Document:

exv10w2

 

Exhibit 10.2

AMENDMENT TO MASTER EQUIPMENT BAILMENT AGREEMENT

     This Amendment to Master Equipment Bailment Agreement is effective as of May 1, 2005 and amends
that certain Master Equipment Bailment Agreement dated as of March 10, 2005 (the “Agreement”)
between FORD MOTOR COMPANY (“Ford”) and VISTEON CORPORATION (“Visteon”).

     The parties wish to expand the number of Plants for which Ford will fund Capital Expenditures. To
accomplish this, the parties agree as follows:

1.       Definitions: All capitalized terms used herein shall have the meanings specified in the
Agreement unless otherwise specifically stated herein. The follow terms are added or modified:

          “Additional Plants” means Visteon’s Saline, Sandusky, Sheldon Road and Utica plants.

          “Approved Capital Expenditure” means the following Capital Expenditures:

	 	a.  	Capital Expenditures for Equipment listed on Exhibit A, each of
which represents a Capital Expenditure that was committed by Visteon before January
1, 2005 for the Plants where less than one-half of the full amount of the Project was
fully paid as of January 1, 2005; and
	 
	 	b.  	Capital Expenditures for Equipment listed on Exhibit A-1, each of
which represents a Capital Expenditure that was committed by Visteon before May 1,
2005 for the Additional Plants where less than one-half of the full amount of the
Project was fully paid as of May 1, 2005; and
	 
	 	c.  	Capital Expenditures for Equipment where the Capital Expenditure has not
yet been committed by Visteon and which is subsequently approved in writing by Ford’s
Executive Director, Global FM&SP Purchasing.

“Equipment” means the assets covered by this Agreement that are not currently owned
by Visteon, which shall include only machinery, equipment, tooling, and fixtures that do not
constitute real property, and associated software, accessories and other assets that meet
the following criteria and otherwise meet the requirements for Ford to pay for and acquire
as provided in this Agreement:

	 	a.  	They will be used primarily for the manufacture of Components, unless
otherwise agreed in writing by Ford; and
	 
	 	b.  	They will be installed in a Plant or an Additional Plant.

For the avoidance of doubt, the term “Equipment” does not include tooling purchased by Ford
and provided to Visteon in the ordinary course of business.

2.       Additional Plants Included.

	 	a.  	Section 2.1 of the Agreement is hereby modified such that the words “or
Exhibit A-1” shall be added wherever the words “Exhibit A” appear.
	 
	 	b.  	Section 2.2 of the Agreement is hereby modified as follows:

 

 

2.2       Ford (or its designee) shall hold title to all Equipment for which Ford (or its
designee) either partially or wholly funds the Approved Capital Expenditures. If the
applicable purchase order was entered into between Visteon and the supplier, then Visteon
shall transfer title to Ford (or its designee) when the Equipment is delivered to the
Plant or an Additional Plant or, if already delivered, within five business days after the
date of this Agreement.

c.       Section 2.3 of the Agreement is hereby modified as follows:

2.3       Visteon shall complete all spending for Capital Expenditures for Projects at any Plant
where one-half or more of the full amount of the Project was paid as of January 1, 2005.
Visteon shall complete all spending for Capital Expenditures for Projects at any
Additional Plant where one-half or more of the full amount of the Project was paid as of
May 1, 2005.

3.       No Other Changes. Except as specified herein, all other terms and conditions of the
Agreement shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Master Equipment Bailment
Agreement to be executed by their authorized representatives as of the date first above written.

	 	 	 	 	 	 	 	 	 	
	FORD MOTOR COMPANY
		 	VISTEON CORPORATION	
	 
	 	 		 	 	 	 	
	By:

	 	/s/ Don R. Leclair
		 	By:
	 	/s/ James F. Palmer	
	

	 	 
		 	 	 	 	
	 
	 	 		 	 	 	 	
	Title:

	 	Executive Vice President

and Chief Financial Officer
		 	Title:
	 	Executive Vice President

and Chief Financial Officer	
	

	 	 
		 	 	 	 	
	 
	 	 		 	 	 	 	
	Date:

	 	May 24, 2005
		 	Date:
	 	May 24, 2005exv10w01

 

Exhibit 10.01

THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933.

(DATE)

CONFIDENTIAL TO:

In the meeting on (DATE), the Compensation Committee of the Board of Directors granted to you
Performance Shares under the Steelcase Inc. Incentive Compensation Plan (the “Plan”), subject to
the terms and execution of this Award Agreement.

This Award Agreement provides additional information regarding your Award and your rights under the
Plan. A copy of the Plan has already been provided to you. If there is any inconsistency between
this Award Agreement and the Plan, the Plan controls. Capitalized terms used in this Award
Agreement are defined in the Plan, unless defined here.

