Attached files
Exhibit 10(xi)(b)
Restricted Share Agreement
This Restricted Share Agreement is made effective as of ___, ___between The Black & Decker
Corporation (the Corporation) and the undersigned participant (the Participant) in The Black &
Decker Corporation 2004 Restricted Stock Plan (the Plan). Terms used in this Agreement that are
defined in the Plan have the meanings assigned to them in the Plan.
1. The Participant has been granted an Award of ______Restricted Shares by the
Committee.
2. The Restricted Shares are not transferable by the Participant.
3. The Restricted Shares will be forfeited (a) if the Committee determines that the
Participant has engaged in any conduct or act injurious, detrimental, or prejudicial to any
interest of the Corporation, (b) if the Participant files an election under Section 83(b) of the
Internal Revenue Code without the prior approval of the Committee, or (c) except as set forth in
paragraph 4 of this Agreement, automatically on the date the Participant ceases to be a full-time
or part-time employee of the Corporation or any of its Subsidiaries.
4. Unless previously forfeited under paragraph 3 of this Agreement, the Restricted
Shares shall become fully vested and no longer subject to forfeiture upon (a) a Change in Control
of the Corporation, (b) the death of the Participant while a full-time or part-time employee of the
Corporation, (c) termination of the Participants employment by the Corporation or its Subsidiaries
due to permanent physical or mental disability of the Participant, or (d) the completion, after the
date of this Agreement, of ___ years of full-time or part-time employment by the Corporation or
its Subsidiaries. For purposes of this Agreement, part-time employment shall mean regularly
working 20 hours or more per week. Upon retirement prior to
___ years of full-time or part-time
employment, the Restricted Shares will become vested in an amount determined by multiplying the
number of shares in the Award by a fraction the numerator of which is the number of days of
full-time or part-time employment completed after the date of this Agreement and the denominator of
which is ___.
5. The Participant acknowledges receiving a copy of the Plan, the terms of which are
incorporated into this Agreement.
The Black & Decker Corporation |
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By: | ||||
Title: | ||||
(Participants signature) Participant: |
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