Document:

exv10w02

 

 Exhibit 10.02

 VALERO ENERGY CORPORATION

RESTRICTED STOCK PLAN
for
NON-EMPLOYEE DIRECTORS

Adopted April 23, 1997,

as amended and restated through July 11, 2007

 

 

RESTRICTED STOCK PLAN FOR NON-EMPLOYEE DIRECTORS

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1.

	 	Purpose and Effective Date of Plan
	 	 	2	 
	2.

	 	Certain Definitions
	 	 	2	 
	3.

	 	Shares Subject to the Plan
	 	 	3	 
	4.

	 	Eligibility
	 	 	3	 
	5.

	 	Automatic Grants to Non-Employee Directors
	 	 	3	 
	6.

	 	Administration of the Plan
	 	 	4	 
	7.

	 	Restrictions Applicable to Restricted Shares
	 	 	5	 
	8.

	 	Forfeiture, Completion of Restriction Period
	 	 	7	 
	9.

	 	Adjustment in Event of Changes in Common Stock
	 	 	8	 
	10.

	 	Non-Alienation of Benefits
	 	 	8	 
	11.

	 	Appointment of Attorney-in-Fact
	 	 	8	 
	12.

	 	Withholding Taxes
	 	 	8	 
	13.

	 	Amendment and Termination of Plan
	 	 	9	 
	14.

	 	[reserved]
	 	 	9	 
	15.

	 	Government and Other Regulations
	 	 	9	 
	16.

	 	No Right to Nomination
	 	 	10	 
	17.

	 	Non-Exclusivity of Plan
	 	 	10	 
	18.

	 	Governing Law
	 	 	10	 
	19.

	 	Miscellaneous Provisions
	 	 	10	 

 

VALERO ENERGY CORPORATION

Restricted Stock Plan for Non-Employee Directors

	1.	 	Purpose and Effective Date of Plan. The purpose of this Plan is to supplement the
compensation paid to Non-Employee Directors, to increase their proprietary interest in the
Company, to attract and retain persons of outstanding caliber to serve as directors of the
Company and to enhance their identification with the interests of the Company’s stockholders
through ownership of Common Stock. The Effective Date of this Plan is July 31, 1997. Shares
awarded under the Plan shall be in addition to, and shall not replace, any cash or other
compensation arrangement available to Non-Employee Directors.

2. Certain Definitions.

	 	(a)	 	“Annual Meeting” shall mean the annual meeting of stockholders for election of
directors of the Company. In the event of any adjournment of any such meeting, the
date on which the inspectors appointed for such meeting declare directors to have been
elected shall be deemed the meeting date for purposes of the Plan.
	 
	 	(b)	 	“Board” shall mean the board of directors of the Company.
	 
	 	(c)	 	“Common Stock” shall mean the common stock, $0.01 par value, of the Company.
	 
	 	(d)	 	“Company” shall mean Valero Energy Corporation, a Delaware corporation.
	 
	 	(e)	 	“Compensation Committee” shall mean the Compensation Committee of the Board.
	 
	 	(e-1) 	 	“Effective Date” shall mean July 31, 1997.
	 
	 	(f)	 	“Employee Director” shall mean a member of the Board who is an employee of the
Company or any subsidiary of the Company.
	 
	 	(g)	 	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
	 
	 	(h)	 	“Fair Market Value” shall mean the average of the high and low sales prices of
the Common Stock on a Grant Date (or if Common Stock was not traded on such day, the
first day following the Grant Date on which Common Stock was traded) as reported on the
New York Stock Exchange.
	 
	 	(i)	 	“Grant Date” shall mean the date on which Restricted Shares are awarded to a
Non-Employee Director pursuant to Paragraph 5.
	 
	 	(j)	 	“Mandatory Retirement Policy” shall mean the retirement policy set forth in
Article I, Section 6, of the Corporate Governance Guidelines of the Company, or any
successor policy.
	 
	 	(k)	 	“Non-Employee Director” shall mean a member of the Board who is not an employee
of the Company or any subsidiary of the Company.
	 
	 	(l) 	 	“Participant” shall have the meaning given in Paragraph 5(c).
	 
	 	(m)	 	“Plan” shall mean this Restricted Stock Plan for Non-Employee Directors.
	 
	 	(n)	 	“Restriction Period” shall mean the period of time, as specified in Paragraph
7(c), applicable to Restricted Shares granted under the Plan.
	 
	 	(o) 	 	“Restricted Shares” shall mean shares of Common Stock granted to a Non-Employee
Director pursuant to Paragraph 5.
	 
	 	(p)	 	“Restricted Shares Agreement” shall mean the agreement described in Paragraph
5(c).

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	 	(q)	 	“Retained Distributions” shall mean distributions that are retained by the
Company pursuant to Paragraph 7(e)(ii).
	 
	 	(r)	 	“Share” means a share of Common Stock.
	 
	 	(s)	 	“Subsidiary of the Company” shall mean any corporation, partnership or other
entity in which the Company owns, directly or indirectly, a controlling interest.

	3.	 	Shares Subject to the Plan.

	 	(a)	 	Subject to the provisions of Paragraph 9 below, the maximum aggregate number of
 shares of Common Stock that may be granted under the Plan shall be 100,000 Shares
(pre-split), provided, however, that any Restricted Shares granted under the Plan that
are forfeited pursuant to the terms of the Plan or otherwise surrendered shall again
become available for grant under the Plan. Shares withheld by the Company, or
delivered to the Company, to pay taxes pursuant to Paragraph 12 shall not be available
for additional grants under the Plan.
	 
	 	(b)	 	The Restricted Shares may be, in whole or in part, authorized but unissued
 shares of Common Stock or shares of Common Stock previously issued and outstanding and
reacquired by the Company.
	 
	 	(c)	 	The Company shall not be required to issue fractional Shares, and in lieu
thereof any fractional Shares shall be rounded to the next higher number of whole
Shares.

	4.	 	Eligibility. The only persons eligible to participate in the Plan shall be Non-Employee
Directors. An Employee Director who retires from employment with the Company or any
Subsidiary of the Company shall be (without further action by the Committee) eligible to
participate in the Plan and shall be entitled to receive a grant of Restricted Shares
immediately upon the commencement of his or her service as a Non-Employee Director.

