Document:

Employment Agreement with Albert J. Neupaver

 Exhibit 10.1 
 December 16, 2005 
 Mr. Albert J. Neupaver 
 88 Lintel Dr. 
 McMurray, PA 15317 
 Dear Al:

 On behalf of the Wabtec Board of Directors, I am pleased to formally offer you the position of President and CEO of Wabtec Corporation
(“the Company”). As discussed, this is subject to successful completion of reference and background checks and a successful completion of a physical examination. Please find below the terms and conditions of your employment agreement with
the Company: 
  

			
	Title and Job Scope:	  	Your title will be President and CEO of Wabtec Corporation reporting directly to the Chairman of the Board of Directors of Wabtec. You will also serve as a board member on the Wabtec Board of
Directors. As President and CEO, you will have overall profit and loss accountability for the Company and day to day responsibility for the business. You will also have all management report to or through you as no other management will report to
the Board of Directors.
		
	Base Salary:	  	Your base salary will be $600,000 effective as soon as you are available. Your position will be the Company’s highest paid position and your compensation will be monitored by the
Compensation Committee of the Board of Directors, which has overall responsibility to review and monitor executive compensation.
		
	Executive Perquisites And Benefits:	  	  
 As a key member of our senior management team, you will receive a Company
paid automobile (your choice) which will include lease payment, insurance and maintenance. In addition, you will receive membership for a Country club at your choice and you will also be eligible for a membership at the Duquesne club. In addition,
you will also receive an annual reimbursement equal to $40,000 to reimburse you for estate and tax planning and preparation, fuel for Company car, additional club dues that have not been previously reimbursed or other out of pocket expenses related
to your job. Other benefits would include participation in a 401K plan (Company contribution and match up to 6% subject to cap limitation), annual physical, participation in Company medical, dental, vision plan, flexible spending accounts, long term
and short term disability plans, basic life insurance equal to $750,000 and participation in the Company’s discounted stock purchase program (up to $25,000 of Wabtec stock each year discounted at 15% subject to plan rules).

		
	Executive Bonus Plan:	  	Your participation in the Wabtec Executive Bonus Plan will be at a 50% target incentive. The bonus is a function of the Company’s overall financial performance, your personal performance
and Board approval. Although your target bonus is set at 50% of your base salary, you have the potential to earn as much as 112.50% of your base salary under this plan- (copy of plan attached). For the 2006 year, the Company would guarantee a
minimum payout equal to one half your target bonus.
		
	Long Term Incentive Plan (Three Yr Plan):	  	  
 Beginning in 2006, you will participate in the Company’s three year
long term incentive plan. This plan is designed to reward executives on meeting or exceeding Economic Profit growth goals. The plan is structured as a rolling three year plan, meaning each year would form a new performance cycle, i.e.
(2006-2008),

			
		  	(2007-2009) etc. Each executive selected to participate in this plan will receive a target grant of performance units at the beginning of each three year performance cycle. The actual number
of performance units earned at the end of the period will depend on Wabtec’s ability to achieve threshold, target and maximum performance goals. Your target grant is anticipated to be 30,000 shares annually subject to board approval. If the
Company achieves the minimum or threshold Economic Profit goals over the three year period, you would receive one half of your target performance units or 15,000 Wabtec shares. On the other hand, if the Company achieves the maximum Economic Profit
goals over the three year performance period, you would receive two times your target shares or 60,000 Wabtec shares. Since this is a rolling plan, this would be reset each year and a new three year plan would be established. As you can see, the
potential for rapid stock accumulation certainly exists as Wabtec performs under this plan (copy of plan attached).
		
	Stock Options:	  	The Compensation Committee and the Board of Directors evaluates the stock option plan on an annual basis. Based on past practice, the Company has awarded an annual stock option grant to the
Chief Executive Officer in the range of 50,000 – 75,000. This grant is typically awarded in the February board meeting of each year and is subject to Compensation Committee approval.
		
