Document:

EX-10.1

 

Exhibit 10.1

THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

PERFORMANCE SHARE AWARD

        THIS PERFORMANCE SHARE AWARD, dated this _________ day of _________, 2_____, (the “Grant
Date”) by The Lubrizol Corporation (the “Company”) to _______________, an
employee of the Company and/or a Subsidiary (as defined in the Plan).

        The following terms and provisions apply to this Performance Share Award:

1.     The Company hereby grants to you, under the provisions of Section 9 of the Company’s 2005 Stock
Incentive Plan, as amended (the “Plan”), the number of Company Common Shares, without par value, in
accordance with the three-year performance target chart(s) as shown in Exhibit A attached to this
Award. The Company Common Shares granted hereunder are referred to herein as the “Shares”.

2.     If there is a Change of Control, as defined under the Plan, prior to the receipt of Shares under
Section 1, above, you will receive a pro-rata number of Shares upon the Change of Control. The
pro-rata number of Shares will be determined as shown on Exhibit B attached to this Award.

3.     If you separate from service due to retirement (either normal or early retirement) prior to the
receipt of Shares pursuant to Section 1, above, you will receive a pro-rata number of Shares upon
the end of the three-year cycle based on the number of full months which have elapsed since the
date of this Award at the time or your separation from service or death. In no event will the
payment of Shares be made earlier than six months after your retirement.

        If you separate from service due to death prior to the receipt of Shares pursuant to Section
1, above, your beneficiary will receive a pro-rata number of Shares upon the end of the three-year
cycle based on the number of full months which have elapsed since the date of this Award at the
time or your service or death. You may at any time specify in writing a beneficiary to receive the
Shares if you die before the receipt of Shares under this Award. If the Company does not have a
beneficiary election on file at the time of your death, the Shares will be issued to your spouse,
or if your spouse is not living at the time of issuance, your children who are living, or if you
have no living children at the time of issuance, your estate.

        If you separate from service (voluntarily or involuntarily) for any other reason prior to the
receipt of Shares pursuant to Section 1, above, you will forfeit any Shares under this Award.

4.     The Award is not transferable by you during your life.

5.     Prior to the issuance of Shares to you, you will not be a shareholder of the Company and you
will have no rights under the Award as a shareholder of the Company. No dividends or other amount
will be allocated or paid to you with respect to the Award.

6.     If there is a stock split, reverse stock split or stock dividend, the number of Shares specified
in Section 1, above will be increased or decreased in direct proportion to the increase or decrease
in the number of Company Shares by reason of the stock split, reverse stock split or stock
dividend.

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7.     Shares will not be distributed under this Award if the issuance of the Shares would violate:

	 	(a)  	any applicable state securities law;
	 
	 	(b)  	any applicable registration or other requirements under the Securities Act of
1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as
amended, or the listing requirements of any stock exchange on which the Company’s
Shares are listed; or
	 
	 	(c)  	any similar legal requirement of any governmental authority regulating the
issuance of shares by the Company.

Further, if a Registration Statement with respect to the Shares to be issued is not in effect or if
counsel for the Company deems it necessary or desirable in order to avoid possible violation of the
Securities Act, the Company may require, as a condition to its issuance and delivery of
certificates for the Shares, that you deliver to the Company a statement in writing that you
understand the Shares may be “restricted securities” as defined in Rule 144 of the Securities and
Exchange Commission and that any resale, transfer or other disposition of the Shares will be
accomplished only in compliance with Rule 144, the Securities Act, or other or subsequent
applicable Rules and Regulations thereunder. Further still, the Company may place on the
certificates evidencing the Shares an appropriate legend under Rule 144.

	8.  	(a)      When the Common Shares are distributable to you pursuant to Section 1, above, you may be
subject to income and other taxes on the value of the Shares on the date of distribution. The
Company will withhold a sufficient number of Shares that will provide for the federal, state
and/or local income tax at the rates then applicable for supplemental wages, unless otherwise
requested by you, but in no event less than the statutory minimums for tax withholding.
	 
