Document:

EX-10.1

 

EXHIBIT 10.1

Headquarters

1200 W. Sam Houston Parkway N.

Houston, TX 77043

Phone: 713-973-5389

July 15, 2007

Mr. Mark Baldwin

Houston, TX 77024

Dear Mark,

We are very pleased to offer you the position of Executive Vice President and Chief Financial
Officer for Dresser-Rand, reporting to Vince Volpe, President and CEO. You will assume this
position effective August 23, 2007, concurrent with our Board of Directors’ meeting. As we have
discussed, you will join Dresser-Rand immediately in the capacity of Vice President, reporting to
both Vince Volpe and Len Anthony, until you assume the role of EVP & CFO on August 23rd.
This will facilitate an effective transition process. We expect your official start date to
be July 23rd, 2007, and that you will be available for meetings with the finance staff
during the week of July 16th.

Mark, we were impressed with your experience and knowledge. We hope you are excited about
Dresser-Rand.

Your annual salary will be $350,000. The annual incentive program bonus target will be 75% of base
salary. Your 2007 bonus payment will be pro-rated for the actual number of months that you are
employed by D-R in 2007.

You will be eligible for the Dresser-Rand long term incentive program. Our 2007 program includes a
combination of stock options and restricted stock that vests on a pro-rata basis over a 4-year
period. You will receive an initial annual grant valued at $600,000. This grant is equivalent to
the annual market median for a CFO position in a similar company. Since you will have worked for
D-R less than one year at the time we evaluate all officers for participation in the 2008 annual
equity program, the decision of the Compensation Committee relative to a 2008 equity award will be
factored with the 2007 award you will have recently received. D-R has adopted four annual fixed
dates on which equity grants are made. We will grant your 2007 long term incentive equity on the
first fixed grant date following your start date.

The Company and the Compensation Committee of the Board are currently reviewing proposals for a
Change in Control policy and program to be implemented in 2007. The benefit level for the CFO in
this program will be no less than 2 years equivalent of salary and annual bonus and the agreement
will contain terms normal and customary for such agreements.

In addition, you will be eligible for severance of 18 months base salary plus annual bonus at
target if you are terminated by the company for any reason other than just cause.

This offer is subject to formal resolution of approval by the Compensation Committee of the Board
of Directors.

Participation in our employee benefit program will begin on the first of the month following your
start date.

All offers of employment are contingent upon providing the necessary documentation to ensure
compliance with the Immigration Reform and Control Act of 1986, signing company policy agreements
such as our Code of Conduct, and completing a successful standard pre-employment drug screening and
background check. After we determine your start date and the transition process, Lynna Bond
(713-973-5380) will be your contact to make arrangements for these procedures.

If you have any questions, please contact me directly on my cell phone at 716-378-7379.

 

 

Very truly yours,

Elizabeth C. Powers

Vice President and Chief Administrative Officer

Cc:   Vincent R. Volpe, Jr.

I accept the offer of employment from Dresser-Rand, as described above.

	 	 	 
	 
	(Signature)
	 	(Date)<PAGE>
                                                              Exhibit 10.1

                               F.N.B. CORPORATION

                           RESTRICTED STOCK AGREEMENT
                 (Pursuant to 2007 Incentive Compensation Plan)

     This Restricted Stock Award Agreement (the "Agreement") is made and entered
into effective as of July 18, 2007 (the "Award Date") between F.N.B.
CORPORATION, a Florida corporation (the "Company"), and ________________________
(the "Employee").

                        W I T N E S S E T H    T H A T:

     WHEREAS, at a meeting of the Compensation Committee (the "Committee") of
the Board of Directors of the Company (the "Board") held on the Award Date, the
Committee, pursuant to the F.N.B. Corporation 2007 Incentive Compensation Plan
(the "Plan"), awarded to certain employees of the Company, employees of First
National Bank of Pennsylvania (the "Bank") and employees of other non-Bank
Affiliates (the term "Affiliates" is defined in the Plan), shares of the
Company's Common stock, par value $0.01 per share (the "Stock");

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and intending to be legally bound hereby, each of the parties
covenants and agrees as follows:

         1. Award of Restricted Stock. Subject to the terms and conditions of
the Plan and this Agreement, the Company, pursuant to the Plan, which is
incorporated herein by reference thereto and made a part hereof as though set
forth in full herein (refer to Section 5 herein for a copy of the Plan), hereby
confirms the award to the Employee, on the date first written above, of an
aggregate of __________ shares of Stock (the "Shares").

