Document:

ex10p17.htm

    
      

    

    Exhibit
10.17

    

    

    

    

    CENVEO,
INC.

    2007
LONG-TERM EQUITY INCENTIVE PLAN

    

    NON-QUALIFIED
STOCK OPTION AGREEMENT FOR EMPLOYEES

    

    

    This
Non-Qualified Stock Option Agreement (“Option Agreement”), dated as of this
_____________________ (the “Grant Date”), is between Cenveo, Inc., a Colorado
corporation (the “Company”), and ___________________
(“Optionee”).  Capitalized terms used but not defined herein have the
meanings assigned to them in the Cenveo, Inc. 2007 Long-Term Equity Incentive
Plan, as amended (the “Plan”).

    

    W I T N E S S E T
H:

    

    WHEREAS,
the Company has heretofore adopted the Plan for the purpose of providing
employees and directors of the Company and its Affiliates with additional
incentive to promote the success of the business, to increase their proprietary
interest in the success of the Company, and to encourage them to remain in the
employ or remain as a director of the Company and its Affiliates;
and

    

    WHEREAS,
the Company, acting through the Compensation Committee of its Board of Directors
(the “Committee”), has determined that its interests will be advanced by the
issuance to Optionee of a Non-Qualified Stock Option under the
Plan;

    

    NOW
THEREFORE, for and in consideration of these premises it is agreed as
follows:

    

    1.          Option.  Subject
to the terms and conditions contained herein and in the Plan, the Company hereby
irrevocably grants to Optionee the right and option (“Option”) to purchase from
the Company ___________
shares of the Company’s common stock, $0.01 par value (“Common Stock”),
at a price of $________ per
share (the “Option Price”).

    

    2.          Option
Period.  Subject to Section 10 below, the Option herein granted
may be exercised by Optionee in whole or in part at any time during the period
(“Option Period”) beginning on the Grant Date and ending on the sixth
anniversary of the Grant Date, based upon Optionee’s number of full years of
service with the Company or its Affiliates from the Grant Date to the date of
such exercise, in accordance with the following schedule:

    
 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

    
      	 	
              
                Number
      of

                Years
      of Service

              

            	 	
              
                Cumulative
      Percentage of

                Shares
      Purchasable

              

            	 
	 	
              1

            	 	
              25%

            	 
	 	
              2

            	 	
              50%

            	 
	 	
              3

            	 	
              75%

            	 
	 	
              4

            	 	
              100%

            	 

    

    

    Notwithstanding
anything in this Agreement to the contrary, the Committee, in its sole
discretion, may waive the foregoing schedule of vesting and upon written notice
to Optionee, accelerate the earliest date or dates on which the Option is
exercisable.

    

    3.          Procedure for
Exercise.  The Option herein granted may be exercised by
written notice by Optionee to the Secretary of the Company setting forth the
number of shares of Common Stock with respect to which the Option is to be
exercised accompanied by payment for the shares to be purchased, and specifying
the address to which the certificate for such shares or other evidence of
ownership is to be mailed.  Payment shall be by means of one (or a
combination) of the following forms:  (i) cash, wire transfer,
cashier’s check, bank draft, postal or express money order payable to the order
of the Company, (ii) at the option of Optionee, in Common Stock theretofore
owned by such Optionee (or a combination of cash and Common Stock), (iii) by
delivery (on a form prescribed by the Company) of an irrevocable direction to a
licensed securities broker acceptable to the Company to sell shares of Common
Stock and to deliver all or part of the sale proceeds to the Company in payment
of the aggregate Option Price and any withholding taxes, or (iv) by any other
exercise method approved by the Committee.

    

    4.          Termination of
Employment.  If Optionee’s employment with the Company or its
Affiliates is terminated during the Option Period for any reason, any portion of
the Option that is not exercisable (and has not become exercisable under Section
10 hereof) on such date shall thereupon terminate.  Except as provided
in Section 5 below, any portion of the Option that is exercisable on the date of
Optionee’s termination of employment which has not been exercised within ninety
(90) days following such termination shall expire and be of no force or
effect.

