Document:

Exhibit 10.22

 

SCHWEITZER-MAUDUIT
INTERNATIONAL, INC.

RESTRICTED
STOCK AGREEMENT

 

You have been selected to
be a recipient of a grant under the Schweitzer-Mauduit International, Inc.
Restricted Stock Plan (the “Plan”), as specified below:

 

GRANTEE:

DATE OF GRANT:

NUMBER OF RESTRICTED
SHARES GRANTED:

DATE(S) OF LAPSE OF
RESTRICTIONS:

 

THIS AGREEMENT, effective
as of the Date of Grant set forth above, is between Schweitzer-Mauduit
International, Inc., a Delaware corporation (the “Company”) and the
Grantee named above, and is entered into pursuant to the provisions of the
Plan.  The parties hereto agree as
follows:

 

1.                                       Employment
by the Company.  The Restricted Stock
granted hereunder is awarded on the condition that Grantee remain in the employ
of the Company from the Date of Grant through (and including) the Date of Lapse
of Restrictions, as specified above (this time period is referred to herein as
the “Restriction Period”).

 

However, neither such
condition nor the award of the Restricted Stock shall impose upon the Company
any obligation to retain Grantee in its employ for any given period or upon any
specific terms of employment.

 

2.                                       Certified
Legend.  Each certificate
representing shares of Restricted Stock granted pursuant to the Plan shall bear
the following legend:

 

“The sale or other
transfer of the shares of stock represented by this certificate, whether
voluntary, involuntary, or by operation of law, is subject to certain
restrictions on transfer set forth in Schweitzer-Mauduit International, Inc.’s
Restricted Stock Plan (“Plan”), any rules of administration adopted
pursuant to such Plan, and a Restricted Stock Agreement dated                ,
20    .  A copy of
the Plan, such rules, and such Restricted Stock Agreement may be obtained from
the Secretary of Schweitzer-Mauduit International, Inc.”

 

3.                                       Removal
of Restrictions.  Except
as otherwise provided herein and in the Plan, awards granted under this
Agreement shall become freely transferable by Grantee after the last day of the
Restriction Period.  Once the
awards are released from the restrictions, Grantee shall be entitled to have
the legend required by Section 2 of this Agreement removed from his or her
stock certificate.

 

4.                                       Voting
Rights and Dividends.  During the
Restriction Period, Grantee may exercise full voting rights and is entitled to
receive all dividends and other distributions paid with respect to the shares
of Restricted Stock while they are held. 
If any such dividends or

 

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distributions
are paid in shares of common stock of the Company, the shares shall be subject
to the same restrictions on transferability as are the shares of Restricted
Stock with respect to which they were paid.

 

5.                                       Termination
of Employment Due to Death.  In the event
the employment of Grantee is terminated by reason of death during the
Restriction Period, the restrictions applicable to a specified number of the
shares of Restricted Stock held by Grantee at the time of termination shall
lapse as of the date Grantee’s employment terminated, as set forth in this Section 5.  The number of shares of Restricted Stock with
respect to which restrictions will lapse upon Grantee’s death shall be
calculated as follows:

 

(a)          The number of shares of
Restricted Stock with respect to which restrictions shall lapse following the
death of Grantee shall be determined based upon the assumption that Grantee’s
employment continued throughout the entire Restriction Period, and that the
Grantee would have been entitled to have the restrictions removed on 100% of
his or her shares of Restricted Stock; and

 

(b)         The actual number of
shares of Restricted Stock with respect to which restrictions shall lapse
following the death of Grantee shall be calculated by multiplying the number of
shares determined in accordance with Subparagraph (a) above, by a
fraction, the numerator of which is the number of full months of employment of
Grantee during the applicable Restriction Period, and the denominator of which
is the total number of full months comprising the Restriction Period.

 

6.                                       Termination
of Employment Due to Total and Permanent Disability.  In the event Grantee’s active employment by
the Company is terminated by reason of Total and Permanent Disability, as such
term is defined in the Plan, during the Restriction Period, Grantee shall be
entitled to a prorated award of shares on the Date of Lapse of Restrictions,
based on the number of full months of employment of Grantee during the
Restriction Period, in relation to the total number of full months in the
Restriction Period.  The restrictions on
such shares of Restricted Stock shall lapse at the same time they otherwise
would have, had the employment termination not occurred.

 

If, after the termination
of Grantee’s employment due to Total and Permanent Disability, but prior to the
Date of Lapse of Restrictions as set forth on the first page of this
Agreement, Grantee dies, then the number of shares of Restricted Stock with
respect to which restrictions shall lapse and the timing of such lapse shall be
determined according to Section 5 herein, applied by treating Grantee as
if he or she had remained employed by the Company until the date of his or her
death.

 

7.                                       Termination
of Employment for Other Reasons.  In
the event that Grantee terminates employment with the Company for any reason
other than those reasons set forth in Sections 5 and 6 herein, all shares of
Restricted Stock held by the Grantee at the time of employment termination
shall be forfeited by Grantee to the Company; provided, however, that in the
event of an involuntary termination of the employment of Grantee by the
Company, the Compensation  Committee, in
its sole discretion, may waive the automatic forfeiture provisions and pay out
on a pro rata basis.

