Document:

Ex-10.02

 

EXHIBIT 10.02

MARTIN MARIETTA MATERIALS, INC.

FORM OF RESTRICTED STOCK UNIT AGREEMENT

     THIS RESTRICTED STOCK UNIT AGREEMENT (the “Award Agreement”), made as of                     , between
Martin Marietta Materials, Inc., a North Carolina corporation (the “Corporation”), and
                     (the “Employee”).

1. GRANT

     Pursuant to the Martin Marietta Materials, Inc. Amended and Restated Stock-Based Award Plan
(the “Plan”), the Corporation hereby grants the Employee                      Restricted Stock Units on the
terms and conditions contained in this Award Agreement, and subject to the terms and conditions of
the Plan. The term “Restricted Stock Unit” or “Unit(s)” as used in this Award Agreement refers
only to the Restricted Stock Units awarded to the Employee under this Award Agreement.

2. GRANT DATE

     The Grant Date is                     .

3. RESTRICTION PERIOD

     Subject to the terms and conditions hereof and of the Plan, the restriction period begins on
the Grant Date and ends on                      (the “Vesting Date”).

4. DIVIDEND EQUIVALENTS

     On each date that dividends are paid (each a “Dividend Payment Date”) on shares of the
Corporation’s common stock, par value $0.01 per share (the “Common Stock”) with respect to which
the record date (the “Record Date”) also occurs during the Restriction Period, the Corporation will
credit to an account for the Employee an amount equal to the dividend paid on a share of the Common
Stock multiplied by the number of Restricted Stock Units. These dividend equivalent amounts shall
be paid to the Employee quarterly on each March 31, June 30, September 30 and December 31 during
the Restriction Period; provided, however, that if any such date falls on a non-business day, such
payment will be made on the business day immediately prior to such date. Any remaining dividend
equivalent amounts credited to the account of the Employee on the date that the Restricted Stock
Units are converted to shares of Common Stock, or subsequently credited to such account with
respect to a Record Date that occurs during the Restriction Period, shall be paid to the Employee
on the next successive Dividend Payment Date. The dividend equivalent amounts shall be paid from
the general assets of the Corporation and shall be treated and reported as additional compensation
for the year in which payment is made.

 

 

5. AWARD PAYOUT

     Unless forfeited or converted and paid earlier as provided in Section 7 below, the Restricted
Stock Units granted hereunder will vest (“Vest”) and be converted into shares of Common Stock and
delivered to the Employee as soon as practicable following the Vesting Date (but in no event later
than 60 days following the Vesting Date) provided that the Employee is employed by the Corporation
on the Vesting Date. The vesting and conversion from Units to Common Stock will be one Unit for
one share of Common Stock.

6. TRANSFERABLE ONLY UPON DEATH

     This Restricted Stock Unit grant shall not be assignable or transferable by the Employee
except by will or the laws of descent and distribution.

7. TERMINATION, RETIREMENT, DISABILITY OR DEATH

	 	(a)	 	Termination. If the Employee’s employment with the Corporation is
terminated prior to the Vesting Date for any reason other than on account of death,
Disability or Retirement (in each case, as defined below), whether by the employee or
by the Corporation, and in the latter case whether with or without cause, then the
Units will be forfeited upon such termination.

	 	(b)	 	Retirement or Disability. If the Employee’s employment with the
Corporation is terminated prior to the Vesting Date upon Retirement (as defined below)
or as the result of a disability under circumstances entitling the Employee to the
commencement of benefits under a long-term disability plan maintained by the
Corporation (“Disability”), then the restriction period shall be accelerated so as to
cause all outstanding units to be converted to shares of Common Stock; provided,
however, that in the case of the Employee’s termination on account of Retirement or
Disability, if the Vesting Date occurs following such termination but before the date
which is six months following such termination, the Vesting Date shall be postponed
until the date that is six months following such termination, but only to the extent
that the Employee is determined by the Corporation to be a “specified employee” within
the meaning of Section 409A the Internal Revenue Code of 1986, as amended (“Section
409A) on the date of such termination. “Retirement” is defined as termination of
employment with the Corporation after reaching age 62 under circumstances that qualify
for normal retirement in accordance with the Martin Marietta Materials, Inc. Pension
Plan; provided, that, the Management Development and Compensation Committee of the
Board of Directors may in its sole discretion classify an Employee’s termination of
employment as Retirement under other circumstances.

