Document:

a5823424ex10-6.htm

    Exhibit
10.6

     

     

    [STANDARD
FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT]

     

    BE
AEROSPACE, INC. 2005 LONG-TERM INCENTIVE PLAN

     

    RESTRICTED
STOCK UNIT AWARD AGREEMENT

     

    THIS AWARD
AGREEMENT (the “Award
Agreement”) is made effective as of ______________ (the “Date of
Grant”) between BE Aerospace, Inc., a Delaware corporation (the “Company”),
and _________________ (the “Participant”).  Capitalized
terms not otherwise defined herein shall have the same meanings as in the BE
Aerospace, Inc. 2005 Long-Term Incentive Plan (the “Plan”).

     

    WHEREAS,
the Company desires to grant the Restricted Stock Units (the “RSUs”)
provided for herein to the Participant pursuant to the Plan and the terms and
conditions set forth herein;

     

    NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the
parties agree as follows:

     

    1. Grant of the
Award.  Subject
to the provisions of this Award Agreement and the Plan, the Company hereby
grants to the Participant, an aggregate of ________________ RSUs, subject to
adjustment as set forth in the Plan.  Seventy-five percent (75%) of
the RSUs shall be subject to time-based vesting (“Time-Based
RSUs”) and twenty-five percent (25%) of the RSUs shall be subject to
performance-based vesting (“Performance-Based
RSUs”).  Each RSU gives the Participant the unsecured right to
receive, subject to the terms and conditions of the Plan and this Award
Agreement, one share of Common Stock.  The Participant shall not be
required to pay any additional consideration for the issuance of the shares of
Common Stock upon settlement of the RSUs.

     

    2. Incorporation of
Plan.  The
Participant acknowledges receipt of the Plan, a copy of which is attached hereto
and represents that he is familiar with its terms and
provisions.  This Award Agreement and the RSUs shall be subject to the
Plan, the terms of which are incorporated herein by reference, and in the event
of any conflict or inconsistency between the Plan and this Award Agreement, the
Plan shall govern.  Defined terms used herein without definition shall
have the meanings ascribed thereto in the Plan.

     

    3. Vesting
Schedule.  Subject to
the terms and conditions hereof, the Participant shall vest in the RSUs as
follows, unless previously vested or cancelled in accordance with the provisions
of the Plan or this Award Agreement (each applicable date a “Scheduled Vesting
Date”):

     

    (a) Time-Based
RSUs.  On each of the first, second, third and fourth
anniversaries of the Date of Grant (each an “Anniversary
Date”), twenty-five percent (25%) of the Time-Based RSUs shall vest and
no longer be subject to cancellation pursuant to Section 5 or the transfer
restrictions set forth in Section 7.

     

    (b) Performance-Based
RSUs.  Subject to the Company achieving its Earnings Before
Interest and Taxes target (the “Performance
Target”) in the 12-month period ending on September 30th of each
year during the four-year period following the Date of Grant (each such year
a  “Performance
Period”), Performance-Based RSUs shall vest pursuant to the following
terms and no longer be subject to cancellation pursuant to Section 5 or the
transfer restrictions set forth in Section 7:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i) If the
Company achieves or exceeds one hundred percent (100%) of the Performance Target
over the applicable Performance Period, twenty-five percent (25%) of the
Performance-Based RSUs shall vest on the applicable Anniversary
Date.

     

    (ii) If the
Company achieves ninety percent (90%) of the Performance Target over the
applicable Performance Period, ten percent (10%) of the Performance-Based RSUs
shall vest on the applicable Anniversary Date.

     

    (iii) If the
Company achieves over ninety percent (90%) but less than one hundred percent
(100%) of the Performance Target over the applicable Performance Period, between
ten percent (10%) and twenty-five percent (25%) of the Performance-Based RSUs
(as determined on the basis of linear interpolation) shall vest on the
applicable Anniversary Date.

     

    (iv) If the
Company achieves less than ninety percent (90%) of the Performance Target over
the applicable Performance Period, the Participant forfeits the amount of
Performance-Based RSUs that would have vested on the applicable Anniversary
Date.

