Document:

EXHIBIT 4.8

 

HUNTSMAN CORPORATION

STOCK INCENTIVE PLAN

 

Restricted Stock Unit Agreement for Outside Directors

 

	
  Grantee:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date of Grant:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  RSU Grant Number:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Number of Restricted Stock
  Units Granted:

  	
   

  	
   

  	
   

  

 

1.             Notice of Grant.  You
are hereby granted pursuant to the Huntsman Corporation Stock Incentive Plan
(the “Plan”) the above number of Restricted Stock Units of Huntsman Corporation
(the “Company”), subject to the terms and conditions of the Plan and this
Agreement.  A Restricted Stock Unit shall
constitute an agreement by the Company to issue or transfer a Share to the
Participant in accordance with the Plan and this Agreement.

 

2.             Vesting of Restricted Stock Units.  Subject to the further provisions of this
Agreement, the Restricted Stock Units shall become vested in accordance with
the following schedule:

 

	
  Anniversary of

  Date of Grant

  	
   

  	
  Cumulative

  Vested Percentage

  	
   

  
	
  1st

  	
   

  	
  331/3

  	
  %

  
	
  2nd

  	
   

  	
  662/3 

  	
  %

  
	
  3rd

  	
   

  	
  100

  	
  %

  

 

While
a Restricted Stock Unit remains “outstanding” pursuant to this Agreement, an
amount equivalent to the distributions made on a share of Common Stock during
such period shall be held by the Company without interest until the Restricted
Stock Unit becomes payable or is forfeited and then paid to you or forfeited,
as the case may be.

 

Notwithstanding
the above vesting schedule, all Restricted Stock Units that are not vested on
your termination of employment with the Company for any reason, including
without limitation on account of death, disability, or retirement, shall be
automatically cancelled and forfeited without payment upon your termination.
For purposes of this Agreement, “employment with the Company” shall include
being an employee or a director of, or a consultant to, the Company or an
Affiliate.

 

3.             Issuance of Shares.  Upon
your termination of employment with the Company for any reason, subject to
Paragraph 6 below, the Company shall cause a certificate or certificates for
Shares to be issued in your name without legend (except for any legend required
pursuant to applicable securities laws or any other agreement to which you are
a party) in cancellation of your vested Restricted Stock Units.  The certificate or certificates shall be
issued on the date that

 

 

is 30 days following your
termination of employment with the Company or as soon thereafter as
administratively feasible.

 

4.             Nontransferability of Restricted Stock Units.  You
may not sell, transfer, pledge, exchange, hypothecate or dispose of Restricted
Stock Units in any manner.  A breach of
these terms of this Agreement shall cause a forfeiture of the Restricted Stock
Units.

 

5.             Entire Agreement; Governing Law.  The
Plan is incorporated herein by reference. 
The Plan and this Agreement 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 you with
respect to the subject matter hereof, and may not be modified materially
adversely to your interest except by means of a writing signed by the Company
and you.  This Agreement is governed by
the internal substantive laws, but not the choice of law rules, of the state of
Delaware.

 

6.             Withholding of Tax.  To
the extent that the receipt or vesting of Restricted Stock Units or the
issuance of Shares with respect to Restricted Stock Units results in the
receipt of compensation by you with respect to which the Company or a
Subsidiary has a tax withholding obligation pursuant to applicable law, unless
other arrangements have been made by you that are acceptable to the Company or
such Subsidiary, which, with the consent of the Committee, may include
withholding a number of Shares that would otherwise be delivered on termination
of employment that have an aggregate Fair Market Value that does not exceed the
amount of taxes to be withheld, you shall deliver to the Company or the
Subsidiary such amount of money as the Company or the Subsidiary may require to
meet its withholding obligations under such applicable law.  No delivery of Shares shall be made under
this Agreement until you have paid or made arrangements approved by the Company
or the Subsidiary to satisfy in full the applicable tax withholding
requirements of the Company or the Subsidiary.

