Document:

EXHIBIT 10.14

[Form of Executive Incentive Plan of Mueller Water
Products, Inc.]

 

Executive Incentive Plan

Mueller
Water Products, Inc.

 

Contents

 

	
  Article 1. Establishment, Objectives, and Duration

  	
   

  	
  A-3

  
	
   

  	
   

  	
   

  
	
  Article 2. Definitions

  	
   

  	
  A-3

  
	
   

  	
   

  	
   

  
	
  Article 3. Administration

  	
   

  	
  A-4

  
	
   

  	
   

  	
   

  
	
  Article 4. Eligibility and Participation

  	
   

  	
  A-5

  
	
   

  	
   

  	
   

  
	
  Article 5. Awards

  	
   

  	
  A-5

  
	
   

  	
   

  	
   

  
	
  Article 6. Beneficiary Designation

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 7. Deferrals

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 8. No Right to Employment or Participation

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 9. Amendment, Modification, and Termination

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 10. Withholding

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 11. Successors

  	
   

  	
  A-7

  
	
   

  	
   

  	
   

  
	
  Article 12. Legal
  Construction

  	
   

  	
  A-7

  

 

 

 

 

 

A-2

 

 

Mueller Water Products, Inc. 

Executive Incentive Plan

Article 1. Establishment, Objectives, and Duration

1.1        Establishment
of the Plan. Mueller
Water Products, Inc., a Delaware corporation (the “Company”), hereby
establishes an incentive compensation plan to be known as the “Mueller Water
Products, Inc. Executive Incentive Plan” (the “Plan”), as set forth herein and
as it may be amended from time to time.

Subject to approval by the Company’s shareholders, the Plan shall
become effective as of the date the shareholders first approve the Plan (the “Effective
Date”), and shall remain in effect as provided in Section 1.3 hereof.

1.2        Objectives
of the Plan. The
primary objectives of the Plan are: (a) to attract, motivate, and retain
high-caliber individuals by providing competitive annual incentive opportunities,
(b) to provide an incentive to key employees of the Company who have
significant responsibility for the success and growth of the Company, and (c)
to satisfy the requirements of Section 162(m) of the Code.

1.3        Duration
of the Plan. The
Plan shall commence on the Effective Date and shall remain in effect, subject
to the right of the Committee to amend or terminate the Plan at any time
pursuant to Article 9 hereof, for a period of ten (10) years, at which time the
right to grant Awards under the Plan shall terminate.

Article 2. Definitions

Whenever the following terms are used in
the Plan, with their initial letter(s) capitalized, they shall have the
meanings set forth below:

(a)                            “Award” means an
award described in Article 5 hereof.

(b)                           “Award Pool”
means, with respect to a Plan Year, three percent (3%) of the Company’s
operating income for the Plan Year.

(c)                            “Beneficial Owner”
or “Beneficial Ownership” shall have the
meaning ascribed to such term in Rule 13d-3 of the General Rules and
Regulations under the Exchange Act, as amended from time to time, or any
successor rule.

(d)                           “Board” or “Board of Directors” means the Board of Directors of
the Company.

(e)                            “Code” means the
Internal Revenue Code of 1986, as amended from time to time.

(f)                              “Committee”
means the Compensation Committee of the Board or any other committee appointed
by the Board to administer the Plan and Awards to Participants hereunder, as
specified in Article 3 hereof.

(g)                           “Company” means Mueller
Water Products, Inc., a Delaware corporation, and any successor thereto as
provided in Article 11 hereof.

(h)                           “Director” means
any individual who is a member of the Board.

(i)                               “Effective Date”
shall have the meaning ascribed to such term in Section 1.1 hereof.

(j)                               “Employee” means
any employee of the Company or of a Subsidiary. Directors who are employed by
the Company or by a Subsidiary shall be considered Employees under the Plan.

 

 

A-3

(k)                            “Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any
successor statute.

(l)                               “Insider” means
an individual who is, on the relevant date, subject to the reporting
requirements of Section 16(a) of the Exchange Act.