    

    5.          Retirement, Disability or
Death.  If Optionee’s employment with the Company or its
Affiliates is terminated by reason of his or her retirement, disability or
death, any portion of the Option that is exercisable at the date of such
retirement, disability or death shall be thereafter exercisable by Optionee, his
or her executor or administrator, or the person or persons to whom his or her
rights under this Option Agreement shall pass by will or by the laws of descent
and distribution, as the case may be, for a period of three (3) years from the
date of Optionee’s retirement, disability or death unless this Option Agreement
should earlier terminate in accordance with its other terms.  In no
event may any Option be exercised after the end of the Option
Period.  Optionee shall be deemed to be disabled if, in the opinion of
a physician selected by the Committee, he is incapable of performing services
for the Company by reason of any medically determinable physical or mental
impairment which can be expected to result in death or to be of long, continued
and indefinite duration.  Retirement means Optionee has reached age 65
and completed five (5) years of service with the Company.

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    6.          Transferability.  This
Option shall not be transferable by Optionee otherwise than by Optionee’s will
or by the laws of descent and distribution.  During the lifetime of
Optionee, the Option shall be exercisable only by Optionee.  Any
heir or legatee of Optionee shall take rights herein granted subject to the
terms and conditions hereof.  No such transfer of this Option
Agreement to heirs or legatees of Optionee shall be effective to bind the
Company unless the Company shall have been furnished with written notice thereof
and a copy of such evidence as the Committee may deem necessary to establish the
validity of the transfer and the acceptance by the transferee or transferees of
the terms and conditions hereof.

    

    7.          No Rights as
Stockholder.  Optionee shall have no rights as a stockholder
with respect to any shares of Common Stock covered by this Option Agreement
until the date of issuance of shares of Common Stock purchased pursuant to this
Option Agreement.  Until such time, Optionee shall not be entitled to
dividends or to vote at meetings of the stockholders of the Company with respect
to shares of Common Stock subject to the Option.  Except as provided
in Section 8 hereof, no adjustment shall be made for dividends (ordinary or
extraordinary, whether in cash or securities or other property) paid or
distributions or other rights granted in respect of any share of Common Stock
for which the record date for such payment, distribution or grant is prior to
the date upon which Optionee shall have been issued shares of Common Stock, as
provided hereinabove.

    

    8.          Adjustments Upon Certain
Events.  Upon the occurrence of any unusual or nonrecurring
event (including, without limitation, any of the events described in Section 4.2
of the Plan) affecting the Company, any Subsidiary or Affiliate, or the
financial statements of the Company or any Subsidiary or Affiliate, or of
changes in applicable laws, regulations, or accounting principles, the Board
may, in its sole discretion, make such adjustments to the Option as it deems
appropriate in order to prevent dilution or enlargement of benefits, including:
(i) adjusting any or all of the number of shares of Common Stock or other
securities of the Company (or number and kind of other securities or property)
subject to the Option and/or the exercise price with respect to the Option; (ii)
providing for an equivalent award in respect of securities of the surviving
entity of any merger, consolidation or other transaction or event having a
similar effect; or (iii) making provision for a cash payment to Optionee; provided, however, that no
adjustment shall be made to the Option unless such adjustment complies with
Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”).  In addition, prior to a merger or other corporate
transaction the Committee may require that the Option be exercised within a
period of at least ten business days prior to such transaction, and that any
portion of the Option not exercised within such period shall be
forfeited.

    

    9.          Changes in Capital
Structure.  The existence of outstanding Options shall not
affect in any way the right or power of the Company or its shareholders to make
or authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the Company’s capital structure or its business, or any merger or
consolidation of the Company, or any issuance of Common Stock or subscription
rights thereto, or any issuance of bonds, debentures, preferred or prior
preference stock ahead of or affecting the Common Stock or the rights thereof,
or the dissolution or liquidation of the Company, or any sale or transfer of all
or any part of its assets or business, or any other corporate act or
proceedings, whether of a similar character or otherwise.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    10.         
Accelerated
Vesting.  In the event that there is a Change in Control while
Optionee is still employed by the Company or an Affiliate, the Option shall
become immediately exercisable, and Optionee shall be given reasonable notice of
such Change in Control and shall have a period of at least ten (10) days after
such notice to exercise the Option.  In addition, in the event that
Optionee’s employment with the Company is terminated by the Company without
“Cause” or by Optionee for “Good Reason” (as such terms are defined in the
employment agreement between the Company and Optionee), any portion of the
Option that has not yet vested shall become immediately
exercisable.

