Document:

CVX 12.31.2013 EX 10.9 Terms and Conditions for Awards Under the LTIP

Exhibit 10.9
Chevron Corporation
Long-Term Incentive Plan Award
Terms and Conditions 

1.  STOCK OPTION AWARD.  Your <YEAR> Stock Option Award is for non-qualified stock options to purchase shares of Chevron Corporation common stock. These stock options are granted to you under the Long-Term Incentive Plan (“Plan”).  The Plan’s terms and the terms of the Rules adopted pursuant to the Plan are incorporated herein.  For a copy of the plan documents, go to http://hr.chevron.com/northamerica/us/payprograms/executiveplans/ltip.asp or the Global Executive Plans Web site at http://hr.chevron.com/globalprograms/execplans/ltip.aspx, or contact the Executive Compensation Group at execplans@chevron.com or 1-925-842-7304. By accepting this Stock Option Award, you agree to all terms and conditions of the Plan, its Rules, and any provisions herein that may be in addition thereto (which shall not be in conflict with the provisions of the Plan or its Rules).  The aforesaid documents, the number of options granted and the grant price reflected on the < DATE> grant detail screen in the Stock Option/SAR section of your Morgan Stanley account collectively constitute the Award.
		
	A.
	GRANT DATE. The Grant Date of your Stock Option Award is < DATE>.

		
	B.
	NUMBER OF OPTIONS GRANTED.  The number of stock options granted is reflected on the < DATE> grant detail screen in the ”Stock Option/SAR” section of your Morgan Stanley account at www.benefitaccess.com.

		
	C.
	EXERCISE PRICE. The Exercise Price of the stock options granted in your < DATE> Stock Option Award is the Chevron common stock closing price on < DATE>, as listed on the New York Stock Exchange (“NYSE”). The Exercise Price is reflected on the < DATE> grant detail screen as referenced above. 

		
	D.
	VESTING SCHEDULE. Subject to Subsection F., 33 1/3 percent of the Stock Option Award shall vest on the first anniversary of the Grant Date, 66 2/3 percent shall vest on the second anniversary of the Grant Date and 100 percent shall vest on the third anniversary of the Grant Date. The Stock Option Award cannot be exercised to the extent it is not vested.

		
	E.
	EXERCISE PERIOD. Subject to Subsection F., your vested stock options in the < DATE> Stock Option Award may be exercised up until the tenth anniversary of the Grant Date, provided you remain employed by Chevron and the NYSE is open on such date.  Should this tenth anniversary date fall on a day that the NYSE is not open, your vested < DATE> stock options may be exercised only up until the last day that the NYSE is open immediately prior to that tenth anniversary.    

		
	F.
	EFFECT OF TERMINATION ON VESTING AND EXERCISE PERIOD. Termination of employment impacts your Stock Option Award’s Vesting Schedule and Exercise Period. If you are on a non-European Union country’s payroll at termination of employment, your Stock Option Award is affected as follows. 

		
	i.
	One hundred percent (100%) of the < DATE> Stock Option Award will vest if your employment terminates on or after < DATE> and if, upon termination of employment, you are at least age 65, have at least 90 points (sum of age and health and welfare service at termination of employment), or submit documentation substantiating required retirement due to the attainment of the normal statutory or mandatory retirement age, based on the applicable jurisdiction for your employing company at the time of termination. Your vested Stock Option Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.  

		
	ii.
	A portion of the < DATE> Stock Option Award will vest if your employment terminates on or after  <DATE> and if, upon termination of employment, you are at least age 60 or have at least 75 points (sum of age and health and welfare service at termination of employment). The number of vested stock options is determined by multiplying the number of stock options granted by the number of whole months from the Grant Date to your termination date, up to a maximum of 36 months, divided by 36 months.  The portion not vested is forfeited.  The vested portion of your < DATE> Stock Option Award is exercisable until the last day that the NYSE is open that is no more than five years after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination. 

		
	iii.
	One hundred percent (100%) of the < DATE> Stock Option Award will vest if you terminate employment after a Change in Control and qualify for a Change of Control severance pay program.  Your vested Stock Option Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.  

		
	iv.
	If at termination of employment, none of the above Subsections F.i., F.ii., and F.iii. is satisfied, the portion of your  < DATE> Stock Option Award that is not vested at termination is forfeited. The portion of your  <DATE> Stock Option Award that is already vested is exercisable until the last day that the NYSE is open that is no more than 180 days after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination. 

