Exhibit 10.44


 


THE 2004 STOCK OPTION PLAN FOR


DIRECTORS OF AMPHENOL CORPORATION


 


I.  PURPOSE OF PLAN;
DEFINITIONS.


 


1.1                                             Purpose.


 


The purpose of the 2004 Stock Option Plan for Directors of Amphenol
Corporation (the “Plan”) is to strengthen Amphenol Corporation, a Delaware
corporation (the “Company”), by providing an additional means of attracting,
retaining and compensating highly qualified individuals for service as members
of the Board of Directors of the Company. 
The Plan enables non-employee directors to increase their ownership of
the Company’s common stock, allowing them to have a greater personal financial
stake in the Company and underscoring their common interest with stockholders
in increasing the value of the Company’s common stock in the long term.


 


1.2                                             Definitions.


 


For purposes of this Plan, the following terms shall be defined as
indicated, unless otherwise clearly required by the context in which the term
appears:


 


“Board of Directors” shall mean the Board of Directors of the
Company.


 


“Code” shall mean the Internal Revenue Code of 1986, as amended.


 


“Common Stock” shall mean the authorized and issuable common
stock of the Company ($.01 par value).


 


“Fair Market Value” shall mean (i) the closing price for the
Common Stock on the composite tape of the New York Stock Exchange, (ii) if the
stock is no longer listed or admitted to trade on the New York Stock Exchange,
the closing price for the Common Stock as furnished by the National Association
of Securities Dealers, Inc. through NASDAQ or a similar organization if NASDAQ
is no longer reporting such information, or (iii) if the Common Stock is no
longer listed or admitted to trade on any national securities exchange and if
sales prices for the Common Stock are not so furnished through NASDAQ or a similar
organization, the fair market value of the Common Stock, as determined in good
faith by the Board of Directors or an authorized committee thereof in such
manner as it deems appropriate, taking into consideration, among other things,
recent sales of the Common Stock.


 


“Non-Employee Director” shall mean each member of the Board of
Directors who is not a current employee or a current officer of the Company or
any of its Subsidiaries.


 


“Nonstatutory Options” shall mean an option granted pursuant to
the Plan which does not qualify as an incentive stock option under
Section 422 of the Code.


 


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“Option(s)” shall mean option(s) to purchase Common Stock under
this Plan.


 


“Option Price” shall have the meaning set forth in
Section 3.2 hereof.


 


“Person” shall mean any individual, partnership, joint venture,
corporation, association, trust, or any other entity or organization, including
a government or political subdivision or any agency or instrumentality thereof.


 


II.                         ADMINISTRATION; PARTICIPATION.


 


2.1                                             Administration.


 


This Plan shall be administered by the Board of Directors.  Subject to the express provisions of this
Plan, the Board of Directors shall have the authority to construe and interpret
this Plan and any agreements defining the rights and obligations of the Company
and participants under this Plan, to further define the terms used in this
Plan, to prescribe, amend and rescind rules and regulations relating to the
administration of this Plan and to make all other determinations necessary or
advisable for the administration of this Plan. 
The determinations of the Board of Directors on the foregoing matters
shall be conclusive.


 


2.2.                                          Participation.


 


All Non-Employee Directors shall be eligible to participate in this
Plan.


 


2.3                                             Stock
Subject to the Plan.


 


Subject to Section 4.1 hereof, the stock to be offered under this
Plan shall be shares of authorized but unissued Common Stock or Common Stock
held in treasury.  The aggregate amount
of Common Stock to be delivered upon exercise of Options granted under the Plan
shall not exceed the sum of 250,000 shares of Common Stock.  Such amount of Common Stock is hereby
reserved for issuance under this Plan. 
If any Option shall expire or terminate for any reason without having
been fully exercised, the unexercised shares subject thereto shall again be
available for the purposes of this Plan.


 


2.4                                             Stock
Option Agreements.


 


Each Option granted pursuant to this Plan shall be evidenced by a
written stock option agreement (any of which are at times herein referred to as
an “Option Agreement” or, collectively, as “Option Agreements”).