(m)                         “Participant”
means a key Employee who has been selected to receive an Award or who holds an
outstanding Award.

(n)                           “Performance-Based
Exception” means the performance-based exception from the
tax deductibility limitation imposed by Code Section 162(m), as set forth
in Code Section 162(m) (4) (C).

(o)                           “Plan” means the
Mueller Water Products, Inc. Executive Incentive Plan, as set forth herein and
as it may be amended from time to time.

(p)                           “Plan Year”
means the Company’s fiscal year.

(q)                           “Subsidiary”
means a corporation, partnership, joint venture, or other entity in which the
Company has an ownership or other proprietary interest of more than fifty
percent (50%).

Article 3. Administration

3.1        General. Except as otherwise determined by the
Board in its discretion, the Plan shall be administered by the Committee,
which shall consist exclusively of two (2) or more nonemployee Directors within
the meaning of the rules promulgated by the Securities and Exchange Commission
under Section 16 of the Exchange Act who also qualify as outside directors
within the meaning of Code Section 162(m) and the related regulations under the
Code. The members of the Committee shall be appointed from time to time by, and
shall serve at the discretion of, the Board. The Committee shall have the
authority to delegate administrative duties to officers or Directors of
the Company; provided that the Committee may not delegate its authority
with respect to: (a) nonministerial actions with respect to Insiders; (b)
nonministerial actions with respect to Awards that are intended to qualify
for the Performance-Based Exception; and (c) certifying that
any performance goals and other material terms attributable to Awards
intended to qualify for the Performance-Based Exception have been satisfied.

3.2        Authority
of the Committee.
Except as limited by law or by the Certificate of Incorporation or Bylaws of
the Company, and subject to the provisions hereof, the Committee shall have
full power in its discretion to select key Employees who shall participate in
the Plan; determine the sizes and types of Awards; determine the terms and
conditions of Awards in a manner consistent with the Plan; construe and
interpret the Plan and any Award, document, or instrument issued under the
Plan; establish, amend, or waive rules and regulations for the Plan’s
administration; and (subject to the provisions of Article 9 hereof) amend
the terms and conditions of any outstanding Award as provided in the Plan.
Further, the Committee shall make all other determinations that may be necessary
or advisable for the administration of the Plan.

3.3        Decisions
Binding. All
determinations and decisions made by the Committee pursuant to the provisions
of the Plan and all related orders and resolutions of the Committee shall be
final, conclusive, and binding on all persons, including the Company, its
shareholders, Directors, Employees, Participants, and their estates and
beneficiaries.

3.4        Performance-Based
Awards. For
purposes of the Plan, it shall be presumed, unless the Committee indicates to the
contrary, that all Awards are intended to qualify for the Performance-Based
Exception. If the Committee does not intend an Award to qualify for the
Performance-Based Exception, the Committee shall reflect its intent in its
records in such manner as the Committee determines to be appropriate.

 

A-4

Article 4. Eligibility and Participation

4.1        Eligibility. All key Employees are eligible to
participate in the Plan.

4.2        Actual
Participation.
Subject to the provisions of the Plan, the Committee may, from time to time,
select from all eligible Employees those to whom Awards shall be granted and
shall determine the nature and amount of each Award.

Article 5. Awards

5.1        Grant of Awards.         All
Awards under the Plan shall be granted upon terms approved by the Committee.
However, no Award shall be inconsistent with the terms of the Plan or fail to
satisfy the requirements of applicable law. Each Award shall relate to a designated
Plan Year.

5.2        Award
Pool Limitation.
The sum of the Awards for a single Plan Year shall not exceed one hundred
percent (100%) of the amount in the Award Pool for that Plan Year.

5.3        Individual
Maximum Awards.
For any given Plan Year, no one Participant shall receive an Award in excess of
fifty percent (50%) of the Award Pool.

5.4        Limitations
on Committee Discretion. The Committee may reduce, but may not increase, any of the following:

(a)                            The maximum Award for any Participant;
and

(b)                           The size of the Award Pool.

