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fmcperformancebasedre0d8

                                                                                      PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT                               FMC CORPORATION                  INCENTIVE COMPENSATION AND STOCK PLAN                THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this  “Agreement”) is made by and between FMC Corporation (the “Company”) and  [_________________________]1 (the “Participant”).                WHEREAS, the Company maintains the FMC Corporation Incentive   Compensation and Stock Plan (the “Plan”); and                WHEREAS, the Plan authorizes the grant of Restricted Stock Units; and               WHEREAS, to compensate the Participant for his or her past and anticipated  future contributions to the Company and to further align the Participant’s personal financial  interests with those of the Company’s stockholders, the Compensation and Organization  Committee of the Company’s Board of Directors (the “Committee”) approved this grant of  Restricted Stock Units to the Participant on the terms described below, effective  [____________________]2 (the “Grant Date”).                NOW, THEREFORE, in consideration of the mutual covenants herein contained   and other good and valuable consideration, receipt of which is hereby acknowledged, the parties   hereto agree as follows:    1.    Grant of Restricted Stock Units.          (a)   Pursuant to the Plan and as of the Grant Date, the Company hereby awards to the   Participant a target number of [__________] Restricted Stock Units (the “Target Units”) up to a   maximum number of [__________] Restricted Stock Units on the terms and conditions set forth   herein (collectively, the “Units”).  The terms of the Plan, as it may be amended and continued,   are incorporated herein by this reference and made a part of this Agreement and will control the   rights and obligations of the Company and the Participant under this Agreement.  Capitalized   terms not otherwise defined herein will have the same meanings as in the Plan.  To the extent   there is a conflict between the Plan and this Agreement, the Plan will prevail.          (b)   Each Unit, once vested, represents an unfunded, unsecured right of the Participant   to receive one share of Common Stock (each a “Share”) at a specified time.  The Units will   become vested, and Shares will be issued in respect of vested Units, as set forth in this   Agreement.    2.    Banked Units.  For purposes of this Agreement, the term “Banked Unit” means a Unit   that has been tentatively credited for the Participant’s benefit based on the Participant’s service   through a specified date and the satisfaction of applicable performance conditions as provided in                                                            1 Insert name of participant.          2 Insert date of committee action to approve the grant.                                                

 

 this Section 2, or under the provisions of Section 7(b)(ii) or 7(b)(iii) relating to additional   Banked Units, provided, however, that a Banked Unit is not vested except to the extent provided  in Section 3. Banked Units shall vest, and Shares associated with Banked Units shall become   deliverable exclusively in accordance with Section 3.          (a)   Calendar Year [Year 1].  Subject to the Participant’s continued employment by   the Company or any of its Affiliates through December 31, [Year 1], 25% of the Target Units   shall become “Banked Units”, subject to adjustment based upon the Company’s “Total   Shareholder Return” (as defined below) relative to the Total Shareholder Return of the “Peer   Companies” (as defined below) from January 1, [Year 1] until December 31, [Year 1] in   accordance with the Relative Total Shareholder Return Table (the “Relative Total Shareholder   Return”) set forth in Section 2(e).          (b)   Calendar Year [Year 2].  Subject to the Participant’s continued employment by   the Company or any of its Affiliates through December 31, [Year 2], 25% of the Target Units   shall become “Banked Units”, subject to adjustment based upon the Company’s “Total   Shareholder Return” relative to the Total Shareholder Return of the “Peer Companies” from   January 1, [Year 2] until December 31, [Year 2] in accordance with the Relative Total  Shareholder Return Table.         (c)   Calendar Year [Year 3].  Subject to the Participant’s continued employment by  the Company or any of its Affiliates through December 31, [Year 3], 25% of the Target Units  shall become “Banked Units”, subject to adjustment based upon the Company’s “Total  Shareholder Return” relative to the Total Shareholder Return of the “Peer Companies” from  January 1, [Year 3] until December 31, [Year 3] in accordance with the Relative Total  Shareholder Return Table.         (d)   Cumulative Period [Year 1]-[Year 3].  Subject to the Participant’s continued  employment by the Company or any of its Affiliates through December 31, [Year 3], 25% of the   Target Units shall become “Banked Units”, subject to adjustment based upon the Company’s   “Total Shareholder Return” relative to the Total Shareholder Return of the “Peer Companies”   from January 1, [Year 1] until December 31, [Year 3] in accordance with the Relative Total   Shareholder Return Table, provided that notwithstanding the Relative Total Shareholder Return   Table, if the Company’s Total Shareholder Return for the cumulative period extending from   January 1, [Year 1] through December 31, [Year 3] is negative, the maximum number of Units   that may become Banked Units for this Cumulative Period shall not exceed 25% of the Target   Units.          (e)   Relative Total Shareholder Return Table.                          Percentile Ranking of Company’s Total Percentage of the                         Shareholder Return Versus Peer Group Relevant Target Units          Level               Total Shareholder Return             Banked       Below Threshold           Below the 35th Percentile         0%         Threshold                   35th Percentile              50%           Target                    50th  Percentile             100%                                         -2-     

 

