The Board may at any time amend, suspend, discontinue or terminate the Plan including the making of any necessary enabling, conforming and procedural amendments to the Plan to authorize and implement the granting of Incentive Stock Options or other income tax preferred stock options which may be authorized by federal law subsequent to the effective date of this Plan provided, however, that no amendment by the Board shall, without further approval of the shareholders of the Company, increase the total number of shares of Common Stock which may be made subject to the Plan, except as provided at Section 7. As promptly as practicable, the Company shall provide to or for the benefit of the Participant such amounts and shares as are then due to the Participant under this Plan and shall promptly provide to or for the benefit of the Participant in the future such amounts and shares as become due to the Participant under this Plan. Zu jedem Zeitpunkt und von Zeit zu Zeit während des Planjahres kann der Planausschuss die Arbeitnehmer der Gesellschaft und ihrer Tochtergesellschaften und anderer teilnahmeberechtigter Personen benennen. Each such Award, and designated portions of the same Award, may have a different Restriction Period, at the discretion of the Plan Committee. For purposes of determining when a distribution will be made under Appendix A, a Termination of Employment will be deemed to occur if, based on the relevant facts and circumstances to the Participant, the Company and Participant reasonably anticipate that future services to be performed by the Participant for the Company will permanently decrease to no more than 20 of the average level of services performed over the immediately preceding month period.
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Sobald der Planausschuss die vorgenannte Feststellung getroffen hat, wird jeder Teilnehmer, der Performance Awards verdient hat, dies schriftlich mitteilen. Für alle Zwecke dieses Plans gilt die Bekanntmachung als erteilt, sobald der Planausschuss die diesbezüglichen Entscheidungen getroffen hat. Nach Feststellung, dass ein Prozentsatz der Performance Awards für einen Performance-Zeitraum erworben wurde, werden die Teilnehmer, denen diese erworbenen Performance Awards gewährt wurden und die oder waren bei der Gesellschaft oder einer Tochtergesellschaft davon kontinuierlich angestellt wurden So ist der Zuschussempfänger vorbehaltlich der in Ziffer 4.
Solche Bedingungen können zulassen oder verlangen, dass jegliche anwendbare Steuerbefreiung von dem zu zahlenden Betrag abgezogen wird. Mit Zustimmung des Planausschusses kann ein Teilnehmer, dem ein Leistungspreis gewährt wurde, unter Einhaltung der in dem Plan geltenden Verfahren nach Ablauf des Vertrages unwiderruflich schriftlich entscheiden, den Eingang aller oder eines Teils eines Vertriebs, der mit diesem Leistungspreis verbunden ist, aufzuschieben.
Der Planausschuss kann jederzeit und von Zeit zu Zeit, aber nur prospektiv, alle Rechte, Verfahren, Mechanismen und zeitlichen Parameter, die sich auf solche Zurückstellungen beziehen, nur ändern, ändern, ändern, ändern, aufheben oder aufheben. Eine Wahl vor dem Dezember , um den Erhalt einer Ausschüttung zu verweigern, die mit einem Performance Award verbunden ist, der sich auf Performance-Perioden bezieht, die nach dem Dezember enden, unterliegt den Bestimmungen von Anhang A.
Abgesehen von Ziffer 4. In einem solchen Fall erfolgt eine Ausschüttung des Performance Award am Ende des Performance-Zeitraums und der Prozentsatz des gesamten Performance-Awards, der während des Performance-Zeitraums erworben wurde, wird verdient und ausgezahlt, allerdings in einem Spin Kann der Planausschuss zusätzliche Bedingungen festlegen, ohne die Allgemeingültigkeit des Vorstehenden zu beschränken, eine kontinuierliche Beschäftigung mit dem Spin-Off-Unternehmen.
