Document:

exv10w1

 

 

    Exhibit
10.1

 

    COMMERCIAL
    VEHICLE GROUP, INC.

    

 

    SECOND AMENDED AND RESTATED

    EQUITY INCENTIVE PLAN

 

		
	
    1. 
    
	
    Purpose.  
    

 

    This plan shall be known as the Commercial Vehicle Group, Inc.
    Second Amended and Restated Equity Incentive Plan (the
    “Plan”). The purpose of the Plan shall be to promote
    the long-term growth and profitability of Commercial Vehicle
    Group, Inc. (the “Company”) and its Subsidiaries by
    (i) providing certain directors, officers and employees of,
    and certain other individuals who perform services for, or to
    whom an offer of employment has been extended by, the Company
    and its Subsidiaries with incentives to maximize stockholder
    value and otherwise contribute to the success of the Company and
    (ii) enabling the Company to attract, retain and reward the
    best available persons for positions of responsibility. Grants
    of incentive or non-qualified stock options, stock appreciation
    rights (“SARs”), restricted stock units, restricted
    stock, performance awards or any combination of the foregoing
    may be made under the Plan.

 

		
	
    2. 
    
	
    Definitions.

 

			
	 	    (a) 
	
    “Board of Directors” and “Board” mean the
    board of directors of the Company.

 

			
	 	    (b) 
	
    “Cause” shall, with respect to any participant, have
    the equivalent meaning as the term “cause” or
    “for cause” in any employment, consulting, or
    independent contractor’s agreement between the participant
    and the Company or any Subsidiary, or in the absence of such an
    agreement that contains such a defined term, shall mean the
    occurrence of one or more of the following events:

 

			
	 	    (i) 
	
    Conviction of any felony or any crime or offense lesser than a
    felony involving the property of the Company or a
    Subsidiary; or

	 
	 	    (ii) 
	
    Deliberate or reckless conduct that has caused demonstrable and
    serious injury to the Company or a Subsidiary, monetary or
    otherwise, or any other serious misconduct of such a nature that
    the participant’s continued relationship with the Company
    or a Subsidiary may reasonably be expected to adversely affect
    the business or properties of the Company or any Subsidiary; or

	 
	 	    (iii) 
	
    Willful refusal to perform or reckless disregard of duties
    properly assigned, as determined by the Company; or

 

			
	 	    (iv) 
	
    Breach of duty of loyalty to the Company or a Subsidiary or
    other act of fraud or dishonesty with respect to the Company or
    a Subsidiary.

 

    For purposes of this Section 2(b), any good faith
    determination of “Cause” made by the Committee shall
    be binding and conclusive on all interested parties.

 

			
	 	    (c) 
	
    “Change in Control” means the occurrence of one of the
    following events:

 

			
	 	    (i) 
	
    if any “person” or “group” as those terms
    are used in Sections 13(d) and 14(d) of the Exchange Act or
    any successors thereto, other than an Exempt Person, is or
    becomes the “beneficial owner” (as defined in
    Rule 13d-3
    under the Exchange Act or any successor thereto), directly or
    indirectly, of securities of the Company representing more than
    50% of either the then outstanding shares or the combined voting
    power of the then outstanding securities of the Company; or

	 
	 	    (ii) 
	
    during any period of two consecutive years, individuals who at
    the beginning of such period constitute the Board and any new
    directors whose election by the Board or nomination for election
    by the Company’s stockholders was approved by at least
    two-thirds of the directors

    

    1

 

			
	 	
	
    then still in office who either were directors at the beginning
    of the period or whose election was previously so approved,
    cease for any reason to constitute a majority thereof; or

 

			
	 	    (iii) 
	
    the consummation of a merger or consolidation of the Company
    with any other corporation or other entity, other than a merger
    or consolidation which would result in all or a portion of the
    voting securities of the Company outstanding immediately prior
    thereto continuing to represent (either by remaining outstanding
    or by being converted into voting securities of the surviving
    entity) more than 50% of the combined voting power of the voting
    securities of the Company or such surviving entity outstanding
    immediately after such merger or consolidation; or

	 
	 	    (iv) 
	
    the consummation of a plan of complete liquidation of the
    Company or an agreement for the sale or disposition by the
    Company of all or substantially all the Company’s assets,
    other than a sale to an Exempt Person.

 

			
	 	    (d) 
	
    “Code” means the Internal Revenue Code of 1986, as
    amended.

 

			
	 	    (e) 
	
    “Committee” means the Compensation Committee of the
    Board, which shall consist solely of two or more members of the
    Board, and each member of the Committee shall be (i) a
    “non-employee director” within the meaning of
    Rule 16b-3
    under the Exchange Act, unless administration of the Plan by
    “non-employee directors” is not then required in order
    for exemptions under
    Rule 16b-3
    to apply to transactions under the Plan, (ii) an
    “outside director” within the meaning of
    Section 162(m) of the Code, unless administration of the
    Plan by “outside directors” is not then required in
    order to qualify for tax deductibility under Section 162(m)
    of the Code, and (iii) independent, as defined by the rules
    of the Nasdaq Stock Market or any national securities exchange
    on which any securities of the Company are listed for trading,
    and if not listed for trading, by the rules of the Nasdaq Stock
    Market.

 

			
	 	    (f) 
	
    “Common Stock” means the Common Stock, par value
    $.01 per share, of the Company, and any other shares into
    which such stock may be changed by reason of a recapitalization,
    reorganization, merger, consolidation or any other change in the
    corporate structure or capital stock of the Company.

 

			
	 	    (g) 
	
    “Competition” is deemed to occur if a person whose
    employment with the Company or its Subsidiaries has terminated
    obtains a position as a full-time or part-time employee of, as a
    member of the board of directors of, or as a consultant or
    advisor with or to, or acquires an ownership interest in excess
    of 2% of, a corporation, partnership, firm or other entity that
    engages, in any state in which the Company or any Subsidiary is
    doing business at the time of such person’s termination of
    employment, in any business which competes with any product or
    service of the Company or any Subsidiary.

	 
	 	    (h) 
	
    “Disability” means a disability that would entitle an
    eligible participant to payment of monthly disability payments
    under any Company disability plan or any agreement between the
    eligible participant and the Company as otherwise determined by
    the Committee.

 

			
	 	    (i) 
	
    “Exchange Act” means the Securities Exchange Act of
    1934, as amended.

	 
	 	    (j) 
	
    “Exempt Person” means (i) Onex Corporation,
    (ii) any person, entity or group controlled by or under
    common control with any party included in clause (i), or
    (iii) any employee benefit plan of the Company or any
    Subsidiary, or a trustee or other administrator or fiduciary
    holding securities under an employee benefit plan of the Company
    or any Subsidiary.

 

			
	 	    (k) 
	
    “Family Member” has the meaning given to such term in
    General Instructions A.1(a)(5) to
    Form S-8
    under the Securities Act of 1933, as amended, and any successor
    thereto.

 

			
	 	    (l) 
	
    “Fair Market Value” of a share of Common Stock of the
    Company means, as of the date in question, the officially-quoted
    closing selling price of the stock (or if no selling price is
    quoted, the bid price) on the principal securities exchange on
    which the Common Stock is then listed for

    

    2

 

			
	 	
	
    trading (including for this purpose the Nasdaq Stock Market)
    (the “Market”) for the applicable trading day or, if
    the Common Stock is not then listed or quoted in the Market, the
    Fair Market Value shall be the fair value of the Common Stock
    determined in good faith by the Board; provided, however, that
    when shares received upon exercise of an option are immediately
    sold in the open market, the net sale price received may be used
    to determine the Fair Market Value of any shares used to pay the
    exercise price or applicable withholding taxes and to compute
    the withholding taxes.

 

			
	 	    (m) 
	
    “Good Reason” shall, with respect to any participant,
    have the equivalent meaning as the term “good reason”
    or “for good reason” in any employment, consulting, or
    independent contractor’s agreement between the participant
    and the Company or any Subsidiary, or in the absence of such an
    agreement that contains such a defined term, shall mean
    (i) the assignment to the participant of any duties
    materially inconsistent with the participant’s duties or
    responsibilities as assigned by the Company (or a Subsidiary),
    or any other action by the Company (or a Subsidiary) which
    results in a material diminution in such duties or
    responsibilities, excluding for this purpose any isolated,
    insubstantial and inadvertent actions not taken in bad faith and
    which are remedied by the Company (or a Subsidiary) promptly
    after receipt of notice thereof given by the participant;
    (ii) any material failure by the Company (or a Subsidiary)
    to make any payment of compensation or pay any benefits to the
    participant that have been agreed upon between the Company (or a
    Subsidiary) and the participant in writing, other than an
    isolated, insubstantial and inadvertent failure not occurring in
    bad faith and which is remedied by the Company (or a Subsidiary)
    promptly after receipt of notice thereof given by the
    participant; or (iii) the Company’s (or
    Subsidiary’s) requiring the participant to be based at any
    office or location outside of fifty miles from the location of
    employment or service as of the date of award, except for travel
    reasonably required in the performance of the participant’s
    responsibilities.

	 
	 	    (n) 
	
    “Incentive Stock Option” means an option conforming to
    the requirements of Section 422 of the Code and any
    successor thereto.

	 
	 	    (o) 
	
    “Non-Employee Director” has the meaning given to such
    term in
    Rule 16b-3
    under the Exchange Act and any successor thereto.

	 
	 	    (p) 
	
    “Non-qualified Stock Option” means any stock option
    other than an Incentive Stock Option.

	 
	 	    (q) 
	
    “Other Company Securities” mean securities of the
    Company other than Common Stock, which may include, without
    limitation, unbundled stock units or components thereof,
    debentures, preferred stock, warrants and securities convertible
    into or exchangeable for Common Stock or other property.

 

			
	 	    (r) 
	
    “Performance Award” means a right, granted to a
    participant under Section 12 hereof, to receive awards
    based upon performance criteria specified by the Committee.

 

			
	 	    (s) 
	
    “Retirement” means retirement as defined under any
    Company pension plan or retirement program or termination of
    one’s employment on retirement with the approval of the
    Committee.

