Document:

exv10w2w1

 

Exhibit 10.2.1

UNITED STATES LIME & MINERALS, INC.

Non Qualified Stock Option Agreement

        This Agreement, made as of this                     day of                     , by and between United States
Lime & Minerals, Inc., a Texas Corporation (the “Company”), and                                          (“Employee”).

Witnesseth:

Whereas, the Compensation Committee of the Board of Directors of the Company (the “Committee”)
acting under the United States Lime & Minerals, Inc. 2001 Long-Term Incentive Plan (the “Plan”) has
determined that it is desirable to grant an option under the Plan to Employee, who is currently
employed by the Company and/or a subsidiary of the Company;

        Now, Therefore, the Company and Employee hereby agree as follows:

	 	1.	 	Definitions. As used in the Agreement, the following terms shall have the
following meanings, respectively:

	 	a)	 	“Stock” shall have the meaning set forth in Section 2(k) of the Plan.
	 
	 	b)	 	“Fair Market Value” shall mean the most recent closing sales price
for a share of stock reported on the NASDAQ Stock Market.

	 	2.	 	Option. The Company hereby grants to Employee the option to purchase, as
hereinafter set forth;
                     shares of Stock at a price of $                     per share, for a
period commencing on                      and terminating on the first to occur of (i) the
expiration of ten years from the date hereof, or (ii) when Employee ceases to be an
employee of the Company and its subsidiaries for any reason; provided, however, that, if
said cessation occurs less than ten years from the date hereof other than by reason of
death or disability, then Employee may exercise this option at any time within three
months after such cessation but not after the expiration of the ten-year period;
provided further, that, if said cessation

 

 

	 	 	 	occurs less than ten years from the date hereof by reason of Employee becoming permanently
and totally disabled (within the meaning of Section 22(e) (3) of the Internal Revenue Code
of 1986, as amended), the Employee or legal representative (if Employee is legally
incompetent) may exercise this option at any time within one year after such cessation but
not after the expiration of the ten-year period; and provided further, that, if said
cessation occurs less than ten years from the date hereof by reason of Employee’s death,
then the executor or administrator of Employee’s estate or anyone who shall have acquired
this option by will or pursuant to the laws of descent and distribution may exercise this
option at any time within one year after such death but not after the expiration of the
ten-year period.

        Anything to the contrary herein notwithstanding, the option granted hereunder shall
terminate immediately upon the Employee’s cessation to be an Employee on account of fraud,
dishonesty or the performance of any other act detrimental to the Company. A transfer of
employment without interruption of service between or among the Company or any of its
subsidiaries shall not be considered a termination of employment for purposes of this
Agreement.

	 	3.	 	Exercise During Employment. Except as provided in Section 2 hereof, this
option may not be exercised unless Employee is, at the time of exercise, an employee of
the Company or its subsidiaries.

	 	4.	 	Manner of Exercise. This option may be exercised by written notice signed by
the person entitled to exercise the same and delivered to the Secretary of the Company or
sent by United States registered mail addressed to the Company at its corporate office.

        Such notice, which shall be effective upon receipt, shall state the number of shares
of Common Stock as to which the option is exercised and shall be accompanied by the full
amount of the purchase price of such shares.

	 	5.	 	Payment. The purchase price for the option shares may be paid in cash or, in
whole or in part by the surrender of issued and outstanding shares of Common Stock of the
Company, which shall be credited against the purchase price at the Fair Market Value of
the shares surrendered on the date of exercise of the option.
	 
	 	6.	 	Delivery of Certificates for Shares. Delivery of the certificates
representing the

 

 

	 	 	 	shares of Common Stock purchased upon exercise of this option shall be made promptly after
receipt of notice of exercise and payment. If the Company so elects, its obligation to
deliver shares of Common Stock upon the exercise of this option shall be conditioned upon
its receipt from the person exercising this option of an executed investment letter, in
form and content satisfactory to the Company and its legal counsel, evidencing the
investment intent of such person and such other matters as the Company may reasonably
require. If the Company so elects, the certificates representing the shares of Common
Stock issued upon exercise of this option shall bear a legend in substantially the
following form:

          THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS AND MAY
NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS SUCH SHARES ARE FIRST REGISTERED THEREUNDER OR
UNLESS THE COMPANY RECEIVES A WRITTEN OPINION OF COUNSEL, WHICH OPINION AND COUNSEL ARE
ACCEPTABLE TO THE COMPANY, TO THE EFFECT THAT REGISTRATION THEREUNDER IS NOT REQUIRED.

