Document:

hxl-ex1032_265.htm

Exhibit 10.32                           

 

 

 

RESTRICTED STOCK UNIT AGREEMENT

for

Non-Employee Directors

 

RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”), dated as of the Grant Date, by and between the Grantee identified on Annex A hereto and Hexcel Corporation (the "Company").

 

W I T N E S S E T H:

 

WHEREAS, the Company has adopted the Hexcel Corporation 2013 Incentive Stock Plan (the "Plan"); and

 

WHEREAS, the Board of Directors of the Company (the "Board") has determined that it is desirable and in the best interests of the Company to grant to the Grantee restricted stock units (“RSUs”) as an incentive for the Grantee to advance the interests of the Company.

 

NOW, THEREFORE, the parties agree as follows:

 

1.Notice of Grant; Incorporation of Plan.  Pursuant to the Plan and subject to the terms and conditions set forth herein and therein, the Company hereby grants to the Grantee the number of RSUs indicated on the Notice of Grant attached hereto as Annex A, which Notice of Grant is incorporated by reference herein.  Unless otherwise provided herein, capitalized terms used herein and set forth in such Notice of Grant shall have the meanings ascribed to them in the Notice of Grant and capitalized terms used herein and set forth in the Plan shall have the meanings ascribed to them in the Plan. The Plan is incorporated by reference and made a part of this Agreement, and this Agreement shall be subject to the terms of the Plan, as the Plan may be amended from time to time, and in the event of any conflict between the terms of the Plan and this Agreement, the terms of the Plan govern. The RSUs granted herein constitute an Award within the meaning of the Plan.  By accepting the Agreement, the Grantee agrees to be bound by the terms of the Plan and this Agreement and further agrees that all the decisions and determinations of the Board shall be final and binding.

 

2.Terms of Restricted Stock Units.  The grant of RSUs provided in Section 1 hereof shall be subject to the following terms, conditions and restrictions:

 

	
 
	
(a)
	
No Ownership.  Each RSU shall convert into one share of the Company’s common stock, $.01 par value per share (the “Common Stock”). The Grantee shall not possess any incidents of ownership (including, without limitation, dividend and voting rights) in shares of the Common Stock in respect of the RSUs until such RSUs have been distributed to the Grantee in the form of shares of Common Stock.  

 

	
 
	
(b)
	
Dividend Equivalents.  Should any dividends be declared and paid with respect to the shares of Common Stock during the period the RSUs are outstanding (i.e., shares of Common Stock issuable under the RSUs are not issued and outstanding for purposes of entitlement to the dividend), the Company shall 

 

  

 

	
 
		
credit to a dividend equivalent bookkeeping account (the “Dividend Equivalent Account”) the value of the dividends that would have been paid if the outstanding RSUs at the time of the declaration of the dividend were outstanding shares of Common Stock.  At the same time that the corresponding RSUs are converted to shares of Common Stock and distributed to the Grantee as set forth in this Agreement, the Company shall pay to the Grantee a lump sum cash payment equal to the value of the dividends credited to the Grantee’s Dividend Equivalent Account that correspond to such RSUs.  No interest shall accrue on any dividend equivalents credited to the Grantee’s Dividend Equivalent Account.

 

	
 
	
(c)
	
Transfer of RSUs.The RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and distribution. Any attempt to transfer RSUs in contravention of this Section is void ab initio. RSUs shall not be subject to execution, attachment or other process. 

 

	
 
	
(c)
	
Vesting and Conversion of Restricted Units.  Subject to Sections 2(d) and 2(e), the Restricted Units shall vest daily in proportion to the time elapsed between the Grant Date and the first anniversary of the Grant Date (the “Specified Date”), and shall be converted into an equivalent number of shares of Common Stock that will be immediately distributed to the Grantee within 30 days following (x) the Specified Date or (y) if properly and timely elected by the Grantee in accordance with the terms and conditions determined by the Committee from time to time, the date of the Grantee’s separation from service with the Company.

 

	
 
	
(d)
	
Separation from Service.  

 

	
 
	
(i)
	
In the event the Grantee separates from service with the Company for any reason, all Restricted Units shall vest, be converted into an equivalent number of shares of Common Stock and be distributed to the Grantee within 30 days of the date of such separation from service.