 

			
	 	    (t) 
	
    “Share” means a share of Common Stock that may be
    issued pursuant to the Plan.

 

			
	 	    (u) 
	
    “Subsidiary” means a corporation or other entity of
    which outstanding shares or ownership interests representing 50%
    or more of the combined voting power of such corporation or
    other entity entitled to elect the management thereof, or such
    lesser percentage as may be approved by the Committee, are owned
    directly or indirectly by the Company.

 

		
	
    3. 
    
	
    Administration.  
    

 

    The Plan shall be administered by the Committee; provided that
    the Board may, in its discretion, at any time and from time to
    time, resolve to administer the Plan, in which case the term
    “Committee” shall be deemed to mean the Board for all
    purposes herein. Subject to the provisions of the Plan, the
    Committee shall be authorized to (i) select persons to
    participate in the Plan, (ii) determine the form and
    substance of grants made under the Plan to each participant, and
    the conditions and restrictions, if any, subject to which such

    

    3

 

    grants will be made, (iii) certify that the conditions and
    restrictions applicable to any grant have been met,
    (iv) modify the terms of grants made under the Plan,
    (v) interpret the Plan and grants made thereunder,
    (vi) make any adjustments necessary or desirable in
    connection with grants made under the Plan to eligible
    participants located outside the United States and
    (vii) adopt, amend, or rescind such rules and regulations,
    and make such other determinations, for carrying out the Plan as
    it may deem appropriate. Decisions of the Committee on all
    matters relating to the Plan shall be in the Committee’s
    sole discretion and shall be conclusive and binding on all
    parties. The validity, construction, and effect of the Plan and
    any rules and regulations relating to the Plan shall be
    determined in accordance with applicable federal and state laws
    and rules and regulations promulgated pursuant thereto. No
    member of the Committee and no officer of the Company shall be
    liable for any action taken or omitted to be taken by such
    member, by any other member of the Committee or by any officer
    of the Company in connection with the performance of duties
    under the Plan, except for such person’s own willful
    misconduct or as expressly provided by statute.

 

    The expenses of the Plan shall be borne by the Company. The Plan
    shall not be required to establish any special or separate fund
    or make any other segregation of assets to assume the payment of
    any award under the Plan, and rights to the payment of such
    awards shall be no greater than the rights of the Company’s
    general creditors.

 

		
	
    4. 
    
	
    Shares Available
    for the Plan; Limit on
    Awards.  
    

 

    Subject to adjustments as provided in Section 19, the
    number of Shares that may be issued pursuant to the Plan as
    awards shall not exceed 2,000,000 in the aggregate. Such Shares
    may be in whole or in part authorized and unissued or held by
    the Company as treasury shares. If any grant under the Plan
    expires or terminates unexercised, becomes unexercisable or is
    forfeited as to any Shares, or is tendered or withheld as to any
    Shares in payment of the exercise price of the grant or the
    taxes payable with respect to the exercise, then such
    unpurchased, forfeited, tendered or withheld Shares shall
    thereafter be available for further grants under the Plan.

 

    Without limiting the generality of the foregoing provisions of
    this Section 4 or the generality of the provisions of
    Sections 3, 6 or 21 or any other section of this Plan, the
    Committee may, at any time or from time to time, and on such
    terms and conditions (that are consistent with and not in
    contravention of the other provisions of this Plan) as the
    Committee may, in its sole discretion, determine, enter into
    agreements (or take other actions with respect to the options)
    for new options containing terms (including exercise prices)
    more (or less) favorable than the outstanding options.

 

    In any one calendar year, the Committee shall not grant to any
    one participant awards to purchase or acquire a number of Shares
    in excess of twenty percent (20 %) of the total number of Shares
    authorized under the Plan pursuant to this Section 4.

 

		
	
    5. 
    
	
    Participation.  
    

 

    Participation in the Plan shall be limited to those directors
    (including Non-Employee Directors), officers (including
    non-employee officers) and employees of, and other individuals
    performing services for, or to whom an offer of employment has
    been extended by, the Company and its Subsidiaries selected by
    the Committee (including participants located outside the United
    States). Nothing in the Plan or in any grant thereunder shall
    confer any right on a participant to continue in the employ as a
    director or officer of or in the performance of services for the
    Company or shall interfere in any way with the right of the
    Company to terminate the employment or performance of services
    or to reduce the compensation or responsibilities of a
    participant at any time. By accepting any award under the Plan,
    each participant and each person claiming under or through him
    or her shall be conclusively deemed to have indicated his or her
    acceptance and ratification of, and consent to, any action taken
    under the Plan by the Company, the Board or the Committee.

 

    Incentive Stock Options or Non-qualified Stock Options, SARs,
    restricted stock units, restricted stock awards, performance
    awards, or any combination thereof, may be granted to such
    persons and for such number of Shares as the Committee shall
    determine (such individuals to whom grants are made being
    sometimes herein called “optionees” or
    “grantees,” as the case may be). Determinations made
    by the Committee under

    

    4

 

    the Plan need not be uniform and may be made selectively among
    eligible individuals under the Plan, whether or not such
    individuals are similarly situated. A grant of any type made
    hereunder in any one year to an eligible participant shall
    neither guarantee nor preclude a further grant of that or any
    other type to such participant in that year or subsequent years.

 

		
	
    6. 
    
	
    Incentive
    and Non-qualified Options and
    SARs.  
    

 

    The Committee may from time to time grant to eligible
    participants Incentive Stock Options, Non-qualified Stock
    Options, or any combination thereof; provided that the Committee
    may grant Incentive Stock Options only to eligible employees of
    the Company or its subsidiaries (as defined for this purpose in
    Section 424(f) of the Code or any successor thereto). The
    options granted shall take such form as the Committee shall
    determine, subject to the following terms and conditions.

 

    It is the Company’s intent that Non-qualified Stock Options
    granted under the Plan not be classified as Incentive Stock
    Options, that Incentive Stock Options be consistent with and
    contain or be deemed to contain all provisions required under
    Section 422 of the Code and any successor thereto, and that
    any ambiguities in construction be interpreted in order to
    effectuate such intent. If an Incentive Stock Option granted
    under the Plan does not qualify as such for any reason, then to
    the extent of such non-qualification, the stock option
    represented thereby shall be regarded as a Non-qualified Stock
    Option duly granted under the Plan, provided that such stock
    option otherwise meets the Plan’s requirements for
    Non-qualified Stock Options.

 

			
	 	    (a) 
	
    Price.  The price per Share deliverable upon
    the exercise of each option (“exercise price”) shall
    be established by the Committee, except that the exercise price
    may not be less than 100% of the Fair Market Value of a share of
    Common Stock as of the date of grant of the option, and in the
    case of the grant of any Incentive Stock Option to an employee
    who, at the time of the grant, owns more than 10% of the total
    combined voting power of all classes of stock of the Company or
    any of its Subsidiaries, the exercise price may not be less than
    110% of the Fair Market Value of a share of Common Stock as of
    the date of grant of the option, in each case unless otherwise
    permitted by Section 422 of the Code or any successor
    thereto.

 

			
	 	    (b) 
	
    Payment.  Options may be exercised, in whole or
    in part, upon payment of the exercise price of the Shares to be
    acquired. Unless otherwise determined by the Committee, payment
    shall be made (i) in cash (including check, bank draft,
    money order or wire transfer of immediately available funds),
    (ii) by delivery of outstanding shares of Common Stock with
    a Fair Market Value on the date of exercise equal to the
    aggregate exercise price payable with respect to the
    options’ exercise, (iii) by simultaneous sale through
    a broker reasonably acceptable to the Committee of Shares
    acquired on exercise, as permitted under Regulation T of
    the Federal Reserve Board, (iv), if the Shares are traded on an
    established securities market at the time of exercise, by
    authorizing the Company to withhold from issuance a number of
    Shares issuable upon exercise of the options which, when
    multiplied by the Fair Market Value of a share of Common Stock
    on the date of exercise, is equal to the aggregate exercise
    price payable with respect to the options so exercised, or
    (v) by any combination of the foregoing.

 

    In the event a grantee elects to pay the exercise price payable
    with respect to an option pursuant to clause (ii) above,
    (A) only a whole number of share(s) of Common Stock (and
    not fractional shares of Common Stock) may be tendered in
    payment, (B) such grantee must present evidence acceptable
    to the Company that he or she has owned any such shares of
    Common Stock tendered in payment of the exercise price (and that
    such tendered shares of Common Stock have not been subject to
    any substantial risk of forfeiture) for at least six months
    prior to the date of exercise, and (C) Common Stock must be
    delivered to the Company. Delivery for this purpose may, at the
    election of the grantee, be made either by (A) physical
    delivery of the certificate(s) for all such shares of Common
    Stock tendered in payment of the price, accompanied by duly
    executed instruments of transfer in a form acceptable to the
    Company, or (B) direction to the grantee’s broker to
    transfer, by book entry, such shares of Common Stock from a
    brokerage account of the grantee to a brokerage account
    specified by the Company. When payment of the exercise price is
    made by delivery of Common Stock, the difference, if any,
    between the aggregate exercise price payable with respect to

    

    5

 

    the option being exercised and the Fair Market Value of the
    shares of Common Stock tendered in payment (plus any applicable
    taxes) shall be paid in cash. No grantee may tender shares of
    Common Stock having a Fair Market Value exceeding the aggregate
    exercise price payable with respect to the option being
    exercised (plus any applicable taxes).

 

    In the event a grantee elects to pay the exercise price payable
    with respect to an option pursuant to clause (iv) above,
    (A) only a whole number of Share(s) (and not fractional
    Shares) may be withheld in payment and (B) such grantee
    must present evidence acceptable to the Company that he or she
    has owned a number of shares of Common Stock at least equal to
    the number of Shares to be withheld in payment of the exercise
    price (and that such owned shares of Common Stock have not been
    subject to any substantial risk of forfeiture) for at least six
    months prior to the date of exercise. When payment of the
    exercise price is made by withholding of Shares, the difference,
    if any, between the aggregate exercise price payable with
    respect to the option being exercised and the Fair Market Value
    of the Shares withheld in payment (plus any applicable taxes)
    shall be paid in cash. No grantee may authorize the withholding
    of Shares having a Fair Market Value exceeding the aggregate
    exercise price payable with respect to the option being
    exercised (plus any applicable taxes). Any withheld Shares shall
    no longer be issuable under such option.

