Document:

Exhibit 10.13.10

 

	

    	
RELATIVE STOCKHOLDER RETURN   PERFORMANCE AWARD AGREEMENT
    	
 
    

 

1.        The Grant.  Alliant Techsystems Inc., a Delaware corporation (the “Company”), hereby grants to you, on the terms and conditions set forth in this Performance Award Agreement (this “Agreement”) and in the Alliant Techsystems Inc. 2005 Stock Incentive Plan (the “Plan”), a Performance Award as of the date, and for the number of Shares (the “Performance Shares”), which the Company or its agent provided to you separately in writing through an electronic notice and on-line award acceptance web page (the “Electronic Notice and On-Line Award Acceptance”).

 

2.        Measuring Period.  The Measuring Period for purposes of determining whether the Company will pay you the Performance Shares shall be fiscal years 2012 through 2014.

 

3.         Performance Goals.  The Performance Goals for purposes of determining whether the Company will pay you the Performance Shares are set forth in the Performance Accountability Chart, which the Company provided to you separately in writing.

 

4.         Payment.  The Company will pay you the Performance Shares if and to the extent that the Performance Goals are achieved, as set forth in the Performance Accountability Chart and as determined by the Personnel and Compensation Committee of the Company’s Board of Directors (the “Committee”) in its sole discretion. Notwithstanding the foregoing, the Committee has the discretion to adjust the payment level downward from the level of performance actually achieved.

 

5.        Form and Timing of Payment. The Company will pay you any shares payable pursuant to this Agreement in shares of common stock of the Company (the “Shares”), with one Share issued for each Performance Share earned.  The Company will pay you the Performance Shares as soon as practicable after the Committee determines, in its sole discretion, after the end of the Measuring Period, whether, and the extent to which, the Performance Goals have been achieved, but in no event later than 2 1⁄2 months after the end of the Measuring Period.

 

6.        Change in Control.  After a Change in Control (as defined in Appendix A to this Agreement), the Performance Shares shall immediately be payable at the threshold performance level, but prorated for your active service time with the Company during the Measuring Period.  However, if you are or become a participant in the Company’s Income Security Plan or any successor or substitute plan (the “ISP”), the terms of payment of the Performance Shares shall be governed by the provisions of the ISP.

 

7.         Forfeiture.   In the event of your termination of employment prior to the end of the Measuring Period, other than by reason of death, Disability (as defined in Appendix A to this Agreement), retirement, or voluntary or involuntary layoff, all of your Performance Shares and rights to payment of any Shares shall be immediately and irrevocably forfeited.  In the event of your termination of employment prior to the end of the Measuring Period by reason of Disability, retirement, or voluntary or involuntary layoff, you shall be entitled to receive, after the end of the Measuring Period, the number of Shares determined by the Committee pursuant to this Agreement, but prorated for your active service time with the Company during the Measuring Period.  In the event of your death prior to the end of the Measuring Period, your estate shall be entitled to receive, within a practicable time after your death, payment of the Performance Shares at the threshold performance level, but prorated for your active service time with the Company during the Measuring Period.  In the event you are reassigned to a position and as a result you are no longer eligible for Performance Shares, you shall be entitled to receive, after the end of the Measuring Period, the number of Shares determined by the Committee pursuant to this Agreement, but prorated for your service time as an eligible participant during the Measuring Period.  The Committee reserves the right to recoup Awards, or the value of Awards, from you in the event there is a material restatement of the Company’s financial results.  If the Committee determines a recoupment is appropriate in the exercise of its discretion, considering all the facts and circumstances, you shall forfeit and pay back such portion, or all, of the outstanding or previously awarded Awards as detemined by the Committeee in its sole discretion.  This recoupment provision includes Awards deferred into the ATK Nonqualified Deferred Compensation Plan.

 

8.         Holding Requirement.  As long as you serve as an “executive officer” of the Company, as defined by federal securities regulations, you will be required to retain at least 30% of the total number of Shares earned under the terms of this Agreement.  See the Stock Holding policy for additional information.

 

9.         Rights.  Nothing herein shall be deemed to grant you any rights as a holder of Shares unless and until the Company actually issues the Shares to you as provided herein.