	  	(b)      For purposes of determining the number of Common Shares that are to be withheld to
provide for the tax withholding pursuant to Section 8(a), Common Shares will be valued at
the average of the high and low trading prices on the New York Stock Exchange on the date
Shares are distributable to you. If the determination of the tax withholding requires the
withholding of a fractional Share, the Company shall withhold the nearest whole number of
Shares needed to pay the tax withholding, rounded up, and remit to you in cash the amount of
the excess after the withholding taxes have been satisfied.

9.        Prior to the distribution of Shares pursuant to Section 1, the Committee has the right in its
sole discretion to reduce the amount of this Award.

10.      The Committee has conclusive authority, subject to the express provisions of the Plan, as in
effect from time to time, and this Award, to interpret this Award and the Plan, and to establish,
amend and rescind rules and regulations for the administration of the Plan. The Committee may
correct any defect or supply any omission or reconcile any inconsistency in this Award in the
manner and to the extent it deems expedient to carry the Plan into effect, and it is the sole and
final judge of such expediency. The Board of Directors of the Company may from time to time grant
to the Committee such further powers and authority as the Board determines to be necessary or
desirable.

11.        You must hold any Shares that are distributed to you under this Award at least until you have
met your Share ownership guideline.

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12.       Notwithstanding any other provision of this Award, your Award will be subject to all of the
provisions of the Plan in force from time to time.

	 	 	 
	

	 	THE LUBRIZOL CORPORATION
	 
	 

	 	By___________________________

James L. Hambrick
	

	 	President and CEO

6

 

Exhibit A

Performance Measure for the 2005-2007 Performance Period

 

Three-year EBITDA:_______________________

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EXHIBIT B

Determination of Pro-Rata Common Shares Upon a Change of Control Under Section 2

           Pursuant to the terms of Section 2, the number of pro-rata Common Shares upon a Change of
Control will be determined as follows:

	1.        	No payout if 12 months has not elapsed since the date of this Award.
	 
	2.        	If more than 12 months has elapsed since the date of this Award:

	 	(a)  	Determine the measurement growth rate for each full year that has elapsed in
the 3-year period as of the date of the Change of Control,
	 
	 	(b)  	The 3-year cumulative measurement growth will be imputed as either the 1-year
measurement growth (if the Change of Controls occurs during the second year) or the
2-year cumulative measurement growth (if the Change of Control occurs during the third
year).
	 
	 	(c)  	Payout is then pro-rated based on number of full months that have elapsed since
the date of this Award.

8<PAGE>

                                                                   Exhibit 10.41

                                  NATIONAL CITY
                       EXECUTIVE LONG-TERM DISABILITY PLAN

The Executive Long-Term Disability Plan ("this Plan") is adopted as of the first
day of January, 2005, by NATIONAL CITY CORPORATION ("National City").

1.    (GENERAL) The purpose of this Plan is to provide Participants with partial
income replacement in excess of those benefits provided under the National City
Long-Term Disability Plan in the event of their inability to work as a result of
accident, illness or other disability. It is intended that this Plan qualify as
a wage continuation arrangement within the meaning of Section 105 of the Code.

      1.1   (EFFECTIVE DATE) Except as otherwise provided in this Plan, this
Plan shall be effective January 1, 2005.

      2.    (DEFINITIONS) As used in this Plan,

      Contracts mean the Individual Disability Income Policies provided to
      Participants by the Massachusetts Mutual Life Insurance Company or other
      Insurance Company as selected by the Plan Administrator;

      Disability means the occurrence of a Total Disability or Partial
      Disability. For purposes of this definition, a Total Disability is the
      occurrence of a condition caused by Sickness of Injury, in which the
      Participant cannot perform the main duties of his/her occupation and is
      not working at any other occupation. The Participant must be under a
      doctor's care. A Partial Disability is described in the Rider portion of a
      contract, if such contract contains a Partial Disability Rider;

      Elimination Period means a period of 180 days of a Participant's total or
      partial days' absence from active work on account of a single medical
      condition or conditions medically related thereto, commencing with the
      date of onset of a Disability and ending on the date of determination of
      the period, which period is either (a) continuous or (b) comprised of an
      equivalent number of Business Days occurring during a period of twelve
      (12) calendar months uninterrupted by any period of thirty (30) days or
      more of active work pursuant to the Participant's work schedule;

