Document:

EXHIBIT 10.1

 

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 9, 2012

 

 

		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 four-year period
                                                                                                         shown on Section 3 of
                                                                                                         this Award Agreement,
                                                                                                         except that in the event
                                                                                                         of the
                                                                                                         Participant’s death,
                                                                                                         the Award Period
                                                                                                         will be the period covered
                                                                                                         by the Award Agreement
                                                                                                         ending on December 31st
                                                                                                         of the calendar
                                                                                                         year in which the death
                                                                                                         occurred, and in the
                                                                                                         event of a
                                                                                                         change in control (as
                                                                                                         defined in regulations
                                                                                                         or other guidance under
                                                                                                         Section 409A of the Internal
                                                                                                         Revenue Code of 1986,
                                                                                                         as amended (the "Code")),
                                                                                                         the Award Period will
                                                                                                         be the period covered
                                                                                                         by this award agreement
                                                                                                         but ending on the day
                                                                                                         preceding the change
                                                                                                         in control.

 

		(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.

 

		(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)	“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 identified through the electronic, on-line grant
acceptance process, subject to terms and conditions set forth in the Agreement. Depending on the company’s performance as
set forth in Section 3, the participant may earn zero percent (0%) to two hundred percent (200%) of the shares awarded.

 

		(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)	Award Period and Percentage of Awards Payable. The Award Period for this award begins on January 1, 2012 and ends
                                                                                                         on December 31, 2015. Utilizing the Performance Share Unit Payment Table below, Table A, the Committee establishes the
                                                                                                         Percentage of Awards Payable (“Percentage”) for the Award Period. The Percentage is based on the company’s
                                                                                                         4-year average Total Shareholder Return (“TSR”) relative to S&P 500 Index as comprised on January 1 of the
                                                                                                         year of grant. In the event of a Change In Control, the Percentage is the greater of the Percentage as determined by the
                                                                                                         performance during the Award Period or the target Percentage (100%).

 

	Performance Share Unit Payment Table
	TABLE A
	4-Year Average Total Shareholder Return Percentile Rank Relative to S&P 500 Index	% of Performance Share Share Units Payable
	75th or >	200
	50th	100
	25th or <	0

 

 

		(b)	Units Payable. The number of PSUs payable is the shares awarded multiplied by the TSR Percentage payable. For performance
levels falling between the values as shown above, the Percentages will be determined by interpolation. 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
                                                                                                                            between
                                                                                                                            January
                                                                                                                            1
                                                                                                                            and
                                                                                                                            March
                                                                                                                            15
                                                                                                                            of
                                                                                                                            the
                                                                                                                            calendar
                                                                                                                            year
                                                                                                                            after
                                                                                                                            the
                                                                                                                            calendar
                                                                                                                            year
                                                                                                                            in
                                                                                                                            which
                                                                                                                            the
                                                                                                                            Award
                                                                                                                            Period
                                                                                                                            [as
                                                                                                                            defined
                                                                                                                            in
                                                                                                                            Section
                                                                                                                            1(b)],
                                                                                                                            ends.
                                                                                                                            

 

		(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.

 

		4.	Termination of Employment. 

 

		(a)	Termination at age 55 and above.

		(i)	If a Participant
                                                                                                         terminates from employment
                                                                                                         at age 55-61, the PSUs
                                                                                                         will become non-forfeitable
                                                                                                         in accordance with Table
                                                                                                         B and
                                                                                                         will be paid in accordance
                                                                                                         with Section 3. The Participant
                                                                                                         may be required
                                                                                                         to execute a reasonable
                                                                                                         non-competition covenant
                                                                                                         (except where not applicable
                                                                                                         due to some state laws)
                                                                                                         with the Company restricting
                                                                                                         the Participant from
                                                                                                         competing with the Company
                                                                                                         in a specified territory
                                                                                                         for a specified period
                                                                                                         of time. If such covenant
                                                                                                         is required by the Company
                                                                                                         and 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.

