Document:

Exhibit 10.21

 

AAR CORP.

 

Restricted
Stock Agreement

(“Agreement”)

 

Subject to the provisions of the AAR CORP.
Stock Benefit Plan (“Plan”), the terms of which are hereby incorporated by
reference herein, and in consideration of the agreements of the Grantee herein
provided, AAR CORP. a Delaware corporation (“Company”), hereby grants to «Name» (“Grantee”), a restricted stock award (“Award”),
effective «EffDate» (“Date of Award”), of
«Shares» shares of common stock (“Common
Stock”) of the Company, $1.00 par value (“Award Shares”), subject to the
forfeiture and nontransferability provisions hereof and the other terms and
conditions set forth herein:

 

1.                                       Restrictions.  The Grantee represents that he is accepting
the Award Shares without a view toward distribution of said Shares and that he
will not sell, assign, transfer, pledge or otherwise encumber the Award Shares
during the period commencing on the Date of Award and ending with respect to
any specific shares of stock on the date restrictions applicable to such shares
are released pursuant to this Agreement (“Restrictive Period”).

 

2.                                       Release of
Restrictions.  Subject to the
provisions of paragraph 3 below, the restrictions described in 1 above shall be
released with respect to ____% on the ___________ anniversary of the Date of
Award, ____% on the ___________ anniversary of the Date of Award, and with
respect to the remaining ____% on the ___________ anniversary of the Date of
Award, except as follows:

 

(a)                                  If the Grantee’s
employment with the Company terminates by reason of death or Disability
occurring on or after the Date of Award and on or before 

 

 

the third anniversary date thereof, the Restrictive Period shall
terminate as to the difference between half the total number of Award Shares
and those Shares previously released. 
The remaining shares shall be forfeited and returned to the Company.

 

(b)                                 If the Grantee’s
employment with the Company terminates by reason of death or Disability after
the third anniversary of the Date of Award, the Restrictive Period shall
terminate as to all of the Award Shares not previously released.

 

(c)                                  If the Grantee’s
employment is terminated by reason of Retirement prior to the last day of the
restrictive period, the Restrictive Period shall terminate as to all of the
Award Shares not previously released.

 

(d)                                 In the event the
Grantee’s employment with the Company terminates prior to the last day of the
Restrictive Period for any reason other than death, Disability or Retirement,
the Grantee shall forfeit and return to the Company all Award Shares not
previously released from the restrictions of Section 1 hereof.

 

(e)                                  If at any time prior
to release from restrictions hereunder, Grantee, without the Company’s express
written consent, directly or indirectly, alone or as a member of a partnership,
group, or joint venture or as an employee, officer, director, or stockholder of
any corporation, or in any capacity engages in any activity which is
competitive with any of the businesses conducted by the Company or its
Affiliated Companies from time to time or at any time during the Grantee’s term
of employment, the Grantee shall forfeit and return all Award Shares not
previously released from the restrictions of Section 1 hereof.

 

2

 

3.                                       Change in
Control.  In the event of a Change in
Control of the Company, whether or not such change has the prior written
approval of the Continuing Directors, the Restrictive Period shall terminate as
to all Award Shares not previously released.

 

4.                                       Change in
Outstanding Shares.  In the event of
any change in the outstanding shares of Common Stock by reason of any stock
dividend or split, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change, the Award Shares shall be
treated in the same manner in any such transaction as other shares of Common
Stock.  Any additional shares of stock
received by Grantee with respect to the Award Shares in any such transaction
shall be subject to the same restrictions as are then applicable to those Award
Shares for which the additional shares have been issued.

 

5.                                       Rights of
Grantee.  As the holder of the Award
Shares, Grantee is entitled to all of the rights of a stockholder of AAR CORP.
with respect to any of the Award Shares, when issued, including, but not
limited to, the right to receive dividends declared and payable since the Date
of Award.

 

6.                                       Certificates.  In aid of the restrictions set forth in
paragraph 1, certificates for the Award Shares, together with a suitably
executed stock power signed by the Grantee, shall be held by a nominee of the
Company for the account of Grantee until such restrictions lapse pursuant to
the terms hereof, or such Shares are forfeited to the nominee of the Company as
provided by the Plan or this Agreement. 
The Grantee 

 

3

 

shall be entitled to possession of certificates representing the Award
Shares as to which such restrictions have terminated, and the Company agrees to
issue such separate certificates as are necessary to facilitate such
possession.