 If you are on a European Union country’s payroll at termination of employment, different rules apply.

		
	G.
	DISABILITY.  For purposes of the Vesting Schedule and the Exercise Period of your Stock Option Award, you are deemed to have terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.

		
	H.
	FAILURE TO EXERCISE. Unexercised Stock Option Awards are forfeited at the end of the applicable Exercise Period.  

		
	I.
	    EXERCISE CHOICES. You may exercise your vested < DATE> Stock Option Award under the following four exercise choices: (i) same day sale; (ii) sell-to-cover; (iii) cash exercise; or (iv) stock swap. For more information, please refer to “Exercise Choices and Examples” at http://hr.chevron.com/northamerica/us/payprograms/executiveplans/exercisechoices.asp, or, if you are not subject to U.S. taxation, http://hr.chevron.com/globalprograms/execplans/exercisechoices.aspx.  

		
	J.
	     NO DEFERRAL. You may not defer payment of proceeds as a result of the exercise of your < DATE> Stock Option Award.

		
	K.
	MISCONDUCT. Stock Option Awards may be forfeited for Misconduct as defined in the Long-Term Incentive Plan, and the Corporation may demand repayment of amounts received upon exercise on or after the date of the Misconduct. 

		
	L.
	TAXATION.  The tax consequences of Stock Option Awards vary, and, depending on the country’s laws that govern this Stock Option Award, can be triggered upon events such as the grant, vest, and/or exercise.  

		
	i.
	U.S. TAXATION. If you are subject to U.S. taxes, your < DATE> Stock Option Award is taxable upon exercise. Upon exercise of your < DATE> Stock Option Award, the broker will withhold federal, state, Social Security, Medicare, and/or local taxes based upon information provided by Chevron. Additional taxes may be either withheld or refunded on your paycheck.  The taxable compensation as a result of your exercise will be included in your W-2 Form. If your exercise includes the sale of shares, you will also receive a Form 1099B from the broker that reflects the sale. Consult http://hr.chevron.com/northamerica/us/payprograms/executiveplans/faqs.asp#topic2 and your tax advisor for more information on U.S. taxes.

		
	ii.
	TAXATION IN NON-U.S. LOCATIONS.  Consult the specific country prospectus and your tax advisor for more information regarding the tax consequences of your < DATE> Stock Option Award.     

		
	M.
	ADJUSTMENTS.  In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of stock options and the Exercise Price of the Stock Option Award under this agreement shall be adjusted, as appropriate. 

		
	N.
	NON-TRANSFERABILITY OF AWARD. You are not permitted to sell, transfer, pledge, assign or encumber this < DATE> Stock Option Award during your lifetime. Notwithstanding the foregoing, this < DATE> Stock Option Award may be transferred or assigned after your death to your beneficiary or pursuant to a domestic relations order enforceable under applicable law. 

		
	O.
	BENEFICIARY DESIGNATION. You may designate a beneficiary for your < DATE> Stock Option Award upon your death at https://www.benefitsweb.com/chevron.html. Non-U.S. payroll employees may download a beneficiary designation form from the Global Executive Plans Web page at http://hr.chevron.com/globalprograms/execplans/docs/GO76VnonUS.pdf.

		
	P.
	ABILITY TO SUBSTITUTE. The Management Compensation Committee shall have the ability to substitute, without receiving participant permission, Stock Appreciation Rights (SARs) paid only in stock for outstanding options; provided, that the number of substituted SARs equals the number of shares underlying the options and the Exercise Price of the SARs is equal to the Exercise Price of the options.