      Flex Plan means the Fourth Amended and Restated National City Corporation
      Flexible Benefits Plan, as amended from time to time, a copy of which is
      appended to this Plan as an Exhibit;

      Injury means an accidental bodily injury that occurs while the individual
      is a Participant in the Plan;

<PAGE>

      Insurer means the Massachusetts Mutual Life Insurance Company or other
      Insurer as selected by National City;

      Monthly Flex Pay means, the lesser of (a) an amount equal to one-twelfth
      (1/12) of an Employee's Flex Pay and (b) the amount obtained by dividing
      the limitation in effect under Code section 401(a)(17) by twelve (12);

      Named Fiduciary means each of the Plan Administrator and each person or
      entity the Plan Administrator appoints as a Named Fiduciary pursuant to
      Section 12;

      Participant means an Employee who is described in subsection 3 of the
      Plan.

      Plan Administrator means National City Corporation in its capacity as Plan
      Administrator of the Plan;

      Qualified Rehabilitation Program means a program of vocational or
      occupational rehabilitation which has been approved in writing for a
      Disabled Participant by the Plan Administrator;

      Sickness means an illness or disease that first appears (makes itself
      known) while this individual is a Participant in the Plan. Sickness also
      includes (a) the transplant of a part of the Insured's body to another
      person and (b) complications of pregnancy or childbirth;

      Supplemental Cash Balance Plan means the National City Corporate
      Supplemental Cash Balance Pension Plan as amended;

      Welfare Benefits Plan means Third Amended and Restated National City
      Corporation Flexible Benefits Cafeteria Plan as amended; and

      each other capitalized term used in this Plan which is not defined in this
      Plan shall have the meaning assigned to it in the Flex Plan;

      the foregoing definitions shall be applicable to the respective plural
      forms of the foregoing defined terms.

3.    (PARTICIPATION) An employee will be eligible to participate in the Plan
upon the following:

            (a)   his participation in the Supplemental Cash Balance Plan,

            (b)   his eligibility to participate in the Long-Term Disability
                  Option of the Welfare Benefits Plan,

                                       -2-
<PAGE>

            (c)   if he is at or under age 64, and

            (d)   if he is not disabled at the time of eligibility or subject to
                  a significant impairment as determined by the Insurer within
                  the 90 days prior to his eligibility in this plan.

4.    (BENEFITS) Each Participant shall be entitled to a Benefit consisting of
the replacement, during periods of the Participant's Disability, of a portion of
the Participant's Flex Pay until the Participant's coverage under this Plan ends
pursuant to subsection 7.2 or subsection 7.4.

      4.1   (CLAIM PERIOD) In no event shall this Plan be liable for payment of
Benefits under this Chapter for which a claim is received by the Insurer later
than one (1) year after the date of onset of the claimed Disability.

5.    (TERMINATION) Each Participant's eligibility to participate in this Plan
shall terminate upon the earliest to occur of

            (a)   the Participant's Termination,

            (b)   the Participant's last day of active work as an Employee,
                  during any period of severance provided by an Employer,

            (c)   the Participant's being regularly scheduled to work fewer than
                  sixteen (16) hours per week,

            (d)   the Participant's failure to pay any required premium for
                  coverage within thirty (30) days after the same becomes due
                  and payable, or

            (e)   the Participant becoming Age 65.

6.    (PLAN OPTIONS) Except as otherwise provided in this Plan the Benefits
provided consists of the payment each month during a Participant's Disability of
an amount equal to the difference of sixty percent (60%) times the Participant's
Monthly Flex Pay at the date of Disability, as more fully described in Section
8.

7.    (ELIGIBILITY FOR BENEFITS) Subject to the conditions of this section 7, a
Participant will be entitled to receive a Long-Term Disability Benefit, as
described in section 8, for such time as that Participant has a medically
verifiable Disability, resulting from causes other than those described in
subsection 7.5, which Disability commenced while the Participant was a
Participant in the Plan and has existed during and continued beyond an
Elimination Period.

