Document:

Nonqualified Stock Option Agreement

 Exhibit 10.3 
  
 

 
 ACTUANT CORPORATION 
  
 NONQUALIFIED STOCK OPTION AGREEMENT 
  
 Option granted on XX XX, 200X, by Actuant Corporation, a Wisconsin corporation (hereinafter called the “Company”),
pursuant to its Outside Directors’ Stock Option Plan, to NAME (hereinafter called the “Optionee”). 
  
 1. Number of Shares Optioned; Option Price. The Company grants to the Optionee the right and option to purchase from time to time, on the terms and
conditions hereof, all or any part of an aggregate of xxx shares of Common Stock of the Company (the “Common Stock”), at the exercise price of $xx.xx per share. 
  
 2. Exercise of Option. This Option may not be exercised until eleven months have elapsed from the date of grant and
then this option may be exercised, at any time or from time to time, in whole or in part, in accordance with the terms of this Agreement. 
  
 3. Expiration Date. If this Option is not earlier exercised or terminated, all rights to exercise this Option shall expire on the date, which is
ten years after the date on which this Option was granted. 
  
 4.
Method of Exercising Option. This Option shall be exercised by delivering to the Company, at the office of its Secretary, a written notice of the number of shares with respect to which the Option is being exercised and by paying the Company
in full the exercise price of the shares being acquired at the time. 
  
 5. Method of Payment. The exercise price for shares purchased pursuant to this Option shall be paid at the time of exercise and no shares shall be issued until full payment therefor is made. Such payment may be made either
(a) in cash or (b) with the approval of the Compensation Committee of the Company’s Board of Directors (the “Committee”), by delivering either (i) shares of the Common Stock which have been beneficially owned by
Optionee, Optionee’s spouse, or both of them for a period of at least six months prior to the time of exercise (“Delivered Stock”) and which have a Fair Market Value on the date on which the Option is exercised equal to the exercise
price, or (ii) a combination of cash and Delivered Stock. 
  
 6. No Rights in Shares Until Certificates Issued. Neither the Optionee nor his heirs nor his personal representative shall have any of the rights or privileges of a shareholder of the Company in respect of any of the shares issuable
upon the exercise of the option herein granted, unless and until certificates representing such shares shall have been issued upon the exercise of this Option. 

 7. Transferability of Option. This Option may not be transferred except by will or the laws of
descent and distribution and may be exercised during Optionee’s lifetime only by him or by his guardian or legal representative; provided, however that the Optionee may transfer the Option, without payment of consideration, to family members of
the Optionee or to trusts or partnerships for such family members by completing a Transfer of Stock Option form and filing it with the Committee. 
  
 8. Prohibition Against Pledge, Attachment, etc. Except as otherwise herein provided, this Option and any rights and privileges pertaining thereto
shall not be transferred, assigned, pledged or hypothecated by Optionee in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process. 
  
 9. Termination of Service as a Director. Upon termination of service
as a director of the Company for any reason other than death, after Optionee shall have continuously so served for eleven months after the date of grant of this Option, Optionee may, at any time within two (2) years after the date of such
termination, but in no event later than the date of expiration of this Option, exercise this Option to the extent he was entitled to do so on the date of such termination. Any portion of this Option not so exercised shall terminate. 
  
 10. Death of Optionee. If Optionee dies while serving as a director of
the Company, or within two (2) years after termination of such service, the personal representative of Optionee’s estate or the person or persons to whom this Option is transferred by will or the laws of descent and distribution may, at
any time within two (2) years after the date of death, but not later than the date of expiration provided in paragraph 3, exercise this Option to the extent Optionee was entitled to do so on the date of death. Any portion of this Option not so
exercised shall terminate. 
  
 11. No Promise of Continued
Service as a Director. Nothing in this Agreement shall confer upon Optionee any right to continue as a director of the Company or affect the right of the Company to terminate Optionee’s service to the Company at any time. 
  
 12. Changes in Common Stock. In the event of a reorganization,
recapitalization, stock split, stock dividend, merger, consolidation, combination or exchange of shares, rights offering or any other change affecting the Common Stock, the Committee shall make appropriate changes in the number, exercise price and
kind of shares covered by this Option, to prevent substantial dilution or enlargement of the rights granted to or available for Optionee under this Agreement. 
  

13. Acceleration of Right to Exercise. If a Change in Control (as determined by the Committee) of the Company occurs, and if this Option was
not, by its terms, exercisable in full prior to the date of such Change in Control, it shall become immediately exercisable and shall not be limited by any restrictions on exercisability under paragraph 2 of this Agreement. 