	5.	 	Automatic Grants to Non-Employee Directors.

	 	(a)	 	On the date of each Annual Meeting, each Non-Employee Director who is elected
as a Non-Employee Director at the Annual Meeting or whose term of office otherwise
continues following the date of the Annual Meeting shall thereupon receive an automatic
grant of Restricted Shares valued at $160,000 in the aggregate based upon the Fair
Market Value of a Share on such Grant Date.
	 
	 	(b)	 	Each person who is first elected or appointed as a Non-Employee Director on a
date other than the date of an Annual Meeting shall automatically receive, on the date
so elected or appointed, a pro-rata grant of Restricted Shares (as compared to the
annual grant of Restricted Shares described in Paragraph 5(a) above) valued (based upon
the Fair Market Value of a Share on the Grant Date) at an amount equal to $160,000
multiplied by a number equal to the quotient of the whole number of months (rounding
upward for fractional months) until the next Annual Meeting divided by 12.
	 
	 	(c)	 	The officers of the Company shall promptly cause the Company to enter into an
agreement with each Non-Employee Director who is granted Restricted Shares pursuant to
this Paragraph 5 (“Restricted Share Agreement”), and shall cause the Company to issue
such Restricted Shares, all without further action by the Company, the Board, the
Compensation Committee or the Special Committee. Each Non-Employee Director receiving
an automatic grant of Restricted Shares pursuant to this Paragraph 5 is referred to
herein as a “Participant.” The execution and delivery of a Restricted Shares Agreement
shall be a condition precedent to the issuance of Restricted Shares to a Participant.

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	6.	 	Administration of the Plan.

	 	(a)	 	Except as otherwise set forth herein, the Plan shall be administered by the
Compensation Committee, as appointed and constituted from time to time by the Board so
long as the Compensation Committee is composed solely of two or more “Non-Employee
Directors” (as defined in Rule 16b-3 under the Exchange Act). In the event the
Compensation Committee shall fail to meet the foregoing criteria, then additional or
different persons shall be appointed by the Board for purposes of administering this
Plan so that the committee administering this Plan shall be composed solely of two or
more Non-Employee Directors (as defined in Rule 16b-3).
	 
	 	(b)	 	In connection with its administration of this Plan, the Compensation Committee
is empowered to:

	 	(i)	 	Make rules and regulations for the administration of the Plan
that are not inconsistent with the terms and provisions of this Plan;
	 
	 	(ii)	 	Construe all terms, provisions, conditions and limitations of
the Plan in good faith, and adopt amendments to the Plan;
	 
	 	(iii)	 	Make equitable adjustments for any mistakes or errors in the
administration of this Plan or deemed to be necessary as the result of any
unusual situation or any ambiguity in the Plan;
	 
	 	(iv)	 	Select, employ and compensate, from time to time, consultants,
accountants, attorneys and other agents and employees as the Compensation
Committee may deem necessary or advisable for the proper and efficient
administration of this Plan.

	 	(c)	 	The foregoing list of express powers granted to the Compensation Committee upon
the adoption of this Plan is not necessarily intended to be either complete or
exclusive, and the Compensation Committee shall, in addition to the specific powers
granted by this Plan, have such powers not inconsistent with the Plan or Rule 16b-3,
whether or not expressly authorized herein, which it may deem necessary, desirable,
advisable, proper, convenient or appropriate for the supervision and administration of
this Plan. Except as otherwise specifically provided herein, the decisions and
judgment of the Compensation Committee on any question or claim arising hereunder shall
be final, binding and conclusive upon the Participants and all persons claiming by,
through or under a Participant.
	 
	 	(d)	 	Notwithstanding the foregoing, the Compensation Committee shall have no
authority to exercise discretion with respect to the selection of any Non-Employee
Director as a Participant in the Plan, the determination of the number of Restricted
Shares that are allocated to any such Non-Employee Director or the terms or conditions
of any such allocation, and shall have no authority to amend any provision of the Plan
relating to eligibility for participation in the Plan, the amount or timing of grants
under the Plan or the imposition or removal of restrictions on the vesting of
Restricted Shares.
	 
	 	(e)	 	Distributions of Shares may, as the Compensation Committee shall in its sole
discretion determine, be made from authorized but unissued Shares or from treasury or
reacquired Shares.

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	7.	 	Restrictions Applicable to Restricted Shares.

	 	(a)	 	All Restricted Shares granted pursuant to Paragraph 5 of the Plan shall be
subject to the risk of forfeiture during the applicable Restriction Period. The
Restriction Period for each grant of Restricted Shares shall commence on the Grant
Date.
	 
	 	(b)	 	The Restriction Period for Restricted Shares granted to a Non-Employee Director
shall end and the Restricted Shares and any related Retained Distributions shall become
nonforfeitable on the earlier of any of the following events:

	 	(i)	 	The date a Non-Employee Director ceases to be a Director of the
Company by reason of the Mandatory Retirement Policy;
	 
	 	(ii)	 	The date a Non-Employee Director completes his or her tenure as
a Director of the Company as provided in the bylaws of the Company and declines
to stand for reelection;
	 
	 	(iii)	 	The date a Non-Employee Director, having been nominated for
and having agreed to stand for reelection, is not reelected by the stockholders
of the Company to serve as a member of the Board;
	 
	 	(iv)	 	The date of the death of a Non-Employee Director;
	 
	 	(v)	 	The date a Non-Employee Director certifies in writing to the
Company that he or she is resigning as a member of the Board due to medical or
health reasons which render such Non-Employee Director unable to continue to
serve as a member of the Board;
	 
	 	(vi)	 	Subject to the provisions of and definitions contained in
Paragraph 7(f), the occurrence of a Change of Control of the Company; or
	 
	 	(vii)	 	The date specified in Paragraph 7(c).

