Document:

exh103-nqsoformdirector.htm

     

    
      EXHIBIT
10.3

      CHURCH
& DWIGHT CO., INC.

       

      2008
OMNIBUS EQUITY COMPENSATION PLAN

       

      NONQUALIFIED STOCK OPTION
GRANT

       

      This
STOCK OPTION GRANT AGREEMENT (the “Agreement”), dated as of _________________
(the “Date of Grant”), is delivered by Church & Dwight Co., Inc. (the
“Company”) to _______________ (the “Grantee”).

       

      RECITALS

       

      A.           The
Church & Dwight Co., Inc. 2008 Omnibus Equity Compensation Plan (the “Plan”)
provides for the grant of options to purchase shares of common stock of the
Company.  The Company’s Board of Directors (the “Board”) has decided
to make a stock option grant as an inducement for the Grantee to continue in the
service of the Company as a member of the Board and promote the best interests
of the Company and its stockholders.

       

      NOW,
THEREFORE, the parties to this Agreement, intending to be legally bound, hereby
agree as follows:

       

      1. Grant of
Option.  Subject to the terms and conditions set forth in this
Agreement and in the Plan, the Company hereby grants to the Grantee a
nonqualified stock option (the “Option”) to purchase ___________ shares of
common stock of the Company (“Shares”) at an exercise price of $_________ per
Share.  The Option shall become exercisable according to Paragraph 2
below.

       

      2. Exercisability of
Option.  Except as provided in Paragraphs 3(b) and 5 below or
the Plan, the Option shall become exercisable on the following dates, if the
Grantee continues to provide service to the Company as a member of the Board on
the applicable vesting date (“Vesting Date”):

       

      
        	
                Vesting

                Date

              	
                Shares for Which the Option is

                Exercisable on the Vesting
    Date

              
	
                Third
      anniversary of the Date of Grant

              	
                100
      %

              

      

       

      3. Term of
Option.

       

      (a) The
Option shall have a term of ten years from the Date of Grant and shall terminate
on the tenth anniversary of the Date of Grant, unless it is terminated at an
earlier date pursuant to the provisions of this Agreement or the
Plan.

       

      (b) The
Option shall automatically terminate upon the happening of the first of the
following events:

       

      (i) The
expiration of the 30-day period after the Grantee ceases to provide service to
the Company as a member of the Board, if the termination is for any reason other
than Disability (as defined below), death, Retirement (as defined below) or
Cause (as defined below), and the Option shall continue to become exercisable in
accordance with Paragraph 2 above during such 30-day period.

       

      (ii) The
expiration of the three-year period after the Grantee ceases to provide service
to the Company as a member of the Board on account of the Grantee’s Disability,
and the Option shall continue to become exercisable in accordance with Paragraph
2 above during such three-year period.  For purposes of this
Agreement, the term “Disability” shall mean the Grantee’s inability to render
services to the Company for a period of six consecutive months by reason of
permanent disability, as determined by the written medical opinion of an
independent medical physician reasonably acceptable to the Company.

       

      (iii) The
expiration of the three-year period after the Grantee ceases to provide service
to the Company as a member of the Board, if the Grantee dies while providing
service to the Company, and the Option shall continue to become exercisable in
accordance with Paragraph 2 above during such three-year period.

       

      (iv) The
expiration of the term described in Paragraph 3(a) if the Grantee ceases to
provide service to the Company as a member of the Board on account of the
Grantee’s Retirement, and the Option shall continue to become exercisable in
accordance with Paragraph 2 above during such term.  For purposes of
this Agreement, a Grantee shall be considered to meet the requirements of
“Retirement” if the Grantee has at least three years of service with the Company
as a member of the Board at the Grantee’s termination date and the Grantee’s
termination of service is not for Cause.

       

      (v) The date
on which the Grantee ceases to provide service to the Company as a member of the
Board for Cause.  In addition, upon a termination for Cause, the
Grantee shall automatically forfeit all Shares underlying any exercised portion
of an Option for which the Company has not yet delivered the Share certificates,
upon refund by the Company to the Grantee of the exercise price paid by the
Grantee for such Shares.  Notwithstanding the prior provisions of this
Paragraph 3, if the Grantee engages in conduct that constitutes Cause with
respect to the Company after the Grantee’s service has terminated, the Option
shall immediately terminate.  For purposes of this Agreement, the term
“Cause” shall mean the Grantee’s dishonesty, fraud or willful misconduct, as
determined by the Board in its sole discretion.