Overview of Your Award

	1.  	Type of Award: Performance Shares as authorized under Section 9 of the Plan.
	 
	2.  	Target Number of Performance Shares under this Award: << >>
	 
	3.  	Award Date: << >>
	 
	4.  	Performance Measure: Cash flow per share during the three-year performance period, as
outlined in Section 12 of the Plan.
	 
	5.  	Performance Period: The Performance Period for this Award is February 26, 2005 through
February 29, 2008.

 

 

	6.  	Number of Performance Shares Earned: After completion of the Performance Period, the number
of Performance Shares earned under this Agreement based on cash flow measures greater than or
equal to $2.60/share through $6.50/share will be determined according to the following
formula:

Number of Performance Shares Earned =

[Target Number of Performance Shares/2]

+

{[(Target Number of Performance Shares/2)/1.3] x [actual cash flow result – 2.60]},

provided that no Performance Shares will be earned until the actual cash flow result equals at

least 2.60/share and the number of Performance Shares earned will not exceed 200% of the target

number under this Award.

     Earned Performance Shares will be paid in Shares and vest in thirds on 3/1/08; 2/28/09 and
2/27/10, respectively.

	7.  	Dividend Equivalents on Earned Performance Shares: Any dividends declared during the
Performance Period with respect to the Shares underlying your earned Performance Shares will
be paid as soon as practicable following the end of the Performance Period, either in cash or
in stock, as determined by the Board of Directors. Cash equivalents will be valued as of the
date(s) on which the dividend(s) were declared during the Performance Period. Stock dividends
will be valued at the Fair Market Value measured at the end of the Performance Period, and
will be governed by Article 17.1 of the Plan.
	 
	8.  	Death, Disability or Retirement during the Performance Period:

	 	a)  	If you die or become totally and permanently disabled while an Employee during the
Performance Period, the target number of Performance Shares will be deemed earned and
vested according to the following schedule. Any remaining unearned Performance Shares will
be forfeited.

	 	•  	If death or qualifying disability occurs from 2/26/05 through 2/24/06,
<< >> Performance Shares will immediately be earned and vested.
	 
	 	•  	If death or qualifying disability occurs from 2/25/06 through 2/23/07,
<< >> Performance Shares will immediately be earned and vested.
	 
	 	•  	If death or qualifying disability occurs from 2/24/07 through 2/29/08,
<< >> Performance Shares will immediately be earned and vested.

	 	b)  	In the event of your retirement during the Performance Period, you will be treated as
continuing in employment for purposes of earning and vesting in your Award. You will be
considered to have retired if your termination of employment occurs after your age plus
years of continuous service total 80 or more.

 

 

9. Death, Disability or Retirement following the Performance Period:

	 	a)  	The Shares corresponding to all earned Performance Units will become immediately vested
if you die or become totally and permanently disabled while an Employee after the
Performance Period.
	 
	 	b)  	In the event of your retirement after the Performance Period, you will be treated as
continuing in employment for purposes of vesting in your Award. You will be considered to
have retired if your termination of employment occurs after your age plus years of
continuous service total 80 or more.

10. Forfeiture of Awards:

	 	a)  	All unearned Performance Units will be forfeited upon a termination of your employment
during the Performance Period for any reason other than death, total and permanent
disability or retirement.
	 
	 	b)  	All unvested Shares will be forfeited upon a termination of your employment following
the Performance Period for any reason other than death, total and permanent disability or
retirement.
	 
	 	c)  	If you engage in any Competition (as defined in the Plan and determined by the
Administration Committee in its discretion) within twelve months of vesting in any Shares
granted pursuant to this Award Agreement, (i) you will forfeit any unvested Shares granted
under this Award Agreement and (ii) you must return to the Company the Fair Market Value
(measured as of the Grant Date) of any Shares in which you vested during the twelve months
prior to your engagement in such Competition.

	11.  	Change in Control: Notwithstanding anything herein to the contrary, upon a Change in Control
after August 26, 2005, the target number of Performance Units granted pursuant to this Award
Agreement will be deemed to have been fully vested for the entire Performance Period as of the
effective date of the Change in Control. The vesting of all corresponding Shares will be
accelerated as of the effective date of the Change in control, and within thirty (30) days
following the effective date of the Change in control a pro rata number of Shares will be paid
out to you based upon the assumed achievement of all targeted performance goals and upon the
length of time within the Performance Period which has elapsed prior to the Change in Control.

	12.  	Transfer: Performance Units may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution.

	13.  	Voting Rights and Dividends: During the Performance Period, you will not have voting rights
with respect to your Performance Units and, other than as set forth in Section 7 of this Award
Agreement, you will not be entitled to receive any dividends declared with respect to your

 

 

	   	Performance Units. After the vesting period, Shares will be transferred to you and you will
obtain voting rights and be entitled to receive any dividends declared with respect to your
vested Shares.

	14.  	Taxes: The Company will make the required tax reporting to you and the IRS and any other
authority to whom social security and income tax is due. The Company has the right to
withhold Shares or cash that would otherwise be received by you for the statutory minimum
Federal, state, local, or foreign authority withholding tax due. The Company may also collect
withholding tax directly from you.

