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Exhibit
10.7(c)
ESMARK
INCORPORATED
DEFERRED STOCK
UNIT
AWARD
AGREEMENT
DIRECTOR
AWARD
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AWARDED TO
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AWARD DATE
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NUMBER OF
DEFERRED STOCK
UNITS
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ESMARK INCORPORATED
(the “Company”) hereby grants you (the
“Director”)
(
) deferred stock units (“Units”) pursuant to the Esmark
Incorporated Non-Employee Directors Deferred Compensation Plan (the
“Plan”) (this grant of Units is your
“Award”). The Company’s Board of Directors (the
“Board”) will administer this Award Agreement, and any
decision of the Board will be final and conclusive. Capitalized
terms not defined herein have the meanings provided in the
Plan.
The terms of your Award
are:
| 1. |
Vesting of Units . The Units are fully vested and
nonforfeitable. |
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(a) |
Except as provided in Section 3, the Company will not
issue shares of Company Stock to the Director for Units until the
Director’s Separation from Service (the “Issue
Date”). At that time, the Company will issue to the Director
shares of Company Stock equal to the number of his or her
Units. |
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(b) |
The Director may elect to defer receipt of all or a portion of
the shares of Company Stock that the Director would otherwise be
entitled to receive under this Award. The Director’s election
to defer such payment must be made no later than one year prior to
the Issue Date, shall not take effect until twelve months after the
date on which it is made, and shall be irrevocable once it is made.
The Director’s election shall automatically defer such
payment until |
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