Document:

Unassociated Document

    
      ThermoEnergy
Corporation

       

      Executive
Employment Agreement

       

      AGREEMENT,
dated the 27th  day
of January 2010, by and between ThermoEnergy Corporation, a Delaware corporation
(together with all of its subsidiaries, the “Company”) and Cary G. Bullock (the
“Executive”).

       

      WHEREAS,
the Company desires to engage the services of the Executive as President and
Chief Executive Officer of the Company on the terms herein set forth and the
Executive is willing to be employed by the Company in such capacities on such
terms;

       

      NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the
parties agree as follows:

       

      ARTICLE
I

      EMPLOYMENT
DUTIES AND BENEFITS

       

      Section
1.1 Employment.  The Company
hereby employs the Executive as President and Chief Executive Officer as of the
date hereof.  The Executive accepts such employment and agrees to
perform the duties and responsibilities assigned to him pursuant to this
Agreement.

       

      Section
1.2 Duties
and Responsibilities.  The Executive
shall perform such lawful duties and have such responsibilities as are
customarily associated with the office in which he is employed.  In
addition thereto, the Executive shall undertake such duties as may reasonably be
assigned to him from time to time by the Board of Directors of the
Company.  The Executive shall devote his full professional time and
attention to the business of the Company and shall not be engaged in any other
business activity; provided, however, that the Executive may, with the prior
consent of the Board of Directors of the Company (which consent shall not be
unreasonably withheld), engage in uncompensated charitable, religious or civic
activities and/or serve as a non-executive director for up to one other company
(whether or not compensated), so long as such activities do not materially
interfere with the Executive’s performance of his responsibilities as Chief
Executive Officer of the Company.  The Executive will serve as a
member of the Board of Directors of the Company and of the Board of Managers of
the Company’s subsidiary, Babcock - Thermo Carbon Capture LLC.

       

      Section
1.3 Office
Facilities.  The Company will
provide to the Executive an appropriate office, which shall initially be located
at the Company’s facilities in Worcester, Massachusetts.

       

      ARTICLE
II

      COMPENSATION
AND BENEFITS

       

      Section
2.1 Base
Salary.  During the
calendar year ending December 31, 2010, the Company shall pay to the Executive a
salary of $200,000 (the “Base Salary”) payable in equal installments in
accordance with the Company’s payroll and withholding policies.  The
Base Salary shall be reviewed annually and shall be subject to adjustment from
time to time to reflect the Executive’s performance of his responsibilities
hereunder, employment market conditions, the Company’s financial condition and
such other factors as the Compensation Committee of the Company’s Board of
Directors deems relevant.

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

       

      Section
2.2 Performance
Bonus.  In addition to
the Base Salary, the Executive shall be eligible to receive performance bonuses,
from time to time, in accordance with incentive compensation arrangements to be
established by the Compensation Committee of the Company’s Board of Directors
(the “Compensation Committee”) in consultation with the
Executive.  Such performance bonuses shall be payable in cash, in
shares of the Company’s Common Stock, in options to purchase shares of the
Company’s Common Stock, or in a combination thereof, at the discretion of the
Compensation Committee of the Company’s Board of Directors; provided, however,
that, except under extraordinary circumstances,  the Company will not
pay performance bonuses in cash until such time as the Company’s business
operations are cash flow positive.

       

      Section
2.3 Expense
Reimbursement.  The Company will,
in accordance with the Company’s general policies with respect to business
expenses, reimburse the Executive for all expenses (including travel and
lodging) reasonably incurred by the Executive in the performance of this duties
under this Agreement.

       

      Section
2.4 Benefit
Plans.  From and after
the date of this Agreement, the Executive shall be entitled to receive, during
the term of the Executive’s employment and at the expense of the Company, health
insurance for himself and his family and to participate in any and all other
benefit plans (including life and disability insurance plans and retirement
programs) provided generally to executive employees of the
Company.  The Executive may, in lieu of participation in the Company’s
health insurance plan, elect to have the Company reimburse him for premiums paid
to continue in force the health insurance carried by the Executive for himself
and his family on the date of this Agreement.

