Document:

EX-10.10

 

Exhibit 10.10

PARK-OHIO INDUSTRIES, INC.

March 10, 2008

Mr. Edward F. Crawford

6065 Parkland Blvd.

Cleveland, Ohio 44124

Dear Mr. Crawford:

     In consideration of your major contributions to the profitability, growth and financial
strength of Park-Ohio Industries, Inc. (the “Company”), effective March 10, 2008, the
Company agrees to provide you with a non-qualified defined contribution retirement benefit (the
“Retirement Benefit”) on the terms and conditions set forth below.

	1.	 	          Retirement Benefit Account. The Company will establish and maintain on its books an
account for you (the “Account”) which will reflect the amount of your Retirement
Benefit. The Company will credit to your Account $93,750 (the “Retirement Benefit
Contributions”) within 30 days after each March 31, June 30, September 30, and December 31
(each a “Contribution Date”) that occurs during the seven year period beginning on
March 31, 2008 and ending on December 31, 2014, provided that you are an employee of
the Company on the applicable Contribution Date and have not had a “Termination of Employment”
(as defined in the Supplemental Executive Retirement Plan for Edward F. Crawford) from the
Company and any affiliates prior to the applicable Contribution Date.

	2.	 	          Hypothetical Investment of Account. The Company will designate as a hypothetical
investment fund or funds under this Agreement one or more of the investment funds provided
under the Park-Ohio Industries, Inc. 2005 Supplemental Defined Contribution Plan and may, in
addition, designate as hypothetical investment funds other investment funds from time to time
at the sole discretion of the Company. You may elect one or more hypothetical investment funds
designated by the Company for the purposes of tracking the hypothetical investment of amounts
credited to your Account. Such an election may be made and/or changed in accordance with rules
and procedures established by the Company. Periodically, your Account will be credited with
or charged for any income, expenses, gains or losses which would be applicable if such Account
had actually been invested in the hypothetical investment fund(s) you select.

	3.	 	          Vesting. You will always be 100% vested in your Retirement Benefit.
	 
	4.	 	          Payment.

	 	(a)	 	Your entire Account balance will be paid in cash to you in a single lump sum
within 30 days after your Termination of Employment (your “Distribution Date”).
Notwithstanding the preceding sentence, if you are a “specified employee”

 

 

	 	 	 	(determined pursuant to procedures adopted by the Corporation in compliance with
Section 409A of the Code) on the date of your Termination of Employment, then to the
extent necessary to comply with Section 409A, your entire Account balance will be
paid on the first business day of the seventh month after your Termination of
Employment.

	 	(b)	 	Notwithstanding the preceding paragraph (a), you may elect to change the
Distribution Date of your Account balance. To make a change to your Distribution Date,
(i) you must make your election in writing to the Company at least one year prior to
your Distribution Date and (ii) you must elect a new date on which your Account will be
distributed that is at least 5 years after your original Distribution Date. Your
election will not take effect until 12 months after the date on which you make the
election.
	 
	 	(c)	 	Any cash amounts under this agreement that remain unpaid as of the date of your
death will be paid in cash to the beneficiary you have designated on a written form
that is filed with the Company. If there is no designated beneficiary filed with the
Company, then the Company will make the payment to your estate.

	5.	 	          Miscellaneous.

	 	(a)	 	You acknowledge and agree that nothing contained in this agreement obligates
the Company or any one of its affiliates to employ you for any specific term.
	 
	 	(b)	 	You acknowledge and agree that you will have the status of a general unsecured
creditor of the Company, and the Retirement Benefit constitutes a mere promise by the
Company to make payments to you in the future. The Retirement Benefit at all times
will be entirely unfunded for tax purposes and for purposes of Title I of ERISA.
Notwithstanding the forgoing, the Corporation will establish or participate in one or
more trusts for the purpose of setting aside funds to provide for the payment of the
Retirement Benefit. To the extent that the Corporation makes contributions to such a
trust or trusts, such contributions may be invested in one or more investment funds
thereunder as will be agreed to between the Corporation and the Trustee. You will not
have any interest in any particular assets of the Company by reason of the right to
receive the Retirement Benefit. The trust created by the Company and any assets held
by the trust to assist the Company in meeting its obligations under the agreement will
remain subject to the claims of the Company’s creditors and will satisfy the
requirements of a grantor trust under the Code. Except with respect to transfers to
such a trust, no provision will at any time be made with respect to segregating any
assets of the Company for payment of any benefits hereunder. Notwithstanding any
provision of the agreement to the contrary, no amounts will be transferred to a trust
pursuant to this paragraph if, pursuant to Section 409A(b)(3)(A) of the Code, such
amount would, for purposes of Section 83 of the Code, be treated as property
transferred in connection with the performance of services.  