     

    The
applicable Performance Targets shall be established by the Committee in writing
no later than 90 days after the commencement of the applicable Performance
Period for purposes of Section 162(m) the Internal Revenue Code of 1986, as
amended and the regulations and guidance promulgated thereunder (the “Code”).

     

    4.           Settlement.  Each
RSU shall be settled by delivery of share of Common Stock within thirty (30)
days following the applicable Scheduled Vesting Date or such earlier date on
which the RSUs vest pursuant to this Award Agreement (each, a “Settlement
Date”).  In the sole discretion of the Committee, in lieu of
the delivery of shares of Common Stock, the RSUs may be settled through a
payment in cash equal to the Fair Market Value of the applicable number of
shares of Common Stock, determined on the applicable Scheduled Vesting Date or,
in the case of settlement in accordance with Sections 5 and 7,
the date of the Participant’s termination of employment or the effective date of
the Change in Control, as applicable.

     

    5.           Termination of
Employment.  In the event of the Participant’s termination of
employment with the Company prior to the vesting of all RSUs hereunder for any
reason other than death or Disability (as defined in the Company’s long-term
disability plan applicable to the participant), all unvested RSUs shall be
cancelled immediately without consideration as of the date of such
termination.  If, prior to the vesting of all RSUs hereunder, the
Participant has a termination of employment with the Company as a result of his
death or Disability, all of the unvested RSUs shall vest
immediately.  Following a Participant’s death or termination of
employment for any reason, any vested RSUs shall be settled within thirty (30)
days

     

    6.           Change in
Control.  Upon
a Change in Control prior to the vesting of all RSUs hereunder, all of the
unvested RSUs shall vest immediately and shall be settled within thirty (30)
days.  For purposes of this Award Agreement, a “Change of
Control” shall mean a “change in control event”
within the meaning of the default rules under Section 409A of the
Code.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    7.           Nontransferability of
RSUs.  Unless
otherwise determined by the Committee, the RSUs may not be transferred, pledged,
alienated, assigned or otherwise attorned other than by last will and testament
or by the laws of descent and distribution or pursuant to a domestic relations
order, as the case may be; provided, however, that the Committee
may, subject to such terms and conditions as it shall specify, permit the
transfer of the RSUs, including, without limitation, for no consideration to a
charitable institution or a Permitted Transferee.  Any RSUs
transferred to a charitable institution may not be further transferable without
the Committee’s approval and any RSUs transferred to a Permitted Transferee
shall be further transferable only by last will and testament or the laws of
descent and distribution or, for no consideration, to another Permitted
Transferee of the Participant.

     

    8.           Rights as a
Stockholder.  The
Participant shall have no rights as a stockholder with respect to the
RSUs.  Upon settlement, the Participant shall have all rights as a
stockholder with respect to the shares delivered to the Participant, if any,
including, without limitation, voting rights and the right to receive
dividends.

     

    9.           Dividend
Equivalents.  If, after the Date of Grant and prior to the
applicable Settlement Date, dividends with respect to the Common Stock are
declared or paid by the Company, the Participant shall be entitled to receive
dividend equivalents in an amount, without interest, equal to the cumulative
dividends declared or paid on a share of Common Stock, if any, during such
period multiplied by the number of RSUs.  The dividend equivalents
shall be paid in cash or shares of Common Stock, as determined by the Company in
its discretion, on the applicable Settlement Date.  If the
Participant’s employment with the Company terminates prior to the applicable
Settlement Date for any reason set forth in Section 5 of this Award Agreement or
if a Change of Control occurs, the Participant shall be entitled to receive all
accrued and unpaid dividend equivalents at the time the RSUs are settled in
accordance with Sections 5 and 7, as applicable.  If the Participant’s
employment terminates prior to the applicable Settlement Date for any reason set
forth in Section 5, any accrued and unpaid dividend equivalents shall be
cancelled.

