LONG TERM INCENTIVE PERFORMANCE SHARE RESTRICTED STOCK AGREEMENT PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION INCENTIVE COMPENSATION AND STOCK PLAN
Exhibit 10.4(c)
LONG TERM INCENTIVE PERFORMANCE SHARE
RESTRICTED STOCK AGREEMENT
PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION
INCENTIVE COMPENSATION AND STOCK PLAN
This Agreement is made as of the <<Grant Date>> (the Grant Date) by JOHN BEAN TECHNOLOGIES CORPORATION, a Delaware corporation, (the Company) and <<Participant Name>> (the Employee).
In 2008, the Board of Directors of the Company (the Board) adopted the John Bean Technologies Corporation Incentive Compensation and Stock Plan (the Plan). The Plan, as it may be amended and continued, is incorporated by reference and made a part of this Agreement and will control the rights and obligations of the Company and the Employee under this Agreement. Except as otherwise expressly provided herein, all capitalized terms have the meanings provided in the Plan. To the extent there is a conflict between the Plan and this Agreement, the provisions of the Plan will control.
The Compensation Committee of the Board (the Committee) determined that it would be to the competitive advantage and interest of the Company and its stockholders to grant an award of restricted stock to the Employee, the amount of which will vary based on the Companys performance, as an inducement to remain in the service of the Company or one of its affiliates (collectively, the Employer), and as an incentive for increased efforts during such service.
The Committee, on behalf of the Company, grants to the Employee an award of up to <<Maximum # of Shares Granted>> shares of restricted stock (the Restricted Shares) of the Companys common stock par value of $0.01 per share (the Common Stock). The number of shares ultimately earned by the Employee will depend upon the Companys <<Fiscal Year>> fiscal year performance on [specify number of performance measures utilized for award] << # >> performance criteria [choose applicable performance measures and delete inapplicable ones] [EBITDA growth] [Return on Investment] [Total Shareholder Return] [Net Contribution] [include the following only if performance is to be measured with respect to peers] [relative to the performance of [specify number of peer companies utilized] [ << # >> other companies that are designated by the Committee at the time of the Committees approval of the grant of this award]. The actual number of Restricted Shares earned by the Employee will be determined at a meeting of the Committee following the completion of the <<Fiscal Year>> fiscal year, at which time the Committee will review and approve the Companys calculation of the Companys performance on the [specify number of performance measures utilized for award] << # >> specified performance criteria. The total number of shares issued will vary between 0-200% of a target award amount depending on whether the Companys full year performance on the [specify number of performance measures utilized for award]_<< # >> performance criteria is
determined to be above average, average or below average [include the following only if performance is to be measured with respect to peers] [relative to the peer group of OSX companies], with [specify applicable fraction based on the number of performance measures utilized for award] of the total grant being tied to each of the performance measures. [utilize the following if performance is not measured against peers:] [The Companys performance on each of these measures will be designated above average if the Companys performance is [specify the required performance levels] , average if the Companys performance is and below average if the Companys performance is .] [or include the following if performance is to be measured with respect to peers] [The Companys performance on each of these measures will be designated above average if the Companys performance is better than the midpoint between the << # >> and << # >> ranked peer companies for such measure (1st being the highest performance), average if the Companys performance is better than the midpoint between the << # >> and << # >> ranked peer companies for such measure and lower than the midpoint between the << # >> and << # >> ranked peer companies for such measure, and below average if the Companys performance is below the midpoint between the << # >> and << # >> ranked peer companies for such measure.] For below-average performance on any of the [specify number of performance measures utilized for award] << # >> performance measures, the Employee will receive 0% of the [specify applicable fraction based on the number of performance measures utilized for award] << # >> portion of this grant that is tied to such performance measure, for average performance, 100% of such [specify applicable fraction based on the number of performance measures utilized for award] << # >> portion of this grant tied to that performance measure, and for above-average performance, 200% of such [specify applicable fraction based on the number of performance measures utilized for award] << # >> portion of this grant. [DRAFTING NOTE: ELIMINATE BOLD-FACE ITALICIZED DRAFTING NOTES AND INAPPLICABLE BRACKETED ALTERNATIVE PROVISIONS IN GRANT AGREEMENTS WHEN ISSUED]
The award is made upon the following terms and conditions:
1. Vesting. The Restricted Shares ultimately earned by the Employee will vest and be immediately transferable on January 2, 3 years after the grant date (the Vesting Date). Notwithstanding the foregoing, the Restricted Shares will vest and be immediately transferable (but in any event, within 70 days) in the event of the Employees death or Disability, or a Change in Control of the Company and, for purposes of determining the amount of the resulting award, it will be assumed that the Company achieved average performance on each of the performance measures, resulting in the payment of 100% of the award amount of this grant. Notwithstanding the foregoing, in the event of the Employees retirement under the Companys pension plan on or after age 62, the
Restricted Shares will not vest and be immediately transferable until the Vesting Date (and, in any event, within 70 days thereafter), with the amount of the resulting award to be determined on the basis of the Companys achievement of the performance criteria. All Restricted Shares will be forfeited upon termination of the Employees employment with the Employer before the Vesting Date for a reason other than death, Disability or retirement under the Companys pension plan on or after age 62.
