Document:

EX-10.1

 

Exhibit 10.1

CELANESE CORPORATION

2004 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

(Non-Employee Director)

          THIS AGREEMENT, is made effective as of ___, 2007 (the “Date of Grant”), between
Celanese Corporation (the “Company”) and the individual named as a participant on the signature
page hereto (the “Participant”). Capitalized terms not defined herein shall have the meanings
ascribed to such terms in the Plan.

RECITALS:

          WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby
incorporated by reference and made a part of this Agreement; and

          WHEREAS, the Committee has determined that, as part of the overall compensation provided to
non-employee directors of the Company, it would be in the best interests of the Company to grant to
the Participant an award of Restricted Stock Units, subject to the terms set forth herein, which
award shall constitute an “Other Stock-Based Award” pursuant to Section 8 of the Plan;

          NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
agree as follows:

          1. Definitions. Whenever the following terms are used in this Agreement, they shall
have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the
same meanings as in the Plan.

               (a) Disability: The Participant becomes physically or mentally incapacitated and is
therefore unable for a period of six consecutive months or for an aggregate of nine months in any
24 consecutive month period to perform Participant’s duties.

               (b) Plan: The Celanese Corporation 2004 Stock Incentive Plan, as amended from time to
time.

          2. Grant of Restricted Stock Units; Dividend Equivalents. The Company hereby grants
to the Participant, subject to adjustment as set forth in the Plan,
___ [number to be determined,
but to be equal to $85,000/the Fair Market Value of the Shares on the Date of Grant] Restricted
Stock Units (together with the Restricted Stock Units credited pursuant to the succeeding
provisions of this Section 2, the “RSUs”). The RSUs shall be subject to the terms and conditions
set forth herein. The Participant shall be entitled to be credited with dividend equivalents with
respect to the RSUs, calculated as follows: on each date that a cash dividend is paid by the
Company while the RSUs are outstanding, the Participant shall be credited with an additional number
of RSUs equal to the number of whole Shares (valued at Fair Market Value on

 

 

such date) that could
be purchased on such date with the aggregate dollar amount of the cash
dividend that would have been paid on the RSUs had the RSUs been issued as Shares. The
additional RSUs credited under this Section shall be subject to the same terms and conditions
applicable to the RSUs originally awarded hereunder, including, without limitation, for purposes of
vesting and the crediting of additional dividend equivalents.

          3. Vesting of Restricted Stock Units.

               (a) Subject to the Sections 3(b) and 3(c) below, if a Participant continues in Employment
through the date which is one year following the Date of Grant, the RSUs shall become fully vested
on such date.

               (b) Change in Control. Upon the occurrence of a Change in Control, RSUs, to the
extent not previously canceled, shall become fully vested.

               (c) Termination of Employment.

               (i) General. Except as provided in paragraph (ii) below, if the Participant’s
Employment with the Company and its Affiliates terminates for any reason, the RSU’s, to the
extent not then vested, shall be immediately canceled by the Company without consideration.

               (ii) In the event that, prior to the vesting date, the Participant’s Employment is
terminated due to the Participant’s death or Disability, then: the number of RSUs which
become vested shall be equal to the product of (1) the number of RSUs granted hereunder, as
adjusted if applicable, multiplied by (2) a fraction the numerator of which is the number of
full and partial months between the Date of Grant and the date of termination and the
denominator of which is twelve (12), such product to be rounded down to the nearest whole
number; and

               (iii) upon determination of the number of vested RSUs pursuant to clause (ii) above,
all remaining RSUs shall be canceled without consideration.

          4. Settlement of RSUs. Except to the extent the Participant has elected that delivery
be deferred or that delivery be made in installments, in either case in accordance with the rules
and procedures prescribed by the Board or a committee thereof (which rules and procedures, among
other things, shall be consistent with the requirements of Section 409A of the Code), as soon as
practicable (but in no event later than 2 1/2 months) following the vesting date (or, in the event of
a Change in Control, immediately prior to the occurrence of such Change in Control), the Company
shall deliver to the Participant, in complete settlement of all vested RSUs, a number of Shares
equal to the number of vested RSUs determined hereunder or, in the sole discretion of the Company,
an amount of cash equal to the Fair Market Value of such number of Shares on the settlement date.

          5. No Right to Continued Employment. Neither the Plan nor this Agreement shall be
construed as giving the Participant the right to be retained in Employment. Further, the Company or
its Affiliate may at any time terminate the Participant’s Employment, free from any

 

 

liability or
any claim under the Plan or this Agreement, except as otherwise expressly provided herein.