 

	
 
	
(ii)
	
“Separation from service” (and variations thereof) shall, for all purposes of this Agreement, have the meaning given in Section 1.409A-1(h) of the Treasury Regulations (or any successor provision).

 

	
 
	
(e)
	
Specified Employee.  Notwithstanding anything in Sections 2(c) or 2(d) to the contrary, if after the Date of Grant the Grantee subsequently becomes an employee of the Company and is a “specified employee” within the meaning of Treasury Regulation 1.409A-1(i) as of the date of his or her separation from service with the Company, then no Restricted Units convertible on account of the Grantee’s separation from service shall be converted into shares of Common Stock or distributed to the Grantee until the earlier of (i) the date which is six months after the date of the Grantee’s separation from service and (ii) the date of the Grantee’s death.

 

3.Taxes.  The Grantee shall pay to the Company promptly upon request any taxes the Company reasonably determines it is required to withhold under applicable tax laws with respect to the Restricted Units.  Such payment shall be made as provided in Section VIII(f) of the Plan.

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4.No Right to Continued Service as Director.  Nothing contained herein shall be deemed to confer upon the Grantee any right to continue to serve as a member of the Board.

 

5.Miscellaneous

 

	
 
	
(a)
	
Governing Law/Jurisdiction/Resolution of Disputes.  This Agreement shall be governed by and construed according to the laws of the State of Delaware, USA without regard to the conflicts of laws provisions thereof. Any disputes arising under or in connection with this Agreement shall be resolved by binding arbitration before a single arbitrator, to be held in the state of Connecticut, USA in accordance with the commercial rules and procedures of the American Arbitration Association. Judgment upon the award rendered by the arbitrator shall be final and subject to appeal only to the extent permitted by law. Each party shall bear such party's own expenses incurred in connection with any arbitration; provided, however, that the cost of the arbitration, including without limitation, reasonable attorneys' fees of the Grantee, shall be borne by the Company in the event the Grantee is the prevailing party in the arbitration. Anything to the contrary notwithstanding, each party hereto has the right to proceed with a court action for injunctive relief or relief from violations of law not within the jurisdiction of an arbitrator.  If any costs of the arbitration borne by the Company in accordance herewith would constitute compensation to the Grantee for United States federal income tax purposes, then the amount of any such costs reimbursed to the Grantee in one taxable year shall not affect the amount of such costs reimbursable to the Grantee in any other taxable year, the Grantee’s right to reimbursement of any such costs shall not be subject to liquidation or exchange for any other benefit, and the reimbursement of any such costs incurred by the Grantee shall be made as soon as administratively practicable, but in any event within ten (10) days, after the date the Grantee is determined to be the prevailing party in the arbitration.  The Grantee shall be responsible for submitting claims for reimbursement in a timely manner to enable payment within the timeframe provided herein.

 

	
 
	
(b)
	
Notices.  Any notice required or permitted under this Agreement shall be deemed given when delivered personally, or when mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed, as appropriate, to the Grantee at the last address specified in Grantee's records with the Company, or such other address as the Grantee may designate in writing to the Company, or to the Company, Attention:  Corporate Secretary, or such other address as the Company may designate in writing to the Grantee.

 

	
 
	
(c)
	
Failure to Enforce Not a Waiver.  The failure of either party hereto to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

 

	
 
	
(d)
	
Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be an original but all of which together shall represent one and the same agreement.

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(e)
	
Modifications; Entire Agreement; Headings.  Subject to Section 6(b), any amendment to this Agreement must be in writing and, in the case of any amendment that adversely affects the Grantee’s rights hereunder, such writing must be executed by the Grantee.  This Agreement and the Plan contain the entire agreement between the parties relating to the subject matter hereof.  This Agreement inures to the benefit of, and is binding upon, the Company and its successors-in-interest and its assigns, and the Grantee, the Grantee’s heirs, executors, administrators and legal representatives.  The section headings herein are intended for reference only and shall not affect the interpretation hereof.

 

	
 
	
(f)
	
Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

 

6.Section 409A.

	
 
	
(a)
	
It is intended that this Agreement comply in all respects with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the applicable Treasury Regulations and other generally applicable guidance issued thereunder (collectively, the “Applicable Regulations”), and this Agreement shall be interpreted for all purposes in accordance with this intent.

