Document:

exv10w12

 

Exhibit 10.12

Fifth Amendment

to the

Lear Corporation Long-Term Stock Incentive Plan

(As Amended and Restated Effective May 3, 2001)

          The Lear Corporation Long-Term Stock Incentive Plan (As Amended and Restated Effective May 3,
2001) is amended, effective November 1, 2006, in the following particulars:

          1. By deleting the words “twenty percent” and inserting in lieu thereof “twenty-five percent”
in paragraph (a) of the definition of “Change in Control” in Article 2 of the Plan, which revised
definition shall apply to all Awards under the Plan granted on or after November 1, 2006.

          2. By deleting the words “eighty percent” and inserting in lieu thereof “seventy-five percent”
in paragraph (c) of the definition of “Change in Control” in Article 2 of the Plan, which revised
definition shall apply to all Awards under the Plan granted on or after November 1, 2006.exv10w15

 

Exhibit 10.15

First Amendment

to the

Lear Corporation Outside Directors Compensation Plan

          The Lear Corporation Outside Directors Compensation Plan (the “Plan”) is amended, effective
November 1, 2006, in the following particulars:

          1. By deleting the words “twenty percent” and inserting in lieu thereof “twenty-five percent”
in paragraph (a) of the definition of “Change in Control” in Article 2 of the Plan, which revised
definition shall apply to all Restricted Units awarded and all compensation initially deferred
under the Plan on or after January 1, 2007.

          2. By deleting the words “eighty percent” and inserting in lieu thereof “seventy-five percent”
in paragraph (c) of the definition of “Change in Control” in Article 2 of the Plan, which revised
definition shall apply to all Restricted Units awarded and all compensation initially deferred
under the Plan on or after January 1, 2007.

          3. By inserting the following after the end of (c) in the definition of “Change in Control” in
Article 2 of the Plan:

“Notwithstanding the foregoing, to the extent necessary to avoid subjecting Outside
Directors to interest and additional tax under Section 409A of the Code, no “Change in
Control” will be deemed to occur unless and until paragraph (a), (b) or (c), above, is
satisfied and Section 409A(a)(2)(A)(v) of the Code is satisfied.”exv10w28

 

Exhibit 10.28

AMENDMENT TO THE

LEAR CORPORATION

EXECUTIVE SUPPLEMENTAL SAVINGS PLAN

THIS AMENDMENT to the Lear Corporation Executive Supplemental Savings Plan (the “Plan”) made by the
undersigned pursuant to authority delegated by the Compensation Committee of the Board of Directors
of Lear Corporation, effective as of January 1, 2007 (unless otherwise provided);

WITNESSETH THAT:

	1.	 	Notwithstanding anything in the Plan to the contrary, effective as of January 1, 2007, all
benefits under Section 3.2 of the Plan are frozen in amount and no future benefits shall
accrue under Section 3.2 of the Plan.
	 
	2.	 	Vesting under Section 3.2 shall continue beyond 2006.
	 
	3.	 	Except to the extent hereby amended, this Plan shall remain in full force and effect.

IN WITNESS WHEREOF, this Amendment to the Plan is adopted on the 21st day of December, 2006.

	 	 	 
	/s/ Roger Jackson
 

Roger Alan Jackson

	 	 
	Senior Vice President – Human Resourcesexv10w33

 

Exhibit 10.33

LEAR CORPORATION

LONG-TERM STOCK INCENTIVE PLAN

2007 MANAGEMENT STOCK PURCHASE PLAN (U.S.)

TERMS AND CONDITIONS

1. Deferral Election.

     Any Eligible Employee selected by the Committee (a) may irrevocably elect to defer any whole
percentage up to 90% of the Base Salary payable to him or her for the pay periods ending after
December 31, 2006 and before January 1, 2008, by electronically submitting an online election to
that effect, and/or (b) may have irrevocably elected to defer a whole percentage up to 100% of the
bonus payable to him or her under the Company’s Senior Executive Incentive Compensation Plan or
Management Incentive Compensation Plan in the first quarter of 2007, by having properly filed with
the Committee a written notice to that effect on the form furnished by the Committee.

