Exhibit 10.13
IPSCO Inc.
2005 Form 10-K
PERFORMANCE UNIT AWARD
AGREEMENT
THIS AGREEMENT
made the 25 th day
of August 2005,
BETWEEN:
IPSCO INC.
, a corporation incorporated under
the laws of Canada,
(hereinafter called the
“Corporation” or the
“Company”),
OF THE FIRST PART,
-and-
PETER MACPHAIL,
of the City of Regina, in the
Province of Saskatchewan,
(hereinafter called the
“Participant”),
OF THE SECOND PART.
WHEREAS the Corporation has established an Incentive
Share Plan (which, as amended from time to time by the Board of
Directors of the Corporation and approved by Shareholders, is
hereinafter referred to as the “Plan”) whereby certain
designated officers, employees and directors of the Corporation and
its subsidiaries may from time to time be granted options,
restricted shares and performance units;
AND WHEREAS
the Participant, as an employee of
the Corporation, has been designated to receive a grant of
Performance Units (as defined herein), subject to and in accordance
with the terms of this Agreement and of the Plan;
NOW THEREFORE THIS AGREEMENT
WITNESSETH that in
consideration of the mutual covenants herein contained the parties
do hereby agree as follows:
1.
Grant
Pursuant to Section 9 of the
Plan, the Corporation hereby grants and awards to the Participant,
Six Thousand Four Hundred (6,400) performance units (the
“Performance Units”). Each Performance Unit shall
be subject to the terms of the Plan and of this Agreement,
including the terms relating to the Performance Period and the
Performance Objective (as those terms are herein defined).
One-half of the Performance Units will be subject to the
Performance Objective I as defined in Section 3 herein.
The remaining one-half of the Performance Units will be subject to
the Performance Objective II as defined in Section 4
herein.
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