         2. Terms and Conditions. The award of Shares to the Employee is subject
to the following terms and conditions:

                  (a) Vesting and Forfeiture. The Employee's right to the Shares
         will vest (together with all dividends and/or shares of stock purchased
         on account of such Shares under the Company Dividend Reinvestment and
         Voluntary Stock Purchase Plan ("DRP")) and the Shares will become
         freely transferable, provided the Employee has been continuously
         employed by the Company from the Award Date through the earlier of,
         January 16, 2010 ("Vesting Date"), or upon accelerated vesting of the
         Shares pursuant to Section 2(b) and (c) hereof. For purposes of this
         Agreement, the period between the Award Date and the Vesting Date shall
         be referred to as the "Vesting Period."

                  (b) Accelerated Vesting - Change in Control or Sale. In the
         event of a "Change in Control," as defined in the Plan, prior to the
         Vesting Date, if the Employee has remained continuously employed by
         Company, Bank or non-Bank Affiliate since the Award Date, the
         restrictions on the Shares shall lapse and all of the Shares
         (references to "Shares" in this Agreement shall also include all
         dividends and/or shares of Stock purchased under the DRP on account of
         such Shares) shall immediately vest. All restrictions on the Shares
         shall lapse and such Shares shall vest immediately upon the sale of all
         or substantially all of the common stock or assets (a "Sale") of the
         Bank prior to the Vesting Date, provided the Employee remains
         continuously employed by the Bank, the Company or non-Bank Affiliate.
         In the event of a Sale of a non-Bank Affiliate which employed the
         Employee on the Award Date and the Employee has been continuously
         employed by the Affiliate, Company or Bank since the Award Date, the
         Shares shall vest in an amount not less than the pro rata amount of the
         Shares awarded under this Agreement for the period from the Award Date
         to the consummation date of the Sale of the non-Bank Affiliate as
         calculated by taking the number of Shares times the fraction, the
         numerator of which is the actual number of full months the Employee
         worked from the Award Date (Employee shall be credited with working the
         full month of July 2007) to the consummation date of the Sale of the
         non-Bank Affiliate, and the denominator of which is thirty (30),
         representing the number of full months (including July 2007) in the
         Vesting Period. (By way of example and for avoidance of doubt, if the
         non-Bank

<PAGE>
         Affiliate is sold on October 1, 2008, the Employee would be entitled to
         vesting of one-half of the Shares (15 months worked/30 months total in
         the Vesting Period) under this Agreement).

         For purposes of this Agreement the termination of the Employee
         following execution of a definitive agreement contemplating a "Change
         in Control" or Sale of the Bank or non-Bank Affiliate, without "Cause"
         (as defined in the Plan), prior to the consummation date of the "Change
         in Control" or such Sale shall result in the full vesting (or pro rata
         vesting for the time the Employee worked between the Award Date and the
         Sale consummation date in the case of a Sale of a non-Bank Affiliate)
         of the Shares on the consummation date of a "Change in Control" or such
         Sale.

                  (c) Termination of Employment; Forfeiture or Acceleration of
         Shares. Upon the effective date of the termination of Employee's
         employment with the Company, the Bank, or the other non-Bank Affiliate,
         all Shares then subject to a risk of forfeiture shall immediately be
         forfeited and returned to the Company by the administrator of the DRP
         without consideration or further action being required of the Company;
         except in the event such termination is a result of the following
         circumstances:

                  (1)    Death. The restrictions on the Shares shall lapse and
                         the Shares shall automatically vest immediately as a
                         result of Employee's death during the Vesting Period.

