Document:

exv10w1

Exhibit 10.1

AMENDED AND RESTATED

WRIGHT EXPRESS CORPORATION

2005 EQUITY AND INCENTIVE PLAN

Initially adopted on February 16, 2005

Amended and Restated on May 16, 2008

 Amended and Restated on December 31, 2008

 

 

Exhibit 10.1

WRIGHT EXPRESS CORPORATION 

2005 EQUITY AND INCENTIVE PLAN

	 	 	 	 	 
	Section	 	Page	 
	 
	 	 	 	 
	1.    Purpose; Types of Awards; Construction.
	 	 	1	 
	 
	 	 	 	 
	2.    Definitions.
	 	 	1	 
	 
	 	 	 	 
	3.    Administration.
	 	 	5	 
	 
	 	 	 	 
	4.    Eligibility.
	 	 	6	 
	 
	 	 	 	 
	5.    Stock Subject to the Plan.
	 	 	7	 
	 
	 	 	 	 
	6.    Specific Terms of Awards.
	 	 	7	 
	 
	 	 	 	 
	7.    Change in Control Provisions.
	 	 	13	 
	 
	 	 	 	 
	8.    General Provisions.
	 	 	14	 

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Exhibit 10.1

WRIGHT EXPRESS CORPORATION

2005 EQUITY AND INCENTIVE PLAN

     1.     Purpose; Types of Awards; Construction.

     The purposes of the Wright Express Corporation 2005 Equity and Incentive Plan (the “Plan”) are
to afford an incentive to non-employee directors, selected officers and other employees, advisors
and consultants of Wright Express Corporation (the “Company”), or any Parent or Subsidiary of the
Company that now exists or hereafter is organized or acquired, to continue as non-employee
directors, officers, employees, advisors or consultants, as the case may be, to increase their
efforts on behalf of the Company and its Subsidiaries and to promote the success of the Company’s
business. The Plan provides for the grant of Options (including “incentive stock options” and
“nonqualified stock options”), stock appreciation rights, restricted stock, restricted stock units
and other stock- or cash-based awards. The Plan is designed so that Awards granted hereunder
intended to comply with the requirements for “performance-based compensation” under Section 162(m)
of the Code may comply with such requirements, and the Plan and Awards shall be interpreted in a
manner consistent with such requirements.

     2.     Definitions.

     For purposes of the Plan, the following terms shall be defined as set forth below:

     (a)     “Annual Incentive Program” means the program described in Section 6(c) hereof.

     (b)     “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit or Other
Stock-Based Award or Other Cash-Based Award granted under the Plan.

     (c)     “Award Agreement” means any written agreement, contract, or other instrument or
document evidencing an Award.

     (d)     “Board” means the Board of Directors of the Company.

     (e)     “Cendant” means Cendant Corporation, a Delaware corporation.

     (f)     “Cendant Award” shall have the meaning set forth in Section 6(b)(v).

     (g)     “Change in Control” means a change in control of the Company, which will be deemed to have
occurred if:

          (i)     any “person,” as such term is used in Sections 13(d) and 14(d) of the
Exchange Act
(other than (A) the Company, (B) any trustee or other fiduciary holding securities under an
employee benefit plan of the Company, and (C) any corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership
of Stock), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the

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 Exhibit 10.1

Company representing 30% or more of the combined voting power of the Company’s then
outstanding voting securities (excluding any person who becomes such a beneficial owner in
connection with a transaction immediately following which the individuals who comprise the
Board immediately prior thereto constitute at least a majority of the Board, the board of
the entity surviving such transaction or, if the Company or the entity surviving the
transaction is then a subsidiary, the board of the ultimate parent thereof);

          (ii)      the following individuals cease for any reason to constitute a majority of
the
number of directors then serving: individuals who, on the Effective Date, constitute the
Board and any new director (other than a director whose initial assumption of office is in
connection with an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on the Effective Date or whose
appointment, election or nomination for election was previously so approved or recommended;

          (iii)      there is consummated a merger or consolidation of the Company or any direct
or
indirect subsidiary of the Company with any other corporation, other than a merger or
consolidation immediately following which the individuals who comprise the Board immediately
prior thereto constitute at least a majority of the Board, the board of the entity surviving
such merger or consolidation or, if the Company or the entity surviving such merger is then
a subsidiary, the board of the ultimate parent thereof; or

          (iv)      the stockholders of the Company approve a plan of complete liquidation of the
Company or there is consummated an agreement for the sale or disposition by the Company of
all or substantially all of the Company’s assets (or any transaction having a similar
effect), other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, immediately following which the individuals who comprise the
Board immediately prior thereto constitute at least a majority of the board of directors of
the entity to which such assets are sold or disposed of or, if such entity is a subsidiary,
the board of the ultimate parent thereof.

Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred by virtue
of (x) a Public Offering or (y) the consummation of any transaction or series of integrated
transactions immediately following which the holders of the Stock immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate
ownership in an entity which owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions.

     (h)     “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
rules and regulations promulgated thereunder.

     (i)     “Committee” means the committee established by the Board to administer the Plan, the
composition of which shall at all times satisfy the provisions of Rule 16b-3 and Section 162(m) of
the Code.

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Exhibit 10.1

     (j)     “Company” means Wright Express Corporation, a corporation organized under the laws of the
State of Delaware, or any successor corporation.

     (k)     “Conversion Option” means an NQSO granted under Section 6(b)(v).

     (l)     “Conversion Stock” means an Award of Stock granted under Section 6(b)(v).

     (m)     “Covered Employee” shall have the meaning set forth in Section 162(m)(3) of the Code.

     (n)     “Effective Date” means February 16, 2005, the date that the Plan was originally
adopted by the Board.

     (o)     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
and the rules and regulations promulgated thereunder.

     (p)     “Fair Market Value” means, with respect to Stock or other property, the fair market value
of such Stock or other property determined by such methods or procedures as shall be established
from time to time by the Committee. Unless otherwise determined by the Committee in good faith, the
per share Fair Market Value of Stock as of a particular date shall mean (i) the mean between the
highest and lowest reported sales price per share of Stock on the national securities exchange on
which the Stock is principally traded, for the last preceding date on which there was a sale of
such Stock on such exchange, or (ii) if the shares of Stock are then traded in an over-the-counter
market, the average of the closing bid and asked prices for the shares of Stock in such
over-the-counter market for the last preceding date on which there was a sale of such Stock in such
market, or (iii) if the shares of Stock are not then listed on a national securities exchange or
traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall
determine.

     (q)     “Grantee” means a person who, as a Non-Employee Director, officer or other employee of, or
as a person providing services to, the Company or a Parent or Subsidiary of the Company, has been
granted an Award under the Plan.