	 	(c)	 	Death. If, prior to the Vesting Date, the Employee dies while employed
by the Corporation or after termination by reason of Disability, then the Restriction
Period shall lapse and the Vesting Period shall be accelerated and all outstanding

 

 

Units shall be converted into shares of Common Stock and delivered to the Employee’s
estate or beneficiary.

	 	(d)	 	Committee Negative Discretion. The Management Development and
Compensation Committee of the Board of Directors may in its sole discretion decide to
reduce or eliminate any amount otherwise payable with respect to an award under
Sections 7(b) or 7(c).

8. TAX WITHHOLDING

     At the time Units are converted into shares of Common Stock and delivered to the Employee, the
Employee will recognize ordinary income equal to the fair market value of the common shares
received. The Corporation shall withhold applicable taxes as required by law at the time of such
Vesting by deducting shares of Common Stock from the payment to satisfy the obligation prior to the
delivery of the certificates for shares of Common Stock. Withholding will be at the minimum rates
prescribed by law; therefore, the Employee may owe additional taxes as a result of the
distribution. The Employee may not request tax to be withheld at greater than the minimum rate.
If the Employee terminates employment on account of Disability or Retirement and the Units are not
forfeited, the Corporation may require the Employee to pay to the Corporation or withhold from the
Employee’s compensation, by canceling Units or otherwise, an amount equal to satisfy the obligation
to withhold federal employment taxes as required by law.

9. CHANGE IN CONTROL

     In the event of a change in control of the Corporation, as defined in Section 11 of the Plan,
the Restriction Period of all outstanding Units shall lapse and the Vesting Date shall be
accelerated and all outstanding Units to convert to shares of Common Stock.

10. AMENDMENT AND TERMINATION OF PLAN OR AWARDS

     As provided in Section 8 of the Plan, subject to certain limitations contained within Section
8, the Board of Directors may at any time amend, suspend or discontinue the Plan and the Management
Development and Compensation Committee of the Board of Directors may at any time alter or amend all
Award Agreements under the Plan. Notwithstanding Section 8 of the Plan, no such amendment,
suspension or discontinuance of the Plan or alteration or amendment of this Award Agreement shall
accelerate any distribution under the Plan or, except with the Employee’s express written consent,
adversely affect any Restricted Stock Unit granted under this Award Agreement; provided, however,
that the Board of Directors or the Management Development and Compensation Committee may amend the
Plan or this Award Agreement to the extent it deems appropriate to cause this Agreement or the
Units hereunder to comply with Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”) (including the distribution requirements thereunder) or be exempt from Section
409A or the tax penalty under Section 409A(a)(1)(B).

 

 

11. EXECUTION OF AWARD AGREEMENT

     No Restricted Stock Unit granted under this Award Agreement is distributable nor is this Award
Agreement enforceable until this Award Agreement has been fully executed by the Corporation and the
Employee. By executing this Award Agreement, the Employee shall be deemed to have accepted and
consented to any action taken under the Plan by the Management Development and Compensation
Committee, the Board of Directors or their delegates.

12. MISCELLANEOUS

	 	(a)	 	Nothing contained in the Award Agreement confers on the Employee the rights
of a shareholder with respect to this Restricted Stock Unit award during the
Restriction Period.

	 	(b)	 	For purposes of this Award Agreement, the Employee will be considered to be
in the employ of the Corporation during an approved leave of absence unless otherwise
provided in an agreement between the Employee and the Corporation.

