Document:

ex45to10k06447_12312010.htm

Exhibit 4.5

 

 

 

Restricted Shares Agreement

 

 

 

 

___________, 20__

 

To:           [Name]

We are pleased to inform you that the Compensation Committee ("Committee") of Handy & Harman Ltd. (formerly known as WHX Corporation) ("Company") hereby grants you restricted shares of the Company's registered Common Stock, par value $0.01 per share ("Common Stock"), in accordance with the Company's 2007 Incentive Stock Plan (as amended December 9, 2010) ("Plan") and subject to the terms and conditions of this grant agreement ("Agreement").

 

1.           Grant.  On [insert grant date] ("Grant Date"), the Company hereby grants you [insert number of shares of restricted stock] whole shares of Common Stock, which shares ("Restricted Shares") shall be subject to the terms, conditions, and restrictions specified in this Agreement and the Plan.  On the Grant Date, the Restricted Shares have a per-share fair market value of $__________.  [Insert closing price per share of Company stock on the Grant Date]

 

2.           Closing.  The transfer of the Restricted Shares ("Closing") shall occur simultaneously with the execution of this Agreement.  Concurrently with the execution of this Agreement, (i) the Company shall issue a certificate, registered in your name, representing the Restricted Shares, and (ii) you shall deliver to the Company a duly executed stock power, endorsed in blank (attached), relating to the Restricted Shares.

 

3.           Custody.  You understand that, although the certificates representing the Restricted Shares shall be registered in your name, all such certificates (other than for Restricted Shares that have vested) shall be deposited, together with the stock power executed by you, in proper form for transfer, with the Company.  The Company is hereby authorized to effectuate the transfer into its name of all certificates representing the Restricted Shares that are forfeited to the Company pursuant to paragraph 7 of this Agreement.  Following the vesting of all Restricted Shares subject to this Agreement, or earlier, if you request, the Company shall issue an appropriate certificate for those Restricted Shares that have become vested in accordance with paragraph 5.

 

  

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4.           Nontransferability of Restricted Shares.  Until such time as the Restricted Shares become vested in accordance with the terms of this Agreement, you shall not have any right to sell, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares.  By signing this Agreement, you represent and warrant to the Company that you shall not sell, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares in violation of applicable securities laws or the provisions of this Agreement.  Any purported transfer, encumbrance or other disposition of the Restricted Shares that is in violation of this paragraph will be null and void, and the other party to any such purported transaction will not obtain any rights to or interest in the Restricted Shares covered.  When and as permitted by the Plan, the Company may waive the restrictions set forth in this paragraph with respect to all or any portion of the Restricted Shares covered by this Agreement.

 

5.           Vesting.

 

	
  

	
A)

	
Except as provided in the Plan or in paragraph 7 (or any other provision of this Agreement), provided that you remain in continuous [employment] [service] as [an employee] [a director] [an independent contractor] of the Company or its subsidiaries through such date, your interest in the Restricted Shares shall vest and become nonforfeitable as follows:

 

	
 

Vesting Date

	
Percentage of 

Restricted Shares Vested

	
Grant Date (assuming that you sign this Agreement)

	
 

25%*

	
1st Anniversary of Grant Date

	
25%*

	
2nd Anniversary of Grant Date

	
25%*

	
3rd Anniversary of Grant Date

	
25%*

* - Assumes that you have not incurred a forfeiture event prior to the vesting date.

 

	
  

	
B)

	
[For the purposes of this Agreement, “continuous employment” with the Company and or its subsidiaries shall not be deemed to have been interrupted, and you will not be deemed to have ceased to be an employee of the Company or its subsidiaries, by reason of (X) the transfer of you employment among the Company and its subsidiaries or (B) an approved leave of absence.] [use for employees only]

 

	
  

	
C)

	
[Notwithstanding the provisions of Subsection (A) of this paragraph 5 or paragraph 7, all of the Restricted Shares covered by this Agreement that has become nonforfeitable prior to retirement, death or disability shall remain nonforfeitable.  For purposes of this Agreement, “retirement” shall mean normal or early retirement under the defined benefit retirement plan of the Company applicable to the Grantee (as determined by the Committee).] [use for officers only]

 

  

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6.           Change in Control.  Upon the occurrence of a Change in Control, the Committee may accelerate the vesting of outstanding, unvested Restricted Shares, in whole or in part, as determined by the Committee in its sole discretion.

 

7.           Forfeiture.  If your [employment] [service as a director] [relationship as an independent contractor] should terminate for any reason before your interest in the Restricted Shares becomes 100% vested in accordance with paragraph 5, the Restricted Shares that have not become vest shall not vest further, and your interest in the unvested portion of the Restricted Shares shall be immediately forfeited (effective as of the date of such termination).  In the event of a forfeiture, the certificates representing all of the Restricted Shares that has not become vested in accordance with paragraph 3 shall be cancelled.