2. Adjustment. The Committee shall make equitable substitutions or adjustments in the Restricted Shares as it determines to be appropriate in the event of any corporate event or transaction such as a stock split, merger, consolidation, separation, including a spin-off or other distribution of stock or property of the Company, reorganization or any partial or complete liquidation of the Company.
3. Rights as Stockholder.
(a) The Restricted Shares will be issued in the form of a book entry registration in the amount of the maximum potential award. The Company may issue a stock certificate (the Certificate) in the Employees name representing the Restricted Shares prior to the Vesting Date, in which case, the Employee will execute a stock power in favor of the Company, the Certificate will be held by the Secretary of the Company (the Escrow Agent) and will be imprinted with a legend stating that the Restricted Shares represented by the Certificate may not be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of except in accordance with this Agreement and are subject to reduction requiring surrender or replacement of the Certificate. The Escrow Agent will hold the Certificate until the Vesting Date. As soon as practicable after the Vesting Date the Company will issue unlegended Certificates for Common Stock to the Employee in the amount of the award earned, and the Employee will surrender to the Company any legended Certificates representing the Restricted Shares, if applicable.
(b) Prior to the Vesting Date, the Employee may not vote, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of the Restricted Shares. The Restricted Shares have Dividend Equivalent Rights.
4. No Limitation on Rights of the Company. The granting of Restricted Shares will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.
5. Employment. Nothing in this Agreement or in the Plan will be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Employer will continue to employ the Employee, or as affecting in any way the right of the Employer to terminate the employment of the Employee at any time.
6. Government Regulation. The Companys obligation to deliver Common Stock following the Vesting Date will be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.
7. Withholding. The Employer will comply with all applicable withholding tax laws, and will be entitled to take any action necessary to effectuate such compliance. The Company may withhold a portion of the Common Stock to which the Employee or beneficiary otherwise would be entitled equivalent in value to the taxes required to be withheld, determined based upon the Fair Market Value of the Common Stock. For purposes of withholding, Fair Market Value shall be equal to the closing price of the amount of Common Stock earned by the Employee pursuant to this award on the Vesting Date, or, if the Vesting Date is not a business day, the next business day immediately following the Vesting Date.
8. Notice. Any notice to the Company provided for in this Agreement will be addressed to it in care of its Secretary, John Bean Technologies Corporation, 200 East Randolph, Chicago, Illinois 60601, and any notice to the Employee (or other person entitled to receive the Restricted Shares) will be addressed to such person at the Employees address now on file with the Company, or to such other address as either may designate to the other in writing. Any notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as stated above and deposited, postage paid, in a post office or branch post office regularly maintained by the United States government.
9. Administration. The Committee administers the Plan. The Employees rights under this Agreement are expressly subject to the terms and conditions of the Plan, a copy of which is attached hereto, including any guidelines the Committee adopts from time to time.
10. Binding Effect. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.
11. Sole Agreement. This Agreement is the entire agreement between the parties to it, and any and all prior oral and written representations are merged into this Agreement. This Agreement may only be amended by written agreement between the Company and the Employee. Employee expressly acknowledges that the form of the grant agreement that the Employee accepts electronically through the Fidelity NetBenefits website is intended to facilitate the administration of this restricted stock award and may not be a full version of this
Agreement due to limitation inherit in such website that are imposed by Fidelity. The terms of this Agreement will govern the Employees award in the event of any inconsistency with the agreement viewed or accepted by the Employee on the Fidelity NetBenefits website.
12. Governing Law. The interpretation, performance and enforcement of this Agreement will be governed by the laws of the State of Delaware.
13. Privacy. Employee acknowledges and agrees to the Employer transferring certain personal data of such Employee to the Company for purposes of implementing, performing or administering the Plan or any related benefit. Employee expressly gives his consent to the Employer and the Company to process such personal data.
Executed as of the Grant Date.
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This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.