	 	7.	 	Transferability. This option is not transferable otherwise than by will and
the laws of descent and distribution, and during the lifetime of Employee is exercisable
only by Employee or, if Employee is legally incompetent, by Employee’s legal
representative.
	 
	 	8.	 	Option Subject to Plan. By execution of this Agreement, Employee agrees that
this option and the shares of Common Stock to be received upon exercise hereof shall be
governed by and subject to all applicable provisions of the Plan.

In Witness Whereof, the parties have executed this Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	United States Lime & Minerals, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:exv10w2w2

 

Exhibit 10.2.2

UNITED STATES LIME & MINERALS, INC.

2001 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

     AGREEMENT, dated as of (the “Grant Date”), between UNITED STATES
LIME & MINERALS, INC., a Texas corporation (the “Company”), and (the
“Employee”).

     WHEREAS, the Compensation Committee of the Board of Directors (the “Committee”)
made a grant of Restricted Stock to the Employee on the Grant Date under the
Company’s 2001 Long-Term Incentive Plan (the “2001 Plan”), in furtherance of the
purposes of the 2001 Plan and in recognition of the Employee’s service as an employee
of the Company and/or its subsidiaries; and

     WHEREAS, the Company desires to memorialize the grant of Restricted Stock and
set forth the terms and conditions of such grant, and the Employee desires to
memorialize his acceptance of such grant and the terms and conditions thereof, as set
forth in this Restricted Stock Agreement (the “Agreement”).

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, the
parties hereto agree as follows:

     1. Grant of Restricted Stock. The Company hereby confirms the grant, under the
2001 Plan, to the Employee on the Grant Date of            shares of Restricted Stock
(the “Restricted Stock”). The Restricted Stock is subject to all of the terms and
conditions set forth in this Agreement, including the restrictions set forth in
Section 3. The Company has issued in the name of the Employee, as of December 29,
2007, shares of Common Stock, $0.10 par value (the “Common Stock”), granted as
Restricted Stock. For purposes of this Agreement, the Common Stock shall remain
Restricted Stock until the expiration of the Restrictions (as defined in Section 3).

     2. Incorporation of the 2001 Plan by Reference. The Restricted Stock has been
granted to the Employee under the 2001 Plan, a copy of which has been previously
provided to the Employee. All of the terms, conditions, and other provisions of the
2001 Plan are hereby incorporated by reference into this Agreement. Capitalized
terms used in this Agreement but not defined herein shall have the same meanings as
in the 2001 Plan. If there is any conflict between the provisions of this Agreement
and the provisions of the 2001 Plan, the provisions of the 2001 Plan shall govern.
The Employee hereby acknowledges such prior receipt of a copy of the 2001 Plan and
agrees to be bound by all of the terms and provisions thereof (as presently in effect
or hereafter amended), all rules and regulations adopted from time to time
thereunder, and all decisions and determinations of the Committee made from time to
time thereunder.

 

 

     3. Restrictions on Restricted Stock and Related Terms.

          (a) Restrictions Generally. Until they lapse in accordance with Section
3(b), the following restrictions (the “Restrictions”) shall apply to the Restricted
Stock: (1) the Restricted Stock shall be subject to a risk of forfeiture as set forth
in Section 3(b) (the “Risk of Forfeiture”), and (2) the Employee shall not sell,
transfer, assign, pledge, margin, or otherwise encumber or dispose of the Restricted
Stock or any interest therein (except for transfers and forfeitures back to the
Company). Upon issuance of shares of Common Stock representing the Restricted Stock
in the name of the Employee as of the Grant Date, the Employee shall be entitled to
receive dividends and distributions in respect of the Restricted Stock as provided in
Section 3(d)(i), shall be entitled to vote the Restricted Stock on any matter
submitted to a vote of holders of the Common Stock as provided in Section 3(d)(ii),
and shall have all other rights in connection with the Restricted Stock as would a
holder of the Common Stock, except as otherwise expressly provided under this Section
3 and subject to the Committee’s authority under the 2001 Plan.

