Document:

Exhibit 10.1

 

EMPLOYMENT SEPARATION AGREEMENT

          This is an agreement between you, Laura Boyd, and us, Fisher Communications, Inc. (“the
Company”). This Agreement is dated for reference purposes December 2, 2005, which is the date we
delivered it to you for your consideration.

	1)	 	Separation Agreement. Your employment by the Company is terminated effective close of
business December 31, 2005, (the “Separation Date”).
	 
	2)	 	Compensation. You will be paid your regular salary plus all accrued vacation benefits, less
authorized deductions and withholdings, through the Separation Date.
	 
	3)	 	Separation Payment. In addition to payment for accrued vacation in the amount of $10,528.44
paid on January 5, 2006, a lump sum payment of $15,000 for successful completion of personal
goals for the 2005 Fisher Communications, Inc. Management Incentive Plan (STI), subject to
Compensation Committee approval on or before March 15, 2006, and $1,417.43 as reimbursement
for miscellaneous business expenses payable on or before January 31, 2006, the Company will
provide you separation pay equal to six (6) months’ base salary ($75,000); any legally
required withholding or deductions will be subtracted. Payment of the separation pay will be
made to you in a lump sum within fourteen (14) days of when this Agreement is effective under
Section 14 below. You understand and agree that this separation pay, to which you would not
otherwise be entitled, is provided as consideration, and in exchange for, your agreement to
the release and other terms of this Agreement.
	 
	4)	 	Termination. Your employment is terminated effective December 31, 2005, in connection with a
reorganization and elimination of your position. You have resigned or will resign as an
officer of the Company, and any official or unofficial committees or bodies of the Company and
its subsidiaries, effective December 31, 2005.
	 
	5)	 	Employee Benefit Plans. You and any participating family members will be eligible to
continue participation in our group medical, dental and vision plans pursuant to COBRA for up
to eighteen (18) months (or longer if applicable under the COBRA regulations) following your
separation. The Company will pay your COBRA premium in the amount of $760.69 per month for
six (6) months or until you are eligible for coverage under any other group health coverage
(as an employee or otherwise), whichever happens first. You will be required to make timely
payment of any portion of premiums for which you are responsible. Failure to submit timely
payment of premiums will result in cancellation of COBRA coverage. Your rights under other
employee benefit plans in which you may have participated will be determined in accordance
with the written plan documents governing those plans.

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	6)	 	References. Upon your request, the Company will provide a mutually acceptable letter of
reference to future potential employers. Requests for such letter should be directed to the
Company’s President and CEO or her designee.
	 
	7)	 	Release. In consideration of the promises contained in this Agreement, the parties agree:

	 	a.	 	On behalf of yourself and anyone claiming through you or who otherwise can be
legally bound by you in this Release, you irrevocably and unconditionally release,
acquit and forever discharge the Company and/or its subsidiaries, affiliates,
divisions, predecessors, successors and assigns, as well as their past and present
officers, directors, employees, shareholders, trustees, joint venturers, partners,
agents, and anyone else against whom you could assert the claims released herein, in
their individual and/or corporate capacities (hereinafter collectively “Releasees”),
from any and all claims, liabilities, promises, actions, damages and the like, known or
unknown, which you ever had against any of the Releasees arising out of or relating to
your employment with the Company and/or the termination of your employment with the
Company. Such claims include, but are not limited to: (1) employment discrimination
(including claims of sex discrimination and/or sexual harassment) and retaliation under
local, state or federal law, including claims under RCW ch. 49.50; the Americans with
Disabilities Act; Title VII of the Civil Rights Act of 1964 (42 U.S.C.A. 2000e et seq.)
or under 42 U.S.C.A. section 1981 or section 1983; and age discrimination under the Age
Discrimination in Employment Act (29 U.S.C.A. sections 621 et seq.) (except you do not
waive rights or claims under the federal Age Discrimination in Employment Act that may
arise after the date this waiver is executed); (2) disputed wages and benefits; (3)
wrongful discharge and/or breach of any alleged employment contract; and (4) claims
based on any tort, such as invasion of privacy, defamation, fraud and infliction of
emotional distress. Excluded from this release are claims under ERISA and any benefit
plans that may arise after the Separation Date, and any claims arising out of or
relating to this Agreement.
	 
	 	b.	 	The Releasees and anyone who can be legally bound by Releasees to this Release,
irrevocably and unconditionally release, acquit and forever discharge you from any and
all claims, liabilities, promises, actions, damages and the like, known or unknown,
which they ever had against you arising during and out of or relating to your
employment with the Company. Excluded are claims arising under this Agreement.
	 
	 	c.	 	That neither party shall bring any legal action against the other for any claim
waived and released under this Agreement and that the parties represent and warrant
that no such claims have been filed to date. The parties further agree that should
they bring any type of administrative or legal action arising out of claims waived
under this Agreement, the prevailing party with respect to such claim will bear all
legal fees and costs, including those of the other party.