5.5        Payment. Payment of Awards shall be subject to
the following:

(a)                            Unless otherwise determined by the
Committee, in its sole discretion, a Participant shall have no right to receive
a payment under an Award for a Plan Year unless the Participant is employed by
the Company or a Subsidiary at all times during the Plan Year.

(b)                           The Committee may, in its discretion,
authorize payment to a Participant of less than the Participant’s maximum Award
and may provide that a Participant shall not receive any payment with respect
to an Award. In exercising its discretion, the Committee shall consider such
factors as it considers appropriate. The Committee’s decision shall be final
and binding upon any person claiming a right to a payment under the Plan.

(c)                            In no event may the portion of the Award
Pool allocated to a Participant for a given Plan Year be increased in any way,
including as a result of the reduction of any other Participant’s allocated
portion.

(d)                           Payments of Awards shall be wholly
in cash.

(e)                            Each Award shall be paid on a date
prescribed by the Committee, but in no event later than two and one-half (21⁄2)
months following the end of the Plan Year.

Article 6. Beneficiary Designation

Each Participant may, from time to time,
name any beneficiary or beneficiaries (who may be named contingently or
successively) to whom any benefit under the Plan is to be paid in case of the
Participant’s death before the Participant receives any or all of such benefit.
Each such designation shall revoke all prior designations 

 

 

A-5

 

by the same Participant with respect to such benefit,
shall be in a form prescribed by the Company, and shall be effective only when
filed by the Participant in writing with the Company during the Participant’s
lifetime. In the absence of any such designation, any benefits remaining unpaid
under the Plan at the Participant’s death shall be paid to the Participant’s
estate.

Article 7. Deferrals

The Committee may permit or require a
Participant to defer such Participant’s receipt of the payment of cash that
would otherwise be due to such Participant in connection with any Awards.
If any such deferral election is required or permitted, the Committee
shall, in its discretion, establish rules and procedures for such payment
deferrals that meet the requirements of Section 409A of the Code.

 

Article 8. No Right to Employment or Participation

8.1        Employment. The Plan shall not interfere with or
limit in any way the right of the Company or of any Subsidiary to terminate any
Participant’s employment at any time, and the Plan shall not confer upon any
Participant the right to continue in the employ of the Company or of any
Subsidiary.

8.2        Participation. No Employee shall have the right to be
selected to receive an Award or, having been so selected, to be selected to
receive a future Award.

 

Article 9. Amendment, Modification, and Termination

9.1        Amendment, Modification, and Termination. Subject
to the terms of the Plan, the Committee may at any time and from time to time,
alter, amend, suspend, or terminate the Plan in whole or in part; provided
that unless the Committee specifically provides otherwise, any revision or
amendment that would cause the Plan to fail to comply with any requirement of
applicable law, regulation, or rule if such amendment were not approved by the
shareholders of the Company shall not be effective unless and until shareholder
approval is obtained.

9.2        Adjustment
of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee may make adjustments in
the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events affecting the Company or the
financial statements of the Company or of changes in applicable laws,
regulations, or accounting principles, whenever the Committee determines that
such adjustments are appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the
Plan; provided that the Committee shall not be authorized to adjust an Award
that the Committee intends to qualify for the Performance-Based Exception if
such adjustment (or the authority to make such adjustment) would prevent the
Award from qualifying for the Performance-Based Exception.

9.3        Awards
Previously Granted.
Notwithstanding any other provision of the Plan to the contrary (but subject to
Section 1.1 hereof), no termination, amendment, or modification of the Plan
shall cause any previously granted Awards to be forfeited. After the
termination of the Plan, any previously granted Award shall remain in effect
and shall continue to be governed by the terms of the Plan and the Award.

 

Article 10. Withholding

The Company and its Subsidiaries shall
have the power and the right to deduct or withhold, or to require a Participant
to remit to the Company or to a Subsidiary, an amount that the Company or a
Subsidiary reasonably determines to be required to comply with federal, state,
local, or foreign tax withholding requirements.

