Document:

EXHIBIT 10.3

 

STONERIDGE, INC. 

AMENDED AND RESTATED

LONG-TERM INCENTIVE PLAN

2016 SHARE UNITS AGREEMENT

 

Stoneridge, Inc., an Ohio corporation (the
“Company”), pursuant to the terms and conditions hereof, hereby grants to _______________ (“Grantee”) the
right to receive, subject to continued service, ______ Common Shares, without par value, of the Company (the “Share Units”),
subject to the terms and conditions of this Agreement (the “Agreement”).

 

 1.          The Share Units are in all respects subject to the terms, conditions and provisions of this Agreement and the Company’s Amended and Restated Long-Term Incentive Plan (the “Plan”).

 

2.          The
right to receive the Share Units will be forfeited to the Company if the Grantee’s employment with the Company is terminated
prior to March 4, 2019, except in the case of (i) retirement, (ii) death, (iii) Permanent Disability, (iv) Change in Control or
(v) termination without cause, each as provided below.

 

If the employment of the Grantee is not
terminated prior to March 4, 2019, the Share Units shall be earned on March 4, 2019.

 

Special Provisions Applicable to Retirement.

 

Subject to the conditions below, in the case of retirement
the Share Units shall be earned on the date of retirement and a certificate or certificates representing the Share Units shall
promptly be delivered to the Grantee, but in no event shall be delivered later than the 15th day of the third month
following the year in which Share Units were earned. Only a Grantee who (i) is 63 or older on the date of retirement, (ii) has
provided written notice to the Compensation Committee of the Board of Directors (the “Committee”) of the intent to
retire at least three (3) months prior to the retirement date, and (iii) has executed prior to retirement a customary one year
non-competition agreement shall be permitted to have his or her Share Units earned upon retirement.

 

3.          If
earned, the Share Units will be issued in the name of the Grantee. The Company’s transfer agent and/or share transfer records
will show the Grantee as the owner of record of the Share Units as of the date the Share Units are earned. The certificate or certificates
representing the Share Units earned may, at the Company's discretion, be in uncertificated (electronic or book entry) form.

 

4.          Notwithstanding
the foregoing, in addition to earning the Share Units as set forth above, the Share Units shall be earned upon the occurrence of
an event and in the amounts as described below.

 

(a)          the
Grantee’s death or Permanent Disability in proportion to the number of months, including any partial month, elapsed in the
Performance Period divided by 36;

 

(b)          a
Change in Control or Potential Change in Control of the Company; or

 

     

     

    

 

(c)          the
termination “without cause” of the Grantee’s employment by the Company; provided, however only in proportion
to the number of months, including any partial month, elapsed in the Performance Period divided by 36.

 

A certificate or certificates representing
the earned Share Units shall be delivered to the Grantee or the Grantee’s estate after the occurrence of an event described
above as soon as practical, but in no event shall be delivered later than the 15th day of the third month following
the year in which Share Units were earned.

 

Termination shall be deemed to be “without
cause” unless the Board of Directors of the Company, or its designee, in good faith determines that termination is because
of any one or more of the following, in which case such termination shall be deemed to be for “cause”:

 

The Grantee’s:

 

(a)          fraud;

 

(b)          misappropriation
of funds from the Company;

 

(c)          commission
of a felony or of an act or series of acts which result in material injury to the business reputation of the Company;

 

(d)          commission
of a crime or act or series of acts involving moral turpitude;

 

(e)          commission
of an act or series of repeated acts of dishonesty that are materially inimical to the best interests of the Company;

 

(f)          willful
and repeated failure to perform his duties, which failure has not been cured within fifteen (15) days after the Company gives notice
thereof to the Grantee;

 

(g)          material
breach of any material provision of an employment agreement, if any, which breach has not been cured in all substantial respects
within ten (10) days after the Company gives notice thereof to the Grantee; or

 

(h)          failure
to carry out the reasonable directions or instructions of the Grantee’s superiors, provided the directions or instructions
are consistent with the duties of the Grantee’s office, which failure has not been cured in all substantial respects within
ten (10) days after the Company gives notice thereof to the Grantee.

