Quarterly Report — Form 10-Q Filing Table of Contents
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1: 10-Q Park-Ohio Holdings Corp. 10-Q HTML 340K
2: EX-10.1 Material Contract HTML 30K
3: EX-10.2 Material Contract HTML 5K
4: EX-15 Letter re: Unaudited Interim Financial Information HTML 11K
5: EX-31.1 Certification per Sarbanes-Oxley Act (Section 302) HTML 13K
6: EX-31.2 Certification per Sarbanes-Oxley Act (Section 302) HTML 13K
7: EX-32 Certification per Sarbanes-Oxley Act (Section 906) HTML 10K
This Restricted Share Agreement (this “Agreement”) is made as of , by and
between Park-Ohio Holdings Corp., (the “Company”) and , an employee of
the Company or wholly owned subsidiary of the Company (the “Employee”).
WHEREAS, pursuant to the provisions of the Park-Ohio Holdings Corp. Amended and Restated 1998
Long-Term Incentive Plan (the “Plan”), the Company desires to award to the Employee restricted
shares of the Company’s Common Stock, par value $1.00 per share (“Common Stock”), in accordance
with the provisions of the Plan, all on the terms and conditions hereinafter set forth; and
WHEREAS, Employee wishes to accept said offer; and
WHEREAS, the parties hereto understand and agree that any terms used and not defined herein
have the same meanings as in the Plan.
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto agree as follows:
1. Award
of Shares. The Company hereby awards to the Employee shares of the Company’s Common Stock (the “Shares”) in accordance with the terms of this Agreement.
2. Provisions of Plan Controlling. The Employee specifically understands and agrees
that the Shares issued under the Plan are being awarded to the Employee pursuant to the Plan,
copies of which Plan the Employee acknowledges he has read, understands and by which he agrees to
be bound. The provisions of the Plan are incorporated herein by reference. In the event of a
conflict between the terms and conditions of the Plan and this Agreement, the provisions of the
Plan will control.
3. Vesting of Shares.
(a) Except as provided in paragraph (b) and (c) below, the Shares awarded hereunder shall be
forfeited to the Company for no consideration in the event (i) Employee voluntarily terminates his
or her employment with the Company prior to or (ii) Employee is terminated for Cause
prior to .
(b) The Shares awarded hereunder shall be fully vested in the Employee and no longer subject
to a risk of forfeiture such rights shall become exercisable to the
extent of [to be provided].
(c) Notwithstanding anything in this Agreement to the contrary, the Shares awarded hereunder
shall be fully vested in the Employee and no longer subject to risk of forfeiture pursuant to
paragraph (a) or the vesting schedule set forth in paragraph (b), upon the occurrence of the
earliest of the following events.
(i) the date on which the Company undergoes a “Change in Control” as defined in the
Plan;
(ii) the date on which the employment of the Employee is terminated by the Company
without Cause; or
(iii) the date on which the Employee dies or becomes disabled.
(d) For purposes of this Agreement, “Cause” shall be defined as (i) an act or acts of
dishonesty by the Employee constituting a felony and resulting or intended to result directly or
indirectly in substantial gain or personal enrichment at the expense of the Company; or (ii) the
willful and continued failure by the Employee substantially to perform his duties with the Company
(other than any such failure resulting from incapacity due to mental or physical illness) after a
demand in writing for substantial performance is delivered by the Board, which demand specifically
identifies the manner in which the Board believes that the Employee has not substantially
performed his duties, and such failure results in demonstrably material injury to the Company.
(e) For purposes of this Agreement, the Employee shall be deemed disabled if, as a result of
his incapacity due to physical or mental illness, he shall have been absent from his duties with
the Company on a full-time basis for a period of at least six months and a physician selected by
him and acceptable to the Company is of the opinion that (i) he is suffering from “Total
Disability” as defined in the Company’s Pension Plan, or any successor plan or program and (ii) he
will qualify for Social Security Disability Payment and (iii) within thirty (30) days after such
determination is made, he shall not have returned to the full-time performance of his duties with
the Company.
