Document:

Exhibit 10.6

 

CARLISLE COMPANIES INCORPORATED

 

NONEMPLOYEE DIRECTORS

 

STOCK OPTION PLAN

 

(Dated as of December 1, 1999, as amended and restated as of February
6, 2002)

 

1.             Purpose.  The Carlisle Companies Incorporated
Nonemployee Directors Stock Option Plan (the “Plan”) is intended to advance the
interests of Carlisle Companies Incorporated (the “Company”) and its
stockholders by attracting, retaining and motivating the performance of
nonemployee Directors (each a “Nonemployee Director”) of the Company, and to
encourage and enable Nonemployee Directors to acquire and retain a proprietary
interest in the Company by ownership of its stock.

 

2.                                       Administration.

 

(a)           Subject to the express provisions of
the Plan, the Board of Directors of the Company (the “Board”) shall have
discretionary authority to interpret the Plan, to prescribe, amend and rescind
rules and regulations relating to it, to determine the details and provisions
of each Stock Option Agreement (as defined in Section 7 of the Plan), and to
make all determinations necessary or advisable in the administration of the
Plan.  All such actions and
determinations by the Board shall be conclusively binding for all purposes and
upon all persons.  Notwithstanding the
foregoing or anything elsewhere in the Plan, with respect to any Option granted
under the Plan, the Board shall have no discretionary authority to determine
the number of shares of the Company’s common stock (the “Carlisle Shares”)
covered by such Option, the option price for the Carlisle Shares or the date of
grant, all such determinations occurring automatically pursuant to Section 5(b)
of the Plan.  The Board shall not be
liable for any action or determination made in good faith with respect to the
Plan, any Option or any Stock Option Agreement entered into hereunder.

 

(b)           “Option” means an option to purchase
Carlisle Shares granted under the Plan.

 

3.             Number of Carlisle Shares
Subject to Plan.  Subject to
adjustment pursuant to the provisions of Section 4 of the Plan, the maximum
number of Carlisle Shares which may be issued and sold hereunder shall be
200,000 and all such Shares must be held in the Company’s treasury.  Carlisle Shares covered by an Option that
shall have been exercised shall not again be available for an Option
grant.  If an Option shall terminate for
any reason without being wholly exercised, the number of Carlisle Shares to
which such Option termination relates shall again be available for grant.

 

4.             Antidilution.  In the event of a reorganization,
recapitalization, stock split, stock dividend, combination of shares, merger or
consolidation, or the sale, conveyance, lease or other transfer by the Company
of all or substantially all of its property, or any other change in the
corporate structure or shares of the Company, pursuant to any of which events
the then outstanding Carlisle Shares are split up or combined, or are changed
into, become exchangeable at the holder’s election for, or entitle the holder
thereof to, other shares of stock, or in the case of any other transaction described
in Section 424(a) of the Internal Revenue Code of 1986, as amended (the
“Code”), the Board may proportionately change the number and kind of shares
(including by substitution of shares of another corporation) subject to the
Options and/or the option price of such shares in the manner that it may deem
to be equitable and appropriate.

 

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5.                                       Option Grants.

 

(a)           Effective December 1, 1999 and as
authorized by resolution of the Board, the Company grants each Nonemployee
Director serving at such time an Option to purchase 5,000 Carlisle Shares at an
option price of $35.1875, the closing price on the New York Stock Exchange
(“NYSE”) of the Carlisle Shares on December 1, 1999.  Thereafter, the Company shall, to the extent authorized by
resolution of the Board, grant any newly appointed Non-Employee Director an
Option to purchase 5,000 Carlisle Shares at the closing price of the Carlisle
Shares on the NYSE on the date of appointment.

 

(b)           Commencing with the 2002 calendar
year and each year thereafter for the duration of the Plan, at the Company’s
February Board of Directors meeting for the following calendar year (i.e., with
respect to the 2002 calendar year, the February 2003 meeting) (or such other
days as the Board shall determine), the Company shall grant each Non-Employee
Director serving at such time an option to purchase 1,000 Carlisle Shares at an
option price equal to the closing price on the NYSE of the Carlisle Shares on
the date of such meeting; provided, however, that each such grant
shall be conditioned upon the Company attaining or otherwise achieving the
financial performance criterion established by the Board with respect to the
particular calendar year.

