Document:

Exhibit

EXHIBIT 10.2

BARNES GROUP INC. EXECUTIVE SEPARATION PAY PLAN
As Amended and Restated Effective March 7, 2019

Preamble
The Barnes Group Inc. Executive Separation Pay Plan (the “Plan”) was amended in December 2007 and was further amended and restated effective December 31, 2008 to respond to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury Regulations and official guidance thereunder. Any provision of the Plan as so amended and restated to the contrary notwithstanding, if any provision of the Plan as so amended and restated would change the time or form of payment of any amount that is payable under the Plan as in effect before December 31, 2008, such provision shall “apply only to amounts that would not otherwise be payable in 2008” within the meaning of paragraph .02 of §3 of IRS Notice 2006-79 as modified by Section 3.01(B)(1) of IRS Notice 2007-86, and shall be administered, interpreted and construed accordingly.
1.    Purpose. The purpose of the Plan is to provide appropriate benefits to eligible executives of Barnes Group Inc. (the “Company”) whose employment is terminated by the Company.
2.    Covered Employees.  Full-time salaried employees of the Company who are employed in the United States in salary grades 24 and above, and full-time salaried employees of the Company who are employed in the United States in salary grades 18 through 23 who have at least six months of service, are covered by the Plan. A person is considered to be a full-time employee if the person is regularly scheduled to work at least 30 hours per week.  Employees who are part of the Company’s “BarnesWorx” program are not covered by the Plan and shall not be eligible for benefits under the Plan; provided, however, that if an employee who is part of the BarnesWorx program is subsequently 

reclassified as a regular, full-time employee, the employee will become covered by the Plan, with eligibility, payments and benefits calculated in accordance with Section 8.3.
3.    Payment of Benefits. An employee covered under the Plan is entitled to receive benefits under the Plan if s/he has an “involuntary Separation from Service” within the meaning of Treasury Regulation section 1.409A-1(n)(1) and such involuntary Separation from Service is without Cause; provided, however, that no benefits will be paid under the Plan if:
		
	(a)
	the termination action is determined by the Company to be based on misconduct of any type including, but not limited to, violation of any Company rules or policies, or activity which results in the conviction of a felony; or

		
	(b)
	the termination is the result of the sale of the stock or substantially all of the assets of a business unit of the Company and the employee is offered employment by the purchaser, within 30 days after the closing of the sale, in a position that is at least comparable to, and for compensation and benefits that are, in the aggregate, at least substantially equivalent to, the employee’s position, compensation and benefits with the Company prior to the sale; or

		
	(c)
	the employee is a party on December 31, 2008 to a severance agreement with the Company relating to Separation from Service after a “Change in Control” of the Company as defined in the agreement (a “Severance Agreement”), or is an executive officer of the Company hired after that date, and the Separation from Service is both (i) a Separation from Service within two years following a “Change in Control”, and (ii) either an involuntary Separation from Service (within the meaning of Treasury Regulation section 1.409A-1(n)(1)) by the Company other than for “Cause” or “Disability”, or a Separation from Service by the employee for “Good Reason”, as 

such terms in quotation marks are defined in the form of Severance Agreement as amended December 31, 2008.
For the avoidance of doubt, the exclusion set forth in this clause (c) shall apply even if the Change in Control referred to in subclause (i) hereof does not occur during the term of the Severance Agreement, and even if no severance benefits are payable pursuant to the Severance Agreement in respect of the Separation from Service and, in the case of an executive officer hired after December 31, 2008, even if the employee is not party to a Severance Agreement.
For purposes of this Plan, (A) a “Separation from Service” means a “separation from service with the employer” within the meaning of Treasury Regulation section 1.409A-1(h), where the “employer” means the Company and all corporations and trades or businesses with which the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code (as determined in accordance with the first sentence of Treasury Regulation section 1.409A-1(b)(3)); and (B) “Cause” means misconduct or activity described in (a) above, serious dereliction of duty, or grossly negligent or reckless conduct in connection with one’s employment. An employee who is entitled to receive benefits under the Plan in accordance with Section 2 and the foregoing provisions of this Section 3 is hereinafter sometimes referred to as a “terminated employee”.
4.    Severance Pay.
		
	4.1
	A terminated employee who is entitled to receive benefits under this Plan is eligible to receive severance pay based on the following schedule:

		
	(a)
	Grades 18-20: four months of base salary plus an additional two weeks of base salary for each year of service over five years up to a maximum total payment of six months of base salary.

		
	(b)
	Grades 21-23: seven months of base salary.

