The Company wishes to provide incentives to recognize and reward the Grantee, whose performance, contributions and skills will be critical to the Company’s success, by aligning his/her interests more closely with those of the Company’s stockholders. For this purpose, the Compensation Committee of the Company’s Board of Directors (“Committee”) has granted the Grantee restricted shares of common stock of Company, subject to the terms and conditions provided in this Restricted Stock Award Agreement (“Agreement”) and the Haynes International, Inc. 2020 Incentive Compensation Plan (the “Plan”). All capitalized terms not herein defined shall have the meaning set forth in the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the term, conditions and provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly.
In consideration of the premises, the Company and the Grantee agree as follows:
Agreement
1. Grant. The Company hereby grants the Grantee [Number of Shares] whole shares of unregistered common stock of the Company, which shares (“Restricted Shares”) shall be subject to the terms, conditions and restrictions specified in this Agreement and the Plan. The Committee has determined that (disregarding restrictions imposed by this Agreement and the Plan that lapse upon the Grantee’s interest becoming vested) the Restricted Shares have a per-share fair market value (“Value”) of $71,484. . The Company hereby grants the Grantee 1400 shares of common stock of the Company (“Award Shares”), which Award Shares shall be subject to the terms, conditions and restrictions specified in this Agreement and the Plan.
