EX-10.28



 Exhibit 10.28 

2013 LONG TERM INCENTIVE PROGRAM 

AWARD AGREEMENT 
 pursuant
to the 
 OWENS CORNING 

2010 STOCK PLAN 

PERFORMANCE SHARE UNIT AWARD 

Owens Corning, a Delaware corporation (the “Company”), hereby grants to [Participant Name] (the “Holder”), as of
[Grant Date], (the “Grant Date”), pursuant to the provisions of the Owens Corning 2010 Stock Plan (the “Plan”), [Number of Shares Granted] share-settled Performance Share Units (the “Units”) relating to
shares of the Company’s Common Stock, $0.01 par value (“Stock”), upon and subject to the terms and conditions set forth below (the “Award”). The Units comprising the Award may be recorded in an unfunded Unit account in the
Holder’s name maintained by the Company. Units shall have no distribution, dividend or voting rights. The Holder will have no rights as a stockholder of the Company by virtue of any award of Units until shares of Stock, if any, are issued to
the Holder as described in this Agreement. Capitalized terms not defined herein shall have the meanings specified in the Plan. 
 1. Performance
Criteria; Performance Targets; Performance Period. 
 (a) For purposes of the Award, performance criteria consist of one or more specific
“Performance Measures,” as defined in Section 1.2 of the Plan, which have been selected by the Compensation Committee (the “Committee”) in accordance with the Plan. Based on such performance criteria, the Committee shall
determine if, and to the extent, the Award shall become vested and payable to the Holder as a result of the achievement of performance targets which have been established by the Committee at the “Entry,” “Target” and
“Maximum” levels. These performance criteria and performance targets have been communicated to the Holder in a written document separate from the Award. The Award shall be payable as follows: (i) if the Entry level is not achieved, no
amount shall be payable pursuant to this Award, (ii) if the Target level is achieved, the Target amount shall be payable pursuant to the Award, (iii) if the Maximum level is achieved, two times the Target amount shall be payable pursuant
to the Award, and (iv) the amount payable pursuant to the Award shall be interpolated on a linear basis for achievement between the Entry level and the Target level and between the Target level and the Maximum level. 

(b) The achievement of the performance targets specified in Section 1(a) hereof shall be for the performance period commencing as of
January 1, 2013 and ending on December 31, 2015 (the “Performance Period”) and such achievement shall be determined by the Committee as of December 31, 2015 (the “Determination Date”). 

2. Vesting. 
 (a) Continuous
Service. Subject to the terms and conditions of this Agreement, the Units shall become fully vested on the Determination Date; provided that the Holder remains in continuous service with the Company or any subsidiary or affiliate of the Company
as an employee, director or consultant (“Continuous Service”) through and including the Determination Date. 







 (b) Termination of Continuous Service. 

(i) If, after the Grant Date and prior to the Determination Date and prior to a Change in Control, the Holder’s Continuous
Service is terminated by reason of (A) death or (B) Disability, then the payment of the Award shall be determined in accordance with the achievement of the performance criteria, and the Holder shall at the time of such termination be
vested in full. Settlement of the Units under this section, if any, shall be made as soon as practicable after the Determination Date, but in no event later than March 15, 2016. 

(ii) If, after the Grant Date and prior to the Determination Date and prior to a Change in Control, the Holder’s
Continuous Service is terminated for any reason other than death or Disability, then the Holder shall forfeit the Award. 
 3. Payment. The Units
that vest in accordance with the terms of Section 2 shall be paid to the Holder in shares of unrestricted Stock or deferred stock units pursuant to Section 6.14(k); provided, however, that no fractional share of Stock shall be issued
pursuant to the Award. All shares of Stock payable pursuant to this Section 3 shall be paid to the Holder after the Determination Date but in no event later than March 15, 2016. Notwithstanding any provisions of this Agreement to the
contrary, no payment shall occur pursuant to this Section 3 unless and until the Committee has certified that the applicable performance criteria have been satisfied, which certification shall occur within 60 days of the date on which the
Performance Period ends. 
 4. Change in Control. In the event of a Change in Control, as defined in the Plan, after the Grant Date and prior to the
Determination Date, the performance criteria shall be deemed to be satisfied at maximum level and the Units shall become fully vested. The Units vested in accordance with the terms of this Section 4 shall be paid to the Holder within 30 days
following such Change in Control in shares of unrestricted Stock as provided in Section 3 hereof. 
 5. Withholding Taxes. 

