Document:

Exhibit 10.4

 

Exhibit 10.4

ROBBINS & MYERS, INC.

AWARD AGREEMENT FOR

SPECIAL RESTRICTED SHARE AWARD TO SAEID RAHIMIAN

UNDER ROBBINS & MYERS, INC. 2004 STOCK INCENTIVE PLAN

This AWARD AGREEMENT (the “Agreement”) is entered into as of the Award Date set forth below
between ROBBINS & MYERS, INC., an Ohio corporation (the “Company”), and Saeid Rahimian
(“Executive”).

     A. Executive is a Group Vice President of the Company; and the Compensation Committee (the
“Committee”) of the Board of Directors (the “Board”) of the Company has determined
that a special Restricted Share Award should be made to Executive under the Company’s 2004
Incentive Stock Plan As Amended (the “Plan”), a copy of which has been provided to
Executive and is incorporated herein by this reference;

     B. For the purpose of encouraging Executive to exercise strong leadership in the growth and
development of the Company’s businesses, to build value for shareholders and to have a substantial
proprietary interest in the Company through stock ownership, the Committee has authorized this
special award of Restricted Shares; and

     C. Any capitalized term used herein that is not defined herein shall have the meaning ascribed
to it in the Plan.

NOW, THEREFORE, THE COMPANY AND EXECUTIVE INTENDING TO BE LEGALLY BOUND HEREBY AGREE AS FOLLOWS:

SECTION 1. RESTRICTED SHARE AWARD.

1.1 Grant of Restricted Shares

(a) The Company hereby grants to Executive on October 6, 2005 (the “Award Date”), subject
to the terms and conditions of the Plan and subject further to the terms and conditions of this
Agreement, EIGHT THOUSAND (8,000) common shares of the Company (the “Restricted Shares”) as
a Restricted Share Award under the Plan. If and when the restrictions set forth in Section 1.2
expire in accordance with the terms of this Agreement without forfeiture of the Restricted Shares,
and upon satisfaction of all other applicable conditions with respect to the Restricted Shares,
such shares shall no longer be considered restricted for purposes of this Agreement.

(b) As soon practicable after the Award Date, the Company shall direct that a stock certificate
representing the Restricted Shares be registered in the name of and issued to Executive. Such
certificate shall be held in the custody of the Company or its designee until such Restricted
Shares are no longer considered restricted.

Exhibit 10.4

 

 

(c) By executing this Agreement, Executive irrevocably appoints the Vice President, Finance and the
Secretary of the Company, and each of them, as his true and lawful attorney in fact, with power (i)
to sign in Executive’s name and on Executive’s behalf stock certificates and stock powers covering
the Restricted Shares and such other documents and instruments as the Committee deems necessary or
desirable to carry out the terms of this Agreement and (ii) to take such other action as the
Committee deems necessary or desirable to effectuate the terms of this Agreement. This power,
being coupled with an interest, is irrevocable. Executive agrees to execute such other stock
powers and documents as may be reasonably requested from time to time by the Committee to
effectuate the terms of this Agreement.

(d) Each certificate for the Restricted Shares shall bear the following legend (the “Legend”):

“The ownership and transferability of this certificate and the common shares
represented hereby are subject to the terms and conditions (including forfeiture) of
the Robbins & Myers, Inc. 2004 Stock Incentive Plan As Amended and an Award Agreement
for Restricted Shares entered into between the registered owner and Robbins & Myers,
Inc. Copies of such Plan and Agreement are on file in the executive offices of Robbins
& Myers, Inc.”

In addition, the stock certificate for the Restricted Shares shall be subject to such stop-transfer
orders and other restrictions as the Company may deem advisable under the rules, regulations, and
other requirements of the Securities and Exchange Commission, any stock exchange or securities
association upon which the common shares are then listed, and any applicable federal or state
securities law, and the Company may cause a legend or legends to be placed on such certificate or
certificates to make appropriate reference to such restrictions.

