SEC Contract Filing

Filing Date: 2016-05-10

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>xerium-2016x2018executivel.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="sFA65D8FF2A6B410728FB961AD5A61473"></a></div><div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><div><br></div><div style="line-height:107%;padding-top:1px;text-align:center;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">XERIUM TECHNOLOGIES, INC.</font></div><div style="line-height:107%;padding-top:16px;text-align:center;padding-left:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2016-2018 LONG TERM INCENTIVE PLAN</font></div><div style="line-height:123%;padding-top:16px;text-align:justify;padding-left:5px;text-indent:38px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Xerium Technologies, Inc. 2016-2018 Executive Long Term Incentive Plan (the "Executive LTIP") contains rules supplemental to those set forth in the Xerium Technologies, Inc. 2010 Equity Incentive Plan (the "EIP"). The Executive LTIP provides for the grant of incentive award opportunities (each, an "Award") under and subject to the terms of the EIP, which is incorporated herein by reference. In the event of any inconsistency between the Executive LTIP and applicable provisions of the EIP, the EIP shall control. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the EIP.</font></div><div style="line-height:123%;padding-left:5px;padding-top:16px;text-align:justify;text-indent:42px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:10pt;padding-right:42px;">1.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Administration: Eligibility.</font><font style="font-family:inherit;font-size:10pt;">&#32;The Executive LTIP shall be administered by the Committee as described in the EIP. The Committee may in its discretion consult with outside advisors or internal Company resources for purposes of making any determinations in connection with its administration of the Program. Eligibility to participate in the Executive LTIP shall be limited to executive officers who are selected by the Committee to participate in the Executive LTIP from among those individuals who are eligible to participate in the EIP. Each selected individual who signs and returns an agreement (Award Agreement) in substantially the form of </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:10pt;">&#32;shall be a participant ("Participant") in this Executive LTIP. Participation in any Award shall not entitle a Participant to share in any future Awards or in any other future awards of the Company or its subsidiaries.</font></div><div style="line-height:123%;padding-left:5px;padding-top:14px;text-align:justify;text-indent:42px;"><font style="padding-top:14px;text-align:justify;font-family:inherit;font-size:10pt;padding-right:42px;">2.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Determination of Number of Shares.</font><font style="font-family:inherit;font-size:10pt;">&#32;The number of shares of Common Stock covered by an Award (the "LTIP Shares") shall be as determined by the Committee and set forth in Schedule 1 to the Award Agreement.</font></div><div style="line-height:123%;padding-left:5px;padding-top:14px;text-align:justify;text-indent:42px;"><font style="padding-top:14px;text-align:justify;font-family:inherit;font-size:10pt;padding-right:42px;">3.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Determination of Time-Based Versus Performance-Based LTIP Shares.</font><font style="font-family:inherit;font-size:10pt;">&#32;Participants will receive thirty-five percent (35%) of their LTIP Shares in the form of time-based Restricted Stock Units as described in Section 4 below ("Time-Based RSUs") and have the remainder of their LTIP Shares (sixty-five percent (65%)) credited to them as performance-based stock units ("Performance Stock Units") as described in Section 5 below, to be earned and vested subject to satisfaction of certain performance conditions. The performance period is the three-year period comprising a three year period beginning on the date of each Participant's grant and ending on the third (3</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">rd</sup></font><font style="font-family:inherit;font-size:10pt;">) anniversary of such grant date.</font></div><div style="line-height:121%;padding-left:5px;padding-top:14px;text-align:justify;text-indent:42px;"><font style="padding-top:14px;text-align:justify;font-family:inherit;font-size:10pt;padding-right:42px;">4.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">General Terms of Time-Based RSUs.</font><font style="font-family:inherit;font-size:10pt;">&#32;Any LTIP Shares that are to be conveyed in the form of Time-Based RSUs will be granted as of the date set forth in Schedule 1 to the Award Agreement. The Award Agreement provides that the RSUs shall vest on the third (3</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">rd</sup></font><font style="font-family:inherit;font-size:10pt;">) anniversary of such grant date and settle in shares of Common Stock as soon as administratively possible after the third (3</font><font style="font-family:inherit;font-size:10pt;"><sup style="ver