     (r)     “ISO” means any Option intended to be and designated as an incentive stock option
within the meaning of Section 422 of the Code.

     (s)     “Long Term Incentive Program” means the program described in Section 6(b) hereof.

     (t)     “Non-Employee Director” means any director of the Company who is not also employed by the
Company or any of its Subsidiaries.

     (u)     “NQSO” means any Option that is not designated as an ISO.

     (v)     “Option” means a right, granted to a Grantee under Section 6(b)(i) or 6(b)(v), to
purchase shares of Stock. An Option may be either an ISO or an NQSO, provided that ISOs may
be granted only to employees of the Company or a Parent or Subsidiary of the Company.

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Exhibit 10.1

     (w)     “Other Cash-Based Award” means cash awarded under the Annual Incentive Program or the Long
Term Incentive Program, including cash awarded as a bonus or upon the attainment of Performance
Goals or otherwise as permitted under the Plan.

     (x)     “Other Stock-Based Award” means a right or other interest granted to a Grantee under the
Annual Incentive Program or the Long Term Incentive Program that may be denominated or payable in,
valued in whole or in part by reference to, or otherwise based on, or related to, Stock, including
but not limited to (i) unrestricted Stock awarded as a bonus or upon the attainment of Performance
Goals or otherwise as permitted under the Plan, and (ii) a right granted to a Grantee to acquire
Stock from the Company containing terms and conditions prescribed by the Committee.

     (y)     “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code.

     (z)     “Performance Goals” means performance goals based on one or more of the following
criteria, determined in accordance with generally accepted accounting principles where applicable:
(i) pre-tax income or after-tax income; (ii) income or earnings including operating income,
earnings before or after taxes, earnings before or after interest, depreciation, amortization, or
extraordinary or special items; (iii) net income excluding amortization of intangible assets,
depreciation and impairment of goodwill and intangible assets and/or excluding charges attributable
to the adoption of new accounting pronouncements; (iv) earnings or book value per share (basic or
diluted); (v) return on assets (gross or net), return on investment, return on capital, or return
on equity; (vi) return on revenues; (vii) cash flow, free cash flow, cash flow return on investment
(discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of
capital; (viii) economic value created; (ix) operating margin or profit margin; (x) stock price or
total stockholder return; (xi) income or earnings from continuing operations; (xii) cost targets,
reductions and savings, expense management, productivity and efficiencies; and (xiii) strategic
business criteria, consisting of one or more objectives based on meeting specified market
penetration or market share, geographic business expansion, customer satisfaction, employee
satisfaction, human resources management, supervision of litigation, information technology, and
goals relating to divestitures, joint ventures and similar transactions. Where applicable, the
Performance Goals may be expressed in terms of attaining a specified level of the particular
criterion or the attainment of a percentage increase or decrease in the particular criterion, and
may be applied to one or more of the Company or a Parent or Subsidiary of the Company, or a
division or strategic business unit of the Company, all as determined by the Committee. The
Performance Goals may include a threshold level of performance below which no payment will be made
(or no vesting will occur), levels of performance at which specified payments will be paid (or
specified vesting will occur), and a maximum level of performance above which no additional payment
will be made (or at which full vesting will occur). Each of the foregoing Performance Goals shall
be evaluated in accordance with generally accepted accounting principles, where applicable, and
shall be subject to certification by the Committee. The Committee shall have the authority to make
equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events
affecting the Company or any Parent or Subsidiary of the Company or the financial statements of the
Company or any Parent or

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Exhibit 10.1

Subsidiary of the Company, in response to changes in applicable laws or regulations, or to
account for items of gain, loss or expense determined to be extraordinary or unusual in nature or
infrequent in occurrence or related to the disposal of a segment of a business or related to a
change in accounting principles.

     (aa)     “Plan” means this Wright Express Corporation 2005 Equity and Incentive Plan, as
amended from time to time.

     (bb)     “Plan Year” means a calendar year.

     (cc)     “Public Offering” means an offering of securities of the Company that is registered with
the Securities and Exchange Commission.

     (dd)     “Restricted Stock” means an Award of shares of Stock to a Grantee under Section
6(b)(iii) that may be subject to certain restrictions and to a risk of forfeiture.

     (ee)     “Restricted Stock Unit” or “RSU” means a right granted to a Grantee under Section
6(b)(iv) or 6(b)(v) to receive Stock or cash at the end of a specified period, which right
may be conditioned on the satisfaction of specified performance or other criteria.

     (ff)     “Rule 16b-3” means Rule 16b-3, as from time to time in effect promulgated by the
Securities and Exchange Commission under Section 16 of the Exchange Act, including any successor to
such Rule.

     (gg)     “Securities Act” means the Securities Act of 1933, as amended from time to time, and the
rules and regulations promulgated thereunder.

     (hh)     “Stock” means shares of the common stock, par value $0.01 per share, of the Company.

     (ii)     “Stock Appreciation Right” or “SAR” means the right, granted to a Grantee under Section
6(b)(ii), to be paid an amount measured by the appreciation in the Fair Market Value of Stock from
the date of grant to the date of exercise of the right.

     (jj)     “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as
defined in Section 424(f) of the Code.

     (kk)   “409A Award” means any Award that constitutes a deferral of compensation
subject to Code Section 409A and the Treasury Regulations thereunder. Although the Committee
retains authority under the Plan to grant Options and Stock Appreciation Rights on terms that will
cause those Awards to be 409A Awards, Options and SARs are not intended to be 409A Awards unless
otherwise expressly specified by the Committee.

     3.        Administration.

     The Plan shall be administered by the Board or by such Committee that the Board may appoint
for this purpose. If a Committee is appointed to administer the Plan, all references herein

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Exhibit 10.1

to the “Committee” shall be references to such Committee. If no Committee is appointed by the
Board to administer the Plan, all references herein to the “Committee” shall be references to the
Board. The Committee shall have the authority in its discretion, subject to and not inconsistent
with the express provisions of the Plan, to administer the Plan and to exercise all the powers and
authorities either specifically granted to it under the Plan or necessary or advisable in the
administration of the Plan, including, without limitation, the authority to grant Awards; to
determine the persons to whom and the time or times at which Awards shall be granted; to determine
the type and number of Awards to be granted, the number of shares of Stock to which an Award may
relate and the terms, conditions, restrictions and performance criteria relating to any Award; to
determine Performance Goals no later than such time as required to ensure that an underlying Award
which is intended to comply with the requirements of Section 162(m) of the Code so complies; and to
determine whether, to what extent, and under what circumstances an Award may be settled, cancelled,
forfeited, exchanged, or surrendered; to make adjustments in the terms and conditions of, and the
Performance Goals (if any) included in, Awards; to construe and interpret the Plan and any Award;
to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms
and provisions of the Award Agreements (which need not be identical for each Grantee); and to make
all other determinations deemed necessary or advisable for the administration of the Plan.
Notwithstanding the foregoing, neither the Board, the Committee nor their respective delegates
shall have the authority to reprice (or cancel and regrant) any Option or, if applicable, other
Award at a lower exercise, base or purchase price without first obtaining the approval of the
Company’s stockholders.

