SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 2/09/17 Illinois Tool Works Inc 8-K:8,9 2/08/17 5:286K |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 25K 2: EX-99.1 Miscellaneous Exhibit HTML 54K 3: EX-99.2 Miscellaneous Exhibit HTML 37K 4: EX-99.3 Miscellaneous Exhibit HTML 54K 5: EX-99.4 Miscellaneous Exhibit HTML 45K
Document |
(a) | Except as otherwise provided in this P CASH agreement or the Plan, no portion of the P CASH award will vest prior to three years from [GRANT DATE] (the “Grant Date”). On
[VESTING DATE] (the “Vesting Date”), the P CASH award will become vested to the extent of the performance achievement level certified by the Compensation Committee. Subject to paragraph (g) below, you will receive a cash award on the Vesting Date according to the level of achievement of the performance goals and payout scale established for this grant. A payment will be considered to be paid on the Vesting Date if it is paid within 60 days after the Vesting Date; provided, however, that the Compensation Committee has certified the level of achievement of the performance goal prior to the actual payment date. |
(b) | Your rights under this P CASH agreement may not be assigned or transferred other than as permitted by the Plan. |
(c) | If,
prior to the Vesting Date, your employment with the Company and its Subsidiaries and Affiliates (the “Company Group”) terminates by reason of death or Disability, your P CASH grant shall become vested on the Vesting Date to the full extent of the performance achievement level certified by the Compensation Committee. For purposes of this P CASH agreement, the term “disability” shall have the meaning set forth in the Plan; provided that if no such definition is contained in the Plan, the term “Disability” means permanent and total disability which is expected to prevent you from engaging in any substantial gainful activity for any prolonged period of time, as determined by the Company in its sole
discretion. |
(d) | If you retire prior to the Vesting Date, your P CASH grant will become pro-rata vested on the Vesting Date for the portion of the vesting period that you were employed and based on the performance achievement level certified by the Compensation Committee. For purposes of this P CASH agreement, retirement is defined as termination of employment with the Company Group at such time as: (i) the combination of your age and years of service is 70 or more, and (ii) you have reached age 55 or more with 5 or more years of service. The vesting provisions in this paragraph (d) are subject to your execution of a restrictive covenant within 30 days after your retirement
date, but in no event later than the actual payment date under paragraph (a), if requested by any member of the Company Group. |
(e) | Except as provided in paragraph (d), if your employment terminates for any reason other than death or Disability prior to the Vesting Date, you will forfeit your P CASH grant. |
(f) | Notwithstanding the foregoing, the Compensation Committee of the Board of Directors may, in its sole discretion, deem this P CASH grant, whether
vested or unvested, to be immediately forfeited if you compete with the Company Group, engage in gross misconduct or conduct that is against the business interests of the Company Group, or you divulge confidential information about the Company Group to other persons. |
(g) | The P CASH grant is subject to the terms of the Plan. Any inconsistencies shall be resolved in favor of the Plan. Capitalized terms used but not otherwise defined in this P CASH agreement shall have the meanings ascribed to them in the
Plan. |
(h) | This P CASH agreement and the provisions of the Plan are governed by, and subject to the laws of the State of Illinois, United States of America, without regard to the conflict of law provisions. For purposes of litigating any dispute that arises under this grant or the Plan, the parties hereby submit to and consent to the exclusive jurisdiction of the State of Illinois, agree that such litigation shall be conducted in the courts of Cook County, |
(i) | The P CASH grant is intended to be exempt from or compliant with Code Section 409A, and shall be interpreted, construed and operated to reflect this intent. |
(j) | You acknowledge that, regardless of any action taken by the Company or, if different, your employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other
tax-related items related to your participation in the Plan and legally applicable to you or deemed by the Company or the Employer in its discretion to be an appropriate charge to you even if legally applicable to the Company or the Employer as a result of your participation in the Plan (“Tax-Related Items”) is and remains your responsibility and may exceed the amount withheld (if any) by the Company or the Employer. You further acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the P CASH grant, including, but
not limited to, the grant, vesting or payment of the P CASH grant; and (2) do not commit to and are under no obligation to structure the terms of the P CASH grant or any aspect of the P CASH grant to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. |
(k) | The provisions of this P CASH agreement are severable, and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. |
(l) | The P CASH grant is subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to you. |
(m) | The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. You hereby consent
to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. |
(n) | The Company reserves the right to impose other requirements on your participation in the Plan, on the P CASH grant and on the cash payment, to the extent the Company determines it is necessary or advisable for
legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. |
(o) | Notwithstanding any provisions in this P CASH agreement, the P CASH grant shall be subject to the general terms and conditions set forth in Appendix A for Participants who reside outside the United States, as well as to any country-specific terms and conditions set forth in Appendix B for Participants who reside in any of the countries included in Appendix B. Moreover, if you relocate outside the United States or between countries included