          6. Legend on Certificates. The certificates representing the Shares issued in respect
of the RSUs shall be subject to such stop transfer orders and other restrictions as the Committee
may determine is required by the rules, regulations, and other requirements of the Securities and
Exchange Commission, any stock exchange upon which such Shares are listed, any applicable federal
or state laws and the Company’s Certificate of Incorporation and Bylaws, and the Committee may
cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions.

          7. Transferability. An RSU may not be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of
descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that the designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer or encumbrance.

          8. Taxes. The Company shall be entitled to require, as a condition of delivery of the
Shares in settlement of the RSUs, that the Participant agree to remit and when due an amount in
cash sufficient to satisfy all current or estimated future federal, state and local withholding,
and other taxes relating thereto.

          9. Securities Laws. Upon the acquisition of any Shares pursuant to the vesting of the
RSUs, the Participant will make or enter into such written representations, warranties and
agreements as the Committee may reasonably request in order to comply with applicable securities
laws or with this Agreement.

          10. Notices. Any notice under this Agreement shall be addressed to the Company in
care of its General Counsel, addressed to the principal executive office of the Company and to the
Participant at the address last appearing in the personnel records of the Company for the
Participant or to either party at such other address as either party hereto may hereafter designate
in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the
addressee.

          11. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to the conflicts of laws provisions thereof.

          12. Restricted Stock Units Subject to Plan. By entering into this Agreement the
Participant agrees and acknowledges that the Participant has received and read a copy of the Plan.
The RSUs and the Shares issued upon vesting thereof are subject to the Plan, which is hereby
incorporated by reference. In the event of a conflict between any term or provision contained
herein and a term or provision of the Plan, the applicable terms and provisions of the Plan shall
govern and prevail.

 

 

          13. Signature in Counterparts. This Agreement may be signed in counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

          IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	CELANESE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	 
	 

	 	 	 	ParticipantEX-10.2

 

Exhibit 10.2

AGREEMENT AND GENERAL RELEASE

     Celanese Corporation and its Affiliates (Employer), 1601 West LBJ Freeway, Dallas, Texas
75234 and Lyndon Cole, his heirs, executors, administrators, successors, and assigns (collectively
referred to throughout this Agreement as “Employee”), agree that:

	1.	 	Last Day of Employment; Transition Period. The last day of full-time employment with
Employer is December 31, 2007. On or about July 24, 2007, Employee will resign as President
of Ticona. Employee will cooperate with the new President of Ticona to transition
responsibilities and also work on special projects as determined by Employer. Employee will
resign from Celanese on December 31, 2007.

	2.	 	Consideration. In consideration for signing this Agreement and General Release and
compliance with the promises made herein, Employer and Employee agree:

	 	a.	 	Retention on Payroll. The Employer will retain Employee on the payroll
until December 31, 2007.
	 
	 	b.	 	2007 Bonus. Employer will pay Employee his 2007 Target bonus of $560,000
(80% of Base Salary of $700,000) in March 2008 when other management bonuses are paid.
	 
	 	c.	 	Stock Options. In addition to the stock options that have previously
vested, Employee will vest in the Time Options for 2007 on December 31, 2007. The
Performance Options for 2007 will be based on Employer’s actual financial results for
2007 determined in early 2008. The Time and Performance Options that would have vested
in 2008 and 2009 will be forfeited.
	 
	 	d.	 	Deferred Compensation. Employee will be paid the amounts earned under the
Celanese Deferred Compensation Plan for 2007 based upon Employer’s actual financial
results for 2007 which will be determined in early 2008. The Deferred Compensation
amounts that would have been payable for 2008 and 2009 will be forfeited.
	 
	 	e.	 	Company Benefit Plans. All other normal company programs (e.g., medical,
dental and life insurance, LTD, 401K contributions, etc.) will continue up to December
31, 2007.
	 
	 	f.	 	Employment Agreement Severance and Non-Competition. Employer will pay to
Employee 12 months of severance payments as described in Section 7(c) of the Employment
Agreement between Employer and Employee dated February 17, 2005. Employee will be bound
by the non-competition provisions of Section 8 of the Employment Agreement until
December 31, 2008.
	 
	 	g.	 	Return of Company Property. Employee will surrender to company on his
last day of employment, all company materials, including, but not limited to his company
car, laptop computer, phone, credit card, calling cards, etc. Employee will be
responsible for resolving any outstanding balances on the Company credit card.

