Document:

Employment Agreement

 Exhibit 10.1 
  
 Execution Copy 
  
 May 4, 2005 
  
 Richard Ambury 
 41 Orchard Hill Drive 
 Fairfield, CT 06924 
  
 Dear Rich: 
  
 This letter confirms your new compensation package, effective May 4, 2005 as Chief Financial Officer and Treasurer of Petroleum Heat and Power Co., Inc. (“Petro” or the “Company”). 
  
 Term: The term of this Agreement will for three years
beginning on May 4, 2005 and ending on May 3, 2008 (the “Term”). 
  
 Base Salary: During the Term, your base annual salary will be $236,333, subject to withholding of all applicable taxes and benefit deductions. 
  
 Annual Bonus: Your annual target performance based bonus will
be 35% of your annual salary, or such higher percentage as may be applicable to the Company’s Chief Operating Officer. In addition to your performance based bonus, you will receive a payment of $50,000 on the last day of each 12 month period
during the Term. 
  
 Benefits: You will be entitled
to participate in all benefit plans (including automobile allowance) that are maintained by the Company on the same basis as such benefits are generally available to senior Petro executives. 
  
 Equity Incentives: The Company plans to establish an equity
program for key executives, although there is no assurance that it will do so. If an equity program is implemented, you will be entitled to participate on a basis no less favorable to you than as available to the Chief Operating Officer. 

 

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 Duties: You shall perform those duties presently performed by the Chief Financial
Officer as well as those associated with your present position. During the Term, you agree to perform your duties to the best of your ability on a full time basis. You shall at all times be subject to observe and carry out such reasonable rules,
regulations and directives as the Board shall from time to time establish. So long as Petro’s principal office is located in Stamford, CT or elsewhere in the greater New York area, your duties will be performed at Petro’s principal office.

  
 Severance: If the Company terminates your
employment for reasons other than for cause or if the Company commits a material breach of this Agreement and you terminate this Agreement based on such breach, you will, in either such event, be entitled to the following amount to be paid within 30
days following such termination. 
  

				
	 If such termination occurs:

	  	Amount

	 Between May 4, 2005 – April 30, 2006
	  	$	858,999
		
	 Between May 1, 2006 – April 30, 2007
	  	$	572,666
		
	 Between May 1, 2007 – May 3, 2008
	  	$	286,333

  
 “Cause”
shall mean your commission of any illegal or wrongful act involving fraud or moral turpitude or failure to observe such reasonable rules, regulations and directives as adopted by the Board of Directors. Unless the Company reasonably and in good
faith determines that any such conduct is not correctable, you shall be given at least ten days notice to correct same. If you feel the Company has committed a material breach of this Agreement, you must give the Company notice of such breach and
the Company shall have 30 days to correct same. 
  
 Post
Severance Medical Benefits: For a period of 24 months following the termination of your employment, other than by the Company for cause or by you when the Company has not committed a material breach of this Agreement, you shall be entitled
to participate in all health/medical plans offered by the Company to its executive officers on the same basis as others participate, e.g., you shall be responsible for any co-payments 

  

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to the same extent as other executive officers. Notwithstanding the foregoing, the Company’s obligation to provide such health/medical coverage shall
terminate at such time as you begin any fulltime employment. 
  
 Confidentiality: You agree that you will not during the term of this agreement and for a period of 12 months thereafter, other than as required by law, disclose to any third party, without the Company’s consent, any
material non-public information concerning the Company, but this shall not apply during the Term to disclosures which you believe in good faith are made pursuant to the performance of your duties and in the best interest of the Company. 

 
 Notices: All notices under this agreement shall be in
writing and shall be effective when received and shall be delivered in person or facsimile transmission (with confirmation of receipt) or by mail to the above addresses. 
  
 Entire Agreement: This Agreement represents our entire agreement concerning your employment and may be amended
only by a subsequent written agreement signed by the parties. 
  
 Please indicate
your acceptance of this offer by signing and dating this letter and returning it to me. 
  
 Should you have any questions, please do not hesitate to call me. 
  

	
	 Sincerely,

	
	 
	 Joseph P. Cavanaugh

	 Chief Executive Officer

  

	
	 Accepted:

	
	  
	 Richard Ambury

	
	 Dated: May 4, 2005Form of Amendment to Stock Option Agreement

 Exhibit – 10.6 
  
 SYPRIS SOLUTIONS, INC. 
 AMENDMENT TO STOCK OPTION AGREEMENTS 
 TO ACCELERATE VESTING PERIODS 
 FOR CERTAIN “UNDERWATER” OPTIONS 
  
 THIS AMENDMENT (“Amendment”) to your Stock Option Agreements is made by and between Sypris Solutions, Inc. a Delaware corporation
located at 101 Bullitt Lane, Suite 450, Louisville, KY (“Company”) and the undersigned Optionee, effective as of April 25, 2005. 
  

	1.	For Unvested Options with Option Prices above $9.83 (the “Accelerated Options”), the Vesting Periods are hereby amended to allow each such Accelerated Option to be
exercised at any time after April 25, 2005, until its expiration under the terms of the Plans and your Agreements. 

  

	2.	“Option Price” means the price to be paid for Common Stock upon the exercise of an Unvested Option, as set forth in the Plans and your Agreements.

  

	3.	“Plans” means the Sypris Solutions, Inc. 1994 Stock Option Plan for Key Employees and/or the 2004 Sypris Equity Plan, as applicable. 

