Document:

EX-10.11

EXHIBIT 10.11

MARTIN MARIETTA MATERIALS, INC.

OPTION AWARD AGREEMENT

     THIS
OPTION AWARD AGREEMENT, made as of _________, between Martin Marietta Materials, Inc.,
a North Carolina corporation (the “Corporation”), and «Full_Name», «Address», «City_Zip» (the “Employee”).

1. GRANT

     Pursuant to the Martin Marietta Materials, Inc. Amended and Restated Stock-Based Award Plan
(the “Plan”), the Corporation hereby grants the Employee the option to purchase «Options» shares of Martin
Marietta Materials, Inc. common stock, $0.01 par value per share (“Stock”) (the option to purchase
any one share of stock hereunder is referred to as an “Option”), subject to the terms and
conditions contained in this Award Agreement and the Plan, a copy of which is enclosed herewith and
made a part hereof with the same effect as if set forth herein. The terms “Option” and “Options”
as used in this Award Agreement refer only to the Options awarded to you under this Award
Agreement.

2. EXERCISE RIGHTS

     Subject to the Employee’s continued employment with the Corporation on the vesting date for
any installment, except as provided in Section 6 herein, the Options granted hereby shall vest and
become exercisable in installments as follows:

	 
	 
	 

	 
	 
	Number of Shares

	Exercise Date
	 
	First Exercisable (Vesting Date)

	_________

	 
	«_________»

	_________

	 
	«_________»

	_________
	 
	«_________»

	_________

	 
	«_________»

Notwithstanding the foregoing, upon the occurrence of a change in control of the Corporation as set
forth in Section 11 hereof, these Options shall become fully vested and exercisable without
limitation.

3. TRANSFERABLE ONLY UPON DEATH

     These Options shall not be assignable or transferable by the Employee except by will or the
laws of descent and distribution and shall be exercisable during the Employee’s lifetime only by
such Employee or, if legally incapacitated, by his or her guardian or authorized representative.

 

 

4. OPTION PRICE

     The per share exercise price of the Options granted hereunder is $_________, subject to
adjustment under the Plan. The exercise price must be paid in cash or its equivalent.

5. TERM

     Once an Option becomes exercisable pursuant to Section 2 herein, subject to early expiration
upon termination of employment as set forth in Section 6 below, it shall remain exercisable until,
but not including, _________ (the “Expiration Date”). Any portion of this Option that is not
exercised prior to the Expiration Date shall be automatically canceled on the Expiration Date.

6. TERMINATION, RETIREMENT, DISABILITY OR DEATH

	 
	(a)
	 
	Termination

	 

	 
	 
	 
	      If the Employee’s employment with the Corporation is terminated for any reason
other than Early Retirement, Normal Retirement, Disability (each, as defined below)
or death, whether by the Employee or by the Corporation, and in the latter case
whether with or without cause, then (i) Options which are not vested on the
effective date of such termination shall expire upon such termination and (ii) those
Options which are vested on the effective date of such termination shall expire
ninety (90) calendar days thereafter.

	 

	 
	(b)
	 
	Early Retirement

	 

	 
	 
	 
	     If the Employee retires from the Corporation prior to reaching age 62 but on or
after reaching age 55 under circumstances that qualify for early retirement in
accordance with the terms of the Martin Marietta Materials, Inc. Pension Plan
(“Early Retirement”), then (i) Options which are not vested on the effective date of
such Early Retirement shall expire upon such termination and (ii) those Options
which are vested on the effective date of such Early Retirement shall expire ninety
(90) calendar days thereafter; provided, however, that, the Management Development
and Compensation Committee of the Board of Directors of the Corporation (the
“Committee”) or (for persons not subject to Section 16 of the Securities Exchange
Act of 1934, as amended) the Board of Directors or the Chief Executive Officer may,
in its or his sole discretion, as applicable, determine to treat such Early
Retirement as a Normal Retirement hereunder, in which case all outstanding Options
shall remain outstanding until the Expiration Date, unaffected by such Early
Retirement, and any such unvested Options shall continue to vest pursuant to the
terms herein; provided, however, that any such determination to treat Early
Retirement as a Normal Retirement hereunder shall be made only after consideration
of the implications of such determination under Section 409A of the Internal Revenue
Code of 1986, as amended (“Section 409A”).