     The Committee may appoint a chairperson and a secretary and may make such rules and
regulations for the conduct of its business as it shall deem advisable, and shall keep minutes of
its meetings. All determinations of the Committee shall be made by a majority of its members either
present in person or participating by conference telephone at a meeting or by written consent. The
Committee may delegate to one or more of its members or to one or more agents such administrative
duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as
aforesaid may employ one or more persons to render advice with respect to any responsibility the
Committee or such person may have under the Plan. All decisions, determinations and interpretations
of the Committee shall be final and binding on all persons, including but not limited to the
Company, any Parent or Subsidiary of the Company or any Grantee (or any person claiming any rights
under the Plan from or through any Grantee) and any stockholder.

     No member of the Board or Committee shall be liable for any action taken or determination made
in good faith with respect to the Plan or any Award granted hereunder.

     4.     Eligibility.

     Awards may be granted to Non-Employee Directors, officers and other employees, advisors or
consultants of the Company or any Parent or Subsidiary of the Company, selected in the discretion
of the Committee. In determining the persons to whom Awards shall be granted and the type of any
Award (including the number of shares to be covered by such Award), the Committee shall take into
account such factors as the Committee shall deem relevant in connection with accomplishing the
purposes of the Plan.

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 Exhibit 10.1

     5.     Stock Subject to the Plan.

     The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be
3,200,000, including all shares to be issued pursuant to Conversion Options or Conversion Stock,
subject to adjustment as provided herein. No more than 500,000 shares of Stock may be made subject
to Options (other than Conversion Options) or SARs granted to a single individual in a single Plan
Year, subject to adjustment as provided herein, and no more than 500,000 shares of Stock may be
made subject to stock-based awards other than Options or SARs (including Restricted Stock and
Restricted Stock Units (but other than Conversion Stock) or Other Stock-Based Awards denominated in
shares of Stock) granted to a single individual in a single Plan Year, in either case, subject to
adjustment as provided herein. Determinations made in respect of the limitations set forth in the
immediately preceding sentence shall be made in a manner consistent with Section 162(m) of the
Code. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall
have been or may be reacquired by the Company in the open market, in private transactions or
otherwise. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or
if an Award terminates or expires without a distribution of shares to the Grantee, or if shares of
Stock are surrendered or withheld as payment of either the exercise price of an Award and/or
withholding taxes in respect of an Award, the shares of Stock with respect to such Award shall, to
the extent of any such forfeiture, cancellation, exchange, surrender, withholding, termination or
expiration, again be available for Awards under the Plan. Upon the exercise of any Award granted in
tandem with any other Award, such related Award shall be cancelled to the extent of the number of
shares of Stock as to which the Award is exercised and, notwithstanding the foregoing, such number
of shares shall no longer be available for Awards under the Plan.

     In the event that the Committee shall determine that any dividend or other distribution
(whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse
split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange,
or other similar corporate transaction or event, affects the Stock such that an adjustment is
appropriate in order to prevent dilution or enlargement of the rights of Grantees under the Plan,
then the Committee shall make such equitable changes or adjustments as it deems necessary or
appropriate to any or all of (i) the number and kind of shares of Stock or other property
(including cash) that may thereafter be issued in connection with Awards, (ii) the number and kind
of shares of Stock or other property (including cash) issued or issuable in respect of outstanding
Awards, (iii) the exercise price, grant price, or purchase price relating to any Award; provided,
that, with respect to ISOs, such adjustment shall be made in accordance with Section 424(h) of the
Code; and (iv) the Performance Goals applicable to outstanding Awards.

     6.     Specific Terms of Awards.

     (a)     General. The term of each Award shall be for such period as may be determined by
the Committee. Subject to the terms of the Plan and any applicable Award Agreement, payments to be
made by the Company or a Parent or Subsidiary of the Company upon the grant, vesting, maturation,
or exercise of an Award may be made in such forms as the Committee shall determine at the date of
grant or thereafter, including, without limitation, cash, Stock, or other property, and may be made
in a single payment or transfer, in installments, or on a deferred basis. The Committee may make
rules relating to installment or deferred payments with respect to

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Exhibit 10.1

Awards, including the rate of interest to be credited with respect to such payments. In
addition to the foregoing, the Committee may impose on any Award or the exercise thereof, at the
date of grant or thereafter, such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall determine.

     (b)     Long Term Incentive Program. Under the Long Term Incentive Program, the Committee
is authorized to grant the Awards described in this Section 6(b), under such terms and conditions
as deemed by the Committee to be consistent with the purposes of the Plan. Such Awards may be
granted with value and payment contingent upon Performance Goals. Except as otherwise set forth
herein or as may be determined by the Committee, each Award granted under the Long Term Incentive
Program shall be evidenced by an Award Agreement containing such terms and conditions applicable to
such Award as the Committee shall determine at the date of grant or thereafter.

     (i)     Options. The Committee is authorized to grant Options to Grantees on the
following terms and conditions:

     (A)     Type of Award. The Award Agreement evidencing the grant of an
Option under the Plan shall designate the Option as an ISO or an NQSO.

     (B)     Exercise Price. The exercise price per share of Stock purchasable
under an Option shall be determined by the Committee, but, subject to Section
6(b)(v), in no event shall the per share exercise price of any Option be less than
the Fair Market Value of a share of Stock on the date of grant of such Option. The
exercise price for Stock subject to an Option may be paid in cash or by an exchange
of Stock previously owned by the Grantee for at least six months (if acquired from
the Company), through a “broker cashless exercise” procedure approved by the
Committee (to the extent permitted by law), or a combination of the above, in any
case in an amount having a combined value equal to such exercise price. An Award
Agreement may provide that a Grantee may pay all or a portion of the aggregate
exercise price by having shares of Stock with a Fair Market Value on the date of
exercise equal to the aggregate exercise price withheld by the Company.