    

    11.         
Compliance With
Securities Laws.  Upon the acquisition of any shares pursuant
to the exercise of the Option herein granted, Optionee (or any person acting
under Section 6) will enter into such written representations, warranties and
agreements as the Company may reasonably request in order to comply with
applicable securities laws or with this Option Agreement.

    

    12.          Compliance With
Laws.  Notwithstanding any of the other provisions hereof,
Optionee agrees that he or she will not exercise the Option granted hereby, and
that the Company will not be obligated to issue any shares pursuant to this
Option Agreement, if the exercise of the Option or the issuance of such shares
of Common Stock would constitute a violation by Optionee or by the Company of
any provision of any law or regulation of any governmental authority, and that
the Company has no obligation to register the shares of Common Stock under the
Securities Act of 1933, as amended.

    

    13.          Withholding of
Tax.  To the extent that the grant, vesting or exercise of the
Option or other payment with respect thereto, or the disposition of shares of
Common Stock acquired by exercise of the Option, is subject to applicable
withholding or other taxes, the Company or any Affiliate shall have the right
and is hereby authorized to withhold from the delivery of the shares of Common
Stock or other payment, or from any compensation or other amount owing to
Optionee, the amount (in cash, shares of Common Stock, other securities, other
awards or other property) of any such withholding or other taxes in respect of
the Option, and to take such other action as may be necessary in the opinion of
the Company to satisfy all obligations for the payment of such taxes, including
requiring Optionee to pay to the Company such amount of money as the Company may
require to meet its obligation under applicable tax laws.

    

    14.          Resolution of
Disputes.  As a condition of the granting of the Option hereby,
Optionee and his heirs and successors agree that any dispute or disagreement
which may arise hereunder shall be determined by the Committee in its sole
discretion and judgment, and that any such determination and any interpretation
by the Committee of the terms of this Option Agreement and the Plan shall be
final and shall be binding and conclusive, for all purposes, upon the Company,
Optionee, and his or her heirs and personal representatives.

    

    15.          Legends on
Certificate.  The certificates, if any, representing the shares
of Common Stock purchased by exercise of an Option will be stamped or otherwise
imprinted with legends in such form as the Company or its counsel may require
with respect to any applicable

     

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    restrictions
on sale or transfer, and the stock transfer records of the Company will reflect
stop-transfer instructions with respect to such shares.

    

    16.          Notices.  All
notices or other communications hereunder shall be in writing and shall be given
by registered or certified mail, via overnight courier providing a receipt, or
via telecopy (with a confirming copy being delivered within 24 hours
thereafter).  Notices to the Company shall be directed to Cenveo,
Inc., at its principal executive offices, currently One Canterbury Green, 201
Broad Street, Stamford, CT 06901,
Attention:  Secretary.  Notices given to Optionee shall be
sent to the latest address of Optionee on file with the Company.

    

    17.          Construction and
Interpretation.  Whenever the term “Optionee” is used herein
under circumstances applicable to any other person or persons to whom this
award, in accordance with the provisions of Section 6 hereof, may be
transferred, the word “Optionee” shall be deemed to include such person or
persons.  References to the masculine gender herein also include the
feminine gender for all purposes.

    

    18.          Agreement Subject to
Plan.  This Option Agreement is subject to the
Plan.  The terms and provisions of the Plan are hereby incorporated
herein by reference thereto.  In the event of a conflict between any
term or provision contained herein and a term or provision of the Plan, the
applicable terms and provisions of the Plan will govern and
prevail.  All definitions of words and terms contained in the Plan
shall be applicable to this Option Agreement.  The Company shall be
under no obligation whatsoever to advise Optionee of the existence, maturity or
termination of any of Optionee’s rights hereunder and Optionee shall be deemed
to have familiarized him or herself with all matters contained herein and in the
Plan which may affect any of Optionee’s rights or privileges
hereunder.

    

    19.          Employment
Relationship.  Any questions as to whether and when there has
been a termination of employment with the Company or an Affiliate and the cause
of such termination shall be determined by the Committee, and its determination
shall be final and binding.  Nothing contained herein shall be
construed as conferring upon Optionee the right to continue in the employ of the
Company or its Affiliates, nor shall anything contained herein be construed or
interpreted to limit the “employment at will” relationship between Optionee and
the Company or its Affiliates.

