Document:

Nalco Holding Comapny Amended and Restated 2004 Stock Incentive Plan

 Exhibit 10.67 
 NALCO HOLDING COMPANY 
 2004 STOCK INCENTIVE PLAN 
 RESTRICTED SHARES GRANT AGREEMENT 
 Stephen M. Taylor 
 THIS AGREEMENT, is made effective as of March 7, 2008 (the “Grant Date”)
(the fifth business date of the month following the month of Mr. Taylor was promoted), between Nalco Holding Company (the “Company”) and Stephen M. Taylor (the “Participant”). 
 R E C I T A L S: 
 WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) has determined that the Participant be granted
the Restricted Shares provided for herein pursuant to the Plan and the terms set forth herein. 
 NOW, THEREFORE, in consideration of the
mutual covenants hereinafter set forth, the parties agree as follows: 
 1. Definitions. Whenever the following terms are used in this
Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 
 (a) “Plan” means the Nalco Holding Company 2004 Stock Incentive Plan, as the same may be amended, supplemented or modified from time to time. 
 (b) “Restricted Shares” means the shares of the Company’s common stock, par value $0.01 per share subject to the Time
Restrictions. 
 (c) “Time Restrictions” means those restrictions described in Exhibit A to this Agreement.

 (d) “Vested Shares” means those Restricted Shares that are no longer subject to Time Restrictions. 
 2. Grant of Restricted Shares. The Company hereby grants to the Participant, subject to the terms and conditions of this Agreement and the Plan, 50,000
Restricted Shares. 

 3. Delivery of Restricted Shares. 
 (a) In General. The Company shall issue a note in its electronic stock registry (without the issuance of certificates) the Restricted Shares in the
name of the Participant which shall bear a legend which shall provide that: 
 The shares of Nalco Holding Company are subject to the terms
and restrictions of the Nalco Holding Company 2004 Stock Incentive Plan and the Restricted Shares Agreement between the Participant and the Company (the “Grant Agreement”), such shares are subject to forfeiture or cancellation under the
terms of such Plan and the terms of the Grant Agreement under which the shares were issued, and such shares shall not be sold, transferred, assigned, pledged, encumbered or otherwise alienated or hypothecated except pursuant to the provision of such
Plan and the Grant Agreement, copies of which are available from the Secretary of Nalco Holding Company. 
 (b) Change of Control.
Notwithstanding the foregoing, upon a Change of Control, the Time Restrictions upon the Restricted Shares shall be lifted by the Company. 
 (c) Termination of Service. If the Participant ceases to be an employee of the Company or its affiliates for reasons other than death or disability or retirement in accordance with the normal retirement programs at the Company, the
Restricted Shares, other than Vested Shares, shall be immediately forfeited and canceled by the Company without any payment or other consideration. 
 (d) Satisfaction of Time Restrictions. If the Time Restrictions are satisfied for the Restricted Shares, prior to their forfeiture and subject to the other terms and conditions stated herein, the Company shall release the legend on
such Restricted Shares as related to the Time Restrictions. 
 (d) Registration or Qualification. Notwithstanding any other provision
of the Plan or this Agreement to the contrary, absent an available exemption to registration or qualification, the Restricted Shares may not be delivered prior to the completion of any registration or qualification of the Restricted Stock Units or
the Shares to which they relate under applicable state and federal securities or other laws, or under any ruling or regulation of any governmental body or national securities exchange that the Board or the Company’s Compensation Committee
(“Committee”) shall in its sole reasonable discretion determine to be necessary or advisable. 
 4. Legend on Vested Shares.
The Vested Shares issued to the Participant upon the vesting of the Restricted Shares shall be subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable under the Plan or the rules, regulations, and
other requirements of the Securities and Exchange Commission, any stock 

 
exchange upon which such Shares are listed, any applicable federal or state laws or the Company’s Certificate of Incorporation and Bylaws, and the
Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 5.
Transferability. Unless otherwise determined by the Committee, Restricted Shares may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of
descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 6. Withholding. The Company or its
Affiliate shall have the right to withhold from any payment due or transfer made with respect to the Restricted Shares or the Participant’s employment, any applicable withholding taxes in respect of the Restricted Shares or any payment or
transfer with respect to the Restricted Shares or under the Plan and to take such action as may be necessary in the option of the Company to satisfy all obligations for the payment of such taxes. 
 7. Securities Laws. Upon the acquisition of any Vested Shares pursuant to the vesting of the Restricted Shares, the Participant will make or enter
into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement. 
 8. Notices. Any notice under this Agreement shall be addressed to the Company in care of its General Counsel at the principal executive office of
the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice
shall be deemed effective upon receipt thereof by the addressee. 
 9. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard to conflicts of laws. 
 10. Restricted Shares Subject to
the Plan. By entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Restricted Shares the Vested Shares received upon vesting are subject to the Plan. The terms and
provisions of the Plan as it may be amended from time to time are hereby incorporated by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of
the Plan will govern and prevail 
 11. No Rights Until Vesting. The Restricted Shares shall have no rights to dividends, voting or
otherwise before vesting. 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto. 
  

