Document:

Exhibit 10.1

 

 

Bruker Corporation

2015 Short-Term Incentive Compensation Plan

 

Plan Objectives

 

The 2015 Bruker Corporation (“Bruker” or the “Company”) Short-Term Incentive Compensation Plan (the “ICP” or “Plan”) is designed to reward management employees and key personnel for performance that contributes significantly to the Company’s growth and financial success.

 

The Plan is designed to reward several layers of success at the Bruker Corporate, Group, Divisional, Business Unit, functional, and individual levels, while maintaining a focus on significant improvement over prior year results.

 

Eligibility

 

Select executive and key employees in the Company are eligible to participate in the Plan, as the Company may determine at its discretion. Sales commissioned employees and employees participating in any other incentive plan are not eligible to participate in the ICP. Employees participating in this ICP are generally not eligible to participate in any other cash-based incentive plan.

 

The Incentive Award for any employee who becomes eligible to participate in the Plan after the beginning of the Performance Period shall be pro-rated based on their participation date. Employees must become eligible prior to November 15th in order to participate. Participants must be active employees on payroll on the payout date to receive an Incentive Award. To be eligible to receive any Incentive Award under the Plan, the employee must be considered in good standing as determined by the Company in its sole discretion and may not be on a performance improvement plan.

 

Incentive Targets and Awards

 

Each Participant shall have a pre-determined Incentive Target, typically expressed as a percentage of the individual’s base salary. Additionally, the conditions to achieve the Incentive Target shall also be pre-determined.  Achievement of a Participant’s Incentive Target typically depends on a combination of Company or business achievement of financial and individual goals, along with demonstration of the Company’s Core Competencies, with weightings assigned to each based on Company discretion and Participant level

 

 

in the organization. Incentive Award payouts are calculated and paid annually based on Company and individual performance relative to the goals and Core Competencies, such that actual Incentive Award payouts can be below, at, or above the Incentive Target.

 

For purposes of the Plan, financial goals may be determined pursuant to generally accepted accounting principles (GAAP) or on a non-GAAP basis and may include the following or variations thereof: earnings per share (EPS), earnings, earnings growth, operating income or profit, gross income or profit, operating margins, revenues, expenses, stock price, market share, return on sales, assets, equity or investment, regulatory compliance, internal or external audits, other balance sheet or income statement objectives, total shareholder return, cost control, strategic initiatives, net operating profit, after tax, pre-tax or after-tax income, working capital decrease or improvements, or cash flow.

 

Differences in weightings of financial goals, or the financial goals themselves, may exist between the Corporate and Group/Divisional financial metrics to reflect organizational scope, responsibility, and shareholder expectations.  Each of the metrics may also be weighted to reflect the relative importance of each of the goals. Participants in the operating groups may have a portion of their financial goals tied to their direct area of responsibility or some other area related to their responsibility (e.g., an organization that is “1-up” from their current direct area of accountability) to encourage teamwork, collaboration, and alignment across the organization.

 

Basis of Financial Targets

 

The determination of achievement of financial goals for purposes of Incentive Award calculations will be based upon final audited financial statements for the Performance Period; and, where applicable, the baseline numbers will be the prior year audited financial results as approved by the Company’s Board of Directors.

 

Incentive Award Achievement and Maximums

 

Financial Goals

Financial goals have a minimum of 0% payout and no maximum with payouts determined relative to the performance goals on a linear basis, e.g., 110% performance results in 110% payout for any one financial metric.

 

Individual Goals

All individual goals will be established with the Participant’s manager and approved by the appropriate executive officer, where appropriate. Individual performance will be assessed based on a combination of achievement of individual goals and demonstration of Core Competencies based on the

 

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manager’s assessment of individual performance. Individual performance has a minimum payout of 0% and a maximum payout of 125%.

 

Total Award Opportunity

Results of the financial goals relative to their respective targets will be multiplied by the corresponding payout percentage tied to the specific level of performance for each goal. Those products will then be added together to derive the final payout percentage for the financial portion of the award.  Results of the individual goals and demonstration of Core Competencies will be used in determining the overall payout for the individual portion of the award.

