Document:

tmok2014ex10_60.htm

 

 

Exhibit 10.60

 

 

AMENDMENT TO CHANGE-IN-CONTROL AGREEMENT

 

THIS AMENDMENT (the "Amendment") to the CHANGE-IN-CONTROL AGREEMENT by and between Life Technologies Corporation (the "company") and Mark P. Stevenson, an individual (the "Executive"), is made and entered into as of July 21, 2013 by and between the Company and the Executive.

 

WITNESSETH:

 

WHEREAS, the Company and the Executive are parties to a Change-in-Control Agreement, dated as of March 5, 2009, as amended on December 9, 2010, (the "Change-in-Control Agreement"); and

 

WHEREAS, the parties desire to amend the Change-in-Control Agreement;

 

NOW, THEREFORE, in consideration of the mutual covenants set forth in this Amendment and in the Change-in-Control Agreement, the Company and the Executive agree as follows:

 

    1.    Section 6(a)(ii)(x) of the Change-in-Control Agreement is hereby amended by replacing the words "Employment Period" with the words "Executive's employment with the Company".

 

    2.    Section 6(d)(iii) of the Change-in-Control Agreement is hereby removed and replaced in its entirety with the following:

 

	 	 "(iii) within 30 days following the Date of Termination, the Company shall pay the Executive a single lump sum cash payment in an amount equal to the product of (A) the remainder of 24 less the number of full and partial months, if any, that have elapsed from the date of a "Consummation Change in Control" through the Date of Termination (it being understood that, for the avoidance of doubt, if the Date of Termination occurs following the Effective Date, but prior to a Consummation Change in Control, such number shall in all events be 24) (such remainder, when expressed as a period of months commencing on the Date of Termination, the "Remaining Period") and (B) 229.56% of the sum of(x) the cost of the projected monthly premiums for group health, dental and vision insurance coverage under the Company's plans (the "Health Benefits"), based on the projected premium rates through the end of the Remaining Period applicable for continuation coverage in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") determined, in all cases, as of the Date of Termination (1) based on the Company plans in which the Executive participates and the level of the Executive's Health Benefits coverage as of immediately preceding the Date of Termination or, if more favorable to the Executive, the level of the Executive's Health Benefits coverage as in effect at any time during the 90-day period immediately preceding the Effective Date and (2) assuming (a) initial premium rates equal to those in effect as of the Date of Termination and (b) to the extent applicable, an crease of four percent in the applicable premium rates at the beginning of each calendar year during the Remaining Period from those in effect as of the end of the previous calendar year, and (y) the cost to the Company determined based on the per employee monthly premium or allowance as in effect as of the Date of Termination (with any annual premium or allowance to be divided by twelve) to provide short- and long-term disability, group term life, Company paid voluntary life, accidental death and dismemberment and travel and  	 

 

    IN WITNESS WHEREOF, the undersigned have signed this Agreement on the dates written below. 

 

    Dated: July 21, 2013       Life Technologies Corporation

 

                                                              /s/ Gregory T. Lucier                           

                                                             Chairman & Chief Executive Officer

 

 

    Dated: July 21, 2013               /s/ Mark P. StevensonEX-10.7

 Exhibit 10.7 
 RESTRICTED STOCK AGREEMENT- 
 HUTTIG BUILDING PRODUCTS, INC.

 2005 EXECUTIVE INCENTIVE COMPENSATION PLAN 
 [insert Grant Date] 
 The parties to this Restricted Stock Agreement (the
“Agreement”) are Huttig Building Products, Inc., a Delaware corporation (the “Corporation”) and [insert name], an employee of the Corporation (the “Participant”). 

Pursuant to the terms of the Huttig Building Products, Inc. 2005 Executive Incentive Compensation Plan, as in effect from time to time
(the “Plan”), the Corporation, upon the recommendation of the Management Organization and Compensation Committee of its Board of Directors (the “Committee”), has determined to award to the Participant [insert number] shares
of restricted stock, subject to the terms of the Plan as of the date of this Agreement (the “Grant Date”). As a condition to such award and pursuant to the terms of the Plan, the Corporation and the Participant hereby enter into this
Agreement and agree to the terms and conditions set forth herein. 
 1. DEFINITIONS. 

Capitalized terms in this Agreement not otherwise defined herein shall have the meanings contained in the Plan. For purposes of this
Agreement, and for purposes of interpreting the terms of the Plan, the following terms shall have the following meanings: 
  

	 	(a)	“Restriction Period” shall mean a period commencing on the Grant Date and ending for 33-1/3% of the grant on each subsequent anniversary date for three years
ending [insert date]. 

 2. AWARD OF HUTTIG SHARES 

Pursuant to the provisions of the Plan and this Agreement and by the authority of the Committee, the Corporation awards [insert number]
shares (the “Restricted Stock”) of Huttig Building Products, Inc. common stock, par value $.01 per share (“Huttig Shares”), to the Participant. 
 3. RESTRICTIONS AND RIGHTS 
  

	 	(a)	During the Restriction Period, the Restricted Stock is subject to forfeiture in the event that the Participant attempts to sell, transfer, assign or pledge the
Restricted Shares (the “Restrictions”) or the Participant violates one of the covenants contained in Section 6 of this Agreement. Except as provided under Section 5 of this Agreement, the Restrictions on the Restricted Stock
shall automatically lapse: 

  

	 	(i)	upon expiration of the Restriction Period; 

  

	 	(ii)	 in the event of the Participant’s retirement at or after age 65, permanent disability, or death or in the event of a Change in Control; provided,
however, that in the event the Participant requests early retirement or otherwise leaves the employ of the Corporation, the Committee may, upon the Participant’s request and in the

  
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Committee’s sole discretion, waive or revise this provision to permit the lapse of Restrictions on all or a portion of the Restricted Stock awarded hereunder on or prior to such early
retirement or other departure from the employ of the Corporation; or 

  

	 	(iii)	as may be otherwise provided under the terms of the Plan. 