 

10.   Income Taxes.  You are liable for any federal, state and local income or other taxes applicable upon the grant of the Performance Shares, the receipt of the Shares, or subsequent disposition of the Shares, and you acknowledge that you should consult with your own tax advisor regarding the applicable tax consequences.  Upon payment of the Performance Shares and/or issuance of the Shares to you, the Company will pay your required minimum statutory withholding taxes by withholding Shares otherwise to be delivered upon the payment of the Performance Shares with a Fair Market Value (as defined in the Plan) equal to the amount of such taxes.  Alternatively, if you notify the Company prior to the end of the Measuring Period, you may elect to pay all or a portion of the minimum statutory withholding taxes by (a) delivering to the Company Shares other than Shares issuable upon the payment of the Performance Shares with a Fair Market Value equal to the amount of such taxes or (b) paying cash, provided that if you do not deliver such Shares or cash to the Company by the second business day after the payment date of the Performance Shares, the Company will pay your required minimum statutory withholding taxes by withholding Shares otherwise to be delivered upon the payment of the Performance Shares with a Fair Market Value equal to the amount of such taxes.

 

11.   Acknowledgment.  This Award of Performance Shares shall not be effective until you agree to the terms and conditions of this Agreement and the Plan, and acknowledge receipt of a copy of the Prospectus relating to the Plan, by accepting this Award in writing or electronically as specified by the Company or its agent in the Electronic Notice and On-Line Award Acceptance.

 

ALLIANT TECHSYSTEMS INC.

Mark W. DeYoung

President & Chief Executive Officer

 

 

Alliant Techsystems Inc. 2005 Stock Incentive Plan

 

Appendix A to Award Agreement

 

“Change in Control” means any of the following:

 

·                  The acquisition by any “person” or group of persons (a “Person”), as such terms are used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company or a “Subsidiary” (as defined below) or any Company employee benefit plan (including its trustee)) of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) (“Beneficial Ownership”), directly or indirectly, of securities of the Company representing, directly or indirectly, more than 50% of the total number of shares of the Company’s then outstanding “Voting Securities” (as defined below);

 

·                  consummation of a reorganization, merger or consolidation of the Company, or the sale or other disposition of all or substantially all of the Company’s assets (a “Business Combination”), in each case, unless, following such Business Combination, the individuals and entities who were the beneficial owners of the total number of shares of the Company’s outstanding Voting Securities immediately prior to both (1) such Business Combination, and (2) any “Change Event” (as defined below) occurring within 12 months prior to such Business Combination, beneficially own, directly or indirectly, more than 50% of the total number of shares of the outstanding Voting Securities of the resulting corporation, or the acquiring corporation, as the case may be, immediately following such Business Combination (including, without limitation, the outstanding Voting Securities of any corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the total number of shares of the Company’s outstanding Voting Securities; or

 

·                  any other circumstances (whether or not following a Change Event) which the Company’s Board of Directors (the “Board”) determines to be a Change in Control for purposes of this Plan after giving due consideration to the nature of the circumstances then represented and the purposes of this Plan.  Any such determination made by the Board shall be irrevocable except by vote of a majority of the members of the Board who voted in favor of making such determination.

 

For purposes of this definition, a “Change in Control” shall not result from any transaction precipitated by the Company’s insolvency, appointment of a conservator, or determination by a regulatory agency that the Company is insolvent.

 

For purposes of this definition:

 

·                  “Change Event” means

 

(1)          the acquisition by any Person (other than the Company or a Subsidiary or any Company employee benefit plan (including its trustee)) of Beneficial Ownership, directly or indirectly, of securities of the Company directly or indirectly representing 15% or more of the total number of shares of the Company’s then outstanding Voting Securities (excluding the sale or issuance of such securities directly by the Company, or where the acquisition of such securities is made by such Person from five or fewer stockholders in a transaction or transactions approved in advance by the Board);

 

 

(2)          the public announcement by any Person of an intention to acquire the Company through a tender offer, exchange offer, or other unsolicited proposal; or

 

(3)          the individuals who are members of the Board (the “Incumbent Board”) as of the Grant Date set forth in the Award Agreement cease for any reason to constitute at least a majority of the Board; provided, however, that if the nomination for election of any new director was approved by a vote of a majority of the Incumbent Board, such new director shall, for purposes of this definition, be considered a member of the Incumbent Board.