  

	4.	“Stock Option Agreements” or the “Agreements” includes each of your Stock Option Agreements for Options Granted Pursuant to 1994 Stock Option Plan
for Key Employees and/or each of your Non-Qualified Stock Option Award Agreements under the 2004 Sypris Equity Plan. 

  

	5.	“Unvested Options” means only those unvested stock option grants made to you under the Plans which have not been exercised, forfeited or terminated as of April 25,
2006; provided, however, that the term “Unvested Options” shall not include any grants of Performance-Based Options which have not yet achieved their Target Share Prices. 

  

	6.	“You” or “your” means the undersigned Optionee. 

  

	7.	All other capitalized terms herein shall have the meanings given to them in the Plans and the Agreements, whether capitalized in the Plans and the Agreements or not.

  
 IN WITNESS WHEREOF, the parties have
executed this Amendment in duplicate to be effective as of the date first above written. 
  

							
	 SYPRIS SOLUTIONS, INC.
	 	 	 	OPTIONEE
				
	 By
	 	  

	 	 	 	  

	 Jeffrey T. Gill
	 	 	 	  

	 President & CEO
	 	 	 	(Printed Name)Amendment to Stock Option Agreements

 Exhibit – 10.7 
  
 AMENDMENT TO STOCK OPTION AGREEMENTS

 ESTABLISHING POST-EMPLOYMENT EXERCISE PERIODS

 FOR CERTAIN VESTED OPTIONS 
  
 THIS AMENDMENT (“Amendment”) to your Stock Option
Agreements is made by and between Sypris Solutions, Inc. a Delaware corporation located at 101 Bullitt Lane, Suite 450, Louisville, KY (“Company”) and the undersigned Optionee (“you” or “your”),
effective as of April 25, 2005. 
  

	1.	“Agreements” are the stock option agreements which govern Amended Options. 

  

	2.	“Amended Options” are all stock options issued to you under the Plan, excluding: a) options granted on April 7, 1997 at Option Prices of $4.24 or on February 27,
2001 at Option Prices of $6.25, or b) options remaining unvested on May 13, 2005. 

  

	3.	“Plan” is the Sypris Solutions, Inc. 1994 Stock Option Plan for Key Employees. 

  

	4.	The Agreements are each amended to delete the termination of your employment as an event which triggers the Expiration Date of any Amended Option. 

  

	5.	The Expiration Date of Amended Options granted on March 22, 1996 or on April 28, 1998 is amended to be no later than March 14, 2005. 

  

	6.	All other capitalized terms herein shall have the meanings given to them in the Plan or the Agreements, whether originally capitalized in such documents or not.

  
 IN WITNESS WHEREOF, the parties have
executed this Amendment in duplicate to be effective as of the date first above written. 
  

							
	 SYPRIS SOLUTIONS, INC.
	 	 	 	OPTIONEE
				
	 By
	 	 /S/ JEFFREY T. GILL

	 	 	 	 /S/ DAVID D. JOHNSON

	 Jeffrey T. Gill
	 	 	 	David D. Johnson
	 President & CEORestricted Stock Agreement

 Exhibit: 10.1 
  
 FMC CORPORATION RESTRICTED STOCK AGREEMENT 
 FOR NON-EMPLOYEE DIRECTORS 
  
 This Agreement is made as of the      day of          (the “Grant Date”) by and between FMC CORPORATION, a Delaware corporation, (the
“Company”) and                      (the “Director”). 
  
 The Board of Directors of the Company (the “Board”) amended, restated, and further amended the FMC Corporation
Compensation Plan for Non-Employee Directors (as amended through January 2005 hereinafter referred to as the “Plan”). The Plan, as it may hereafter be amended and continued, operates by resolution of the Compensation and Organization
Committee as a sub plan of the FMC Corporation Incentive Compensation and Stock Plan (the “Omnibus Plan”). Both the Plan and the Omnibus Plan are therefore incorporated herein by reference and made a part of this Agreement and control the
rights and obligations of the Company and the Director under this Agreement. The Board has determined that it would be to the advantage and interest of the Company and its stockholders to grant restricted stock units under the Plan (and accordingly,
under the Omnibus Plan) to the Director as an inducement to remain in the service of the Company, and as an incentive for increased efforts during such service. Unless otherwise defined, capitalized terms used herein shall have the same meaning as
set forth in the Plan. 
  
 Now therefore, the Board, on behalf of
the Company, hereby grants              Restricted Stock Units to the Director on the Grant Date subject to the terms and conditions of the Plan and the Omnibus Plan and the rules as
may be applied by the Board, provided, however, that (i) payment will not be made in respect of the Restricted Stock Units granted hereby upon a Change in Control as described in the last sentence of Section 2(b) of Part III of the Plan unless the
applicable Change in Control constitutes a “Change in Control Event” as defined in Q&A 11 of IRS Notice 2005-1; (ii) all of the Restricted Stock Units granted hereby, whether previously vested or not, will become immediately payable
upon a Change in Control Event; and (iii) in the case of conflict between the Plan and the Omnibus Plan with respect to the specific terms of the grant being made hereunder, the Plan shall govern. 
  
 Executed as of the Grant Date 
  
 FMC CORPORATION 
  

					
	By:	 	

	 	 
	 	 	
 Vice President
	 	
 (Director)

					
			
	 	 	 	 	  

 (Address)

	 	 	 	 	  

 (Social
Security Number)

  
 This document constitutes part of a
prospectus covering securities that have been registered under the Securities Act of 1933.

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