     

    10.           Legend on
Certificates.  The
Committee may cause a legend or legends to be put on certificates representing
the shares of Common Stock delivered upon settlement of the RSUs to make
appropriate reference to such restrictions as the Committee may deem advisable
under the Plan or as may be required by the rules, regulations, and other
requirements of the Securities and Exchange Commission, any exchange that lists
the Common Stock, and any applicable federal or state laws.

     

    11.           Conditions to Delivery of
Common Stock Certificates.  The
Company shall not be required to deliver any certificate for shares of Common
Stock pursuant to this Agreement prior to fulfillment of all of the following
conditions:

     

    (a)           The
obtaining of any approval or other clearance from any state or federal
governmental agency which the Committee determines to be necessary or advisable;
and

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (b)           The
lapse of such reasonable period of time as the Committee may from time to time
establish for reasons of administrative convenience.

     

    12.           No
Entitlements.

     

    (a)           No Right to Continued
Employment.  This award is not an employment agreement, and
nothing in this Award Agreement or the Plan shall (i) alter the
Participant’s status as an “at-will” employee of the Company, (ii) be
construed as guaranteeing the Participant’s employment by the Company or as
giving the Participant any right to continue in the employ of the Company during
any period (including without limitation the period between the Date of Grant
and the applicable vesting date in accordance with  Section 3) or
(iii) be construed as giving the Participant any right to be reemployed by
the Company following any termination of Employment.

     

    (b)           No Right to Future
Awards.  This
award of RSUs and all other equity-based awards under the Plan are
discretionary.  This award does not confer on the Participant any
right or entitlement to receive another award of RSUs or any other equity-based
award at any time in the future or in respect of any future period.

     

    (c)           No Effect on Future
Employment Compensation.  The Company has made this award of
RSUs to the Participant in its sole discretion.  This award does not
confer on the Participant any right or entitlement to receive compensation in
any specific amount for any future fiscal year and does not diminish in any way
the Company’s discretion to determine the amount, if any, of the Participant’s
compensation.  In addition, this award of RSUs is not part of the
Participant’s base salary or wages and will not be taken into account in
determining any other employment-related rights the Participant may have, such
as rights to pension or severance pay.

     

    13.           Taxes and
Withholding.  No later than the date as of which an amount with
respect to the RSUs first becomes includable in the gross income of the
Participant for applicable income tax purposes, the Participant shall pay to the
Company or make arrangements satisfactory to the Committee regarding payment of
any federal, state or local taxes of any kind required by law to be withheld
with respect to such amount.  Unless otherwise determined by the
Committee, in accordance with rules and procedures established by the Committee,
the minimum required withholding obligations may be settled in cash, shares of
Common Stock, including Common Stock that is part of the award that gives rise
to the withholding requirement, or any other method approved by the
Committee.  The obligations of the Company to deliver the certificates
for shares of Common Stock (or the cash value pursuant to Section 4) under
this Award Agreement shall be conditional upon such payment or arrangements and
the Company shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the Participant,
including, without limitation, by withholding cash or shares of Common Stock to
be delivered upon settlement of the RSUs.

     

    14.           Securities
Laws.  In connection with the grant or vesting of the RSUs, the
Participant will make or enter into such written representations, warranties and
agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Award Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    15.           Miscellaneous
Provisions.

     

    (a)           Notices.  Any
notice necessary under this Award Agreement shall be addressed to the Company in
care of its Secretary at the principal executive office of the Company and to
the Participant at the address appearing in the records of the Company for the
Participant or to either party at such other address as either party hereto may
hereafter designate in writing to the other.  Notwithstanding the
foregoing, the Company may deliver notices to the Participant by means of email
or other electronic means that are generally used for employee
communications.  Any such notice shall be deemed effective upon
receipt thereof by the addressee.

     

    (b)           Headings.  The
headings of sections and subsections are included solely for convenience of
reference and shall not affect the meaning of the provisions of this Award
Agreement.

     

    (c)           Counterparts.  This
Award Agreement may be executed in two or more counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and
the same instrument.

