Document:

Fourth Amended and Restated  WD-40 Company 1990 Incentive Stock Option Plan

 Exhibit 10(c) 
 FOURTH AMENDED AND RESTATED 
 WD-40
COMPANY 
 1990 
 INCENTIVE STOCK OPTION PLAN 
 Pursuant to the authority granted to
the Board of Directors of WD-40 COMPANY under Paragraph 8 of the WD-40 COMPANY 1990 INCENTIVE STOCK OPTION PLAN adopted by the Board of Directors on March 28, 1990, as last restated on September 26, 2000 and approved by the Company’s
stockholders on December 12, 2000, said Plan is hereby amended and restated in its entirety to increase the number of shares authorized for issuance under the Plan, to allow immediate vesting of options granted under the Plan and to extend the
termination date of the Plan to December 31, 2010. 
 This Fourth Amended and Restated Plan shall be effective upon its
approval by the stockholders of the Company within twelve (12) months of its adoption by the Company’s Board of Directors. 
 1. ESTABLISHMENT AND PURPOSE 
 The purpose of the Plan is to provide a means whereby Directors and salaried or
key employees of WD-40 COMPANY, a California corporation (the “Company”) or of its subsidiaries (the “Subsidiaries”) may be given an opportunity to purchase common stock of the Company under options which will be non-qualified or
qualify as “incentive stock options” under Section 422 of the Internal Revenue Code. Subsidiaries, for this purpose, shall include corporations defined as a subsidiary corporation under Section 424 of the Internal Revenue Code.

  

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 2. AMOUNT OF STOCK 
 (a) Options designated as “non-qualified stock options” or “incentive stock options” may be granted from time to time to
directors and employees of the Company or Subsidiaries to purchase an aggregate of not more than 4,480,000 shares of the Company’s authorized but unissued $.001 par value common stock. If an option is surrendered or for any other reason ceases
to be exercisable in whole or in part, the shares which were subject to such option but as to which the option had not been exercised shall continue to be available under the Plan. 
 (b) The number of shares available under the Plan shall be increased to the extent of any shares tendered in lieu of cash upon exercise of
an option granted under the Plan, whether such shares are actually canceled or are retained upon issuance of an appropriate net number of new shares, the effect on the issuance of additional shares being the same. 
 (c) The aggregate fair market value (determined at the time an option is granted) of the stock for which incentive stock options first
become exercisable by any person in any calendar year (under all such plans of the Company or of its parent or Subsidiaries) shall not exceed $100,000. 
 (d) Except as provided in Paragraph 4 of this Plan, no incentive stock option shall be granted to any person who, immediately before such option is granted, owns (as defined in Section 424 of the
Internal Revenue Code) stock possessing more than 10% of the total combined voting power or value of all classes of stock of the Company or of its parent or Subsidiaries. 
  

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 3. ADMINISTRATION 
 (a) The Plan shall be administered by the Board of Directors or a Stock Option Committee (the “Committee”) of the Board of
Directors of the Company. The Committee shall consist of two or more directors who are “Non-Employee Directors” as defined in regulation Section 240.16b-3 promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934. Subject to the express terms and conditions of the Plan, the Board of Directors or the Committee shall have full power to construe and interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it,
and to make all other determinations necessary or advisable, in the sole discretion of the Board of Directors or the Committee, for its administration. 
 (b) The Board of Directors or the Committee may from time to time determine which Directors and employees of the Company or Subsidiaries shall be granted non-qualified or incentive stock options under
this Plan, and the number of shares for which an option or options shall be granted to each of them. Options granted to outside directors shall be approved by a vote of the full Board of Directors. 
 4. TERMS AND CONDITIONS OF OPTIONS  
 Each option shall be evidenced by a Stock Option Agreement executed by the Company and the person to whom such option is granted. Each Agreement shall specify whether the option is a non-qualified or
incentive stock option. The Agreements shall be subject to the following terms and conditions: 
 (a) Option Price.
Except as provided in subparagraph (c), the option price shall be fixed by the Board of Directors or the Committee and shall be a price at least equal to 100% of the fair market value of the stock on the day the option is granted; fair market value
may be taken as the previous day’s closing price or the mean between the opening bid and asked price of the stock in the over-the-counter market, as may be appropriate. 
  