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	 	(c)	 	To the extent applicable, it is intended that this agreement comply with the
provisions of Section 409A. This agreement will be interpreted and administered in a
manner consistent with this intent. References to Section 409A will include any
proposed, temporary or final regulation, or any other guidance, promulgated with
respect to such section by the U.S. Department of Treasury or the Internal Revenue
Service.
	 
	 	(d)	 	This agreement may not be modified, amended or waived in any manner other than
by an instrument in writing signed by you and the Company.
	 
	 	(e)	 	This agreement will be governed, controlled and determined in accordance with
the applicable provisions of federal law and, to the extent not preempted by federal
law, the laws of the State of Ohio, without regard to the conflicts of law rules of
such state.
	 
	 	(f)	 	The Company may withhold from any amounts payable under this agreement all
federal, state, city or other taxes as the Company is required to withhold pursuant to
any applicable law, regulation or ruling.

[Signature page follows.]

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     Please indicate your acceptance of the terms of this agreement by signing this agreement below
and returning it to the Company. A copy will be provided to you.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	PARK-OHIO INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	By:	 	/s/ Robert D. Vilsack	 	 
	 
	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	Its:	 	Secretary and General Counsel	 	 
	 
	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Accepted and agreed to as of this 10th day
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	of March, 2008.
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Edward F. Crawford 

Edward F. Crawford	 	 	 	 	 	 	 	 

- 4 -EX-10.37

 

EXHIBIT 10.37

TOLLGRADE COMMUNICATIONS, INC.

2006 LONG-TERM INCENTIVE COMPENSATION PLAN

EMPLOYEE RESTRICTED SHARES AGREEMENT

     This Employee Restricted Shares Agreement
effective as of _________,
20___ (the
“Effective Date”), is by and between Tollgrade Communications, Inc., a Pennsylvania corporation
(the “Company”), and
_________ (“Participant”).

     WHEREAS, the Company desires to issue, and the Participant desires to receive, a grant of
restricted shares of the common stock of the Company, pursuant to the terms described herein.

     NOW, THEREFORE, in consideration of the terms and conditions contained herein and intending to
be legally bound hereby, the parties agree as follows:

1.      Definitions. Whenever used in this Agreement, the following words and phrases when
capitalized shall have the meanings ascribed below. To the extent not defined herein, capitalized
terms shall have the meanings set forth in the Plan.

	 	(a)	 	“Agreement” means this Employee Restricted Shares Agreement between the
Participant and the Company.

	 	(b)	 	“Adjusted EBITDA” means, with respect to this Agreement, net income
from operations of the Company and its consolidated subsidiaries during the
specified period, determined prior to the charges, costs and expenses associated
with interest and income taxes, depreciation and amortization, and adjusted to
remove the effects of: restructuring charges, including severance or retirement,
whether cash or non-cash; impairment charges under FAS 142 or FAS 144 or successor
standards; fees paid to external advisors in connection with the pursuit of
strategic alternatives; and any other unusual charges of a non-recurring nature
not included in the Company’s applicable operating plan for that fiscal year.
Adjusted EBITDA shall also be adjusted to exclude the expense related to any
Restricted Shares by the Company under the Plan, during or attributable to the
specified period. Adjusted EBITDA shall be determined by the Committee within
thirty (30) days following the end of the applicable fiscal year.

	 	(c)	 	“Change in Control” shall have the meaning set forth in Section 2.7 of
the Plan.

	 	(d)	 	“Committee” shall have the meaning set forth in Section 2.9 of the
Plan.

	 	(e)	 	“Disability” shall mean a disability within the meaning of Section
422(c)(6) of the Internal Revenue Code of 1986, as amended from time to time.