		
	1.
	PERFORMANCE SHARE AWARD.  Your <YEAR> Performance Share Award is granted to you under the Long-Term Incentive Plan (“Plan”).  The Plan’s terms and the terms of the Rules adopted pursuant to the Plan are incorporated herein.  For a copy of the plan documents, go to http://hr.chevron.com/northamerica/us/payprograms/executiveplans/ltip.asp or the Global Executive Plans Web site at http://hr.chevron.com/globalprograms/execplans/ltip.aspx, or contact the Executive Compensation Group at execplans@chevron.com or 1-925-842-7304. By accepting this Performance Share Award, you agree to all terms and conditions of the Plan, its Rules, and any provisions herein that may be in addition thereto (which shall not be in conflict with the provisions of the Plan or its Rules).  The aforesaid documents and the number of shares granted (reflected on the < DATE> grant detail screen in the performance award section of your Morgan Stanley account), collectively constitute the Award.

		
	A.
	GRANT DATE. The Grant Date of your Performance Share Award is < DATE>.

		
	B.
	NUMBER OF SHARES GRANTED.  The number of shares granted is reflected in the < DATE> award detail screen in the “Restricted Unit/Perf Share” section of your Morgan Stanley account at www.benefitaccess.com.  Refer to the Award Type labeled “PSU”.

		
	C.
	PERFORMANCE PERIOD.  The three-year Performance Period for your < DATE> Performance Share Award starts on < DATE> and ends on < DATE>.

		
	D.
	VESTING.  Except as otherwise provided in Subsection E., your < DATE> Performance Share Award will vest only if you continue employment with Chevron until the end of the Performance Period.

		
	E.
	EFFECT OF TERMINATION ON VESTING. Termination of employment impacts the vesting of your Performance Share Award, but not when its value is calculated or when it is paid. If you are on a non-European Union country’s payroll at termination of employment and terminate prior to the end of the three-year performance period, vesting of your < DATE> Performance Share Award is affected as follows:

		
	i.
	One hundred percent (100%) of the < DATE> Performance Share Award will vest if your employment terminates on or after < DATE> and if, upon termination of employment, you are at least age 65, have at least 90 points (sum of age and health and welfare service at termination of employment), or submit documentation substantiating required retirement due to the attainment of the normal statutory or mandatory retirement age, based on the applicable jurisdiction for your employing company at the time of termination. 

		
	ii.
	A portion of the < DATE> Performance Share Award will vest if your employment terminates on or after   <DATE> and if, upon termination of employment, you are at least age 60 or have at least 75 points (sum of age and health and welfare service at termination of employment). The portion of your < DATE> Performance Share Award that vests is determined by multiplying the number of Performance Shares granted by the number of whole months from the performance period start date to your termination date, up to a maximum of 36 months, divided by 36 months.  The portion not vested is forfeited. 

		
	iii.
	If you terminate employment after a Change in Control, qualify for a Change of Control severance pay program, and do not satisfy the conditions in Subsection E.i., the portion of your < DATE> Performance Share Award vested and or deemed vested shall be determined by multiplying the number of Performance Shares granted by the number of whole months from the performance period start date to your termination date, up to a maximum of 36 months, divided by 36 months.  The portion not vested is forfeited.

		
	iv.
	If at termination of employment, none of the above Subsections E.i, E.ii., and E.iii. is satisfied, your  <DATE> Performance Share Award is forfeited.

If you are on a European Union country’s payroll at termination of employment, different rules apply.
		
	F.
	DISABILITY.  For purposes of the vesting of your < DATE> Performance Share Award, you are deemed to have terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.

		
	G.
	PERFORMANCE SHARE AWARD PAYOUT.  The payout amount of your  < DATE> Performance Share Award is equal to the number of your vested < DATE> Performance Shares, multiplied by the Average Chevron Stock Closing Price in the last twenty days that the New York Stock Exchange is open during the Performance Period, multiplied by the Payout Modifier, as described below. 