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	 	d.	 	Without limiting the release set forth in subparagraphs a., b. and c. above,
the matters expressly waived and released herein are not limited to matters which are
known or disclosed, and the parties hereby waive any and all rights and benefits which
they now have, or in the future may have, conferred upon them, by virtue of the
provisions of any Washington statute, the effect of which would be to prevent a general
release, such as contemplated by this Agreement, from extending to claims which they do
not know or suspect to exist in their favor at the time of executing this Agreement,
which if known by them must have materially affected their decision to execute the
release. They realize and acknowledge that the factual matters now unknown to them may
have given or may hereafter give rise to causes of action, claims, demands, debts,
controversies, damages, costs, losses and expenses which are presently unknown,
unanticipated and unsuspected, and they further agree that this Agreement has been
negotiated and agreed upon in light of that realization and that they nevertheless
hereby intend to release, discharge and acquit each other from any such unknown causes
of action, claims, demands, debts, controversies, damages, costs, losses and expenses
which in any way arise by virtue of the prior acts or omissions of such parties.

	8)	 	Return of Property. You represent and agree that you have returned or will return all keys,
credit cards, documents, equipment and other material that belong to the Company on or before
signing this Agreement.
	 
	9)	 	Confidentiality. You understand and acknowledge that, in order to properly perform your
duties the Company has entrusted you with certain Proprietary Information that is the result
of great effort and expense on the part of the Company, that this Propriety Information is
critical to the success of the Company and that the disclosure or use of this Proprietary
Information would cause the Company irreparable harm, and that you, in entering into this
Agreement, are fully aware of the Company’s need to protect this Proprietary Information. You
therefore agree not to reveal Proprietary Information or trade secrets to any person, firm,
corporation, or entity unless required to do so by a valid subpoena or unless being required
to maintain such confidentiality would be in violation of the law. For the purposes of this
Agreement, “Proprietary Information” shall be defined as information, whether disclosed orally
or in writing, of any nature in any form, including without limitation all writings,
memoranda, copies, reports, papers, surveys, analyses, drawings, letters, computer printouts,
computer programs, computer applications, specifications, customer data, trade secrets,
business methods, business processes, business techniques, business plans, data, graphs,
charts, sound recordings and/or pictorial reproductions and other information that is not
generally and publicly known, whether in oral, audio, visual, written or other form. Should
you reveal or threaten to reveal this information, the Company shall be entitled to an
injunction restraining you from disclosing same, or from rendering any services to any entity
to whom said information has been, or is threatened to be, disclosed. The right to secure an
injunction is not exclusive, and the Company may pursue any other remedies it has against you
for a breach or threatened breach of this promise, including the recovery of damages from you.
This promise is intended to and will apply in the broadest sense

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	 	 	possible to information regarding Company’s business activities, plans, audience and clients
and is not intended to be limited solely to matters which might meet the legal definition of
“trade secrets” under Washington law. You further agree to keep the terms of this Agreement
confidential. You agree that except as otherwise required by law, you will not disclose to
any third party any of the terms of this Agreement, except your spouse, legal counsel,
accountants and tax advisors, all of whom shall be bound by this confidentiality provision.
You represent and warrant that you have not already acted inconsistently with the terms of
this section. You acknowledge and agree that the Company may disclose this Agreement and/or
describe the terms hereof when there is a business justification for doing so, including in
its filings with the Securities and Exchange Commission at any time after the date hereof.
	 
	10)	 	Cooperation. You agree to meet with the individual who will be serving as the Company’s
President and CEO and/or her designee at such time or times as may be reasonably requested to
discuss transition issues. You agree to cooperate fully to effectuate a smooth and efficient
transition. You also agree to make yourself reasonably available for a period of six (6)
months from the Separation Date to consult by telephone on an as-needed basis regarding
transitional matters; provided, however, that such consultation shall not require you to
expend an unreasonable amount of time.
	 
	11)	 	Nonsolicitation/No Hires/Nondisruption. As an inducement for, and as additional
consideration to, the Company to enter into this Agreement, you agree that for a period of six
(6) months after the Separation Date:

	 	a.	 	Nonsolicitation of Employees and Consultants. You will not directly or
indirectly solicit, influence, entice or encourage any person who is then or who at any
time in the twelve (12) month period prior to this Agreement had been an employee of or
consultant to the Company to cease or curtail his or her relationship with the Company.
	 
	 	b.	 	No-Hire. You agree that you will not directly or indirectly hire or
attempt to hire, whether as an employee, consultant or otherwise, any person who is
then or who at any time in the twelve (12) month period prior to this Agreement had
been employed by the Company.
	 
	 	c.	 	Nondisruption, Other Matters. You agree that you will not directly or
indirectly interfere with, disrupt or attempt to disrupt any past, present or
prospective relationship, contractual or otherwise, between the Company, or any of its
affiliates, on the one hand, and any of their respective customers, suppliers,
employees or business relation of the Company, on the other hand.