Wenn eine Teilnahme des Arbeitnehmers nicht die oben genannten Kriterien erfüllt, aber der Teilnehmer mindestens 15 Beschäftigungsjahre bei der Gesellschaft oder einer Tochtergesellschaft oder einer Kombination davon hat, kann der Planausschuss die Verteilung des Prozentsatzes oder eines Teils davon gestatten Des gesamten Performance-Wertes, der für den Performance-Zeitraum erworben wird, vorbehaltlich der Bedingungen, die der Plan-Ausschuss festlegt. Im Falle eines Kontrollwechsels gilt die Performance Period als beendet und ein anteiliger Teil aller ausstehenden Performance Awards im Rahmen des Plans gilt als erworben.
Insbesondere wird der anteilige anteilige Betrag durch Multiplikation von von jedem Performance Award mit einem Bruchteil bestimmt, dessen Zähler die Anzahl der Monate ist, die in dem anwendbaren Performance-Zeitraum vor dem Change of Control und dem Nenner davon abgelaufen sind Ist die Gesamtzahl der Monate im Performance-Zeitraum.
Die Ausschüttung des vereinbarten Betrages erfolgt innerhalb von zehn Tagen nach der Änderung der Beherrschung oder später, wenn dies in der anwendbaren Vermittlungsvereinbarung, einer damit zusammenhängenden Aufschiebewahl oder, falls anwendbar, Anlage A vorgesehen ist. Nicht qualifizierte Optionen werden durch schriftliche Vereinbarungen in einer solchen Form und nicht unvereinbar mit dem Plan nachgewiesen, da der Planausschuss nach eigenem Ermessen von Zeit zu Zeit genehmigt, welche Vereinbarungen die Anzahl der Aktien, auf die sie sich beziehen, und den Kaufpreis angeben Dieser Aktien.
Eine Anreizaktienoption wird einem Arbeitnehmer nicht gewährt, der Inhaber oder Inhaber von Aktien der Gesellschaft oder einer Muttergesellschaft oder einer Tochtergesellschaft der Gesellschaft ist, die mehr als 10 Anteile besitzt Insgesamt kombinierte Stimmrechte aller Aktienklassen.
Der aggregierte Marktwert ab dem Zeitpunkt der Optionsberechtigung der Aktie, auf den Incentive-Aktienoptionen erstmals von einem Teilnehmer während eines Kalenderjahres unter allen Aktienoptionsplänen der Gesellschaft oder Jede Muttergesellschaft oder Tochtergesellschaft der Gesellschaft darf Incentive - Aktienoptionen sind durch schriftliche Vereinbarungen in dieser Form und nicht unvereinbar mit dem Plan nachzuweisen, da der Planausschuss nach eigenem Ermessen von Zeit zu Zeit genehmigt, welche Vereinbarungen die Anzahl der Aktien, auf die sie sich beziehen, und den Kaufpreis von Aktien.
Aktienoptionen, die nach diesem Plan gewährt werden, unterliegen den folgenden Bedingungen: Jede Aktienoption erlischt, und alle Rechte zum Erwerb von Aktien unterschreiten nicht mehr als zehn Jahre nach ihrem Tag der Gewährung oder an dem von dem Planausschuss festgesetzten Zeitpunkt oder an einem anderen, in diesem Plan vorgesehenen Zeitpunkt Im Falle der Beendigung des Arbeitsverhältnisses, des Todes oder der Reorganisation.
C Übertragbarkeit und Kündigung von Optionen. Während der Laufzeit einer Person, der eine Aktienoption gewährt wird, kann die Aktienoption nur von einer solchen Person ausgeübt werden, und zwar solange diese Person ein Angestellter der Gesellschaft oder einer Tochtergesellschaft ist und nur, wenn der Teilnehmer kontinuierlich so beschäftigt ist Eines oder einer Kombination davon seit dem Datum der Gewährung der Aktienoption, vorausgesetzt, dass die Aktienoption auch, wenn die Beschäftigung des Teilnehmers durch die Gesellschaft oder eine Tochtergesellschaft beendet wird, wie folgt ausgeübt werden kann oder auf andere Weise Durch den Planausschuss, jedoch spätestens zehn Jahre nach dem Datum der Gewährung der Aktienoption, ausgenommen wie in ii und v dargelegt: Wenn eine Teilnahme des Arbeitnehmers wegen normaler oder verspäteter Kündigung erfolgt So kann dieser Teilnehmer innerhalb von fünf Jahren nach dem Zeitpunkt der Beendigung des Arbeitsverhältnisses ausgeübt werden.