       

      Section
2.5 Equity
Incentive.  Effective as of
the date of this Agreement, the Executive shall be granted a stock option for
the purchase of 8,159,401 shares of the Company’s common stock at an exercise
price per share equal to the closing price of a share of such common stock in
the over-the-counter market on the trading day immediately preceding the date of
this Agreement (the “Stock Option”).  The shares subject to the Stock
Option represent 5% of the Company’s fully-diluted capital stock on the date of
this Agreement.  The Stock Option shall have a term of ten years,
subject to the Executive’s continued employment by the Company, and will include
a net surrender cashless exercise provision.  To the extent that the
Stock Option may be treated as an Incentive Stock Option (an “ISO”) under the
Internal Revenue Code and the Treasury Regulations promulgated thereunder (the
“ISO Rules”), the Stock Option shall be granted under the Company’s 2008
Incentive Stock Plan (the “Plan”).  The right to exercise the Stock
Option shall vest, with respect to 2,039,851 shares, on December 31, 2010, and
thereafter, with respect to an additional 509,962.5 shares on the last day of
each subsequent calendar quarter through and including December 31, 2013,
subject to the Executive’s continued employment by the Company; provided,
however, that if, prior to December 31, 2010, a Change of Control occurs and the
Executive remains employed by the Company through the day immediately preceding
the date of such Change of Control, then, effective immediately prior to such
Change of Control, the Stock Option shall vest with respect to 2,039,851 shares;
and provided, further, that in the event the Executive’s employment is
terminated prior to December 31, 2010 for any reason other than (i) by the
Company during the Probationary Period (as such term is hereinafter defined),
(ii) by the Company for Cause (as such term is hereinafter defined) or (iii)
voluntarily by the Executive without Good Reason (as such term is hereinafter
defined), then, effective as of the date on which the Executive’s employment is
terminated, the Stock Option shall vest with respect to 2,039,851
shares.  Except to the extent that the Plan or the ISO Rules limit the
right to exercise the ISO portion of the Stock Option following termination of
the Executive’s employment, the vested portion of the Stock Option may be
exercised at any time prior to January 26, 2020 notwithstanding the earlier
termination of the Executive’s employment.  As used herein, the term
“Change of Control” shall mean any of the following: (i) the completion by the
Company of a reorganization, merger, consolidation, share exchange, or a sale,
lease, exchange or other disposition of all or substantially all of the
Company’s assets, unless
immediately following such transaction the holders of the Company’s
voting stock immediately prior to the transaction own voting securities
representing a majority of the votes entitled to be cast for the election of
directors of the successor entity; (ii) the acquisition, after the date of this
Agreement, by any person or “group” (as defined under the federal securities
laws) of “beneficial ownership” (as defined under the federal securities laws)
of a majority of (a) the outstanding shares of the Company’s common stock or (b)
the combined voting power of the then outstanding voting securities of the
Company which are entitled to elect a majority of the members of the Board of
Directors of the Company; or (iii) the approval by the Company’s shareholders of
a complete liquidation or dissolution of the Company; provided, however, that if
an event that otherwise would constitute a Change of Control results from or
arises out of a purchase or other acquisition of the Company, directly or
indirectly, by a corporation or other entity in which the Executive has a
greater than five percent (5%) direct or indirect equity interest, such event
shall not constitute a Change of Control.

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

       

       

      Section
2.6 Vacation.  The Executive
shall be entitled to four weeks of paid vacation per calendar
year.  The Executive may roll over up to one week per year of unused
vacation time.

       

      

       

      ARTICLE
III

      TERM
OF EMPLOYMENT AND TERMINATION

       

       

      Section
3.1 Term.  The term of the
Executive’s employment hereunder shall commence on the date of this Agreement
and shall continue indefinitely, subject to a probationary period of ninety days
commencing on the date of this Agreement (the “Probationary
Period”).

