Document:

Ex-10.20

 

EXHIBIT 10.20

MARTIN MARIETTA MATERIALS, INC.

OPTION AWARD AGREEMENT

     THIS OPTION AWARD AGREEMENT, made as of ___, between Martin Marietta
Materials, Inc., a North Carolina corporation (the “Corporation”), and ___
___(the “Employee”).

1. GRANT

     Pursuant to the Martin Marietta Materials, Inc. Amended and Restated Stock-Based Award Plan
(the “Plan”), the Corporation hereby grants the Employee the option to purchase, on the terms and
conditions contained in this Award Agreement ___ shares of Martin Marietta
Materials, Inc. common stock (“Stock”), at a purchase price per share equal to
___ (the “Exercise Price”), subject to the terms and conditions of the Plan, a
copy of which is attached hereto and made a part hereof with the same effect as if set forth
herein. The term “Option” or “Options” as used in this Award Agreement refers only to the options
awarded to you under this Award Agreement.

2. EXERCISE RIGHTS

     Subject to the terms and conditions hereof and of the Plan, the Options granted hereby shall
become exercisable as follows:

	 	 	 
	 	 	Number of Shares
	Exercise Date	 	First Exercisable
	 

	 	 
	 

	 	 
	 

	 	 

provided that the Employee is employed by the Corporation on the date any such installment first
becomes exercisable. Notwithstanding the foregoing, upon the occurrence of an event specified in
Section 11 hereof, this Option shall be fully exercisable without limitation for the 90-day period
specified therein.

3. TRANSFERABLE ONLY UPON DEATH

     This Option shall not be assignable or transferable by an Employee except by will or the laws
of descent and distribution and shall be exercisable during the Employee’s lifetime only by such
Employee or, if legally incapacitated, by his or her guardian or authorized representative.

4. OPTION PRICE

     The Exercise Price of the Options granted hereunder is ___, subject to
adjustment under the Plan. The Exercise Price of an Option must be paid in cash.

 

 

5. TERM

     Once an installment of the Option becomes exercisable pursuant to Section 2 herein, it shall
continue to be exercisable until, but not including, ___ (the “Expiration
Date”). Any portion of this Option that is not exercised prior to the Expiration Date shall be
automatically canceled on the Expiration Date.

6. TERMINATION, RETIREMENT, DISABILITY OR DEATH

	 	(a)  	Termination

     If an Employee’s employment with the Corporation is terminated, whether by the
Employee or by the Corporation, and in the latter case whether with or without
cause, then (i) Options which are not vested on the effective date of such
termination shall expire upon such termination and (ii) those Options which are
vested on the effective date of such termination shall expire ninety (90) calendar
days thereafter.

	 	(b)  	Early Retirement

     If an Employee retires from the Corporation prior to reaching age 62 but on or
after reaching age 55, then (i) Options which are not vested on the effective date
of such retirement shall expire on the second business day thereafter and (ii) those
Options which are vested on the effective date of such retirement shall expire
ninety (90) calendar days thereafter; provided, however, that, in the sole
discretion of the Compensation Committee of the Board of Directors of the
Corporation (the “Committee”) or (for persons not subject to Section 16 of the
Securities Exchange Act of 1934, as amended) the Board of Directors or the Chief
Executive Officer, the terms of all outstanding Options shall be unaffected by such
early retirement.

	 	(c)  	Retirement or Disability

     If an Employee retires from the Corporation after reaching age 62 or ceases
active employment with the Corporation as the result of a disability under
circumstances entitling the Employee to the commencement of benefits under a
long-term disability plan maintained by the Corporation, then the terms of all
outstanding Options shall be unaffected by such retirement or disability.

	 	(d)  	Death

     If an Employee dies, without regard to whether the Employee was at the time of
death still in the employ of the Corporation, then the vesting date of all
outstanding Options shall be accelerated so as to cause all outstanding Options to
become exercisable. Following the death of an Employee, without regard to the
expiration dates otherwise provided in the foregoing provisions, all outstanding
exercisable Options shall expire one (1) year following the date of the Employee’s
death. In such event, the Options may be exercised by the authorized representative
of the Employee’s estate.

 

 

7. LIMITATIONS ON EXERCISE

     Notwithstanding any other provisions herein, no Option may be exercised under any
circumstances less than six months or more than ten years after the date of grant thereof. In
addition, no Option granted hereunder may be exercised to purchase fewer than 100 shares unless
fewer than 100 shares remain unexercised in this specific option grant.

