Exhibit 10.43
ACCURIDE
CORPORATION
DIRECTORS’ DEFERRED
COMPENSATION PLAN
(As Amended and Restated
Effective January 1, 2009)
ACCURIDE
CORPORATION
DIRECTORS’ DEFERRED
COMPENSATION PLAN
(As Amended and Restated
Effective January 1, 2009)
Table of
Contents
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Page
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ARTICLE I.
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DEFINITIONS
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1
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ARTICLE II.
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ELECTION TO DEFER
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3
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ARTICLE III.
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DEFERRED COMPENSATION ACCOUNTS
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4
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ARTICLE IV.
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PAYMENT OF DEFERRED COMPENSATION
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5
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ARTICLE V.
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ADMINISTRATION; AMENDMENT
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6
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EXHIBIT A
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ACCURIDE
CORPORATION
DIRECTORS’ DEFERRED
COMPENSATION PLAN
(As Amended and Restated
Effective January 1, 2009)
The Accuride Corporation
Directors’ Deferred Compensation Plan (as it may be amended
from time to time, the “ Plan ”) was adopted by
Accuride Corporation, a corporation organized under the laws of the
state of Delaware (the “ Company ”), effective
as of May 19, 2006, for the benefit of its eligible
non-employee directors. The Plan was subsequently
amended and restated effective January 1, 2008. The Plan
is hereby amended and restated in the form of this document
effective January 1, 2009.
ARTICLE I.
DEFINITIONS
Section 1.1
“ Accounts ” shall mean the Director’s
Cash Account and Stock Account, if any.
Section 1.2
“ Board ” shall mean the Board of Directors of
the Company.
Section 1.3
“ Book Value ” shall mean book value per share
based on generally accepted accounting principles consistently
applied, and excluding, in the Board of Directors’
discretion, any extraordinary or unusual charges or credits such as
one time write-offs of goodwill or similar events.
Section 1.4
“ Cash Account ” means the account created by
the Company pursuant to Article III of this Plan in accordance
with an election by a Director to receive deferred cash
compensation under Article II hereof.
Section 1.5
“ Cash Fees ” shall mean Fees payable in
cash.
Section 1.6
“ Change in Control ” means the occurrence
of a “change in the ownership,” a “change in the
effective control” or a “change in the ownership of a
substantial portion of the assets” of a corporation, as
determined in accordance with this Section 1.6. In
determining whether an event shall be considered a “change in
the ownership,” a “change in the effective
control” or a “change in the ownership of a substantial
portion of the assets” of a corporation, the following
provisions shall apply:
(a)
A “change in the ownership” of the Company shall occur
on the date on which any one person, or more than one person acting
as a group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (a
“Person”)), acquires ownership of stock of the Company
that, together with stock held by such Person, constitutes more
than 50% of the total fair market value or total voting power of
the stock of the Company, as determined in accordance with Treas.
Reg. §1.409A-3(i)(5)(v). If a Person is considered
either to own more than 50% of the total fair market value or total
voting power of the stock of the Company, or to have effective
control of the Company within the meaning of
Section 1.6(b) and such Person acquires
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additional stock
of the Company, the acquisition of additional stock by such Person
shall not be considered to cause a “change in the
ownership” of the Company.
(b)
A “change in the effective control” of the Company
shall occur on either of the following dates:
(i)
The date on which any Person, acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition
by such Person) ownership of stock of the Company possessing 30% or
more of the total voting power of the Company’s equity
securities, as determined in accordance with Treas. Reg.
§1.409A-3(i)(5)(vi). If a Person is considered to
possess 30% or more of the total voting power of the
Company’s equity securities, and such Person acquires
additional stock of the Company, the acquisition of additional
stock by such Person shall not be considered to cause a
“change in the effective control” of the Company;
or
(ii)
The date on which a majority of the members of the Board is
replaced during any 12-month period by directors whose appointment
or election is not endorsed by a majority of the members of the
Board before the date of the appointment or election, as determined
in accordance with Treas. Reg.
§1.409A-3(i)(5)(vi).
(c)
A “change in the ownership of a substantial portion of the
assets” of the Company shall occur on the date on which any
one Person acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such Person)
assets from the Company that have a total gross fair market value
equal to or more than 40% of the total gross fair market value of
all of the assets of the Company immediately before such
acquisition or acquisitions, as determined in accordance with
Treas. Reg. §1.409A-3(i)(5)(vii). A transfer of assets
shall not be treated as a “change in the ownership of a
substantial portion of the assets” when such transfer is made
to an entity that is controlled by the shareholders of the Company,
as determined in accordance with Treas. Reg.