(a) As a condition precedent to the delivery to the Holder of any shares of Stock payable pursuant to the Award, the Holder agrees that, upon
request by the Company, the holder shall pay to the Company such amount of cash as may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the
“Required Tax Payments”) with respect to the Award. If the Holder shall fail to advance the Required Tax Payments after request by the Company, the Holder agrees that the Company may, in its discretion, deduct any Required Tax Payments
from any amount then or thereafter payable by the Company to the Holder. The Holder, other than a Holder subject to Section 16(b) of the Securities Exchange Act of 1934 and rules thereunder, also agrees that the Company may direct the sale of
the number shares subject to the award sufficient to satisfy Required Tax Payments as the Company may deem necessary and subject to the limitations set forth in the Plan. 

(b) The Company may direct or may permit the Holder to elect to satisfy his or her obligation to advance the Required Tax Payments by any of
the following means: (1) a cash payment to the Company pursuant to Section 5(a), (2) for other than Canadian employees, delivery (either actual delivery or by attestation procedures established by the Company) to the Company of
previously owned whole shares of Stock (for which the Holder has good title, free and clear of all liens and encumbrances) having a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with
the Award (the “Tax Date”), equal to the Required Tax Payments, (3) authorizing the Company to withhold from the shares of Stock otherwise to be delivered to the Holder pursuant to the Award shares of Stock having a Fair Market Value,
determined as of the Tax Date, equal to the Required Tax Payments, (4) a cash payment by a broker-dealer acceptable to the Company through whom the 







 
Holder has sold the shares with respect to which the Required Tax Payments have arisen or (5) any combination of (1), (2) and (3). Notwithstanding any other provision of
Section 2(a) and (b) of this Agreement, in the absence of any direction by the Company of permitted election by the Holder, the default method of satisfying the Required Tax Payments shall be through withholding shares. No certificate
representing a share of Stock shall be delivered to the Holder until the Required Tax Payments have been satisfied in full. 
 6. Additional Terms and
Conditions of Award. 
 6.1. Award Subject to Acceptance of Agreement. The Award shall be null and void unless the Holder shall
accept this Agreement by executing it in an enforceable manner, including through an electronic acceptance, in such form as is determined to be acceptable within the discretion of the Committee. 

6.2. Agreement Not To Compete. In exchange for the consideration provided by the Company in this Agreement, the Holder agrees that the
Holder shall not, directly or indirectly, as an owner, officer, director, employee or consultant, engage in any a business that is substantially similar or competitive with the business of the Company, or engage in any business that is involved in
research or development activities relating to, or in the manufacture or sale of, any product or services which compete with any of the Company’s products or services, for the period ending two years from Holder’s termination of employment
with the Company, or the following, if later: (a) the last Vesting Date set forth in this Agreement, without regard to any earlier termination of the Holder’s employment, or (b) any vesting of the Award upon a Change in
Control. Notwithstanding any provision of the Plan or of this Agreement to the contrary, violation of this section shall result in the immediate forfeiture and cancellation of the portion of the Award which is not vested as of such date. 

6.3. Definitions. As used herein, (a) the term “vest” shall mean no longer subject to a substantial risk of forfeiture,
(b) the term “Retirement” shall mean Retirement as defined in Section 1.2 of the Plan and (c) the term “Disability” shall mean Disability as defined in Section 1.2 of the Plan. 

6.4. Nontransferability of Units. Prior to the Determination Date, the Units subject to the Award and not then vested may not be
transferred by the Holder other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Except to the extent permitted by the foregoing, prior to the Determination Date, the
shares of Stock subject to the Award and not then vested may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar
process. Upon any attempt to sell, transfer, assign, pledge, hypothecate or encumber, or otherwise dispose of such Units, the Award shall immediately become null and void. 

6.5. Adjustment. In the event of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination,
exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of Stock other than a regular cash dividend, the number of Units subject to the Award shall be appropriately adjusted by the
Committee to reflect certain corporate transactions which affect the number, type or value of the Units. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive. 

6.6. Compliance with Applicable Law. The Award is subject to the condition that if the listing, registration or qualification of the
shares subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the vesting or
delivery of shares hereunder, the Units subject to the Award shall not vest or be delivered, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained, free of any conditions








 
not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent or approval. Further, Holder agrees that to
the extent issuance of shares in the Holder’s jurisdiction is impossible, illegal, unauthorized, or in the Company’s discretion is imprudent or is otherwise impracticable for any reason, that the Company may, in its discretion, either deem
the Award to be a cash award of equivalent cash value or may direct the sale of all shares subject to the Award and settle the Award in cash locally with the Holder. 

