Document:

exv10w15

 

Exhibit 10.15

GENERAL BINDING COMPANY

RESTRICTED STOCK UNIT GRANT NOTICE

2004 LTIP AWARD

	1.	 	THIS GRANT NOTICE made this 26th day of February, 2004, the (“Award Date”), by and
between General Binding Corporation (“GBC” or the “Company”) and the employee named on
Schedule A attached hereto (the “Participant”) is evidence of an Award under the 2001 Stock
Incentive Plan for Employees, as amended and restated (formerly the 2001 Stock Option Plan for
Employees) (the “Stock Plan”) which is incorporated into this Grant Notice by reference. A
copy of the Plan has been provided to the Participant. Unless defined herein, capitalized
terms have the meaning ascribed to them in the Stock Plan.
	 
	2.	 	Restricted Share Unit Award. The Company hereby awards to the Participant as of the
Award Date the number of restricted stock units indicated on Schedule A (the “RSUs”). Subject
to the achievement of certain business performance criteria as described in Schedule A to this
Grant Notice and further subject to the continued employment of the Participant with the
Company until February 26, 2007 (the “Vesting Date”), the RSUs will be distributed in
accordance with the terms and conditions stated in Schedule A. While the restrictions are in
effect, the RSUs are not transferable by the Participant by means of sale, assignment,
exchange, pledge, or otherwise, except as provided herein.
	 
	3.	 	Restricted Stock Units. At such time as the RSUs vest (i.e., the restrictions
lapse), if ever, the RSUs will be converted into shares of Stock (the “Shares”) on a
one-for-one basis. RSUs awarded will be appropriately adjusted, if necessary, as provided for
in Section 5.4 of the Stock Plan. Until the RSUs vest and the shares are issued to
Participant, the Participant will not be entitled to any rights of a shareholder with respect
to the RSUs.
	 
	4.	 	Dividend Equivalents. Subject to the restrictions, limitations, terms and conditions
as described in the Stock Plan and this Grant Notice, Dividend Equivalents with respect to the
RSUs will be accrued on behalf of the Participant at the time that dividends are otherwise
paid to owners of Stock.
	 
	5.	 	Distribution of the Award. Subject to Section 6 of this Grant Notice and unless
otherwise deferred pursuant to Section 7 of this Grant Notice, as soon as practicable
following the Vesting Date, the RSUs will be converted into Shares and distributed to the
Participant. Dividend Equivalents accrued thereon will be paid to the Participant in cash.
	 
	6.	 	Taxes. Under current U.S. tax law, a Participant receives no taxable income when RSUs are
awarded or Dividend Equivalents are accrued. The Vesting Date is the date when a taxable event
occurs, except to the extent the participant has elected to defer distribution of the Shares
until a later date (“Deferred Delivery Date”). The market value of the Stock on the Vesting
Date or the Deferred Delivery Date, as the case may be, and the amount of the Dividend
Equivalents paid will determine the amount of taxable income. This amount is then subject to
applicable federal, state and local tax-withholding

 

 

requirements. Amounts necessary to settle the statutory minimum tax-withholding
requirements will be withheld first from the amount of Dividend Equivalents then being paid
and then by withholding otherwise distributable Shares having a Fair Market Value equal to
any remaining minimum tax-withholding requirements. Such withholding of Shares shall not be
required to the extent the Participant pays the amount of such tax-withholding to the
Company in cash.

	7.	 	Election to Defer Distribution. The Participant may elect to defer the distribution
of some or all of the RSUs. Dividend Equivalents are not eligible for deferral. Such deferral
election must be received in writing by the Company no later than December 15 prior to the
Vesting Date, unless the Executive Compensation and Development Committee or another Committee
designated to so act by the Board of Directors (the “Committee”) shall provide otherwise. The
deferral election and the period of deferral shall be subject to such additional rules and
procedures as the committee may from time to time prescribe.
	 
	8.	 	Retirement, Death or Total Disability. If the Participant’s Retirement, death or
Disability occurs (the “Event”) before the Vesting Date, the restrictions will lapse with
respect to (i) a pro-rata number of the Target RSUs relating to Performance Period(s) not
completed prior to the date, using the number of months from the Award Date to the Vesting
Date as the denominator and the number of whole and partial months of active service from the
Award Date to the date of the Event, as the numerator of the proration fraction and, (ii) any
RSUs that have been Earned in the manner described in Schedule A prior to the Event. The RSUs
with respect to which the restrictions lapse and related Dividend Equivalents and interest
will be released as soon as practicable, subject to Section 6 of this Grant Notice.
	 