     (C)     Term and Exercisability of Options. The date on which the Committee
adopts a resolution expressly granting an Option shall be considered the day on
which such Option is granted. Options shall be exercisable over the exercise period
(which shall not exceed ten years from the date of grant), at such times and upon
such conditions as the Committee may determine, as reflected in the Award Agreement;
provided, that the Committee shall have the authority to accelerate the
exercisability of any outstanding Option at such time and under such circumstances
as it, in its sole discretion, deems appropriate. An Option may be exercised to the
extent of any or all full shares of Stock as to which the Option has become
exercisable, by giving such written, electronic, or telephonic notice as the
Committee may prescribe of such exercise to the Committee or its designated agent.

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 Exhibit 10.1

     (D)     Termination of Employment. An Option may not be exercised unless
the Grantee is then a director of, in the employ of, or providing services to, the
Company or a Parent or Subsidiary of the Company, and unless the Grantee has
remained continuously so employed, or continuously maintained such relationship,
since the date of grant of the Option; provided, that the Award Agreement may
contain provisions extending the exercisability of Options, in the event of
specified terminations of employment or service, to a date not later than the
expiration date of such Option.

     (E)     Other Provisions. Options may be subject to such other conditions
including, but not limited to, restrictions on transferability of the shares
acquired upon exercise of such Options, as the Committee may prescribe in its
discretion or as may be required by applicable law.

     (ii)     SARs. The Committee is authorized to grant SARs to Grantees on the
following terms and conditions:

     (A)     In General. Unless the Committee determines otherwise, a SAR (1)
granted in tandem with an NQSO may be granted at the time of grant of the related
NQSO or at any time thereafter or (2) granted in tandem with an ISO may only be
granted at the time of grant of the related ISO. A SAR granted in tandem with an
Option shall be exercisable only to the extent the underlying Option is exercisable.
Payment of a SAR may be made in cash, Stock, or property as specified in the Award or
determined by the Committee.

     (B)     Right Conferred. A SAR shall confer on the Grantee a right to
receive an amount with respect to each share subject thereto, upon exercise thereof,
equal to the excess of (1) the Fair Market Value of one share of Stock on the date
of exercise over (2) the grant price of the SAR (which in the case of an SAR granted
in tandem with an Option shall be equal to the exercise price of the underlying
Option, and which in the case of any other SAR shall be such price as the Committee
may determine, not less than the Fair Market Value of a share of Stock on the
date of grant).

     (C)     Term and Exercisability of SARs. The date on which the Committee
adopts a resolution expressly granting a SAR shall be considered the day on which
such SAR is granted. SARs shall be exercisable over the exercise period (which shall
not exceed the lesser of ten years from the date of grant or, in the case of a
tandem SAR, the expiration of its related Award), at such times and upon such
conditions as the Committee may determine, as reflected in the Award Agreement;
provided, that the Committee shall have the authority to accelerate the
exercisability of any outstanding SAR at such time and under such circumstances as
it, in its sole discretion, deems appropriate. A SAR may be exercised to the extent
of any or all full shares of Stock as to which the SAR (or, in the case of a tandem
SAR, its related Award) has become exercisable, by giving such written, electronic,
or telephonic notice as the Committee may prescribe of such exercise
to the Committee or its designated agent.

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 Exhibit 10.1

     (D)     Termination of Employment. A SAR may not be exercised unless the
Grantee is then a director of, in the employ of, or providing services to, the
Company or a Parent or Subsidiary of the Company, and unless the Grantee has
remained continuously so employed, or continuously maintained such relationship,
since the date of grant of the SAR; provided, that the Award Agreement may contain
provisions extending the exercisability of the SAR, in the event of specified
terminations of employment or service, to a date not later than the expiration date
of such SAR (or, in the case of a tandem SAR, its related Award).

     (E)     Other Provisions. SARs may be subject to such other conditions
including, but not limited to, restrictions on transferability of the shares
acquired upon exercise of such SARs, as the Committee may prescribe in its
discretion or as may be required by applicable law.

     (iii)     Restricted Stock. The Committee is authorized to grant Restricted
Stock to Grantees on the following terms and conditions:

     (A)     Issuance and Restrictions. Restricted Stock shall be subject to
such restrictions on transferability and other restrictions, if any, as the
Committee may impose at the date of grant or thereafter, which restrictions may
lapse separately or in combination at such times, under such circumstances, in such
installments, or otherwise, as the Committee may determine. The Committee may place
restrictions on Restricted Stock that shall lapse, in whole or in part, only upon
the attainment of Performance Goals. Except to the extent restricted under the Award
Agreement relating to the Restricted Stock, a Grantee granted Restricted Stock shall
have all of the rights of a stockholder including, without limitation, the right to
vote Restricted Stock and the right to receive dividends thereon.

     (B)     Forfeiture. Upon termination of employment with or service to the
Company, or upon termination of the director or independent contractor relationship,
as the case may be, during the applicable restriction period or portion thereof to
which forfeiture conditions apply, Restricted Stock and any accrued but unpaid
dividends that are then subject to restrictions shall be forfeited; provided, that
the Committee may provide, by rule or regulation or in any Award Agreement, or may
determine in any individual case, that restrictions or forfeiture conditions
relating to Restricted Stock will be waived in whole or in part in the event of
terminations resulting from specified causes, and the Committee may in other cases
waive in whole or in part the forfeiture of Restricted Stock.

     (C)     Certificates for Stock. Restricted Stock granted under the
Plan may be evidenced in such manner as the Committee shall determine. If
certificates representing Restricted Stock are registered in the name of the
Grantee, such certificates shall bear an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Stock, and
the Company shall retain physical possession of the certificate.

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 Exhibit 10.1

     (D)     Dividends. Dividends paid on Restricted Stock shall be either paid
at the dividend payment date, or deferred for payment to such date as determined by
the Committee, in cash or in shares of unrestricted Stock having a Fair Market Value
equal to the amount of such dividends. Stock distributed in connection with a stock
split or stock dividend, and other property distributed as a dividend, shall be
subject to restrictions and a risk of forfeiture to the same extent as the
Restricted Stock with respect to which such Stock or other property has been
distributed.

     (iv)     Restricted Stock Units. The Committee is authorized to grant
Restricted Stock Units to Grantees, subject to the following terms and conditions:

     (A)     Award and Restrictions. Delivery of Stock or cash, as determined by
the Committee, will occur upon expiration of the deferral period specified for
Restricted Stock Units by the Committee. The Committee may place restrictions on
Restricted Stock Units that shall lapse, in whole or in part, only upon the
attainment of Performance Goals.

