Document:

Executive Income Continuity Plan

 EXHIBIT 10.2(e) 

CYTEC INDUSTRIES INC. 
 Executive Income Continuity Plan 
 (as amended and restated
January 31, 2012) 
 1. Purpose. The purpose of this Executive Income Continuity Plan (the “Plan”) is
to retain the services of executives in the senior management group of Cytec Industries Inc. (the “Company”) and its subsidiaries and to reinforce and encourage the continuing attention, dedication and loyalty of these executives without
the distraction of concern over the possibility of involuntary or constructive termination of employment resulting from unforeseen developments, by providing income continuity for a limited period. 

The Plan, as amended and restated, is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), the regulations thereunder and related guidance issued by the Internal Revenue Service (“IRS”). 

2. Definitions. Unless the context otherwise requires, the following terms shall have the meanings respectively indicated:

 (a) “1993 Plan” shall mean the Company’s 1993 Stock Award and Incentive Plan, as from time to time in effect.

 (b) “Annual Bonus” shall have the meaning set forth in Section 5(f) of this Plan. 

(c) “Board of Directors” shall mean the board of directors of Cytec Industries Inc. 

(d) “Cause” shall mean (i) the willful and continued failure by a Participant substantially to perform such
Participant’s duties with the Company (other than any such failure resulting from such Participant’s incapacity due to physical or mental illness), after a demand for substantial performance is delivered to the Participant by the Company
which specifically identifies the manner in which the Company believes that the Participant has not substantially performed such Participant’s duties, or (ii) the willful engaging by the Participant in conduct demonstrably injurious to the
Company. For purposes of this definition, no act, or failure to act, on the part of a Participant shall be considered “willful” unless done, or omitted to be done, by such Participant without reasonable belief that such Participant’s
action or omission was in the best interests of the Company and was lawful. 
 (e) A “Change in Control” shall be
deemed to have occurred upon the occurrence of the one of the following events: 
  

	 	(i)	Any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group,
constitutes more than 50% of either the total fair market value or total voting power of the stock of the Company; or 

	 	(ii)	Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by
such person or persons) ownership of stock of the Company possessing 35% or more of the total voting power of the Company; or 

  

	 	(iii)	A majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not recommended by a majority of the members of
the Board prior to the date of the appointment or election; or 

  

	 	(iv)	Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by
such person or persons) assets from the Company that have a total gross fair market value equal to or more than 60% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition.

 (f) “Company” shall mean Cytec Industries Inc. and, except for the purposes of Section 2(e) of
the Plan, shall include any of its subsidiaries which employs Participants of this Plan. 
 (g) “Compensation
Committee” shall mean the Compensation and Management Development Committee as constituted from time to time of the Board of Directors, or such other body as shall have similar authority and responsibility. 

(h) “Date of Termination” shall mean (i) if the employment of a Participant is terminated by death, the date of such
Participant’s death, (ii) if the Participant retires, the date of such Participant’s retirement, (iii) if such employment is terminated by the Company other than for Cause or other than as a result of Disability, the date
specified in the Notice of Termination, (iv) if such employment is terminated for Disability, the date of such Participant’s Disability, (v) if employment is terminated by the Participant for Good Reason, the date specified in the
Notice of Termination, (vi) if the Participant’s employment is terminated following a Change in Control, the date in the Notice of Termination, and (vii) otherwise shall be the last day of work. 

(i) “Disability” shall mean that a Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
 (j) “Good Reason” shall mean: 
  

	 	(i)	 A change in assignment resulting in the assignment to a Participant of substantially reduced responsibilities compared with those assigned to such
Participant prior to such change, or any change in such Participant’s status, authority or position which represents a demotion (actual or de facto) from such Participant’s status, authority or position immediately prior to such
change, except in connection with the termination of such 

  
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Participant’s employment because of death or retirement, by the Company for Disability or Cause, or by such Participant other than for a Good Reason enumerated in any of the following
subparagraphs of this subsection (j); 

  

	 	(ii)	The assignment to a Participant of duties inconsistent with such Participant’s responsibilities prior to such assignment, unless such new duties are consistent
with a position of equal or greater status, authority, and position; 

  

	 	(iii)	A reduction in the then current base salary of a Participant unless substantially all other Participants have their base pay reduced by a similar percentage at
approximately the same time, or a reduction in the then current base salary of a Participant that occurs (i) after a Change in Control or (ii) while a Prospective Change in Control is pending if the pending Prospective Change in Control
becomes a Change in Control within one year after the date of such reduction in base salary; 

