Document:

Exhibit 10.1

 

AMENDMENT NUMBER THREE TO THE

DEFERRED COMPENSATION PLAN

OF WATER PIK TECHNOLOGIES, INC.

 

Recitals

 

WHEREAS, Water
Pik Technologies, Inc. (“Employer”) has adopted an executive deferred
compensation plan for the benefit of its executive employees (the “Plan”);

 

WHEREAS,
effective July 2, 2001, the Plan was amended and restated by adoption of the
CORPORATEplan for Retirement Select Plan Document (eff. Date 04/11/94), as
sponsored by Fidelity Management & Research Company;

 

WHEREAS, effective January 1, 2003, the Plan was
amended by modifying Section 1.05(b) to require that the amount of a Company
matching contribution for each Participant shall be determined by a resolution
of the Board of Directors;

 

WHEREAS, compensation
deferred by participants in the Plan that was not earned and vested as of
December 31, 2004 is subject to the requirements of Section 409A of the
Internal Revenue Code (“Section 409A”);

 

WHEREAS, Employer
considers it advisable to subject all amounts deferred under the Plan (including,
but not limited to, amounts earned and vested as of December 31, 2004) to the
requirements of Section 409A;

 

Amendment

 

RESOLVED, that the Plan is hereby amended, effective
as of January 1, 2005, by adding the following Appendix A:

 

“APPENDIX A

SECTION 409A TRANSITION RULES

 

A1.  As contemplated by IRS Notice 2005-1 and
subsequent guidance from the IRS, a Plan participant may elect in writing on or
before December 29, 2005 to cancel his or her Plan deferral elections (in whole
or in part) as to bonuses paid in 2005 and/or salary paid in 2005 or 2006,
and/or to cancel his or her Plan participation, in which case the amount
otherwise deferred by the participant to the Plan with respect to such a
cancelled election (adjusted for deemed earnings and losses pursuant to the
Plan for the period commencing with the date such deferred amount was credited
to the Plan through the time such amount is paid to the participant) shall be
paid to the participant (subject to required tax withholding and other authorized
deductions) promptly after December 29, 2005 and in all cases no later than
December 31, 2005.

 

A2.  As contemplated by IRS Notice 2005-1 and
subsequent guidance from the IRS, a Plan participant may elect in writing to
change all distribution elections such participant has made with respect to
compensation deferred under the Plan, and any such election change need not
comply with the requirements of Section 409A of the Code applicable to changes
in distribution elections; provided, however, that any such change must be made
on or before December 29, 2006, and provided, further, that to the extent that
such change relates to distributions that would otherwise be made in 2006 or
would result in any distributions being made in 2006, such change must be made
on or before December 29, 2005.

 

A3.  Any election made by a Plan participant under
this Appendix A must be irrevocable as of the date such election is required to
be made pursuant to the terms hereof and must otherwise comply with the
procedures for making distribution elections set forth in this Plan.”

 

1

 

IN
WITNESS WHEREOF, the
Employer has caused this Amendment to be executed effective as of December 23,
2005.

 

 

	
  EMPLOYER:

  	
   

  	
  Water Pik Technologies, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BY:

  	
   

  	
  /s/

  	
  THERESA HOPE-REESE

  	
   

  
	
   

  	
   

  	
  Theresa Hope-Reese

  
	
   

  	
   

  	
  Vice President, Human
  Resources

  

 

2Exhibit 10.7

 

FORM OF

PRICELINE.COM INCORPORATED 1999 OMNIBUS PLAN

RESTRICTED STOCK AGREEMENT

 

THIS RESTRICTED STOCK AGREEMENT (“Agreement”) effective as of the    
day of             ,
by and between priceline.com Incorporated, a Delaware corporation, with its
principal United States office at 800 Connecticut Avenue, Norwalk, Connecticut
06854 (the “Company”), and             
(the “Participant”).

 

W I T N E S S E T H:

 

Pursuant to terms of the priceline.com Incorporated 1999 Omnibus Plan
(the “Plan”), the Board of Directors of the Company has authorized this
Agreement.  The Participant has been
granted on             
(the “Grant Date”) the number of restricted shares of Company Stock (the “Restricted
Stock”) set forth below.  Unless
otherwise indicated, any capitalized term used herein, but not defined herein,
shall have the meaning ascribed to such term in the Plan.

 

1.             The
Grant

 

(a)           Subject to the terms and conditions
set forth herein, the Participant is granted       
(      ) shares of Restricted Stock.