	Make Whole Provision:	  	Please see attached Exhibit A. We have valued our make whole proposal at approximately $2,340,000. Upon authorization of the Compensation Committee, we would grant you 90,000 shares of
restricted stock vesting in annual 25% increments from your start date. In the event that you resign, quit or voluntarily leave the Company, you would only receive the shares that have vested. In the event that you are terminated for reasons other
than cause, including death or disability, you will receive the entire 90,000 shares.
		
	Severance:	  	In the event your employment is terminated with the Company in the first two years of your employment for reasons other than discharge for cause, death or disability, we will enter into an
agreement wherein you will receive twenty four months of your current base salary and target bonus upon termination plus continued participation in the Company’s medical benefit program for two years from your termination date. After you have
been with the Company for two years, you would then be eligible for a normal severance for executives. In the event that your employment is terminated due to a change of control (double trigger) your severance would be equal to two times your base
and target bonus and you would be eligible to participate in the Company’s medical benefit program for two years from your termination date. In either scenario, you would be eligible to receive continued benefits under COBRA for an additional
eighteen months after your coverage with the Company terminates.

 If the foregoing is acceptable, please indicate your acceptance to this offer by signing below.

 Al, we are confident that you are going to be a tremendous success to Wabtec. I personally look forward to a mutually beneficial
association. 
  

	
	 Yours truly,

	
	/s/ William E. Kassling        
	William E. Kassling
	Chairman, President and CEO
	
	 AGREED:

	
	/s/ Albert J. Neupaver        
	Albert J. NeupaverForm of Restricted Stock Agreement

 Exhibit 10.4 
 2000 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 
 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Corporation”), and [NAME OF EMPLOYEE], an employee of the
Corporation or one of its Subsidiaries (the “Grantee”), for good and valuable consideration the receipt and adequacy of which are hereby acknowledged and intending to be legally bound hereby, agree as follows: 
 1. Restricted Stock Award.    The Corporation hereby confirms the award to the Grantee of
             thousand (                ) shares of Common Stock, par value $0.01 per share, of the
Corporation (the “Restricted Stock”), under and subject to the terms and conditions of the Corporation’s 2000 Stock Incentive Plan, as amended through February 16, 2006 (the “Plan”) and this Agreement. The Plan is
incorporated by reference and made a part of this Agreement as though set forth in full herein. Terms which are capitalized but not defined in this Agreement have the same meaning as in the Plan unless the context otherwise requires. This Restricted
Stock award shall be effective as of February 16, 2006 (the “Effective Date”), provided that this Agreement is executed by the Grantee and delivered to the Corporation. As of the Effective Date, the Grantee shall be a shareholder of
the Corporation with respect to the Restricted Stock and shall have all the rights of a shareholder with respect to the Restricted Stock, including the right to vote the Restricted Stock and to receive all dividends and other distributions paid with
respect to such Restricted Stock, subject to the restrictions of the Plan and this Agreement. 
 2. Acceptance of Restricted Share
Award.    The Grantee accepts the award of the Restricted Stock confirmed hereby, subject to the restrictions of the Plan and this Agreement. 
 3. Restrictions. 
 A. If the Grantee’s employment with the Corporation or any of its
Subsidiaries terminates on the dates set forth below in this Section 3(A) for any reason or without any reason, other than as a result of the Grantee’s death or permanent and total disability (within the meaning of Section 22(e)(3) of
the Internal Revenue Code of 1986 (the “Code”) or any successor section), and the employment restriction has not previously lapsed by virtue of Section 3(C) hereof, the shares of the Restricted Stock set forth in the table below in
this Section 3(A) which have not been previously forfeited to the Corporation shall, upon such termination of employment and without any further action, be forfeited to the Corporation by the Grantee and cease to be issued and outstanding
shares of the Common Stock of the Corporation: 
  

			
	 Date of Termination of Employment
	  	Number of Shares of the
Restricted Stock Forfeited
	 On or Before February 15, 2008
	  	
