Document:

KALU Exhibit 10.6 - 3.31.2014 - 10-Q

Exhibit 10.6

AMENDMENT TO 
KAISER ALUMINUM CORPORATION
AMENDED AND RESTATED 2006 EQUITY 
AND PERFORMANCE INCENTIVE PLAN
RESTRICTED STOCK AWARD AGREEMENT

THIS AMENDMENT is entered into as of March 31, 2014, by and between Kaiser Aluminum Corporation, a Delaware corporation (the “Company”), and Jack A. Hockema (the “Participant”).  Terms not defined in this Amendment shall have the meaning set forth in the Agreement (as defined below). 

WHEREAS, the Company and the Participant entered into the Restricted Stock Award Agreement under the Kaiser Aluminum Corporation Amended and Restated 2006 Equity and Performance Incentive Plan dated effective March 5, 2014 (the “Agreement”) and wish to amend provisions therein relating to the termination of employment as a result of retirement at or after age 65.

NOW, THEREFORE, the parties agree as follows: 

		
	1.
	Section 5(d) of the Agreement is amended in its entirety to read as follows: 

(d)     Retirement.   In the event the Participant ceases to be an Employee of the Company as a result of retirement at or after age 65 during a Period of Restriction, a pro rata portion, determined in accordance with the next following sentence, of all shares of Restricted Stock granted hereunder and held by the Participant at the time of such employment termination shall become freely transferable (subject, however, to all restrictions on transfer imposed by the Company’s certificate of incorporation or bylaws or by applicable federal or state securities laws) by the Participant on the date set forth under the “Vesting Schedule” on the electronic cover page to which this Agreement is attached as more fully described in Section 3(b) of this Agreement; provided, however, that in the event of the Participant’s death following such retirement, such pro rata portion of the shares of Restricted Stock granted herein and held by the Participant at the time of death shall no longer be subject to the Period of Restriction and shall become freely transferable (subject, however, to all restrictions on transfer imposed by the Company’s certificate of incorporation or bylaws or by applicable federal or state securities laws) by such Person or Persons that have been named as the Participant’s beneficiary as contemplated by Section 9 of this Agreement or by such Person or Persons that have acquired the Participant’s rights to such shares of Restricted Stock by will or the laws of descent and distribution.  Such pro rata portion shall be determined based on a fraction, the numerator of which shall be the number of days employed during a Period of Restriction and the denominator of which shall be the total number of days in such Period of Restriction.  Once shares of Restricted Stock granted hereunder are no longer subject to any restrictions on transfer under this Agreement or the Plan, the Person or Persons holding such shares shall be entitled to have the legend required by Section 2 of this Agreement removed from the applicable stock certificates or book-entry account.  Subject to Section 6 of this Agreement, Restricted Stock granted hereunder and held by the Participant at the time of employment termination contemplated by this Section 5(d) that does not become freely transferable as provided above shall be forfeited by the Participant to the Company.

		
	2.
	The provisions of this Amendment supersede and replace in their entirety any conflicting provision set forth in the Agreement. Except as specifically amended hereby, the Agreement will continue in full force and effect.

[Signature Page Follows]
    

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

KAISER ALUMINUM CORPORATION

	
			
	 
	By: /s/ John M. Donnan
	 

	 
	Name: John M. Donnan
	 

	 
	Title: Executive Vice President - Legal, Compliance and Human Resources
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Jack A. Hockema
	 

	 
	Jack A. Hockema
	 

	 
	President and Chief Executive OfficerKALU Exhibit 10.7 - 3.31.2014 - 10-Q

Exhibit 10.7

AMENDMENT TO 
KAISER ALUMINUM CORPORATION
AMENDED AND RESTATED 2006 EQUITY 
AND PERFORMANCE INCENTIVE PLAN
PERFORMANCE SHARES AWARD AGREEMENT

THIS AMENDMENT is entered into as of March 31, 2014, by and between Kaiser Aluminum Corporation, a Delaware corporation (the “Company”), and Jack A. Hockema (the “Participant”). Terms not defined in this Amendment shall have the meaning set forth in the Agreement (as defined below). 

WHEREAS, the Company and the Participant entered into the Performance Shares Award Agreement under the Kaiser Aluminum Corporation Amended and Restated 2006 Equity and Performance Incentive Plan dated effective March 5, 2014 (the “Agreement”) and wish to amend provisions therein relating to the termination of employment as a result of retirement at or after age 65.

NOW, THEREFORE, the parties agree as follows: 

		
	1.
	Section 5(d) of the Agreement is amended in its entirety to read as follows: 

(d)     Retirement.   In the event the Participant ceases to be an Employee of the Company as a result of retirement at or after age 65 and on or before the Performance Vesting Date and Section 6 of this Agreement is not then applicable, then the Performance Shares granted hereunder shall remain outstanding subject to the forfeiture provisions contained in Sections 2 and 7 of this Agreement and the Participant shall be entitled to receive a pro rata portion of any Earned Performance Shares determined in accordance with the next following sentence.  Such pro rata portion shall be determined based on a fraction, the numerator of which shall be the number of days employed during the three-year period ending on the date set forth under “End of Performance Period” above and the denominator of which shall be the total number of days in such three-year period.

		
	2.
	The provisions of this Amendment supersede and replace in their entirety any conflicting provision set forth in the Agreement. Except as specifically amended hereby, the Agreement will continue in full force and effect.

