Document:

EX-10.(P) FORM PERFORMANCE SHARE UNIT AWARD AGRMT

 

Exhibit (10)(p)

	 	 	 
	Notice of Grant of Performance Share

	 	ID: 63-0366371
	Units and Agreement

	 	1200 Urban Center Drive
	 

	 	Birmingham, AL 35242

February 12, 2007

Pursuant to the terms and conditions of the Company’s 2006 Long Term Incentive Plan (the ‘Plan’),
you have been granted a Performance Share Award for ___ shares (the ‘PSU’) of stock as outlined
below.

	 	 	 
	Granted To:
	 	 
	Grant Date:

	 	February 8, 2007
	Grant ID:
	 	 
	PSU’s Granted:
	 	 
	Price per Share:
	 	 
	Total Option Price:
	 	 
	Expiration Date:
	 	 
	Vesting Schedule:

	 	100% at 12/31/2009

By your signature and the Company’s signature below, you and the Company agree that these
PSU’s are granted under and governed by the terms and conditions of the Company’s 2006 Long Term
Incentive Plan and the Performance Share Unit Agreement, copies of which have been provided to you
and are incorporated herein.

	 	 	 	 	 	 	 	 	 	 	 
	Signature:

	 	 
 

	 	 	 	Date:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Vulcan Materials Company	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Signature:

	 	 
 

	 	 	 	Date:
	 	 
 

	 	 

 

 

THIS DOCUMENT CONSTITUTES PART OF

A PROSPECTUS COVERING SECURITIES THAT

HAVE BEEN REGISTERED UNDER THE

SECURITIES ACT OF 1933

VULCAN MATERIALS COMPANY

PERFORMANCE SHARE UNIT AWARD AGREEMENT

Granted under the 2006 Omnibus Long-Term Incentive Plan

Terms and Conditions

February 8, 2007

	1.	 	Definitions. As used in this Award Agreement the following terms shall have the
meanings as follows:

	 	(a)	 	“Award Agreement” means this Performance Share Unit Award Agreement.
	 
	 	(b)	 	“Award Period” means the three-year period shown on Schedule A of this Award
Agreement, except that in the “Event” of a Retirement, Disability, Death, or Change in
Control, the Award Period will be the period covered by the Award Agreement ending on
December 31st of the calendar year in which the Event occurred.
	 
	 	(c)	 	“Company” means Vulcan Materials Company, a New Jersey corporation.
	 
	 	(d)	 	“Committee” means the Compensation Committee of the Board of Directors.
	 
	 	(e)	 	“Disability” means Permanent and Total Disability whereby the Participant is
entitled to long-term disability benefits under the applicable group long-term
disability plan of the Company or a Subsidiary, or, to the extent not eligible to
participate in any Company-sponsored plan, under the guidelines of the Social Security
Administration.
	 
	 	(f)	 	“Fair Market Value” or “FMV” means the closing stock price for a Share on the
business day that immediately precedes the Payment Date as reported on a national
securities exchange if the Shares are then being traded on such an exchange or as
determined by the Committee if Shares are not so traded.
	 
	 	(g)	 	“Grant Date” means the date of this Award Agreement.
	 
	 	(h)	 	“Participant” means the name of the employee of the Company or its subsidiaries
or affiliates appearing on the first page of this Award Agreement.
	 
	 	(i)	 	“Payment Date” means the date on which payment is made under this Award
Agreement.
	 
	 	(j)	 	“Performance Share Unit” or “PSU” means the equivalent of one share of Common
Stock.
	 
	 	(k)	 	“Plan” means the Vulcan Materials Company 2006 Omnibus Long-Term Incentive
Plan, as amended, or any successor plan, as amended.
	 
	 	(l)	 	“Retirement” means a participant who retires or who is eligible to elect to
retire in accordance with the Company’s Retirement Income Plan for Salaried Employees
of Vulcan Materials Company or any successor plan.
	 
	 	(m)	 	“Share” means a share of Common Stock, par value $1.00 per share, of the
Company.