	
 
	
(b)
	
Notwithstanding any term or provision of this Agreement (including any term or provision of the Plan incorporated herein by reference), the parties hereto agree that, from time to time, the Company may, without prior notice to or consent of the Grantee, amend this Agreement to the extent determined by the Company, in the exercise of its discretion in good faith, to be necessary or advisable to prevent the premature inclusion in the Grantee’s gross income pursuant to the Applicable Regulations of any compensation intended to be deferred hereunder. The Company shall notify the Grantee as soon as reasonably practicable of any such amendment affecting the Grantee.

	
 
	
(c)
	
In the event that the amounts payable under this Agreement are subject to any taxes, penalties or interest under the Applicable Regulations, the Grantee shall be solely liable for the payment of any such taxes, penalties or interest.  Although the Company intends to administer the Plan and this Agreement to prevent adverse taxation under the Applicable Regulations, the Company does not represent nor warrant that the Plan or this Agreement complies with any provision of federal, state, local or other tax law.

	
 
	
(d)
	
Except as otherwise specifically provided herein, the time for distribution of the RSUs as provided in Section 2 shall not be accelerated or delayed for any reason, unless to the extent necessary to comply with or permitted under the Applicable Regulations.  Further, for the avoidance of doubt, unless an election is made in accordance with the Applicable Regulations, the Grantee shall not have the right to designate the taxable year in which the RSUs shall convert into an equivalent number of shares of Common Stock and be delivered to the Grantee.

 

 

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Annex A

 

NOTICE OF GRANT

RESTRICTED STOCK UNIT AGREEMENT

HEXCEL CORPORATION 2013 INCENTIVE STOCK PLAN

 

The following member of the Board of Directors of Hexcel Corporation, a Delaware corporation, has been granted Restricted Stock Units in accordance with the terms of this Notice of Grant and the Restricted Stock Unit Agreement to which this Notice of Grant is attached.

 

The terms below shall have the meanings ascribed to them below when used in the Restricted Stock Unit Agreement.

 

		
	
 
	
 

	
Grantee
	
 

	
 
	
 

	
 
	
 

	
Grant Date
	
 

	
 
	
 

	
 
	
 

	
Aggregate Number of RSUs 
	
 

	
Granted
	
 

	
 
	
 

 

IN WITNESS WHEREOF, the parties hereby agree to the terms of this Notice of Grant and the Restricted Stock Unit Agreement to which this Notice of Grant is attached and execute this Notice of Grant and Restricted Stock Unit Agreement as of the Grant Date.

 

	
 
	
 
	
HEXCEL CORPORATION

 

	
Grantee
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	

	
 
	
By:
	
 

	
 
	
 
	
 

	
 
	
 
	
Gail E. Lehman

	
 
	
 
	
Executive Vice President and SecretaryEX-10.1

 Exhibit 10.1 

UMB Financial Corporation 

Omnibus Incentive Compensation Plan 

PERFORMANCE SHARE UNIT AWARD AGREEMENT 

Pursuant to this Performance Share Unit Award Agreement (this “Award Agreement”), and subject to the terms and conditions herein and in the UMB
Financial Corporation Omnibus Incentive Compensation Plan (the “Plan”), UMB Financial Corporation (the “Company,” as defined in the Plan) grants an award (the “Award”) of performance share units (“PSUs”) under
the Plan to the following identified Grantee with the following specified terms: 
 Summary of Award Terms: 

Name of grantee: James D. Rine (the “Grantee”) 

Date of grant: February 11, 2020 (the “Grant Date”) 

Target number of performance share units: 7,323 (the “Target PSUs) 

Performance Period: January 1, 2020 – December 31, 2022 (“Performance
Period”) 
 Vesting: The PSUs shall vest only upon the achievement of the applicable performance criteria during the Performance
Period. Depending on the Grantee’s actual achievements, the Grantee may earn between 0% and 200% of the Target PSUs. 
 Performance
Criteria: The number of PSUs earned by the Grantee at the end of the Performance Period, if any, will be determined by the Committee, in its sole but reasonable discretion, based on the satisfaction of performance criteria identified below.
Specifically, in determining the number of PSUs earned, if any, the Committee shall determine whether the Grantee achieved the following during the Performance Period: 
  

	 	a.	 100% of Target PSUs Earned: Achievement of positive core net operating income for UMB Bank, n.a. (the
“Bank”) for all three (3) years of the Performance Period (collectively, the “First Performance Criteria”); 