 14. Notices. Any notice to be given to the Company under the terms of this agreement shall be
addressed to the Company in care of its Secretary, and any notice to be given to the Optionee may be addressed to him at his address as it appears on the Company’s records, or at such other address as either party may hereafter designate in
writing to the other. Any such notice shall be deemed to have been duly given if and when enclosed in a properly sealed envelope addressed as aforesaid, and deposited, postage prepaid, in the United States mails. 
  
 15. Wisconsin Contract. This option has been granted in Wisconsin and
shall be construed under the laws of that state. 
  
 IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed on its behalf by its Chairman and Chief Executive Officer and the Optionee has hereunto set his hand and seal, all as of the day and year first above written, which is the date of the
granting of the option evidenced hereby. 
  

			
	ACTUANT CORPORATION
		
	By:	 	/s/    Robert C. Arzbaecher
	 	 	 Robert C. Arzbaecher, Chairman,
 and Chief Executive Officer

  

	
	OPTIONEE:First Amendment to 401(k) Profit-Sharing Plan

 Exhibit 4.4 
  

FIRST AMENDMENT 
 TO THE

 FREESCALE SEMICONDUCTOR, INC. 
 401(K) PROFIT SHARING PLAN 
  
 The Compensation
and Leadership Committee of Freescale Semiconductor, Inc. (the “Company”), pursuant to authorization of the Company’s Board of Directors, adopts the following amendment to the Freescale Semiconductor, Inc. 401(k) Profit Sharing Plan
(the “Plan”), effective as of the date set forth below. 
  
 1. The second paragraph of the Preamble to the Plan is amended in its entirety to read as follows: 
  
 A portion of the Plan comprising the Freescale Stock Fund and, conditionally, the Motorola Stock Fund is intended to be a stock bonus plan
and a non-leveraged employee stock ownership plan (“ESOP”) satisfying the requirements of Section 401(a), certain subsections of Section 409, and Section 4975(e) of the Internal Revenue Code. The ESOP portion of the Plan is
designed to be invested exclusively in “employer securities” within the meaning of Section 409(l) of the Code. Article 6 of the Plan contains provisions that apply to the ESOP, which shall be known as the Freescale Semiconductor, Inc.
ESOP Fund (the “ESOP”). The ESOP provides for the investment of Company and Participant Contributions, and the earnings thereon, exclusively in shares of Company Stock so that Participants will have an opportunity to become stockholders of
the Corporation. The Motorola Stock Fund will become a part of the ESOP, as of the Effective Date, only upon a favorable ruling by the Internal Revenue Service that shares of Motorola stock in the Motorola Stock Fund are “employer
securities” within the meaning of Section 409(l) of the Code and a favorable determination by the Internal Revenue Service that the ESOP, comprising the Freescale Stock Fund and the Motorola Stock Fund, satisfies the requirements of
Section 4975(e). 
  
 2. Article 1 of the Plan
(“Definitions”) is amended by adding the following new defined terms and by renumbering the remaining paragraphs of Article 1 as appropriate: 
  
 1.12 “Compensation Committee” means the Compensation and Leadership Committee of the Board of Directors, the sole
responsibility of which, under the Plan, is to appoint and remove, as settlor, the Independent Fiduciary with respect to the Freescale Stock Fund. 
  
 1.22 “Independent Fiduciary” means U.S. Trust Company, National Association. The Independent Fiduciary shall be the sole
“investment manager” within the meaning of Section 3(38) of ERISA and “named fiduciary” within the meaning of 

 
Section 402(a)(2) of ERISA with respect to the management and disposition of the Freescale Stock Fund, with the power and authority set forth in
Section 8.12. 
  
 3. Section 1.16 of the Plan
(“Freescale Stock Fund”) is renumbered as Section 1.17 and amended in its entirety to read as follows: 
  
 1.17 “Freescale Stock Fund” means an Investment Fund the purpose of which is to invest exclusively in Freescale
Semiconductor, Inc. common stock, subject to Section 6.3 of the Plan. The Freescale Stock Fund shall be a permanent feature of the Plan. 
  
 4. Section 1.21 of the Plan (“Investment Funds”) is renumbered as Section 1.23 and amended in its entirety to read as follows:

  
 1.23 “Investment Funds”
means, collectively or singly as the context requires, the Freescale Stock Fund, the Motorola Stock Fund and the investment funds selected by the Profit Sharing Committee in accordance with Article 4 of the Plan. 
  