 

7.                                       Legend.  The Company may, in its discretion, place a
legend or legends on any certificate representing Award Shares issued to the
Grantee that the Company believes is required to comply with any law or
regulation.

 

8.                                       Committee
Powers.  The Committee may subject
the Award Shares to such conditions, limitations or restrictions as the
Committee determines to be necessary or desirable to comply with any law or
regulation or with the requirements of any securities exchange.  At any time during the Restrictive Period,
the Committee may reduce or terminate the Restrictive Period otherwise
applicable to all or any portion of the Award Shares.

 

9.                                       Withholding
Taxes.  Upon the Taxable Date of the
Award, the Grantee shall remit to the Company an amount necessary to satisfy
applicable withholding requirements including those arising under state and
federal income tax laws prior to the delivery by the Company of any certificate
or certificates for shares.  If the
Grantee does not remit such amount, the Company may withhold all or a portion
of any compensation then or in the future owed to the Grantee as necessary to
satisfy such requirements.

 

4

 

The Grantee may satisfy such withholding
requirements in connection with such Award in whole or in part by (i) directing
the Company to withhold a portion of the shares otherwise distributable to the
Grantee or (ii) transferring to the Company shares of Common Stock of the
Company previously acquired by the Grantee having a Fair Market Value on the
date such shares are transferred to the Company equal to the amount of such
withholding or lesser portion thereof as may be desired by the Grantee. A
Grantee’s election pursuant to the preceding sentence must be made on or prior
to the date as of which income is realized by the Grantee in connection with
such Award and must be irrevocable.  In
lieu of a separate election on each Taxable Date, the Grantee may file a
blanket election with the Committee which shall govern all future Taxable Dates
until revoked by the Grantee.

 

10.                                 Postponement of
Exercise or Distribution. 
Notwithstanding anything herein to the contrary, the distribution of any
portion of the Award Shares shall be subject to action by the Board taken at
any time in its sole discretion (i) to effect, amend or maintain any
necessary registration of the Plan or the Award Shares distributable in
satisfaction of this Award under the Securities Act of 1933, as amended, or the
securities laws of any applicable jurisdiction, (ii) to permit any action
to be taken in order to (a) list such Award Shares on a stock exchange if
the Common Stock is then listed on such exchange or (b) comply with
restrictions or regulations incident to the maintenance of a public market for
its Shares of Common Stock, including any rules or regulations of any
stock exchange on which the Award Shares are listed, or (iii) to determine
that such Award Shares and the Plan are exempt from such registration or 

 

5

 

that no action of the kind referred to in (ii)(b) above needs to
be taken; and the Company shall not be obligated by virtue of any terms and
conditions of this Award or any provision of this Agreement or the Plan to
issue or release the Award Shares in violation of the Securities Act of 1933 or
the law of any government having jurisdiction thereof.  Any such postponement shall not shorten the
term of any restriction attached to the Award Shares and neither the Company
nor its directors or officers shall have any obligation or liability to the
Grantee or to any other person as to which issuance under the Award Shares was
delayed.

 

11.                                 Miscellaneous.

 

(a)  This Agreement shall be continued,
administered and governed in all respects under and by the laws of the State of
Illinois.

 

(b)                                 Capitalized terms used
herein and not defined herein will have the meaning set forth in the Plan.

 

(c)                                  This Agreement has
been examined by the parties hereto, and accordingly the rule of
construction that ambiguities be construed against a party which causes a
document to be drafted shall have no application in the construction or
interpretation hereof.  If any part of
this Agreement is held invalid for any reason, the remainder hereof shall
nevertheless remain in full force and effect.

 

(d)  This Agreement constitutes the
entire agreement between the parties concerning the subject matter hereof and
any prior understanding or representation of any kind antedating this Agreement
concerning such subject matter shall not be binding upon either party except to
the extent incorporated herein.  No
consent, waiver, 

 

6

 

modification or amendment hereof, or additional obligation assumed by
either party in connection herewith, shall be binding unless evidenced by a
writing signed by both parties and referring specifically hereto.  No consent, waiver, modification or amendment
with respect hereto shall be construed as applicable to any past or future
events other than the one in respect of which it was specifically made.

 

(e)                                  This Agreement shall
be construed consistent with the provisions of the Plan and in the event of any
conflict between the terms of this Agreement and the terms of the Plan, the
terms of the Plan shall control and any terms of this Agreement which conflict
with Plan terms shall be void.

 

IN WITNESS WHEREOF, the Company has caused
this Award to be granted as of the Date of Award.