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	 	h.	 	Pension Plan. Employee shall be entitled to all rights and benefits of
the Celanese AG Pension Plan for service through December 31, 2007.
	 
	 	i.	 	Section 409A of the Internal Revenue Code. Employer and Employee will
cooperate to avoid making any deferred compensation or severance payments prior to July
1, 2008 if such payment would trigger a surtax under Section 409A.
	 
	 	j.	 	Consulting Agreement. Employer and Employee will enter into a consulting
agreement for services after December 31, 2007 upon terms that are mutually acceptable
to each party.

	3.	 	No Consideration Absent Execution of this Agreement. Employee understands and agrees
that he would not receive the monies and/or benefits specified in Paragraph 2 above, except
for his execution of this Agreement and General Release and the fulfillment of the promises
contained herein.

	4.	 	General Release of Claims. Employee knowingly and voluntarily releases and forever
discharges, to the full extent permitted by law, Employer, its parent corporation, affiliates,
subsidiaries, divisions, predecessors, successors and assigns and the current and former
employees, officers, directors and agents thereof (collectively referred to throughout the
remainder of this Agreement as “Employer”), of and from any and all claims, known and unknown,
asserted and unasserted, Employee has or may have against Employer as of the date of execution
of this Agreement and General Release, including, but not limited to, any alleged violation
of:

	 	•	 	Title VII of the Civil Rights Act of 1964, as amended;
	 
	 	•	 	The Civil Rights Act of 1991;
	 
	 	•	 	Sections 1981 through 1988 of Title 42 of the United States Code, as amended;
	 
	 	•	 	The Employee Retirement Income Security Act of 1974, as amended;
	 
	 	•	 	The Immigration Reform and Control Act, as amended;
	 
	 	•	 	The Americans with Disabilities Act of 1990, as amended;
	 
	 	•	 	The Age Discrimination in Employment Act of 1967, as amended;
	 
	 	•	 	The Workers Adjustment and Retraining Notification Act, as amended;
	 
	 	•	 	The Occupational Safety and Health Act, as amended;
	 
	 	•	 	The Sarbanes-Oxley Act of 2002;
	 
	 	•	 	The Texas Civil Rights Act, as amended;
	 
	 	•	 	The Texas Minimum Wage Law, as amended;
	 
	 	•	 	Equal Pay Law for Texas, as amended;
	 
	 	•	 	The New Jersey Law Against Discrimination
	 
	 	•	 	The New Jersey Family Leave Act
	 
	 	•	 	The New Jersey Conscientious Employee Protection Act
	 
	 	•	 	The New Jersey Wage Payment Law
	 
	 	•	 	The New Jersey Wage and Hour Law
	 
	 	•	 	Any other federal, state or local civil or human rights law or any other local,
state or federal law, regulation or ordinance;
	 
	 	•	 	Any public policy, contract, tort, or common law; or
	 
	 	•	 	Any claim for costs, fees, or other expenses including attorneys’ fees incurred in
these matters.

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	5.	 	Affirmations. Employee affirms that he has not filed, caused to be filed, or
presently is a party to any claim, complaint, or action against Employer in any forum or form.
Provided, however, that the foregoing does not affect any right to file an administrative
charge with the Equal Employment Opportunity Commission (“EEOC”), subject to the restriction
that if any such charge is filed, Employee agrees not to violate the confidentiality
provisions of this Agreement and Employee further agrees and covenants that should he or any
other person, organization, or other entity file, charge, claim, sue or cause or permit to be
filed any charge with the EEOC, civil action, suit or legal proceeding against Employer
involving any matter occurring at any time in the past, Employee will not seek or accept any
personal relief (including, but not limited to, monetary award, recovery, relief or
settlement) in such charge, civil action, suit or proceeding.
	 
	 	 	Employee further affirms that he has reported all hours worked as of the date of this release
and has been paid and/or has received all leave (paid or unpaid), compensation, wages, bonuses,
commissions, and/or benefits to which he may be entitled and that no other leave (paid or
unpaid), compensation, wages, bonuses, commissions and/or benefits are due to him, except as
provided in this Agreement and General Release. Employee furthermore affirms that he has no
known workplace injuries or occupational diseases and has been provided and/or has not been
denied any leave requested under the Family and Medical Leave Act.

	6.	 	Confidentiality. Employee and Employer agree not to disclose any information
regarding the existence or substance of this Agreement and General Release, except to his
spouse, tax advisor, and an attorney with whom Employee chooses to consult regarding his
consideration of this Agreement and General Release.
	 
