Document:

exv10w1

Exhibit 10.1

__________, 20__

TENNECO INC. 2006 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

     _____________________________

     Participant

     Pursuant to the provisions of the Tenneco Inc. 2006 Long-Term Incentive Plan (as the same may
be amended from time to time in accordance with its terms, the “Plan”), you were granted an Award
of [_______] shares of Common Stock of Tenneco Inc. (“Shares”) as of [________] (“Grant Date”).
The “Restricted Period” applicable to this Award begins on the Grant Date and ends (i) as to the
first one-third of the Shares, on the first anniversary of the Grant Date, (ii) as to the second
one-third of the Shares, on the second anniversary of the Grant Date and (iii) as to the remaining
one-third of the Shares, on the third anniversary of the Grant Date, with each such anniversary
date being referred to herein as a “Vesting Date”. Notwithstanding the preceding sentence, in the
event you (a) satisfy the requirements for Retirement or Total Disability (other than termination
of employment with the Company and its Subsidiaries) prior to the Vesting Date with respect to any
of the Shares (the date on which you satisfy the requirements for Retirement or Total Disability
being referred to herein as the “Tax Vesting Date”) and (b) elect to satisfy the tax withholding
obligation arising on the Tax Vesting Date pursuant to paragraph (c) of the second to the last
paragraph of this Agreement, then the Restricted Period shall end on the Tax Vesting Date with
respect to that number of Restricted Shares (as defined herein) having a Fair Market Value
(determined as of the Tax Vesting Date) equal to the amount of taxes required to be withheld
pursuant to the provisions of paragraph (c) of the second to the last paragraph of this Agreement
with respect to all Restricted Shares for which the Vesting Date has not occurred prior to the Tax
Vesting Date. Any Restricted Shares for which the Restricted Period ends as the result of the Tax
Vesting Date shall be treated as attributable to successive tranches of Shares for which a Vesting
Date has not occurred as of the Tax Vesting Date (and shall reduce the number of Shares in
applicable tranches that will otherwise vest on future applicable Vesting Dates), beginning with
the tranche of Shares with the first Vesting Date that occurs after the Tax Vesting Date. As used
herein, the term “Restricted Shares” means any Shares subject to this Award and for which the
Restricted Period remains in effect.

     During the applicable Restricted Period, and until all conditions imposed on the related
Restricted Shares are satisfied, such Restricted Shares are restricted in that (i) they will be
held by the Company and may not be sold, transferred, pledged or otherwise encumbered, tendered or
exchanged, or disposed of, by you unless otherwise provided by the Plan and (ii) they are subject
to forfeiture by you under certain circumstances as described herein and in the Plan. However, as
long as the applicable Restricted Shares have not been forfeited, during the related Restricted
Period (a) you will be entitled to receive, subject to withholding for taxes, dividends (which for
tax purposes will generally be treated as ordinary compensation) payable on the Restricted Shares,
which the Company may require to be reinvested in additional shares of Common Stock subject to the
same restrictions as the shares on which such dividends are paid and (b) you may vote the
Restricted Shares. If you remain employed by the Company and its Subsidiaries
throughout the applicable Restricted Period and all the conditions are satisfied, or if your
employment by the Company and its Subsidiaries terminates before the termination of the applicable
Restricted Period as a result of your Retirement, death or Total Disability, the restrictions on
the related Restricted Shares will lapse, and shares of Common Stock in an amount equal to the
number of Restricted Shares as to which the restrictions have lapsed will be delivered to you (or
your beneficiary), subject to withholding for taxes. Generally, if your employment terminates for
any other reason before the expiration of the Restricted Period, you will forfeit the Restricted
Shares unless the Committee determines otherwise. You agree that the term “Restricted Shares”
shall include any shares or other securities which you may receive or be entitled to receive as a
result of the ownership of the original Restricted Shares, whether they are issued as a result of a
share split, share dividend, recapitalization, or other subdivision or consolidation of shares
effected without receipt of consideration by the Company or the result of the merger or
consolidation of the Company, or sale of assets of the Company. For purposes hereof, the term
“Retirement” means termination of your employment after you have met the eligibility requirements
for early or normal retirement as established in accordance with the retirement plan of the Company
or its Subsidiaries covering you at the time such termination occurs and the term “Total
Disability” means your permanent and total disability as determined under the rules and guidelines
established by the Company in order to qualify for long-term disability coverage under the
Company’s long-term disability plan in effect at the time of such determination.

