SEC Contract Filing

Filing Date: 2015-02-02

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>d863290dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>KENNAMETAL INC. </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RESTRICTED UNIT AWARD </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FOR NON-EMPLOYEE DIRECTORS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kennametal Inc. (the &#147;Company&#148;) hereby grants to &laquo;name&raquo; (the &#147;Awardee&#148;), as of the Grant Date listed above,
this Restricted Unit Award (the &#147;Award&#148;) for &laquo;number of stock units&raquo; Stock Units, subject to the terms and conditions of the Kennametal Inc. Stock and Incentive Plan of 2010, as Amended and Restated on October&nbsp;22, 2013, as
further amended January&nbsp;27, 2015 (the &#147;Plan&#148;) and the additional terms listed below. Capitalized terms used herein, but not otherwise defined, shall have the same meaning ascribed to them in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Each Stock Unit represents the right to receive one Share of the Company&#146;s Capital Stock, par value $1.25 per share, subject to the Forfeiture
Restrictions (defined below). Notwithstanding, Stock Units as initially awarded have no independent economic value, but rather are mere units of measurement used for the purpose of calculating the number of Shares, if any, to be delivered under the
Award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The prohibition against transfer and the obligation to forfeit and surrender the Stock Units to the Company are herein referred to as
&#147;Forfeiture Restrictions.&#148; The Stock Units may not be sold, assigned, pledged, exchanged, hypothecated, gifted or otherwise transferred, encumbered or disposed of, except as described in the Plan, to the extent then subject to the
Forfeiture Restrictions. The Forfeiture Restrictions will be binding upon, and enforceable against, any permitted transferee of the Stock Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. The
Forfeiture Restrictions will lapse as follows: (a)&nbsp;on the first anniversary of the Grant Date, one-third (1/3)&nbsp;of the Stock Units will vest and the Forfeiture Restrictions will lapse as to those Stock Units; (b)&nbsp;on the second
anniversary of the Grant Date, an additional one-third (1/3)&nbsp;of the Stock Units will vest and the Forfeiture Restrictions will lapse as to those Stock Units; and (c)&nbsp;on the third anniversary of the Grant Date, the remaining one-third
(1/3)&nbsp;of the Stock Units will vest and the Forfeiture Restrictions will lapse as to those Stock Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. In the event that the Awardee ceases to
serve on the Board of Directors for any reason (including death, Disability or Retirement) other than for &#147;cause&#148; (as defined in the Plan), the Forfeiture Restrictions relating to any outstanding Stock Units under this Award will
automatically lapse. If the Awardee is removed from the Board of Directors for &#147;cause,&#148; the Stock Units, to the extent then subject to the Forfeiture Restrictions, will be forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Except as otherwise provided herein, the Shares underlying Stock Units which are no longer subject to Forfeiture Restrictions shall be issued to the
Awardee on the lapse date (or as soon as reasonably practicable thereafter but in no event later than the 15th day of the third month following such date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. The Shares underlying Stock Units shall not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable federal or
state securities laws. The Company may refuse to register a transfer of the Shares on the stock transfer records of the Company if the transfer constitutes a violation of any applicable securities law and the Company may give related instructions to
its transfer agent, if any, to stop registration of the transfer of the Shares. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. This Restricted Unit Award is intended to comply with Section&nbsp;409A of the Internal Revenue Code (which
deals with nonqualified deferred compensation) or an exception thereto and the regulations promulgated thereunder and will be construed accordingly. The Company reserves the right to administer, amend or modify the Award or to take any other action
necessary or desirable to enable the Award to be interpreted and construed accordingly. Notwithstanding the foregoing, the Awardee acknowledges and agrees that Section&nbsp;409A may impose upon the Awardee certain taxes or interest charges for which
the Awardee is and shall remain solely responsible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; f