Document:

SAR Agreement for Mel G. Brekhus, dated 06/01/2004

 Exhibit 10.22 
 SAR AGREEMENT FOR EMPLOYEE DIRECTORS 
 UNDER 
 TEXAS INDUSTRIES, INC. 2003 SHARE APPRECIATION RIGHTS AGREEMENT 
 Pursuant to its 2003 Share Appreciation Rights Plan, TEXAS INDUSTRIES, INC. (the “Company”), effective this 1st day of June, 2004, hereby grants to MEL G. BREKHUS (“Participant”) a SAR with respect
to 100,000 shares of the Common Capital Stock, $1.00 par value, of the Company on the terms and conditions hereinafter set forth. 
 ARTICLE I

 Definitions 
 All
defined terms used herein that are not otherwise defined in this Agreement are as defined in the Texas Industries, Inc. 2003 Share Appreciation Rights Plan. 
 ARTICLE II 
 Term of SAR and Exercise 
  

	(a)	The term of this SAR shall commence one (1) year from the Effective Date and shall terminate, unless sooner terminated by the terms of the Plan or of this Agreement, at:

  

	 	(i)	the close of the Company’s business on the day preceding the tenth anniversary of the Effective Date, if the Company is open for business on such day; or

  

	 	(ii)	the close of the Company’s business on the next preceding day that the Company is open for business. 

  

	(b)	Subject to the terms of the Plan, this SAR may be exercised, at the times and in the amounts set forth on Schedule 1, by delivery of written notice of exercise as provided in
Article III hereof, unless this SAR shall cease to be exercisable at an earlier date pursuant to Article IV hereof. 

  

	(c)	The right to exercise SARs is cumulative so that the Grantee may exercise during any of the periods stated above those quantities of SARs which the Grantee was entitled to exercise
but did not exercise during any preceding period. 

 ARTICLE III 
 Method of SAR Exercise 
  

	(a)	In order to exercise this SAR, the Grantee must deliver or mail to the Vice President-Accounting and Information Services of the Company or such person as may be designated by such
officer a written notice indicating: (i) the intent to exercise this SAR; and (ii) the number of SARs to which such exercise relates. 

  

	(b)	Within thirty (30) days after the Exercise Date, the Company will pay to Grantee in U.S. Dollars the Net Appreciation value of the exercised SAR, less any applicable tax
withholdings. 

 ARTICLE IV 
 Termination of SAR 
  

	(a)	If the Grantee shall cease, for reason of death, to be an employee or a director of the Company during the term of the SAR, the Successor of the Grantee may exercise the SAR until
the earlier of (i) the expiration of the term of the SAR; or (ii) a period not to exceed one (1) year following such cessation of service as an employee or a director of the Company whichever the later shall occur.

  

	(b)	If the Grantee shall cease, for a reason other than death or Misconduct, to serve as an employee or a director of the Company during the term of the SAR, the Grantee may exercise
the SAR (to the extent that Grantee was entitled to do so at the date of cessation of service) until the earlier of: (i) the expiration of the term of the SAR; or (ii) a period not to exceed ninety (90) days following such cessation
of service. 

  

	(c)	In the event of the cessation of service as an employee or a director on account of Misconduct or other acts detrimental to the interests of the Company or a Subsidiary, this SAR
and any and all rights hereunder shall automatically terminate as of the date of such cessation of service. 

  

	(d)	If the Grantee shall cease for any reason whatsoever to serve as an employee or a director of the Company within one (1) year of the Effective Date of the SAR, the SAR shall
terminate immediately upon cessation of service. 

  

	(e)	In no event shall any SAR or installment granted herein become exercisable by the Grantee or Successor of the Grantee at any time after the date the Grantee ceases to serve as an
employee or a director of the Company, for any reason whatsoever, unless such SAR or installment hereunder is then exercisable at the date of such cessation of service. 

  

 2 

	(f)	Except as otherwise herein provided, exercise of this SAR or any installment hereunder by the Grantee or the Successor of the Grantee, shall be subject to all terms and conditions
of this Agreement. 

 ARTICLE V 
 Adjustment upon changes in Capitalization 
 The aggregate number of SARs granted to Grantee under
this Agreement shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from any stock dividend, stock split or similar event and may, in the sole discretion of the Board, be similarly
adjusted for any capital adjustment (including a reclassification of shares or recapitalization or reorganization of the Company) or the distribution to holders of shares of Common Stock of rights, warrants, assets or evidences of indebtedness.

 ARTICLE VI 
 Other Terms

  

	(a)	Grantee understands nothing in this Agreement or the Plan shall confer on Grantee any right to continue in the service as an employee of the Company or interfere in any way with the
right of the Board of Directors of the Company to terminate his or her service as a director at any time, with or without cause, notwithstanding the possibility that the number of SARs exercisable by Grantee under this Agreement thereby be reduced
or eliminated. 

  

	(b)	Subject to Article IV of this Agreement, this SAR shall be non-transferable and non-assignable except by will and by the law of descent and distribution. During the Grantee’s
lifetime, this SAR may be exercised only by the Grantee. 

  

	(c)	As a condition of the granting of this SAR, the Grantee or Successor of the Grantee agrees that any dispute or disagreement which may arise hereunder shall be determined by the
Board of Directors or the Committee in its sole discretion and judgment, and that any such determination and any interpretation by the Board of Directors or the Committee of the terms of this Agreement shall be final and binding and conclusive, for
all purposes, upon the Company, the Grantee or the Successor of the Grantee. 

  

	(d)	Any notice given by the Company to the Grantee shall be effective to bind any person who shall acquire rights hereunder. The Company shall be under no obligation whatsoever to
advise the Grantee of the existence, maturity or termination of any of the Grantee’s rights hereunder and the Grantee shall be deemed to have familiarized himself/herself with all matters contained herein and in the Plan which may affect any of
the Grantee’s rights and privileges hereunder. 