  

	 	(iv)	A failure to pay a Participant any portion of such Participant’s current or deferred compensation within seven (7) days of the date such compensation is due;

  

	 	(v)	The relocation of the principal executive offices of the Company to a location more than 50 miles from the location of the present executive offices or outside of New
Jersey, or requiring a Participant to be based anywhere other than the principal executive offices (or, if a Participant is not based at such executive offices, requiring such Participant to be based at another location not within 50 miles of such
location) except for required travel on business to an extent substantially consistent with such Participant’s duties and responsibilities, or in the event of consent to any such relocation of the base location of a Participant the failure to
pay (or provide reimbursement for) all expenses of such Participant incurred relating to a change of principal residence in accordance with the applicable personnel policies of the Company in effect immediately prior to the Change in Control;

  

	 	(vi)	 The failure to continue in effect any benefit or compensation plan (including but not limited to the Long-Term Disability Plan, the I.C. Plan, this
Plan, the stock option, stock appreciation rights and stock appreciation right features of the 1993 Plan (or of any subsequent and/or substitute plan)), the Employees’ Savings Plan, the Supplemental Savings Plan, life insurance plan, health and
accident plan, disability or vacation plan in which a Participant is participating, or the taking of any action which would adversely affect participation (including the Participant’s eligibility to participate, the amount of the
Participant’s benefits, and the level of the Participant’s participation relative to other participants) in or materially reduce benefits under any of such plans, or the failure to fund any “rabbi

  
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trust” created for the payment of any of the foregoing benefits, when, and to the extent, required by the terms of any such trust, unless such action is required pursuant to law or unless
substantially similar benefits are continued in the aggregate under other plans, programs or arrangements; provided that any of the events specified in this clause (vi) shall constitute Good Reason only if such event occurs (i) after a
Change in Control or (ii) while a Prospective Change in Control is pending if the pending Prospective Change in Control becomes a Change in Control within one year after the date of any of the events specified in this clause (vi);

  

	 	(vii)	The failure to obtain the assumption of or an agreement to carry out the terms of this Plan by any successor as contemplated in Section 9 of the Plan; or

  

	 	(viii)	Any purported termination of a Participant’s employment by the Company which is not effected pursuant to a Notice of Termination as herein defined.

 (k) “I.C. Plan” means the existing system of annual cash bonuses payable to Company employees
(including Participants), pursuant to which annual target bonuses are established based upon job levels and payments of bonuses as a percentage of such targets are made based upon Company, business group and individual performance. 

(l) “Notice of Termination” shall mean a notice which indicates the specific basis for termination of employment relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide such basis. The Notice of Termination shall also include the date of termination. 
 (m) “Officers” shall mean the chairman, vice chairman, president, and any other person designated as an executive officer of Cytec Industries Inc. by resolution of the Board of Directors.

 (n) “Participant” shall mean a person who is employed by the Company on a full-time basis (as reflected in the
Company’s payroll records) and for a regular fixed compensation (other than on a retainer or compensation for temporary employment) and who is included in the membership of this Plan as provided in Section 3 of the Plan. 

(o) “Performance Award” shall mean (i) performance stock and performance cash awards, payment of which is subject to
meeting performance conditions in a year starting at least 10 months after the date the award is granted, whether or not such awards are made pursuant to Section 6A of the 1993 Plan and (ii) any portion of the Annual Bonus subject to
Section 6A of the 1993 Plan. 
 (p) “Prospective Change in Control” shall have the meaning as defined in
Section 13(b) of the Plan. 