      Maximum                 80th Percentile or higher        200%            (f)   If the Company’s Relative Total Shareholder Return over the applicable   Measurement Period is between the levels set forth above, then the percentage of the relevant   Target Units that will become Banked Units will be ratably interpolated.  If the Relative Total   Shareholder Return at the end of the applicable Measurement Period is below the 35th percentile,  then no Units shall be banked with respect to such Measurement Period.         (g)   In the event the Participant’s employment terminates by reason of (i) Disability,  (ii) death, (iii) Non-Approved Retirement, or (iv) by the Company without Cause other than  within two years following a Change in Control, then the extent to which the Target Units  subject to any Measurement Period shall become Banked Units shall be determined on a prorated  basis based on the number of days the Participant was employed by the Company during that   Measurement Period, based on the actual Relative Total Shareholder Return for the full   Measurement Period.          (h)   In the event the Participant’s employment terminates by reason of Approved   Retirement, then the extent to which the Target Units shall become Banked Units shall be   determined on the same basis as if the Participant had continued in active service to the   Company through December 31, [Year 3].          (i)   Definitions.                (i)   “Approved Retirement” means the cessation of the Participant’s   employment after June 30, [Year 1] and after the Participant has (A) both attained age 62 and   completed 10 years of service with the Company or its Affiliates or (B) attained age 65, provided   that the Participant has commenced succession planning with the Company’s chief human   resources executive (in accordance with procedures established by the Company) at least six   months before the effective date of the Participant’s cessation of employment.                (ii)  “Measurement Period” means, as applicable, the [Year 1] calendar year,   [Year 2] calendar year, [Year 3] calendar year or the three year period beginning on January 1,   [Year 1] and ending on December 31, [Year 3].                (iii) “Non-Approved Retirement” means the cessation of the Participant’s   employment after the Participant has (A) both attained age 62 and completed 10 years of service   with the Company or its Affiliates or (B) attained age 65, other than an Approved Retirement.                (iv)  The “Peer Companies” shall consist of the following entities, provided   that such entities are still publicly traded as of the last day of the relevant Measurement Period:      [                                      ]3.  Any entity which is not publicly traded as of the last day of the   relevant Measurement Period due to acquisition or through a going private transaction shall be   removed from the Peer Companies from the beginning of the relevant Measurement Period   without replacement.  Any entity which declares bankruptcy, is liquidated or is otherwise                                                             3 Insert peer companies.                                         -3-     

 

 delisted during the relevant Measurement Period shall remain in the Peer Companies and such   entity’s performance shall be considered to have been at the bottom of the Peer Companies.                (v)   “Total Shareholder Return” means with respect to any publicly traded   company, including the Company, the positive or negative change in the market price of one   share of such entity’s common stock over the relevant Measurement Period, plus the aggregate   amount of dividends paid with respect to a share of such company’s common stock over the   Measurement Period, with such sum being divided by the market price of one share of such   entity’s common stock at the commencement of the relevant Measurement Period (in each case   appropriately adjusted for any stock dividends, stock splits or other corporate transaction   affecting shares of such company’s common stock).    3.     Vesting.          (a)   Subject to the Participant’s continued employment by the Company or any of its   Affiliates through December 31, [Year 3], (the “Specified Date”), the Banked Units shall vest on   the Specified Date.          (b)   In the event the Participant’s employment terminates by reason of (i) Disability,   (ii) death, (iii) Non-Approved Retirement, or (iv) by the Company without Cause other than   within two years following a Change in Control, then such Participant’s previously Banked Units   and those Banked Units determined in accordance with Section 2(g) will remain outstanding and   will vest and be delivered to the Participant, at the same time as delivery would have been made   had the Participant not had a cessation of employment.          (c)   In the event the Participant’s cessation of employment occurs by reason of   Approved Retirement, then all of the Participant’s previously Banked Units and those Banked   Units determined in accordance with Section 2(h) will remain outstanding and will vest and be   delivered to the Participant, at the same time as delivery would have been made had the   Participant not had a cessation of employment.          (d)   If prior to the date the Units otherwise vest and within two years following a   Change in Control the Participant’s employment is terminated either by the Company without   Cause or by the Participant due to a resignation with Good Reason (as defined in Section 20),   any of the Participant’s then outstanding previously Banked Units and the Target Units subject to  Measurement Periods that have not concluded prior to such termination, will vest immediately   prior to such event and will be delivered to the Participant at the same time as delivery would  have been made had the Participant not had a cessation of employment.  For avoidance of doubt,  this section will not apply if the Participant has satisfied the conditions for Approved or Non- Approved Retirement as of the date of his or her termination (in that case, Section 3(b)(iii) or  3(c) will apply, as applicable).         (e)   Upon a cessation of the Participant’s employment with the Company or any of its  Affiliates, any Target Unit or Banked Unit that has not become vested on or prior to the effective  date of such cessation and any Unit that does not specifically remain outstanding pursuant to  Section 3(b), 3(c) or 3(d) will then be forfeited immediately and automatically and the  Participant will have no further rights with respect thereto.                                         -4-     

 

