Document:

Exhibit 10.38

 Exhibit 10.38 
 Summary of MeadWestvaco Corporation 2011 Annual Incentive Plan under 2005 Performance Incentive Plan, as amended 
 Under the MeadWestvaco Corporation Annual Incentive Plan (the “Plan”), which is a part of the 2005 Performance Incentive Plan, the Compensation and Organization Development Committee (the
“Committee”) of the Board of Directors annually awards each executive an annual incentive award that is payable in cash. The size of each executive officer’s annual award is determined by application of his or her annual incentive
target expressed as a percentage of base salary, which the Committee examines annually to confirm that the target is reasonable when viewed against external competitive market data, peer group and general industry trends. 

For 2011, the Committee established a performance-based incentive pool for certain executive officers equal to a designated percentage of actual earnings
before interest and tax (“EBIT”) achieved. EBIT is defined as full year net sales less the cost of goods sold and selling, general and administrative expenses, excluding interest income and expense, corporate income taxes, extraordinary
items, discontinued operations, restructuring charges and certain one-time costs and the cumulative effect of accounting changes. 
 Funding of
the performance-based incentive pool under this formula permits the Committee to pay annual cash incentives to all executive officers based on the attainment of additional key financial and/or operational metrics. These additional objectives for
executive officers are also set by the Committee, and generally include such goals as enterprise economic profit (“EP”), defined as EBIT less the company’s weighted average cost of capital applied to total capital employed, (net debt
plus total equity), subject to certain adjustments and EP actions, which include profitable revenue growth and productivity. For each of these additional performance objectives, the Committee sets performance driven threshold, target and stretch
payout levels reflecting a suggested payout curve ranging from 50% of the target incentive to 200% of the target incentive. Annual incentives are subject to an individual maximum payout in accordance with the terms of the Plan. The Committee may
adjust award values to reflect progress made towards target performance levels for EP related goals, provided no awards are payable in the event the threshold for EBIT (which funds the incentive pool) is not achieved. 

Annual incentive awards are subject to the company’s Recoupment Policy.Form of Restricted Stock Unit Issuance Agrmt Non-Employee Director-Time Vesting

 Exhibit 10.66 
 KOPPERS HOLDINGS INC. 
 RESTRICTED STOCK UNIT ISSUANCE AGREEMENT 

NON-EMPLOYEE DIRECTOR - TIME VESTING 
 RECITALS 
 A. The Board has adopted the Plan for the purpose of retaining the
services of selected employees, non-employee members of the Board (or the board of directors of any Parent or Subsidiary) and consultants and other independent advisors who provide services to the Corporation (or any Parent or Subsidiary).

 B. Participant is to render valuable services to the Corporation, and this Agreement is executed pursuant to, and is intended
to carry out the purposes of, the Plan in connection with the Corporation’s issuance of shares of Common Stock to Participant under the Plan. 
 C. All capitalized terms in this Agreement shall have the meaning assigned to them in this Agreement or the attached Appendix A. 
 NOW, THEREFORE, it is hereby agreed as follows: 
 1. Grant of Restricted Stock
Units. The Corporation hereby awards Restricted Stock Units to the Participant under the Plan. The number of shares of Common Stock subject to the awarded Restricted Stock Units, the vesting provisions for those shares, the date on which the
vested shares shall become issuable to Participant and the remaining terms and conditions governing the Award shall be as set forth in this Agreement. 
 AWARD SUMMARY 
  

			
	Award Date:	  	                    , 2011.
		
	Number of Shares Subject to Award:	  	                     shares of Common Stock (the
“Shares”).
		
	Vesting Schedule:	  	The Shares shall vest on the earlier to occur of (i) the date which is 365 days after the Award Date or (ii) the date of the next annual meeting of the Corporation’s
shareholders immediately following the Award Date, provided that the Participant remains in continuous Service as a director of the Corporation during such period (the “Vesting Date”). However, some or all of the Shares may vest earlier in
accordance with the special vesting provisions of Paragraph 4.
		