  

	 	(b)	During the Restriction Period, the Participant will be entitled to all other rights of a shareholder of the Corporation with respect to the Restricted Stock, including
the right to vote the Restricted Stock and receive dividends and other distributions thereon. 

 4. STOCK CERTIFICATE 

 Each stock certificate evidencing an award of Restricted Stock shall be registered in the name of the Participant, and shall
bear an appropriate legend referring to the terms, conditions and restrictions applicable to such award substantially in the following form (the “Legend”): 
 “The sale or transfer of shares of stock represented by this certificate is subject to certain restrictions on transfer as set forth in the Huttig Building Products, Inc. 2005 Executive Incentive
Compensation Plan and in the associated Award Agreement. Copies of such Plan and Agreement may be obtained from Huttig Building Products, Inc., 555 Maryville University Dr., Suite 400, St. Louis, MO 63141.” 

5. TERMINATION OF EMPLOYMENT  
 The Participant’s termination of employment during the Restriction Period for any reason other than retirement at or after age 65, death or permanent disability shall result in the forfeiture of all
Restricted Stock as to which the Restrictions have not lapsed, and the Participant shall be required to return all applicable stock certificates to the Corporation. 
 6. COVENANTS 
  

	 	(a)	The Participant agrees to be bound by all terms and provisions of the Plan, and all such provisions shall be deemed a part of this Agreement for all purposes.

  

	 	(b)	The Participant agrees to provide the Corporation, when and if requested, with any information or documentation which the Corporation believes necessary or advisable in
connection with the administration of the Plan, including data required to assure compliance with the requirements of the Securities and Exchange Commission, of any stock exchange upon which the Huttig Shares are then listed, or of any applicable
federal, state or other law. 

  

	 	(c)	The Participant agrees, upon due notice and demand, to promptly pay to the Corporation the cash amount of any taxes which are required to be withheld by the Corporation
either at the time the Restriction Period lapses or at the time of award (in cases where the Participant duly elects to be taxed at such earlier time); provided, however, the Corporation, in its sole discretion, may accept Restricted Stock awarded
hereunder or Huttig Shares otherwise previously acquired in satisfaction thereof. 

  
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 7. NO COVENANT OF EMPLOYMENT 
 Neither the execution and delivery of this Agreement nor the granting of any award evidenced by this Agreement shall constitute, or be evidence of, any agreement or understanding, express or implied, on
the part of the Corporation or any of its subsidiaries to employ the Participant for any specific period. 
 8. ADMINISTRATION AND
INTERPRETATION OF PLAN AND AGREEMENT 
 In the event of any conflict between the terms of this Agreement and those of the
Plan, the provisions of the Plan shall prevail. 
 The Committee shall have full authority and discretion, subject only to the
terms of the Plan, to decide all matters relating to the administration or interpretation of the Plan and this Agreement, and all such action by the Committee shall be final, conclusive, and binding upon the Corporation and the Participant. The
Committee shall have full authority and discretion to modify at any time the Restriction Period, the Restrictions, the other terms and conditions of this Agreement, the Legend and any other instrument evidencing this award, provided that no such
modification shall increase the benefit under such award beyond that which the Committee could have originally granted at the time of the award, or shall impair the rights of the Participant under such award except in accordance with the Plan, or
any applicable agreement or applicable law, or with consent of the Participant. 
 This Restricted Stock Agreement is deemed to
be issued in, the award evidenced hereby is deemed to be granted in, and both shall be governed by the laws of, the State of Delaware. There have been no representations to the Participant other than those contained herein. 

9. DELIVERY 
 All
certificates for Restricted Stock delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which Huttig Shares are then listed and any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions. 
 The stock certificates evidencing the Restricted Stock shall be held in custody by the Corporation or its
designee until the Restrictions thereon shall have lapsed and the Committee may require, as a condition of any award, that the Participant shall have delivered a stock power endorsed in blank relating to the Restricted Stock covered by such award.

 As soon as administratively practicable following the lapse of the Restrictions with respect to any of the Restricted Stock
without a forfeiture, and upon the satisfaction of all other applicable conditions as to the Restricted Stock, including, but not limited to, the payment by the Participant of all applicable withholding taxes, the Corporation shall deliver or cause
to be delivered to the Participant a certificate or certificates for the applicable Restricted Stock which shall not bear the Legend required under Section 4 of this Agreement. 
 10. AMENDMENT 
 The terms of this Agreement shall be subject to the terms of
the Plan as the Plan may be amended from time to time by the Board of Directors of the Corporation unless any such amendment by its terms or by its clear intent is inapplicable to this Agreement. 

  
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 11. NOTICE 
 Any notice to the Corporation provided for in this Agreement shall be in writing and addressed to it in care of the Secretary of the Corporation, and any notice to the Participant shall be in writing and
addressed to the Participant at the address contained in payroll records at the time or to such other address designated in writing by the Participant. 
 IN WITNESS WHEREOF, the parties have executed this Restricted Stock Agreement effective the day and year first above written. 

 

			
	 

	 By:
	 	Philip W. Keipp
	 Title:
	 	    Vice President—Chief Financial Officer
	
	 PARTICIPANT
  

	[insert name]

  
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