 

Provided, however, the Company’s obligation
to provide notice and an opportunity to cure, pursuant to subsections (f)-(h) above, shall only apply to the Grantee’s first
breach, first failure to perform or first failure to follow directions, as the case may be, of the nature giving rise to the right
of the Company to provide notice thereof. In addition, the Grantee may terminate his employment with the Company, and such termination
shall be deemed a termination by the Company “without cause” if:

 

(a)          the
Company reduces the Grantee’s title, responsibilities, power or authority in comparison with his title, responsibilities,
power or authority on the date hereof;

 

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(b)          the
Company assigns the Grantee duties which are inconsistent with the duties assigned to the Grantee on the date hereof and which
duties the Company persists in assigning to the Grantee despite the prior written objection of the Grantee; or

 

(c)          the
Company reduces the Grantee’s annual base compensation (unless such decrease is proportionate with a decrease in the base
compensation of the officers of the Company as a group), or materially reduces his group health, life, disability or other insurance
programs, his pension, retirement or profit-sharing benefits or any benefits provided by the Company, or excludes him from any
plan, program or arrangement, including but not limited to bonus or incentive plans.

 

5.          On
any change in the number or kind of outstanding common shares of the Company by reason of a recapitalization, merger, consolidation,
reorganization, separation, liquidation, share split, share dividend, combination of shares or any other change in the corporate
structure or Common Shares of the Company, the Company, by action of the Committee, is empowered to make such adjustment, if any,
in the number and kind of Share Units subject to this Agreement as it considers appropriate for the protection of the Company and
of the Grantee.

 

6.          No
later than the date as of which an amount first becomes includable in the gross income of the Grantee for federal income tax purposes
with respect to the Share Units granted hereunder, the Grantee shall pay to the Company, or make arrangements satisfactory to the
Committee regarding the payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to
that amount. Unless otherwise determined by the Committee, minimum statutory withholding obligations may be settled with previously
owned Common Shares or Share Units that have been earned. The making of that payment or those arrangements is a condition to the
obligations of the Company under the Plan, and the Company and its subsidiaries and affiliates may, to the extent permitted by
law, deduct any taxes from any payment of any kind otherwise payable to the Grantee.

 

7.          Nothing
in this Agreement shall affect in any manner any conflicting or other provision of any other agreement between the Grantee and
the Company. Nothing contained in this Agreement shall limit whatever right the Company might otherwise have to terminate the employment
of the Grantee.

 

8.          The
laws of the State of Ohio govern this Agreement, the Plan and the Share Units granted hereby.

 

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IN WITNESS WHEREOF, the Company has caused
its corporate name to be subscribed by its duly authorized officer as of the 4th day of March 2016.

 

	 	 	STONERIDGE, INC.
	 	 	 	 
	 	 	By	 
	 	 	 	Jonathan B. DeGaynor
	The foregoing is hereby accepted.	 	 	 
	 	 	 	 
	 	 	 	 
	{Grantee}	 	 	 

 

    	 	4Exhibit 10.1

 

	Union Bank & Trust

Management Incentive Plan

 

This document outlines the Union Bank & Trust Management
Incentive Plan (the “Plan”) by and between Union Bankshares Corporation (“UNION”), its subsidiary
Union Bank & Trust (the “Bank”), and the undersigned executive (the “Participant”).

 

		1.	Purpose

 

The purpose of the Plan is to reward the performance of the
Participant in a manner that is consistent with UNION’s strategic plan and the attainment of a growing return to the shareholders
of UNION. The Plan is further intended to assist UNION in its ability to motivate, attract and retain qualified executives.

 

		2.	Effective Date

 

The Plan is in effect January 1, 2016 through December 31, 2016,
and will continue to renew for successive one-year periods (each calendar year being a “Plan Year”) unless otherwise
terminated or modified in accordance with the Plan and specifically approved by the Compensation Committee (the “Committee”)
of the UNION Board of Directors (the “Board”).

 

		3.	Eligibility

 

Participation is limited to those executives recommended by
the Chief Executive Officer and approved by the Committee during the first 90 days of each Plan Year. The Committee shall retain
the discretion to include as a Participant any otherwise-eligible executive hired or promoted after the commencement of a Plan
Year.