    

    20.          Binding
Effect.  This Option Agreement shall be binding upon and inure
to the benefit of any successors to the Company and all persons lawfully
claiming under Optionee.

    

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, this Non-Qualified Stock Option Agreement has been executed as
of the date first written above.

    

    
      	
              COMPANY

            	
              CENVEO,
      INC.

            	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
              By:

            	 
      	 
	 
      	 
      	
              Robert
      G. Burton, Sr.

            	 
	 
      	 
      	
              Chairman
      and Chief Executive Officer

            	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
              OPTIONEE

            	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
              Name:

            	 

    

    

    

    -6-ex10p18.htm

    
      
        

      

      
         

        
          	 	
                  Exhibit
      10.18

                

        

         

      

      CENVEO,
INC.

      2007
LONG-TERM EQUITY INCENTIVE PLAN

      

      RESTRICTED
SHARE UNIT AWARD AGREEMENT FOR EMPLOYEES

      

      

      THIS RESTRICTED SHARE UNIT AWARD
AGREEMENT (“Agreement”), dated as of this _____________________ (“Grant Date”),
is between Cenveo, Inc., a Colorado corporation (the “Company”), and
___________________ (“Grantee”).  Capitalized terms used but not
defined herein have the meanings assigned to them in the Cenveo, Inc. 2007
Long-Term Equity Incentive Plan, as amended (the “Plan”).

      

      RECITALS

      

      WHEREAS,
the Company has awarded Grantee restricted share units (the “Share Units”)
pursuant to the terms of the Plan; and

      

      WHEREAS,
the Plan contemplates a written document evidencing the award;

      

      NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
in this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
the parties agree as follows:

      

      ARTICLE
I

      

      AWARD
OF SHARES

      

      1.1           Award.  Subject
to the terms and conditions herein and in the Plan, Grantee is hereby awarded
_____________ Share
Units.  Each Share Unit represents Grantee’s right to receive
one share of the Company’s common stock, $0.01 par value (“Common Stock”) on the
applicable delivery date set forth herein.

      

      1.2           Vesting of Share
Units.  Subject to Section 3.2 below, Grantee’s Share Units
shall vest in
annual installments of 25% per year over four years beginning on the first
anniversary of the Grant Date (each such anniversary, a “Vesting Date”),
provided that Grantee has not ceased to serve as an employee of the Company and
its Affiliates prior to such date.  Share Units that do not become
vested pursuant to this Section 1.2 or Section 3.2 shall be forfeited and
Grantee shall have no further rights with respect to such Share
Units.

      

      1.3           Delivery of
Shares.  Subject to Sections 3.2 and 4.10 of this Agreement,
the shares of Common Stock represented by Grantee’s vested Share Units shall be
delivered to Grantee, or to Grantee’s estate, on the Vesting
Date.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      1.4           No Rights as
Stockholder.  Until such time as shares of Common Stock
represented by the Share Units have been delivered to Grantee, Grantee shall
have none of the rights of a stockholder with respect to the Common
Stock.

      

      1.5           Dividend Equivalent
Payments.  Dividend equivalents shall be credited on any vested
Share Units at the time of any payment of dividends to stockholders of Common
Stock.  The amount of any such dividend equivalents shall equal the
amount that would have been payable to Grantee as a stockholder in respect of a
number of shares of Common Stock equal to the number of Grantee’s then vested
Share Units.  Any such dividend equivalents shall be credited to
Grantee as of the date on which such dividend would have been payable to
stockholders and shall be converted into additional Share Units (which shall be
immediately vested), based upon the Fair Market Value of a share of Common Stock
on the date of such crediting.  Payment of such dividend equivalents
in the form of shares of Common Stock represented by such additional Share Units
shall be made on the delivery date for the Share Units with respect to which the
dividend equivalents were credited.

      

      ARTICLE
II

      

      TRANSFER
RESTRICTIONS

      

      2.1           Restriction on
Transfer.  Grantee shall not transfer, assign, encumber or
otherwise dispose of any Share Units at any time, other than by will or by the
laws of descent and distribution.  Any heir or legatee of Grantee
shall take rights herein granted subject to the terms and conditions
hereof.