6.7. Delivery of Certificates. The Company, subject to the withholding provisions of Section 5, shall promptly deliver or cause to
be delivered one or more certificates representing the number of shares of Stock represented by the vested Units which are payable under Section 3. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to
such delivery, except as otherwise provided in Section 5. 
 6.8. Award Confers No Rights to Continued Employment. The granting
of this Award does not entitle the Holder to any award other than that specifically granted under the Plan, nor to any future awards under the Plan or any similar plan. The Award does not become part of the contract of employment or any other
employment relationship with the Holder’s employer, and the Award is not a guarantee of continued employment. Moreover, the Award or any future awards do not become a term or condition of employment. The Holder understands and accepts that the
awards granted under the Plan are entirely at the discretion of the Company and that the Company retains the right to amend or terminate the Plan and/or the Holder’s participation therein, at any time, at the Company’s sole discretion and
without notice. The benefits and rights provided under the Plan are not, and should not be considered part of the Holder’s salary or compensation for purposes of any other calculation, including calculating any severance, resignation,
redundancy or other end of service payments, vacation, bonuses, long-term service awards, indemnification, pension or retirement benefits, or any other payments, benefits or rights of any kind, except as required by applicable law. The Holder hereby
waives any and all rights to compensation or damages as a result of the termination of employment with the Company for any reason whatsoever insofar as those rights result or may result from: (a) the loss or diminution in value of any rights
under the Plan; or (b) the Holder ceasing to have any rights under, or ceasing to be entitled to any rights under the Plan as a result of such termination. 

6.9. Decisions of Board or Committee. The Board or the Committee shall have the right to resolve all questions which may arise in
connection with the Award. Administration of the Awards has been delegated to the Company. Any interpretation, determination or other action made or taken by the Board or the Committee, or the Company as its delegate, regarding the Plan or this
Agreement shall be final, binding and conclusive. 
 6.10. Incorporation of the Plan. The Plan, as it exists on the date of this
Agreement and as amended from time to time, is hereby incorporated by reference and made a part hereof, and the Award and this Agreement shall be subject to all terms and conditions of the Plan and any subsequent amendments to the Plan. In the event
of any conflict between the provisions of this Agreement and the provisions of the Plan, the terms of the Plan shall control, except as expressly stated otherwise. The Holder hereby acknowledges receipt of a copy of the Plan. 

6.11. Value of Units and Common Stock. The Company makes no representation as to the value of the Units. The Company is not responsible
for any fluctuations in the value of the Company’s Common Stock. 
 6.12. Investment Representation. The Holder hereby
represents and covenants that (a) any shares of Stock acquired upon payment of the Award will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”), unless such acquisition has been registered under the Securities Act and any applicable state 







 
securities law; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state securities
laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Holder shall submit a written statement, in form satisfactory to the Company, to the effect
that such representation (i) is true and correct as of the date of acquisition of any shares hereunder or (ii) is true and correct as of the date of any sale of any such shares, as applicable. As a further condition precedent to the
delivery to the Holder of any shares subject to the Award, the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance of the shares and, in connection therewith, shall
execute any documents which the Board or any committee authorized by the Board shall in its sole discretion deem necessary or advisable. 

6.13. Notices and Electronic Delivery. The Company may, in its sole discretion, deliver any documents (other than certificates),
notices or other communications related to the Award and the Holder’s participation in the Plan by electronic means. The Holder hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the
Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

Any documents, notices or other communications which are not delivered electronically pursuant to this section shall be in writing and shall
be deemed to have been duly given when received, if delivered personally, or when mailed, if sent by first class mail, postage paid, addressed as follows: 
  

	 	(a)	if to the Company or the Committee, to the attention of the Vice President, Total Rewards, Owens Corning World Headquarters, One Owens Corning Parkway, Toledo, Ohio 43659, or to the attention of such other person or at
such other address as the Company, by notice to the Holder, may designate in writing from time to time, and 

  

	 	(b)	if to the Holder, at his address as shown on the records of the Company, or at such other address as the Holder, by notice to the Company, may designate in writing from time to time. 


6.14. Miscellaneous. 
 (a)
Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of the Holder, acquire any right hereunder in accordance with the
Plan. 
 (b) Counterparts. This Agreement may be executed in one or more counterparts, all of which taken together shall constitute
one agreement. 
 (c) Entire Understanding. The Plan and this Agreement constitute the entire agreement and understanding between the
parties with respect to the matters described herein and supersede all prior and contemporaneous agreements and understandings, oral and written, between the parties with respect to such subject matter. 

(d) Modification. No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed
by the party against whom it is sought to be enforced. 
 (e) Waiver. The failure of any party hereto at any time to require
performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as
a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement. 







 (f) Fees and Expenses; Legal Compliance. The Company shall pay all fees and expenses
necessarily incurred by the Company in connection with this Agreement and will from time to time use its reasonable efforts to comply with all laws and regulations which, in the opinion of counsel to the Company, are applicable thereto. 