(e) As soon as administratively practicable following the Vesting Date (as defined in Section 1.3),
and upon the satisfaction of all other applicable conditions with respect to the Restricted Shares,
the Company shall deliver or cause to be delivered to Executive a certificate or certificates for
the Restricted Shares which shall not bear the Legend.

1.2 Restrictions.

(a) Executive shall have all rights and privileges of a shareholder with respect to the Restricted
Shares, including the right to vote and receive dividends or other distributions with respect to
the Restricted Shares, except that the following restrictions shall apply:

(i) Executive shall not be entitled to delivery of the certificate for the Restricted Shares until
the Vesting Date and upon the satisfaction of all other applicable conditions;

(ii) Restricted Shares may not be sold, transferred, assigned or subject any encumbrance, pledge,
or charge or disposed of for any reason until the Vesting Date;

(iii) All common shares distributed as a dividend or distribution, if any, with respect to the
Restricted Shares prior to the Vesting Date shall be delivered to and held by the Company and

Exhibit 10.4

 

 

subject to the same restrictions as the Restricted Shares in respect of which the dividend or
distribution was made; and

(iv) All unvested Restricted Shares shall be forfeited and returned to the Company and all rights
of Executive with respect to such shares shall terminate in their entirety on the terms and
conditions set forth in Section 1.4(b).

(b) Any attempt to dispose of unvested Restricted Shares or any interest in such shares in a manner
contrary to the restrictions set forth in this Agreement shall be void and of no effect.

1.3 Vesting.

Subject to the provisions contained in Sections 1.4 and 1.5, the restrictions set forth in Section
1.2 with respect to the Restricted Shares shall expire on October 5, 2008 (the “Vesting
Date”).

1.4 Acceleration on Share Performance; Forfeiture; Change of Control

(a) Notwithstanding any provision of this Agreement to the contrary, if at any time after July 5,
2006, the closing prices of a Common Share as reported on the New York Stock Exchange-Composite
Transactions Tape are $29.00 or higher for a continuous 90-day period, then, on the day immediately
following the last day of such 90-day period, all of the Restricted Shares shall vest and such
date shall be the Vesting Date for the Restricted Shares awarded under this Agreement.

(b) If Executive’s employment with the Company terminates for any reason, all unvested
Restricted Shares shall be forfeited by Executive as of the date of termination. In the event of
any such forfeiture, all such forfeited Restricted Shares shall become the property of the Company
and the certificate or certificates representing such Restricted Shares shall be returned
immediately to the Company.

(c) In the event of a Change of Control of the Company, all unvested Restricted Shares shall
automatically become fully vested on the date when the Change of Control is deemed to have occurred
and such date shall be the Vesting Date for Restricted Shares that vest on such date.

1.5 Committee’s Discretion.

Notwithstanding any provision of this Agreement to the contrary, the Committee shall have
discretion to waive any forfeiture of the Restricted Shares and any other conditions set forth in
this Agreement, but only to the extent any such waiver of the forfeiture or condition is permitted
by the terms of the Plan.

1.5 Payment of Applicable Taxes. 

No Restricted Shares shall be delivered to Executive after vesting until any taxes payable with
respect to the vesting of the Restricted Shares have been withheld by the Company or paid by
Executive. Executive may use Common Shares to pay the Company all or any part of the

Exhibit 10.4

 

 

mandatory federal, state or local withholding tax payments. Payment of applicable taxes may be
made as follows: (i) in cash, (ii) payment in Common Shares owned by Executive, including those
that have vested under the Plan, or (iii) by a combination of the methods described above

SECTION 2. REPRESENTATIONS OF EXECUTIVE.

Executive hereby represents to the Company that Executive has read and understands the provisions
of this Agreement and the Plan, and Executive acknowledges that Executive is relying solely on his
or her own advisors with respect to the tax consequences of this Restricted Share Award.

SECTION 3. NOTICES.

All notices or communications under this Agreement shall be in writing, addressed as follows:

			
	To the Company:	 	Robbins & Myers, Inc.

