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Exhibit 10.6    
    

 
 

VALMONT INDUSTRIES, INC.
  RESTRICTED STOCK AGREEMENT    
    

        AGREEMENT entered into effective DATE ("Grant Date") by and between Valmont Industries, Inc., a Delaware corporation ("Company") and NAME, an employee of
the Company ("Employee"). 

        1.    Award.  

        (a)    Shares:    Pursuant to the Valmont 2002 Stock Plan ("Plan"), ####
shares (the
"Restricted Shares") of the Company's common stock, par value One Dollar per share ("Stock"), shall be issued as hereinafter provided in Employee's name subject to certain restrictions thereon. 

        (b)    Plan Incorporated:    Employee acknowledges receipt of a copy of the Plan, and agrees that this award of
Restricted Shares shall be subject to all of the terms and conditions set forth in the Plan, including future amendments thereto, if any, pursuant to the terms thereof, which Plan is incorporated
herein by reference as part of this Agreement. 

        2.    Dividends and Voting Rights.    The Employee shall be entitled to receive any dividends
paid with respect to the Restricted Shares that become payable; provided, however, that no dividends shall be payable to or for the benefit of the Employee for the Restricted Shares with respect to
the record dates occurring prior to the Grant Date, or with respect to record dates occurring on or after the date, if any, on which the Employee has forfeited the Restricted Shares. The Employee
shall be entitled to vote the Restricted Shares to the same extent as would have been applicable to the Employee if the Employee was then vested in the shares; provided, however, that the Employee
shall not be entitled to vote the shares with respect to record dates for such voting rights arising prior to the Grant Date, or with respect to record dates occurring on or after the date, if any, on
which the Employee has forfeited the Restricted Shares. 

        3.    Restricted Shares.    Employee hereby accepts the Restricted Shares when issued and
agrees with respect thereto as follows: 

        (a)    Forfeiture Restrictions:    The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated
or otherwise transferred, encumbered or disposed of to the extent then subject to the Forfeiture Restrictions (as hereinafter defined), and in the event of termination of Employee's employment with
the Company or employing subsidiary for any reason other than those described below, Employee shall, for no consideration, forfeit to the Company all Restricted Shares to the extent then subject to
the Forfeiture Restrictions. The prohibition against transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon termination of employment are herein referred to as
"Forfeiture Restrictions." The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Shares. Notwithstanding the foregoing, the Forfeiture Restrictions
shall lapse as to all of the Restricted Shares on the earlier of (i) the occurrence of a Change of Control (as such term is defined in the Plan), (ii) the date of Employee's employment
with the Company as terminated by reason of death, total disability (as determined by the Compensation Committee of the Board of Directors of the Company (the "Committee") using the definition of
total disability of the Company's long term disability plan), or normal retirement on or after age sixty-two, or (iii) the Employee's involuntary termination from the Company prior
to age sixty-two without cause. For purposes of this Agreement, "Cause" shall include the Employee's (i) indictment, conviction, or plea of guilty or nolo contendere to a
misdemeanor involving moral turpitude or a felony or (ii) breach of duties to the Company which cause material financial loss to the Company, which is not cured within ten days following
receipt by Employee of written notice from the Board of Directors. 

        (b)    Certificates:    A certificate evidencing the Restricted Shares shall be issued by the Company in Employee's
name, or at the option of the Company, in the name of a nominee of the 

Company,
pursuant to which Employee shall have voting rights and shall be entitled to receive all dividends as described in Paragraph 2 of this Agreement. The certificate shall bear a legend
evidencing the nature of the Restricted Shares, and the Company may cause the certificate to be delivered upon issuance to the Secretary of the Company or to such other depository as may be designated
by the Company as a depository for safekeeping until the forfeiture occurs or the Forfeiture Restrictions lapse pursuant to the terms of the Plan and this Award. Upon the lapse of the Forfeiture
Restrictions without forfeiture and Employee's delivery to the Company of the Restricted Shares, the Company shall cause a new certificate or certificates to be issued without legend in the name of
Employee for the shares upon which Forfeiture Restrictions lapsed. Notwithstanding any other provisions of this Agreement, the issuance or delivery of any shares of Stock (whether subject to the
restrictions or unrestricted) may be postponed for such period as may be required to comply with applicable requirements of any national securities exchange or any requirements under any law or
regulation applicable to the issuance or delivery of such shares. The Company shall not be obligated to issue or deliver any shares of Stock if the issuance or delivery thereof shall constitute a
violation of any provision of any law or any regulation of any governmental authority or any national securities exchange. 

        4.    Withholding of Tax.    To the extent that the receipt of the Restricted Shares or the
lapse of any Forfeiture Restriction results in income to Employee for federal or state income tax purposes, Employee shall deliver to the Company at the time of such receipt or lapse, as the case may
be, such amount of money or shares of unrestricted Stock as the Company may require to meet its withholding obligation under applicable tax laws or regulations, and if Employee fails to do so, the
Company is authorized to withhold from any cash or Stock remuneration then or thereafter payable to Employee any tax required to be withheld by reason of such resulting compensation income. 