 

 

	2.	 	Grant and Vesting of PSUs

	 	(a)	 	Grant. The Participant is awarded the number of PSUs designated on the
first page of this Award Agreement.
	 
	 	(b)	 	Vesting. Except as otherwise provided in Section 4, and subject to the
Committee’s discretion set forth in Section 6, the PSUs will become vested on December
31, at the end of the Award Period.

	3.	 	Payment of Performance Share Units

	 	(a)	 	Percentage of Awards Payable. Utilizing the Performance Share Award
Unit Payment Table, Schedule A, the Committee establishes the Percentage of Awards
Payable (“Percentage”) for the Award Period. The Percentage is based on Economic
Profit (“EP”) and Total Shareholder Return (“TSR”) versus a Comparison Group during the
Award Period. The maximum Percentage, as set forth in Schedule A, may be decreased but
not increased by the Committee.
	 
	 	(b)	 	Performance Share Units Payable. The number of PSUs payable will be
determined by multiplying the number of PSUs granted pursuant to this Award Agreement
by the Percentage as determined in Section 3(a). Payment will be made in stock.
	 
	 	(c)	 	The Value of the Stock Issued as Payment for PSUs Earned. The FMV will
be used to determine the basis of the stock payable.
	 
	 	(d)	 	Withholding. The Company shall withhold Shares having a Fair Market
Value on the date the tax is to be determined equal to the minimum statutory amount for
federal, state, local, and employment taxes (“Total Tax”) which could be withheld on
the transaction, with respect to any taxable event arising as a result of this Award
Agreement.
	 
	 	(e)	 	Timing of Payment. Payment will be made to a Participant after
determination that the payment has been earned but no later than 21/2 months after the
end of the Award Period; except that in the Event of Retirement as defined in Section
4(a), Disability as defined in Section 4(b), Death as defined in Section 4(c), and
Change in Control as defined in Section 4(f), payment will be made within the 21/2 month
period following the end of the year in which the Event occurs.
	 
	 	(f)	 	Payment Determination. The Committee may exercise its discretion to
reduce or eliminate payments if the Award Period average TSR is less than or equal to
the 25th percentile or the average EP is less than or equal to 25% of Target. For
performance levels falling between the values shown on the Payment Table (Schedule A),
the Percentages will be determined by interpolation.

 

 

	 	 	 	 	 	 	 
	SCHEDULE A
	Vulcan Materials Company	 	PERFORMANCE SHARE UNIT AWARD
	3-Year Average Economic	 	PAYMENT TABLE
	Profit (As a percent of	 	Percentage of Award Payable
	Target)	 	Award Period January 1, 2007 – December 31, 2009
	         175% or >
	 	100	 	150	 	200
	150%
	 	75	 	125	 	175
	100%
	 	50	 	100	 	150
	  50%
	 	25	 	  75	 	125
	         25% or <
	 	  0	 	  50	 	100
	 

	 
	 	         25th or <	 	    50th	 	             75th or >
	 	 	 
	 	 	Company 3-Year Average 
Total Shareholder Return Percentile Rank
 Relative to Comparison S&P Index

	4.	 	Termination of Employment.

	 	(a)	 	Retirement, as defined in Section 1(l).

	 	(i)	 	If a Participant retires from employment at age 62 or later, the
PSUs which have been held by the Participant until January 1st of the
calendar year following the year of grant, will be deemed to be non-forfeitable;
provided however, that the Participant executes a reasonable non-competition
covenant with the Company restricting the Participant from competing with the
Company in a specified territory for a specified period of time; otherwise, if
such covenant is not executed by the Participant, unvested PSUs will be
forfeited and vested PSUs not yet paid as of the date of such termination will
be paid in accordance with Section 3.
	 
	 	(ii)	 	If a Participant retires from employment prior to reaching the
age of 62, the PSUs will become non-forfeitable in accordance with Schedule B;
provided however, that the Participant executes a reasonable non-competition
covenant with the Company restricting the Participant from competing with the
Company in a specified territory for a specified period of time; otherwise, if
such covenant is not executed by the Participant, unvested PSUs will be
forfeited and vested PSUs not yet paid as of the date of such termination will
be paid in accordance with Section 3.
	 
	 	(iii)	 	All non-forfeitable PSUs will be paid in accordance with Section 3.

 

 

	 	 	 	 	 
	SCHEDULE B
	If the “prior to age 62” retirement occurs on or	 	The percentage of PSUs
	after January 1st of the:	 	that will become Non-forfeitable is:
	1st Calendar year following the Grant Date
	 	 	33	%
	2nd Calendar year following the Grant Date
	 	 	67	%
	3rd Calendar year following the Grant Date
	 	 	100	%

	 	(b)	 	Disability. Upon determination of Disability, as defined in Section
1(e), the PSUs granted under this Award Agreement will become non-forfeitable. All
non-forfeitable PSUs will be paid in accordance with Section 3.
	 
	 	(c)	 	Death. Upon the death of the Participant, the PSUs granted under this
Award Agreement will become non-forfeitable. All non-forfeitable PSUs will be paid to
the Participant’s estate in accordance with Section 3.
	 
	 	(d)	 	Other Termination. Upon voluntary termination for reasons other than
retirement, or upon involuntary termination for reasons other than death, Disability,
or cause as determined under Section 4(e), unvested PSUs will be forfeited and vested
PSUs not yet paid as of the date of such termination will be paid in accordance with
Section 3.
	 
	 	(e)	 	Termination for Cause. If a Participant’s employment is terminated for
cause, the PSUs will immediately be forfeited, even with respect to vested PSUs which
were otherwise non-forfeitable but not yet paid. The Committee shall have complete
discretion to determine whether a Participant has been terminated for cause. The
Committee’s determination shall be final and binding on all persons for purposes of the
Plan and this Award Agreement.
	 
	 	(f)	 	Change in Control of the Company. Upon a Change in Control of the
Company, as defined in the Vulcan Materials Company Change in Control Severance Plan or
any successor plan, the PSUs granted under this Award Agreement will be deemed to be
non-forfeitable. All non-forfeitable PSUs will be paid in accordance with Section 3.

	5.	 	Section 16(b) Participants. Any Participant subject to Section 16(b) reporting shall
be governed by same with respect to PSUs.

	6.	 	Committee Discretion. The Committee may, in its sole discretion, amend this Award
Agreement to the extent necessary to comply with any statute, regulation, or other
administrative guidance. Notwithstanding any other provision of the Plan or this Award
Agreement, the Committee may amend the Plan or this Award Agreement to the extent permitted
by their terms and accelerate vesting for the events described in Sections 4(a). The
Committee shall not make any amendment pursuant to this Section 6 that would cause this
Award Agreement, if it is subject to or becomes subject to Section 409A of the Internal
Revenue Code, to fail to satisfy the requirements of such Section 409A. The Committee has
sole discretion to establish the Comparison Group to be used in evaluating the performance
of the Company in accordance with Section 3(a), and may change the Comparison Group from
time to time.

	7.	 	Entire Agreement; Amendment. This Award Agreement, the Memorandum, and the Plan are
incorporated herewith and represent the entire understanding and agreement between the
Company and the Participant, and shall supersede any prior agreement and understanding
between the parties. Except as provided in Section 6 of this Agreement and subject to any
Plan provision, this Award may not be amended or modified except by a written instrument
executed by the parties hereto.

