Document:

EX-10.2

Exhibit 10.2

JPMORGAN CHASE BANK, N.A.

REVOLVING LOAN NOTE

			
	 	 	 
	$25,000,000.00
	 	June 30, 2009
	Chicago, Illinois	 	 

     FOR VALUE RECEIVED, FUEL TECH, INC., a Delaware corporation (together with permitted
successors, herein called “Maker”), promises to pay to the order of JPMorgan Chase Bank, N.A.
(“Payee”), at the office of JPMorgan Chase Bank, N.A., in Chicago, Illinois, in immediately
available funds and in lawful money of the United States of America, the principal sum of
Twenty-Five Million and No/100 Dollars ($25,000,000.00) (or the unpaid balance of all principal
advanced against this note, if that amount is less), together with interest on the unpaid principal
balance of this note from time to time outstanding at the rate or rates provided in that certain
Credit Agreement (as amended, supplemented, restated or replaced from time to time, the “Credit
Agreement”) dated as of June 30, 2009 among Maker and Payee. Any term defined in the Credit
Agreement which is used in this note and which is not otherwise defined in this note shall have the
meaning ascribed to it in the Credit Agreement.

     1. Credit Agreement; Advances. This note has been issued pursuant to the terms of the
Credit Agreement, and is the Revolving Note referred to in the Credit Agreement. Advances against
this note by Payee or other holder hereof shall be governed by the terms and provisions of the
Credit Agreement. Reference is hereby made to the Credit Agreement for all purposes. Payee is
entitled to the benefits of the Credit Agreement. The unpaid principal balance of this note at any
time shall be the total of all amounts lent or advanced against this note less the amount of all
payments or permitted prepayments made on this note and by or for the account of Maker. All loans
and advances and all payments and permitted prepayments made hereon may be endorsed by the holder
of this note on a schedule which may be attached hereto (and thereby made a part hereof for all
purposes) or otherwise recorded in the holder’s records; provided, that any failure to make
notation of (a) any advance shall not cancel, limit or otherwise affect Maker’s obligations or any
holder’s rights with respect to that advance, or (b) any payment or permitted prepayment of
principal shall not cancel, limit or otherwise affect Maker’s entitlement to credit for that
payment as of the date received by the holder.

     2. Mandatory Payments of Principal and Interest.

     (a) Accrued and unpaid interest on the unpaid principal balance of this note shall be due and
payable monthly and on the Maturity Date as provided in the Credit Agreement.

     (b) On the Maturity Date, the entire unpaid principal balance of this note and all accrued and
unpaid interest on the unpaid principal balance of this note shall be finally due and payable.

     (c) The Credit Agreement provides for prepayments of the indebtedness evidenced hereby upon
terms and conditions specified therein.

 

 

     3. Default. The Credit Agreement provides for the acceleration of the maturity of
this note and other rights and remedies upon the occurrence of certain events specified therein.

     4. Waiver by Maker and Others. Except to the extent, if any, that notice of default
is expressly required herein or in any of the other Loan Documents, Maker and any and all
co-makers, endorsers, guarantors and sureties severally waive notice (including, but not limited
to, notice of intent to accelerate and notice of acceleration, notice of protest and notice of
dishonor), presentment for payment, protest, diligence in collecting and the filing of suit for the
purpose of fixing liability and consent that the time of payment hereof may be extended and
re-extended from time to time without notice to any of them. Each such person agrees that his, her
or its liability on or with respect to this note shall not be affected by any release of or change
in any guaranty at any time existing or by the partial or complete unenforceability of any guaranty
or other surety obligation, in each case in whole or in part, with or without notice and before or
after maturity.

     5. Paragraph Headings. Paragraph headings appearing in this note are for convenient
reference only and shall not be used to interpret or limit the meaning of any provision of this
note.

     6. Choice of Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
APPLICABLE LAWS OF THE STATE OF ILLINOIS AND THE UNITED STATES OF AMERICA FROM TIME TO TIME IN
EFFECT.

     7. Successors and Assigns. This note and all the covenants and agreements contained
herein shall be binding upon, and shall inure to the benefit of, the respective legal
representatives, heirs, successors and permitted assigns of Maker and Payee.

     8. Records of Payments. The records of Payee shall be prima facie evidence of the
amounts owing on this note (absent manifest error).

