Document:

exv10w3

 

Exhibit 10.3

SCR-Tech Sale and Share Ownership Reconciliation Agreement

          This SCR-Tech Sale and Share Ownership Reconciliation (this “Agreement”) is entered into
effective February 12, 2008 (the “Effective Date”) between The Robert M. Worsley and Christi M.
Worsley Revocable Trust (“Stockholder”) and Renegy Holdings, Inc. (“Renegy”) (each a “Party” and
together, the “Parties”).

          Whereas Stockholder, Renegy and various affiliates entered into a Contribution and Merger
Agreement dated as of May 8, 2007, as amended (the “CMA”);

          Whereas the CMA provided that the shares of the common stock of Renegy held by Stockholder
shall be reduced in the event of the sale of SCR-Tech, LLC together with CESI-Tech Technologies,
Inc. and CESI-SCR, Inc. (collectively “SCR-Tech”) above an agreed threshold (the “Threshold”)
before December 31, 2007;

          Whereas a sale of SCR-Tech was consummated on November 7, 2007;

          Whereas the sale proceeds, net of expenses and adjustments as provided in the CMA, resulted in
proceeds above the Threshold of $1,836,682.80 (the “Excess Net Proceeds”);

          Whereas the CMA provided that the shares of the common stock of Renegy held by Stockholder
shall be reduced by 0.8% for each $1 million of net proceeds above the Threshold;

          Whereas Stockholder and Renegy desire to document the amount of shares held by Stockholder
which shall be reduced as a result of the Excess Net Proceeds;

          Now, therefore, Stockholder and Renegy agree as follows:

1. Excess Net Proceeds and Reduction in Shares.

          Stockholder and Renegy confirm and agree that the Excess Net Proceeds total $1,836,682.80 and
that the Excess Net Proceeds shall result in a reduction in the shares held by Stockholder of
220,891 shares, such that the 3,774,048 shares of common stock of Renegy held by Stockholder as of
the date of this Agreement shall be reduced to a total of 3,553,157 shares.

2. Correction of Stock Certificate.

          The Parties shall fully cooperate to exchange any stock certificate representing the shares of
common stock of Renegy held by Stockholder to reflect the ownership of shares of common stock of
Renegy as set forth in Section 1 of this Agreement. Renegy’s books and records shall reflect the
reduction in shares effective as of the date of this Agreement.

 

 

3. Notices.

     All notices, requests, claims and other communications under this Agreement shall be in
writing and shall be deemed given if delivered personally or by overnight courier to the parties at
the following addresses (or at such other address for a party as shall be specified by notice from
such party):

	 	 	 	 	 
	 

	 	(a)
	 	If to Renegy, to
	 

	 	 	 	Renegy Holdings, Inc.
	 

	 	 	 	301 West Warner Road, Suite 132
	 

	 	 	 	Tempe, Arizona 85284
	 

	 	 	 	Attention: Robert W. Zack, CFO

	 	 	 	 	 
	 

	 	(b)
	 	 If to Stockholder, to:
	 

	 	 	 	Robert M. Worsley and Christi M. Worsley Revocable Trust
	 

	 	 	 	3418 N. Val Vista Drive
	 

	 	 	 	Mesa, Arizona 85213
	 

	 	 	 	Attention: Robert M. Worsley

4. Counterparts; Facsimile Signatures.

          This Agreement may be executed in counterparts, all of which shall be considered one and the
same agreement and shall become effective when one or more counterparts have been signed by each
Party and delivered to the other Party. This Agreement may be signed by facsimile signatures, each
of which shall be deemed to be original signatures.

5. Entire Agreement.

          This Agreement and the other agreements referred to herein constitute the entire agreement
among the parties regarding the subject matter of this Agreement.

6. Governing Law.

          This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware regardless of any laws that might otherwise govern under applicable principles of
conflicts of laws thereof.

7. Assignment.

     Neither this Agreement nor any right, interest or obligation hereunder shall be assigned, in
whole or in part, by operation of law or otherwise, by any Party without the prior written consent
of the other Party. Subject to the preceding sentence of this Section 7, this Agreement will be
binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective
legal successors and permitted assigns.

2

 

8. Amendments; Waiver.

          This Agreement may not be amended or modified except by written agreement of the Parties
hereto. No breach of any covenant, agreement, representation or warranty made herein shall be
deemed waived unless expressly waived in writing by the party who might assert such breach.

9. Jurisdiction and Venue.

          Any suit, action or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions contemplated hereby shall
be brought exclusively in the Delaware Court of Chancery and any state appellate court therefrom
(or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, in
any federal court located in the State of Delaware or any Delaware state court), and each of the
Parties hereby consents to the exclusive jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waivers, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. Process in any
such suit, action or proceeding may be served on any Party anywhere in the world, whether within or
without the jurisdiction of any such court.

10. Remedies; Attorneys’ Fees.

          The Parties agree that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with its terms or were otherwise breached and thus each Party shall be
entitled to injunctive relief to prevent any breach of this Agreement and to specifically enforce
this Agreement. In addition to any other remedies available to a Party hereunder, the Party
prevailing in any litigation regarding this Agreement shall be entitled to an award of attorneys’
fees and costs arising from such litigation.

11. Severability.

          Each provision of this Agreement will be interpreted so as to be effective and valid under
applicable law, but if any provision is held invalid, illegal or unenforceable under applicable law
in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any
other provision, and this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been included herein.

3

 

IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective Date.

	 	 	 	 	 
	RENEGY	 	 
	 
	 	 	 	 
	RENEGY HOLDINGS, INC.	 	 
	a Delaware corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ Robert W. Zack	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:

	 	Robert W. Zack	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Title:

	 	Executive Vice President and CFO	 	 
	 

	 	 	 	 

	 	 	 	 	 
	STOCKHOLDER	 	 
	 
	 	 	 	 
	ROBERT M. WORSLEY AND CHRISTI M. WORSLEY REVOCABLE TRUST  
	 
	 	 	 	 
	By:

	 	/s/ Robert M. Worsley	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:

	 	Robert M. Worsley	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Title:

	 	Trustee	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Christi M. Worsley	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:

	 	Christi M. Worsley	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Title:

	 	Trustee	 	 
	 

	 	 	 	 

4ex10-1.htm

    Exhibit
10.1

    

    2008
LONG-TERM INCENTIVE AWARD PROGRAM

    2008
– 2010 Performance Cycle Agreement

    

    This
award agreement (“Agreement”), by and between Lincoln National Corporation
(“LNC”) and [Name] (“Grantee”), evidences the grant by LNC on February 7, 2008, of a
long-term incentive performance award to Grantee, and Grantee’s acceptance of
the award in accordance with and subject to the provisions of the Lincoln
National Corporation Incentive Compensation Plan effective May 10, 2008 (“Plan”)
and this Agreement.  LNC and Grantee agree as follows:

    

    1.  Form of
Award.  The performance award grant shall equal one-half of
Grantee’s 2008 long-term incentive award target value, which, upon vesting after
certification of achievement of the established performance criteria, shall
ultimately be paid in shares of LNC common stock, or, if Grantee has so elected,
and has satisfied the terms of LNC’s share ownership requirements, Grantee may
receive 75% of his/her award in the form of shares of LNC common stock and 25%
in cash (if the election is not timely made, the form shall be 100%
shares).  Grantee has elected to receive his or her award, if any, in
the following form:

    

     100%
in shares of LNC common stock = _____ shares

    

     75%
in shares of LNC common stock and 25% in cash = ____  shares &
$______

    

    During
the performance cycle, the share component of such award shall consist of LNC
stock units but any actual award shall be ultimately vest in shares of LNC
common stock.  Grantee’s actual award, if any, will be determined
based on performance during the performance cycle in accordance with the terms
of the Plan and the 2008-2010 Performance Cycle approved by the Compensation
Committee of the LNC Board of Directors (“Committee”).  The Committee
shall determine if and when any award shall vest under the Plan and reserves the
right to adjust the target award or payout amount of any award under the Plan at
any time to the extent permissible under Section 162(m) of the Internal Revenue
Code of 1986, as amended.  The number of shares that may ultimately
vest under this Agreement, if any, shall be adjusted appropriately in the event
of a stock split, reverse stock split, stock dividend, or other similar
event.

    

    2.  Transferability.  This
award may not be transferred, sold, pledged, or otherwise encumbered, except by
will or the laws of descent and distribution.

    

    3.  Non-Competition,
Non-Solicitation, Non-Disparagement and Non-Disclosure Provisions or Termination
for Cause.

     

    (a) Non-Competition.  Grantee
may not become employed by, work on behalf of, or otherwise render services that
are the same or similar to the services rendered by Grantee to the business unit
employing Grantee for any other organization or business which competes with or
provides, or is planning to provide, the same or similar products and/or
services as the business unit in which Grantee was employed or otherwise had
responsibilities for at the time of his/her termination.  Grantee
understands and agrees that this restriction is nationwide in
scope.  If Grantee has terminated employment, Grantee shall be free,
however, to purchase, as an investment or otherwise, stock or other securities
of such organization or business so long as they are listed upon a recognized
securities exchange or traded over-the-counter and such investment does not
represent a greater than five percent equity interest in the organization or
business.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    (b) Non-Solicitation.  Grantee
shall not directly or indirectly hire, manage, solicit or recruit any employees,
agents, financial planners, salespeople, financial advisors, vendors or service
providers of LNC whom Grantee had hired, managed, supervised, or otherwise
became familiar with as a result of his/her employment with LNC.

    

    (c) Non-Disparagement.  Grantee
shall not (i) make any public statements regarding his/her employment with LNC
(other than factual statements concerning the dates of employment and positions
held) or his/her termination or Retirement (as defined in Paragraph 7 below)
from LNC that are not agreed to by LNC, such approval not to be unreasonably
withheld or delayed; and (ii) Grantee shall not disparage LNC or any of its
subsidiaries or affiliates, its and their respective employees, executives,
officers, or Boards of Directors.

    

    (d) Non-Disclosure & Ideas
Provision.  Grantee shall not, without prior written
authorization from LNC, disclose to anyone outside LNC, or use in other than
LNC’s business, any information or material relating to the business of LNC that
LNC considers confidential and/or proprietary pursuant to its Code of
Conduct.  Furthermore, Grantee agrees to disclose and assign to LNC
all rights and interest in any invention or idea that Grantee developed or
helped develop for actual or related business, research, or development work
during the period of their Service with LNC.

    

    Grantee
must provide LNC with a certification of compliance with these provisions prior
to the payment of any cash or share award.  Failure to comply with
provisions (a) through (d) above at any time prior to, or during the six months
after, any such payment shall cause such payment to be
rescinded.  Termination for Cause at any time, before or after payment
of any cash or share award, shall result in the cancellation or rescission of
the award.  LNC must notify Grantee in writing of any such
rescission.  LNC, in its discretion, may waive compliance in whole or
part in any individual case.  Within ten days after receiving a
rescission notice from LNC, Grantee must pay LNC the amount of any gain realized
or payment received (net of any withholding or other taxes paid by Grantee) as a
result of the rescinded payment. Such payment by Grantee must be made either in
cash or by returning the shares Grantee received in connection with the
rescinded exercise or payment.  If Grantee’s employment is terminated
by LNC and its subsidiaries other than for fraud or other fidelity crimes a
failure of Grantee to comply with the non-competition provisions after such
termination shall not in itself cause rescission if the exercise or payment
occurred before the termination.

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.  Tax
Withholding.  In reference to a share award, Grantee
must remit to LNC an amount equal to the required tax withholding on the value
of the shares payable under this Agreement at such time as they are taxable to
Grantee; and Grantee may elect to surrender shares of LNC stock (including
shares that are a part of this award) to satisfy all or part of the required tax
withholding.  In reference to a cash award, LNC will
withhold any required taxes from the award (federal, state, and local income,
employment, and other taxes).

     

    5.  Change in
Control. Upon a Change in Control
of LNC (as defined in the LNC Executives’ Severance Benefit Plan), the Committee
(as it shall have existed on the day immediately preceding such Change in
Control) shall determine what, if any, award under this Agreement shall be
provided to Grantee.  In making such determination, the Committee
shall consider the nature of such Change in Control, whether continuation of the
Plan and payment of awards for this performance cycle are feasible, and whether
the resulting corporate entity offers or commits to offer awards of comparable
economic value; provided, however, that the Committee’s determination shall be
consistent with existing LNC plans such as the LNC Incentive Compensation Plan
and the LNC Executives’ Severance Benefit Plan

     

    6.  Definitions.  As
used in this Agreement:

     

    “Cause”
means, as determined by LNC in its sole discretion, a conviction of a felony or
any fraudulent of willful misconduct by Grantee that is materially and
demonstrably injurious to the business or reputation of LNC.

    

    “Retirement”
means, for purposes of this Agreement, Grantee’s retirement from LNC or a
subsidiary at age 55 or older with at least five (5) years of service with
LNC.

    

    “Total
Disability” means (as determined by the Committee) a disability that results in
Grantee being unable to engage in any occupation or employment for wage or
profit for which Grantee is, or becomes, reasonably qualified by training,
education or experience.  In addition, the disability must have lasted
six months and be expected to continue for at least six more months or be
expected to continue unto death.

    

    7.  Full or
Pro-Rata Awards Upon Certain Events. Except as provided in
this Section 8 and in the preceding Section 5, if during the performance cycle
Grantee’s employment (with LNC and all subsidiaries of LNC) terminates for any
reason, Grantee shall not be entitled to any award under this
Agreement.  In the case of Grantee's death, Total Disability,
Retirement, or involuntary termination of employment with LNC and all affiliates
without Cause, Grantee (or Grantee's beneficiary, if applicable) shall receive a
pro-rated award based on the Grantee’s period of service during the
cycle.  Any such award shall be paid at the same time long-term
incentive awards are normally paid to employees who are employed at the end of
the performance cycle.  Notwithstanding the foregoing, in the case of
such involuntary termination, any award shall be contingent on Grantee's release
of claims against LNC and its affiliates (in form and substance satisfactory to
LNC) and shall not be paid unless such release shall have become effective;
except that such a release shall not be required when such termination is by
reason of the sale or disposition of the business in which Grantee is
employed.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    8.  Terms
Applicable Only to Stock Units/Shares.  During the performance
cycle, any share award shall consist of LNC stock units but any actual award
shall be payable in shares of LNC common stock.  If an award becomes
payable in shares of LNC stock under this Agreement, Grantee shall also receive
an amount equal to the dividends that would have been paid on such shares of LNC
stock had Grantee held such shares from the above date of grant through the date
the award becomes payable.  Such dividend equivalent amount shall be
paid in shares of LNC stock based on the Fair Market Value (as defined in the
Plan) of LNC stock on the date the award becomes payable (with fractional shares
paid in cash).

    

    

    

    

    IN
WITNESS WHEREOF, LNC, by its duly authorized officer has signed this Agreement
as of the first date set forth above.

    

    LINCOLN NATIONAL
CORPORATION

    

    

    By:                                                                           

    Dennis R. Glass

    President and Chief Executive
Officer

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