Document:

exv10w1

 

Exhibit 10.1

AMENDMENT

TO EMPLOYMENT AGREEMENT

BY AND BETWEEN

AMERICAN COMMERICIAL LINES INC. AND JERRY LINZEY

     IN WITNESS WHEREOF, American Commercial Lines Inc., a Delaware corporation (the “Company”) and
Jerry R. Linzey (the “Executive”) herein amend that certain Employment Agreement by and between the
Company and the Executive dated as of May 9, 2005 (the “Employment Agreement”), effective August 1,
2006 as follows:

	 	1.	 	Section 2 of the Employment Agreement shall be amended by deleting the first sentence
thereof and replacing the first sentence with the following sentence:

The Executive shall serve as Senior Vice President Manufacturing of the Company
during the period May 9, 2005 through July 31, 2006 and as Senior Vice President and
Chief Operating Officer during the period August 1, 2006 through the remainder of
the Term.

	 	2.	 	Section 3.1 of the Employment Agreement shall be amended by adding the following
language: “adjusted on August 1, 2006 to $325,000 per annum and shall be reviewed annually,
commencing January 2007” and shall read in its entirety as follows:

3.1 Salary. The Company shall pay to the Executive during the Term a base salary at
no less than the rate of $295,000 per annum (the “Base Salary”), in accordance with
the customary payroll practices of the Company applicable to senior executives
generally. The Base Salary shall be adjusted on August 1, 2006 to $325,000 per annum
and shall be reviewed annually, commencing January 2007, and may be increased (but
not decreased) to such greater amount as may be approved by the Board (after
consideration of the recommendation of the Compensation Committee) and, upon such
increase, the increased amount shall thereafter be deemed to be the Base Salary for
purposes of this Agreement.

	 	3.	 	Section 3.2 of the Employment Agreement shall be amended by adding the following
language: “in the following manner: (i) for the period of January 1, 2006 through July 31,
2006 a target of 65% of Executive’s salary during such period shall be used to determine

 

 

	 	 	 	his bonus and (ii) for the period of August 1, 2006 through the remainder of the term of the
employment agreement a target of 70% of Executive’s salary for such period shall be used to
determine his bonus” and shall read in its entirety as follows:

3.2 Bonus. The Compensation Committee shall review Executive’s performance at least
annually during each year of the Term and cause the Company to award Executive a
cash bonus in the following manner: (i) for the period of January 1, 2006 through
July 31, 2006 a target of 65% of Executive’s salary during such period shall be used
to determine his bonus and (ii) for the period of August 1, 2006 through the
remainder of the term of the employment agreement a target of 70% of Executive’s
salary for such period shall be used to determine his bonus, which the Compensation
Committee shall reasonably determine as fairly compensating and rewarding Executive
for services rendered to the Company and/or as an incentive for continued service to
the Company. The amount of Executive’s cash bonus shall be determined upon approval
by the Board (after consideration of the recommendation of the Compensation
Committee) and shall be dependent upon, among other things, the achievement of
certain performance targets mutually agreed by the Executive and the Board (after
consideration of the recommendation of the Compensation Committee).

 

 

	 	4.	 	In all other respects, the Employment Agreement shall remain in full force and effect.

	 	 	 	 	 
	 	AMERICAN COMMERCIAL LINES INC.

 	 
	 	/s/ Mark R. Holden 
	 	By: 	Mark R. Holden 	 
	 	Its: 	Chief Executive Officer	 
	 	 	 	 
	 

	 	 	 	 	 
	 	EXECUTIVE

 	 
	 	/s/ Jerry R. Linzey 
	 	By:  	Jerry R. Linzeyexv10w1

 

EXHIBIT 10.1

METHODE ELECTRONICS, INC.

RESTRICTED STOCK AWARD AGREEMENT

(3-YEAR VESTING)

     This agreement (the “Award Agreement”) dated as of ___(the “Award Date”), is entered
into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”) and
___(the “Grantee”). All capitalized terms used and not otherwise defined herein
shall have the meanings ascribed to them by the Methode Electronics, Inc. 2004 Stock Plan (the
“Plan”).