     “Base Salary” means a Participant’s annual base salary rate on January 1, 2007 from the
Company or an Affiliate, including any elective contributions of the Participant that are not
includable in his or her gross income under Code Sections 125 or 401(k), and before taking into
account his or her Deferral Election under the MSPP.

     “Participant” means an Eligible Employee who makes a Deferral Election.

2. Restricted Stock Units.

	 	(a)	 	In consideration for the Participant’s Deferral Election, the Participant shall
be credited as of March 15, 2007 with Restricted Stock Units at a discounted price (the
“Discount Rate”) as provided in the following table:

	 	 	 	 	 
	Total dollar amount of Participant’s Deferral Election,	 	 
	expressed as a percentage of the Participant’s Base Salary	 	 
	as of January 1, 2007:	 	Applicable Discount Rate:
	15% or less
	 	 	20	%
	Over 15% and up to 100%
	 	 	30	%
	Over 100%
	 	 	20	%

	 	(b)	 	The total number of Restricted Stock Units credited to a Participant under the
Plan will be determined according to the following calculation:

 

 

	 	(i)	 	the dollar amount of the Participant’s Deferral Election that
does not exceed 15% of the Participant’s Base Salary, divided by the product of
(A) the average closing Fair Market Value over the last five
trading days in 2006 (December 22, 26, 27, 28, and 29) (the “Average FMV”)
multiplied by (B) 80%; plus
	 
	 	(ii)	 	the dollar amount of the Participant’s Deferral Election over
15% and up to 100% of the Participant’s Base Salary, divided by the product of
(A) the Average FMV multiplied by (B) 70%; plus
	 
	 	(iii)	 	the dollar amount of the Participant’s Deferral Election over
100% of the Participant’s Base Salary, divided by the product of (A) the
Average FMV multiplied by (B) 80%.

	 	(c)	 	The total number of Restricted Stock Units determined in Section 2(b) will be
credited to the Participant in the form of Salary Restricted Stock Units and/or Bonus
Restricted Stock Units. The number of Salary Restricted Stock Units credited shall be
the same proportion of the total Restricted Stock Units as the amount of Base Salary
deferred in the Participant’s Deferral Election is of the total amount deferred in the
Participant’s Deferral Election. The number of Bonus Restricted Stock Units credited
shall be the same proportion of the total Restricted Stock Units as the amount of bonus
deferred in the Participant’s Deferral Election is of the total amount deferred in the
Participant’s Deferral Election.

3. Restriction Period.

     The Restriction Period under this Agreement shall be the three-year period commencing on March
15, 2007 and ending on March 14, 2010.

4. Dividend Equivalents.

     If the Company declares a cash dividend on Shares, the Participant shall be credited with
dividend equivalents as of the payment date for the dividend equal to the amount of the cash
dividend per Share multiplied by the Restricted Stock Units credited to the Participant under
Section 2(b) as of the record date. Dividend equivalents shall be credited to a notional account
established for the Participant (the “Dividend Equivalent Account”). Interest shall be credited to
the Participant’s Dividend Equivalent Account, compounded monthly, until payment of such account to
the Participant. The rate of such interest shall be the Prime Rate of interest as reported by the
Midwest edition of The Wall Street Journal on the second business day of each calendar quarter.

5. Timing and Form of Payout.

     Except as provided in Sections 6, 7 or 8, after the end of the Restriction Period, the
Participant shall be entitled to receive a number of Shares equal to the number of Restricted Stock
Units credited to the Participant under Section 2(b) and a cash payment equal to the amount
credited to the Participant’s Dividend Equivalent Account under Section 4. Delivery of such Shares
shall be made as soon as administratively feasible after the end of the Restriction Period or such
later date as may have been elected by the Participant under Section 9. Delivery
of the cash payment of any amount credited to the Participant’s Dividend Equivalent Account
shall be made on or about the date the Restricted Stock Units are distributed to the Participant.

2

 

6. Termination of Employment Due to Death, End of Service or Disability.

	 	(a)	 	Before March 15, 2007.
	 
	 	 	 	A Participant who ceases to be an employee prior to March 15, 2007 by reason of
death, End of Service or Disability shall be terminated from the Plan, and his or
her Deferral Election shall be cancelled. Any Base Salary and/or bonus earned but
not paid due to the Participant’s Deferral Election shall be paid to the Participant
(or in the case of the Participant’s death, the Participant’s beneficiary) in cash
as soon as administratively feasible after his or her termination of employment.
	 