     

    (d)           Entire
Agreement.  This Award Agreement and the Plan constitute the
entire agreement between the parties hereto with regard to the subject matter
hereof.  They supersede all other agreements, representations or
understandings (whether oral or written and whether express or implied) that
relate to the subject matter hereof.

     

    (e)           Amendments.  The
Board or the Committee shall have the power to alter, amend, modify or terminate
the Plan or this Award Agreement at any time; provided, however, that no such
termination, amendment or modification may adversely affect, in any material
respect, the Participant’s rights under this Award Agreement without the
Participant’s consent.  Notwithstanding the foregoing, the Company
shall have broad authority to amend this Award Agreement without the consent of
the Participant to the extent it deems necessary or desirable (i) to comply with
or take into account changes in or interpretations of, applicable tax laws,
securities laws, employment laws, accounting rules and other applicable laws,
rules and regulations, (ii) to ensure that the RSUs are not subject to taxes,
interest and penalties under Section 409A of the Code, (iii) to take into
account unusual or nonrecurring events or market conditions, or (iv) to take
into account significant acquisitions or dispositions of assets or other
property by the Company.  Any amendment, modification or termination
shall, upon adoption, become and be binding on all persons affected thereby
without requirement for consent or other action with respect thereto by any such
person.  The Committee shall give written notice to the Participant in
accordance with Section 15(a) of any such amendment, modification or termination
as promptly as practicable after the adoption thereof.  The foregoing
shall not restrict the ability of the Participant and the Company by mutual
consent to alter or amend the terms of the RSU in any manner that is consistent
with the Plan and approved by the Committee.

     

    (f)           Section
409A.

     

    (i)           The
RSUs are intended to constitute “short-term deferrals” for purposes of Section
409A of the Code and the regulations and guidance promulgated thereunder ("Section
409A").  If any provision of the Plan or this Award Agreement
would, in the reasonable good faith judgment of the Committee, result or likely
result in the imposition on the Participant, a beneficiary or any other person
of a penalty tax under Section 409A, the Committee may modify the terms of the
Plan Documents, without the consent of the Participant, beneficiary or such
other person, in the manner that the Committee may reasonably and in good faith
determine to be necessary or advisable to avoid the imposition of such penalty
tax.  This Section 15(f) does not create an obligation on the part of
the Company to modify the Plan Documents and does not guarantee that the RSUs
will not be subject to taxes, interest and penalties under Section
409A.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (ii)           Notwithstanding
anything to the contrary in the Plan Documents, to the extent that the RSUs
constitute deferred compensation for purposes of Section 409A and Participant is
a "Specified
Employee" (within the meaning of the Committee’s established methodology
for determining "Specified
Employees" for purposes of Section 409A), no payment or distribution of
any amounts with respect to the RSUs that are subject to Section 409A may be
made before the first business day following the six (6) month anniversary from
the Participant’s Separation from Service from the Company Group (as defined in
Section 409A) or, if earlier, the date of the Participant’s death.

     

    (g)           Successor.  Except
as otherwise provided herein, this Award Agreement shall be binding upon and
shall inure to the benefit of any successor or successors of the Company, and to
any Permitted Transferee pursuant to Section 7.

     

    (h)           Choice of
Law.  Except as to matters of federal law, this Award Agreement
and all actions taken thereunder shall be governed by and construed in
accordance with the laws of the State of Delaware (other than its conflict of
law rules).

     

    IN WITNESS
WHEREOF, the parties hereto have executed this Agreement.

     

    
       

      
        
          	 
      	
                  BE
      AEROSPACE, INC.