       (f)   The application of Sections 3(b)(iii), 3(b)(iv), 3(c), and 3(d) is in each case   conditioned on (i) the Participant’s execution and delivery to the Company of a general release   of claims against the Company and its affiliates in a form prescribed by the Company, and (ii)   such release becoming irrevocable within 60 days following the cessation of the Participant’s   employment or such shorter period specified by the Company.  For avoidance of doubt, if this   release requirement is not timely satisfied, the Units will be forfeited as of the effective date of   the cessation of the Participant’s employment and the Participant will have no further rights with  respect thereto.   4.    Timing of Issuance.          (a)   Subject to Section 4(b), Shares will be issued in respect of all vested Units during  the first two and a half months of the calendar year beginning after the Specified Date (or upon   the Company’s termination of this arrangement in a manner consistent with the requirements of   Treas. Reg. § 1.409A-3(j)(4)(ix)).          (b)   Notwithstanding anything herein to the contrary:                (i)   to the extent permitted by Treas. Reg. § 1.409A-3(j)(4)(vi), the issuance of  Shares in respect of a number of vested Units will be accelerated to the date that employment  taxes become payable with respect to this Award.  Such number of Units will be equal to the  reasonably estimated amount of employment taxes then required to be withheld and remitted,  divided by the then current Fair Market Value;               (ii)   to the extent the requirements of Treas. Reg. § 1.409A-2(b)(7)(ii) are met,  the issuance of Shares hereunder will be delayed to the extent the Company reasonably  anticipates that the issuance will violate Federal securities laws or other applicable laws; and               (iii) to the extent compliance with the requirements of Treas. Reg. § 1.409A-  3(i)(2) is necessary to avoid the application of an additional tax under Section 409A of the Code,   Shares that are otherwise issuable upon the Grantee’s “separation from service” (as that term is   defined in Treas. Reg. § 1.409A-1(h)) will be deferred (without interest) and issued to the  Grantee immediately following that six month period.         (c)   Fractional Shares will be rounded up to the next whole Share, except that where  the number of Target Units granted is not divisible by 4, in calculating the portion of Target  Units to be adjusted during each Measurement Period pursuant to Section 2 (the “25 %  Calculation”), such 25% Calculation may be rounded up or down in any single Measurement  Period so that the total of the 25% Calculations for all Measurement Periods shall not exceed the  number of Target Units granted.   5.    Non-Transferability.  Neither the Units nor any right with respect thereto may be  assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the  Participant other than by will or by the laws of descent and distribution, and any purported  assignment, alienation, pledge, attachment, sale, transfer or encumbrance will be void and  unenforceable against the Company.                                          -5-     

 

 6.    Clawback Policy.  To the extent the Participant is a current or former executive officer   of the Company, the Award, any cash paid in respect of the Award, and the rights of the   Participant hereunder, are subject to any policy (whether currently in existence or later adopted)   established by the Company providing for clawback or recovery of amounts paid or credited to   current or former executive officers of the Company.  The Committee will make any   determination for clawback or recovery under any such policy in its sole discretion and in   accordance with any applicable law or regulation, and the Participant agrees to be bound by any   such determination.    7.    Stockholder Rights.          (a)   In General.  The Participant will not have any stockholder rights or privileges,   other than dividend equivalent rights as set forth below, with respect to the Shares subject to   Units until such Shares are actually issued and registered in the Participant’s name in the   Company’s books and records.          (b)   Dividend Equivalent Rights.                (i)   Additional Banked Unit Credits.  If the Participant is credited with Banked  Units under Section 2(a), 2(b), 2(c), or 2(d); then               (ii)  the Participant shall be credited with an additional number of Banked  Units as of:                     (A)   December 31, [Year 1] (with respect to Banked Units credited   under Section 2(a));                      (B)   December 31, [Year 2] (with respect to Banked Units credited  under Section 2(b));                     (C)   December 31, [Year 3] (with respect to Banked Units credited  under Section 2(c));   in each case determined as the quotient of “w” divided by “x” where “w” equals the amount of  any cash dividends paid with respect to Shares during the period beginning January 1, [Year 1]   and ending on December 31 of the applicable calendar year with respect to a number of Shares   equal to the number of Banked Units creditable under Section 2(a), 2(b) and 2(c), as applicable,   as of the last day of each such calendar year, and “x” equals the closing price per Share on the  last day of the applicable calendar year, rounded to the nearest whole Share; and               (iii) the Participant shall be credited with an additional number of Banked  Units as of December 31, [Year 3] (with respect to Banked Units credited under Section 2(d)),   determined as the quotient of “y” divided by “z” where “y” equals the aggregate amount of any   cash dividends paid with respect to Shares during calendar years [Year 1], [Year 2] and [Year 3]   with respect to a number of Shares equal to the number of Banked Units creditable under Section   2(d) as of December 31, [Year 3], and “z” equals the closing price per Share on December 31,   [Year 3], rounded to the nearest whole Share.                                         -6-     

 