  
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 (q) “Service”, as used in Section 5 of this Plan, shall mean service as a
full time employee of the Company (as reflected in the Company’s payroll records) or one of its subsidiaries. 
 3.
Membership. All Officers shall be Participants. The Compensation Committee may designate any other employee as a Participant. After an employee becomes a Participant, such employee’s membership shall continue until the employee’s
death or retirement, termination of employment by the Company for Cause or Disability, or termination of employment by such Participant other than for Good Reason. 
 4. Termination of Employment. Each Participant shall be entitled to receive the income continuation payments provided for in Section 5 of the Plan upon termination of such Participant’s
employment, unless such termination is (a) because of the Participant’s death, Disability or retirement, (b) by the Company for Cause, or (c) by such Participant for any reason (other than for Good Reason which occurs within 120
days prior to the termination); provided that, if Notice of Termination is given prior to a Change in Control, such Participant shall have signed and delivered, in form and substance satisfactory to the General Counsel, a one-year non-compete
agreement, a non-disparagement agreement, and a waiver, effectively waiving all claims against the Company (including its directors, officers, employees and agents) arising out of such Participant’s employment, other than claims for payment
post-termination of employment under the terms of this Plan and employee benefit and compensation plans of the Company, such waiver, non-disparagement and non-compete agreement to be delivered no later than the later of thirty days following
(i) the date of Notice of Termination, or (ii) written request therefor by the Company, provided the Company must request same no later than 3 months after the date of the Notice of Termination. 

5. Income Continuation. 
 (a) Except as otherwise provided in Section 5(b) of this Plan , upon the termination of employment, pursuant to Section 4 of the Plan, of a Participant who is an Officer or who, on the Date of
Termination, has at least one year of Service, the Company shall pay to the Participant (i) the sum of the Participant’s annual base salary at the rate in effect at the time Notice of Termination is given plus the Participant’s Annual
Bonus (excluding Performance Awardsan) , in equal monthly installments over a 12 month period following the Date of Termination, subject to Subsections (d) and (e) of this Section and (ii) any portion of such Participant’s Annual
Bonus subject to Section 6A of the 1993 Plan payable at the same time and in the same manner as if such Participant’s employment had not been terminated subject to satisfaction of the applicable performance conditions to such payment.

 (b) Upon the termination of employment pursuant to a Notice of Termination given after a Change in Control and before
the second anniversary of such Change in Control, pursuant to Section 4 of the Plan, of a Participant who is an Officer or who, on the Date of Termination, has at least one year of Service, the Company shall pay to the Participant
(i) twice the sum of the Participant’s annual base salary at the rate in effect at the time Notice of Termination is given plus the Participant’s Annual Bonus payable in a lump sum following the Date of Termination, subject to
Subsections (d) and (e) of this Section and (ii) subject to the following sentence, the sum of the Participant’s annual base salary at the rate in effect at the time Notice of Termination

  
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is given plus the Participant’s Annual Bonus payable in a lump sum following the Date of Termination, subject to subsection (d) of this Section. The amount set forth in clause
(ii) of this subsection (b) shall be payable only if such Participant agrees in writing no later than the later of thirty days following the date of Notice of Termination that for one year after the Date of Termination, such Participant
will not engage in the operation or management of any business anywhere in the world, whether as owner, stockholder, partner, officer, consultant, employee or otherwise, which at such time is in competition with any business of the Company in any
field with which such Participant was involved during the last two years of such Participant’s employment by the Company. Ownership by such Participant of five percent of less of the shares of stock of any company listed on a national
securities exchange or having at least 100 stockholders shall not make such Participant a “stockholder” within the meaning of that term as used in this subsection (b) of this Section 5. Payment of the amount set forth in clause
(ii) of this subsection (b) shall not be subject to subsection (e) of this Section. 
 (c) Upon the termination
of employment, pursuant to Section 4 of the Plan, of any other Participant, the Company shall pay to the Participant the sum of the Participant’s annual base salary at the rate in effect at the time Notice of Termination is given plus the
Participant’s Annual Bonus (excluding Performance Stock/Cash Awards) under the I.C. Plan based on such rate, in equal monthly installments over a period of 12 months following the Date of Termination. 

(d) All payments under subsections (a), (b) and (c) of this Section 5 of the Plan shall commence, or be paid, on the first
business day of the seventh month after the Participant’s Date of Termination except as otherwise specifically provided in such subsections. Payments that would have been made during the six-month period following the Participant’s Date of
Termination shall be paid to the Participant on the first business day of the seventh month after the Participant’s Date of Termination, without interest. 
 (e) (i) No payment under this Section 5 shall be made with respect to any period beyond the date of the Participant’s 65th birthday (including the portion of the lump sum payment described
in Subsection (a) that relates to installment payments that would have been made after the Participant attained age 65 if the Participant would have received installment payments rather than the lump sum payment) provided this shall not limit
any payments set forth in clause (ii) of subsection (b) of this Section 5 regardless of the Participant’s age, and (ii) there shall be deducted from any payments required hereunder (x) any payments made with respect to
any required notice period under any employment agreement between a Participant and the Company or one of its subsidiaries, (y) any payments received by the Participant under the Company’s Long Term Disability Plan or under any short term
disability plan or program of the Company during the period with respect to which income continuation is computed hereunder and (z) any severance payments or termination payments received by the Participant from the Company or any of its direct
or indirect subsidiaries required under the local laws of any country other than the United States. Payment that cannot otherwise be made to the Participant prior to the Participant’s 65th birthday as a result of the six-month delay described
in Subsection (c) of this Section shall be paid to the Participant on the first business day of the seventh month after the Participant’s Date of Termination, without interest. 