      7.1   (MEDICAL VERIFICATION) A Participant's continued eligibility for
Disability Benefits is conditioned upon the Participant's furnishing to the
Insurer, at the time the Participant

                                      -3-
<PAGE>

makes a claim for Benefits and from time to time thereafter at the Insurer's
request and as further described in the Contract, medical verification of the
Disability satisfactory to the Insurer, obtained from medical examinations made
by a physician or other health care provider selected by the Insurer in its sole
discretion. At the request of the Insurer in its discretion, such examination
shall be conducted by a physician or health care provider other than the
Participant's own treating physician. Such examinations shall be designed to
enable the Insurer to determine, during the first two years from the inception
of the Disability, whether the Participant is able to perform all of the
material duties of the Participant's particular occupation with National City
and, following that two-year period, whether the Participant is Totally
Disabled.

      7.2   (MENTAL AND NERVOUS DISORDERS) Benefits for Disabilities resulting
from mental or nervous disorders, including alcohol and substance abuse, will be
paid for only two (2) years unless the Participant is confined to a hospital or
institution acceptable to the Named Fiduciary at the end of that two (2) year
period. If the Participant is so confined to an acceptable hospital or
institution, Benefits will be paid until the Participant is discharged or
otherwise released from the hospital or institution.

      7.3   (EARNINGS WHILE DISABLED) A Partially-Disabled Participant who
receives earnings from employment will receive Benefits under this Plan
according to the terms of the Contract.

      7.4   (TERMINATION OF BENEFITS) Benefits will be paid to a Disabled
Participant until the earliest to occur of the following:

            a)    the date the Participant is no longer suffering from a
                  Disability;

            b)    the date the Participant becomes engaged in gainful employment
                  other than any approved by the Insurer as a Qualified
                  Rehabilitation Program;

            c)    the date the Participant refuses to be examined as required by
                  the Plan Administrator in accordance with subsection 7.1;

            d)    the date on which the Participant ceases to pursue any
                  legally-available appeal of a denial of benefits under Social
                  Security;

            e)    the date the Participant attains age sixty-five (65);

            f)    in the case of a Disability commencing after the Participant
                  attains age sixty (60), the date which will result in a
                  Benefit Period as provided in the Contract;

            g)    the date the Participant dies.

            h)    the date specified in subsection 7.2;

                                      -4-
<PAGE>

            i)    the date on which the Participant declines a position with any
                  Employer as to which the Participant can perform the material
                  and substantial duties of the position with or without
                  reasonable accommodation; and

            j)    as otherwise specified in the Contract.

      7.5   (EXCLUSIONS) Disabilities resulting from the following causes are
not covered under this Plan:

            a)    injuries suffered during acts of war or active duty in
                  military service;

            b)    normal childbirth and pregnancy;

            c)    injuries suffered during the Participant's commission or
                  attempted commission of a crime or engaging in an illegal
                  occupation;

            d)    injuries suffered during a Participant's participation in an
                  insurrection, rebellion, riot or civil disturbance; and

            e)    any condition for which the Participant refuses to be treated
                  by a licensed physician or other medical practitioner approved
                  by the Named Fiduciary;

            f)    any other cause as described in the contract.

8     (DISABILITY BENEFIT AMOUNT) Disability Benefits shall be determined
pursuant to the terms of the Contract. However, such Disability amount shall not
exceed the Maximum Benefit Amount.

            8.1   (BENEFIT CALCULATION) The Benefit payable to a Disabled
                  Participant in respect of a month shall be the difference of
                  the amount determined pursuant to the Contract less any
                  Offsetting Benefit. For purposes of this Plan, an Offsetting
                  Benefit means any long-term disability payment received by the
                  Participant under a contract for which National City
                  Corporation or any of its affiliates has directly or
                  indirectly paid the premium except for any long-term
                  disability benefit received under the Welfare Benefits Plan.
                  Each Participant shall notify the Insured of the existence of
                  Offsetting Benefits.