8. MANNER OF EXERCISE

     This Option may be exercised, in whole or in part, in accordance with the procedure specified
by the Committee from time to time pursuant to Section 7 of the Plan, provided that written notice
of exercise, in a form satisfactory to the Committee, be delivered to the Corporation specifying
the number of shares as to which the Option is being exercised, subject to the limitation in
Section 7 hereof. Full payment of the Exercise Price shall accompany the notice of Option.
Payment accompanying the notice of Option must be made in cash or its equivalent (including
personal check).

9. EMPLOYEE’S REPRESENTATION

     The issuance of Shares upon any exercise of this Option may be postponed until (a) the
Corporation has completed the registration, stock exchange listing or other qualification, if any,
of such Stock under federal and state laws, rules and regulations, or such other arrangements as
are deemed appropriate or (b) Shares in the open market have been acquired in compliance with
federal and state laws, rules and regulations sufficient in number to issue pursuant to such
exercise. The Employee or other person exercising this Option may be required to make such
representations, enter into such agreements and undertakings, including but not limited to
execution of stock powers, and furnish such information and other documents as it may consider
appropriate and in compliance with applicable law.

10. TAX WITHHOLDING

     At the time of exercise, the Corporation will withhold applicable taxes as required by law.
An Employee must pay the withholding tax in cash at the time of exercise, or, subject to the
continuing approval of the Committee, may elect to have shares applied to satisfy the withholding
obligation. If the Employee is an Insider, the Employee’s ability to elect to satisfy his/her
withholding obligations by applying shares may be limited by the federal securities laws. To the
extent that cash is not timely tendered, an Employee will be deemed to have elected to pay the
withholding tax in Stock. If the Employee is an Insider, in situations where the federal
securities laws limit the Employee’s ability to elect such treatment, having such treatment deemed
to occur may have adverse consequences. Stock tendered in satisfaction of the withholding
obligation will be valued at the Fair Market Value determined by the closing price as of the most
recent closing prior to exercise as such closing price is reported in the Wall Street Journal.
Withholding will be at the minimum rate prescribed by law; therefore, an Employee may owe
additional taxes as a result of the exercise of an Option. An Employee who is paying the
withholding tax in cash may pay the withholding at greater than the minimum rate. An Employee who
elects to have shares applied to satisfy the withholding obligation may not request tax to be
withheld at greater than the minimum rate.

11. CHANGE IN CONTROL

     In the event of a change in control of the Corporation, as defined in Section 10 of the Plan,
then the vesting date of all outstanding Options shall be accelerated so as to cause all
outstanding Options to become exercisable.

 

 

12. AMENDMENT AND TERMINATION OF PLAN OR AWARDS

     As provided in Section 8 of the Plan, subject to certain limitations contained within Section
8, the Board of Directors may at any time amend, suspend or discontinue the Plan and the Committee
may at any time alter or amend all Award Agreements under the Plan. Notwithstanding Section 8 of
the Plan, no such amendment, suspension or discontinuance of the Plan or alteration or amendment of
this Award Agreement shall, except with your express written consent, adversely affect any Option
granted under this Award Agreement.

13. EXECUTION OF AWARD AGREEMENT

     No Option granted under this Award Agreement is exercisable nor is this Award Agreement
enforceable until this Award Agreement has been fully executed by this Corporation and the
Employee. By executing this Award Agreement, the Employee shall be deemed to have accepted and
consented to any action taken under the Plan by the Committee, the Board of Directors or their
delegates.

14. MISCELLANEOUS

	 	(a)  	For the purpose of calculating the expiration date of Options granted under
this Award Agreement, all Options will be deemed to expire at 4:30 p.m. Eastern Time on
the day of expiration. Further, if the day an Option would otherwise expire is not a
business day then such Options will be deemed to expire at 4:30 p.m. Eastern Time on
the next succeeding business day. For this purpose, the term business day shall be
deemed to mean a day upon which the Corporation is conducting business.
	 
	 	(b)  	An Employee on leave of absence will be considered as still in the employ of
the Corporation unless otherwise provided in an agreement between the Employee and the
Corporation.
	 
	 	(c)  	Nothing contained in this Award Agreement or in any Option granted hereunder
shall confer upon any Employee any right of continued employment by the Corporation,
expressed or implied, nor limit in any way the right of the Corporation to terminate
the Employee’s employment at any time.
	 
	 	(d)  	An Employee or the person or persons to whom the Employee’s rights under this
Option shall have passed by will or by the laws of descent and distribution, as the
case may be, shall have no rights as a shareholder with respect to any securities
covered by this Award Agreement until the date the Employee becomes the holder of
record.
	 