  
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 (f) As used in this Section 5 of the Plan, “Annual Bonus” means the greater
of (i) the annual target bonus under the I.C. Plan attributable to the Participant, or (ii) said annual target bonus times a fraction equivalent to the average percentage of said annual target bonus paid to said Participant for each of the
two preceding fiscal years of the Company (or for such lesser period of time as such Participant participated in the I.C. Plan). Notwithstanding the foregoing, if termination occurred for Good Reason as specified in Section 2(j)(iii) or
2(j)(vi) of this Plan, the termination payments provided for in subsection 5(a) or (b) shall be calculated using the annual base salary and Annual Bonus as in effect immediately before the reduction of such annual base salary or Annual Bonus.

 6. Other Payments. Upon termination of the employment of a Participant pursuant to Section 4 of the Plan, the
Company shall, in addition to the payments provided for in Section 5 of the Plan, pay to the Participant: 
 (a) All
relocation payments described in Section 2(j)(v) of the Plan and all legal fees and expenses incurred by the Participant as a result of such termination (including all such fees and expenses, if any, incurred in contesting or disputing any such
termination or in seeking to obtain or enforce any right or benefit provided by this Plan or in connection with any tax audit or proceeding to the extent attributable to the application of Section 4999 of the Code to any payment or benefit
provided hereunder); and 
 (b) During the period of two years following the Date of Termination, all reasonable expenses
incurred by the Participant in seeking comparable employment with another employer to the extent not otherwise reimbursed to the Participant, including, without limitation, the fees and expenses of a reputable out placement organization, and
reasonable travel, telephone and office expenses. 
 7. Maintenance of Other Benefit Plans. For a period of two
(2) years following a Participant’s Date of Termination, the Company shall maintain in full force and effect, for the continued benefit of each Participant entitled to receive, or who received, payments pursuant to Section 5 of the
Plan, comprehensive medical and dental insurance, group life insurance, and financial planning and tax preparation and counseling services (but not including disability coverage) on the same basis as such Participant participated immediately prior
to the Date of Termination, and further provided that if the Participant’s continued participation is not permitted under the general terms and provisions of such plans and programs or applicable law, the Company shall provide equivalent
benefits. 
 8. No Mitigation. No Participant shall be required to mitigate the amount of any payment provided for under
this Plan by seeking other employment or otherwise, nor shall the amount of any payment so provided for be reduced by any compensation earned by any Participant as the result of employment by another employer, by retirement benefits or by offset
against any amount claimed to be owed by the Participant to the Company. 
 9. Successors. The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and assets of the Company, by a written agreement, to expressly assume and agree to carry out the provisions of this
Plan in the same manner and to the same extent that the Company would be required to carry them out if no such succession had occurred. 

  
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 10. Notice. Any notice expressly provided for under this Plan shall be in writing,
shall be given either manually or by mail, telegram, telex, telefax or cable, and shall be deemed sufficiently given, if and when received by the Company at its offices at 5 Garret Mountain Plaza, West Paterson, New Jersey 07424 Attention:
Secretary, or by any Participant at the address on the records of the Company for such Participant, or if and when mailed by registered mail, postage prepaid, return receipt requested, addressed to the Company or the Participant to be notified
at such address. Either the Company or any Participant may, by notice to the other, change its address for receiving notices. 

11. Funding. All payments provided for under this Plan for Participants (including those who have retired) shall not be funded or
secured, and no trust shall be created hereunder. Payments under the Plan shall become fully vested and nonforfeitable upon the termination of a Participant’s employment except for termination where a Participant not be entitled to income
continuation payments as provided in Section 4 or as otherwise provided in any waiver, non-disparagement and non-compete agreement entered into pursuant to Section 4 of this Plan. 

12. Amendment and Termination. 
 (a) The Board of Directors may at any time or from time to time amend or terminate this Plan. No such amendment or termination may adversely affect any vested benefits hereunder; and, provided further,
that after a Change in Control, this Plan may not be amended or terminated without the consent of all persons who were Participants as of the date of such Change in Control (including those who have retired). 

(b) In addition, no amendment or termination made within one year before a Change in Control and made while a Prospective Change in
Control is pending may adversely affect any benefit that might at any time be or become owing hereunder to a person who, immediately prior to the commencement of such Prospective Change in Control, was a Participant, without the consent of such
person (other than a benefit to any such person who is the person, or part of the group, making the offer, or negotiating to make the offer, which constitutes the Prospective Change in Control). As used herein, the term “Prospective Change in
Control” means (i) any offer presented, directly or indirectly, to the Board of Directors of the Company which, if consummated, would constitute a Change in Control, or (ii) any negotiation with the Board of Directors or any committee
or representative thereof to make such an offer (including the unilateral announcement of the terms on which such an offer would be made). 
 13. Claim and Appeal Procedure. This Section 13 of the Plan shall not apply after there has been a Change in Control. 
 The Company shall appoint a person or persons to adjudicate claims and appeals under the Plan (the “Administrator”). The Administrator shall provide adequate notice in writing to any Participant
or to any beneficiary (the “Claimant”) whose claim for benefits under the Plan has been denied. The Administrator’s notice to the Claimant shall set forth: 
 (a) The specific reason for the denial; 

  
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 (b) Specific references to pertinent Plan provisions upon which the Administrator based its
denial; 
 (c) A description of any additional material and information that is needed; 

(d) That any appeal the Claimant wishes to make of the adverse determination must be in writing to the Administrator within seventy-five
(75) days after receipt of the Administrator’s notice of denial of benefits. The Administrator’s notice must further advise the Claimant that the Claimant’s failure to appeal the action to the Administrator in writing within the
seventy-five (75) day period will render the Administrator’s determination final, binding and conclusive; and 
 (e)
The name and address to whom the Claimant may forward an appeal. 
 If the Claimant should appeal to the Administrator, the
Claimant, or the Claimant’s duly authorized representative, may submit, in writing, whatever issues and comments the Claimant or the Claimant’s duly authorized representative feels are pertinent. The Claimant, or the Claimant’s duly
authorized representative, may review pertinent Plan documents. The Administrator shall re-examine all facts to the appeal and make a final determination as to whether the denial of benefits is justified under the circumstances. The Administrator
shall advise the Claimant of its decision within sixty (60) days of the Claimant’s written request for review, unless special circumstances (such as a hearing) would make the rendering of a decision within the sixty (60) day limit
unfeasible, but in no event shall the Administrator render a decision respecting a denial for a claim of benefits later than one hundred twenty (120) days after its receipt of a request for review. The Administrator’s notice to the
Claimant shall set forth: 
 (i) The specific reason for the denial; 

(ii) Specific references to pertinent Plan provisions upon which the Administrator based its denial; 

(iii) A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records, and other information relevant to the Claimant’s claim; and 
 (iv) A statement that the Claimant has a
right to bring a civil action under Section 502(a) of ERISA. 
 14. Governing Law. This Plan, and the rights and
obligations of the Company and the Participants hereunder, shall be construed and governed in accordance with the law of the State of New Jersey. 
 15. Partial Invalidity. If any provision of this Plan is determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect the remaining provisions of this Plan, which
shall remain in effect in accordance with its terms. 

*        *        * 

  
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	 /s/ Roy Smith
	  		  	1/31/2012
	ROY SMITH	  		  	DATE
			
	 /s/ Marilyn R. Charles
	  		  	1/31/2012
	MARILYN R. CHARLES	  		  	DATE

  
 10EX-10.66

 Exhibit 10.66 
 American Railcar Industries, Inc. 
 2012 Management Incentive Plan

  

	I.	PURPOSE & SCOPE 

 The purpose of the Management Incentive Plan is to provide a variable component to the total compensation package for management and executive level employees. This “at risk” part of total
compensation encourages participating management to achieve the goals that are important for the company. 
 The Plan is
important to attract and retain highly qualified key employees, by providing the opportunity to personally benefit by sharing in the results achieved for the Company. The Plan provides a link between the performance of the Company and its management
team and encourages the behavior to drive for strong Company performance. 
  