 

 

	8.	 	Non-Solicitation. In consideration for this Agreement and notwithstanding any other
provision in this Agreement, the Participant agrees to comply with the non-solicitation
covenants set forth below:

	 	(a)	 	Non-Solicitation of Customers. The Participant acknowledges that while
employed by the Company, the Participant will occupy a position of trust and confidence
and will acquire confidential information about the Company, its subsidiaries and
affiliates, and their clients and customers that is not disclosed by the Company or any
of its subsidiaries or affiliates in the ordinary course of business, including trade
secrets, data, formulae, information concerning customers and other information which
is of value to the Company because it is not generally known. The Participant agrees
that during the period of employment with the Company and for a period of two years
after the date of termination of employment with the Company, regardless of the reason
for termination, the Participant will not, either individually or as an officer,
director, stockholder, member, partner, agent, consultant or principal of another
business firm, directly or indirectly solicit any customer of the Company or of its
affiliates or subsidiaries.
	 
	 	(b)	 	Non-Solicitation of Employees. The Participant recognizes that while
employed by the Company, the Participant will possess confidential information about
other employees of the Company and its subsidiaries or affiliates relating to their
education, experience, skills, abilities, compensation and benefits, and inter-personal
relationships with suppliers to and customers of the Company and its subsidiaries or
affiliates. The Participant recognizes that this information is not generally known,
is of substantial value to the Company and its subsidiaries or affiliates in developing
their respective businesses and in securing and retaining customers, and will be
acquired by the Participant because of the Participant’s business position with the
Company. The Participant agrees that during the period of employment with the Company
and for two years after the date of termination of employment with the Company,
regardless of the reason for termination, the Participant will not, directly or
indirectly, solicit or recruit any employee of the Company or any of its subsidiaries
or affiliates for the purpose of being employed by the Participant or by any business,
individual, partnership, firm, corporation or other entity on whose behalf the
Participant is acting as an agent, representative or employee and that the Participant
will not convey any such confidential information or trade secrets about other
employees of the Company or any of its subsidiaries or affiliates to any other person
except within the scope of the Participant’s duties as an employee of the Company.
	 
	 	(c)	 	Remedies. If any dispute arises concerning the violation by the
Participant of the covenants described in this Section, an injunction may be issued
restraining such violation pending the determination of such controversy, and no bond
or other security shall be required in connection therewith. If the Participant
violates any of the obligations in this Section, this Award Agreement will terminate,
if it is outstanding, and, in addition, the Company will be entitled to any appropriate
relief, including money damages, equitable relief, and attorneys’ fees.EX-10.(Q) FORM STOCK ONLY STOCK APPRECIATION RIGHT

 

Exhibit (10)(q)

	 	 	 
	Notice of Grant of Stock Only Stock

	 	ID: 63-0366371
	Appreciation Rights and Agreement

	 	1200 Urban Center Drive
	 

	 	Birmingham, AL 35242

February 12, 2007

Pursuant to the terms and conditions of the Company’s 2006 Long Term Incentive Plan (the ‘Plan’),
you have been granted a Stock Only Stock Appreciation Right to
purchase ___ shares (the ‘SOSAR’) of
stock as outlined below.

	 	 	 
	Granted To:
	 	 
	Grant Date:

	 	February 8, 2007
	Grant ID:
	 	 
	SOSAR’s Granted:
	 	 
	Price per Share:
	 	 
	Total Option Price:
	 	 
	Expiration Date:
	 	 
	Vesting Schedule:

	 	33.33% per year for 3 years

By your signature and the Company’s signature below, you and the Company agree that these
SOSAR’s are granted under and governed by the terms and conditions of the Company’s 2006 Long Term
Incentive Plan and the SOSAR Agreement, copies of which have been provided to you and are
incorporated herein.

	 	 	 	 	 	 	 	 	 	 	 
	Signature:

	 	 
 

	 	 	 	Date:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Vulcan Materials Company	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Signature:

	 	 
 

	 	 	 	Date:
	 	 
 

	 	 

 

 

THIS DOCUMENT CONSTITUTES PART OF

A PROSPECTUS COVERING SECURITIES THAT

HAVE BEEN REGISTERED UNDER THE

SECURITIES ACT OF 1933

VULCAN MATERIALS COMPANY

STOCK-ONLY STOCK APPRECIATION RIGHTS AWARD AGREEMENT

Granted under the 2006 Omnibus Long-Term Incentive Plan

Terms and Conditions

February 8, 2007

	1.	 	Definitions. As used in this Award Agreement the following terms shall have the
meanings as follows:

	 	(a)	 	“Award Agreement” means this Stock-Only Stock Appreciation Rights Award
Agreement.
	 