 

		4.	Basis of Incentive Compensation Award

 

The Plan is a cash award plan. The Participant’s incentive
compensation award under the Plan is based on an incentive target that is approved at the beginning of the Plan Year by the Committee
(or its delegee) in its discretion. The incentive compensation award is expressed as a percentage of the Participant’s base
salary, and may be awarded if either or both the UNION corporate goals (the “Corporate Goals”) and the Participant’s
individual goals (the “Individual Goals”) are achieved. In no event shall a Participant receive payment under the Plan
that exceeds 150% of the Participant’s base salary for the Plan Year.

 

		5.	Plan Details

 

The amount of incentive compensation that the Participant is
entitled to receive under the Plan is determined based on the Participant’s award target and weighting and achievement of
the approved performance goals. The performance period for achievement of any performance goal(s) is the Plan Year.

 

     

     

    

 

	Union Bank & Trust

Management Incentive Plan

 

		A.	Award Targets and Weightings

 

Each Participant shall be assigned an incentive award target,
calculated as a percentage of the Participant’s base salary, which may be awarded if UNION and the Participant achieve targeted
performance goals.

 

Target awards shall be weighted between Corporate Goals and
Individual Goals. The weightings for the two goal categories shall be recommended by the Chief Executive Officer and presented
to the Committee for review and approval. Threshold, target and superior achievement levels for each Corporate Goal and Individual
Goal will be recommended by the Chief Executive Officer and presented to the Committee for review and approval. The payout for
the threshold achievement level will be not less than 10% of the target payout, and the payout for the superior achievement level
will be not more than 150% of the target payout.

 

		B.	Corporate Goals

 

The Corporate Goals for the Plan Year will be recommended by
the Chief Executive Officer and approved in writing by the Committee within the first 90 days of the Plan Year.

 

		C.	Individual Goals

 

Individual goals for the Plan Year will be established for each
Participant in conjunction with his or her direct supervisor and will be presented to the Committee for review and approval.

 

		D.	Determination of Incentive Compensation Award

 

Within 60 days following the end of the Plan Year, the Committee
will review performance against the Corporate Goals and any Individual Goals established for the Participant, certify in writing
that the applicable performance goals were satisfied, and determine the amount of the incentive compensation award, if any, to
be paid to each Participant under the Plan. Notwithstanding any provision of the Plan to the contrary, in making this determination,
the Committee may, in its discretion, in light of such considerations as it may deem relevant, increase or decrease any payments
to which a Participant would otherwise be entitled by such amount or percentage as the Committee deems appropriate.

 

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	Union Bank & Trust

Management Incentive Plan

 

		6.	Administrative Matters

 

		A.	Administration of the Plan

 

Responsibility for the administration of the Plan, as described
herein, rests with the Committee. The Chief Executive Officer shall monitor for accuracy the performance reporting of the Participant
and make recommendations to the Committee concerning the amount of the Participant’s awards under the Plan. In addition,
the Committee, and ultimately the Board, is responsible for the overall oversight, supervision and existence of the Plan. The Committee
has been delegated the sole discretion to interpret the terms of the Plan, to determine eligibility for benefits, and to calculate
and render final incentive compensation awards under the Plan. The Committee shall also be empowered to make any and all of the
determinations not herein specifically authorized which may be necessary or desirable for the effective administration of the Plan.

 

Unless the Committee deems otherwise, awards will not be earned
or paid, regardless of Corporate or Division/Individual performance, if 1) any regulatory agency issues a formal, written enforcement
action, memorandum of understanding or other negative directive action where the Committee considers it imprudent to provide awards
under the Plan, 2) after a review of the Company’s credit quality measures the Committee considers it imprudent to provide
awards under the Plan, or 3) if the Company’s Operating return on assets falls below [omitted].

 

The Committee may withhold or adjust any incentive compensation
award in its sole discretion as it deems appropriate and will notify the Participant of its decision to withhold or adjust an incentive
compensation award.

 

Any decision or interpretation of any provision of the Plan
adopted by the Committee shall be final and conclusive.

 

		B.	Active Participation Required

 

In the event, during the Plan Year, of the Participant’s
death, permanent disability (as determined by the Committee in its discretion) or retirement(each, an “Early Termination
Event”), any incentive compensation award shall be based on performance for the Plan Year, but prorated through the end
of the most recent month prior to the Early Termination Event and shall be paid at the same time as would be otherwise due but
in no event later than March 15th following the end of the Plan Year.

 

Any incentive compensation award to a Participant who transfers
out of an eligible position prior to the end of the Plan Year, for any reason, will be prorated through the end of the most recent
month prior to the event and will be paid at the same time as would otherwise be due but in no event later than March 15th
following the end of the Plan Year.

