SEC Contract Filing

Filing Date: 2015-03-10

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d889205dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</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 10.3 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Execution Version </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SEVERANCE AGREEMENT </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THIS
AGREEMENT, dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015, is made by and between Armstrong World Industries, Inc., a Pennsylvania corporation (the &#147;Company&#148;), and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the
&#147;Executive&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company considers it essential to the best interests of its stockholders to foster the continued
employment of key management personnel; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company&#146;s management, including the Executive, to their assigned duties; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Executive hereby agree as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. <U>Defined Terms</U>. The definitions of capitalized terms used in this Agreement are provided in the last Section hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. <U>Term of Agreement</U>. The Term of this Agreement shall commence on the date hereof and shall continue in effect through
December&nbsp;31, 2016; <U>provided</U>, <U>however</U>, that commencing on January&nbsp;1, 2017 and each January&nbsp;1 thereafter, the Term shall automatically be extended for one additional year unless, not later than September&nbsp;30 of the
preceding year, the Company or the Executive shall have given notice not to extend the Term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3. <U>Company&#146;s Covenants
Summarized</U>. In order to induce the Executive to remain in the employ of the Company, the Company agrees, under the conditions described herein, to pay the Executive the Severance Payments and the other payments and benefits described herein. No
Severance Payments shall be payable under this Agreement unless there shall have been a termination of the Executive&#146;s employment with the Company during the Term; <U>provided</U>, <U>however</U>, that the Executive shall not receive Severance
Payments pursuant to this Agreement if the Executive is entitled to any payments or benefits under the Executive&#146;s Change in Control Severance Agreement entered into with the Company on [DATE] (the &#147;Change in Control Agreement&#148;). This
Agreement shall not be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between the Executive and the Company, the Executive shall not have any right to be retained in the employ of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4. <U>Compensation Other Than Severance Payments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.1 If the Executive&#146;s employment shall be terminated for any reason during the Term, the Company shall pay the Executive&#146;s full
salary to the Executive </P>

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through the Date of Termination at the rate in effect immediately prior to the Date of Termination or, if higher, the rate in effect immediately prior to the first occurrence of an event or
circumstance constituting Good Reason, together with all compensation and benefits accrued and payable to the Executive through the Date of Termination under the terms of the Company&#146;s compensation and benefit plans, programs or arrangements as
in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.2 If the Executive&#146;s employment shall be terminated for any reason during the Term, the Company shall pay to the Executive the
Executive&#146;s normal, accrued <FONT STYLE="white-space:nowrap">post-termination</FONT> compensation and benefits as such payments become due. Such <FONT STYLE="white-space:nowrap">post-termination</FONT> compensation and benefits shall be
determined under, and paid in accordance with, the Company&#146;s retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the
Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-