        5.    Reimbursement.    In the event that (i) the Company is
required to restate and submit to the Securities and Exchange Commission a restatement of its audited financial statements for a fiscal year after fiscal 2006 due to material noncompliance with any
financial reporting requirement and (ii) Employee engaged in fraud or intentional misconduct that caused or contributed to the need for the restatement, as determined by the Board of Directors,
the Company, in an appropriate case as determined by the Board of Directors, shall be entitled to (i) cancel and forfeit any Restricted Shares and/or (ii) require Employee to return to
the Company the value of such Restricted Shares (valued as of the date of the lapse of Forfeiture Restrictions with respect thereto), in whole or part, and return of all dividends paid thereon,  [include the following
additional provision in CEO, CFO and Group President agreements: "; provided further, however, that the Board of
Directors may apply this right of reimbursement in all cases to the Chief Executive Officer, Chief Financial Officer, and Group President (if the conduct occurred in the Group) if an employee of the
Company engaged in fraud or intentional misconduct as described above"]. The rights of reimbursement of the Company shall be in addition to
any other right of reimbursement provided by law. 

        6.    Administration.    The authority to manage and control the operation and administration
of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by
the Committee and any decision made by it with respect to the Agreement is final and binding. 

        7.    Binding Effect.    This Agreement shall be binding upon and inure to the benefit of any
successors to the Company and all persons lawfully claiming under Employee. 

        8.    Governing Law.    This agreement shall be governed by, and construed in accordance with,
the laws of the State of Nebraska. 

        IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and Employee has executed this Agreement, effective as of the Grant
Date. 

	VALMONT INDUSTRIES, INC.	 	 
	

By:	
 	

 	
 	

 
	 	 	
	 	

	 	 	Mogens Bay, Chairman and Chief	 	Employee
	 	 	Executive Officer	 	 
	

 	
 	

 Date	
 	

 Date

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Exhibit 10.6

VALMONT INDUSTRIES, INC. RESTRICTED STOCK AGREEMENTQuickLinks
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Exhibit 10.7    
    

 
 

VALMONT INDUSTRIES, INC.
  RESTRICTED STOCK UNIT AGREEMENT    
    

        AGREEMENT entered into effective DATE ("Effective Date") by and between Valmont Industries, Inc., a Delaware corporation ("Company") and, NAME an employee
of the Company ("Employee"). 

        1.    Grant of Award.  

        (a)    The Company hereby grants to the Employee, pursuant to and subject to the terms of the Valmont
2002 Stock Plan ("Plan"),  xxx Restricted Stock units ("Units") of the Company (such number being subject to adjustment as provided in Paragraph 8 hereof) on the terms and
conditions set forth herein. 

        (b)    Employee acknowledges receipt of a copy of the Plan, and agrees that this award of Units shall be subject to all of the
terms and conditions set forth in the Plan, including future amendments thereto, if any, pursuant to the terms thereof, which Plan is incorporated herein by reference as part of this Agreement. 

        2.    Restricted Stock Units.    Each Unit awarded hereunder shall be the equivalent of one
share of Company Stock, provided; however, the Employee shall have no voting or similar rights with respect to the Units. The Employee shall be a general, unsecured creditor of the Company with
respect to the Company's obligations under this Agreement. 

        3.    Vesting.    The Units shall become nonforfeitable and fully vested on the date exactly
three years from the Effective Date ("Vesting Date") if the Employee remains in the continuous employment of the Company until the Vesting Date. In the event of termination of the Employee's
employment (voluntary or involuntary) prior to the Vesting Date, the Employee shall forfeit all of the Units granted under this Agreement and the payment contemplated by Paragraph 4 hereof. 

        4.    Dividends.    During the Employee's employment with the Company, the Company shall
accumulate a cash amount equal to dividends in cash or property paid from time to time on issued and outstanding shares of Company Stock in an amount that is equivalent to the dividends which the
Employee would have received had the Employee been the owner of the number of shares of Company Stock equal to the number of Units granted hereunder. The cash accumulated shall accrue interest until
the Vesting Date (unless previously forfeited). Interest shall be computed using the Company's average short term borrowing rate determined for each calendar year as of December 31, compounded
quarterly, as determined by the Compensation Committee of the Board of Directors of the Company (the "Committee") or its designee. The cash amount (plus interest) shall be paid to the Employee on the
Vesting Date, or as soon as possible thereafter, but no later than the March 15th immediately following the calendar year which includes the vesting date, subject to the
Employee's continuous employment with the Company until the Vesting Date. The payment hereunder shall be treated as additional compensation to the Employee. No such payment shall be paid to the
Employee after the Employee's termination of employment with the Company, even though such termination is after the record date, or after settlement of the Awards as provided in Paragraph 5 if
the record date follows the settlement. 

        5.    Settlement of Awards.    As soon as practicable following the Vesting Date, but no later
than the March 15th immediately following the calendar year which includes the vesting date, if the Employee has not forfeited the Units hereunder, the Company shall pay to the Employee, with
respect to each Unit one share of Company Stock. 