Erfolgt die Beendigung des Arbeitsverhältnisses aufgrund eines vorzeitigen Ruhestands im Rahmen eines Pensionsplans der Gesellschaft oder ihrer Tochtergesellschaften oder aufgrund der Übertragung eines Teilnehmers auf eine Ausgliederung oder aufgrund einer vollständigen und dauerhaften Erwerbsunfähigkeit, So werden diese Aktienoptionen für einen Zeitraum von bis zu fünf Jahren nach dem Zeitpunkt der Beendigung des Arbeitsverhältnisses ausübbar, wenn der Planausschuss einer solchen Verlängerung zustimmt.
Während der Verlängerungsperiode wird das in Teilbeträgen anfallende Recht zur Ausübung von Aktienoptionen fortgesetzt, sofern der Planausschuss nichts anderes bestimmt, es sei denn, dass es sich bei den Aktienoptionen um anrechenbare Aktienoptionen handelt, that the Plan Committee may set additional conditions, such as, without limiting the generality of the foregoing, an agreement to not provide services to a competitor of the Company and its Subsidiaries andor continuous employment with a spin-off entity.
If a Participants termination of employment occurs by reason of death, then such Participants outstanding Stock Options shall all become immediately exercisable and may be exercised within five years after the date of death or the life of the option, whichever is less, but in the case of Non-Qualified Options in no event less than one year after the date of death, unless the Plan Committee provides otherwise. During the extension period, the right to exercise options, if any, accruing in installments shall continue unless the Plan Committee provides otherwise provided, however, the Plan Committee may set additional conditions.
Notwithstanding the foregoing, those Participants whose employment is terminated because of deliberate and serious disloyal or dishonest conduct in the course of employment that justifies and results in prompt discharge for specific cause under the established policies and practices of the Company as interpreted by the Plan Committee shall have no additional period after termination of employment in which to exercise their options.
Examples of such deliberate and serious disloyal or dishonest conduct would include material unlawful conduct, material and conscious falsification or unauthorized disclosure of important records, embezzlement or unauthorized conversion of property, serious violation of conflict of interest or vendor relations policies, and misuse or disclosure of significant trade secrets or other information likely to be of use to the detriment of the Company or its interests.
In the case of Non-Qualified Options, the period for such exercise shall not expire less than one year after the date of the Participants death, unless the Plan Committee provides otherwise. No Stock Option shall be assignable or transferable by the individual to whom it is granted, except that it may be transferable X by assignment by the Participant to the extent provided in the applicable option agreement or as subsequently allowed by the Plan Committee , or Y by will or the laws of descent and distribution in accordance with the provisions of this Plan.
Upon the death of the Participant an option may only be exercised by such individuals beneficiary designated to exercise the option or otherwise by hisher applicable legal representatives, heirs or legatees, and only within the specific time period set forth above and only to the extent vested in and unexercised by the Participant at the date of hisher death, except as provided in Section 5. In no event, whether by the Participant directly or by hisher proper assignee or beneficiary or other representative, shall any option be exercisable at any time after its expiration date as stated in the option agreement, except as provided in Section 5.
When an option is no longer exercisable it shall be deemed for all purposes and without further act to have lapsed and terminated. The Plan Committee may, in its sole discretion, determine solely for the purposes of the Plan that a Participant is permanently and totally disabled, and the acts and decisions of the Plan Committee made in good faith in relation to any such determination shall be conclusive upon all persons and interests affected thereby. An individual entitled to exercise Stock Options may, subject to their terms and conditions and the terms and conditions of the Plan, exercise them in whole or in part by delivery of written notice of exercise to the Company at its principal office or such other manner as the Company may direct, specifying the number of whole shares of Common Stock with respect to which the Stock Options are being exercised.