		
	(c)
	Grades 24 and above, except for the President and Chief Executive Officer: twelve months of base salary.

The minimum severance pay benefit payable under this Plan shall be one month’s base salary or the amount of accrued vacation, whichever is greater, and shall be paid within thirty days after the terminated employee’s Separation from Service. For purposes of the Plan, “base salary” means the employee’s base salary in effect immediately prior to the employee’s Separation from Service, and any severance payment shall be calculated on the basis of the employee’s salary grade immediately prior to the employee’s Separation from Service.
		
	4.2
	Subject to the other provisions of this Section 4 and Section 8.5 below, payment shall be made on the terminated employee’s regularly scheduled payroll payment dates as if no Separation from Service had occurred and he/she had continued as an employee, commencing with the next regularly scheduled payroll payment date after the date on which the terminated employee’s Separation from Service occurs, and continuing on each regularly scheduled payroll payment date thereafter until full payment has been made in accordance with Section 4.1 above, and will be subject to normal deductions for items such as income taxes, Social Security, and Medicare. For the avoidance of doubt, (a) ~regularly scheduled payroll payment dates” means the payroll payment dates per the payroll schedule applicable to the terminated employee immediately prior to the employee’s Separation from Service, and (b) subject to the other provisions of this Section 4 and Section 8.5 below, the amount payable on each such regularly scheduled payment date is the amount of base salary 

that would have been paid to the terminated employee on that date if no Separation from Service had occurred and the terminated employee had been an employee of the Company on that date, but in no event shall the aggregate payments exceed the severance pay benefit determined in accordance with Section 4.1 above, nor shall payments be made more than twelve calendar months after the calendar month in which an employee’s Separation from Service occurs.
		
	4.3
	In no event will more than the minimum severance pay benefit (including but not limited to benefits payable pursuant to Section 6 below) be paid or provided unless the terminated employee executes after Separation from Service a release of any claims against the Company in a form approved by the Company’s General Counsel, the executed release is delivered to the Company within 50 days after the Separation from Service or within such lesser period after the Separation from Service as the Company’s General Counsel may require, and the release becomes irrevocable within 60 days after the Separation from Service or within such lesser period after the Separation from Service as the Company’s General Counsel may require. Any severance pay benefits in excess of the minimum severance pay benefit (including but not limited to benefits payable pursuant to Section 6 below) that, in the absence of this Section 4.3, would be paid or provided pursuant to Section 4.2 above or Section 6 below before the release becomes irrevocable shall be paid or provided after the release becomes irrevocable and within 74 days after the Separation from Service.

		
	4.4
	The Company may at any time provide in advance of any date after the employee’s Separation from Service occurs that any severance pay benefit payable to the 

terminated employee pursuant to Section 4.2 above or Section 6 below on or after that date will be forfeited unless on or before that date, (a) the terminated employee executes a second release of claims’ against the Company and delivers such second release to the Company, and (b) such second release of claims becomes irrevocable.
		
	4.5
	Severance pay for a terminated employee who was in any of salary grades 18 through 26 shall cease on the date that such terminated employee begins other employment, including but not limited to work for another party. The terminated employee shall promptly notify the Company in writing when he/she commences such employment.

		
	4.6
	Severance pay for a terminated employee who was in any of salary grades 27 and above shall not cease on the date that such terminated employee begins other employment, including but not limited to work for another party, but shall continue throughout the entire severance period.

5.    Accrued Vacation. A terminated employee who executes a release of claims in a form approved by the Company’s General Counsel shall be paid for any unused vacation or paid time off that he/she has accrued in accordance with Company policy prior to the Separation from Service. Payment for such accrued unused vacation or paid time off shall be made in a lump sum, net of normal deductions for items such as income taxes, Social Security and Medicare, within thirty days after the employee’s Separation from Service.

6.    Other Benefits.
		
	6.1
	A person may continue participation in the Company's medical and dental plans, in accordance with the terms of the applicable plans, for the period during which he/she receives severance payments.   In addition, a person may continue participation 