     (B)     Forfeiture. Upon termination of employment with or service to the
Company, or upon termination of the director or independent contractor relationship,
as the case may be, during the applicable deferral period or portion thereof to
which forfeiture conditions apply, or upon failure to satisfy any other conditions
precedent to the delivery of Stock or cash to which such Restricted Stock Units
relate, all Restricted Stock Units and any accrued but unpaid dividend equivalents
that are then subject to deferral or restriction shall be forfeited; provided, that
the Committee may provide, by rule or regulation or in any Award Agreement, or may
determine in any individual case, that restrictions or forfeiture conditions
relating to Restricted Stock Units will be waived in whole or in part in the event
of termination resulting from specified causes, and the Committee may in other cases
waive in whole or in part the forfeiture of Restricted Stock Units.

     (C)     Director Deferred Compensation Awards. The Company shall issue RSUs
pursuant to this Section 6(b)(iv)(C) for the purpose of fulfilling the Company’s
obligations under its Non-Employee Director Deferred Compensation Plan (the
“Deferred Compensation Plan”); provided, that certain terms and conditions of the
grant and payment of such RSUs set forth in the Deferred Compensation Plan (and only
to the extent set forth in such plan) shall supercede the terms generally applicable
to RSUs granted under the Plan. RSUs granted under this paragraph need not be
evidenced by an Award Agreement unless the Committee determines that such an Award
Agreement is desirable for the furtherance of the purposes of the Plan and the
Deferred Compensation Plan.

     (D)     Non-Employee Director Compensatory Awards. The Company shall issue
RSUs payable only in Stock (unless the Committee determines otherwise) pursuant to
this Section 6(b)(iv)(D) for the purpose of fulfilling the
Company’s obligation to compensate each Non-Employee Director, in part, in the
form of RSUs.

11

 

 Exhibit 10.1

     (1)     For Plan Years ending on or before December 31, 2006, such RSUs
shall be awarded at such times as the Company shall otherwise pay to
Non-Employee Directors their annual retainer fees, as well as such other fees,
stipends and payments determined by the Committee to be subject to such
Non-Employee Director compensation policy (each such award date, a “Fee Payment
Date”). The Company shall keep a separate book account in the name of each
Non-Employee Director. The number of RSUs to be credited to each Non-Employee
Director’s account as of each Fee Payment Date shall be calculated by dividing
(1) fifty percent (50%) of the total retainer or fee otherwise to be paid to
such Non-Employee Director on such Fee Payment Date by (2) the Fair Market Value
of a share of Stock as of such Fee Payment Date. The Restricted Stock Units so
credited shall be immediately vested and non-forfeitable and shall be paid
as ofbecome payable on the date which is two hundred (200) days immediately following the
date upon which such Director’s service as a member of the Board terminates for
any reason.

     (2)     For Plan Years beginning on and after January 1, 2007, such RSUs
shall be awarded at the time (“Award Date”) of the annual Stockholders meeting
(unless the Committee determines otherwise). The Company shall keep a separate
book account in the name of each Non-Employee Director and shall credit to each
Non-Employee Director’s account as of each Award Date the number of RSUs awarded
as of such date. The RSUs so credited shall become vested and nonforfeitable and
(unless deferred) shall become payable in accordance with the terms of the Award
Agreement. The RSUs so credited that a Non-Employee Director has deferred, if
any, shall be paid as
ofbecome payable on the date which is 200 days immediately
following the date upon which such Director’s service as a member of the Board
terminates for any reason, but only to the extent such RSUs are vested and
nonforfeitable on the date service on the Board terminates.

     (v)     Converted Cendant Awards. The Committee is authorized to grant Options and
Stock awards (such Options and Stock awards, “Conversion Options” and “Conversion Stock,”
respectively) in consideration of the cancellation by Cendant of certain stock options and
restricted stock unit awards previously granted to Participants by Cendant (such Cendant
awards, the “Cendant Awards”). Notwithstanding any other provision of the Plan to the
contrary, and in any event in accordance with a formula for the conversion of Cendant Awards
determined by the Board in its sole discretion, (i) the number of shares to be subject to a
Conversion Option or Conversion Stock shall be determined by the Committee and (ii) the per
share exercise price of a Conversion Option shall be determined by the Committee and may be
less than the Fair Market Value of a share of Stock on the date of grant.

     (vi)     Other Stock- or Cash-Based Awards. The Committee is authorized to grant
Awards to Grantees in the form of Other Stock-Based Awards or Other Cash-Based

12

 

Exhibit 10.1

Awards, as deemed by the Committee to be consistent with the purposes of the Plan.
Awards granted pursuant to this paragraph may be granted with value and payment contingent
upon Performance Goals, so long as such goals relate to periods of performance in excess of
one calendar year. The Committee shall determine the terms and conditions of such Awards at
the date of grant or thereafter. Performance periods under this Section 6(b)(vi) may
overlap. The maximum value of the aggregate payment that any Grantee may receive pursuant to
this Section 6(b)(vi) in respect of any Plan Year is $1 million. Payments earned hereunder
may be decreased or, with respect to any Grantee who is not a Covered Employee, increased in
the sole discretion of the Committee based on such factors as it deems appropriate. No such
payment shall be made to a Covered Employee prior to the certification by the Committee that
the Performance Goals have been attained. The Committee may establish such other rules
applicable to the Other Stock- or Cash-Based Awards to the extent not inconsistent with
Section 162(m) of the Code.

     (c)     Annual Incentive Program. The Committee is authorized to grant Awards to Grantees
pursuant to the Annual Incentive Program, under such terms and conditions as deemed by the
Committee to be consistent with the purposes of the Plan. Grantees will be selected by the
Committee with respect to participation for a Plan Year. The maximum value of the aggregate payment
that any Grantee may receive under the Annual Incentive Program in respect of any Plan Year is $1
million. Payments earned hereunder may be decreased or, with respect to any Grantee who is not a
Covered Employee, increased in the sole discretion of the Committee based on such factors as it
deems appropriate. No such payment shall be made to a Covered Employee prior to the certification
by the Committee that the Performance Goals relating to Awards hereunder have been attained. The
Committee may establish such other rules applicable to the Annual Incentive Program to the extent
not inconsistent with Section 162(m) of the Code.

     (d)     Compliance with Code Section 409A. Effective January 1, 2009, the specific
terms of any Award or Award Agreement relating to the time or form of payment, deferral of payment
or any other feature of an Award that is subject to Section 409A of the Code shall be designed to
comply with the requirements or exemptions in the final regulations under such Section.

