Document:

AFL 3-05 Form 10-Q Exhibit 10.1

Aflac Incorporated 1st Quarter 2005 Form 10-Q

EXHIBIT 10.1

FIRST AMENDMENT TO THE

2004 AFLAC INCORPORATED

LONG-TERM INCENTIVE PLAN

     Section 4(b) of the 2004 AFLAC Incorporated Long-Term Incentive Plan is hereby amended to read in its entirety as follows, effective as of May 2, 2005:

The Committee may, in its sole discretion, without amendment to the Plan, in the event of a Participant's death, Disability or retirement, (i) relax or waive any service-based or (except in the case of retirement) performance-based condition to the exercise of any Option or Stock Appreciation Right granted to the Participant, waive or amend the operation of Plan provisions respecting exercise after termination of employment or otherwise adjust any of the terms of such Option or Stock Appreciation Right, and (ii) relax or waive any service-based or (except in the case of retirement) performance-based condition to the vesting of any Restricted Stock or Restricted Stock Unit granted to the Participant or otherwise adjust any of the terms applicable to any such Award.

 

	
 
	
By:
	
  /s/ Joey M. Loudermilk

	
	
	

	
 
	
Name:
	
Joey M. Loudermilk

	
 
	
Title:
	
Executive Vice President, Corporate Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXH 10.1-1WYETH
STOCK OPTION AGREEMENT
 
(Transferable Option)

			
			UNDER:

DATED:

OPTION PRICE:

NON-QUALIFIED STOCK OPTION SHARES:

         1.       
          Under the terms and conditions of this Agreement and of the Wyeth (the
          “Company”) Stock Incentive Plan set forth above (the
          “Plan”), a copy of which is attached hereto and incorporated herein by
          reference, the Company (at the request of the Company’s subsidiary
          employing Optionee, if applicable) hereby grants to the Optionee an option (the
          “Option”) to purchase the number of shares of the Company’s
          Common Stock as specified above (“Option Shares”) at the option price
          also above specified. Capitalized terms not otherwise defined herein have the
          meanings assigned to them in the Plan. 

         2.       
          This Option may be exercised, in whole or in part from time to time in any whole
          number of Option Shares, upon and after the earlier of (i) with respect to
          one-third of the Option Shares (rounded down), the date that is one year from
          the date of grant of this Option, with respect to an additional one-third of the
          Option Shares (rounded down), the date that is two years from the date of grant
          of this Option and, with respect to the remaining one-third of the Option
          Shares, the date that is three years from the date of grant of this Option, or
          (ii) the date of the death, Disability or Retirement (each as defined in the
          Plan) of Optionee. Option exercises are subject, however, to the provisions of
          Section 5 of the Plan which generally requires that at the time of exercise (or,
          in the case of an event described in clause (ii), the date of termination of
          Optionee’s employment with the Company and its subsidiaries) Optionee is or
          was employed by the Company or one or more of its subsidiaries and has been
          continuously employed by the Company or one or more of its subsidiaries for at
          least two years and since the date of grant. Once this Option becomes
          exercisable, it shall remain exercisable until its expiration as described in
          paragraph 3 below. To the extent Option Shares have been purchased pursuant to
          the exercise of this Option, such shares shall no longer be available for
          purchase hereunder. The date after which this Option may be exercised will be
          accelerated upon a Change in Control of the Company (as defined in the Plan) and
          upon such occurrence may be cashed out at the discretion of the Compensation and
          Benefits Committee on the terms described in Section 8 of the Plan. 

         3.       
          This Option shall expire upon the date that is ten years from the date of grant
          or earlier as provided in Section 5 of the Plan which provides, among other
          things, that Options shall expire upon the first to occur of the following: (i)
          immediately upon the date of (A) the termination with the Company and its
          subsidiaries of Optionee’s employment by the Company or any of its
          subsidiaries because of Optionee’s deliberate gross misconduct (as
          determined by the Compensation and Benefits Committee), (B) Optionee’s
          voluntary termination with the Company and its subsidiaries of employment other
          than for Disability or Retirement, or (C) Optionee’s violation of (x) the
          noncompetition, or cooperation provisions of Section 5(g) of the Plan, or (y)
          the undertaking not to deliberately cause substantial harm to the Company as set
          forth in Section 5(g) of the Plan or (ii) the date that is three months from the
          date of the termination with the Company and its subsidiaries of Optionee’s
          employment by the Company or any of its subsidiaries for any reason other than
          death, Disability, Retirement or deliberate gross misconduct (as determined by
          the Compensation and Benefits Committee). 