       

      
        
           

        

        
           

          
          

        

        
          
            
 

        

      

      Notwithstanding
the foregoing, in no event may the Option be exercised on or after the tenth
anniversary of the Date of Grant.  Any portion of the Option that is
not exercisable at the time the Grantee ceases to provide service to the
Company, and that will not subsequently become exercisable as provided in
subparagraph 3(b)(i), (ii), (iii) or (iv) above, shall immediately
terminate.  The portion of the Option that is exercisable or will
become exercisable under subparagraph 3(b)(i), (ii), (iii) or (iv) after the
Executive’s separation from service shall be determined as of the Executive’s
separation date based on the vesting schedule in Paragraph 2 (without regard to
any Change of Control that could occur after separation from service), and the
remainder of the Option shall terminate and  cease to be outstanding
as of the Executive’s separation date.

       

      4. Exercise
Procedures.

       

      (a) Subject
to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or
all of the exercisable Option by giving the Company written notice of intent to
exercise in the manner provided in this Agreement, specifying the number of
Shares as to which the Option is to be exercised and the method of
payment.  Payment of the exercise price shall be made in accordance
with procedures established by the Company from time to time based on type of
payment being made but, in any event, prior to issuance of the
Shares.  The Grantee shall pay the exercise price (i) in cash, (ii)
with the approval of the Board, by delivering Shares of the Company, which shall
be valued at their fair market value on the date of exercise, or by attestation
(on a form prescribed by the Company) to ownership of Shares having a fair
market value on the date of exercise equal to the exercise price, (iii) by
payment through a broker in accordance with procedures permitted by Regulation T
of the Federal Reserve Board or (iv) by such other method as the Board may
approve.  The Board may impose from time to time such limitations as
it deems appropriate on the use of Shares of the Company to exercise the
Option.

       

      (b) The
Company’s obligation to deliver Shares upon exercise of the Option shall be
subject to all applicable laws, rules and regulations and also to such approvals
by governmental agencies as may be deemed appropriate by the Company, including
such actions as Company counsel shall deem necessary or appropriate to comply
with relevant securities laws and regulations.

       

      (c) All
obligations of the Company under this Agreement shall be subject to the rights
of the Company as set forth in the Plan to withhold amounts required to be
withheld for any taxes, if applicable.  Subject to Board approval, the
Grantee may elect to satisfy any tax withholding obligation of the Company with
respect to the Option by having Shares withheld up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA
and Medicare), state and local tax liabilities.

       

      5. Change of
Control.  The provisions of the Plan applicable to a Change of
Control (as defined in the Plan) shall apply to the outstanding Option, and, in
the event of a Change of Control, the Board may take such actions as it deems
appropriate pursuant to the Plan.

       

      6. Restrictions on
Exercise.  Except as the Board may otherwise permit pursuant to
the Plan, only the Grantee may exercise the Option during the Grantee’s lifetime
and, after the Grantee’s death, the Option shall be exercisable (subject to the
limitations specified in the Plan) solely by the legal representatives of the
Grantee, or by the person who acquires the right to exercise the Option by will
or by the laws of descent and distribution, to the extent that the Option is
exercisable pursuant to this Agreement.

       

      7. Grant Subject to Plan
Provisions.  This grant is made pursuant to the Plan, the terms
of which are incorporated herein by reference, and in all respects shall be
interpreted in accordance with the Plan.  The grant and exercise of
the Option are subject to interpretations, regulations and determinations
concerning the Plan established from time to time by the Board in accordance
with the provisions of the Plan, including, but not limited to, provisions
pertaining to (a) the registration, qualification or listing of the Shares, (b)
changes in capitalization of the Company and (c) other requirements of
applicable law.  The Board shall have the authority to interpret and
construe the Option pursuant to the terms of the Plan, and its decisions shall
be conclusive as to any questions arising hereunder.  By accepting the
grant of the Option, the Grantee agrees to be bound by the terms of the Plan and
this Agreement and agrees that all of the decisions and determinations of the
Board shall be final and binding.

       

      
        
           

        

        
           

          
          

        

        
          
            
 

        

      

      8. No Service or Other
Rights.  The grant of the Option shall not confer upon the
Grantee any right to be retained by or in the service of the  Company
and shall not interfere in any way with the right of the Company to terminate
the Grantee’s service at any time. The right of the Company to terminate at will
the Grantee’s service at any time for any reason is specifically
reserved.

