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Restricted Stock Unit Award
Agreement
This Restricted Stock Unit Award Agreement (this
Agreement) is made effective as of _______, ____ between The Black
& Decker Corporation (the Corporation) and the undersigned
participant (the Participant) in The Black & Decker 2008
Restricted Stock Plan (the Plan). Terms used in this Agreement that
are defined in the Plan have the meanings assigned to them in the
Plan.
1. The
Participant has been granted an Award of ______________ Restricted
Stock Units (RSU’s) by the Committee.
2. The
RSU’s granted pursuant to this Award do not and shall not
entitle the Participant to any rights as a holder of Common Stock;
provided, however, that, as long as the Participant holds
RSU’s granted pursuant to this Award, the Corporation shall
pay to the Participant, on each date that the Corporation pays a
cash dividend to the holders of Common Stock, a cash payment equal
to the dividends otherwise payable on the Common Stock represented
by the Participant’s RSU’s. The rights of
the Participant with respect to the RSU’s shall remain
forfeitable at all times prior to the date on which such rights
become vested in accordance with the terms of this
Agreement.
3. The
RSU’s are not transferable by the
Participant. Notwithstanding the foregoing, the
Participant may, in the manner established by the Committee,
designate a beneficiary or beneficiaries to exercise the rights of
the Participant and receive any property distributable with respect
to the RSU’s upon the death of the Participant.
4. The
RSU’s will be forfeited (a) if the Committee determines that
the Participant has engaged in any conduct or act injurious,
detrimental, or prejudicial to any interest of the Corporation or
any of its Subsidiaries or (b) except as set forth in paragraph 5
of this Agreement, automatically on the date the Participant ceases
to be a full-time or part-time employee of the Corporation or any
of its Subsidiaries.
5. Unless
previously forfeited under paragraph 4 of this Agreement, the
RSU’s shall become fully vested and no longer subject to
forfeiture upon (a) a Change in Control of the Corporation, (b) the
death of the Participant while a full-time or part-time employee of
the Corporation, (c) termination of the Participant’s
employment by the Corporation or any of its Subsidiaries due to
permanent physical or mental disability of the Participant, or (d)
the completion, after the date of this Agreement, of ____ years of
full-time or part-time employment by the Corpora
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