                  (2)    Disability. The restrictions on the Shares shall lapse
                         and the Shares shall automatically vest immediately
                         as a result of Employee becoming a "Disabled
                         Participant" (as that term is defined in the Plan)
                         during the Vesting Period.

                  (3)    Early Retirement. The Employee shall be entitled to
                         vesting of not less than the pro rata amount of the
                         Shares for the number of full months of the Vesting
                         Period (Employee shall be credited with working the
                         full month of July 2007) during which Employee remained
                         employed until the actual date of the Employee's "Early
                         Retirement," as this term is defined in the Plan (from
                         the Award Date to the actual date of the Employee's
                         Early Retirement). The number of Employee Shares that
                         shall vest under this Agreement upon Employee's "Early
                         Retirement" shall be calculated by multiplying the
                         Shares by the fraction, the numerator of which is the
                         number of full months the Employee worked during the
                         Vesting Period before the Employee's actual Early
                         Retirement date, and the denominator of which is thirty
                         (30), representing the total number of months in the
                         Vesting Period.

                  (4)    Normal Retirement. The restrictions on the Shares shall
                         lapse and the Shares shall automatically vest
                         immediately upon Employee's "Normal Retirement" as that
                         term is defined in the Plan, except that if the
                         Employee's Normal Retirement occurs in calendar year
                         2007, the number of Shares that shall vest will be pro
                         rated by multiplying the Shares by the fraction, the
                         numerator of which is the actual number of full months
                         the Employee worked in 2007 between the Award Date

                                      -2-

<PAGE>

                        (Employee shall be credited with having worked the full
                         month of July 2007) and December 31st and the
                         denominator of which is thirty (30), representing the
                         total number of months in the Vesting Period.

                  (d) Enrollment of Shares in DRP. All Shares shall be enrolled
         in the Employee's name in the Company's DRP and must remain enrolled in
         the DRP throughout the Vesting Period applicable to such Shares. On the
         date on which the transfer restrictions on any Shares lapse, the
         Company shall notify the DRP Administrator as to the name of the
         Employee and the number of the Employee's Shares as to which the
         restrictions have lapsed. The Employee shall be entitled to exercise
         all rights to the unrestricted Shares, including the right to withdraw
         such Shares from the DRP, in accordance with the terms of the DRP. Upon
         withdrawal of the unrestricted Shares the Company shall require
         Employee to remit to the Company an amount sufficient to satisfy any
         tax withholding requirements prior to the delivery or sale of any
         certificate for the unrestricted Shares, or the Company shall withhold
         an appropriate amount from the unrestricted Shares to be delivered or
         sold sufficient to satisfy all or a portion of such tax withholding
         requirements.

                  (e) Voting and Dividend Rights. The Employee shall have full
         voting rights with respect to all Shares, including the Shares that
         have not yet vested, unless and until such Shares are forfeited to the
         Company. In addition, the Employee shall have full cash and stock
         dividend rights with respect to all Shares; provided that (i) all such
         dividends or other distributions as to Shares enrolled in the DRP shall
         be credited to the Employee's account in the DRP and, in the case of
         cash dividends, used to purchase shares of Stock pursuant to the DRP;
         and (ii) all Shares credited to the Employee as a result of such cash
         or stock dividends shall be subject to the same restrictions on
         transferability and the same risk of forfeiture as the Shares that are
         the basis for the dividend.

                  (f) Transfer Restrictions. The Employee may not transfer any
         Shares awarded hereunder during the Vesting Period applicable to such
         Shares, that is, until the Employee's right to such Shares has vested
         and such Shares are no longer subject to a risk of forfeiture. The
         Employee may, from time to time, name any beneficiary or beneficiaries
         to whom any benefit under this Agreement is to be paid in case of his
         or her death before he or she receives any or all of such benefit. Each
         designation will revoke all prior designations by the Employee, shall
         be in a form prescribed by the Committee and will be effective only
         when filed by the Employee in writing with the Company during his or
         her lifetime. In the absence of any such designation, benefits
         remaining unpaid at the Employee's death shall be paid to his or her
         estate, subject to the terms of the Plan.

