Document:

Exhbiit 10.54C

 

CLEAN HARBORS, INC.

 

Performance-Based Restricted Stock Award Agreement

 

	
  Employee:

  	
  [                            ]

  
	
  Number
  of Shares:

  	
  [                            ]

  
	
  Award
  Date:

  	
  [                            ]

  

 

THIS
AGREEMENT (the “Agreement”) is made as of the date set forth above (the “Award
Date”) between Clean Harbors, Inc., a Massachusetts corporation (the “Company”),
and the above-referenced employee (the “Participant”).

 

For
valuable consideration, receipt of which is acknowledged, the parties hereto
agree as follows.

 

1.                                       Grant of Shares
and Vesting.

 

Effective
as of the Award Date, the Company hereby grants to the Participant
[            ]
shares (the “Shares”) of the Company’s common stock, par value $.01 per
share (“Common Stock”), as an Award of Restricted Stock pursuant to the
Company’s 2010 Stock Incentive Plan (such Plan, as it may previously have been
or may hereafter be amended, the “Plan”).  All of the terms and conditions of the Plan
are incorporated herein by reference, and any capitalized terms that are not
defined herein shall have the respective meanings ascribed to such terms in the
Plan. The Participant hereby accepts the Award and agrees to acquire and hold
the Shares subject to the terms and conditions of the Plan and the additional
terms and conditions contained herein.

 

Provided
that the Company shall achieve the performance goal (the “Performance Goal”)
set out in Attachment A within the performance period (“Performance
Period”) set out in Attachment A, the Shares shall vest (and become “Vested
Shares”) in such amounts and on such dates (the “Vesting Schedule”)
as are set out in Attachment A. The period between the Award Date and
the earlier of (i) the Termination Date (as defined in Section 2 hereof) or
(ii) the completion of the Vesting Schedule is referred to hereafter as the “Vesting
Period.” However, notwithstanding the Vesting Schedule, one hundred (100%)
percent of the Shares shall vest and the Vesting Schedule shall be deemed to
have been completed in the event (i) a Change of Control of the Company shall
occur either (A) prior to December 31,
[            ], or
(B) if the Company shall have satisfied the Performance Goal by December 31,
[          ], between January
1, [          ] and the
completion of the Vesting Schedule, and (ii) on the date of such Change of
Control, the Participant shall continue to be employed by the Company (or any
subsidiary or parent thereof included in the term “Company” as defined in the
Plan).  A Change of Control of the
Company shall be deemed to have occurred if the Company is a party to any
merger, consolidation or sale of assets, or there is a tender offer for the
Company’s common stock, or a contested election of the Company’s directors, and
as a result of any such event, either (i) the directors of the Company in
office immediately before such event cease to constitute a majority of the
Board of Directors of the Company, or of the company succeeding to the Company’s
business, or (ii) any company, person or entity (including one or more persons
and/or entities acting in concert as a group) other than an affiliate of the
Company gains “control” (ownership of 

 

 

more
than fifty (50%) percent of the outstanding voting stock of the Company) over
the Company.  The concept of “control”
shall be deemed to mean the direct or indirect ownership, beneficially or of
record, of voting stock of the Company.

 

2.                                       Forfeiture of
Unvested Shares.

 

If
the Participant ceases during the Vesting Period to be employed by the Company
(or any subsidiary or parent thereof included in the term “Company” as defined
in the Plan) for any reason (except as specifically provided in the following
sentence), the Company shall automatically reacquire any of the Shares which
have not vested in accordance with Section 1 (the “Unvested Shares”) as
of the effective date of such cessation (the “Termination Date”).  In such event, the Participant shall forfeit
such Unvested Shares unconditionally and shall have no further right or
interest in such Unvested Shares unless the Company agrees in writing to waive
its reacquisition right as to some or all of such Unvested Shares.  However, if (i) the Participant ceases during
the Vesting Period to be so employed because of death or permanent disability
(as determined in the Committee’s sole judgment) and (ii) the Company has
satisfied the Performance Goal prior to such cessation of employment, then the
Shares which would otherwise be treated as Unvested Shares under the preceding
sentence shall instead be treated as Vested Shares. In either such event, the
Participant shall forfeit such Unvested Shares unconditionally and shall have
no further right or interest in such Unvested Shares unless the Company agrees
in writing to waive its reacquisition right as to some or all of such Unvested
Shares.