in the health care reimbursement account portion of his/her flexible benefits plan, in accordance with the terms of such plan, using pre-tax dollars from such severance payments, for the period during which he/she receives severance payments, but not later than the end of the calendar year in which Separation from Service occurs.  If severance payments cease prior to the end of any month, coverage will continue until the end of the last month during which the person receives any severance payments.  Subject to Section 4.3 and Section 4.4 above and to Section 8.5 below, if immediately prior to the Separation from Service the terminated employee was a participant in the Company’s Enhanced Life Insurance Program (“ELIP”) or Senior Executive Enhanced Life Insurance Program (“SEELIP”) who had not yet attained age fifty-five (55) and at least ten (10) years of service with the Company and/or an “Affiliate” (as defined in the ELIP and SEELIP), then until the end of the calendar quarter in which the last severance payment is made to the terminated employee pursuant to Section 4 hereof, such terminated employee shall receive the same benefits, if any, under the ELIP or SEELIP as in effect immediately prior to Separation from Service (whichever program, if any, applied to the terminated employee immediately prior to such employee’s Separation from Service), at the same times, that the terminated employee would have received if the ELIP and SEELIP as in effect immediately prior to Separation from Service had remained in effect and no Separation from Service had occurred and the terminated employee had continued to be actively employed and to receive his or her base salary until the last day of the calendar quarter in which the last severance payment is made to such terminated employee pursuant to Section 4 above; provided that, notwithstanding anything 

herein to the contrary, the Company may reduce the benefits payable pursuant to this sentence at any time, and, provided further, that in no event shall any benefits be paid or provided pursuant to this sentence after the calendar quarter in which the last severance payment is made to the terminated employee pursuant to Section 4 hereof. If prior to the Separation from Service the terminated employee was a participant in the ELIP or SEELIP who had attained age fifty-five (55) and at least ten (10) years of service with the Company and/or an “Affiliate” (as defined in the ELIP and SEELIP), then after the Separation from Service the terminated employee’s entitlement to any benefits under the ELIP or SEELIP shall be determined in accordance with the ELIP or SEELIP (whichever program, if any, applied to the terminated employee immediately prior to such employee’s Separation from Service). Notwithstanding anything to the contrary herein, the Company reserves the right to discontinue or change the terms (including but not limited to the carrier) of any employee benefit plan, including without limitation the ELIP and the SEELIP. After severance payments cease, medical and dental coverage and the health care reimbursement account may be continued under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), as required by law and as provided in such plans.  No person will be eligible for benefits under the short term disability and/or long term disability plans if they become disabled while receiving severance payments.  Except as provided above, all other coverages cease upon Separation from Service in accordance with the applicable plan documents, subject to any conversion or portability rights under such plans.  Within the meaning of Treasury Regulation section 1.409A-3(i)(l)(iv), the amount of any expenses eligible 

for reimbursement, or in-kind benefits provided, pursuant to this Section 6.1 or otherwise during a terminated employee’s taxable year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, pursuant to this Section 6.1 or otherwise in any other taxable year.
		
	6.2
	Except to facilitate benefit continuation as provided in Section 6.1 hereof, a person’s status as an employee shall cease upon the termination of employment date and not continue during the period in which severance payments are made absent an agreement with the Company to the contrary. Without limiting the foregoing, employment shall be terminated for purposes of the Retirement Savings Plan, any applicable pension or profit-sharing plan, stock option plans, and for all other purposes upon the termination of employment date.

		
	6.3
	The right of a terminated employee to any series of installment payments, including without limitation severance payments and taxable benefits, that are to be paid or provided under this Plan, which right is eligible to be treated as a right to a series of separate payments under Treasury Regulation section 1.409A-2(b)(2)(iii), including in particular but not limited to the right of a terminated employee to the series of severance payments under Section 4 and benefits (including without limitation ELIP and SEELIP benefits) under Section 6.1, shall be treated as a right to a series of separate payments for purposes of Section 409A of the Code, including without limitation for purposes of the short-term deferral rule set forth in Treasury Regulation section 1.409A- 1 (b)(4).

7.    Administration.

		
	7.1
	Benefits Committee. The Plan is administered by the Benefits Committee appointed by the Company’s Board of Directors (the “Committee”). The Committee may promulgate rules or regulations for the administration of the Plan. The Committee shall, in its sole discretion, interpret and construe the Plan’s terms and conditions, and determine an individual’s eligibility for benefits. Any interpretations, constructions or determinations made by the Committee in good faith shall be final and binding on all concerned.

		
	7.2
	Claims Procedure. If any person believes that he/she is not receiving any benefits to which he/she is entitled under the Plan, the person, after reviewing the matter with the human resource representative serving the person’s place of work, may file a written claim with the Director, Leadership and Development. Barnes Group Inc., 123 Main Street, Bristol, Connecticut 06010, or such other person designated by the Benefits Committee, who shall respond to such claim in writing within 45 days after its receipt. If any claim is denied, the claimant may appeal such denial in writing to the Benefits Committee, c/o Barnes Group Inc., 123 Main Street, Bristol, Connecticut 06010. Any such appeal must be filed within 60 days after the denial of the claim. The Benefits Committee shall notify the claimant of its decision in writing within 60 days after receiving the appeal.

