EX-10.1
from 8-K
6 pages
Whereas, Effective [Grant Date] (The “Date of Grant”), the Compensation Committee (The “Committee”) of the Board of Directors (The “Board”) of the Company Granted the Recipient a Restricted Stock Award, Pursuant to Which the Recipient Shall Receive Shares of the Company’s Common Stock, Par Value $0.20 Per Share (“Common Stock”), Pursuant to and Subject to the Terms and Conditions of the Plan. Now, Therefore, in Consideration of the Recipient’s Services to the Company and for Other Good and Valuable Consideration, the Receipt and Sufficiency of Which Are Hereby Acknowledged, the Parties Hereto Agree as Follows: 1. Number of Shares and Share Price. the Company Hereby Grants the Recipient a Restricted Stock Award (The “Stock Award”) for [Number] Shares of Common Stock (The “Restricted Stock”) Pursuant to the Terms of This Agreement and the Provisions of the Plan. 2. Restrictions and Restricted Period
12/34/56
EX-10.2
from 10-Q
4 pages
[Date] [Name and Address] Re: Executive Change in Control Severance Plan Dear [Participant Name]: This Participation Agreement (This “Agreement”) Is Made and Entered Into by and Between [Participant Name] and Servotronics, Inc. (The “Company”). the Company Adopted the Servotronics, Inc. Executive Change in Control Severance Plan (The “Plan”) to Assure the Present and Future Continuity, Objectivity, and Dedication of Participants in the Plan, Notwithstanding the Possibility, Threat, or Occurrence of a Change in Control. a Participant in the Plan Is Eligible to Receive Severance Benefits Under Certain Circumstances if the Participant’s Employment Is Terminated in Connection With a Change in Control of the Company, as Described in the Plan. the Company Has Selected You to Be a Participant in the Plan, Subject to Your Being an Eligible Employee on the Date of Your Qualifying Termination and the Other Terms and Conditions Set Forth in the Plan. a Copy of the Plan Is Attached Hereto as Annex a and Is Deemed to Be Part of This Agreement. Unless Otherwise Defined Herein, Any Capitalized Terms Used in This Agreement Shall Have the Meanings Set Forth in the Plan. in Consideration of the Mutual Covenants Contained Herein, the Parties Hereby Agree as Follows: (A)your Applicable Severance Multiplier Shall Be Two. (B)your Benefit Continuation Period Shall Be Eighteen Months
12/34/56