Document:

exv10w09

 

Exhibit
10.09

TEMPLE-INLAND INC.

RESTRICTED STOCK UNITS AGREEMENT

	 	 	 	 	 	 
	 	EMPLOYEE:
	 	 	 	 
	 	AWARD DATE:

	 	 	February 3, 2006	 
	 	NUMBER OF RESTRICTED SHARES:
	 	 	 	 
	 	SCHEDULED VESTING DATE:

	 	 	February 3, 2009	 
	 

     This Agreement is entered into between TEMPLE-INLAND INC., a Delaware corporation
(“Temple-Inland”) and the Employee named above, and is an integral and inseparable term of
Employee’s employment as an employee of Temple-Inland or an Affiliate. In consideration of the
mutual covenants hereinafter set forth and for other good and valuable consideration, Temple-Inland
and the Employee hereby agree as follows:

	1.	 	This Agreement and the award hereunder is subject to all the restrictions, terms and
provisions of the Temple-Inland Inc. 2003 Stock Incentive Plan and of the Temple-Inland
Standard Terms and Conditions for Restricted Stock Units dated February 3, 2006 (together, the
“Plan”) which are herein incorporated by reference and with which the Employee hereby agrees.
Terms used in this Agreement that are not otherwise defined herein shall have the same meaning
as set forth in the Plan.

	2.	 	For the purpose set forth in the Plan, and subject to the restrictions, terms and conditions
of the Plan and this Agreement, Temple-Inland hereby awards to the Employee the number of
Restricted Stock Units stated above (the “Restricted Stock Units”).

	3.	 	The Restricted Stock Units will be represented by a book entry credited in the name of the
Employee. The Employee will not have the right to vote the Restricted Stock Units nor to
receive dividends or dividend equivalent payments except to the extent separately granted by
the Committee.

	4.	 	Except as otherwise provided in the Plan and subject to the conditions of paragraphs 6
through 8 hereof: (a) all of an Employee’s Restricted Stock Units shall vest as of the
occurrence of a Vesting Date provided that the Employee has not incurred a Separation From
Service prior to the Vesting Date, and (b) any Restricted Stock Units which shall not have
vested on or prior to the earlier of the Employee’s Separation From Service or the Scheduled
Vesting Date shall be forfeited to Temple-Inland, and the Employee shall not thereafter have
any rights, powers or privileges with respect to the Restricted Stock Units so forfeited.

	5.	 	Notwithstanding paragraph 4 hereof, any Restricted Stock Units that do not vest as of a
Vesting Date that occurs by reason of the Employee’s Retirement (a “Retirement Vesting Date”)
solely by reason of paragraph 8 hereof shall remain outstanding and shall vest as of the
Scheduled Vesting Date, subject to the Performance Goal specified in paragraph 7 hereof being
satisfied as of the Scheduled Vesting Date.

	6.	 	In the case of a Retirement Vesting Date that occurs before the Employee’s attainment of age
65 and that does not constitute Early Retirement With Full Benefits, a pro rata portion of the
Employee’s Restricted Stock Units (the “Pro-Rata Portion”) shall vest as of the Employee’s
Retirement Vesting Date, subject to achievement of the Performance Goal specified in paragraph
7 hereof, and the Employee’s Restricted Stock Units in excess of the Pro Rata Portion shall be
immediately forfeited. The Pro Rata Portion shall be equal to the product determined by
multiplying (a) the full number of Restricted Stock Units covered by this Agreement by (b) a
fraction, the numerator of which shall be the number of full years that shall have elapsed
from Award Date through the first day of the month during which Retirement occurred, and the
denominator of which shall be the number of full years (each such year beginning on the
anniversary date of the Award Date) from the Award through the Scheduled Vesting Date. If the
number of Restricted Stock Units that would vest in accordance with the foregoing provisions
of this paragraph 6 would otherwise result in the issuance of a fractional share, the number
of shares that shall vest shall be rounded to the next higher whole number.

 

 

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	7.	   	Notwithstanding anything herein to the contrary, in no event shall any Restricted Stock Units
vest as of the Scheduled Vesting Date unless the Committee has certified that the Company has
achieved the applicable Performance Goal specified at the time of grant by the Committee.

