Document:

EX-10.34

 

Exhibit 10.34

BREEZE-EASTERN CORPORATION

INCENTIVE STOCK OPTION AGREEMENT

     Agreement dated as of                                        between Breeze-Eastern Corporation, a Delaware corporation (the
“Company”), and                                          (“Optionee”), residing at                                            .

     Whereas, pursuant to the 2006 Long Term Incentive Plan of the Company (the “Plan”), the
Incentive & Compensation Committee of the Board of Directors has authorized the granting to
Optionee of an incentive stock option to purchase shares of common stock of the Company upon the
terms and conditions hereinafter stated.

     NOW THEREFORE, in consideration of the covenants herein set forth, the parties agree as
follows:

	 	1.	 	Shares & Price. The Company grants to Optionee the right to purchase,
upon and subject to the terms and conditions herein stated and the terms and conditions
of the Plan, all or any part of                                       shares of common stock ($.01 par value)
of the Company (the “Shares”), for cash at the price of $                     per share.
	 
	 	2.	 	Term of Option. This option shall expire on                                         .
	 
	 	3.	 	Installments. Subject to the provisions hereof, this option shall
become exercisable in one or more installments set forth below. Each installment shall
be for the numbers of Shares and exercisable (in whole or in part) upon and after the
dates set forth.

	 	 	 	 	 	 	 
	 	 	DATE	 	NUMBER OF SHARES	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	Shares
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Shares	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Shares	 	 

	 	 	 	The installments shall be cumulative; i.e., this option may be exercised, as to any
or all shares covered by an installment, at any time after an installment becomes
exercisable and until expiration or termination of this option.
	 
	 	4.	 	Exercise. This option may only be exercised by delivery to the Company
of (i) a written notice of exercise, in form acceptable to the Company, stating
the number of Shares then being purchased hereunder, and (ii) a check or cash, in
the amount of the purchase price of such shares (or, at the discretion of the Board
of Directors, with Shares of Company with a market value equal to the purchase price
at date of exercise).

 

 

	 	5.	 	Termination of Employment. If Optionee ceases to be employed by the
Company or a subsidiary thereof for any reason other than his death or disability,
either Optionee or the person entitled to succeed to his rights hereunder shall have
the right, at any time within three (3) months after such termination of employment and
prior to the expiration of this option pursuant to Paragraph 2 hereof, to exercise this
option to the extent, but only to the extent, that this option was exercisable and had
not previously been exercised at the date of such termination of employment; provided,
however, that all rights under this option shall expire in any event on the day
specified in Paragraph 2 hereof or three (3) months after Optionee terminates
employment, whichever first occurs.
	 
	 	6.	 	Death of Optionee & No Assignment. The option shall not be assignable
or transferable except by will or by the laws of descent and distribution and shall be
exercisable during his lifetime only by the Optionee. If Optionee shall become
disabled or die while in the employ of the Company, the Optionee or the person entitled
to succeed to his rights hereunder may exercise this option until the first to occur of
(i) the date one year from the date of the Optionee’s disability or death, or (ii) the
date such option expires pursuant to Paragraph 2 hereof to the extent that Optionee was
entitled to exercise this Option at the date of his disability or death.
	 
	 	7.	 	Employment of Optionee. In consideration of the granting of this
option by the Company, the Optionee agrees to render faithful and efficient services to
the Company or a subsidiary thereof, with such duties and responsibilities as the
Company or such subsidiary shall from time to time prescribe, for a period of at least
one year from the date this option is granted. Nothing in this Agreement or in the
Plan shall confer upon the Optionee any right to continue in the employ of the Company
or any subsidiary thereof or shall interfere with or restrict in any way the rights of
the Company, and its subsidiaries, which are hereby expressly reserved, to discharge
the Optionee at any time for any reason whatsoever, with or without good cause.
	 
