Document:

2005 Cash Unit Agreement

 Exhibit 10.46 
  
 LANDAMERICA FINANCIAL GROUP, INC. 
  
 2005 CASH UNIT AGREEMENT 
  
 THIS CASH UNIT AGREEMENT, dated as of this 28th day of February, 2005, between LandAmerica Financial Group, Inc., a Virginia
corporation (the “Company”) and                      (the “Participant”), is made pursuant and subject to the provisions
of the LandAmerica Financial Group, Inc. 2000 Stock Incentive Plan, as may be amended from time to time (the “Plan”). The Plan is incorporated herein by reference. All terms used herein that are defined in the Plan shall have the same
meanings given them in the Plan. 
  
 1. Award of Cash
Units. Subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, the Company on this date awards to the Participant
                    
(                    ) Cash Units (known under the Plan as Phantom Stock and referred to herein as “Cash Units”). The value of each
Cash Unit is equivalent to a share of Common Stock. 
  
 2.
Terms and Conditions. The award of Cash Units hereunder is subject to the following terms and conditions: 
  
 (a) Vesting. Except as provided in Section 3 of this Agreement, this award of Cash Units shall vest, and become nonforfeitable in accordance with the
schedule set forth below: 
  

				
	 Date

	  	Percent of
Award Vested

	 
	 February 28, 2006
	  	25	%
	 February 28, 2007
	  	50	%
	 February 28, 2008
	  	75	%
	 February 28, 2009
	  	100	%

 (b) Value of Cash Units. The dollar value of each Cash Unit on any date shall be equal to the Fair
Market Value of a share of Common Stock on that date. 
  
 (c)
Hypothetical Nature of Cash Units. This Award shall be reflected by the Company in an unfunded account established for bookkeeping purposes only. The Cash Units credited to such account shall be used solely to determine amounts to be paid to
the Participant hereunder, shall not represent an equity security of the Company and shall not carry any voting or dividend rights, except the right to receive payments equivalent to dividends as set forth herein. 
  
 (d) Tax Withholding. The Company shall have the right to retain and
withhold from any payment under this Agreement, the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect to such payment. At its discretion, the Company may require the Participant receiving payment
under this Agreement to reimburse the Company for any such taxes required to be withheld or otherwise deducted and paid by the Company, and, withhold any distribution in whole or in part until the Company is so reimbursed. In lieu thereof, the
Company shall have the unrestricted right to withhold, from any other cash amounts due (or to become due) from the Company to the Participant, an amount equal to such taxes required to be withheld by the Company to reimburse the Company for any such
taxes. 
  
 3. Death; Disability; Retirement; Termination of
Employment. The Cash Units not yet vested shall become 100% vested in the event that the Participant dies or becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Code) while employed by the Company or an
Affiliate. In the event that the Participant retires from employment with the Company prior to becoming 100% vested, but after age 58, or in any other 

  

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circumstance approved by the Committee in its sole discretion, the Cash Units shall become 100% vested. In all events other than those previously addressed
in this paragraph, if the Participant ceases to be an employee of the Company or an Affiliate, the Participant shall be vested only as to that percentage of Cash Units which is vested at the time of the termination of his employment and the
Participant shall forfeit the right to payment for Cash Units which is not yet vested. 
  
 4. Payment for Cash Units. Payment for Participant’s Cash Units shall be made at such time as each Cash Unit becomes vested. Participant’s payment for each Cash Unit shall equal the Fair Market Value
of a share of Common Stock on the date the Cash Unit vests. All payments for Participant’s Cash Units, when due and payable, shall be made in a single lump sum cash payment. No payment may be made in Common Stock. 
  
 5. Dividends. Participant shall be entitled to receive, for each Cash
Unit held, a cash payment equal to any cash dividend or other distributions paid with respect to a share of Common Stock, provided that if any such dividends or distributions are paid in shares of Common Stock, the Fair Market Value of such shares
of Common Stock shall be converted into Cash Units, and further provided that such Cash Units shall be subject to the same forfeiture restrictions as apply to the Cash Units with respect to which they relate. Any cash payments under this Section 5
shall be subject to withholdings as set forth in Section 2(d). 
  
 6. No Right to Continued Employment. This Agreement does not confer upon the Participant any right with respect to continuance of employment by the Company or an Affiliate, nor shall it interfere in any way with the right of the
Company or an Affiliate to terminate his or her employment at any time. 
  
