CELANESE CORPORATION 2009 GLOBAL INCENTIVE PLAN TIME-VESTING RESTRICTED STOCK UNIT AWARD AGREEMENT DATED <<GRANT DATE>> <<NAME>> <<# Units>> Units Pursuant to the terms and conditions of the Celanese Corporation 2009 Global Incentive Plan, you have...
Exhibit 10.8
CELANESE CORPORATION LOGO)"/>
CELANESE
CORPORATION
2009 GLOBAL INCENTIVE PLAN
TIME-VESTING RESTRICTED STOCK UNIT AWARD AGREEMENT
DATED <<GRANT DATE>>
<<NAME>>
<<# Units>> Units
2009 GLOBAL INCENTIVE PLAN
TIME-VESTING RESTRICTED STOCK UNIT AWARD AGREEMENT
DATED <<GRANT DATE>>
<<NAME>>
<<# Units>> Units
Pursuant to
the terms and conditions of the Celanese Corporation 2009 Global
Incentive Plan, you have been awarded Time-Vesting Restricted
Stock Units, subject to the restrictions described in this
agreement:
This grant
is made pursuant to the Time-Vesting Restricted Stock Unit Award
Agreement dated as of <Grant Date>> between
Celanese and you, which Agreement is attached hereto and made a
part hereof.
1
CELANESE
CORPORATION
2009 GLOBAL INCENTIVE PLAN
TIME-VESTING RESTRICTED STOCK UNIT AWARD AGREEMENT
(Non-Employee Director)
2009 GLOBAL INCENTIVE PLAN
TIME-VESTING RESTRICTED STOCK UNIT AWARD AGREEMENT
(Non-Employee Director)
THIS AWARD AGREEMENT (the “Agreement”), is made
effective as of <<Grant Date>> (the
“Grant Date”), between Celanese Corporation, a
Delaware corporation (the “Company”) and
<<NAME>> (the “Participant”).
Capitalized terms used, but not otherwise defined, herein shall
have the meanings ascribed to such terms in the Celanese
Corporation 2009 Global Incentive Plan (as amended from time to
time, the “2009 Plan”).
1. RSU Award: The Company hereby grants
to the Participant, pursuant to the terms of the 2009 Plan and
this Agreement, an award (the “Award”) of
<<# Units>> Restricted Stock Units (the
“RSUs”) representing the right to receive an equal
number of Common Shares upon vesting. The Participant hereby
acknowledges and accepts such Award upon the terms and subject
to the conditions, restrictions and limitations contained in
this Agreement and the 2009 Plan.
2. Vesting of Restricted Stock Units:
(a) Subject to Sections 2(b) and 2(c) below, the RSUs
shall vest on the first anniversary of the Grant Date (the
“Vesting Date”).
(b) Change in Control. Notwithstanding
any other provision of this Agreement to the contrary, upon the
occurrence of a Change in Control, the RSUs, to the extent not
previously forfeited or canceled, shall immediately vest and a
number of Common Shares equal to such RSUs shall be delivered to
the Participant within thirty (30) days of the occurrence
of such Change in Control.
(c) Termination of Service.
(i) Upon the termination of the Participant’s service
with the Company due to the Participant’s death or
Disability, a prorated portion of RSUs will vest in an amount
equal to (i) the number of unvested RSUs multiplied by
(ii) a fraction, the numerator of which is the number of
complete calendar months from the Grant Date to the date of
termination, and the denominator of which is twelve (12), the
number of full calendar months in the Vesting Period, such
product to be rounded up to the nearest whole number. The
prorated number of RSUs shall vest and a number of Common Shares
equal to such prorated number of RSUs shall be delivered to the
Participant within thirty (30) days following the
applicable Vesting Date. The remaining portion of the Award
shall be forfeited and cancelled without consideration.
(ii) Upon the termination of the Participant’s service
with the Company for any other reason, the Award shall be
forfeited and cancelled without consideration.
3. Settlement of RSUs: Subject to
Section 2 of this Agreement, and except to the extent the
Participant has elected that delivery be deferred in accordance
with the rules and procedures prescribed by the Committee (which
rules and procedures, among other things, shall be consistent
with the requirements of Section 409A of the Code), the
Company shall deliver to the Participant (or to a
Company-designated
2
brokerage) as soon as practicable following the Vesting Date
(but in no event later than
21/2
months after the Vesting Date), in complete settlement of all
vested RSUs, a number of Common Shares equal to the number of
vested RSUs that have not previously been settled.
4. Rights as a Stockholder: The
Participant shall have no voting, dividend or other rights as a
stockholder with respect to the Award until the RSUs have vested
and Common Shares have been delivered pursuant to this Agreement.
5. Non-Transferability of Award: The
RSUs may not be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by the Participant other
than by will or by the laws of descent and distribution, and any
such purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance shall be void and unenforceable against
the Company; provided, that the Participant may designate a
beneficiary, on a form provided by the Company, to receive any
portion of the Award payable hereunder following the
Participant’s death.
6. Securities Laws: The Company may
impose such restrictions, conditions or limitations as it
determines appropriate as to the timing and manner of any
resales by the Participant or other subsequent transfers by the
Participant of any Common Shares issued as a result of the
vesting of the RSUs, including without limitation
(a) restrictions under an xxxxxxx xxxxxxx policy, and
(b) restrictions as to the use of a specified brokerage
firm for such resales or other transfers. Upon the acquisition
of any Common Shares pursuant to the vesting of the RSUs, the
Participant will make or enter into such written
representations, warranties and agreements as the Company may
reasonably request in order to comply with applicable securities
laws or with this Agreement and the 2009 Plan. All accounts in
which such Common Shares are held or any certificates for Common
Shares shall be subject to such stop transfer orders and other
restrictions as the Company may deem advisable under the rules,
regulations and other requirements of the Securities and
Exchange Commission, any stock exchange or quotation system upon
which the Common Shares are then listed or quoted, and any
applicable federal or state securities law, and the Company may
cause a legend or legends to be put on any such certificates (or
other appropriate restrictions
and/or
notations to be associated with any accounts in which such
Common Shares are held) to make appropriate reference to such
restrictions.
7. Severability: In the event that any
provision of this Agreement is declared to be illegal, invalid
or otherwise unenforceable by a court of competent jurisdiction,
such provision shall be reformed, if possible, to the extent
necessary to render it legal, valid and enforceable, or
otherwise deleted, and the remainder of this Agreement shall not
be affected except to the extent necessary to reform or delete
such illegal, invalid or unenforceable provision.
8. Further Assurances: Each party shall
cooperate and take such action as may be reasonably requested by
either party hereto in order to carry out the provisions and
purposes of this Agreement.
9. Binding Effect: The Award and this
Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective permitted heirs,
beneficiaries, successors and assigns.
10. Electronic Delivery: By executing
this Agreement, the Participant hereby consents to the delivery
of any and all information (including, without limitation,
information required to be delivered to the Participant pursuant
to applicable securities laws), in whole or in part, regarding
the Company and its subsidiaries, the 2009 Plan, and the Award
via the Company’s or plan administrator’s web site or
other means of electronic delivery.
3
11. Governing Law: This Agreement shall
be governed by and construed in accordance with the laws of the
state of Delaware, without regard to the conflicts of laws
provisions thereof.
12. Restricted Stock Units Subject to
Plan: By entering into this Agreement the
Participant agrees and acknowledges that the Participant has
received and read a copy of the 2009 Plan and the 2009
Plan’s prospectus. The RSUs and the Common Shares issued
upon vesting of such RSUs are subject to the 2009 Plan, which is
hereby incorporated by reference. In the event of any conflict
between any term or provision of this Agreement and a term or
provision of the 2009 Plan, the applicable terms and provisions
of the 2009 Plan shall govern and prevail.
13. Validity of Agreement: This
Agreement shall be valid, binding and effective upon the Company
on the Grant Date. However, the RSUs granted pursuant to this
Agreement shall be forfeited by the Participant and this
Agreement shall have no force and effect if it is not duly
executed by the Participant and delivered to the Company on or
before <<Validity Date>>.
14. Definitions: The following terms
shall have the following meanings for purposes of this
Agreement, notwithstanding any contrary definition in the 2009
Plan:
(a) “Change in Control” shall mean, in
accordance with Treasury Regulation
Section 1.409A-3(i)(5),
any of the following:
(i) any one person, or more than one person acting as a
group, acquires ownership of stock of the Company that, together
with stock held by such person or group, constitutes more than
50% of the total voting power of the stock of the
Company; or
(ii) a majority of members of the Board is replaced during
any 12-month
period by directors whose appointment or election is not
endorsed by a majority of the members of the Board prior to the
date of the appointment or election; or
(iii) any one person, or more than one person acting as a
group, acquires (or has acquired during the
12-month
period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total
gross fair market value equal to 50% or more of all of the
assets of the Company immediately prior to such acquisition or
acquisitions.
(b) “Disability” has the same meaning as
“Disability” in the Celanese Corporation 2008 Deferred
Compensation Plan or such other meaning as determined by the
Committee in its sole discretion.
IN WITNESS WHEREOF, this Agreement has been accepted and agreed
to by the undersigned.
<<NAME>>, Director
4