AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
This Amended and
Restated Employment Agreement (this “Agreement”) dated
effective as of the 31st day of December, 2008, between RPM
International Inc., a Delaware corporation (the
“Company”), and Frank C. Sullivan
(“Executive”).
WHEREAS, Executive
is currently Chairman and Chief Executive Officer of the Company;
and
WHEREAS, Executive
and the Company entered into the Amended and Restated Employment
Agreement, dated as of June 1, 2006 (the “Existing
Agreement”), to ensure Executive’s continued employment
with the Company; and
WHEREAS, the
Company recognizes that, as with many publicly held corporations,
the possibility of a change in control may exist from time to time,
and that the uncertainty and questions it may raise among
management, may result in the departure or distraction of
management personnel to the detriment of the Company and its
stockholders. Accordingly, the Board of Directors has evaluated the
steps taken by the Company to ensure the continued dedication of
the Executive in the event of the disruption and uncertainty caused
by the possibility of a change in control;
WHEREAS, the Board
of Directors has determined that it is in the best interests of the
stockholders of the Company to take further action to secure the
continued dedication of the Executive in the event of any threat or
occurrence of a change in control of the Company; and
WHEREAS, the
Company desires to amend and restate the Existing Agreement to
ensure that the compensation and benefits provided the Executive in
the event of a threat or occurrence of a change in control will
satisfy the Executive’s expectations and be competitive with
those of other corporations.
NOW, THEREFORE, in
consideration of the foregoing and of the respective covenants and
agreements of the parties herein contained, the parties hereto
agree as follows:
1. Term
of Employment . The Company hereby agrees to continue to employ
Executive, and Executive hereby agrees to continue to serve the
Company, on the terms and conditions set forth herein for the
period commencing as of the date hereof and expiring on
May 31, 2009 (the “Employment Period”). The
Employment Period shall automatically be extended on May 31 of
each year for a period of one year from such date unless, not later
than March 31 of such year, the Company or Executive has given
notice to the other party that it or he, as the case may be, does
not wish to have the Employment Period extended. In addition, in
the event of a Change in Control, the Employment Period shall
automatically be extended for a period of three years beginning on
the date of the Change in Control and ending on the third
anniversary of the date of such Change in Control (unless further
extended under the immediately preceding sentence). In any case,
the Employment Period may be Terminated earlier under the terms and
conditions set forth herein.
2.
Position and Duties . Executive shall serve as Chairman and
Chief Executive Officer reporting to the Board of Directors of the
Company. Executive shall be responsible for the general management
and operation of the Company and shall have such other powers and
duties as may from time to time be assigned by the Board of
Directors of the Company; provided, however, that such duties are
consistent with his present duties and his position with the
Company. Executive shall devote substantially all his working time
and efforts to the continued success of the business and affairs of
the Company.
3. Place
of Employment . In connection with his employment by the
Company, Executive shall not be required to relocate or move from
his existing principal residence in Bay Village, Ohio, and shall
not be required to perform services which would make the
continuance of his principal residence in Bay Village, Ohio,
unreasonably difficult or inconvenient for him. The Company shall
give Executive at least six months’ advance notice of any
proposed relocation of its Medina, Ohio offices to a location more
than 50 miles from Medina, Ohio and, if Executive in his sole
discretion chooses to relocate his principal residence, the Company
shall promptly pay (or reimburse him for) all reasonable relocation
expenses (consistent with the Company’s past practice for
similarly situated senior executive officers) incurred by him
relating to a change of his principal residence in connection with
any such relocation of the Company’s offices from Medina,
Ohio.
(a) Base
Salary . During the Employment Period, Executive shall receive
a base salary at the rate of not less than Eight Hundred
Twenty-Five Thousand Dollars ($825,000) per annum (“Base
Salary”), payable in substantially equal monthly installments
at the end of each month during the Employment Period hereunder. It
is contemplated that annually in the first quarter of each fiscal
year of the Company the Compensation Committee of the Board of
Directors (the “Compensation Committee”) will review
Executive’s Base Salary and other compensation during the
Employment Period and, at the discretion of the Compensation
Committee, it may recommend to the Board of Directors of the
Company for its approval an increase in Executive’s Base
Salary and other compensation, effective as of June 1 of such
fiscal year, based upon Executive’s performance, then
generally prevailing industry salary scales, the Company’s
results of operations, and other relevant factors. Any increase in
Base Salary or other compensation shall in no way limit or reduce
any other obligation of the Company hereunder and, once established
at an increased specified rate, Executive’s Base Salary
hereunder shall not be reduced without his written
consent.