 

In the event the Participant’s employment ceases prior
to the Payment Date (as defined below) for any reason other than an Early Termination Event, including, without limitation, a voluntary
termination of employment by the Participant, as defined by the personnel policies of UNION or the Bank, or an involuntary termination
with or without cause, the Participant shall not be entitled to, and shall not have earned, any incentive compensation award under
the Plan.

 

    	 	3	 

     

    

 

	Union Bank & Trust

Management Incentive Plan

 

		7.	Payment Method

 

Awards under the Plan will be calculated and paid in cash on
an annual basis. Payment of awards, less deferrals and applicable federal, state and local taxes, will be made as soon as practicable
following the end of the Plan Year (the “Payment Date”), but in no event before certification of the Committee
or later than March 15th following the end of the Plan Year.

 

		8.	Modification and Termination of Plan

 

The Plan may be modified or changed at any time by the Committee
in its discretion, followed by written notification to the Participant as soon as reasonably practicable. The Plan may be terminated
at any time by the Committee in its discretion, followed by written notification to the Participant as soon as reasonably practicable.
In the event of a Plan termination, the Participant shall continue to be eligible for incentive compensation awards for the Plan
Year prorated through the Plan’s termination date, unless the Committee determines in its discretion that no incentive compensation
should be paid. Any incentive compensation awards shall be calculated through the date of the Plan termination on such basis as
the Committee deems appropriate in its discretion and will be payable as soon as practicable after the termination of the Plan
but in no event later than March 15th following the end of the Plan Year.

 

		9.	Participant Rights Not Assignable; Plan not a Contract

 

Any awards made pursuant to the Plan shall not be subject to
assignment, pledge or other disposition. Nothing contained in the Plan shall confer upon any employee any right to continued employment
or to receive or continue to receive any rate of pay or other compensation, nor does the Plan affect the right of UNION or the
Bank to terminate a Participant’s employment. Participation in the Plan does not confer rights to participation in other
UNION or Bank programs or plans, including annual or long-term incentive plans, non-qualified retirement or deferred compensation
plans or other executive perquisite programs.

 

		10.	Ethical Statement

 

The Participant is subject to UNION’s Code of Business
Conduct and Ethics and any violations of this Code or any other policy of UNION or the Bank, or any breach by the Participant of
the provisions of the Plan, as determined by the Committee in its discretion, may result in a reduction of or disqualification
from payments under the Plan and disciplinary action up to and including termination.

 

		11.	Governing Law and Venue

 

The parties agree that the interpretation and enforcement of
the Plan shall be governed by the laws of the Commonwealth of Virginia, and that any action to enforce or determine any rights
under the Plan shall be brought exclusively in the Circuit Court of Caroline County, Virginia. The Participant consents and waives
any objection to personal jurisdiction and venue in such court. The Plan, and any payments thereunder, shall not be subject to
the Employee Retirement Income Security Act.

 

    	 	4	 

     

    

 

	Union Bank & Trust

Management Incentive Plan

 

		12.	Attorney’s Fees and Costs

 

The parties agree that in the event of any legal action arising
out of or relating to the interpretation or enforcement of the Plan, UNION and the Bank shall be entitled to recover their attorney’s
fees and costs in the event that they are (or either of them is) the prevailing party.

 

		13.	No Oral or Written Representations

 

The parties agree that they have relied on no oral or written
representation or promises not set forth herein, and that the terms of the Plan are set forth solely in the written Plan document
and it constitutes the complete and entire agreement of the parties relating to the subject matter hereof.

 

		14.	Clawback

 

Participant, while employed by the Bank and in the conduct of
his or her duties as an employee, shall not expose UNION or the Bank to any unreasonable or unnecessary risk. All incentive compensation
awards under the Plan are subject to the terms of UNION’s or the Bank’s recoupment, clawback or similar policy as such
may be in effect from time to time, as well as any similar provisions of applicable law, which could in certain circumstances require
repayment of an incentive compensation award or portion thereof.

 

		15.	Banking Regulatory Provision

 

All incentive compensation awards under the Plan are subject
to any condition, limitation or prohibition under any financial institution regulatory policy or rule to which UNION or the Bank
is subject.

 

    	 	5

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