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Title: |
Award Agreement |
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Date: |
2001 |
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Preview shows 6KB of 20KB total |
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$42 |
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ID: |
#918504 |
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Exhibit 10.35
FORM OF
TOTAL SHAREHOLDER RETURN INCENTIVE COMPENSATION PROGRAM
AWARD AGREEMENT
Allegheny Technologies Incorporated (the "COMPANY") and the award recipient
named below ("PARTICIPANT") enter into this Total Shareholder Return Incentive
Compensation Program Agreement effective as of March 23, 2001.
Participant: [full name]
PARTICIPANT TO COMPLETE THE FOLLOWING CHART
(Please print)
Street Address
--------------------------------------------------------------------------------
City/State/Zip Code
--------------------------------------------------------------------------------
Social Security Number
--------------------------------------------------------------------------------
WHEREAS, the Company has adopted the Allegheny Technologies Incorporated 2000
Incentive Plan (the "PLAN") and, in accordance with the Plan, has adopted
Administrative Rules for the Total Shareholder Return Incentive Compensation
Program (the "TSRP") as a portion of the Plan to (i) assist the Company retain
and motivate key management employees; (ii) reward key management employees for
the overall success of the Company; and (iii) provide a means of encouraging key
management employees to acquire and hold shares of Company Common Stock.
WHEREAS, the TSRP replaces the Performance Share Program ("PSP") portion of the
Company's compensation program and, as provided in Section 5 of the Terms and
Conditions attached hereto, as a condition to receiving this TSR Award, the
Participant must surrender each outstanding PSP Award, subject to the Change in
Control provisions of Section 5.1 of the Terms and Conditions;
WHEREAS, the TSRP provides that each TSR Target Award made under the TSRP shall
be evidenced by an Award Agreement between the Company and the key management
employee who receives a TRS Target Award under the TSRP setting forth the terms
and conditions of such TSR Target Award;
WHEREAS, the Company desires to make a TSR Target Award to the Participant and
evidence such TSR Target Award by this Award Agreement and the Participant,
having read and understood the Plan and the TSRP, is willing to enter into this
Award Agreement on the terms and conditions set forth herein.
NOW THEREFORE, in consideration of the covenants and agreements herein contained
and intending to be legally bound, the parties hereto agree with each other as
follows:
<PAGE> 2
Subject to the attainment of the Performance Levels described below and to the
terms and conditions of the Plan, the TSRP and the Terms and Conditions of Award
attached hereto and incorporated herein by reference, by which Participant
agrees to be bound, the Company awards to Participant the Award described below,
with respect to the Performance Period described below:
PERFORMANCE PERIOD: January 1, 2001 through December 31, 2003
TSR TARGET AWARD: ______ Shares of Company Common Stock
[equals base salary at 1/1/01 times ___% (which is the Participant's target
award opportunity as a percent of salary) divided by $14.75 (which is the
average closing price for the 30 trading days prior to January 1, 2001)]
PERFORMANCE LEVELS: The following table shows the performance award relationship
under the TSRP for the 2001-2003 performance period:
================================================================================
Outcome Relative to Peer Group TSR
------------------------------------------------------
Three-Year Percentile Percent of Target
Level of Performance Ranking in TSR Award Earned
--------------------------------------------------------------------------------
Below Threshold Below 35th percentile 0%
Threshold 35th percentile 50%
Target 50th percentile 100%
Excellent 75th percentile 200%
NOTE: Interpolation between points will be made on a straight
line basis on each scale. Below the 35th percentile and above
the 75th percentile, there will be no interpolation.
THE ACTUAL AWARD UNDER THE TSRP WILL EQUAL THE TSR TARGET AWARD TIMES THE
APPLICABLE PERCENT OF TARGET AWARD EARNED.
BY EXECUTING THIS TSR AWARD AGREEMENT, THE PARTICIPANT HEREBY SURRENDERS EACH
AND ANY OUTSTANDING PSP AWARD, EXCEPT TO THE EXTENT PROVIDED IN SECTION 5.1 OF
THE TERMS AND CONDITIONS ATTACHED HERETO.
IN WITNESS WHEREOF, the parties hereto have executed this Total Shareholder
Return Incentive Compensation Program Award Agreement effective the day and year
first above written.
ALLEGHENY TECHNOLOGIES INCORPORATED
By: /s/ Jon D. Walton
-------------------
Title: Senior Vice President, General Counsel and Secretary
2
<PAGE> 3
PARTICIPANT: WITNESS:
------------------------------ ------------------------------
TERMS AND CONDITIONS OF TSRP AWARD
Section 1: Definitions
Capitalized words used but not defined below or elsewhere in these Terms and
Conditions shall have the meanings ascribed to them in the Plan.
"ADMINISTRATIVE RULES" or "TSRP" shall mean the Administrative Rules for the
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