       

      9. No Stockholder
Rights.  Neither the Grantee, nor any person entitled to
exercise the Grantee’s rights in the event of the Grantee’s death, shall have
any of the rights and privileges of a stockholder with respect to the Shares
subject to the Option, until certificates for Shares have been issued upon the
exercise of the Option.

       

      10. Assignment and
Transfers.  Except as the Board may otherwise permit pursuant
to the Plan, the rights and interests of the Grantee under this Agreement may
not be sold, assigned, encumbered or otherwise transferred except, in the event
of the death of the Grantee, by will or by the laws of descent and
distribution.  In the event of any attempt by the Grantee to alienate,
assign, pledge, hypothecate, or otherwise dispose of the Option or any right
hereunder, except as provided for in this Agreement, or in the event of the levy
or any attachment, execution or similar process upon the rights or interests
hereby conferred, the Company may terminate the Option by notice to the Grantee,
and the Option and all rights hereunder shall thereupon become null and
void.  The rights and protections of the Company hereunder shall
extend to any successors or assigns of the Company and to the Company’s parents,
subsidiaries, and affiliates.  This Agreement may be assigned by the
Company without the Grantee’s consent.

       

      11. Applicable
Law.  The validity, construction, interpretation and effect of
this instrument shall be governed by and construed in accordance with the laws
of the State of Delaware, without giving effect to the conflicts of laws
provisions thereof.

       

      12. Notice.  Any
notice to the Company provided for in this instrument shall be addressed to the
Company in care of the General Counsel at 469 North Harrison Street, Princeton,
New Jersey 08543-5297, and any notice to the Grantee shall be addressed to such
Grantee at the current address shown on the records of the Company, or to such
other address as the Grantee may designate to the Company in
writing.  Any notice shall be delivered by hand or by a recognized
courier service such as FedEx or UPS, sent by telecopy or enclosed in a properly
sealed envelope addressed as stated above, registered and deposited, postage
prepaid, in a post office regularly maintained by the United States Postal
Service.

       

      IN
WITNESS WHEREOF, the Company has caused its duly authorized officer to execute
and attest this Agreement, and the Grantee has executed this Agreement,
effective as of the Date of Grant.

       

      
        
          	 
      	
                  CHURCH
      & DWIGHT CO., INC.

                
	 
      	
                  By:

                	 
      
	 
      	
                  Name:

                	 
      
	 
      	
                  Title:

                	 
      
	 
      	
                  Grantee:

                	 
      
	 
      	
                  Date:exh104-comp.htm

     

    EXHIBIT 10.4

    CHURCH
& DWIGHT CO., INC.

     

    COMPENSATION
PLAN FOR DIRECTORS

     

    1. PURPOSE:  The purpose of the
Compensation Plan for Directors (the “Plan”) is to provide a program that will
enable Church & Dwight Co., Inc. (the “Company”) to attract and retain
well-qualified persons for service as members of the Company’s Board of
Directors (the “Board”) and, in so doing, more closely align the interests of
the Directors with those of the stockholders through the ownership of Common
Stock of the Company, par value $1.00 per share (the “Common Stock”), by
Directors. The Plan is intended to encourage long-term ownership in the Company.
All shares of Common Stock payable under the Plan shall be issued under the
Company’s Omnibus Equity Compensation Plan.

     

    2. EFFECTIVE DATE:  The Plan is
effective as of May 1, 2008 (the “Effective Date”).  This Plan
replaces the Company’s prior Compensation Plan for Directors, which terminated
as of the Effective Date of this Plan.  Elections made in December
2007 with respect to 2008 Director fees under the prior Compensation Plan for
Directors shall continue in effect under this Plan for 2008.

     

    3. ELIGIBILITY:  All Directors of
the Company who are not full-time employees of the Company are eligible to
participate in the Plan (the “Participants”).

     

    4. DETERMINATION OF
COMPENSATION:  In December of each year, the Board will
establish Participants’ compensation for the next calendar year (the
“Compensation Year”), as to the annual retainer and meeting fees for regularly
scheduled Board meetings and meetings of Committees of the Board and as to the
annual equity grant under the Company’s Omnibus Equity Compensation
Plan.

     

    5. DETERMINATION
OF FEE-BASED COMPENSATION IN COMMON STOCK:

     

    (a) All
fee-based compensation (i.e., the annual retainer and all Board and Committee
meeting fees) paid to each Director for each Compensation Year shall be
calculated in shares of Common Stock. This calculation and all payments shall be
made quarterly. The annual retainer amount determined under Section 4 shall be
divided by four (“Quarterly Retainer”). The Quarterly Retainer shall be added to
the Board and Committee meeting fees determined under Section 4 that relate to
the same quarter (collectively, the “Total Quarterly Fee”).