 

	
   

  	
  AAR CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  

 

 

The Grantee hereby accepts the foregoing Restricted Stock Award and
agrees to the terms and conditions thereof on this _____ day of _________ , _____.

 

 

	
   

  	
   

  
	
   

  	
  Grantee

  

 

7Exhibit 10.22

 

AAR CORP.

 

Performance
Restricted Stock Agreement

(“Agreement”)

 

Subject to the provisions of the AAR CORP.
Stock Benefit Plan (“Plan”), the terms of which are hereby incorporated by
reference herein, and in consideration of the agreements of the Grantee herein
provided, AAR CORP. a Delaware corporation (“Company”), hereby grants to ___________
(“Grantee”), a performance restricted stock award (“Award”), effective ________
(“Date of Award”), of _________ shares of common stock (“Common Stock”) of the
Company, $1.00 par value (“Award Shares”), subject to the forfeiture and
nontransferability provisions hereof and the other terms and conditions set
forth herein:

 

1.                                       Restrictions.  The Grantee represents that he is accepting
the Award Shares without a view toward distribution of said Shares and that he
will not sell, assign, transfer, pledge or otherwise encumber the Award Shares
during the period commencing on the Date of Award and ending with respect to
any specific shares of stock on the date restrictions applicable to such shares
are released pursuant to this Agreement (“Restrictive Period”).

 

2.                                       Release of
Restrictions.  Subject to the
provisions of paragraph 3 below, the restrictions described in 1 above shall be
released with respect to ____% of the award on ______________, _____% of the
award on _____________ and ____% of the award on ___________, except as
follows:

 

 

(a)                                  If the Grantee’s
employment is terminated by reason of death, Disability or Retirement prior to
the last day of the Restrictive Period, the Restrictive Period shall terminate
as to all of the Award Shares not previously released.

 

(b)                                 If the Grantee’s
employment with the Company terminates prior to the last day of the Restrictive
Period for any reason other than death, Disability or Retirement, the Grantee
shall forfeit and return to the Company all Award Shares not previously
released from the restrictions of Section 1 hereof.

 

(c)                                  If at any time prior
to release from restrictions hereunder, Grantee, without the Company’s express
written consent, directly or indirectly, alone or as a member of a partnership,
group, or joint venture or as an employee, officer, director, or stockholder of
any corporation, or in any capacity engages in any activity which is
competitive with any of the businesses conducted by the Company or its
Affiliated Companies from time to time or at any time during the Grantee’s term
of employment, the Grantee shall forfeit and return all Award Shares not
previously released from the restrictions of Section 1 hereof.

 

3.                                       Change in
Control.  In the event of a Change in
Control of the Company, whether or not such change has the prior written
approval of the Continuing Directors, the Restrictive Period shall terminate as
to all Award Shares not previously released.

 

4.                                       Change in
Outstanding Shares.  In the event of
any change in the outstanding shares of Common Stock by reason of any stock
dividend or split, recapitalization, merger, consolidation, combination or
exchange of shares or other 

 

2

 

similar corporate change, the Award Shares shall be treated in the same
manner in any such transaction as other shares of Common Stock.  Any additional shares of stock received by
Grantee with respect to the Award Shares in any such transaction shall be
subject to the same restrictions as are then applicable to those Award Shares
for which the additional shares have been issued.

 

5.                                       Rights of
Grantee.  As the holder of the Award
Shares, Grantee is entitled to all of the rights of a stockholder of AAR CORP.
with respect to any of the Award Shares, when issued, including, but not
limited to, the right to receive dividends declared and payable since the Date
of Award.

 

6.                                       Certificates.  In aid of the restrictions set forth in
paragraph 1, certificates for the Award Shares, together with a suitably
executed stock power signed by the Grantee, shall be held by a nominee of the
Company for the account of Grantee until such restrictions lapse pursuant to
the terms hereof, or such Shares are forfeited to the nominee of the Company as
provided by the Plan or this Agreement. 
The Grantee shall be entitled to possession of certificates representing
the Award Shares as to which such restrictions have terminated, and the Company
agrees to issue such separate certificates as are necessary to facilitate such
possession.

 

7.                                       Legend.  The Company may, in its discretion, place a
legend or legends on any certificate representing Award Shares issued to the
Grantee that the Company believes is required to comply with any law or
regulation.