 

While there is no maximum on any one particular financial goal, the total Incentive Award payout under the Plan, after combining both financial and individual portions, is subject to a maximum payout of 200% of the Participant’s Incentive Target.

 

Award Payments

 

Annual Incentive Awards earned under the ICP will be paid shortly after audited results are approved by the Company’s Board of Directors and reported by the Company.  All Incentive Awards payable under the Plan are subject to applicable federal, state, and local withholding tax and any such other taxes as may be required.

 

General Provisions

 

The Company reserves the right to amend, modify, suspend or terminate the Plan at any time solely in its discretion with or without notice to Participants.

 

Nothing contained herein shall in any way alter the nature of employment at the Company or constitute a contract of employment or in any way be construed to confer on the Participant any right to continue as a participant in the Plan or as an employee of the Company or any subsidiary of the Company.

 

If an employee is terminated involuntarily for reasons other than performance or violation of Company policies prior to the end of a Performance Period or prior to when the Incentive Award would be paid out, the Company may, in its sole discretion, determine whether to pay any portion of the Incentive Award, taking into account such things as individual performance and length of time the employee performed in the designated role during the Performance Period.  If an employee resigns, or is terminated for performance reasons prior to the payout or violation of Company policies, he/she is not eligible to receive any Incentive Award.

 

The Compensation Committee (the “Committee”) is responsible for approving the Plan, Incentive Targets, and other metrics thereof. The Committee may 

 

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adjust Incentive Targets to take into account the effects of any Extraordinary Items.   “Extraordinary Items” means (a) items presented as such (or by other comparable terms) on the financial statements, (b) extraordinary, unusual or nonrecurring items of gain or loss, (c) changes in tax or accounting laws, rules or practices, (d) a stock dividend, stock split, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares, rights offering or other similar change, and (e) the effects of mergers, acquisitions, divestitures, spin offs or significant transactions. The Committee shall have full and sole authority to interpret the Plan, to establish and amend rules and regulations relating to it, and to make all other determinations necessary or advisable for the administration of the Plan, unless otherwise delegated to the Company’s CEO and CFO.

 

The payment of Incentive Awards pursuant to the achievement of the qualitative goals is subject to the satisfaction of minimum performance expectations, as determined by the Company’s CEO or CFO.  Such minimum performance expectations include, without limitation, compliance with the Company’s Code of Conduct and other policies.

 

In the event the CEO or CFO determine, in their sole respective discretion, that a Participant’s performance has failed to meet the minimum standard of performance reasonably expected of such Participant, the Participant will receive only such portion of his or her qualitative Incentive Awards calculated as payable in respect of such goals, or none of such qualitative Incentive Awards, as may be so determined by the CEO or the CFO, or, in the case of the CEO and CFO, by the Committee.

 

In addition, in the event such failure to achieve minimum performance expectations is due to a material violation of the Code of Conduct or other Company policies which fall within the Participant’s area of responsibility, the ability of the CEO or CFO to reduce or eliminate the qualitative Incentive Awards calculated as payable in respect of such goals shall be extended to and include the ability to eliminate or reduce the payment of amounts calculated as payable pursuant to the achievement of the quantitative goals.

 

Payments made to any Participant pursuant to an Incentive Award shall be subject to clawback: (1) to the extent of the excess of what would have been paid to the participant under a Restatement (as defined below), or (2) as required by any other clawback policy implemented by the Company or by any other provisions of any law, government regulation, or stock exchange listing requirement. For the purposes of the Plan, “Restatement” means, with respect to any payment under an Incentive Award, an accounting restatement due to material noncompliance of the Company with any financial reporting

 

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requirements under the United States federal securities laws that is required to be prepared at any time during the three-year period following such payment.

 

All interpretations and determinations, including determinations of the amount of Incentive Awards due any Participant, made by the Committee or its delegate(s) shall be final and binding on all persons.