 

(b)           Subject to Sections 2 and 3 hereof,
one-fourth (1/4) of the Restricted Stock granted under this Agreement shall
vest on the first anniversary of the Grant Date and an additional one-fourth
(1/4) of the Restricted Stock granted under this Agreement shall vest on each
of the second, third and fourth anniversaries of the Grant Date if on each such
vesting date, the Participant has been in Continuous Service through such
date.  For avoidance of doubt, there
shall be no proportionate or partial vesting in the periods prior to each
vesting date and vesting shall occur only on the applicable vesting dates
pursuant to this Section 1(b).  Upon
satisfaction of the vesting requirements set forth in this Section 1(b), the restrictions
on the vested Restricted Stock, as set forth in Sections 2 and 3 of this
Agreement, shall lapse.  For purposes of
this Agreement, “Continuous Service” shall mean the Participant’s service as a
director on the Board is not interrupted or terminated.

 

2.             Effect
of Termination of Continuous Service

 

(a)           If the Participant’s Continuous
Service terminates for any reason other than the Participant’s  (i) Disability, (ii) retirement after
attaining age 65, or (iii) failure to be renominated for election to the Board,
then the unvested portion of the Restricted Stock granted under this Agreement
shall be immediately forfeited and canceled.

 

(b)           If the Participant’s Continuous
Service terminates as a result of the Participant’s  (i) Disability, (ii) retirement after
attaining age 65, or (iii) failure to be renominated for election to the Board,
then all shares of Restricted Stock granted under this Agreement shall be fully
vested on the date the Participant’s Continuous Service terminates.

 

 

3.             Effect of Change in
Control

 

(a)           In the event of a Change in Control,
all shares of Restricted Stock granted under this Agreement shall be fully
vested on the effective date of the Change in Control if the Participant was in
Continuous Service immediately prior to the Change in Control.

 

(b)           For purposes of this Agreement, the
term “Change in Control” shall mean the occurrence of any one of the following
events:

 

(i)            any Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of the Company
representing thirty-five percent (35%) or more of the combined voting power of
the Company’s then outstanding securities eligible to vote for the election of
the Board (the “Company Voting Securities”); provided, however, that the event
described in this paragraph (i) shall not be deemed to be a Change in
Control if such event results from the acquisition of Company Voting Securities
pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)
below);

 

(ii)           individuals who, on the Grant Date,
constitute the Board (the “Incumbent Directors”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any person
becoming a director subsequent to the Grant Date, whose election or nomination
for election was approved (either by a specific vote or by approval of the
proxy statement of the Company in which such person is named as a nominee for
director, without written objection to such nomination) by a vote of at least
two-thirds of the directors who were, as of the date of such approval,
Incumbent Directors, shall be an Incumbent Director; provided, further, that no
individual initially appointed, elected or nominated as a director of the
Company as a result of an actual or threatened election contest with respect to
the election or removal of directors or as a result of any other actual or
threatened solicitation of proxies or consents by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director;

 

(iii)          the consummation of a merger,
consolidation, statutory share exchange or similar form of corporate
transaction involving (A) the Company or (B) any of its wholly owned
subsidiaries pursuant to which, in the case of this clause (B), Company Voting
Securities are issued or issuable (any event described in the immediately
preceding clause (A) or (B), a “Reorganization”) or the sale or other
disposition of all or substantially all of the assets of the Company to an
entity that is not an Affiliate of the Company (a “Sale”), unless immediately
following such Reorganization or Sale: (1) more than 50% of the total voting
power (in respect of the election of directors, or similar officials in the
case of an entity other than a corporation) of (x) the Company (or, if the
Company ceases to exist, the entity resulting from such Reorganization), or, in
the case of a Sale, the entity which has acquired all or substantially all of
the assets of the Company (in either case, the “Surviving Entity”), or
(y) if applicable, the ultimate parent entity that directly or indirectly
has Beneficial Ownership of more than 50% of the total voting power (in respect
of the election of directors, or similar officials in the case of an entity
other than a corporation) of the Surviving Entity (the “Parent Entity”), is
represented by Company Voting Securities that were outstanding immediately
prior to such Reorganization or Sale (or, if applicable, is represented by
shares into which

 

2

 

such Company Voting Securities were converted pursuant
to such Reorganization or Sale), (2) no Person is or becomes the
Beneficial Owner, directly or indirectly, of 35% or more of the total voting
power (in respect of the election of directors, or similar officials in the
case of an entity other than a corporation) of the outstanding voting
securities of the Parent Entity (or, if there is no Parent Entity, the
Surviving Entity) and (3) at least a majority of the members of the board
of directors (or similar officials in the case of an entity other than a
corporation) of the Parent Entity (or, if there is no Parent Entity, the
Surviving Entity) following the consummation of the Reorganization or Sale
were, at the time of the approval by the Board of the execution of the initial
agreement providing for such Reorganization or Sale, Incumbent Directors (any
Reorganization or Sale which satisfies all of the criteria specified in (1),
(2) and (3) above being deemed to be a “Non-Qualifying Transaction”); or

 

(iv)          the stockholders of the Company approve a plan of complete liquidation
or dissolution of the Company.

