Document:

EX-10.15

 

AMENDMENT NO. 1

TO

EXECUTIVE SEVERANCE AGREEMENT

(the “Agreement”)

     Reference is made to the Agreement between you (the “Executive”) and the undersigned
Corporation with respect to certain severance arrangements which apply only in the event that a
Change in Control of the Corporation occurs after the date of the Agreement.

     Capitalized terms used herein shall have the meanings given to them in the Agreement unless
expressly provided otherwise.

     As an inducement to the Executive to continue his employment with the Corporation, the
Agreement is hereby amended as follows:

A) Paragraph 1 of the Agreement is amended in its entirety to state:

1. For the purposes of this Agreement, a “Change in Control Event” shall mean the occurrence
of any one (or more) of the following events after the date of this Agreement:

a. A change in the ownership of the Corporation, which shall occur on the date that any one
person, or more than one person acting as a group, acquires ownership of stock of the
Corporation that, together with stock previously held by such person or group, constitutes
more than fifty-percent (50%) of the total fair market value or total voting power of the
stock of the Corporation. However, if any one person or more than one person acting as a
group is considered to own more than fifty percent (50%) of the total fair market value or
total voting power of the stock of the Corporation, the acquisition of additional stock by
the same person or persons shall not be considered to cause a change in the ownership of the
Corporation. For purposes of Paragraph 1, subparagraphs a., b. and c., persons will not be
considered to be acting as a group solely because they purchase or own stock of the
Corporation at the same time or as a result of the same public offering. However, persons
will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock or similar business
transaction with the Corporation.

b. A change in the effective control of the Corporation, which shall occur on the date that
either:

     (i) Any one person or more than one person acting as a group acquires (or has acquired
during the 12-month period ending on the date of the most recent

 

 

acquisition by such person or persons) ownership of stock of the Corporation possessing
thirty-five percent (35%) or more of the total voting power of the stock of the Corporation;
or

     (ii) A majority of the members of the Corporation’s board of directors is replaced
during any 12-month period by directors whose appointment or election is not endorsed by a
majority of the members of the Corporation’s board of directors prior to the date of the
appointment or election.

c. A change in the ownership of a substantial portion of the Corporation’s assets, which
shall occur on the date that one person or more than one person acting as a group acquires
(or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) assets from the Corporation that have a total gross
fair market value equal to or more than forty-percent (40%) of the total gross fair market
value of all of the assets of the Corporation immediately prior to such acquisition or
acquisitions, provided that such person or persons shall not be a person or entity that
immediately prior to the commencement of a 12-month period for determining an acquisition
controls, is controlled by, or is under common control with, the Corporation. For the
purposes of this subparagraph c., gross fair market value means the value of the assets of
the Corporation, or the value of the assets being disposed of, determined without regard to
any liabilities associated with such assets.

B) Whenever in the Agreement the term “Change of Control” appears, it shall be deemed to refer to a
“Change in Control Event”.

C) The second sentence of Paragraph 2 is deleted in its entirety and the following provision
substituted therefor:

As used in clause (d), the term “fair market value” means the closing price of the common
stock of the Corporation in the trading venue on which said stock is then traded on the
Termination Date, less any amounts remaining to be paid by the Executive for such restricted
stock or the exercise of such stock options.

D) Paragraph 17 of the Agreement is amended in its entirety to state:

     Nothing in this Agreement amends or modifies, or shall be deemed or construed to amend or
modify, the terms and provisions (including the triggers and dates of payments thereunder) of any
stock option granted by the Corporation to the Executive, or restricted stock agreement between the
Corporation and the Executive, or the provisions of the 1992 Long Term Incentive Plan, the 1999
Long Term Incentive Plan, the 2004 Long Term Incentive Plan, or of any subsequent long term
incentive plan that provides for the grant of stock options or of restricted stock awards to
employees of the Corporation, or of any amendments to or restatements of any of the foregoing
plans.

E) Paragraph 18 of the Agreement is amended in its entirety to state:

2

 

Absent a Change in Control Event or unless extended in writing by the parties hereto, this
Agreement shall expire on January 31, 2010.

     IN WITNESS WHEREOF, this Amendment No. 1 is executed by or on behalf of the undersigned as of
January 27, 2006.

	 	 	 	 	 
	 	 	TRANSTECHNOLOGY CORPORATION
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Robert L. G. White

President and

Chief Executive Officer
	 
	 	 	 	 
	 
	 	 	 	 
	Accepted and agreed to:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

Gerald C. Harvey

	 	 	 	 

3EX-10.17

 

Exhibit 10.17

TRANSTECHNOLOGY CORPORATION

STOCK OPTION AGREEMENT

     Agreement dated as of [insert date] between TransTechnology Corporation, a Delaware
corporation (the “Company”), and [ insert name ] (“Optionee”), residing at
[insert address].

     Whereas, pursuant to the 2004 Long Term Incentive Plan of the Company (the “Plan”), the
Incentive & Compensation Committee of the Board of Directors has authorized the granting to
Optionee of an incentive stock option to purchase shares of common stock of the Company upon the
terms and conditions hereinafter stated.