	II.	DEFINITIONS 

  

	 	A.	Base Salary equals the base annual salary effective December 31st for the year for which the award is calculated. If a Participant’s bonus level or
salary changes during the year, the Base Salary will be prorated for the portion of the year each bonus level or salary was in effect. 

  

	 	B.	Chief Executive Officer means the Chief Executive Officer of American Railcar Industries, Inc. 

 

	 	C.	Company means American Railcar Industries, Inc. and its subsidiaries and its successors. 

 

	 	D.	Compensation Committee of the Board of Directors means the members of the American Railcar Industries, Inc. Board of Directors responsible for
administering executive and management compensation. 

  

	 	E.	Fiscal Year means the Company’s fiscal year beginning January 1 and ending December 31. 

 

	 	F.	Participant(s) refer(s) to the employees eligible to participate in the Plan pursuant to Section III. 

 

	 	G.	Performance Targets are the financial goal(s) of the Company for the Fiscal Year as defined in the annual business plan. 

 

	 	H.	Personal Goals refer to the personal goals and objectives set by each Participant and his/her supervisor at the beginning of each Fiscal Year against
which performance is measured. 

  

	 	I.	Plan means the American Railcar Industries, Inc. Management Incentive Plan, as from time to time amended. 

 

	 	J.	Company Target Bonus Pool means the sum of the annual bonus targets (base salary X bonus percentage) for all Participants in the Plan.

  

	 	K.	EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted to remove the expense or income related to stock-based
compensation and investment income or expense related to derivative and stock investment activities. 

  

	III.	EMPLOYEES COVERED BY THE PLAN 

 Participating employees (each a “Participant”) shall be subject to the approval of the Compensation Committee of the Board of Directors. If a Participant vacates a listed position, the employee
selected as the replacement would be eligible to participate in the Plan pro-rata for the months in the position, subject to approval by the Chief Executive Officer (the “CEO” or, in the case of Participants who are executive officers, the
Compensation Committee of the Board of Directors). 

 American Railcar Industries, Inc. 

2012 Management Incentive Plan 
  

	IV.	PARTICIPANT FINANCIAL AWARD 

 A Participant in the Plan shall be entitled to a financial award computed as the product of: 
  

			September 30,		September 30,		September 30,		September 30,		September 30,		September 30,			September 30,			September 30,
	Participant’s Base Salary	    	X	    	Bonus
Percentage	    	X	    	Financial
Performance
Factor	    	X	    	Individual
 Performance

Rating on a
 0-150% scale
	 	 	=	  	    	Participant’s
Financial
Award

  

	 	A.	“Participant’s Base Salary” shall be the salary as defined in Section II.A. 

 

	 	B.	“Bonus Percentage” shall be determined by the Compensation Committee of the Board of Directors, based upon the management level of each Participant.

  

	 	C.	“Financial Performance Factor” shall be determined by the Compensation Committee of the Board of Directors in accordance with Section V below.

  

	 	D.	“Individual Performance Rating” shall be based on an individual performance evaluation in accordance with Section VI below. 

It is intended that increases and decreases in Participant Financial Awards which result from Individual Performance Ratings shall not
result in an increase in the aggregate Plan payout that would otherwise apply based on the Company Performance as a % of Target (as set forth below in Section V) and Individual Performance Ratings at the 100% level (such
aggregate Plan payout being referred to as the “Maximum Bonus Pool”), and in the event that the Financial Awards otherwise calculated in accordance with this Section IV would exceed the Maximum Bonus Pool, each of the Financial Awards
calculated on that basis shall be reduced pro rata in order that the aggregate Financial Awards shall not exceed the Maximum Bonus Pool. 
 If a Participant was in more than one management level during a Fiscal Year, a separate computation shall be made for the number of months at each level during such Fiscal Year; the sum of the separate
computations shall be the Participant’s Financial Award. 
  

	V.	FINANCIAL PERFORMANCE FACTOR 

 The Financial Performance Factor is based on the Company’s EBITDA above a minimum amount established by the Compensation Committee. 

 

	VI.	INDIVIDUAL PERFORMANCE RATING 

 Personal Goals for each Participant are to be developed jointly by the Participant and his/her supervisor for the Fiscal Year. The Personal Goals of the CEO and other executive officers shall be subject
to the review and approval of the Compensation Committee of the Board of Directors. 

 American Railcar Industries, Inc. 