     

    (b) The Total
Quarterly Fee shall be divided by the closing price of a share of Common Stock
as reported on the New York Stock Exchange on the last trading day of such
calendar quarter; provided, however, that in the case of the fourth calendar
quarter, the first trading day following the Board’s regularly-scheduled meeting
in December (“December Meeting”) shall be used.  For the purpose of
this calculation, fractional shares shall be counted as whole shares. (For
example, assume that the Total Quarterly Fee for a Director is
$13,000.  If the closing price of Common Stock on the last trading day
in March is $55 per share, then the Total Quarterly Fee, calculated in terms of
shares of Common Stock, would be 236.36 shares, rounded to 237
shares).

     

    
      
         

      

      
         

        
        

      

      
        
          
 

      

    

    
      	
              6.

            	
              CASH
      OPTION, ISSUANCE OF COMMON STOCK FOR FEE-BASED
    COMPENSATION:

            

    

    
      

         

      

    

    (a) Notwithstanding
anything in Section 5 to the contrary, on or following each December Meeting,
each Participant shall elect with respect to the next following Compensation
Year whether, instead of receiving payments in all shares of Common Stock, the
Participant  shall instead receive payment of the Total Quarterly Fee
hereunder 50% in cash and 50% in shares of Common Stock. With respect to a
Participant who has elected to receive 50% of the Total Quarterly Fee in cash,
the calculation described in Section 5 shall be made with respect to only
one-half of the Total Quarterly Fee, and the remainder of such Total Quarterly
Fee shall be paid in cash. The election under this Section 6 shall be made by
providing written notice to the Company’s Secretary not later than five calendar
days following the December Meeting. In the event notice is not received by the
Secretary by such date, then the Participant shall receive his or her
compensation entirely in Common Stock.

     

    (b) Any
Participant who is a director with respect to one Compensation Year, but was not
a director with respect to the immediately prior Compensation Year, shall be
permitted, within 30 days of becoming a director, to make the election described
in this Section 6 with respect to the retainer and other fees to be paid for
such Compensation Year.

     

    7. REMITTANCE OF FEE-BASED
COMPENSATION:  The shares of Common Stock and cash
compensation, if any, shall be remitted to each Participant as soon as
practicable following the end of each calendar quarter; provided, however, that,
in the case of the fourth calendar quarter, such shares and cash shall be
remitted as soon as practicable following the December Meeting (but no later
than December 31 of such Compensation Year).  All shares of Common
Stock payable under this Plan shall be issued under the Company’s Omnibus Equity
Compensation Plan and shall be subject in all respects to the terms of that
Plan.

     

    8. ANNUAL EQUITY
GRANT:  Annual equity grants to Participants shall be made on
the date in each year on which the Company holds its Annual Meeting of
Stockholders (“Annual Meeting”); provided, however, if a Participant first
becomes a Director on a date other than the date of the Annual Meeting, the date
of the Participant’s initial equity grant shall be the date on which such
Participant commences service as a Director.  Each Participant shall
be granted only one(1) equity grant in each calendar year. All equity grants
made under this Plan shall be issued under the Company’s Omnibus Equity
Compensation Plan and shall be subject in all respects to the terms of that
Plan.

     

    9. RIGHTS NOT TRANSFERABLE:  The
rights of a Participant under the Plan are not transferable by a Participant
other than pursuant to the laws of descent and distribution.

     

    10. ADMINISTRATION:  The
Plan shall be administered, and the provisions interpreted, by a committee of at
least three persons (all of whom shall be persons not eligible to participate in
the Plan and thereby disinterested) having full discretionary authority to act
(the “Committee”). The members of the Committee shall be the Chief Executive
Officer, the Vice President Finance and the Secretary of the Company. The
Committee shall record its proceedings under the Plan.

     

    11. AMENDMENT OF THE PLAN:  The
Board may, at any time, or from time to time, change or amend this Plan, as is
deems advisable.

     

    12. TERMINATION OF THE PLAN:  This
Plan may be terminated at any time, at the discretion of the Board.

     

    13. GOVERNING LAW:  This Plan and
all determinations made and actions taken pursuant thereto shall be governed by
the laws of Delaware.

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