			
	 NALCO HOLDING COMPANY

		
	 By
	 	 /S/ Mary Manupella

	 Its:
	 	Vice President – Human Resources
	
	 /S/ Stephen M. Taylor

	Participant

 TIME AND PERFORMANCE CONDITIONS 
 25,000 Restricted Shares shall vest on December 31, 2011 and become Vested Shares, if Participant continues to be employed on that date (excepting only a termination of employment due to the Participant’s
death or permanent disability). 
 25,000 Restricted Shares shall vest on December 31, 2012 and become Vested Shares, if Participant continues to be
employed on that date (excepting only a termination of employment due to the Participant’s death or permanent disability).exh10au.htm

    Exhibit 10(au)

     

    CENTERLINE
HOLDING COMPANY

    EXECUTIVE
EMPLOYMENT AGREEMENT

    WITH
DONALD J. MEYER

     

    ___________________________________________

    

     

    2009
Technical Amendment for Compliance

    with
Section 409A of the Internal Revenue Code

     

    ___________________________________________

     

     

     

    WHEREAS, Centerline Capital
Group Inc. (“Company”) and Donald
J. Meyer (“Executive”) entered
an Executive Employment Agreement dated January 1, 2007 (as amended by a letter
agreement dated as of April 15, 2007 (the “Letter Agreement”)
between Executive and the Company, the “Agreement”);
and

     

    WHEREAS, the undersigned
parties have agreed that the Agreement should be amended to provide for a
modification to Executives base salary and the

     

    WHEREAS, Section 409A of the
Internal Revenue Code of 1986, as amended (the Code”) imposes a 20%
tax plus interest and other penalties on employees who collect compensation,
severance pay, or reimbursements pursuant to employment agreements that do not
conform with the specific time of payment provisions required under Code Section
409A; and

     

    WHEREAS, the undersigned
parties to the Agreement have mutually agreed that the Agreement should be
amended, effective January 1, 2009, to comply with Code Section 409A and the
final regulations that become effective on such date.

     

    NOW, THEREFORE, the Company
and Executive, acknowledging due and adequate consideration for this 2009
Technical Amendment for Compliance with Section 409A of the Internal Revenue
Code (the “Amendment”), do
hereby agree as follows:

     

    1.      Everywhere
in the Agreement, the Company’s former name, “CharterMac Capital LLC,”
shall be replaced with “Centerline Affordable Housing
Advisors LLC.” and “CharterMac,” shall be
replaced with “Centerline
Holding Company.”

     

    2.      Everywhere
in the Agreement, the phrases “termination of Executive’s
employment,” “termination,” “termination of the Executive” or “end of his employment” shall
mean Executive’s “separation from service” (as defined under Treasury Regulation
§ 1.409A-1(h) and any successor thereto) with the Company or any
affiliate.  Pursuant to such Treasury Regulation and for purposes of
this paragraph:

     

    
      
        
          
            
              	
                      (a)

                    	
                      The
      term “affiliate” shall have the meaning set forth under Code Sections
      414(b) and (c), provided that fifty (50) percent shall replace eighty (80)
      percent each place it appears (i) in Code Section 1563(a)(1), (2) and (3)
      for purposes of Code Section 414(b), and (ii) in Treasury Regulation §
      1.414(c)-2 for purposes of Code Section
414(c).

                    

            

          

        

      

    

     

    
      
        
          	
                  (b)

                	
                  A
      “separation from service” will be deemed to occur if the Company and
      Executive reasonably anticipate that Executive shall perform no further
      services for the Company (whether as an employee or an independent
      contractor) or that the level of bona fide services Executive will perform
      in the future (whether as an employee or an independent contractor) will
      permanently decrease to no more than twenty (20) percent of the average
      level of bona fide services performed (whether as an employee or
      independent contractor) over the immediately preceding 36-month
      period.

                

        

      

    

     

    
      
        
          	
                  (c)

                	
                  If
      Executive is on an authorized, bona fide leave of absence, Executive shall
      experience a “separation from service” on the first day of the seventh
      (7th) month of such leave, unless Executive’s right to reemployment with
      the Company is provided either by statute or contract.  A leave
      of absence constitutes a bona fide leave of absence only if there is a
      reasonable expectation that Executive will return to perform services for
      the Company or any of its Affiliates.  For purposes of the
      36-month period described above, (a) if Executive is on a paid bona fide
      leave of absence, Executive is treated as providing bona fide services at
      a level of services equal to that which Executive would have been required
      to perform to receive the compensation paid during the leave of absence,
      and (b) unpaid bona fide leaves of absence are
  disregarded.

                

        

      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.      In
EXHIBIT A, the definition of “Good Reason” shall be revised by (a) replacing
“ten (10) days” with “thirty (30) days” and (b) replacing “625 Madison Avenue,
New York, New York” with “10 South Wacker Drive, Chicago,
Illinois.”