  

	 	b.	 133% of Target PSUs Earned: Achievement of the First Performance Criteria and implementation of
the Q2 Online Banking and Mobile Platform services project for the Bank (collectively, the “Second Performance Criteria”); 

  

	 	c.	 166% of Target PSUs Earned: Achievement of the Second Performance Criteria and implementation of
the D1 Teller platform for the Bank (collectively, the “Third Performance Criteria”); and 

  

	 	d.	 200% of Target PSUs Earned: Achievement of the Third Performance Criteria and achievement of an
annualized salary expense reduction for fiscal year 2020 in an amount equal to the value set forth in Exhibit A to this Award Agreement, with 

  
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salary expense growth for 2021 and 2022 not to exceed the annual salary expense growth budgeted for that year. Excluded from these calculations shall be any salary expense growth due to mergers
and acquisition activity, market expansions, or new product/vertical implementations and, in the Committee’s discretion, other similar events or activities. 

For certainty, successful completion of each performance criteria builds upon, and requires completion of, each performance criteria preceding
it; for example, if the Grantee successfully achieves the positive core net operating income performance criteria, and the D1 teller performance criteria, but fails to achieve the Q2 Online Banking and Mobile Platform services performance criteria,
the Grantee will only be eligible for an Award equal to 100% of the Target PSUs. 
 Unless otherwise provided in the Award Agreement, Grantee
must continue to provide services to the Company throughout the Performance Period to remain eligible for any rights or interests with respect to this Award. 

Settlement date: As soon as practicable following the end of the Performance Period, but no later than March 15th following the last day
of the Performance Period (the Settlement Date”). 
 Capitalized terms used in this Award Agreement, unless otherwise defined, shall
have the meanings set forth in the Plan. 
 Please note that the Award is conditioned on your acknowledgment of receipt and acceptance within one year
after receiving this Award Agreement. See Section 15 below. If you do not accept the Award before the one-year anniversary of the Grant Date, your Award will be forfeited. 

  
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	1.	 Grant of Performance Share Units. The Company hereby grants this Award of PSUs, pursuant to which,
subject to the terms and conditions of this Award Agreement and the Plan, the Company will pay to the Grantee on the Settlement Date one share of Common Stock as of the Settlement Date multiplied by the number of vested PSUs earned hereby, subject
to applicable withholding for taxes. 

  

	2.	 Certain Definitions: For purposes of this Award Agreement: 

 

	 	a.	 The term “Cause” is to be construed the same as such similar term is defined in any employment
agreement, offer letter, or service provider agreement between the Grantee and the Company as may be in force from time to time, and in the absence of such agreement or letter, shall mean: (i) the Grantee’s refusal to perform, or repeated
failure to undertake good faith efforts to perform, the duties or responsibilities reasonably assigned to Grantee; (ii) Grantee’s engagement in gross misconduct or gross negligence in the course of carrying out his or her duties;
(iii) Grantee’s conviction of or plea of guilty or nolo contendere to any felony or any misdemeanor involving fraud, intentionally false statements or intentionally misleading omissions, wrongful taking, embezzlement, bribery, forgery,
counterfeiting or extortion; or (iv) Grantee’s violation of law or Company policies or procedures. 

  

	 	b.	 References to the “Committee” refer to the committee administering the Plan (or its authorized
delegate, as applicable). 

  

	 	c.	 “Disability” or “Disabled” means: the Grantee (1) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, or (2) is, by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan covering employees of the Company. 

  

	 	d.	 The Grantee shall be considered to have a “Termination of Employment” on the first day following the
Grant Date that the Grantee has a termination of employment as provided in Section 11.2.1 of the Plan, and the term “Termination Date” means the day on which the Grantee’s Termination of Employment occurs. Specifically, Grantee
will have a Termination of Employment: (i) on the date that Grantee experiences a separation from service within the meaning of Internal Revenue Code Section 409A, (ii) at such time as the Committee determines that the Grantee’s
authorized leave of absence or absence in military or government service constitutes a Termination of Employment; (iii) on the effective date that a subsidiary of the Company ceases to be a subsidiary, if the Grantee is employed by or provides
services to such subsidiary, unless the Committee determines 

  
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otherwise; and (iv) on the date that the Grantee ceases to be an employee of the Company even if the Grantee continues or simultaneously commences service as a director of the Company.