 

8.           Voting and Other Rights. You shall have all of the rights and status as a stockholder of the Company with respect to the Restricted Shares, including the right to vote any and all Restricted Shares and to receive dividends or other distributions thereon, regardless of whether such Restricted Shares are vested, until the earlier of the date on which such Restricted Shares are forfeited as provided herein or the date on which you cease to own such shares.  Any additional Common Stock that you may become entitled to receive pursuant to a share dividend or a merger or reorganization in which the Company is the surviving Company or any other change in the capital structure of the Company will be subject to the same restrictions as Restricted Shares.  You understand that the grant of Restricted Shares under this Agreement does not confer upon you any right to continue in your relationship as [an employee] [a director] [an independent contractor] of the Company.

 

9.           Adjustments for Changes in Capitalization of the Company. In the event of any change in the outstanding shares of common stock of the Company prior to the lapsing of the restrictions associated with the Restricted Shares by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation, or any change in the corporate structure of the Company or in the shares of common stock, the number and class of the Restricted Shares shall be appropriately adjusted by the Company, in its sole discretion, whose determination shall be conclusive.

 

10.           Securities Laws.  By signing this Agreement, you acknowledge and understand that applicable securities laws may restrict your right to dispose of any Restricted Shares that you may acquire hereunder and govern the manner in which such Restricted Shares may be sold.  In addition, you acknowledge that at the time of delivery of the Restricted Shares issued hereunder, any subsequent sale of such Restricted Shares by you or for your account is not covered by an effective registration statement under the Securities Act of 1933, as amended (the “Act”) and you shall not offer, sell or otherwise dispose of any of the Restricted Shares in any manner that would (i) require the Company to file any registration statement with the Securities Exchange Commission ("SEC"), (ii) require the Company to amend or supplement any registration statement that it may at any time have on file with the SEC, or (iii) violate the Act or any other state or federal law.

 

11.           Withholding Taxes.  [If the grant or other transfer of the Restricted Shares, or the vesting of the Restricted Shares, results in taxable compensation income, you hereby authorize the Company to collect any withholding taxes by lump sum payroll deduction or, if that is not possible, you agree to make direct payment of the applicable Federal, state local withholding taxes to the Company and the Company’s obligation to deliver a certificate representing the Restricted Shares shall be subject to receipt of such payment or to such other arraignment acceptable to the Company of alternative means of satisfying applicable Federal, state local withholding taxes.] [Include this paragraph for grants of restricted stock to employees]

 

  

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12.           Incorporation of Plan.  These Restricted Shares are granted in accordance with and are subject to and conditioned upon all of the terms and conditions of the Plan (a copy of which in its present form is attached hereto), as from time to time amended, provided, however, that no future amendment or termination of the Plan shall, without your consent, alter or impair any of your rights or obligations with respect to the Restricted Shares.  Reference is made to the terms and conditions of the Plan, all of which are incorporated by reference in this Agreement as if fully set forth herein.

 

13.           Integration.  This Agreement supersedes any and all prior and/or contemporaneous agreements, either oral or in writing, between the parties hereto, with respect to the subject matter hereof.  Each party to this Agreement acknowledges that no representations, inducements, promises, or other agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, pertaining to the subject matter hereof, which are not embodied herein, and that no prior and/or contemporaneous agreement, statement or promise pertaining to the subject matter hereof that is not contained in this Agreement shall be valid or binding on either party.

 

14.           Successors.  This Agreement shall be binding upon and inure to the benefit of any successor of the Company and your successors, assigns or estate, including your executors, administrators and trustees.

 

15.           Amendment.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is in writing and signed by the party against whom such modification, waiver or discharge is sought to be enforced.

 

16.           Governing Law.  The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the State of New York, without giving effect to the principles of conflict of laws of such State.

 

17.           Binding Agreement.  By signing below, you and the Company agree to be bound by the terms and conditions of this Agreement.  You also acknowledge that by accepting this award under the Plan, you are not eligible to participate in the 2011 Handy & Harman Ltd Long Term Incentive Plan.

 

  

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Kindly evidence your acceptance of these Restricted Shares and your agreement to comply with the provisions of this Agreement and of the Plan by executing this Agreement under the words "Agreed To and Accepted."

 

 

	  	
Very truly yours,

	  	  
	  	  
	  	
Glen M Kassan

 

	  	
Vice Chairman & CEO

 

	  	
Handy & Harman Ltd.