	12)	 	Nondisparagement. You agree that you will not disparage, criticize or otherwise malign the
reputation of the Company, its parents or affiliates or any of their officers, directors or
employees.

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	13)	 	Outplacement. The Company shall provide you with reasonable outplacement services through a
vendor of your choice, subject to a maximum expense to the Company of $5,000, or at your
option pay you $2,500 (gross) as additional severance pay, to be included in your first
severance payment check.
	 
	14)	 	Consideration and Revocation Periods. You acknowledge that you have been advised to consult
legal counsel. You have up to forty-five (45) calendar days to consider this Agreement; you
may use as much or as little of that time as you wish. The 45 days start to run when you
receive this document (or the information described in Section 19, if that is later). You
also have seven (7) calendar days following your execution of this Agreement to revoke it.
You must make any such revocation in writing to the General Counsel. This Agreement shall not
become effective or enforceable until the revocation period has expired.
	 
	15)	 	Resolution of Claims. The parties shall attempt to resolve through good-faith negotiation
any controversy or claim arising out of, or relating to this Agreement, or a breach thereof,
including without limitation, any claim as to which the applicability or enforceability of the
Release in section 9 above is disputed by you or that the parties agree is not subject to the
Release. (This includes, without limitation, any claims under Title VII of the Civil Right
Act of 1964, as amended, wrongful discharge, defamation, state anti-discrimination statutes,
the Americans with Disabilities Act, wage-and-hour claims, and any claim arising out of any
other federal or state statute or common law.) If negotiation is unsuccessful, the parties
agree to try in good faith to settle the dispute by mediation administered by the American
Arbitration Association under its Employment Mediation Rules. If mediation is unsuccessful,
the dispute shall be settled by final and binding arbitration in Seattle before a single
arbitrator selected by the parties in accordance with the National Rules for the Resolution of
Employment Disputes of the American Arbitration Association. The only disputes not covered by
this Agreement shall be worker’s compensation claims, claims for unemployment compensation,
and claims for injunctive relief and/or equitable relief brought by either party pursuant to
paragraphs 9, 11 and 12 above. The parties agree to abide by and perform in accordance with
any award rendered by the arbitrator, and that judgment upon the award rendered may be entered
by the prevailing party in any court having jurisdiction thereof. The arbitrator’s fees and
costs of arbitration shall be borne equally by the parties, and each party shall be
responsible for its own legal fees and costs.
	 
	16)	 	Applicable Law. The laws of the state of Washington will govern the validity and execution
of this Agreement and the disposition of any claims related to this Agreement.
	 
	17)	 	Assignment. Your rights hereunder shall not be assigned or transferred without the Company’s
prior written consent. Any assignment without the Company’s prior written consent shall be
null and void. The Company’s rights and obligations under this Agreement will inure to the
benefit and be binding upon the Company’s successors and assignees.

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	18)	 	Complete Agreement. This Agreement is the final and complete expression of all agreements
between us on all subjects, and supersede any and all prior oral or written agreements or
understandings between you and the Company concerning the subject matter of this Agreement.
You acknowledge that you have had adequate time to review and consider this Agreement and
consult with counsel. You acknowledge you are not signing this Agreement relying on anything
not set out here.
	 
	19)	 	Names, Job Titles and Ages of Individuals Selected for Job Elimination Severance and Other
Officers. This information is either attached as an exhibit hereto or will be provided to you
separately.

	 	 	 	 	 	 	 	 	 
	AGREED BY Fisher Communications, Inc.:	 	 	 	AGREED BY Laura Boyd:	 	 
	 
	 	 	 	 	 	 	 	 
	By

	 	/s/ Colleen B. Brown
	 	 	 	/s/ Laura J. Boyd	 	 
	 

	 	 

Its President & CEO
	 	 
	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Date: 1/12/2006	 	 	 	Date: 1/13/2006	 	 

6exv10w10

 

Exhibit 10.10

NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PLAN

     The Powell Industries, Inc. Non-Employee Director Restricted Stock Plan was adopted by the
Board of Directors (“Board”) of Powell Industries, Inc., a Delaware corporation (“Company”),
effective as of December 17, 2004 and approved by the stockholders of the Company at its annual
meeting of stockholders held on April 15, 2005.

PURPOSE AND TERM

     Purpose. The Powell Industries, Inc. Non-Employee Director Restricted Stock Plan (the “Plan”) is
for the benefit of members of the Board who, at the time of their service, are not employees of the
Company or any of its affiliates (each a “Participant” and collectively the “Participants”), to
encourage ownership of the Company’s common stock (the “Stock”) by the Participants, thereby
advancing the best interests of the Company by increasing the proprietary interest of the
Participants in the success of the Company and encouraging them to continue in their present
capacity.