 7. Change of Control or Capital Structure. The number of Cash Units covered by this 

  

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Award shall be proportionately adjusted as the Committee shall determine to be equitably required for any increase or decrease in the number of issued and
outstanding shares of Common Stock of the Company resulting from any stock dividend (but only on the Common Stock), stock split, subdivision, combination, reclassification, recapitalization or general issuance to the holders of Common Stock of
rights to purchase Common Stock at substantially below its then fair market value or any change in the number of such shares outstanding effected without receipt of cash or property or labor or services by the Company or for any spin-off, spin-out,
split-up, split-off or other distribution of assets to shareholders. 
  
 In the event of a Change of Control, the provisions of Section 13.03 of the Plan shall apply to this award of Cash Units. In the event of a change in the Common Stock of the Company as presently constituted, which is limited to a change in
all of its authorized shares without par value into the same number of shares with par value, the shares resulting from any such change shall be deemed to be the Common Stock within the meaning of the Plan. 
  
 The award of Cash Units pursuant to the Plan shall not affect in any way the
right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or any part of its business or
assets. 
  
 8. Governing Law. This Agreement shall be
governed by and construed and enforced in accordance with the laws of the Commonwealth of Virginia, except to the extent that federal law shall be deemed to apply. 
  
 9. Conflicts. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement,
the provisions of the Plan shall govern. 
  
 10. Participant
Bound by Plan. The Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. 

  

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 11. Binding Effect. Subject to the limitations stated herein and in the Plan, this Agreement shall
be binding upon and inure to the benefit of the legatees, distributees and personal representatives of the Participant and the successors of the Company. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly authorized officer, and the Participant has affixed his or her signature
hereto. 
  

			
	 LANDAMERICA FINANCIAL GROUP, INC.

		
	 By:
	 	  

	 	 	 Theodore L. Chandler, Jr.

	 	 	 President and Chief Executive Officer

	
	 OFFICER

	
	  

	 Participant

  

 5 

 LANDAMERICA FINANCIAL GROUP, INC. 
  
 Schedule 
 to

 2005 Cash Unit Agreement 
  

			
	 Named Executive Officers

	  	Cash Unit Awards

	 Charles H. Foster, Jr.
	  	11,760
	 Theodore L. Chandler, Jr.
	  	8,400
	 G. William Evans
	  	5,040
	 Kenneth Astheimer
	  	1,218
	 Jeffrey C. Selby
	  	1,134

  

 6Employment Agreement of Jeff R. Scherb

 Exhibit 10.06 
  
 

 
  
 Stephanie W. Abramson 
 Chief Legal Officer 
 Chief Corporate Development Officer 
 Corporate Secretary 
  
 July 12, 2002 
  
 PERSONAL & CONFIDENTIAL 
  
 Mr. Jeff R. Scherb 
 3363 White Eagle Drive 
 Naperville, Illinois 60564 
  
 Dear Jeff: 
  
 On behalf of Heidrick & Struggles, Inc., 1 am pleased to confirm the terms of your employment to you, subject to the approval of the Board of Directors of Heidrick & Struggles International, Inc. 

 
 Start Date: You will commence employment on September 9,
2002. 
  
 Title. You will serve as Chief Information
Officer reporting to the Chief Executive Officer of Heidrick & Struggles International, Inc. (the “Company”). You will also have the internal title of Senior Partner. You will be a member of the Global Operating Committee
(“GOC”) or its equivalent. Initially you will be located in the Company’s corporate offices in Chicago. 
  
 Base Salary. Your base salary is $300,000 annually, subject to review on a 24-month basis. 
  
 Target Bonus. Your target bonus for 2003 will be 100% of base salary
to be paid when bonuses are paid to executive officers in March of 2004, in accordance with the Company’s Management Incentive Plan. Your bonus for 2002 will be $150,000 and will be paid when bonuses are paid to executive officers in March of
2003. Bonuses (other than your 2002 bonus) are discretionary and are not earned until approved by the Compensation Committee and/or the Board of Directors of the Company and, subject to the provisions of the Change in Control Severance Plan, will be
payable only if you are in the Company’s employ on the regular bonus payment date. 
  
