminate the
employment of the Grantee at any time.
5. Relation to Other Benefits. Any economic or other benefit to the Grantee under
this Agreement or the Plan shall not be taken into account in determining any benefits to which the
Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan
maintained by the Corporation or a Subsidiary and shall not affect the amount of any life insurance
coverage available to any beneficiary under any life insurance plan covering employees of the
Corporation or a Subsidiary.
6. Information. Information about the Grantee and the Grantees participation in the
Plan may be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. The Grantee understands that such processing of this information may
need to be carried out by the Corporation and its Subsidiaries and by third party administrators
whether such persons are located within the Grantees country or elsewhere, including the United
States of America. The Grantee consents to the processing of information relating to the Grantee
and the Grantees participation in the Plan in any one or more of the ways referred to above.
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7. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however,
that no amendment shall adversely affect the rights of the Grantee with under this Agreement
without the Grantees consent. Notwithstanding the foregoing, the limitation requiring the consent
of a Grantee to certain amendments shall not apply to any amendment that is deemed necessary by the
Corporation to ensure compliance with Section 409A of the Code.
8. Severability. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so
invalidated shall be deemed to be separable from the other provisions hereof, and the remaining
provisions hereof shall continue to be valid and fully enforceable.
9. Governing Law. This agreement is made under, and shall be construed in accordance
with, the internal substantive laws of the State of Ohio.
10. Compliance with Section 409A of the Code. To the extent applicable, it is
intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code,
so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the
Grantee. This Agreement and the Plan shall be administered in a manner consistent with this
intent. Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of
1986, as amended, and will also include any regulations or any other formal guidance promulgated
with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue
Service.
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The undersigned Grantee hereby accepts the award granted pursuant to this Agreement on the
terms and conditions set forth herein.
Dated:
|
||||||
Grantee |
Executed in the name of and on behalf of the Corporation at Cleveland, Ohio as of this ___
day of , 2010.
BRUSH ENGINEERED MATERIALS INC. |
||||
By | ||||
[NAME] | ||||
[TITLE] | ||||
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