Document:

EX-10.22

Exhibit 10.22
TRIBUNE COMPANY
2013 EQUITY INCENTIVE PLAN
FORM OF PERFORMANCE SHARE UNIT AGREEMENT
THIS PERFORMANCE SHARE UNIT AGREEMENT (the “Agreement”) is made by and between Tribune Media Company, a Delaware corporation (the “Company”), and the undersigned Participant, and is dated as of _______ (the “Date of Grant”).  Pursuant to this Agreement, the Company hereby grants to the Participant the number of performance-vested Restricted Stock Units (“Performance Share Units,” or “PSUs”) set forth below, each of which represents an unfunded and unsecured promise of the Company to deliver (or cause to be delivered) to the Participant upon settlement one share of Class A Common Stock (“Common Stock”) of the Company (or cash equal to the Fair Market Value thereof) as set forth herein.  The PSUs awarded to the Participant hereby are subject to all of the terms and conditions set forth in this Agreement as well as all of the terms and conditions of the Tribune Company 2013 Equity Incentive Plan (as amended from time to time in accordance with the terms thereof, the “Plan”), all of which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan.
	
		
	Participant:
	 

	Number of PSUs:
	 

	Performance Period
(i.e., Restricted Period):
	 

		
	1.
	Vesting Schedule.  Provided that the Participant has not undergone a termination of service with the Company and its Affiliates prior to the Committee’s determination and certification of the achievement of the performance metrics set forth on Annex A hereto, no later than the last day of the fiscal quarter immediately following the Performance Period (such date, the “Vesting Date”), the PSUs or a portion of the PSUs shall vest based on the achievement of the performance metrics set forth on Annex A hereto.

2.Settlement.
		
	(a)
	Delivery of Shares or Cash.  As soon as practicable following the Vesting Date (but in no event later than the next regular payroll date of the Company following such Vesting Date), the Company shall issue or transfer to the Participant, or cause to be issued or transferred to the Participant, one share of Common Stock in respect of each PSU that became a Released Unit as of the Vesting Date, except as otherwise provided in Section 5 hereof; provided, however, that in accordance with Section 9(e)(ii) of the Plan, the Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of Released Units.  If a cash payment is made in lieu of delivering shares of Common Stock or pursuant to Section 5 hereof, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the Vesting Date less an amount equal to all federal, state, local, and non-U.S. income and employment taxes required to be withheld.

		
	(b)
	Shares Received Upon Settlement.  Shares of Common Stock received upon Settlement of a PSU shall remain subject to the terms of the Plan and this Agreement.

		
	(c)
	Tax Withholding.  In connection with any settlement of PSUs (including accumulated Dividend Equivalents), the Participant will be required to satisfy applicable withholding tax obligations as provided in Section 15(d) of the Plan.  For the avoidance of doubt, the Participant must receive prior written approval of the Committee to use any method for the payment of tax withholding other than in immediately available funds in U.S. dollars.

		
	(d)
	Compliance with Laws.  The granting and settlement of the PSUs and any other obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any regulatory or governmental agency as may be required.  The Committee, in its sole discretion, may postpone the issuance or delivery of Common Stock hereunder as the Committee may consider appropriate and may require the Participant to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Common Stock hereunder in compliance with applicable laws, rules, and regulations.

		
	3.
	Forfeiture.  All PSUs (including accumulated Dividend Equivalents) that have not become Released Units shall terminate and be forfeited for no consideration upon a termination of the Participant’s service with the Company and its Affiliates prior to the Vesting Date.

		
	4.
	Rights as Stockholder.  The Participant shall not be deemed for any purpose to be the owner of any shares of Common Stock subject to the PSUs unless and until (a) the PSUs shall have been settled in Common Stock pursuant to the terms herein, (b) the Company shall have issued and delivered to the Participant the Common Stock hereunder, and (c) the Participant’s name shall have been entered as a stockholder of record with respect to such Common Stock on the books of the Company; provided that PSUs will be credited with Dividend Equivalents to the extent provided in Section 5 hereof.  The Common Stock issued upon any settlement of PSUs hereunder shall be registered in the Participant’s name on the books of the Company during the Lock-Up Period and for such additional time as the Committee determines appropriate in its reasonable discretion.  Any certificates representing the Common Stock delivered to the Participant shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions as the Committee deems appropriate.  This Agreement does not confer upon the Participant any right to continue as an employee or service provider of the Company or any Affiliate.