      

      ARTICLE
III

      

      FORFEITURE
AND ADJUSTMENT OF SHARE UNITS

      

      3.1           Forfeiture. Subject
to Section 3.2 below, if Grantee ceases to serve as an employee of the Company
and its Affiliates for any reason, Grantee’s Share Units that have not become
vested pursuant to Section 1.2 shall be forfeited and Grantee shall have no
further rights with respect to such Share Units.

      

      3.2           Accelerated
Vesting.  In the event of Grantee’s termination of employment
by the Company without “Cause” or by Grantee with “Good Reason,” as such terms
are defined in Annex A hereto, any of Grantee’s Share Units that have not yet
vested shall become immediately vested and, subject to Section 4.10 of this
Agreement, the shares of Common Stock represented by such vested Share Units
shall be delivered to Grantee upon such termination of employment with the
Company.  In addition, in the event that there is a Change in Control
while Grantee is still employed by the Company or an Affiliate, any of Grantee’s
Share Units that have not yet vested shall become immediately vested and the
shares of Common Stock represented by such vested Share Units shall be delivered
to Grantee upon such Change in Control; provided, however, that if such
Change in Control is not a permitted distribution event under Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), then the shares of
Common Stock represented by Grantee’s vested Share Units shall be delivered on
the earliest of (i) the applicable Vesting Date, (ii) Grantee’s “separation from
service” with the Company (determined

      
        
          
             

          

           

        

        
          -2-

          
            

          

        

        
           

        

      

      

      in
accordance with Section 409A of the Code) (or, if Grantee is a “specified
employee” as described in Section 4.10 of this Agreement, such later date as
provided in Section 4.10), or (iii) Grantee’s death.

      

      3.3           Adjustments Upon Certain
Events.  Upon the occurrence of any unusual or nonrecurring
event (including, without limitation, any of the events described in Section 4.2
of the Plan) affecting the Company, any Subsidiary or Affiliate, or the
financial statements of the Company or any Subsidiary or Affiliate, or of
changes in applicable laws, regulations, or accounting principles, the Committee
may, in its sole discretion, make such adjustments to the Share Units as it
deems appropriate in order to prevent dilution or enlargement of benefits,
including: (i) adjusting any or all of the number of shares of Common Stock or
other securities of the Company (or number and kind of other securities or
property) subject to the Share Units; (ii) providing for an equivalent award in
respect of securities of the surviving entity of any merger, consolidation or
other transaction or event having a similar effect; or (iii) making provision
for a cash payment to Grantee; provided, however, that no
adjustment shall be made to the timing of delivery of shares of Common Stock or
other payment unless such adjustment complies with Section 409A of the
Code.

      

      ARTICLE
IV

      

      GENERAL
PROVISIONS

      

      4.1           Employment
Relationship. Nothing in this Agreement shall be construed as conferring
upon Grantee the right to continue in the employ of the Company or its
Affiliates, nor shall anything contained herein be construed or interpreted to
limit the “employment at will” relationship between Grantee and the Company or
its Affiliates.

      

      4.2           Compliance With Securities
Laws.  Upon the delivery of any shares of Common Stock under
this Agreement, Grantee (or any person lawfully claiming under Grantee) will
enter into such written representations, warranties and agreements as the
Company may reasonably request in order to comply with applicable securities
laws or with this Agreement.

      

      4.3           Compliance With
Laws.  Notwithstanding any of the other provisions hereof,
Grantee agrees that the Company will not be obligated to issue any shares
pursuant to this Agreement if the issuance of such shares of Common Stock would
constitute a violation by Grantee or by the Company of any provision of any law
or regulation of any governmental authority, or to register the shares of Common
Stock under the Securities Act of 1933, as amended.

      

      4.4           Withholding of
Tax.  To the extent that the grant or vesting of the Share
Units or dividend equivalents granted hereunder, or the delivery of the shares
of Common Stock or other payment with respect thereto, is subject to applicable
withholding or other taxes, the Company or any Affiliate shall have the right
and is hereby authorized to withhold from the delivery of the shares of Common
Stock or other payment, or from any compensation or other amount owing to
Grantee, the amount (in cash, shares of Common Stock, other securities, other
awards or other property) of any such withholding or other taxes in respect of
the Share Units and dividend equivalents and to take such other action as may be
necessary in the opinion of the Company to

      
        
          
             

          

           

        

        
          -3-

          
            

          

        

        
           

        

      

      satisfy
all obligations for the payment of such taxes, including requiring Grantee to pay to the
Company such amount of money as the Company may require to meet its obligation
under applicable tax laws.

