SEC Contract Filing

Filing Date: 2016-07-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.B
<SEQUENCE>3
<FILENAME>exhibit10b63016.htm
<DESCRIPTION>EXHIBIT 10.B
<TEXT>
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<div><a name="s6169229dbc1b43a2adb0afeab3060b17"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10b</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MASCO CORPORATION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NON-EMPLOYEE DIRECTORS EQUITY PROGRAM</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNDER THE 2014 LONG TERM STOCK INCENTIVE PLAN</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">May 9, 2016</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For purposes of the Masco Corporation (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;) Non-Employee Directors Equity Program (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Program</font><font style="font-family:inherit;font-size:10pt;">&#8221;), an &#8220;Eligible Director&#8221; is any director of the Company who is not an employee of the Company and who receives a fee for services as a director. Terms not defined herein have the meaning given to them in the Company&#8217;s 2014 Long Term Stock Incentive Plan, as amended from time to time (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Plan</font><font style="font-family:inherit;font-size:10pt;">&#8221;).</font></div><div style="line-height:174%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Section 1. Restricted Stock Award</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Eligibility for Award</font><font style="font-family:inherit;font-size:10pt;">. On the date of each of the Company&#8217;s annual stockholders&#8217; meetings (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Annual Meeting</font><font style="font-family:inherit;font-size:10pt;">&#8221;), each person who is or becomes an Eligible Director at such meeting and whose service on the Board is expected to continue following such meeting shall be granted an Award of Restricted Stock. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:10pt;">(i)&#160; </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Amount of Award</font><font style="font-family:inherit;font-size:10pt;">.&#160; The amount of the Award of Restricted Stock shall be determined by the Board of Directors from time to time, and shall be rounded to the nearest ten Shares and disregarding any retainer provided as compensation for service on a Board committee, or as Chair of a Board committee or the Board (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity Retainer</font><font style="font-family:inherit;font-size:10pt;">&#8221;). </font><font style="font-family:inherit;font-size:10pt;color:#002060;">&#160;</font><font style="font-family:inherit;font-size:10pt;">If an Eligible Director begins serving as a director other than as of the date of an Annual Meeting, Awards of Restricted Stock granted hereunder shall be granted on the date of the meeting of the Corporate Governance and Nominating Committee that takes place on or after the date such Eligible Director is first elected or appointed to the Board, and such Awards shall be pro-rated to reflect the partial service provided by such Eligible Director in the period between Annual Meetings.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(ii) </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Adjustment to Amount or Terms of Award</font><font style="font-family:inherit;font-size:10pt;">. The Board shall have sole discretion to adjust the amount of the Equity Retainer to be paid in the form of Shares and the terms of any such Award of Shares. Except as the Board may otherwise determine, any increase or decrease in an Eligible Director&#8217;s Annual Retainer during a period with respect to which such Eligible Director has already been granted an Award of Restricted Stock shall be implemented by increasing or decreasing the cash portion of such Eligible Director&#8217;s annual reta