		
	5.
	Dividend Equivalents.  So long as the PSUs have not become Released Units and the Participant has not undergone a termination of service with the Company and its Affiliates, the Participant shall be credited with dividend equivalents on such PSUs in the form of additional PSUs when and to the extent that regular cash dividends are paid on the Common Stock from and after the Date of Grant.  Such Dividend Equivalents shall be computed by dividing:  (i) the amount obtained by multiplying the amount of the regular cash dividend declared and paid for each share of Common Stock by the number of PSUs (including accumulated Dividend Equivalents) held by the Participant on the record date of such regular cash dividend, by (ii) the Fair Market Value of the Common Stock on the dividend payment date for such cash dividend.  Such additional PSUs shall vest and settle in the same manner proportionately as the PSUs to which they relate, except that any fractional shares represented by accumulated Dividend Equivalents shall, once vested, be settled solely in cash on the terms provided for cash settlement in Section 2(a) hereof.  Any accumulated and unpaid Dividend Equivalents attributable to PSUs that are cancelled will not be paid and are immediately forfeited upon cancellation of the PSUs.

		
	6.
	Representations and Warranties of Participant.  The Participant hereby makes the following acknowledgements, representations, and warranties to the Company:

		
	(a)
	No Arrangements to Sell.  Except as specifically provided herein or in the Plan, the Participant has no contract, undertaking, understanding, agreement, or arrangement, formal or informal, with any person to sell, transfer, or pledge all or any portion of his Common Stock and has no current plans to enter into any such contract, undertaking, understanding, agreement, or arrangement.

		
	(b)
	PSUs Not Transferable.  The Participant understand that neither the PSUs nor Dividend Equivalents are assignable or transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including, but not limited to, by gift, operation of law or otherwise).

7.General.
		
	(a)
	Employment Agreement.  This Agreement and the terms and conditions of the PSUs are subject to any provisions concerning performance share units in any employment agreement in effect from time to time between the Participant and the Company or an Affiliate that has been approved by the Board or a committee thereof and that was entered into after December 31, 2012, which provisions are hereby incorporated herein by reference.  In the event of a conflict between any term or provision contained herein and any terms or provisions of such employment agreement concerning performance share units, the applicable terms and provisions of such employment agreement will govern and prevail.

		
	(b)
	Delivery of Documents.  The Participant agrees that the Company may deliver by email all documents relating to the Plan or the PSUs (including, without limitation, a copy of the Plan) and all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be required by the Securities and Exchange Commission).  The Participant also agrees that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a website, it shall notify the Participant by email or such other reasonable manner as then determined by the Company.

		
	(c)
	Beneficiary.  The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.  If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.

		
	(d)
	Entire Agreement.  Except as otherwise provided in Section 7(a) above, this Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations, and negotiations in respect thereto.  No change, modification, or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto.

		
	(e)
	Governing Law.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.

[Remainder of page intentionally left blank; signature page to follow]

THE UNDERSIGNED PARTICIPANT ACKNOWLEDGES RECEIPT OF THE PLAN AND, AS AN EXPRESS CONDITION TO THE GRANT OF THE RESTRICTED STOCK UNITS UNDER THIS AGREEMENT, AGREES TO BE BOUND BY THE TERMS OF BOTH THE AGREEMENT AND THE PLAN.
Tribune Media Company
By:    __________________
Name:
Title:

Accepted and Agreed by the Participant:

___________________

[Signature Page to Performance Share Unit Agreement]

Annex A to Performance Share Unit Agreement
1.    Performance Objective.  The vesting of the PSUs shall be conditioned upon the satisfaction of the following “Performance Objective” for each Covered Year of the Performance Period:
		
	(a)
	with respect to the ____ fiscal year, a performance vesting requirement based on Consolidated EBITDA or such other performance objective as set forth in Section 3(c) of this Annex A; and

		
	(b)
	with respect to the ____ fiscal year(s), a performance vesting requirement based upon Consolidated EBITDA or such other performance objective as may be established by the Committee no later than the last day of the first fiscal quarter of such fiscal year and communicated to the Participant in writing within 30 days of such determination.

For each of ______ (the “Covered Years”), the applicable Performance Objective shall have a threshold, target and maximum level.
2.    Certification of Achievement Relative to Performance Objective.  No later than the last day of the fiscal quarter immediately following the Performance Period, the Committee will certify the extent, if any, to which the Performance Objective has been achieved.
3.    Calculation.
		