 245 Park Avenue New York, NY 10167-0152 Phone: 212/551-1639 Fax: 046/487-0412 Voice Mail: 800/846-8456 Email: _____ 
  
 Heidrick & Struggles International, Inc. Offices in Principal Cities of the World 
  

 Mr. Jeff R. Scherb 
 July 12, 2002 
 Page 2 
  

 Incentive Compensation and Other Plans. You will be eligible to participate in the incentive
and other executive compensation plans applicable to members of GOC and executive officers, including, without limitation, the performance share plan, the annual bonus plan and the management stock option plan which have been provided to you. In
2003, you will receive a grant of 20,000 options under the Management Stock Option Plan and an award of 10,000 shares under the Performance Share Plan for the three-year period ending in 2006. In addition, as soon as administratively feasible after
your start date you will receive a pro-rated award under the Performance Share Plan for the Performance Cycle ending in 2005. You will also be eligible to participate in the Change In Control Severance Plan in Tier One and the Severance Plan in the
tier for Top Management. 
  
 Sign-On Arrangements.

  
 Options. You will receive a stock option grant to
purchase 20,000 shares of Heidrick & Struggles International, Inc. common stock as soon as administratively feasible after you commence employment. The options will be granted at the closing price of the common stock as reported on NASDAQ on the
trading day on which you commence employment, will vest at the rate of one-third on each of the first, second and third anniversaries of the date of grant and will have a term of 5 years from the date of grant; provided, however, that all of your
unvested options shall vest immediately if the Company terminates your employment without Cause or you resign for Good Reason prior to the date on which all of such options have vested. 
  
 Restricted Stock. You will receive an award of 10,000 restricted shares of Heidrick & Struggles International,
Inc. common stock as soon as administratively feasible after you commence employment. Such shares will vest at the rate of 50% on March 31, 2003 and 25% on each of September 30, 2003 and 2004; provided, however, that all of your unvested restricted
stock shall vest immediately if the Company terminates your employment without Cause or you resign for Good Reason prior to the date on which all such restricted stock has vested. 
  
 The term “Good Reason” shall mean (i) a diminution of the amount of your base salary or target bonus or benefits
or level of eligibility for stock options or other incentive programs unless such diminution is consistent with other employees at your level; (ii) the elimination of your position or a diminution of responsibilities associated with your position,
or (iii) a requirement by the company that you perform your duties on a full-time basis in the Chicago corporate office. 
  
 The term “Cause” shall mean (a) fraud, or the embezzlement or misappropriation of funds or property of the Company or any of its
affiliates by you, the conviction of, or the entrance of a plea of guilty or nolo contendere by you, to a felony, or a crime involving moral turpitude; (b) neglect, misconduct or willful malfeasance which is materially 

  

 Mr. Jeff R. Scherb 
 July 12, 2002 
 Page 3 
  

 
injurious to the Company or any of its affiliates; or (c) willful failure or refusal to perform your duties, or a willful, material breach of contract.

  
 Benefits. You will be eligible to participate in the
Company’s benefit programs and will receive a detailed guide shortly after your starting date. The Company’s benefit programs include group health and life/AD&D insurance, long-term disability, short-term disability salary
continuation, time-off benefits (vacation, paid holidays, paid sick time), the Flexible Spending Account and the Heidrick & Struggles, Inc. 401(k) Profit-Sharing and Retirement Plan. The Company’s benefit programs, bonus programs and
polices are reviewed from time to time by Company management and may be modified, amended, or terminated at any time. 
  
 Expenses. The Company’s Physical Examinations Policy will apply to you effective immediately upon your employment commencement date. The
Financial Planning Program for Senior Partners will also apply to you. The Company will reimburse you for all of your business expenses in accordance with its policies. 
  
 Confidentiality. Your employment with the Company under this Agreement necessarily involves your access to and
understanding of certain trade secrets and confidential information pertaining to the business of the Company and its affiliates. During the term of your employment with the Company and thereafter, you will not, directly or indirectly, without the
prior written consent of the Company, disclose or use for the benefit of any person, corporation or other entity, or for yourself any and all files, trade secrets or other confidential information concerning the internal affairs of the Company and
its affiliates, including, but not limited to, information pertaining to its clients, services, products, earnings, finances, operations, methods or other activities; provided, however, that the foregoing shall not apply to information which is of
public record or is generally known, disclosed or available to the general public or the industry generally (other than as a result of your breach of this covenant). Notwithstanding the foregoing, you may disclose such information as is required by
law during any legal proceeding or to your personal representatives and professional advisers and, with respect to such personal representatives and professional advisers, you shall inform them of your obligations hereunder and take all reasonable
steps to ensure that such professional advisers do not disclose the existence or substance thereof. Further, you shall not. directly or indirectly, remove or retain, and upon termination of employment for any reason you shall return to the Company,
any records, computer disks, computer printouts, business plans or any copies or reproductions thereof, or any information or instruments derived therefrom, arising out of or relating to the business of the Company and its affiliates or obtained as
a result of your employment by the Company. 
  
