Modification to 2008 Performance Based Award Agreements between Hexcel and Employees
This document modifies the 2008 Performance Based Award Agreements between Hexcel and its employees. It changes how share awards are calculated if an employee leaves due to retirement, disability, death, termination without cause, or, for senior executives, resignation for good reason. The new formula, effective January 1, 2009, bases the pro-rata share award on the number of months worked during the two-year performance period, rather than days, making the calculation simpler and potentially more favorable to employees.
Exhibit 10.33
Modification to 2008 Performance Based Award Agreements
All 2008 Performance Based Award Agreements include a provision regarding pro-ration of the share award in the event of certain types of termination of employment. In particular, if the employee’s employment terminates as a result of retirement, disability or death, or if the company terminates the employee without cause, then the employee is entitled to a pro-rata portion of the shares earned based on the number of days the employee was employed by Hexcel during the two-year performance period divided by 730. In the case of the company’s senior executives, this provision also applies if the senior executive terminates his employment as a result of good reason.
Effective as of January 1, 2009, all of these Performance Based Award Agreements were modified to change the pro-ration formula such that the employee is entitled to a pro-rata portion of the shares earned based on the number of months the employee was employed by Hexcel during the two-year performance period divided by 24. An employee is considered to have been employed for a particular month if he worked one or more days in such month.