(b)
Incentive Compensation . In addition to his Base Salary,
Executive shall be entitled to receive such annual cash incentive
compensation (“Incentive Compensation”) for each fiscal
year of the Company during the Employment Period as the
Compensation Committee may determine in its sole discretion to
recommend to the Board of Directors of the Company for its approval
based upon the Company’s results of operation and other
relevant factors. Such annual Incentive Compensation shall be
received by Executive as soon as possible, but no later than
90 days after the close of the Company’s fiscal year for
which such Incentive Compensation is granted, provided however,
that to the extent the Company’s senior executive for Human
Resources determines it to be consistent with Section 409A of
the Code, Executive shall have such right, if any, as may be
provided under the Deferred Compensation Plan to elect to defer
annual Incentive
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Compensation.
Any such election shall be made in accordance with the terms of the
Deferred Compensation Plan (including provisions regarding the time
and form of such deferral election) and such procedures as may be
established thereunder.
(c)
Expenses . During the Employment Period, Executive shall be
entitled to receive prompt reimbursement for all reasonable
business expenses incurred by him (in accordance with Company
practice) in performing services hereunder, provided that Executive
properly accounts therefor in accordance with either Company
policies or guidelines established by the Internal Revenue Service
if such are less burdensome.
(d)
Participation in Benefit Plans . During the Employment
Period, Executive shall be entitled to continue to participate in
or receive benefits under the Benefit Plans, subject to and on a
basis consistent with the terms, conditions and overall
administration of the Benefit Plans. Except with respect to any
benefits related to salary reductions authorized by Executive,
nothing paid or awarded to Executive under any Benefit Plan
presently in effect or made available in the future shall reduce or
be deemed to be in lieu of compensation to Executive pursuant to
any other provision of this Section 4. Executive’s right
to participate in any Benefit Plan shall be subject to the
applicable eligibility criteria for participation and Executive
shall not be entitled to any benefits under, or based on, any
Benefit Plan for any purposes of this Agreement if Executive does
not during the Employment Period satisfy the eligibility criteria
for participation in such plan.
(e)
Vacations . During the Employment Period, Executive shall be
entitled to the same number of paid vacation days in each fiscal
year determined by the Company from time to time for its other
senior executive officers, but not less than four weeks in any
fiscal year, to be taken at such time or times as is desired by
Executive after consultation with the Board of Directors (or its
designee) to avoid scheduling conflicts (prorated in any fiscal
year during which Executive is employed hereunder for less than the
entire such year in accordance with the number of days in such
fiscal year during which he is so employed). Executive also shall
be entitled to all paid holidays given by the Company to its other
salaried employees.
(f) Other
Benefits . During the Employment Period, Executive shall be
entitled to continue to receive the fringe benefits appertaining to
his position with the Company in accordance with present practice,
including the use of the most recent model of a full-sized
automobile. During the Employment Period, Executive shall be
entitled to the full-time use of an office and furniture at the
Company’s offices in Medina, Ohio, and shall be entitled to
the full-time use of a secretary paid by the Company.
5.
Termination Outside of Protected Period .
(a)
Events of Termination . At any time other than during the
Protected Period, the Employment Period shall Terminate immediately
upon the occurrence of any of the following events:
(i) expiration of the Employment Period; (ii) the death
of Executive; (iii) the expiration of 30 days after the
Company gives Executive written notice of its election to Terminate
the Employment Period upon the Disability of Executive, if before
the expiration of such 30-day period Executive has not returned to
the performance of his duties hereunder on a full-
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time basis;
(iv) the resignation of Executive; (v) the
Company’s Termination of the Employment Period for Cause; or
(vi) the Company’s Termination of the Employment Period
at any time, without Cause, for any reason or no reason. For
purposes of Subsections 5(b) and 5(c), expiration of the Employment
Period upon a notice of the Company under Section 1 that it
does not wish to have the Employment Period extended shall be
deemed a Termination of Employment without Cause pursuant to
Subsection 5(a)(vi) and expiration of the Employment Period upon a
notice of Executive under Section 1 that he does not wish to
have the Employment Period extended shall be deemed a resignation
of Executive pursuant to Subsection 5(a)(iv).
(b)
Compensation Upon Termination . This Subsection 5(b) sets
forth the payments and benefits to which Executive is entitled
under any Termination of Employment pursuant to Subsection
5(a).