       

      Section
3.2 Termination
of Employment.  The Executive’s
employment hereunder may be terminated, at any time, by either party upon thirty
days’ written notice; provided, however, that the Company may terminate the
Executive’s employment immediately for Cause and the Executive may terminate his
employment immediately with Good Reason.  As used herein, the term
“Cause” for termination of the Executive’s employment by the Company shall mean
any of the following: (a) willful disloyalty to the Company; (b) substantial
inattention to or neglect of duties and responsibilities consistent with the
terms of this Agreement that have been reasonably assigned to the Executive by
the Company's Board of Directors, which inattention or neglect continues for a
period of at least ten days after the Executive receives written notice thereof
from the Company’s Board of Directors; (c) failure to comply with lawful
directives of the Company's Board of Directors not inconsistent with the terms
of this Agreement; or (d) commission by the Executive of a crime
involving deceit, dishonesty or fraud; provided, however, that any action taken
by the Executive in his capacity as an officer of the Company will not be deemed
to constitute Cause even if subsequently determined to be criminal if, prior to
taking such action, the executive consulted with the Company’s Board of
Directors or legal counsel and was advised that such action was
permissable. As used herein, the term “Good Reason” for the Executive’s
voluntary termination of his employment shall mean either of the following:
(a)  the Company’s failure to perform the terms of this Agreement,
other than an isolated, insubstantial and inadvertent failure not occurring in
bad faith and remedied by the Company promptly (but not later than ten days)
after receiving written notice thereof from the Executive; (b) the assignment to
the Executive of any duty or to any position inconsistent with the Executive’s
training and experience; or (c) a material reduction of the Base
Salary.

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

       

      

       

       

      In the
event the Executive’s employment is terminated for any reason other than (i) by
the Company during the Probationary Period, (ii) by the Company for Cause or
(iii) voluntarily by the Executive without Good Reason, the Executive shall be
entitled to receive, in addition to any unpaid salary and accrued and unused
vacation pay through the last day of the month in which such termination occurs,
as the Executive’s sole and exclusive entitlement upon termination of his
employment under such circumstances, (i) severance payments in the amount of
$16,667 per month for a period of six months commencing on the first day of the
month immediately following the date of termination, payable in accordance with
the Company’s standard payroll and withholding policies and (ii) continuation of
health insurance benefits as set forth in the following sentence.  For
a period of six months commencing on the first day of the month immediately
following the date of termination of the Executive’s employment (other than
termination (i) by the Company during the Probationary Period, (ii) by the
Company for Cause or (ii) voluntarily by the Executive without Good Reason) the
Company shall keep in full force and effect all health insurance benefits
afforded to the Executive and his family at the time of the termination of his
employment, which benefits shall be provided on terms identical to those
provided to full time employees of the Company who are in good standing;
provided, however, that the Company’s obligation to provide continuing health
insurance benefits to the Executive and his family shall terminate at such time
as the Executive becomes eligible to receive from another source, at a cost to
the Executive no greater than the cost that would have been borne by the
Executive had he remained a full time employee of the Company, health insurance
benefits with equivalent or better coverage.

       

      

       

      ARTICLE
IV

      COVENANTS

       

      

       