	 	8.	 	No Rights as Stockholders. Optionee shall have no rights as a
stockholder with respect to the Shares covered by the option until the date of the
issuance of stock certificates to him. No adjustment will be made for dividends or
other rights for which the record date is prior to the date such stock certificates are
issued pursuant to the exercise of options granted hereunder.
	 
	 	9.	 	Modification and Termination. The rights of Optionee are subject to
modification and termination in certain events as provided in the Plan.
	 
	 	10.	 	Shares Purchased for Investment. Optionee represents and agrees that
if he exercises this option in whole or in part, he shall acquire the shares upon such
exercise for the purpose of investment and not with a view to their

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	 	 	 	resale or distribution. The Company reserves the right to include a legend on each certificate
representing shares subject to this option, stating in effect that such shares have not
been registered under the Securities Act of 1933, as amended.

	 	11.	 	This Agreement Subject to Plan. This agreement is made pursuant to all
of the provisions of the Plan, and is intended, and shall be interpreted in a manner,
to comply therewith. Any provision hereof inconsistent with the Plan shall be
superseded and governed by the Plan.
	 
	 	12.	 	Gender. Unless the context otherwise requires, the masculine gender
includes the feminine.
	 
	 	13.	 	Notices. Any notices or other communication required or permitted
hereunder shall be sufficiently given if delivered personally or sent by registered or
certified mail, postage prepaid, to the Company at its corporate headquarters, and to
the Optionee at the address above, or to such other address as shall be furnished in
writing by either party to the other party, and shall be deemed to have been given as
of the date so delivered or deposited in the United States mail, as the case may be.

     IN WITNESS WHEREOF, the parties hereto have executed this agreement.

	 	 	 	 	 
	 	BREEZE-EASTERN CORPORATION

(“COMPANY”)

 	 
	 	 	 
	 	Name:  	 	 
	 	Title:  	 
	 
	 	 	 
	 	Participant Name:	 

Grant Number:                     

3EX-10.35

 

Exhibit 10.35

Participant: [NAME]

No. of Shares: [XXXX]

BREEZE-EASTERN CORPORATION

Restricted Stock Award Agreement

     This
Agreement is entered into as of this ___ day of                                         , by and between Breeze-Eastern Corporation,
a Delaware corporation (the “Company”), and the undersigned participant in the Company’s 2006 Long
Term Incentive Plan (the “Participant”).

RECITALS

	 	A.	 	Pursuant to the Company’s 2006 Long Term Incentive Plan the (“Plan”), the
Incentives and Compensation Committee of the Company (the “Committee”) has authorized
an award to Participant of shares of the Company’s Common Stock, par value $.01 per
share (the “Restricted Stock”).
	 
	 	B.	 	Pursuant to the Plan, the Committee has determined that the Restricted Stock to
be so awarded shall be issued subject to certain conditions and restrictions, which
conditions and restrictions are set forth in this Agreement.

     THEREFORE, in consideration of the covenants herein set forth, the parties agree as follows:

	 	1.	 	Award; Acceptance of Award. Subject to the terms and conditions
contained herein, the Company shall issue to Participant, as an award pursuant to the
Plan and without payment by Participant of any consideration therefor,                      shares of
Restricted Stock, having a fair market value on the date of the award of $                     per share
and Participant hereby accepts such award.
	 
	 	2.	 	Forfeiture of Restricted Stock Upon Termination of Employment. In the
event that Participant ceases to be a full-time employee of the Company or any
corporation a majority of the voting stock of which is owned directly or indirectly by
the Company (a “Subsidiary”) for any reason whatsoever (including without limitation by
reason of the termination of such employment by the Company or a Subsidiary with or
without cause, by reason of disability, death or retirement or by reason of Participant
leaving the employ of the Company or a Subsidiary voluntarily), then a portion
(determined as hereinafter set forth) of the shares of Restricted Stock awarded
pursuant to this Agreement shall thereupon automatically, and without further notice,
demand, period of time or legal or administrative proceeding, be forfeited and
canceled, and all right, title and interest therein of Participant shall terminate and
expire, without payment by the Company or any Subsidiary of any consideration therefor
and without any liability on the part of the Company or any Subsidiary. Such
forfeiture provisions shall apply as follows:

 

 

	 	(a)	 	If the Participant so ceases to be such an employee on or
after                     ,                      (the
“Award Date”) but prior to that date which occurs one year thereafter (the
“First Anniversary Date”), 100% of the total number of shares of Restricted
Stock awarded pursuant to this Agreement shall be so forfeited and canceled;
	 
	 	(b)	 	If the Participant so ceases to be such an employee on or after
the First Anniversary Date but prior to that date which occurs two years after
the Award Date (the “Second Anniversary Date”), then 66-2/3% of the total
number of shares of Restricted Stock awarded pursuant to this Agreement shall
be so forfeited and canceled;
	 
	 	(c)	 	If the Participant so ceases to be such an employee on or after
the Second Anniversary Date but prior to that date which occurs three years
after the Award Date (the “Third Anniversary Date”), then 33-1/3% of the total
number of shares of Restricted Stock awarded pursuant to this Agreement shall
be so forfeited and canceled; and
	 
	 	(d)	 	If the Participant remains a continuous full-time employee of
the Company or a Subsidiary until the Third Anniversary Date, then none of the
shares of Restricted Stock awarded pursuant to this Agreement shall be
forfeited or canceled.

	 	 	 	For purposes of the foregoing, the Participant shall not lose his or her status as a
full-time employee of the Company or a Subsidiary by reason of time away from such
employment as a result of authorized vacation, authorized leave of absence, and
leave by reason of sickness or disability of not longer than three consecutive
months (or such longer period as the Committee may specifically permit, in its sole
discretion, in any particular instance upon written request by the Participant to do
so).
	 
	 	 	 	Notwithstanding the foregoing, the Participant may elect to extend the period during
which shares of Restricted Stock are subject to forfeiture and cancellation (the
“Restriction Period”) as follows. If the Participant desires to extend the
Restriction Period, the Participant shall deliver to the Company a written request
that the Restriction Period be extended for a specified period or until a specified
event. Such election shall be subject in each case to the Committee’s approval and
to such terms as are determined by the Committee, all in its sole discretion. The
Committee shall notify the Participant of its approval and such terms as have been
determined by the Committee, or of its disapproval (as the case may be), within 30
days of its receipt of the Participant’s written request to extend the Restriction
Period. Subject to any exceptions adopted by the Committee, each request must
generally be made at least twelve months prior to the applicable date, set forth
above in this Section 2, upon which shares of Restricted Stock may no longer be
forfeited or canceled.
	 
	 	3.	 	Forfeiture Procedures. If, pursuant to Sections 2 or 7 of this
Agreement, any shares of Restricted Stock are forfeited and canceled, such forfeiture
and cancellation shall be documented pursuant to the appropriate one of the following
procedures:

2

 

	 	(a)	 	If a certificate or certificates representing the number of
shares of Restricted Stock so forfeited and canceled are in the possession of
the Company pursuant to Section 4 hereof, then the officer of the Company
having custody of such certificate shall, forthwith upon the occurrence of the
event resulting in such forfeiture and cancellation, transmit such certificates
to the Company’s transfer agent and registrar (or, if the Company has no such
transfer agent or registrar, then to the appropriate officer of the Company)
with information as to the number of shares so forfeited and canceled and, if
the certificates evidence a number of shares greater than the amount to be so
canceled, with instructions that a certificate representing the shares not so
canceled be issued in the name of the Participant; and
	 
	 	(b)	 	If, pursuant to the provisions of Sections 2 or 7 of this
Agreement, any shares of Restricted Stock are forfeited and canceled and the
Company does not have in its possession a certificate or certificates
representing the shares so forfeited and canceled, then the Participant shall,
upon written demand from the Company, furnish to the Company a certificate duly
endorsed and assigned to the Company representing the number of shares of
Restricted Stock so forfeited and canceled and, upon its receipt thereof, the
Company shall follow the procedures indicated in the preceding paragraph.