 

 

	 
	(c)
	 
	Normal Retirement or Disability

	 

	 
	 
	 
	     If the Employee retires from the Corporation after reaching age 62 under
circumstances that qualify for normal retirement in accordance with the terms of the
Martin Marietta Materials, Inc. Pension Plan (“Normal Retirement”) or ceases active
employment with the Corporation as the result of a disability under circumstances
entitling the Employee to the commencement of benefits under a long-term disability
plan maintained by the Corporation (a “Disability”), then all outstanding Options
shall remain outstanding until the Expiration Date, unaffected by such Normal
Retirement or Disability and any such unvested Options shall continue to vest
pursuant to the terms herein.

	 

	 
	(d)
	 
	Death

	 

	 
	 
	 
	     If the Employee dies, without regard to whether the Employee was at the time of
death still in the employ of the Corporation, then all outstanding unvested Options
shall immediately become fully vested and exercisable. Following the death of the
Employee, all outstanding Options shall expire one (1) year following the date of
the Employee’s death. In such event, the Options may be exercised by the authorized
representative of the Employee’s estate.

7. LIMITATIONS ON EXERCISE

     Notwithstanding any other provisions herein, no Option may be exercised under any
circumstances on or after the Expiration Date. In addition, the Options granted hereunder must be
exercised in increments of 100 unless fewer than 100 Options remain exercisable in this specific
option grant.

8. MANNER OF EXERCISE

     These Options may be exercised, in whole or in part, by delivery of a written notice of
exercise to the Corporation, in a form satisfactory to the Committee, specifying the number of
shares as to which the Options are being exercised, subject to the limitation in Section 7 hereof.
Full payment of the exercise price for the Options that are being exercised must accompany the
notice of exercise. Payment accompanying the notice of exercise must be made in cash or its
equivalent (including personal check).

9. EMPLOYEE’S REPRESENTATION

     The Employee acknowledges that the obligation of the Corporation to deliver Stock or otherwise
consummate the exercise of any Option upon the delivery of a written notice of exercise is subject
to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as
may be required. Notwithstanding any terms or conditions herein to the contrary, the Corporation
shall be under no obligation to offer to sell or to sell and shall be

 

 

prohibited from offering to sell or selling any shares of Stock pursuant to the exercise of any
Option hereunder unless such shares have been properly registered for sale pursuant to the
Securities Exchange Act of 1933, as amended (the “Securities Act”), with the Securities and
Exchange Commission or unless the Corporation has received the advice of counsel, satisfactory to
the Corporation, that such shares may be offered or sold without such registration pursuant to an
available exemption therefrom and the terms and conditions of such exemption have been fully
complied with. The Company shall be under no obligation to register for sale or resale under the
Securities Act any of the shares of Stock to be offered or sold hereunder. If the shares of Stock
offered for sale or sold hereunder are offered or sold pursuant to an exemption from registration
under the Securities Act, the Corporation may restrict the transfer of such shares and may legend
the Stock certificates representing such shares in such manner as it deems advisable to ensure the
availability of any such exemption. The Employee or other person exercising these Options may be
required to make such representations, enter into such agreements and undertakings, including but
not limited to execution of stock powers, and furnish such information and other documents as the
Corporation may consider appropriate and in compliance with applicable law.

10. TAX WITHHOLDING

     At the time of exercise, the Corporation will withhold applicable taxes as required by law.
The Employee must pay the withholding tax in cash at the time of exercise, or, subject to the
continuing approval of the Committee, may elect to have shares applied to satisfy the withholding
obligation. If the Employee is an Insider, the Employee’s ability to elect to satisfy his/her
withholding obligations by applying shares may be limited by the federal securities laws. To the
extent that cash is not timely tendered, the Employee will be deemed to have elected to pay the
withholding tax in Stock. If the Employee is an Insider, in situations where the federal
securities laws limit the Employee’s ability to elect such treatment, having such treatment deemed
to occur may have adverse consequences. Stock tendered in satisfaction of the withholding
obligation will be valued at the Fair Market Value determined by the closing price as of the most
recent closing prior to exercise as such closing price is reported in the Wall Street Journal.
Withholding will be at the minimum rate prescribed by law; therefore, the Employee may owe
additional taxes as a result of the exercise of an Option. An Employee who is paying the
withholding tax in cash may pay the withholding at greater than the minimum rate. An Employee who
elects to have shares applied to satisfy the withholding obligation may not request tax to be
withheld at greater than the minimum rate.

11. CHANGE IN CONTROL

     In the event of a change in control of the Corporation, as defined in Section 11 of the Plan,
then the vesting date of all outstanding Options shall be accelerated so as to cause all
outstanding Options to be exercisable.