	Issuance Schedule:	  	The Shares in which Participant vests in accordance with the foregoing Vesting Schedule shall become issuable on the Vesting Date (or upon the date of earlier vesting pursuant to
a Change in Control or termination of Service, if so provided herein) (the “Issue Date”). The actual issuance of the Shares shall be effected on the applicable Issue Date or as soon as administratively practicable thereafter, but in no
event later than the close of the calendar year in which such Issue Date occurs or (if later) the

			
		
		  	fifteenth day of the third calendar month following such Issue Date.

 2. Limited Transferability. Prior to the actual issuance of the Shares which vest hereunder, Participant may not transfer any interest in the Award or the underlying Shares; provided,
however, any Shares which vest hereunder but which otherwise remain unissued at the time of Participant’s death may be transferred pursuant to the provisions of Participant’s will or the laws of inheritance or to Participant’s
designated beneficiary or beneficiaries of this Award. Participant may make a beneficiary designation for this Award at any time by filing the appropriate form with the Plan Administrator or its designee. 

3. Stockholder Rights and Dividend Equivalents 
 (a) The holder of this Award shall not have any stockholder rights, including voting or dividend rights, with respect to the Shares subject to the Award until Participant becomes the record holder of
those Shares following their actual issuance. 
 (b) Notwithstanding the foregoing, should any stock dividend, whether regular
or extraordinary, be declared and paid on the outstanding Common Stock while one or more Shares remain subject to this Award (i.e., those Shares are not otherwise issued and outstanding for purposes of entitlement to the dividend or distribution),
then Participant shall automatically be credited with an additional number of Restricted Stock Units equal to the number of shares of Common Stock which would have been paid on the Shares (plus the number of additional shares previously credited to
Participant pursuant to the dividend equivalent right provisions of this Paragraph 3) at the time subject to this Award had those Shares been actually issued and outstanding and entitled to that dividend. The additional Restricted Stock Units so
credited shall vest at the same time as the Shares to which they relate and shall be distributed to Participant concurrently with the issuance of those Shares on the applicable Issue Date. 

(c) Notwithstanding the foregoing, should any cash dividend, whether regular or extraordinary, be declared and paid on the outstanding
Common Stock while one or more Shares remain subject to this Award (i.e., those Shares are not otherwise issued and outstanding for purposes of entitlement to the dividend or distribution), then a special book account shall be established for
Participant and credited with a dollar amount equal to the amount of that dividend paid per share multiplied by the number of Restricted Stock Units at the time subject to this Award (plus the number of additional shares previously credited to
Participant pursuant to the dividend equivalent right provisions of this Paragraph 3) as of the record date for the dividend. As of the fifteenth business day in April each year, the cash dividend amounts credited to the special book account since
the Award Date shall be converted into a book entry of an additional number of Restricted Stock Units determined by dividing (i) those cash dividend equivalent amounts by (ii) the average of the Fair Market Value per share of Common Stock
on each of the dates since the Award Date on which those dividends on the outstanding Common Stock were paid. The additional Restricted Stock Units so credited shall vest at the same time as the Shares to which they relate and shall be distributed
to Participant concurrently with the issuance of those Shares on the applicable Issue Date. 

  
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 4. Special Vesting/Change in Control. 

(a) Should Participant’s Service terminate for any reason prior to the Vesting Date, then, on the date of such termination,
Participant shall vest in a number of Shares equal to the number of Shares in which Participant would have been vested on the Vesting Date had Participant continued in the Corporation’s Service through the Vesting Date multiplied by a
fraction, the numerator of which is the number of days of Service Participant completed between the Award Date and the termination of Participant’s Service, and the denominator of which is three hundred sixty-five (365). 