                
	 	 
	 
      	
                  By:

                
	 
      	
                  Name:
      Amin Khoury

                
	 
      	
                  Title:
      Chairman of the Board

                

        

      

    

     

    6a5823424ex10-5.htm

    Exhibit
10.7

     

     

    [STANDARD
FORM OF RESTRICTED STOCK AWARD AGREEMENT]

     

    BE
AEROSPACE, INC. 2005 LONG-TERM INCENTIVE PLAN

     

    RESTRICTED
STOCK AWARD AGREEMENT

     

     THIS
AWARD AGREEMENT (the “Award
Agreement”) is made effective as of ______________ (the “Date of
Grant”) between BE Aerospace, Inc., a Delaware corporation (the “Company”),
and _________________ (the “Participant”).  Capitalized
terms not otherwise defined herein shall have the same meanings as in the BE
Aerospace, Inc. 2005 Long-Term Incentive Plan (the “Plan”).

     

    WHEREAS,
the Company desires to grant the Restricted Stock provided for herein to the
Participant pursuant to the Plan and the terms and conditions set forth
herein;

     

    NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the
parties agree as follows:

     

    1. Grant of the
Award.  Subject
to the provisions of this Award Agreement and the Plan, the Company hereby
grants to the Participant, an aggregate of ________________
restricted shares of Common Stock (the “Restricted
Stock”), subject to adjustment as set forth in the
Plan.  _________ of the Restricted Stock shall be subject to
time-based vesting (“Time-Based
Restricted Stock”) and _________ of the Restricted Stock shall be subject
to performance-based vesting (“Performance-Based
Restricted Stock”).

     

    2. Incorporation of
Plan.  The
Participant acknowledges receipt of the Plan, a copy of which is attached hereto
and represents that he is familiar with its terms and provisions. This Award
Agreement and the Restricted Stock shall be subject to the Plan, the terms of
which are incorporated herein by reference, and in the event of any conflict or
inconsistency between the Plan and this Award Agreement, the Plan shall
govern.  Defined terms used herein without definition shall have the
meanings ascribed thereto in the Plan.

     

    3. Vesting
Schedule.  Subject
to the terms and conditions hereof, the Participant shall vest in the Restricted
Stock as follows, unless previously vested or canceled in accordance with the
provisions of the Plan or this Award Agreement:

     

    (a) Time-Based Restricted
Stock.  On each of the first, second, third and fourth
anniversaries of the Date of Grant (each an “Anniversary
Date”), twenty-five percent (25%) of the Time-Based Restricted Stock
shall vest and no longer be subject to cancellation pursuant to Section 4
or the transfer restrictions set forth in Section 7.

     

    (b) Performance-Based Restricted
Stock.  Subject to the Company achieving its Earnings Before
Interest and Taxes target (the “Performance
Target”) in the 12-month period ending on September 30th each
year (the “Performance
Period”), the Performance-Based Restricted Stock shall vest pursuant to
the following terms and no longer be subject to cancellation pursuant to
Section 4 or the transfer restrictions set forth in
Section 7:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i) If the
Company achieves or exceeds one hundred percent (100%) of the Performance Target
over the applicable Performance Period, twenty-five percent (25%) of the
Performance-Based Restricted Stock shall vest on the applicable Anniversary
Date.

     

    (ii) If the
Company achieves ninety percent (90%) of the Performance Target over the
applicable Performance Period, ten percent (10%) of the Performance-Based
Restricted Stock shall vest on the applicable Anniversary Date.

     

    (iii) If the
Company achieves over ninety percent (90%) but less than one hundred percent
(100%) of the Performance Target over the applicable Performance Period, between
ten percent (10%) and twenty-five percent (25%) of the Performance-Based
Restricted Stock (as determined on the basis of linear interpolation) shall vest
on the applicable Anniversary Date.

     

    (iv) If the
Company achieves less than ninety percent (90%) of the Performance Target over
the applicable Performance Period, the Participant forfeits the amount of
Performance-Based Restricted Stock that would have vested on the applicable
Anniversary Date.

     

    The
applicable Performance Targets shall be established by the Committee in writing
no later than 90 days after the commencement of the applicable Performance
Period for purposes of Section 162(m) the Internal Revenue Code of 1986, as
amended (the “Code”).