8.    Other Provisions.
		
	8.1
	This Plan may be amended or terminated at any time and in any respect by the vote of a majority of the members of the Benefits Committee or by the unanimous written consent of the members of the Benefits Committee, except that, with respect to Company Officers, only the Compensation and Management Development 

Committee of the Company’s Board of Directors shall have the power to terminate the Plan or make amendments affecting the level of benefits under the Plan.  As used herein, “Officers” shall have the same meaning as in the Company’s bylaws, excluding individuals with the “Assistant” title.
		
	8.2
	The benefits to be provided under this Plan shall not be funded and shall be paid out of the general assets of the Company.

		
	8.3
	For purposes of determining:

		
	(a)
	an employee’s eligibility under Section 2 of the Plan;

		
	(b)
	the schedule of severance pay payments under Section 4 of the Plan; and

		
	(c) 
	the period of continuation of other benefits described in Section 6 of the Plan, 

only service since the employee’s last date of hire with the Company shall be counted (provided, however, for any BarnesWorx employees who were subsequently reclassified as regular, full-time employees of the Company without any Separation from Service, the period of service as a BarnesWorx employee shall also be counted).   
		
	8.4
	The Plan shall be construed, administered and enforced under the laws of the State of Connecticut except to the extent such laws are preempted by federal law.

		
	8.5
	Any provision of this Plan to the contrary notwithstanding, (a) no “distributions” (within the meaning of Treasury Regulation section 1.409A- 1(c)(3)(v)) of deferred compensation that is subject to Section 409A of the Code may be made pursuant to this Plan to a “specified employee” (within the meaning of Treasury Regulation section 1.409A-1(i))(“Specified Employee”) due to a Separation from Service before the date that is six months after the date of such Specified Employee’s Separation from Service (or, if earlier than the end of the six month period, the date 

of his or her death); and (b) any distribution that, but for the preceding clause (a), would be made before the date that is six months after the date of the Specified Employee’s Separation from Service shall be paid on the first day of the seventh month following the date of his or her Separation from Service (or, if earlier, within 14 days after the date of his or her death). For the avoidance of doubt, the preceding sentence shall apply to any amount or benefit (and only to any amount or benefit) to be paid or provided pursuant to this Plan to which Code Section 409A(a)(2)(B)(i) (relating to Specified Employees) applies, and shall not apply to any amount or benefit to be paid or provided pursuant to this Plan if and to the extent that such amount or benefit is not subject to Section 409A of the Code as a result of Treasury Regulation section 1.409A-1(a)(4) (relating to welfare benefits), Treasury Regulation Section 1.409A-1(b)(4) (relating to short-term deferrals), Treasury Regulation Section 1.409A-1(b)(9) (relating to separation pay plans), or otherwise.
		
	8.6
	If at any time during the 12-month period ending on any “specified employee identification date”, which shall be December 31, a person who participates in or has any legally binding right, contingent or otherwise, under this Plan (a “Plan Participant”), is in Salary Grade 20 or above or meets the requirements of Code section 416(i)(1)(A)(ii) or (iii) (applied in accordance with the Treasury Regulations thereunder and disregarding Code Section 41 6(i)(5)), then the Plan Participant shall be treated as a Specified Employee for purposes of Section 8.5 above for the entire 12-month period beginning on the “specified employee effective date”, which shall be the January 1 that immediately follows such specified employee identification date, unless the Board of Directors of the Company (the “Board of Directors”) or 

its Compensation and Management Development Committee (the “CMDC”) at any time prescribes a different method of identifying service providers who will be subject to the six month delay required by Section 409A(a)(2)(B)(i) of the Code (the “Six Month Delay”) in accordance with Treasury Regulation section 1.409A-1(i) or the transition rules and official guidance under Code Section 409A (a “Different Identification Method”) or elects a different specified employee identification date or specified employee effective date or makes any other election that may be made in accordance with Treasury Regulation section 1.409A-1(i) or the transition rules and official guidance under Code Section 409A (a “Different Election”), in which case whether the Plan Participant shall be treated as a Specified Employee shall be determined in accordance with any such Different Identification Method so prescribed and any such Different Election so made by the Board of Directors or the CMDC, By participating or continuing to participate in this Plan or accepting any legally binding right or benefit under this Plan, each Plan Participant irrevocably (a) consents to any such Different Identification Method that the Board of Directors or CMDC may prescribe at any time and any such Different Election that the Board of Directors or CMDC may make at any time for purposes of identifying the service providers who will be subject to the Six Month Delay with respect to payments under this Plan, and (b) agrees that the Plan Participant’s consent to any such Different Identification Method or Different Election shall be as effective as if such Different Identification Method or Different Election were fully set forth herein, and (c) waives any right he or she may have to consent to the Different Identification Method or 

Different Election in question if for any reason the Plan Participant’s consent to such Different Identification Method or Different Election is not legally effective.
		