	 	(b)	 	After March 14, 2007 but Before January 1, 2008.
	 
	 	 	 	If the Participant ceases to be an employee after March 14, 2007 but prior to
January 1, 2008 by reason of death, End of Service, or Disability, the Participant
(or in the case of the Participant’s death, the Participant’s beneficiary) shall be
entitled to receive a number of Shares equal to the sum of (i) and (ii):

	 	(i)	 	the number of Salary Restricted Stock Units credited to the
Participant under Section 2(c) multiplied by a fraction, the numerator of which
is the number of pay periods for which there was a Base Salary deduction in the
period beginning on January 1, 2007 and ending on the date the Participant
ceases to be an employee and the denominator of which is 24; and
	 
	 	(ii)	 	the number of Bonus Restricted Stock Units credited to the
Participant under Section 2(c).

	 	(c)	 	After December 31, 2007.
	 
	 	 	 	If the Participant ceases to be an employee after December 31, 2007 but prior to the
end of the Restriction Period by reason of death, End of Service or Disability, the
Participant (or in the case of the Participant’s death, the Participant’s
beneficiary) shall be entitled to receive a number of Shares equal to the number of
Restricted Stock Units credited to the Participant under Section 2(b) and a cash
payment equal to the Participant’s Dividend Equivalent Account under Section 4.
	 
	 	(d)	 	Beneficiary.
	 
	 	 	 	Any distribution made with respect to a Participant who has died shall be paid to
the beneficiary designated by the Participant pursuant to Article 11 of the Plan to
receive the Participant’s Shares and any cash payment under this Agreement. If the
Participant’s beneficiary predeceases the Participant or no beneficiary has been
designated, distribution of the Participant’s Shares and any cash payment
shall be made to the Participant’s surviving spouse and if none, to the
Participant’s estate.

3

 

	 	(e)	 	End of Service.
	 
	 	 	 	An employee’s “End of Service” means his or her retirement after attaining age 55
and completing ten years of service (as defined in the Lear Corporation Pension
Plan, regardless of whether the employee participates in such plan).

7. Involuntary Termination Other Than For Cause.

	 	(a)	 	Before March 15, 2007.
	 
	 	 	 	A Participant whose employment involuntarily terminates other than for Cause or for
any reason described in Section 6 prior to March 15, 2007 shall be terminated from
the Plan, and his or her Deferral Election shall be cancelled. Any Base Salary
and/or bonus earned but not paid due to the Participant’s Deferral Election shall be
paid to the Participant in cash as soon as administratively feasible after his or
her termination of employment.
	 
	 	(b)	 	After March 14, 2007 but Before January 1, 2008.
	 
	 	 	 	A Participant whose employment involuntarily terminates other than for Cause or for
any reason described in Section 6 after March 14, 2007 but prior to January 1, 2008
shall be entitled to receive a number of Shares equal to the sum of (i), (ii), (iii)
and (iv):

	 	(i)	 	the number of Salary Restricted Stock Units credited to the
Participant under Section 2(c) multiplied by a fraction, the numerator of which
is the number of pay periods for which there was a Base Salary deduction in the
period beginning on January 1, 2007 and ending on the date the Participant
ceases to be an employee, and the denominator of which is 24, multiplied by a
fraction, the numerator of which is the number of full months in the period
beginning on March 15, 2007 and ending on the date the Participant ceases to be
an employee (the “Elapsed Months”), and the denominator of which is 36; and
	 
	 	(ii)	 	the number of Bonus Restricted Stock Units credited to the
Participant under Section 2(c) multiplied by a fraction, the numerator of which
is the Elapsed Months, and the denominator of which is 36; and
	 
	 	(iii)	 	the lesser of:

	 	(A)	 	the quotient of (i) the total amount of Base
Salary deferred in the Participant’s Deferral Election multiplied by a
fraction, the numerator of which is the number of pay periods for which
there was a Base Salary deduction in the period beginning on January 1,

4

 

	 	 	 	2007 and ending on the date the Participant ceases to be an employee,
and the denominator of which is 24, multiplied by a fraction, the
numerator of which is 36 minus the Elapsed Months, and the
denominator of which is 36, divided by (ii) the Fair Market Value of
a Share on the date the Participant ceases to be an employee, or
	 
	 	(B)	 	the number of Salary Restricted Units
determined under Section 2(c) multiplied by a fraction, the numerator
of which is the number of pay periods for which there was a Base Salary
deduction in the period beginning on January 1, 2007 and ending on the
date the Participant ceases to be an employee, and the denominator of
which is 24, multiplied by a fraction, the numerator of which is 36
minus the Elapsed Months, and the denominator of which is 36; and

	 	(iv)	 	the lesser of:

	 	(A)	 	the quotient of (i) the amount of bonus
deferred in the Participant’s Deferral Election multiplied by a
fraction, the numerator of which is 36 minus the Elapsed Months, and
the denominator of which is 36, divided by (ii) the Fair Market Value
of a Share on the date the Participant ceases to be an employee, or
	 
	 	(B)	 	the number of Bonus Restricted Stock Units
determined under Section 2(c) multiplied by a fraction, the numerator
of which is 36 minus the Elapsed Months, and the denominator of which
is 36.

	 	(c)	 	After December 31, 2007.
	 
	 	 	 	A Participant whose employment involuntarily terminates other than for Cause or for
any reason described in Section 6 after December 31, 2007 but prior to the end of
the Restriction Period shall be entitled to receive a number of Shares equal to the
sum of (i) and (ii):

	 	(i)	 	the number of the Restricted Stock Units credited to the
Participant under Section 2(b) multiplied by a fraction, the numerator of which
is the Elapsed Months, and the denominator of which is 36, and
	 
	 	(ii)	 	the lesser of:

	 	(A)	 	the quotient of (i) the total amount deferred
in the Participant’s Deferral Election multiplied by a fraction, the
numerator of which is 36 minus the Elapsed Months, and the denominator
of which is 36, divided by (ii) the Fair Market Value of a Share on the
date the Participant ceases to be an employee, or
	 
	 	(B)	 	the number of Restricted Stock Units determined
under Section 2(b) multiplied by a fraction, the numerator of which is
36 minus the Elapsed Months, and the denominator of which is 36.

5

 

8. Termination of Employment for Any Other Reason.

	 	(a)	 	Before March 15, 2007.
	 
	 	 	 	A Participant whose employment terminates for any reason other than those described
in Sections 6 and 7 prior to March 15, 2007 shall be terminated from the Plan, and
his or her Deferral Election shall be cancelled. Any Base Salary and/or bonus
earned but not paid due to the Participant’s Deferral Election shall be paid to the
Participant in cash as soon as administratively feasible after his or her
termination of employment.
	 
	 	(b)	 	After March 14, 2007 But Before January 1, 2008.
	 
	 	 	 	A Participant whose employment terminates for any reason other than those described
in Sections 6 and 7 after March 14, 2007 but prior to January 1, 2008 shall be
entitled to receive a number of Shares equal to the sum of (i) and (ii):

	 	(i)	 	the lesser of:

	 	(A)	 	the quotient of (i) the amount of Base Salary
the Participant elected to defer in the Participant’s Deferral Election
multiplied by a fraction, the numerator of which is the number of pay
periods for which there was a Base Salary deduction in the period from
January 1, 2007 to the date the Participant ceases to be an employee,
and the denominator of which is 24, divided by (ii) the Fair Market
Value of a Share on the date the Participant ceases to be an employee,
or
	 
	 	(B)	 	the number of Salary Restricted Stock Units
credited to the Participant under Section 2(c) multiplied by a
fraction, the numerator of which is the number of pay periods for which
there was a Base Salary deduction in the period from January 1, 2007 to
the date the Participant ceases to be an employee, and the denominator
of which is 24; and

	 	(ii)	 	the lesser of:

	 	(A)	 	the amount of bonus deferred in the
Participant’s Deferral Election divided by the Fair Market Value of a
Share on the date the Participant ceases to be an employee, or
	 
	 	(B)	 	the number of Bonus Restricted Stock Units
credited to the Participant under Section 2(c).

	 	(c)	 	After December 31, 2007.
	 