	 	 	 	The Participant agrees to provide the Company, upon its request therefor, with one
or more stock assignments separate from certificate, executed by the Participant
without completing the information as to share amount transferred or name of
transferee, and with such other and further instruments of assignment or other
documents which may be reasonably required in order to implement the forfeiture and
cancellation provisions of Sections 2 and 7 of this Agreement.
	 
	 	4.	 	Issuance of Restricted Stock; Retention of Certificate by Company.
Within a reasonable time after the execution of this Agreement by the Company and the
Participant, the Company shall issue, in the name of the Participant as the registered
holder thereof, certificates representing, in the aggregate, the number of shares of
Restricted Stock awarded pursuant to Section 1 hereof. At the time of such issuance
and at all times thereafter, the Company shall deliver to Participant, upon the
Participant’s request, one or more certificates (in such denominations as the
Participant may direct) representing in the aggregate a number of shares of Common
Stock which does not at any time exceed the number of shares not subject to forfeiture
and cancellation under Section 2 hereof. Certificates representing the remaining
shares of Restricted Stock awarded hereunder (which shares are subject to possible
forfeiture and cancellation pursuant to Section 2 hereof) shall be retained in the
custody of the Secretary or any Assistant Secretary of the Company (or any other
officer of the Company designated by the Board of Directors of the Company) for the
purpose of implementing the forfeiture and cancellation provisions of this Agreement.
	 
	 	5.	 	Stock Splits, Stock Dividends, Mergers and Reorganizations. If, at any
time or from time to time when there are shares of Restricted Stock subject to
forfeiture and cancellation under Section 2 hereof:

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	 	(a)	 	There is any stock dividend or liquidating dividend of cash
and/or property, stock split or other change in the character or amount of any
of the outstanding securities of the Company; or
	 
	 	(b)	 	There is any consolidation, merger or sale of all, or substantially all,
of the assets of the Company; then, in such event, any and all new, substituted
or additional securities or other property to which the Participant is entitled
by reason of his or her ownership of the shares of Restricted Stock which are
so subject to forfeiture and cancellation shall be immediately and similarly
subject to such forfeiture and shall be included in the words and treated as
“Restricted Stock” for all purposes of such forfeiture provisions and all other
terms and conditions hereof with the same force and effect as the original
shares of Restricted Stock subject to such forfeiture provisions.

	 	 	 	Notwithstanding the above, upon the dissolution or liquidation of the Company or
upon any reorganization, merger or consolidation in which the Company does not
survive, the forfeiture and cancellation provisions of Section 2 shall terminate as
to any shares of Restricted Stock not previously forfeited and canceled pursuant to
such provisions.
	 
	 	6.	 	Indemnification of Company. The Participant hereby agrees to indemnify
the Company and to hold the Company harmless from and against any loss, liability, cost
or expense, including attorneys’ fees and expenses, which the Company may incur or to
which the Company may be subject by any reason of or based upon the fact that the
Company has custody of any certificates representing Restricted Stock retained in
accordance with Section 4 hereof and that such stock, or any right, title or interest
therein, may become involved in any legal, administrative or arbitration proceeding.
	 
	 	7.	 	Transfer or Hypothecation of Stock. The Participant agrees that he or
she will not transfer, sell, pledge, assign or in any other way hypothecate, alienate
or dispose of any shares of Restricted Stock awarded under this Agreement so long as
such shares are subject to forfeiture and cancellation under Section 2 hereof. It is
agreed that if the Participant does, or attempts to do, or suffers any of such
prohibited acts or events specified in the immediately preceding sentence, then
forthwith upon the occurrence of such act or event such shares shall be automatically
forfeited and canceled, without payment by the Company of any consideration therefor
and without any notice, demand, period of time or legal or administrative proceeding.
	 