             (iv)  Additional Dividend Equivalent Unit Credits In Connection with a Change   In Control.  If:                      (A)   Cash dividends are paid with respect to Shares during any   Measurement Period that ends early as the result of the Participant’s termination of employment   as described in Section 3(d) (a “Partial Measurement Period”); and                      (B)   The Participant is credited with vested Units under Section 3(d);    then the Participant shall be credited with an additional number of vested Units as of the date of   the Participant’s termination of employment.  The additional number of vested Units for each   Partial Measurement Period shall be determined as the quotient of “x” divided by “y” where “x”   equals the aggregate amount of cash dividends paid during the applicable Partial Measurement   Period (ending on the date of such termination of employment) with respect to a number of   Shares equal to 25 percent of the Target Units, and “y” equals the closing price per Share on   such termination date (or, if such date is not a trading date, the closing price per Share on the   next preceding trading date), rounded to the nearest whole Share.                (v)   Dividend Equivalent Payments.                      (A)   [Year 2].  As soon as reasonably practicable following each cash   dividend payment date with respect to Shares in [Year 2] (but not later than March 15, [Year 3]),   the Company shall make a dividend equivalent payment to the Participant equal to the product of   “x” multiplied by “y” where “x” is the cash dividend per Share and “y” is the number of Banked   Units credited as of December 31, [Year 1].                      (B)   [Year 3].  As soon as reasonably practicable following each cash   dividend payment date with respect to Shares in [Year 3] (but not later than March 15, [Year 4]),   the Company shall make a dividend equivalent payment to the Participant equal to the product of   “x” multiplied by “y” where “x” is the cash dividend per Share and “y” is the number of Banked   Units credited as of December 31, [Year 2].    Notwithstanding Section 7(b)(v)(A) and Section 7(b)(v)(B), upon a cessation of the Participant’s  employment with the Company or any of its Affiliates, the Company shall not make any further  dividend equivalent payments with respect to any Banked Unit that has not become vested on or  prior to the effective date of such cessation or with respect to any Banked Unit that does not  specifically remain outstanding pursuant to Section 3(b), 3(c), or 3(d).   8.    No Limitation on Rights of the Company.  The granting of Units will not in any way  affect the right or power of the Company to make adjustments, reclassifications or changes in its  capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or  transfer all or any part of its business or assets.   9.    Employment.  Nothing in this Agreement or in the Plan will confer on the 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 Company (or Affiliate employing or retaining the Participant)  to terminate the Participant’s employment at any time for any reason, with or without cause.                                         -7-     

 

 10.   Tax Treatment and Withholding.         (a)   The Participant has had the opportunity to review with his or her own tax advisors  the federal, state and local tax consequences of the transactions contemplated by this Agreement.   The Participant is relying solely on such advisors and not on any statements or representations of  the Company or any of its agents.         (b)   It is a condition to the Company’s obligation to issue Shares hereunder that the  Participant pay to the Company such amount as may be required to satisfy all tax withholding  obligations arising in connection with this Award (or otherwise make arrangements acceptable to  the Company for the satisfaction of such tax withholding obligations).  If the required  withholding amount required is not timely paid or satisfied, the Participant’s right to receive such  Shares will be permanently forfeited.  The Company, in its discretion, may withhold Shares  otherwise issuable hereunder in satisfaction of the amount required to be withheld in connection  with this Award (based on the Fair Market Value of such Shares on the date of such  withholding).  All cash payments under this Agreement are subject to applicable withholding, as  determined by the Company in its discretion.   11.   Notices.         (a)   Any notice required to be given or delivered to the Company under the terms of  this Agreement will be addressed to it in care of its Secretary, FMC Corporation, at FMC Tower  at Cira Centre South, 2929 Walnut Street, Philadelphia, PA 19104, and any notice to the  Participant (or other person entitled to receive the Units) will be addressed to such person at the  Participant’s address now on file with the Company, or to such other address as either may  designate to the other in writing.  Except as otherwise provided below in Section 11(b), any   notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as   stated above and deposited, postage paid, in a post office or branch post office regularly   maintained by the United States government.         (b)   The Participant hereby authorizes the Company to deliver electronically any  prospectuses or other documentation related to this Award, the Plan and any other compensation   or benefit plan or arrangement in effect from time to time (including, without limitation, reports,   proxy statements or other documents that are required to be delivered to participants in such   plans or arrangements pursuant to federal or state laws, rules or regulations).  For this purpose,   electronic delivery will include, without limitation, delivery by means of e-mail or e-mail  notification that such documentation is available on the Company’s Intranet site.  Upon written  request, the Company will provide to the Participant a paper copy of any document also  delivered to the Participant electronically.  The authorization described in this paragraph may be  revoked by the Participant at any time by written notice to the Company.   12.   Beneficiaries.  In the event of the death of the Participant, the issuance of Shares, if any,  under this Agreement shall be made in accordance with the Participant’s written beneficiary  designation on file with the Company or its representative and/or agent (if such a designation has  been duly filed with the Company or its representative and/or agent, in the form prescribed by  the Company and in accordance with the notice provisions of Section 11(a)).  In the absence of                                          -8-     