 5. Section 4.1 of the Plan (“Participant Accounts”) is amended
by replacing the first sentence thereof with the following: 
  
 4.1 Participant Accounts. The Profit Sharing Committee shall have full authority to select Investment Funds for the investment of Trust Fund assets; provided, however, that the Profit Sharing Committee shall
have no authority or control with respect to the selection, management or disposition of the Freescale Stock Fund, which shall be subject at all times to the sole authority and control of the Independent Fiduciary in accordance with
Section 8.12 of the Plan. In addition, the Investment Funds maintained by the Profit Sharing Committee shall include the Motorola Stock Fund on behalf of Participants who previously participated in the Motorola Plan, for two years after the
Effective Date (or such later date as shall be permitted by the Profit Sharing Committee, in order to permit such Participants a reasonable opportunity to liquidate their investment in Motorola stock in an orderly fashion). 
  
 6. Section 4.5 of the Plan (“Investment of Funds”) is amended
by replacing the first two sentences thereof with the following: 
  
 4.5 Investment of Funds. Each Participant, former Participant, alternate payee or Beneficiary who retains an account balance in the Plan (“Accountholder”) shall be permitted to direct the investment
of his or her accounts among the Investment Funds established pursuant to the terms of the Plan; provided, however, that a Participant may not (i) direct that new contributions be invested in the Motorola Stock Fund, and a Participant, former
Participant, alternate payee or Beneficiary may not direct that any existing funds be invested in the Motorola Stock Fund or (ii) direct that more than 25% of 

  

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his or her Elective Deferrals be invested in the Freescale Stock Fund. Each Accountholder shall bear the sole responsibility for the selection of the
Investment Funds for his or her accounts in accordance with Section 404(c) of ERISA, and neither the Trustee, the 404(c) Fiduciary, the Profit Sharing Committee, the Independent Fiduciary nor any other fiduciary of the Plan shall have any
responsibility or liability for any losses that may occur in connection with such selection (or in the absence of such selection, such default selection as may be in place from time to time). 
  
 7. Section 6.1 of the Plan (“ESOP Portion of the Plan”) is
amended by replacing the last sentence thereof with the following: 
  
 “Subject to Section 6.3 of the Plan, the ESOP is designed to invest exclusively in Company Stock.” 
  
 8. Section 6.3 of the Plan (“Investments in Company Stock”) is amended in its entirety to read as follows: 
  
 6.3 Investments in Company Stock. Accountholders may
elect to have a portion of their accounts invested by the Trustee in the Freescale Stock Fund. The Freescale Stock Fund shall be a permanent feature of the Plan, and shall be invested exclusively in Company Stock (except for cash or cash equivalent
investments determined by the Trustee to be required to meet distribution, withdrawal and administrative needs of the Trust) without regard to (i) the diversification of assets, (ii) the risk profile of investments in Company Stock,
(iii) the amount of income provided by Company Stock, or (iv) the fluctuation in the fair market value of Company Stock, unless the Independent Fiduciary, using an abuse of discretion standard, determines from reliable public information
that there is a serious question concerning the Company’s short-term viability as a going concern. 
  
 The portion of a Participant’s accounts invested in the Freescale Stock Fund shall be known as the “ESOP Fund.” For this
purpose it is intended that the ESOP be considered an “eligible individual account plan” which explicitly provides for the acquisition and holding of “qualifying employer securities” (as those terms are defined in Sections
407(d)(3) and 407(d)(5) of the ERISA). Company Stock may be acquired by the Trustee through purchases on the open market, private purchases, purchases from the Employers (including purchases from the Company of treasury shares or authorized but
unissued shares), contributions in kind by the Company, or otherwise. In accordance with Section 4.5 of the Plan, Accountholders may not direct that more than 25% of their Elective Deferrals be invested in the Freescale Stock Fund. 

 

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 9. Section 8.2 of the Plan (“Powers of the Profit Sharing Committee”) is amended by
replacing subsection (h) in its entirety with the following: 
  
 (h) To select the Investment Funds for the Plan (other than the Freescale Stock Fund and the Motorola Stock Fund) in accordance with Article 4, and to select investment managers for the Plan other than the
Independent Fiduciary. 
  
