Document:

exv10w8

 

Exhibit 10.8

IRWIN FINANCIAL CORPORATION

2001 STOCK PLAN

STOCK OPTION AGREEMENT (CANADA)

     1. Grant of Option. Irwin Financial Corporation, an Indiana corporation (the “Company”),
hereby grants to ___(“Participant”) an option (the “Option”) to purchase a total
number of shares of Stock (the “Shares”) set forth in the Notice of Stock Option Grant, at the
exercise price per share set forth in the Notice of Stock Option Grant (the “Exercise Price”)
subject to the terms, definitions and provisions of the Irwin Financial Corporation 2001 Stock Plan
(the “Plan”) adopted by the Company, which is incorporated herein by reference. Unless otherwise
defined herein, the terms defined in the Plan shall have the same defined meanings in this
Agreement.

     If designated an Incentive Stock Option, this Option is intended to qualify as an Incentive
Stock Option as defined in Section 422 of the Code.

     2. Exercise of Option. This Option shall be exercisable during its term in accordance with
the vesting schedule set out in the Notice of Stock Option Grant and with the provisions of Section
7 of the Plan as follows:

          (a) Right to Exercise.

          (i) This Option may be exercised solely as to Shares which have vested under the
vesting schedule indicated on the Notice of Stock Option Grant.

          (ii) This Option may not be exercised for a fraction of a share.

          (iii) In the event of Participant’s termination of employment or service as a director,
the exercisability of the Option is governed by Sections 5, 6 and 7 below, subject to the
limitation contained in Section 2(a)(iv) below.

          (iv) In no event may this Option be exercised after the Expiration Date of this Option
as set forth in the Notice of Stock Option Grant.

          (b) Method of Exercise. This Option shall be exercisable by written notice approved for such
purpose by the Company which shall state the election to exercise the Option, the number of Shares
in respect of which the Option is being exercised, and such other representations and agreements as
to the Participant’s investment intent with respect to such shares of Stock as may be required by
the Company pursuant to the provisions of the Plan. Such written notice shall be signed by
Participant and shall be delivered in person or by certified mail to the Secretary of the Company.
The written notice shall be accompanied by payment of the Exercise Price. This Option shall be
deemed to be exercised upon receipt by the Company of such written notice accompanied by the
Exercise Price.

 

 

     No Shares will be issued pursuant to the exercise of an Option unless such issuance and such
exercise shall comply with all relevant provisions of applicable law, including the requirements of
any stock exchange upon which the Shares may then be listed. Assuming such compliance, for income
tax purposes the Shares shall be considered transferred to Participant on the date on which the
Option is exercised with respect to such Shares.

     3. Method of Payment. Payment of the Exercise Price may be:

          (i) in cash or its equivalent,

          (ii) by attesting to ownership of previously acquired Stock held for more than six
months having an aggregate Fair Market Value (as determined by the Committee on the date of
exercise) equal to the total Exercise Price in such manner and form as determined by the
Committee,

          (iii) if the Committee shall authorize in its sole discretion, by payment of the
Exercise Price in installments as provided in Section  
7.5 (c)
of the Plan,

          (iv) by any other means which the Committee determines to be consistent with the Plan’s
purpose and applicable law,

          (v) by having the notice of exercise direct that the certificate or certificates for
such Shares for which the option is exercised be delivered to a licensed broker acceptable
to the Company as the agent for the individual exercising the option and, at the time such
certificate or certificates are delivered, the broker tenders to the Company cash or cash
equivalents acceptable to the Company equal to the purchase price for such Shares purchased
pursuant to the exercise of the option plus the amount (if any) of federal and other taxes
which the Company may, in its sole judgment, be required to withhold with respect to the
exercise of the option, or

          (vi) by a combination of (i), (ii), (iii), (iv), and/or (v).

     4. Restrictions on Exercise. As a condition to the exercise of this Option, the Company may
require Participant to make any representation and warranty to the Company as may be required by
any applicable law or regulation.