     

    4. Termination of
Employment.  In
the event of the Participant’s termination of employment with the Company prior
to the vesting of all shares of Restricted Stock hereunder for any reason
other than death or Disability, all unvested shares of Restricted Stock
shall be cancelled immediately without consideration as of the date of such
termination.

     

    5. Death or
Disability.  If,
prior to the vesting of all shares of Restricted Stock hereunder, the
Participant’s employment with the Company terminates due to death or Disability,
all of the unvested shares of Restricted Stock shall vest immediately and
shall no longer be subject to cancellation pursuant to Section 4 or the
transfer restrictions set forth in Section 7.

     

    6. Change in
Control.  Upon
a Change in Control prior to the vesting of all shares of Restricted Stock
hereunder, all of the unvested shares of Restricted Stock shall vest
immediately and shall no longer be subject to cancellation pursuant to
Section 4 or the transfer restrictions set forth in
Section 7.

     

    7. Nontransferability of
Restricted Stock.  Unless
otherwise determined by the Committee, the Restricted Stock may not be
transferred, pledged, alienated, assigned or otherwise attorned other than by
last will and testament or by the laws of descent and distribution or pursuant
to a domestic relations order, as the case may be; provided, however, that the
Committee may, subject to such terms and conditions as it shall specify, permit
the transfer of the Restricted Stock, including, without limitation, for no
consideration to a charitable institution or a Permitted Transferee. Any shares
of Restricted Stock transferred to a charitable institution may not be further
transferable without the Committee’s approval and any shares of Restricted
Stock transferred to a Permitted Transferee shall be further transferable only
by last will and testament or the laws of descent and distribution or, for no
consideration, to another Permitted Transferee of the Participant.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    8. Rights as a
Stockholder.  The
Participant shall have, with respect to the Restricted Stock, all the rights of
a stockholder of the Company, including, if applicable, the right to vote the
Restricted Stock and to receive any dividends or other distributions, subject to
the restrictions set forth in the Plan and this Award Agreement.

     

    9. Dividends and
Distributions.  Any
cash, Common Stock or other securities of the Company or other consideration
received by the Participant as a result of a distribution to holders of
Restricted Stock or as a dividend on the Restricted Stock shall be subject to
the same restrictions as the Restricted Stock, and all references to Restricted
Stock hereunder shall be deemed to include such cash, Common Stock or other
securities or consideration.

     

    10. Legend on
Certificates.  The
Committee may cause a legend or legends to be put on certificates representing
the Common Stock underlying the Restricted Stock to make appropriate reference
to such restrictions as the Committee may deem advisable under the Plan or as
may be required by the rules, regulations, and other requirements of the
Securities and Exchange Commission, any exchange that lists the Common Stock,
and any applicable federal or state laws.

     

    11. Conditions to Delivery of
Common Stock Certificates.  The
Company shall not be required to deliver any certificate or certificates for
shares of Common Stock pursuant to this Agreement prior to fulfillment of all of
the following conditions:

     

    (a) The
obtaining of any approval or other clearance from any state or federal
governmental agency which the Committee determines to be necessary or advisable;
and

     

    (b) The lapse
of such reasonable period of time as the Committee may from time to time
establish for reasons of administrative convenience.

     

    12. Physical
Custody.  The
Restricted Stock may be issued in certificate form or electronically in “book
entry”.  The Secretary of the Company or such other representative as
the Committee may appoint shall retain physical custody of each certificate
representing Restricted Stock until all of the restrictions imposed under this
Award Agreement with respect to the shares evidenced by such certificate
expire or are removed.  In no event shall the Participant retain
physical custody of any certificates representing unvested Restricted Stock
assigned to Participant.

     

    13. No
Entitlements.

     

    (a) No Right to Continued
Employment.  This award is not an employment agreement, and
nothing in this Award Agreement or the Plan shall (i) alter the
Participant’s status as an “at-will” employee of the Company, (ii) be
construed as guaranteeing the Participant’s employment by the Company or as
giving the Participant any right to continue in the employ of the Company during
any period (including without limitation the period between the Date Of Grant
and the applicable vesting date in accordance with Section 3) or
(iii) be construed as giving the Participant any right to be reemployed by
the Company following any termination of Employment.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (b) No Right to Future
Awards.  This award of Restricted Stock and all other
equity-based awards under the Plan are discretionary.  This award does
not confer on the Participant any right or entitlement to receive another award
of Restricted Stock or any other equity-based award at any time in the future or
in respect of any future period.