 

 

	
AGREED TO AND ACCEPTED:

	 
	  
	
[Name]

 

  

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STOCK POWER

 

For Value Received, the undersigned hereby transfers to Handy & Harman Ltd., a Delaware corporation, ("Company"), ______________________ (______) shares of the Company's common stock ("Restricted Shares") standing in the name of the undersigned on the Company's books and represented by stock certificate number [] herewith, pursuant to the Restricted Stock Agreement between the undersigned and the Company, dated __________, ________, 20____, and the undersigned does hereby irrevocably constitute and appoint the Company's duly authorized officers as attorney-in-fact to transfer said Restricted Shares on the Company's books with full power of substitution in the premises.

Dated:                      ____________, 20 ____

 

	  
	
(Printed Name)

	  
	  
	  
	
(Signature)

  

6 of 6ex106to10k06447_12312010.htm

Exhibit 10.6

 

 

WHX CORPORATION

 

2010 BONUS PLAN

 

1.              Purpose of the Plan.

 

The goal of the 2010 Bonus Plan (the “Plan”) is to offer an incentive plan that will help recruit and retain outstanding talent by providing both short-term incentives for achieving annual targets while rewarding key management for achieving long-term growth goals.

 

2.             Administration of the Plan.

 

The Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of WHX Corporation (the “Company”) shall have full power and authority to designate recipients of awards (“Awards”), determine the terms and conditions of such Awards (which need not be identical) and to interpret the provisions and supervise the administration of the Plan.  The Committee may delegate, in its sole discretion, approval of bonuses for certain employees of Bairnco Corporation (“Bairnco”), a wholly-owned subsidiary of the Company and Handy & Harman (“H&H”), a wholly-owned subsidiary of the Company, to the President/CEO of Bairnco and Handy & Harman (the “President”), the CEO of the Company (“CEO”) and/or to the Board of Directors of the company.

 

Subject to the provisions of the Plan, the Committee shall interpret the Plan and all Awards granted under the Plan, shall make such rules as it deems necessary for the proper administration of the Plan, shall make all other determinations necessary or advisable for the administration of the Plan and shall correct any defects or supply any omission or reconcile any inconsistency in the Plan or in any Awards granted under the Plan in the manner and to the extent that the Committee deems desirable to carry into effect the Plan or any Awards.  The act or determination of a majority of the Committee shall be the act or determination of the Committee and any decision reduced to writing and signed by all of the members of the Committee shall be fully effective as if it had been made by a majority at a meeting duly held.  Subject to the provisions of the Plan, any action taken or determination made by the Committee pursuant to this and the other Sections of the Plan shall be conclusive on all parties.

 

In the event that for any reason the Committee is unable to act, or if there shall be no such Committee, then the Board shall administer the Plan, and references herein to the Committee (except in the proviso to this sentence) shall be deemed to be references to the Board.

 

 

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3.             Designation of Grantees.

 

The persons eligible for participation in the Plan as recipients of Awards shall include officers and employees of the Company or any of its subsidiaries (the “Grantees”). In selecting the Grantees, and in determining the Awards, the Committee may consider any factors it deems relevant, including without limitation, the office or position held by the Grantee, the Grantee’s degree of responsibility for and contribution to the growth and success of the Company or any of its subsidiaries, the Grantee’s length of service, promotions and potential.  Generally, Grantees will be recommended by the President and/or CEO to the Committee.

 

4.             Grant of Awards.

 

The Committee in its sole discretion shall set specific goals for certain Grantees on a periodic basis. Such goals may be set on an annual basis pursuant to the Company’s Short Term Incentive Plan (“STIP”) or on a longer-term basis pursuant to the Company’s Long Term Incentive Plan (“LTIP”).  The goals for each Grantee, as well as the Awards attached to reaching such goals, will be communicated to each Grantee as the President, CEO or the Committee shall determine, but in each such case shall be set forth in writing and approved by either the Committee, the President, CEO and/or the Board of Directors of the Company.  The Plan shall not be in effect in any given year with respect to any Grantee until he/she initials the written goals sheet applicable to such Grantee, which initialing shall signify his/her understanding of and agreement with all of the terms and conditions of the Plan.  It is contemplated that the Committee will adopt specific targets under the STIP and LTIP on an annual basis, and will review recommendations received by the President and/or CEO.  All calculations upon which Awards are based shall be certified by the Chief Financial Officer of the Company.  The Company intends that the Award will be paid between January 1st and March 15th of the year after the bonus is earned, but in no event will it be paid later than December 31st of the year after the bonus is earned.  Subject to Section 9(c) of the Plan, in order to be eligible to receive an award under the Plan, a Grantee must be employed on the date the Award is to be made.