	 	(f)	 	“Grant Date” means the date the Restricted Shares were granted, as set
forth in Section 2 hereof.

	 	(g)	 	“Plan” means the Company’s 2006 Long-Term Incentive Compensation Plan,
as amended.

	 	(h)	 	“Restricted Shares” shall mean those shares of the Company’s common
stock, par value $.20, issued pursuant to the restrictions set forth in this
Agreement.

2.      Issuance of
Restricted Shares. Effective as of
_________ (the “Grant Date”), the Company awards to
the Participant the right to receive, after and to the extent the restrictions lapse or are earned,
____________ (______) Restricted
Shares in accordance with this Agreement and as a Restricted Stock
Award subject to the terms and conditions of the Plan, which are incorporated herein, as an
incentive for Participant’s continued efforts on behalf of the Company as one of its key employees.
Participant

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hereby accepts the Restricted Shares and agrees with respect thereto to the terms and conditions
set forth in this Agreement and the Plan.

3.      Vesting. Provided that the Participant is still in the employ of the Company as of the
dates specified below, the Restricted Shares shall become vested and the restrictions thereon shall
terminate or lapse, in accordance with the following conditions:

	 	(a)	 	Two-Year Performance-Based. Subject to subsection 3(b) below,
_________ (______) Restricted
Shares shall become vested on December 31, 20___, provided that the Company’s
cumulative Adjusted EBITDA was at least $_________ for the twenty-four (24) month
period ending _________, 20___.

	 	(b)	 	Accelerator. If the Company’s Adjusted EBITDA was
at least $_________ for
the twelve (12) month period ending _________, 20___, then one-half of the Restricted
Shares identified in subsection 3(a) above shall become vested on the first anniversary of
the Grant Date. To the extent the vesting for these Restricted Shares is accelerated as
provided in this subsection, those shares shall be subtracted from the number of shares
identified in subsection 3(a) above.

	 	(c)	 	Time-Based. _________
(______) Restricted Shares shall become vested on the third
anniversary of the Grant Date; provided that, if the Participant’s employment is
involuntarily terminated by the Company without Cause prior
to _________, 20___, a portion of
the unvested Restricted Shares identified in this subsection 3(c) shall still vest on
_________, 20___ on
a pro-rata basis; the number of shares that will vest will be
determined pro-rata based on the number of months of service rendered by the Participant
during the three-year period, divided by 36, times the total number of shares identified in
this subsection 3(c).

	 	(d)	 	Additional Vesting. All of the Restricted Shares shall vest in the event of a Change
of Control of the Company or upon the death, Disability or Retirement of the Participant.

4.      Forfeiture. To the extent the conditions in Section 3 above do not occur, then the
applicable Restricted Shares shall be forfeited by the Participant to the Company without payment
of consideration by the Company, and neither Participant nor any of his or her successors, heirs,
assigns or personal representatives shall have any right, title or interest in or to such
Restricted Shares or the certificates evidencing them. Except as provided in subsection 3(c)
above, to the extent the Participant is not in the employ of the Company on the date that the
Restricted Shares are to vest, such shares shall also be forfeited in accordance with the terms of
this Section 4.

5.      Delivery of Vested Restricted Shares. Upon vesting and the satisfaction of any tax
withholding liability by the Participant, one or more stock certificates representing the vested
Restricted Shares shall be delivered to Participant in accordance with this Agreement. The
Participant shall notify the Company if he or she would prefer that the shares be provided in
uncertificated form.

6.      Representations of Participant. Participant represents and warrants to the Company as
follows:

     (a) Participant has received a copy of the Plan and has read and become familiar with the
terms and conditions of the Plan and agrees to be bound, and to abide, by the Plan.

     (b) Participant has reviewed this Agreement, and fully understands all of the terms and
conditions of this Agreement and the Plan.

     (c) Participant hereby accepts the Restricted Shares granted by this Agreement subject to
all of the terms and conditions of this Agreement and the Plan.