 

7.             Amendment.  Except as provided below, this
Agreement may not be modified in any respect by any oral statement,
representation or agreement by any employee, officer, or representative of the
Company or by any written agreement which materially adversely affects your
rights hereunder unless signed by you and by an officer of the Company who is
expressly authorized by the Company to execute such document.  This Agreement may, however, be amended as
permitted by the terms of the Plan, as in effect on the date of this Agreement.
Notwithstanding anything in the Plan or this Agreement to the contrary, if the
Committee determines that the terms of this grant do not, in whole or in part,
satisfy the requirements of Section 409A of the Code, the Committee, in
its sole discretion, may unilaterally modify this Agreement in such manner as
it deems appropriate to comply with such section and any regulations or
guidance issued thereunder.

 

8.             General.  You agree that the Restricted
Stock Units are granted under and governed by the terms and conditions of the
Plan and this Agreement.  In the event of
any conflict, the terms of the Plan shall control.  Unless otherwise defined herein, the terms
defined in the Plan shall have the same defined meanings in this Restricted
Stock Unit Agreement.

 

 

	
   

  	
   

  	
   

  	
  HUNTSMAN
  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  GRANTEE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SignatureExhibit 10.1

 

HEARST-ARGYLE TELEVISION, INC.

888
Seventh Avenue

New
York, NY  10106

 

 

	
   

  	
  As of January 1, 2006

  

 

 

Mr. Steven A. Hobbs

[ADDRESS
ON FILE]

 

Dear Steve:

 

This
letter constitutes all of the terms of the Employment Agreement between you and
Hearst-Argyle Television, Inc. (“Hearst-Argyle”).  It is subject to the approval of the Board of
Directors of Hearst-Argyle.  The terms
are as follows:

 

	
  1.

  	
   

  	
  Legal Name of Employee:

  	
   

  	
  Steven A. Hobbs

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Mailing
  Address of Employee:

  	
   

  	
  [ADDRESS
  ON FILE]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Title of Position; Duties

  	
   

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Legal &
  Development Officer

  

 

You
agree to carry out the duties assigned to you by the President and CEO of
Hearst-Argyle.  Hearst-Argyle has the
right to assign you to other duties consistent with those of other executives
of your level.

 

4.             Length of Employment.  The
term of this Agreement will start on January 1, 2006 and continue through
December 31, 2007 (the “Term”).

 

5.             Salary.  You
will receive a base salary for all services to Hearst-Argyle as follows:

 

a)             $550,000 for the period from January 1, 2006
through December 31, 2006; and

 

b)            $575,000 for the period from January 1, 2007
through December 31, 2007.

 

The
salary will be paid according to Hearst-Argyle’s payroll practices, but not
less frequently than twice a month.  You
acknowledge that you are not entitled to overtime pay.

 

In
addition it is understood that you are eligible to receive a bonus up to a
maximum of 75% of your base salary.  The
criteria for the bonus will be set by the Compensation Committee of the Board
of

 

 

Directors of Hearst-Argyle,
at its sole discretion. The bonus is payable only for as long as you work for
Hearst-Argyle, and will be payable only at the end of a complete bonus cycle
and is not proratable, except in the event of your death, when it will be
proratable. In determining the amount of your bonus, the books and records of
Hearst-Argyle are absolute and final and not open to dispute by you.  Hearst-Argyle will pay any bonus due you by
March 31 of the year following the year for which the bonus is applicable.

 

6.             Exclusive Services.  You
agree that you will work only for Hearst-Argyle, and will not render services
or give business advice, paid or otherwise, to anyone else, without getting
Hearst-Argyle’s written approval. 
However, you may participate as a member of the board of directors of
other organizations and in charitable and community organizations, but only if
such activities do not conflict or interfere with your work for Hearst-Argyle,
and if such work is approved in advance by Hearst-Argyle, which approval will
not be unreasonably withheld.  You
acknowledge that your services will be unique, special and original and will be
financially and competitively valuable to Hearst-Argyle, and that your
violation of this paragraph will cause Hearst-Argyle irreparable harm for which
money damages alone would not adequately compensate Hearst-Argyle.  Accordingly, you acknowledge that if you
violate this paragraph, Hearst-Argyle has the right to apply for and obtain
injunctive relief to stop such violation (without the posting of any bond, and
you hereby waive any bond-posting requirements in connection with injunctive
relief), in addition to any other appropriate rights and remedies it might
lawfully have.