(f) I hereby designate the individual or individuals named on the attached Designation of
Beneficiary Form as my Beneficiary or Beneficiaries under the Plan
4. Escrow Agreement. I hereby agree that the certificate or certificates representing
the Shares will remain in the possession of the Company to be held by it in escrow until the date
upon which the restrictions imposed upon the Shares under Section 3 of this Agreement (referred to
collectively as the “Restrictions”) lapse in accordance with the terms and conditions of the Plan
and this Agreement. I further agree that the Company may enter into an agreement with a third
party whereby such third party shall hold the Shares in escrow, subject to the terms of the Plan
and this Agreement. I further agree to execute such documents as may be necessary to facilitate
the transfer of the Shares to such third party.
5. Dividend and Voting Rights. Employee shall have the right to vote any Shares
awarded hereunder and to receive any dividends declared with respect to such Shares, provided that
such voting and dividend rights shall lapse with respect to any Shares that are forfeited to the
Company pursuant to Section 3(a) of this Agreement.
6. Additional Shares. (a) If the Company shall pay a stock dividend or declare a
stock split on or with respect to any of its Common Stock, or otherwise distribute securities of
the Company to the holders of its Common Stock, the number of shares of stock or other securities
of the Company issued with respect to the Shares then subject to the restrictions contained in this
Agreement shall be added to the Shares subject to this Agreement. If the Company shall distribute
to its stockholders shares of stock of another corporation, the shares of stock of such other
corporation distributed with respect to the Shares then subject to the restrictions contained in
this Agreement shall be added to the Shares subject to this Agreement.
(b) If the outstanding shares of Common Stock of the Company shall be subdivided into a
greater number of shares or combined into a smaller number of shares, or in the event of a
reclassification of the outstanding shares of Common Stock of the Company, or if the Company shall
be a party to a merger, consolidation or capital reorganization, there shall be substituted for the
Shares then subject to the restrictions contained in this Agreement such amount and kind of
securities as are issued in such subdivision, combination, reclassification, merger, consolidation
or capital reorganization in respect of the Shares subject to this Agreement.
7. Legends. All certificates representing the Shares to be issued to the Employee
pursuant to this Agreement shall have endorsed thereon legends substantially as follows:
“The shares represented by this certificate are subject to
restrictions set forth in a Restricted Stock Agreement dated
with this Company, a copy of which Agreement is
available for inspection at the offices of the Company or will
be made available upon request.”
“The shares represented by this certificate have been taken
for investment and they may not be sold or otherwise
transferred by any person, including a pledgee, unless (1)
either (a) a Registration Statement with respect to such
shares shall be effective under the Securities Act of 1933, as
amended, or (b) the Company shall have received an opinion of
counsel satisfactory to it that an exemption from registration
under such Act is then available, and (2) there shall have
been compliance with all applicable state securities laws.”
8. No Obligation to Employ. The Company is not obligated, by the Plan or this
Agreement, to continue the Employee as an employee of the Company.
9. Investment Intent. The Employee represents and warrants to the Company that the
Shares are being acquired for the Employee’s own account, for investment, and not with a view to,
or for sale in connection with, the distribution of any such Shares. Further, I understand and
agree that during the period the Shares are held in escrow, I cannot sell, transfer, assign,
hypothecate or otherwise dispose of the Shares or pledge them as collateral for a loan. In
addition, during the escrow period, the Shares shall be subject to such additional restrictions as
the Committee deems necessary or appropriate.
10. Notices. Any notices required or permitted by the terms of this Agreement or the
Plan shall be given by recognized courier service, facsimile, registered or certified mail, return
receipt requested, addressed as follows:
or to such other address or addresses of which notice in the same manner has previously been given.
Any such notice shall be deemed to have been given upon the earlier of receipt, one business day
following delivery to a recognized courier service or three business days following mailing by
registered or certified mail.