	8.7
	Any payments that may be made and benefits that may be provided pursuant to this Plan are intended to qualify for an exclusion from Section 409A of the Code (including without limitation the exclusion for certain welfare benefits under Treasury Regulation section 1.409A-1(a)(5), the exclusion for short-term deferrals under Treasury Regulation section 1.409A-1(b)(4), and the exclusions for separation pay plans under Treasury Regulation section 1.409A-1(b)(9)) and/or are intended to meet the requirements of Section 409A(a)(2), (3) and (4) of the Code, so that none of the payments that may be made and benefits that may be provided pursuant to this Plan will be includible in any Plan Participant’s federal gross income pursuant to Section 409A(a)(1)(A) of the Code. This Plan and any agreement or instrument issued under this Plan shall be administered, interpreted and construed to carry out such intentions and any provision of this Plan or any such agreement or instrument that cannot be so administered, interpreted and construed shall to that extent be disregarded. However, the Company does not represent, warrant or guarantee that any payments that may be made and benefits that may be provided pursuant to this Plan will not be ineludible in any Plan Participant’s federal gross income pursuant to Section 409A(a)(l)(A) of the Code; nor does the Company make any other representation, warranty or guaranty to any Plan Participant as to the tax consequences of this Plan or of participation in this Plan.

Effective:    May 1, 1992

Revised:    April 5, 2000
June 29, 2006
August 29, 2006
December 30, 2007
December 31, 2007 
December 31, 2008
September 17, 2010
December 15, 2011
March 7, 2019bwen_Ex10-4

		
			Exhibit 10.4
		

		
			 
		

		
			BROADWIND ENERGY, INC.
		

		
			 
		

		
			2015 EQUITY INCENTIVE PLAN
		

		
			 
		

		
			PERFORMANCE AWARD NOTICE
		

		
			 
		

		
			[[FIRSTNAME]] [[LASTNAME]]
		

		
			 
		

		
			You have been awarded a Performance Award with respect to shares of Common Stock of Broadwind Energy, Inc., a Delaware corporation (the “Company”), pursuant to the terms of the Broadwind Energy, Inc. 2015 Equity Incentive Plan (the “Plan”) and the Performance Award Agreement attached hereto (together with this Award Notice, the “Agreement”).  Capitalized terms not defined herein have the meanings specified in the Plan or the Agreement, as applicable.  
		

		
			Award:Upon and subject to the terms and conditions of the Plan and the Agreement, you have been awarded a Performance Award with respect to the target number of shares of Common Stock set forth below.  The actual number of shares awarded may range from 0% to 200% of the target number. 
		

		
			Target Number of Shares:[[TARGETSHARES]]
		

		
			Grant Date:[[GRANTDATE]] 
		

		
			Performance Period:January 1, 2017 through December 31, 2019.
		

		
			Vesting Date:Except as otherwise provided in the Plan, the Agreement or any other agreement between you and the Company, and subject to achievement of the Performance Measures as set forth in the Agreement, the Performance Award shall vest on December 31, 2019 (the “Vesting Date”), provided you remain continuously employed by the Company through the Vesting Date.
		

		
			 
		

		
			BROADWIND ENERGY, INC.
		

		
			 
		

		
			By:/s/ STEPHANIE K. KUSHNER
		

		
			Name: Stephanie K. Kushner
		

		
			Title:   President & Chief Executive Officer
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			Acknowledgment, Acceptance and Agreement:
		

		
			By electronically accepting this Award Notice, I hereby acknowledge receipt of the Agreement and the Plan, accept the Award granted to me and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.
		

		
			This document constitutes part of the prospectus covering securities
		

		
			that have been registered under the Securities Act of 1933, as amended.
		

		
			 
		

		
			BROADWIND ENERGY, INC.
		