2012 Management Incentive Plan 
  

	 	•	 	 Successful development of new accounts/products 

  

	 	•	 	 Improvement in product programs 

  

	 	•	 	 Attainment of self-development objectives 

  

	 	•	 	 Control or reduction of operating expenses by business unit 

 

	 	•	 	 Safety record of facility or facilities 

  

	 	•	 	 Quality program achievement 

  

	 	•	 	 Business process improvements 

 The supervisor will assign a personal performance rating, from 0% to 150%, reflecting the Participant’s performance during the Fiscal Year. The Chief Executive Officer reserves the right, in his sole
discretion, to accept the personal performance percent recommendation for each Participant or to modify any personal performance percent for any Participant to achieve such dispersion of performance ratings as the Chief Executive Officer deems
appropriate; provided, however, that the personal performance percent recommendation of the CEO and other executive officers shall be subject to the review and approval of the Compensation Committee of the Board of Directors. 

 

	VII.	PERFORMANCE TARGETS 

Financial performance targets are established based on the annual business plan. Targets are recommended by the Chief Executive Officer
and approved by the Compensation Committee of the Board of Directors based on the annual business plan. 
 At any time prior to
the final determination of awards, the Compensation Committee of the Board of Directors, may, in its sole discretion, increase, decrease, or otherwise adjust performance measures, targets, and payout ranges used hereunder, as a result of
extraordinary or non-recurring events, changes in applicable accounting rules or principles, changes in the Company’s methods of accounting, changes in applicable law, changes due to consolidation, acquisition, or reorganization affecting the
Company and its subsidiaries and affiliates; or such other material change in the Company’s business. 
 VIII. COMPUTATION AND
DISBURSEMENT OF FUNDS 
 As soon as practicable after the close of the Fiscal Year, the Corporate Controller shall calculate
the financial performance and the proposed payout under the Plan based upon the achievement of the financial performance measures. The proposed payout shall be presented to the Compensation Committee of the Board of Directors for final approval in
its sole discretion. If approved, payment of the Financial Awards shall be made within 30 days after completion of the annual audit but not later than September 30th of the calendar year following the Fiscal Year for which the award is earned.

 All payment awards shall be reduced by amounts required to be withheld for taxes at the time payments are made. 

 American Railcar Industries, Inc. 

2012 Management Incentive Plan 
  

	IX.	PAYMENT OF PRO-RATED FINANCIAL AWARDS 

 In order to be eligible to receive a Financial Award for a Fiscal Year, a Participant must be employed in a bonus-eligible position for a minimum of three months during that Fiscal Year, except as
otherwise provided by the Compensation Committee of the Board of Directors. Subject to the discretion of the Compensation Committee of the Board of Directors, a Participant will be allowed to earn a Financial Award based on the amount of time the
eligible Participant is actively and continuously employed in an eligible position during the Fiscal Year. 
  

	 	•	 	 New Hires and Rehires – The Financial Award will be prorated based upon the number of months the Participant is employed during the Fiscal
Year. For example, a Participant initially hired on July 1st would be eligible for 50% of the annual Financial Award. In the case of rehires, there is no credit for prior service and the rehire date must occur prior to October 1st in order for the Participant to be eligible under the Plan for the
Fiscal Year. 

  

	 	•	 	 Leaves of Absence – Time taken during a leave of absence is not credited toward eligibility for a Financial Award; therefore, awards will
be prorated for the length of time on leave of absence. Furthermore, payments of Financial Awards are not considered earned and payable unless and until the Participant returns to work, with the exception of Military Leave. If the leave of absence
lasts nine months or more during the Fiscal Year, the Participant will not have met the three-month eligibility required to earn a bonus for that Fiscal Year. 

 

	 	•	 	 Promotions and Demotions – If the action results in a movement from one bonus-eligible position to another bonus-eligible position (with
either a higher or lower bonus target) a pro-rated Financial Award will be calculated. The Financial Award will be calculated separately by factoring the time in each bonus eligible position by the corresponding bonus target and base pay during the
Participant’s tenure in each position. However, if a Participant is both promoted and later demoted during the Fiscal Year, the Participant’s entire bonus eligibility and bonus target percent will be determined by the lower grade.

  

	 	•	 	 Status Change 

  

	 	•	 	 Change in employment status – The Financial Award is not payable unless the Participant has occupied a bonus-eligible position for at least
three months during the Fiscal Year and meets all eligibility criteria during the last full quarter of the Fiscal Year, i.e., from October 1st through December 31st. The Financial Award will be based upon the base salary and the annual bonus target while in the bonus-eligible
position. 