 

The Company shall have the right to withhold from any amount payable hereunder any amount it reasonably determines is sufficient to satisfy all federal, state and local or non-U.S. withholding tax requirements on any Incentive Award under this Plan and to take such other action as may be necessary or advisable in the opinion of the Company to satisfy all obligations for withholding of such taxes.

 

This Plan applies to all employees globally, with such adjustments for local law and local business and accounting practices as the Committee may determine.

 

Notwithstanding other provisions of the Plan, in the event of a Change in Control (as defined below) of the Company, the Performance Period for a Participant shall end on the date of the Change in Control and the Incentive Target shall be adjusted to reflect the early termination of the Performance Period.  If the Incentive Target, as adjusted, is deemed satisfied by the Committee, the Participant may receive a ratable portion of the Incentive Award that would have been paid if the Performance Period had not been terminated early and the Incentive Target had been satisfied.  The ratable portion of the Incentive Award shall be determined by multiplying the original Incentive Award by a fraction, the numerator of which is the number of months from the first day of the Performance Period to the date of the Change in Control (including any fractional month) and the denominator of which is the total number of months in the original Performance Period or as otherwise authorized by the Committee.

 

The obligations of the Company under this Plan shall be unsecured and unfunded obligations, and to the extent that any Participant acquires a right to receive a payment under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company and no Participant shall have any right, title or interest in any of the assets of the Company or its affiliates.  No assets of the Company or its affiliates shall be held under any trust, or held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan.  Any and all assets of the Company and its affiliates shall be, and remain, the general unpledged, unrestricted assets thereof.

 

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No right or interest of any Participant under the Plan and no Incentive Award will be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation by execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or transfer thereof will be effective; and no right or interest of any Participant under the Plan and any Incentive Award will be liable for, or subject to, any obligation or liability of such Participant.

 

This Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Massachusetts, without reference to principles of conflict of laws which would require application of the law of another jurisdiction.

 

This Plan constitutes the entire agreement of the Company with respect to the subject matter thereof and cannot be modified by any oral statement or otherwise except by written action of the Committee.

 

Definitions

 

Change-In-Control:  “Change in Control” shall be deemed to have occurred under any one or more of the following conditions:

 

i)      if, within one year of any merger, consolidation, sale of a substantial part of the Company’s assets, or contested election, or any combination of the foregoing transactions (a “Transaction”), the persons who were directors of the Company immediately before the Transaction shall cease to constitute a majority of the Board of Directors (x) of the Company or (y) of any successor to the Company, or (z) if the Company becomes a subsidiary of or is merged into or consolidated with another corporation, of such corporation (the Company shall be deemed a subsidiary of such other corporation if such other corporation owns or controls, directly or indirectly, a majority of the combined voting power of the outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors);

 

ii)     if, as a result of a Transaction, the Company does not survive as an entity, or its shares are changed into the shares of another corporation unless the stockholders of the Company immediately prior to the Transaction own a majority of the outstanding shares of such other corporation immediately following the Transaction;

 

iii)    if, during the applicable Performance Period, any person, or any two or more persons acting as a group, and all affiliates of such 

 

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person or persons, who prior to such time owned less than twenty percent (20%) of the then outstanding common stock of the Company, shall acquire, whether by purchase, exchange, tender offer, merger, consolidation or otherwise, such additional shares of the Company’s common stock in one or more transactions, or series of transactions, such that following such transaction or transactions, such person or group and affiliates beneficially own at least fifty percent (50%) of the Company’s common stock outstanding;

 

iv)   the dissolution or liquidation of the Company is approved by its stockholders; or

 

v)    if the members of the Board as of the date of commencement of the applicable Performance Period (the “Incumbent Board”) cease to represent at least two-thirds of the Board; provided, that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by at least two-thirds of the members comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement in which such person is named as a nominee for director without objection to such nomination) shall be, for purposes of this paragraph (v), treated as though such person were a member of the Incumbent Board.