 

5.             Taxes.

 

The Company may make such provisions as it may deem appropriate, consistent with applicable law, in connection with any Awards granted under the Plan with respect to the withholding of any taxes (including income or employment taxes) or any other tax matters.

 

6.             Effective Date of Plan.

 

The Plan shall be effective on January 1, 2010.

 

7.             Amendment and Termination.

 

The Committee or the Board may amend, suspend, or terminate the Plan or authorize, increase or withhold the payment of any Award in its absolute and complete discretion.  The decision of the Committee or the Board shall be final, binding and conclusive.

 

 

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8.             Government Regulations.

 

The Plan, and the grant of Awards hereunder, and the obligation of the Company to deliver such awards shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies as may be required.

 

9.             General Provisions.

 

(a)             Employment Matters.  The adoption of the Plan shall not confer upon any Grantee any right to continued employment with the Company or its subsidiaries, or in the case of a Grantee who is a director, continued service as a director with the Company or its subsidiaries, as the case may be, nor shall it interfere in any way with the right of the Company or any of its subsidiaries to terminate the employment of any of its employees or the service of any of its directors.  All participants in the Plan shall be and remain at all times employees at will, and the Company and each subsidiary shall have the absolute right to terminate any such employment at any time, with or without cause, in its absolute discretion, subject to the terms of any written employment agreement that any participant may have with the Company or any subsidiary thereof.

 

(b)             Limitation of Liability.  No member of the Board or the Committee, or any officer or employee of the Company acting on behalf of the Board or the Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination or interpretation.

 

(c)             Termination.  Unless otherwise determined by the Committee, if any Grantee’s employment with or service to the Company or any of its subsidiaries is terminated for Cause (as defined below) or voluntarily by Grantee or for any other reason except as explicitly provided in the next sentence, such Grantee’s Award(s) shall be cancelled.  If such Grantee’s employment with or service to the Company or any of its subsidiaries is terminated because of termination by the Company other than for Cause, or because of death or Disability (in either case, at any time before the date the Award is paid), such Grantee’s Award(s) shall be granted to such Grantee to the extent of the pro-rata portion of the earned portion of the “Team” Award, if any, and the pro-rata portion of the earned portion of the “Individual” Award, if any, for the year so employed, in each case as determined in the sole and complete discretion of the Committee.  If the Grantee’s death is after the year the bonus is earned, the Committee may, in its sole discretion, award a pro-rata portion or the entire amount of the bonus to which the Grantee would have been entitled had he survived to the date on which payment of the Award would have been made.  For the purpose of this Plan, “Cause” shall have the meaning set forth in such Grantee’s employment agreement or if no such agreement exists or such term is not provided for, Cause shall mean:  (i) the Grantee engaging in conduct which is materially injurious to the Company or any of their respective customer or supplier relationships, monetarily or otherwise; (ii) the Grantee engaging in any act of fraud, misappropriation or embezzlement or sexual or other harassment of any employee of the Company; (iii) the Grantee engaging in any act which would or does constitute a felony; (iv) the willful or continued failure by the Grantee to substantially perform his duties, including, but not limited to, willful misconduct, gross negligence or other acts of dishonesty; or (v) the Grantee’s material violation or breach of the Plan or any agreement with the Company or its subsidiaries.  For the purpose of this Plan, “Disability” shall have the meaning set forth in such Grantee’s employment agreement or if no such agreement exists or such term is not provided for, Disability shall mean:  the Grantee’s absence from the full-time performance of his duties hereunder for at least ninety (90) days, whether or not consecutive, within any twelve (12) consecutive months as a result of any incapacity due to physical or mental illness. In the event of a Grantee’s death, if the Committee decides to grant an Award, the payment shall be made to the Grantee’s estate by the later of (i) 90 days of the date of the Grantee’s death, but not later than December 31st of the year following the year the bonus is earned, or (ii) the date on which payment of the Award to the Grantee would have been made had the Grantee survived.

 

 

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(d)             Modification; Prior Plans. Notwithstanding anything set forth in this Plan or in any letter sent to an individual Grantee, the calculation, determination and payment of any Award is subject to the final determination of the Committee, which shall be entitled to alter, amend or nullify the terms of the Plan, or to authorize, increase or withhold the payment of any Award in its absolute and sole discretion. The decision of the Committee shall be final, binding and conclusive.  The terms and conditions of this Plan shall supersede and cancel any and all prior bonus plans and arrangements and participation in this Plan shall nullify Grantee’s right or entitlement to any bonus under any other such bonus plan or arrangement of the Company or any of its subsidiaries.

 

	
WHX CORPORATION

	
Effective January 1, 2010

 

 

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