 

 

     You will generally be taxed on the value of the Restricted Shares on the applicable Vesting
Date or, if earlier, on the Tax Vesting Date. However, as an alternative, you may elect under
Internal Revenue Code Section 83(b) to be taxed on the value of the Restricted Shares on the Grant
Date, identified above. Whether it is beneficial for you to make this election should be
determined after consultation with your personal tax advisor. If you make this election, the value
of the Restricted Shares will be taxable to you in the year of the Grant Date, rather than in the
year that the restrictions lapse. If you choose to make this election, you must so notify the
Company in writing, file the election with the Internal Revenue Service within thirty (30) days
after the Grant Date, and promptly pay the Company the amount it determines is needed to satisfy
tax withholding requirements. You hereby agree that the Restricted Shares shall be held by the
Company during the Restricted Period.

     All distributions under the Plan, including any distribution in respect of this Award, are
subject to withholding of all applicable taxes, and the delivery of any shares or other benefits
under the Plan or this Award is conditioned on satisfaction of the applicable tax withholding
obligations. Except as otherwise provided by the Committee, such withholding obligations may be
satisfied (a) through cash payment by the Participant, (b) through the surrender of shares of
Common Stock which the Participant already owns, or (c) through the surrender of shares of Common
Stock to which the Participant is otherwise entitled under the Plan; provided, however, that such
shares of Common Stock under this paragraph (c) may be used to satisfy not more than the Company’s
minimum statutory withholding obligation (based on minimum statutory withholding rates for Federal
and state tax purposes, including without limitation payroll taxes, that are applicable to such
supplemental taxable income). The Company shall have the right to deduct from this Award, shares
sufficient to satisfy any tax withholdings required by law.

     Enclosed is a form by which you may designate a beneficiary in the event of your death. This
Award is subject to all of the definitions, terms and conditions of the Plan, a copy of which is
enclosed. In the event of any discrepancy between the provisions of the Plan and this or any other
communication regarding the Plan, the provisions of the Plan control. Capitalized terms used and
not otherwise defined herein shall have the meanings ascribed to them in the Plan.exv10w2

Exhibit 10.2

SECOND AMENDMENT TO

TENNECO INC. INCENTIVE DEFERRAL PLAN

     WHEREAS, Tenneco Inc. maintains the Tenneco Inc. Incentive Deferral Plan (the “Plan”);

     WHEREAS, the Plan was most recently amended and restated effective as of January 1, 2008;

     WHEREAS, the Plan was previously amended to make certain clarifying changes with respect to
deferral elections; and

     WHEREAS, it is now desirable to amend the Plan to reflect prospective changes relating to
deferral elections under the Plan;

     NOW, THEREFORE, the Plan is hereby amended, effective as of January 1, 2011, in the following
particulars:

     1. By substituting the following for Sections 4, 5 and 6 of the Plan, respectively:

“4. Elections to Defer—Participants

A Participant may elect in writing to defer receipt of all or a specified portion of his or her
bonuses or incentive compensation to be received with respect to a calendar year (‘Deferral
Election’), provided that the bonuses or incentive compensation, as applicable, are contingent on
the satisfaction of pre-established organizational or individual performance criteria relating to a
performance period of at least 12 consecutive months. Once received by the Committee, a Deferral
Election shall be irrevocable for the year to which it relates and will remain in effect for
subsequent calendar years unless and until modified by the Participant for a subsequent calendar
year in accordance with the terms of the Plan and in accordance with rules and procedures
established by the Committee.

A Deferral Election must be made prior to June 30 of the calendar year in which the bonuses or
incentive compensation will be awarded (but only to the extent the bonuses or incentive
compensation qualify as performance-based compensation under Code Section 409A). A new Participant
in the Plan shall have 30 days following the date on which he or she first becomes a Participant to
make a Deferral Election with respect to bonuses or incentive compensation to be awarded within
that calendar year. Where the Deferral Election is made in the first year of eligibility but after
the beginning of the performance period for the bonus or incentive compensation, as applicable, the
Deferral Election (which shall be irrevocable when made) shall apply to no more than an amount
equal to the total amount of the bonus or incentive compensation, as applicable, for the
performance period, multiplied by the ratio of the number of days remaining in the performance
period after the Deferral Election is made over the total number of days in the performance period.
Bonuses or incentive compensation deferred under the Plan shall be referred to as the ‘Deferred
Amounts’.