 


III.                     OPTIONS.


 


3.1                                             Annual
Grant of Nonstatutory Options.


 


Only Nonstatutory Options may be granted under this Plan.  On the first business day following the day
of each annual meeting of the stockholders of the Company beginning in 2004,
each person who is then a Non-Employee Director shall automatically and without
further action


 


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by the Board of Directors be granted a Nonstatutory Option to purchase
4,000 shares of Common Stock, subject to adjustment and substitution as set
forth in Article IV.  If the number
of shares then remaining available for the grant of stock options under the
Plan is not sufficient for each Non-Employee Director to be granted an Option
for 4,000 shares (or the number of adjusted or substituted shares pursuant to
Article IV), then each Non-Employee Director shall be granted an Option
for a number of whole shares equal to the number of shares then remaining
available divided by the number of Non-Employee Directors, disregarding any
fractions of shares.


 


3.2                                             Option
Price.


 


Except as otherwise provided herein, the purchase price per share of
the Common Stock covered by each Option (the “Option Price”) shall be one
hundred percent (100%) of the Fair Market Value on the date of grant.  The Option Price of any share purchased
shall be paid in full at the time of each purchase in cash, by check, or,
provided that all necessary regulatory approvals have been received, and
provided further that the Option Agreement provides for such exercise, the
person exercising the Option may deliver in payment of all or a portion of the
Option Price certificates for other shares of Common Stock that have been held
by such person for at least six (6) months (such other shares shall be valued
at the Fair Market Value of such Common Stock as of the date of exercise of the
Option).


 


3.3                                             Option
Period.


 


Except as otherwise provided herein or as otherwise determined by the
Board of Directors, each Option and all rights or obligations thereunder shall
expire on such date as shall be provided in the Option Agreement, but not later
than the tenth anniversary of the date on which the Option is granted and shall
be subject to earlier termination as hereinafter provided.


 


3.4                                             Exercise
of Options.


 


Each Option shall become vested and exercisable in accordance with the
following schedule:


 


	
  1st anniversary of
  grant date

  	
   

  	
  33 1/3

  	
  %

  
	
  2nd anniversary of grant date

  	
   

  	
  66 2/3

  	
  %

  
	
  3rd anniversary of grant date

  	
   

  	
  100

  	
  %

  



 


Notwithstanding the foregoing, Options shall become fully vested and
exercisable upon the holder’s permanent disability (as defined in
Section 3.7), death or retirement from the Board of Directors.  “Retirement” shall mean a Non-Employee
Director’s resignation or removal from the Board of Directors at any time after
he or she has attained age 72 or completed five years of service as a
Non-Employee Director following the date of the initial Grant of an Option to
such Non-Employee Director under the Plan. 
If an Option holder ceases to be a Director of the Company for any
reason other than permanent disability, death or retirement, the Board of
Directors, in its discretion, may determine that any outstanding Option shall
become fully vested and exercisable.


 


If the holder of an Option shall not purchase all of the shares which
the holder is entitled to purchase, the holder’s right to purchase any shares
not so purchased shall continue until the expiration or earlier termination of
the holder’s Option.  No Option shall be
exercisable except in


 


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respect of whole shares, and fractional share interests shall be
disregarded except that they may be accumulated in accordance with the previous
sentence of this Section 3.4.  No
fewer than 100 shares may be purchased at one time unless the number purchased
is the total number at the time available for purchase under the Option.  The Board of Directors may impose such
conditions or limitations, as shall be specified in the applicable Option
Agreement, on the sale or transfer of Common Stock acquired upon exercise of an
Option as it may deem necessary or desirable.


 


An Option shall be deemed to be exercised when the Secretary of the
Company receives written notice of such exercise from the person entitled to
exercise the Option, together with payment in full of the Option Price made in
accordance with Section 3.2 of this Plan and all applicable withholding
taxes.


 


3.5                                             Nontransferability
of Options.


 


An Option granted under this Plan shall, by its terms, be
nontransferable by the grantee other than by will or the laws of descent and
distribution, and shall be exercised during the grantee’s lifetime only by the
grantee or a duly appointed guardian or personal representative.


 


3.6                                             Cessation
of Service.


 


Except as provided in Sections 3.7, 3.8 and 3.9 hereof, if an Option
holder ceases to be a Director of the Company, the Option holder shall have 180
days, or such other period established by the Board of Directors from the date
on which such Option holder ceases to be a Director of the Company to exercise
his or her option, to the extent, and only to the extent, the Option had become
exercisable prior to the date of such cessation of service.