  

	 TABLE B
	 If
    termination at age 55-61 occurs on or after January 1st of the:	 The percentage of PSUs  that will become Non-forfeitable is:
	1st Calendar year following the Grant Date	  25%
	2nd Calendar year following the Grant Date	  50%
	3rd Calendar year following the Grant Date	  75%
	4th Calendar year following the Grant Date	 100%

 

 

		(ii)	If a Participant
                                                                                                          terminates 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
                                                                                                          and will be paid in
                                                                                                          accordance with Section
                                                                                                          3. The Participant may
                                                                                                          be required to execute
                                                                                                          a reasonable non-competition
                                                                                                          covenant (except where
                                                                                                          not applicable due to
                                                                                                          some state laws) with
                                                                                                          the Company restricting
                                                                                                          the Participant from
                                                                                                          competing with the Company
                                                                                                          in a specified territory
                                                                                                          for a specified period
                                                                                                          of time. If such covenant
                                                                                                          is required by the Company
                                                                                                          and 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.

 

		(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 beneficiary or estate in accordance with Section 3.

 

		(d)	Other Termination. Upon voluntary termination prior to age 55, 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 regulations or
other guidance under Section 409A of the Code, 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 deem any units
granted under this Award non-forfeitable for the events described in Sections 4(a) and 4(d). 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 (except where not applicable due to some state
laws):

 

		(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.Exhibit
10.6

 

Daleco
Resources Corporation

 

January
19, 2009

 

Richard W.
Blackstone

4846 Sarasota
Drive

Hilliard, OH
43026-9098

 

Re:    Continued Employment

 

Dear Rick,

 

This
letter will memorialize
our discussions of the past several weeks regarding your employment with Daleco
Resources Corporation ("Daleco" or the "Company").

 

Since the commencement
of your employment with the Company, you have been commuting from your home in Columbus, Ohio, and have expressed to me
your desire to return home and work remotely on a part time basis for the Company.

 

To accomplish
the above objective, Daleco hereby accepts your resignation as a full time employee,
as of January 19, 2009. Daleco agrees to retain you, on a part-time basis, as
the Company's Chief Accounting Officer and to continue your duties as Secretary of the
Company. The Company shall appoint a new Secretary by April 8, 2009 or
sooner.

 

The Company hereby
confirms that it is indebted to
you in the amount of $1,242 in un-reimbursed expenses and $21,675 in salary
as of September 30, 2008. These amounts contain no accrued interest.

 

The Company agrees
to provide you remote internet access to facilitate your access to the Company's accounting records, financial and other information
required for the performance of your duties as
Chief Accounting Officer.

 

17 WilmontMews,5th
Floor* West Chester, PA 19382 * 610.429.0181 *Fax 610.429.0818

 

    	 

    	 

    

 

 

In this capacity,
you agree to perform such services as required to close the books of
the Company on a quarterly and annual basis, assist in the preparation of the Company's reports on Forms 10-QSB and 10-KSB,
and interact with the Company's auditors and the Audit Committee of the Board of Directors
as necessary. In no event shall the services being performed for the
Company have priority to your obligations in respect to your employer.

 

You shall keep
me advised of the amount of time being expended
by you, with the understanding that you shall not expend more 50 hours per quarter
to include assistance in the preparation of the Company's quarterly reports on Form 10-QSB and 50 hours on the closing of the Company's
books for the fiscal year unless authorized by the Company. The time required for your
assistance in the preparation of the Company's Annual Report on Form 10-KSB, to include, but not limited to, working with the Company's
auditors and responding to the requests of the Company's Audit Committee of the Board of Directors
shall be separately negotiated prior to the close of the Company's fiscal year
end.

 

The Company agrees
to compensate you at the rate of $85 per hour. Additionally, the Company agrees to
reimburse you for the costs of travel
to the Company's office, as reasonably
incurred, but only if such travel was approved by the Company in advance.

 

Should you agree
with the foregoing, please indicate your concurrence therewith in the space provided and return an originally executed copy of
this letter to the undersigned.

 

	 	Sincerely,
	 	/s/ Gary J. Novinskie
	 	Gary J. Novinskie
	 	President

 

	Agreed to this 19th day of	 
	January, 2009	 
	/s/ Richard W. Blackstone	 
	Richard W. Blackstone	 

 

    	-2-

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