Each Deferral Election shall indicate whether the bonus or incentive compensation, as applicable,
credited to the Participant’s Deferred Compensation Account(described in Section 6

 

 

below) for a given calendar year shall be distributed to the Participant as a specified in-service
distribution or as a distribution upon termination of employment with the Company as described in
Section 8(a), provided that the same distribution date shall be selected for all Deferred Amounts
deferred for a given calendar year. If the Participant does not indicate in the Participant’s
Deferral Election that his or her Deferred Amounts deferred for a given calendar year are to be
distributed as a specified date in-service distribution, or if the Participant terminates
employment with the Company prior to the date of his or her specified date in-service distribution,
such Deferred Amounts shall be distributed to the Participant upon his or her termination of
employment with the Company as described in Section 8(a).

5. Elections to Defer—Outside Directors

Directors who are not employees of the Company or its subsidiaries (‘Outside Directors’) may elect
in writing (a ‘Director Deferral Election’) to defer all or a specified portion of his or her
annual retainer fee or any other applicable fees (collectively, ‘Discretionary Deferred Fees’)
payable in cash with respect to a calendar year, subject to the terms of this Plan. A Director
Deferral Election must be made prior to December 31 of the calendar year preceding the calendar
year to which the Director Deferral Election will apply (or such earlier date specified by the
Committee) and shall be irrevocable as of such December 31. An Outside Director’s Director
Deferral Election will remain in effect for subsequent calendar years unless and until modified by
the Outside Director for a subsequent calendar year in accordance with the terms of the Plan and in
accordance with rules and procedures established by the Committee.

A newly appointed or elected Outside Director shall have 30 days following his or her initial
appointment or election as a director to make a Director Deferral Election with respect to his or
her Discretionary Deferred Fees for services to be performed after the election and during the
remainder of the calendar year of his or her initial appointment or election and any Director
Deferral Election filed in accordance with this sentence shall be irrevocable when filed with the
Company.

All amounts credited to an Outside Director’s Deferred Compensation Account (described in Section 6
below) shall be distributed to the Outside Director upon his or her separation from service with
the Company as described in Section 8(b). Amounts credited to an Outside Director’s Deferred
Compensation Account will be settled in cash or, if the Company so elects, shares of the Company’s
common stock offered under the Company’s principal equity incentive plan then in effect.

6. Establishment of Deferred Compensation Account

The Company shall establish a memorandum account (a ‘Deferred Compensation Account’) on its books
for a Participant at the time of the Participant’s Deferred Election and for an Outside Director at
the time of the Outside Director’s Director Deferral Election; provided, however, that any Deferred
Compensation Accounts established under the Plan prior to January 1, 2011 shall continue to be
maintained from and after January 1, 2011 in accordance with the terms and conditions of the Plan.
Deferrals under Section 4 and Section 5 shall be credited to the Deferred Compensation Account of
the respective Participant or Outside Director for a given calendar year as of the day on which he
or she would otherwise be entitled to receive the compensation.

2

 

Any required withholding for taxes (e.g., Social Security taxes) on the Deferred Amount shall be
made from other compensation of the Participant. Adjustments as provided below shall be made to
the Deferred Compensation Accounts.”

     2. By substituting the following for the second sentence of Section 7 of the Plan:

“A Participant or Outside Director may select the investment option used to determine the earnings
factor with respect to his or her Deferred Compensation Account and may change the selection at any
time, except that the portion of an Outside Director’s Deferred Compensation Account attributable
to Deferred Fees (as defined in the Plan prior to January 1, 2011), and adjustments thereof, shall
be credited with an earnings factor based solely on a deemed investment in the Tenneco Inc. stock
index account.”

     IN WITNESS WHEREOF, the Company has caused the Plan to be amended as set forth herein by its
authorized officer.

TENNECO INC.

By:________________________

Its:________________________

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