 

			
	 	    (c) 
	
    Terms of Options.  The term during which each
    option may be exercised shall be determined by the Committee,
    but if required by the Code and except as otherwise provided
    herein, no option shall be exercisable in whole or in part more
    than ten years from the date it is granted, and no Incentive
    Stock Option granted to an employee who at the time of the grant
    owns more than 10% of the total combined voting power of all
    classes of stock of the Company or any of its Subsidiaries shall
    be exercisable more than five years from the date it is granted.
    All rights to purchase Shares pursuant to an option shall,
    unless sooner terminated, expire at the date designated by the
    Committee. The Committee shall determine the date on which each
    option shall become exercisable and may provide that an option
    shall become exercisable in installments. The Shares
    constituting each installment may be purchased in whole or in
    part at any time after such installment becomes exercisable,
    subject to such minimum exercise requirements as may be
    designated by the Committee. Prior to the exercise of an option
    and delivery of the Shares represented thereby, the optionee
    shall have no rights as a stockholder with respect to any Shares
    covered by such outstanding option (including any dividend or
    voting rights).

 

			
	 	    (d) 
	
    Limitations on Grants.  If required by the
    Code, the aggregate Fair Market Value (determined as of the
    grant date) of Shares for which an Incentive Stock Option is
    exercisable for the first time during any calendar year under
    all equity incentive plans of the Company and its Subsidiaries
    (as defined in Section 422 of the Code or any successor
    thereto) may not exceed $100,000.

 

			
	 	    (e) 
	
    Termination.

 

			
	 	    (i) 
	
    Death or Disability.  Except as otherwise
    determined by the Committee, if a participant ceases to be a
    director, officer or employee of, or to perform other services
    for, the Company and any Subsidiary due to death or Disability,
    all of the participant’s options and SARs that were
    exercisable on the date of such cessation shall remain so for a
    period of 180 days from the date of such death or
    Disability, but in no event after the expiration date of the
    options or SARs; provided that the participant does not engage
    in Competition during such
    180-day
    period unless he or she received written consent to do so from
    the Board or the Committee. Notwithstanding the foregoing, if
    the Disability giving rise to the termination of employment is
    not within the meaning of Section 22(e)(3) of the Code or
    any successor thereto, Incentive Stock Options not exercised by
    such participant within 90 days after the date of
    termination of employment will cease to qualify as Incentive
    Stock Options and will be treated as Non-qualified Stock Options
    under the Plan if required to be so treated under the Code.

	 
	 	    (ii) 
	
    Retirement.  Except as otherwise determined by
    the Committee, if a participant ceases to be a director, officer
    or employee of, or to perform other services for, the Company or
    any Subsidiary upon the occurrence of his or her Retirement,
    (A) all of the participant’s options and SARs that
    were exercisable on the date of Retirement shall remain
    exercisable for, and

    

    6

 

			
	 	
	
    shall otherwise terminate at the end of, a period of
    90 days after the date of Retirement, but in no event after
    the expiration date of the options or SARs; provided that the
    participant does not engage in Competition during such
    90-day
    period unless he or she receives written consent to do so from
    the Board or the Committee, and (B) all of the
    participant’s options and SARs that were not exercisable on
    the date of Retirement shall be forfeited immediately upon such
    Retirement; provided, however, that such options and SARs may
    become fully vested and exercisable in the discretion of the
    Committee. Notwithstanding the foregoing, Incentive Stock
    Options not exercised by such participant within 90 days
    after Retirement will cease to qualify as Incentive Stock
    Options and will be treated as Non-qualified Stock Options under
    the Plan if required to be so treated under the Code.

 

			
	 	    (iii) 
	
    Discharge for Cause.  Except as otherwise
    determined by the Committee, if a participant ceases to be a
    director, officer or employee of, or to perform other services
    for, the Company or a Subsidiary due to Cause, or if a
    participant does not become a director, officer or employee of,
    or does not begin performing other services for, the Company or
    a Subsidiary for any reason, all of the participant’s
    options and SARs shall expire and be forfeited immediately upon
    such cessation or non-commencement, whether or not then
    exercisable.

	 
	 	    (iv) 
	
    Other Termination.  Except as otherwise
    determined by the Committee, if a participant ceases to be a
    director, officer or employee of, or to otherwise perform
    services for, the Company or a Subsidiary for any reason other
    than death, Disability, Retirement or Cause, (A) all of the
    participant’s options and SARs that were exercisable on the
    date of such cessation shall remain exercisable for, and shall
    otherwise terminate at the end of, a period of 90 days
    after the date of such cessation, but in no event after the
    expiration date of the options or SARs; provided that the
    participant does not engage in Competition during such
    90-day
    period unless he or she receives written consent to do so from
    the Board or the Committee, and (B) all of the
    participant’s options and SARs that were not exercisable on
    the date of such cessation shall be forfeited immediately upon
    such cessation.

 

			
	 	    (f) 
	
    Options Exercisable for Restricted Stock.  The
    Committee shall have the discretion to grant options which are
    exercisable for Shares of restricted stock. Should the
    participant cease to be a director, officer or employee of, or
    to perform other services for, the Company or any Subsidiary
    while holding such Shares of restricted stock, the Company shall
    have the right to repurchase, at the exercise price paid per
    share, any or all of those Shares of restricted stock. The terms
    upon which such repurchase right shall be exercisable (including
    the period and procedure for exercise and the appropriate
    vesting schedule for the purchased shares) shall be established
    by the Committee and set forth in the document evidencing such
    repurchase right.

 

		
	
    7. 
    
	
    Stock
    Appreciation
    Rights.  
    

 

    The Committee shall have the authority to grant SARs under this
    Plan. SARs shall be subject to such terms and conditions as the
    Committee may specify; provided that the exercise price of an
    SAR may never be less than the fair market value of the Shares
    subject to the SAR on the date the SAR is granted.

 

    Prior to the exercise of the SAR and delivery of the cash
    and/or
    Shares represented thereby, the participant shall have no rights
    as a stockholder with respect to Shares covered by such
    outstanding SAR (including any dividend or voting rights).

 

    Upon the exercise of an SAR, the participant shall be entitled
    to a distribution in an amount equal to (A) the difference
    between the Fair Market Value of a share of Common Stock on the
    date of exercise and the exercise price of the SAR multiplied by
    (B) the number of Shares as to which the SAR is exercised.
    The Committee shall decide whether such distribution shall be in
    cash or in Shares having a Fair Market Value equal to such
    amount. Upon distribution, the full number of Shares covered by
    the SAR, rather than the actual number of Shares distributed,
    will be counted as issued under the Plan for purposes of the
    limit on awards set forth in Section 4 above.

    

    7

 

 

    All SARs will be exercised automatically on the last day prior
    to the expiration date of the SAR so long as the Fair Market
    Value of a share of Common Stock on that date exceeds the
    exercise price of the SAR.

 

		
	
    8. 
    
	
    Restricted
    Stock.  
    

 

    The Committee may at any time and from time to time grant Shares
    of restricted stock under the Plan to such participants and in
    such amounts as it determines. Each grant of restricted stock
    shall specify the applicable restrictions on such Shares, the
    duration of such restrictions (which shall be at least six
    months except as otherwise determined by the Committee or
    provided in the third paragraph of this Section 8), and the
    time or times at which such restrictions shall lapse with
    respect to all or a specified number of Shares that are part of
    the grant.

 

    The participant will be required to pay the Company the
    aggregate par value of any Shares of restricted stock (or such
    larger amount as the Board may determine to constitute capital
    under Section 154 of the Delaware General Corporation Law,
    as amended, or any successor thereto) within ten days of the
    date of grant, unless such Shares of restricted stock are
    treasury shares. Unless otherwise determined by the Committee,
    certificates representing Shares of restricted stock granted
    under the Plan will be held in escrow by the Company on the
    participant’s behalf during any period of restriction
    thereon and will bear an appropriate legend specifying the
    applicable restrictions thereon, and the participant will be
    required to execute a blank stock power therefor. Except as
    otherwise provided by the Committee, during such period of
    restriction the participant shall have all of the rights of a
    holder of Common Stock, including but not limited to the rights
    to receive dividends and to vote, and any stock or other
    securities received as a distribution with respect to such
    participant’s restricted stock shall be subject to the same
    restrictions as then in effect for the restricted stock.

 

    At such time as a participant ceases to be a director, officer,
    or employee of, or to otherwise perform services for, the
    Company and its Subsidiaries due to death, Disability or
    Retirement during any period of restriction, all restrictions on
    Shares granted to such participant shall lapse. At such time as
    a participant ceases to be, or in the event a participant does
    not become, a director, officer or employee of, or otherwise
    performing services for, the Company or its Subsidiaries for any
    other reason, all Shares of restricted stock granted to such
    participant on which the restrictions have not lapsed shall be
    immediately forfeited to the Company.

 

		
	
    9. 
    
	
    Restricted
    Stock Units; Deferred Stock
    Units.  
    

 

    The Committee may at any time and from time to time grant
    restricted stock units under the Plan to such participants and
    in such amounts as it determines. Each grant of restricted stock
    units shall specify the applicable restrictions on such units,
    the duration of such restrictions (which shall be at least six
    months except as otherwise determined by the Committee or
    provided in the third paragraph of this Section 9), and the
    time or times at which such restrictions shall lapse with
    respect to all or a specified number of units that are part of
    the grant.

 

    Each restricted stock unit shall be equivalent in value to one
    share of Common Stock and shall entitle the participant to
    receive one Share from the Company at the end of the vesting
    period (the “Vesting Period”) of the applicable
    restricted stock unit, unless the participant elects in a timely
    fashion, as provided below, to defer the receipt of such Shares
    with respect to the restricted stock units. The Committee may
    require the payment by the participant of a specified purchase
    price in connection with any restricted stock unit award.