	 	(b)	 	“Company” means Vulcan Materials Company, a New Jersey corporation.
	 
	 	(c)	 	“Committee” means the Compensation Committee of the Board of Directors.
	 
	 	(d)	 	“Disability” means Permanent and Total Disability whereby the Participant is
entitled to long-term disability benefits under the applicable group long-term
disability plan of the Company or a subsidiary, or, to the extent not eligible to
participate in any Company-sponsored plan, under the guidelines of the Social Security
Administration.
	 
	 	(e)	 	“Exercise Price” means the Fair Market Value of a Share on the Grant Date.
	 
	 	(f)	 	“Fair Market Value” or “FMV” means the closing stock price for a Share as
reported on a national securities exchange if the Shares are then being traded on such
an exchange or as determined by the Committee if Shares are not so traded.
	 
	 	(g)	 	“Grant Date” means the date of this Award Agreement.
	 
	 	(h)	 	“Participant” means the name of the employee of the Company or its subsidiaries
or affiliates appearing on the first page of this Award Agreement.
	 
	 	(i)	 	“Plan” means the Vulcan Materials Company 2006 Omnibus Long-Term Incentive
Plan, as amended, or any successor plan, as amended.
	 
	 	(j)	 	“Retirement” means a participant who retires or who is eligible to elect to
retire in accordance with the Company’s Retirement Income Plan for Salaried Employees
of Vulcan Materials Company or any successor plan.
	 
	 	(k)	 	“Share” means a share of Common Stock, par value $1.00 per share, of the
Company.
	 
	 	(l)	 	“Stock-Only Stock Appreciation Right” or “SOSAR” means the right granted to the
Participant by the Company to receive Shares having a Fair Market Value equal to the
excess, if any, of the Fair Market Value of a Share on the date of exercise over the
Exercise Price for each such right granted on the first page of this Award Agreement.

 

 

	2.	 	Grant and Term of the SOSARs

	 	(a)	 	Grant. The Participant is awarded the number of SOSARS designated on
the first page of this Award Agreement.
	 
	 	(b)	 	Term. The SOSARs shall terminate and may no longer be exercised on the
first to occur of (i) the date ten (10) years after the Grant Date or (ii) the last
date for exercising a SOSAR following termination of the Participant’s employment with
the Company as described in Section 4.

	3.	 	Exercise of a SOSAR.

	 	(a)	 	Vesting and Right to Exercise. Except as otherwise provided in Section
4, and subject to the Committee’s discretion set forth in Section 6, the SOSARs shall
vest and become exercisable in installments as follows:

On the first anniversary of the Grant Date (the “First Vesting Date”), one-third of
the SOSARS shall become exercisable. An additional one-third of the SOSARs shall
become exercisable on each of the second and third anniversaries of the First
Vesting Date.

	 	(b)	 	Vesting of Partial Shares. In the event that the vesting schedule set
forth above yields a fractional number of SOSARs, the number of SOSARs subject to
vesting in any given year shall be rounded down to the nearest whole number of SOSARs.
	 
	 	(c)	 	Method of Exercise. SOSARs may be exercised by written notice to the
Company which must state the Participant’s election to exercise the SOSARs, the number
of SOSARs being exercised and such other representations and agreements with respect to
such SOSARs as may be required pursuant to the provisions of this Award Agreement and
the Plan. The written notice must be signed by the Participant and must be delivered to
the person designated by the Committee as the Stock Administrator prior to the
termination of the SOSARs as set forth in Section 2.
	 
	 	(d)	 	Delivery of Shares. Upon the exercise of a SOSAR, the Company shall
issue or deliver to the Participant certificates for the number of Shares the
Participant is entitled to receive under the terms of this Award Agreement as soon as
practicable; and, when possible, in the same calendar year.
	 