		  	 
	 Between February 16, 2008 and February 15, 2009, inclusive
	  	
		  	 
	 Between February 16, 2009 and February 15, 2010, inclusive
	  	
		  	 
	 On and After February 16, 2010
	  	0

 If the Grantee remains employed with the Corporation or any of its Subsidiaries on the respective
dates on which the shares of the Restricted Stock are no longer subject to forfeiture under the preceding table, the shares of the Restricted Stock have not been previously forfeited to the Corporation pursuant to Section 3(B) hereof and the
employment restriction has not previously lapsed by virtue of Section 3(C) hereof, the employment restriction imposed hereby on the respective shares of the Restricted Stock shall lapse and a certificate representing such shares shall be issued
or transferred by the Corporation to the Grantee. If the Grantee’s employment with the Corporation or any of its Subsidiaries terminates as a result of the Grantee’s death or permanent and total disability (within the meaning of
Section 22(e)(3) of the Code or any successor section), the employment restriction imposed hereby on the shares of the Restricted Stock which have not been previously forfeited to the Corporation pursuant to Section 3(B) hereof and on
which the employment restriction has not previously lapsed shall lapse and a certificate representing such shares shall be issued or transferred by the Corporation to the Grantee (or the Grantee’s personal representative). 

 B. If the Grantee (i) engages in the operation or management of a business (whether as owner,
partner, officer, director, employee or otherwise and whether during or after termination of employment) which is in competition with the Corporation or any of its Subsidiaries (provided, however, that this clause shall not apply if
Section 8(D) of the Plan applies), (ii) induces or attempts to induce any customer, supplier, licensee or other individual, corporation or other business organization having a business relationship with the Corporation or any of its
Subsidiaries to cease doing business with the Corporation or any of its Subsidiaries or in any way interferes with the relationship between any such customer, supplier, licensee or other person and the Corporation or any of its Subsidiaries or
(iii) solicits any employee of the Corporation or any of its Subsidiaries to leave the employment thereof or in any way interferes with the relationship of such employee with the Corporation or any of its Subsidiaries, the Corporation may cause
all shares of the Restricted Stock remaining subject to the employment restriction imposed hereby to be immediately forfeited to the Corporation and the Grantee shall have no further rights with respect to such shares. Whether the Grantee has
engaged in any of the activities referred to in the immediately preceding sentence shall be determined, in its discretion, by the Committee, and any such determination by the Committee shall be final and binding. 
 C. If (i) a Section 8 Event occurs, (ii) the employment restriction imposed hereby on the shares of the Restricted Stock has not
previously lapsed, (iii) such shares of the Restricted Stock have not been previously forfeited to the Corporation, and (iv) the Grantee is not a person referred to in the proviso to Section 8(A)(7) of the Plan, the employment
restriction imposed hereby on such shares of the Restricted Stock remaining subject to the employment restriction imposed hereby shall lapse upon the occurrence of any Section 8 Event and a certificate representing such shares shall be issued
or transferred by the Corporation to the Grantee. 
 D. Except for transfers to a trust that is revocable by the Grantee alone as permitted
by Section 6(A) of the Plan and subject to the conditions set forth therein, the Grantee shall not sell, exchange, assign, alienate, pledge, hypothecate, encumber, charge, give, transfer or otherwise dispose of, either voluntarily or by
operation of law, any shares of the Restricted Stock, or any rights or interests appertaining thereto, prior to the lapse of the employment restriction imposed hereby and the issuance or transfer by the Corporation to the Grantee of certificates
with respect to such shares as provided herein, except that the shares of the Restricted Stock may be transferred by the Grantee by Will or, if the Grantee dies intestate, by the laws of descent and distribution of the state of domicile of the
Grantee at the time of death. Subsequent to the lapse of the employment restriction imposed hereby, Grantee agrees that the Restricted Stock cannot be offered, sold, pledged or otherwise disposed of, and the Grantee will not offer, sell, pledge or
otherwise dispose of the Restricted Stock, except pursuant to (i) an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”) and qualification under applicable state and foreign securities laws,
or (ii) in accordance with Rule 144 under the 1933 Act. 
 E. As of the Effective Date, certificates representing the shares of the
Registered Stock shall be issued in the name of the Grantee and held by the Corporation in escrow until the earlier of the forfeiture of the shares of the Restricted Stock to the Corporation or, subject to Section 4 hereof, the lapse of the
employment restriction set forth herein with respect to such shares. The Grantee shall execute and deliver to the Corporation a blank stock power in form acceptable to the Corporation with respect to each of the certificates representing the shares
of the Restricted Stock. Such stock power shall be returned to the Grantee if the employment restriction imposed hereby lapses with respect to the shares to which the stock power relates. 
 4. Section 83(b) Election; Withholding of Taxes.    The Grantee shall be advised by the Corporation or a Subsidiary as to the
amount of any Federal income or employment taxes required to be withheld by the Corporation or such Subsidiary on the compensation income resulting from the award of the Restricted Stock. The timing of the withholding will depend on whether the
Grantee made an election under Section 83(b) of the Code. State, local or foreign income or employment taxes may also be required to be withheld by the Corporation or a Subsidiary on any compensation income resulting from the award of the
Restricted Stock. The Grantee shall pay any taxes required to be withheld directly to the Corporation or any Subsidiary in cash upon receipt. If the Grantee does not pay any taxes required to be withheld directly to the Corporation or one of its
Subsidiaries within ten days after any such request, the Corporation or any of its Subsidiaries may withhold such taxes from any other compensation to which the Grantee is entitled from the Corporation or any of its Subsidiaries. The 