     9. Severability. If any provision of this note is held to be illegal, invalid or
unenforceable under present or future laws, the legality, validity and enforceability of the
remaining provisions of this note shall not be affected thereby, and this note shall be liberally
construed so as to carry out the intent of the parties to it.

     10. Revolving Loan. Subject to the terms and provisions of the Credit Agreement,
Maker may use all or any part of the credit provided to be evidenced by this note at any time
before the Maturity Date. Maker may borrow, repay and reborrow hereunder, and except as set forth
in the Credit Agreement there is no limitation on the number of advances to be made hereunder.

[SIGNATURE PAGE TO FOLLOW]

JPMorgan Chase Bank, N.A.

Revolving Loan Note

2

 

	 	 	 	 	 
	 	FUEL TECH, INC.,

a Delaware corporation,

 	 
	 	By:  	/s/ John P. Graham
 	 
	 	 	Name:  	John P. Graham 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

Signature Page to $25,000,000 Revolving Loan Note

payable to JP Morgan Chase Bank, N.A.Exhibit 10.2

Exhibit 10.2

A. SCHULMAN, INC.

AMENDED AND RESTATED

2006 INCENTIVE PLAN

INSTRUCTIONS FOR COMPLETING RESTRICTED STOCK UNIT AWARD

 AGREEMENT FOR NON-EMPLOYEE DIRECTORS

Code Sheet

The following codes are used in this Award Agreement and should be replaced using your computer’s
“Replace” function.

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	VTA
	 	Grantee’s name (all capital letters)
	 
	 	 	 	 
	 

	 	VTB
	 	Grant Date (all capital letters)
	 
	 	 	 	 
	 

	 	Vtb
	 	Grant Date (initial capital letters only)
	 
	 	 	 	 
	 

	 	Vtc
	 	Person to contact for more information
	 
	 	 	 	 
	 

	 	Vtd
	 	Contact’s telephone number, including area code
	 
	 	 	 	 
	 

	 	Vte
	 	Date that is 30 days after the Grant Date (initial capital letters only)
	 
	 	 	 	 
	 

	 	Vtf
	 	Number of Restricted Stock Units granted (insert only the number in Arabic
numerals)
	 
	 	 	 	 
	 

	 	Vtg
	 	Contact’s street address
	 
	 	 	 	 
	 

	 	Vth
	 	Contact’s city, state and zip code
	 
	 	 	 	 
	 

	 	Vti
	 	Calendar year in which grant is made (e.g., 2009)
	 
	 	 	 	 
	 

	 	Vtq
	 	Grantee’s name (initial capital letters only)

 

 

 

A. SCHULMAN, INC.

AMENDED AND RESTATED

2006 INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT GRANTED TO

VTA on VTB

A. Schulman, Inc. (“Company”) believes that its business interests are best served by extending to
you an opportunity to earn additional compensation based on the growth of the Company’s business.
To this end, the Company adopted, and its stockholders approved, the A. Schulman, Inc. Amended and
Restated 2006 Incentive Plan (“Plan”) as a means through which non-employee directors like you may
share in the Company’s success. Capitalized terms that are not defined herein shall have the same
meanings as in the Plan.

This Award Agreement describes many features of your Award and the terms and conditions of your
Award. To ensure you fully understand these terms and conditions, you should:

	 	•	 	Read the Plan carefully to ensure you understand how the Plan works;

	 	•	 	Read this Award Agreement carefully to ensure you understand the nature of
your Award and what you must do to earn it; and

	 	•	 	Contact Vtc at Vtd if you have any questions about your Award.

Also, no later than Vte, you must return a signed copy of the Award Agreement to:

Vtc

A. Schulman, Inc.

Vtg

Vth

Nature of Your Award

You have been granted Restricted Stock Units. Each Restricted Stock Unit represents the right to
receive Shares equal to the number of Restricted Stock Units to be settled and all Restricted Stock
Units relating to fractional Shares will be cancelled without any consideration to the affected
Participant. The terms and conditions affecting your Restricted Stock Units are described in this
Award Agreement and the Plan, both of which you should read carefully.

Grant Date: Vtb.

Number of Restricted Stock Units: You have been granted Vtf Restricted Stock Units, subject to the
terms and conditions of this Award Agreement and the Plan.