in Appendix B, the additional terms and conditions in Appendix A and B, as applicable, will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. Appendices A and B constitute part of this P CASH agreement. |
(a) | Nature
of Grant. In accepting the grant, you acknowledge, understand and agree that: |
(i) | the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; |
(ii) | the P CASH grant is exceptional, discretionary, voluntary
and occasional and does not create any contractual or other right to receive future P CASH grants, or benefits in lieu of P CASH grants, even if P CASH grants have been made in the past; |
(iii) | all decisions with respect to future P CASH grants, if any, will be at the sole discretion of the Company; |
(iv) | your participation in the Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer
to terminate your employment or service relationship (if any) at any time; |
(v) | you are voluntarily participating in the Plan; |
(vi) | the P CASH grant and the cash award subject to the P CASH grant, and the income from and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Employer, and are outside the scope of your employment or service contract, if any; |
(vii) | the
P CASH grant and the cash award subject to the P CASH grant, and the income from and value of same, are not intended to replace any pension rights or compensation; |
(viii) | the P CASH grant and the cash award subject to the P CASH grant, and the income from and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar mandatory payments; |
(ix) | unless
otherwise agreed with the Company, the P CASH grant and the cash award subject to the P CASH grant, and the income from and value of same, are not granted as consideration for, or in connection with, the service you may provide as a director of a Subsidiary or Affiliate; |
(x) | the P CASH grant and your participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company or any Subsidiary or Affiliate; |
(xi) | no
claim or entitlement to compensation or damages shall arise from forfeiture of the P CASH grant resulting from termination of your employment or other service relationship by the Company or the Employer (for any reason whatsoever, and whether or not in breach of local labor laws and whether or not later found to be invalid), and in consideration of the P CASH grant to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or the Employer and you irrevocably waive your ability, if any, to bring any such claim, and release the Company and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then,
by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claims; |
(xii) | unless otherwise provided in the P CASH agreement, in the event of termination of your employment or other service relationship (for any reason whatsoever, whether or not in breach of local labor laws and whether or not later found to be invalid), your right to vest in the P CASH grant under the Plan, if any, will terminate effective as of the date that you are no longer actively
employed or rendering services and will not be extended by any notice period mandated under local law (e.g., active employment or service would not include a period of “garden leave” or similar period pursuant to local law); the Committee shall have the exclusive discretion to determine when you are no longer actively employed or rendering services for purposes of your P CASH grant (including whether you may still be considered to be providing services while on a leave of absence); and |
(xiii) | the Company Group shall not be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the
cash award or of any amounts due to you at payout of the P CASH grant. |
(b) | No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan. You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan. |
(c) | Data
Privacy. You hereby voluntarily consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this P CASH agreement and any other P CASH grant materials by and among, as applicable, the Employer, the Company and its other Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan. |
(d) | Language. If you have received this P CASH agreement or any other document related to the Plan translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control. |
(e) | Retirement. Notwithstanding
paragraph (d) of the P CASH agreement, if the Company receives an opinion of counsel that there has been a legal judgment and/or legal development in your jurisdiction that would likely result in the favorable treatment applicable to the P CASH grant pursuant to paragraph (d) being deemed unlawful and/or discriminatory, then the Company will not apply the favorable treatment at the time of your retirement, and the P CASH grant will be treated as set forth in paragraph (e) of the P CASH agreement. |
(f) | Waiver. You acknowledge that a waiver by the
Company of a breach of any provision of this P CASH agreement shall not operate or be construed as a waiver of any other provision of this P CASH agreement, or of any subsequent breach by you or any other Participant. |
(g) | Foreign Asset/Account Reporting; Exchange Controls. Your country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect your ability to acquire or hold cash received from participating in the Plan in a brokerage or bank account outside your country. You may be required to report such accounts, assets or transactions to the tax or other authorities in your country. You also may be required to repatriate funds received as a result of your participation
in the Plan to your country through a designated bank or broker and/or within a certain time after receipt. You acknowledge that it is your responsibility to be compliant with such regulations, and you should consult your personal legal advisor for any details. |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/09/24 Illinois Tool Works Inc. 10-K 12/31/23 109:13M 2/10/23 Illinois Tool Works Inc. 10-K 12/31/22 108:14M 2/11/22 Illinois Tool Works Inc. 10-K 12/31/21 107:14M 2/12/21 Illinois Tool Works Inc. 10-K 12/31/20 108:14M |