(b) Immediately prior to the closing of a Change in Control, Participant shall vest in a number of Shares equal to the number of Shares
in which Participant would have vested on the Vesting Date. The Shares that vest under this subparagraph (b) will be issued on the Issue Date triggered by the Change in Control (or otherwise converted into the right to receive the same
consideration per share of Common Stock payable to the other stockholders of the Corporation in consummation of that Change in Control and distributed at the same time as such stockholder payments). For purposes of this Section 4(b), the Issue
Date shall be the effective date of the Change in Control so long as it qualifies as a “change in the ownership or effective control” of the Corporation within the meaning of Section 409A(a)(2)(A)(v) of the Code and regulations
thereunder. If it does not so qualify, the Issue Date shall be the Vesting Date. 
 (c) This Agreement shall not in any way
affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

5. Adjustment in Shares. In the event of any of the following transactions affecting the outstanding shares of Common Stock as a
class without the Corporation’s receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of
shares or other similar transaction affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration or in the event of a substantial reduction to the value of the outstanding shares of Common Stock by reason
of a spin-off transaction or extraordinary distribution, then equitable adjustments shall be made to the total number and/or class of securities issuable pursuant to this Award in such manner as the Plan Administrator deems appropriate in order to
reflect such change and thereby prevent the dilution or enlargement of benefits hereunder. In determining such adjustments, the Plan Administrator shall take into account any amounts credited to Participant pursuant to the dividend equivalent right
provisions of Paragraph 3 in connection with such transaction, and the determination of the Plan Administrator shall be final, binding and conclusive. 
 6. Compliance with Laws and Regulations. The issuance of shares of Common Stock pursuant to the Award shall be subject to compliance by the Corporation and Participant with all applicable
requirements of law relating thereto and with all applicable regulations of any stock exchange on which the Common Stock may be listed for trading at the time of such issuance. 

7. Notices. Any notice required to be given or delivered to the Secretary of the Corporation under the terms of this Agreement
shall be in writing and addressed to the Corporation at its principal corporate office at 436 Seventh Avenue, Pittsburgh, PA 15219. 

  
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Except to the extent electronic notice is expressly authorized hereunder, any notice required to be given or delivered to Participant shall be in writing and addressed to Participant at the
address indicated below Participant’s signature line on this Agreement. All notices shall be deemed effective upon personal delivery (or electronic delivery to the extent authorized hereunder) or upon deposit in the U.S. mail, postage prepaid
and properly addressed to the party to be notified. 
 8. Successors and Assigns. Except to the extent otherwise provided
in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and Participant, Participant’s assigns, the legal representatives, heirs and legatees of
Participant’s estate and any beneficiaries of the Award designated by Participant. 
 9. Construction. This
Agreement and the Award evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under
the Plan or this Agreement shall be conclusive and binding on all persons having an interest in the Award. 
 10. Governing
Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the Commonwealth of Pennsylvania without resort to Pennsylvania’s conflict-of-laws rules. 

11. Service at Will. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue in Service for
any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining Participant) or of Participant, which rights are hereby expressly reserved by each,
to terminate Participant’s Service at any time for any reason, with or without cause, unless such rights are otherwise limited pursuant to a separate agreement between the Corporation (or any Parent or Subsidiary) and Participant. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first indicated above. 

 

					
	KOPPERS HOLDINGS INC.	 	PARTICIPANT
			
	By:	 	  
	 	  

		 		 	Signature
	Title:	 	  
	 	  

		 		 	Printed Name
		 		 	  

		 		 	Address
		 		 	  

		 		 	Address

  
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 APPENDIX A 
 DEFINITIONS 
 The following definitions shall be in effect under the
Agreement: 
 A. Affiliate means any entity that, directly or through one or more intermediaries, is controlled by the
Corporation, and any entity in which the Corporation has a significant equity interest as determined by the Plan Administrator. 

B. Agreement shall mean this Restricted Stock Unit Issuance Agreement. 

C. Award shall mean the award of restricted stock units made to Participant pursuant to the terms of this Agreement. 

D. Award Date shall mean the date the restricted stock units are awarded to Participant pursuant to the Agreement and shall be the
date indicated in Paragraph 1 of the Agreement. 
 E. Board shall mean the Corporation’s Board of Directors.