	 	8.	 	Ownership Rights. Subject only to the provisions of this Agreement,
the Participant shall have all of the rights, powers and privileges of an owner of
shares of Common Stock, including without limitation the right to vote such shares and
to receive non-liquidating cash dividends and non-liquidating
distributions thereon, with respect to shares of Restricted Stock awarded hereunder
notwithstanding that certificates representing any or all of such shares are
retained by the Company pursuant to Section 4 hereof; provided, however, that all
such rights shall terminate automatically with respect to any shares forfeited and
canceled pursuant to Sections 2 or 7 of this Agreement.

4

 

	 	9.	 	Endorsement on Share Certificates. The Participant agrees that the
certificates representing any Restricted Stock subject to the forfeiture and
cancellation provisions of Section 2 may have endorsed upon them in a conspicuous
manner a legend in substantially the following form:

“The voluntary or involuntary transfer or encumbrance of the
shares represented by this certificate are restricted by, and such
shares are subject to, the provisions of a certain agreement between
the company and the registered holder hereof (which agreement, among
other things, subjects such shares to possible forfeiture and
cancellation), a copy of which is on file at the principal office of
the company and will be furnished to the holder of this certificate
upon request without charge.”

	 	 	 	When the forfeiture and cancellation provisions of Section 2 hereof expire or
terminate as to any of such shares, the Company shall, upon the Participant’s
request and at no charge to the Participant, exchange the certificates representing
the shares that contain the endorsement provided for herein for new certificates
representing those of the shares as to which such rights have expired or terminated
containing no such endorsement and certificates containing such endorsement
representing the balance of the shares as to which such rights have not expired or
terminated.
	 
	 	10.	 	No Contract of Employment. The Participant acknowledges and agrees
that this Agreement shall not be construed to give Participant any right to be retained
in the employ of the Company or any Subsidiary, and that the right and power of the
Company or any Subsidiary to dismiss or discharge the Participant (with or without
cause) is strictly reserved. The Participant recognizes that, in the event of any such
discharge, the forfeiture provisions of Section 2 hereof shall be fully applicable.
	 
	 	11.	 	Tax Withholding. Participant acknowledges that the Company is
required, and hereby specifically authorizes the Company, to deduct and withhold from
the wages, salary or other income payable by the Company to Participant from time to
time, the requisite amounts required to be so deducted and withheld for federal, state
or local taxes with respect to the award of Restricted Stock hereunder. Participant
specifically authorizes the Company to withhold such amounts from time to time, as
required by law, in connection with the termination or expiration of the forfeiture
provisions of Section 2 hereof. Participant agrees that the Company may, at its
election, require Participant to pay to the Company (for such withholding on behalf of
Participant) any amounts required to be so withheld if such amounts are not directly
withheld from such wages, salary or other income, and in such event Participant shall
forthwith make such payments.
	 
	 	12.	 	Governing Law. This Agreement and the rights and obligations of the
parties hereto shall be governed by and construed in accordance with the internal
substantive laws of the State of Delaware.

5

 

	 	13.	 	Notices. Any notice or other communication required or permitted
hereunder shall be sufficiently given only if delivered personally or sent by
registered or certified mail, postage prepaid, to the Company at its principal place of
business, or to the Participant at the address below or any address of Participant
appearing on the Company’s stock records, or to such other address or addresses as
shall be furnished in writing in the foregoing manner by either party to the other
party, and shall be deemed to have been given as of the date so personally delivered or
two days after the date deposited in the United States mail, as the case may be.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

	 	 	 	 	 
	 	BREEZE-EASTERN CORPORATION
 	 
	 	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	 	PARTICIPANT
 	 
	 	[NAME]	 
	 
	 	Address: 	 	 
	 	 	 	 

Grant Number: 00XXXX

6

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