§1.409A-3(i)(5)(vii)(B).
(d)
Notwithstanding the foregoing, the following acquisitions shall not
constitute a Change in Control: (i) an acquisition by the
Company, or (ii) an acquisition by an employee benefit plan
(or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company.
Section 1.7
“ Common Stock ” shall mean the common stock of
the Company, par value $0.01 per share.
Section 1.8
“ Company ” means Accuride Corporation, a
Delaware corporation.
Section 1.9
“ DCUs ” means deferred compensation units which
have the value equal to shares of Common Stock, one DCU being equal
to one share of Common Stock.
Section 1.10
“ Director ” shall mean a member of the Board
who is not an employee of the Company or any of its
subsidiaries.
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Section 1.11
“ Exchange Act ” means the Securities Exchange
Act of 1934, as amended.
Section 1.12
“ Fees ” shall mean all amounts payable to a
Director for serving as a member of the Board, including without
limitation any (a) annual or other periodic retainer payments;
(b) fees payable for meeting attendance; (c) fees payable
for committee membership; and (d) fees payable for Board or
committee chairmanship.
Section 1.13
“ Incentive Plan ” shall mean the Accuride
Corporation 2005 Incentive Award Plan, as amended from time to time
and any successor plan thereto.
Section 1.14
“ Plan ” shall have the meaning set forth in the
recitals hereto.
Section 1.15
“ Separation from Service ” shall mean with
respect to a non-employee member of the Board, that he or she has
ceased to be a member of the Board, as construed consistent with
the principles set forth in Treas. Reg.
§1.409A-1(h).
Section 1.16
“ Stock Account ” shall mean the account created
by the Company pursuant to Article III of this Plan in
accordance with an election by a Director to receive stock-based
compensation under Article II hereof.
Section 1.17
“ Stock Fees ” shall mean Fees that are payable
in Common Stock or Common Stock equivalents.
Section 1.18
“ Stock Value ” shall mean, per share, for any
given day, (i) if the Common Stock of the Company is not
publicly traded, the Book Value of the Company’s Common Stock
on such day, and (ii) if the Common Stock of the Company is
publicly traded, the closing price of the Company’s Common
Stock as reported on the exchange upon which such Common Stock is
listed on such day or, if the closing price is not available for
the Common Stock on a date in question, then the next preceding
practicable date for which such closing price is
available.
Section 1.19
“ Year ” shall mean calendar year.
ARTICLE II.
ELECTION TO DEFER
Section 2.1
A Director may elect, on or before December 31 of any Year, to
defer payment of all or a specified part of the Fees earned during
the Year following such election and in any succeeding Years (until
the Director ceases to be a Director); provided, however, that with
respect to Year 2006, a Director may elect, within thirty days
after the effective date of this Plan, to defer all or a specified
part of all Fees payable for services performed after the
election. Any person who shall become a Director during any
Year, and who was not a Director of the Company on the preceding
December 31, may elect, no later than thirty days after the
Director’s term begins, to defer payment of all or a
specified part of such Fees payable for services performed
subsequent to the election. Any Fees deferred pursuant to
this Paragraph shall be paid to the Director at the
time(s) and in the manner specified in Article IV hereof,
as designated by the Director.
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Section 2.2
The election to participate in the Plan and manner of payment shall
be designated by submitting a deferral election form in
substantially the form attached hereto as Exhibit A to
the Chief Financial Officer of the Company. Any subsequent
changes to the Director’s election as to the time and manner
of payment shall be made in accordance with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”).
Section 2.3
The election shall continue from Year to Year unless the Director
amends or terminates it by written request delivered to the
Secretary of the Company prior to the commencement of the Year for
which the amendment or termination is first effective.
ARTICLE III.
DEFERRED COMPENSATION ACCOUNTS
Section 3.1
The Company shall maintain separate bookkeeping accounts for the
Fees deferred by each Director.
Section 3.2
The Company shall credit, on the date Cash Fees would otherwise
become payable, to the Cash Account of each Director the deferred
portion of any Fees due the Director as to which an election to
defer such Fees into the Cash Account has been made. On the
first day of each quarter, the Company shall