Document:

Exhibit 10.4

 

RESTRICTED STOCK AGREEMENT

 

CALGON CARBON CORPORATION, a Delaware corporation (the “Company”), and, [·], an employee of the Company (the “Grantee”), for good and valuable consideration the receipt and adequacy of which are hereby acknowledged and intending to be legally bound hereby, agree as follows:

 

1.                                      Restricted Stock Award.  The Company hereby confirms the award to the Grantee of [·] ([·]) shares of Common Stock, par value $0.01 per share, of the Company (the “Restricted Stock”), under and subject to the terms and conditions of this Agreement and the Company’s Amended and Restated 2008 Equity Incentive Plan (the “Plan”).  The Plan is incorporated by reference and made a part of this Agreement as though set forth in full herein.  Terms which are capitalized but not defined in this Agreement have the same meaning as in the Plan unless the context otherwise requires.  This Restricted Stock award shall be effective as of [·] (the “Effective Date”), provided that this Agreement is executed by the Grantee and delivered to the Company.  As of the Effective Date, the Grantee shall be a shareholder of the Company with respect to the Restricted Stock and shall have all the rights of a shareholder with respect to the Restricted Stock, including the right to vote the Restricted Stock, subject to the restrictions of the Plan and this Agreement.  With respect to dividends and other distributions on the Restricted Stock, (i) all cash dividends and distributions shall be withheld by the Company and shall be paid to Grantee upon the vesting of the Restricted Stock to which it relates or, if such Restricted Stock is forfeited to the Company, such cash dividends and distributions shall likewise be forfeited, and (ii) all dividends and distributions paid in Common Stock or other securities or property will be held in escrow subject to the same restrictions as the Restricted Stock.

 

2.                                      Acceptance of Restricted Stock Award.  The Grantee accepts the award of the Restricted Stock confirmed hereby, subject to the restrictions of the Plan and this Agreement.

 

3.                                      Restrictions.

 

A.                                    If the Grantee’s employment with the Company terminates prior to the dates set forth in the table below in this Section 3(A) for any reason, other than as a result of the (x) death of the Grantee, (y) the termination of employment of the Grantee under the conditions constituting a “Covered Change of Control Termination” as described in Section 5(c) of the Employment Agreement dated as of [·] (the “Employment Agreement”) between the Company and Grantee or (z) the Retirement of the Grantee (as defined below), the shares of the Restricted Stock shall, upon such termination of employment and without any further action, be forfeited to the Company by the Grantee and cease to be issued and outstanding shares of the Common Stock of the Company.  As used herein, “Retirement” shall mean a Grantee terminating his or her employment (a) at age 65 or older or (b) at age 55 or older if he or she has completed at least 15 years of continuous employment with the Company or its affiliates.

 

 

	
Date   of Termination of Employment
    	
 
    	
Number of Shares of the 
   Restricted Stock Forfeited
    
	
 
    	
 
    	
 
    
	
On   or before, [·]
    	
 
    	
all   shares are forfeited
    
	
 
    	
 
    	
 
    
	
From, [·] to [·], inclusive
    	
 
    	
66.67%   shares
    
	
 
    	
 
    	
 
    
	
From, [·] to [·], inclusive
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
33.33%   shares
    
	
 
    	
 
    	
 
    
	
After,   [·]
    	
 
    	
all   shares are vested
    

 

If (i) the Grantee remains employed with the Company on the respective dates on which the shares of the Restricted Stock are no longer subject to forfeiture under the preceding table, and (ii) the shares of the Restricted Stock have not been previously forfeited to the Company, the employment restriction imposed hereby on the respective shares of the Restricted Stock shall lapse and a certificate representing such shares shall be issued or transferred by the Company to the Grantee or the prohibition of access by Grantee to any shares issued in book entry form shall be removed.