  

	3.	 Vesting. 

  

	 	a.	 The Award is subject to the vesting terms set forth in the Summary of Award Terms above, except as may
otherwise be provided in this Award Agreement or in the Plan. Any portion of the Award that does not vest for any reason shall automatically be cancelled and terminated and be of no further force and effect. 

 

	4.	 Forfeiture. 

  

	 	a.	 If the Grantee has a Termination of Employment prior to the end of the Performance Period for any reason
including, without limitation, in the event of death or Disability or retirement, the Grantee shall forfeit, and shall have no further rights or interest with respect to, any of the PSUs granted hereby that remain unvested, with automatic and
immediate effect (after giving effect to any applicable vesting acceleration provision) as of the Termination Date. 

  

	 	b.	 In addition, the Grantee shall forfeit and cease to have any right or interest in any of the PSUs granted
hereby, whether or not vested: (i) immediately as of the time the Grantee receives or provides notice of a termination of Grantee’s employment or service, (ii) upon the Grantee’s breach, as determined by the Committee, of any non-disclosure, non-competition, or non-solicitation restrictive covenant obligation owed to the Company, or (iii) upon the
Committee’s determination that any conduct of the Grantee constitutes grounds for forfeiture under the Plan. 

  

	 	c.	 The Award, or payment thereunder, shall be subject to reduction, in the discretion of the Company, to the
extent the Company determines it is required to avoid the imposition of any excise tax on excess parachute payments under Internal Revenue Code Section 4999. 

 

	5.	 Change in Control. In the event of a Change in Control, the Award shall be subject to the provisions of
Section 11.1 of the Plan; provided, however, that no acceleration of the Award, or whole or in part, shall occur as a result of a Change in Control. 

  

	6.	 Settlement of Award. On or as soon as practicable after the Settlement Date, the Company will, in full
satisfaction of the PSUs granted hereby, pay to the Grantee the amount owed in whole shares, rounded down to the nearest whole share, of Common Stock. 

  

	 	a.	 Notwithstanding anything herein to the contrary, no transfer of shares of Common Stock shall become effective
until the Company determines that such transfer, issuance, and delivery is in compliance with all applicable, laws, regulations of governmental authority, and the requirements of any securities exchange on which shares of Common Stock may be traded.

  
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	 	b.	 The Committee may, as a condition to the issuance of Shares, require the Grantee to make covenants and
representations and/or enter into agreements with the Company to reflect the Grantee’s rights and obligations as a stockholder of the Company and any limitations and restrictions on such Shares. 

 

	 	c.	 The transfer of Shares pursuant to this Award shall be effectuated by an appropriate entry on the books of the
Company, the issuance of certificates representing such shares (bearing such legends as the Committee deems necessary or desirable), the transfer of shares to a brokerage account in the name of the Grantee, and/or other appropriate means as
determined by the Committee. 

  

	 	d.	 Unless and until any shares of Common Stock are issued in settlement of the Award, the Award shall not confer
to the Grantee any rights or status as a stockholder of the Company. 

  

	7.	 Withholding. Grantee shall surrender to the Company, for no consideration, the portion of any shares of
Common Stock that become vested under this Award whose aggregate Fair Market Value is sufficient to satisfy federal, state, and local withholding tax requirements. 

 

	8.	 No Assignment or Transfer. The Award granted hereunder may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or distribution. No transfer by will or the laws of descent and distribution shall be effective to bind the Company unless the Committee shall have been furnished
with (i) written notice thereof along with such evidence as the Committee may deem necessary to establish the validity of the transfer and (ii) an agreement by the transferee to comply with all the terms and conditions of the Award that
are or would have been applicable to the Grantee and to be bound by the acknowledgements made by the Grantee in connection with the grant. 