      

      4.5           Resolution of
Disputes.  As a condition of the granting of the Share Units
hereby, Grantee and his heirs and successors agree that any dispute or
disagreement which may arise hereunder shall be determined by the Committee in
its sole discretion and judgment, and that any such determination and any
interpretation by the Committee of the terms of this Agreement and the Plan
shall be final and shall be binding and conclusive, for all purposes, upon the
Company, Grantee, his or her heirs and personal representatives.

      

      4.6           Legends on
Certificate.  The certificates, if any, representing the shares
of Common Stock delivered hereunder will be stamped or otherwise imprinted with
legends in such form as the Company or its counsel may require with respect to
any applicable restrictions on sale or transfer and the stock transfer records
of the Company will reflect stop-transfer instructions with respect to such
shares.

      

      4.7           Notices. All notices
or other communications under this Agreement shall be in writing and shall be
given by registered or certified mail, via overnight courier providing a
receipt, or via telecopy (with a confirming copy being delivered within 24 hours
thereafter).  Notices to the Company shall be addressed to Cenveo,
Inc., at its principal executive offices, currently One Canterbury Green, 201
Broad Street, Stamford, Connecticut 06901,
Attention:  Secretary.  Notices to Grantee shall be sent to
the latest address of Grantee shown on the records of the Company.

      

      4.8           Agreement Subject to
Plan.  This Agreement is subject to the Plan.  The
terms and provisions of the Plan are hereby incorporated herein by reference
thereto.  In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and
provisions of the Plan will govern and prevail.  All definitions of
words and terms contained in the Plan shall be applicable to this
Agreement.  The Company shall be under no obligation whatsoever to
advise Grantee of the existence, maturity or termination of any of Grantee’s
rights hereunder and Grantee shall be deemed to have familiarized him or herself
with all matters contained herein and in the Plan, which may affect any of
Grantee’s rights or privileges hereunder.

      

      4.9           Binding
Effect.  This Agreement shall be binding upon and inure to the
benefit of any successors to the Company and all persons lawfully claiming under
Grantee.

      

      4.10         Section
409A.  Anything in this Agreement to the contrary
notwithstanding, if on the date of Grantee’s termination of employment Grantee
is a “specified employee” (as determined by the Board or the Committee in
accordance with Section 409A of the Code) then Grantee shall not be entitled to
delivery of Common Stock with respect to the Share Units or other payment of
amounts which constitute deferred compensation within the meaning of Section
409A of the Code upon a termination of his or her employment until the earlier
of (1) six months after Grantee’s termination of employment for any reason other
than death, or (2) Grantee’s death.  It is the intention of the
parties that amounts payable under this Agreement not be subject to the
additional tax imposed pursuant to Section 409A of the Code.  To the
extent such potential

      
        
          
             

          

           

        

        
          -4-

          
            

          

        

        
           

        

      

      amounts
could become subject to such Section, the parties shall cooperate to amend this
Agreement with the goal of giving Grantee the economic benefits described herein
in a manner that does not result in such tax being imposed.

      

      

      

      

      IN
WITNESS WHEREOF, this Restricted Share Unit Award Agreement has been executed as
of the date first written above.

      

      
        	
                COMPANY

              	
                CENVEO,
      INC.

              	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
                By:

              	 
      	 
	 
      	 
      	
                Robert
      G. Burton, Sr.

              	 
	 
      	 
      	
                Chairman

              	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
                GRANTEE

              	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
                Name:

              	 

      

      

      
        
          
             

          

           

        

        
          -5-

          
            

          

        

        
           

          
            ANNEX
A

          

        

      

      DEFINITIONS

       

      a. "Cause" means “cause”
or any similar defined term as defined in any employment agreement between
Grantee and the Company in existence at the time of grantee’s termination of
employment or, if there is no such employment agreement then in existence (or if
there is no such defined term in the employment agreement), “Cause”
means:

      