 

 any such beneficiary designation, the delivery of Shares, if any, hereunder will be made to the  Participant’s estate.    13.   Administration.  By entering into this Agreement, the Participant agrees and  acknowledges that (a) the Company has provided or made available to the Participant a copy of  the Plan, (b) he or she has read the Plan, (c) all Units are subject to the Plan, (d) in the event of a  conflict between any term or provision contained herein and a term or provision of the Plan, the  applicable terms and provisions of the Plan will govern, and (e) pursuant to the Plan, the  Committee is authorized to interpret the Plan and to adopt rules and regulations not inconsistent  with the Plan as it deems appropriate.  The Participant hereby agrees to accept as binding,  conclusive and final all decisions or interpretations of the Committee with respect to questions  arising under the Plan or this Agreement.   14.   Entire Agreement.  This Agreement, together with the Plan, represents the entire  agreement between the parties with respect to the subject matter hereof and supersedes any prior  agreement, written or otherwise, relating to the subject matter hereof.  This Agreement may only  be amended by a writing signed by each of the parties hereto.   15.   Governing Law.  The interpretation, performance and enforcement of this Agreement  shall be governed by the laws of the State of Delaware without regard to the principles of  conflicts-of-laws.   16.   Privacy.  By signing this Agreement, the Participant hereby acknowledges and agrees to  the Company’s transfer of certain personal data of such Participant to the Company for purposes  of implementing, performing or administering the Plan or any related benefit.  Participant  expressly gives his or her consent to the Company to process such personal data.   17.   Claims Procedure.         (a)   To the extent the issuance of Shares hereunder is deferred until cessation of  employment or beyond, this Agreement is intended to constitute part of a “top-hat” plan  described in Section 201(2) of ERISA.  Therefore, to initiate a claim with respect to the  settlement of Units, the Participant (or the person to whom ownership rights may have passed by  will or the laws of descent and distribution) (the “Claimant”) must file a written request with the  Company.  Upon receipt of such claim, the Company will advise the Claimant within ninety (90)  days of receipt of the claim whether the claim is denied.  If special circumstances require more  than ninety (90) days for processing, the Claimant will be notified in writing within ninety (90)  days of filing the claims than the Company requires up to an additional ninety (90) days to reply.   The notice will explain what special circumstances make an extension necessary and indicate the  date a final decision is expected to be made.         (b)   If the claim is denied in whole or in part, the Claimant will be provided a written  opinion, in language calculated to be understood by the Claimant, setting forth (i) the specific  reason(s) for the denial of the claim, or any part of it, (ii) specific reference(s) to pertinent  provisions of the Plan or this Agreement upon which such denial was based, (iii) a description of  any additional material or information necessary for the Claimant to perfect the claim, and an  explanation of why such material or information is necessary, (iv) an explanation of the claim                                         -9-     

 

appeal procedure set forth in Section 17(c), below; and (v) a statement of the Claimant’s right to  bring a civil action under section 502(a) of ERISA following an adverse determination upon  appeal.         (c)   Within sixty (60) days after receiving a notice from the Company that a claim has  been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative)  may file with the Company a written request for a review of the denial of the claim.  The  Claimant or his or her duly authorized representative may, but need not, review the pertinent  documents and submit issues and comments in writing for consideration by the Company.  If the  Claimant does not request a review of the initial determination within such sixty (60) days  period, the Claimant will be barred and estopped from challenging the determination.         (d)   Within sixty (60) days after the Company’s receipt of a request for review, it will  review the initial determination.  After considering all materials presented by the Claimant,  without regard to whether such materials were submitted or considered in the initial review, the  Company will render a written opinion.  The manner and content of the final decision will  include the same information described above in Section 17(b) with respect to the initial  determination.  If special circumstances require that the sixty (60) day time period be extended,  the Company will so notify the Claimant and will render the decision as soon as possible, but no  later than one hundred twenty (120) days after receipt of the request for review.  The notice will  explain what special circumstances make an extension necessary and indicate the date a final  decision is expected to be made.  Any decision on appeal will be final, conclusive and binding  upon all parties.   18.   Section Headings.  The headings of sections and paragraphs of this Agreement are  inserted for convenience only and shall not in any way affect the meaning or construction of any  provision of this Agreement.   19.   Counterparts; Facsimile.  This Agreement may be executed in multiple counterparts  (including by facsimile signature), each of which will be deemed to be an original, but all of  which together will constitute but one and the same instrument.   20.   Good Reason.  For purposes of this Agreement, “Good Reason” will have the meaning  defined in the Participant’s Individual Agreement, if any.  If no Individual Agreement exists,  “Good Reason” will mean the occurrence of any one or more of the following:         (a)   The assignment to the Participant of duties materially inconsistent with his or her  authorities, duties, responsibilities or position, or a material adverse change in the Participant’s  authorities, duties, responsibilities, position or reporting requirements;         (b)   The Company’s relocation of the Participant’s principal worksite by more than  (50) miles, excepting travel substantially consistent with the Participant’s business obligations;  or         (c)   A material reduction in the Participant’s base salary,   provided that any such event will constitute Good Reason only if the Participant notifies the  Company in writing of such event within 90 days following the initial occurrence thereof, the                                        -10-    

 

Company fails to cure such event within 30 days after receipt from the Participant of written  notice thereof, and the Participant resigns his or her employment within 180 days following the  initial occurrence of such event.                                                                     -11-    

 

            IN WITNESS WHEREOF, the Company’s duly authorized representative and  the Participant have each executed this Agreement on the respective date below indicated.                                       FMC CORPORATION                                                                                                                  By:                                                                       Title:                                                                    Date:                                                                                                                                                 PARTICIPANT                                                                                                                  Signature:                                                                Address:                                                                                                                                                                                                                                                                                                Date:                                                                          -12-fmcperformancebasedrestr