7.      Restrictions on Transfer. The unvested Restricted Shares may not be sold, transferred,
pledged, assigned or hypothecated until such shares become vested, as specified in Section 3 above.
Any transfer in violation of this Section 7 shall be void and without any force or effect and
shall constitute a breach of the terms and conditions of

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this Agreement and the Plan. Until such time that the Restricted Shares vest and are delivered to
Participant, they shall be held by the Company, through its transfer agent.

8.      Dividend and Voting Rights. Subject to this Agreement, Participant shall have all of the
rights of a shareholder with respect to the Restricted Shares, including unvested Restricted Shares
while they are held by the Company, including the right to vote the Restricted Shares and to
receive any and all dividends and other distributions made with respect to the Restricted Shares.
Upon any forfeiture of any unvested Restricted Shares, Participant shall have no further rights
with respect to those Restricted Shares, but the forfeiture of Restricted Shares shall not
invalidate any votes or consents made or executed by Participant with respect to those Restricted
Shares before their forfeiture or create any obligation to repay any cash dividend or other cash
distribution received with respect to those Restricted Shares before their forfeiture.

9.      Capital Adjustments and Distributions. The number of the Restricted Shares shall be
adjusted in accordance with Section 4.4 of the Plan. Any new, substituted, or additional
securities or other property (including any money paid other than as a regular cash dividend) that
is, by reason of any stock dividend, stock split, recapitalization, or other change in the
outstanding Common Stock, distributed on or with respect to, or exchanged for, any unvested
Restricted Shares shall immediately be subject to the Restrictions, all to the same extent as those
unvested Restricted Shares on or with respect to which such distribution or exchange was made.

10.      Legend. If the Company so determines, any share certificate(s) representing the
unvested Restricted Shares may be endorsed with the following legend, in addition to any legend
required under applicable securities laws:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE AND TO CERTAIN RESTRICTIONS ON
RESALE AND TRANSFER. NONE OF THE SHARES MAY BE TRANSFERRED EXCEPT AS SET FORTH IN THAT CERTAIN
RESTRICTED SHARES AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL PARTICIPANT OF THESE SHARES, A
COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.

11.      Withholding of Tax. To the extent the receipt of the Restricted Shares or the vesting
of any such shares results in compensation or wages to Participant for federal, state or local tax
purposes, Participant shall deliver to the Company at the time of such receipt or vesting, as the
case may be, such amount of money as the Company may require to meet all obligations under
applicable tax laws or regulations, and if Participant fails to do so, the Company is authorized to
withhold or cause to be withheld from any cash or stock remuneration then or thereafter payable to
Participant any tax required to be withheld by reason of such resulting compensation income or
wages.

12.      Indemnification. The Participant indemnifies and holds harmless the Company from and
against any and all loss, damages, liability or expense, including costs and reasonable attorneys’
fees, to which the Company may be put or may incur by reason of or in connection with any
misrepresentation made by the Participant, any breach of the Participant’s warranties, or the
Participant’s failure to fulfill any of his or her covenants or agreements set forth herein.

13.      Effectiveness and Term. This Agreement is effective upon the Effective Date, and it
shall continue in effect until (i) the vesting and the satisfaction of all of the corresponding tax
withholding liability regarding all of the Restricted Shares or (ii) the Restricted Shares are
forfeited such that all of the Restricted Shares are transferred to the Company and/or its
assignee(s), unless sooner terminated by the Parties.

14.      Interpretation of Plan and Agreement. This Agreement is a Restricted Stock Award
Agreement referred to in Section 8.2 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 nonetheless be effective. In addition,
to the extent that provisions of the Plan are expressly modified for purposes of this Agreement
pursuant to authorization in the Plan, the provisions of this Agreement shall control. Any dispute
or disagreement which shall arise under or in any way relate to the construction or interpretation
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.

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15.      Effect of Agreement on Rights of Company and Participant. This Agreement does not
confer any rights on the Participant 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 Participant or to otherwise
reassign or change the current position of the Participant.

16.      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 Participant.

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

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

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

IN WITNESS WHEREOF, the Company and the Participant have each executed and delivered this Agreement
as of the Effective Date.

	 	 	 	 	 
	 	 	 	 	 
	TOLLGRADE COMMUNICATIONS, INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	PARTICIPANT	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 	 	 
	Print Name:

	 	 	 	 
	 

	 	 	 	 

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