 

    Except as otherwise provided by the Committee, during the
    Vesting Period the participant shall not have any rights as a
    shareholder of the Company; provided that the participant shall
    have the right to receive accumulated dividends or distributions
    with respect to the corresponding number of shares of Common
    Stock underlying each restricted stock unit at the end of the
    Vesting Period, unless the participant elects in a timely
    fashion, as provided below, to defer the receipt of the Shares
    with respect to the restricted stock units, in which case such
    accumulated dividends or distributions shall be paid by the
    Company to the participant at such time as the payment of the
    Shares with respect to the deferred stock units.

    

    8

 

 

    Except as otherwise provided by the Committee, immediately prior
    to a Change in Control or at such time as a participant ceases
    to be a director, officer or employee of, or to otherwise
    perform services for, the Company and any of its Subsidiaries
    due to death, Disability or Retirement during any Vesting
    Period, all restrictions on restricted stock units granted to
    such participant shall lapse and the participant shall be then
    entitled to receive payment in Shares with respect to the
    applicable restricted stock units. At such time as a participant
    ceases to be a director, officer or employee of, or otherwise
    performing services for, the Company and any of its Subsidiaries
    for any other reason, all restricted stock units granted to such
    participant on which the restrictions have not lapsed shall be
    immediately forfeited to the Company.

 

    A participant may elect by written notice to the Company, which
    notice must be made before the later of (i) the close of
    the tax year preceding the year in which the restricted stock
    units are granted or (ii) 30 days of first becoming
    eligible to participate in the Plan (or, if earlier, the last
    day of the tax year in which the participant first becomes
    eligible to participate in the plan) and on or prior to the date
    the restricted stock units are granted, to defer the receipt of
    all or a portion of the Shares due with respect to the vesting
    of such restricted stock units; provided that the Committee may
    impose such additional restrictions with respect to the time at
    which a participant may elect to defer receipt of Shares subject
    to the deferral election, and any other terms with respect to a
    grant of restricted stock units to the extent the Committee
    deems necessary to enable the participant to defer recognition
    of income with respect to such units until the Shares underlying
    such units are issued or distributed to the participant. Upon
    such deferral, the restricted stock units so deferred shall be
    converted into deferred stock units. Except as provided below,
    delivery of Shares with respect to deferred stock units shall be
    made at the end of the deferral period set forth in the
    participant’s deferral election notice (the “Deferral
    Period”). Deferral Periods shall be no less than one year
    after the vesting date of the applicable restricted stock units.

 

    Except as otherwise provided by the Committee, during such
    Deferral Period the participant shall not have any rights as a
    shareholder of the Company; provided that, the participant shall
    have the right to receive accumulated dividends or distributions
    with respect to the corresponding number of shares of Common
    Stock underlying each deferred stock unit at the end of the
    Deferral Period.

 

    Except as otherwise provided by the Committee, if a participant
    ceases to be a director, officer or employee of, or to otherwise
    perform services for, the Company or any Subsidiary due to his
    or her death prior to the end of the Deferral Period, the
    participant shall receive payment in Shares in respect of such
    participant’s deferred stock units which would have matured
    or been earned at the end of such Deferral Period as if the
    applicable Deferral Period had ended as of the date of such
    participant’s death.

 

    Except as otherwise provided by the Committee, if a participant
    ceases to be a director, officer or employee of, or to otherwise
    perform services for, the Company or any Subsidiary upon
    becoming disabled (as defined under Section 409A(a)(2)(C)
    of the Code) or Retirement or for any other reason except
    termination for Cause prior to the end of the Deferral Period,
    the participant shall receive payment in Shares in respect of
    such participant’s deferred stock units at the end of the
    applicable Deferral Period or on such accelerated basis as the
    Committee may determine, to the extent permitted by regulations
    issued under Section 409A(a)(3) of the Code.

 

    Except as otherwise provided by the Committee, if a participant
    ceases to be a director, officer or employee of, or to otherwise
    perform services for, the Company or any Subsidiary due to
    termination for Cause such participant shall immediately forfeit
    any deferred stock units which would have matured or been earned
    at the end of the applicable Deferral Period.

 

    Except as otherwise provided by the Committee, in the event of a
    Change in Control that also constitutes a “change in the
    ownership or effective control of” the Company, or a
    “change in the ownership of a substantial portion of the
    assets” of the Company (in each case as determined under
    IRS Notice
    2005-1, as
    amended or supplemented from time to time, or regulations issued
    pursuant to Section 409A(a)(2)(A)(v) of the Code), a
    participant shall receive payment in Shares in respect of such
    participant’s deferred stock units which would have matured
    or been earned at the end of the applicable Deferral Period as
    if such Deferral Period had ended immediately prior to the
    Change in Control; provided, however, that if an event that
    constitutes a Change in Control hereunder does not constitute a
    “change in control” under Section 409A of the
    Code (or the

    

    9

 

    regulations promulgated thereunder), no payments with respect to
    the deferred stock units shall be made under this paragraph to
    the extent such payments would constitute an impermissible
    acceleration under Section 409A of the Code.

 

		
	
    10. 
    
	
    Dividend
    Equivalents.  
    

 

    The Committee is authorized to grant dividend equivalents to a
    participant entitling the participant to receive cash, Shares,
    other awards, or other property equal in value to dividends paid
    with respect to a specified number of shares of Common Stock of
    the Company, or other periodic payments. Dividend equivalents
    may be awarded on a free-standing basis or in connection with
    another award. The Committee may provide that dividend
    equivalents shall be paid or distributed when accrued or shall
    be deemed to have been reinvested in additional shares of Common
    Stock of the Company, awards, or other investment vehicles, and
    subject to such restrictions on transferability and risks of
    forfeiture, as the Committee may specify.

 

		
	
    11. 
    
	
    Other
    Stock-Based
    Awards.  
    

 

    The Committee is authorized, subject to limitations under
    applicable law, to grant to participants such other awards that
    may be denominated or payable in, valued in whole or in part by
    reference to, or otherwise based on, or related to, shares of
    Common Stock of the Company, as deemed by the Committee to be
    consistent with the purposes of the Plan, including, without
    limitation, convertible or exchangeable debt securities, other
    rights convertible or exchangeable into Shares, purchase rights
    for Shares, awards with value and payment contingent upon
    performance of the Company or any other factors designated by
    the Committee, and awards valued by reference to the book value
    of Shares or the value of securities of or the performance of
    specified Subsidiaries. The Committee shall determine the terms
    and conditions of such awards. Shares delivered pursuant to an
    award in the nature of a purchase right granted under this
    Section 11 shall be purchased for such consideration
    (including without limitation loans from the Company or a
    Subsidiary to the extent permissible under the Sarbanes Oxley
    Act of 2002 and other applicable law), paid for at such times,
    by such methods, and in such forms, including, without
    limitation, cash, Shares, other awards or other property, as the
    Committee shall determine. Cash awards, as an element of or
    supplement to any other award under the Plan, may also be
    granted pursuant to this Section 11.

 

		
	
    12. 
    
	
    Performance
    Awards.  
    

 

    The Committee is authorized to make Performance Awards payable
    in cash, Shares, or other awards, on terms and conditions
    established by the Committee, subject to the provisions of this
    Section 12.

 

    The performance goals for such Performance Awards shall consist
    of one or more business criteria and a targeted level or levels
    of performance with respect to each of such criteria, or such
    other personal or business goals and objectives, as the
    Committee shall determine. The Committee may determine that such
    Performance Awards shall be granted, exercised
    and/or
    settled upon achievement of any one performance goal or that two
    or more of the performance goals must be achieved as a condition
    to grant, exercise
    and/or
    settlement of such Performance Awards. Performance goals may
    differ for Performance Awards granted to any one participant or
    to different participants.

 

    Achievement of performance goals in respect of such Performance
    Awards shall be measured over any performance period determined
    by the Committee. During the performance period, the Committee
    shall have the authority to adjust the performance goals and
    objectives for such performance period for such reasons as it
    deems equitable. A performance award shall be paid no later than
    two and one-half months after the last day of the tax year in
    which a performance period is completed.

 

    The Committee may establish a Performance Award pool, which
    shall be an unfunded pool, for purposes of measuring Company
    performance in connection with Performance Awards. The amount of
    such Performance Award pool shall be based upon the achievement
    of a performance goal or goals during the given performance
    period, as specified by the Committee. The Committee may specify
    the amount of the Performance Award pool as a percentage of any
    of such business criteria, a percentage thereof in excess of a

    

    10

 

    threshold amount, or as another amount which need not bear a
    strictly mathematical relationship to such business criteria.

 

    Settlement of Performance Awards shall be in cash, Shares, other
    awards or other property, in the discretion of the Committee.
    The Committee may, in its discretion, reduce the amount of a
    settlement otherwise to be made in connection with such
    Performance Awards. The Committee shall specify the
    circumstances in which such Performance Awards shall be paid or
    forfeited in the event of termination of the participant’s
    employment or service prior to the end of a performance period
    or settlement of Performance Awards.

 

		
	
    13. 
    
	
    Change in
    Control.  
    

 

    Unless otherwise determined by the Committee, if there is a
    Change in Control of the Company and a participant’s
    employment or service as a director, officer, or employee of the
    Company or a Subsidiary, is terminated (1) by the Company
    without Cause, (2) by reason of the participant’s
    death, Disability, or Retirement, or (3) by the participant
    for Good Reason, within twelve months after such Change in
    Control:

 

			
	 	    (i) 
	
    any award carrying a right to exercise that was not previously
    vested and exercisable as of the time of the Change in Control,
    shall become immediately vested and exercisable, and shall
    remain so for up to 180 days after the date of termination
    (but in no event after the expiration date of the award),
    subject to applicable restrictions;

	 
	 	    (ii) 
	
    any restrictions, deferral of settlement, and forfeiture
    conditions applicable to any other award granted under the Plan
    shall lapse and such awards shall be deemed fully vested as of
    the time of the Change in Control, except to the extent of any
    waiver by the participant, and subject to applicable
    restrictions; and

	 
	 	    (iii) 
	
    with respect to any outstanding Performance Award, the Committee
    may, within its discretion, deem the performance goals and other
    conditions relating to the Performance Award as having been met
    as of the date of the Change in Control. Such performance award
    shall be paid no later than two and one-half months after the
    last day of the tax year in which such Change of Control
    occurred (or in the event that such Change in Control causes the
    tax year to end, no later than two and one-half months after the
    closing of such Change in Control).