 

6.             Vesting; Term of Options.

 

(a)           Each Option shall vest and become
exercisable as follows:  (i) one-third
(1/3) on the date of grant, (ii) an additional one-third (1/3) on the one year
anniversary of the date of grant, and (iii) the remaining one-third (1/3) on
the second anniversary of the date of grant, provided that the
Nonemployee Director to whom such Option was granted remains a Nonemployee
Director on those dates.  In addition,
all Options granted to a Nonemployee Director whose term as a Director ends as
a result of the death, Permanent or Total Disability (as defined in Section
10(b) of the Plan), Retirement (as defined in the Company’s Director Retirement
Plan) or a Change in Control (as defined in Section 10(c) of the Plan) shall
vest and become exercisable immediately upon the expiration of his or her term.

 

(b)           Notwithstanding anything elsewhere in
the Plan to the contrary, an unexercised Option shall expire on the day
immediately preceding the ten year anniversary of grant (the “Expiration
Date”).

 

7.             Stock Option Agreement.  The Company and each Nonemployee Director
granted an Option hereunder (the “Optionee”) shall enter into a stock option
agreement (the “Stock Option Agreement”) which shall set forth such terms and
conditions of the Option as may be determined by the Board to be consistent
with the Plan, and which may include additional provisions and restrictions
that are not inconsistent with the Plan.

 

8.             Option Exercise.  A vested Option may be exercised in whole or
in part at any time (but in respect to whole Carlisle Shares only) within the
period permitted for the exercise thereof, and shall be exercised by written
notice of intent to exercise the Option for a specified number of Carlisle
Shares delivered to the Company at its principal office, and payment in full of
the option price for the specified number of Carlisle Shares.  The option price shall be payable in cash.

 

9.             Transferability of Options.  All Options shall be nontransferable except
(i) upon the Optionee’s death, by the Optionee’s will or the laws of descent
and distribution or (ii) on a case-by-case basis as may be approved by the
Board in its discretion.

 

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10.           Termination of Service.

 

(a)           If an Optionee’s service as a member
of the Board shall terminate as a result of death, all non-vested Options shall
vest and become exercisable and the executor or administrator of the estate of
the decedent, or the person or persons to whom an Option shall have been
validly transferred pursuant to will or the laws of descent and distribution,
shall exercise all outstanding Options by the earlier of (i) twelve months from
the date of termination, or (ii) the Expiration Date.  All Options not so exercised shall be forfeited.

 

(b)           If an Optionee’s service as a member
of the Board shall terminate as a result of Retirement (as defined in the
Company’s Director Retirement Plan), all non-vested options shall vest and
become exercisable and the Optionee shall exercise all outstanding options by
the earlier of (i) twelve months from the date of termination, or (ii) the
Expiration Date.  All Options not so
exercised shall be forfeited.

 

(c)           If an Optionee’s service as a member
of the Board shall terminate as a result of his Permanent and Total Disability,
all non-vested Options shall vest and become exercisable and the Optionee (or
in the case of an Optionee who is legally incapacitated, his guardian or legal
representative) shall exercise all outstanding Options by the earlier of (i)
twelve months from the date of termination, or (ii) the Expiration Date.  All Options not so exercised shall be
forfeited.  “Permanent and Total
Disability” means the inability of an Optionee to perform his duties as a
member of the Board by reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has lasted or can
be expected to last for a continuous period of not less than 12 months.

 

(d)           If an Optionee’s service as a member
of the Board shall terminate in connection with a Change in Control of the Company,
all non-vested Options shall vest and become exercisable and the Optionee shall
exercise all outstanding Options by the earlier of (i) twelve months from the
date of termination, or (ii) the Expiration Date.  All Options not so exercised shall be forfeited.