 

Notwithstanding the foregoing, (I) if any Person becomes the Beneficial
Owner, directly or indirectly, of 35% or more of the combined voting power of
Company Voting Securities solely as a result of the acquisition of Company
Voting Securities by the Company which reduces the number of Company Voting
Securities outstanding, such increased amount shall be deemed not to result in
a Change in Control; provided, however, that if such Person subsequently
becomes the Beneficial Owner, directly or indirectly, of additional Company
Voting Securities that increases the percentage of outstanding Company Voting
Securities Beneficially Owned by such Person, a Change in Control of the
Company shall then be deemed to occur and (II) the acquisition following the
Effective Date of Company Voting Securities by Hutchison Whampoa Limited,
Cheung Kong (Holdings) Limited or any of their Affiliates shall be deemed not
to result in a Change in Control until such time as Hutchison Whampoa Limited,
Cheung Kong (Holdings) Limited or any of their Affiliates become the Beneficial
Owners in the aggregate of 50% or more of the combined voting power of Company
Voting Securities (and for this purpose the preceding clause (I) shall not
apply).

 

(c)           For the purposes of Section 3(b), the
following terms shall have the following meanings:

 

(i)            “Affiliate” shall mean an affiliate of the Company, as defined in
Rule 12b-2 promulgated under Section 12 of the Securities Exchange Act of 1934,
as amended from time to time (the “Exchange
Act”);

 

(ii)           “Beneficial Owner” shall have the meaning set forth in Rule 13d-3
under the Exchange Act;

 

(iii)          “Person” shall have the meaning set forth in Section 3(a)(9) of
the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except
that such term shall not include (1) the Company or any of its subsidiaries,
(2) a trustee or other fiduciary holding securities under an employee benefit
plan (or related trust) sponsored or maintained by the Company or any of its
subsidiaries, (3) an underwriter temporarily holding securities pursuant to an
offering of such securities, (4) a corporation owned, directly or

 

3

 

indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of shares of Stock or (5)
the Participant or any group of persons including the Participant, or any
entity controlled by the Participant or any group of persons including the
Participant; provided the Participant is an executive officer, director or more
than 10% owner of Stock.

 

4.             Nontransferability
of Grant

 

Except as otherwise
provided herein or in the Plan, no unvested Restricted Stock shall be assigned,
negotiated, pledged, or hypothecated in any way or be subject to execution,
attachment or similar process.  Prior to
the vesting of any Restricted Stock, no transfer of the Participant’s rights
with respect to such Restricted Stock, whether voluntary or involuntary, by
operation of law or otherwise, shall be permitted.  Immediately upon any attempt to transfer such
rights, such Restricted Stock, and all of the rights related thereto, shall be
forfeited by the Participant.

 

5.             Dividend
and Distribution Rights

 

The Committee in
its discretion may require any dividends or distribution paid on the Restricted
Stock be held in escrow until all restrictions on such Restricted Stock have
lapsed.

 

6.             Stock;
Adjustment Upon Certain Events

 

(a)           Stock to be issued under this
Agreement shall be made available, at the discretion of the Board, either from
authorized but unissued Stock, from issued Stock reacquired by the Company or
from Stock purchased by the Company on the open market specifically for this
purpose.

 

(b)           The existence of this Agreement and
the Restricted Stock granted hereunder shall not affect in any way the right or
power of the Board or the stockholders of the Company to make or authorize any
adjustment, recapitalization, reorganization or other change in the Company’s
capital structure or its business, any merger or consolidation of the Company
or any affiliate, any issue of bonds, debentures, preferred or prior preference
stocks ahead of or affecting the Stock, the authorization or issuance of
additional shares of Stock, the dissolution or liquidation of the Company or
any affiliate or sale or transfer of all or part of the assets or business of
the Company or any affiliate, or any other corporate act or proceeding.

 

7.             Determinations

 

Each
determination, interpretation or other action made or taken pursuant to the
provisions of this Agreement by the Committee or the Board in good faith shall
be final, conclusive and binding for all purposes and upon all persons,
including, without limitation, the Participant and the Company, and their
respective heirs, executors, administrators, personal representatives and other
successors in interest.

 

4

 

8.             Other Conditions

 

The transfer of any
shares of Restricted Stock shall be effective only at such time as counsel to
the Company shall have determined that the issuance and delivery of such shares
of Restricted Stock are in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which
Stock is traded.