     5. Termination of Relationship.

          (a) Termination of Employment Due to Death. In the event Participant’s employment or service
as a director is terminated by reason of death, any outstanding Options whether or not then
exercisable, may be exercised within twelve (12) months after such date of termination of
employment or service. In no case shall the period for exercise extend beyond the expiration date
of such option grant.

          (b) Termination of Employment due to Disability or Retirement.. In the event that
Participant’s employment or service as a director is terminated due to disability or retirement,
the options theretofore granted to such Participant may be exercised to the extent that such
Participant was entitled to exercise the options at the date of such termination, but only within a
period of three (3) years beginning on the day following the date of such termination, and provided
further that any Incentive Stock Options may be exercised only

- 2 -

 

within a period of three (3) months
beginning on the day following the date of such termination. In no case shall the period for
exercise extend beyond the expiration date of such option grant. So long as Participant shall
continue to serve as a director or continue to be an employee of the Company, the options granted
to the Participant shall not be affected by any change of duties or position. A change of
employment from the Company to a subsidiary, from a subsidiary to the Company, from one subsidiary
to another, or any combination thereof, shall not be considered to be a termination of employment
for purposes of this Plan.

          (c) Resignation or Termination Without Cause. In the event that an Participant’s employment
with the Company or its subsidiaries or service as a director is terminated due to resignation or
by the Company without cause (other than a retirement of disability), the options theretofore
granted to such Participant may be exercised to the extent that such Participant was entitled to
exercise the options at the date of such resignation, but only within a period of three (3) months
beginning on the day following the date of such termination. In no case shall the period for
exercise extend beyond the expiration date of such option.

          (d) Termination for Cause. Notwithstanding anything herein to the contrary, all outstanding
options shall immediately terminate without further action on the part of the Company in the event
of the termination of a Participant’s employment or service with the Company or its subsidiaries
for cause.

     6. Effect of a Change in Control. Upon the occurrence of a Change of Control, the Company
shall provide written notice thereof (the “Change in Control Notice”) to the Participant. The
Company shall have the right, but not the obligation, to terminate all outstanding options as of
the 30th day immediately following the date of the sending of the Change in Control Notice by
including a statement to such effect in the Change in Control Notice. Upon delivery of the Change
in Control Notice and regardless of whether the Company elects to terminate the outstanding
options, the Participant shall have the right to immediately exercise all outstanding options
(whether or not immediately exercisable, notwithstanding the Change in Control) in full during the
30-day period notwithstanding the other terms and conditions otherwise set forth in the Plan or in
any certificate or agreement representing such option.

     7. Non-Transferability of Option. This Option may not be transferred in any manner otherwise
than by will or by the laws of descent or distribution and may be exercised during the lifetime of
Participant only by him or her. The terms of this Option shall be binding upon the executors,
administrators, heirs, successors and assigns of Participant.

     8. Term of Option. This Option may be exercised only within the Term set forth in the Notice
of Stock Option Grant, subject to the limitations set forth in Section 7 of the Plan.

     9. Withholding Tax Obligations. As a condition to the exercise of Option granted hereunder,
Participant shall make such arrangements as the Company may require for the satisfaction of any
federal, state, local or foreign withholding tax obligations that may arise in connection with the
exercise, receipt or vesting of the Option. The Company shall not be

- 3 -

 

required to issue any shares
under the Plan until such obligations are satisfied. Participant understands that, upon exercising
a Nonqualified Stock Option, he or she will recognize income for tax purposes in an amount equal to
the excess of the then Fair Market Value of the Shares over the Exercise Price. If Participant is
an employee, the Company will be required to withhold from Participant’s compensation, or collect
from Participant and pay to the applicable taxing authorities an amount equal to a percentage of
this compensation income. Additionally, Participant may at some point be required to satisfy tax
withholding obligations with respect to the disqualifying disposition of an Incentive Stock Option.
Participant shall satisfy his or her tax withholding obligation arising upon the exercise of this
Option by one or some combination of the following methods: (i) by cash or check payment, (ii) out
of Participant’s current compensation, or (iii) if permitted by the Committee, in its discretion,
by attesting to ownership of previously acquired Stock held for more than six months having an
aggregate Fair Market Value (as determined by the Committee on the date that the amount of tax to
be withheld is to be determined under the applicable laws) equal to the total Exercise Price in
such manner and form as determined by the Committee,

- 4 -

 

     This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original and all of which together shall constitute one document.

