SEC Contract Filing

Filing Date: 2018-08-07

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>synl-20180630x10qex101.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="s2C75549ED548907B43ECFC50F8F3F83D"></a></div><div></div><div><br></div><div style="line-height:120%;padding-top:2px;text-align:center;padding-left:213px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SYNALLOY CORPORATION</font></div><div style="line-height:120%;padding-top:2px;text-align:center;padding-left:213px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Amended and Restated </font></div><div style="line-height:120%;padding-top:2px;text-align:center;padding-left:213px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2015 Stock Awards Plan</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:left;font-size:12.5pt;"><font style="font-family:inherit;font-size:12.5pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:132%;font-size:10pt;padding-left:8px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:132%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Purpose</font><font style="font-family:inherit;font-size:10pt;">. This 2015 Stock Awards Plan (the &#8220;Plan&#8221;) is intended to provide key executive employees of Synalloy Corporation or any of its Subsidiaries (together, the &#8220;Company&#8221;) with the opportunity to participate in the Company&#8217;s future prosperity and growth by awarding them stock of the Company. The purpose of the Plan is to provide key executive employees long-term incentive for gain as a result of outstanding service to the Company and its shareholders, and to assist in attracting and retaining executives of ability and initiative. For purposes of this Plan, &#8220;Subsidiary&#8221; means any corporation or business organization in which the Company owns, directly or indirectly, twenty percent (20%) or more of the voting stock or capital or profits interest at the time of granting of an award under this Plan.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:132%;font-size:10pt;padding-left:8px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:132%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Administration</font><font style="font-family:inherit;font-size:10pt;">. The Plan shall be administered by a committee consisting of two or more members of the Compensation and Long Term Incentive Committee of the Board (the &#8220;Committee&#8221;), each of whom shall be (i) a &#8220;non- employee director&#8221; within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), and (ii) an &#8220;outside director&#8221; as defined under Internal Revenue Code (the &#8220;Code&#8221;) Section 162(m), unless the action taken pursuant to the Plan is not required to be taken by &#8220;outside directors&#8221; in order to qualify for tax deductibility under Code Section 162(m).</font></div></td></tr></table><div style="line-height:132%;padding-top:8px;text-align:justify;padding-left:56px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Committee shall have complete authority and discretion to interpret all provisions of this Plan consistent with law, to prescribe the form of agreement evidencing the award of stock under the Plan, to adopt, amend, and rescind general and special rules and regulations for its administration, and to make all other determinations necessary or advisable for the administration of the Plan. No member of the Committee shall be liable for any action or determination in respect thereto, if made in good faith, and each member of the Committee shall be entitled to indemnification by the Company with respect to all matters arising from his service on the Committee to the fullest extent allowable under the Company&#8217;s Certificate of Incorporation, Bylaws and applicable law.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:56px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:132%;font-size:10pt;padding-left:8px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:132%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Eligibility</font><font style="font-family:inherit;font-size:10pt;">. Any salaried employee of the Company who, in the judgment of the Committee, occupies a management position in which his or her efforts contribute to the profit and growth of the Company may be awarded stock under the Plan. The Committee will designate employees to whom stock is to be awarded and will specify the number of shares awarded. The Committee shall have the discretion to determine to what extent, if any, persons employed on a part-time or consulting basis