	 	(e)	 	Withholding. The Company shall withhold Shares having a Fair Market
Value on the date the tax is to be determined equal to the minimum statutory amount for
federal, state, local, and employment taxes (“Total Tax”) which could be withheld on the
transaction, unless the Participant remits to the Company the Total Tax required with
respect to any taxable event arising as a result of this Award Agreement.

	4.	 	Termination of Employment.

	 	(a)	 	Retirement, as defined in Section 1(j).

	 	(i)	 	If a Participant retires from employment at age 62 or
later, the outstanding SOSARs which have been held by the Participant until
January 1st of the calendar year following the year of grant will
be deemed to be non-forfeitable and subject to the Vesting and Term
provisions described herein; provided however, that the

 

 

	 	 	 	Participant executes a reasonable non-competition covenant with the Company
restricting the Participant from competing with the Company in a specified
territory for a specified period of time; otherwise, if such covenant is not
executed by the Participant, the Participant may exercise vested SOSARs until
the first to occur of (i) the date that is 30 days after the Participant’s
termination or (ii) the date on which the SOSARs expire according to their
term. The unvested SOSARs on the date of termination shall be forfeited.
	 
	 	(ii)	 	If a Participant retires from employment prior to
reaching the age of 62, the outstanding SOSARs will become non-forfeitable
in accordance with Schedule A and the Term of the non-forfeitable SOSARs
will remain as defined in Section 2; provided however, that the Participant
executes a reasonable non-competition covenant with the Company restricting
the Participant from competing with the Company in a specified territory for
a specified period of time; otherwise, if such covenant is not executed by
the Participant, the Participant may exercise vested SOSARs until the first
to occur of (i) the date that is 30 days after the Participant’s termination
or (ii) the date on which the SOSARs expire according to their term.

	 	 	 	 	 
	SCHEDULE A
	If the “prior to age 62” retirement occurs on or	 	The percentage of SOSARs
	after January 1st of the:	 	that will become Non-forfeitable is:
	1st Calendar year following the Grant Date
	 	 	33	%
	2nd Calendar year following the Grant Date
	 	 	67	%
	3rd Calendar year following the Grant Date
	 	 	100	%

	 	(b)	 	Disability. Upon determination of Disability, as defined in Section
1(d),the SOSARs outstanding as of the date of such disability shall be deemed to be
fully vested and immediately exercisable. The term of the SOSARs will remain as
defined in Section 2.
	 
	 	(c)	 	Death. Upon the death of a Participant, the SOSARs outstanding as of
the date of death shall be deemed to be fully vested and immediately exercisable, and
may be exercised by the Participant’s legal representatives at any time until the first
to occur of (i) the date that is one year after the Participant’s death or (ii) the
date on which the SOSARs expire according to their term.
	 
	 	(d)	 	Other Termination. Upon voluntary termination for reasons other than
retirement, or upon involuntary termination for reasons other than death, Disability,
or cause as determined under Section 4(e), the Participant may exercise vested SOSARs
until the first to occur of (i) the date that is 30 days after the Participant’s
termination or (ii) the date on which the SOSARs expire according to their term. The
unvested SOSARs on the date of termination shall be forfeited.
	 
	 	(e)	 	Termination for Cause. If a Participant’s employment is terminated for
cause, the SOSARs outstanding will immediately terminate and may not be exercised to
any extent by the Participant, even with respect to vested SOSARs. The Committee shall
have complete discretion to determine whether a Participant has been terminated for
cause. The Committee’s determination shall be final and binding on all persons for
purposes of the Plan and this Award Agreement.

 

 

	 	(f)	 	Change in Control of the Company. Upon a Change in Control of the
Company, as defined in the Vulcan Materials Company Change in Control Severance Plan or
any successor plan, the SOSARs granted under this Award Agreement will be deemed to be
fully vested and immediately exercisable by the Participant. The term of the SOSARs
set forth in Section 2 shall not be affected by a Change in Control of the Company.