	 	(c)	 	Except as otherwise provided herein, the Restriction Period shall
terminate as follows, and the Restricted Shares (and any Retained
Distributions) shall vest and accrue (i.e., become non-forfeitable) to the
Non-Employee Director as follows:

	 	(i)	 	with respect to (A) any grant of Restricted Shares
under Paragraph 5(b), and (B) any first-time grant of Restricted Shares
under Paragraph 5(a) to a Non-Employee Director, the Restriction Period
for one-third of such Restricted Shares shall terminate on the date of
the first Annual Meeting following the Grant Date, the Restriction
Period for another one-third of such Restricted Shares shall terminate
on the date of the second Annual Meeting following the Grant Date, and
the Restriction Period for the final one-third of such Restricted
Shares shall terminate on the date of the third Annual Meeting
following the Grant Date;
	 
	 	(ii)	 	with respect to any second-time grant of Restricted
Shares under Paragraph 5(a) to such Non-Employee Director, the
Restriction Period for one-third of such Restricted Shares shall
terminate on the date of the first Annual Meeting following the Grant
Date, and the Restriction Period for the remaining two-thirds of such
Restricted Shares shall terminate on the date of the second Annual
Meeting following the Grant Date;

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	 	(iii)	 	with respect to any third-time grant of Restricted
Shares under Paragraph 5(a) to such Non-Employee Director, the
Restriction Period for such Restricted Shares shall terminate on the
date of the first Annual Meeting following the Grant Date; and
	 
	 	(iv)	 	with respect to any subsequent grant of Restricted
Shares under Paragraph 5(a) to such Non-Employee Director, no
Restriction Period shall apply to such Restricted Shares and such
 shares shall immediately vest and accrue on the Grant Date.

	 	(d)	 	Restricted Shares and the shares of Common Stock issuable in connection with
the vesting of the Restricted Shares will be issued in uncertificated form, pursuant to
the Direct Registration System (“DRS”) or similar system for recording the issuance and
transfer of uncertificated shares of Common Stock that is administered by the Company’s
stock transfer agent.
	 
	 	(e)	 	Restricted Shares shall constitute issued and outstanding shares of Common
Stock for all corporate purposes. The Non-Employee Director will have the right to
vote such Restricted Shares, to receive and retain all regular cash dividends paid on
such Restricted Shares and to exercise all other rights, powers and privileges of a
holder of Common Stock with respect to such Restricted Shares, with the exception that:

	 	(i)	 	the Non-Employee Director will not be entitled to delivery of a
stock certificate or a designation of “unrestricted” status in the DRS until
the Restriction Period applicable to such Restricted Shares shall have expired
and all other vesting requirements with respect thereto shall have been
fulfilled;
	 
	 	(ii)	 	other than cash dividends and rights to purchase stock which
might be distributed to shareholders of the Company, the Company will retain
custody of all distributions (“Retained Distributions”) made or declared with
respect to Restricted Shares (and such Retained Distributions will be subject
to the same restrictions, terms and conditions as are applicable to the
Restricted Shares with respect to which they were made, paid or declared) until
such time, if ever, as the Restriction Period applicable to the Restricted
Shares with respect to which such Retained Distributions shall have been made,
paid or declared shall have expired, and such Retained Distributions shall not
bear interest or be segregated in separate accounts;
	 
	 	(iii)	 	upon the breach of any restrictions, terms or conditions
provided in the Plan with respect to any Restricted Shares or Retained
Distributions, such Restricted Shares and any related Retained Distributions
shall thereupon be automatically forfeited.

	 	(f)	 	A “Change of Control” as used herein, shall be deemed to occur when:

	 	(i)	 	the stockholders of the Company approve any agreement or
transaction pursuant to which:

	 	(A)	 	the Company will merge or consolidate with any
other person (other than a wholly owned subsidiary of the Company) and
will not be the surviving entity (or in which the Company survives only
as the subsidiary of another entity);
	 
	 	(B)	 	the Company will sell all or substantially all
of its assets to any other person (other than a wholly owned subsidiary
of the Company); or
	 
	 	(C)	 	the Company will be liquidated or dissolved; or

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	 	(ii)	 	any “person” or “group” (as these terms are used in Section
13(d) and 14(d) of the Exchange Act) other than the Company, any subsidiary of
the Company, any employee benefit plan of the Company or its subsidiaries, or
any entity holding Common Stock for or pursuant to the terms of such employee
benefit plans, is or becomes an “Acquiring Person” as defined in the Rights
Agreement dated June 18, 1997 (“Rights Agreement”) between the Company and
Computershare Investor Services, L.L.C., as Rights Agent (successor Rights
Agent to Harris Trust and Savings Bank), as amended (or any successor Rights
Agreement) (or, if no Rights Agreement is then in effect, such person or group
acquires or holds such number of shares as, under the terms and conditions of
the most recent such Rights Agreement to be in force and effect, would have
caused such person or group to be an “Acquiring Person” thereunder); or
	 
	 	(iii)	 	any “person” or “group” shall commence a tender offer or
exchange offer for 15% or more of the shares of Common Stock then outstanding,
or for any number or amount of shares which, if the tender or exchange offer
were to be fully subscribed and all shares for which the tender or exchange
offer is made were to be purchased or exchanged pursuant to the offer, would
result in the acquiring person or group directly or indirectly beneficially
owning 50% or more of the shares of Common Stock then outstanding; or
	 
	 	(iv)	 	individuals who, as of any date, constitute the Board (the
“Incumbent Board”) thereafter cease for any reason to constitute at least a
majority of the Board; provided, however, that any individual becoming a
director whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies
or consents by or on behalf of a person or group other than the Board; or
	 
	 	(v)	 	the occurrence of the Distribution Date (as defined in the
Rights Agreement); or
	 
	 	(vi)	 	any other event determined by the Board or the Committee to
constitute a “Change of Control” hereunder.

	8.	 	Forfeiture, Completion of Restriction Period.

	 	(a)	 	If a Non-Employee Director ceases to be a member of the Board for any reason
other than as set forth in Paragraph 7(b), then all Restricted Shares and all Retained
Distributions with respect thereto issued to such Non-Employee Director and to which
the Restriction Period still applies shall be forfeited to the Company and the
Non-Employee Director shall not have any rights (including dividend and voting rights)
with respect to such forfeited Restricted Shares and Retained Distributions.
	 
	 	(b)	 	Upon expiration of the Restriction Period with respect to a Non-Employee
Director’s Restricted Shares, and the satisfaction of any other applicable
restrictions, terms and conditions, such Restricted Shares and any Retained
Distributions with respect to such Restricted Shares shall become nonforfeitable. The
Company shall promptly thereafter direct the Company’s stock transfer agent to
redesignate such shares in the Non-Employee Director’s DRS account as “issued and
unrestricted” Shares.
	 