		
			 
		

		
			2015 EQUITY INCENTIVE PLAN
		

		
			 
		

		
			PERFORMANCE AWARD AGREEMENT
		

		
			 
		

		
			Broadwind Energy, Inc., a Delaware corporation (the “Company”), hereby grants to the individual (the “Participant”) named in the award notice attached hereto (the “Award Notice”), as of the grant date set forth in the Award Notice (the “Grant Date”), pursuant to the terms and conditions of the Broadwind Energy, Inc. 2015 Equity Incentive Plan (the “Plan”), a Performance Award (the “Award”) with respect to the number of shares of Common Stock set forth in the Award Notice, upon and subject to the restrictions, terms and conditions set forth in the Award Notice, the Plan and this agreement (the “Agreement”). Capitalized terms not defined herein have the meanings specified in the Plan. 
		

		
			1.Award Subject to Acceptance of Agreement.  The Award shall be null and void unless the Participant electronically accepts the Award Notice and this Agreement within the Participant’s stock plan account with the Company’s stock plan administrator according to the procedures then in effect.  
		

		
			2.Rights as a Stockholder.  The Participant shall not be entitled to any privileges of ownership with respect to the shares of Common Stock subject to the Award unless and until, and only to the extent, such shares are issued to Participant and Participant becomes a stockholder of record with respect to such shares.
		

		
			3.Details of Award.  The Award entitles the Participant to receive a whole number of shares of Common Stock equal to a percentage of the number of Restricted Stock Units awarded, from zero to 200%, based on the Company’s performance against the Performance Measures set forth and as calculated in Appendix A attached hereto.  Calculations of performance versus target, threshold and maximum values as set forth in Appendix A shall be made by the Committee in accordance with the terms of this Agreement and the Plan and are final and binding.  The number of shares of Common Stock determined by the Committee based on the Company’s performance against the Performance Measures shall be distributable as provided in Section 5 below, but only to the extent the Participant’s right to such shares is vested under Section 4 below.
		

		
			4.Vesting.  
		

		
			

		 

 

		

		
			4.1.Service-Based Vesting Condition.  Except as otherwise provided in this Article 4, the Award and the right to receive the number of shares of Common Stock determined under Section 3 above shall vest on the Vesting Date specified in the Award Notice, provided the Participant remains employed by the Company or its Affiliate through the Vesting Date.  For the avoidance of doubt, if the Company fails to achieve a Performance Measure at the threshold level, Participant shall not be entitled to receive any shares of Common Stock with respect to the Performance Measure.
		

		
			4.2.Acceleration of Vesting.  
		

		
			4.2.1.Termination as a Result of Participant’s Death or Disability.  If the Participant’s employment with the Company terminates prior to the end of the Performance Period specified in the Award Notice by reason of death or termination by the Company due to Disability, then the Participant shall be entitled to a prorated Award based on the number of shares of Common Stock the Participant would have received at the end of the Performance Period based on the actual performance of the Company during the Performance Period multiplied by a fraction, the numerator of which shall equal the number of days the Participant was employed by the Company during the period beginning on the January 1, 2017 and ending on the date on which the Participant’s employment with the Company terminates and the denominator of which shall equal the total number of days in the Performance Period.  
		

		
			4.2.2.Termination for any Reason other than Death or Disability.  Except as provided in Subsection 4.2.3, if the Participant’s employment with the Company terminates prior to the end of the Performance Period for any reason other than the Participant’s death or Disability, then the Award shall be immediately forfeited by the Participant and cancelled by the Company.
		

		
			4.2.3.Change in Control.  Notwithstanding anything in the Plan or this Agreement to the contrary, if, upon or within one year following a Change in Control (as defined in the Plan) and prior to the end of the Performance Period, the Company or a succeeding entity terminates the Participant’s employment for any reason other than for Cause, then the Performance Period shall lapse and the Award shall become fully vested and payable at the target level and shall be subject to Section 5.8 of the Plan; provided,  however, if the termination of employment occurs following the completion of the Performance Period and the Award payout level exceeds the target payout level based on actual performance through the Performance Period, then the Award shall be settled at such higher payout level.  
		

		
			4.2.4.Disability.  For purposes of the Award, “Disability” shall have the meaning set forth in the employment agreement, if any, between the Participant and the Company, provided that if the Participant is not a party to an employment agreement that contains such definition, then “Disability” shall mean the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to 

		 

 

result in death or can be expected to last for a continuous period of not less than 12 months.
		

		
			4.2.5.Cause.  For purposes of the Award, “Cause” shall have the meaning set forth in the employment agreement, if any, between the Participant and the Company, provided that if the Participant is not a party to an employment agreement that contains such definition, then “Cause” shall mean (i) embezzlement, misappropriation, theft or other criminal conduct, of which the Participant is convicted, related to the property and assets of the Company, (ii) the Participant’s conviction of a felony or (iii) the Participant’s willful refusal to perform or substantial disregard of the Participant’s duties as assigned to the Participant by the Company, as determined by the Company in its sole and absolute discretion.
		

