LONG-TERM INCENTIVE AWARD
AGREEMENT
BOWNE & CO., INC.
AMENDED AND
RESTATED 1999 INCENTIVE COMPENSATION PLAN AS AMENDED AND
RESTATED EFFECTIVE AS OF DECEMBER 31, 2008
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NAME
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January 1,
2009
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This Long-Term
Incentive Award Agreement (this “Agreement”) is made as
of the Date of Grant set forth above by and between Bowne &
Co., Inc., a Delaware corporation (the “Company”), and
the individual whose name is set forth above
(“Participant”), whose address is in care of Bowne
& Co., Inc., pursuant to the Company’s 1999 Incentive
Compensation Plan as Amended and Restated December 31, 2008 (the
“Plan”). The terms of the Plan are incorporated herein
by reference, and terms defined in the Plan have the same meanings
in this Agreement unless the context otherwise requires. This
Agreement is subject in all respects to the terms and provisions of
the Plan (including, without limitation, any amendments thereto
adopted at any time and from time to time unless such amendments
are expressly intended not to apply to the award provided
hereunder). Participant hereby acknowledges receipt of a true copy
of the Plan, which Participant has read the Plan carefully and
fully understands its content, and hereby agrees to be bound by all
the terms and provisions thereof. In the event of a conflict
between the terms of this Agreement and the terms of the Plan, the
terms of the Plan shall control.
1. Grant of Award . The Company hereby grants to the Participant,
as of the Date of Grant specified above, the opportunity to receive
an incentive cash payment as specified above (the “Target
Award”). Subject to the terms and conditions herein set
forth, this Incentive Award represents a contingent commitment by
the Company to make a cash payment at a future date in recognition
of Participant’s continued service to the Company.
2. Performance Conditions.
The Incentive Award is subject to
the following performance conditions:
(a)
Performance Period . Subject to the provisions of paragraph
(b), the Performance Period shall be the period(s) specified on
Appendix A, accompanying and made a part of this
Agreement.
(b)
Relative Performance . The payment which Participant would
be entitled to receive from the Company following the completion of
the Performance Period is directly related to the actual level of
performance achieved during such period, defined as Threshold,
Target or Maximum.
(c) Performance Criteria
. The Committee shall employ such
criteria for evaluating the performance of the Participant, the
Company, or a division or operation of the Company, over the
Performance Period(s) as the Committee shall in its discretion deem
appropriate in
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LONG-TERM INCENTIVE AWARD
AGREEMENT
determining
whether and to what extent the Threshold, Target or Maximum Award
shall be deemed achieved (the “Performance Criteria”).
These criteria are communicated to Participant in a Performance
Chart in Appendix A.
(d)
Determination of Final Awards . Within sixty (60) days
following the completion of the Performance Period(s), the
Committee shall assess the relative achievement of the Performance
Criteria and determine the percentage (not to exceed 200%), if any,
of the Target Award to be awarded to Participant (the amount of the
payment to be made resulting from the application of such
percentage being hereinafter called the “Final Award”),
provided that the Committee shall bear no liability for any delay
in such assessment. The Committee shall have no discretion to
increase the Final Award to be determined solely on the basis of
the extent to which Performance Criteria were achieved. Upon the
determination of the Final Award, the Committee shall request the
Company to notify Participant of the amount of the Final Award (the
date on which such notification is given being the
“Notification Date”), provided that the Committee and
the Company shall bear no liability for any delay in such
notification.
3.
Delivery of Incentive Award . Subject to the terms of the
Plan, upon the determination of the Final Award in paragraph 2(d)
above, but no later than two and one-half months following the end
of the Performance Period, the Company shall pay to Participant the
Final Award provided that the Committee and the Company shall bear
no liability for any delay in such payment.
4.
Non-Transferability. The Incentive Award created by this
Agreement is not transferable by Participant other than by will or
the laws of descent and distribution. Any attempt to transfer
contrary to the provisions hereof shall be null and
void.
5.
Termination of Employment .
(a)
Forfeiture of All Rights . If Participant’s employment
with the Company terminates for any reason other than Disability,
Involuntary Dismissal, Retirement or death prior to the
Notification Date, the Incentive Award subject to this Agreement
shall immediately be cancelled and this Agreement shall become null
and void and Participant (and Participant’s beneficiary)
shall forfeit all rights or interests in and with respect to the
Incentive Award. The Board or the Committee, in its sole
discretion, may determine, not later than sixty (60) days
after the date of any such termination, that all or a portion of
any of the Participant’s unvested Incentive Award shall not
be so cancelled and forfeited, but shall be paid no later than two
and one-half months following the end of the year in which the
termination occurs. The pro-rata portion of the Incentive Award to
be paid will be calculated as (a) x (b)/(c), where
(a) equals the amount that would have comprised the Final
Award had the last day of the final year of Participant’s
employment been the last day of the Performance Period,
(b) equals the number of days from the first day of the
Performance Period to Participant’s last date of common law
employment with the Company, and (c) equals the number of days
in the Performance Period(s). The Board and the Committee shall
bear no liability for any delay in such determination or
payment.
(b)
Forfeiture of Pro-Rated Rights . If the Participant’s
employment with the Company terminates due to the
Participant’s Disability, Involuntary Dismissal, Retirement
or death, Participant or Participant’s beneficiary, as the
case may be, will be entitled to receive a pro-rata portion of the
Final Award, issued to the Participant no later than two and
one-half months following the end of the calendar year in which
such termination occurs. The pro-rata portion of the Incentive
Award to be paid will be calculated as (a) x (b)/(c), where
(a) equals the amount that would have comprised the Final
Award had the last day of the final year of Participant’s
employment been the la
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