                                                                                      PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT                               FMC CORPORATION                  INCENTIVE COMPENSATION AND STOCK PLAN                THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this  “Agreement”) is made by and between FMC Corporation (the “Company”) and  [_________________________]1 (the “Participant”).                WHEREAS, the Company maintains the FMC Corporation Incentive   Compensation and Stock Plan (the “Plan”); and                WHEREAS, the Plan authorizes the grant of Restricted Stock Units; and               WHEREAS, to compensate the Participant for his or her past and anticipated  future contributions to the Company and to further align the Participant’s personal financial  interests with those of the Company’s stockholders, the Compensation and Organization  Committee of the Company’s Board of Directors (the “Committee”) approved this grant of  Restricted Stock Units to the Participant on the terms described below, effective  _________________, [Year1]2 (the “Grant Date”).               NOW, THEREFORE, in consideration of the mutual covenants herein contained  and other good and valuable consideration, receipt of which is hereby acknowledged, the parties  hereto agree as follows:   1.    Grant of Restricted Stock Units.         (a)   Pursuant to the Plan and as of the Grant Date, the Company hereby awards to the  Participant a target number of [__________] Restricted Stock Units (the “Units”).  The terms of  the Plan are incorporated herein by this reference and made a part of this Agreement.    Capitalized terms not otherwise defined herein will have the same meanings as in the Plan.  To   the extent there is a conflict between the Plan and this Agreement, the Plan will prevail.          (b)   Each Unit, once vested, represents an unfunded, unsecured right of the Participant   to receive one share of Common Stock (each a “Share”) at a specified time.  The Units will be   earned, and Shares will be issued in respect of earned Units, as set forth in this Agreement.     2.    Determination of Units Earned. Subject to the Participant’s continued employment by   the Company or any of its Affiliates through December 31, [Year 3] (the “Specified Date”),   between 0%-200% of the Units shall become earned in accordance with the table set forth below   based on the Company’s operating cash flow (as defined in Exhibit A hereto, the “Operating   Cash Flow”) during the three year period beginning on January 1, [Year 1] and ending on  December 31, [Year 3] (the “Measurement Period”):                                                             1 Insert name of participant.          2 Insert date of committee action to approve the grant.                                                

 

            Level       Operating Cash Flow  Percentage of Units Earned          Below Threshold    [__________]                0%             Threshold       [__________]                25%              Target         [__________]               100%             Maximum         [__________]               200%          If the Company’s Operating Cash Flow is between the levels set forth above, then the percentage  of the Units earned will be ratably interpolated.  Any Units that are not earned as of the end of  the Measurement Period will be forfeited immediately and automatically and the Participant will  have no further rights with respect thereto.         (b)   If the Participant’s employment terminates by reason of (i) Disability, (ii) death,  (iii) Non-Approved Retirement, or (iv) by the Company without Cause other than within two  years following a Change in Control, then the extent to which the Units are earned shall be  determined as if the Participant had continued in active service to the Company through the  Specified Date, but shall be prorated based on the number of days the Participant was employed  by the Company during the Measurement Period.         (c)   In the event the Participant’s employment terminates by reason of Approved  Retirement, then the extent to which the Units are earned shall be determined as if the Participant  had continued in active service to the Company through the Specified Date.         (d)   In the event the Participant’s employment terminates within two years following a  Change in Control due to either (i) a termination by the Company without Cause or (ii) a  resignation by the Participant with Good Reason, then the Units shall be deemed earned at the  target (i.e., 100%) level and Shares will be distributed in respect thereof in accordance with  Section 4(a) below. For avoidance of doubt, this section will not apply if the Participant has  satisfied the conditions for Approved Retirement or Non-Approved Retirement as of the date of  his or her termination (in that case, Section 2(b)(iii) or 2(c) will apply, as applicable).         (e)   The application of Sections 2(b)(iii), 2(b)(iv), 2(c), and 2(d) is in each case  conditioned on (i) the Participant’s execution and delivery to the Company of a general release  of claims against the Company and its affiliates in a form prescribed by the Company, and (ii)  such release becoming irrevocable within 60 days following the cessation of the Participant’s  employment or such shorter period specified by the Company.  For avoidance of doubt, if this  release requirement is not timely satisfied, all the Units will be forfeited as of the effective date  of the cessation of the Participant’s employment and the Participant will have no further rights  with respect thereto.         (f)   Upon a cessation of the Participant’s employment with the Company or any of its  Affiliates, all Units that do not specifically remain outstanding pursuant to Section 2(b), 2(c) or  2(d) will then be forfeited immediately and automatically and the Participant will have no further  rights with respect thereto.                                         -2-    

 