	 	 	 	 	 
	 	IRWIN FINANCIAL CORPORATION

 	 
	 
	 	 
	 	By:  	 	 
	 
	 	 
	 	Name:  	 	 
	 	 	(print)	 
	 
	 	 
	 	Title:	 	 
	 

     PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE OPTION HEREOF
IS EARNED ONLY BY CONTINUING EMPLOYMENT OR SERVICE AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). PARTICIPANT FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE COMPANY’S STOCK INCENTIVE PLAN
WHICH IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON PARTICIPANT ANY RIGHT WITH RESPECT TO
CONTINUATION OF EMPLOYMENT BY THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH PARTICIPANT’S
RIGHT OR THE COMPANY’S RIGHT TO TERMINATE PARTICIPANT’S EMPLOYMENT AT ANY TIME, WITH OR WITHOUT
CAUSE.

     Participant acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of
the terms and provisions thereof. Participant has reviewed the Plan and this Option Agreement in
their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Option and fully understands all provisions of the Option. Participant hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the Administrator upon any
questions arising under the Plan or this Option.

	 	 	 	 	 
	Dated:

	 

	 	 	 

	 	 	 	 	[Name of Participant]

TO BE A VALID ACCEPTANCE BY PARTICIPANT, THIS AGREEMENT MUST BE SIGNED AND DATED BY PARTICIPANT,
AND RETURNED TO THE COMPANY WITHIN 30 DAYS OF RECEIPT OF AGREEMENT BY PARTICIPANT.

- 5 -<PAGE>

                                                                    EXHIBIT 10.1

                                SECOND AMENDMENT
                                       TO
                              EMPLOYMENT AGREEMENT

                THIS AMENDMENT, dated as of November 4, 2005, is between IDEX
CORPORATION, a Delaware corporation with its executive offices at 630 Dundee
Road, Suite 400, Northbrook, Illinois 60062 (the "Corporation"), and LAWRENCE D.
KINGSLEY, an individual residing at 3870 RFD Woods End, Long Grove, IL 60047
(the "Executive").

                                    RECITALS:

                A. The Corporation and the Executive have entered into an
Employment Agreement dated as of July 21, 2004 (the "Agreement") as amended by
the First Amendment to the Agreement dated as of March 22, 2005.

                B. The Corporation and the Executive desire to amend the
Agreement to reflect certain changes to the terms and conditions of Executive's
employment by entering into this Second Amendment to the Agreement (this
"Amendment").

                NOW THEREFORE, in consideration of the foregoing, the
Corporation and the Executive agree to further amend the Agreement effective as
of September 28, 2005 as follows:

                1. Section 9(a) of the Agreement is amended to read as follows:

                A. UPON TERMINATION BY THE CORPORATION OTHER THAN FOR CAUSE.
UPON THE CORPORATION'S TERMINATION OF THE EXECUTIVE'S EMPLOYMENT FOR OTHER THAN
CAUSE, THE CORPORATION WILL PROVIDE THE FOLLOWING:

                     1. SALARY AND FRINGE BENEFITS. THE EXECUTIVE WILL RECEIVE
                HIS FULL SALARY AND FRINGE BENEFITS THROUGH THE EFFECTIVE DATE
                OF TERMINATION TOGETHER WITH ANY UNPAID BONUS FOR A PRIOR
                PERIOD. THE EXECUTIVE WILL ALSO RECEIVE (I) HIS FULL SALARY, AND
                (II) MEDICAL AND HEALTH INSURANCE (MEDICAL AND HEALTH INSURANCE
                IS HEREINAFTER REFERRED TO AS "FRINGE BENEFITS") AS IN EFFECT ON
                THE DATE OF EITHER THE CORPORATION'S OR THE EXECUTIVE'S RECEIPT
                OF A NOTICE OF TERMINATION FROM THE OTHER PARTY FOR A PERIOD OF
                24 MONTHS BEGINNING WITH THE MONTH NEXT FOLLOWING THE MONTH
                DURING WHICH HIS EMPLOYMENT TERMINATES. IF THE EXECUTIVE DIES
                DURING THE 24 MONTH PERIOD, THE BALANCE OF THE SALARY PAYMENTS
                WILL BE PAID AS PROVIDED IN SECTION 15 AND ANY DEPENDENT HEALTH
                OR MEDICAL FRINGE BENEFITS WILL BE PROVIDED FOR THE BALANCE OF
                THE 24 MONTH PERIOD.

