Document:

Exhibit 10.14a

IPSCO Inc.

2005 Form 10-K

 

2004
Restricted Share Award Agreements with Executives

 

In accordance with the Instructions of Item 601 of Regulation S-K, the
registrant has omitted filing the 2004 Restricted Share and Performance Unit
Award Agreements by and between IPSCO Inc. and the following Executive as
exhibits to this Form 10-K because, except as noted, they are identical,
to the form of Restricted Share and Performance Unit Agreement filed as Exhibit 10.14
with this Form 10-K.

 

1.               John Tulloch, dated
as of October 8, 2004, award of 10,800 restricted shares.

 

2.               Vicki Avril, two
agreements, each dated as of May 12, 2004, awards of 10,000 restricted
shares and 5,740 restricted shares.

 

3.               Joseph Russo, dated
October 4, 2006, award of 8,000 restricted shares.Exhibit 10.15

 

IPSCO Inc.

2005 Form 10-K

 

RESTRICTED
SHARE AWARD AGREEMENT

 

THIS
AGREEMENT made the 1st day of October, 2004

 

BETWEEN:

 

IPSCO
INC., a corporation incorporated under the
laws of Canada,

 

(hereinafter called the “Company”)

 

OF THE FIRST PART

 

- and -

 

DAVID S. SUTHERLAND,
of Naperville, Illinois

 

(hereinafter called the “Participant”)

 

OF THE SECOND PART

 

WHEREAS the Company has established an Incentive Share Option Plan (which,
as amended from time to time by the Board of Directors of the Company, shall
hereinafter be called the “Plan”) whereby certain designated officers,
employees and directors of the Company and its subsidiaries, may from time to
time be granted options, restricted shares and performance units;

 

AND
WHEREAS the Participant, as the President
and Chief Executive Officer of the Company, has been so designated to receive a
grant of restricted shares of the Company, being common shares (the “Common
Shares”), which are to be issued subject to the restrictions set forth herein
(the “Restricted Shares) and of the Plan;

 

NOW,
THEREFORE, THIS AGREEMENT WITNESSETH that in
consideration of the mutual covenants herein contained the parties do hereby
agree as follows:

 

1.                                      Grant

 

Subject
to and conditional upon compliance with the applicable requirements of each
stock exchange on which the Common Shares of the Company are 

 

 

listed
and of any governmental authority or regulatory body to which the Company is
subject, the Company hereby awards, and issues to and in the name of the
Participant an aggregate of Four Thousand Three Hundred Forty-Seven  (4,347) Restricted Shares of the Company on
the terms set out in this Agreement.

 

2.                                      Restriction
Period

 

From
the date hereof until the restrictions on the Restricted Shares set forth
herein terminate (the “Restriction Period”), the Restricted Shares shall not be
sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of;
provided, however, that any of the Restricted Shares may be exchanged for any
other Common Shares of the Company that are similarly restricted.

 

Subject
to any earlier termination of the Restriction Period as provided in this
Agreement, the Restriction Period shall terminate with respect to one hundred
per cent (100%) of the Restricted Shares on the business day following the
third (3rd) anniversary of the date hereof and thereupon the
Restricted Shares shall be free of the restrictions contained in this Agreement
(and thereafter shall be referred to as the “Shares”).

 

3.                                      Restricted
Share Certificates

 

The
Participant agrees that at any time prior to the termination of the Restricted
Period, the Company may request that a certificate representing the Restricted
Shares be issued with such legend thereon as the Company may require.  Any such certificate shall be issued at the
cost of the Company.  The Company shall
retain possession of any certificates issued representing the Restricted Shares
until the later to occur of the termination of the Restricted Period and the
termination of the security interest described in Section 6.

 

4.              Termination of
Employment

 

If the
employment of the Participant with the Company terminates during the term of
this Agreement by the Participant voluntarily or by the Company for good cause
shown, the Participant shall forfeit to the Company all rights in and to all
Restricted Shares subject to the Restriction Period and all such Restricted
Shares shall automatically be deemed to be donated to the Company.  If the employment of the Participant with the
Company terminates for any other reason, the Restriction Period shall terminate
as follows:

 

 

(a)                                  If the Participant’s employment is terminated by reason of death,
the Restriction Period shall terminate immediately upon death and the legal
representative of the Participant shall be entitled to receive the Shares;

 

(b)                                 if the Participant’s employment ceases due to disability or illness
preventing the Participant from performing the duties routinely performed by
such Participant, the Restriction Period shall terminate immediately and the
Participant shall be entitled to receive the Shares;

 

(c)                                  if the Company terminates Participant’s employment with the Company
for any reason other than for good cause shown, the Restriction Period shall
terminate immediately upon the last day of active employment of the Participant
with the Company.