 

    Notwithstanding the foregoing, or any other provision of this
    Plan to the contrary, in connection with any transaction of the
    type specified by clause (iii) of the definition of a
    Change in Control in Section 2(c), the Committee may, in
    its discretion, (i) cancel any or all outstanding options
    under the Plan in consideration for payment to the holders
    thereof of an amount equal to the portion of the consideration
    that would have been payable to such holders pursuant to such
    transaction if their options had been fully exercised
    immediately prior to such transaction, less the aggregate
    exercise price that would have been payable therefor, or
    (ii) if the amount that would have been payable to the
    option holders pursuant to such transaction if their options had
    been fully exercised immediately prior thereto would be equal to
    or less than the aggregate exercise price that would have been
    payable therefor, cancel any or all such options for no
    consideration or payment of any kind. Payment of any amount
    payable pursuant to the preceding sentence may be made in cash
    or, in the event that the consideration to be received in such
    transaction includes securities or other property, in cash
    and/or
    securities or other property in the Committee’s discretion.

 

		
	
    14. 
    
	
    Withholding
    Taxes.  
    

 

			
	 	    (a) 
	
    Participant Election.  Unless otherwise
    determined by the Committee, a participant may elect to deliver
    shares of Common Stock (or have the Company withhold shares
    acquired upon exercise of an option or SAR or deliverable upon
    grant or vesting of restricted stock, as the case may be) to
    satisfy, in whole or in part, the amount the Company is required
    to withhold for taxes in connection with the exercise of an
    option or SAR or the delivery of restricted stock upon grant or
    vesting, as the case may be. Such election must be made on or
    before the date the amount of tax to be withheld is determined.
    Once made, the election shall be irrevocable. The fair market
    value of the shares to be

    

    11

 

			
	 	
	
    withheld or delivered will be the Fair Market Value as of the
    date the amount of tax to be withheld is determined. In the
    event a participant elects to deliver or have the Company
    withhold shares of Common Stock pursuant to this
    Section 14(a), such delivery or withholding must be made
    subject to the conditions and pursuant to the procedures set
    forth in Section 6(b) with respect to the delivery or
    withholding of Common Stock in payment of the exercise price of
    options.

 

			
	 	    (b) 
	
    Company Requirement.  The Company may require,
    as a condition to any grant or exercise under the Plan or to the
    delivery of certificates for Shares issued hereunder, that the
    grantee make provision for the payment to the Company, either
    pursuant to Section 14(a) or this Section 14(b), of
    federal, state or local taxes of any kind required by law to be
    withheld with respect to any grant or delivery of Shares. The
    Company, to the extent permitted or required by law, shall have
    the right to deduct from any payment of any kind (including
    salary or bonus) otherwise due to a grantee, an amount equal to
    any federal, state or local taxes of any kind required by law to
    be withheld with respect to any grant or delivery of Shares
    under the Plan.

 

		
	
    15. 
    
	
    Written
    Agreement;
    Vesting.  
    

 

    Each employee to whom a grant is made under the Plan shall enter
    into a written agreement with the Company that shall contain
    such provisions, including without limitation vesting
    requirements, consistent with the provisions of the Plan, as may
    be approved by the Committee. Unless the Committee determines
    otherwise and except as otherwise provided in
    Sections 6, 7, and 8 in connection with a Change in
    Control or certain occurrences of termination, no grant under
    this Plan may be exercised, and no restrictions relating thereto
    may lapse, within six months of the date such grant is made.

 

		
	
    16. 
    
	
    Transferability.  
    

 

    Unless the Committee determines otherwise, no award granted
    under the Plan shall be transferable by a participant other than
    by will or the laws of descent and distribution or to a
    participant’s Family Member by gift or a qualified domestic
    relations order as defined by the Code. No award granted under
    the Plan shall be transferable by a participant for
    consideration. Unless the Committee determines otherwise, an
    option, SAR or performance award may be exercised only by the
    optionee or grantee thereof; by his or her Family Member if such
    person has acquired the option, SAR or performance award by gift
    or qualified domestic relations order; by the executor or
    administrator of the estate of any of the foregoing or any
    person to whom the Option is transferred by will or the laws of
    descent and distribution; or by the guardian or legal
    representative of any of the foregoing; provided that Incentive
    Stock Options may be exercised by any Family Member, guardian or
    legal representative only if permitted by the Code and any
    regulations thereunder. All provisions of this Plan shall in any
    event continue to apply to any option, SAR, performance award or
    restricted stock granted under the Plan and transferred as
    permitted by this Section 16, and any transferee of any
    such option, SAR, performance award or restricted stock shall be
    bound by all provisions of this Plan as and to the same extent
    as the applicable original grantee.

 

		
	
    17. 
    
	
    Listing,
    Registration and
    Qualification.  
    

 

    If the Committee determines that the listing, registration or
    qualification upon any securities exchange or under any law of
    Shares subject to any option, SAR, performance award, restricted
    stock unit, or restricted stock grant is necessary or desirable
    as a condition of, or in connection with, the granting of same
    or the issue or purchase of Shares thereunder, no such option or
    SAR may be exercised in whole or in part, no such performance
    award may be paid out, and no Shares may be issued, unless such
    listing, registration or qualification is effected free of any
    conditions not acceptable to the Committee.

 

		
	
    18. 
    
	
    Transfers
    Between Company and
    Subsidiaries.  
    

 

    The transfer of an employee, consultant or independent
    contractor from the Company to a Subsidiary, from a Subsidiary
    to the Company, or from one Subsidiary to another shall not be
    considered a termination of employment or services; nor shall it
    be considered a termination of employment if an employee is
    placed on

    

    12

 

    military or sick leave or such other leave of absence which is
    considered by the Committee as continuing intact the employment
    relationship.

 

		
	
    19. 
    
	
    Adjustments.  
    

 

    In the event of a reorganization, recapitalization, stock split,
    stock dividend, combination of shares, merger, consolidation,
    distribution of assets, or any other change in the corporate
    structure or shares of the Company, the Committee shall make
    such adjustment as it deems appropriate in the number and kind
    of Shares or other property available for issuance under the
    Plan (including, without limitation, the total number of Shares
    available for issuance under the Plan pursuant to
    Section 4), in the number and kind of options, SARs, Shares
    or other property covered by grants previously made under the
    Plan, and in the exercise price of outstanding options and SARs;
    provided, however, that the Committee shall not be required to
    make any adjustment that would (i) require the inclusion of
    any compensation deferred pursuant to provisions of the Plan (or
    an award thereunder) in a participant’s gross income
    pursuant to Section 409A of the Code and the regulations
    issued thereunder from time to time
    and/or
    (ii) cause any award made pursuant to the Plan to be
    treated as providing for the deferral of compensation pursuant
    to such Code section and regulations. Any such adjustment shall
    be final, conclusive and binding for all purposes of the Plan.
    In the event of any merger, consolidation or other
    reorganization in which the Company is not the surviving or
    continuing corporation or in which a Change in Control is to
    occur, all of the Company’s obligations regarding awards
    that were granted hereunder and that are outstanding on the date
    of such event shall, on such terms as may be approved by the
    Committee prior to such event, be (a) canceled in exchange
    for payment of cash or other property determined by the
    Committee to be equal to the intrinsic value of such awards at
    the time of the Change in Control (but, with respect to deferred
    stock units, only if such merger, consolidation, other
    reorganization, or Change in Control constitutes a “change
    in ownership or control” of the Company or a “change
    in the ownership of a substantial portion of the assets” of
    the Company, as determined pursuant to regulations issued under
    Section 409A(a)(2)(A)(v) of the Code) or (b) assumed
    by the surviving or continuing corporation.

 

		
	
    20. 
    
	
    Amendment
    and Termination of the
    Plan.  
    

 

    The Board of Directors or the Committee, without approval of the
    stockholders, may amend or terminate the Plan, except that no
    amendment shall become effective without prior approval of the
    stockholders of the Company if stockholder approval would be
    required by applicable law or regulations, including if required
    for continued compliance with the performance-based compensation
    exception of Section 162(m) of the Code or any successor
    thereto, under the provisions of Section 422 of the Code or
    any successor thereto, or by any listing requirement of the
    principal stock exchange on which the Common Stock is then
    listed.

 

    Notwithstanding any other provisions of the Plan, and in
    addition to the powers of amendment set forth in this
    Section 20 and Section 21 hereof or otherwise, the
    provisions hereof and the provisions of any award made hereunder
    may be amended unilaterally by the Committee from time to time
    to the extent necessary (and only to the extent necessary) to
    prevent the implementation, application or existence (as the
    case may be) of any such provision from (i) requiring the
    inclusion of any compensation deferred pursuant to the
    provisions of the Plan (or an award thereunder) in a
    participant’s gross income pursuant to Section 409A of
    the Code, and the regulations issued thereunder from time to
    time and/or
    (ii) inadvertently causing any award hereunder to be
    treated as providing for the deferral of compensation pursuant
    to such Code section and regulations.

 

		
	
    21. 
    
	
    Amendment
    of Awards under the
    Plan.  
    

 

    The terms of any outstanding award under the Plan may be amended
    from time to time by the Committee in its discretion in any
    manner that it deems appropriate, including, but not limited to,
    any acceleration of the date of exercise of any award
    and/or
    payments (but, with respect to deferred stock units, only to the
    extent permitted by regulations issued under
    Section 409A(a)(3) of the Code) thereunder or of the date
    of lapse of restrictions on Shares; provided that, except as
    otherwise provided in Section 16, no such amendment shall
    adversely affect in a material manner any right of a participant
    under the award without his or her written consent. Neither the
    Board nor the Committee may amend the Plan or the terms of any
    outstanding options or

    

    13

 

    SARs awarded under the Plan to reduce the exercise price of
    outstanding options or SARs without prior stockholder approval.