		
			5.Settlement of Award.  Subject to Article 7 below, as soon as practicable (but not later than 75 days) after the end of the Performance Period, the Company shall issue or transfer to the Participant (or such other person as is acceptable to the Company and designated in writing by the Participant) the number of shares of Common Stock payable with respect to vested Restricted Stock Units provided, however, that if it is impracticable to issue such shares of Common Stock by such date (e.g., due to the unavailability of audited financial statements or a Form S-8 registration statement for the shares), then the Company may delay issuance until it becomes administratively practicable to do so later that same calendar year..  The Company may effect such issuance or transfer either by the delivery of one or more stock certificates to the Participant or by making an appropriate entry on the books of the Company or the transfer agent of the Company.  Except as otherwise provided in Section 7.1, the Company shall pay all original issue or transfer taxes and all fees and expenses incident to such delivery or issuance.  Prior to the issuance or transfer to the Participant of the shares of Common Stock issuable pursuant to the Award, the Participant shall have no direct or secured claim in any specific assets of the Company or in such shares of Common Stock, and will have the status of a general unsecured creditor of the Company.  
		

		
			6.Transfer Restrictions and Investment Representation.  
		

		
			6.1.Nontransferability of Award.  The Award may not be transferred by the Participant other than by will or the laws of descent and distribution or pursuant to the designation of one or more beneficiaries on the form prescribed by the Company.  Except to the extent permitted by the foregoing sentence, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process.  Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void.
		

		
			6.2.Investment Representation.  The Participant hereby represents and covenants that (a) any share of Common Stock acquired upon the vesting of the Award will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), unless such acquisition has been registered under the Securities Act and any applicable state 

		 

 

securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Participant shall submit a written statement, in form satisfactory to the Company, to the effect that such representation (x) is true and correct as of the date of vesting of the Award with respect to any shares of Common Stock hereunder or (y) is true and correct as of the date of any sale of any such share, as applicable.  As a further condition precedent to the issuance or transfer to the Participant of any shares of Common Stock subject to the Award, the Participant shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or transfer of the shares and, in connection therewith, shall execute any documents which the Board shall in its sole discretion deem necessary or advisable.
		

		
			7.Additional Terms and Conditions of Award.
		

		
			7.1.Withholding Taxes.    
		

		
			(a)As a condition precedent to the issuance or transfer of any shares of Common Stock distributable upon the vesting of the Award, the Participant shall, upon request by the Company, pay to the Company such amount as the Company may be required under all applicable federal, state, local or other laws or regulations to withhold (or such greater amount as is permissible under applicable tax, legal, accounting and other guidance) and pay over as income or other withholding taxes (the “Tax Payments”) with respect to the issuance or transfer of such shares of Common Stock.  If the Participant shall fail to advance the Tax Payments after request by the Company, the Company may, in its discretion, deduct any Tax Payments from any amount then or thereafter payable by the Company to the Participant.
		

		
			(b)The Participant may elect to satisfy his or her obligation to advance the Tax Payments by any of the following means:  (1) a check or cash payment to the Company, (2) delivery to the Company (either actual delivery or by attestation procedures established by the Company) of previously owned whole shares of Common Stock having an aggregate Fair Market Value, determined as of the date on which such withholding obligation arises (the “Tax Date”), equal to the Tax Payments, (3) authorizing the Company to withhold whole shares of Common Stock which would otherwise be issued or transferred to the Participant having an aggregate Fair Market Value, determined as of the Tax Date, equal to the Tax Payments or (4) any combination of (1), (2) and (3).  Shares of Common Stock to be delivered to the Company or withheld may not have a Fair Market Value in excess of the amount of the Tax Payments.  Any fraction of a share of Common Stock which would be required to satisfy any such obligation shall be disregarded and the remaining amount due shall be paid in cash by the Participant.  No certificate representing a share of Common Stock shall be delivered until the Tax Payments have been satisfied in full.
		

		
			

		 

 

		

		
			7.2.Adjustment.  In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation) that causes the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary dividend, the number and class of securities subject to the Award shall be equitably adjusted by the Committee.  In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation) to prevent dilution or enlargement of rights of participants.  If any adjustment would result in a fractional security being subject to the Award, the Company shall pay the Participant in connection with the first settlement, in whole or part, occurring after such adjustment, an amount in cash determined by multiplying (i) such fraction (rounded to the nearest hundredth) by (ii) the Fair Market Value of such security on the settlement date as determined by the Committee.  The decision of the Committee regarding any such adjustment and the Fair Market Value of any fractional security shall be final, binding and conclusive.
		