 

9.             Notification of Election
Under Section 83(b) of the Code

 

If the Participant shall,
in connection with the grant of Restricted Stock under this Agreement, make the
election permitted under Section 83(b) of the Internal Revenue Code (i.e., an election to include in gross income
in the year of transfer the amounts specified in Section 83(b) of the Internal
Revenue Code), then the Participant shall notify the Company of such election
within 10 days of filing notice of the election with the Internal Revenue
Service.

 

10.           Withholding
Taxes

 

The Participant shall be liable for any and all U.S.
federal, state or local taxes of any kind required by law to be withheld with
respect to the vesting of Restricted Stock. 
When the Restricted Stock vests, the Company shall have the right to
require the Participant to surrender to the Company a sufficient number of
whole shares of Stock as necessary to cover all applicable required withholding
taxes and social security contributions related to such vesting for which, if
any, the Company has a withholding obligation; provided, the Company will
provide the Participant with a cash refund for any fraction of surrendered
shares of Stock not necessary for required withholding taxes and social
security contributions.  The Company
shall also have the right to instead require the Participant to remit to the
Company on the date on which the Restricted Stock vests cash in an amount
sufficient to satisfy all applicable required withholding taxes and social
security contributions related to such vesting for which, if any, the Company
has a withholding obligation.  Notwithstanding
the foregoing, if the Participant makes an election under Section 9 above, the
Company shall have the right to require the Participant to remit to the Company
in cash an amount sufficient to satisfy any withholding obligations the Company
may have at the time the notice described in Section 9 is delivered to the
Company.

 

11.           Distribution
of Restricted Stock

 

Upon the vesting of any Restricted Stock pursuant to
the terms hereof, the restrictions of Sections 2, 3 and 4 shall lapse with
respect to such vested Restricted Stock. 
Reasonably promptly after any Restricted Stock vests, the Company shall
cause to be delivered to the Participant a certificate evidencing such Stock.

 

12.           Miscellaneous

 

(a)           This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective heirs,
personal legal representatives, successors, trustees, administrators,
distributees, devisees and legatees.  The
Company shall assign to, and require, any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to

 

5

 

all or substantially all of the business and/or assets
of the Company to expressly assume and agree in writing to perform this
Agreement.  Notwithstanding the
foregoing, this Agreement may not be assigned by the Participant.

 

(b)           No modification or waiver of any of
the provisions of this Agreement shall be effective unless in writing and
signed by the party against whom it is sought to be enforced.

 

(c)           This Agreement may be executed in one
or more counterparts, all of which taken together shall constitute one
agreement.

 

(d)           The failure of any party hereto at
any time to require performance by another party of any provision of this
Agreement shall not affect the right of such party to require performance of
that provision, and any waiver by any party of any breach of any provision of
this Agreement shall not be construed as a waiver of any continuing or
succeeding breach of such provision, a waiver of the provision itself, or a
waiver of any right under this Agreement.

 

(e)           The headings of the sections of this
Agreement have been inserted for convenience of reference only and shall in no
way restrict or modify any of the terms or provisions hereof.

 

(f)            The Company shall pay all fees and
expenses necessarily incurred by the Company in connection with this Agreement
and will from time to time use its reasonable efforts to comply with all laws
and regulations which, in the opinion of counsel to the Company, are applicable
thereto.

 

(g)           All notices, consents, requests,
approvals, instructions and other communications provided for herein shall be
in writing and validly given or made when delivered, or on the second
succeeding business day after being mailed by registered or certified mail,
whichever is earlier, to the persons entitled or required to receive the same,
at the addresses set forth at the heading of this Agreement or to such other
address as either party may designate by like notice.  Notices to the Company shall be addressed to
its principal office, attention of the Company’s General Counsel.

 

(h)           The Plan and this Agreement
constitute the entire Agreement and understanding between the parties with
respect to the matters described herein and supercede all prior and
contemporaneous agreements and understandings, oral and written, between the
parties with respect to such subject matter.

 

(i)            This Agreement shall be governed and
construed and the legal relationships of the parties determined in accordance
with the laws of the state of Delaware without reference to principles of
conflict of laws.

 

(j)            The Company represents and warrants
that it is duly authorized by its Board and/or the Committee (and by any other
person or body whose authorization is required) to enter into this Agreement,
that there is no agreement or other legal restriction which would prevent it
from entering into, and carrying out its obligations under, this Agreement, and
that

 

6

 

the officer signing this Agreement is duly authorized
and empowered to sign this Agreement on behalf of the Company.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

 

	
   

  	
  PRICELINE.COM
  INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Peter J. Millones

  
	
   

  	
   

  	
  EVP, General Counsel

  
	
   

  	
   

  
	
   

  	
  Participant

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
						

 

7

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