SEC Contract Filing

Filing Date: 2020-03-10

Document Content:
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<TYPE>EX-10.7
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<FILENAME>luxferuipupdatedmarch201.htm
<DESCRIPTION>EXHIBIT 10.7
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<DIV><FONT size="1" style="font-size:1pt;color:white"> LUXFER HOLDINGS PLC LONG-TERM UMBRELLA INCENTIVE PLAN 1. Purpose of the Plan The purpose of the Plan is to attract and retain high-quality senior employees in an environment where compensation levels are based on global market practice, to align rewards of employees with returns to shareholders and to reward the achievement of business targets and key strategic objectives. The Plan is designed to serve these goals by providing such employees with a proprietary interest in pursuing the long-term growth, profitability and financial success of the Company. Award grants are intended to be determined annually, but may be made on other occasions, such as recruitments. 2. Definitions As used in the Plan or in any instrument governing the terms of any Award, unless stated otherwise, the following definitions apply to the terms indicated below: (a) &#8220;Award&#8221; means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Other Stock Based Award, or Cash Incentive Award granted to a Participant pursuant to the Plan. (b) &#8220;Award Agreement&#8221; means any written agreement, contract or other instrument or document evidencing an Award. (c) &#8220;Beneficiary&#8221; means a person designated in writing by the Participant to receive any amounts due to the Participant hereunder in the event of the Participant&#8217;s death or, absent any such designation, the Participant&#8217;s estate. Such designation, if any, must be on file with the Company prior to the Participant&#8217;s death. (d) &#8220;Board&#8221; means the Board of Directors of Luxfer. (e) &#8220;Cash Incentive Award&#8221; means an award granted pursuant to Section 9 of the Plan. (f) &#8220;Cause&#8221; means (i) if the Participant is a party to an employment agreement with the Company and such agreement provides for a definition of Cause or the grounds for summary dismissal, the definition of Cause contained therein or such grounds for summary dismissal, as applicable, or (ii) if no such agreement exists or if such agreement does not define Cause and does not provide for the grounds for summary dismissal, such conduct of a Participant that constitutes grounds for summary dismissal, as determined by the Company in its sole discretion. For the avoidance of doubt, grounds for summary dismissal will include, without limitation, (i) gross misconduct, gross incompetence or any other material breach of obligations to the Company, (ii) commission of any criminal offence other than a road traffic offence or any other offence which does not result in a custodial sentence and in the reasonable opinion of the Company does not affect the Participant&#8217;s employment, (iii) becoming bankrupt or making any </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> formal arrangement or composition with the Participant&#8217;s creditors generally, (iv) disqualification from being a director of any company by reason of an order made by any competent court other than by reason of mental or physical disability; (v) engaging in any conduct which brings the Participant or the Company into disrepute. (g) &#8220;Change in Control&#8221; means, unless otherwise defined in the Award Agreement, the occurrence of any of the following after the Effective Date: (i) any Person is or becomes the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 40% or more of the combined voting power of the Company&#8217;s outstanding securities (other than any Person who was a &#8220;beneficial owner&#8221; of securities of the Company representing 40% or more of the combined voting power of the Company&#8217;s outstanding securities prior to the Effective Date); or (ii) dissolution or liquidation of the Company; or (iii) material reconstruction or significant demerger; or (iv) individuals who constitute the Board on the Effective Date (the &#8220;Incumbent Board&#8221;) cease for any reason to constitute at least a majority of the members of the Board, provided that any person becoming a director subsequent to the Effective Date whose appointment to fill a vacancy or to fill a new Board position was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company&#8217;s shareholders was approved by the same nominating committee serving under an Incumbent Board, shall be, for purposes of this clause (iv), considered as though he were a member of the Incumbent Board; or (v) the occurrence of any of the following of which the Incumbent Board does not approve: (A) merger or consolidation in which the Company is not the surviving corporation or (B) sale of all or substantially all of the assets of the Company; or (vi) consummation of a plan of reorganization, merger or consolidation of the Company with one or more corporations as a result of which the outstanding shares of the class of securities then subject to the plan of reorganization are exchanged or converted into cash or property or securities not issued by the Company, which was approved by shareholders pursuant to a proxy statement soliciting proxies from shareholders of the C