		
	H.
	PAYOUT MODIFIER. The Payout Modifier is determined as follows based on Chevron’s total stockholder return (TSR) compared with the TSR for the Peer Group for the three-year Performance Period:

	
						
	Relative TSR Rank
	1
	2
	3
	4
	5

	Payout Modifier
	200%
	150%
	100%
	50%
	0%

The Peer Group for your < DATE> Performance Share Award is BP, ExxonMobil, RD Shell and Total. In the event Chevron’s measured TSR is within 1 percent of the nearest competitor(s), the results will be considered a tie, and the Payout Modifier will be determined by dividing the sum of the Payout Modifiers in the tied positions by the number of companies in the tie.
Notwithstanding anything herein to the contrary, the Committee retains the discretion to adjust the payout of Performance Shares downward if business or economic conditions warrant, as the Committee determines.
		
	I.
	    PAYMENT DATE. The non-deferred < DATE> Performance Share Award will be paid in cash within two and a half months after < DATE>.

		
	J.
	     DEFERRAL. You may defer payment of up to 90 percent of your payout attributable to your <DATE> Performance Share Award, provided you are on the U.S. Payroll and subject to U.S. taxes on the deferral election due date. Deferral elections may not be cancelled or changed after the deferral election due date or upon termination of employment. Deferred amounts will be further subject to all terms and conditions of the Deferred Compensation Plan II and its Rules.

		
	K.
	MISCONDUCT. Performance Share Awards may be forfeited for Misconduct as defined in the Long-Term Incentive Plan, and the Corporation may demand repayment of amounts received on or after the date of the Misconduct. 

		
	L.
	TAXATION.  

		
	i.
	U.S. TAXATION. If you are subject to U.S. taxes, your non-deferred < DATE> Performance Share Award payout is taxable as ordinary income in <YEAR>, the calendar year in which it is paid. Payments are subject to federal, state, Social Security, Medicare, and/or local income taxes. Deferred amounts are subject to Social Security and Medicare taxes. Consult http://hr.chevron.com/northamerica/us/payprograms/executiveplans/taxwithholding.asp and your tax advisor for more information on U.S. taxes.

		
	ii.
	NON-U.S. TAXATION. Your vested < DATE> Performance Share Award will be paid in your local currency, and subject to tax withholding according to your country’s requirements. Consult specific country prospectus supplements and your tax advisor for more information regarding non-U.S. taxation.

		
	M.
	ADJUSTMENTS.  In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of performance shares subject to this agreement shall be adjusted, as appropriate. 

		
	N.
	NON-TRANSFERABILITY OF AWARD. You are not permitted to sell, transfer, pledge, assign or encumber this < DATE> Performance Share Award during your lifetime. Notwithstanding the foregoing, this < DATE>  Performance Share Award may be transferred or assigned after your death to your beneficiary or pursuant to a domestic relations order enforceable under applicable law. 

		
	O.
	BENEFICIARY DESIGNATION. You may designate a beneficiary for your non-deferred < DATE> Performance Share Award upon your death at https://www.benefitsweb.com/chevron.html. Non-U.S. payroll employees may download a beneficiary designation form from the Global Executive Plans Web page at http://hr.chevron.com/globalprograms/execplans/docs/GO76VnonUS.pdf.  Beneficiary designations for deferred  < DATE> Performance Share Awards are made under the terms of the Deferred Compensation Plan II.

		
	2.
	RESTRICTED STOCK UNIT AWARD.  Your <YEAR> Restricted Stock Unit Award is granted to you under the Long-Term Incentive Plan (“Plan”).  The Plan’s terms and the terms of the Rules adopted pursuant to the Plan are incorporated herein.  For a copy of the plan documents, go to http://hr.chevron.com/northamerica/us/payprograms/executiveplans/ltip.asp or the Global Executive Plans Web site at http://hr.chevron.com/globalprograms/execplans/ltip.aspx, or contact the Executive Compensation Group at execplans@chevron.com or 1-925-842-7304. By accepting this Restricted Stock Unit Award, you agree to all terms and conditions of the Plan, its Rules, and any provisions herein that may be in addition thereto (which shall not be in conflict with the provisions of the Plan or its Rules).  The aforesaid documents and the number of units granted (reflected on the < DATE> grant detail screen in the restricted award section of your Morgan Stanley account), collectively constitute the Award. 