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 (b) Option Period. Except as provided in subparagraph (c), each option granted under
the Plan shall expire on a date determined by the Board of Directors or the Committee, but, for incentive stock options, not later than ten years from the date the option is granted. 
 (c) Incentive Stock Options Granted to 10% Stockholders. An incentive stock option may be granted to a stockholder who, immediately
before such option is granted, owns more than 10% of the total combined voting power or value of all classes of stock of the Company or of its parent or Subsidiaries, provided that the price of such option is at least 110% of the fair market value
of the stock, and provided further that the option is not exercisable after five years from the date the option is granted. 
 (d) Adjustments. 
 (i) In the event of an increase or decrease in the number of outstanding shares of common
stock of the Company through stock dividends, split-ups, changes in par value and the like, an appropriate adjustment shall be made in the number of shares and option price per share of the shares as to which the right to purchase has not been
exercised or has not matured. Such adjustment may be made either by increase in the number of shares and decrease in the option price per share, or by decrease in the number of shares and increase in the option price per share, as may be required to
enable the holder of the option to acquire the same proportionate stockholdings at the same aggregate purchase price. In making such adjustments, no fractional shares, or scrip certificates in lieu thereof, shall be issued by the Company, and the
holder of the option shall receive only the number of full shares to which he may be entitled by reason of such adjustment at the adjusted option price per share. 
  

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 (ii) Whenever during the term of an option and prior to the exercise thereof as to all
shares at that time subject thereto, the Company (1) shall offer for sale to holders of its common stock, shares of common stock or other classes of stock or of other securities of the Company, or (2) in connection with any transaction
shall acquire or shall cause to be issued rights to acquire shares of stock or other securities of any corporation to or for the benefit of the holders of common stock of the Company, it will give written notice to the holder of an option of the
rights which are thus to be acquired or issued to or for the benefit of the holders of its common stock in sufficient time to permit such option holder to exercise the option to the full extent then possible. 
 (iii) In the event the Company proposes to merge or consolidate with another corporation or to sell or dispose of its assets and business
or to dissolve, the Company will give written notice thereof to the holder of each option in sufficient time to permit him to exercise the option in full as to any matured options, if such holder should elect to do so, and to participate in such
transaction as a stockholder of the Company. In the event of a merger or consolidation or sale under which the Company or its holders of common stock will not acquire stock or other securities of the continuing, resulting or another corporation in
exchange for their shares of common stock of the Company but shall receive cash in whole or in part, then any unmatured options shall likewise be deemed to have matured at the date of the notice of the meeting of stockholders of the Company at which
such consolidation, merger, sale or other transaction is to be considered so that the option holder will have an opportunity to exercise such option before such consolidation, merger, sale or other transaction is effective. In either event, if such
options are not exercised, they shall terminate and expire. 
  

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 (e) Nontransferability of Options. An option shall not be transferable otherwise
than by Will or the laws of descent and distribution, and an option may be exercised during the lifetime of the employee only by him. 
 (f) Other Provisions and Amendments. The option may contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Board of Directors or the Committee and incentive stock options shall
include such provisions and conditions as may be necessary to qualify the option as an “incentive stock option” under Section 422 of the Internal Revenue Code. The Board of Directors or the Committee shall have authority to amend any
outstanding option to include such terms, provisions and conditions not inconsistent with the Plan as may be agreed to by the optionee. 
 5. EXERCISE OF OPTIONS 
 (a) An option may be exercised with respect to all
or any part of the shares then subject to exercise only by delivering to the Company written notice of exercise, specifying the number of such shares as to which the option is so exercised and accompanied by cash or a certified or cashier’s
check, payable to the order of the Company for an amount in lawful money of the United States equal to the option price of such shares. 
 (b) In lieu of cash, an optionee may exercise his or her option by tendering to the Company shares of the common stock of the Company, owned by him or her for not less than six (6) months, and having
a fair market value equal to the cash exercise price applicable to the option(s) being exercised, with the fair market value of such stock to be determined in such appropriate manner as may be provided for by the Board of Directors or the Committee.

  

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 (c) The Stock Option Agreement shall require certain representations, warranties or
assurances, or an undertaking by an optionee in the event issuance of the shares might require filing or registration under the Securities Act of 1933 or the Blue Sky laws of any state or any other law regulating the issuance of securities.