(i)
Death; Disability . During any period in which Executive
fails to perform his duties hereunder as a result of Disability,
Executive shall continue to receive his full Base Salary until his
employment is Terminated pursuant to Subsection 5(a)(ii) or (iii);
provided that his employment shall not be continued beyond the 29th
month after such period of Disability began. Upon Termination of
the Employment Period under Subsection 5(a)(ii) or (iii), Executive
shall no longer be entitled to participate in the Benefit Plans,
except as required by applicable law or as governed by the Benefit
Plans including the Group Long Term Disability Insurance in which
Executive participates immediately prior to such Termination of
Employment, but Executive shall be entitled to receive his Earned
Incentive Compensation, if any, within 30 days after the
Termination Date.
(ii)
Resignation or Cause . If Executive’s employment is
Terminated pursuant to Subsection 5(a)(iv) or (v), the Company
shall pay Executive his full Base Salary through the Termination
Date at the rate in effect at such time. The Company shall then
have no further obligations to Executive under this Agreement and
Executive shall no longer be entitled to participate in the Benefit
Plans, except as required by applicable law.
(iii)
Termination of Employment Without Cause . If
Executive’s employment is Terminated without Cause pursuant
to Subsection 5(a)(vi), then in lieu of any further salary payments
to Executive for periods subsequent to the Termination Date, the
Company shall pay to Executive no later than 30 calendar days
following such date, a lump sum amount equal to (A)
Executive’s Unpaid Incentive Compensation, if any, plus
(B) 300% of the sum of (I) the greater of
Executive’s Base Salary currently in effect or the highest of
Executive’s Base Salary in effect at any time during the
period commencing three years prior to the Termination Date; and
(II) the highest amount of Annual Incentive Compensation
Executive received from the Company during the full five fiscal
years of the Company immediately preceding the Termination Date.
Executive also shall be entitled to certain continuing benefits
under the terms of Subsection 5(c). Notwithstanding any other
provision of this Subsection 5(b)(iii), Subsection 5(c) or this
Agreement, the Company shall have no obligation to make the
lump-sum payment referred to in this Subsection 5(b)(iii) or
provide any continuing benefits or payment referred to in
Subsection 5(c) unless (X) Executive executes and delivers to
the Company a Release and Waiver of Claims and (Y) Executive
refrains from revoking, rescinding or otherwise repudiating such
Release and Waiver of Claims for all applicable periods during
which Executive may revoke it.
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(c)
Additional Benefits Following Termination under Subsection
5(a)(vi) . This Subsection 5(c) sets forth the benefits to
which Executive shall be entitled, in addition to those set forth
in Subsection 5(b)(iii), following a Termination of the Employment
Period under Subsection 5(a)(vi). Executive shall not be entitled
to the benefit of any provision of this Subsection 5(c) following a
Termination of the Employment Period under any other provision
hereof.
(i)
Continuing Benefit Plans . For a period of three years
following such a Termination Date, Executive shall also be entitled
to continue to participate, on the same terms and conditions as
active employees, in the Continuing Benefit Plans in which
Executive participated immediately prior to the Termination Date,
except that (A) Executive shall be entitled to
Estate/Financial Planning Benefits for a period of six months
following the Termination Date and (B) if Executive’s
continued participation is not possible and Executive does not
continue to participate under the terms of any such Continuing
Benefit Plan, the Company shall instead pay to Executive, promptly
upon presentation to the Company of invoices or receipts for
payment, the amount Executive spends to receive comparable coverage
under such a comparable plan during such three-year period.
Notwithstanding the foregoing, in no event shall any such
additional amount or comparable benefit be provided to Executive
prior to or materially after the time the original payment or
benefit would have been provided, or in a tax year other than the
year in which payment would otherwise be made. Payment under
Subsection 5(c)(i)(B) shall be made within 30 days of the time
Executive presents an invoice or receipt for payment for such
comparable coverage, provided Executive presents such invoice(s) or
receipt(s) no later than 30 days before the end of the taxable
year following the year in which the expenses were incurred. With
respect to any coverage under a Continuing Benefit Plan with
respect to which, but for this Agreement, Executive would otherwise
be entitled to continuation coverage under Code Section 4980B
(“COBRA”), any benefits provided for expenses that are
incurred after the end of what would be the COBRA continuation
coverage period if Executive had elected and paid for such coverage
shall be made no later than the end of the taxable year following
the taxable year in which such expense was incurred.
Notwithstanding the foregoing sentence, the Company’s
obligations to Executive with respect to continued benefits under
the Continuing Benefit Plans shall end at the time Executive
becomes covered by another employer providing comparable benefits.