      Section
4.1                                Confidentiality
and Non-Use of Proprietary Information.  To protect the
Company’s proprietary interest in the Company’s intellectual property and
proprietary information and to protect the goodwill and value of the Company,
the Executive hereby agrees that the Executive will preserve as confidential all
Confidential Information pertaining to the Company’s business that has been or
may be obtained or learned by him by reason of his employment or
otherwise.  The Executive will not, without the written consent of the
Company either use for his own benefit or for the benefit of any third parties,
either during the term of his employment hereunder or thereafter (except as
required in fulfilling the duties of his employment), any Confidential
Information pertaining to the business of the Company.   As used
herein, the term “Confidential Information” shall include without limitation any
and all financial, cost and pricing information and any and all information
contained in any drawings, designs, plans, proposals, customer lists, records of
any kind, data, formulas, specifications, concepts or ideas related to the
business of the Company.  Confidential Information shall not include
information which (a) is disclosed in a publication available to the public, is
otherwise in the public domain at the time of disclosure, or becomes publicly
known through no wrongful act on the part of the Executive, (b) is obtained by
the Executive lawfully from a third party who is not under an obligation of
secrecy to the Company and is not under any similar restrictions as to use, or
(c) is generally disclosed to third parties by the Company without similar
restrictions on such third parties.   The Executive acknowledges
that all documents, reports, files, analyses, drawings, designs tools,
equipment, plans (including, without limitation, marketing and sales plans),
proposals, customer lists, computer software or hardware, patents, license
agreements, and similar materials that are made by him or come into his
possession by reason of his employment by the Company are the property of the
Company and shall not be used by him in any way adverse to the Company’s
interests.  The Executive will not cause any such documents or other
things, or any copies, reproductions or summaries thereof, to by delivered to or
used by any third party without the specific consent of the
Company.  The Executive will deliver to the Chief Executive
Officer  of the Company, or his designee, upon demand, and in any
event upon the termination of the Executive’s employment, all such documents and
other things which are in the Executive’s possession or under his
control.

       

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      
 

      Section
4.2                                Non-Competition
and Non-Solicitation.  To protect the Company’s proprietary
interest in the Company’s intellectual property and proprietary information and
to protect the goodwill and value of the Company, the Executive hereby agrees
that during his employment by the Company and, following the date on which his
employment is terminated, for a period of (i) one year if the Executive’s
employment is terminated by the Company for Cause or  voluntarily by
the Executive without Good Reason or (ii) six months if the Executive’s
employment is terminated for any other reason (in either case, the “Non-Compete
Term”), the Executive will not, individually, or in association or in
combination with any other person or entity, directly or indirectly, as
proprietor or owner, or officer, director or shareholder of any corporation, or
as an employee, agent, independent contractor, consultant, advisor, joint
venturer, partner or otherwise, whether or not for monetary benefit, except on
behalf of the Company, solicit, sell to, provide services to, or assist the
solicitation of, sale to, or providing to, or encourage, induce or entice any
other person or entity to solicit, sell to or provide services to, any person or
entity who is a customer of the Company or who, at any time within 18 months
prior to the date of termination of the Executive’s employment, or whom the
Company has, within six months prior to the date of such termination, solicited
to become a customer of Company, for the purpose of (a) providing such
customer with any product or service which directly competes with the products
or services provided by the Company to such customer or is in substitution for
or in replacement of such products or services; (b) altering, modifying or
precluding the development of such customer’s business relationship with the
Company; or (c) reducing the volume of business which such customer
transacts with the Company.  To further protect the Company’s
proprietary interest in the Company’s intellectual property and proprietary
information and to protect the goodwill of the Company (including the Company’s
beneficial business relationships with the Company’s employees), the Executive
hereby agrees that, during the Non-Compete Term, the Executive will not,
individually or in association or in combination with any other person or
entity, directly or indirectly, encourage, induce or entice any employee or
independent contractor of the Company to terminate or modify such person’s or
entity’s employment, engagement or business relationship with the Company or,
without the prior written consent of the Company, hire or retain any employee or
independent contractor then performing services for the Company to perform the
same or substantially similar services.

       

      Section
4.3                                Scope of
Covenants.  The Executive agrees that the products and services
of the Company can be, and are being designed and developed to be, manufactured,
distributed and/or sold throughout the world.  Consequently, the
Executive and the Company agree that it is not possible to limit the geographic
scope of the non-competition covenant contained in this Article IV to particular
countries, states, cities or other geographic subdivisions.  Further,
the Executive agrees that the length of the Non-Compete Term is reasonable, in
light of the position in which the Executive is being employed by the Company
and the amount and duration of severance payments payable to him under this
Agreement.