		
	A.
	GRANT DATE. The Grant Date of your Restricted Stock Unit Award is < DATE>.

		
	B.
	NUMBER OF UNITS GRANTED.  The number of units granted is reflected in the < DATE> award detail screen in the “Restricted Unit/Perf Share” section of your Morgan Stanley account at www.benefitaccess.com. Refer to Award Type labeled “RSU” that is denoted with a blank Award Code. 

		
	C.
	VESTING DATE. Your < DATE> Restricted Stock Unit Award will vest only if you continue employment with Chevron until the Vesting Date, < DATE>, which is three years after the Grant Date.  

		
	D.
	EFFECT OF TERMINATION ON VESTING. The entire Restricted Stock Unit Award will be forfeited if you terminate prior to the Vesting Date for any reason.

		
	E.
	DISABILITY. For purposes of the vesting of your < DATE> Restricted Stock Unit Award, you are deemed to have terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.

		
	F.
	DIVIDEND EQUIVALENTS. The < DATE> Restricted Stock Unit Award does not earn dividends or dividend equivalents prior to or after the Vesting Date. 

		
	G.
	RESTRICTED STOCK UNIT AWARD PAYOUT.  The payout amount of your < DATE> Restricted Stock Unit Award is equal to the number of your vested Restricted Stock Units in the Award multiplied by the Chevron Stock Closing Price on the New York Stock Exchange on < DATE>, or, should the New York Stock Exchange not be open on < DATE>, the Chevron Stock Closing Price on the last day prior < DATE> that the New York Stock Exchange is open.

		
	H.
	PAYMENT DATE. Your vested < DATE> Restricted Stock Units will be paid in cash within two and a half months after the Vesting Date.

		
	I.
	    NO DEFERRAL. You may not defer payment of your Restricted Stock Unit Award payout.

		
	J.
	    MISCONDUCT. Restricted Stock Unit Awards may be forfeited for Misconduct as defined in the Long-Term Incentive Plan, and the Corporation may demand repayment of amounts received on or after the date of the Misconduct.

		
	K.
	TAXATION.  

		
	i.
	U.S. TAXATION. If you are subject to U.S. taxes, your vested < DATE> Restricted Stock Unit Award is taxable as ordinary income in <YEAR>. Payments are subject to federal, state, Social Security, Medicare, and/or local income taxes. 

		
	ii.
	NON-U.S. TAXATION. Your vested < DATE> Restricted Stock Award will be paid in your local currency, and subject to tax withholding according to your country’s requirements. Consult specific country prospectus supplements and your tax advisor for more information regarding non-U.S. taxation.

		
	L.
	ADJUSTMENTS. In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of restricted stock units subject to this agreement shall be adjusted, as appropriate. 

		
	M.
	NON-TRANSFERABILITY OF AWARD. You are not permitted to sell, transfer, pledge, assign or encumber this < DATE> Restricted Stock Unit Award during your lifetime. Notwithstanding the foregoing, this < DATE>  Restricted Stock Unit Award may be transferred or assigned pursuant to a domestic relations order enforceable under applicable law.Ex10.18c Form of Stock Option Certificate

EXHIBIT 10.18(c)

    
2013 Long-Term Incentive Plan    

Stock Option Grant Certificate

	
		
	Subject to the terms and conditions set forth in this Certificate,

	<NAME> has been awarded an Option to purchase <NUMBER> Shares as follows:

	 
	Grant Date: <DATE>        

	 
	Expiration Date:  <DATE2>        

	 
	Purchase Price Per Share: <AMOUNT>

	 
	Vests:  as set forth in your UBS OneSource account for this Option grant

Stanley Black & Decker, Inc.
As a member of the Stanley Black & Decker team, your skills and contributions are vital to our Company's and its Shareholders continued success.  This award of stock options provides you with the opportunity to earn significant financial rewards for your efforts and contributions to making Stanley Black & Decker the most successful company it can be.
On behalf of the Board of Directors, Congratulations. 
	