 

 

12. AMENDMENT AND TERMINATION OF PLAN OR AWARDS

     As provided in Section 8 of the Plan, subject to certain limitations contained within
Section 8, the Board of Directors may at any time amend, suspend or discontinue the Plan and the
Committee may at any time alter or amend all Award Agreements under the Plan. Notwithstanding
Section 8 of the Plan, no such amendment, suspension or discontinuance of the Plan or alteration or
amendment of this Award Agreement shall, except with your express written consent, adversely affect
any Option granted under this Award Agreement; provided, however, that the Board of Directors or
the Committee may amend the Plan or this Award Agreement to the extent it deems appropriate to
cause this Agreement or the Options hereunder to comply with Section 409A (including the
distribution requirements thereunder) or be exempt from Section 409A or the tax penalty under
Section 409A(a)(1)(B).

13. EXECUTION OF AWARD AGREEMENT

     No Option granted under this Award Agreement is exercisable nor is this Award Agreement
enforceable until this Award Agreement has been fully executed by this Corporation and the
Employee. By executing this Award Agreement, the Employee shall be deemed to have accepted and
consented to any action taken under the Plan by the Committee, the Board of Directors or their
delegates.

14. MISCELLANEOUS

	 
	(a)
	 
	For the purpose of calculating the expiration date of Options granted under
this Award Agreement, all Options will be deemed to expire at 4:30 p.m. Eastern Time on
the day of expiration. Further, if the day an Option would otherwise expire is not a
business day then such Options will be deemed to expire at 4:30 p.m. Eastern Time on
the next succeeding business day. For this purpose, the term business day shall be
deemed to mean a day upon which the Corporation is conducting business.

	 

	 
	(b)
	 
	If the Employee is on an approved on leave of absence, he or she will be
considered as still in the employ of the Corporation unless otherwise provided in an
agreement between the Employee and the Corporation.

	 

	 
	(c)
	 
	Nothing contained in this Award Agreement or in any Option granted hereunder
shall confer upon the Employee any right of continued employment by the Corporation,
expressed or implied, nor limit in any way the right of the Corporation to terminate
the Employee’s employment at any time.

	 

	 
	(d)
	 
	The Employee or the person or persons to whom the Employee’s rights under this
Option shall have passed by will or by the laws of descent and distribution, as the
case may be, shall have no rights as a shareholder with respect to any securities
covered by this Award Agreement until the date the Employee becomes the holder of
record.

 

 

	 
	(e)
	 
	Except as provided under Section 6(d) herein or as otherwise provided or
allowed in the Plan, neither these Options nor any of the rights or obligations
hereunder shall be assigned or delegated by either party hereto.

15. NOTICES

     Notices and all other communications provided for in this Award Agreement shall be in writing
and shall be deemed to have been duly given when personally delivered or when mailed by United
States overnight mail, postage prepaid, addressed as follows:

     If to the Employee, to the address set forth in the first paragraph in this Award Agreement.

     If to the Corporation, to:

Martin Marietta Materials, Inc.

2710 Wycliff Road

Raleigh, North Carolina 27607

Attn: Corporate Secretary

or to such other address or such other person as the Employee or the Corporation shall designate in
writing in accordance with this Section 15, except that notices regarding changes in notices shall
be effective only upon receipt.

16. GOVERNING LAW

     This Award Agreement shall be governed by the laws of the State of North Carolina.

     IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed and the
Employee has hereunto set his hand as of the day and year first above written.

	 
	 
	 
	 
	 
	 
	 

	 
	 
	Martin Marietta Materials, Inc.
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 

	 
	By:
	 
	 
	 
	 

	 

	 
	 
	 
	 
	 
	 

	 

	 
	 
	 
	Corporate Secretary	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	Employee
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 

	 
	 
	 
	 
	 
	 

	 

	 
	 
	 
	Employee’s SignatureEX-10.12

EXHIBIT 10.12

MARTIN MARIETTA MATERIALS, INC.

RESTRICTED STOCK UNIT AGREEMENT

     THIS RESTRICTED STOCK
UNIT AGREEMENT (the “Award Agreement”), made as of _________, between
Martin Marietta Materials, Inc., a North Carolina corporation (the “Corporation”), and
«FirstName» «LastName», «Address1», «City», «State» «PostalCode»
(the “Employee”).

1. GRANT

     Pursuant to the Martin Marietta Materials, Inc. Amended and Restated Stock-Based Award Plan
(the “Plan”), the Corporation hereby grants the Employee «RestrictedStock» Restricted Stock Units
on the terms and conditions contained in this Award Agreement, and subject to the terms and
conditions of the Plan. The term “Restricted Stock Unit” or “Unit(s)” as used in this Award
Agreement refers only to the Restricted Stock Units awarded to the Employee under this Award
Agreement.

