Document:

Exhibit 10.30

 

UNOVA, Inc.

2004 Long-Term Performance
Share Program

 

Agreement for the
Performance Period

January 1, 2005 through
December 31, 2007

 

This Performance Share Unit Agreement (the “Agreement”) is made as of the 17th day of May,
2005, between UNOVA, Inc., a Delaware corporation (the “Company”) and [Name: First
MI. Last] (the “Participant”).

 

WHEREAS, the
UNOVA, Inc. 2004 Omnibus Incentive Compensation Plan (the “Plan”) was adopted by the Board of
Directors of the Company on March 11, 2004, and was approved by the
shareholders of the Company on May 6, 2004; and

 

WHEREAS, the
Committee has adopted the 2004 Long-Term Performance Share Program (the “Program”) as a sub-plan of the Plan and
authorized the Award represented by this Agreement;

 

NOW, THEREFORE,
in consideration of the premises, the mutual covenants hereinafter set forth,
and other good and valuable consideration, the Company and the Participant
hereby agree as follows:

 

Article 1.  Award

 

The Participant is hereby
awarded, as a matter of separate inducement and agreement, and not in lieu of
salary or other compensation for services, [#Shares}Performance Share Units
(the “Target Award”), on the terms and
conditions hereinafter set forth.  The
number of Performance Share Units (“PSUs”) that the
Participant may earn under this Agreement shall range from 0% to 200% of the
Target Award (the “Awarded Shares”),
as determined by the achievement of the performance measures set forth in Article 3
of this Agreement.  The Awarded Shares
may be paid in either shares of the common stock, par value $.01 per share, of
the Company (the “Common Stock”) or cash, as
determined by the Committee, as set forth in Article 6 of this
Agreement.  The Participant shall have no
obligation to pay the Company additional consideration for the Awarded Shares.

 

The Plan and the Program,
copies of which have been made available to the Participant, are incorporated
herein by reference and made part of this Agreement as if fully set forth
herein. Capitalized terms used in this Agreement that are not defined herein
shall have the meanings assigned to such terms in the Plan and the Program.
This Agreement is subject to, and the Company and the Participant agree to be
bound by, all of the terms and conditions of the Plan and the Program as the
same exist at the time this Agreement became effective. The Plan and the
Program shall control in the event there is any express conflict between the
terms hereof and the Plan or the Program and with respect to such matters as
are not expressly covered in this Agreement. The Company hereby reserves the
right to alter, amend, modify, restate, suspend or terminate the Plan, the
Program and this Agreement in accordance with Section 12 of the Plan, but
no such subsequent amendment, modification, restatement, or termination of the
Plan, the Program or this Agreement shall adversely affect in any material way
the Participant’s rights under this Agreement without the Participant’s written
consent.  This 

 

 

Agreement shall be
subject, without further action by the Company or the Participant, to such
amendment, modification, or restatement.

 

Article 2.  Performance Period

 

For all purposes of this Agreement, “Performance
Period” means January 1, 2005
through December 31, 2007.

 

Article 3.  Achievement of Performance Measures

 

The
number of Awarded Shares to be earned under this Agreement shall be based upon
the achievement of the following Performance Measures set by the
Committee: (a) Return on Net Capital Utilized (“RONCU”) and (b) Earnings
Per Share from Continuing Operations (“EPS_CO”), in accordance with the following matrix:

 

EPS-CO

 

	
  RONCU

  	
   

  	
  $2.00

  	
   

  	
  $2.56

  	
   

  	
  $3.12 or Above

  	
   

  
	
  30% or Above

  	
   

  	
  100

  	
  %

  	
  150

  	
  %

  	
  200

  	
  %

  
	
  25%

  	
   

  	
  50

  	
  %

  	
  100

  	
  %

  	
  150

  	
  %

  
	
  20%

  	
   

  	
  0

  	
  %

  	
  50

  	
  %

  	
  100

  	
  %

  

 

The number of Awarded Shares
earned for achievement above 50% but between the levels shown in the matrix
will be calculated using interpolation.

 

Article 4. Termination
Provisions

 

Except as provided below, a Participant shall be
eligible for payment of Awarded Shares, as determined in Section 3, only
if the Participant’s employment with the Company continues through the end of
the Performance Period.

 

In the event of a Participant’s Disability or Retirement
at age 65 or later during the Performance Period, a pro rata payment will be
made for the number of full months worked during the Performance Period, based
on achievement of the Performance Measures over the entire Performance Period.  In the case of death, payment shall be
calculated and paid as provided in the Program.

 

In the event of a Change of Control (as defined in the
Plan), all outstanding Awards will automatically vest and be paid out in cash
at the Target Award level or the actual performance level as of the Change of
Control, whichever is higher.