Before shares may be issued, payment must be made in full, in legal United States tender, in the amount of the purchase price of the shares to be purchased at the time and any amounts for withholding as provided in Section Subject to rules established by the Plan Committee, the withholdings required by Section Subject to Sections 5. Stock Appreciation Rights granted in tandem with any other Award may be granted at any time prior to the earlier of the exercise or expiration of such Award.
Stock Appreciation Rights granted in tandem with Stock Options shall terminate and no longer be exercisable upon the termination or exercise of the related Stock Options. The Plan Committee shall establish the terms and conditions applicable to any Stock Appreciation Rights, which terms and conditions need not be uniform but may not be inconsistent with the terms of the Plan.
Freestanding Stock Appreciation Rights shall generally be subject to terms and conditions substantially similar to those described in Section 5. In the event of a Change in Control: After such a determination by the Plan Committee, each Stock Option and Stock Appreciation Right, with respect to which a cash payment is to be made shall terminate, and the Participant shall have no further rights thereunder except the right to receive such cash payment.
At the time an Award of Restricted Stock or Restricted Stock Units is made, the Plan Committee shall establish the terms and conditions applicable to such Award, including the period of time the Restriction Period during which certain restrictions established by the Plan Committee shall apply to the Award. The Restriction Period shall not be less than three years, provided, however, that for Awards to non-employee directors of the Company, the terms of the Award may allow for the ratable release of the restrictions over a minimum period of one year.
Each such Award, and designated portions of the same Award, may have a different Restriction Period, at the discretion of the Plan Committee. Except as permitted or pursuant to Sections 6. Restricted Stock shall be represented by a stock certificate registered in the name of the Participant granted such Restricted Stock.
Such Participant shall have the right to enjoy all shareholder rights during the Restriction Period except that: At the discretion of the Plan Committee, interest may be paid on the amount of cash dividends withheld, including cash dividends on stock dividends, at a rate and subject to such terms as determined by the Plan Committee.
Provided, however, and the provisions of Section 6. A Participant shall not be required to make any payment for Restricted Stock unless the Plan Committee so requires. Subject to Section 6. Any Restricted Stock Unit that is not, in all cases, due and payable not later than the 15th day of the third month following the calendar year, or if later, the Companys fiscal year, in which the Restricted Stock Unit ceases to be subject to a substantial risk of forfeiture within the meaning Section A of the Code, will be subject to the provisions of Appendix A.
In the event of a Change in Control, restrictions on a fraction of each Participants outstanding Restricted Stock and Restricted Stock Units granted under the Plan will lapse. The numerator of such fraction with respect to an Award shall be the number of months that have elapsed in the applicable Restriction Period prior to the Change in Control and the denominator shall be the number of months in such Restriction Period.
Distribution of any shares not previously distributed shall be made within ten days after the Change in Control or later if so provided in the applicable Award agreement, a related deferral election or if applicable, Appendix A.
With the consent of the Plan Committee, a Participant who has been granted a Restricted Stock Unit may by compliance with the then applicable procedures under the Plan irrevocably elect in writing to defer receipt of all or any part of any distribution associated with that Award. The terms and conditions of any such deferral, including but not limited to, the period of time for, and form of, election the manner and method of payout the plan and form in which the deferred amount shall be held the interest equivalent or other payment that shall accrue pending its payout and the use and form of Dividend Equivalents in respect of stock-based units resulting from such deferral, shall be as determined by the Plan Committee.
The Plan Committee may, at any time and from time to time, but prospectively only, amend, modify, change, suspend or cancel any and all of the rights, procedures, mechanics and timing parameters relating to such deferrals. An election made prior to December 31, to defer receipt of any distribution associated with a Restricted Stock Unit relating to a Restriction Period ending after December 31, is subject to the provisions of Appendix A.
Subject to the other provisions of this Article VII, the total number of shares available for grant as Awards pursuant to the Plan shall not exceed in the aggregate 81,, shares of Common Stock.