          (b) Risk of Forfeiture and Lapse of Restrictions. Unless otherwise
determined by the Committee, if for any reason other than as a result of the
Employee’s death or permanent disability, the Employee’s employment by the Company
and its subsidiaries terminates prior to the lapse of the Restrictions, and
immediately thereafter the Employee is not employed by the Company or any subsidiary
of the Company, including but not limited to the Company’s sale, transfer, or other
disposition of the subsidiary employing the Employee (the “Termination”), any
Restricted Stock as to which the Restrictions have not lapsed at or before the time
of such Termination (and any related property resulting therefrom subject to
restrictions under Section 3(d)(i)) shall be forfeited at the time of such
Termination and automatically repurchased by the Company upon the payment by the
Company of $1.00 in the aggregate for the repurchase of all such Restricted Stock
(and related property) being forfeited. Subject to earlier waiver and/or
acceleration of the lapse of Restrictions by the Committee pursuant to Section
3(a)(iii) or 6(d)(ii) of the 2001 Plan or upon a Change of Control pursuant to
Section 7(g) of the Plan, the Restrictions shall elapse as to the Restricted Stock
(and related property) as follows (each a “Lapse Date”):      at 5:00 p.m. local
time on      ; at 5:00 p.m. local time on      ; and            at 5:00 p.m.
local time on      . In the event of termination of employment as a result of
the Employee’s death or permanent disability, the Restrictions shall lapse as set
forth in the preceding sentence.

          (c) Certificates Representing Restricted Stock. (i) The Restricted
Stock may be evidenced by one or more certificates for shares of Common Stock
registered in the name of the Employee, which shall bear an appropriate legend
referring to the terms, conditions, and Restrictions applicable hereunder in
substantially the following form:

The shares of Common Stock represented by this certificate (the “Shares”) have
been granted by United States Lime & Minerals, Inc. (the “Company”) as
Restricted Stock under the Company’s 2001 Long-Term Incentive Plan (the “2001
Plan”) and the Restricted Stock Agreement, dated as of      (the
“Agreement”), between the registered owner named hereon (the “Employee”) and
the Company. Under the 2001 Plan and the Agreement, copies of which may be
examined at the office of the Secretary

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of the Company, until lapse of the restrictions set forth in the Agreement
(subject to earlier waiver and/or acceleration in certain circumstances), the
Employee shall not sell, transfer, assign, pledge, margin, or otherwise
encumber or dispose of the Shares or any interest therein (except for transfers
and forfeitures back to the Company), and the Employee shall forfeit the Shares
back to the Company upon termination of the Employee’s employment with the
Company and its subsidiaries in certain circumstances. The Shares are subject
to certain other terms and conditions set forth in the Agreement.

Unless otherwise determined by the Company, certificates representing the Restricted
Stock shall remain in the physical custody of the Secretary of the Company or his
designee until such time as the Restrictions have lapsed.

          (ii) Alternatively, shares of Common Stock representing the Restricted Stock
may be issued in uncertificated form registered in the name of the Employee. In such
case, the Company shall cause the Company’s transfer agent to include notations of
restrictions on its books comparable to those set forth above in the case of
certificated Restricted Stock.

          (iii) In all events, the Restricted Stock shall be subject to such additional
stop- transfer orders and other restrictive measures as the Company shall deem
necessary or advisable to implement the Restrictions and to comply with federal and
state securities laws, the rules and regulations thereunder, and the rules of the
Nasdaq Stock Market or any other national securities exchange or automated quotation
system on which the Common Stock is then listed or quoted.

          (d) Dividends and Distributions; Voting Rights. (i) The Employee shall
be entitled to receive dividends and distributions payable in respect of the Common
Stock representing the Restricted Stock if and to the extent that the Employee is the
record owner of such Restricted Stock on any record date for such a dividend or
distribution and has not forfeited such Restricted Stock on or before the payment
date for such dividend or distribution. In the event of a cash dividend or
distribution on the Common Stock which is not a large, special, and non-recurring
dividend or distribution (as determined by the Committee), such dividend or
distribution shall be paid in cash to the Employee free of the Restrictions.
Pursuant to Sections 4(c) and 6(d)(iv) of the 2001 Plan, the shares of Restricted
Stock shall be subject to adjustment as follows: In the event of a large, special,
and non-recurring cash dividend or distribution payable on the Common Stock, the
Company shall retain the amount of such cash dividend and, in lieu of delivery
thereof, shall grant to the Employee additional shares of Restricted Stock having a
fair market value (as determined by the Committee) at the payment date of such
dividend or distribution equal to the amount of cash paid as a dividend or
distribution on each share of Common Stock multiplied by the number of shares of the
Employee’s Restricted Stock in respect of which such cash was dividended or
distributed. Such additional shares of Restricted Stock shall be subject to the same
Restrictions and to such other terms and conditions as applied to the Restricted
Stock in respect of which such cash was dividended or distributed. In the event of
any non-cash dividend or distribution in the form of property other than Common Stock
payable on the Common Stock (including shares of a subsidiary of the Company
distributed in a spin-off), the Company shall retain in its custody the property so
dividended or distributed in respect of the Employee’s Restricted Stock, which
property shall be subject to the same Restrictions and to such other terms and
conditions as applied to the Restricted Stock in respect