	 	(e)  	Except as provided under Section 6(d) herein, neither this Option nor any of
the rights or obligations hereunder shall be assigned or delegated by either party
hereto.

15. NOTICES

     Notices and all other communications provided for in this Award Agreement shall be in writing
and shall be deemed to have been duly given when personally delivered or when mailed by United
States registered mail, return receipt requested, postage prepaid, addressed as follows:

 

 

     If to the Employee, to the address set forth in the first paragraph in this Award Agreement.

     If to the Corporation, to:

     Martin Marietta Materials, Inc.

     2710 Wycliff Road

     Raleigh, North Carolina 27607

     Attn: Corporate Secretary

or to such other address or such other person as the Employee or the Corporation shall designate in
writing in accordance with this Section 15, except that notices regarding changes in notices shall
be effective only upon receipt.

16. GOVERNING LAW

     This Award Agreement shall be governed by the laws of the State of North Carolina.

     IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed and the
Employee has hereunto set his hand as of the day and year first above written.

	 	 	 
	 	 	
Martin Marietta Materials, Inc.
	 	 	
By: 
	 	 	

Corporate Secretary

	 	 	 
	 	 	
Employee
	 	 	
 

(Employee’s Signature)Ex-10.21

 

EXHIBIT 10.21

MARTIN MARIETTA MATERIALS, INC.

RESTRICTED STOCK UNIT AGREEMENT

     THIS RESTRICTED STOCK UNIT AGREEMENT (the “Award Agreement”), made as of ___
between Martin Marietta Materials, Inc., a North Carolina corporation (the “Corporation”), and
___ (the “Employee”).

1. GRANT

     Pursuant to the Martin Marietta Materials, Inc. Amended and Restated Stock-Based Award Plan
(the “Plan”), the Corporation hereby grants the Employee
___ Restricted Stock Units on the
terms and conditions contained in this Award Agreement, and subject to the terms and conditions of
the Plan. The term “Restricted Stock Unit” or “Unit(s)” as used in this Award Agreement refers
only to the Restricted Stock Units awarded to the Employee under this Award Agreement.

2. GRANT DATE

     The Grant Date is

3. RESTRICTION PERIOD

     Subject to the terms and conditions hereof and of the Plan, the restriction period begins on
the Grant Date and ends on ___ (the “Vesting Date”).

4. DIVIDENDS

     The Corporation will make a cash payment to each Employee equal to the dividend paid on a
share of the Corporation’s common stock for each dividend record date during the year multiplied by
the number of Restricted Stock Units. These dividend equivalent amounts shall be paid quarterly at
the same time as dividends are paid on shares of the Corporation’s common stock. The dividend
equivalent amounts shall be paid from the general assets of the Corporation and shall be treated
and reported as additional compensation for the year in which payment is made.

5. AWARD PAYOUT

     The
grant of ___ Restricted Stock Units will be converted to shares of Martin Marietta
Materials, Inc. common stock as soon as practicable following the Vesting Date provided that the
Employee is employed by the Corporation on the Vesting Date. The Vesting from Units to common
stock will be one Unit for one share of common stock.

6. TRANSFERABLE ONLY UPON DEATH

     This Restricted Stock Unit grant shall not be assignable or transferable by the Employee
except by will or the laws of descent and distribution.

 

 

7. TERMINATION, RETIREMENT, DISABILITY OR DEATH

	 	(a)  	Termination. If the Employee’s employment with the Corporation is
terminated prior to the Vesting Date, whether by the employee or by the Corporation,
and in the latter case whether with or without cause, then the Units will be forfeited
upon such termination.
	 
	 	(b)  	Retirement or Disability. If the Employee’s employment with the
Corporation is terminated prior to the Vesting Date upon Retirement (as defined below)
or as the result of a disability under circumstances entitling the Employee to the
commencement of benefits under a long-term disability plan maintained by the
Corporation (“Disability”), then the terms of all outstanding Units shall be unaffected
by such retirement or disability; provided, however, that in the case
of the Employee’s termination on account of Retirement or Disability, if the Vesting
Date occurs following such termination but before the date which is six months
following such termination, the Vesting Date shall be postponed until the date that is
six months following such termination. “Retirement” is defined as termination of
employment with the Corporation after reaching age 62; provided, that,
the Compensation Committee of the Board of Directors may in its sole discretion
classify an Employee’s termination of employment as Retirement under other
circumstances.
	 
	 	(c)  	Death. If, prior to the Vesting Date, the Employee dies while employed
by the Corporation or after termination by reason of Disability, then the restriction
period shall be accelerated so as to cause all outstanding Units to be converted to
common shares.
	 