 10. Article 8 of the Plan is amended by
added the following new Section 8.12 at the end thereof: 
  
 8.12 Powers of the Independent Fiduciary. The Independent Fiduciary shall have the exclusive authority and control with respect to the management and disposition of the Freescale Stock Fund, and shall have no
authority or responsibility with respect to the administration of the Plan or the management of any Investment Fund other than the Freescale Stock Fund. The Independent Fiduciary shall have the following powers, subject to the purpose of the
Freescale Stock Fund as set forth in Section 6.3 of the Plan: 
  
 (a) To impose any limitation or restriction on the investment of Plan accounts in the Freescale Stock Fund; 
  
 (b) To eliminate the Freescale Stock Fund as an Investment Fund under the Plan and to sell or otherwise dispose of all or any portion of
the Company Stock held in the Freescale Stock Fund; 
  
 (c) To reinvest the proceeds from any sale or other disposition of Company Stock in a short-term fixed income fund under the Plan until the Participants redirect the investment of such proceeds; 
  
 (d) To instruct the Trustee with respect to the foregoing
matters; and 
  
 (e) Such other duties as may be
assigned to the Independent Fiduciary from time to time by the Compensation Committee, as settlor, and agreed to by the Independent Fiduciary. 
  
 Any exercise of the duties by the Independent Fiduciary granted to it pursuant to the Plan shall not require an amendment of the Plan
prior to the initiation of the exercise of any such duty. The Senior Vice President, Human Resources, of the Company, or such other person designated by the Compensation Committee, shall monitor the Independent Fiduciary to assure that it continues
to have the qualifications, capacity and personnel to discharge its obligations under the Plan and shall report from time to time to the Compensation Committee. The Independent Fiduciary may be removed or replaced solely by an amendment to the Plan
adopted by the Compensation Committee, as settlor. 
  
 11.
Section 10.1 of the Plan (“Direction of Investments”) is amended in its entirety to read as follows: 
  
 10.1 Direction of Investments. Subject to Sections 4.5 and 8.11, the Profit Sharing Committee shall have the power to select
Investment Funds (other than the Freescale Stock Fund and the Motorola Stock Fund) for the investment of Trust Fund 

  

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assets. In connection with such power, the Profit Sharing Committee may delegate in writing its authority to an investment manager or investment managers. In
the event the authority to manage the assets of the Plan is delegated to an investment manager or investment managers, the Trustee, upon receiving written instructions from the investment manager or investment managers, shall receive or deliver the
assets purchased or sold for the Trust Fund and make or receive payment for such assets purchased or sold for the Trust Fund in accordance with such instructions. 
  
 12. Section 10.2 of the Plan (“Investment Guidelines”) is amended in its entirety to read as follows:

  
 10.2 Investment Guidelines. The Profit
Sharing Committee may from time to time adopt a written investment policy and written investment guidelines which shall govern the manner in which the assets of the Trust Fund (other than the Freescale Stock Fund and the Motorola Stock Fund) are to
be invested. Such investment policy and investment guidelines may contain, among other things, requirements for diversification and standards for the quality of securities to be held in the Trust Fund. Any investment manager or investment managers
appointed by the Profit Sharing Committee shall follow such investment guidelines in managing the assets of the Trust Fund with respect to which such investment manager has authority. Before the investment policy and the investment guidelines become
effective, such investment policy and investment guidelines must be approved in writing by the Trustee and such written approval must be delivered to the Profit Sharing Committee. The Freescale Stock Fund is intended to be invested exclusively in
Company Stock as provided in Section 6.3 of the Plan, and shall not be subject to any investment policy or investment guidelines established by the Profit Sharing Committee. 
  
 13. Section 10.3 of the Plan (“Investments in Company Stock”) is amended in its entirety to read as follows:

  
 10.3 Investment in Company Stock. The
Freescale Stock Fund shall be a permanent feature of the Plan as provided in Section 6.3 of the Plan. 
  
 14. Section 12.1 of the Plan (“Amendment of the Plan”) is amended in its entirety to read as follows: 
  
 12.1 Amendment of the Plan. The Plan may be amended
at any time and from time to time and for any reason by resolution of the Board of Directors or its delegate; provided, however, that no amendment shall be adopted the effect of which would be (a) to revest in the Company any interest in the
assets of the Fund, or any part thereof, (b) to authorize or permit any part of the Fund (other than such part as is required to pay taxes and administrative expenses) to be used for or diverted to purposes other than for the exclusive benefit
of the Participants, their Beneficiaries or estates, or (c) to decrease a Participant’s account balance or reduce or eliminate a Code Section 411(d)(6) 

  

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protected benefit, except as permitted by law; and provided further, however, that only the Compensation Committee is authorized to amend the Plan to remove
the Independent Fiduciary and to appoint any successor thereto. 
  
 15. The foregoing amendments are effective as of December 30, 2005. 
  
 Executed as of the 30th day of December, 2005. 
  

			
	FREESCALE SEMICONDUCTOR, INC.
	COMPENSATION AND LEADERSHIP COMMITTEE
		
	 By
	 	/s/    JOHN D. TORRES        
	 Name:
	 	John D. Torres
	 Title:
	 	Authorized Person

  

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