	 	(c)	 	Notwithstanding any other provision of this Plan, if the Committee finds by a
majority vote, that the Participant, before or after termination of his or her capacity
as a Non-Employee

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	 	 	 	Director of the Company, committed fraud, embezzlement, theft,
commission of felony, or proven dishonesty in the course of his or her relationship to
the Company and/or a Subsidiary of the Company which conduct damaged the Company and/or
a Subsidiary of the Company, or disclosed trade secrets of the Company or a Subsidiary
of the Company, then all Restricted Shares and all Retained Distributions with respect
thereto issued to such Participant to which the Restriction Period still applies shall
be forfeited to the Company and the Participant will have no further rights with
respect thereto. The decision of the Committee will be final.

	9.  	 	Adjustment in Event of Changes in Common Stock. In the event of a recapitalization, stock
split, stock dividend, combination or exchange of shares, merger, consolidation, liquidation
or other similar event, the aggregate number and class of Restricted Shares and other
securities or property available for grant under the Plan shall be automatically adjusted so
that the total number of Restricted Shares or other securities or property issuable under the
Plan immediately following such event shall be the number of shares of Common Stock and other
securities or property which, had all remaining shares of Common Stock available under the
Plan been granted to a single holder immediately prior to such event, would be held or
received by such holder immediately following such event.

	10.	 	Non-Alienation of Benefits. No Shares, Retained Distributions, or other rights or benefits
under the Plan or any Restricted Shares Agreement shall be subject, prior to the end of any
applicable Restriction Period or other restrictive period, to anticipation, alienation, sale,
assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge (other than by
will or the laws of descent and distribution), and any such attempt to anticipate, alienate,
sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same shall be
void. No Shares, Retained Distributions, or other rights or benefits under the Plan shall in
any manner be liable for or subject to the debts, contracts, liabilities or torts of the
person entitled to such right or benefit. If any Non-Employee Director or other person
claiming by, through or under a Non-Employee Director hereunder should attempt to anticipate,
alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge any
Shares, Retained Distributions, or any right or benefit hereunder, prior to the end of any
applicable Restriction Period or other restrictive period, then such Restricted Shares and
related Retained Distributions shall be automatically forfeited and such rights or benefits
shall cease and terminate.

	11.	 	Appointment of Attorney-in-Fact. Upon the grant of any Restricted Sharesthe Non-Employee
Director shall be deemed to have appointed the Company, acting through its Corporate
Secretary, the attorney-in-fact of the Non-Employee Director, with full power of substitution,
for the purpose of carrying out the provisions of this Plan and taking any action and
executing any instruments which such attorney-in-fact may deem necessary or advisable to
accomplish the purposes hereof, which appointment as attorney-in-fact shall be irrevocable and
coupled with an interest. The Company as attorney-in-fact for the Non-Employee Director may,
in the name and stead of the Non-Employee Director, make and execute all conveyances,
assignments and transfers of the Restricted Shares and Retained Distributions deposited with
the Company or its stock transfer agent pursuant to the Plan. The Non-Employee Director
shall, if so requested by the Company, execute and deliver to the Company all such instruments
as may, in the judgement of the Company, be advisable for such purpose.

	12.	 	Withholding Taxes.

	 	 (a)	 	At the time any Restricted Shares become nonforfeitable under the Plan (or, if
at the time of receipt the Participant shall not be subject to taxation with respect to
such Shares, at such later date as such Participant becomes subject to taxation with respect to such Shares;
whichever such date is applicable being referred to herein as the “tax date”), the Participant

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	 	 	 	shall make a cash payment to the Company equal to the amount required by
applicable provisions of law to be withheld by the Company in connection with
federal income tax, FICA and all other federal, state and local taxes in respect of
such Shares (or such greater amount as the Participant shall elect to have withheld
in respect of such taxes; whichever such amount is applicable being referred to
herein as the “tax amount”), provided that subject to the prior approval of the
Committee, the Participant may elect that all or any portion of the tax amount be
collected by withholding from the number of Shares otherwise to be delivered to the
Participant that number of Shares having a Fair Market Value on the tax date equal
to all or any portion of the amount otherwise to be collected subject to any
limitations prescribed by applicable law, in all cases, only that number of whole
Shares the Fair Market Value of which does not exceed the tax amount shall be
withheld or delivered and the Participant shall make a cash payment to the Company
equal to any excess amount to be withheld or collected. In lieu of the foregoing
withholding procedure, a Participant, subject to the prior approval of the
Committee, may satisfy the tax withholding or collection requirement by delivering
to the Company on the tax date certificates for other Shares already owned by the
Participant, endorsed in blank with appropriate signature guarantee, having a Fair
Market Value on the tax date equal to the tax amount. All taxes payable with
respect to income of a Participant resulting from the grant or issuance of any
Shares hereunder shall be the sole responsibility of the Participant, not of the
Company, whether or not the Company shall have withheld or collected from the
Participant any sums required to be so withheld or collected in respect of such
income, and whether or not any sums so withheld or collected shall be sufficient to
provide for any such taxes. The determination of any tax resulting from the award or
vesting of Shares or from cash or other distributions with respect to Shares or
Retained Distributions shall be the sole responsibility of the Participant.

	 	(b)	 	To the extent permitted under the Internal Revenue Code of 1986, as amended, a
Non-Employee Director granted Restricted Shares may elect (which, apart from any other
notice required by law, shall require that the Non-Employee Director notify the Company
of such election at the time it is made) within 30 days after the Grant Date to include
in gross income for federal income tax purposes an amount equal to the Fair Market
Value of such Shares at the Grant Date.

	13.	 	Amendment and Termination of Plan. Subject to the provisions of Paragraph 6(d), the
Compensation Committee may at any time terminate, modify or amend the Plan as it shall deem
advisable. Notwithstanding the foregoing, shareholder approval shall be obtained for any
action with respect to the Plan to the extent required by applicable state or federal rules,
regulations or laws. No termination or amendment of the Plan shall adversely affect the
rights of any Non-Employee Director under any grant previously made.