2. GRANT DATE

     The Grant Date is _________.

3. RESTRICTION PERIOD

     Subject to the terms and conditions hereof and of the Plan, the restriction period begins on
the Grant Date and ends on _________ (the “Vesting Date”).

4. DIVIDEND EQUIVALENTS

     On each date that dividends are paid (each a “Dividend Payment Date”) on shares of the
Corporation’s common stock, par value $0.01 per share (the “Common Stock”) with respect to which
the record date (the “Record Date”) also occurs during the Restriction Period, the Corporation will
credit to an account for the Employee an amount equal to the dividend paid on a share of the Common
Stock multiplied by the number of Restricted Stock Units. These dividend equivalent amounts shall
be paid to the Employee quarterly on each March 31, June 30, September 30 and December 31 during
the Restriction Period; provided, however, that if any such date falls on a non-business day, such
payment will be made on the business day immediately prior to such date. Any remaining dividend
equivalent amounts credited to the account of the Employee on the date that the Restricted Stock
Units are converted to shares of Common Stock, or subsequently credited to such account with
respect to a Record Date that occurs during the Restriction Period, shall be paid to the Employee
on the next successive Dividend Payment Date. The dividend equivalent amounts shall be paid from
the general assets of the Corporation and shall be treated and reported as additional compensation
for the year in which payment is made.

 

 

5. AWARD PAYOUT

     Unless forfeited or converted and paid earlier as provided in Section 7 below, the Restricted
Stock Units granted hereunder will vest (“Vest”) and be converted into shares of Common Stock and
delivered to the Employee as soon as practicable following the Vesting Date (but in no event later
than 60 days following the Vesting Date) provided that the Employee is employed by the Corporation
on the Vesting Date. The vesting and conversion from Units to Common Stock will be one Unit for
one share of Common Stock.

6. TRANSFERABLE ONLY UPON DEATH

     This Restricted Stock Unit grant shall not be assignable or transferable by the Employee
except by will or the laws of descent and distribution.

7. TERMINATION, RETIREMENT, DISABILITY OR DEATH

	 
	(a)
	 
	Termination. If the Employee’s employment with the Corporation is
terminated prior to the Vesting Date for any reason other than on account of death,
Disability or Retirement (in each case, as defined below), whether by the employee or
by the Corporation, and in the latter case whether with or without cause, then the
Units will be forfeited upon such termination.

	 

	 
	(b)
	 
	Retirement or Disability. If the Employee’s employment with the
Corporation is terminated prior to the Vesting Date upon Retirement (as defined below)
or as the result of a disability under circumstances entitling the Employee to the
commencement of benefits under a long-term disability plan maintained by the
Corporation (“Disability”), then the restriction period shall be accelerated so as to
cause all outstanding units to be converted to shares of Common Stock; provided,
however, that in the case of the Employee’s termination on account of Retirement or
Disability, if the Vesting Date occurs following such termination but before the date
which is six months following such termination, the Vesting Date shall be postponed
until the date that is six months following such termination, but only to the extent
that the Employee is determined by the Corporation to be a “specified employee” within
the meaning of Section 409A the Internal Revenue Code of 1986, as amended (“Section
409A) on the date of such termination. “Retirement” is defined as termination of
employment with the Corporation after reaching age 62 under circumstances that qualify
for normal retirement in accordance with the Martin Marietta Materials, Inc. Pension
Plan; provided, that, the Management Development and Compensation Committee of the
Board of Directors may in its sole discretion classify an Employee’s termination of
employment as Retirement under other circumstances.

 

 

	 
	(c)
	 
	Death. If, prior to the Vesting Date, the Employee dies while employed
by the Corporation or after termination by reason of Disability, then the Restriction
Period shall lapse and the Vesting Period shall be accelerated and all outstanding
Units shall be converted into shares of Common Stock and delivered to the Employee’s
estate or beneficiary.

	 

	 
	(d)
	 
	Committee Negative Discretion. The Management Development and
Compensation Committee of the Board of Directors may in its sole discretion decide to
reduce or eliminate any amount otherwise payable with respect to an award under
Sections 7(b) or 7(c).

8. TAX WITHHOLDING

     At the time Units are converted into shares of Common Stock and delivered to the Employee, the
Employee will recognize ordinary income equal to the fair market value of the common shares
received. The Corporation shall withhold applicable taxes as required by law at the time of such
Vesting by deducting shares of Common Stock from the payment to satisfy the obligation prior to the
delivery of the certificates for shares of Common Stock. Withholding will be at the minimum rates
prescribed by law; therefore, the Employee may owe additional taxes as a result of the
distribution. The Employee may not request tax to be withheld at greater than the minimum rate.
If the Employee terminates employment on account of Disability or Retirement and the Units are not
forfeited, the Corporation may require the Employee to pay to the Corporation or withhold from the
Employee’s compensation, by canceling Units or otherwise, an amount equal to satisfy the obligation
to withhold federal employment taxes as required by law.