 


3.7                                             Permanent
Disability of Non-Employee Director.


 


If an Option holder is no longer a Non-Employee Director as a result of
permanent disability (as defined below), the holder shall have twelve (12)
months, or such shorter period as is provided in the Option Agreement, from the
date of cessation of service to exercise his or her Option.  The Option shall expire at the end of such
12-month period (or such shorter period as is provided in the Option Agreement or
as provided pursuant to Section 3.3 hereof) to the extent not exercised
within that period.  As used herein,
“permanent disability” shall mean the inability of an Option holder by reason
of illness or injury to perform substantially all of his or her duties as a
Non-Employee Director during any continued period of one hundred eighty (180)
days.


 


3.8                                             Death
of Non-Employee Director.


 


If an Option holder dies while a Non-Employee Director of the Company
or during the periods described in Section 3.6 or 3.7 hereof, the holder’s
Option shall be exercisable during the 12-month period, or such shorter period
as is provided in the Option Agreement, following the holder’s death, by the
executor of the holder’s will, the administrator of the holder’s estate, or as
otherwise provided in the Option Agreement, (and not otherwise, regardless of
any community property or other interest therein of the spouse of the holder or
such spouse’s successor in interest), provided that in no event shall the
Option be exercised after the period provided for in Section 3.3 hereof.  Unless sooner terminated pursuant to the
Plan, the Option shall expire at the end of such twelve-month period (or such
shorter period as is provided in the Option Agreement


 


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or as is provided pursuant to Section 3.3 hereof) to the extent
not exercised within that period.  In
the event that the holder’s spouse shall have acquired a community property
interest in the Option, the holder, the executor of the holder’s will, the
administrator of the holder’s estate, or such other Person as is otherwise
provided in the Option Agreement, may exercise the option on behalf of the
spouse of the holder or such spouse’s successor in interest.


 


3.9                                             Retirement
of Non-Employee Director.


 


If an Option holder is no longer a Non-Employee Director of the Company
due to retirement at age 72 or such other age as may be approved by the Board
of Directors, the holder’s Option shall be exercisable during the 12-month
period, or such shorter period as is provided in the Option Agreement,
following the holder’s retirement, provided that in no event shall the Option
be exercised after the period provided in Section 3.3 hereof.  The Option shall expire at the end of such
12-month period (or such shorter period as is provided in the Option Agreement
or as provided pursuant to Section 3.3 hereof) to the extent not exercised
within that period.


 


IV.  OTHER PROVISIONS.


 


4.1                                             Adjustments
Upon Changes in Capitalization and Ownership.


 


Subject to Section 4.2 below, if the outstanding shares of Common
Stock are increased, decreased or changed into, or exchanged for, a different
number or kind of shares or securities of the Company through a reorganization
or merger in which the Company is the surviving entity, combination,
recapitalization, reclassification, stock split-up, reverse stock split, stock
dividend, stock consolidation or otherwise, an appropriate and proportionate
adjustment shall be made in the number and kind of shares for which Options may
be granted as set forth in Section 2.3 hereof.  A corresponding adjustment changing the number or kind of shares
and the exercise price per share allocated to unexercised Options or portions
thereof, which shall have been granted prior to any such change shall also be
made.


 


Upon the dissolution or liquidation of the Company, or, subject to
Section 4.2 below, upon a reorganization, merger or consolidation of the
Company with one or more corporations as a result of which the Company is not
the surviving corporation, in which such surviving corporation (or an
affiliate), if applicable, does not assume all obligations of the Company under
this Plan and substitute for the unexercised Options granted under the Plan
options to purchase securities of such surviving corporation having a value
substantially equivalent to or greater than the Common Stock issuable upon
exercise of such Options and on terms substantially the same as or better than
those granted under the Plan, such Options shall become immediately exercisable
upon the occurrence of such an event, but in no event may such Options be
exercised after the exercise period specified in each individual Option
Agreement.


 


Adjustments under this Section 4.1 shall be made by the Board of
Directors or an authorized committee thereof, whose determination as to what
adjustments shall be made, and the extent thereof, shall be final, binding and
conclusive.  No fractional shares of
Common Stock shall be issued under this Plan on account of any such adjustment.  If for any reason any person becomes
entitled to any interest in a fractional share, a cash payment shall be made of
an equivalent value of such interest.


 


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4.2                                             Change
of Control.