       

      

       

      ARTICLE
V

       

      GENERAL
MATTERS

       

      Section
5.1 Governing
Law.  This Agreement
shall be governed by the laws of the Commonwealth of Massachusetts and shall be
construed in accordance therewith.

       

      Section
5.2 No
Waiver.  No provision of
this Agreement may be waived except by an agreement in writing signed by the
waiving party.  A waiver of any term or provision shall not be
construed as a waiver of any other term or provision.

       

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

       

       

      Section
5.3 Amendment.  This Agreement
may be amended, altered or revoked at any time, in whole or in part, only by a
written instrument setting forth such changes, signed by each of the
parties.

       

      Section
5.4 Benefit.  This Agreement
shall be binding upon the Executive and the Company, and shall not be assignable
by either party without the other party’s written consent.

       

      Section
5.5 Text to
Control.  The headings of
articles and sections are included solely for convenience in
reference.  If any conflict between any heading and the text of this
Agreement exists, the text shall control.

       

      Section
5.6 Severability.  If any provision
of this Agreement is declared by any court of competent jurisdiction to be
invalid for any reason, such invalidity shall not affect the remaining
provisions.  On the contrary, such remaining provisions shall be fully
severable, and this Agreement shall be construed and enforced as if such invalid
provisions had not been included in the Agreement.

       

      Section
5.6 Entire
Agreement.  This Agreement
constitutes the entire agreement between the Company and the Executive with
respect to the Executive’s employment by the Company and supersedes any and all
prior agreements and understandings (whether written or oral) between the
parties with respect to such employment.

       

      In
Witness Whereof, the Company and the Executive have executed this Agreement as
of the date first above written.

       

      
        	 
      	
                ThermoEnergy
      Corporation

                 

                 

              
	
                  /s/  Cary G.
      Bullock                                

              	
                By:

              	
                  
      /s/  Dennis C.
      Cossey                                 

              
	
                     Cary
      G. Bullock

              	 
      	
                Dennis
      C. Cossey

              
	 
      	 
      	
                Chairman
      of the Board of Directors

              

      

      

       

       

       

       

       

       

       

       

      
        
           

        

        
          -6-E

Exhibit 10.1

RESTRICTED STOCK UNIT AWARD UNDER

THE CYTEC INDUSTRIES INC.

1993 STOCK AWARD AND INCENTIVE PLAN

January 27, 2010

Name

Address 

 

Restricted Stock Unit Award:   

Scheduled Vest Date:  January 27, 2013

Dear Employee:

As a key employee of Cytec Industries Inc. (the "Company"), or of a subsidiary or affiliate of the Company, you have been granted by the Compensation and Management Development Committee (the "Committee") of the Board of Directors the number of restricted stock units ("RSUs" set forth above.  This Award is subject to the terms and conditions hereof and of the Company's 1993 Stock Award and Incentive Plan (the "Plan").  This Award is issued under Section 6(f) of the Plan and is not subject to Section 6A of the Plan. 

The Company will issue you one share of Cytec common stock, par value $0.01 per share, for each RSU held by you on the Scheduled Vest Date, subject to appropriate anti-dilution adjustments under Section 5 of the Plan as determined by the Committee  in its sole discretion, and subject to the other terms and conditions of this Award.  The shares of Cytec common stock payable to settle this Award, to the extent they become payable, will be issued to you as soon as practicable after determination that the Award is payable.  Once the shares of Cytec common stock payable hereunder are paid to you, this Award shall be cancelled and, except as otherwise provided in paragraph (10) below, of no further force and effect

Certain terms and conditions with respect to this Award include, but are not limited to, the following:

(1) You shall have no rights as a shareholder of the Company as a result of this Award except and to the extent you receive shares of Company stock to settle this Award.  This means that you will not be paid or have any entitlements to dividends for any period prior to settlement of this Award and you will not have any voting rights in connection with this Award. 