This limit includes the 44,, shares that were originally made available under this Plan. Solely for the purpose of applying the limitation in the preceding sentence and subject to the replenishment and adjustment provisions of Sections 7. Shares available for grant under the Plan may be authorized and unissued shares, treasury shares held by the Company or shares purchased or held by the Company or a Subsidiary for purposes of the Plan, or any combination thereof.
Shares issued upon assumption or conversion of outstanding stock-based awards granted by an acquired company shall be disregarded in applying the limitation set forth in this Section 7. In the event all or any portion of an Award is forfeited or cancelled, expires, is settled for cash, or otherwise does not result in the issuance of all or a portion of the shares subject to the Award in connection with the exercise or settlement of such Award, the number of shares not issued that were deducted for such Award pursuant to Section 7.
If a Participant uses shares of Common Stock to pay a purchase or exercise price or tax withholding, either by having the Company withhold shares or tendering shares either actually or by attestation , an equal number of such shares shall be restored and may again be used for Awards under the Plan. In addition, shares may be reacquired on the open market by the Company using the Cash Proceeds received by the Company from the exercise on or after May 19, of Stock Options granted under the Plan to restore an equal number of shares that may again be used for Awards under the Plan provided, however, that the number of shares so restored does not exceed the number that could be purchased at Fair Market Value with the Cash Proceeds on the date of exercise of the Stock Option giving rise to such Cash Proceeds.
If one of the events described in the first sentence of the preceding paragraph occurs with respect to an award that was granted under a Prior Plan as defined in Section Notwithstanding anything in this Section 7. In the event of any equity restructuring within the meaning of Financial Accounting Standards No.
No such adjustment shall be required to reflect the events described in clauses 1 and 2 above, or any other change in capitalization that does not constitute an equity restructuring, however such adjustment may be made: During any consecutive thirty-six month period, no Participant may receive Awards that, in the aggregate, could result in that Participant receiving, earning or acquiring, subject to the adjustments described in Section 7. In addition, during any consecutive thirty-six month period, no Participant who is a non-employee director may receive Awards that, in the aggregate, could result in that Participant receiving, earning or acquiring, subject to the adjustments described in Section 7.
For purposes of applying the limits described in this Section 7. The Plan will be administered by a committee of two or more members of the Compensation Committee of the Board who are appointed from time to time by the Board and who are outside, independent Board members who, in the judgment of the Board, are qualified to administer the Plan as contemplated by a Rule 16b-3 of the Securities and Exchange Act of or any successor rule , b Section m of the Code, as amended, and the regulations thereunder or any successor Section and regulations , and c any rules and regulations of a stock exchange on which Common Stock is traded.
Any member of the committee administering the Plan who does not satisfy or ceases to satisfy the qualifications set out in the preceding sentence may recuse himself or herself from any vote or other action taken by such committee. The Board may, at any time and in its complete discretion, remove any member of such committee and may fill any vacancy on such committee.
The Plan Committee shall have and exercise all of the powers and responsibilities granted expressly or by implication to it by the provisions of the Plan. Subject to and as limited by such provisions, the Plan Committee may from time to time enact, amend and rescind such rules, regulations and procedures with respect to the administration of the Plan as it deems appropriate or convenient.
All questions arising under the Plan, any Award agreement, or any rule, regulation or procedure adopted by the Plan Committee shall be determined by the Plan Committee, and its determination thereof shall be conclusive and binding upon all parties. Any action required or permitted to be taken by the Plan Committee under the Plan shall require the affirmative vote of a majority of a quorum of the members of the Plan Committee. A majority of all members of the Plan Committee shall constitute a quorum for Plan Committee business.
The Plan Committee may act by written determination instead of by affirmative vote at a meeting, provided that any written determination shall be signed by all members of the Plan Committee, and any such written determination shall be as fully effective as a majority vote of a quorum at a meeting. The Plan Committee may delegate all or any part of its authority under the Plan to a subcommittee of directors andor officers of the Company for purposes of determining and administering Awards granted to persons who are not then subject to the reporting requirements of Section 16 of the Exchange Act.
