SEC Contract Filing

Filing Date: 2016-08-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>exh102_wcccuaward.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<div><a name="sD814F49B8F7B5924B6893746AFCFE42D"></a></div><div><div style="line-height:120%;text-indent:576px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EXHIBIT 10.2</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">WESTMORELAND COAL COMPANY</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:14pt;font-weight:bold;">TIME VESTED CASH UNIT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Cash Unit Agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made and entered into as of May 18, 2016 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Grant Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) by and between Westmoreland Coal Company, a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">_______________</font><font style="font-family:inherit;font-size:12pt;">&#32;(the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Grantee</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company has adopted the Westmoreland Coal Company Long-Term Incentive Plan Guideline (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;) pursuant to which awards of Cash Units may be granted; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Committee has determined that it is in the best interests of the Company and its shareholders to grant the award of Cash Units provided for herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:0px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;font-weight:bold;padding-right:96px;">Section&#160;1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DEFINITIONS.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1<br></font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Affiliate</font><font style="font-family:inherit;font-size:12pt;">&#32;means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common control with, the Company. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.2<br></font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Change in Control</font><font style="font-family:inherit;font-size:12pt;">&#32;means:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">a.<br></font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">One person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; provided that a Change in Control has not occurred if any person (or more than one person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company&#8217;s stock and acquires additional stock; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">b.<br></font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">One person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the Company&#8217;s stock possessing 30% or more of the total voting power of the stock of such corporation; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size: