Document:

EX-10.27

 

Exhibit 10.27

RESTRICTED STOCK AGREEMENT

     THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) is made as of ___, 200___
between Horsehead Holding Corp., a Delaware corporation (the “Company”), and ___
(“Grantee”).

WHEREAS, the Grantee is a [insert relationship to Company] of the Company; and

     WHEREAS, the grant of the shares of restricted stock (as governed by the Company’s Amended and
Restated 2006 Equity Incentive Plan (the “Plan”)) to the Grantee described herein has been
approved by the Company’s Compensation Committee and by the Board of Directors (the
“Board”).

     NOW, THEREFORE, pursuant to the Plan, the Company, upon the terms and conditions set forth
herein, hereby grants to you ______ restricted shares of Common Stock, par value $0.01 per share
(“Common Stock”), of the Company (the “Restricted Shares”) effective as of the date
hereof (the “Date of Grant”), and subject to the terms and conditions of the Plan and the
terms and conditions of this Agreement.

     1. Definitions. All capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to them in the Plan.

     2. Issuance of Shares. In consideration of the Grantee’s service as a [insert
relationship to Company] of the Company, the Restricted Shares shall be issued to the Grantee, and,
upon payment to the Company by the Grantee of the aggregate par value thereof, which payment shall
be made within 10 days of the date hereof, shall be fully paid and nonassessable. Restricted
Shares may, but need not, be represented by a certificate or certificates, issued in the name of
the Grantee and endorsed with an appropriate legend referring to the restrictions hereinafter set
forth.

     3. Restrictions on Transfer of Shares. The Restricted Shares may not be sold,
assigned, transferred, conveyed, pledged, exchanged or otherwise encumbered or disposed of (each, a
“Transfer”) by the Grantee, except to the Company, until they have become fully vested and
nonforfeitable as provided in Section 4 hereof. Any purported Transfer in violation of the
provisions of this Section 3 shall be void AB INITIO, and the other party to any such purported
transaction shall not obtain any rights to or interest in the Restricted Shares. As and when
permitted by the Plan, the Committee may in its sole discretion waive the restrictions on
transferability with respect to all or a portion of the Restricted Shares. Notwithstanding the
foregoing, Grantee may not Transfer Restricted Shares which have become nonforfeitable as provided
in Section 4 hereof unless such Restricted Shares are registered pursuant to the Securities Act of
1933, as amended (the “Securities Act”), are sold under Rule 144 promulgated under the
Securities Act or unless the Company, after consultation with counsel, and its counsel agree with
Grantee that such Transfer is not required to be registered under the Securities Act.

 

     4. Vesting of Shares.

     (a) Subject to paragraph (b) below and Section 5 hereof, the Restricted Shares shall vest and
become nonforfeitable if the Grantee remains a [insert relationship to Company] of the Company
through the vesting dates set forth below with respect to the number of Restricted Shares set forth
next to such date:

	 	 	 
	 	 	Number (or Percentage) of Restricted
	Vesting Date	 	Shares Vesting on such Vesting Date
	 	 	 
	___ ___, 200___

	 	___
	___ ___, 200___

	 	___
	___ ___, 200___

	 	___
	___ ___, 200___

	 	___

     (b) Notwithstanding the provisions of Section 4(a) above, in connection with a Change in
Control, the provisions set forth in Section 8 of the Plan shall govern with respect to the
acceleration of the vesting of the Restricted Shares.

     (c) Notwithstanding the provisions of Section 4(a) above, the Committee may, in its sole
discretion, vest or accelerate the vesting of shares of the Restricted Shares at any time,
including upon a Change in Control.

     5. Forfeiture of Shares. If the Grantee ceases to be a [insert relationship to
Company] of the Company due to death, Disability or Retirement during any period of restriction,
any non-vested Restricted Shares shall immediately vest and all restrictions on the Restricted
Shares shall lapse. If the Grantee ceases to be a [insert relationship to Company] of the Company
for any other reason, any non-vested Restricted Shares shall be forfeited by the Grantee and the
certificate(s) representing the non-vested portion of the Restricted Shares so forfeited shall be
canceled.

     6. Dividend, Voting and Other Rights. Except as otherwise provided in this Agreement,
from and after the Date of Grant, the Grantee shall have all of the rights of a stockholder with
respect to the Restricted Shares, including the right to vote the Restricted Shares and receive any
dividends that may be paid thereto, provided, however, that any additional Common Stock or other
securities that the Grantee may become entitled to receive pursuant to a stock dividend, stock
split, recapitalization, combination of shares, merger, consolidation, separation or reorganization
or any other change in the capital structure of the Company shall be subject to the same risk of
forfeiture and restrictions on transfer as the forfeitable Restricted Shares in respect of which
they are issued or transferred and shall become Restricted Shares for the purposes of this
Agreement.