    

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

KAISER ALUMINUM CORPORATION
	
			
	 
	By: /s/ John M. Donnan
	 

	 
	Name: John M. Donnan
	 

	 
	Title: Executive Vice President - Legal, Compliance and Human Resources
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Jack A. Hockema
	 

	 
	Jack A. Hockema
	 

	 
	President and Chief Executive OfficerKALU Exhibit 10.8 - 3.31.2014 - 10-Q

Exhibit 10.8

2014 STI Umbrella Plan
2014 Performance Goal and Bonus Pool            
The performance goal for the STI Performance Period shall be $5.0 million in Net cash provided by operating activities, as reported in the Company’s Statements of Consolidated Cash Flows (“Cash Flow”).  The bonus pool, representing the amount available for payment of bonuses, shall equal 15% of Cash Flow.        
Allocation of Bonus Pool to Executives
	
			
	Executive Name
	Executive Title
	Percent of Pool Allocated 
to Executive1

	Jack A. Hockema
	Chief Executive Officer
	38.1635%

	John M. Donnan
	EVP - Legal, Compliance and Human Resources
	17.2712%

	Peter Bunin
	SVP - Operations 
	17.2712%

	Keith Harvey
	SVP - Sales and Marketing, Aerospace and General Engineering
	16.9326%

	[Other Designated Participant]
	[Designated Participant Title]
	10.3614%

1 Subject to an aggregate maximum bonus opportunity per executive of $5.0 million per calendar year, pursuant to the Equity Incentive Plan.

Administrative Provisions

The 2014 STI Umbrella Plan only applies to the calculation and award of incentive awards, if any.  There will be no duplication of benefits created by the 2014 STI Umbrella Plan.

The 2014 STI Umbrella Plan will not increase any benefits that may be payable under any severance and/or change in control agreements.KALU Exhibit 10.9 - 3.31.2014 - 10-Q

Exhibit 10.9

2014-2016 LTI Umbrella Plan
2014-2016 Performance Goal and Award Pool            
The performance goal for the LTI Performance Period shall be an average of $5.0 million per year over the LTI Performance Period in Net cash provided by operating activities, as reported in the Company’s Statements of Consolidated Cash Flows (“Cash Flow”).  The maximum value of shares of common stock issuable upon reaching performance goal shall equal 15% of the aggregate Cash Flow over the LTI Performance Period.
Allocation of Award Pool to Executives
	
			
	Executive Name
	Executive Title
	Percent of Pool Allocated 
to Executive1

	Jack A. Hockema
	Chief Executive Officer
	55.2916%

	John M. Donnan
	EVP - Legal, Compliance and Human Resources
	11.7940%

	Peter Bunin
	SVP - Operations 
	11.7940%

	Keith Harvey
	SVP - Sales and Marketing, Aerospace and General Engineering
	11.4494%

	[Other Designated Participant]
	[Designated Participant Title]
	  9.6709%

1 Subject to an aggregate maximum value per executive of $5.0 million and an aggregate maximum of 500,000 shares of common stock per executive per calendar year, pursuant to the Equity Incentive Plan.

Administrative Provisions

The 2014-2016 LTI Umbrella Plan only applies to the calculation and award of incentive awards, if any.  There will be no duplication of benefits created by the 2014-2016 LTI Umbrella Plan.

The 2014-2016 LTI Umbrella Plan will not increase any benefits that may be payable under any severance and/or change in control agreements.KALU Exhibit 10.10 - 3.31.2014 - 10-Q

Exhibit 10.10

AMENDMENT TO 
EMPLOYMENT AGREEMENT

THIS AMENDMENT is entered into as of March 31, 2014, by and between Kaiser Aluminum Corporation, a Delaware corporation (the “Company”), and Jack A. Hockema (the “Participant”).  Terms not defined in this Amendment shall have the meaning set forth in the Agreement (as defined below). 

WHEREAS, the Company and the Participant entered into an employment agreement dated effective March 5, 2014 (the “Agreement”) and wish to amend the provision therein relating to incentive compensation.

NOW, THEREFORE, the parties agree as follows: 

		
	1.
	Section 3.4 of the Agreement is amended in its entirety to read as follows: 

3.4    Incentive Compensation.  Each fiscal year, the Executive will be eligible to receive grants of long-term incentive compensation, including, but not limited to equity awards (such as restricted stock, stock options and performance shares) having a target economic value of 227% of the Base Salary for the fiscal year, on similar terms as grants made to senior executives; provided, however, that (i) 36% of the target value of the long-term incentive grant shall be in the form of restricted stock and 64% of the target value of the long-term incentive grant shall be in the form of performance shares, and (ii) absent the Executive’s express approval, in the event of a termination of the Executive’s employment, other than pursuant to Section 4.4, the Executive’s vested interest in each outstanding grant shall be not less favorable than (a) with respect to shares of restricted stock and performance shares, the terms of grants made to other Tier I participants during the applicable fiscal year in connection with the Company’s long-term incentive compensation program, and (b) with respect to all other grants, had such grant provided for vesting in proportion to the actual number of days of the Executive’s employment during the applicable vesting period over the total number of days in such vesting period. 

		
	2.
	The provisions of this Amendment supersede and replace in their entirety any conflicting provision set forth in the Agreement. Except as specifically amended hereby, the Agreement will continue in full force and effect.

    

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

KAISER ALUMINUM CORPORATION

	
			
	 
	By: /s/ John M. Donnan
	 

	 
	Name: John M. Donnan
	 

	 
	Title: Executive Vice President - Legal, Compliance and Human Resources
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Jack A. Hockema
	 

	 
	Jack A. Hockema
	 

	 
	President and Chief Executive Officer

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