 

·                  “Subsidiary” means a corporation as defined in Section 424(f) of the Internal Revenue Code with the Company being treated as the employer corporation for purposes of this definition.

 

·                  “Voting Securities” means any shares of the capital stock or other securities of the Company that are generally entitled to vote in elections for directors.

 

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“Disability” means that you have been determined to have a total and permanent disability either by

 

·                  being eligible for disability for Social Security purposes, or

 

·                  being totally and permanently disabled under the Company’s long-term disability plan.

 

 

A-2Exhibit 4.1

 

EXECUTION VERSION

 

TRUST AGREEMENT
 OF
 SANDRIDGE PERMIAN TRUST

 

This Trust Agreement of SandRidge Permian Trust is entered into effective as of the 12th day of May, 2011 (this “Trust Agreement”), by and among SandRidge Energy, Inc., a Delaware corporation with its principal office in Oklahoma City, Oklahoma (together with its successors and assigns, “SandRidge”), and The Corporation Trust Company, a corporation organized under the laws of the State of Delaware with its principal office in Wilmington, Delaware (“Corporation Trust”), and The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United States of America with its principal place of business in New York, New York (the “Trustee”), as trustees (Corporation Trust and the Trustee being collectively referred to herein as the “Trustees”). SandRidge and the Trustees hereby agree as follows:

 

1.             The trust created hereby shall be known as “SandRidge Permian Trust” (the “Trust”), in which name the Trustees or SandRidge, to the extent provided herein, may conduct the business of the Trust, make and execute contracts, and sue and be sued.

 

2.             SandRidge hereby assigns, transfers, conveys and sets over to the Trustee, to hold for the benefit of the Trust, the sum of One Thousand Dollars ($1,000.00). Such amount shall constitute the initial trust estate.  It is the intention of the parties hereto that the Trust created hereby constitutes a statutory trust under the Delaware Statutory Trust Act, Title 12, Chapter 38 of the Delaware Code, Sections 3801, et seq. (the “Trust Act”), and that this Trust Agreement constitutes the governing instrument of the Trust. The Trustees are hereby authorized and directed to execute and file a certificate of trust with the Secretary of State of the State of Delaware in such form as the Trustees may approve.

 

3.             It is contemplated that the Trust will consummate an initial public offering of its trust securities (the “IPO Transaction”) representing units of beneficial ownership in the Trust.  Effective upon consummation of the IPO Transaction, SandRidge and the Trustees will amend and restate this Trust Agreement, in such form as shall be satisfactory to each such party, to provide for the contemplated operation of the Trust created hereby and the issuance of trust securities in the IPO Transaction.  The Trustees are hereby empowered to take all actions they deem proper or necessary to effect the transactions contemplated hereby, including, but not limited to, obtaining any licenses, consents or approvals required by applicable law or otherwise.  Prior to the execution and delivery of the amended and restated Trust Agreement, the Trustees shall not have any duty or obligation hereunder or with respect to the trust estate, except as otherwise required by this Trust Agreement or applicable law.

 

4.             In connection with the contemplated IPO Transaction, SandRidge is hereby authorized (i) to prepare and file with the Securities and Exchange Commission 

 

 