 6. TAX REPORTING AND WITHHOLDING 
 The Company shall comply with all reporting and withholding requirements applicable to the exercise of options under the Internal Revenue Code and regulations thereunder. 
 7. PROCEEDS FROM SALE OF STOCK 
 Proceeds from the sale of stock pursuant to the options granted under the Plan shall be added to the general funds of the Company. 
 8. SUSPENSION, AMENDMENT OR TERMINATION OF THE PLAN 
 The Board of Directors may at any time amend, suspend or terminate the Plan. Unless the Plan shall theretofore have been terminated by the Board of Directors, the Plan shall terminate on December 31,
2010. No option may be granted during such suspension or after such termination. The termination of the Plan shall not, without the consent of the optionee, alter or impair any rights or obligations under any option theretofore granted under the
Plan. 
 9. DELIVERY OF SHARES SUBJECT TO DELAYS 
 The issuance of each option under the plan and the issuance and delivery of shares of stock pursuant to the exercise of any option under the
Plan shall be subject to and in compliance with the laws of any state or other governmental authority applicable thereto, the Board of Directors being hereby authorized to cause to be prepared, filed and presented on the

  

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Company’s behalf to any governmental official, agency or tribunal all such applications or other instruments or papers and to maintain any and all proceedings as shall be required to cause
the issuance to the Company of a permit or other authorization to issue or deliver any such option of shares. Neither the Company nor any officer, director or employee shall be liable for any delay in issuance or delivery of any option or shares
pending the filing of any such application, instrument or papers or the grant of a permit or other authorization to enable such issuance or delivery to be made. 
 IN WITNESS WHEREOF, the Plan is amended and restated this 16th day of October, 2003. 
  

			
	WD-40 COMPANY
		
	By	 	 /s/    Garry O. Ridge

		 	Garry O. Ridge, President

 Attest: 
  

	
	 /s/    Maria M. Mitchell

	Maria M. Mitchell, Assistant Secretary

  

 – 8 –Third Amended and Restated 1999 Non-Employee Director Restricted Stock Plan

 Exhibit 10(e) 
 THIRD AMENDED AND RESTATED 
 WD-40
COMPANY 
 1999 
 NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PLAN 
 The WD-40 Company 1999
Non-Employee Director Restricted Stock Plan (the “Plan”) is amended and restated as of this 28th day of October, 2003 by the Board of Directors of WD-40 COMPANY, a Delaware corporation, (the “Company”). 
 1. ESTABLISHMENT AND PURPOSE 
 The purpose of the Plan is to authorize the issuance of shares of the Company’s common stock to Directors who are not full time employees of the Company. The Board of Directors has determined that it
will be in the best interest of the Company and its shareholders for all Directors to maintain a minimum level of share ownership. 
 2. AMOUNT OF STOCK 
 The total number of shares of the Company’s common stock that may be issued pursuant
to the Plan shall not exceed 50,000 shares. In the event that there are not a sufficient number of authorized but unissued shares available pursuant to the Company’s Certificate of Incorporation to cover the number shares called for by this
Plan for any year as well as for any outstanding stock option plan or other plan authorizing the future issuance of a specific number of shares, this Plan shall be suspended until a sufficient number of shares are duly authorized. 
 3. ADMINISTRATION 
 The Plan shall be administered by the Board of Directors. Subject to the express terms and conditions of the Plan, the Board of Directors shall have full power to construe and interpret the Plan, to prescribe, amend and rescind rules and
regulations relating to it, and to make all other determinations necessary or advisable, in the sole discretion of the Board of Directors, for its administration. 
  

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 4. ISSUANCE OF RESTRICTED SHARES  
 (a) Issuance of Restricted Shares. As soon as practicable following the first business day of March of each year, the Company shall,
in lieu of the payment of $5,500 of annual Director compensation, issue restricted shares of the Company’s common stock to each non-employee Director who does not then own shares having an aggregate fair market value of at least $50,000. The
number of shares to be issued shall be determined as set forth in paragraph 4(c) below. Share ownership for purposes of the Plan shall include all shares in which the Director has a direct or indirect pecuniary interest as defined under regulations
promulgated pursuant to Section 16 of the Securities Exchange Act of 1934, but pecuniary interest shall not be established by attribution to family member ownership interest. 
 (b) Elective Issuance of Restricted Shares. Any Director may elect, by written letter delivered to the President
as soon as practicable after the regularly scheduled meeting of the Board of Directors in September, but not later than November 30 of such year, to receive restricted shares of the Company’s common stock in lieu of all or the balance of
such Director’s annual compensation, in increments of $5,500, excluding such compensation as may be payable for participation at or chairing of committee meetings and excluding any additional compensation payable to the Chairman of the Board.
Any such election shall be subject to the formal election of such Director at the next following Annual Meeting of Stockholders. The number of shares to be issued shall be determined as set forth in paragraph 4(c) below. 
 (c) Calculation of Shares to be Issued. The number of restricted shares of the Company’s common stock to be issued pursuant to
the provisions of subparagraphs 4(a), 4(b) or 4(f) hereof shall be calculated by dividing the amount of compensation for which the shares are to be issued by an amount equal to ninety percent (90%) of the closing price of the Company’s
shares on the first business day of March. Such resulting number of shares shall be rounded to the nearest integer. 
  