	14.	 	[reserved]

	15.	 	Government and Other Regulations. Notwithstanding any other provisions of the Plan, the
obligations of the Company with respect to Restricted Shares or Retained Distributions shall
be subject to all applicable laws, rules and regulations, and such approvals by any
governmental agencies as may be required or deemed appropriate by the Company. The Company
reserves the right to delay or restrict, in whole or in part, the issuance or delivery of
Common Stock pursuant to any grants of Restricted Shares or Retained Distributions under the
Plan until such time as any legal requirements or regulations shall have been met relating to
the issuance of such Restricted Shares or Retained Distributions.

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	16.	 	No Right to Nomination. Nothing in the Plan or in any grant shall confer upon any Director
the right be nominated for reelection to the Board.

	17.	 	Non-Exclusivity of Plan. Neither the adoption of the Plan by the Compensation Committee nor
any submission of the Plan to the stockholders of the Company for approval shall be construed
as creating any limitations on the power of the Compensation Committee or the Board to adopt
such other incentive arrangements as it may deem desirable, including, without limitation, the
awarding of Common Stock otherwise than under the Plan, and such arrangements as may be either
generally acceptable or applicable in specific cases.

	18.	 	Governing Law. The Plan shall be governed by, and construed in accordance with, the laws of
the State of Texas.

	19.	 	Miscellaneous Provisions.

	 	(a)	 	Except as to automatic grants to Non-Employee Directors pursuant to Paragraph 5
hereof, no employee or other person shall have any claim or right to be granted Shares
under this Plan.
	 
	 	(b)	 	The expenses of the Plan shall be born by the Company.
	 
	 	(c)	 	By accepting any grant under the Plan, each Non-Employee Director and each
personal representative or beneficiary and each other person claiming by, through or
under such Non-Employee Director shall be conclusively deemed to have indicated his or
her acceptance and ratification of, and consent to, any action taken under the Plan by
the Company, the Board or the Compensation Committee.
	 
	 	(d)	 	[reserved].
	 
	 	(e)	 	Each grant of Restricted Shares to any person serving at the Grant Date as a
Non-Employee Director shall be in consideration of past services of the Participant.
Each grant of Restricted Shares to a person who was not serving as a Non-Employee
Director prior to the Grant Date shall be in consideration of such person’s agreement
to stand for election as or be considered for appointment as a Non-Employee Director
and to serve as such if so elected or appointed. Each such grant shall be deemed to
constitute a conclusive finding by the Board that such services or agreement, as
applicable, have a value equal to or in excess of the value of such Restricted Shares,
and constitute payment in full therefor. All authorized and unissued shares issued as
Restricted Shares in accordance with the Plan shall be fully paid and nonassessable
shares and free from preemptive rights. No Restricted Shares shall be issued for
consideration having a value less than the par value of the Common Stock.

-10-exv10w2

 

Exhibit 10.2

Performance Restricted Stock Unit Agreement

Flowserve Corporation

2004 Stock Compensation Plan

          This Performance Restricted Stock Unit Agreement (the “Agreement”) is made and entered into by
and between Flowserve Corporation, a New York corporation (the “Company”) and «First_Name»
«Last_Name» (the “Participant”) as of                     , 2007 (the “Date of Grant”).

W I T N E S S E T H

          WHEREAS, the Company has adopted the Flowserve Corporation 2004 Stock Compensation Plan (the
“Plan”) to strengthen the ability of the Company to attract, motivate and retain Employees, Outside
Directors and Consultants who possess superior capabilities and to encourage such persons to have a
proprietary interest in the Company; and

          WHEREAS, the Organization and Compensation Committee of the Board of Directors of the Company
believes that the grant of Performance Restricted Stock Units to the Participant as described
herein is consistent with the stated purposes for which the Plan was adopted; and

          NOW, THEREFORE, in consideration of the mutual covenants and conditions hereafter set forth
and for other good and valuable consideration, the Company and the Participant agree as follows:

	 	1.	 	Performance Restricted Stock Units

          In order to encourage the Participant’s contribution to the successful performance of the
Company, and in consideration of the covenants and promises of the Participant herein contained,
the Company hereby grants to the Participant as of the Date of Grant, an Award of
«M___of_Shares_Granted» Performance Restricted Stock Units (the “Performance Shares”), which may be
converted into the number of shares of Common Stock of the Company equal to the number of vested
Performance Shares, subject to the conditions and restrictions set forth below and in the Plan.

	 	2.	 	Vesting and Conversion of Performance Shares into Common Stock

	 	(a)	 	Prior to March 31, 2007, the Committee shall establish a
threshold, target and maximum Performance Goal with respect to the Award, in
accordance with the requirements of Section 6.7 of the Plan, based upon the
Company’s return on net assets for the period beginning January 1, 2007 and
ending December 31, 2009 (the “Performance Cycle”). Following the end of the
Performance Cycle, the Committee shall compare the actual performance of the
Company with the Performance Goal and certify, in writing, whether and to what
extent the Performance Goal has been achieved for such Performance Cycle.
Subject to the provisions of Paragraphs 3 and 4 below, upon written
certification by the Committee, which shall occur no later than March 31, 2010,
whether, and to what extent, the Performance Goal has been achieved, the
Performance Shares will become vested (the “Vesting Date”) in accordance with
the table set forth below; provided, however, that the Performance Shares shall
not vest and shall be forfeited to the extent the Performance Goal is not
achieved for the Performance Cycle. The number of Performance Shares vested is
contingent

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	 	 	 	upon the Company’s achievement of the Performance Goal for the Performance
Cycle.

	 	 	 
	Performance Goal	 	Percentage of Performance Shares Vested
	Achieved	 	and Eligible for Conversion
	Less Than Threshold
	 	0%
	Threshold
	 	25%
	Target
	 	100%
	Maximum
	 	200%

	 	(b)	 	Except as otherwise provided in Paragraphs 2(e) and 4 below, no
later than the date that is two and a half (2 1/2) months following the close of
the calendar year in which the Performance Shares vest in accordance with the
table set forth in Paragraph 2(a) above, the Company shall convert the vested
Performance Shares into the number of whole shares of Common Stock equal to the
number of vested Performance Shares, subject to the provisions of the Plan and
the Agreement.
	 