 

3.                                       Administration
of Stock Certificates.

 

(a)           Concurrently with or promptly following the execution
hereof, the Company shall deliver the Unvested Shares either in certificated or
uncertificated form (as the Committee shall elect) to American Stock Transfer
& Trust Company (such company or any other agent as the Committee may
select during the Vesting Period being referred to hereafter as the “Administrative
Agent”).  During the Vesting Period,
the Administrative Agent shall hold the Shares for the benefit of the
Participant, but subject to the provisions of this Agreement. Notwithstanding
such deposit of the Shares with the Administrative Agent, the Participant shall
retain during the Vesting Period the right to vote and enjoy all other rights
and incidents of ownership of the Shares except as may be restricted hereunder.

 

(b)           During the Vesting Period, the Administrative Agent shall
keep true and accurate records of all the Shares. The Company shall indemnify
and hold harmless the Administrative Agent against any and all costs or
expenses (including attorneys’ fees and expenses), judgments, fines, losses,
claims, damages, liabilities and amounts paid in settlement in connection with
any claim, action, suit, proceeding or investigation arising out of or
pertaining to this Agreement.

 

(c)           Following the close of each calendar quarter during which
any of the Shares shall become Vested Shares, the Administrative Agent shall,
upon the written request of the Participant but subject to potential delivery
to the Company of a portion of such Vested Shares to the extent required to pay
withholding taxes in accordance with Section 7 hereof, deliver to the
Participant stock certificates representing such number of Vested Shares which
ceased to be Unvested Shares during such calendar quarter. Following the close
of the calendar quarter in which there shall remain on deposit with the
Administrative Agent no Shares which have not yet become Vested Shares or been
forfeited to the Company, but subject to potential delivery to the Company of a
portion of such Vested Shares to the extent required to pay withholding taxes
in 

 

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accordance with Section 7 hereof, the Administrative
Agent shall deliver to the Participant stock certificates representing the
Vested Shares (if any) remaining in the possession of the Administrative
Agent.  The Participant hereby authorizes
the Administrative Agent to deliver to the Company any and all Shares that are
forfeited under the provisions of this Agreement or that are required to pay
withholding taxes in accordance with Section 7 hereof.

 

4.                                       Restrictions on
Transfer.

 

The
Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise
dispose of, by gift, sale, operation of law or otherwise (collectively “transfer”),
any Unvested Shares or any interest therein.

 

5.                                       Effect of
Prohibited Transfer.

 

The
Company shall not be required (a) to transfer on its books any of the Shares
which shall have been sold or transferred in violation of any of the
restrictions imposed by this Agreement, or (b) to treat as owner of such Shares
or to pay dividends to any transferee to whom any such Shares shall have been
so sold or transferred.

 

6.                                       Adjustments for
Stock Splits, Stock Dividends, Etc.

 

If
from time to time there is any stock split-up, stock dividend, stock
distribution or other reclassification of the Common Stock of the Company, any
and all new, substituted or additional securities to which the Participant is
entitled by reason of Participant’s ownership of Shares shall be immediately
subject to the vesting requirements, restrictions on transfer and other
provisions of this Agreement in the same manner and to the same extent as such
Shares.

 

7.                                       Withholding
Taxes.

 

(a)           The Participant acknowledges and agrees that in the case
of the issuance of Restricted Stock that is “substantially vested” (within the
meaning of Treasury Regulations Section 1.83-3(b)), the Committee may require
the Participant to remit to the Company an amount sufficient to satisfy any
federal, foreign, state or local withholding tax requirements (or make other
arrangements satisfactory to the Company with regard to such taxes, including
withholding from regular cash compensation, providing other security to the
Company, or remitting or foregoing the receipt of Shares having a fair market
value on the date of delivery sufficient to satisfy such obligations) prior to
the issuance of any Shares pursuant to the grant of Restricted Stock.

 

(b)           The Participant acknowledges and agrees that in the case
of Restricted Stock that is not “substantially vested” upon issuance, if the
Committee determines that under applicable law and regulations the Company
could be liable for the withholding of any federal, foreign, state or local tax
with respect to such Shares, the Committee may require the Participant to remit
to the Company an amount sufficient to satisfy any such potential liability (or
make other arrangements satisfactory to the Company with respect to such taxes,
including withholding from regular cash compensation providing other security
to the Company, or remitting or foregoing the receipt of Shares having a fair
market value on the date of delivery sufficient to satisfy such obligations).
The Participant shall remit such amount to the Company at either (i) the time
the Participant makes an election under Section 83(b) of the Internal Revenue
Code of 1986, as amended (the “Code”), with respect to such Shares, or
(ii) at the time such Shares become 