 

		
	
    22. 
    
	
    Commencement
    Date; Termination
    Date.  
    

 

    The date of commencement of the Plan shall be the date of the
    closing of the Company’s initial public offering of its
    Common Stock. If required by the Code, the Plan will also be
    subject to reapproval by the shareholders of the Company prior
    to the fifth anniversary of such commencement date.

 

    Unless previously terminated upon the adoption of a resolution
    of the Board terminating the Plan, the Plan shall terminate at
    the close of business on the tenth anniversary of the date of
    commencement. No termination of the Plan shall materially and
    adversely affect any of the rights or obligations of any person,
    without his or her written consent, under any grant of options
    or other incentives theretofore granted under the Plan.

 

		
	
    23. 
    
	
    Severability.  
    

 

    Whenever possible, each provision of the Plan shall be
    interpreted in such manner as to be effective and valid under
    applicable law, but if any provision of the Plan is held to be
    prohibited by or invalid under applicable law, such provision
    shall be ineffective only to the extent of such prohibition or
    invalidity, without invalidating the remainder of the Plan.

 

		
	
    24. 
    
	
    Governing
    Law.  
    

 

    The Plan shall be governed by the corporate laws of the State of
    Delaware, without giving effect to any choice of law provisions
    that might otherwise refer construction or interpretation of the
    Plan to the substantive law of another jurisdiction.

    

    14exv10w2

 

Exhibit 10.2

COMMERCIAL VEHICLE GROUP, INC

CHANGE IN CONTROL & NON-COMPETITION AGREEMENT

     This Agreement is made as of this 22nd day of May, 2007, by and between
William Gordon Boyd (“Executive”) and Commercial Vehicle Group, Inc., a Delaware corporation with
its principal office at 6530 W. Campus Oval, New Albany, Ohio 43054, its subsidiaries, successors
and assigns (the “Company”).

Recitals

     A. The Company is engaged in the business of developing, manufacturing, and marketing of
interior systems, vision safety solutions and other cab-related products for the global commercial
vehicle market, including the heavy-duty (Class 8) truck market, the construction market and other
specialized transportation markets and in connection therewith develops and uses valuable technical
and nontechnical trade secrets and other confidential information which it desires to protect.

     B. You will continue to be employed as an executive officer of the Company.

     C. The Company considers your continued services to be in the best interest of the Company and
desires, through this Agreement, to assure your continued services on behalf of the Company on an
objective and impartial basis and without distraction or conflict of interest in the event of an
attempt to obtain control of the Company.

     D. You are willing to remain in the employ of the Company on the terms set forth in this
agreement.

Agreement

     NOW, THEREFORE, the parties agree as follows:

     1. Consideration. As consideration for your entering into this Agreement and your
willingness to remain bound by its terms, the Company shall continue to employ you and provide you
with access to certain Confidential Information as defined in this Agreement and other valuable
consideration as provided for throughout this Agreement, including in Sections 3 and 4 of this
Agreement.

     2. Employment.

          (a) Position. You will continue to be employed as President, CVG Global Construction
reporting to the President and Chief Executive Officer [or board of directors] of the Company. You
shall continue to perform the duties, undertake the responsibilities and exercise the

- 1 -

 

authority customarily performed, undertaken and exercised by persons employed in similar
executive capacities.

     (b) Restricted Employment. While employed by the Company, you shall devote your
best efforts to the business of the Company and shall not engage in any outside employment or
consulting work without first securing the approval of the Company’s Board of Directors.
Furthermore, so long as you are employed under this Agreement, you agree to devote your full time
and efforts exclusively on behalf of the Company and to competently, diligently, and effectively
discharge your duties hereunder. You shall not be prohibited from engaging in such personal,
charitable, or other nonemployment activities that do not interfere with your full time employment
hereunder and which do not violate the other provisions of this Agreement. You further agree to
comply fully with all policies and practices of the Company as are from time to time in effect.

     3. Compensation.

          (a) Your compensation will be continued at your current annual base rate (“Basic Salary”),
payable in accordance with the normal payroll practices of the Company. Your base salary may be
increased from time to time by action of the Board of Directors of the Company. You will also be
eligible for a cash bonus under a performance bonus plan which is determined annually by the Board
of Directors of the Company.

          (b) You will be entitled to receive stock options and to purchase shares of the common stock
of the Company pursuant to the terms of the Company’s Equity Incentive Plan or other plan adopted
by the Board of Directors of the Company from time to time. If a “Change in Control,” as defined
in Section 9(e)(v), shall occur (i) in which the Company does not survive as a result of such
Change in Control or substantially all of the assets of the Company are sold as a result of such
Change in Control, and (ii) in which the surviving entity does not assume the obligations of your
outstanding stock options upon the Change in Control, then all outstanding stock options issued to
you prior to the Change in Control will be immediately vested upon such Change of Control and such
options will be exercisable for a period of at least 12 months from the date of the Change in
Control.

          (c) Subject to applicable Company policies, you will be reimbursed for necessary and
reasonable business expenses incurred in connection with the performance of your duties hereunder
or for promoting, pursuing or otherwise furthering the business or interests of the Company.

     4. Fringe Benefits. You will be entitled to receive employee benefits and participate
in any employee benefit plans, in accordance with their terms as from time to time amended, that
the Company maintains during your employment and which are made generally available to all other
executive management employees in like positions. This includes medical and dental insurance, life
insurance, disability insurance, supplemental medical insurance and 401(k) plan including all
executive benefits as approved by the Board of Directors’ Compensation Committee. It is agreed
that the Company will pay any necessary COBRA payments on your behalf due to any break in medical
coverage for any reason, including pre-existing conditions.

     5. Reserved.

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     6. Confidential Information.

          (a) As used throughout this Agreement, the term “Confidential Information” means any
information you acquire during employment by the Company (including information you conceive,
discover or develop) which is not readily available to the general public and which relates to the
business, including research and development projects, of the Company, its subsidiaries or its
affiliated companies.

          (b) Confidential Information includes, without limitation, information of a technical
nature (such as trade secrets, inventions, discoveries, product requirements, designs, software
codes and manufacturing methods), matters of a business nature (such as customer lists, the
identities of customer contacts, information about customer requirements and preferences, the terms
of the Company’s contracts with its customers and suppliers, and the Company’s costs and prices),
personnel information (such as the identities, duties, customer contacts, and skills of the
Company’s employees) and other financial information relating to the Company and its customers
(including credit terms, methods of conducting business, computer systems, computer software,
personnel data, and strategic marketing, sales or other business plans). Confidential Information
may or may not be patentable.

          (c) Confidential Information does not include information which you learned prior to
employment with the Company from sources other than the Company, information you develop after
employment from sources other than the Company’s Confidential Information or information which is
readily available to persons with equivalent skills, training and experience in the same fields or
fields of endeavor as you. You must presume that all information that is disclosed or made
accessible to you during employment by the Company is Confidential Information if you have a
reasonable basis to believe the information is Confidential Information or if you have notice that
the Company treats the information as Confidential Information.

          (d) Except in conducting the Company’s business, you shall not at any time, either during or
following your employment with the Company, make use of, or disclose to any other person or entity,
any Confidential Information unless (i) the specific information becomes public from a source other
than you or another person or entity that owes a duty of confidentiality to the Company and
(ii) twelve months have passed since the specific information became public. However, you may
discuss Confidential Information with employees of the Company when necessary to perform your
duties to the Company. Notwithstanding the foregoing, if you are ordered by a court of competent
jurisdiction to disclose Confidential Information, you will officially advise the Court that you
are under a duty of confidentiality to the Company hereunder, take reasonable steps to delay
disclosure until the Company may be heard by the Court, give the Company prompt notice of such
Court order, and if ordered to disclose such Confidential Information you shall seek to do so under
seal or in camera or in such other manner as reasonably designed to restrict the public disclosure
and maintain the maximum confidentiality of such Confidential Information.

          (e) Upon Employment Separation, you shall deliver to the Company all originals, copies, notes,
documents, computer data bases, disks, and CDs, or records of any kind that reflect or relate to
any Confidential Information. As used herein, the term “notes” means

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written or printed words, symbols, pictures, numbers or formulae. As used throughout this
Agreement, the term “Employment Separation” means the separation from and/or termination of your
employment with the Company, regardless of the time, manner or cause of such separation or
termination.

     7. Inventions.

          (a) As used throughout this Agreement, the term “Inventions” means any inventions,
improvements, designs, plans, discoveries or innovations of a technical or business nature, whether
patentable or not, relating in any way to the Company’s business or contemplated business if the
Invention is conceived or reduced to practice by you during your employment by the Company.
Inventions includes all data, records, physical embodiments and intellectual property pertaining
thereto. Inventions reduced to practice within one year following Employment Separation shall be
presumed to have been conceived during employment.

          (b) Inventions are the Company’s exclusive property and shall be promptly disclosed and
assigned to the Company without additional compensation of any kind. If requested by the Company,
you, your heirs, your executors, your administrators or legal representative will provide any
information, documents, testimony or other assistance needed for the Company to acquire, maintain,
perfect or exercise any form of legal protection that the Company desires in connection with an
Invention.

          (c) Upon Employment Separation, you shall deliver to the Company all copies of and all notes
with respect to all documents or records of any kind that relate to any Inventions.

     8. Noncompetition and Nonsolicitation.

          (a) By entering into this Agreement, you acknowledge that the Confidential Information has
been and will be developed and acquired by the Company by means of substantial expense and effort,
that the Confidential Information is a valuable asset of the Company’s business, that the
disclosure of the Confidential Information to any of the Company’s competitors would cause
substantial and irreparable injury to the Company’s business, and that any customers of the Company
developed by you or others during your employment are developed on behalf of the Company. You
further acknowledge that you have been provided with access to Confidential Information, including
Confidential Information concerning the Company’s major customers, and its technical, marketing and
business plans, disclosure or misuse of which would irreparably injure the Company.