	(a)
	The number of PSUs earned will equal (x) the number of PSUs granted multiplied by (y) the Total Payout Percentage; provided that all the PSUs will be forfeited in full if the Total Payout Percentage does not equal or exceed 50% (i.e., the threshold level).

		
	(b)
	The Total Payout Percentage will equal (x) the sum of the Payout Percentages for all of the Covered Years divided by (y) the number of Covered Years.

(c)    For the ______ Covered Year, the Payout Percentage shall be determined as follows:
	
			
	Threshold
	 
	Then, 50%

	Target
	 
	Then, 100%

	Maximum
	 
	Then, 200%

		
	(d)
	For any other Covered Year, the Payout Percentage shall be determined by the relevant Performance Objective.

		
	(e)
	Payout above the “threshold” level but below the “target” level of achievement, and above the “target” level but below the “maximum” level of achievement, will be calculated by the Committee by straight line interpolation by reference to the applicable Payout Percentages.  For the avoidance of doubt, in no event may the Payout Percentage of any Covered Year exceed 200%.ex1022015incentiveplan

Exhibit 10.2                            2015 ANNUAL INCENTIVE PLAN      Purpose    The purpose of the 2015 Annual Incentive Plan (the “Plan”) is to attract, retain, motivate, and   reward salaried employees for successful Company, Business Unit and individual performance   with awards that are commensurate with the level of performance attained.        Eligibility   Each salaried employee employed by U. S. Concrete and its 100% owned subsidiary companies   will be considered an eligible participant in the Plan.        In order to receive any award under this Plan, the employee must be an active employee or on an   approved leave of absence at the time of the payment of any bonus award.  Employees who leave   the Company, either voluntarily or involuntarily, prior to the payment of the bonus award will be   ineligible for an award.       Salaried employees hired prior to November 1, 2015 will receive a pro-rata share for any award   they are eligible to receive under the provisions of the Plan.  Employees hired on or after   November 1 are ineligible for a 2015 bonus award.       In order to receive an award, an Individual Performance Review must be completed by the   salaried employee’s supervisor and submitted to Human Resources on or before January 31,   2016.        Threshold Performance Level   In order for a bonus to be awarded, the overall Company EBITDA performance must be equal to   or greater than 80% of budget.  The EBITDA performance to budget can be adjusted at the   discretion of the Compensation Committee to reflect non-recurring items, and/or the impact of   acquisitions and divestitures.      In the event that the overall Company EBITDA performance to budget does not exceed 80%, the   Compensation Committee may approve the creation of a reduced bonus pool for award to   specific individuals and/or Business Units with superior performance.       As the Company and Business Unit EBITDA increases, so does the bonus pool dollars and the   percent of target bonus payout (Exhibit I).         Award Calculation   The percent of a target bonus available is determined first by the size of the bonus pool created   by the Company’s EBITDA performance to budget, and then by (i) the Company’s EBITDA   performance, (ii) the Business Unit’s EBITDA performance, and (iii) the individual’s   performance relative to specific goals and objectives.          

 

   2015 ANNUAL INCENTIVE PLAN         Page 2          The weighting for each of these three performance criteria is as follows:       Employees Grade 16 and Above:    Criteria Weighting   Range   U.S. Concrete EBITDA 20-30%*   Business Unit EBITDA 45%   Individual Individual Goal Performance 25-35%        Total  100%      The criteria weighting established by the Chief Executive Officer for the Vice President/General   Manager of each Business Unit must be applied to all plan participants Grade 16 and higher   within that Business Unit.        Employees Grade 15 and Below:    Criteria Weighting   Range   U.S. Concrete EBITDA 20-25%*   Business Unit EBITDA 50%   Individual Individual Goal Performance 25-30%        Total  100%      The Vice President/General Manager of each Business Unit has the discretion to determine the   appropriate criteria weighting, within the above listed ranges, for individual participants in Grade   15 and below.       *The bonus award for eligible employees in the Corporate Office will be based 75% on the total   U.S. Concrete EBITDA performance.      Individual Performance   Each employee’s individual performance target bonus is based on their salary grade level and is   expressed as a percentage of their annual base pay (see Exhibit II).  Starting with the 2015 Plan,   the Business Unit Regional Vice Presidents/General Managers will have their individual   performance targets increased from 40% to 50% of their annual base pay.         Employees who are promoted into a higher grade level position prior to June 1, 2015 will have   their bonus calculated on the higher target bonus percentage (and base salary if appropriate).    The target bonus percentage for employees promoted on or after June 1 will be prorated to reflect   the mid-year grade level and salary increase.      An employee’s personal performance relative to their annual goals and objectives will be   evaluated and based upon the Individual Performance Scale (see Exhibit I.)  This scale allows   employees with superior goal performance to receive a larger percentage of their target bonus.       