        6.    Withholding.    All deliveries and distributions under this Agreement are subject to
withholding of all applicable taxes. At the election of the Employee, and subject to such rules and limitations as may be established by the Committee from time to time, such withholding obligations
may be satisfied 

 

through
the surrender of shares of Company Stock to which the Employee is otherwise entitled to under the Plan, or through a cash payment by the Employee to the Company. 

        7.    Non-Compete.    The Employee agrees that for a period of twelve months after
employment has been terminated, for any reason other than by the Company without cause, the Employee will not solicit for sale or sell products or services which compete with any of the Company's
products or services to those persons, companies, firms or corporations who were or are customers of the Company and with whom the Employee had personal contact during and as a result of employment
with the Company. The Employee agrees not to solicit or sell to such customers on behalf of the Employee or on behalf of any other person, firm, company or corporation. Moreover, during said twelve
month period, the Employee shall neither induce nor encourage any employee employed by the Company to leave the Company's employment. The Employee also agrees that during said twelve month period, the
Employee will not interfere with the Company's contractual or business relationships with its suppliers or vendors. 

        The
Employee acknowledges that a violation of the Employee's covenants above, may result in irreparable and continuing harm to the Company. If the Employee violates any of these
covenants, the Company will be entitled to seek from any court of competent jurisdiction (in addition to other remedies) injunctive relief, to restrain any further violations by Employee and by any
persons acting for or on Employee's behalf. In the event the Company is required to seek enforcement of any of the provisions of this Agreement, the Company will be entitled to recover from the
Employee reasonable attorneys fees plus costs and expenses. 

        The
Employee recognizes that the limitations in this Agreement are reasonable and necessary to protect the legitimate business interests of the Company. In the event that any of the
foregoing non-competition covenants are held to be unenforceable by any court of competent jurisdiction, the Employee agrees and understands that such covenants may be modified to impose
limitations on the Employee's activities no greater than that allowable under applicable law. 

        For
purposes of this Agreement, "Cause" shall include the Employee's negligence, neglect of duty, incompetence, dishonesty, violation of any of the terms of the Employee's employment
agreement (if any) and the Employee's indictment, conviction or plea of guilty or nolo contendere to a misdemeanor involving moral turpitude or a felony. 

        8.    Adjustment in Capitalization.    If any adjustment in the Company's capitalization as
described in Section 5.3 of the Plan occurs, appropriate adjustments shall be made (as provided in Section 5.3 of the Plan) to the number of Units under this Agreement. 

        9.    Non-Transferability.    The Agreement and the Units granted hereunder shall
not be transferable other than by will or the laws of descent and distribution. More particularly (but without limiting the generality of the foregoing), this Agreement and the Units granted hereunder
may not be assigned, transferred (except as provided above), pledged or hypothecated in any way, shall not be assignable by operation of law, and shall not be subject to the execution, attachment or
similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition contrary to the provisions hereof or the levy of any execution, attachment or similar process upon the
Units or this Agreement shall be null and void and without effect. 

        10.    Heirs and Successors.    This Agreement shall be binding upon, and inure to the benefit
of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company's assets and
business. If any rights of the Employee or benefits distributable to the Employee under this Agreement have not been distributed, at the time of the Employee's death, such benefits shall be
distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement. The "Designated Beneficiary" shall be the beneficiary or beneficiaries designated by the Employee in a
writing filed with 

2

 

the
Committee in such form and at such time as the Committee shall require. If the Employee fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Employee, any
benefits distributable to the Employee shall be exercised by or distributed to the legal representative of the estate of the Employee. If a deceased Participant designates a beneficiary and the
Designated Beneficiary survives the Participant, but dies before the complete distribution of benefits to the Designated Beneficiary under this Agreement, then any benefits distributable to the
Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary. 

        11.    Reimbursement.    In the event that (i) the Company is required to restate and
submit to the Securities and Exchange Commission a restatement of its audited financial statements for a fiscal year after fiscal 2006 due to material noncompliance with any financial reporting
requirement and (ii) Employee engaged in fraud or intentional misconduct that caused or contributed to the need for the restatement, as determined by the Board of Directors, the Company, in an
appropriate case as determined by the Board of Directors, shall be entitled to cancel Units, in whole or part, and to the return of Company Stock issued to Employee in settlement of Units in whole or
part, and return of all dividends paid thereon. The rights of reimbursement of the Company shall be in addition to any other right of reimbursement provided by law. 

        12.    Administration.    The authority to manage and control the operation and administration
of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by
the Committee and any decision made by it with respect to the Agreement is final and binding. 

        IN
WITNESS WHEREOF, the Company and the Employee have signed this Agreement effective as of the day and year first above written. 

	 	 	VALMONT INDUSTRIES, INC.
	

 	
 	

By:	
 	

 
	
	 	 	 	

	Employee	 	 	 	 

3

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Exhibit 10.7

VALMONT INDUSTRIES, INC. RESTRICTED STOCK UNIT AGREEMENT

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