     7. Retention of Stock Certificate(s) by the Company. The certificate(s) representing
the Restricted Shares shall be held in custody by the Company, together with a stock power in the
form of Exhibit A hereto which shall be endorsed in blank by the Grantee and delivered to

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the Company within 10 days of the date hereof, until such shares have become nonforfeitable in
accordance with Section 4.

     8. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws, provided, however, notwithstanding any other
provision of this Agreement, the Company shall not be obligated to issue or release from
restrictions on transfer any Restricted Shares pursuant to this Agreement if such issuance or
release would result in a violation of any such law.

     9. Withholding Taxes. If the Company shall be required to withhold any federal, state,
local or foreign tax in connection with any issuance or vesting of Restricted Shares or other
securities pursuant to this Agreement, and the amounts available to the Company for such
withholding are insufficient, the Grantee shall pay the tax or make provisions that are
satisfactory to the Company for the payment thereof. The Grantee may elect to satisfy all or any
part of any such withholding obligation by surrendering to the Company a portion of the Restricted
Shares that become nonforfeitable hereunder, and the Restricted Shares so surrendered by the
Grantee shall be credited against any such withholding obligation at the market value (determined
with reference to the then current price of the Company’s Common Stock as quoted on The NASDAQ
Global Select Market) per Share of such Restricted Shares on the date of such surrender.

     10. Conformity with Plan. The Agreement and the Restricted Shares granted pursuant
hereto are intended to conform in all respects with, and are subject to all applicable provisions
of, the Plan (which is incorporated herein by reference). Inconsistencies between this letter
agreement and the Plan shall be resolved in accordance with the terms of the Plan. By executing
this Agreement, you acknowledge and agree to be bound by all of the terms of this Agreement and the
Plan.

     11. Amendments. The provisions of this Agreement may be amended and waived only with
the prior written consent of the Company and the Grantee.

     12. Severability. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so
invalidated shall be deemed to be separable from the other provisions hereof, and the remaining
provisions hereof shall continue to be valid and fully enforceable.

     13. Successors and Assigns. The provisions of this Agreement shall inure to the
benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and
assigns of the Grantee and the successors and assigns of the Company.

     14. Notices. Any notice to the Company provided for herein shall be in writing to the
attention of the Secretary of the Company at Horsehead Holding Corp., 300 Frankfort Road, Monaca,
PA 15061, and any notice to the Grantee shall be addressed to the Grantee at his address currently
on file with the Company. Except as otherwise provided herein, any written notice shall be deemed
to be duly given if and when hand delivered, or five business days after having been mailed by
United States registered or certified mail, return receipt requested, postage prepaid, or three
business days after having been sent by a nationally recognized

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overnight courier service, addressed as aforesaid. Any party may change the address to which
notices are to be given hereunder by written notice to the other party as herein specified, except
that notices of changes of address shall be effective only upon receipt.

     15. Governing Law. The laws of the State of Delaware, without giving effect to the
principles of conflict of laws thereof, shall govern the interpretation, performance and
enforcement of this Agreement.

* * * * *

4

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the ___day of
___, 200_.

	 	 	 	 	 	 
	 	 	HORSEHEAD HOLDING CORP.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	ACKNOWLEDGED AND AGREED:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 
	(Signature of Grantee)
	 	 	 	 

5

 

EXHIBIT A

FORM OF ASSIGNMENT SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED, _________ hereby sells, assigns and transfers unto
_________, _________shares of the Common Stock, par value $0.01 per share, of Horsehead
Holding Corp., a Delaware corporation (the “Company”) standing in its name on the books of
said Company represented by Certificate Number ______, and does hereby irrevocably constitute and
appoint ______ as attorney to transfer the said stock on the books of the Company with
full power of substitution in the premises.

	 	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	Holder

6ex10-1.htm

    EXHIBIT
      10.1

    

    NATIONAL
      PENN BANCSHARES, INC.

    

    DIRECTORS'
      FEE PLAN

    

     (Amended
      and Restated Effective January 1, 2005)

    

    Amendment
      No. 1

    

    The
      Board of Directors of National Penn
      Bancshares, Inc. (the "Company") adopted the National Penn Bancshares, Inc.
      Directors' Fee Plan (as amended and restated effective January 1, 2005) (the
      "Plan") on  November 23, 2005. The shareholders of the Company
      approved the Plan at the Annual Meeting held on April 25, 2006.