     7.     Change in Control Provisions.

     Unless otherwise determined by the Committee and evidenced in an Award Agreement, in the event
of a Change of in Control:

     (a)     any Award carrying a right to exercise that was not previously vested and exercisable
shall become fully vested and exercisable; and

     (b)     the restrictions, deferral limitations, payment conditions, and forfeiture conditions
applicable to any other Award granted under the Plan shall lapse and such Awards shall be deemed
fully vested, and any performance conditions imposed with respect to Awards shall be deemed to be
fully achieved; provided, however, payment of a 409A Award upon a change in control may be made
only if such change in control qualifies as a “change in control” under Section 1.409A-3(i)(5) of
the Treasury Regulations.

13

 

 Exhibit 10.1

     8.     General Provisions.

     (a)     Nontransferability. Unless otherwise provided in an Award Agreement, Awards shall
not be transferable by a Grantee except by will or the laws of descent and distribution and shall
be exercisable during the lifetime of a Grantee only by such Grantee or his guardian or legal
representative.

     (b)     No Right to Continued Employment, etc. Nothing in the Plan or in any Award, any
Award Agreement or other agreement entered into pursuant hereto shall confer upon any Grantee the
right to continue in the employ of, or to continue as a director of, or to continue to provide
services to, the Company or any Parent or Subsidiary of the Company or to be entitled to any
remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to
interfere with or limit in any way the right of the Company or any such Parent or Subsidiary to
terminate such Grantee’s employment, or director or independent contractor relationship.

     (c)     Taxes. The Company or any Parent or Subsidiary of the Company is authorized to
withhold from any Award granted, any payment relating to an Award under the Plan, including from a
distribution of Stock, or any other payment to a Grantee, amounts of withholding and other taxes
due in connection with any transaction involving an Award, and to take such other action as the
Committee may deem advisable to enable the Company and Grantees to satisfy obligations for the
payment of withholding taxes and other tax obligations relating to any Award. This authority shall
include authority to withhold or receive Stock or other property and to make cash payments in
respect thereof in satisfaction of a Grantee’s tax obligations. The Committee may provide in the
Award Agreement that in the event that a Grantee is required to pay any amount to be withheld in
connection with the issuance of shares of Stock in settlement or exercise of an Award, the Grantee
may satisfy such obligation (in whole or in part) by electing to have a portion of the shares of
Stock to be received upon settlement or exercise of such Award equal to the minimum amount required
to be withheld.

     (d)     Stockholder Approval; Amendment and Termination.

     (i)     The Plan shall take effect upon its adoption by the Board but the Plan (and any
grants of Awards made prior to the stockholder approval mentioned herein) shall be subject to
the requisite approval of the stockholders of the Company. In the event that the stockholders
of the Company do not ratify the Plan at a meeting of the stockholders at which such issue is
considered and voted upon, then upon such event the Plan and all rights hereunder shall
immediately terminate and no Grantee (or any permitted transferee thereof) shall have any
remaining rights under the Plan or any Award Agreement entered into in connection herewith.

     (ii)     The Board may at any time and from time to time alter, amend, suspend, or
terminate the Plan in whole or in part; provided, however, that unless otherwise determined
by the Board, an amendment that requires stockholder approval in order for the Plan to
continue to comply with Section 162(m) or any other law, regulation or stock exchange
requirement shall not be effective unless approved by the requisite vote of

14

 

Exhibit 10.1

stockholders. Notwithstanding the foregoing, no amendment to or termination of the Plan
shall affect adversely any of the rights of any Grantee, without such Grantee’s consent,
under any Award theretofore granted under the Plan.

     (e)     Expiration of Plan. Unless earlier terminated by the Board pursuant to the
provisions of the Plan, the Plan shall expire on the tenth anniversary of the Effective Date. No
Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall
not affect adversely any of the rights of any Grantee, without such Grantee’s consent, under any
Award theretofore granted.

     (f)     Deferrals. The Committee shall have the authority to establish such procedures and
programs that it deems appropriate to provide Grantees with the ability to defer receipt of cash,
Stock or other property payable with respect to Awards granted under the Plan. Any procedures or
programs established by the Committee under this paragraph shall be designed and administered in
compliance with Section 409A of the Code and Internal Revenue Service guidance issued thereunder.

     (g)     No Rights to Awards; No Stockholder Rights. No Grantee or other person shall have
any claim to be granted any Award under the Plan, and there is no obligation for uniformity of
treatment of Grantees. Except as provided specifically herein, a Grantee or a transferee of an
Award shall have no rights as a stockholder with respect to any shares covered by the Award until
the date of the issuance of a stock certificate to him for such shares.

     (h)     Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan
for incentive and deferred compensation. With respect to any payments not yet made to a Grantee
pursuant to an Award, nothing contained in the Plan or any Award shall give any such Grantee any
rights that are greater than those of a general creditor of the Company.

     (i)     No Fractional Shares. No fractional shares of Stock shall be issued or delivered
pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards, or
other property shall be issued or paid in lieu of such fractional shares or whether such fractional
shares or any rights thereto shall be forfeited or otherwise eliminated.

     (j)     Regulations and Other Approvals.

          (i)     The obligation of the Company to sell or deliver Stock with respect to any Award
granted under the Plan shall be subject to all applicable laws, rules and regulations,
including all applicable federal and state securities laws, and the obtaining of all such
approvals by governmental agencies as may be deemed necessary or appropriate by the Committee.

          (ii)     Each Award is subject to the requirement that, if at any time the Committee
determines, in its absolute discretion, that the listing, registration or qualification of
Stock issuable pursuant to the Plan is required by any securities exchange or under any state
or federal law, or the consent or approval of any governmental regulatory body is necessary or
desirable as a condition of, or in connection with, the grant of an Award or the issuance of
Stock, no such Award shall be granted or payment made or Stock issued, in
whole or in part, unless listing, registration, qualification, consent or approval has
been effected or obtained free of any conditions not acceptable to the Committee.

15

 

 Exhibit 10.1

          (iii)     In the event that the disposition of Stock acquired pursuant to the Plan is not
covered by a then-current registration statement under the Securities Act and is not otherwise
exempt from such registration, such Stock shall be restricted against transfer to the extent
required by the Securities Act or regulations thereunder, and the Committee may require a
Grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such
Stock, to represent to the Company in writing that the Stock acquired by such Grantee is
acquired for investment only and not with a view to distribution.

          (iv)     The Committee may require a Grantee receiving Stock pursuant to the Plan, as a
condition precedent to receipt of such Stock, to enter into a stockholder agreement or
“lock-up” agreement in such form as the Committee shall determine is necessary or desirable to
further the Company’s interests.

     (k)     Governing Law. The Plan and all determinations made and actions taken
pursuant hereto shall be governed by the laws of the State of Delaware without giving effect to the
conflict of laws principles thereof.