 

3

 

8.                                       Committee
Powers.  The Committee may subject
the Award Shares to such conditions, limitations or restrictions as the
Committee determines to be necessary or desirable to comply with any law or
regulation or with the requirements of any securities exchange.  At any time during the Restrictive Period,
the Committee may reduce or terminate the Restrictive Period otherwise applicable
to all or any portion of the Award Shares.

 

9.                                       Withholding
Taxes.  Upon the Taxable Date of the
Award, the Grantee shall remit to the Company an amount necessary to satisfy
applicable withholding requirements including those arising under state and
federal income tax laws prior to the delivery by the Company of any certificate
or certificates for shares.  If the
Grantee does not remit such amount, the Company may withhold all or a portion
of any compensation then or in the future owed to the Grantee as necessary to
satisfy such requirements.

 

The Grantee may satisfy such withholding
requirements in connection with such Award in whole or in part by (i) directing
the Company to withhold a portion of the shares otherwise distributable to the
Grantee or (ii) transferring to the Company shares of Common Stock of the
Company previously acquired by the Grantee having a Fair Market Value on the
date such shares are transferred to the Company equal to the amount of such
withholding or lesser portion thereof as may be desired by the Grantee. A Grantee’s
election pursuant to the preceding sentence must be made on or prior to the
date as of which income is realized by the Grantee in connection with such
Award 

 

4

 

and must be irrevocable.  In lieu
of a separate election on each Taxable Date, the Grantee may file a blanket
election with the Committee which shall govern all future Taxable Dates until
revoked by the Grantee.

 

10.                                 Postponement of
Exercise or Distribution. 
Notwithstanding anything herein to the contrary, the distribution of any
portion of the Award Shares shall be subject to action by the Board taken at
any time in its sole discretion (i) to effect, amend or maintain any
necessary registration of the Plan or the Award Shares distributable in satisfaction
of this Award under the Securities Act of 1933, as amended, or the securities
laws of any applicable jurisdiction, (ii) to permit any action to be taken
in order to (a) list such Award Shares on a stock exchange if the Common
Stock is then listed on such exchange or (b) comply with restrictions or
regulations incident to the maintenance of a public market for its Shares of
Common Stock, including any rules or regulations of any stock exchange on
which the Award Shares are listed, or (iii) to determine that such Award
Shares and the Plan are exempt from such registration or that no action of the
kind referred to in (ii)(b) above needs to be taken; and the Company shall
not be obligated by virtue of any terms and conditions of this Award or any provision
of this Agreement or the Plan to issue or release the Award Shares in violation
of the Securities Act of 1933 or the law of any government having jurisdiction
thereof.  Any such postponement shall not
shorten the term of any restriction attached to the Award Shares and neither
the Company nor its directors or officers shall have any obligation or
liability to the Grantee or to any other person as to which issuance under the
Award Shares was delayed.

 

5

 

11.                                 Miscellaneous.

 

(a)  This Agreement shall be continued,
administered and governed in all respects under and by the laws of the State of
Illinois.

 

(b)                                 Capitalized terms used
herein and not defined herein will have the meaning set forth in the Plan.

 

(c)                                  This Agreement has
been examined by the parties hereto, and accordingly the rule of
construction that ambiguities be construed against a party which causes a
document to be drafted shall have no application in the construction or
interpretation hereof.  If any part of
this Agreement is held invalid for any reason, the remainder hereof shall
nevertheless remain in full force and effect.

 

(d)  This Agreement constitutes the
entire agreement between the parties concerning the subject matter hereof and
any prior understanding or representation of any kind antedating this Agreement
concerning such subject matter shall not be binding upon either party except to
the extent incorporated herein.  No
consent, waiver, modification or amendment hereof, or additional obligation
assumed by either party in connection herewith, shall be binding unless
evidenced by a writing signed by both parties and referring specifically
hereto.  No consent, waiver, modification
or amendment with respect hereto shall be construed as applicable to any past
or future events other than the one in respect of which it was specifically
made.

 

(e)                                  This Agreement shall
be construed consistent with the provisions of the Plan and in the event of any
conflict between the terms of this Agreement and the 

 

6

 

terms of the Plan, the terms of the Plan shall control and any terms of
this Agreement which conflict with Plan terms shall be void.

 

IN WITNESS WHEREOF, the Company has caused
this Award to be granted as of the Date of Award.

 

	
   

  	
  AAR CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  

 

 

The Grantee hereby accepts the foregoing Restricted Stock Award and
agrees to the terms and conditions thereof on this _____ day of ______________,
_____.

 

 

	
   

  	
   

  
	
   

  	
  Grantee

  

 

7

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