3.    Definitions.         (a)   “Approved Retirement” means the cessation of the Participant’s employment after  June 30, [Year 1] and after the Participant has (A) both attained age 62 and completed 10 years  of service with the Company or its Affiliates or (B) attained age 65, provided that the Participant  has commenced succession planning with the Company’s chief human resources executive (in  accordance with procedures established by the Company) at least six months before the effective  date of the Participant’s cessation of employment.         (b)   “Good Reason” will have the meaning defined in the Participant’s Individual  Agreement, if any.  If no Individual Agreement exists, “Good Reason” will mean the occurrence  of any one or more of the following: (i) the assignment to the Participant of duties materially  inconsistent with his or her authorities, duties, responsibilities or position, or a material adverse  change in the Participant’s authorities, duties, responsibilities, position or reporting  requirements; (ii) the Company’s relocation of the Participant’s principal worksite by more than  (50) miles, excepting travel substantially consistent with the Participant’s business obligations;  or (iii) a material reduction in the Participant’s base salary; provided that any such event will  constitute Good Reason only if the Participant notifies the Company in writing of such event  within 90 days following the initial occurrence thereof, the Company fails to cure such event  within 30 days after receipt from the Participant of written notice thereof, and the Participant  resigns his or her employment within 180 days following the initial occurrence of such event.         (c)   “Non-Approved Retirement” means the cessation of the Participant’s employment  after the Participant has (i) both attained age 62 and completed 10 years of service with the  Company or its Affiliates or (ii) attained age 65, other than an Approved Retirement.   4.    Timing of Issuance.         (a)   Subject to Section 4(b), Shares will be issued in respect of all earned Units  (including any additional Units credited under Section 7(b)) during the first two and a half  months of the calendar year beginning after the Specified Date.         (b)   Notwithstanding anything herein to the contrary:               (i)   to the extent permitted by Treas. Reg. § 1.409A-3(j)(4)(vi), the issuance of  Shares in respect of a number of earned Units may be accelerated to the date that employment  taxes become payable with respect to this Award.  Such number of Units will be equal to the  reasonably estimated amount of employment taxes then required to be withheld and remitted,  divided by the then current Fair Market Value;               (ii)  to the extent the requirements of Treas. Reg. § 1.409A-2(b)(7)(ii) are met,  the issuance of Shares hereunder will be delayed to the extent the Company reasonably  anticipates that the issuance will violate Federal securities laws or other applicable laws; and               (iii) the Company may terminate this arrangement at any time prior to the end  of the Measurement Period in a manner consistent with the requirements of Treas. Reg. §  1.409A-3(j)(4)(ix).                                         -3-    

 

       (c)   Fractional Shares will be rounded down to the next whole Share.    5.    Non-Transferability.  Neither the Units nor any right with respect thereto may be   assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the   Participant other than by will or by the laws of descent and distribution, and any purported   assignment, alienation, pledge, attachment, sale, transfer or encumbrance will be void and   unenforceable against the Company.    6.    Clawback Policy.  To the extent the Participant is a current or former executive officer   of the Company, the Award, any cash paid in respect of the Award, and the rights of the   Participant hereunder, are subject to any policy (whether currently in existence or later adopted)   established by the Company providing for clawback or recovery of amounts paid or credited to   current or former executive officers of the Company.  The Committee will make any   determination for clawback or recovery under any such policy in its sole discretion and in   accordance with any applicable law or regulation, and the Participant agrees to be bound by any   such determination.    7.    Stockholder Rights.          (a)   In General.  The Participant will not have any stockholder rights or privileges,   other than dividend equivalent rights as set forth below, with respect to the Shares subject to   Units until such Shares are actually issued and registered in the Participant’s name in the   Company’s books and records.          (b)   Dividend Equivalent Credits.  The Participant shall be credited with an additional   number of earned Units as of the Specified Date determined as the quotient of “y” divided by “z”   where “y” equals the aggregate amount of any cash dividends paid with respect to Shares during   the Measurement Period with respect to a number of Shares equal to the number of Units earned   under Section 2 and “z” equals the closing price per Share on the Specified Date, rounded to the   nearest whole Share.    8.    No Limitation on Rights of the Company.  The granting of Units will not in any way   affect the right or power of the Company to make adjustments, reclassifications or changes in its   capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or   transfer all or any part of its business or assets.    9.    Employment.  Nothing in this Agreement or in the Plan will confer on the 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 Company (or Affiliate employing or retaining the Participant)   to terminate the Participant’s employment at any time for any reason, with or without cause.    10.   Tax Treatment and Withholding.         (a)   The Participant has had the opportunity to review with his or her own tax advisors  the federal, state and local tax consequences of the transactions contemplated by this Agreement.   The Participant is relying solely on such advisors and not on any statements or representations of  the Company or any of its agents.                                         -4-     

 