1400 Kettering Tower

Dayton, Ohio 45423

Attention: Vice President, Human Resources

			
	To Executive:	 	At the last residence address of Executive on file with the Company.

Any such notice or communication shall be (a) delivered by hand (with written confirmation of
receipt) or sent by a nationally recognized overnight delivery service (receipt requested), (b) be
sent certified or registered mail, return receipt requested, postage prepaid, addressed as above
(or to such other address as such party may designate in writing from time to time), or (c) be
given electronically, if receipt is confirmed electronically to the sender within 24 hours and the
actual date of receipt shall determine the time at which notice was given.

SECTION 4. PLAN CONTROLLING.

The Award is subject all of the terms and conditions of the Plan. In the event of a conflict
between the Plan and this Agreement, the provisions of the Plan shall control.

SECTION 5. GOVERNING LAW. 

This Agreement and its validity, interpretation, performance and enforcement shall be governed by
the laws of the State of Ohio other than the conflict of laws provisions of such laws.

SECTION 6. SEVERABILITY.

Whenever possible, each provision in this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be held to
be prohibited by or invalid under applicable law, then (a) such provision shall be deemed amended
to accomplish the objectives of the provision as originally written to the fullest extent permitted
by law and (b) all other provisions of this Agreement shall remain in full force and

Exhibit 10.4

 

 

effect.

SECTION 7. STRICT CONSTRUCTION.

No rule of strict construction shall be implied against the Company, the Committee or any other
person in the interpretation of any of the terms of the Plan, this Agreement or any rule or
procedure established by the Committee.

SECTION 8. DEFINITIONS.

(a) “Change of Control” means and shall be deemed to have occurred on (i) the date upon which the
Company is provided a copy of a Schedule 13D, filed pursuant to Section 13(d) of the Securities
Exchange Act of 1934 indicating that a group or person, as defined in Rule 13d-3 under said Act,
has become the beneficial owner of 20% or more of the outstanding Voting Shares or the date upon
which the Company first learns that a person or group has become the beneficial owner of 20% or
more of the outstanding Voting Shares if a Schedule 13D is not filed; (ii) the date of a change in
the composition of the Board such that individuals who were members of the Board on the date two
years prior to such change (or who were subsequently elected to fill a vacancy in the Board, or
were subsequently nominated for election by the Company’s shareholders, by the affirmative vote of
at least two-thirds of the directors then still in office who were directors at the beginning of
such two year period) no longer constitute a majority of the Board; (iii) the date the shareholders
of the Company approve a merger or consolidation of the Company with any other corporation, other
than a merger or consolidation which would result in the Voting Shares of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Shares of the surviving entity) at least 80% of the total voting power
represented by the Voting Shares of the Company or such surviving entity outstanding immediately
after such merger or consolidation; or (iv) the date shareholders of the Company approve a plan of
complete liquidation of the Company or an agreement for the sale or disposition by the Company of
all or substantially all the Company’s assets.

(b) “Company” means Robbins & Myers, Inc., an Ohio corporation, and when used with reference to
employment of Employee, Company includes any Subsidiary of the Company.

(c) “Fair Market Value” means the average of the high and low prices of a Common Share on the date
when the value of a Common Share is to be determined, as reported on the New York Stock
Exchange-Composite Transactions Tape; or, if no sale of Common Shares is reported on such date,
then the next preceding date on which a sale occurred; or if the Common Shares are no longer listed
on such exchange, the determination of such value shall be made by the

Exhibit 10.4

 

 

Committee in accordance with applicable provisions of the Internal Revenue Code and related
regulations promulgated under the Code.

IN WITNESS WHEREOF, the Company and Executive have duly executed this Agreement as of the Award
Date.

	 	 	 	 	 
	ROBBINS & MYERS, INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

Peter C. Wallace
	 	 
	Title:

	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 
	EXECUTIVE
	 	 
	 
	 	 	 	 
	 	 	 
	Name:

	 	Saeid Rahimian	 	 

Exhibit 10.4Exhibit 10.5

 

Exhibit 10.5

ROBBINS & MYERS, INC.