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of which such property was dividended or distributed. To the greatest extent
practicable, such property shall be treated the same as such Restricted Stock in
respect of which the property was dividended or distributed, including in the event
of any dividends or distributions paid in respect of such property or with respect to
the placement of any legend or restrictions on certificates or other records
representing such property. In the event of a dividend or distribution in the form
of shares of Common Stock or split-up of shares, the Common Stock issued or delivered
as such dividend or distribution or resulting from such split-up in respect of the
Restricted Stock shall be deemed to be additional shares of Restricted Stock and
shall be subject to the same Restrictions and to such other terms and conditions as
applied to the Restricted Stock in respect of which such dividend or distribution was
paid or which was subject to such split-up.

               (ii) The Employee shall have the right to vote the Restricted Stock if and to
the extent that the Employee is the record owner of such Restricted Stock on the
record date for such vote.

          (e) Effect of Lapse of Restrictions. Upon lapse of the Restrictions
on any Restricted Stock, the shares of Common Stock previously issued in the name of
the Employee as such Restricted Stock shall no longer be deemed to be Restricted
Stock, and the Company shall, subject to the satisfactory payment of any federal,
state, local, and foreign taxes or other amounts referred to in Section 4 below,
cause the Restrictions to be removed from such shares, such shares shall no longer be
subject to the 2001 Plan or this Agreement, and the shares shall be regular shares of
Common Stock.

          (f) Stock Powers. The Employee shall deliver to the Secretary of the
Company, at the time of execution of this Agreement and/or at such other time or
times as he may request, one or more executed stock powers for each traunch of
Restricted Stock having a different Lapse Date, in the form attached hereto as
Exhibit A or such other form as may be specified by him, authorizing the transfer of
the Restricted Stock back to the Company upon forfeiture, and the Employee shall take
such other steps or perform such other actions as may be requested by the Secretary
to effect the transfer of any forfeited Restricted Stock (together with any related
property subject to restrictions under Section 3(d)(i)) back to the Company.

     4. Taxes. Section 8(d) of the 2001 Plan shall govern withholding and other
tax arrangements with respect to the obligation to satisfy the requirements of
federal, state, local, and foreign tax law to withhold taxes or other amounts with
respect to the grant of the Restricted Stock or the expiration of the Restrictions
applicable to the Restricted Stock (and any related property subject to restrictions
under Section 3(d)(i)); provided, however, that the Employee is
entitled to elect to surrender to the Company shares of Common Stock representing
Restricted Stock (and related property) upon the expiration of the Restrictions on
such Restricted Stock (and related property) in satisfaction of such tax withholding
and other requirements. In the event that the Employee files, under Section 83(b) of
the Code, an election to be taxed upon his receipt of the Restricted Stock as the
receipt of ordinary income at the date of grant of the Restricted Stock, the Employee
shall at the time of such filing notify the Company of the making of such election
and furnish a copy of the notice to the Company.

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     5. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, without giving effect to principles
of conflicts of laws, and applicable federal law.

     6. Miscellaneous. This Agreement shall be binding upon the heirs, executors,
administrators, and successors of the parties. This Agreement and the 2001 Plan
constitute the entire agreement between the parties with respect to the Restricted
Stock, and supersede any prior agreements or documents with respect thereto.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.

	 	 	 	 	 
	EMPLOYEE:	 	UNITED STATES LIME & MINERALS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 

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EXHIBIT A

STOCK POWER

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto United States
Lime & Minerals, Inc.
                     shares of Common Stock, $0.10 par value per share (the “Common Stock”),
of United States Lime & Minerals, Inc., a Texas corporation (the “Company”), presently subject to
restrictions pursuant to that certain Restricted Stock Agreement, dated                     , registered in
the name of the undersigned on the books and records of the Company, and does hereby irrevocably
constitute and appoint                      and                     , and each of them, attorneys to transfer
such shares of Common Stock on the books of the Company back to the Company upon the forfeiture of
the Common Stock, with full power of substitution in the premises.

	 	 	 
	 

	 	 
	 

	 	(Signature should be in exact form as on the
Company’s books)

	 	 	 
	 

	 	 
	 
	 	 
	Date

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