(the “Commission”) and to execute, in the case of the 1933 Act Registration Statement and 1934 Act Registration Statement (as herein defined), on behalf of the Trust, (a) a Registration Statement (the “1933 Act Registration Statement”), including all pre-effective and post-effective amendments thereto, relating to the registration under the Securities Act of 1933, as amended (the “1933 Act”), of the trust securities of the Trust, (b) any preliminary prospectus or prospectus or supplement thereto relating to the trust securities of the Trust required to be filed pursuant to the 1933 Act, and (c) a Registration Statement on Form 8-A or other appropriate form (the “1934 Act Registration Statement”), including all pre-effective and post-effective amendments thereto, relating to the registration of the trust securities of the Trust under the Securities Exchange Act of 1934, as amended; (ii) if and at such time as determined by SandRidge, to file with the New York Stock Exchange or other exchange, or the Financial Industry Regulatory Authority, Inc. (“FINRA”), and execute on behalf of the Trust a listing application and all other applications, statements, certificates, agreements and other instruments as shall be necessary or desirable to cause the trust securities of the Trust to be listed on the New York Stock Exchange or such other exchange, or the NASDAQ Global Market; (iii) to file and execute on behalf of the Trust, such applications, reports, surety bonds, irrevocable consents, appointments of attorney for service of process and other papers and documents that shall be necessary or desirable to register the trust securities of the Trust under the securities or “blue sky” laws of such jurisdictions as SandRidge, on behalf of the Trust, may deem necessary or desirable; (iv) to execute and deliver letters or documents to, or instruments for filing with, a depository relating to the trust securities of the Trust; and (v) to execute, deliver and perform on behalf of the Trust an underwriting agreement with one or more underwriters relating to the offering of the trust securities of the Trust; provided, that SandRidge shall provide the Trustee with an opportunity to review and comment on a draft of the 1933 Act Registration Statement prior to its filing, and SandRidge shall not file such registration statement if the Trustee objects to such filing; provided, further, that the Trustee’s sole responsibility in reviewing or commenting on any such draft of such registration statement shall be to confirm any information therein provided to SandRidge by the Trustee specifically for inclusion in such registration statement.

 

In the event that any filing referred to in this Section 4 is required by the rules and regulations of the Commission, the New York Stock Exchange or other exchange, FINRA, or state securities or “blue sky” laws to be executed on behalf of the Trust by the Trustees, the Trustees, in their capacity as trustees of the Trust, are hereby authorized to join in any such filing and to execute on behalf of the Trust any and all of the foregoing, it being understood that the Trustees, in their capacity as trustees of the Trust, shall not be required to join in any such filing or execute on behalf of the Trust any such document unless required by the rules and regulations of the Commission, the New York Stock Exchange or other exchange, FINRA, or state securities or “blue sky” laws; provided, however, that the Trustees in their discretion may resign if they elect not to join in any such filing or to execute any such document.

 

5.             This Trust Agreement may be executed in one or more counterparts.

 

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6.             The number of trustees of the Trust initially shall be two, and thereafter, prior to the execution and delivery of the amended and restated Trust Agreement, the number of trustees of the Trust shall be such number as shall be fixed from time to time by a written instrument signed by SandRidge which may increase or decrease the number of trustees of the Trust; provided, however, that to the extent required by the Trust Act, one trustee of the Trust shall either be a natural person who is a resident of the State of Delaware or, if not a natural person, an entity that has its principal place of business in the State of Delaware and otherwise meets the requirements of applicable law and that the Trust shall have at least one other trustee other than Corporation Trust to perform all obligations and duties other than fulfilling the Trust’s obligations pursuant to Section 3807(a) of the Trust Act.  Subject to the foregoing, SandRidge is entitled to appoint or remove without cause any trustee of the Trust at any time.  Any trustee of the Trust may resign upon thirty days’ prior notice to SandRidge and the other trustee.  In the event of the removal or resignation of Corporation Trust where a successor trustee meeting the requirements of the Trust Act is required, if no such successor trustee shall have been appointed within thirty (30) days after notice of such removal or resignation has been given, Corporation Trust may, after delivery of written notice to SandRidge and at the expense of SandRidge, petition a court of competent jurisdiction for the appointment of such a successor trustee.

 

7.             Notwithstanding any provision of this Trust Agreement to the contrary, Corporation Trust shall not have any of the powers or duties of the Trustees set forth herein and shall be a Trustee of the Trust for the sole purpose of satisfying the Trust’s obligation pursuant to Section 3807(a) of the Trust Act to have at least one trustee who has its principal place of business in the State of Delaware.

 

8.             Corporation Trust shall not be liable to the Trust or its beneficiaries for any of its acts or omissions except for acts or omissions constituting bad faith or willful misconduct.  Corporation Trust shall not have any duty or obligation to manage or deal with the Trust’s property, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which Corporation Trust is a party, except as expressly provided by the terms of this Declaration of Trust, and no implied duties or obligations shall be read herein against Corporation Trust, including without limitation that no action requested of Corporation Trust shall require the performance of any investigation, analysis, or other due diligence activities by Corporation Trust in respect to such action or the performance of its duties on behalf of the Trust generally.