     

    (c) No Effect on Future
Employment Compensation.  The Company has made this award of
Restricted Stock to the Participant in its sole discretion.  This
award does not confer on the Participant any right or entitlement to receive
compensation in any specific amount for any future fiscal year, and does not
diminish in any way the Company’s discretion to determine the amount, if any, of
the Participant’s compensation.  In addition, this award of Restricted
Stock is not part of the Participant’s base salary or wages and will not be
taken into account in determining any other employment-related rights the
Participant may have, such as rights to pension or severance pay.

     

    14. Taxes and
Withholding.  No
later than the date as of which an amount with respect to the Restricted Stock
first becomes includable in the gross income of the Participant for applicable
income tax purposes, the Participant shall pay to the Company or make
arrangements satisfactory to the Committee regarding payment of any federal,
state or local taxes of any kind required by law to be withheld with respect to
such amount.  Unless otherwise determined by the Committee, in
accordance with rules and procedures established by the Committee, the minimum
required withholding obligations may be settled in Common Stock, including
Common Stock that is part of the award that gives rise to the withholding
requirement.  The obligations of the Company to deliver the
certificates for shares of Common Stock under this Award Agreement shall be
conditional upon such payment or arrangements and the Company shall, to the
extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to the Participant, including, without
limitation, by withholding shares of Common Stock to be delivered upon
vesting.

     

    15. Section 83(b) Election.  If,
within 30 days of the Date of Grant, the Participant makes an election
under Section 83(b) of the Code, or any successor section thereto, to
be taxed with respect to all or any portion of the Restricted Stock as of the
date of transfer of the Restricted Stock rather than as of the date or dates
upon which the Participant would otherwise be taxable under Section 83(a)
of the Code, the Participant shall deliver a copy of such election to the
Company immediately after filing such election with the Internal Revenue
Service.

     

    16. Securities
Laws.  In
connection with the grant or vesting of the Restricted Stock the Participant
will make or enter into such written representations, warranties and agreements
as the Committee may reasonably request in order to comply with applicable
securities laws or with this Award Agreement.

     

    17. Miscellaneous
Provisions.

     

    (a) Notices.  Any
notice necessary under this Award Agreement shall be addressed to the Company in
care of its Secretary at the principal executive office of the Company and to
the Participant at the address appearing in the records of the Company for the
Participant or to either party at such other address as either party hereto may
hereafter designate in writing to the other.  Notwithstanding the
foregoing, the Company may deliver notices to the Participant by means of email
or other electronic means that are generally used for employee
communications.  Any such notice shall be deemed effective upon
receipt thereof by the addressee.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b) Headings.  The
headings of sections and subsections are included solely for convenience of
reference and shall not affect the meaning of the provisions of this Award
Agreement.

     

    (c) Counterparts.  This
Award Agreement may be executed in two or more counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and
the same instrument.

     

    (d) Entire
Agreement.  This Award Agreement and the Plan constitute the
entire agreement between the parties hereto with regard to the subject matter
hereof.  They supersede all other agreements, representations or
understandings (whether oral or written and whether express or implied) that
relate to the subject matter hereof.