	 	(d)  	Committee Negative Discretion. The Compensation Committee of the Board
of Directors may in its sole discretion decide to reduce or eliminate any amount
otherwise payable with respect to an award under Sections 7(b) or 7(c).

8. TAX WITHHOLDING

     At the time of Vesting, the Employee will recognize ordinary income equal to the fair market
value of the common shares received. The Corporation shall withhold applicable taxes as required
by law at the time of such Vesting by deducting shares of common stock from the payment to satisfy
the obligation prior to the delivery of the certificates for common shares. Withholding will be at
the minimum rates prescribed by law; therefore, the Employee may owe additional taxes as a result
of the distribution. The Employee may not request tax to be withheld at greater than the minimum
rate.

9. CHANGE IN CONTROL

     In the event of a change in control of the Corporation, as defined in Section 11 of the Plan,
the restriction period of all outstanding Units shall be accelerated so as to cause all outstanding
Units to convert to shares of common stock.

10. AMENDMENT AND TERMINATION OF PLAN OR AWARDS

     As provided in Section 8 of the Plan, subject to certain limitations contained within Section
8, the Board of Directors may at any time amend, suspend or discontinue the Plan and the
Compensation Committee of the Board of Directors may at any time alter or amend all Award
Agreements under the Plan. Notwithstanding Section 8 of the Plan, no such amendment, suspension or
discontinuance of the Plan or alteration or amendment of this Award Agreement shall, except with
the Employee’s express

 

 

written consent, adversely affect any Restricted Stock Unit granted under this Award
Agreement, unless such amendment is for the purpose of causing the Plan, this Agreement or the
payments hereunder to comply with the requirements of Section 409A of the Internal Revenue Code of
1986, as amended.

11. EXECUTION OF AWARD AGREEMENT

     No Restricted Stock Unit granted under this Award Agreement is distributable nor is this Award
Agreement enforceable until this Award Agreement has been fully executed by the Corporation and the
Employee. By executing this Award Agreement, the Employee shall be deemed to have accepted and
consented to any action taken under the Plan by the Compensation Committee, the Board of Directors
or their delegates.

12. MISCELLANEOUS

	 	(a)  	Nothing contained in the Award Agreement confers on the Employee the rights
of a shareholder with respect to this Restricted Stock Unit award during the
restriction period.
	 
	 	(b)  	For the purpose of calculating the expiration of the restriction period for
the Units granted under this Award Agreement, all Units’ restrictions will be deemed
to lapse at 4:30 p.m. Eastern Time on the Vesting Date. Further, if the day a Unit’s
restrictions would otherwise lapse is not a business day then such Unit’s restrictions
will be deemed to lapse at 4:30 p.m. Eastern Time on the next succeeding business day.
For this purpose, the term business day shall be deemed to mean a day upon which the
Corporation is conducting business.
	 
	 	(c)  	For purposes of this Award Agreement, the Employee will be considered to be
in the employ of the Corporation during an approved leave of absence unless otherwise
provided in an agreement between the Employee and the Corporation.
	 
	 	(d)  	Nothing contained in this Award Agreement or in any Restricted Stock Unit
granted hereunder shall confer upon any Employee any right of continued employment by
the corporation, expressed or implied, nor limit in any way the right of the
Corporation to terminate the Employee’s employment at any time.
	 
	 	(e)  	Except as provided under Section 6 herein, neither this Unit nor any of the
rights or obligations hereunder shall be assigned or delegated by either party hereto.

13. NOTICES

     Notices and all other communications provided for in this Award Agreement shall be in writing
and shall be deemed to have been duly given when personally delivered or when mailed by overnight
mail courier service, postage prepaid, addressed as follows:

                    If to the Employee, to the address set forth

                    in the first paragraph in this Award Agreement.

 

 

If to the Corporation, to:

Martin Marietta Materials, Inc.

2710 Wycliff Road

Raleigh, NC 27607

Fax: (919) 783-4535

Attn: Corporate Secretary

or to such other address or such other person as the Employee or the Corporation shall designate in
writing in accordance with this Section 13, except that notices regarding changes in notices shall
be effective only upon receipt.

14. GOVERNING LAW

     This Award Agreement shall be governed by the laws of the State of North Carolina.

     IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed and the
Employee has hereunto set his hand as of the day and year first above written.

	 	 	 
	 	 	 
	 	 	
MARTIN MARIETTA MATERIALS, INC.
	 	 	 
	 	 	
By: 
	 	 	

Corporate Secretary

	 	 	 
	 	 	
EMPLOYEE
	 	 	 
	 	 	
By: 
	 	 	

(Employee’s Signature)

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