      (i) the
willful and continued failure of Grantee to perform substantially his duties
with the Company (other than any such failure resulting from Grantee's
incapacity due to physical or mental illness or any such failure subsequent to
Grantee being delivered a notice of termination without Cause by the Company or
delivering a notice of termination for Good Reason to the Company) after a
written demand for substantial performance is delivered to Grantee by the
Company which specifically identifies the manner in which the Company believes
that Grantee has not substantially performed Grantee's duties;

       

      (ii) the
willful engaging by Grantee in illegal conduct or misconduct which is
demonstrably and materially injurious (monetarily or otherwise) to the Company
or its subsidiaries;

       

      (iii)
conviction of, or the pleading of nolo contendere with regard to, a crime
constituting a felony; or

       

      (iv)
dishonesty or misappropriation by Grantee relating to the Company or any of its
funds, properties or other assets.

       

      A
termination for Cause after a Change in Control (as defined in the Plan) shall
be based only on events occurring after such Change in Control; provided,
however, the foregoing limitation shall not apply to an event constituting Cause
that was not discovered by the Company prior to a Change in
Control.  For purpose of this definition, no act or failure to act by
Grantee shall be considered "willful" unless done or omitted to be done by
Grantee in bad faith and without reasonable belief that Grantee's action or
omission was in the best interests of the Company. Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board
based upon the advice of counsel for the Company shall be conclusively presumed
to be done, or omitted to be done, by Grantee in good faith and in the best
interests of the Company. In order
for a cessation of Grantee's employment to be deemed to be a termination of
Grantee's employment for Cause for the conduct described above, (A) the Company
shall have provided written notice to Grantee that identifies such conduct, and
(B) in the event that the event or condition is curable, Grantee shall have
failed to remedy such event or condition within thirty (30) days after Grantee
has received such written notice, and (C) the final determination that Grantee's
employment shall be terminated for Cause shall have been made (specifying the
particular details thereof) by the Company. The Company must initially notify
Grantee of any event constituting Cause within ninety (90) days following the
Company's knowledge of its existence or such event shall not constitute Cause
under this Agreement.

      

      b. "Good Reason" means
“good reason” or any similar defined term as defined in any employment agreement
between Grantee and the Company in existence at the time of Grantee’s
termination of employment or, if there is no such employment agreement then in
existence (or if

      
        
          
             

            

          

           

        

        
          -1-

          
            

          

        

        
           

        

      

      there is
no such defined term in the employment agreement), “good reason” means, without
Grantee's express written consent, the occurrence of any of the following
events:

       

      (i) the
assignment to Grantee of any duties or responsibilities (including reporting
responsibilities) that are inconsistent with Grantee's position(s), duties,
responsibilities or status with the Company, or any diminution of such duties or
responsibilities (other than temporarily while incapacitated because of physical
or mental illness), or an adverse change in Grantee's titles or offices
(including Grantee's membership on the Board) with the Company;

       

      (ii) a
reduction by the Company in Grantee's rate of annual base salary or annual
target bonus opportunity (including any adverse change in the formula for such
annual bonus target) or other incentive opportunities as the same may be
increased from time to time thereafter;

       

      (iii) any
requirement of the Company that Grantee be based anywhere more than thirty-five
(35) miles from his current location or such other place of employment as
mutually agreed upon by the Company and Grantee;

       

      (iv) any
material breach of this Agreement by the Company, or the Company notifies
Grantee of the Company's intention not to observe or perform one or more of the
material obligations of the Company under this Agreement; or

       

      (v) the
failure of the Company to continue in effect Grantee's participation in the
Company's employee benefit plans, programs, arrangements and policies, at a
level substantially equivalent in value to and on a basis consistent with the
relative levels of participation of other similarly positioned senior executive
officers.

       

      Notwithstanding
the foregoing, a Good Reason event shall not be deemed to have occurred if the
Company cures such action, failure or breach within ten (10) days after receipt
of notice thereof given by Grantee. Grantee's right to terminate employment for
Good Reason shall not be affected by Grantee's incapacities due to mental or
physical illness and Grantee's continued employment shall not constitute consent
to, or a waiver of rights with respect to, any event or condition constituting
Good Reason; provided, however, that Grantee must provide notice of termination
of employment within six (6) days following Grantee's knowledge of an event
constituting Good Reason or such event shall not constitute Good Reason under
this Agreement.

       

    

    -2-

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