 

7.             No Conflicts.  You
agree that there is no reason why you cannot make this Agreement with
Hearst-Argyle, including, but not limited to, having a contract, written or
otherwise, with another employer.

 

8.             Termination of Employment. 
Hearst-Argyle has the right to end this Agreement:

 

a)             Upon your death; or

 

b)            For any of the following: (i) indictment for
a felony, (ii) failure to carry out, or neglect or misconduct in the
performance of, your duties hereunder or a breach of this Agreement; (iii)
willful failure to comply with applicable laws with respect to the conduct of
Hearst-Argyle’s business, (iv) theft, fraud or embezzlement resulting in gain
or personal enrichment, directly or indirectly, to you at Hearst-Argyle’s

 

 

expense,
(v) addiction to an illegal drug, (vi) conduct or involvement in a situation
that brings, or may bring, you into public disrespect, tends to offend the
community or any group thereof, or embarrasses or reflects unfavorably on
Hearst-Argyle’s reputation (or the reputation of the station at which you are
employed), or (vii) willful failure to comply with the reasonable directions of
senior management.

 

9.             Payment for Plugs.  You
acknowledge that you are familiar with Sections 317 and 508 of the
Communications Act of 1934 and are aware that it is illegal without full
disclosure to promote products or services in which you have a financial
interest.  You agree not to participate
in any such promotion under any circumstances and understand that to do so is a
violation of law as well as a cause for termination.  Also, you agree that you will not become
involved in any financial situation which might compromise or cause a conflict
with your obligations under this paragraph or this Agreement without first
talking with Hearst-Argyle about your intentions and obtaining Hearst-Argyle’s
written consent.

 

10.           Confidentiality.  You
agree that while employed by Hearst-Argyle and after this Agreement is
terminated or expires, you will not use or divulge or in any way distribute to
any person or entity, including a future employer, any confidential information
of any nature relating to Hearst-Argyle’s business, except for such disclosures
as may be required by applicable law or judicial process.  You will surrender to Hearst-Argyle at the
end of your employment all its property in your possession.  If you breach this paragraph, Hearst-Argyle
has the right to apply for and obtain injunctive relief to stop such a
violation, in addition to its other legal remedies, as outlined in Paragraph 6.

 

You
agree to keep the terms of this Agreement confidential from everybody except
your professional advisors and family, except for such disclosures as may be
required by applicable law or judicial process.

 

11.           Non-Solicitation; Non-Hire.  You
agree that for two (2) years after the expiration or termination of this
Agreement, you will not hire, solicit, aid or suggest to any (i) employee of
Hearst-Argyle, its subsidiaries or affiliates, (ii) independent contractor or
other service provider or (iii) any customer, agency or advertiser of
Hearst-Argyle, its subsidiaries or affiliates to terminate such relationship or
to stop doing business with Hearst-Argyle, its subsidiaries or affiliates.

 

 

If
you violate this provision, Hearst-Argyle will have the same right to injunctive
relief as outlined in Paragraph 6, as well as any other remedies it may
have.  If any court of competent
jurisdiction finds any part of this paragraph unenforceable as to its duration,
scope, geographic area or otherwise, it shall be deemed amended so as to permit
it to be enforced.

 

12.           Officer; Director.   
Upon request, you agree that you will serve as an officer or director,
in addition to your present position, of Hearst-Argyle or any affiliated
entity, without additional pay.