 

Committee: The Compensation Committee of Bruker Corporation

 

Core Competencies: Bruker’s set of defined behaviors that are linked to the Company’s strategic objectives, that help set Bruker apart from its competitors, and provide competitive advantage in the marketplace. They may change from time to time but generally include Excellence, Commitment, Customer Success, Innovation, Integrity, and People.

 

Incentive Award: The award payout under the Plan.

 

Incentive Target: The incentive opportunity expressed as a percent of the Participant’s base salary.

 

Participant: A specified employee who has met the eligibility criteria outlined in accordance with the Plan.

 

Performance Period: The period of time for which performance goals are measured for purposes of determining the awards earned under this Plan, generally January 1 through December 31.

 

Plan: The Incentive Compensation Plan.

 

7Exhibit 10.20

 

UNION
BANKSHARES Corporation

FORM
OF

TIME-BASED RESTRICTED STOCK AGREEMENT

 

	Granted <<GRANT DATE>>

 

This Time-Based Restricted Stock Agreement
(this “Agreement”) is entered into as of <<GRANT DATE>> pursuant to Article VII of the <<PLAN NAME>>
(the “Plan”) and evidences the grant, and the terms, conditions and restrictions pertaining thereto, of Restricted
Stock to <<NAME>> (the “Participant”).

 

WHEREAS, Union Bankshares Corporation (the
“Company”) maintains the Plan under which the Committee or the Board may, among other things, award shares of the Company’s
common stock (the “Common Stock”) to such key employees of the Company and its Subsidiaries as the Committee or the
Board may determine, subject to terms, conditions and restrictions as it may deem appropriate;

 

WHEREAS, pursuant to the Plan, the Committee
or the Board has awarded to the Participant a restricted stock award conditioned upon the execution by the Company and the Participant
of this Agreement setting forth all the terms and conditions applicable to such award;

 

NOW, THEREFORE, in consideration of the
benefits which the Company expects to be derived from the services rendered to it and its subsidiaries by the Participant and of
the covenants contained herein, the parties hereby agree as follows:

 

		1.	Award of Shares. Under the terms and conditions of the Plan, the Committee or the Board
has awarded to the Participant a restricted stock award as of <<GRANT DATE>> (“Award Date”), covering
<<NUMBER>> shares of Common Stock (the “Award Shares”), subject to the terms, conditions and restrictions
set forth in this Agreement.

 

		2.	Period of Restriction.

 

		(a)	Subject to accelerated vesting or forfeiture as hereinafter provided, the Participant’s interest
in the Award Shares shall become transferable and non-forfeitable (“Vested” or “Vesting”) on the following
vesting dates, provided he remains in employment with the Company or any of its subsidiaries on the applicable date:

 

	Vesting Date	 	Percent of Award Shares Vesting (in each case, rounded true to a whole share, with the balance on the final installment)
	1st anniversary of Award Date	 	<<PERCENT>>
	2nd anniversary of Award Date	 	<<PERCENT>>
	3rd  anniversary of Award Date	 	<<PERCENT>>
	4th anniversary of Award Date	 	<<PERCENT>>
	5th anniversary of Award Date	 	<<PERCENT>>

 

    	 

    	 

    

  

			(each date, a “Vesting Date” and the period from the Award Date through each Vesting
Date being a “Period of Restriction” with respect to the applicable Award Shares).

 

		(b)	Notwithstanding any other provision of this Agreement to the contrary:

 

		(i)	If the Participant’s employment with the Company
and its subsidiaries is terminated during the Period of Restriction due to his death or permanent and total disability (within
the meaning of Section 22(e)(3) of the Internal Revenue Code), any remaining unvested Award Shares at the date of such termination
of employment shall automatically be Vested.

 

		(ii)	If the Participant’s employment with the Company
and its subsidiaries is terminated during the Period of Restriction due to retirement at or after age 65 and provided no Cause
(as defined below) exists to terminate his employment (“Normal Retirement”), then, provided either (i) upon such Normal
Retirement the Participant will be subject to a non-competition covenant pursuant to an existing agreement with the Company or
a subsidiary or (ii) the Participant executes and delivers to the Company, no later than the date of such Normal Retirement, a
non-competition agreement in a form acceptable to the Company, any remaining unvested Award Shares at the date of such termination
of employment shall automatically be Vested.