 Non-Solicitation/Non-Competition. During the term of your employment with the Company and for a period of six-months after the termination of your employment with the Company, you shall not (i) become an employee of or consultant to
any principal 
  

 Mr. Jeff R. Scherb 
 July 12, 2002 
 Page 4 
  

 
competitor of the Company in substantially the same function as your employment with the Company or its affiliates in the twelve-months prior to termination
of your employment or (ii) directly or indirectly solicit or hire, or assist any other person in soliciting or hiring, any employee of the Company or its affiliates (as of your termination of employment with the Company) or any person who, as of
such date, was in the process of being recruited by the Company or its affiliates, or induce any such employee to terminate his or her employment with the Company or its affiliates. 
  
 Other Legal Matters. 
  
 You will be an “employee at will” unless or until you and the Company otherwise agree in writing. The purpose of this arrangement is to permit
either of us to terminate employment and compensation at any time with or without Cause or Good Reason, except for such period of notice as may be expressly provided in writing under written Company employment policies in effect at the time of such
termination. Your initial and continuing employment will be subject to your having the ability to work legally in the United States. 
  
 You have advised the Company that your execution and performance of the terms of this Agreement do not and will not violate any other agreement binding on
you or the rights of any third parties and you understand that in the event this advice is not accurate the Company will not have any obligation to you under this Agreement. 
  
 This letter agreement contains our entire understanding and can be amended only in writing and signed by you and the Chief
Executive Officer. You specifically acknowledge that no promises or commitments have been made to you that are not set forth in this letter. 
  
 Any controversy or claim arising out of or relating to this agreement or for the breach thereof, or your employment, including without limitation any
statutory claims (for example, claims for discrimination including but not limited to discrimination based on race, sex, sexual orientation, religion, national origin, age, marital status, handicap or disability; and claims relating to leaves of
absence mandated by state or federal law), breach of any contract or covenant (express or implied), tort claims, violation of public policy or any other alleged violation of statutory, contractual or common law rights (and including claims against
the Company’s officers, directors, employees or agents) if not otherwise settled between the parties, shall be conclusively settled by arbitration to be held in New York, New York, in accordance with the American Arbitration Association’s
Employment Dispute Resolution Rules (the “Rules”). Arbitration shall be the parties’ exclusive remedy for any such controversies, claims or breaches. The parties agree they shall not seek any award for punitive damages for any claims
they may have under this Agreement. The parties also consent to personal jurisdiction in New York, New York with respect to such arbitration. The award resulting from such arbitration shall be final 

  

 Mr. Jeff R. Scherb 
 July 12, 2002 
 Page 5 
  

 
and binding upon both parties. Judgment upon said award may be entered in any court having jurisdiction. 
  
 You and the Company hereby waive the right to pursue any claims, including
but not limited to employment termination - related claims, through civil litigation outside the arbitration procedures of this provision, unless otherwise required by law. You and the Company each have the right to be represented by counsel with
respect to arbitration of any dispute pursuant to this paragraph. The arbitrator shall be selected by agreement between the parties, but if they do not agree on the selection of an arbitrator within 30 days after the date of the request for
arbitration, the arbitrator shall be selected pursuant to the Rules. 
  
 In the event of any arbitration hereunder, the parties agree each shall bear its or his own attorneys’ fees and costs associated with or arising from such arbitration or other proceeding. 
  

					
	 	 	 	 	Yours sincerely,
			
	  	 	 	 	/s/    Stephanie W. Abramson
	 	 	 	 	Stephanie W. Abramson
	 	 	 	 	Chief Legal Officer

  
 I hereby accept the terms and
conditions of employment as outlined above: 
  

					
			
	/s/    Jeff Scherb	 	 	 	 7-21-02

	Jeff Scherb	 	 	 	 Date

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