  

	 	•	 	 Bonus-eligible position to a non-bonus eligible position – The Financial Award will be prorated based upon the time in a bonus-eligible
position as long as the Participant was in the position for a minimum of three months during the Fiscal Year. A Participant must occupy a bonus-eligible position prior to October 1st in order to be eligible to receive a bonus payment for the Fiscal Year. The Financial Award will be based upon the
base salary and the annual bonus target while in the bonus-eligible position. 

 American Railcar Industries, Inc. 

2012 Management Incentive Plan 
  

	 	•	 	 Non-bonus-eligible position to a bonus-eligible position – The Financial Award will be prorated based on the time worked, the corresponding
bonus target, and the base salary in effect while in the bonus-eligible position as long as the Participant was in the eligible position for a minimum of three months during the Fiscal Year. A Participant must move into the bonus-eligible position
prior to October 1st in order to be eligible to
receive a bonus payment for the Fiscal Year. 

  

	X.	FORFEITURE OF BONUS 

 If
a Participant’s termination of employment occurs prior to the date the Financial Awards are actually paid, the Participant will not be entitled to any bonus payment for the Fiscal Year during which the termination occurs, except as otherwise
provided by the Compensation Committee of the Board of Directors. Financial Awards are not considered earned until they are approved by the Compensation Committee of the Board of Directors and are actually paid by the Company. Consequently, a
Participant whose employment with the Company is voluntarily or involuntarily terminated prior to the actual Financial Award payment date will be deemed ineligible for payment of the Financial Award, except as otherwise provided by the Plan and the
Compensation Committee of the Board of Directors, in which case any such Financial Award to the terminated employee shall be paid at the time Financial Awards are paid to active employees pursuant to Section IX above. 

 

	XI.	ADMINISTRATION 

 This
Plan shall be administered by the Manager of Human Resources of American Railcar Industries, Inc. subject to the control and supervision of the Chief Executive Officer and the Compensation Committee of the Board of Directors of American Railcar
Industries, Inc. 
 In the event of a claim or dispute brought forth by a Participant, the decision of the Chief Executive
Officer as to the facts in the case and the meaning and intent of any provision of the Plan, or its application, shall be final, binding, and conclusive, except that, with regard to executive officers, the decision of the Compensation Committee of
the Board of Directors shall be final, binding, and conclusive. 
 Notwithstanding anything herein to the contrary, the
Compensation Committee of the Board of Directors shall retain sole discretion over all matters relating to this 2012 Management Incentive Plan, including without limitation the decision to pay any financial awards, the amount of financial awards, if
any, the ability to increase or decrease any financial awards and to make changes to any performance measures or targets and discretion over the payment of partial financial awards in the event of employment termination. 

 

	XII.	NO EMPLOYMENT CONTRACT; FUTURE PLANS 

 Participation in this Plan shall not confer upon any Participant any right to continue in the employ of the Company nor interfere in any way with the right of the Company to terminate any
Participant’s employment at any time. The Company is under no obligation to continue the Plan in future years. 

 American Railcar Industries, Inc. 

2012 Management Incentive Plan 
  

	XIII.	AMENDMENT OR TERMINATION 

The Compensation Committee of the Board of Directors may at any time, or from time to time (a) amend, alter or modify the provisions
of this Plan, (b) terminate this Plan, or (c) terminate the participation of an employee or group of employees in this Plan; provided, however, that in the event of the termination of this Plan or a termination of participation, the
Compensation Committee of the Board of Directors, in its sole discretion, shall determine whether a prorated award is payable to employees who were Participants in this Plan. If prorated awards are granted, the awards shall be paid within 30 days
after completion of the annual audit but not later than September 30 of the calendar year following the Fiscal Year for which the award is earned. 
  

	XIV.	GENERAL PROVISIONS 

 No
right under the Plan shall be assignable, either voluntarily or involuntarily by the way of encumbrance, pledge, attachment, level or change of any nature (except as may be required by state or federal law). 

Nothing in the Plan shall require the Company to segregate or set aside any funds or other property for the purpose of paying any portion
of an award. No Participant, beneficiary or other person shall have any right, title or interest in any amount awarded under the Plan prior to the payment of such award to him or her.

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