     Term. Unless sooner terminated by the Board, the Plan will terminate at the close of business on
December 16, 2014 and no further grants shall be made under the Plan after such date. Awards
granted before such date shall continue to be subject to the terms and conditions of the Plan and
the respective agreements pursuant to which they were granted.

ADMINISTRATION

     Administration of the Plan. The Plan shall be administered by the Compensation Committee of the
Board (“Committee”) or, if there is no Compensation Committee, the Plan shall be administered by
the Board and all references to the Committee in this Plan shall refer to the Board. All questions
of interpretation of the Plan or of any restricted stock agreement governing any grant under this
Plan (“Restricted Stock Agreement”) shall be determined by the Committee, and such determination
shall be final and binding upon all persons having an interest in the Plan or such Restricted Stock
Agreement. The Chief Executive Officer, the Chief Financial Officer, the President and any Vice
President of the Company shall have the authority to act on behalf of the Company with respect to
any matter, right, obligation, determination or election which is the responsibility of or which is
allocated to the Company in this Plan.

     Powers of the Committee. In addition to any other powers set forth in the Plan and subject to the
provisions of the Plan, the Committee shall have the full and final power and authority, in its
sole discretion:

     to determine the terms, conditions and restrictions applicable to each grant (which
need not be identical) under this Plan (“Award”), the method for satisfaction of any tax
withholding obligation arising in connection with an Award or vesting of the Stock granted
pursuant to the Award (“Restricted Stock”), the effect on the Award or the vesting of such
Restricted Stock of termination of the status of a Participant as a director of the Company
and all other terms, conditions and restrictions applicable to the Award or Restricted Stock
not inconsistent with the terms of the Plan,

     to approve one or more forms of Restricted Stock Agreement,

     to accelerate, continue, extend or defer the vesting of any Restricted Stock,

     to prescribe, amend or rescind rules, guidelines and policies necessary or advisable in
the administration of the Plan, and

 

     to correct any defect, supply any omission or reconcile any inconsistency in the Plan
or any Restricted Stock Agreement and to make all other determinations and take such other
actions with respect to the Plan as the Committee may deem advisable to the extent
consistent with the Plan and applicable law.

SHARES SUBJECT TO PLAN OR AWARDS

AND ADJUSTMENTS THEREOF

     Maximum Number of Shares Issuable. Subject to Section 3.2, the maximum aggregate number of shares
of Stock that may be issued under the Plan shall be 150,000 and shall consist of authorized but
unissued or reacquired shares of Stock or any combination thereof. If a share of Restricted Stock
is forfeited for any reason, such share shall again be available for issuance under the Plan.
During the term of this Plan, the Company shall at all times reserve and keep available that number
of shares of Stock sufficient to satisfy the requirements of the Plan.

     Changes in Capital Structure. If, at any time while the Plan is in effect or shares of Restricted
Stock are outstanding, there shall be any increase or decrease in the number of issued and
outstanding shares of Stock resulting from (i) the declaration or payment of a stock dividend, (ii)
any recapitalization resulting in a stock split-up, combination or exchange of shares of Stock or
(iii) any other increase or decrease in such shares of Stock effected without receipt of
consideration by the Company, then and in such event:

     an appropriate adjustment shall be made in the maximum number of shares of Stock then
subject to being granted under the Plan so that the same proportion of the Company’s issued
and outstanding shares of Stock shall continue to be subject to being granted under the
Plan; and

     appropriate adjustments shall be made in the number of outstanding shares of Restricted
Stock.

     Any fractional share resulting from an adjustment under this Section 3.2 shall be rounded up
to the nearest whole number. Except as otherwise expressly provided in the Plan, the issuance by
the Company of shares of its capital stock of any class, or securities convertible into or
exercisable for shares of capital stock or any class, either in connection with direct sale or upon
the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities, shall not affect, and
no adjustment by reason thereof shall be made with respect to, the number of outstanding shares of
Restricted Stock.

     Notice of Adjustment. Upon the occurrence of each event requiring an adjustment with respect to
any Restricted Stock, the Company shall mail to each affected Participant its computation of such
adjustment, which shall be conclusive and shall be binding upon each Participant.

AWARDS OF RESTRICTED STOCK

     Eligibility. The persons who shall be eligible to receive Restricted Stock under the Plan shall be
each member of the Board who is not an employee of the Company or any affiliate of the Company.

     Awards. On the day of each June Board meeting (or the next regular meeting of the Board, if there
is no June meeting), each Participant who is continuing to serve as a director shall receive a
grant of 2,000 shares of Stock. If a Participant is first elected or appointed to the Board
(whichever is applicable) other than at a June meeting, the Participant shall receive a grant of
that number of shares of Stock (rounded up to the nearest whole share) determined by multiplying
2,000 shares by a fraction, the numerator of which is the number of months until the next June
meeting (or meeting held in lieu of the

 

 

June meeting and counting the month in which the
Participant became a director) and the denominator of which is 12. The intent of this initial
grant is to provide the new director with a prorated grant for the partial year served before the
new director receives the annual grant.

