International Specialty Products Inc. 2000 Long Term Incentive Plan Agreement (Award Agreement)

Summary

This agreement is between International Specialty Products Inc. and an individual recipient, granting the recipient incentive units under the company's 2000 Long Term Incentive Plan. The units vest gradually over five years, with full vesting at the end of the fifth year, and must be exercised within six years from the award date. The agreement outlines the number of units awarded, the vesting schedule, and provides instructions for exercising the units. It is designed to reward and retain employees by offering long-term financial incentives.

EX-10.3 4 hldgs2q05ex103.txt 200 LONG TERM INCENTIVE PLAN AGREEMENT EXHIBIT 10.3 INTERNATIONAL SPECIALTY PRODUCTS INC. 2000 LONG TERM INCENTIVE PLAN AGREEMENT "O" PLAN - ----------------------------------------------------------------------------- [Name] [Address] [ID] Pursuant to the ISP 2000 Long Term Incentive Plan (the "Plan"), you are hereby awarded Incentive Units as follows: Award No. [Number] Award Date [Date] Vesting Schedule 20% [Award Date +1 year] 40% [Award Date +2 years] 60% [Award Date +3 years] 80% [Award Date +4 years] 100% [Award Date +5 years] Expiration Date [Award Date +6 years] Total Number of Units Awarded [Number] Book Value [$ . ] -- -- Enclosed please find the ISP 2000 Long Term Incentive Plan Document, and an Exercise Form, which you may use to exercise the units when they become exercisable. If you have any questions regarding this award, please call Richard Irwin in Corporate Human Resources. - ----------------------------------------- --------------- For International Specialty Products Inc. Date