 


(a)                                  The
Board of Directors, in its sole discretion, may determine at the time of (or at
any time after) the grant of an Option, that upon a Change of Control of the
Company, that any outstanding Option shall become vested and exercisable by the
holder thereof upon the terms and conditions of the Plan and the Option Agreement,
provided, however, the Board of Directors or an authorized committee
thereof may, in its discretion, take one or more of the actions described in
Section 4.2(b) in connection with a Change of Control. A “Change of
Control” shall mean the occurrence of any of the following events:


 


(i)                                     Upon
consummation of a reorganization, merger or consolidation (a “Business
Combination”), in each case, unless, following such Business Combination:


 


(A) the individuals and entities who were the
beneficial owners, respectively, of the then outstanding shares of Common Stock
of the Company (the “Outstanding Common Stock”) and the then outstanding
voting securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Voting Securities”) immediately prior to
such Business Combination beneficially own, directly or indirectly, more than
50% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the
Company either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such Business
Combination, of the Outstanding Common Stock and Outstanding Voting Securities,
as the case may be; and


 


(B) no Person (as defined in subparagraph (iii)
below) (excluding any corporation resulting from such Business Combination or
any employee benefit plan (or related trust) sponsored or maintained by the
Company or such other corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 50% or more of, respectively, the
then outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then outstanding
voting securities of such corporation, except to the extent that such ownership
of Outstanding Common Stock or Outstanding Voting Securities existed prior to
the Business Combination; and


 


(C) at least a majority of the members of the
board of directors of the corporation resulting from such Business Combination
were members of the Board of Directors at the time of the execution of the
initial agreement, or of the action of the Board of Directors, providing for
such Business Combination; or


 


(ii)                                  If
individuals who, as of the Effective Date, constitute the Board of Directors
(the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board of Directors; provided, however, that any individual
becoming a director subsequent to the date hereof whose election, or nomination
for election by the Company’s stockholders, was approved by a vote of at least
a majority of the directors then comprising the Incumbent Board


 


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shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of (A) an actual or threatened election
contest with respect to the election or removal of directors; (B) an actual or
threatened solicitation of proxies or consents; or (C) any other actual or
threatened action by, or on behalf of, any Person other than the Board of
Directors; or


 


(iii)                               Upon
the acquisition after the Effective Date by any individual, entity or group
(within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 50% or more of either (A) the then
Outstanding Common Stock or (B) the combined voting power of the Outstanding
Voting Securities; provided, however, that the following acquisitions shall not
be deemed to be covered by this subparagraph (iii):  (x) any acquisition of Outstanding Common
Stock or Outstanding Voting Securities by the Company, (y) any acquisition of
Outstanding Common Stock or Outstanding Voting Securities by any employee
benefit plan (or related trust) sponsored or maintained by the Company or (z)
any acquisition of Outstanding Common Stock or Outstanding Voting Securities by
any corporation pursuant to a transaction which complies with clauses (A), (B)
and (C) of subparagraph (i) above; or


 


(iv)                              The
consummation of the sale of all or substantially all of the assets of the
Company or approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company.


 


(b)                                 In
the event of a Change of Control, the Board of Directors or an authorized
committee thereof may, in its discretion, take one or more of the following
actions in connection with a Change of Control.


 


(i)                                     The
Board of Directors or an authorized committee thereof may declare that any or
all Options shall terminate as of a date to be fixed by the Board of Directors
or such committee and may require that the respective holders thereof surrender
all or a portion of their unexercised Options for cancellation by the Company
prior to such date and, upon such surrender, such holders shall receive (i) the
cash, securities or other consideration they would have received had they
exercised such Options immediately prior to such Change of Control and had they
disposed of their shares of Common Stock issuable upon such exercise in
connection with such Change of Control (subject to required deductions and
withholdings), minus (ii) an amount of cash or fair market value of securities
or other such consideration equal to the Option Price for such Options
surrendered; or


 


(ii)                                  The
Board of Directors or an authorized committee thereof may declare that, upon
the exercise by a holder of any or all Options after a Change of Control in
accordance with the provisions of the Plan, such holder shall be entitled to
receive only the cash, securities or other consideration he would have been
entitled to receive had he exercised such Options immediately prior to such
Change of Control and had he disposed of the Common Stock issuable upon such
exercise in connection with such Change of Control; or


 


(iii)                               The
Board of Directors or an authorized committee thereof may declare that any or
all Options shall terminate as of a date to be fixed by the Board of Directors
or such committee and give the holders thereof the right to exercise their
Options prior to such date as to all or any part thereof; or


 


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(iv)                              The
Board of Directors or an authorized committee thereof may permit the successor
corporation to assume the obligations of the Company under the Plan and to
substitute for the unexercised Options granted under the Plan options to
purchase securities of such successor corporation having a value substantially
equivalent to or greater than the Common Stock issuable upon exercise of such
Options and on terms substantially the same as or better than those granted
under the Plan, all as determined by the Board of Directors or such committee,
whereupon all outstanding Options and all future Options granted under the Plan
shall thenceforth become options to purchase such securities of such successor
corporation on such terms.


