SEC Contract Filing

Filing Date: 2017-03-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>5
<FILENAME>exhibit1032-2017timexveste.htm
<DESCRIPTION>EXHIBIT 10.32
<TEXT>
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<div><a name="s648640DB95B978B504DD70B2D4D59595"></a></div><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.32</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">EXTERRAN CORPORATION</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">AWARD NOTICE AND AGREEMENT <br>TIME-VESTED STOCK-SETTLED RESTRICTED STOCK UNITS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exterran Corporation (the &#8220;Company&#8221;) has granted to you</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">(the &#8220;Participant&#8221;) restricted stock units under the Exterran Corporation 2015 Stock Incentive Plan (as may be amended from time to time, the &#8220;Plan&#8221;). Each restricted stock unit shall be issued in tandem with a corresponding Dividend Equivalent, which shall entitle you to payments in accordance with Section 2 below. All capitalized terms not explicitly defined in this Award Notice and Agreement (the &#8220;Award Notice&#8221;) but defined in the Plan shall have the respective meanings ascribed to them in the Plan. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The material terms of your Award are as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;padding-right:48px;">1.</font><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Award. </font><font style="font-family:Arial;font-size:10pt;">You have been granted restricted stock units (the &#8220;Award&#8221; or &#8220;RSUs&#8221;), each with a tandem grant of a Dividend Equivalent, subject to these terms and conditions.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Dividend Equivalents</font><font style="font-family:Arial;font-size:10pt;">.</font><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">&#32;&#32;</font><font style="font-family:Arial;font-size:10pt;">Each RSU granted hereunder is hereby granted in tandem with a corresponding Dividend Equivalent, which Dividend Equivalent shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture of the RSU to which it corresponds (the &#8220;Dividend Equivalent Period&#8221;). Each Dividend Equivalent shall entitle you to receive payments, subject to and in accordance with this Award Notice, in an amount equal to each dividend (including any extraordinary or other non-recurring dividend), in each case, that (a) is made by the Company in respect of the share of Common Stock underlying the RSU to which such Dividend Equivalent relates, and (b) has an applicable Dividend Date (as defined below) occurring during the Dividend Equivalent Period. Such amounts (if any) shall be payable as and when such dividends are paid generally to the Company&#8217;s stockholders (and without regard to the vested or unvested status of the RSU underlying such Dividend Equivalent on the applicable Dividend Date). Notwithstanding the foregoing, upon the payment or forfeiture of a RSU, the Dividend Equivalent granted in tandem with such paid or forfeited RSU and the Dividend Equivalent Period shall terminate with respect to such RSU. For the avoidance of doubt, a Dividend Equivalent will only entitle you to payments relating to dividends with an applicable Dividend Date occurring between the Grant Date and the date on which you receive payment in respect of the RSU to which it corresponds in accordance with Section 7 below (or, if earlier, the date on which you forfeit the RSU to which it corresponds). The Dividend Equivalents and any amounts that may become distributable in respect thereof shall be treated separately from the RSUs and the rights arising in connection therewith for purposes of Section 409A of the Code (including for purposes of the designation of the time and form of payments required by Section 409A of the Code). For purposes of this Award Notice, &#8220;Dividend Date&#8221; shall mean, with respect to any dividend made in respect of the Common Stock of the Company, the date preceding the ex-dividend date applicable to such dividend.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Grant Date. </font><font style="font-family:Arial;font-size:10pt;">The Grant Date of this Award is the date