Article 11. Successors

All obligations of the Company under the
Plan with respect to Awards granted hereunder shall be binding on any successor
to the Company, whether the existence of such successor is the result of a
direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company.

 

A-6

 

Article 12. Legal Construction

12.1      Gender and Number. Except where
otherwise indicated by the context, any masculine term used herein also shall
include the feminine, any feminine term used herein also shall include the
masculine, and the plural shall include the singular and the singular shall
include the plural.

12.2      Severability. If any provision of the Plan shall be
held illegal or invalid for any reason, such illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

12.3      Requirements
of Law. The
granting of Awards under the Plan shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies as
may be required.

12.4      Governing
Law. The Plan and
all Awards shall be construed in accordance with and governed by the laws
of the state of Delaware (without regard to the legislative or judicial
conflict of laws rules of any state), except to the extent superseded by
federal law.

12.5      Section
409A. To the
extent an Award would be subject to the requirements of Code Section 409A and
the regulations thereunder, the Plan shall be construed and administered so
that the Award complies with Code Section 409A.

 

 

A-7FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT FOR NON-EMPLOYEE DIRECTORS

    1999
      AMERICAN AXLE & MANUFACTURING HOLDINGS,
      INC.

     

    STOCK
      INCENTIVE PLAN

     

    FORM
      OF

     

    RESTRICTED
      STOCK UNIT AWARD AGREEMENT 

     

    (Non-Employee
      Directors)

     

    THIS
      AGREEMENT (the "Agreement"), is made effective as of {DATE}
      (the "Date of Grant"), between American Axle & Manufacturing Holdings,
      Inc., a Delaware corporation (the "Company"), and {NAME}
      (the
      "Participant"):

     

    WHEREAS,
      the Company has adopted the 1999 American Axle & Manufacturing Holdings,
      Inc. Stock Incentive Plan (the "Plan"), which is incorporated herein by
      reference. Capitalized terms not defined herein shall have the same meanings
      as
      in the Plan; and

     

    WHEREAS,
      the Board of Directors ("Board") and the Compensation Committee of the Board
      (“Committee”) have determined that it would be in the best interests of the
      Company and its stockholders to grant the Award to the Participant under the
      Plan and the terms set forth herein.

     

    NOW
      THEREFORE, the parties agree as follows:

     

    1. Grant
      of the Award.
      The
      Company hereby grants to the Participant, on the terms and conditions herein,
      a
      restricted stock unit award covering an aggregate of {NO.}
      Shares,
      subject to adjustment as set forth in the Plan (the "Award").

     

    2. Vesting
      of the Award.
      

     

    (a) Vesting.
      

     

    (i)  Subject
      to Section 2(a)(ii) and (b), the Award shall vest as follows:

     

    Date      
 Vested
      Shares

     

    Twelve
      months following the Date of Grant         
1/3

     

    Twenty-four
      months following the Date of Grant      
 2/3

     

    Thirty-six
      months following the Date of Grant         3/3

     

    (ii)  The
      Award
      shall become immediately vested upon the following occurrence on or after the
      Date of Grant.

     

    
      	(A)  	
              A
                Change in Control;

            

    

     

    
      	(B)  	
              The
                death or Disability of the Participant;
                or

            

    

     

    
      	(C)  	
              The
                Participant's retirement from the Board after completion of a term
                of
                service in good standing.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Termination
      of Service.
      Except
      as set forth in Section 2(a)(ii), if the Participant's service as a member
      of
      the Board ceases for any reason, the Award shall, to the extent not then vested,
      be canceled without consideration.