 F. Change in Control of the Corporation shall have occurred in the event that: 

(i) a person, partnership, joint venture, corporation or other entity, or two or more of any of the foregoing acting as a
“person” within the meaning of Sections 13(d)(3) of the 1934 Act, other than the Corporation, a majority-owned subsidiary of the Corporation or an employee benefit plan of the Corporation or such subsidiary (or such plan’s related
trust), become(s) the “beneficial owner” (as defined in Rule 13d-3 under the Act) of fifty percent (50%) or more of the then outstanding voting stock of the Corporation; 

(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board
(together with any new Board member whose election by the Corporation’s Board or whose nomination for election by the Corporation’s stockholders, was approved by a vote of at least two-thirds of the Board members then still in office who
either were Board members at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board members then in office; 

(iii) all or substantially all of the business of the Corporation is disposed of pursuant to a merger, consolidation or
other transaction in which the Corporation is not the surviving corporation or the Corporation combines with another company and is the surviving corporation (unless the Corporation’s stockholders immediately following such merger,
consolidation, combination, or other transaction beneficially own, directly or indirectly, more than fifty percent (50%) of the aggregate voting stock or other ownership interests of (x) the entity or entities, if any, that succeed to the
business of the Corporation or (y) the combined company); 

  
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 (iv) the closing of the sale of all or substantially all of the assets of
the Corporation or a liquidation or dissolution of the Corporation; or 
 (v) the acquisition, directly or
indirectly, by any person or related group of persons (other than the Corporation or a person that directly or indirectly controls, is controlled by, or is under common control with, the Corporation of beneficial ownership (within the meaning of
Rule 13d-3 of the Act) of securities possessing more than twenty percent (20%) of the total combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer made directly to the Corporation’s
stockholders which the Board does not recommend such stockholders to accept. 
 G. Code shall mean the Internal Revenue
Code of 1986, as amended. 
 H. Common Stock shall mean shares of the Corporation’s common stock. 

I. Corporation shall mean Koppers Holdings Inc., a Pennsylvania corporation, and any successor corporation to all or substantially
all of the assets or voting stock of Koppers Holdings Inc. which shall by appropriate action adopt the Plan. 
 J. Fair
Market Value per share of Common Stock on any relevant date shall be determined in accordance with the following provisions: 
 (i) If the Common Stock is at the time traded on the Nasdaq Global Market, then the Fair Market Value shall be the closing selling price per share of Common Stock at the close of regular hours trading
(i.e., before after-hours trading begins) on the Nasdaq Global Market on the date in question, as such price is reported by the National Association of Securities Dealers for that particular Stock Exchange. If there is no closing selling price for
the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 

(ii) If the Common Stock is at the time listed on any other Stock Exchange, then the Fair Market Value shall be the
closing selling price per share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the
Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price
on the last preceding date for which such quotation exists. 
 K. 1934 Act shall mean the Securities Exchange Act of 1934,
as amended from time to time. 
 L. Participant shall mean the person to whom the Award is made pursuant to the
Agreement. 
 M. Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations
ending with the Corporation, provided each corporation in the 

  
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unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in
one of the other corporations in such chain. 
 N. Plan shall mean the Corporation’s Amended and Restated 2005
Long-Term Incentive Plan. 
 O. Plan Administrator shall mean the committee(s) designated by the Board to administer the
Plan. 
 P. Service shall mean Participant’s performance of services for the Corporation (or any Parent or
Subsidiary) in the capacity of an employee, a non-employee member of the board of directors or a consultant or independent advisor. For purposes of this Agreement, Participant shall be deemed to cease Service immediately upon the occurrence of
either of the following events: (i) Participant no longer performs services in any of the foregoing capacities for the Corporation (or any Parent or Subsidiary) or (ii) the entity for which Participant performs such services ceases to
remain a Parent or Subsidiary of the Corporation, even though Participant may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave
approved by the Corporation; provided, however, that except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Corporation’s written policy on leaves of absence, no Service credit
shall be given for vesting purposes for any period the Participant is on a leave of absence. 
 Q. Stock Exchange shall
mean the American Stock Exchange, the Nasdaq Global Market or the New York Stock Exchange. 
 R. Subsidiary shall mean
any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock
possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

  
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