Amendment No. 2 to Brush Engineered Materials Inc. Key Employee Share Option Plan

Contract Categories: Human Resources › Compensation Agreements
Summary

Brush Engineered Materials Inc. has amended its Key Employee Share Option Plan. This amendment cancels all elective and non-elective deferrals related to options granted on September 30 and December 31, 2004, effective June 10, 2005. Affected participants will receive payment for their cancelled deferrals, minus taxes, and will have no further rights to those options unless already exercised. Additionally, no new options will be issued under the plan after December 31, 2004.

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EX-10.A 2 l14962aexv10wa.htm EX-10(A) AMENDMENT #2 TO BRUSH KEY EMPLOYEE SHARE OPTION PLAN Exhibit 10(a)  

Exhibit 10(a)
AMENDMENT NO. 2
TO
BRUSH ENGINEERED MATERIALS INC.
KEY EMPLOYEE SHARE OPTION PLAN
     Brush Engineered Materials, Inc., an Ohio corporation, hereby adopts this Amendment No. 2 to the Brush Engineered Materials Inc. Key Employee Share Option Plan (the “Plan”), pursuant to the transition rules set forth in IRS Notice 2005-1 with respect to Section 409A of the Internal Revenue Code of 1986, as amended.
I.
     All elective deferrals of compensation and non-elective deferrals relating to foregone matching contributions made under the Plan in connection with the grant of Options on September 30, 2004, and on December 31, 2004, and all Options granted under the Plan with respect to those deferrals are cancelled effective as of June 10, 2005. Each Participant who made any such a deferral or had such a deferral made on his behalf shall receive payment of the amount of such deferrals upon the cancellation, less applicable withholding taxes, and any such Participant shall have no further rights under the Options granted with respect to such deferrals. Notwithstanding the foregoing, a Participant who exercised any such Option shall not receive payment of the amount of his deferral with respect to the cancellation of the exercised Option.
II.
     No Options shall be issued under the Plan after December 31, 2004.
     Executed at Cleveland, Ohio, this 10th day of June, 2005.
         
    BRUSH ENGINEERED MATERIALS INC.
 
        
 
  By   /s/ Daniel A. Skoch
 
      Title: Senior Vice President Administration
 
        
    And /s/ Michael C. Hasychak
 
      Title: Vice President, Secretary and Treasurer