	 	(c)	 	Following conversion of the vested Performance Shares into shares of Common Stock, such shares of Common Stock will be transferred of
record to the Participant and a certificate or certificates representing said
Common Stock will be issued in the name of such Participant and delivered to
the Participant. The delivery of any shares of Common Stock pursuant to this
Agreement is subject to the provisions of Paragraphs 7 and 9 below.
	 
	 	(d)	 	Each year that this Agreement is in effect, the Participant may
receive credits (“Dividend Equivalents”) based upon the cash dividends that
would have been paid on the number of shares of Common Stock equal to 100% of
the Performance Shares as if such shares of Common Stock were actually held by
the Participant. Dividend equivalents shall be deemed to be reinvested in
additional shares of Common Stock (which may thereafter accrue additional
dividend equivalents). Any such reinvestment shall be at the Fair Market Value
of the Common Stock at the time thereof. Dividend Equivalents may be settled
in cash or shares of Common Stock, or any combination thereof, as determined by
the Committee, in its sole and absolute discretion. Following conversion of
the vested Performance Shares into shares of Common Stock, the Participant also
shall receive a distribution of the Dividend Equivalents accrued with respect
to such Performance Shares prior to the date of such conversion. In the event
any Performance Shares do not vest, the Participant shall forfeit his or her
right to any Dividend Equivalents accrued with respect to such unvested
Performance Shares.
	 
	 	(e)	 	Notwithstanding the foregoing provisions of Paragraphs 2(c) and
2(d), the Committee may, in its sole and absolute discretion, in lieu of
distributing any shares of Common Stock to the Participant, elect to pay the
Participant an amount in cash equal to the Fair Market Value on the date of
conversion of the shares of Common Stock that the Participant otherwise would
be entitled to receive pursuant to this Agreement.

	 	3.	 	Effect of Termination of Employment or Services

2

 

	 	(a)	 	The Performance Shares granted pursuant to this Agreement shall
vest in accordance with the provisions of Paragraph 2(a) above, as long as the
Participant remains employed by or continues to provide services to the Company
or a Subsidiary. If, however:

	 	(i)	 	the Company and its Subsidiaries terminate the
Participant’s employment (or if the Participant is not an Employee,
determine that the Participant’s services are no longer needed), or
	 
	 	(ii)	 	the Participant terminates employment (or if
the Participant is not an Employee, ceases to perform services for the
Company and its Subsidiaries),

	 	 	 	Then, except as otherwise provided in Paragraphs 3(b) or 3(c) below, the
Performance Shares that have not previously vested in accordance with the
vesting schedule reflected in Paragraph 2(a) above, as of the date of such
termination of employment (or cessation of services, as applicable), shall
be forfeited by the Participant to the Company.
	 
	 	(b)	 	In the event the Participant’s employment with the Company terminates
due to his or her Retirement, Total and Permanent Disability or death, then on
the Vesting Date the Participant (or the Participant’s estate) shall be
entitled to receive a pro-rata portion of the number of shares of Common Stock
that would have been payable to such Participant if he or she had continued to
provide services up to the Vesting Date, based upon the number of whole years
of employment completed during the Performance Cycle. By way of example, if
the Participant Retires on the one year anniversary of the Date of Grant, such
Participant would be entitled to receive 1/3 of the shares of Common Stock he
or she would have received on the Vesting Date had he or she remained employed
through such date. For purposes of this Agreement, the terms “Retirement” and
“Retire” shall mean the termination of a Participant’s employment with the
Company for any reason other than due to the Participant’s death or Total and
Permanent Disability on or after the earlier of (i) the Participant’s early
retirement date (as such term is defined within the retirement plan in effect
and in which such Participant participates on the date of the Participant’s
termination); or (ii) the Participant attaining the normal retirement date (as
such term is defined within the retirement plan in effect and in which such
Participant participates on the date of the Participant’s termination, or if no
such plan is in effect, age 65).
	 
	 	(c)	 	Notwithstanding Paragraphs 2(a) and 3(a) above, upon the
cessation of the Participant’s employment or services (whether voluntary or
involuntary), the Committee may, in its sole and absolute discretion, elect to
accelerate the vesting of some or all of the unvested Performance Shares.

3

 

	 	4.	 	Forfeiture and Disgorgement Upon Competition

	 	(a)	 	Notwithstanding any provisions in this Agreement to the
contrary, in the event either (A) the Participant violates the provisions of
Paragraph 4(b) or the provisions of any restrictive covenants agreement by and
between the Company or its subsidiaries and the Participant or (B) the
Participant, or anyone acting on the Participant’s behalf, brings a claim
against the Company seeking to declare any term of this Paragraph 4 void or
unenforceable or the provisions of any other restrictive covenants agreement by
and between the Company or its subsidiaries and the Participant void or
unenforceable, then:

	 	(i)	 	the Performance Shares shall immediately cease
to vest and all Performance Shares that have not previously vested in
accordance with the vesting schedule reflected in Paragraph 2(a) above,
as of the date of such violation shall be forfeited by the Participant
to the Company;
	 
	 	(ii)	 	any vested Performance Shares that have not
been converted into shares of Common Stock shall be immediately
forfeited;
	 
	 	(iii)	 	the Participant will immediately sell to the
Company one-third of all shares of Common Stock acquired by the
Participant pursuant to this Agreement and that the Participant still
owns on the date of such violation for the Fair Market Value of such
Common Stock on the date of sale to the Company;
	 
	 	(iv)	 	the Participant will immediately pay to the
Company one-third of any gain that the Participant realized on the sale
of shares of Common Stock acquired pursuant to this Agreement; and
	 
	 	(v)	 	the Company shall be entitled to payment by the
Participant of its attorneys’ fees and costs incurred in enforcing the
provisions of Paragraph 4, in addition to any other legal remedies.

	 	 	 	The provisions of this Paragraph 4 shall survive the termination or
expiration of this Agreement.
	 