     Restricted Stock Agreement. The prospective recipient of a grant of Stock shall not have any
rights with respect to such grant until such prospective recipient has executed a Restricted Stock
Agreement and delivered a fully executed copy thereof to the Company within a period of sixty days
(or such other period as the Committee shall specify) after the date of the grant. The Restricted
Stock Agreement shall set forth the number of shares of Stock granted to the Participant and all
other terms, limitations, restrictions and conditions to which such Stock is subject. To the
extent any such terms, limitations, restrictions or conditions are inconsistent with the terms of
the Plan, the terms of the Plan shall control.

     Share Certificates. Each Participant shall be issued a stock certificate or certificates
representing the shares of Restricted Stock granted to such Participant. Such certificate or
certificates shall be registered in the name of the Participant and shall bear an appropriate
legend referring to the terms, limitations, restrictions and conditions applicable to such
Restricted Stock substantially as provided in Section 4.5 below. The Committee may require that
the stock certificates evidencing the shares of Restricted Stock be held in the custody of the
Company until the restrictions thereon shall have lapsed and that the Participant deliver to the
Committee a stock power or stock powers, endorsed in blank, relating to the shares of Restricted
Stock.

     Legends. Each certificate representing shares of Restricted Stock issued to a Participant shall
bear the following legend or a similar legend deemed by the Company to constitute an appropriate
notice of the provisions hereof and each Restricted Stock Agreement shall provide that any such
certificate not having such legend shall be surrendered upon demand of the Company therefor and so
endorsed:

     On the face of the certificate:

     “Transfer of this stock is restricted in accordance with conditions printed on the reverse
of this certificate.”

     On the reverse of the certificate:

“The shares of stock evidenced by this certificate are subject to and transferable only in
accordance with that certain Powell Industries, Inc. Non-Employee Director Restricted Stock
Plan, a copy of which is on file at the principal office of the Company in Houston, Texas.
No transfer or pledge of the shares evidenced hereby may be made except in accordance with
and subject to the provisions of the Plan. By acceptance of this certificate, any holder,
transferee or pledgee hereof agrees to be bound by all of the provisions of the Plan.

     And, if the shares were not issued in a transaction registered under the
applicable federal and state securities laws:

“Shares of stock represented by this certificate have been acquired by the holder for
investment and not for resale, transfer or distribution, have been issued pursuant to
exemptions from the registration requirements of applicable state and federal securities
laws and may not be offered for sale, sold or transferred other than pursuant to effective
registration under such laws or in transactions otherwise in compliance with such laws, and
upon evidence satisfactory to the Company of compliance with such laws, as to which the
Company may require and rely upon an opinion of counsel satisfactory to the Company.”

A copy of this Plan shall be kept on file in the principal office of the Company in Houston,
Texas.

 

 

     Restrictions and Conditions. Shares of Restricted Stock shall be subject to the following
restrictions and conditions:

     Subject to the provisions of the Plan and the Restricted Stock Agreement governing the
grant of Restricted Stock, during such period or periods as may be established by the
Committee beginning on the date of the Award (“Restricted Period”), the Participant shall
not be permitted to sell, transfer, pledge or assign shares of Restricted Stock granted
under the Plan; provided, however, that the Committee may, in its sole discretion, provide
for the lapse of such restrictions in installments and may accelerate or waive such
restrictions in whole or in part based on such factors and such circumstances as the
Committee may determine, in its sole discretion, including without limitation the attainment
of certain performance-related goals, the death or Disability of the Participant or the
Participant’s otherwise ceasing to serve as a director of the Company.

     During the Restricted Period, the Participant shall have the rights of a shareholder
with respect to any shares of Restricted Stock, except as otherwise stated in the Plan or
the Restricted Stock Agreement governing the grant of Restricted Stock.

     For purposes of the Plan, the term “Disability” shall mean the determination by the Board,
upon the advice of an independent qualified physician, that the Participant has become physically
or mentally incapable of performing his duties as a director and such disability has disabled the
Participant for a period of at least 180 days in any twelve-calendar-month period.