		
			7.3.Compliance with Applicable Law.  The Award is subject to the condition that if the listing, registration or qualification of the shares of Common Stock subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the issuance or transfer of shares of Common Stock hereunder, the shares of Stock subject to the Award shall not be issued or transferred, in whole or in part, unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company.  The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action.
		

		
			7.4.Restrictive Covenants.
		

		
			(a)For purposes of this Section 7.4, the term “Company” shall be deemed to mean the Company and its subsidiaries and affiliates. 
		

		
			(b)During the period beginning on the Grant Date and ending on the date which is one year following the termination of the Participant’s employment with, or service to, the Company, the Participant shall not, except with the express prior written consent of the Company:  (i) directly or indirectly, either for the Participant or on behalf of any of the Company’s competitors (“Competitors”): (1) induce or attempt to induce any employee, independent contractor or consultant of the Company to leave the employ of, or terminate its engagement with, the Company; or (2) in any way interfere with the relationship between the Company and any employee, independent contractor or consultant of the Company; or (ii) directly or indirectly, either for the Participant or on behalf of any of the Competitors, solicit the business of any person or entity known to the 

		 

 

Participant to be a customer of the Company, where the Participant, or any person reporting to the Participant, had an ongoing business relationship or had made substantial efforts with respect to such customer during the Participant’s employment with, or service to, the Company.
		

		
			(c)The Participant, by accepting the Award, agrees that the foregoing covenants are reasonable with respect to their duration and scope.  The Participant further acknowledges that the restrictions are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company, and that such restrictions were a material inducement to the Company to grant the Award.  In the event of any violation or threatened violation of these restrictions, (i) the Participant shall forfeit all shares of Common Stock subject to the Award which have not vested, (ii) the Award shall terminate as of the date of the violation or threatened violation of these restrictions and (iii)  any and all Award Proceeds (as hereinafter defined) shall be immediately due and payable by the Participant to the Company. For purposes of this Section, “Award Proceeds” shall mean, with respect to any portion of the Award which becomes vested, the Fair Market Value of a share of Common Stock on the date such portion of the Award became vested, multiplied by the number of shares of Common Stock that became vested. The remedy provided by this Section shall be in addition to and not in lieu of any rights or remedies which the Company may have against the Participant in respect of a breach by the Participant of any duty or obligation to the Company.   The Participant agrees that by accepting the Award the Participant authorizes the Company and its affiliates to deduct any amount or amounts owed by the Participant pursuant to this Section 7.4 from any amounts payable by or on behalf of the Company or any affiliate to the Participant, including, without limitation, any amount payable to the Participant as salary, wages, vacation pay, bonus or the vesting or settlement of any stock-based award, in each case, subject to applicable law. This right of setoff shall not be an exclusive remedy and the Company’s or an affiliate’s election not to exercise this right of setoff with respect to any amount payable to the Participant shall not constitute a waiver of this right of setoff with respect to any other amount payable to the Participant or any other remedy.
		

		
			7.5.Award Confers No Rights to Continued Employment.  In no event shall the granting of the Award or its acceptance by the Participant, or any provision of this Agreement, give or be deemed to give the Participant any right to continued employment by the Company or prevent or be deemed to prevent the Company from terminating the Participant’s employment at any time, with or without Cause.
		

		
			7.6.Interpretation.  Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or by the Company forthwith to the Committee for review.  The resolution of such a dispute by the Committee shall be final and binding on all parties.
		

		
			

		 

 

		

		
			7.7.Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.
		

		
			7.8.Notices.  All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, to Broadwind Energy, Inc., Attn: Legal Department, 3240 S. Central Avenue, Cicero, Illinois 60804, and if to the Participant, to the last known mailing address of the Participant contained in the records of the Company.  All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails or (d) by express courier service.  The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; provided,  however, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the Company.
		

		
			7.9.Governing Law.  This Agreement, the Award and all determinations made and actions taken pursuant hereto and thereto, to the extent not governed by the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.
		

		
			7.10.Entire Agreement.  The Award Notice and the Plan are incorporated herein by reference.  Capitalized terms not defined herein shall have the meanings specified in the Plan.  This Agreement, the Award Notice and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof, and may not be modified if such modification is materially adverse to the Participant’s interest except by means of a writing signed by the Company and the Participant.
		

		
			7.11.Partial Invalidity.  The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.
		

		
			7.12.Amendment and Waiver.  The provisions of this Agreement may be amended or waived only by the written agreement of the Company and the Participant, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.

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