 

13.           Continuation of Agreement.  This
Agreement and your employment shall terminate upon the expiration of the Term
(unless terminated earlier pursuant to Paragraph 8 hereof), provided that if
Hearst-Argyle gives you written notice of extension then this Agreement shall continue
on a month-to-month basis until the earlier of (i) the commencement of a
renewal or extension agreement between you and Hearst-Argyle, or (ii)
termination of this Agreement by either party on fifteen days written notice to
the other.

 

14.           Assignment of Agreement. 
Hearst-Argyle has the right to transfer this Agreement to a successor,
to a purchaser of substantially all of its assets or its business or to any
parent, subsidiary, or affiliated corporation or entity and you will be
obligated to carry out the terms of this Agreement for that new owner or
transferee.  You have no right to assign
this Agreement, and any attempt to do so is null and void.

 

15.           State Law.  This
Agreement will be interpreted under the laws of the State of New York, without
regard to conflicts or choice of law rules.

 

16.           No Other Agreements.  This
Agreement is the only agreement between you and Hearst-Argyle.  It supersedes any other agreements,
amendments or understandings you and Hearst-Argyle may have had.  This Agreement may be amended only in a
written document signed by both parties.

 

17.           Approvals.  In
any situation requiring the approval of Hearst-Argyle, such approval must be
given by the President and Chief Executive Offier of Hearst-Argyle Television,
Inc.

 

18.           Dispute Resolution. 
Hearst-Argyle and Employee agree that any claim (other than claims
arising out of Paragraphs 6 or 12 of this Agreement) which either party may
have against the other under local, state or federal law including, but not
limited to, matters of discrimination, matters arising out of the termination
or alleged breach of this Agreement or the terms, conditions or termination of
employment, will

 

 

be submitted to mediation
and, if mediation is unsuccessful, to final and binding arbitration in accordance
with Hearst-Argyle’s Dispute Settlement Procedure (“Procedure”), of which
Employee has received a copy. During the pendency of any claim under this
Procedure, Hearst-Argyle and Employee agree to make no statement orally or in
writing regarding the existence of the claim or the facts forming the basis of
such claim, or any statement orally or in writing which could impair or
disparage the personal or business reputation of Hearst-Argyle or
Employee.  The Procedure is hereby
incorporated by reference into this Agreement.

 

19.           Correspondence.  All
correspondence between you and Hearst-Argyle will be written and sent by
certified mail, return receipt requested, or by personal delivery or courier,
to the following addresses:

 

	
  If to Hearst-Argyle:

  	
   

  	
  Hearst-Argyle
  Television, Inc.

  
	
   

  	
   

  	
  888
  Seventh Avenue

  
	
   

  	
   

  	
  27th
  Floor

  
	
   

  	
   

  	
  New
  York, New York 10106

  
	
   

  	
   

  	
  Attn:
  

  	
  David
  J. Barrett

  
	
   

  	
   

  	
   

  	
  President
  and CEO

  
	
   

  	
   

  	
   

  
	
  with
  a copy to:

  	
   

  	
  General
  Counsel

  
	
   

  	
   

  	
  Hearst-Argyle
  Television, Inc.

  
	
   

  	
   

  	
  888
  Seventh Avenue

  
	
   

  	
   

  	
  27th
  Floor

  
	
   

  	
   

  	
  New
  York, New York 10106

  
	
   

  	
   

  	
   

  
	
  If
  to Employee:

  	
   

  	
  Mr.
  Steven A. Hobbs

  
	
   

  	
   

  	
  [ADDRESS ON FILE]

  

 

Either
party may change its address in writing sent to the above addresses.

 

20.           Severability.  If a
court decides that any part of this Agreement is unenforceable, the rest of the
Agreement will survive.

 

 

21.           Originals of Agreement.   This Agreement may be signed in any number of
counterparts, each of which shall be considered an original.

 

 

	
   

  	
  HEARST-ARGYLE TELEVISION,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ David J. Barrett

  	
   

  
	
   

  	
   

  	
  David J. Barrett

  
	
   

  	
   

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Steven A. Hobbs

  	
   

  
	
   

  	
   

  	
  Steven A. Hobbs

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