ADDITIONAL PROVISIONS

     Amendment or Discontinuation. Except as set otherwise set forth in this Section 5.1, the Board may
at any time and from time to time, without the consent of the Participants, alter, amend, revise,
suspend or discontinue the Plan in whole or in part, provided, however, that to the extent required
to qualify the Plan under Rule 16b-3 promulgated under Section 16 of the Securities Exchange Act of
1934, as amended, no amendment shall be made more than once every six months that would change the
amount, price or timing of the initial and annual grants, other than to comport with changes in the
Internal Revenue Code of 1986, as amended; and provided, further, that to the extent required to
qualify the Plan under Rule 16b-3, no amendment that would (a) materially increase the number of
shares of the Stock that may be issued under the Plan, (b) materially modify the requirements as to
the eligibility for participation in the Plan, or (c) otherwise materially increase the benefits
accruing to Participants under the Plan, shall be made without the approval of the Company’s
stockholders. Any such amendment shall, to the extent deemed necessary or advisable by the
Committee, be applicable to any outstanding Restricted Stock previously granted under the Plan with
respect to which the Restricted Period has not yet expired, notwithstanding any contrary provisions
contained in any Restricted Stock Agreement. In the event of any such amendment to the Plan, the
holder
of any Restricted Stock outstanding under the Plan shall, upon the request of the Committee,
execute a conforming amendment to the applicable Restricted Stock Agreement in the form prescribed
by the Committee. Notwithstanding anything contained in the Plan to the contrary, unless required
by law, no action contemplated or permitted by this Section 5.1 shall adversely affect any rights
of a Participant or obligations of the Company to Participants with respect to any Restricted Stock
with respect to which the Restricted Period has expired without the consent of the affected
Participant.

 

 

     Investment Intent and Other Representations. The Company may require that there be presented to
and filed with it by any Participant under the Plan such evidence as it may deem necessary to
establish that the shares of Restricted Stock are being acquired for investment and not with a view
to their distribution and such other representations and warranties of a Participant which the
Company considers necessary or appropriate.

     Indemnification of Board and Committee. With respect to administration of the Plan, the Company
shall indemnify each present and future member of the Committee against, and each member of the
Committee shall be entitled without further act on his part to indemnity from the Company for, all
expenses (including the amount of judgments and the amount of approved settlements made with a view
to the curtailment of costs of litigation, other than amounts paid to the Company itself)
reasonably incurred by him in connection with or arising out of any action, suit, or proceeding in
which he may be involved by reason of his being or having been a member of the Committee, whether
or not he continues to be a member of the Committee at the time of incurring the expenses.
However, this indemnity shall not include any expenses incurred by any member of the Committee (a)
in respect of matters as to which he shall be finally adjudged in any action, suit or proceeding to
have been guilty of gross negligence or willful misconduct in the performance of his duty as a
member of the Committee, or (b) in respect of any matter in which any settlement is effected, to an
amount in excess of the amount approved by the Company on the advice of its legal counsel. In
addition, no right of indemnification under this Plan shall be available to or enforceable by any
member of the Committee unless, within 60 days after the institution of any action, suit or
proceeding, he shall have offered the Company, in writing, the opportunity to handle and defend the
same at its own expense. This right of indemnification shall inure to the benefit of the heirs,
executors or administrators of each member of the Committee and shall be in addition to all other
rights to which a member of the Committee may be entitled as a matter of law, contract or
otherwise.

     Effect of the Plan. Neither the adoption of the Plan nor any action of the Committee shall be
deemed to give any person any rights except as may be evidenced by a Restricted Stock Agreement or
any amendment thereto duly authorized by the Committee and executed on behalf of the Company, and
then only to the extent and upon the terms and conditions expressly set forth therein.

     Compliance with Other Laws and Regulations. Nothing in this Plan shall be construed to require the
Company to issue any shares of Stock under the Plan if issuing that Stock would constitute or
result in a violation by the Participant or the Company of any provision of any law, statute or
regulation of any governmental authority or any national securities exchange or inter-dealer
quotation system or other forum in which the shares of Stock are or may be quoted or traded
(including without limitation Section 16 of the Securities Exchange Act of 1934). Specifically, in
connection with any applicable statute or regulation relating to the registration of securities,
the Company shall not be required to issue any Stock unless the Company has received evidence
satisfactory to it to the effect that the Participant will not transfer the Stock except in
accordance with applicable law, including receipt of an opinion of counsel satisfactory to the
Company to the effect that any proposed transfer complies with applicable law. The determination
by the Company on this matter shall be final, binding and conclusive. The Company may, but shall
in no event be obligated to, register any Stock covered by this Plan pursuant to applicable
securities laws of any country or any
political subdivision. If the Stock is not registered, the Company may imprint on the certificate
evidencing the Stock any legend that counsel for the Company considers necessary or advisable to
comply with applicable law.

     Tax Requirements. The Company shall have the right pursuant to any arrangement it deems
appropriate to deduct from all Awards hereunder any federal, state or local taxes required by law
to be withheld with respect to such payments.

 

 

     THE UNDERSIGNED, being the duly elected Secretary of the Company, does hereby certify that the
foregoing is a true and correct copy of the Powell Industries, Inc. Restricted Stock Plan, adopted
by the Board of Directors of Powell Industries, Inc. at the meeting thereof duly called and held on
December 17, 2004 and approved by the stockholders of the Company at its annual meeting of
stockholders held on April 15, 2005.