AWARD AGREEMENT FOR

PERFORMANCE SHARE AWARD TO PETER C. WALLACE

UNDER ROBBINS & MYERS, INC. 2004 STOCK INCENTIVE PLAN

This AWARD AGREEMENT (the “Agreement”) is entered into as of the Award Date set forth below
between ROBBINS & MYERS, INC., an Ohio corporation (the “Company”), and Peter C. Wallace
(“Executive”).

     A. The Company from time to time makes Performance Share Awards to Executives under the
Company’s 2004 Incentive Stock Plan As Amended (the “Plan”), a copy of which has been
provided to Executive and is incorporated herein by this reference;

     B. For the purpose of encouraging Executive to have a proprietary interest in the Company
through stock ownership, to continue in the service of the Company and its Subsidiaries, and to
render superior performance during the Performance Period, the Compensation Committee (the
“Committee”) of the Board of Directors (the “Board”) of the Company has determined
that Performance Shares should be awarded under the Plan to Executive; and

     C. Any capitalized term used herein that is not defined herein shall have the meaning ascribed
to it in the Plan.

NOW, THEREFORE, THE COMPANY AND EXECUTIVE INTENDING TO BE LEGALLY BOUND HEREBY AGREE AS FOLLOWS:

SECTION 1. PERFORMANCE SHARE AWARD.

1.1 Grant of Performance Shares

(a) The Company hereby grants to Executive on October 6, 2005 (the “Award Date”), subject
to the terms and conditions of the Plan and subject further to the terms and conditions of this
Agreement, SIX THOUSAND SIX HUNDRED (6,600) Performance Shares (the “Performance Shares”)
as a Performance Share Award under the Plan. Each Performance Share represents the right to
receive one Common Share if and when the Performance Goal for a Performance Period applicable to
the particular Performance Shares is satisfied.

(b) If the Company declares and pays a cash dividend with respect to the Common Shares, it shall
also pay a cash dividend in the same amount and at the same time with respect to each Performance
Share held by Executive.

(c) If there shall occur any recapitalization, reclassification, stock dividend, stock split,
reverse stock split, or other distribution with respect to the Common Shares, or any merger,

Exhibit 10.5

 

 

reorganization, consolidation or other change in corporate structure affecting the Common Shares,
the Committee may, in the manner and to the extent that it deems appropriate and equitable to
Executive and consistent with the terms of the Plan, cause an adjustment to be made in (i) the
number and kind of Common Shares subject to the then outstanding Performance Shares, (ii) the
Performance Goals applicable to the Performance Shares, and (iii) any other terms of the
Performance Share Award that are affected by the event.

(d) As soon as administratively practicable following the applicable Payment Date (as defined
in Section 1.3), and upon the satisfaction of all other applicable conditions with respect to the
Performance Share Award, the Company shall deliver or cause to be delivered to Executive a
certificate or certificates for the Common Shares that have been earned through achievement of the
Performance Goals.

1.2 Restrictions.

(a) Performance Shares may not be sold, transferred, assigned or subject any encumbrance, pledge,
or charge or disposed of for any reason.

(b) Any Performance Shares for which the applicable Performance Goal has not be met by August 31,
2009 shall be cancelled and shall be of no further force and effect.

(c) Any attempt to dispose of Performance Shares or any interest in such shares in a manner
contrary to the Plan or this Agreement shall be void and of no effect.