 

If the Grantee’s employment with the Company terminates as a result of the death of the Grantee, or the termination of employment of the Grantee under the conditions described in Section 5(c) of the Employment Agreement, the employment restriction imposed hereby on the shares of the Restricted Stock on which the employment restriction has not previously lapsed shall lapse and a certificate representing such shares shall be issued or transferred by the Company to the Grantee or the prohibition of access by Grantee to any shares issued in book entry form shall be removed.

 

If the Grantee’s employment with the Company terminates as a result of the Grantee’s Retirement, the employment restriction imposed hereby on the shares of Restricted Stock which has not previously lapsed shall lapse based on the following formula:

 

	
 
    	
 
    	
Number of full months employed
    
	
Number   of shares of Restricted Stock
    	
 
    	
since   last vesting date*
    
	
scheduled   to vest at next vesting date
    	
X
    	
Number of months since last vesting
   date* until next vesting date
    

 

and a certificate representing such shares shall be issued or transferred by the Company to the Grantee or the prohibition of access by Grantee to any shares issued in book entry form shall be removed.

 

*(or, prior to the first vesting date, since the grant date)

 

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B.                                    Except for transfers to a trust that is revocable by the Grantee alone as permitted by Section 6.3 of the Plan and subject to the conditions set forth therein, the Grantee shall not sell, exchange, assign, alienate, pledge, hypothecate, encumber, charge, give, transfer or otherwise dispose of, either voluntarily or by operation of law, any shares of the Restricted Stock, or any rights or interests appertaining thereto, prior to the lapse of the employment restriction imposed hereby and the issuance or transfer to the Grantee of certificates with respect to such shares as provided herein, except that the shares of the Restricted Stock may be transferred by the Grantee by Will or, if the Grantee dies intestate, by the laws of descent and distribution of the state of domicile of the Grantee at the time of death.

 

C.                                    Subsequent to the lapse of the employment restriction imposed hereby, Grantee agrees that the Restricted Stock cannot be offered, sold, pledged or otherwise disposed of, and the Grantee will not offer, sell, pledge or otherwise dispose of the Restricted Stock, except pursuant to (i) an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”) and qualification under applicable state and foreign securities laws, or (ii) in accordance with Rule 144 under the 1933 Act.

 

D.                                    As of the Effective Date, certificates representing the shares of the Restricted Stock shall be issued in the name of the Grantee and held by the Company in escrow or shares will be issued in Grantee’s name in book entry form until the earlier of the forfeiture of the shares of the Restricted Stock to the Company or, subject to Section 4 hereof, the lapse of the employment restriction set forth herein with respect to such shares.  The Grantee shall execute and deliver to the Company a blank stock power in form acceptable to the Company with respect to each of the certificates representing the shares of the Restricted Stock.  Such stock power shall be returned to the Grantee if the employment restriction imposed hereby lapses with respect to the shares to which the stock power relates.

 

4.                                      Withholding of Taxes.  The Grantee shall be advised by the Company as to the amount of any Federal income or employment taxes required to be withheld by the Company on the compensation income resulting from the award of the Restricted Stock.  The timing of the withholding will depend on whether the Grantee makes an election under Section 83(b) of the Code.  State, local or foreign income or employment taxes may also be required to be withheld by the Company on any compensation income resulting from the award of the Restricted Stock.  The Grantee shall pay any taxes required to be withheld directly to the Company in cash upon receipt of the Restricted Stock or, at the Grantee’s option, the Grantee may direct that the Company withhold a sufficient number of shares of Restricted Stock to pay such withholding obligations.  If the Grantee does not pay any taxes required to be withheld directly to the Company within ten days after any such request, the Company may withhold such taxes from any other compensation to which the Grantee is entitled from the Company.  The Grantee shall hold the Company harmless in acting to satisfy the withholding obligation in this manner if it becomes necessary to do so.  Notwithstanding other provisions of this Agreement, the certificates representing the shares of the Restricted Stock shall not be released from escrow until all taxes required to be withheld with respect to the Restricted Stock have been paid to the Company.