Anything in this Plan to the contrary notwithstanding, the provisions of this Article IX shall apply to a Participant if an independent auditor selected by the Plan Committee the Auditor determines that each of a and b below are applicable. Under this Article IX the payments and distributions under this Plan shall be reduced but not below zero so that the present value of such payments and distributions shall equal the Reduced Amount.
The Reduced Amount which may be zero shall be an amount expressed in present value which maximizes the aggregate present value of payments and distributions under this Plan which can be made without causing any such payment to be subject to the excise tax under Section of the Code.
The determinations and reductions under this Section 9. The Plan Committee shall then promptly give the Participant notice to that effect together with a copy of the detailed calculation supporting such determination which shall include a statement of the Reduced Amount.
Such notice shall also include a description of which and how much of the Awards shall be eliminated or reduced as long as their aggregate present value equals the Reduced Amount. For purposes of this Article IX, Awards shall be reduced in the following order: Present value shall be determined in accordance with Section G of the Code. All the foregoing determinations made by the Auditor under this Article IX shall be made as promptly as practicable after it is determined that excess parachute payments as defined in Section G of the Code will be made to the Participant if an elimination or reduction is not made.
As promptly as practicable, the Company shall provide to or for the benefit of the Participant such amounts and shares as are then due to the Participant under this Plan and shall promptly provide to or for the benefit of the Participant in the future such amounts and shares as become due to the Participant under this Plan.
As a result of the uncertainty in the application of Section G of the Code at the time of the initial determination by the Auditor hereunder, it is possible that payments or distributions under this Plan will have been made which should not have been made Overpayment or that additional payments or distributions which will have not been made could have been made Underpayment , in each case, consistent with the calculation of the Reduced Amount hereunder.
In the event that the Auditor, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant which the Auditor believes has a high probability of success, determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to the Participant which the Participant shall repay together with interest at the applicable Federal rate provided for in Section f 2 of the Code provided, however, that no amount shall be payable by the Participant if and to the extent such payment would not reduce the amount which is subject to the excise tax under Section of the Code.
In the event that the Auditor, based upon controlling precedent, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid to or for the benefit of the Participant together with interest at the applicable Federal rate provided for in Section f 2 A of the Code. In making its determination under this Article IX, the value of any non-cash benefit shall be determined by the Auditor in accordance with the principles of Section G d 3 of the Code.
The Board may at any time amend, suspend, discontinue or terminate the Plan including the making of any necessary enabling, conforming and procedural amendments to the Plan to authorize and implement the granting of Incentive Stock Options or other income tax preferred stock options which may be authorized by federal law subsequent to the effective date of this Plan provided, however, that no amendment by the Board shall, without further approval of the shareholders of the Company, increase the total number of shares of Common Stock which may be made subject to the Plan, except as provided at Section 7.
No action taken pursuant to this Section Except as expressly provided herein, no right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void.
No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled to such right or benefit.
If any Participant or beneficiary hereunder should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right or benefit hereunder other than as expressly provided herein , then such right or benefit shall, in the sole discretion of the Plan Committee, cease and in such event the Company may hold or apply the same or any or no part thereof for the benefit of the Participant or beneficiary, hisher spouse, children or other dependents or any of them in any such manner and in such proportion as the Plan Committee in its sole discretion may deem proper.
The granting of Awards under the Plan shall not entitle a Participant or any other person succeeding to hisher rights, to any dividend, voting or other right as a shareholder of the Company unless and until the issuance of a stock certificate to the Participant or such other person pursuant to the provisions of the Plan and then only subsequent to the date of issuance thereof.
As illustrative only of the limitations of liability or obligation of the Company and not intended to be exhaustive thereof, nothing in the Plan shall be construed: The specific requirements or preferences of your reviewing publisher, classroom teacher, institution or organization should be applied.
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