	 	 	Employee agrees and recognizes that any knowledge or information of any type whatsoever of a
confidential nature relating to the business of the Company or any of its subsidiaries,
divisions or affiliates, including, without limitation, all types of trade secrets, client
lists or information, employee lists or information, information regarding product development,
marketing plans, management organization, operating policies or manuals, performance results,
business plans, financial records, or other financial, commercial, business or technical
information (collectively “Confidential Information”), must be protected as confidential, not
copied, disclosed or used other than for the benefit of the Company at any time unless and
until such knowledge or information is in the public domain through no wrongful act by
Employee. Employee further agrees not to divulge to anyone (other than the Company or any
persons employed or designated by the Company), publish or make use of any such Confidential
Information without the prior written consent of the Company, except by an order of a court
having competent jurisdiction or under subpoena from an appropriate government agency.

	7.	 	Governing Law and Interpretation. This Agreement and General Release shall be
governed and conformed in accordance with the laws of the state in which Employee was employed
at the time of his last day of employment without regard to its conflict of laws provision.
In the event the Employee or Employer breaches any provision of this Agreement and General
Release, Employee and Employer affirm that either may institute an action to specifically
enforce any term or terms of this Agreement and General Release. Should any provision of this
Agreement and General Release be declared illegal or unenforceable by any court of competent
jurisdiction and cannot be modified to be enforceable, excluding the general release language,
such provision shall immediately become null and void, leaving the remainder of this Agreement
and General Release in full force and effect.

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	8.	 	Nonadmission of Wrongdoing. The parties agree that neither this Agreement and General
Release nor the furnishing of the consideration for this Release shall be deemed or construed
at anytime for any purpose as an admission by Employer of any liability or unlawful conduct of
any kind.

	9.	 	Non-Disparagement. Employee agrees not to disparage, or make disparaging remarks or
send any disparaging communications concerning, Employer, its reputation, its business, and/or
its directors, officers, managers. Likewise the Employer’s senior management agrees not to
disparage, or make any disparaging remark or send any disparaging communication concerning
Employee, his reputation and/or his business.

	10.	 	Injunctive Relief. Employee agrees and acknowledges that the Employer will be
irreparably harmed by any breach, or threatened breach by him of this Agreement and that
monetary damages would be grossly inadequate. Accordingly, he agrees that in the event of a
breach, or threatened breach by him of this Agreement Employer shall be entitled to apply for
immediate injunctive or other preliminary or equitable relief, as appropriate, in addition to
all other remedies at law or equity.

	11.	 	Review Period and Compensation Committee Approval. Employee is hereby advised that he
has up to twenty-one (21) calendar days to review this Agreement and General Release and to
consult with an attorney prior to execution of this Agreement and General Release. Employee
agrees that any modifications, material or otherwise, made to this Agreement and General
Release do not restart or affect in any manner the original twenty-one (21) calendar day
consideration period. This Agreement is subject to approval by the Compensation Committee of
the Board of Directors.

	12.	 	Revocation Period. In the event that Employee elects to sign and return to Employer a
copy of this Agreement, he has a period of seven (7) days (the “Revocation Period”) following
the date of such return to revoke this Agreement, which revocation must be in writing and
delivered to Employer within the Revocation Period. This Agreement will not be effective or
enforceable until the expiration of the Revocation Period.

	13.	 	Amendment. This Agreement and General Release may not be modified, altered or changed
except upon express written consent of both parties wherein specific reference is made to this
Agreement and General Release.

	14.	 	Entire Agreement. This Agreement and General Release sets forth the entire agreement
between the parties hereto, and fully supersedes any prior obligation of the Employer to the
Employee. Employee acknowledges that he has not relied on any representations, promises, or
agreements of any kind made to him in connection with his decision to accept this Agreement
and General Release, except for those set forth in this Agreement and General Release.

	15.	 	HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES AND TO
RECEIVE THE SUMS AND BENEFITS IN PARAGRAPH “2” ABOVE, EMPLOYEE FREELY AND KNOWINGLY, AND AFTER
DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE
AND RELEASE ALL CLAIMS HE HAS OR MIGHT HAVE AGAINST EMPLOYER.

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INWITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this Agreement and General
Release as of the date set forth below.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Lyndon Cole	 	Celanese Corporation	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Lyndon Cole
	 	By:
	 	/s/ David Weidman	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	July 5, 2007
	 	Date:
	 	July 5, 2007	 	 

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