During such continuation period, Executive shall be responsible for
paying the normal employee share of the applicable premiums for
coverage under the Continuing Benefit Plans. The Company shall have
the right to modify, amend or terminate the Continuing Benefit
Plans (other than the Estate/Financial Planning Benefits) following
the Termination Date and Executive’s continued participation
therein shall be subject to such modification, amendment or
termination if such modification, amendment or termination applies
generally to the then-current participants in such plan. Upon
completion of the three-year period following such a Termination
Date, the Company shall afford Executive the opportunity to
continue Executive’s coverage under the Continuing Benefit
Plans (other than the Estate/Financial Planning Benefits), at
Executive’s expense, for an additional period under COBRA
Continuation Coverage, so long as Executive timely elects to
receive COBRA Continuation Coverage under the terms thereof and
otherwise complies with the conditions of continuation of benefits
under COBRA Continuation Coverage.
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(ii)
Limited Benefit Plans . After such a Termination Date,
Executive shall no longer be entitled to participate as an active
employee in, or receive any additional or new benefits under, the
Limited Benefit Plans, except as set forth in this Subsection
5(c)(ii) and except for such benefits, if any, available under such
plans to former employees. After such a Termination Date, Executive
shall be entitled to the following additional benefits:
(A) A
lump sum payment equal to three times the annual premium most
recently paid with respect to Executive for such executive life
insurance program as may be maintained by the Company at the
Termination Date, except that if such premium is less than the next
scheduled premium as shown on the then current illustration of
coverage, the lump sum payment shall be three times such next
scheduled premium;
(B) A
lump-sum payment equal to the cash value of the benefits Executive
would have received had he continued to participate in and receive
annual awards under the Restricted Stock Plan on a basis consistent
with his past practice for a period of three years after the
Termination Date, with such payment to be paid no later than
2 1
/ 2 months
following the later of the end of Executive’s taxable year or
the end of the Company’s taxable year in which the
Termination Date occurs; and
(C) The
lapse of all restrictions on transfer and forfeiture provisions to
which Executive’s awards under the Restricted Stock Plan are
subject, so that any restricted shares previously awarded to
Executive under such plan shall be nonforfeitable and freely
transferable thereafter, all on the terms of the Restricted Stock
Plan or the agreements thereunder.
(d)
Notice of Termination . Any Termination of Employment by the
Company pursuant to Subsection 5(a)(iii), (v) or (vi) or
by Executive pursuant to Subsection 5(a)(iv) shall be communicated
to the other party hereto by written notice of Termination of
Employment, which shall state in reasonable detail the facts upon
which the Termination of Employment has occurred.
(e)
Set-Off . There shall be no right of set-off or counterclaim
against, or delay in, any payment by the Company to Executive of
any lump sum payment made under Subsection 5(b)(iii) or 5(c)(ii)(B)
or any Gross-Up Payment in respect of any claim against or debt or
obligation of Executive, whether arising hereunder or
otherwise.
6.
Termination During Protected Period .
(a)
Events of Termination . During the Protected Period, the
Employment Period shall Terminate immediately upon the occurrence
of any of the following events: (i) the death of Executive;
(ii) the expiration of 30 days after the Company gives
Executive written notice of its election to Terminate the
Employment Period upon the Disability of Executive, if before the
expiration of such 30-day period Executive has not returned to the
performance of his duties hereunder on a full-time basis;
(iii) the resignation of Executive without delivering Notice
of Termination for Good Reason; (iv) the Company’s
Termination of the Employment Period for Cause; (v) the
Company’s Termination of the Employment Period at any time,
without Cause, for any reason or no reason; or
(vi) Executive’s Termination of the Employment Period
for Good Reason by delivery of Notice of Termination for Good
Reason to the Company during the Protected Period indicating that
an event constituting Good Reason has occurred, provided
that
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Executive’s failure to object in writing
to an event alleged to constitute Good Reason within six months of
the date of occurrence of such event shall be deemed a waiver of
such event by Executive and Executive thereafter may not Terminate
the Employment Period under this Subsection 6(a)(vi) based on such
event.
(b)
Compensation Upon Termination . This Subsection 6(b) sets
forth the payments and benefits to which Executive is entitled
under any Termination of Employment pursuant to Subsection
6(a).