	5.	 	Section 16(b) Participants. Any Participant subject to Section 16(b) reporting shall
be governed by same with respect to the exercise of SOSARs.

	6.	 	Committee Discretion. The Committee may, in its sole discretion, amend this Award
Agreement to the extent necessary to comply with any statute, regulation, or other
administrative guidance. Notwithstanding any other provision of the Plan or this Award
Agreement, the Committee may amend the Plan or this Award Agreement to the extent permitted
by their terms and accelerate vesting for the events described in Section 4(a) and extend
the exercise periods for the events described in Sections 4(c) and 4(d), as long as the
exercise period does not extend beyond the SOSAR term set forth in Section 2. The
Committee shall not make any amendment pursuant to this Section 6 that would cause this
Award Agreement, if it is subject to or becomes subject to Section 409A of the Internal
Revenue Code, to fail to satisfy the requirements of such Section 409A.

	7.	 	Entire Agreement; Amendment. This Award Agreement, the Memorandum, and the Plan are
incorporated herewith and represent the entire understanding and agreement between the
Company and the Participant, and shall supersede any prior agreement and understanding
between the parties. Except as provided in Section 6 of this Agreement and subject to any
Plan provision, this Award may not be amended or modified except by a written instrument
executed by the parties hereto.

	8.	 	Non-Solicitation. In consideration for this Agreement and notwithstanding any other
provision in this Agreement, the Participant agrees to comply with the non-solicitation
covenants set forth below:

	 	(a)	 	Non-Solicitation of Customers. The Participant acknowledges that while
employed by the Company, the Participant will occupy a position of trust and confidence
and will acquire confidential information about the Company, its subsidiaries and
affiliates, and their clients and customers that is not disclosed by the Company or any
of its subsidiaries or affiliates in the ordinary course of business, including trade
secrets, data, formulae, information concerning customers and other information which
is of value to the Company because it is not generally known. The Participant agrees
that during the period of employment with the Company and for a period of two years
after the date of termination of employment with the Company, regardless of the reason
for termination, the Participant will not, either individually or as an officer,
director, stockholder, member, partner, agent, consultant or principal of another
business firm, directly or indirectly solicit any customer of the Company or of its
affiliates or subsidiaries.
	 
	 	(b)	 	Non-Solicitation of Employees. The Participant recognizes that while
employed by the Company, the Participant will possess confidential information about
other employees of the Company and its subsidiaries or affiliates relating to their
education, experience, skills, abilities, compensation and benefits, and inter-personal
relationships with suppliers to and customers of the Company and its subsidiaries or
affiliates. The Participant recognizes that this information is not generally known,
is of substantial value to the Company and its subsidiaries or affiliates in developing
their respective businesses and in securing and

 

 

	 	 	 	retaining customers, and will be acquired by the Participant because of the
Participant’s business position with the Company. The Participant agrees that during
the period of employment with the Company and for two years after the date of
termination of employment with the Company, regardless of the reason for termination,
the Participant will not, directly or indirectly, solicit or recruit any employee of
the Company or any of its subsidiaries or affiliates for the purpose of being employed
by the Participant or by any business, individual, partnership, firm, corporation or
other entity on whose behalf the Participant is acting as an agent, representative or
employee and that the Participant will not convey any such confidential information or
trade secrets about other employees of the Company or any of its subsidiaries or
affiliates to any other person except within the scope of the Participant’s duties as
an employee of the Company.
	 
	 	(c)	 	Remedies. If any dispute arises concerning the violation by the
Participant of the covenants described in this Section, an injunction may be issued
restraining such violation pending the determination of such controversy, and no bond
or other security shall be required in connection therewith. If the Participant
violates any of the obligations in this Section, this Award Agreement will terminate,
if it is outstanding, and, in addition, the Company will be entitled to any appropriate
relief, including money damages, equitable relief, and attorneys’ fees.

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