     (l)     409A Compliance. The terms of the Plan shall be interpreted and applied in a
manner consistent with the requirements of Section 409A of the Code and the Treasury Regulations
thereunder, and the Company shall have no right to make any payment under the Plan, except in
compliance with Section 409A of the Code. It is intended that payments made under the Plan on or
before the 15th day of the third month following the end of the Grantee’s first taxable year in
which the right to the payment is no longer subject to a substantial risk of forfeiture shall be
exempt from compliance with Section 409A of the Code pursuant to the exception for short-term
deferrals set forth in Section 1.409A-1(b)(4) of the Treasury Regulations. The Company shall have
no obligation, however, to reimburse a Grantee for any tax penalty or interest payable, or provide
a gross-up payment in connection with any tax liability of a Grantee under Section 409A of the
Code. 

     (m)     409A Restrictions. Anything in this Plan to the contrary notwithstanding, the
following rules shall apply to 409A Awards and shall constitute further restrictions on terms of
Awards set forth elsewhere in this Plan:

          (i)     The Committee may permit a Grantee to elect to defer
an Award, or any
payment under an Award only if such election is either made before the beginning of the Plan
Year for which the Award is granted or complies with an exception set forth in the Treasury
Regulations under Section 409A of the Code.

          (ii)     The Committee shall have no authority to accelerate
payments relating to
409A Awards in excess of the authority permitted under Section 1.409A-3(j) of the Treasury
Regulations.

16

 

 Exhibit 10.1

           (iii)     Any payment of a 409A Award triggered by a
Grantee’s termination of
employment shall be made only if such termination constitutes, as determined by the
Committee, a “separation of service” under Treasury Regulation 1.409A-1(h) and shall be
delayed for six months following the date of such termination if such Grantee is a Specified
Employee on such date. In the event of any such delay in the distribution date, the 409A
Award will be paid at the beginning of the seventh month following the Grantee’s
termination. In the event of the Grantee’s death during such six-month period, payment will
be made in the payroll period next following the payroll period in which the Grantee’s death
occurs. A Grantee is a “Specified Employee” if he or she is an employee of the Company who
satisfies the requirements for being designated a “key employee” under Section
416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code
at any time during a calendar year, in which case such employee shall be considered a
Specified Employee for the twelve-month period beginning on the first day of the fourth
month immediately following the end of such calendar year. Notwithstanding the foregoing,
all employees who are nonresident aliens during an entire calendar year are excluded for
purposes of determining which employees meet the requirements of Section 416(i)(1)(A)(i),
(ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code for such calendar
year. The term “nonresident alien” as used herein shall have the meaning set forth in
Regulations Section 1.409A-1(j). In the event of any corporate spinoff or merger, the
determination of which employees meet the requirements of Section 416(i)(1)(A)(i), (ii) or
(iii) of the Code without regard to Section 416(i)(5) of the Code for any calendar year
shall be determined in accordance with Regulations Section 1.409A-1(i)(6).

           (iv)     In the case of any payment of a 409A Award, if the
timing of such payment
is not otherwise specified in the Plan or Award Agreement, the payment shall be made on or
after the date at which the settlement of the Award is specified to occur and on or before
the 75th day following the date at which the settlement of the Award is specified to occur,
determined in the sole discretion of the Committee, except as otherwise provided in
Subsection (iii) above. In the case of any Award providing for payment upon the lapse of a
risk of forfeiture, if the timing of such payment is not otherwise specified in the Plan or
an Award Agreement, the payment shall be made on or after January 1 and on or before March
15 of the year following the year the risk of forfeiture lapsed.

          (v)     No amendment or termination of the Plan or an Award
pursuant to Section
8(d) above shall be effective with respect to 409A Awards except insofar as it complies with
the requirements of Section 409A of the Code and the Treasury Regulations thereunder,
including without limitation, the requirements set forth in Treasury Regulations Section
1.409A-2(b) governing subsequent changes in time and form of payment and Section
1.409A-3(j)(4)(ix) governing plan terminations.

          (vi)     Payment of a 409A Award to a Grantee may be delayed
to a date after the
payment date designated in the Plan or Award Agreement if the Company’s deduction with
respect to such payment otherwise would be limited or eliminated by the application of
Section 162(m) of the Code, in which case the payment shall be made upon the earliest date
at which the Committee reasonably anticipates that the deduction of the payment of
the amount will not be limited or eliminated by the application of Section 162(m)
of the Code. Any such delay shall apply to all scheduled payments to such Grantee. 

17

 

Exhibit 10.1

For purposes of Section 8(l) and this Section 8(m), any reference to a term or event (including
any authority or right of the Company or a Grantee) being “permitted” under or being in
“compliance” with Section 409A and the Treasury Regulations thereunder means that the term or event
will not cause the Grantee to be deemed to be in constructive receipt of compensation relating to
the 409A Award prior to the payment of cash, shares or other property or to be liable for payment
of interest or a penalty tax under Section 409A.

18exv10w2

Exhibit 10.2

WRIGHT EXPRESS CORPORATION

AMENDED AND RESTATED

NON-EMPLOYEE DIRECTORS

DEFERRED COMPENSATION PLAN

	1)	 	Purpose. The purpose of the Wright Express Corporation Non-Employee Directors
Deferred Compensation Plan (the “Plan”) is to enable directors of Wright Express Corporation
(the “Company”) who are not also employees of the Company to defer the receipt of certain
compensation earned in their capacity as non-employee directors of
the Company.

	 
	2)	 	Eligibility; Participation. Directors of the Company who are not also employees of
the Company or any of its subsidiaries (“Directors”) are eligible to participate in the Plan.
An eligible Director may commence participation by submitting to the Committee (as defined
below) or its designee, a written election to defer eligible
compensation.

	 
	3)	 	Administration. The Plan shall be administered by the Compensation Committee of the
Board of Directors of the Company (the “Committee”). The Committee shall have the authority
to adopt rules and regulations for carrying out the Plan’s intent and to interpret, construe
and implement the provisions thereof. Determinations made by the Committee with respect to
the Plan, any deferral made hereunder and any Director’s account shall be final and binding
on all persons, including but not limited to the Company, each Director participating in the
Plan and such Director’s beneficiaries.

	 
	4)	 	Deferral of Fees. Subject to such rules and procedures that the Committee may
establish from time to time, and subject to any determinations of the Company to pay
compensation to Directors from time to time, a Director may elect to defer under the Plan all
or a portion of his or her annual retainer fees, as well as such other fees, stipends,
incentive awards and other payments determined by the Committee to be eligible for deferral
from time to time that are, in each case, otherwise payable in cash and restricted stock
units (or other equity-based forms of payment) in accordance with the Company’s policies as
in effect from time to time (such compensation, collectively,
“Fees”).