	9.	 	Other Post-Employment Provisions. In the event of any termination of the
Participant’s employment other than due to an Event or in connection with a Change in Control
before the RSUs have vested, the RSUs and Dividend Equivalents of the Participant will be
forfeited by such Participant, unless, based upon the circumstances surrounding such
termination, the Committee, in its sole discretion, determines that such unvested RSUs and
Dividend Equivalents shall be proportionately vested based upon the formula set forth in
Section 8 above. In no event, however, shall any portion of unvested RSUs or Dividend
Equivalents become vested if the termination of employment is a termination by the Company for
Cause.
	 
	10.	 	Disposition of Business. In the event of the sale, closing or spin-off of a
division, business unit or other segment of the Company, or any business transaction similar
in nature thereto, all RSUs and Dividend Equivalents of Participants employed by that entity
that have been Earned and any remaining Target RSU’s will vest and/or be forfeited in
accordance with Section 11 below as if such event was a Change in Control with respect to the
affected Participants.
	 
	11.	 	Change in Control. In the event that a Change in Control (as defined in Article 11 of the
Stock Plan) occurs, the restrictions will lapse as of the date of the Change in Control
(“Change in Control Date”) with respect to (a) all Dividend Equivalents, (b) any RSUs
that have been Earned in the manner described in Schedule A, and (c) a number of RSUs

2

 

	 	 	equal
to the number of Target RSUs relating to the Performance Period during which the Change in
Control Date occurs multiplied by a fraction, the numerator of which is the greater of six
(6) or the number of whole and partial months in such Performance Period which have elapsed
as of the Change in Control Date and the denominator of which is 12. Any RSUs which remain
unvested after application of this Section 11 will be forfeited by the Participant as of the
Change in Control Date, unless otherwise determined by the Committee.
	 
	12.	 	Conformity with the Plan. This Award is intended to conform in all respects with,
and is subject to, all applicable provisions of the Stock Plan. Inconsistencies between this
Grant Notice and the Stock Plan shall be resolved in accordance with the terms of the Stock
Plan. By acceptance of this Grant Notice, Participant agrees to be bound by all of the terms
of this Grant Notice and the Stock Plan.
	 
	13.	 	Interpretation. Any dispute, disagreement or question which arises under, or as a
result, of, or in any way relates to the interpretation, construction or applicability of the
Sock Plan will be determined and resolved by the Committee.
	 
	14.	 	Employment Rights. Nothing in the Stock Plan or this Grant Notice will confer on the
Participant any right to continue in the employ of the Company or in any way affect the
Company’s right to terminate the Participant’s employment without prior notice at any time and
for any reason.

	 	 	 	 	 
	 	GENERAL BINDING CORPORATION

 	 
	 	By:  	 	 
	 	 	Dennis J. Martin 	 
	 	 	Chairman, President and Chief

Executive Officer 	 
	 

	 	 	 
	TO:

	 	Vice President, Human Resources
	 

	 	General Binding Corporation

I hereby agree to the terms and conditions of this Restricted Stock Unit Grant Notice. I also
hereby acknowledge receipt of a copy of the General Binding Corporation 2001 Stock Incentive Plan
for Employees, as amended and restated (formerly the General Binding Corporation 2001 Stock Option
Plan for Employees) and, having read it, I hereby signify my understanding of, and my agreement
with, its terms and conditions as of the date of this Award.

	 	 	 
	 	 	 
	Participant

	 	 

3

 

GENERAL BINDING COMPANY

RESTRICTED STOCK UNIT GRANT

2003 LTIP AWARD

SCHEDULE A

Employee Name      -

Three Year Target Award      -

Maximum Three Year Award      -

Minimum Three Year Award      -

Performance Period      -

	 	 	 
	Year 1 -

	 	January 1, 2004 — December 31, 2004
	Year 2 -

	 	January 1, 2005 — December 31, 2005
	Year 3 -

	 	January 1, 2006 — December 31, 2006

Performance Measures      -

	 	 	 
	Year 1 -

	 	Attached as Schedule A-1
	Year 2 -

	 	To be determined by the Committee
	Year 3 -

	 	To be determined by the Committee

Earning Criteria

     One third of the Target Three Year Award will be subject to the Performance Measures for that
annual Performance Period (the “Target RSUs” for such Performance Period). To the extent the
Company meets the Performance Measures for that year, the award attributable to that year will be
deemed “Earned”. For example, if you are given a Target Three Year Award of 3,000 RSUs, 1,000 of
those would be the Target RSUs subject to Performance Measures in each year of the Performance
Period. If the company achieves 100% of each Performance Measure in the applicable year, you would
earn 100% of the Target RSUs for that year, or 1,000 RSUs. If the Company achieved 100% of two of
the Performance measures and less than 50% of the third Measure, you would earn 66 2/3% of the
Target RSUs for that year, or 667 RSUs. If the Company achieved 150% or more of two of the
Performance Measures and 100% of the third Performance Measure, you would earn 133 1/3% of the
Target RSUs, or 1,333 RSUs (see the attached matrix for additional information). Achievement
levels between 50% — 150% will be ratably adjusted. Any Target RSUs not Earned as of the end of
the applicable Performance Period will be forfeited and may not become “Earned” or vested
thereafter.