                     2. BONUS. THE EXECUTIVE WILL RECEIVE A BONUS AMOUNT EQUAL
                TO THE 200% OF HIS BASE SALARY IN EFFECT IN THE YEAR OF THE
                TERMINATION OF HIS EMPLOYMENT. THIS AMOUNT WILL BE PAID IN 24
                EQUAL MONTHLY PAYMENTS BEGINNING WITH THE MONTH NEXT FOLLOWING
                THE MONTH DURING WHICH HIS EMPLOYMENT TERMINATES. ADDITIONALLY,
                THE EXECUTIVE WILL RECEIVE A BONUS AMOUNT EQUAL TO THE AMOUNT
                DETERMINED BY MULTIPLYING THE BONUS AMOUNT DETERMINED UNDER THE
                EIBP BY A FRACTION THE NUMERATOR OF WHICH IS THE NUMBER OF FULL
                AND PARTIAL CALENDAR MONTHS OF SERVICE IN THE CALENDAR YEAR THAT
                INCLUDES THE DATE OF THE TERMINATION OF HIS EMPLOYMENT AND THE
                DENOMINATOR OF WHICH IS 12. THIS AMOUNT WILL BE PAID AT THE TIME
                PAYMENT IS CUSTOMARILY MADE UNDER THE EIBP.

<PAGE>

                     3. ACCRUED VACATION. THE EXECUTIVE WILL RECEIVE PAYMENT FOR
                ACCRUED BUT UNUSED VACATION, WHICH PAYMENT WILL BE EQUITABLY
                PRORATED BASED ON THE PERIOD OF ACTIVE EMPLOYMENT FOR THAT
                PORTION OF THE FISCAL YEAR IN WHICH THE EXECUTIVE'S TERMINATION
                OF EMPLOYMENT BECOMES EFFECTIVE. PAYMENT FOR ACCRUED BUT UNUSED
                VACATION WILL BE PAYABLE IN ONE LUMP SUM ON THE EFFECTIVE DATE
                OF THE TERMINATION OF EMPLOYMENT (OR AS SOON THEREAFTER AS
                PRACTICABLE).

                     4. EQUITY COMPENSATION. THE INDUCEMENT OPTIONS WILL BECOME
                FULLY VESTED AND WILL BE EXERCISABLE ACCORDING TO THE TERMS OF
                THE OPTION AGREEMENT AND THE INDUCEMENT RESTRICTED STOCK AWARD
                WILL BECOME FULLY VESTED.

                2. Section 9(e) of the Agreement is amended to read as follows:

                UPON TERMINATION FOLLOWING A CHANGE IN CONTROL. UPON THE
EXECUTIVE'S TERMINATION OF EMPLOYMENT BY THE CORPORATION WITHOUT CAUSE OR THE
EXECUTIVE'S TERMINATION WITH GOOD REASON WHICH, IN EITHER CASE, OCCURS IN
CONTEMPLATION OF OR WITHIN THE 24 MONTH PERIOD FOLLOWING A CHANGE IN CONTROL,
THE CORPORATION WILL PROVIDE THE FOLLOWING:

                     5. SALARY AND FRINGE BENEFITS. THE EXECUTIVE WILL RECEIVE
                HIS FULL SALARY AND FRINGE BENEFITS THROUGH THE EFFECTIVE DATE
                OF TERMINATION TOGETHER WITH ANY UNPAID BONUS FOR A PRIOR
                PERIOD. THE EXECUTIVE WILL ALSO RECEIVE HIS FULL SALARY AND
                FRINGE BENEFITS, AS IN EFFECT ON THE EFFECTIVE DATE OF
                TERMINATION, FOR A PERIOD OF 36 MONTHS BEGINNING WITH THE MONTH
                NEXT FOLLOWING THE MONTH DURING WHICH HIS EMPLOYMENT TERMINATES.
                IF THE EXECUTIVE DIES DURING THE 36 MONTH PERIOD, THE BALANCE OF
                THE SALARY PAYMENTS WILL BE PAID AS PROVIDED IN SECTION 15 AND
                ANY DEPENDENT HEALTH OR MEDICAL FRINGE BENEFITS WILL BE PROVIDED
                FOR THE BALANCE OF THE 36 MONTH PERIOD.

                     6. BONUS. THE EXECUTIVE WILL RECEIVE A BONUS AMOUNT EQUAL
                TO THE 300% OF HIS BASE SALARY IN EFFECT IN THE YEAR OF THE
                TERMINATION OF HIS EMPLOYMENT. THIS AMOUNT WILL BE PAID IN 36
                EQUAL MONTHLY PAYMENTS BEGINNING WITH THE MONTH NEXT FOLLOWING
                THE MONTH DURING WHICH HIS EMPLOYMENT TERMINATES. ADDITIONALLY,
                THE EXECUTIVE WILL RECEIVE A BONUS AMOUNT EQUAL TO THE AMOUNT
                DETERMINED BY MULTIPLYING THE BONUS AMOUNT DETERMINED UNDER THE
                EIBP BY A FRACTION THE NUMERATOR OF WHICH IS THE NUMBER OF FULL
                AND PARTIAL CALENDAR MONTHS OF SERVICE IN THE CALENDAR YEAR THAT
                INCLUDES THE DATE OF THE TERMINATION OF HIS EMPLOYMENT AND THE
                DENOMINATOR OF WHICH IS 12. THIS AMOUNT WILL BE PAID AT THE TIME
                PAYMENT IS CUSTOMARILY MADE UNDER THE EIBP.

                     7. ACCRUED VACATION. THE EXECUTIVE WILL RECEIVE PAYMENT FOR
                ACCRUED BUT UNUSED VACATION, WHICH PAYMENT WILL BE EQUITABLY
                PRORATED BASED ON THE PERIOD OF ACTIVE EMPLOYMENT FOR THAT
                PORTION OF THE FISCAL YEAR IN WHICH THE EXECUTIVE'S TERMINATION
                OF EMPLOYMENT BECOMES EFFECTIVE. PAYMENT FOR ACCRUED BUT UNUSED
                VACATION WILL BE PAYABLE IN ONE LUMP SUM ON THE EFFECTIVE DATE
                OF THE TERMINATION OF EMPLOYMENT (OR AS SOON THEREAFTER AS
                PRACTICABLE).

                     8. EQUITY COMPENSATION. THE INDUCEMENT OPTIONS WILL VEST
                AND WILL BE EXERCISABLE IN THE MANNER PROVIDED UNDER THE TERMS
                OF THE OPTION PLAN UNDER WHICH THEY WERE GRANTED. THE INDUCEMENT
                RESTRICTED STOCK AWARD WILL BECOME FULLY VESTED.

                Except as specifically amended hereby, the Agreement shall
continue in full force and effect as written and previously amended.

<PAGE>

                This Amendment may be executed in any number of counterparts,
each of which will be deemed to be an original and all of which taken together
will be deemed to constitute one and the same instrument.

                IN WITNESS WHEREOF, the parties have duly executed this
Amendment as of this 4th day of November, 2005.

                                              CORPORATION:

                                                     IDEX CORPORATION

                                                     By /s/ Frank J. Notaro
                                                        ------------------------
                                                        Name:  Frank J. Notaro
                                                        Title: Vice President -
                                                               General Counsel
                                                               and Secretary

                                              EXECUTIVE:
                                                     /s/ Lawrence D. Kingsley
                                                     ---------------------------
                                                         Lawrence D. Kingsley

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]