9. CHANGE IN CONTROL

     In the event of a change in control of the Corporation, as defined in Section 11 of the Plan,
the Restriction Period of all outstanding Units shall lapse and the Vesting Date shall be
accelerated and all outstanding Units to convert to shares of Common Stock.

10. AMENDMENT AND TERMINATION OF PLAN OR AWARDS

     As provided in Section 8 of the Plan, subject to certain limitations contained within Section
8, the Board of Directors may at any time amend, suspend or discontinue the Plan and the Management
Development and Compensation Committee of the Board of Directors may at any time alter or amend all
Award Agreements under the Plan. Notwithstanding Section 8 of the Plan, no such amendment,
suspension or discontinuance of the Plan or alteration or amendment of this Award Agreement shall
accelerate any distribution under the Plan or, except with the Employee’s express written consent,
adversely affect any Restricted Stock Unit granted under this Award Agreement; provided, however,
that the Board of Directors or the Management Development and Compensation Committee may amend the
Plan or this Award Agreement to the extent it deems appropriate to cause this Agreement or the
Units hereunder to comply with Section 409A (including the distribution requirements thereunder) or be exempt from Section
409A or the tax penalty under Section 409A(a)(1)(B). If the Plan and the
Award Agreement are terminated in a manner consistent with the
requirements of Treas. Reg. § 1.409A-3(j)(4)(ix), the Board
of Directors may, in its sole discretion, accelerate the conversion
of Units to shares of Common Stock and immediately distribute such
shares of Common Stock to the Employee.

 

 

11. EXECUTION OF AWARD AGREEMENT

     No Restricted Stock Unit granted under this Award Agreement is distributable nor is this
Award Agreement enforceable until this Award Agreement has been fully executed by the Corporation
and the Employee. By executing this Award Agreement, the Employee shall be deemed to have accepted
and consented to any action taken under the Plan by the Management Development and Compensation
Committee, the Board of Directors or their delegates.

12. MISCELLANEOUS

	 
	(a)
	 
	Nothing contained in the Award Agreement confers on the Employee the rights
of a shareholder with respect to this Restricted Stock Unit award during the
Restriction Period.

	 

	 
	(b)
	 
	For purposes of this Award Agreement, the Employee will be considered to be
in the employ of the Corporation during an approved leave of absence unless otherwise
provided in an agreement between the Employee and the Corporation.

	 

	 
	(c)
	 
	Nothing contained in this Award Agreement or in any Restricted Stock Unit
granted hereunder shall confer upon any Employee any right of continued employment by
the Corporation, expressed or implied, nor limit in any way the right of the
Corporation to terminate the Employee’s employment at any time.

	 

	 
	(d)
	 
	Except as provided under Section 6 herein, neither these Units nor any of the
rights or obligations hereunder shall be assigned or delegated by either party hereto.

13. NOTICES

Notices and all other communications provided for in this Award Agreement shall be in writing and
shall be deemed to have been duly given when personally delivered or when mailed by overnight mail
courier service, postage prepaid, addressed as follows:

If to the Employee, to the address set forth

in the first paragraph in this Award Agreement.

If to the Corporation, to:

Martin Marietta Materials, Inc.

2710 Wycliff Road

Raleigh, NC 27607

Fax: (919) 783-4535

Attn: Corporate Secretary

or to such other address or such other person as the Employee or the Corporation
shall designate in writing in accordance with this Section 13, except that
notices regarding changes in notices shall be effective only upon receipt.

14. GOVERNING LAW

     This Award Agreement shall be governed by the laws of the State of North
Carolina.

 

 

     IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed and the
Employee has hereunto set his hand as of the day and year first above written.

	 
	 
	 
	 
	 
	 
	 

	 
	 
	MARTIN MARIETTA MATERIALS, INC.
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 

	 
	By:
	 
	 
	 
	 

	 

	 
	 
	 
	 
	 
	 

	 
	 
	Corporate Secretary	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	EMPLOYEE
	 
	 

	
 
	 
	 
	 
	 
	 
	 

	 

	 
	By:
	 
	 
	 
	 

	 

	 
	 
	 
	 
	 
	 

	 

	 
	 
	 
	(Employee’s Signature)

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