 

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8.                                       Change
in Control.  In the event of a Change
in Control (as defined in the Plan), all restrictions on the transferability of
outstanding awards of Restricted Stock held by Grantee under the Plan shall
immediately lapse, and thereafter such shares shall be freely transferable by
Grantee, subject to applicable Federal and state securities laws.

 

9.                                       Transferability.  Shares of Restricted Stock granted under this
Agreement are not transferable by Grantee, whether voluntarily or involuntarily,
by operation of law or otherwise, during the Restriction Period, except as
provided in the Plan.  If any assignment,
pledge, transfer, or other disposition, voluntary or involuntary, of Restricted
Stock shall be made, or if any attachment, execution, garnishment, or lien
shall be issued against or placed upon the Restricted Stock, then Grantee’s
right to the Restricted Stock shall immediately cease and terminate, and
Grantee shall promptly surrender to the Company all certificates evidencing
Restricted Stock awarded under this Agreement.

 

10.                                 Recapitalization.  In the event that there is any change in the
common stock of the Company through the declaration of stock dividends or
through recapitalization resulting in stock split-ups or through merger, consolidation,
or exchange of shares, or otherwise, the number of shares of Restricted Stock
subject to this Agreement shall be equitably adjusted by the Compensation
Committee to prevent dilution or enlargement of rights in accordance with the
Plan.

 

11.                                 Administration.  This Agreement and the rights of Grantee
hereunder are subject to all the terms and conditions of the Plan, as the same
may be amended from time to time, as well as to such rules and regulations
as the Compensation Committee, as such term is defined in the Plan, may adopt
for administration of the Plan.  It is
expressly understood that the Compensation Committee is authorized to
administer, construe, and make all determinations necessary or appropriate to
the administration of the Plan and this Agreement, all of which shall be
binding upon Grantee.  Any inconsistency
between this Agreement and the Plan shall be resolved in favor of the Plan.

 

12.                                 Miscellaneous.

 

(a)          This Agreement shall not
confer upon Grantee any right to continuation of employment by the Company, nor
shall this Agreement interfere in any way with the Company’s right to terminate
his or her employment at any time.

 

(b)         Subject to the terms of
the Plan, the Compensation Committee may terminate, amend, or modify the Plan
or this Agreement; provided, however, that no such termination, amendment, or
modification of the Plan or this Agreement may in any way adversely affect
Grantee’s rights under this Agreement without Grantee’s consent.

 

(c)          The Company shall have
the authority to deduct or withhold, or require Grantee to remit to the
Company, an amount sufficient to satisfy Federal, state, and local taxes
(including Grantee’s FICA obligation) required by law to be withheld with
respect to any provision of this agreement.

 

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(d)         This Agreement shall be
subject to all applicable laws, rules, and regulations and to such approvals by
any governmental agencies or national securities exchanges as may be required.

 

(e)          To the extent not preempted
by Federal law, this Agreement shall be governed by, and construed in
accordance with the laws of the State of Georgia.

 

IN WITNESS THEREOF, the
parties have caused the Agreement to be executed as of the Date of Grant.

 

 

	
   

  	
  SCHWEITZER-MAUDUIT
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Wayne H. Deitrich,
  Chairman and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  John W.
  Rumely, Jr., Secty. & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  (Grantee)

  
						

 

4Exhibit
10.1

 

THE TIMBERLAND COMPANY

2005 LONG TERM INCENTIVE PROGRAM

FOR KENNETH P. PUCKER

 

(effective
1/1/05)

 

 

THE TIMBERLAND COMPANY

2005 LONG TERM INCENTIVE PROGRAM

FOR KENNETH P. PUCKER

 

This
instrument sets forth the terms of The Timberland Company 2005 Long Term
Incentive Program for Kenneth P. Pucker. 
The Program is established under The Timberland Company 1997 Incentive
Plan, and amounts paid under the Program are intended to qualify as
performance-based compensation under Section 162(m) of the Internal
Revenue Code.

 

1.                                      Purpose.  The
purpose of the Program is to provide competitive incentive pay and capital
accumulation opportunities to the Company’s Executive Vice President and Chief
Operating Officer under the terms and conditions set forth in the Program
instrument.  The purpose of this Award is
to provide such officer with a cash bonus Award in exchange for his attainment
of a specified Performance Goal, continued employment through March 31,
2007, and agreement not to compete for a one-year period following his
termination of employment.  The Award is
for a one-year Award Period, and the amount of such Award (set forth in Schedule A)
equals the amount by which the cash bonus award the Committee intended to
provide the officer at its meeting on March 2, 2004, for a three-year
award period, was reduced by operation of the maximum limit set forth in the
Plan on cash bonus awards with performance periods longer than one year.

 

2.                                       Definitions.  The
following terms shall have the following meanings unless the context indicates
otherwise.