 

3

 

“substantially vested.” The Participant acknowledges that the Shares of Restricted Stock are
subject to the forfeiture obligation under Section 2 of this Agreement and such
forfeiture obligation may be treated as a substantial risk of forfeiture within
the meaning of Section 83 of the Code, and that, in the absence of an election
under Section 83(b) of the Code, such treatment could delay the determination
of the tax consequences of the Participant’s receipt of the Shares for both the
Company and the Participant (possibly to the Participant’s detriment).  If the Participant files a timely election
under Section 83(b) of the Code, the Participant shall provide the Company with
an original copy of such timely filed election and a certified mail or
overnight courier receipt of such filing within 10 days of the time the
election is filed.

 

8.                                       Severability.

 

The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
and each other provision of this Agreement shall be severable and enforceable
to the extent permitted by law.

 

9.                                       Waiver;
Termination.

 

Any
provision contained in this Agreement may be waived, either generally or in any
particular instance, by the Company. This Agreement may be terminated as
provided in the Plan.

 

10.                                 Binding Effect.

 

This
Agreement shall be binding upon and inure to the benefit of the Company and the
Participant and their respective heirs, executors, administrators, legal
representatives, successors and assigns, subject to the restrictions on
transfer set forth in Section 4 of this Agreement.

 

11.                                 Notice.

 

All
notices required or permitted hereunder shall be in writing and deemed effectively
given (i) upon personal delivery (ii) one (1) day after delivery to an
overnight courier service which provides for a receipt upon delivery, or (iii)
three (3) days after deposit with the United States Post Office, by registered
or certified mail, postage prepaid, addressed, if to the Company, to Clean
Harbors, Inc., 42 Longwater Drive, P.O. Box 9149, Norwell, Massachusetts
02061-9149, Attention: Treasurer; and if to the Participant, to the address
shown beneath his or her respective signature to this Agreement; or at such
other address or addresses as either party shall designate to the other in
accordance with this Section 11.

 

12.                                 Pronouns.

 

Whenever
the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of
nouns and pronouns shall include the plural, and vice-versa.

 

13.                                 Entire
Agreement.

 

This
Agreement, together with Attachment A hereto and the Plan, constitutes
the entire agreement between the parties, and supersedes all prior agreements
and understandings relating to the subject matter of this Agreement.

 

4

 

14.                                 Amendment.

 

This
Agreement may be amended or modified only by a written instrument executed by
both the Company and the Participant.

 

15.                                 Governing Law.

 

This
Agreement shall be construed, interpreted and enforced in accordance with the
laws of the Commonwealth of Massachusetts.

 

5

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
Award Date.

 

	
  Clean
  Harbors, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  [                                                              ]

  	
   

  	
   

  
	
   

  	
  Title:

  	
  [                                                              ]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Signature
  of Participant)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Printed
  Name of Participant)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Residence
  Street Address)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (City)                              (State)                              (Zip
  Code)

  	
   

  	
   

  
						

 

6

 

Attachment
A

 

Performance
Goal

 

[                                                    ]

 

Performance
Period

 

[                                                    ]

 

Vesting
Schedule

 

[                                                    ]

 

	
  Clean
  Harbors, Inc.

  	
   

  	
  Participant

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
  [                                          ]

  	
   

  	
  Name:
  [                      ]

  
	
  Title:

  	
  [                                          ]

  	
   

  	
   

  
					

 

7Exhibit 10.2

 

HANGER
ORTHOPEDIC GROUP, INC.

Restricted
Stock Agreement for Non-Employee Directors

 

THIS AGREEMENT is made by and between HANGER ORTHOPEDIC GROUP, INC.,
a Delaware corporation (the “Company”), and the non-employee director (“Non-Employee
Director”) identified on the Company’s on-line electronic list of persons to
whom a grant of restricted stock has been made by the Company.

 

W I T N E S S E T H:

 

WHEREAS, the Company desires to award to the Non-Employee Director
restricted shares of the Company’s common stock, par value $.01 per share (the “Common
Stock”), under the Company’s 2010 Omnibus Incentive Plan (the “Plan”) in
consideration for the Non-Employee Director’s service as a member of the Board
of Directors of the Company (the “Board of Directors”).