	8.	   	In the case of a Vesting Date described in clause (b) of the Plan’s definition of Vesting
Date that occurs by reason of Retirement, in no event shall any Restricted Stock Units vest as
of such Vesting Date unless the Committee has certified that the Company has achieved the
applicable Performance Goal specified at the time of grant by the Committee through the end of
the calendar quarter during which Retirement occurred.

	9.	   	Subject to the terms and conditions hereof and the Plan, Temple-Inland will issue and deliver
to the Employee payment representing the cash value of any Restricted Stock Units (or balance
thereof after withholding) as soon as practicable after they become vested, but not later than
the later of (a) the fifteenth day of the third calendar month following the date they become
vested or (b) December 31 of the calendar year in which they become vested. The Employee
agrees that any federal, state or local taxes of any kind required by law to be paid or
withheld with respect to any Restricted Stock Units shall be withheld and applied to the
satisfaction of such taxes.

	10.	 	Nothing in the Plan or this Agreement shall be construed to give the Employee any right to be
awarded any additional Restricted Stock Units other than in the sole discretion of the
Committee or to confer on the Employee any right to continue in the employ of Temple-Inland or
any of its Affiliates or to interfere in any way with the right of Temple-Inland or an
Affiliate to terminate the employment of the Employee at any time, with or without cause,
notwithstanding the possibility that the Restricted Stock Units may thereby be forfeited
entirely. The Employee agrees that the award of the Restricted Stock Units hereunder is
special incentive compensation and that it will not be taken into account as “salary” or
“compensation” or “bonus” in determining the amount of any payment under any pension,
retirement or profit-sharing plan of Temple-Inland or any of its Affiliates. In addition, the
Employee agrees that such award will not be taken into account in determining the amount of
any life insurance coverage, or short or long-term disability coverage provided by
Temple-Inland or its Affiliates.

	11.	 	No right or benefit under the Plan or this Agreement shall be subject to anticipation,
alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or
charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange,
transfer, encumber or charge the same shall be void. No right or benefit under the Plan or
this Agreement shall in any manner be liable for or subject to the debts, contracts,
liabilities or torts of the person entitled to such benefit. If any Employee or beneficiary
under the Plan or this Agreement should become bankrupt or attempt to anticipate, alienate,
sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge any right or benefit
under the Plan or this Agreement, then such right or benefit shall, in the discretion of the
Committee, cease and terminate, and in such event, the Committee in its discretion may hold or
apply the same or any part thereof for the benefit of the Employee or his or her beneficiary,
spouse, children or other dependents, or any of them, in such manner and in such proportion as
the Committee may deem proper.

	12.	 	The Employee and Temple-Inland agree that this Agreement arises out of, and is
inseparable from, the Employee’s employment with Temple-Inland or any of its Affiliates. The
Employee and Temple-Inland further agree to final and binding arbitration as the exclusive
forum for resolution of any dispute of any nature whatsoever, whether initiated by the
Employee or Temple-Inland, arising out of, related to, or connected with Employee’s employment
with, or termination by, Temple-Inland or any of its Affiliates. This includes, without
limitation, any dispute arising out of the application, interpretation, enforcement, or
claimed breach of this Agreement. The only exceptions to the scope of this arbitration
provision are claims arising under any written agreement between the Employee and
Temple-Inland or its Affiliate that expressly provides that such claims are not subject to
binding arbitration. Arbitration under this provision shall be conducted under the employment
dispute rules and procedures of either the American Arbitration Association or of
JAMS/Endispute, according to the preference of the party initiating such arbitration. Appeal
from, or confirmation of, any arbitration award under this paragraph may be made to any court
of competent jurisdiction under standards applicable to appeal or confirmation of arbitration
awards under the Federal Arbitration Act. This arbitration provision and related proceedings
shall be subject to and governed by the Federal Arbitration Act.

	13.	 	The Committee may from time to time modify or amend this Agreement in accordance with the
provisions of the Plan. In the event of an inconsistency between any provision of the Plan
and this Agreement, the terms of the Plan shall control. This Agreement shall be binding upon
and inure to the benefit of Temple-Inland and its successors and assigns and shall be binding
upon and inure to the benefit of the Employee and his or her legatees, distributees and
personal representatives. This Agreement is effective as of the Grant Date, but shall

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	 	 	expire sixty (60) days after the Grant Date if the Employee (or his or her agent or attorney)
does not execute and deliver a copy of this Agreement to Temple-Inland on or prior to that
date, except as otherwise set forth in the Plan. This Agreement shall be governed by and
construed in accord with federal law, where applicable, and otherwise with the laws of the
State of Texas.