9.    (MAXIMUM BENEFIT) Regardless of the Plan Option a Participant selects, in
no event shall this Plan pay Benefits in any month in respect of a Monthly Flex
Pay amount in excess of $7,500 or as identified in an individual contract.

                                      -5-
<PAGE>

10.   (ADMINISTRATION) This Plan shall be administered by the Insured in
accordance with its procedures.

11.   (CLAIM PROCEDURES) The Plan Administrator will be responsible for making
all determinations as to the rights of a Participant except for the rights to
receive Benefits. Responsibility for determining the right to receive Benefits
vests with the Insurer. The Plan Administrator may prescribe forms and
procedures for making claims for Benefits to the extent such forms or procedures
are not prescribed by the terms of the Plan. Exhaustion of the pertinent claims
procedures shall be a condition precedent to maintaining other action for
Benefits.

      11.1  (DENIAL OF CLAIM) Any denial of a claim by the Insurer shall be in
      writing, shall be received by the Participant within ninety (90) days of
      the date the Insurer received the claim and shall set forth in a manner
      calculated to be understood by the Participant

            (a)   the specific reasons for the denial,

            (b)   references to the provisions of the Plan upon which the denial
            is based,

            (c)   a description of additional information, if any, required to
            complete or support the claim and the reasons for the requirement
            and

            (d)   a reference to any internal rule of guideline relied upon in
            making any adverse determination,

            (e)   a reference to or explanation of any scientific or clinical
            judgment relied upon in making the determination, and

            (f)   an explanation of the review procedure.

      If the denial cannot be processed within the ninety (90) day period
      described above, the Insurer shall so notify the Participant, setting
      forth the reasons for the delay and the date by which the claim is
      expected to be decided. In no event shall any delay continue for more than
      one hundred eighty (180) days from the date the claim was received by the
      Insurer.

      11.2  (REVIEW OF CLAIMS) A Participant or beneficiary of a Participant (or
      that person's Authorized Representative) whose claim for Benefits has been
      denied shall be entitled for a period of one hundred eighty (180) days
      from the date the Insurer's notice of denial is mailed to make a written
      request for a full review of the decision to deny the claim. Upon each
      such written request a Named Fiduciary or Named Fiduciaries appointed by
      the Executive Vice President and Manager of Corporate Human Resources of
      National City shall conduct a full review of the denied claim, during
      which the Participant may review relevant documents and submit written
      comments, documents and other information. The Named Fiduciary shall mail
      to the Participant within sixty (60) days of the request for review a
      written decision based upon the facts and upon the

                                      -6-
<PAGE>

      pertinent provisions of the Plan. If the review cannot be conducted within
      the sixty-day period described above, the Plan Administrator or the Named
      Fiduciary shall so notify the Participant, setting forth reason for the
      delay and the date by which the review is expected to be conducted. In no
      event shall any delay continue for more than one hundred twenty (120) days
      from the date the request for full review was received by the Plan
      Administrator. To the extent permitted by law the Named Fiduciary's
      decision shall be final and binding upon all parties.

12.   (PLAN ADMINISTRATOR) This Plan shall be administered by the Plan
Administrator.

      12.1  (DUTIES AND POWERS) The Plan Administrator shall have such duties
and powers as National City may prescribe as necessary to administer this Plan
including , without limitation, the powers to appoint one or more Named
Fiduciaries to administer this Plan and otherwise make determinations under this
Plan. Each such appointment shall be made in writing and shall be evidenced by
such contracts and other documents as the Plan Administrator deems advisable.
The Plan Administrator and each such Named Fiduciary shall have the following
additional powers: such appointment shall be made in writing and shall be
evidenced by such contracts and other documents as the Plan Administrator deems
advisable. The Plan Administrator and each such Named Fiduciary shall have the
following additional powers:

      (a)   to construe and interpret this Plan and to decide all questions of
      eligibility;

      (b)   to prescribe procedures to be followed by Participants in making
      elections under this Plan and in filing claims under this Plan;

      (c)   to prepare and distribute to Employees information explaining this
      Plan;

      (d)   to receive from National City, Employers and Participants such
      information as shall be necessary for the proper administration of this
      Plan;