 

For
purposes of this Section 2(b), “Cause” has the meaning set forth in any employment agreement, or, if none, in any
change in control agreement, then in effect between the Participant and the Company or a subsidiary, if applicable, and, if the
Participant has no such agreement or if such agreement does not define the term, “Cause” means (i) the willful and
continued failure of the Participant to substantially perform the Participant’s duties with the Company or one of its subsidiaries
(other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial
performance is delivered to the Participant by the Company, or (ii) the willful engaging by the Participant in illegal conduct
or gross misconduct which is materially and demonstrably injurious to the Company or one of its subsidiaries.

 

		(iii)	If the Participant’s employment with the Company
and its subsidiaries is terminated during the Period of Restriction due to retirement that does not meet the standard for Normal
Retirement, then, provided no Cause exists to terminate his employment, the Committee may, in its sole discretion, waive the automatic
forfeiture of any or all unvested Award Shares otherwise provided in Section 6 and provide for such Vesting as its deems appropriate
subject to such new restrictions, if any, applicable to the Award Shares as it deems appropriate.

 

		(iv)	If a “Change in Control” of the Company occurs
during the Period of Restriction and the Participant has remained in employment with the Company or any of its subsidiaries through
the date such “Change in Control” occurs:

 

    	 

    	 

    

  

		(A)	if the surviving corporation assumes or otherwise equitably converts or substitutes this Agreement
and within two (2) years after the date the Change in Control occurs the Participant’s employment with the Company and its
subsidiaries is involuntarily terminated by the Company without Cause or the Participant resigns for good reason under an applicable
employment or change in control agreement, then any remaining unvested Award Shares at the date of such termination of employment
shall automatically be Vested; or

 

		(B)	if the surviving corporation does not assume or otherwise equitably convert or substitute this
Agreement, then any remaining unvested Award Shares at the date such Change in Control occurs shall automatically be Vested.

 

		(c)	Except as contemplated in Section 2(a) or 2(b), the Award
Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during the Period of Restriction;
provided, however, that this Section 2(c) shall not prevent transfers by will or by the applicable laws of descent and distribution.

 

		3.	Stock Certificates. The stock certificate(s) for the Award Shares shall be registered on
the Company’s stock transfer books in the name of the Participant in book-entry or electronic form or in certificated form
as determined by the Committee. If issued in certificated form, physical possession of the stock certificate(s) shall be retained
by the Company until such time as the Period of Restriction lapses.

 

			Any Award Shares issued in book-entry or electronic form shall be subject to the following legend,
and any certificate(s) evidencing the Award Shares shall bear the following legend, during the Period of Restriction:

 

The sale or other transfer of the
shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain
restrictions on transfer set forth in the <<PLAN NAME>>, in the rules and administrative procedures adopted pursuant
to such Plan, and in a Restricted Stock Agreement dated <<GRANT DATE>>. A copy of the Plan, such rules and procedures,
and such restricted stock agreement may be obtained from the Equity Plan Administrator of Union Bankshares Corporation.

 

		4.	Voting Rights. During the Period of Restriction, the Participant may exercise full voting
rights with respect to the Award Shares.

 

		5.	Dividends and Other Distributions. During the Period of Restriction, the Participant shall
be entitled to receive all dividends and other distributions paid with respect to the Award Shares (other than dividends or distributions
that are paid in shares of Common Stock). If, during the Period of Restriction, any such dividends or distributions are paid in
shares of Common Stock with respect to the Award Shares, such shares shall be registered in the name of the Participant and, if
issued in certificated form, deposited with the Company as provided in Section 3, and such shares shall be subject to the same
restrictions on Vesting and transferability as the Award Shares with respect to which they were paid.