1.3 Performance Goals; Payment.

(a) Subject to the provisions contained in Sections 1.4, the Performance Period and Performance
Goals for the Performance Shares awarded herein shall be as follows:

     (i) For one-third of the Performance Shares awarded herein, the initial Performance Period
shall be the fiscal year ending August 31, 2006 (“Fiscal 2006”) and such Performance Shares
shall be deemed earned if the Company’s Earnings Per Share (as defined herein) shall have increased
by 15% over the fiscal year ended August 31, 2005 (“Fiscal 2005”); provided, however, all
Performance Shares that are not earned with respect of Fiscal 2006 shall be carried forward to the
next Performance Period;

     (ii) For an additional one-third of the Performance Shares awarded herein and any Performance
Shares carried forward from the prior Performance Period, the Performance Period shall begin on the
September 1, 2006 and end on August 31, 2007 (“Fiscal 2007”) and such Performance Shares
shall be deemed earned if the Company’s Earnings Per Share for Fiscal 2007 have increased on a
cumulative basis at a compound annual rate of 15% since Fiscal 2005; provided, however, if
Performance Shares are not earned with respect of Fiscal 2007, all such Performance Shares shall be
carried forward to the next Performance Period;

     (iii) For an additional one-third of the Performance Shares awarded herein and any Performance
Shares carried forward from the prior Performance Period, the Performance Period

Exhibit 10.5

 

 

shall begin on the September 1, 2007 and end on August 31, 2008 (“Fiscal 2008”) and such
Performance Shares shall be deemed earned if the Company’s Earnings Per Share for Fiscal 2008 have
increased on a cumulative basis at a compound annual rate of 15% since Fiscal 2005; provided,
however, if Performance Shares are not earned with respect of Fiscal 2008, all such Performance
Shares shall be carried forward to the next Performance Period; and

     (iv) For any Performance Shares carried forward from the prior Performance Period, the
Performance Period shall begin on the September 1, 2008 and end on August 31, 2009 (“Fiscal
2009”) and such Performance Shares shall be deemed earned if the Company’s Earnings Per Share
for Fiscal 2009 have increased on a cumulative basis at a compound annual rate of 15% since Fiscal
2005; provided, however, any Performance Shares that are not earned with respect of Fiscal 2009,
shall be cancelled and of no further force and effect.

(b) “Payment Date” shall mean with respect to any Performance Period as to which the
applicable Performance Goal has been met the date following the end of the most recently completed
Performance Period on which the Company first publicly reports its earnings for its most recently
completed fiscal year.

(c) “Earnings Per Share” shall mean, for purposes of this Agreement, earnings per share
determined in accordance with United States generally accepted accounting principles, but excluding
discontinued operations, effects of accounting changes, expenses for restructuring or productivity
initiatives, effects of acquisitions or divestitures and special one time charges associated with
changes in the carrying amount of assets.

 1.4 Acceleration on Change of Control; Forfeiture.

(a) In the event of a Change of Control of the Company, all Performance Shares shall automatically
become fully earned and vested on the date when the Change of Control is deemed to have occurred
and such date shall be the Payment Date for Performance Shares that vest on such date.

(b) If Executive’s employment with the Company terminates for any reason, all outstanding
Performance Shares shall be forfeited by Executive as of the date of termination.

1.5 Section 162(m) Award.

The Performance Share Award made herein is intended to be a Section 162(m) Award as defined in the
Plan and the provisions of the Plan applicable to such awards shall control the interpretation and
performance of this Agreement.

Exhibit 10.5

 

 

1.6 Payment of Applicable Taxes. 

No Common Shares shall be delivered to Executive after they have been earned until any taxes
payable with respect to the earning of the Common Shares have been withheld by the Company or paid
by Executive. Executive may use Common Shares to pay the Company all or any part of the mandatory
federal, state or local withholding tax payments. Payment of applicable taxes may be made as
follows: (i) in cash, (ii) payment in Common Shares owned by Executive, including those that have
been earned under the Plan, or (iii) by a combination of the methods described above

SECTION 2. REPRESENTATIONS OF EXECUTIVE.

Executive hereby represents to the Company that Executive has read and understands the provisions
of this Agreement and the Plan, and Executive acknowledges that Executive is relying solely on his
or her own advisors with respect to the tax consequences of this Performance Share Award.

SECTION 3. NOTICES.