          (b) In exchange for the consideration specified in Section 1 of this Agreement — the adequacy
of which you expressly acknowledge — you agree that during your employment by the Company and for
a period of twelve (12) months following Employment Separation, you shall not, directly or
indirectly, as an owner, shareholder, officer, employee, manager, consultant, independent
contractor, or otherwise:

          (i) Attempt to recruit or hire, interfere with or harm, or attempt to interfere with or
harm, the relationship of the Company, its subsidiaries or affiliates, with

- 4 -

 

any person who is an employee, customer or supplier of the Company, it subsidiaries or
affiliates;

          (ii) Contact any employee of the Company for the purpose of discussing or suggesting
that such employee resign from employment with the Company for the purpose of becoming
employed elsewhere or provide information about individual employees of the Company or
personnel policies or procedures of the Company to any person or entity, including any
individual, agency or company engaged in the business of recruiting employees, executives or
officers; or

          (iii) Own, manage, operate, join, control, be employed by, consult with or participate
in the ownership, management, operation or control of, or be connected with (as a
stockholder, partner, or otherwise), any business, individual, partner, firm, corporation,
or other entity that competes or plans to compete, directly or indirectly, with the Company,
its products, or any division, subsidiary or affiliate of the Company; provided, however,
that your “beneficial ownership,” either individually or as a member of a “group” as such
terms are used in Rule 13d of the General Rules and Regulations under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), of not more than two percent (2%) of
the voting stock of any publicly held corporation, shall not be a violation of this
Agreement.

     9. Termination of Employment.

          (a) Termination Upon Death or Disability. Your employment will terminate automatically upon
your death. The Company will be entitled to terminate your employment because of your disability
upon 30 days written notice. “Disability” will mean “total disability” as defined in the Company’s
long term disability plan or any successor thereto. In the event of a termination under this
Section 9(a), the Company will pay you only the earned but unpaid portion of your Basic Salary
through the termination date.

          (b) Termination by Company for Cause. An Employment Separation for Cause will occur upon a
determination by the Company that “Cause” exists for your termination and the Company serves you
written notice of such termination. As used in this Agreement, the term “Cause” shall refer only
to any one or more of the following grounds:

          (i) Commission of an act of dishonesty involving the Company, its business or property,
including, but not limited to, misappropriation of funds or any property of the Company;

          (ii) Engagement in activities or conduct clearly injurious to the best interests or
reputation of the Company;

          (iii) Willful and continued failure substantially to perform your duties under this
Agreement (other than as a result of physical or mental illness or injury), after the Board
of Directors of the Company delivers to you a written demand for substantial performance
that specifically identifies the manner in which the Board believes that you have not
substantially performed your duties;

- 5 -

 

          (iv) Illegal conduct or gross misconduct that is willful and results in material and
demonstrable damage to the business or reputation of the Company;

          (v) The clear violation of any of the material terms and conditions of this Agreement
or any other written agreement or agreements you may from time to time have with the
Company;

          (vi) The clear violation of the Company’s code of business conduct or the clear
violation of any other rules of behavior as may be provided in any employee handbook which
would be grounds for dismissal of any employee of the Company; or

          (vii) Commission of a crime which is a felony, a misdemeanor involving an act of moral
turpitude, or a misdemeanor committed in connection with your employment by the Company
which causes the Company a substantial detriment.

          No act or failure to act shall be considered “willful” unless it is done, or omitted to be
done, by you in bad faith or without reasonable belief that your action or omission was in the best
interests of the Company. Any act or failure to act that is based upon authority given pursuant to
a resolution duly adopted by the Board of Directors, or the advice of counsel for the Company,
shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the
best interests of the Company.

          In the event of a termination under this Section 9(b), the Company will pay you only the
earned but unpaid portion of your Basic Salary through the termination date.

          Following a termination for Cause by the Company, if you desire to contest such determination,
your sole remedy will be to submit the Company’s determination of Cause to arbitration in Columbus,
Ohio before a single arbitrator under the commercial arbitration rules of the American Arbitration
Association. If the arbitrator determines that the termination was other than for Cause, the
Company’s sole liability to you will be the amount that would be payable to you under Section 9(d)
of this Agreement for a termination of your employment by the Company without Cause. Each party
will bear his or its own expenses of the arbitration.

          (c) Termination by You. In the event of an Employment Separation as a result of a termination
by you for any reason, you must provide the Company with at least 14 days advance written notice
(“Notice of Termination”) and continue working for the Company during the 14-day notice period, but
only if the Company so desires to continue your employment and to compensate you during such
period.

          In the event of such termination under this Section, the Company will pay you the earned but
unpaid portion of your Basic Salary through the termination date.

          (d) Termination by Company Without Cause. In the event of an Employment Separation as a
result of termination by the Company without Cause, the Company will pay you the earned but unpaid
portion of your Basic Salary through the termination date and will continue to pay you your Basic
Salary for an additional twelve (12) months (the “Severance Period”); provided, however, any such
payments will immediately end if (i) you are in violation of any of your

- 6 -

 

obligations under this Agreement, including Sections 6, 7 and/or 8; or (ii) the Company, after
your termination, learns of any facts about your job performance or conduct that would have given
the Company Cause, as defined in Section 9(b), to terminate your employment.

          (e) Termination Following Change of Control. If a “Change in Control”, as defined in Section
9(e)(v), shall have occurred and within 13 months following such Change in Control the Company
terminates your employment other than for Cause, as defined in Section 9(b), or you terminate your
employment for Good Reason, as that term is defined in Section 9(e)(vii), then you shall be
entitled to the benefits described below:

          (i) You shall be entitled to the unpaid portion of your Basic Salary plus
credit for any vacation accrued but not taken and the amount of any earned but unpaid
portion of any bonus, incentive compensation, or any other Fringe Benefit to which
you are entitled under this Agreement through the date of the termination as a result
of a Change in Control (the “Unpaid Earned Compensation”), plus 1.0 times your
“Current Annual Compensation” as defined in this Section 9(e)(i) (the “Salary
Termination Benefit”). “Current Annual Compensation” shall mean the total of your
Basic Salary in effect at the Termination Date, plus the average annual performance
bonus actually received by you over the last three years fiscal years (or if you have
been employed for a shorter period of time over such period during which you
performed services for the Company) plus any medical, financial and insurance
coverage provided presently under your current annual compensation plan, and shall
not include the value of any stock options granted or exercised, restricted stock
awards granted or vested, contributions to 401(k) or other qualified plans.”

          (ii) Immediate vesting of all outstanding stock options and restricted stock
awards issued to you, and thereafter shall be exercisable for a period of at least 12
months after the Termination Date.

          (iii) The Company shall maintain for your benefit (or at your election make
COBRA payments for your benefit), until the earlier of (A) 12 months after
termination of employment following a Change in Control, or (B) your commencement of
full-time employment with a new employer with comparable benefits, all life
insurance, medical, health and accident, and disability plans or programs, such plans
or programs to be maintained at the then current standards of the Company, in which
you shall have been entitled to participate prior to termination of employment
following a Change in Control, provided your continued participation is permitted
under the general terms of such plans and programs after the Change in Control
(“Fringe Termination Benefit”); (collectively the Salary Termination Benefit and the
Fringe Termination Benefit are referred to as the “Termination Benefits”).

          (iv) The Unpaid Earned Compensation shall be paid to you within 15 days after
termination of employment, one-half of the Salary Termination Benefit shall be
payable to you as severance pay in a lump sum payment within 30 days after
termination of employment, and one-half of the Salary Termination Benefit shall be
payable to you as severance pay in equal monthly payments commencing 30 days

- 7 -

 

after termination of employment and ending on the date that is the earlier of
two and one-half months after the end of the Company’s fiscal year in which
termination occurred or your death; provided, however, the Company may immediately
discontinue the payment of the Termination Benefits if (i) you are in violation of
any of your obligations under this Agreement, including in Sections 6, 7 and/or 8;
and/or (ii) the Company, after your termination, learns of any facts about your job
performance or conduct that would have given the Company Cause as defined in Section
9(b) to terminate your employment. You shall have no duty to mitigate your damages
by seeking other employment, and the Company shall not be entitled to set off against
amounts payable hereunder any compensation which you may receive from future
employment. To the extent necessary, the parties hereto agree to negotiate in good
faith should any amendment to this Agreement required in order to comply with Section
409A of the Code, provided, however, no amendment shall be effected after the
occurrence of a Change in Control.

          (v) A “Change in Control” shall be deemed to have occurred if and when, after
the date hereof, (i) any “person” (as that term is used in Section 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on the date
hereof), including any “group” as such term is used in Section 13(d)(3) of the
Exchange Act on the date hereof, shall acquire (or disclose the previous acquisition
of) beneficial ownership (as that term is defined in Section 13(d) of the Exchange
Act and the rules thereunder on the date hereof) of shares of the outstanding stock
of any class or classes of the Company which results in such person or group
possessing more than 50% of the total voting power of the Company’s outstanding
voting securities ordinarily having the right to vote for the election of directors
of the Company; or (ii) as the result of, or in connection with, any tender or
exchange offer, merger or other business combination, or contested election, or any
combination of the foregoing transactions (a
“Transaction”), the owners of the voting shares of the Company outstanding immediately prior to such Transaction own less than
a majority of the voting shares of the Company after the Transaction; or (iii) during
any period of two consecutive years during the term of this Agreement, individuals
who at the beginning of such period constitute the Board of Directors of the Company
(or who take office following the approval of a majority of the directors then in
office who were directors at the beginning of the period) cease for any reason to
constitute at least one-half thereof, unless the election of each director who was
not a director at the beginning of such period has been approved in advance by
directors of the Company representing at least one-half of the directors then in
office who were directors at the beginning of the period; or (iv) the sale, exchange,
transfer, or other disposition of all or substantially all of the assets of the
Company (a “Sale Transaction”) shall have occurred.