     

    4.      Section
3(a) of the Agreement shall be amended by adding the following sentence to the
end of Section 3(a):  “The Executive agrees to a voluntary reduction
in his base salary effective January 1, 2009, to $325,000 per annum payable in
equal bi-weekly installments (not $400,000 as stated in the Letter
Agreement).  This reduction in Salary is voluntary and does not
constitute Good Reason as defined in Exhibit A of the Agreement.  The
parties agree that Executive’s principal office will be located in Chicago,
Illinois.”

     

    5.      Section
4(b) of the Agreement shall be amended by deleting the following language from
its first sentence (because Code Section 409A does not allow discretion to extend or defer the
timing of disability or severance benefits): “unless deferred or extended by the
Compensation Committee, in which case it will be the extended or deferred date
(the “Disability Payment Date”).”

     

    6.      Sections
4(d) and 4(e) of the Agreement shall be amended by adding the following new
paragraph immediately at its end:

     

    Notwithstanding
any other provision of this subsection: (i) the form of Release that the Company
requires as a condition for severance benefits to Executive hereunder shall be
delivered in final form by the Company to Executive within ten (10) days after
Executive’s termination of employment; (ii) the time period within which
Executive must deliver an executed Release (in such form as the Company has
provided) to the Company ends 60 days after Executive’s termination of
employment; and (iii) the Company’s payment of any severance benefits due upon
receipt of Executive’s executed Release shall occur within 75 days after
Executive’s termination of employment (subject to Section 10(e) of the
Agreement).

     

    7.      Section
4(d) of the Agreement shall be amended be deleting its third sentence and by
replacing that sentence with the following (in order to track the time periods
and right to cure provisions set forth in the “good reason” safe harbor set
forth in final Code Section 409A regulations):

     

    Executive
may resign if Good Reason exists, and shall do so by providing written notice
thereof to the Company not less than ten (10) days after the end of the 30-day
cure period that is set forth within the “Good Reason” definition under Exhibit
A hereof (as amended hereby); provided such resignation may not occur more than
two (2) years after the initial existence of the condition that gives rise to
the Good Reason.

     

    8.      Section
10(e) of the Agreement shall be amended by deleting its fourth sentence (which
begins “Nevertheless, if the
Company reasonably determines. . .”), and by replacing that sentence with
the following sentences:

     

    If, at
the time of Executive’s Separation from Service, the Executive is a “specified
employee” (within the meaning of Code Section 409A and Treas. Reg.
§1.409A-3(i)(2)), the Company will not pay or provide any “Specified Benefits”
(as defined herein) during the six-month period (the “409A Suspension Period”)
beginning immediately after the Executive’s Separation from
Service.  For purposes of this Agreement, “Specified Benefits” are any
amounts or benefits that would be subject to Code Section 409A penalties if the
Company were to pay them, pursuant to this Agreement, on account of the
Executive’s Separation from Service.

     

    9.      Section
10(e) of the Agreement shall be further amended by revising the start of the
former fifth sentence of its first paragraph, such that the phrase “As soon as
reasonably practicable” is replaced with the phrase “Within fourteen (14)
days”.

     

    10.    Section
10(e) of the Agreement shall be further amended by inserting the following new
paragraph immediately after its first paragraph:

     

    All
payments and benefits being provided pursuant to this Agreement are intended to
comply with (or be exempt from) Code Section 409A, and the Company shall have
complete discretion to interpret and construe this Agreement and any associated
documents in any manner that establishes an exemption from (or otherwise
conforms them to) the requirements of Code Section 409A. If, for any reason
including imprecision in drafting, the Agreement does not accurately reflect its
intended establishment of an exemption from (or compliance with) Code Section
409A, as demonstrated by consistent interpretations or other evidence of intent,
the provision shall be considered ambiguous and shall be interpreted by the
Company in a fashion consistent herewith, as determined in the sole and absolute
discretion of the Company.  The Company reserves the right to
unilaterally amend this Agreement without the consent of any Executive in order
to accurately reflect its correct interpretation and operation, as well as to
maintain an exemption from or compliance with Code Section 409A. Furthermore,
with respect to any and all reimbursements to which Executive may be entitled
under this Agreement, Executive shall apply for reimbursement not later than one
year after incurring the underlying expense, and payment shall occur as soon as
practicable thereafter, but not later than two and one-half months after the end
of the calendar year in which Executive applies for reimbursement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    11.     All
other provisions of the Agreement shall remain in full force and effect, subject
only to the specific changes set forth above.

     

    WHEREFORE,
the undersigned parties to the Agreement hereby agree to and execute this
Amendment, effective January 1, 2009.

     

     

    
      	
              Date:

            	
              __________
      ___, 2008

            	 
      	
              Centerline
      Capital Group Inc.

            
	 
      	 
      	 
      	
               

              By

            	 
      
	 
      	 
      	 
      	 
      	
               

              Its

            	 
      
	 
      	 
      	 
      	 
      
	
              Date:

            	
              __________
      ___, 2008

            	 
      	
              Executive

            
	 
      	 
      	 
      	
               

              Printed
      Name: Donald J. Meyer

            
	 
      	 
      	 
      	
               

               

              Signature:

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