       (b)   It is a condition to the Company’s obligation to issue Shares hereunder that the   Participant pay to the Company such amount as may be required to satisfy all tax withholding   obligations arising in connection with this Award (or otherwise make arrangements acceptable to   the Company for the satisfaction of such tax withholding obligations).  If the required   withholding amount required is not timely paid or satisfied, the Participant’s right to receive such   Shares will be permanently forfeited.  The Company, in its discretion, may withhold Shares   otherwise issuable hereunder in satisfaction of the amount required to be withheld in connection   with this Award (based on the Fair Market Value of such Shares on the date of such   withholding).  All cash payments under this Agreement are subject to applicable withholding, as   determined by the Company in its discretion.    11.   Notices.          (a)   Any notice required to be given or delivered to the Company under the terms of   this Agreement will be addressed to it in care of its Secretary, FMC Corporation, at FMC Tower   at Cira Centre South, 2929 Walnut Street, Philadelphia, PA 19104, and any notice to the   Participant (or other person entitled to receive the Units) will be addressed to such person at the   Participant’s address now on file with the Company, or to such other address as either may   designate to the other in writing.  Except as otherwise provided below in Section 11(b), any   notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as   stated above and deposited, postage paid, in a post office or branch post office regularly   maintained by the United States government.          (b)   The Participant hereby authorizes the Company to deliver electronically any   prospectuses or other documentation related to this Award, the Plan and any other compensation   or benefit plan or arrangement in effect from time to time (including, without limitation, reports,   proxy statements or other documents that are required to be delivered to participants in such   plans or arrangements pursuant to federal or state laws, rules or regulations).  For this purpose,   electronic delivery will include, without limitation, delivery by means of e-mail or e-mail  notification that such documentation is available on the Company’s Intranet site.  Upon written  request, the Company will provide to the Participant a paper copy of any document also  delivered to the Participant electronically.  The authorization described in this paragraph may be  revoked by the Participant at any time by written notice to the Company.   12.   Beneficiaries.  In the event of the death of the Participant, the issuance of Shares, if any,  under this Agreement shall be made in accordance with the Participant’s written beneficiary  designation on file with the Company or its representative and/or agent (if such a designation has  been duly filed with the Company or its representative and/or agent, in the form prescribed by  the Company and in accordance with the notice provisions of Section 11(a)).  In the absence of  any such beneficiary designation, the delivery of Shares, if any, hereunder will be made to the  Participant’s estate.    13.   Administration.  By entering into this Agreement, the Participant agrees and  acknowledges that (a) the Company has provided or made available to the Participant a copy of  the Plan, (b) he or she has read the Plan, (c) all Units are subject to the Plan, (d) in the event of a  conflict between any term or provision contained herein and a term or provision of the Plan, the  applicable terms and provisions of the Plan will govern, and (e) pursuant to the Plan, the                                         -5-     

 

 Committee is authorized to interpret the Plan and to adopt rules and regulations not inconsistent  with the Plan as it deems appropriate.  The Participant hereby agrees to accept as binding,  conclusive and final all decisions or interpretations of the Committee with respect to questions  arising under the Plan or this Agreement.    14.   Entire Agreement.  This Agreement, together with the Plan, represents the entire   agreement between the parties with respect to the subject matter hereof and supersedes any prior   agreement, written or otherwise, relating to the subject matter hereof.  This Agreement may only   be amended by a writing signed by each of the parties hereto.    15.   Governing Law.  The interpretation, performance and enforcement of this Agreement  shall be governed by the laws of the State of Delaware without regard to the principles of  conflicts-of-laws.   16.   Privacy.  By signing this Agreement, the Participant hereby acknowledges and agrees to  the Company’s transfer of certain personal data of such Participant to the Company for purposes  of implementing, performing or administering the Plan or any related benefit.  Participant  expressly gives his or her consent to the Company to process such personal data.   17.   Section Headings.  The headings of sections and paragraphs of this Agreement are  inserted for convenience only and shall not in any way affect the meaning or construction of any  provision of this Agreement.                18.   Counterparts; Facsimile.  This Agreement may be executed in multiple counterparts  (including by facsimile signature), each of which will be deemed to be an original, but all of  which together will constitute but one and the same instrument.                                                                     -6-     

 

            IN WITNESS WHEREOF, the Company’s duly authorized representative and  the Participant have each executed this Agreement on the respective date below indicated.                                       FMC CORPORATION                                                                                                                  By:                                                                       Title:                                                                    Date:                                                                                                                                                 PARTICIPANT                                                                                                                  Signature:                                                                Address:                                                                                                                                                                                                                                                                                                Date:                                                                                                  -7-    

 

                                     Exhibit A                                          “Operating Cash Flow” means the sum of the Company’s Adjusted Operating Cash Flow for   each of the three years in the Measurement Period.    The Company’s Adjusted Operating Cash Flow for each year is the sum of (1) and (2) below:       1. the “adjusted EBITDA” for such year, which represents the Company’s total revenue         less operating expenses (which operating expenses consist of costs of sales and services,         selling, general and administrative expenses, including corporate staff expense, and         research and development expenses), excluding depreciation and amortization, as         reported in the Company’s audited financial statements for the relevant year, and        2. the “change in Working Capital” for such year (which change might be positive or         negative), which represents the sum of (a) trade receivables (net), (b) guarantees of         vendor financing, (c) inventories, (d) accounts payable (trade and other), (e) advance         payments from customers, and (f) accrued customer rebates, each as reported in the         Company’s consolidated statements of cash flow for the relevant year.   The Operating Cash Flow may be equitably adjusted in the discretion of the Committee, to  account for changes in accounting rules, laws, or regulations, acquisitions or divestitures, interest  expenses associated with the Company’s repurchase of shares of common stock, business  restructuring, material changes in the North America crop pre-payment program, and other  extraordinary events or transactions.                                             -8-

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