     

    3. Payment
      of the Award.

     

    (a) Normal
      Payment.
      Subject
      to Section 3(b), on or as soon as practicable after each date, if any, on which
      the Award vests in accordance with Section 2 (each, a "Payment Date"), the
      Participant shall have the right to receive from the Company the number of
      Shares with respect to which the Award vests on such Payment Date. On or as
      soon
      as practicable following each date, if any, on which the Company pays a dividend
      on the Shares, the Participant will receive payment from the Company an amount
      equal to the aggregate dividend payable on the number of Shares covered by
      the
      Award, to the extent not already vested or forfeited in accordance with Section
      2.

     

    (b) Deferred
      Payment of Shares.
      If the
      Participant so elects on the Date of Grant, then the Participant shall have
      the
      right to receive from the Company, on or as soon as practicable after the
      Deferred Payment Date (as defined below), the number of Shares with respect
      to
      which the Award is vested on such date. "Deferred
      Payment Date"
      means
      the date that is six months following the Participant's "separation from
      service" (within the meaning of such term under Section 409A of the
      Code).

     

    4. No
      Voting Rights.
      Prior
      to payment of the Award in accordance with Section 3, the Participant shall
      not
      have the right to vote with respect to the Shares constituting the Award.

     

    5. No
      Right to Continued Service as a Director.
      Neither
      the Plan nor this Agreement shall be construed as giving the Participant the
      right to be retained as a member of the Board. 

     

    6. Transferability.
      Except
      as otherwise provided in the Plan, the Award may not be assigned, alienated,
      pledged, attached, sold or otherwise transferred or encumbered by the
      Participant prior to vesting other than by will or by the laws of descent and
      distribution, and any such purported assignment, alienation, pledge, attachment,
      sale, transfer or encumbrance shall be void and unenforceable against the
      Company or any Affiliate.

     

    7. Withholding.
      A
      Participant shall be required to pay to the Company or any Affiliate, and the
      Company shall have the right and authority to withhold all applicable
      withholding taxes in respect of an Award, its vesting or any payment or transfer
      under the Plan and to take such other action as necessary in the opinion of
      the
      Company to satisfy all obligations for payment of withholding
      taxes.

     

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

     

    9. Notices.
      Notice
      under this Agreement shall be addressed to the Company in care of its Secretary
      at its principal executive office and to the Participant at the address
      appearing in the records of the Company or to either party as designated in
      writing. Notice shall be deemed effective upon receipt by the
      addressee.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10. Choice
      of Law.
      The
      interpretation, performance and enforcement of this Agreement shall be governed
      by the laws of the State of New York without regard to principles of conflicts
      of law.

     

    11. Award
      Subject to Plan.
      By
      entering into this Agreement the Participant agrees and acknowledges that the
      Participant has received a copy of the Plan. The Award is subject to the Plan
      as
      may be amended from time to time. In the event of a conflict between any term
      or
      provision of this Agreement and the Plan, the applicable terms of the Plan
      will
      govern.

     

    12. Section
      409A.
      The
      Award is intended to satisfy the requirements of Section 409A of the Code and
      shall be administered and interpreted in a manner consistent with such intent.
      If any provision of this Agreement or the Plan causes the Award not to satisfy
      the requirements of Section 409A of the Code, or could otherwise cause the
      Participant to be subject to the interest and penalties under Section 409A
      of
      the Code, then such provision shall have no effect or, to the extent
      practicable, shall be modified to maintain the original intent of the provision
      without violating the requirements of Section 409A of the Code.

     

    13. Signature
      in Counterparts.
      This
      Agreement may be signed in counterparts, each of which shall be an original,
      with the same effect as if the signatures were upon the same
      instrument.

     

                              AMERICAN
      AXLE & MANUFACTURING
      HOLDINGS, INC.

     

                            By:____________________________________        

                             

     

    Agreed
      and acknowledged as

    of
      the
      date first above written:

     

     

     

    _________________________

    {NAME}  (signature)

     

     

    

     

    
      	
               

              ______

              (intitials)

            	
              I,
                {NAME},
                the Participant named above, wish to defer the payment of the Award,
                in
                accordance with and subject to the terms of Section 3(b) of this
                Agreement, until the date that is six months following my separation
                from
                service, and do hereby so
                elect.

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