	 	(b)	 	By execution of this Agreement, the Participant, either
individually or as a principal, partner, stockholder, manager, agent,
consultant, contractor, employee, lender, investor, volunteer or as a director
or officer of any corporation or association, or in any other manner or
capacity whatsoever, agrees to the following from the date of grant until the
date one (1) year immediately following his or her termination of employment
(for any reason):
	 
	 	 	 	The Participant shall not, whether directly or indirectly, without the
express prior written consent of the Company:

	 	(i)	 	Non-Competition
	 
	 	 	 	Become employed by, advise, perform services or otherwise engage in
any capacity with a Competing Business in the Restricted Area. For
purposes of this Agreement, “Competing Business” means any entity or

4

 

	 	 	 	business that is in the business of providing flow management
products and related repair and/or replacement services. Because the
scope and nature of the Company’s business is international in scope
and the Participant’s job duties are international in scope, the
“Restricted Area” is worldwide. However, the Participant may own,
directly or indirectly, solely as an investment, securities of any
business traded on any national securities exchange or NASDAQ,
provided that the Participant is not a controlling person of, or
member of a group that controls such business, and provided further
that the Participant does not, directly or indirectly, own three
percent (3%) or more of any class of securities of such business;
	 
	 	(ii)	 	Non-Solicitation
	 
	 	 	 	Solicit business from, attempt to transact business with, or transact
business with any customer or prospective customer of the Company
with whom the Company transacted business or solicited within the
preceding twenty-four (24) months, and which either: (1) the
Participant contacted, called on, serviced, conducted business with
or had contact with during the Participant’s employment or that the
Participant attempted to contact, call on, service, or do business
with during the Participant’s employment; or (2) the Participant
became acquainted with or dealt with, for any reason, as a result of
the Participant’s employment with the Company. This restriction
applies only to business that is in the scope of services or products
provided by the Company; or
	 
	 	(iii)	 	Non-Recruitment
	 
	 	 	 	Hire, solicit for employment, induce or encourage to leave the
employment of the Company or its subsidiaries any current employee of
the Company or any former employee of the Company or its subsidiaries
whose employment ceased less than three (3) months earlier.

	 	(c)	 	Confidential Information
	 
	 	 	 	Immediately upon Participant’s execution of this Agreement, and continuing
on an ongoing basis during Participant’s employment, the Company agrees to
provide Participant with new Confidential Information (defined in this
Paragraph 4(c)) to which Participant has not previously had access. For
purposes of this Agreement, “Confidential Information” includes any trade
secrets or confidential or proprietary information of the Company,
including, but not limited to, the following:

	 	(i)	 	information concerning customers, clients,
marketing, business and operational methods of the Company and their
customers or clients, contracts, financial or other data, technical
data, e-mail and other correspondence or any other confidential or
proprietary information possessed, owned or used by any of the Company;
	 
	 	(ii)	 	business records, product construction, product
specifications, financial information, audit processes, pricing,
business strategies, marketing and

5

 

	 	 	 	promotional practices (including internet-related marketing) and
management methods and information;
	 
	 	(iii)	 	financial data, strategies, systems, research,
plans, reports, recommendations and conclusions;
	 
	 	(iv)	 	names, arrangements with, or other information
relating to any of the Company’s customers, clients, suppliers,
financiers, owners, representatives and other persons who have business
relationships with the Company or who are prospects for business
relationships with the Company; and
	 
	 	(v)	 	any non-public matter or thing obtained or
ascertained by Participant through Participant’s association with the
Company, the use or disclosure of which might reasonably be construed
to be contrary to the best interests of the Company.

	 	(d)	 	Non-Disclosure
	 
	 	 	 	In exchange for the Company’s promise to provide Participant with
Confidential Information, Participant shall not, during the period of
Participant’s employment or at any time thereafter, disclose to anyone, or
publish, or use for any purpose, any Confidential Information, except as:
(i) required in the ordinary course of the Company’s business or the
Participant’s work for the Company; (ii) required by law; or (iii) directed
and authorized in writing by the Company. Upon the termination of
Participant’s employment for any reason, Participant shall immediately
return and deliver to the Company any and all Confidential Information,
computers, hard drives, papers, books, records, documents, memoranda,
manuals, e-mail, electronic or magnetic recordings or data, including all
copies thereof, which belong to the Company or relate to the Company’s
business and which are in Participant’s possession, custody or control,
whether prepared by Participant or others. If at any time after termination
of Participant’s employment, for any reason, Participant determines that
Participant has any Confidential Information in Participant’s possession or
control, Participant shall immediately return to the Company all such
Confidential Information in Participant’s possession or control, including
all copies and portions thereof.
	 
	 	(e)	 	By execution of this Agreement, the Participant agrees that the
provisions of this Paragraph 4 shall apply to all grants (including, without
limitation, grants of incentive stock options, nonqualified stock options and
Performance Shares) made to the Participant pursuant to the Plan in 2006 and,
to the extent the provisions of such grants are inconsistent with any of the
provisions of this Paragraph 4, the Company and the Participant agree that (i)
the provisions of this Paragraph 4 shall control and (ii) the provisions of any
such award agreements are hereby amended by the terms of this Paragraph 4.

	 	5.	 	Limitation of Rights
	 
	 	 	 	Nothing in this Agreement or the Plan shall be construed to:

6

 

	 	(a)	 	give the Participant any right to be awarded any further
Performance Shares or any other Award in the future, even if Performance Shares
or other Awards are granted on a regular or repeated basis, as grants of
Performance Shares and other Awards are completely voluntary and made solely in
the discretion of the Committee;
	 
	 	(b)	 	give the Participant or any other person any interest in any
fund or in any specified asset or assets of the Company or any Subsidiary; or
	 
	 	(c)	 	confer upon the Participant the right to continue in the
employment or service of the Company or any Subsidiary, or affect the right of
the Company or any Subsidiary to terminate the employment or service of the
Participant at any time or for any reason.

	 	6.	 	Prerequisites to Benefits

          Neither the Participant, nor any person claiming through the Participant, shall have any right
or interest in the Performance Shares awarded hereunder, unless and until all the terms, conditions
and provisions of this Agreement and the Plan which affect the Participant or such other person
shall have been complied with as specified herein.