 

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5.                                      Interpretation of Plan and Agreement.  This Agreement is the restricted stock agreement referred to in Section 2.5 of the Plan.  If there is any conflict between the Plan and this Agreement, the provisions of the Plan shall control.  Any dispute or disagreement which shall arise under or in any way relate to the interpretation or construction of the Plan or this Agreement shall be resolved by the Committee and the decision of the Committee shall be final, binding and conclusive for all purposes.

 

6.                                      Effect of Agreement on Rights of Company and Grantee.  This Agreement does not confer any right on the Grantee to continue in the employ of the Company or interfere in any way with the rights of the Company to terminate the employment of the Grantee.

 

7.                                      Binding Effect.  This Agreement shall be binding upon the successors and assigns of the Company and upon the legal representatives, heirs and legatees of the Grantee.

 

8.                                      Entire Agreement.  This Agreement constitutes the entire agreement between the Company and the Grantee and supersedes all prior agreements and understandings, oral or written, between the Company and the Grantee with respect to the subject matter of this Agreement.

 

9.                                      Amendment.  This Agreement may be amended only by a written instrument signed by the Company and the Grantee.

 

10.                               Section Headings.  The Section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of any of the provisions of this Agreement.

 

11.                               Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Pennsylvania.

 

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IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of this [·] day of [·].

 

	
 
    	
CALGON CARBON   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Grantee:
    	
 
    
				

 

5Exhibit 10.5

 

CALGON CARBON CORPORATION

3000 GSK Drive

Moon Township, PA 15108

 

2008 Equity Incentive Plan

Agreement for Non-Statutory Stock Options

 

CALGON CARBON CORPORATION, a Delaware corporation (the “Corporation”), and [•], an employee of the Corporation or a subsidiary of the Corporation (the “Optionee”), for good and valuable consideration the receipt and adequacy of which are hereby acknowledged and intending to be legally bound hereby, agree as follows:

 

1.             Grant of Option.  The Corporation hereby confirms the grant to the Optionee effective on [·] (the “Grant Date”) of an option (the “Option”) to purchase [•] shares of the common stock, par value $0.01 per share, of the Corporation (the “Common Stock”) at an option price per share of $[•], under and subject to the terms and conditions of the Corporation’s 2008 Equity Incentive Plan, as amended (the “Plan”) and this Agreement.  The Plan is incorporated by reference and made a part of this Agreement as though set forth in full.  Terms which are capitalized but not defined in this Agreement have the same meaning as in the Plan unless the context otherwise requires.

 

The Option confirmed hereby is a “non-statutory” stock option and this is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).  Subject to the provisions of this Agreement and Sections 5.4, 5.8 and 11 of the Plan, the Option shall become exercisable according to the following vesting schedule:

 

·                                          50% of the Option will vest upon the 1st anniversary of the Grant Date; and

 

·                                          an additional 50% of the Option will vest upon the 2nd anniversary of the Grant Date.

 

provided that the Optionee is employed by the Corporation on any such anniversary, with all fractional shares, if any, vesting as whole shares upon the last vesting date.  To the extent vested, the Option may be exercised in whole or in part.

 

Section 5.8 of the Plan sets forth certain termination provisions with respect to the Option in the case of termination of employment of the Optionee; provided, however, that the definition of “retirement” as set forth in the Plan shall not apply and instead retirement shall mean if an Optionee voluntarily terminates his or her employment (a) at age 65 or older or (b) at age 55 or older if he or she has completed at least 15 years of continuous employment with the Company or its affiliates.

 

Subject to earlier termination under Section 5.8 of the Plan, the Option may not be exercised after [•].  The Option must be exercised for at least one hundred (100) shares of Common Stock, or, if the number of shares subject to the unexercised portion of the Option is less than 100, all of the remaining shares subject to the Option.