    

    The
      Board of Directors hereby amends
      the Plan by this Amendment No. 1 to reflect changes in regulations made final
      under section 409A of the Internal Revenue Code of 1986, as
      amended.  This Amendment No. 1 is effective as of January 1,
      2005.

    

    1.           The
      final paragraph of each of Section VI-A and VIII-A is amended to read as
      follows:

    

    "Once
      made, an election as to the event
      which shall occasion a distribution and an election as to the method or timing
      of the distribution shall be irrevocable, unless (i) the Compensation Committee
      consents in writing to an election change, (ii) the election does not take
      effect until at least twelve months after the date on which the election is
      made, (iii) the payment with respect to which the election is made is deferred
      for a period of not less than five years from the date such payment would
      otherwise have been paid and (iv) the election is made not less than twelve
      months before the date the payment is scheduled to be paid."

    

    2.           Section
      IX-B is amended to substitute the words" domestic relations order (as defined
      in
      section 414(p)(1)(B) of the Code)" for the words "State domestic relations
      law"
      at the end thereof.

    

    3.           The
      third sentence of Section XII-A is amended to delete the comma "(,)" at the
      end
      of

    sub
      clause (i) thereof and insert "without regard to sections 152(b)(1), (b)(2)
      and
      (d)(1)(B)), "

    at
      the
      end thereof.

    

    4.           Sections
      XII-B, XV-B and XV-C are deleted.

    

    5.           Section
      XV-D is amended to read as follows:

    

    "If
      any
      amount becomes payable on account of a payee's separation from service and
      the
      Committee determines that such payee is a "specified employee", payment of
      any
      amount due during the first six calendar months following the payee’s separation
      from service shall be deferred until the first day of the calendar month that
      is
      at least six full months after the payee's separation from
      service.  The term "specified employee" means a payee who, as of the
      date of separation from service, is a "key employee" of the Company or a
      subsidiary of the Company.  A payee is a "key employee" if the payee
      meets the requirements of section 416(i)(1)(A)(i), (ii) or (iii) of the Code
      (applied in accordance with the regulations thereunder and disregarding section
      416(i)(5)) at any time during the twelve-month period ending on a December
      31st.  If a
      payee is a "key employee" on that date, the payee is treated as such and
      therefore is a "specified employee" for the entire twelve-month period beginning
      on the April 1st following
      the
      December 31st
      as of which key employee status is determined."

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    6.           
      Section XVI-B, subparagraphs 1-3, are amended to read as follows:

    

    "(1)   A
      change in
      ownership of the Company, which is deemed to occur when an acquisition by any
      one person, or more than one person acting as a group (as defined in 26 CFR
      1.409A-3(i)(5)(v)(B)) acquires ownership of stock of the Company that taken
      together with stock held by such person or group constitutes more than 50%
      of
      the total voting power or total fair market value of the Company's stock then
      outstanding.

    

    (2)   A
      change in the
      effective control of the Company, which is deemed to occur when (i) any one
      person, or more than one person acting as a group (as determined under 26 CFR
      1.409A-3(i)(5)(v)(B)) acquires (or has acquired during the twelve-month period
      ending on the most recent acquisition by such person or group)) ownership of
      the
      stock of the Company possessing 30%  or more of the total voting power
      of such stock or (ii) a majority of the Company's Board of Directors is replaced
      during any twelve-month period by directors whose appointment or election is
      not
      endorsed by a majority of the Board of Directors prior to the date of
      election.

    

    (3)   A
      change in the
      ownership of a substantial portion of the Company's assets, which is deemed
      to
      occur on the date that any one person or more than one person acting as a group
      (as determined under 26 CFR 1.409A-3(i)(5)(v)(B) acquires (or has acquired
      during the twelve-month period ending on the date of the most recent acquisition
      by such person or group) assets from the Company that have a total gross fair
      market value equal to or more than 40% of the total gross fair market value
      of
      all of the assets of the Company immediately prior to such acquisition or
      acquisitions."

    

    

    This
      Amendment No. 1 to the Plan was
      approved by the Board of Directors on June 27, 2007.

    

    

    Executed
      this 27th day of June, 2007

    

    

    
      	
              Attest:

            	
              NATIONAL
                PENN BANCSHARES, INC.

            
	 	 
	 	 
	
              By:  /s/
                Gary L. Rhoads

            	
              By:  /s/  Sandra
                L. Spayd

            
	
              Gary
                L. Rhoads

            	
              Sandra
                L. Spayd

            
	
              GEVP
                & Chief Financial Officer

            	
              Corporate
                Secretary

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