11. Governing Law. This Agreement shall be construed and enforced in accordance with
the law of the State of Ohio.
12. Withholding. Prior to delivery of Shares to Employee upon the release of the
restrictions stated in Section 3 hereof, Employee shall be required to make arrangements,
satisfactory to the Company, for appropriate withholding for federal, state, and local tax
purposes. Employee is permitted to satisfy any such tax withholding requirements, in whole or in
part, by delivering Shares to Company (including Shares awarded hereunder) having a fair market
value as of the date employee requests delivery of the shares to Company equal to the amount of
such tax.
13. Benefit of Agreement. Subject to the provisions of the Plan and the other
provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs,
executors, administrators, successors and assigns of the parties hereto.
14. Entire Agreement. This Agreement, together with the Plan, embodies the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement not expressly set
forth in this
Agreement shall affect or be used to interpret, change or restrict, the express terms and
provisions of this Agreement, provided, however, in any event, this Agreement shall be subject to
and governed by the Plan.
15. Modifications and Amendments. The terms and provisions of this Agreement may be
modified or amended as provided in the Plan.
16. Waivers and Consents. The terms and provisions of this Agreement may be waived,
or consent for the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the
specific instance and for the purpose for which it was given, and shall not constitute a continuing
waiver or consent.
17. Irrevocable Stock Power. To facilitate the escrow of the Shares and any
conveyance of the Shares to the Company upon their forfeiture, I have delivered herewith the
attached Irrevocable Stock Power with respect to the Shares, executed by me in blank as of the date
of this Agreement.
IN WITNESS WHEREOF, the Company and Employee have caused this Agreement to be executed as of
the day and year first above written.
PARK-OHIO HOLDINGS CORP.
By:
Employee
IRREVOCABLE STOCK POWER
KNOW ALL MEN BY THESE PRESENTS that for value received, the undersigned,
(the “Transferor”), does hereby transfer to Park-Ohio Holdings
Corp. or its successor in interest (the “Transferee”),
Common Shares, par value
$1.00 per share, of Park-Ohio Holdings Corp., an Ohio corporation (the “Corporation”), which shares
are represented by certificate number ___, and does hereby appoint the Transferee his true and
lawful attorney, irrevocable for himself and in his name and stead, to assign, transfer and set
over, all or any part of the shares hereby transferred to the Transferee, and for that purpose, to
make and execute all necessary acts of assignment and transfer, and one or more persons to
substitute with like full power, hereby ratifying and confirming all that his said attorney, or
substitute or substitutes shall lawfully do by virtue hereof.
IN
WITNESS WHEREOF, I have hereunto set my hand as of the ___ day of .
TRANSFEROR
RESTRICTED SHARE AGREEMENT
DESIGNATION OF BENEFICIARY FORM
Grantee:
Pursuant to the provisions of the Amended and Restated 1998 Long-Term Incentive Plan (the “Plan”)
permitting the designation of a Beneficiary or Beneficiaries by a grantee, I hereby designate the
following person or persons as primary and secondary Beneficiaries under the Plan:
Primary Beneficiary(ies):
Name:
Address:
Contingent Beneficiary(ies):
Name:
Address:
I RESERVE THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION. I HEREBY REVOKE ALL PRIOR
DESIGNATIONS (IF ANY) OF PRIMARY BENEFICIARIES AND CONTINGENT BENEFICIARIES.
In the event my employment with the Company or a Subsidiary is terminated by my death prior to
, any Shares granted to me that become unrestricted in accordance with
the Plan shall be distributed to my primary Beneficiary or Beneficiaries. If my primary
Beneficiary or Beneficiaries do not survive me, any such Shares shall be distributed to my
contingent Beneficiary or Beneficiaries. If no named Beneficiary survives me, then any such Shares
shall be distributed to my default Beneficiaries, as defined in the Plan.
Date of this Designation
Signature of Grantee
Dates Referenced Herein and Documents Incorporated by Reference