 

NOW, THEREFORE, the parties hereto, intending to be legally bound, do
agree as follows:

 

1.             Award of Restricted Stock.  Subject to the terms and conditions of this
Agreement and the Plan, the Non-Employee Director is granted the number of
shares of Common Stock as set forth on the Company’s on-line electronic list as
being granted to the Employee (hereinafter such shares are referred to as the “Restricted
Stock”) as of the date shown on the Company’s on-line electronic list as being
the date of grant to the Non-Employee Director (the “Grant Date”).

 

2.             Value of Restricted Stock.  The initial value of each share of the
Restricted Stock shall be equal to the closing sale price per share of the
Common Stock on the New York Stock Exchange on the date preceding the Grant
Date of the Restricted Stock.

 

3.             Restricted Stock Non-Assignable and Non-Transferable.  Each share of Restricted Stock and all rights
under this Agreement shall be non-assignable and non-transferable other than by
will or the laws of descent and distribution in accordance with the Plan and
may not be sold, pledged, hypothecated, assigned or transferred, except only as
to such shares of Restricted Stock, if any, which have vested pursuant to the
terms of the Plan and this Agreement. 
The foregoing prohibition against transfer or assignment, together with
the obligation to forfeit the Restricted Stock upon termination of service on
the Board of Directors as set forth in Section 4 of this Agreement, are
herein collectively referred to as the “Forfeiture Restrictions.”  The Forfeiture Restrictions shall be binding
upon and enforceable against any transferee of the Restricted Stock.

 

4.             Termination of Membership on the Board of Directors.  In the event of termination of the
Non-Employee Director’s membership on the Board of Directors by reason of total
and permanent disability (within the meaning of Code Section 409A), death
or Retirement, 

 

 

each
of the then unvested shares of Restricted Stock will immediately vest in full
as of the date of such termination. 
Retirement means the Non-Employee Director’s termination of service on
the Board of Directors after having served continuously as a director for at
least five (5) years and after having given the Company written notice of
the director’s intent to retire no less than one (1) year prior to the
date of such termination.  In the event
of the termination of the Non-Employee Director’s membership on the Board of
Directors other than by reason of total and permanent disability, death or
Retirement, any then unvested shares of Restricted Stock shall be forfeited and
cancelled as of the date which is ninety (90) days after such date of
termination of service unless such unvested shares of Restricted Stock vest on
or before that date which is ninety (90) days after such termination of
service.

 

5.             Lapse of Forfeiture Restrictions.  Subject to Section 4, the shares of
Restricted Stock are subject to vesting at the rate of one-third (1/3) of the
shares of Restricted Stock on each of the first three anniversaries of the
Grant Date, provided that the Non-Employee Director has continuously served on
the Board of Directors from the Grant Date through each such anniversary of the
Grant Date.

 

6.             Certificate.  A
certificate evidencing the Restricted Stock that has vested shall be issued by
the Company in the Non-Employee Director’s name as soon as practicable (but not
more than thirty (30) days) after such Restricted Stock vests.

 

7.             Limitation of Rights.

 

(a)  No Right to Continue as
a Director.  Neither the Plan
nor the grant of the Restricted Stock shall constitute or be evidence of any
agreement or understanding, express or implied, that the Non-Employee Director
has a right to continue as a member of the Board of Directors for any period of
time, or at any particular rate of compensation.

 

(b)  No Stockholder’s Rights
as to Restricted Stock. 
The Non-Employee Director shall have no rights as a stockholder with
respect to unvested shares of Restricted Stock granted hereunder until the date
such shares become vested in the Non-Employee Director, and no adjustment will
be made for any dividends or other rights for which the record date is prior to
the date of the vesting of such shares of Restricted Stock.  Until the Forfeiture Restrictions on the
Restricted Stock lapse, the Restricted Stock shall be administered by the
Company as restricted stock units.

 

8.             Incorporation by Reference.  The terms of the Plan to the extent not
stated herein are expressly incorporated herein by reference and in the event
of any conflict between this Agreement and the Plan, the terms of the Plan
shall govern, control and supercede over the provisions of this Agreement.

 

All
of the terms and conditions of this Agreement are hereby confirmed, ratified,
approved and accepted by the Company and by the Non-Employee Director, who has
accepted this Agreement and its terms pursuant to the Non-Employee Director’s
electronic submission of the Non-Employee Director’s confirmation of this
Agreement in accordance with the instructions

 

2

 

contained
on the on-line website maintained for the benefit of the Company for grants of
restricted stock by the Company.

 

3

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