		
	 
	 

	 
	John F. Lundgren

	 
	Chief Executive Officer

	 
	Stanley Black & Decker, Inc.

EXHIBIT 10.18(c)

NON-QUALIFIED STOCK OPTION TERMS

This certifies that Stanley Black & Decker, Inc. (the “Company”) has on the Grant Date granted to the Grantee named in this Certificate the option (the “Option”) to purchase, on or before the Expiration Date at the Purchase Price per Share, the Option Shares, which shall be shares of the Common Stock of Stanley Black & Decker, Inc., par value $2.50 per share (the “Common Stock”) all as set forth in this certificate.  The Option is granted subject to the following terms and conditions and the terms and conditions of the Company’s 2013 Long Term Incentive Plan, as amended from time to time (the “Plan”).

1. Vesting and Exercisability.   The Option will become vested and exercisable on the date (or dates) and in the amounts specified in the Participant’s UBS OneSource (or subsequent record keeper’s) account for this Option grant, provided the Grantee continues in employment with the Company or an Affiliate until the applicable vesting date.  In addition, 100% of the Option will become vested in the event of the Grantee’s termination of employment due to Retirement, Disability or death.  Once vested, the vested portion of the Option may be exercised, from time to time, from the applicable vesting date until the earlier of (i) the Expiration Date set forth in this certificate or (ii) the applicable date described below in paragraph 6 regarding termination of employment.  Stock may be purchased hereunder only to the extent that this Option has become vested.  If, prior to the vesting date for any portion of the Option, the Grantee’s employment with the Company and its Affiliates terminates for any reason other than Retirement, Disability or death, the unvested portion of the Option will be forfeited.

2. Process of Exercise.  The vested portion of the Option may be exercised, in whole or in part, by written notification to the Company’s Treasurer at the Company’s executive offices in New Britain, Connecticut, or by any other procedure established by the Company from time to time.  Such notification shall (i) specify the number of shares with respect to which the Option is being exercised, and (ii) be accompanied by payment for such shares.  Such notification shall be effective upon its receipt by the Treasurer or any other party designated by the Treasurer on or before the Expiration Date.  The Option may not be exercised with respect to a fractional share or with respect to the lesser of 100 shares or the balance of the shares then covered by the Option.  In the event the Expiration Date falls on a day which is not a regular business day at the Company’s executive offices in New Britain, Connecticut, then such written notification must be received at such office on or before the last regular business day prior to the Expiration Date.  Payment is to be made by check payable to the order of Stanley Black & Decker, Inc. or by one of the alternative methods of payment described in the Plan and acceptable to the Company’s Compensation and Organization Committee (the “Committee”).  No shares shall be issued on exercise of the Option until full payment for such shares has been made and all checks delivered in payment therefor have been collected.  The Grantee shall not have any rights of a shareholder upon exercise of the Option, including but not limited to, the right to vote or to receive dividends, until stock certificates have been issued to the Grantee.

3. Tax Withholding; etc.  The Company shall not be required to issue any certificate or certificates for shares purchased upon the exercise of any part of the Option prior to (i) the admission of such shares to listing on any stock exchange on which the stock may then be listed, (ii) the completion of any registration or other qualification of such shares under any state or federal law or rulings or regulations of any governmental regulatory body, (iii) the obtaining of any consent or approval or other clearance from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable, and (iv) the payment to the Company, upon its demand, of any amount requested by the Company for withholding federal, state or local income or earnings taxes or any other applicable tax or assessment (plus interest or penalties thereon, if any, caused by a delay in making such payment) incurred by reason of the exercise of the Option or the transfer of such shares.  The Option shall be exercised and 

EXHIBIT 10.18(c)

shares issued only upon compliance with the Securities Act of 1933, as amended (the “Act”), and any other applicable securities laws, and the Grantee shall comply with any requirements imposed by the Committee under such laws.  If the Grantee qualifies as an “affiliate” (as that term is defined in Rule 144 (“Rule 144”) promulgated under the Act), upon demand by the Company, the Grantee (or any person acting on his or her behalf) shall deliver to the Treasurer at the time of any exercise of the Option a written representation that upon exercising the Option he or she will acquire shares pursuant to the Plan for his or her own account, that he or she is not taking the shares with a view to distribution and that he or she will dispose of the shares only in compliance with Rule 144.