 

2.             Acceptance of Grant of Option.  The Optionee accepts the grant of the Option confirmed hereby, acknowledges having received a copy of the Plan and agrees to be bound by the terms and provisions of the Plan and this Agreement, as the Plan may be modified or amended from time to time; provided, however, that no termination, modification or

 

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amendment of the Plan shall, without the consent of the Optionee, adversely affect the rights of the Optionee with respect to the Option.

 

3.             Option Not Transferable.  The Option shall not be transferable otherwise than by Will or by the laws of descent and distribution, and the Option shall be exercisable during the lifetime of the Optionee only by the Optionee.

 

4.             Procedure for Exercise of Option, The Option may be exercised only by execution and delivery by the Optionee to the Corporation of an exercise form or forms prescribed by the Company.  Each exercise form must set forth the number of whole shares of Common Stock as to which the Option is exercised, must be dated and signed by the person exercising the Option and must be accompanied by cash in United States dollars (including check, bank draft or money order or cash forwarded through a broker or other agent-sponsored exercise or financing program), shares of already-owned Common Stock at the fair market value of such shares on the date of exercise, or any combination of cash and such shares, in the amount of the full purchase price for the number of shares of Common Stock as to which the Option is exercised; provided, however, that any portion of the option price representing a fraction of a share shall be paid by the Optionee in cash.

 

The Corporation shall advise any person exercising the Option in whole or in part with shares of already-owned Common Stock as to the amount of any cash required to be paid to the Corporation representing a fraction of a share, and such person will be required to pay any such cash directly to the Corporation before any distribution of certificates representing shares of Common Stock will be made.  The person exercising the Option shall deliver an executed Assignment Separate from Certificate with respect to each stock certificate delivered in payment of the option price.  If required by the Corporation, the signature on all Assignments Separate from Certificate must be guaranteed by a commercial bank or trust company, by a firm having membership in the New York Stock Exchange, Inc., the American Stock Exchange, Inc. or the National Association of Securities Dealers, Inc. or by any other person acceptable to the Corporation’s Transfer Agent.

 

The person exercising the Option may choose to exercise the Option by participating in a broker or other agent-sponsored exercise or financing program.  If the person so chooses, the Corporation will deliver only the shares of the Common Stock acquired pursuant to the exercise of the Option to the broker or other agent, as designated by the person exercising the Option, and will cooperate with all other reasonable procedures of the broker or other agent to permit participation in the sponsored exercise or financing program.  Notwithstanding any procedures of the broker or other agent-sponsored exercise or financing program, if the option price is paid in cash, no exercise of an Option shall be deemed to occur and no shares of the Common Stock will be issued or delivered until the Corporation has received full payment in cash (including check, bank draft or money order) for the option price from the broker or other agent.

 

If a person other than the Optionee exercises the Option, the exercise material must include proof satisfactory to the Corporation of the right of such person to exercise the Option.

 

The exercise material should be hand delivered to the General Counsel at the Corporation or mailed to the Corporation at the address set forth on the cover page of this Agreement, Attention: General Counsel.  In the case of hand delivery, the date of exercise is the date on which the exercise form or forms, proof of right to exercise (if required) and payment of the option price in cash or shares of already-owned Common Stock are hand delivered.  In the case of mailing, the date of exercise is the date of the receipt by the Company of the envelope containing the exercise form or forms, proof of right to exercise (if required) and

 

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payment.  For purposes of determining the date of exercise where payment of the option price is made in shares of already-owned Common Stock, any cash required to be paid to the Corporation with respect to a fraction of a share shall not be taken into account in determining whether payment of the option price has been made.  If exercise is made by mail and the option price is paid in whole or in part with shares of already-owned Common Stock, the executed Assignments Separate from Certificate should be mailed to the Corporation at the same time in a separate envelope from the other exercise material.

 

5.             Determination of Fair-Market Value.  For purposes of this Agreement, the fair market value of the Common Stock shall be determined as provided in Section 1.2(i) of the Plan.