	 	 	 	A Participant whose employment terminates for any reason other than those described
in Sections 6 and 7 after December 31, 2007 but prior to the end of the Restriction
Period shall be entitled to receive a number of Shares equal to the lesser of: the
total amount deferred in the Participant’s Deferral Election divided by the Fair
Market Value of a Share on the date the Participant ceases to be an employee; or
(ii) the number of Restricted Stock Units credited to the Participant under Section
2(b).

6

 

9. Election to Defer Beyond Restriction Period.

     The Participant may elect to defer delivery of any or all Shares due to him or her hereunder
to a date after the Restriction Period expires by properly filing with the Committee a timely
irrevocable deferral election. In his or her election to defer, the Participant may choose between
deferral to a particular calendar year, deferral until termination of employment, or deferral until
the year following his or her termination of employment, but in no event may the Participant defer
delivery of a Share more than ten years beyond the expiration of the Restriction Period under
Section 3. If a Participant terminates employment with the Company and all Affiliates for any
reason other than End of Service (i) after the Restriction Period expires and (ii) before the
calendar year specified in a deferral election, then he or she will be deemed to have elected to
defer delivery to the calendar year following his or her termination of employment. In addition,
if the Participant dies while employed with the Company or any Affiliate, any Shares remaining to
be paid in respect of this Agreement will be paid to his or her beneficiary designated under the
Plan as soon as practicable, regardless of any outstanding election to defer. Shares whose receipt
is deferred under this Section 9 will be delivered on or about March 15 of the year to which they
were deferred.

10. Assignment and Transfers.

     The rights and interests of the Participant hereunder may not be assigned, encumbered or
transferred except, in the event of the death of the Participant, by will or the laws of descent
and distribution.

11. Withholding Tax.

     The Company and any Affiliate shall have the right to retain Shares that are distributable to
the Participant hereunder to the extent necessary to satisfy any withholding taxes, whether
federal, state or local, triggered by the distribution of Shares under this Agreement.

12. No Limitation on Rights of the Company.

     The grant hereunder shall not in any way affect the right or power of the Company to make
adjustments, reclassification, or changes in its capital or business structure, or to merge,
consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets.

13. Plan, Terms and Conditions, and Deferral Election Not a Contract of Employment.

     Neither the Plan, the Terms and Conditions, nor the Deferral Election is a contract of
employment, and no terms of employment of the Participant shall be affected in any way by the Plan,
the Terms and Conditions, the Deferral Election or related instruments, except as specifically
provided therein. Neither the establishment of the Plan, the Terms and Conditions, nor the
Deferral Election shall be construed as conferring any legal rights upon the Participant for a
continuation of employment, nor shall they interfere with the right of the Company or any Affiliate
to discharge the Participant and to treat the Participant without regard to the effect that such
treatment might have upon the Participant as a Participant.

14. Participant to Not Have Rights as a Stockholder.

     The Participant shall not have rights as a stockholder with respect to any Shares subject to
the Deferral Election prior to the date on which he or she is recorded as the holder of such Shares
on the records of the Company.

7

 

15. Notice.

     Any notice or other communication required or permitted hereunder shall be in writing and
shall be delivered personally, or sent by certified, registered or express mail, postage prepaid.
Any such notice shall be deemed given when so delivered personally or, if mailed, three days after
the date of deposit in the United States mail, in the case of the Company to 21557 Telegraph Road,
Southfield, Michigan, 48034, Attention: General Counsel and, in the case of the Participant, to his
or her address set forth in the Deferral Election or, in each case, to such other address as may be
designated in a notice given in accordance with this Section.

16. Governing Law.

     This Agreement shall be construed and enforced in accordance with, and governed by, the laws
of the State of Michigan, determined without regard to its conflict of law rules.

17. Plan Document Controls.

     Any term capitalized herein but not defined shall have the meaning set forth in the Lear
Corporation Long-Term Stock Incentive Plan (the “Plan”). Participants may obtain a copy of the
Plan document upon request. These Terms and Conditions are intended to generally summarize the
provisions of the MSPP. They do not alter the terms of the Plan document. The rights herein
granted are in all respects subject to the provisions set forth in the Plan to the same extent and
with the same effect as if set forth fully herein. In the event that the terms set forth herein
conflict with the terms of the Plan document, the Plan document shall control.

8

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