4. Transferability.  Except as otherwise provided in the Plan, the Option is not transferable by the Grantee otherwise than (i) by will or by the laws of descent and distribution, (ii) pursuant to a qualified domestic relations order, as defined in the Internal Revenue Code of 1986, as amended (the “Code”), or (iii) following the Grantee’s Retirement, in whole or in part and without payment of consideration, to (a) the Grantee’s spouse, children and grandchildren (an “Immediate Family Member”) or Immediate Family Members, (b) a trust or trusts for the exclusive benefit of Immediate Family Member(s), or (c) a partnership or partnerships in which Immediate Family Member(s) are the only Partner(s).  More particularly (but without limiting the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged or hypothecated in any way, shall not be assignable by operation of law and shall not be subject to execution, attachment or similar process.  The Company reserves the right to charge administrative fees in respect of such transfers.

5. No Right to Employment.  The Option does not confer upon the Grantee any right with respect to continuation of employment with the Company or any Affiliate, and will not interfere in any way with the right of the Company or any Affiliate to terminate the Grantee’s employment.

6. Termination of Employment.  Notwithstanding any other provisions:

If the Grantee’s employment with the Company and its Affiliates terminates for any reason other than Retirement, Disability or death, the Grantee may exercise the portion of the Option that has become vested as of the Grantee’s termination date until the earlier of (i) the Expiration Date set forth in this certificate or (ii) the last day of the two (2) month period following such termination date.  If the Grantee’s employment terminates due to Retirement, Disability or death, the Option will become immediately vested in full and the Grantee (or, following the Grantee’s death, the person designated in the Grantee’s last will and testament or if no person is designated, the Grantee’s estate) may exercise the Option until the Expiration Date set forth in this certificate.

Leaves of absence for such periods and purposes conforming to the personnel policy of the Company as may be approved by the Committee shall not be deemed terminations or interruptions of employment.

In the event the Option is exercised by the executors, administrators, legatees or distributees of the estate of the Grantee, the Company shall be under no obligation to issue shares unless the Company is satisfied that the person or persons exercising the Option are the duly appointed legal representatives of the Grantee’s estate or the proper legatees or distributees thereof.

7.  Adjustments. In the event of a merger, consolidation, reorganization, recapitalization, stock dividend, stock split or other changes in corporate structure or capitalization affecting the Common Stock, the number of shares remaining to be exercised under the Option and the Purchase Price shall be appropriately adjusted by the Committee in accordance with the terms and provisions of the Plan.  If, as a result of any adjustment under this paragraph, the Grantee becomes entitled to a fractional share, he or she 

EXHIBIT 10.18(c)

shall have the right to purchase only the adjusted number of full shares and no payment or other adjustment will be made with respect to the fractional share so disregarded.

8.  Miscellaneous.  All decisions or interpretations of the Committee with respect to any question arising under the Plan or under the Option shall be binding, conclusive and final.  The waiver by the Company of any provision of the Option shall not operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision of the Option.  The Option shall be irrevocable during the Option period and its validity and construction shall be governed by the laws of the State of Connecticut.  The terms and conditions set forth in the Option are subject in all respects to the terms and conditions of the Plan, which shall be controlling.  Grantee agrees to execute such other agreements, documents, or assignments as may be necessary or desirable to effect the purposes of this the Option.

9.  Binding Effect.  The grant of this Option shall be binding and effective only if this Certificate is executed by or on behalf of the Company.

10.  Capitalized Terms.  The term “Retirement” means the Grantee’s termination of employment at or after attaining the age of 55 and completing 10 years of service.  The term “Disability” has the meaning provided in Section 22(e)(3) of the Code, or any successor provision.  All other capitalized terms used in this Certificate which are not defined herein or on the front of this certificate shall have the meanings given them in the Plan unless the context clearly requires otherwise.

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