 

Article 5.
Rights as a Shareholder

 

During the Performance Period, the Participant shall have no rights of a shareholder
with respect to the PSUs or the
Awarded Shares.  Notwithstanding the
foregoing, the Participant shall be entitled to receive any dividend
equivalents declared by the Board, as provided in the Program.

 

2

 

Article 6. Form and
Timing of Payment

 

Payment of Awarded Shares shall be made within ninety (90)
calendar days following the close of the Performance Period, subject to the
following provisions.

 

For Participants who are corporate officers and have met
their minimum ownership levels under the Guidelines for Corporate Officers Trading in UNOVA, Inc.
Securities (the “Guidelines”), and for Participants who are not subject to the
Guidelines, the Awarded Shares shall be paid in cash based on the
average of the high and low daily sale prices of the Common Stock for the last
30 trading days of the Performance Period.

 

For Participants who are corporate officers and have not
met their minimum ownership levels under the Guidelines, the Awarded Shares
shall be paid in Common Stock, in cash, or any combination of Common Stock and
cash, as determined by the Committee in its sole discretion.

 

Article 7.
Nontransferability

 

PSUs
may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.  The Participant’s rights under this Agreement
shall be exercisable during the Participant’s lifetime only by the Participant
or the Participant’s legal representative.

 

Article 8.
Administration

 

It is
expressly understood that the Committee is authorized to administer, construe,
and make all determinations necessary or appropriate to the administration of
the Plan, the Program and this Agreement, all of which shall be binding upon
the Participant.

 

Article 9.  Withholding Taxes

 

No later than the date as of
which an amount first becomes includable in the gross income of the Participant
for federal income tax purposes with respect to any Awarded Shares, the Participant
shall pay to the Company, or make arrangements satisfactory to the Company
regarding the payment of, any federal, state, local, or foreign taxes of any
kind required by law to be withheld by the Company with respect to such amount.
Unless otherwise determined by the Committee, withholding obligations (up to
the minimum statutory amount required to be withheld by the Company) may be
settled with shares of Common Stock, including the Awarded Shares that give
rise to the withholding requirement or shares of Common Stock already owned by
the Participant for a period of at least six months. The obligations of the
Company under the Plan shall be conditional on such payment or arrangements,
and the Company, and its Subsidiaries and its Affiliates shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment
otherwise due to the Participant. Participant, therefore, hereby
unconditionally and irrevocably elects, notwithstanding anything to the contrary
in this Article 9 or elsewhere in this Agreement, to satisfy any and all
federal, state, local, and foreign taxes of any kind that may be withheld by
the Company in connection with Participant’s Awarded Shares (the “Withholding Taxes”) by electing one of the
following options; provided that
in all cases, the Company shall have the right to receive not less than the
minimum amount of the Withholding Taxes that the Company is required by law to
withhold (the “Mandatory 

 

3

 

Withholding
Taxes”); and further provided
that an amount equal to the Mandatory Withholding Taxes in respect of any cash
payment to Participant shall be withheld from any such cash payment.

 

OPTION 1:

 

o        Authorizing and directing the Company to deduct from the total number
of shares of Common Stock to be issued to Participant pursuant to this
Agreement (or serving as the basis for a cash payment under Article 6
hereof) the number of shares having a value equal to the Mandatory Withholding
Taxes.

 

OPTION 2:

 

o        Tendering to the Company the number of unrestricted shares of Common
Stock owned by the Participant for a period of at least six months prior to the
date on which Withholding Taxes are due and having a value equal to the
Mandatory Withholding Taxes.

 

OPTION 3:

 

o        Paying to the Company in cash an amount up to the Withholding Taxes but
not less than the Mandatory Withholding Taxes.

 

OPTION 4:

 

o        Authorizing and directing the Company to withhold an additional amount
from the paycheck Participant is scheduled to receive immediately after the
date on which Withholding Taxes become due equal to the lesser of (x) the
amount of the Mandatory Withholding Taxes and (y)         %
of the amount of such paycheck, and if such percentage is less than the amount
of the Mandatory Withholding Taxes, paying the remainder of the Mandatory
Withholding Taxes to the Company in cash.

 

Please send an email to UNOVA Shareholder Services at sharesrvs@unova.com
stating your choice of these Options.  In the event that none of
the payment options set forth above is specified, the Participant’s election
shall be deemed to be Option 1, and the Company shall proceed accordingly.

 

Article 10.
Miscellaneous

 

A.            Participant understands and acknowledges that
Participant is one of a limited number of employees of the Company and its
Subsidiaries and Affiliates who have been selected to receive grants of PSUs
and that Participant’s Award is considered Company confidential information. Participant
hereby covenants and agrees not to disclose the Award of PSUs pursuant to this
Agreement to any other person except (i) Participant’s immediate family
and legal or financial advisors who agree to maintain the confidentiality of
this Agreement, (ii) as required in connection with the administration of
this Agreement and the Plan as it relates to this Award or under applicable law,
and (iii) to the extent the terms of this Award have been publicly
disclosed.