	 	 	 	 	 
	 

	 	          /s/ DON R. MADISON
	 	 
	 

	 	 	 	 
	 

	 	Don R. Madison, Secretary	 	 

 

 

FORM OF RESTRICTED STOCK AGREEMENT

     Pursuant to the Powell Industries, Inc. Non-Employee Director Restricted Stock Plan (“Plan”),
this Restricted Stock Agreement (“Agreement”) is made as of
___, ___ (“Effective Date”)
by and between Powell Industries, Inc., a Delaware corporation (“Company”), and ___
(“Grantee”).

     The parties agree as follows:

	 	1.	 	Grant of Stock. The Company hereby grants to Grantee and Grantee hereby
accepts 2,000 shares of the Company’s common stock (“Shares”).
	 
	 	2.	 	Vesting.
	 
	 	 	 	The Shares shall become fully vested and shall no longer be subject to forfeiture as
follows:

fifty per cent on the first anniversary of the Effective Date, and

fifty per cent on the second anniversary of the Effective Date.

	 	 	 	Notwithstanding the foregoing, the Shares shall, to the extent not then fully
vested, become fully vested and shall no longer be subject to forfeiture:

upon the retirement of the Grantee from the Board of Directors of the
Company (“Board”), but only with respect to grants of Shares made before the
annual shareholder meeting immediately preceding such retirement;

upon the occurrence of a “Liquidation Event” as such term is defined in
Section 2(c) below; or

upon the death or Disability (as defined in the Plan) of the Grantee.

	 	 	 	As used in this Agreement, “Liquidation Event” shall mean the occurrence of either
of the following:

a merger, reorganization or consolidation of the Company with or into one or
more corporations, limited liability companies or partnerships in which the
Company is not the surviving entity and stockholders of the Company receive
cash or freely salable securities; or

the sale of all or substantially all of the Company’s assets in one or more
transactions for cash or freely salable securities and a subsequent
liquidation of the Company, in which its stockholders receive liquidating
distributions of such proceeds of sale after payment or provision for the
valid debts, liabilities and taxes of the Company.

	 	3.	 	Forfeiture of Unvested Shares Upon Termination or Attempted Transfer. Upon the
occurrence of (i) Grantee’s ceasing to be a director of the Company for any or no
reason except death or Disability of the Grantee or, with respect to Shares granted
after the annual stockholder meeting immediately preceding such retirement, the
retirement of Grantee from the Board or (ii) any attempted transfer by the Grantee to a
third party of Shares that are not yet fully vested and no longer subject to
forfeiture, the Company shall, upon the date of such termination or attempted transfer
(as such date is reasonably fixed

 

	 	 	 	and determined by the Company) cancel such portion of the Shares as are not fully
vested in accordance with Section 2 above (“Forfeited Shares”), and Grantee shall
forfeit and have no further right to or interest in or claim regarding the Forfeited
Shares. Upon such cancellation and forfeiture, Grantee, or Grantee’s
representative, shall immediately surrender to the Company for cancellation the
share certificate(s) representing the Forfeited Shares. Notwithstanding Grantee’s
failure to surrender for cancellation the share certificate(s) representing the
Forfeited Shares, Grantee hereby grants to the Secretary of the Company all right,
power and authority on behalf of Grantee to cause, and the Secretary of the Company
shall cause, the Forfeited Shares to be cancelled on the official stock register of
the Company, which stock register shall be conclusive evidence of ownership of any
and all of the Company’s outstanding capital stock, including the Shares as
applicable.
	 
	 	4.	 	Restrictions on Transfer.
	 
	 	 	 	Grantee shall not transfer, encumber or otherwise dispose of any of the Shares (or
any beneficial interest therein) in any way until the date such Shares are fully
vested and no longer subject to forfeiture.
	 
	 	 	 	Notwithstanding Section 5(a) above, Grantee shall not transfer or dispose of the
shares unless (i) there is then in effect a registration statement under the
Securities Act of 1933 or any successor thereto (“Securities Act”) covering such
proposed disposition and such disposition is made in accordance with such
registration statement or (ii) Grantee shall have notified the Company of the
proposed disposition and shall have furnished the Company with a detailed statement
of the circumstances surrounding the proposed disposition, and if reasonably
requested by the Company, such Grantee shall have furnished the Company with an
opinion of counsel, reasonably satisfactory to the Company, that such disposition
will be exempt from registration under the Securities Act.
	 
	 	5.	 	Legends. The share certificate evidencing the Shares issued hereunder shall be
endorsed with the following legends (in addition to any other legends required by the
Plan or under applicable federal and state securities laws):

     “THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND
TRANSFERABLE ONLY IN ACCORDANCE WITH THAT CERTAIN POWELL INDUSTRIES, INC. RESTRICTED
STOCK PLAN, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY IN
HOUSTON, TEXAS. NO TRANSFER OR PLEDGE OF THE SHARES EVIDENCED HEREBY MAY BE MADE
EXCEPT IN ACCORDANCE WITH AND SUBJECT TO THE PROVISIONS OF THE PLAN. BY ACCEPTANCE
OF THIS CERTIFICATE, ANY HOLDER, TRANSFEREE OR PLEDGEE HEREOF AGREES TO BE BOUND BY
ALL OF THE PROVISIONS OF THE PLAN.”