     1.      General. The shares of Restricted Stock granted under this Award Agreement are
granted as of the Award Date pursuant to and subject to all of the provisions of the Plan
applicable to Restricted Stock granted pursuant to Section 8 of the Plan, which provisions are,
unless otherwise provided herein, incorporated by reference and made a part hereof to the same
extent as if set forth in their entirety herein, and to such other terms necessary or appropriate
to the grant hereof having been made. A copy of the Plan is on file in the offices of the Company.

     2.      Grant. The Company hereby grants to Grantee a total of ___shares of
Restricted Stock (the “Restricted Shares”), subject to the restrictions set forth in Section 3
hereof and the Plan.

     3.      Restrictions.

	 	(a)	 	None of the Restricted Shares may be sold, transferred, pledged, hypothecated
or otherwise encumbered or disposed of until they have vested in accordance with
Section 6 of this Award Agreement.
	 
	 	(b)	 	Any Restricted Shares that are not vested shall be forfeited to the Company
immediately upon termination of the Grantee’s employment with the Company and all of
its Subsidiaries and Affiliates.
	 
	 	(c)	 	Any Restricted Shares that are not vested may be forfeited to the Company in
accordance with Section 7 of this Award Agreement.

     4.      Stock Certificates. Each stock certificate evidencing any Restricted Shares shall
contain such legends and stock transfer instructions or limitations as may be determined or
authorized by the Committee in its sole discretion; and the Company may, in its sole discretion,
retain custody of any such certificate throughout the period during which any restrictions are in
effect and require that the Grantee tender to the Company a stock power duly executed in blank
relating thereto as a condition to issuing any such certificate.

     5.      Rights as Stockholder. The Grantee shall have no rights as a stockholder with
respect to any Restricted Shares until a stock certificate for the shares is issued in Grantee’s
name. Once any such stock certificate is issued in Grantee’s name, the Grantee shall be entitled

 

 

to all rights associated with ownership of the Restricted Shares, except that the Restricted Shares
will remain subject to the restrictions set forth in Section 3 hereof and if any additional shares
of Common Stock become issuable on the basis of such Restricted Shares (e.g., a stock dividend),
any such additional shares shall be subject to the same restrictions as the shares of Restricted
Shares to which they relate.

     6.      Vesting.

	 	(a)	 	The Restricted Shares granted hereunder will become vested in accordance with
the following vesting schedule if the Grantee continues to be employed by the Company
(or a Subsidiary or Affiliate thereof) on the last day of each of the Company’s fiscal
years (specified in the following vesting schedule) after the Award Date, where the
year in which the Award Date occurs is the first fiscal year:

	 	 	 	 	 
	Date	 	Vested Percentage	 
	First Fiscal Year
	 	 	33	%
	Second Fiscal Year
	 	 	66	%
	Third Fiscal Year
	 	 	100	%

	 	(b)	 	Notwithstanding the schedule set forth in Section 6(a), Restricted Shares
granted hereunder shall become fully vested if the Grantee’s employment with the
Company and all of its Subsidiaries and Affiliates is terminated due to: (i) retirement
on or after Grantee’s sixty-fifth birthday; (ii) retirement on or after Grantee’s
fifty-fifth birthday with consent of the Company; (iii) retirement at any age on
account of total and permanent disability as determined by the Company; or (iv) death.
	 
	 	(c)	 	Notwithstanding the schedule set forth in Section 6(a), Restricted Shares
granted hereunder shall become fully vested upon the occurrence of a Change of Control,
as that term is defined in the Plan, provided that the Grantee is an employee of the
Company (or a Subsidiary thereof) on the date of the Change of Control. This Section
6(c) supercedes Section 11.03 of the Plan.

     7.      Forfeiture.

	 	(a)	 	Forfeiture if the Grantee Engages in Certain Activities. If at any time the
Grantee engages in any activity adverse, contrary or harmful to the interests of the
Company, including, but not limited to: (i) conduct related to the Grantee’s employment
for which either criminal or civil penalties against the Grantee may be sought, (ii)
while employed by the Company or any Subsidiary or Affiliate,

 

 

	 	 	 	serving as a consultant, advisor or in any other capacity to an entity that is, or
proposes to be, in competition with or acting against the interests of the Company,
(iii) employing or recruiting any present, former or future employee of the Company,
whether individually or on behalf of another person or entity, that is, or proposes
to be, in competition with or acting against the interests of the Company, (iv)
disclosing or misusing any confidential information or material concerning the
Company, or (v) participating in a hostile takeover attempt, then (1) the unvested
Restricted Shares shall be forfeited to the Company effective as of the date on
which the Grantee entered into such activity, unless terminated sooner by operation
of another term or condition of this Award Agreement or the Plan, or (2) if elected
by the Company, the Grantee shall immediately pay to the Company the Fair Market
Value of the unvested Restricted Shares.
	 