	 	7.	 	Delivery of Shares

          No shares of Common Stock shall be delivered to the Participant upon conversion of the
Performance Shares into shares of Common Stock until:

	 	(a)	 	all the applicable taxes required to be withheld have been paid or withheld in
full;
	 
	 	(b)	 	the approval of any governmental authority required in
connection with this Performance Share, or the issuance of shares of Common
Stock hereunder under has been received by the Company; and
	 
	 	(c)	 	if required by the Committee, the Participant has delivered to
the Committee an “Investment Letter” in form and content satisfactory to the
Company as provided in Paragraph 9 hereof.

	 	8.	 	Successors and Assigns

          This Agreement shall bind and inure to the benefit of and be enforceable by the Participant,
the Company and their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign any rights or
obligations under this Agreement except to the extent and in the manner expressly permitted herein.

	 	9.	 	Securities Act

          The Company will not be required to deliver any shares of Common Stock pursuant to this
Agreement if, in the opinion of counsel for the Company, such issuance would violate the Securities
Act of 1933, as amended (the “Securities Act”) or any other applicable federal or state securities
laws or regulations. The Committee may require that the Participant, prior to the issuance of any
such shares,
sign and deliver to the Company a written statement, which shall be in a form and contain
content acceptable to the Committee, in its sole discretion (“Investment Letter”):

7

 

	 	(a)	 	stating that the Participant is acquiring the shares for
investment and not with a view to the sale or distribution thereof;
	 
	 	(b)	 	stating that the Participant will not sell any shares of Common
Stock that the Participant may then own or thereafter acquire except either:

	 	(i)	 	through a broker on a national securities
exchange or
	 
	 	(ii)	 	with the prior written approval of the Company;
and

	 	(c)	 	containing such other terms and conditions as counsel for the
Company may reasonably require to assure compliance with the Securities Act or
other applicable federal or state securities laws and regulations.

	 	10.	 	Federal and State Taxes

	 	(a)	 	Any amount of Common Stock that is payable or transferable to
the Participant hereunder may be subject to the payment of or reduced by any
amount or amounts which the Company is required to withhold under the then
applicable provisions of the laws of the jurisdiction where the Participant is
employed, and, if applicable, the Internal Revenue Code of 1986, as amended
(the “Code”), or its successors, or any other foreign, federal, state or local
tax withholding requirement. When the Company is required to withhold any
amount or amounts under the applicable provisions of any foreign, federal,
state or local requirement or the Code, the Company shall withhold from the
Common Stock to be issued to the Participant a number of shares necessary to
satisfy the Company’s withholding obligations. The number of shares of Common
Stock to be withheld shall be based upon the Fair Market Value of the shares on
the date of withholding.
	 
	 	(b)	 	Notwithstanding Paragraph 10(a) above, if the Participant
elects, and the Committee agrees, the Company’s withholding obligations may
instead be satisfied as follows:

	 	(i)	 	the Participant may direct the Company to
withhold cash that is otherwise payable to the Participant;
	 
	 	(ii)	 	the Participant may deliver to the Company a
sufficient number of shares of Common Stock then owned by the
Participant to satisfy the Company’s withholding obligations, based on
the Fair Market Value of the shares as of the date of withholding;
	 
	 	(iii)	 	the Participant may deliver sufficient cash to
the Company to satisfy its withholding obligations; or
	 
	 	(iv)	 	any combination of the alternatives described
in Paragraphs 10(b)(i) through 10(b)(iii) above.

	 	(c)	 	Authorization of the Participant to the Company to withhold
taxes pursuant to one or more of the alternatives described in Paragraph 10(b)
above must be in a

8

 

	 	 	 	form and content acceptable to the Committee. The payment
or authorization to withhold taxes by the Participant shall be completed prior
to the delivery of any shares pursuant to this Agreement. An authorization to
withhold taxes pursuant to this provision will be irrevocable unless and until
the tax liability of the Participant has been fully paid.

	 	11.	 	Definitions; Copy of Plan

          Except as specifically provided otherwise herein, all capitalized terms used in this Agreement
shall have the same meanings ascribed to them in the Plan. By the execution of this Agreement, the
Participant acknowledges receipt of a copy of the Plan.

	 	12.	 	Administration

          This Agreement is subject to the terms and conditions of the Plan. The Plan will be
administered by the Committee in accordance with its terms. The Committee has sole and complete
discretion with respect to all matters reserved to it by the Plan and the decisions of the majority
of the Committee with respect to the Plan and this Agreement shall be final and binding upon the
Participant and the Company. In the event of any conflict between the terms and conditions of this
Agreement and the Plan, the provisions of the Plan shall control.

	 	13.	 	Adjustment of Number of Performance Shares

          The number of Performance Shares granted hereunder shall be subject to adjustment in
accordance with Articles 11 and 12 of the Plan.

	 	14.	 	Non-transferability

          The Performance Shares granted by this Agreement are not transferable by the Participant
other than by will or pursuant to applicable laws of descent and distribution. The Performance
Shares and any rights and privileges in connection therewith, cannot be transferred, assigned,
pledged or hypothecated by operation of law, or otherwise, and is not otherwise subject to
execution, attachment, garnishment or similar process. In the event of such occurrence, this
Agreement will automatically terminate and will thereafter be null and void.

	 	15.	 	No Right to Stock

          No Participant and no beneficiary or other person claiming under or through such Participant
shall have any right, title or interest in any shares of Common Stock allocated or reserved under
the Plan or subject to this Agreement, except as to such shares of Common Stock, if any, that have
been issued or transferred to such Participant.

	 	16.	 	Notice

          Any notice to be given to the Company or the Committee shall be addressed to the Company in
care of its Secretary at its principal office. Any such notice shall be in writing and shall be
delivered personally or shall be sent by first class mail, postage prepaid, to the Company.

	 	17.	 	Amendments

9

 

          This Agreement may be amended only by a written agreement executed by the Company and the
Participant. Any such amendment shall be made only upon the mutual consent of the parties, which
consent (of either party) may be withheld for any reason.

	 	18.	 	Governing Law

          This Agreement shall be governed by, construed and enforced in accordance with the laws of the
State of Texas.

	 	19.	 	Definitions

          All capitalized terms in this Agreement shall have the meanings ascribed to them in the Plan
unless otherwise defined in this Agreement.

          IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officers
thereunto duly authorized, and the Participant has hereunto set his/her hand as of the day and year
first above written.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	«First_Name» «Last_Name»	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 

10

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