     “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFER AS SET FORTH IN A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE
ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE COMPANY’S
PRINCIPAL EXECUTIVE OFFICES. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES
OF THESE SHARES.”

	 	 	 	Grantee shall surrender, upon demand of the Company therefor, any certificate
evidencing the Shares that does not bear any legend required hereunder or by the
Plan so

 

 

	 	 	 	that such legend may be placed on such certificate or a new certificate issued
bearing the required legends.
	 
	 	6.	 	Tax Withholding and Other Tax Matters. The Company shall have the right to
withhold from any issuance of Shares all federal, state, city or other taxes as may be
required pursuant to any statute or governmental regulation or filing. In connection
with such withholding, the Company may make any arrangement it deems appropriate.
Grantee acknowledges its obligations to review with Grantee’s own tax advisors the
federal, state, local and foreign tax consequences of this grant and the transactions
contemplated by this Agreement and particularly the consequences with regard to making
any election under Section 83(b) of the Internal Revenue Code. Grantee is relying
solely on such advisors and not on any statements or representations of the Company or
any of its agents. Grantee understands that Grantee (and not the Company) shall be
responsible for Grantee’s own tax liability that may arise as a result of this grant or
the transactions contemplated by this Agreement and shall be required to pay to the
Company any such liability.

     IF GRANTEE DESIRES TO MAKE A SECTION 83(b) ELECTION UNDER SECTION 83(b) OF THE
INTERNAL REVENUE CODE, GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE
RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE TIMELY THE ELECTION UNDER SECTION
83(b), EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS
FILING ON GRANTEE’S BEHALF. GRANTEE SHALL DELIVER A COPY OF ANY SUCH FILING TO THE
COMPANY PROMPTLY UPON THE FILING THEREOF.

	 	7.	 	General Provisions.
	 
	 	 	 	THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE INTERNAL LAWS OF THE STATE
OF TEXAS (WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW PROVISIONS) AS SUCH LAWS ARE
APPLIED TO AGREEMENTS BETWEEN TEXAS RESIDENTS ENTERED INTO AND TO BE PERFORMED
ENTIRELY WITHIN TEXAS.

     This Agreement constitutes the full and entire understanding and agreement between the parties
with regard to the subject matter hereof and may only be modified or amended in writing signed by
both parties.

     All references to the number of Shares shall be appropriately adjusted to reflect any stock
split, stock dividend or other change in the Shares that may be made by the Company after the date
of this Agreement, in accordance with the terms of the Plan.

     All notices and other communications required or permitted hereunder shall be in writing and
may be delivered in person or by facsimile, electronic mail, courier or U.S. mail, in which event
it may be mailed by first-class, certified or registered, postage prepaid, addressed (i) if to
Grantee, at Grantee’s address set forth on the signature page of the Agreement, or at such other
address as Grantee shall have furnished to the Company in writing, or (ii) if to the Company, to
its address set forth on the signature page of this Agreement and addressed to the attention of the
Secretary, or at such other address as the Company shall have furnished to Grantee. All such
notices and other communications shall be deemed given upon personal delivery, upon confirmation of
facsimile transfer, upon confirmation of electronic mail transmission, upon delivery by courier or
three business days after deposit in the United States mail.

 

 

     If any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect
without such provision, provided, however, that no such severability shall be effective if it
materially changes the economic benefit of this Agreement to any party.

     This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the Effective Date.

	 	 	 	 	 	 	 
	Powell Industries, Inc.	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 

	 	 

[Name of Grantee]
	 	 
	Its:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Address:	 	Address:	 	 
	 
	 	 	 	 	 	 
	8550 Mosley Drive	 	 	 	 
	Houston, Texas 77075	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	{Please provide address for notice purposes}	 	 

 

 

CONSENT OF SPOUSE

     I,
      
                                                       , spouse of [Name of Grantee], have read and approve the foregoing Agreement. In
consideration of granting to [Name of Grantee] 2,000 shares of common stock of Powell Industries,
Inc. as set forth in the Agreement, I hereby appoint [Name of Grantee] as my attorney-in-fact in
respect to the exercise of any rights under the Agreement and agree to be bound by the provisions
of the Agreement insofar as I may have any rights in said Agreement or any shares issued pursuant
thereto under the community property laws of the State of Texas or similar laws relating to marital
property in effect in the state of our residence as of the date of the signing of the foregoing
Agreement.

     Dated:                                         ,                     .

	 	 	 
	 

	 	“Spouse of Grantee”

	 
	 
	 	 
	 

	 	 
	 

	 	(Signature)
	 
	 
	 	 
	 

	 	 
	 

	 	(Print Name)

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