  

 3 

	(e)	This Agreement is subject to the Plan and its terms and provisions (including any subsequent amendments thereto) which Plan and its terms and provisions are by this reference hereby
incorporated herein. In the event of a conflict between any term or provision contained herein and a term or a provisions of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

 IN WITNESS WHEREOF, TEXAS INDUSTRIES, INC. has caused this Agreement to be executed as of the Effective Date, and Grantee has accepted the terms and
provisions thereof. 
  

			
	TEXAS INDUSTRIES, INC.
		
	By	 	 /s/ Robert C. Moore

		 	Vice President

  

			
	ACCEPTED:
		
	By	 	 /s/ M G Brekhus

		 	Grantee

  

 4 

 SCHEDULE I 
 SAR Grant effective June 1, 2004; fair market value $37.645. 
 Mel G. Brekhus, Grantee. 
 EXERCISE SCHEDULE 
 The SAR shall
become exercisable in accordance with the following schedule: 
  

				
	 Date on and After Which
 SAR is Exercised
	  	% of Total Shares Subject to SAR
Which May Be Purchased	 
	 Date of Grant of SAR
	  	June 1, 2004	 
	 1st Anniversary of Grant Date
	  	20	%
	 2nd Anniversary of Grant Date
	  	40	%
	 3rd Anniversary of Grant Date
	  	60	%
	 4th Anniversary of Grant Date
	  	80	%
	 5th Anniversary of Grant Date
	  	100	%

 The foregoing schedule may be accelerated in the event of a change of control as provided in
Section 5.4 of the Plan.Amended SAR Agreement for Mel G. Brekhus, dated April 24, 2006

 Exhibit 10.23 
 AMENDMENT NO. 1 
 TO 
 SAR AGREEMENT FOR EMPLOYEE DIRECTORS 
 UNDER 
 TEXAS INDUSTRIES, INC. 2003 SHARE APPRECIATION RIGHTS AGREEMENT 
 This Amendment dated April 24, 2006 amends the SAR Agreement For Employee Directors Under Texas Industries, Inc. 2003 Share Appreciation Rights Plan to which the Grantee set forth below is a party. Such SAR
Agreement is referred to as the “SAR Agreement”. 
 ARTICLE I 
 Definitions 
 Each capitalized term that is used but not defined in this
Amendment shall have the meaning prescribed in the Plan or the SAR Agreement. 
 ARTICLE II 
 Amendment 
 A new Article VII is added
to the SAR Agreement as follows: 
  

	(a)	If a Change of Control (as defined below) occurs, this SAR shall become immediately fully exercisable, notwithstanding the specific terms of this Agreement.

  

	(b)	“Change of Control” shall mean the occurrence of any of the following after the Effective Date: 

  

	 	(i)	Any person becomes the beneficial owner of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities that
have the right to vote for the election of directors generally. “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended, and used in Sections 13(d)(3) and 14(d)(2)
thereof, including a “group” as defined in Section 13(d) thereof, other than (1) any employee plan established by the Company, (2) the Company or any of its subsidiaries, (3) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (4) an entity owned, directly or indirectly, by security holders (including, without limitation, warrant or option holders) of the Company in substantially the same proportions as their
ownership of the Company. “Beneficial owner” shall have the meaning ascribed to such term in Rule 13d-3 under such act. 

	 	(ii)	Continuing Directors cease for any reason to constitute a majority of the directors of the Company then serving. “Continuing Directors” means directors of the Company who
were: 

  

	 	(x)	directors on the Effective Date of this Option, or 

  

	 	(y)	elected or nominated for election with the approval of a majority of the directors who, at the time of such election or nomination, were Continuing Directors.

  

	 	(iii)	A merger, consolidation or other business combination (including an exchange of securities with the security holders of an entity that is a constituent in such transaction) of the
Company with any other entity, unless the voting securities of the Company outstanding immediately prior to such merger, consolidation or business combination continue to represent at least a majority of the combined voting power of the securities
having the right to vote for the election of directors generally of the Company or the surviving entity or any parent thereof outstanding immediately after such merger, consolidation or business combination (either by remaining outstanding or by
being converted into or exchanged for voting securities of the surviving entity or parent thereof). 

  

	 	(iv)	The Company (taken as a whole with its subsidiaries) sells, leases or otherwise disposes of all or substantially all of its assets (in one transaction or a series of related
transactions, including by means of a sale, lease or disposition of the assets or equity interests in one or more of its direct or indirect subsidiaries), other than such a sale, lease or other disposition to an entity of which at least a majority
of the combined voting power of the outstanding securities are owned directly or indirectly by stockholders of the Company. 

  

	 	(v)	The occurrence of any other event or circumstance that results in the Company filing or being required to file a report or proxy statement with the Securities and Exchange
Commission disclosing that a change of control of the Company has occurred. 

 ARTICLE III 
 Other Terms 
 All of the terms of the
SAR Agreement, as expressly amended by this Amendment, remain in full force and effect. 
  

 2 

 IN WITNESS WHEREOF, TEXAS INDUSTRIES, INC. has caused this Amendment to be executed as of the date set
forth above, and Grantee has accepted the terms and provisions thereof. 
  

			
	TEXAS INDUSTRIES, INC.
		
	By:	 	 /s/ Gordon E. Forward

		 	Gordon E. Forward
		 	Chairman, Compensation
		 	Committee of the Board of Directors

  

			
	ACCEPTED:
		
	By:	 	 /s/ Mel G. Brekhus

		 	Mel G. Brekhus, Grantee

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]