 

For purposes
of this Plan, the following definitions shall apply:

 

“Change in
Control” shall occur in the event: (i) any Person shall become directly or
indirectly, the Beneficial Owner of securities of the Company representing
fifty percent (50%) or more of the combined voting power of the Company’s then
outstanding securities for the election of directors or fifty percent (50%) or
more of the Company’s then outstanding shares of common stock, or (ii) any
Person commences a tender offer pursuant to Regulation 14D promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934,
or any successor provision thereto, which, if successful, would result in such
Person becoming the Beneficial Owner of fifty percent (50%) or more of the
combined voting power of the Company’s then outstanding securities for the
election of directors or fifty percent (50%) or more of the Company’s then
outstanding shares of common stock;

 

“Affiliate”
and “Associate” shall have the meanings of such terms under Rule 12b-2 of the
General Rules and Regulations under the Securities Exchange Act of 1934;

 

“Beneficial
Owner” shall have the meaning given such term under Rule 13d-3 of the General
Rules and Regulations under the Securities Exchange Act of 1934;

 

“Person” shall
mean and include any individual, corporation, partnership or other person or
entity and any Group and all Affiliates and Associates of any such individual,
corporation, partnership, or other person or entity or Group;

 

3

 

“Group” shall
mean persons and entities that act in concert as described in Section 14(d)(2)
of the Securities Exchange Act of 1934 (other than the Company or any
subsidiary thereof and other than any profit-sharing employee stock ownership
or any other employee benefit plan of the Company or such subsidiary, or any
trustee of or fiduciary with respect to any such plan when acting in any such
capacity and other than any executive officer of the Company).

 

(d)           If an Optionee’s service as a member
of the Board shall terminate for any reason other than death, Permanent and
Total Disability, Retirement (as defined in the Company’s Director Retirement
Plan) Change in Control or removal for cause, all non-vested Options shall remain
non-vested and the Optionee shall exercise each previously vested Option by the
earlier of (i) ninety days from the date of termination, or (ii) the Expiration
Date.  Any Option not so exercised shall
be forfeited.

 

(e)           If an Optionee shall be removed from
the Board for cause, the Optionee’s right to exercise any unexercised portion
of his Options shall immediately terminate and all rights thereunder shall
cease.  An Optionee shall be considered
to have been removed for “cause” when he or she shall have been removed from
the Board by the stockholders of the Company for cause in accordance with
applicable state law and the Restated Certificate of Incorporation of the
Company.

 

11.           Issuance of Certificates.  The Company shall issue a stock certificate
in the name of the Optionee (or other person exercising the Option in
accordance with the provisions of the Plan) for the Carlisle Shares purchased
by exercise of an Option as soon as practicable after due exercise and payment
of the option price for such Carlisle Shares.

 

12.           Termination; Amendment.  The Plan shall continue until terminated by
the Board.  The Board may at any time
amend or modify the Plan; provided, however, that the Board may
not act more than once every six months to amend the provisions of the Plan
relating to the determination of the number of Carlisle Shares subject to a
particular Option, the option price or the date of grant of any Option under
the Plan.  Notwithstanding the
foregoing, no amendment or modification of the Plan shall in any manner affect
any Option previously granted without the consent of the Optionee.

 

13.           Miscellaneous.

 

(a)           Nothing in the Plan, in the grant of
any Option or in any Stock Option Agreement shall confer upon any Nonemployee
Director the right to continued service as a member of the Board.

 

(b)           An Optionee or the permitted
transferee of an Option shall have no rights as a shareholder with respect to
any Carlisle Shares subject to Option prior to the purchase of the Carlisle
Shares by exercise of the Option. 
Nothing contained in the Plan or in the Stock Option Agreement shall
create an obligation on the part of the Company to repurchase any Carlisle
Shares acquired hereunder.

 

(c)           The Plan shall be binding upon the
Company, its successors and assigns, and the Optionee, his executor,
administrator and permitted transferees.

 

(d)           Whenever used herein, nouns in the
singular shall include the plural, and the masculine pronoun shall include the
feminine gender.

 

(e)           If any provision of the Plan or any
Stock Option Agreement shall be determined to be illegal or unenforceable by
any court of law in any jurisdiction, the remaining provisions hereof and
thereof shall be severable and enforceable in accordance with their terms, and
all provisions shall remain enforceable in any other jurisdiction.

 

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(f)            The validity and construction of the
Plan and the Stock Option Agreements shall be governed by the laws of the State
of New York.