     NOW THEREFORE, in consideration of the covenants herein set forth, the parties agree as
follows:

	1.	 	Shares & Price. The Company grants to Optionee the right to purchase, upon and
subject to the terms and conditions herein stated and the terms and conditions of the Plan,
all or any part of ———— shares of common stock ($.01 par value) of the Company (the
“Shares”), for cash at the price of $x.xx per share.
	 
	2.	 	Term of Option. This option shall expire on [insert date].
	 
	3.	 	Installments. Subject to the provisions hereof, this option shall become exercisable
in one or more installments set forth below. Each installment shall be for the numbers of
Shares and exercisable (in whole or in part) upon and after the dates set forth.

	 	 	 
	DATE	 	NUMBER OF SHARES
	 
	 	Shares
	 	 	 
	 
	 	Shares
	 	 	 
	 
	 	Shares

	 	 	The installments shall be cumulative; i.e., this option may be exercised, as to any or all
shares covered by an installment, at any time after an installment becomes exercisable and
until expiration or termination of this option.
	 
	4.	 	Exercise. This option may only be exercised by delivery to the Company of (i) a
written notice of exercise, in form acceptable to the Company, stating the number of Shares
then being purchased hereunder, and (ii) a check, or cash, in the amount of the purchase price
of such shares (or, at the discretion of the Board of Directors, with Shares of Company with a
market value equal to the purchase price at date of exercise).

 

 

	5.	 	Termination of Employment. If Optionee ceases to be employed by the Company or a
subsidiary thereof for any reason other than his death or disability, either Optionee or the
person entitled to succeed to his rights hereunder shall have the right, at any time within
three months after such termination of employment and prior to the expiration of this option
pursuant to Paragraph 2 hereof, to exercise this option to the extent, but only to the extent,
that this option was exercisable and had not previously been exercised at the date of such
termination of employment; provided, however, that all rights under this option shall expire
in any event on the day specified in Paragraph 2 hereof or three months after Optionee
terminates employment, whichever first occurs.
	 
	6.	 	Death of Optionee & No Assignment. The option shall not be assignable or
transferable except by will or by the laws of descent and distribution and shall be
exercisable during his lifetime only by the Optionee. If Optionee shall become disabled or
die while in the employ of the Company, the Optionee or the person entitled to succeed to his
rights hereunder may exercise this option until the first to occur of (i) the date one year
from the date of the Optionee’s disability or death, or (ii) the date such option expires
pursuant to Paragraph 2 hereof to the extent that Optionee was entitled to exercise this
Option at the date of his disability or death.
	 
	7.	 	Employment of Optionee. In consideration of the granting of this option by the
Company, the Optionee agrees to render faithful and efficient services to the Company or a
subsidiary thereof, with such duties and responsibilities as the Company or such subsidiary
shall from time to time prescribe, for a period of at least one year from the date this option
is granted. Nothing in this Agreement or in the Plan shall confer upon the Optionee any right
to continue in the employ of the Company or any subsidiary thereof or shall interfere with or
restrict in any way the rights of the Company and its subsidiaries, which are hereby expressly
reserved, to discharge the Optionee at any time for any reason whatsoever, with or without
good cause.
	 
	8.	 	No Rights as Stockholders. Optionee shall have no rights as a stockholder with
respect to the Shares covered by the option until the date of the issuance of stock
certificates to him. No adjustment will be made for dividends or other rights for which the
record date is prior to the date such stock certificates are issued pursuant to the exercise
of options granted hereunder.
	 
	9.	 	Modification and Termination. The rights of Optionee are subject to modification and
termination in certain events as provided in the Plan.
	 
	10.	 	Shares Purchased for Investment. Optionee represents and agrees that if he exercises
this option in whole or in part, he shall acquire the shares upon such exercise for the
purpose of investment and not with a view to their resale or distribution. The Company
reserves the right to include a legend on each certificate representing shares subject to this
option, stating in effect that such shares have not been registered under the Securities Act
of 1933, as amended.

2

 

	11.	 	This Agreement Subject to Plan. This agreement is made pursuant to all of the
provisions of the Plan, and is intended, and shall be interpreted in a manner, to comply
therewith. Any provision hereof inconsistent with the Plan shall be superseded and governed
by the Plan.
	 
	12.	 	Gender. Unless the context otherwise requires, the masculine gender includes the
feminine.
	 
	13.	 	Notices. Any notices or other communication required or permitted hereunder shall be
sufficiently given if delivered personally or sent by registered or certified mail, postage
prepaid, to the Company at its corporate headquarters, and to the Optionee at the address
above, or to such other address as shall be furnished in writing by either party to the other
party, and shall be deemed to have been given as of the date so delivered or deposited in the
United States mail, as the case may be.

     IN WITNESS WHEREOF, the parties hereto have executed this agreement.

TRANSTECHNOLOGY CORPORATION

(“COMPANY”)

	 	 	 	 	 	 	 
	 
	 	 	 	 	 
	 

	 	By:
	 	Robert L.G. White	 	 
	 

	 	Its:
	 	President and Chief	 	 
	 

	 	 	 	Executive Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	PARTICIPANT	 	 
	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	[insert name]	 	 

Grant Number:

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]