 
Grantee shall hold the Corporation and its Subsidiaries harmless in acting to satisfy the withholding obligation in this manner if it becomes necessary to do
so. Notwithstanding other provisions of this Agreement, the certificates representing the shares of the Restricted Stock shall not be released from escrow until all taxes required to be withheld with respect to the Restricted Stock have been paid to
the Corporation or a Subsidiary. 
 5. Interpretation of Plan and Agreement.    This Agreement is the restricted
stock agreement referred to in Section 6(A) of the Plan. If there is any conflict between the Plan and this Agreement, the provisions of the Plan shall control. Any dispute or disagreement which shall arise under or in any way relate to the
interpretation or construction of the Plan or this Agreement shall be resolved by the Committee and the decision of the Committee shall be final, binding and conclusive for all purposes. 
 6. Effect of Agreement on Rights of Corporation and Grantee.    This Agreement does not confer any right on the Grantee to
continue in the employ of the Corporation or any Subsidiary or interfere in any way with the rights of the Corporation or any Subsidiary to terminate the employment of the Grantee. 
 7. Binding Effect.    This Agreement shall be binding upon the successors and assigns of the Corporation and upon the legal
representatives, heirs and legatees of the Grantee. 
 8. Entire Agreement.    This Agreement constitutes the
entire agreement between the Corporation and the Grantee and supersedes all prior agreements and understandings, oral or written, between the Corporation and the Grantee with respect to the subject matter of this Agreement. 
 9. Amendment.    This Agreement may be amended only by a written instrument signed by the Corporation and the Grantee.

 10. Section Headings.    The Section headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of any of the provisions of this Agreement. 
 11. Governing
Law.    This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Pennsylvania. 

 IN WITNESS WHEREOF, the Corporation and the Grantee have executed this Agreement as of this 16th day of
February, 2006. 
  

			
	 WESTINGHOUSE AIR BRAKE
 TECHNOLOGIES CORPORATION

		
	 By:
	 	  
		 	Scott Wahlstrom
		 	Vice President, Human Resources

  

					
	 WITNESS:
	 		 	 GRANTEE:

			
	   	 		 	   
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