                  (g) No Right to Continued Employment. This Agreement shall not
         confer upon the Employee any right with respect to continuance of
         employment by the Company or an Affiliate, nor shall it interfere in
         any way with the right of his/her

                                      -3-

<PAGE>
         employer to terminate his/her employment at any time.

                  (h) Compliance With Laws and Regulations. The award of Shares
         evidenced hereby shall be subject to all applicable federal and state
         laws, rules, and regulations and to such approvals by any government or
         regulatory agency as may be required. The Company shall not be required
         to issue or deliver any certificates for shares of stock prior to (i)
         the listing of such shares on any stock exchange on which the Stock may
         then be listed and (ii) the effectiveness of any registration statement
         with respect to such shares that counsel for the Company deems
         necessary or appropriate.

         3. Investment Representation. The Committee may require the Employee to
furnish to the Company, prior to the issuance of any Shares, an agreement (in
such form as the Committee may specify) in which the Employee represents that
the Shares acquired by him or her are being acquired for investment and not with
a view to the sale or distribution thereof.

         4. Withholding. The Company, the Bank, or the Affiliate that employs
the Employee shall make appropriate withholdings, if any, from his/her
compensation for federal, state and local taxes payable as a result of the award
or vesting of Shares evidenced hereby.

         5. Employee Bound by Plan. The Employee hereby acknowledges receipt of
an e-mail from the Company which includes attachments containing copies of (a)
the Plan, (b) the Prospectus relating to the Plan in connection with the
registration of the Shares under the Securities Act of 1933, as amended, and (c)
the Company's current Prospectus relating to the DRP, and the Employee agrees to
be bound by all the terms and provisions thereof. The Employee may request a
hard copy of these documents by requesting a copy from the Company's Human
Resources Department. To the extent of any inconsistency between the terms of
this Agreement and the terms of the Plan, the Plan shall govern. All capitalized
terms used herein and not defined herein shall have the meanings ascribed to
such terms in the Plan.

         6. Notices. Any notice hereunder to the Company shall be addressed to
it at its office, F.N.B. Corporation, One South Hermitage Road, Hermitage,
Pennsylvania 16148, c/o Human Resources Department, and any notice hereunder to
the Employee shall be addressed to him/her at his/her address provided to
Company from time to time, subject to the right of either party to designate at
any time hereafter in writing some other address.

         7. Construction and Dispute Resolution. This Agreement shall be
governed by and construed in accordance with the internal laws of the
Commonwealth of Pennsylvania, without giving effect to principles of conflict of
laws. All headings in this Agreement have been inserted solely for convenience
of reference only, are not to be considered a part of this Agreement, and shall
not affect the interpretation of any of the provisions of this Agreement. In the
event of any dispute or claim relating to or arising out of this Agreement, the
Employee and the Company agree that all such disputes shall be fully and finally
resolved by binding arbitration conducted

                                      -4-
<PAGE>
by the American Arbitration Association ("AAA") in Mercer County, Pennsylvania
in accordance with the AAA's National Rules for the Resolution of Employment
Disputes. The Employee acknowledges that by accepting this arbitration provision
he is waiving any right to a jury trial in the event of a covered dispute. The
arbitrator may, but is not required, to order that the prevailing party shall be
entitled to recover from the losing party its attorneys' fees and costs incurred
in any arbitration arising out of this Agreement.

         8. Counterparts. This Agreement may be executed in two counterparts,
each of which shall be deemed an original, but both of which together shall
constitute one and the same instrument.

         IN WITNESS WHEREOF, F.N.B. Corporation has caused this Restricted Stock
Award Agreement to be executed on its behalf by its authorized officer and the
Employee has executed this Restricted Stock Award Agreement, both as of the day
and year first above written.

                                    F.N.B. CORPORATION

                                    By:
                                       -----------------------------------------

                                    Date:
                                         ---------------------------------------

                                    --------------------------------------------
                                    Employee

                                    Date:
                                         ---------------------------------------

                                      -5-

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