      (e)   to furnish National City and Participants such annual reports with
      respect to the administration of this Plan as are reasonable and
      appropriate;

      (f)   to keep reports of elections and claims;

      (g)   to appoint persons to assist in the administration of this Plan and
      to engage such consultants and agents it deems advisable, including legal
      and actuarial counsel, to delegate to its agents such duties as it deems
      advisable and to pay the expenses associated with such appointments and
      engagements from this Plan to the extent the Plan Administrator deems
      appropriate consistent with applicable law;

      (h)   to purchase any insurance deemed necessary for providing Benefits;

      (i)   to accept, modify or reject elections under this Plan;

                                      -7-
<PAGE>

      (j)   to promulgate election and claim forms to be used by Participants;
      and

      (k)   to prepare and file reports or returns with respect to this Plan as
      required by the Code and other laws.

      12.2  (RULES AND DECISIONS) The Plan Administrator may adopt such rules
and procedures as it deems necessary, desirable or appropriate. All rules and
decisions of the Plan Administrator shall be uniformly and consistently applied
to all Participants in similar circumstances. When making any decision or
determination, the Plan Administrator shall be entitled to rely upon such
information as may be furnished to it by a Participant, National City, legal
counsel and the Insurer.

      12.3  (RECORDS) The Plan Administrator and the Insurer shall keep records
of all of its decisions.

13.   (FUNDING) Benefits under this Chapter shall be payable solely from
insurance, and neither National City, nor the Employers, shall be in any manner
liable for the payment of any Benefits. National City shall have no obligations
to fund any other fund for the payment of Benefits under this Plan nor to insure
any of the Benefits under this Plan.

14.   (AMENDMENTS; TERMINATION) By joint action of its Chairman, President,
Deputy Chairman or Senior Vice President, Human Resources and any one of its
Vice Presidents, National City may, in its sole discretion, alter, amend or
terminate this Plan at any time it determines to be appropriate provided that:

      (a)   no modification shall have any retroactive effect so as to deprive
any Participant of Benefits then due, except that any amendment may be made
retroactive which is necessary to bring this Plan into conformity with
applicable governmental regulations, or in order to qualify the Trust as exempt
from tax under Section 501(c)(9) of the Code; and

      (b)   no modification may be made which shall affect the duties,
liabilities, or obligations of the Trustee without the consent of the Trustee.

15.   (EMPLOYMENT) Nothing contained in this Plan shall be construed as a
contract of employment between National City and any Employee or between any
Employer and any Employee, nor a guaranty of employment with National City or
any Employer nor a limitation on the right of National City and each Employer to
discharge any of its Employees with or without cause.

16.   (ASSIGNMENT) A Participant's rights, interests or Benefits under this Plan
shall not be subject in any manner to any voluntary or involuntary anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, charge,
garnishment, execution or levy of any kind, prior to funds having been received
by the persons entitled thereto under the terms of this Plan.

                                      -8-
<PAGE>

Notwithstanding the foregoing, payment of Benefits will be made in accordance
with any assignment of rights made by or on behalf of a Participant as required
by state plan for medical assistance approved under Title XIX of the Social
Security Act pursuant to Section 1912(1)(1)(A) of such Act (as in effect on
August 10, 1993).

17.   (GOVERNING LAW) This Plan shall be construed, administered and governed in
all respects under applicable federal law, including without limitation, the
provisions of ERISA and the Code and relevant interpretations thereof, and to
the extent not preempted by federal law, under the laws of the State of Ohio. If
any provision of this Plan shall be held by a court of competent jurisdiction to
be invalid or unenforceable, then it shall be deemed deleted from this Plan and
the remaining provisions hereof shall continue to be fully effective. The
respective captions to the various sections and subsections of this Plan are for
convenience of reference only and shall be disregarded in interpreting the
provisions of this Plan.

                                          NATIONAL CITY CORPORATION

                                           By   ________________________________
                                                William E. MacDonald, III
                                          Title ________________________________
                                                Vice Chairman

                                           By   ________________________________
                                                Jon H. Couture
                                          Title ________________________________
                                                Senior Vice President

                                      -9-

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