     

    (e) Amendments.  The
Board or the Committee shall have the power to alter, amend, modify or terminate
the Plan or this Award Agreement at any time; provided, however, that no such
termination, amendment or modification may adversely affect, in any material
respect, the Participant’s rights under this Award Agreement without the
Participant’s consent.  Notwithstanding the foregoing, the Company
shall have broad authority to amend this Award Agreement without the consent of
the Participant to the extent it deems necessary or desirable (i) to comply
with or take into account changes in or interpretations of, applicable tax laws,
securities laws, employment laws, accounting rules and other applicable laws,
rules and regulations, (ii) to ensure that the Restricted Stock is not
subject to taxes, interest and penalties under Section 409A of the Code,
(iii) to take into account unusual or nonrecurring events or market
conditions, or (iv) to take into account significant acquisitions or
dispositions of assets or other property by the Company. Any amendment,
modification or termination shall, upon adoption, become and be binding on all
persons affected thereby without requirement for consent or other action with
respect thereto by any such person.  The Committee shall give written
notice to the Participant in accordance with Section 17(a) of any such
amendment, modification or termination as promptly as practicable after the
adoption thereof.  The foregoing shall not restrict the ability of the
Participant and the Company by mutual consent to alter or amend the terms of the
Restricted Stock in any manner that is consistent with the Plan and approved by
the Committee.

     

    (f) Successor.  Except
as otherwise provided herein, this Award Agreement shall be binding upon and
shall inure to the benefit of any successor or successors of the Company, and to
any Permitted Transferee pursuant to Section 7.

     

    (g) Choice of
Law.  Except as to matters of federal law, this Award Agreement
and all actions taken thereunder shall be governed by and construed in
accordance with the laws of the State of Delaware (other than its conflict of
law rules).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      
        	 
      	
                BE
      AEROSPACE, INC.

              
	 	 
	 
      	
                By:

              
	 
      	
                Name:
      Amin Khoury

              
	 
      	
                Title:
      Chairman of the Board

              

      

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    ELECTION
UNDER SECTION 83(b)

     

    OF
THE INTERNAL REVENUE CODE OF 1986

     

    The
undersigned taxpayer hereby elects, pursuant to Section 83(b) of the
Internal Revenue Code of 1986, as amended, to include in gross income for 2006
the amount of any compensation taxable in connection with the taxpayer’s receipt
of the property described below:

     

    1. The name,
address, taxpayer identification number and taxable year of the undersigned
are:

     

    
      	
              TAXPAYER’S
      NAME:

            	 
      
	
              SPOUSE’S
      NAME:

            	 
      
	
              TAXPAYER’S
      SOCIAL SECURITY NO.:

            	 
      
	
              SPOUSE’S
      SOCIAL SECURITY NO.:

            	 
      
	
              TAXABLE
      YEAR:

            	 
      
	
              ADDRESS:

            	 
      
	 
      	 
      
	 
      	 
      

    

    

    2. The
property which is the subject of this election is shares of Common Stock of
BE Aerospace, Inc.

     

    3. The
property was transferred to the undersigned on

     

    4. The
property is subject to the following restrictions:  The shares of
Common Stock are subject to cancellation if unvested as of the date of
termination of service other than for death or disability and are
nontransferable until vested.

     

    5. The fair
market value of the property at the time of transfer (determined without regard
to any restriction other than a restriction which by its terms will never lapse)
is: $ per share x ________ shares = $ _________.

     

    6. The
undersigned paid $ per share x ________ shares for the property transferred
or a total of $

     

    The
undersigned has submitted a copy of this statement to the person for whom the
services were performed in connection with the undersigned’s receipt of the
above-described property.  The undersigned taxpayer is the person
performing the services in connection with the transfer of said
property.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    The
undersigned will file this election with the Internal Revenue Service office to
which he files his annual income tax return not later than 30 days after
the date of transfer of the property.  A copy of the election also
will be furnished to the person for whom the services were performed.
Additionally, the undersigned will include a copy of the election with his
income tax return for the taxable year in which the property is transferred. The
undersigned understands that this election will also be effective as an election
under ___________ law.

     

    
      	
              Dated:___________________________________________                                                       

            	 
      	 
      
	 
      	 
      	
              Taxpayer

            
	
              The
      undersigned spouse of taxpayer joins in this election.

            
	 
      	 
      	 
      
	
              Dated:
      ___________________________________________                                    

            	 
      	 
      
	 
      	 
      	
              Spouse
      of Taxpayer

            

    

     

    8

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