 

5<PAGE>

                                                                     Exhibit 4.1

                    (FORM OF STOCK CERTIFICATE - FRONT SIDE)

NUMBER                                                                    SHARES

                                 [COMPANY LOGO]

COMMON STOCK                                                 CUSIP __________
                                                             See reverse for
                                                             certain definitions

                              MINDEN BANCORP, INC.

                INCORPORATED UNDER THE LAWS OF THE UNITED STATES

         This certifies that ___________________________________ is the
registered holder of _________________ fully paid and nonassessable shares of
the common stock, par value $.01 per share, of Minden Bancorp, Inc., Minden,
Louisiana (the "Corporation"), incorporated under the laws of the United States.

         The shares evidenced by this Certificate are transferable only on the
books of the Corporation by the holder of record hereof, in person or by a duly
authorized attorney or legal representative, upon surrender of this Certificate
properly endorsed. This Certificate and the shares represented hereby are
subject to all the provisions of the Charter and Bylaws of the Corporation and
any and all amendments thereto. THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
NOT DEPOSITS OR ACCOUNTS AND ARE NOT FEDERALLY INSURED OR GUARANTEED. This
Certificate is not valid unless countersigned by the Transfer Agent and
registered by the Registrar.

         IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
executed by the facsimile signatures of its duly authorized officers and has
caused its facsimile seal to be affixed hereto.

Dated:

                        (SEAL)
------------------------                             ---------------------------
Michael P. Burton                                    A. David Evans
Secretary                                            President and
                                                      Chief Executive Officer

<PAGE>

                     (FORM OF STOCK CERTIFICATE - BACK SIDE)

         The Corporation is authorized to issue more than one class of stock,
including a class of preferred stock which may be issued in one or more series.
The Corporation will furnish to any stockholder, upon written request and
without charge, a full statement of the designations, preferences, limitations
and relative rights of the shares of each class authorized to be issued and,
with respect to the issuance of any preferred stock to be issued in series, the
relative rights, preferences and limitations between the shares of each series
so far as the rights, preferences and limitations have been fixed and determined
and the authority of the Board of Directors to fix and determine the relative
rights, preferences and limitations of subsequent series.

         The Charter of the Corporation includes a provision which generally
prohibits any person (including an individual, company or group acting in
concert) from directly or indirectly offering to acquire or acquiring the
beneficial ownership of more than 10% of any class of equity securities of the
Corporation. In the event that stock is acquired in violation of this 10%
limitation, the excess shares will no longer be counted in determining the total
number of outstanding shares for purposes of any matter involving stockholder
action and the Board of Directors of the Corporation may cause such excess
shares to be transferred to an independent trustee for sale in the open market
or otherwise, with the expenses of such sale to be paid out of the proceeds of
the sale.

         The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM          -    as tenants in common

TEN ENT          -    as tenants by the entireties

JT TEN           -    as joint tenants with right of survivorship and not
                      as tenants in common

UNIF TRANS MIN ACT -                Custodian                    under
                      -------------           ------------------
                         (Cust)                     (Minor)
              Uniform Transfers to Minors Act
                                              ------------------------
                                                    (State)

Additional abbreviations may also be used though not in the above list.

<PAGE>

         For value received, ___________________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
TAXPAYER IDENTIFYING NUMBER OF ASSIGNEE

----------------------------------------------------------------------

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--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

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__________ shares of common stock represented by this Certificate, and do
hereby irrevocably constitute and appoint __________ as Attorney, to transfer
the said shares on the books of the Corporation, with full power of
substitution.

Dated
      ----------------------------

                                         ---------------------------------------
                                         Signature

                                         ---------------------------------------
                                         Signature

NOTICE: The signature(s) to this assignment must correspond with the name(s) as
written upon the face of this Certificate in every particular, without
alteration or enlargement, or any change whatever.

SIGNATURE(S) GUARANTEED:
                         -------------------------------------------------------
                         The signature(s) should be guaranteed by an eligible
                         guarantor institution (bank, stockbroker, savings and
                         loan association or credit union) with membership in
                         an approved signature medallion program, pursuant to
                         S.E.C. Rule 17Ad-15.

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