	 	(c)	 	Nothing contained in this Award Agreement or in any Restricted Stock Unit
granted hereunder shall confer upon any Employee any right of continued employment by
the Corporation, expressed or implied, nor limit in any way the right of the
Corporation to terminate the Employee’s employment at any time.

	 	(d)	 	Except as provided under Section 6 herein, neither these Units nor any of the
rights or obligations hereunder shall be assigned or delegated by either party hereto.

13. NOTICES

     Notices and all other communications provided for in this Award Agreement shall be in writing
and shall be deemed to have been duly given when personally delivered or when mailed by overnight
mail courier service, postage prepaid, addressed as follows:

If to the Employee, to the address set forth

in the first paragraph in this Award Agreement.

     If to the Corporation, to:

Martin Marietta Materials, Inc.

2710 Wycliff Road

Raleigh, NC 27607

Fax: (919) 783-4535

     Attn: Corporate Secretary

 

 

or to such other address or such other person as the Employee or the Corporation shall designate in
writing in accordance with this Section 13, except that notices regarding changes in notices shall
be effective only upon receipt.

14. GOVERNING LAW

     This Award Agreement shall be governed by the laws of the State of North Carolina.

     IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed and the
Employee has hereunto set his hand as of the day and year first above written.

	 	 	 	 	 
	 	 	MARTIN MARIETTA MATERIALS, INC.
	 

	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Corporate Secretary
	 

	 	 	 	 
	 

	 	EMPLOYEE	 
	 

	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Employee’s Signature<PAGE>

                                                                    EXHIBIT 10.2

Time Warner NY Cable LLC
c/o Time Warner Cable Inc.
290 Harbor Drive
Stamford, CT 06902-6732

                                  June 2, 2005

Adelphia Communications Corporation
5619 DTC Parkway
Greenwood Village, CO 80111
Attn: Brad Sonnenberg

Ladies and Gentlemen:

      Reference is made to the Asset Purchase Agreement between Time Warner NY
Cable LLC, a Delaware limited liability company ("TWNY"), and Adelphia
Communications Corporation, a Delaware corporation ("Adelphia"), dated as of
April 20, 2005 (the "TWNY Purchase Agreement"). Capitalized terms used but not
otherwise defined herein shall have the respective meanings ascribed to them in
the TWNY Purchase Agreement.

      Adelphia and TWNY hereby agree to extend until June 20, 2005 the deadline
set forth in the first sentence of Section 5.13(a) of the TWNY Purchase
Agreement to file with the Bankruptcy Court the Disclosure Statement, the
Disclosure Statement Motion and the Plan.

      This letter agreement may be executed in one or more counterparts, each of
which shall be deemed an original, and all of which shall constitute one and the
same letter agreement.

      This letter agreement shall be governed by and construed in accordance
with the TWNY Purchase Agreement.

<PAGE>

      Please confirm your agreement with the foregoing by signing and returning
a copy of this agreement to the undersigned.

                                            Very truly yours,

                                            TIME WARNER NY CABLE LLC

                                            By: /s/ Satish R. Adige
                                                --------------------------------
                                                Name: Satish R. Adige
                                                Title: Senior Vice President,
                                                       Investments

Agreed and Acknowledged:

ADELPHIA COMMUNICATIONS CORPORATION

By: /s/ Brad M. Sonnenberg
    ----------------------------------------
    Name: Brad M. Sonnenberg
    Title: Executive Vice President and
           General Counsel

Cc:

Legal Department
Time Warner Cable Inc.
Attn: General Counsel

Time Warner Inc.
Attn: General Counsel

Paul, Weiss, Rifkind, Wharton & Garrison LLP
Attn: Kelley D. Parker and Robert B. Schumer

Sullivan & Cromwell LLP
Attn: Alexandra D. Korry

                                        2

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