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 (d) Restricted Shares. All shares issued pursuant to the Plan
shall be restricted for a period of five years or until such Director’s retirement from the Board of Directors following his or her 65th birthday. During such period of restriction the shares may not be sold or disposed of. Until the restriction on
sale or transfer has expired or until such Director’s 65th birthday, whichever date is earlier, the shares shall be subject to forfeiture and cancellation by the Company in the event such Director resigns as a Director. No forfeiture shall be required if the Director is removed as a director for
any reason other than resignation. 
 (e) Removal of Restrictions on Merger or Sale. In the event the Company proposes
to merge or consolidate with another corporation or to sell or dispose of its assets and business or to dissolve, the restrictions upon resale shall be removed as of the closing or expiration of such transaction so that the shares may be tendered
for acceptance of any cash or exchange offer made in connection with such transaction. 
 (f) Issuance of Shares to New
Directors. In the case of a Director first elected to serve at the Annual Meeting of Stockholders, such Director shall have thirty (30) days following such election to the Board of Directors to make the election authorized pursuant to the
provisions of paragraph 4(b) above. The terms of this Plan and the elections authorized hereunder shall apply to such prorated compensation payable to new Directors pursuant to the WD-40 Directors’ Compensation Policy then in effect. In the
event any vacancy on the Board of Directors is filled during the year, the entire amount of such prorated compensation shall be paid in restricted shares unless the new Director owns shares of the common stock of the Company having a value of
$50,000 or more. The number of shares to be issued to newly appointed Directors shall be computed based upon the price of the Company’s common shares as of the first business day of the second month following such appointment and the shares
shall be issued as soon as practicable thereafter. 
 5. SHARE CERTIFICATE ENDORSEMENTS 
 Each share certificate representing shares issued pursuant to the Plan shall bear the following restrictive endorsements which may be
removed at such time as the restrictions provided by the Plan have expired and provided that counsel for the Company has issued an opinion that the shares may be transferred free of restrictions imposed by the Securities Act of 1933 or the
securities laws of any state or any other law regulating the issuance of securities: 
 (i) “The shares
represented by this certificate are subject to transfer restrictions in accordance with the terms of a Non-Employee Director Restricted Stock Plan amended and restated as of October 28th, 2003, a copy of which may be obtained without charge by
written request delivered to the Corporation.” 
  

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 (ii) “The shares represented by this certificate have not been
registered under the Securities Act of 1933 or any applicable state securities acts and cannot be transferred without an opinion of counsel satisfactory to the Corporation’s legal counsel that such transfer will not violate any such securities
laws.” 
 6. TAX REPORTING AND WITHHOLDING 
 The Company shall comply with all reporting and withholding requirements applicable to the compensatory issuance of shares to non-employee
Directors under the Internal Revenue Code and regulations thereunder. 
 7. SUSPENSION, AMENDMENT OR TERMINATION OF THE PLAN
 
 The Board of Directors may at any time amend, suspend or terminate the Plan. Unless the Plan shall theretofore have been
terminated by the Board of Directors, the Plan shall terminate on December 31, 2009. No shares may be issued during such suspension or after such termination. The termination of the Plan shall not, without the consent of a Director holding
restricted shares issued pursuant to the Plan, alter or impair any rights or obligations theretofore granted or imposed by the Plan. 
 8. DELIVERY OF SHARES SUBJECT TO DELAYS 
 The issuance and delivery of shares under the Plan shall be subject
to and in compliance with the laws of any state or other governmental authority applicable thereto, the Board of Directors being hereby authorized to cause to be prepared, filed and presented on the

  

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Company’s behalf to any governmental official, agency or tribunal all such applications or other instruments or papers and to maintain any and all proceedings as shall be required to cause
the issuance to the Company of a permit or other authorization to issue or deliver any such shares. Neither the Company nor any officer, director or employee shall be liable for any delay in issuance or delivery of any shares pending the filing of
any such application, instrument or papers or the grant of a permit or other authorization to enable such issuance or delivery to be made. 
 IN WITNESS WHEREOF, the Plan is adopted this 28th day of October, 2003. 
  

			
	WD-40 COMPANY
		
	By	 	 /s/    Garry O. Ridge

		 	Garry O. Ridge, President

 Attest: 
  

	
	 /s/    Maria M. Mitchell

	Maria M. Mitchell, Assistant Secretary

  

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