     All RSUs that are Earned will vest on the Vesting Date subject to and in accordance with the Stock
Plan and your Grant Notice. The determination of the level of performance achievement shall be
made by the Committee.

 

 

SCHEDULE A-1

2004

Restricted Stock Units (RSU)

Financial Performance Measures

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent	 	Corporate SVA	 	 	Corporate	 	 	New Product	 
	Target	 	Results	 	 	Net Sales	 	 	Sales	 
	Achievement	 	(000’s)	 	 	Increase	 	 	(000’s)	 
	150%
	 	 	 	 	 	 	 	 	 	 	 	 
	100%
	 	 	 	 	 	 	 	 	 	 	 	 
	50%
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Weighting
	 	 	33 1/3	%	 	 	33 1/3	%	 	 	33 1/3	%<PAGE>
                                                                     EXHIBIT 4.1

                     (FORM OF STOCK CERTIFICATE-FRONT SIDE)

NUMBER                                                              SHARES

                         AMERICAN COMMERCIAL LINES INC.

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                                                                    COMMON STOCK
                                                               CUSIP 025195 20 7
                                             SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFIES THAT

IS THE OWNER OF

           FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF

                         AMERICAN COMMERCIAL LINES INC.

     , $0.01 par value per share, transferable only on the books of
     said Corporation in person or by attorney upon surrender of this
     Certificate properly endorsed.
     This Certificate is not valid until countersigned and registered
     by the Transfer Agent and Registrar.
          WITNESS the facsimile seal of the Corporation and the
     facsimile signatures of its duly authorized officers.

          Dated:

          MARK R. HOLDEN, PRESIDENT      [SEAL]      LISA L. FLEMING, SECRETARY

COUNTERSIGNED AND REGISTERED:
     AMERICAN STOCK TRANSFER & TRUST COMPANY
          TRANSFER AGENT AND REGISTRAR

BY

                              AUTHORIZED SIGNATURE

<PAGE>

                      (FORM OF STOCK CERTIFICATE-BACK SIDE)
                         AMERICAN COMMERCIAL LINES INC.

      The Corporation will furnish without charge to any stockholder upon
request to the Corporation's principal office a full statement of the powers,
designations, preferences and relative, participating, optional, or other
special rights of each class of stock or series thereof and the qualifications,
limitations or restrictions of such preferences and/or rights.

      The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                       <C>
      TEN COM - as tenants in common                      UNIF GIFT MIN ACT - .........Custodian....................
      TEN ENT - as tenants by the entireties                                    (Cust)               (Minor)
      JT TEN  - as joint tenants with right of                               under Uniform Gifts to Minors
                survivorship and not as tenants                              Act....................................
                in common                                                                    (State)
                                                          UNIF TRF MIN ACT - ..........Custodian (until age........)
                                                                               (Cust)
                                                                             ................under Uniform Transfers
                                                                                  (Minor)
                                                                             to Minors Act.........................,
                                                                                                 (State)
</TABLE>

     Additional abbreviations may also be used though not in the above list.

     For value received, ________________________________________hereby sell,
assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

______________________________

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
________________________________________________________________________________

________________________________________________________________________________

_______________________________________________________________________ Shares
of the Common Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
________________________________________________________________ Attorney
to transfer the said shares on the books of the within named Corporation with
full power of substitution in the premises.

Dated _________________

                                   _____________________________________________
                                   NOTICE: The signature to this assignment must
                                           correspond with the name as written
                                           upon the face of the certificate, in
                                           every particular, without alteration
                                           or enlargement, or any change
                                           whatever.

          SIGNATURE(S) GUARANTEED: _____________________________________________
                                     THE SIGNATURE(S) MUST BE GUARANTEED BY AN
                                     ELIGIBLE GUARANTOR INSTITUTION (BANKS,
                                     STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
                                     AND CREDIT UNIONS WITH MEMBERSHIP IN AN
                                     APPROVED SIGNATURE GUARANTEE MEDALLION
                                     PROGRAM) PURSUANT TO S.E.C. RULE 17Ad-15.

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR
DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO
THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

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