 

9.             Pursuant to Section 3803(b) of the Trust Act, Corporation Trust shall not be liable to any person other than the Trust or a beneficiary of the Trust for any act, omission or obligation of the Trust or any trustee thereof and all persons having any claim against Corporation Trust by reason of the transactions contemplated by this Trust Agreement or any other agreement or instrument related to the Trust shall look only to the Trust’s property for payment or satisfaction thereof.

 

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10.           Pursuant to Section 3806(c) of the Trust Act, to the extent that at law or in equity Corporation Trust, as trustee, has duties (including fiduciary duties) and liabilities relating to the Trust or to beneficiaries thereof, Corporation Trust’s duties and liabilities are hereby eliminated and restricted to the fullest extent allowable under applicable law and Corporation Trust shall not be liable to the Trust or to any beneficial owner of the Trust for any action taken in good faith reliance on the terms of this Trust Agreement.

 

11.           The Trustees (as such and in their individual capacities) and their respective officers, directors, employees, shareholders and agents shall be indemnified and held harmless by SandRidge with respect to any loss, liability, claim, damage, action, suit, tax, penalty, cost, disbursement or expense of any kind or nature whatsoever (including the reasonable fees and expenses of counsel) incurred by the Trustees (as such and in their individual capacities) arising out of or incurred in connection with the acceptance or performance by the Trustees of their respective duties and obligations contained in this Trust Agreement, the creation, operation, administration or termination of the Trust or the transactions contemplated hereby; provided, however, that the Trustees (including their respective officers, directors, employees, shareholders and agents) shall not be indemnified or held harmless as to any such loss, liability, claim, damage, action, suit, tax, penalty, cost, disbursement or expense of any kind or nature whatsoever (including the reasonable fees and expenses of counsel) incurred by reason of their respective willful misconduct, bad faith or gross negligence. The obligations of SandRidge under this Section 11 shall survive the resignation or removal of the Trustees and the termination of this Trust Agreement.

 

12.           The Trust may be dissolved and terminated before the issuance of the trust securities of the Trust in the IPO Transaction at the election of SandRidge.

 

13.           This Trust Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware (without regard to conflict of laws principles); PROVIDED, HOWEVER, THAT THERE SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS AGREEMENT ANY PROVISION OF THE LAWS (COMMON OR STATUTORY) OF THE STATE OF DELAWARE PERTAINING TO TRUSTS (OTHER THAN THE TRUST ACT) THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH THE TERMS HEREOF, (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR 

 

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INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES THAT ARE INCONSISTENT WITH THE LIMITATIONS OR AUTHORITIES AND POWERS OF THE TRUSTEES HEREUNDER AS SET FORTH OR REFERENCED IN THIS AGREEMENT. SECTION 3540 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE TRUST.

 

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IN WITNESS WHEREOF, SandRidge, the Trustee and Corporation Trust have caused this Agreement to be duly executed the day and year first above written.

 

 

	
 
    	
SandRidge   Energy, Inc.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Philip T. Warman
    
	
 
    	
 
    	
Name:
    	
Philip   T. Warman
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President, General Counsel and Corporate Secretary
    

 

[Signature Page to Initial Trust Agreement]

 

 

IN WITNESS WHEREOF, SandRidge, the Trustee and Corporation Trust have caused this Agreement to be duly executed the day and year first above written.

 

 

	
 
    	
The   Bank of New York Mellon Trust Company, N.A., as Trustee 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Ulrich
    
	
 
    	
 
    	
Name:
    	
Michael   J. Ulrich
    
	
 
    	
 
    	
Title:
    	
Vice-President
    

 

[Signature Page to Initial Trust Agreement]

 

 

IN WITNESS WHEREOF, SandRidge, the Trustee and Corporation Trust have caused this Agreement to be duly executed the day and year first above written.

 

 

	
 
    	
The   Corporation Trust Company 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Jennifer A. Schwartz
    
	
 
    	
 
    	
Name:
    	
Jennifer   A. Schwartz
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Initial Trust Agreement]

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