     IN WITNESS WHEREOF, Temple-Inland has caused this Agreement to be duly executed by its officer
thereunto duly authorized, and the Employee has hereunto set his or her hand, all as of the Award
Date stated above.

TEMPLE-INLAND INC.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Leslie K. O’Neal, Secretary	 	 

3exv10w10

 

Exhibit 10.10

TEMPLE-INLAND INC.

NONQUALIFIED STOCK OPTION AGREEMENT

	 	 	 	 	 
	EMPLOYEE:

	 	«OfficerName»

	GRANT DATE:

	 	February 3, 2006

	EXPIRATION DATE:

	 	February 3, 2016

	NUMBER OF SHARES:

	 	«NumberofShares»

	EXERCISE PRICE PER SHARE:

	 	$46.20	 	 

EXERCISE SCHEDULE

	 	 	 	 	 
	DATE EXERCISABLE:	 	NUMBER OF SHARES:
	February 3, 2007

	 	 	0.0	 
	February 3, 2008

	 	 	0.0	 
	February 3, 2009

	 	 	0.0	 
	February 3, 2010

	 	 	0.0	 

     This Agreement is entered into between TEMPLE-INLAND INC., a Delaware corporation
(“Temple-Inland”), and the Employee named above, and is an integral and inseparable term of
Employee’s employment as a salaried employee of Temple-Inland or of its Affiliate. In
consideration of the mutual covenants hereinafter set forth and for other good and valuable
consideration, Temple-Inland and the Employee hereby agree as follows:

	1.	 	This Agreement and the award hereunder is subject to all the restrictions, terms and
provisions of the Temple-Inland Inc. 2003 Stock Incentive Plan and of the Temple-Inland Inc.
Stock Option Terms and Conditions dated February 3, 2006 (together, the “Plan”) which are
herein incorporated by reference and with which the Employee hereby agrees. Pursuant to, and
subject to the terms and conditions set forth in the Plan, Temple-Inland hereby irrevocably
grants to the Employee, as a matter of separate agreement and not in lieu of salary or any
other compensation for services, the Option to purchase all or any part of the above stated
number of shares of the Common Stock at the above stated price on the terms and conditions
herein set forth. The Option is a Nonstatutory Stock Option and is not intended to qualify as
an incentive stock option under Section 422A of the Internal Revenue Code of 1986 (the
“Code”). Terms used in this Agreement which are not otherwise defined herein shall have the
same meaning set forth in the Plan.

	2.	 	The Option shall become exercisable in installments on and after each Date Exercisable as
stated above. The Option may be exercised in whole, at any time, or in part (but not less
than one hundred (100) shares or the balance if less than one hundred (100) shares), from time
to time, as to all or any of the shares then exercisable under the Option. The term of the
Option shall commence on the Grant Date and shall expire on the Expiration Date stated above
or such earlier date as is prescribed in the Plan. Except as otherwise provided in the Plan,
the Option shall not be exercisable unless the Employee shall, at the time of exercise, be an
employee of Temple-Inland or of its Affiliate. The Employee shall have none of the rights of
a stockholder with respect to the shares of Common Stock subject to the Option until such
shares shall have been transferred to the Employee upon the exercise of the Option. The
Option may be exercised only upon notice to Temple-Inland and payment of the Exercise Price
and tax withholding in the manner set forth in the Plan. Any attempted exercise without
delivery of payment in full of both the Exercise Price and tax withholding within the time
period specified by Temple-Inland shall be void.

	3.	 	The Option shall not be transferable by the Employee otherwise than by will or the laws of
descent and distribution, and the Option is exercisable, during the Employee’s lifetime, only
by the Employee. More particularly (but without limiting the generality of the foregoing),
the Option may not be assigned, transferred (except as aforesaid), pledged or encumbered in
any way (whether by operation of law or otherwise), and shall not be subject to execution,
attachment or similar process. In the event of any attempted assignment, transfer, pledge,
encumbrance or other disposition of the Option contrary to the provisions of the Plan or this
Agreement, or the levy of any attachment or similar process upon the Option, the Option shall
be null and void and of no further effect.