All notices or communications under this Agreement shall be in writing, addressed as follows:

			
	To the Company:	 	Robbins & Myers, Inc.

1400 Kettering Tower

Dayton, Ohio 45423

Attention: Vice President, Human Resources

			
	To Executive:	 	At the last residence address of Executive on file with the Company.

Any such notice or communication shall be (a) delivered by hand (with written confirmation of
receipt) or sent by a nationally recognized overnight delivery service (receipt requested), (b) be
sent certified or registered mail, return receipt requested, postage prepaid, addressed as above
(or to such other address as such party may designate in writing from time to time), or (c) be
given electronically, if receipt is confirmed electronically to the sender within 24 hours and the
actual date of receipt shall determine the time at which notice was given.

SECTION 4. PLAN CONTROLLING.

The Award is subject all of the terms conditions of the Plan. In the event of a conflict between
the Plan and this Agreement, the provisions of the Plan shall control.

SECTION 5. GOVERNING LAW. 

This Agreement and its validity, interpretation, performance and enforcement shall be governed by
the laws of the State of Ohio other than the conflict of laws provisions of such laws.

Exhibit 10.5

 

 

SECTION 6. SEVERABILITY.

Whenever possible, each provision in this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be held to
be prohibited by or invalid under applicable law, then (a) such provision shall be deemed amended
to accomplish the objectives of the provision as originally written to the fullest extent permitted
by law and (b) all other provisions of this Agreement shall remain in full force and effect.

SECTION 7. STRICT CONSTRUCTION.

No rule of strict construction shall be implied against the Company, the Committee or any other
person in the interpretation of any of the terms of the Plan, this Agreement or any rule or
procedure established by the Committee.

SECTION 8. DEFINITIONS.

(a) “Change of Control” means and shall be deemed to have occurred on (i) the date upon
which the Company is provided a copy of a Schedule 13D, filed pursuant to Section 13(d) of the
Securities Exchange Act of 1934 indicating that a group or person, as defined in Rule 13d-3 under
said Act, has become the beneficial owner of 20% or more of the outstanding Voting Shares or the
date upon which the Company first learns that a person or group has become the beneficial owner of
20% or more of the outstanding Voting Shares if a Schedule 13D is not filed; (ii) the date of a
change in the composition of the Board such that individuals who were members of the Board on the
date two years prior to such change (or who were subsequently elected to fill a vacancy in the
Board, or were subsequently nominated for election by the Company’s shareholders, by the
affirmative vote of at least two-thirds of the directors then still in office who were directors at
the beginning of such two year period) no longer constitute a majority of the Board; (iii) the date
the shareholders of the Company approve a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the Voting Shares of the
Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Shares of the surviving entity) at least 80% of the
total voting power represented by the Voting Shares of the Company or such surviving entity
outstanding immediately after such merger or consolidation; or (iv) the date shareholders of the
Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all the Company’s assets.

(b) “Company” means Robbins & Myers, Inc., an Ohio corporation, and when used with
reference to employment of Executive, Company includes any Subsidiary of the Company.

(c) “Fair Market Value” means the average of the high and low prices of a Common Share on
the date when the value of a Common Share is to be determined, as reported on the New York Stock
Exchange-Composite Transactions Tape; or, if no sale of Common Shares is reported on such date,
then the next preceding date on which a sale occurred; or if the Common Shares are

Exhibit 10.5

 

 

no longer listed on such exchange, the determination of such value shall be made by the Committee
in accordance with applicable provisions of the Internal Revenue Code and related regulations
promulgated under the Code.

IN WITNESS WHEREOF, the Company and Executive have duly executed this Agreement as of the Award
Date.

	 	 	 	 	 
	ROBBINS & MYERS, INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

Robert J. Kegerreis
	 	 
	 

	 	Chairman of the Compensation Committee	 	 
	 
	 	 	 	 
	EXECUTIVE
	 	 
	 
	 	 	 	 
	 	 	 
	Name:

	 	Peter C. Wallace	 	 

Exhibit 10.5

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