	 	(b)	 	Right of Set-off. If the Grantee owes the Company any amount by virtue of
Section 7(a) above, then the Company (or any Subsidiary or Affiliate) may recover such
amount by setting it off from any amounts the Company (or any Subsidiary or Affiliate)
owes or may owe the Grantee from time to time. By accepting these Restricted Shares
and signing this Award Agreement, the Grantee consents to a deduction of any amount the
Grantee may owe the Company by virtue of Section 7(a) above from any amounts the
Company (or any Subsidiary or Affiliate) owes or may owe the Grantee from time to time
(including amounts owed to the Grantee as wages or other compensation, fringe benefits,
or vacation pay, as well as any other amounts owed to the Grantee). Whether or not the
Company elects to make any set off in whole or in part, if the Company does not recover
by means of set off the full amount the Grantee owes it, calculated as set forth above,
the Grantee agrees to pay immediately the unpaid balance to the Company.
	 
	 	(c)	 	Committee Discretion. The Committee may release the Grantee from the
obligations under Section 7(a) above if the Committee determines in its sole discretion
that such action is in the best interest of the Company.

     8.      Other Terms and Conditions. The Committee shall have the discretion to determine
such other terms and provisions hereof as stated in the Plan.

     9.      Applicable Law. The validity, construction, interpretation and enforceability of
this Award Agreement shall be determined and governed by the laws of the State of Illinois without
regard to any conflicts or choice of law rules or principles that might otherwise refer
construction or interpretation of this Award Agreement to the substantive law of another
jurisdiction, and any litigation arising out of this Award Agreement shall be brought in the
Circuit Court of the State of Illinois or the United States District Court of the Eastern Division
of the Northern District of Illinois and the Grantee consents to the jurisdiction and venue of
those courts.

     10.      Severability. The provisions of this Award Agreement are severable and if any one
or more provisions may be determined to be illegal or otherwise unenforceable, in whole or

 

 

in part, the remaining provisions, and any partially unenforceable provision to the extent
enforceable in any jurisdiction, shall nevertheless be binding and enforceable.

     11.      Waiver. The waiver by the Company of a breach of any provision of this Award
Agreement by Grantee shall not operate or be construed as a waiver of any subsequent breach by
Grantee.

     12.      Binding Effect. The provisions of this Award Agreement shall be binding upon the
parties hereto, their successors and assigns, including, without limitation, the Company, its
successors or assigns, the estate of the Grantee and the executors, administrators or trustees of
such estate and any receiver, trustee in bankruptcy or representative of the creditors of the
Grantee.

     13.      Withholding. Grantee agrees, as a condition of this grant, to make acceptable
arrangements to pay any withholding or other taxes that may be due as a result of the vesting of
the Restricted Shares acquired under this grant. In the event that the Company determines that any
federal, state, local or foreign tax or withholding payment is required relating to the vesting of
shares arising from this grant, the Company shall have the right to require such payments from
Grantee, or withhold such amounts from other payments due Grantee from the Company or any
Subsidiary or Affiliate.

     14.      No Retention Rights. Nothing herein contained shall confer on the Grantee any
right with respect to continuation of employment by the Company or its Subsidiaries or Affiliates,
or interfere with the right of the Company or its Subsidiaries or Affiliates to terminate at any
time the employment of the Grantee.

     15.      Construction. This Award Agreement is subject to and shall be construed in
accordance with the Plan, the terms of which are explicitly made applicable hereto. In the event
of any conflict between the provisions hereof and those of the Plan, the provisions of the Plan
shall govern.

	 	 	 	 	 
	GRANTEE	 	METHODE ELECTRONICS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Douglas A. Koman
	 

	 	Its:
	 	Vice President, Corporate Finance and Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}]]