 

 

	4.	 	The Employee agrees that the Employee will remain in the employ of Temple-Inland or of
an Affiliate for a period ending on one year from the date hereof and that the Employee
will, during such employment, devote his or her time, energy and skill to the service of
Temple-Inland or such Affiliate and the promotion of its interests, subject to vacations,
sick leave and other absences in accordance with the regular policies of Temple-Inland or
such Affiliate. Notwithstanding the foregoing, if the Employee has been granted one or
more Options under the Plan, the period of time during which the Employee shall be
obligated to remain in the employ of Temple-Inland or of an Affiliate hereunder and under
the terms of such other option agreement or agreements shall run concurrently and not
consecutively. Such employment shall be at the pleasure of Temple-Inland or such
Affiliate and shall be at such compensation as Temple-Inland or such Affiliate shall
determine from time to time. Upon termination of the Employee’s employment (voluntary or
involuntary, with or without cause) within the one (1) year period described above without
the written consent of Temple-Inland or such Affiliate to waive this requirement, the
Option (and any other options granted under the Plan then held by the Employee) shall
forthwith terminate. This Agreement does not confer upon the Employee any right to
continue in the employ of Temple-Inland or of such Affiliate, nor does it interfere in any
way with the right of Temple-Inland or of any such Affiliate (or, except for the period
stated in the first sentence of this paragraph, the right of the Employee), to terminate
the employment of the Employee at any time, with or without cause, notwithstanding the
possibility that the number of shares purchasable by the Employee under the Option may
thereby be reduced or eliminated.

	5.	 	The Employee agrees that the award and/or any income derived upon exercise hereunder is
special incentive compensation and that it will not be taken into account as “salary” or
“compensation” or “bonus” in determining the amount of any payment under any pension,
retirement or profit-sharing plan of Temple-Inland or any of its Affiliates. In addition,
the Employee agrees that such award and/or income will not be taken into account in
determining the amount of any life insurance coverage or short or long-term disability
coverage provided by Temple-Inland or its Affiliates.

	6.	 	The Employee and Temple-Inland agree that this Agreement arises out of, and is
inseparable from, the Employee’s employment with Temple-Inland or any of its Affiliates. The
Employee and Temple-Inland further agree to final and binding arbitration as the exclusive
forum for resolution of any dispute of any nature whatsoever, whether initiated by the
Employee or Temple-Inland, arising out of, related to, or connected with Employee’s
employment with, or termination by, Temple-Inland or any of its Affiliates. This includes,
without limitation, any dispute arising out of the application, interpretation, enforcement,
or claimed breach of this Agreement. The only exceptions to the scope of this arbitration
provision are claims arising under any written agreement between the Employee and
Temple-Inland or its Affiliate that expressly provides that such claims are not subject to
binding arbitration. Arbitration under this provision shall be conducted under the
employment dispute rules and procedures of either the American Arbitration Association or of
JAMS/Endispute, according to the preference of the party initiating such arbitration. Appeal
from, or confirmation of, any arbitration award under this paragraph may be made to any court
of competent jurisdiction under standards applicable to appeal or confirmation of arbitration
awards under the Federal Arbitration Act. This arbitration provision and related proceedings
shall be subject to and governed by the Federal Arbitration Act.

	7.	 	The Committee may from time to time modify or amend this Agreement in accordance with the
provisions of the Plan. In the event of an inconsistency between any provision of the Plan
and this Agreement, the terms of the Plan shall control. This Agreement shall be binding
upon and inure to the benefit of Temple-Inland and its successors and assigns and shall be
binding upon and inure to the benefit of the Employee and his or her legatees, distributees
and personal representatives. Appeal from, or confirmation of, any arbitration award under
this paragraph may be made to any court of competent jurisdiction under standards applicable
to appeal or confirmation of arbitration awards generally. This Agreement is effective as of
the Grant Date, but shall expire sixty (60) days after the Grant Date if the Employee (or his
or her agent or attorney) does not execute and deliver a copy of this Agreement to
Temple-Inland on or prior to that date, except as otherwise set forth in the Plan. This
Agreement shall be governed by and construed in accord with federal law, where applicable,
and otherwise with the laws of the State of Texas.

     IN WITNESS WHEREOF, Temple-Inland has caused this Agreement to be duly executed by its
officer thereunto duly authorized, and the Employee has hereunto set his or her hand, all as of
the Grant Date stated above.

TEMPLE-INLAND INC.

	 	 	 	 	 
	BY:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Leslie K. O’Neal, Secretary
	 	«OfficerName»

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