 

1

 

When Your Award Will Vest

Your Restricted Stock Units are fully vested as of the Grant Date.

Settling Your Award

Your Restricted Stock Units will be settled as soon as administratively feasible, but no later than
60 days, after the third anniversary of the Grant Date or, if earlier, as soon as administratively
feasible, but no later than 60 days, after your death or Termination due to Disability.

Other Rules Affecting Your Award

Rights Prior to Settlement: Prior to settlement of your Restricted Stock Units, you will have no
voting rights with respect to the Shares underlying your Restricted Stock Units. You shall be
entitled to receive any cash dividends that are declared and paid after the Grant Date but prior to
the settlement of your Restricted Stock Units with respect to the Shares underlying your Restricted
Stock Units, subject to the terms and conditions of the Plan and this Award Agreement. If a cash
dividend is declared and paid after the Grant Date but prior to the settlement of your Restricted
Stock Units on the Shares underlying your Restricted Stock Units, you will be deemed to have been
credited with a cash amount equal to the product of [a] the number of Shares underlying your
Restricted Stock Units, multiplied by [b] the amount of the cash dividend paid per Share. Such
amount shall be subject to the same terms and conditions as the related Restricted Stock Units and
shall be settled in cash when the related Restricted Stock Units are settled. In the event a
Restricted Stock Unit is forfeited under this Award Agreement, the related dividends will also be
forfeited.

Beneficiary Designation: You may name a beneficiary or beneficiaries to receive any portion of your
Award and any other right under the Plan that is unsettled at your death. To do so, you must
complete a beneficiary designation form by contacting Vtc at Vtd or the address below. If you
previously completed a valid beneficiary designation form, such form shall apply to the Award until
changed or revoked. If you die without completing a beneficiary designation form or if you do not
complete that form correctly, your beneficiary will be your surviving spouse or, if you do not have
a surviving spouse, your estate.

Transferring Your Restricted Stock Units: Normally, your Restricted Stock Units may not be
transferred to another person. However, as described above, you may complete a beneficiary
designation form to name the person to receive any Restricted Stock Units that are settled after
you die. Also, the Committee may allow you to transfer your Restricted Stock Units to certain
Permissible Transferees, including a trust established for your benefit or the benefit of your
family. Contact Vtc at the address or number given below if you are interested in doing this.

 

2

 

Governing Law: This Award Agreement will be construed in accordance with and governed by the laws
(other than laws governing conflicts of laws) of the State of Ohio, except to the extent that the
Delaware General Corporation Law is mandatorily applicable.

Other Agreements: Also, your Restricted Stock Units will be subject to the terms of any other
written agreements between you and the Company or a Related Entity to the extent that those other
agreements do not directly conflict with the terms of the Plan or this Award Agreement.

Adjustments to Your Restricted Stock Units: Subject to the terms of the Plan, your Award will be
adjusted, if appropriate, to reflect any change to the Company’s capital structure (e.g., the
number of Shares of Restricted Stock Units will be adjusted to reflect a stock split).

Other Rules: Your Restricted Stock Units are also subject to more rules described in the Plan. You
should read the Plan carefully to ensure you fully understand all the terms and conditions of this
Award.

*****

You may contact Vtc at the address or number given below if you have any questions about your Award
or this Award Agreement.

*****

Your Acknowledgment of Award Conditions

Note: You must sign and return a copy of this Award Agreement to Vtc at the address given below no
later than Vte.

By signing below, I acknowledge and agree that:

	 	•	 	A copy of the Plan has been made available to me;

	 	•	 	I understand and accept the conditions placed on my Award and understand what
I must do to earn my Award;
	 
	 	•	 	I will consent (in my own behalf and in behalf of my beneficiaries and
without any further consideration) to any change to my Award or this Award Agreement
to avoid paying penalties under Section 409A of the Code, even if those changes affect
the terms of my Award and reduce its value or potential value; and
	 
	 	•	 	I must return a signed copy of this Award Agreement to the address shown
below by Vte.

 

3

 

	 	 	 	 	 	 	 	 	 	 	 
	VTA	 	 	 	A. SCHULMAN, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	(signature)
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date signed:

	 	 	 	Date signed:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 

A signed copy of this Award Agreement must be sent to the following address no later than Vte:

Vtc

A. Schulman, Inc.

Vtg

Vth

Vtd

 

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