HANOVER COMPRESSOR COMPANY AWARD NOTICE TIME-VESTED RESTRICTED STOCK UNIT (Stock-Settled)
EX-10.3 4 h38091exv10w3.htm FORM OF AWARD NOTICE TIME VESTED RESTRICTED STOCK UNITS (STOCK SETTLED) exv10w3
Exhibit 10.3
HANOVER COMPRESSOR COMPANY AWARD NOTICE TIME-VESTED RESTRICTED STOCK UNIT (Stock-Settled) |
Hanover Compressor Company (the Company), has granted to you, [NAME] (the Participant), restricted stock units under the Hanover Compressor Company 2006 Stock Incentive Plan (the Plan). All capitalized terms in this Notice have the same meaning ascribed to them in the Plan.
The main terms of your Award are as follows:
1. Award. You have been granted [NUMBER] restricted stock units (the Award or RSUs).
2. Grant Date. The date of this RSU Award is July 21, 2006 (the Grant Date).
3. Vesting. Your Award is subject to a vesting schedule. A portion of your Award (rounded to the nearest whole number) will automatically vest on each of the dates (a Vesting Date) indicated in the table below. However, you must be employed by the Company or one of its subsidiaries at all times from the Grant Date up to and including the applicable Vesting Date for the Award to vest. As soon as administratively practicable following each Vesting Date, the Company will issue to you one share of Common Stock for each of your vested RSUs. Contact Wachovia at (866) 311-5694 or (713)  ###-###-#### with any questions concerning the vesting of your Award.
Vesting Date | Number of RSUs Vested | |
July 21, 2007 | [UNITS VESTED] | |
July 21, 2008 | [UNITS VESTED] | |
July 21, 2009 | [UNITS VESTED] |
4. Termination of Employment. If your employment with the Company or a subsidiary terminates for any reason (other than as a result of death, Disability or a Corporate Change), the unvested portion of your Award will be automatically forfeited on the date of such event unless the Compensation Committee directs otherwise. If your employment with the Company terminates as a result of your death, Disability or a Corporate Change, the unvested portion of your Award will immediately vest in full and all restrictions applicable to your Award will cease as of that date. In the event your employment terminates due to Retirement, it will be within the discretion of the Compensation Committee to vest or not vest any unvested portion of your Award.
5. No Stockholder Rights. Until vested and paid as Common Stock, you will not have any right to vote your RSUs or receive dividends, if any, with respect to your RSUs.
6. Non-Transferability. You cannot sell, transfer, pledge, exchange or otherwise dispose of your RSUs (except by will or the laws of descent and distribution).
7. No Right to Continued Employment. Nothing in this Notice guarantees your continued employment with the Company or its subsidiaries or interferes in any way with the right of the Company or its subsidiaries to terminate your employment at any time.
8. No Right to Future Benefits. The Plan is provided by the Company on an entirely discretionary basis, and the Plan creates no vested rights in you as a Participant. You understand and
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agree that this Award is not part of your salary and that receipt of this Award does not entitle you to any future awards under the Plan or any other plan or program of the Company. This Award is not part of your normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments.
9. Data Privacy. You consent to the collection, use, processing and transfer of your personal data as described in this paragraph. You understand that the Company and its subsidiaries hold certain personal information about you (including your name, address and telephone number, date of birth, social security number, social insurance number, etc.) for the purpose of administering the Plan (Data). You also understand that the Company and/or its subsidiaries will transfer this Data amongst themselves as necessary for the purpose of implementing, administering and managing your participation in the Plan, and that the Company and/or any of its subsidiaries may also transfer this Data to any third parties assisting the Company in the implementation, administration and management of the Plan. You authorize them to receive, possess, use, retain and transfer the information, in electronic or other form, for these purposes. You also understand that you may, at any time, review the Data, require any necessary changes to the Data or withdraw your consent in writing by contacting the Company. You further understand that withdrawing your consent may affect your ability to participate in the Plan.
10. Withholding. Your Award is subject to applicable income tax, social insurance, or social security withholding obligations. If necessary, the Company reserves the right to withhold from your regular earnings an amount sufficient to meet the withholding obligations.
11. Plan Governs. This Notice is subject to the terms of the Plan, a copy of which is available on the Companys website or which will be provided to you upon written request addressed to Hanover Compressor Company, Compensation & Benefits Department, 12001 N. Houston Rosslyn, Houston, Texas 77086. In the event of a discrepancy between this Notice and the Plan, the Plan shall govern.
12. Participant Acceptance. If you do not accept the Award or the terms of the Award, you must notify the Company in writing at the address provided above within thirty (30) days of delivery of this Notice. Otherwise, the Company will deem the Award and the terms of the Award accepted by you.
ON BEHALF OF HANOVER COMPRESSOR COMPANY AND ITS SUBSIDIARIES | ||||
By: | /s/ John E. Jackson | |||
John E. Jackson | ||||
President and Chief Executive Officer | ||||
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