(2) This Award is not transferable other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined under the Internal Revenue Code (or under the international equivalent of a qualified domestic relations order).  Except as set forth in the preceding sentence, you may not sell, assign, transfer, pledge, hypothecate or otherwise dispose of any interest in this Award and any attempt to do so shall be void. Notwithstanding any permitted transfer of this Award, after such transfer, this Award remains subject to the terms and conditions hereof with respect to your employment and any of your actions subsequent thereto. 

(3)  You may elect to defer some or all of the shares payable under this Award in accordance with such rules and procedures as may be established by the Committee provided you make such election no later than December 1, 2011.  If you elect deferral in accordance with such rules and procedures, then, effective as of the date on which the shares of common stock payable pursuant to this award would have been paid, this Award or the relevant portion shall be forfeited and you will be issued instead a Deferred Stock Award as defined in Section 6(h) of the Plan equal to the amount of RSUs forfeited on such date. 

     (4) You may elect to satisfy your mandatory federal and state income tax withholding obligations with respect to any shares that are issued to you hereunder in accordance with such rules and procedures as may be established by the Committee provided you make such election no later than December 1, 2011 (subject to your compliance with Rule 16b-3 under the Securities Exchange Act of 1934 if you are an executive officer of the Company) by requesting the Company to withhold the number of shares having a fair market value as of the date of issuance equal to the aggregate mandatory federal and state income tax withholding obligations with respect to all shares being issued to you under this Award on such date, it hereby being agreed that the fair market value of shares withheld will be determined on the same basis that the value of the shares is determined for federal income tax withholding purposes.  

(5) If your employment with the Company or a subsidiary or an affiliate terminates prior to the Scheduled Vest Date, all rights to receive shares of stock pursuant to this Award shall be forfeited, except as provided in paragraphs (6) and (7), below.

(6) If your employment with the Company or a subsidiary or affiliate terminates more than eight months after the date of this Award by reason of your (i) death, (ii) disability as defined in the Company's Long-Term Disability Plan, (iii) retirement on or after your 55th birthday with ten or more continuous years of service or if not continuous, then ten or more years of combined service as determined in the discretion of the Company's Vice President of Human Resources, then subject to paragraph (10), this Award shall remain in effect, and in the case of clause (i) the Scheduled Vest Date shall be accelerated to the date of death and in the case of clause (ii), the Scheduled Vest Date shall be the earlier of (x) the Scheduled Vest Date set forth on the first page of this Award or (y) the first business day of the seventh month after the date your employment is terminated. 

(7) If your employment with the Company or a subsidiary or affiliate terminates more than eight months after the date of this Award and the Committee determines, in its sole discretion, that the termination of your employment was under circumstances not contrary to the best interest of the Company and you exercise a release of all claims against the Company, its subsidiaries and affiliates and their respective officers and directors in form and substance satisfactory to the Committee, then, and subject to paragraph (10),  if such termination occurs after January 27, 2012, two-thirds of the RSUs subject to this Award shall not be forfeited by reason of such termination of employment and if your employment so terminates after January 27, 2011 and on or before January 27, 2012, one-third of the RSUs subject to this Award shall not be so forfeited, and the Scheduled Vest Date of the non-forfeited RSUs shall be the earlier of (x) the Scheduled Vest Date set forth on the first page of this Award or (y) the first business day of the seventh month after the date your employment is terminated..  

(8)  In the event that you compete, or you commence employment with or otherwise provide service to any person or entity which competes, with the Company or any of its subsidiaries or affiliates anywhere in the world in the research and development, manufacture, distribution or sale of any specialty chemicals or materials as determined by the Board of Directors in its sole discretion, unless approved in writing by the then Chief Executive Officer of the Company, this Award shall forthwith terminate.