	 
	 	 	In order to defer all or any portion of a Director’s Fees, the Director must complete a
deferral election in such form, and at such time, as determined by the Committee in its sole
discretion. An initial deferral election may be made within 30 days after becoming a
non-employee Director of the Company and shall apply to Fees for services to be performed
subsequent to making the election. A Director who does not make an election within such
30-day period may make an election to defer Fees for services to be performed in a
subsequent calendar year by submitting a deferral election in advance of such year pursuant
to procedures established by the Committee. Once a Director has elected to defer any
portion of the Director’s Fees, the election shall continue in force for the remainder of
the Director’s service as a member of the Board of Directors of the Company, and shall
be irrevocable for the first calendar year to which it applies; provided, however, that
a Director may, however, revoke his or her deferral election for
subsequent calendar years. Such revocation shall remain in effect until the Director submits
a new deferral election pursuant to the procedures established by the
Committee.

 

 

	5)	 	Form of Deferral. The Company shall establish a separate deferred compensation
account on its books in the name of each Director who has elected to participate in the Plan.
A number of Restricted Stock Units (as defined in the Company’s 2005 Equity and Incentive Plan
or a successor plan) (the “Stock Plan”) payable in shares of Company common stock, par value
$0.01 per share (“Company Stock”) or, in the Committee’s discretion, cash shall be credited to
each such Director’s account as of each date (a “Deferral Date”) on which amounts deferred
under the Plan would otherwise have been paid to such Director. The Restricted Stock Units
credited to a participating Director’s account under the Plan shall be issued under the Stock
Plan.

	 	(A)	 	Deferral of Cash Payments. The number of Restricted Stock Units
credited to a Director’s account as of each Deferral Date shall be calculated by
dividing the amount so deferred by the Fair Market Value (as defined in the Stock Plan)
of a share of Company Stock as of such Deferral Date. The Restricted Stock Units so
credited, shall be immediately vested and non-forfeitable and shall become payable as
set forth in Section 8.

	 
	 	(B)	 	Deferral of RSU Awards. The Director’s account shall also be credited
with the number of compensatory Restricted Stock Units awarded under the Non-Employee
Director Compensation Plan that the Director has elected to defer, if any. The
Restricted Stock Units so credited shall be subject to such vesting and other
restrictions as are set forth in such plan.

	 	 	Except as set forth herein, the terms and conditions of the Restricted Stock Units credited
to Director’s accounts under the Plan shall be governed by the Stock Plan, including, but
not limited to, the equitable adjustment provisions set forth in Section 5 thereof and
provisions with respect to a Change in Control (as defined in the Stock Plan).

	 
	6)	 	Dividend Equivalents. Additional Restricted Stock Units shall be credited to a
Director’s account as of each date (a “Dividend Date”) on which cash dividends and/or special
dividends and distributions are paid with respect to Company Stock, provided that at least one
Restricted Stock Unit is credited to such Director’s account as of the record date for such
dividend or distribution. The number of Restricted Stock Units to be credited to a Director’s
account under the Plan as of any Dividend Date shall equal the quotient obtained by dividing
(a) the product of (i) the number of the vested and nonforfeitable Restricted Stock Units
credited to such account on the record date for such dividend or distribution and (ii) the per
share dividend (or distribution value) payable on such Dividend Date, by (b) the Fair Market
Value of a share of Company Stock as of such Dividend Date.

	 
	7)	 	Restrictions of Transfer. The right of a Director or that of any other person to the
payment of deferred compensation or other benefits under the Plan may not be assigned,
transferred, pledged or encumbered except by will or by the laws of descent and distribution.

2

 

	8)	 	Payment of Restricted Stock Units. Each Director (or his or her beneficiary) shall
receive a one-time distribution of Common Stock with respect to all vested and nonforfeitable
Restricted Stock Units then credited to the Director’s account under the Plan on the date
which is 200 days immediately following the date upon which such Director’s service as a
member of the Company’s Board of Directors terminates for any reason. The number of shares of
the Company Stock payable upon such distribution shall equal the number of Restricted Stock
Units credited to such Director’s account as of the date of such distribution. Fractional
shares shall be payable in cash.

	 
	 	 	If a Director dies prior to the complete distribution of his or her account, the balance of
the account shall be paid as soon as practicable to the Director’s designated beneficiary or
beneficiaries. A designation of beneficiary shall be made by the Director using the form
prescribed by the Committee and may be changed by the Director at any time by filing a new
form. If no beneficiary is designated or no designated beneficiary survives the Director,
payment shall be made to the estate of the Director.

	 
	9)	 	Unfunded Plan: Creditor’s Rights. The Plan is intended to be an “unfunded” deferred
compensation plan. The obligation of the Company under the Plan is purely contractual and
benefits under the Plan shall not be funded or secured in any way. A Director or any
beneficiary shall have only the interest of an unsecured general creditor of the Company in
respect of the Restricted Stock Units credited to such Director’s account and benefits
payable under the Plan.

	 
	10)	 	Successors in Interest. The obligations of the Company under the Plan shall be
binding upon any successor or successors of the Company, whether by merger, consolidation,
sale of assets or otherwise, and for this purpose reference herein to the Company shall be
deemed to include any such successor or successors.

	 
	11)	 	Governing Law; Interpretation. The Plan shall be construed and enforced in accordance
with, and governed by, the laws of the State of Delaware. The Company intends that
transactions under the Plan shall be exempt under Rule 16b-3 promulgated under Section 16 of
the Securities Exchange Act of 1934, as amended, unless otherwise determined by the Company.

	 
	12)	 	Termination and Amendment of the Plan. The Board of Directors of the Company may
terminate the Plan at any time; provided, that termination of the Plan shall not adversely
affect the rights of a Director or beneficiary thereof with respect to amounts previously
deferred under the Plan without the consent of such Director and or that of such
Director’s beneficiary, as applicable. The Board of Directors of the Company may amend
the Plan at any time and from time to time; provided, however, that no such amendment shall
adversely affect the rights of any Director or beneficiary thereof with respect to amounts
previously deferred under the Plan.

	 
	13)	 	Effective Date. The Plan was initially adopted on
February 16,
2005., thereafter The
Plan, as amended and restated herein, shall be effectiveas of January 1, 2007.,
and is amended and restated herein effective January 1, 2009.

3

 

ADOPTED ON FEBRUARY 16, 2005

APPROVED ON MAY 16, 2008 AS AMENDED AND RESTATED

APPROVED ON DECEMBER 31, 2008 AS FURTHER AMENDED AND RESTATED

4

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