	15.  	Administration: This Award Agreement and the rights of the Participant hereunder are subject
to all the terms and conditions of the Plan, as the same may be amended from time to time, as
well as to such rules and regulations as the Committee may adopt for administration of the
Plan. It is expressly understood that the Committee or its designee is authorized to
administer, construe, and make all determinations necessary or appropriate to the
administration of the Plan and this Award Agreement, all of which will be binding upon the
Participant.

	16.  	Required Approvals: This Award Agreement will be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities
exchanges as may be required.

	17.  	Governing Law: To the extent not preempted by federal law, this Award Agreement will be
governed by, and construed in accordance with, the laws of the State of Michigan, USA.

	18.  	Amendment: This Award Agreement may be amended or modified by the Committee as long as the
amendment or modification does not materially adversely affect your Award, provided, however,
that the Company may amend this Award Agreement in any manner reasonably intended to avoid the
acceleration of tax and the possible imposition of penalties under Section 409A of the Code.

By signing this Award Agreement, you hereby acknowledge:

	(a)  	that the Plan is discretionary in nature and may be suspended or terminated at any time;

	(b)  	that each grant of a Performance Unit is a one-time benefit which does not create any
contractual or other right to receive future grants of Performance Units, or benefits in lieu
of Performance Units;

	(c)  	that all determinations with respect to future grants, if any, including, but not limited to,
the times when the Performance Units will be granted, the number of Units subject to each
grant, and the time or times when each Share will vest, will be at the sole discretion of the
Board of Directors;

	(d)  	that your participation in the Plan does not create a right to further employment with your
employer and will not interfere with the ability of your employer to terminate your employment
relationship at any time with or without cause;

	(e)  	that your participation in the Plan is voluntary;

 

 

	(f)  	that the value of the Performance Units is an extraordinary item of compensation which is
outside the scope of your employment contract, if any;

	(g)  	that the Performance Units are not part of normal and expected compensation for purposes of
calculating any severance, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments;

	(h)  	that the right to the grant ceases upon termination of employment for any reason except as
may otherwise be explicitly provided in the Plan or this Award Agreement; and

	(i)  	that the future value of the Performance Units is unknown and cannot be predicted with
certainty.

By signing this Award Agreement, and as a condition of the grant of the Performance Units, you
hereby consent to the collection, use and transfer of personal data as described below.

You understand that the Company and its subsidiaries hold certain personal information about you,
including, but not limited to, your name, home address and telephone number, email address, date of
birth, social security number, salary, nationality, job title, any shares of stock or directorships
held in the Company, details of all Performance Units or other entitlement to Shares awarded,
canceled, exercised, vested, unvested or outstanding in your favor, for the purpose of managing and
administering the Plan (“Data”).

You further understand that the Company and/or its subsidiaries will transfer Data amongst
themselves as necessary for the purposes of implementation, administration and management of your
participation in the Plan, and that the Company and/or its subsidiaries may each further transfer
Data to any third parties assisting the Company in the implementation, administration and
management of the Plan (“Data Recipients”). You understand that these Data Recipients may be
located in your country of residence or elsewhere.

You hereby authorize the Data Recipients to receive, possess, use, retain and transfer Data in
electronic or other form, for the purposes of implementing, administering and managing your
participation in the Plan, including any transfer of such Data, as may be required for the
administration of the Plan and/or the subsequent holding of Shares on your behalf.

You understand that you may, at any time, review the Data, require any necessary amendments to it
or withdraw the consent herein in writing by contacting the Company. You further understand that
withdrawing consent may affect your ability to participate in the Plan and/or may affect your
Award.

	19.  	If you have any questions regarding your Award or this Award Agreement, or would like a copy
of the Plan, please contact << >>, Director, Compensation, at << >>.

Sincerely,

James P. Hackett

President and CEO

 

 

	20.  	Please acknowledge your agreement to participate in the Plan and this Award Agreement, and to
abide by all of the governing terms and provisions, by signing the following representation.
Your signed representation must be returned by << >> to:

Compensation Department (CH-2E-04)

Steelcase Inc.

PO Box 1967

Grand Rapids, MI 49501-1967

Agreement to Participate

By signing a copy of this Award Agreement and returning it I acknowledge that I have read the Plan,
and that I fully understand all of my rights under the Plan, as well as all of the terms and
conditions that may limit my rights under this Award Agreement. Without limiting the generality of
the preceding sentence, I understand that, subject to the terms of the Plan and this Award
Agreement, my right to the Performance Units granted under this Award is conditioned upon my
continued employment with the Company.

	 	 	 	 	 
	Date:
	 	 	 	 
	

	 	

	 	 
	Participant:
	 	 	 	 
	

	 	 	 	 

	 	 	 
	

	 	«FIRST_NAME» «LAST_NAME»
	

	 	«SSN»

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