 

6.             Issuance of Certificates.  Subject to Section 4 of this Agreement and this Section 6, the Corporation will issue a certificate or certificates representing the number of shares of Common Stock to which the person exercising the Option is entitled or credit such shares to a book-entry account for such person as soon as practicable after the date of exercise.  Unless the person exercising the Option otherwise directs the Corporation in writing, the shares will be registered in the name of the person exercising the Option and delivered to such person.(1)  If the Option is exercised and the option price is paid in whole or in part with shares of already-owned Common Stock, the Corporation will issue at the same time and return to the person exercising the Option a certificate representing the number of any excess shares included in any certificate or certificates delivered to the Corporation at the time of exercise.

 

Under Section 10 of the Plan, the obligation of the Corporation to deliver shares on exercise of an option is subject to the effectiveness of a Registration Statement under the Securities Act of 1933, as amended, with respect to such shares, if deemed necessary or appropriate by counsel to the Corporation.  If at the time of exercise of the Option, no such Registration Statement is in effect, the issuance or delivery of shares on exercise of the Option may also be made subject to such restrictions on the transfer of the shares, including the placing of an appropriate legend on the certificates restricting the transfer thereof, and to such other restrictions as the Committee, on the advice of counsel, may deem necessary or appropriate to prevent a violation of applicable securities laws.

 

7.             Forfeiture and Recoupment.  If during the course of Optionee’s employment with the Corporation or within eighteen (18) months after termination of such employment, Optionee engages in certain activities described in Section 2.4 of the Plan, the Corporation may cancel all or any portion of this Option with respect to the shares not yet exercised and/or require repayment of any shares (or the value thereof) or amounts which were acquired from exercise of the Option.  The Corporation shall have sole discretion to determine what constitutes such conduct.

 

8.             Interpretation of Plan and Agreement.  This Agreement is the written agreement referred to in Section 2.5 of the Plan.  If there is any conflict between the Plan and this Agreement, the provisions of the Plan shall control.  However, there may be provisions in this Agreement not contained in the Plan, which provisions shall nevertheless be effective.  In addition, to the extent that provisions in the Plan are expressly modified for purposes of this Agreement and the same is permitted under the Plan, the provisions of this Agreement shall

 

(1)                                     If the person exercising the Option directs the Corporation to register the Common Stock in the name of another, the person exercising the Option should consult his or her tax advisor on the gift tax implications of such registration.

 

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control.  Any dispute or disagreement which shall arise under or in any way relate to the interpretation or construction of the Plan or this Agreement shall be resolved by the Committee and the decision of the Committee shall be final, binding and conclusive for all purposes.

 

9.             Effect of Agreement on Rights of Corporation and Optionee.  This Agreement does not confer any right on the Optionee to continue in the employ of the Corporation or a subsidiary of the Corporation or interfere in any way with the rights of the Corporation or a subsidiary of the Corporation to terminate the employment of the Optionee.

 

10.          Effect of Agreement on Other Employee Benefit Plans of the Corporation.  The Optionee hereby acknowledges and agrees that no amount of income received by the Optionee under this Agreement shall be considered compensation for purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Corporation or a subsidiary of the Corporation (notwithstanding the definition of compensation provided such plans).

 

11.          Binding Effect.  This Agreement shall be binding upon the successors and assigns of the Corporation and upon the legal representatives, heirs and legatees of the Optionee.

 

12.          Entire Agreement.  This Agreement constitutes the entire agreement between the Corporation and the Optionee and supersedes all prior agreements and understandings, oral or written, between the Corporation and the Optionee with respect to the subject matter of this Agreement.

 

13.          Amendment.  This Agreement may be amended only by a written instrument signed by the Corporation and the Optionee.

 

14.          Section Headings The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of any of the provisions of this Agreement.

 

15.          Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Pennsylvania, exclusive of choice of law principles.

 

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IN WITNESS WHEREOF, the Corporation and the Optionee have executed this Agreement as of the [•] day of [•].

 

	
 
    	
CALGON   CARBON CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
OPTIONEE:
    
	
 
    	
 
    

 

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