(g) Governing Law. This Agreement shall be governed and construed and the legal relationships of the parties determined in accordance
with the laws of the State of Delaware without reference to principles of conflict of laws. 
 (h) Data Privacy. By signing this
Agreement, including by way of electronic acceptance by means acceptable to the Company of the Agreement, the Holder explicitly consents to the collection, processing, and transfer (electronically or otherwise) of personal data by the Company, the
Holder’s employer, and any third parties as necessary. Moreover, the Holder explicitly acknowledges and agrees that personal data (including but not limited to Holder’s name, home address, telephone number, employment status, tax
identification number, and data for tax withholding purposes) may be transferred to third parties assisting the Company with the implementation of the Plan. The Holder expressly authorizes such transfer to and processing by third parties.
Furthermore, the Holder explicitly consents to the transfer of the Holder’s personal data to countries other than his or her country of employment. The Company will take reasonable measures to keep the Holder’s personal data private,
confidential, and accurate. The Holder may obtain details with respect to the collection and transfer of his or her personal data in relation to the Plan participation and may also request access to and updates of such personal data, if needed, by
contacting his or her local Human Resources contact. 
 (i) Company to Reserve Shares. The Company shall at all times prior to the
expiration or termination of the Units reserve and keep available, either in its treasury or out of its authorized but unissued shares of Stock, the full number of shares subject to the Units from time to time. 

(j) Compliance with Section 409A of the Code. 

(i) To the extent applicable, it is intended that the 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 Holder. The Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause the
Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the
Code and may be made by the Company without the consent of the Holder). 
 (ii) To the extent the Holder has a right to
receive payment pursuant to this Agreement, the payment is subject to Section 409A, and the event triggering the right to payment does not constitute a permitted distribution event under Section 409A(a)(2) of the Code, then notwithstanding
anything to the contrary in Section 3 hereof, issuance of shares in payment of the Units will be made, to the extent necessary to comply with Section 409A of the Code, to the Holder on the earliest of: (1) the Determination Date;
(2) the Holder’s “separation from service” with the Company (determined in accordance with Section 409A of the Code), provided, that if the Holder is a “specified employee” (within the meaning of Section 409A
of the Code), the Holder’s date of payment of the Award pursuant to this clause (2) shall be the date that is six months after the date of the Holder’s separation of service with the Company; (3) the Holder’s death;
(4) the Holder’s permanent disability (within the meaning of Section 409A(a)(2)(C) of the Code); or (5) a change in control event (within the meaning of Section 409A of the Code). 







 (iii) Reference to Section 409A of the Code will also include any
regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. 

(k) Deferred Stock Units. Performance share units may be settled in the form of deferred stock units pursuant to a valid deferral
election by the Holder. The Holder shall have all rights incident to ownership of such share units, including but not limited to voting rights and the right to receive dividends or dividend equivalents. 

6.15. Non-U.S. Jurisdictions. 

(a) Local Compliance. The Holder remains personally responsible for any local compliance requirements resulting from his or her receipt,
ownership, and subsequent sale of Common Stock, as well as the transfer of funds abroad, the making of a foreign investment, and the opening or use of a U.S. brokerage account in relation to his or her receipt of Common Stock. For Holder’s
whose Award under this Agreement is subject to China SAFE regulations, the Holder agrees to abide by applicable requirements for disposal of vested shares following termination of employment and hereby affirmatively authorizes the Company to direct
the sale or disposal of shares within 6 months following termination of employment in order to comply with these requirements. 
 (b)
Exchange Rate Fluctuation. The Company is not responsible for any foreign exchange fluctuations between the Holder’s local currency and the U.S. dollar. 

(c) Language Translation. To the extent that the Holder has been provided with a translation of this Agreement, the English language
version of this Agreement shall prevail in case of any discrepancies or ambiguities due to translation. 
 (d) Certain Requirements
Relating to the French Plan. For grants made pursuant to the French Plan, where such grants are intended to be qualified grants under the terms of the French Plan, except in the event of death and except as otherwise provided by the French
Commercial Code, the disposal of shares of Stock delivered is prohibited for a minimum period of two years beginning on their delivery. Once delivered, shares may not be sold within the periods as set forth in Article L. 225-197-1, I of the French
Commercial Code. 
 (e) Cash Settlement Relating to Holders in certain Jurisdictions. For the Holder under the laws of their
applicable jurisdiction, the delivery of shares of Stock under this Agreement, if any, shall be effective only at such time as counsel to the Company shall have determined that the issuance and delivery of such Stock is in compliance with all
applicable laws and regulations of such jurisdiction and the requirements of any securities exchange on which such Stock is traded. Notwithstanding any other provision of the Plan or this Agreement to the contrary, if at any time it is determined by
counsel to the Company that the issuance and delivery of shares of Stock pursuant to this Agreement to a Holder in such jurisdiction would for any reason be unenforceable or prohibited as a matter of law or would result in material adverse
consequences for the Company or the Holder, then the portion of the Award that would have been settled in shares of Stock shall instead be settled in cash in an amount equal to the value of the shares of Stock that would have been delivered under
the Award. 








	
	
	  

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