          (vi) Anything in this Agreement to the contrary notwithstanding, in the event it
shall be determined that any payment or distribution involving a “Change in Control”
of the Company, by the Company or any other person or entity, to or for the benefit
of the Executive (whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise, but determined without regard to any
additional payments required under this Section 3) (a “Payment”) would be

- 8 -

 

subject to the excise tax imposed by Section 4999 of the Code (or any successor
provision) or any interest or penalties are incurred by the Executive with respect to
such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then the Executive shall
be entitled to receive an additional payment (a “Gross-Up Payment”) from the Company
in an amount such that, after payment by the Executive of all taxes (including any
interest or penalties imposed with respect to such taxes), including, without
limitation, any income and/or payroll taxes (and any interest and penalties imposed
with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
Payments.

          (vii) As used in this Agreement, the term “Good Reason” means, without your
written consent:

     (A) a material change in your status, position or responsibilities
which, in your reasonable judgment, does not represent a promotion from your
existing status, position or responsibilities as in effect immediately prior
to the Change in Control; the assignment of any duties or responsibilities or
the removal or termination of duties or responsibilities (except in
connection with the termination of employment for total and permanent
disability, death, or Cause, or by you other than for Good Reason), which, in
your reasonable judgment, are materially inconsistent with such status,
position or responsibilities;

     (B) a reduction by the Company in your Basic Salary as in effect on the
date hereof or as the same may be increased from time to time during the term
of this Agreement or the Company’s failure to increase (within twelve months
of your last increase in Basic Salary) your Basic Salary after a Change in
Control in an amount which at least equals, on a percentage basis, the
average percentage increase in Basic Salary for all executive and senior
officers of the Company, in like positions, which were effected in the
preceding twelve months;

     (C) the relocation of the Company’s principal executive offices to a
location outside the greater Columbus metropolitan area or the relocation of
you by the Company to any place other than the location at which you
performed duties prior to a Change in Control, except for required travel on
the Company’s business to an extent consistent with business travel
obligations at the time of a Change in Control;

     (D) the failure of the Company to continue in effect, or continue or
materially reduce your participation in, any incentive, bonus or other
compensation plan in which you participate, including but not limited to the
Company’s stock option plans, unless an equitable arrangement (embodied in an
ongoing substitute or alternative plan), has been made or offered with
respect to such plan in connection with the Change in Control;

- 9 -

 

          (E) the failure by the Company to continue to provide you with benefits
substantially similar to those enjoyed or to which you are entitled under any
of the Company’s deferred compensation, pension, profit sharing, life
insurance, medical, dental, health and accident, or disability plans at the
time of a Change in Control, the taking of any action by the Company which
would directly or indirectly materially reduce any of such benefits or
deprive you of any material fringe benefit enjoyed or to which you are
entitled at the time of the Change in Control, or the failure by the Company
to provide the number of paid vacation and sick leave days to which you are
entitled on the basis of years of service with the Company in accordance with
the Company’s normal vacation policy in effect on the date hereof;

          (F) the failure of the Company to obtain a satisfactory agreement from
any successor or assign of the Company to assume and agree to perform this
Agreement;

          (G) any request by the Company that you participate in an unlawful act
or take any action constituting a breach of your professional standard of
conduct; or

          (H) any breach of this Agreement on the part of the Company.

Notwithstanding anything in this Section to the contrary, your right to
terminate your employment pursuant to this Section shall not be affected by
incapacity due to physical or mental illness.

          (viii) Upon any termination or expiration of this Agreement or any cessation of
your employment hereunder, the Company shall have no further obligations under this
Agreement and no further payments shall be payable by the Company to you, except as
provided in Section 9 above and except as required under any benefit plans or
arrangements maintained by the Company and applicable to you at the time of such
termination, expiration or cessation of your employment.

          (ix) Enforcement of Agreement. The Company is aware that upon the occurrence
of a Change in Control, the Board of Directors or a shareholder of the Company may
then cause or attempt to cause the Company to refuse to comply with its obligations
under this Agreement, or may cause or attempt to cause the Company to institute, or
may institute litigation seeking to have this Agreement declared unenforceable, or
may take or attempt to take other action to deny you the benefits intended under this
Agreement. In these circumstances, the purpose of this Agreement could be
frustrated. Accordingly, if following a Change in Control it should appear to you
that the Company has failed to comply with any of its obligations under Section 9 of
this Agreement or in the event that the Company or any other person takes any action
to declare Section 9 of this Agreement void or enforceable, or institutes any
litigation or other legal action designed to deny, diminish or to recover from you
the benefits entitled to be provided to you under

- 10 -

 

Section 9, and that you have complied with all your obligations under this
Agreement, the Company authorizes you to retain counsel of your choice, at the
expense of the Company as provided in this Section 9(e)(ix), to represent you in
connection with the initiation or defense of any pre-suit settlement negotiations,
litigation or other legal action, whether such action is by or against the Company or
any Director, officer, shareholder, or other person affiliated with the Company, in
any jurisdiction. Notwithstanding any existing or prior attorney-client relationship
between the Company and such counsel, the Company consents to you entering into an
attorney-client relationship with such counsel, and in that connection the Company
and you agree that a confidential relationship shall exist between you and such
counsel, except with respect to any fee and expense invoices generated by such
counsel. The reasonable fees and expenses of counsel selected by you as hereinabove
provided shall be paid or reimbursed to you by the Company on a regular, periodic
basis upon presentation by you of a statement or statements prepared by such counsel
in accordance with its customary practices, up to a maximum aggregate amount of
$50,000. Any legal expenses incurred by the Company by reason of any dispute between
the parties as to enforceability of Section 9 or the terms contained in Section 9(f),
notwithstanding the outcome of any such dispute, shall be the sole responsibility of
the Company, and the Company shall not take any action to seek reimbursement from you
for such expenses.

          (f) The noncompetition periods described in Section 8 of this Agreement shall be suspended
while you engage in any activities in breach of this Agreement. In the event that a court grants
injunctive relief to the Company for your failure to comply with Section 8, the noncompetition
period shall begin again on the date such injunctive relief is granted.

          (g) Nothing contained in this Section 9 shall be construed as limiting your obligations under
Sections 6, 7, or 8 of this Agreement concerning Confidential Information, Inventions, or
Noncompetition and Nonsolicitation.

     10. Remedies; Venue; Process.

          (a) You hereby acknowledge and agree that the Confidential Information disclosed to you prior
to and during the term of this Agreement is of a special, unique and extraordinary character, and
that any breach of this Agreement will cause the Company irreparable injury and damage, and
consequently the Company shall be entitled, in addition to all other legal and equitable remedies
available to it, to injunctive and any other equitable relief to prevent or cease a breach of
Sections 6, 7, or 8 of this Agreement without further proof of harm and entitlement; that the terms
of this Agreement, if enforced by the Company, will not unduly impair your ability to earn a living
or pursue your vocation; and further, that the Company may cease paying any compensation and
benefits under Section 9 if you fail to comply with this Agreement, without restricting the Company
from other legal and equitable remedies. The parties agree that the prevailing party in litigation
concerning a breach of this Agreement shall be entitled to all costs and expenses (including
reasonable legal fees and expenses) which it incurs in successfully enforcing this Agreement and in
prosecuting or defending any litigation (including appellate proceedings) concerning a breach of
this Agreement.

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          (b) Except for actions brought under Section 9(b) of this Agreement, the parties agree that
jurisdiction and venue in any action brought pursuant to this Agreement to enforce its terms or
otherwise with respect to the relationships between the parties shall properly lie in either the
United States District Court for the Southern District of Ohio, Eastern Division, Columbus, Ohio,
or the Court of Common Pleas of Franklin County, Ohio. Such jurisdiction and venue is exclusive,
except that the Company may bring suit in any jurisdiction and venue where jurisdiction and venue
would otherwise be proper if you may have breached Sections 6, 7, or 8 of this Agreement. The
parties further agree that the mailing by certified or registered mail, return receipt requested,
of any process required by any such court shall constitute valid and lawful service of process
against them, without the necessity for service by any other means provided by statute or rule of
court.

     11. Exit Interview. Prior to Employment Separation, you shall attend an exit
interview if desired by the Company and shall, in any event, inform the Company at the earliest
possible time of the identity of your future employer and of the nature of your future employment.

     12. No Waiver. Any failure by the Company to enforce any provision of this Agreement
shall not in any way affect the Company’s right to enforce such provision or any other provision at
a later time.

     13. Saving. If any provision of this Agreement is later found to be completely or
partially unenforceable, the remaining part of that provision of any other provision of this
Agreement shall still be valid and shall not in any way be affected by the finding. Moreover, if
any provision is for any reason held to be unreasonably broad as to time, duration, geographical
scope, activity or subject, such provision shall be interpreted and enforced by limiting and
reducing it to preserve enforceability to the maximum extent permitted by law.

     14. No Limitation. You acknowledge that your employment by the Company may be
terminated at any time by the Company or by you with or without cause in accordance with the terms
of this Agreement. This Agreement is in addition to and not in place of other obligations of
trust, confidence and ethical duty imposed on you by law.

     15. Governing Law. This Agreement shall be interpreted and enforced in accordance
with the laws of the State of Ohio without reference to its choice of law rules.

     16. Final Agreement. This Agreement replaces any existing agreement between you and
the Company relating to the same subject matter and may be modified only by an agreement in writing
signed by both you and a duly authorized representative of the Company.

     17. Further Acknowledgments. YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED A COPY OF THIS
AGREEMENT, THAT YOU HAVE READ AND UNDERSTOOD THIS AGREEMENT, THAT YOU UNDERSTAND THIS AGREEMENT
AFFECTS YOUR RIGHTS, AND THAT YOU HAVE ENTERED INTO THIS AGREEMENT VOLUNTARILY.

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	 	Commercial Vehicle Group, Inc.

 	 
	 	By:  	/s/ James F. Williams
 	 
	 	Name:  	James F. Williams 	 
	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	EXECUTIVE:

 	 
	 	/s/ William Gordon Boyd
 	 
	 	William Gordon Boyd 	 
	 	President, CVG Global Construction 	 
	 

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