(i)
Death; Disability . During any period in which Executive
fails to perform his duties hereunder as a result of Disability,
Executive shall continue to receive his full Base Salary until his
employment is Terminated pursuant to Subsection 6(a)(i) or (ii);
provided that his employment shall not be continued beyond the 29th
month after such period of Disability began. Upon Termination of
the Employment Period under Subsection 6(a)(i) or (ii), Executive
shall no longer be entitled to participate in the Benefit Plans,
except as required by applicable law or as governed by the Benefit
Plans including the Group Long Term Disability Insurance in which
Executive participates immediately prior to such Termination of
Employment, but Executive shall be entitled to receive his Earned
Incentive Compensation, if any, within 30 days after the
Termination Date.
(ii)
Resignation or Cause . If Executive’s employment is
Terminated pursuant to Subsection 6(a)(iii) or (iv), the Company
shall pay Executive his full Base Salary through the Termination
Date at the rate in effect at such time. The Company shall then
have no further obligations to Executive under this Agreement and
Executive shall no longer be entitled to participate in the Benefit
Plans, except as required by applicable law.
(iii)
Termination of Employment Without Cause or for Good Reason .
If Executive’s employment is Terminated by the Company
without Cause pursuant to Subsection 6(a)(v) or by Executive for
Good Reason pursuant to Subsection 6(a)(vi), then in lieu of any
further salary payments to Executive for periods subsequent to the
Termination Date, the Company shall pay to Executive a lump sum
amount equal to (A) the amount of Executive’s Unpaid
Incentive Compensation, if any, plus (B) 300% of the sum of
(I) the greater of Executive’s Base Salary currently in
effect or the highest of Executive’s Base Salary in effect at
any time during the period commencing three years prior to the date
of the Protected Period begins; and (II) the highest amount of
Annual Incentive Compensation Executive received from the Company
during the full five fiscal years of the Company immediately
preceding the Protected Period. In the case of Termination of
Employment without Cause, payment shall be made no later than 30
calendar days following the Termination Date, and in the case of
Termination of Employment for Good Reason, payment shall be made on
the first day of the seventh month following the Termination Date.
Executive also shall be entitled to certain continuing benefits
under the terms of Subsection 6(c). Notwithstanding any other
provision of this Subsection 6(b)(iii), Subsection 6(c),
Section 7 or this Agreement, the Company shall have no
obligation to make the lump-sum payment referred to in this
Subsection 6(b)(iii), to provide any continuing benefits or payment
referred to in Subsection 6(c), or to make any Gross-Up Payment
unless (X) Executive executes and delivers to the Company a
Release and Waiver of Claims and (Y) Executive refrains from
revoking, rescinding or otherwise
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repudiating
such Release and Waiver of Claims for all applicable periods during
which Executive may revoke it.
(c)
Additional Benefits Following Termination under Subsections
6(a)(v) or (vi) . This Subsection 6(c) sets forth the benefits
to which Executive shall be entitled, in addition to those set
forth in Subsection 6(b)(iii), following a Termination of the
Employment Period under Subsection 6(a)(v) or (vi). Executive shall
not be entitled to the benefit of any provision of this Subsection
6(c) following a Termination of the Employment Period under any
other provision hereof.
(i)
Continuing Benefit Plans . For a period of three years
following such a Termination Date, Executive shall also be entitled
to continue to participate, on the same terms and conditions as
active employees, in the Continuing Benefit Plans in which
Executive participated immediately prior to the Termination Date,
except that (A) Executive shall be entitled to
Estate/Financial Planning Benefits for a period of one year
following the Termination Date and (B) if Executive’s
continued participation is not possible and Executive does not
continue to participate under the terms of any such Continuing
Benefit Plan, the Company shall instead pay to Executive, promptly
upon presentation to the Company of invoices or receipts for
payment, the amount Executive spends to receive comparable coverage
under such a comparable plan during such three-year period.