 

Except
as set forth in this Agreement, upon the issuance of the Restricted Shares a
Participant shall have all of the rights of a shareholder, including the right
to vote the Restricted Shares and the right to receive dividends thereon.  The Company shall issue the Participant’s
Restricted Shares upon execution of this Agreement, the listing (or
authorization of listing upon official notice of issuance) of the Restricted
Shares upon each stock exchange upon which the Common Shares are listed and
there has been compliance with such laws and regulations, as the Company may
deem applicable.  The Company agrees to
use reasonable commercial efforts to effect such listing and compliance.

 

5.                                      Withholding
Taxes

 

The
Participant agrees to pay the Company, or otherwise make arrangements
satisfactory to the Company regarding the payment of, any federal, provincial,
state or local taxes required or authorized by law to be withheld with respect
to the award of Restricted Shares or the termination of the Restriction Period
(the “Withholding Taxes”).  The Company
shall have, to the extent permitted by law, the right to deduct from any
payment of any kind otherwise due the Participant, any Withholding Taxes and to
condition the delivery of the Common Shares after the termination of the
Restriction Period on the payment to the Company of the Withholding Taxes.  The Participant hereby grants to the Company
a security interest in the Restricted Shares to secure reconveyance of the
Restricted Shares to the Company upon any deemed donation to the Company and to
ensure adequate provision for the Withholding Taxes.  The Company shall release its security
interest in respect of any Restricted Shares on which (i) the Restriction 

 

 

Period
has terminated and (ii) all Withholding Taxes have been paid.  In lieu of payment of such amounts in cash,
the Participant may pay all or a portion of the Withholding Taxes by (a) delivery
of Common Shares not subject to any Restriction Period or (b) having the
Company withhold a portion of the Common Shares otherwise to be delivered upon
expiration of the Restriction Period.

 

6.                                      Other
Distributions

 

If any
distribution is made to the holders of Common Shares other than a cash
dividend, or if new, different or additional shares or other securities of the
Company or of another company are received by holders of Common Shares, or if
any recapitalization or reclassification, split-up or consolidation of the
Common Shares shall be effected, or, if in connection with a merger or
consolidation of the Company or a sale by the Company of all or a part of its
assets, the Common Shares are exchanged for a different number or class of
shares of stock or other securities of the Company or for shares of stock or
securities of any other company, then any such other securities shall be
subject to similar restrictions as the Restricted Shares, shall be subject to
the security interest provided for in Section 6 and the number and class
of Restricted Shares, and the restrictions, terms and other conditions
applicable to any such other securities shall be equitably determined by the
Management Resources and Compensation Committee.

 

7.                                      No
Further Rights

 

Nothing
contained in this Agreement shall confer upon the Participant any right to continued
employment with the Company, or affect the right of the Company to terminate
the employment of the Participant, with or without cause.

 

8.                                      Notice

 

All
notices, demands, payments or other communications which may or are required to
be given under this Agreement shall be given in writing by personal delivery or
ordinary prepaid mail:

 

(a)                                  to
the Company:

 

IPSCO Inc.

650 Warrenville Road

Suite 500

Lisle, IL  
60532

 

 

Attention:  Vice
President and General Counsel

and Corporate Secretary

 

(b)                                 to
the Participant:

 

David Sutherland

Naperville, IL 

 

or such other address as any party may give in writing
from time to time.  Such notices if given
by mail shall be deemed to have been received by the party to whom they are
addressed as described herein seventy-two (72) hours after they have been put
in the post, postage prepaid, provided that if postal services are disrupted by
labour disputes, such mailed notices shall be deemed to have given and received
on the date of actual receipt by the addressee.

 

9.                                      Plan
to Apply

 

The
parties agree that the provisions of the Plan shall be complementary to and
read in conjunction with the terms of this Agreement and in the event of any
contradiction or inconsistency between any provisions of the Plan and those of
this Agreement, the Plan shall prevail.

 

10.                               Dispute

 

Any
dispute or disagreement which shall arise under, or as a result of, or in any
way relate to, the interpretation, construction or application of this
Agreement shall be determined by the Board of Directors of the Company and any
such determination shall be final, binding and conclusive for all purposes.

 

11.                               Further
Assurances

 

The
Participant shall forthwith and from time to time do all such acts and things
and execute and deliver all such instruments, writings and assurances as may be
necessary to carry out this Agreement in accordance with its true intent.

 

12.                               Enurement

 

This
Agreement shall be binding and shall enure to the benefit of the parties hereto
and their successors, executors and administrators.

 

 

13.                               Governing
Law

 

This
Agreement shall be governed by the laws of the Province of Saskatchewan.

 

 

[signature page to follow]

 

 

IN WITNESS WHEREOF
the parties hereto have executed this Agreement as of the day and year first
above written.

 

 

	
   

  	
  IPSCO INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ George H. Valentine

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ Raymond J. Rarey

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David S. Sutherland

  	
   

  
	
   

  	
  DAVID SUTHERLAND

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