 

		6.	Forfeiture on Termination of Employment. Except as provided in Section 2(b) or in Section
12.4 of the Plan, the balance of any Award Shares which are not considered Vested by or at the Participant’s termination
of employment with the Company and its subsidiaries shall be automatically forfeited to the Company.

 

    	 

    	 

    

  

		7.	Employment. Nothing under the Plan or in this Agreement shall confer upon the Participant
any right to continue in the employ of the Company or its subsidiaries or in any way affect the Company’s right to terminate
Participant’s employment without prior notice at any time for any or no reason (subject to the terms of any employment agreement
between the Participant and the Company or a subsidiary).

 

		8.	Withholding Taxes. The Company shall have the right to retain and withhold the amount of
taxes (at the statutorily required rates) required by any government to be withheld or otherwise deducted and paid with respect
to the Award Shares. At its discretion, the Committee may require the Participant to reimburse the Company for any such taxes required
to be withheld by the Company and to withhold any distribution in whole or in part until the Company is so reimbursed. In accordance
with procedures established by the Committee, the Participant or any successor in interest is authorized to deliver shares of Common
Stock having a Fair Market Value on the date that the amount of tax to be withheld is to be determined and cancel any such shares
so delivered in order to satisfy the Company’s withholding obligations. In accordance with procedures established by the
Committee, the Participant or any successor in interest is also authorized to elect to have the Company retain and withhold shares
of Vesting Common Stock having a Fair Market Value on the date that the amount of tax to be withheld is to be determined and cancel
any such shares so withheld in order to satisfy the Company’s withholding obligations. In the event the Participant does
not deliver or elect to have the Company retain and withhold shares of Common Stock as described in this Section 8, the Company
shall have the right to withhold from any other cash amounts due to or to become due from the Company or a subsidiary to the Participant
an amount equal to such taxes required to be withheld by the Company to reimburse the Company for any such taxes.

 

		9.	Administration. The Committee shall have full authority and discretion (subject only to
the express provisions of the Plan) to decide all matters relating to the administration and interpretation of the Plan and this
Agreement. All such Committee determinations shall be final, conclusive and binding upon the Company and the Participant.

 

		10.	Notices. Any notice to the Company required under or relating to this Agreement shall be
in writing and addressed to:

 

Union Bankshares Corporation

Attention: Equity Plan Administrator

1051 East Cary Street

Suite 1200

Richmond, Virginia 23219

 

			Any notice to the Participant required under or relating to this Agreement shall be in writing
and addressed to the Participant at his address as it appears on the records of the Company.

 

		11.	Governing Law. This Agreement shall be construed and administered in accordance with and
governed by the laws of the Commonwealth of Virginia.

 

		12.	Successors. This Agreement shall be binding upon and inure to the benefit of the successors,
assigns, heirs and legal representatives of the respective parties.

 

		13.	Entire Agreement. This Agreement contains the entire understanding of the parties and shall
not be modified or amended except in writing signed by the parties or as otherwise provided in the Plan.

 

    	 

    	 

    

  

		14.	Severability. The various provisions of this Agreement are severable in their entirety.
Any determination of invalidity or unenforceability of any one provision shall have no effect on the continuing force and effect
of the remaining provisions.

 

		15.	Capitalized Terms. Capitalized terms in this Agreement have the meaning assigned to them
in the Plan, unless this Agreement provides, or the context requires, otherwise.

 

To evidence their agreement to the terms,
conditions and restrictions hereof, the Company and the Participant have signed this Agreement, either manually or by means of
electronic or digital signatures, which shall have the same force and effect as manual signatures. Participant acknowledges and
agrees that accepting this Agreement through the online grant acceptance screen designated by the Company for the Plan has the
effect of affixing Participant’s electronic signature to this Agreement as of the Award Date.

 

	 	UNION BANKSHARES CORPORATION	 	 
	 	 	 	 	 
	 	By:	 	 	Date:  <<GRANT DATE>>
	 	 	<<OFFICER NAME>>	 	 
	 	 	<<OFFICER TITLE>>

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