Notwithstanding the foregoing, in no event shall any such
additional amount or comparable benefit be provided to Executive
prior to or materially after the time the original payment or
benefit would have been provided, or in a tax year other than the
year in which payment would otherwise be made. Payment under
Subsection 6(c)(i)(B) shall be made within 30 days of the time
Executive presents an invoice or receipt for payment for such
comparable coverage, provided Executive presents such invoice(s) or
receipt(s) no later than 30 days before the end of
Executive’s taxable year following the year in which the
expense was incurred; provided, however, that in the event of
Termination of Employment for Good Reason, no payment or
reimbursement shall be made hereunder before the first day of the
seventh month following such Termination of Employment. With
respect to any coverage under a Continuing Benefit Plan with
respect to which, but for this Agreement, Executive would otherwise
be entitled to continuation coverage under Code Section 4980B
(“COBRA”), any benefits provided for expenses incurred
after the end of what would be the COBRA continuation coverage
period if Executive had elected and paid for such coverage shall be
made no later than the end of the taxable year following the
taxable year in which such expense was incurred. Notwithstanding
the foregoing sentence, the Company’s obligations to
Executive with respect to continued benefits under the Continuing
Benefit Plans shall end at the time Executive shall become covered
by a plan of another employer providing comparable benefits
. During such continuation period, Executive shall be
responsible for paying the normal employee share of the applicable
premiums for coverage under the Continuing Benefit Plans. The
Company shall have the right to modify, amend or terminate the
Continuing Benefit Plans (other than the Estate/Financial Planning
Benefits) following the Termination Date and Executive’s
continued participation therein shall be subject to such
modification, amendment or termination if such modification,
amendment or termination applies generally to the then-current
participants in such plan. Upon completion of the three-year period
following such a Termination Date, the Company shall afford
Executive the opportunity to continue Executive’s coverage
under the Continuing Benefit Plans (other than the Estate/Financial
Planning Benefits), at Executive’s expense, for an additional
period under
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COBRA
Continuation Coverage, so long as Executive timely elects to
receive COBRA Continuation Coverage under the terms thereof and
otherwise complies with the conditions of continuation of benefits
under COBRA Continuation Coverage.
(ii)
Limited Benefit Plans . After such a Termination Date,
Executive shall no longer be entitled to participate as an active
employee in, or receive any additional or new benefits under, the
Limited Benefit Plans, except as set forth in this Subsection
6(c)(ii) and except for such benefits, if any, available under such
plans to former employees. After such a Termination Date, Executive
shall be entitled to the following additional benefits:
(A) A
lump sum payment equal to three times the annual premium most
recently paid with respect to Executive for such executive life
insurance program as may be maintained by the Company at the
Termination Date, except that if such premium is less than the next
scheduled premium as shown on the then current illustration of
coverage, the lump sum payment shall be three times such next
scheduled premium. Such lump sum payment shall be grossed up to
compensate for the tax impact of such payment and shall occur no
later than 2 1 / 2
months following the later of the
end of the Executive’s taxable year or the end of the
Company’s taxable year in which the Termination Date occurs,
provided that in the case of Termination of Employment with Good
Reason, in no event shall payment occur prior to the first day of
the seventh month following the Termination Date;
(B) A
lump-sum payment to be paid under the Restricted Stock Plan equal
to the cash value of the benefits Executive would have received had
he continued to participate in and receive annual awards under the
Restricted Stock Plan on a basis consistent with his past practice
for a period of three years after the Termination Date, determined
and payable in accordance with the terms of the Restricted Stock
Plan and the Company’s past practice. In the case of
Termination of Employment without Cause, payment shall be made no
later than 30 calendar days following the Termination Date, and in
the case of Termination of Employment for Good Reason, payment
shall be made on the first day of the seventh month following the
Termination Date; and
(C) The
lapse of all restrictions on transfer and forfeiture provisions to
which Executive’s awards under the Restricted Stock Plan are
subject, so that any restricted shares previously awarded to
Executive under such plan shall be nonforfeitable and freely
transferable thereafter, all on the terms of the Restricted Stock
Plan or the agreements thereunder.
(d)
Notice of Termination . Any Termination of Employment by the
Company pursuant to Subsection 6(a)(ii), (iv) or (v) or
by Executive pursuant to Subsection 6(a)(iii) shall be communicated
to the other party hereto by written notice of Termination, which
shall state in reasonable detail the facts upon which the
Termination of Employment has occurred. A Termination of Employment
pursuant to Subsection 6(a)(vi) shall be communicated by Notice of
Termination for Good Reason.
(e)
Notice of Change in Control . The Company shall give
Executive written notice of the occurrence of any event
constituting a Change in Control as promptly as practical, and in
no case later than 10 calendar days, after the occurrence of such
event.
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(f)
Deemed Termination After Change in Control . In the event of
a Termination of Employment of Executive by the Company without
Cause following the commencement of any discussion with or
communication from a third party that ultimately results in a
Change in Control that is also a “change in control”
within the meaning of Section 409A, but prior to the date of
such a Change in Control, and Executive can reasonably demonstrate
that such Termination of Employment was made in connection with or
in anticipation of such Change in Control, then Executive shall be
entitled to the benefits provided under Subsections 6(b)(iii) and
6(c) and
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