 


4.3                                             Government
Regulations.


 


This Plan and the grant and exercise of Options shall be subject to all
applicable rules and regulations of governmental authorities.


 


4.4                                             Withholding.


 


The Company may require, as a condition to (1) issuing or delivering to
the holder of an Option shares or certificates evidencing the shares upon exercise
of the Option or (2) allowing the transfer of shares subsequent to their
issuance to the holder of an Option, that the holder of an Option or other
person exercising the Option pay any sums that federal, state, or local tax law
requires to be withheld with respect to such exercise or transfer.  The Company shall not be obligated to advise
any holder of an Option of the existence of the tax or the amount which the
Company will be so required to withhold.


 


4.5                                             Amendment,
Termination, and Reissuance.


 


(a)  The Board of Directors may
at any time suspend, amend or terminate this Plan (or any part thereof) and,
with the consent of the holder of an Option, may make such modifications of the
terms and conditions of such holder’s Option as it shall deem advisable.  No Option may be granted during any
suspension of this Plan or after such termination.  The amendment, suspension or termination of this Plan shall not,
without the consent of the holder of an Option, adversely alter or impair any
rights or obligations under any Option theretofore granted under this Plan.


 


(b)  In addition to the Board of
Directors’ approval of any amendment, if the amendment would (i) increase the
benefits accruing to participants in this Plan, (ii) increase the aggregate
number of shares which may be issued under this Plan, or (iii) modify the
requirements of eligibility for participation in this Plan, then such amendment
must be approved by the holders of a majority of the Company’s outstanding
capital stock present, or represented, and entitled to vote at a meeting duly
held for the purpose of approving such amendment.


 


4.6                                             Privileges
of Stock Ownership; Nondistributive Intent.


 


The holder of an Option shall not be entitled to the privilege of stock
ownership as to any shares of Common Stock not actually issued and delivered to
him or her.  Upon exercise of an Option,
unless a registration statement is in effect under the Securities Act of 1933,
as amended,


 


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relating to the Common Stock issuable upon exercise and there is
available for delivery a prospectus meeting the requirements of
Section 10(a)(3) of said Act, the Common Stock may be issued to the option
holder only if he or she represents and warrants in writing to the Company and
its counsel that the shares purchased are being acquired for investment and not
with a view to the resale or distribution thereof.  No shares shall be issued upon the exercise of any Option unless
and until there shall have been full compliance with any then applicable
requirements of the Securities and Exchange Commission, or any other regulatory
agencies having jurisdiction over this Plan (and of any exchanges upon which
stock of the Company may be listed).


 


4.7                                             Issuance
of Stock Certificates.


 


Upon exercise of an Option, the person receiving Common Stock shall be
entitled to one stock certificate evidencing the shares acquired upon such
exercise; provided, however, that any person who tenders Common Stock to the
Company in payment of a portion or all of the purchase price of stock purchased
upon exercise of an Option, shall be entitled to receive two certificates, one
representing a number of shares equal to the number of shares exchanged for the
stock acquired upon exercise, and another representing the additional shares
acquired upon exercise of the Option.


 


4.8                                             Effective
Date of this Plan.


 


This Plan shall, subject to its adoption by the Board of Directors and
the approval by the Company’s stockholders in accordance with applicable law
and the Company’s Certificate of Incorporation, be effective as of May 27,
2004.


 


4.9                                             Expiration.


 


Unless previously terminated by the Board of Directors, this Plan shall
expire at the close of business on the date that is ten (10) years from the
date specified in Section 4.8, and no Option shall be granted under it
thereafter, but such expiration shall not affect any Option theretofore
granted.


 


4.10                                       Governing
Law.


 


This Plan and the Options issued hereunder shall be governed by, and
construed in accordance with, the laws of the State of Delaware applicable to
contracts made and performed within such State, except as such laws may be
supplanted by the laws of the United States of America, which laws shall then
govern its effect and its construction to the extent they supplant Delaware
law.


 


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