 

4

 

B.            The grant of PSUs
to the Participant in any year shall give the Participant neither any right to
similar grants in future years nor any right to be retained in the employ of
the Company or its Subsidiaries or Affiliates, such employment being terminable
to the same extent as if the Program and this Agreement were not in effect. The
right and power of the Company and its Subsidiaries and Affiliates to dismiss
or discharge the Participant is specifically and unqualifiedly unimpaired by
this Agreement.

 

C.            Each notice
relating to this Agreement shall be in writing and delivered in person or by
mail to the Company at its office, 6001 36th Avenue West, Everett, WA 98203-1264,
to the attention of the Company’s Secretary or at such other address as the
Company may specify in writing to the Participant by a notice delivered in
accordance with this paragraph. All notices to the Participant shall be
delivered to the Participant at the Participant’s address specified below or at
such other address as the Participant may specify in writing to the Secretary
of the Company by a notice delivered in accordance with this paragraph.

 

D.            This Agreement,
including the provisions of the Plan and the Program incorporated by reference
herein, comprises the whole Agreement between the parties hereto with respect
to the subject matter hereof, and shall be governed by and construed in
accordance with the laws of the State of Delaware, without reference to
principles of conflicts of law.  This
Agreement shall become effective when it has been executed or accepted
electronically by the Company and the Participant.

 

E.             This Agreement
shall inure to the benefit of and be binding upon each successor of the Company
and, to the extent specifically provided herein and in the Plan and the Program,
shall inure to the benefit of and shall be binding upon the Participant’s
heirs, legal representatives, and successors.

 

F.             If any
provision of this Agreement shall be invalid or unenforceable, such invalidity
or unenforceability shall not affect the validity and enforceability of the
remaining provisions of this Agreement.

 

G.            This Agreement
may be executed in separate counterparts, each of which when so executed and
delivered will be an original, but all of which together will constitute one
and the same instrument. In pleading or proving this Agreement, it will not be
necessary to produce or account for more than one such counterpart.

 

5

 

IN
WITNESS WHEREOF, this Agreement is executed by the Participant and
by the Company through its duly authorized officer as of the day and year first
above written.

 

	
   

  	
  UNOVA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Name:
  First MI. Last]

  

 

Please send an email to UNOVA
Shareholder Services at sharesrvs@unova.com stating your choice of the Options
in Article 9.

 

6Exhibit
10.31

 

2004 LONG-TERM
PERFORMANCE SHARE PROGRAM

AMENDMENT TO PERFORMANCE
SHARE UNIT AGREEMENTS

 

WHEREAS, UNOVA, Inc.,
a Delaware corporation (the “Company”), and «Name» (the “Participant”) have previously entered into a
Performance Share Unit Agreement dated as of May 6, 2004 and a Performance
Share Unit Agreement dated as of May 17, 2005 (together, the “Agreements”);
and

 

WHEREAS, the
Company and the Participant desire to amend the Agreements in the respects set
forth herein;

 

NOW,
THEREFORE, the Company and the Participant hereby agree as
follows:

 

1.     The third
sentence of the first paragraph of Article 1 of each of the Agreements is
hereby amended to read in its entirety as follows:

 

“The
Awarded Shares shall be paid in shares of the common stock, par value $.01 per
share, of the Company (the ‘Common Stock’),
as set forth in Article 6 of this Agreement.”

 

2.     Article 6 of
each of the Agreements is hereby amended so as to delete in their entirety the second
and third paragraphs of the present text thereof and to amend the first
paragraph to read in its entirety as follows:

 

“Payment
of Awarded Shares shall be made in the form of shares of Common Stock within
ninety (90) calendar days following the close of the Performance Period.”

 

3.     Except as specifically
amended by this instrument, each and every term of the Agreements is hereby
ratified and confirmed and shall remain in full force and effect.

 

4.     This Amendment
shall be governed by and construed in accordance with the laws of the State of
Delaware, without reference to principles of conflicts of law.

 

5.     This Amendment
shall become effective as of the date set forth below if a counterpart hereof
has been signed by the Participant and delivered to the Secretary of the
Company.

 

6.     In consideration
of Participant’s execution of this Amendment, the Company shall, within a
reasonable time of the execution and delivery hereof, pay the Participant
$50.00 for each Agreement hereby amended.

 

IN WITNESS WHEREOF,
this Amendment has been executed by the Company and the Participant as of the
date hereafter set forth.

 

DATE: December 23,
2005

 

	
  UNOVA, Inc.

  	
  Participant

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  «Name»

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