 

(9) As provided in the Plan, upon the occurrence of a "change in control," the shares payable to settle this Award, except to the extent previously forfeited, shall immediately be issued to you.  

(10)  Your acceptance of this Award constitutes your agreement (i) to return immediately to the Company at its request any amounts which the Board of Directors had directed the Company to recover from you in accordance with the provisions of the Executive Claw Back Policy as in effect on the date of this Award and (ii) to return immediately to the Company at its request an amount equal to the Value of any shares, and to cancel any Deferred Stock Awards, you received to settle this Award during the period commencing six months prior to termination of your employment and ending two years after your termination of employment if during such time period: (x) you disclose any Confidential Information to a third party outside the scope of your employment or (y) you compete, or you commence employment with or otherwise provide service to any person or entity which competes, with the  Company or any of its subsidiaries or affiliates anywhere in the world in the research and development, manufacture, distribution or sale of any specialty chemicals or materials as determined by the Board of Directors in its sole discretion, unless approved in writing by the then Chief Executive Officer of the Company.  For purposes of this paragraph: "Value" means the closing market price of the Company's common stock on the NYSE on the date shares are paid to settle this Award multiplied by the number of shares paid to settle this Award, without regard to any tax liabilities arising from such payment;  and "Confidential Information" means any information which is, or is designed to be, used in the business of the Company or any of its subsidiaries or affiliates or results from its or their research and/or development activities, (ii) is private or confidential in that it is not generally known or available to the public and (iii) gives the Company or any of its subsidiaries or affiliates an opportunity to obtain an advantage over competitors who do not know or use it.

(11) Nothing in this Award shall confer on you any right to continue in the employ of the Company or any of its subsidiaries or affiliates or shall interfere in any way with the right of the Company or any subsidiary or affiliate to terminate your employment at any time.  The Plan is discretionary in nature and any Awards made under the Plan are voluntary and occasional.  No participant has any claim to be granted any Award or other benefits in lieu of any Award.  Subject to applicable law, this Award and any payments in respect of this Award shall not be taken into account for purposes of determining any benefits under any benefit plan of the Company or any of its subsidiaries or affiliates, or for any notice payment or payment in lieu of notice.  The Company shall have no obligation to make any future grants of Awards under the Plan or otherwise to make any future Awards under the Plan as part of any participant's annual compensation.  

(12) The Company reserves the right to require that stock certificates issuable to you in connection with this Award be delivered to you only within the United States.

(13)  The Common Stock issued to you hereunder may not be resold by you except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to an exemption from registration, such as Rule 144.

(14) You agree to pay the Company promptly, on demand, any withholding taxes due in respect of the Awards made hereunder.  The Company may deduct such withholding taxes from any amounts owing to you by the Company or by any of its subsidiaries or affiliates.

(15)  Once shares of stock have been issued to you as herein provided, they shall not be subject to any restrictions under this Agreement or the Plan.

(16)  This Award and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Delaware without giving effect to the conflict of laws principles thereof.  You and the Company agree that any and all disputes arising under this Award are to be resolved exclusively by courts sitting in Delaware.  You and the Company irrevocably consent to the jurisdiction of such courts and agree not to assert by way of motion, as a defense, or otherwise, any claim that either you or the Company is not subject personally to the jurisdiction of such court, that the action, suit or proceeding is brought in an inconvenient forum, that the venue of the action, suit or proceeding is improper, or that this Award may not be enforced in or by such court.   

In the event of any conflict between the terms of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.

If you accept the terms and conditions set forth in this Agreement, please execute the enclosed copy of this letter where indicated and return it as soon as possible.

Very truly yours,

CYTEC INDUSTRIES INC.

BY: ______________________

Secretary, Compensation & Management Development Committee

 Enc.

ACCEPTED:

____________________________

Employee Name:  

Date:

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