 

(a)                                     “Affiliate” shall mean any corporation or
other entity owning, directly or indirectly, 50% or more of the outstanding
Stock of the Company, or in which the Company or any such corporation or other
entity owns, directly or indirectly, 50% or more of the outstanding capital
stock (determined by aggregate voting rights) or other voting interests.

 

(b)                                    “Award” shall mean an opportunity to earn
incentive pay, in the form of a cash bonus based on performance, as described
in Section 5.

 

(c)                                     “Award Period” shall mean the one-year period
commencing January 1, 2005, and shall be the measurement period during
which Goal attainment is determined.

 

(d)                                    “Board” shall mean the Board of Directors of
The Timberland Company.

 

(e)                                     “Code” shall mean the Internal Revenue Code
of 1986, as from time to time amended.

 

(f)                                       “Committee” shall mean the Management
Development and Compensation Committee of the Board.

 

(g)                                    “Company” shall mean The Timberland Company.

 

1

 

(h)                                    “Participant” shall mean Kenneth P. Pucker.

 

(i)                                        “Performance Goal” or “Goal” shall mean the
financial objective that must be met to earn incentive pay.

 

(j)                                        “Performance Measure” shall mean compound
annual growth in earnings per share (“EPS”).

 

(k)                                     “Plan” shall mean The Timberland Company 1997
Incentive Plan, as amended.

 

(l)                                        “Program” shall mean The Timberland Company
2005 Long Term Incentive Program for Kenneth P. Pucker.

 

(m)                                  “Stock” shall mean Class A Common Stock of
the Company, par value $.01 per share.

 

3.                                      Administration.  The
Program shall be administered by the Committee, in accordance with the terms of
the Plan.  The Committee shall have sole
and complete discretion with respect to the exercise of all permissive powers
and authority granted to the administrator under the Plan; provided, however,
the Committee may not exercise its discretion to increase the amount of
incentive pay that would be otherwise due the Participant upon attainment of
the Performance Goal.  All actions,
determinations, and decisions of the Committee shall be final, conclusive, and
binding on all parties.

 

4.                                      Participation.  The
Participant was designated by the Committee at its meeting on December 1,
2004, to participate during a one-year Award Period.

 

5.                                      Award.  The
Award was established by the Committee at its meeting on March 2, 2005,
and was expressed as an opportunity to receive a cash bonus.  The Award is based on the attainment of a
specific Performance Goal described in Section 6.  The Award shall not be changed or modified
during the Award Period to increase the amount of incentive pay that would
otherwise become payable.  (Schedule A
attached shows the Award and Award Period.)

 

6.                                      Performance Measure and
Goal.                The
Performance Measure and Goal were established by the Committee at its meeting
on March 2, 2005.  The Performance
Goal shall not be changed or modified during the Award Period to increase the
amount of incentive pay that would otherwise become payable.  (Schedule B attached sets forth
the Performance Measure and Goal for the Award Period.)

 

7.                                      Award Payout Calculation.

 

(a)                                   Award payout shall be conditioned on
attainment of the Performance Goal.  No
payout shall be made unless the Goal is attained, and the payout shall not be
increased to the extent the Goal is surpassed.

 

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(b)                                    The Company’s independent public accountants
shall audit the Company’s Award calculations following the close of the Award
Period.

 

(c)                                     The Committee shall promptly approve or
disapprove the Award payout following completion of the independent audit.  The Committee may exercise “negative
discretion” within the meaning of Code Section 162(m) to reduce the cash
bonus Award payout unless the fair market value of the Stock on December 31,
2006, is less than $        per share.  The Committee may reduce the Award payout to
reflect extraordinary circumstances if such modification would better serve the
purpose of the Plan.

 

8.                                      Award Payment.

 

(a)                                     The Award payout shall be made in 2007 and
not later than March 31 of such year, subject to the independent
audit.  To be eligible to receive a
payout, the Participant must be employed by the Company or an Affiliate on the
payment date.

 

(b)                                    The Award payout shall be made in cash.

 

9.                                        Employment

 

Receiving
this Award or Award payout shall not give the Participant the right to be
retained in the employment of the Company or an Affiliate, or affect the right
of the Company or an Affiliate to discharge or discipline the Participant.

 

3

 

THE TIMBERLAND
COMPANY

2005 LONG TERM
INCENTIVE PROGRAM

FOR KENNETH P.
PUCKER

 

Schedule A -
Award

 

One-Year Award
Period (1/1/05-12/31/05)

 

	
  TBL
  FMV in

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment Year

  	
   

  	
   

  	
  2007

  	
   

  
	
  Cash Bonus

  	
   

  	
  $

  	
  1.25MM

  	
   

  
							

 

 

THE TIMBERLAND
COMPANY

2005 LONG TERM
INCENTIVE PROGRAM

FOR KENNETH P.
PUCKER

 

Schedule B -
Performance Measures and Goals

 

	
  Award Period

  	
   

  	
  Performance

  Measure

  	
   

  	
  Wtg

  	
   

  	
  Financial Target (Goal)

  	
   

  
	
  1/1/05
  - 12/31/05

  	
   

  	
  EPS

  	
   

  	
  100

  	
  %

  	
  $

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]