 

   2015 ANNUAL INCENTIVE PLAN         Page 3             Bonus Awards    All bonus awards are contingent on the approval of the Compensation Committee and Board of   Directors.  All payments will be paid as soon as administratively feasible after the previous   year’s financial results are finalized.  An individual (other than the CEO who may not receive   more than 200% of his target bonus) may not receive more than 150% of their target bonus.      Plan Administration   The Plan shall be administered by the Chief Executive Officer, the Chief Financial Officer, and   the Vice President of Human Resources, referred to collectively hereafter as the “Plan   Administrators.”  The Plan Administrators shall have sole authority to construe and interpret the   Plan, to establish, amend, and rescind rules and regulations relating to the Plan, to exercise   discretion in interpolating performance levels and award payouts outside of or within designated   ranges, and to take all such steps and make all such determinations in connection with the Plan   and Bonus Payments granted hereunder as it may deem necessary or advisable, which   determination shall be final and binding upon all Participants.      Plan Communication   A copy of the Plan (including Exhibits) and the performance review form should be distributed   to each eligible employee.      Retirement, Termination, Death and Disability   The Plan Administrators may, but are not required to, grant a pro-rated bonus award as it deems   advisable to an eligible employee (or beneficiary in the event of death) who terminates   employment during 2015 due to retirement, involuntary termination not for cause, or disability.    Payment of this pro-rated bonus will be made at the same time payment is made to other   participants in accordance with the terms and conditions of this Plan, and may require the   participants to sign a waiver and release with the Company.      No Right to Continued Employment   The Plan shall not create any contractual or other right to receive a bonus award or other benefits   in the future.  All determinations with respect to any such payments shall be made at the sole   discretion of the Plan Administrators.  An employee’s participation in the Plan shall not create a   right to further employment nor interfere with the ability of the Company to terminate their   employment with or without cause.      Termination   The Plan is in effect for the 2015 calendar year.  The Plan Administrators may at any time   suspend the operation of or terminate the Plan.         /s/ William J. Sandbrook   William J. Sandbrook   President and CEO   U.S. Concrete, Inc.         

 

   2015 ANNUAL INCENTIVE PLAN         Page 4          Exhibit I            With respect to the CEO’s annual bonus award, the above USC Consolidated EBITDA and Individual Performance Scales may be extrapolated for   an award of up to 200% of target.        USC   Consolidated   EBITDA          (pre bonus)    EBITDA   Achieve as   % of Budget   Bonus %   of EBITDA   Max   Bonus   Payout   % of   Employee   Target    BU EBITDA   Achieve as   % of   Budget   % of   Employee   Target    % of Goal   Achieved   % of Employee   Target   Maximum Payout 166,829        150.0% 7.2% 12,000     150.0% 150.0% 150.0% 150.0% 150.0%   164,604        148.0% 7.2% 11,840     148.0% 148.0% 148.0% 148.0% 148.0%   162,380        146.0% 7.2% 11,680     146.0% 146.0% 146.0% 146.0% 146.0%   160,155        144.0% 7.2% 11,520     144.0% 144.0% 144.0% 144.0% 144.0%   157,931        142.0% 7.2% 11,360     142.0% 142.0% 142.0% 142.0% 142.0%   155,707        140.0% 7.2% 11,200     140.0% 140.0% 140.0% 140.0% 140.0%   153,482        138.0% 7.2% 11,040     138.0% 138.0% 138.0% 138.0% 138.0%   151,258        136.0% 7.2% 10,880     136.0% 136.0% 136.0% 136.0% 136.0%   149,033        134.0% 7.2% 10,720     134.0% 134.0% 134.0% 134.0% 134.0%   146,809        132.0% 7.2% 10,560     132.0% 132.0% 132.0% 132.0% 132.0%   144,585        130.0% 7.2% 10,400     130.0% 130.0% 130.0% 130.0% 130.0%   142,360        128.0% 7.2% 10,240     128.0% 128.0% 128.0% 128.0% 128.0%   140,136        126.0% 7.2% 10,080     126.0% 126.0% 126.0% 126.0% 126.0%   137,912        124.0% 7.2% 9,920       124.0% 124.0% 124.0% 124.0% 124.0%   135,687        122.0% 7.2% 9,760       122.0% 122.0% 122.0% 122.0% 122.0%   133,463        120.0% 7.2% 9,600       120.0% 120.0% 120.0% 120.0% 120.0%   131,238        118.0% 7.2% 9,440       118.0% 118.0% 118.0% 118.0% 118.0%   129,014        116.0% 7.2% 9,280       116.0% 116.0% 116.0% 116.0% 116.0%   126,790        114.0% 7.2% 9,120       114.0% 114.0% 114.0% 114.0% 114.0%   124,565        112.0% 7.2% 8,960       112.0% 112.0% 112.0% 112.0% 112.0%   122,341        110.0% 7.2% 8,800       110.0% 110.0% 110.0% 110.0% 110.0%   120,117        108.0% 7.2% 8,640       108.0% 108.0% 108.0% 108.0% 108.0%   117,892        106.0% 7.2% 8,480       106.0% 106.0% 106.0% 106.0% 106.0%   115,668        104.0% 7.2% 8,320       104.0% 104.0% 104.0% 104.0% 104.0%   113,443        102.0% 7.2% 8,160       102.0% 102.0% 102.0% 102.0% 102.0%   2015 Budget 111,219        100.0% 7.2% 8,000       100.0% 100.0% 100.0% 100.0% 100.0%   110,107        99.0% 7.0% 7,720       96.5% 99.0% 96.5% 99.0% 96.5%   108,995        98.0% 6.8% 7,440       93.0% 98.0% 93.0% 98.0% 93.0%   107,882        97.0% 6.6% 7,160       89.5% 97.0% 89.5% 97.0% 89.5%   106,770        96.0% 6.4% 6,880       86.0% 96.0% 86.0% 96.0% 86.0%   105,658        95.0% 6.2% 6,600       82.5% 95.0% 82.5% 95.0% 82.5%   104,546        94.0% 6.0% 6,320       79.0% 94.0% 79.0% 94.0% 79.0%   103,434        93.0% 5.8% 6,040       75.5% 93.0% 75.5% 93.0% 75.5%   102,321        92.0% 5.6% 5,760       72.0% 92.0% 72.0% 92.0% 72.0%   101,209        91.0% 5.4% 5,480       68.5% 91.0% 68.5% 91.0% 68.5%   100,097        90.0% 5.2% 5,200       65.0% 90.0% 65.0% 90.0% 65.0%   98,985          89.0% 5.0% 4,920       61.5% 89.0% 61.5% 89.0% 61.5%   97,873          88.0% 4.7% 4,640       58.0% 88.0% 58.0% 88.0% 58.0%   96,761          87.0% 4.5% 4,360       54.5% 87.0% 54.5% 87.0% 54.5%   95,648          86.0% 4.3% 4,080       51.0% 86.0% 51.0% 86.0% 51.0%   94,536          85.0% 4.0% 3,800       47.5% 85.0% 47.5% 85.0% 47.5%   93,424          84.0% 3.8% 3,520       44.0% 84.0% 44.0% 84.0% 44.0%   92,312          83.0% 3.5% 3,240       40.5% 83.0% 40.5% 83.0% 40.5%   91,200          82.0% 3.2% 2,960       37.0% 82.0% 37.0% 82.0% 37.0%   90,087          81.0% 3.0% 2,680       33.5% 81.0% 33.5% 81.0% 33.5%   80% of Budget 88,975          80.0% 2.7% 2,400       30.0% 80.0% 30.0% 80.0% 30.0%   2015 Bonus Scale - Overall Company Performance Business Unit Scale   2015 budget excludes API, includes a $3.0 million contingency and is before bonus expense of $8.4 million.   Individual Performance Scale    

 

   2015 ANNUAL INCENTIVE PLAN         Page 5          Exhibit II      2015 Individual Target Bonus Percentage Chart                                                                  * Effective with the 2015 Annual Incentive Plan, all Regional Vice President/General   Managers of a Business Unit have a target bonus incentive of 50%   Grade Level Target   21 100%   20 60%   19 50%*   19 40%   18 35%   17 30%   16 25%   15 20%   14 15%   13 12.50%   12 10%   11 5%   10  5%   9 and below 3%

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