  

	9.	 Grantee Representations. By accepting the Award, the Grantee represents and acknowledges the following:

  

	 	a.	 The Grantee has received a copy of the Plan, has reviewed the Plan and this Award Agreement in their entirety,
and has had an opportunity to obtain the advice of independent counsel prior to accepting the Award. 

  

	 	b.	 The Grantee has had the opportunity to consult with a tax advisor concerning the tax consequences of accepting
the Award, and understands that the Company makes no representation regarding the tax treatment as to any aspect of the Award, including the grant, vesting, settlement, or conversion of the Award. 

 

	 	c.	 The Grantee understands that neither the grant of this discretionary Award nor the Grantee’s participation
in the Plan confers any right to continue in the service of the Company or to receive any other award or amount of compensation, whether 

  
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under the Plan or otherwise, and no payment of any award under the Plan will be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance, or
other benefit plan of the Company except as otherwise specifically provided in such other plan. 

  

	 	d.	 The Grantee consents to the collection, use, and transfer, in electronic or other form, of the Grantee’s
personal data by the Company, the Committee, and any third party retained to administer the Plan for the exclusive purpose of administering the Award and Grantee’s participation in the Plan. The Grantee agrees to promptly notify the Committee
of any changes in the Grantee’s name, address, or contact information during the entire period of Plan participation. 

  

	10.	 Adjustments. If there is a change in the outstanding shares of Common Stock due to a stock dividend,
split, or consolidation, or a recapitalization, corporate change, corporate transaction, or other similar event relating to the Company, the Committee may adjust the type or number of shares of Common Stock subject to any outstanding portion of the
Award in accordance with Article X of the Plan. 

  

	11.	 Administration; Interpretation. In accordance with the Plan and this Award Agreement, the Committee
shall have full discretionary authority to administer the Award, including discretionary authority to interpret and construe any and all provisions relating to the Award. Decisions of the Committee shall be final, binding, and conclusive on all
parties. In the event of a conflict between this Award Agreement and the Plan, the terms of the Plan shall prevail. 

  

	12.	 Section 409A. It is intended that this Award Agreement is exempt from Internal
Revenue Code Section 409A and the interpretive guidance thereunder (“Section 409A”), and this Award Agreement shall be administered accordingly, and interpreted and construed on a basis consistent with such intent. To the extent
that any provision of this Award Agreement would fail to comply with applicable requirements of Section 409A, the Company may, in its sole and absolute discretion and without requiring the Grantee’s consent, make such modifications to this
Award Agreement and/or payments to be made thereunder to the extent it determines necessary or advisable to comply with the requirements of Section 409A. Nothing in this Agreement shall be construed as a guarantee of any particular tax effect
for the Award, and the Company does not guarantee that any compensation or benefits provided under this Award Agreement will satisfy the provisions of Section 409A. If (i) the Grantee’s right to payment is subject to
Section 409A, and (ii) the Grantee is a specified employee (within the meaning of Section 409A) as of the Termination Date, then, to the extent necessary to comply with Treasury Regulation section
1.409A-3(i)(2), settlement of the Award shall be delayed until the earlier of (A) the date which is six months after the Grantee’s separation from service, or (B) the date of the Grantee’s
death. 

  

	13.	 Successors. The terms of this Award Agreement shall be binding upon and inure to the benefit of the
heirs of the Grantee or distributes of the Grantee’s estate and any successor to the Company. 

  
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	14.	 Governing Law; Severability. 

 

	 	a.	 Governing Law. This Award Agreement shall be construed and administered in accordance with the laws of
Missouri without regard to its conflict of law principles. 

  

	 	b.	 Severability. Any determination by a court of competent jurisdiction or relevant governmental authority
that any provision or part of a provision in this Award Agreement is unlawful or invalid shall not serve to invalidate any portion of this Award Agreement not found to be unlawful or invalid, and any provision or part of a provision found to be
unlawful or invalid shall be construed in a manner that will give effect to the terms of such provision or part of a provision to the fullest extent possible while remaining lawful and valid. 

 

	15.	 Acknowledgment of Receipt and Acceptance. By signing below (or execution by other means approved by the
Committee, including by electronic signature), the undersigned acknowledges receipt and acceptance of the Award, agrees to the representations made in the Award, and indicates his or her intention to be bound by this Award Agreement and the terms of
the Plan. 

  
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