         4.       
          In order to exercise this Option, Optionee must follow the procedures required
          by the Treasurer or the third party processing administrator (the
          “processing administrator”) designated by the Company’s
          Treasurer. At the time of exercise, Optionee shall make payment of the Option
          Price for the Option Shares being purchased in accordance with the processing
          administrator’s procedures or, if applicable, by submitting to the
          Company’s Treasurer, together with the option exercise notice, such payment
          in the form of (x) a personal or bank check in U.S. Dollars payable to Wyeth and
          drawn on or payable at a United States bank, and/or (y) shares of the
          Company’s common stock issued in Optionee’s (or permitted
          Transferee’s) name which were either (I) acquired by the Optionee from a
          person other than the Company or (II) held by the Optionee for at least six
          months (if necessary to avoid adverse accounting treatment), which shares shall
          be duly assigned to the Company, or (z) by any other form of consideration which
          has been approved by the Compensation and Benefits Committee, as and to the
          extent provided and permitted by Section 5(d) of the Plan. Notwithstanding
          anything to the contrary herein, the processing administrator, the Company or
          its subsidiaries shall have the right to deduct from the gross cash proceeds or
          the number of Option Shares to be delivered upon exercise of this Option or any
          similar options previously granted by the Company to Optionee such cash or the
          number of Option Shares, respectively, as may be necessary to satisfy the
          minimum amount of federal, state or local taxes or other deductions legally
          required to be withheld before disbursing the net proceeds (less any related
          administrative fees and expenses) or Option Shares to Optionee or in the
          alternative such parties may require Optionee to deliver to the processing
          administrator, the Company or its subsidiaries an amount of cash or number of
          shares of Common Stock of the Company to satisfy such fees, expenses and
          withholding before disbursing the net proceeds or Option Shares to Optionee. 

         5.       
          This Agreement and this Option as well as the Company’s obligation to sell
          and deliver Option Shares covered by this Option is subject to all federal,
          state and other laws, rules and regulations of the United States and/or of the
          country wherein Optionee resides or is employed. Compliance with any recording,
          protocolization or registration requirements and payment of any fees or taxes
          applicable to this Agreement or the transactions it contemplates are the
          exclusive responsibility of Optionee. 

         6.       
          This Option is not transferable or assignable other than by will or by the laws
          of descent and distribution and may be exercised during Optionee’s lifetime
          only by him or her except that the Optionee may irrevocably transfer all or a
          portion of the Option represented hereby to (i) the spouse (current or former),
          children, stepchildren, grandchildren or step-grandchildren of the Optionee
          (“Immediate Family Members”), (ii) a trust or trusts for the exclusive
          benefit of such Immediate Family Members, or (iii) a general or limited
          partnership or other entity in which such Immediate Family Members are the only
          partners or beneficial owners, provided that (x) there may be no consideration
          for any such transfer, (y) the Optionee submits to the Company an Option
          Transfer Form duly completed and executed by the Optionee and Transferee in the
          form attached as Exhibit A hereto, and (z) subsequent transfers shall be
          prohibited except by will or the laws of descent and distribution. Following
          transfer, any such Option shall continue to be subject to the same terms and
          conditions as were applicable immediately prior to transfer, provided that for
          purposes of the Plan the term “Optionee” shall be deemed to include a
          permitted transferee hereunder (the “Transferee”), provided, however,
          that the events of death, Disability, Retirement or other termination of
          employment (and any other provision regarding employment) described in
          paragraphs 2 and 3 of this Agreement and Sections 5(f) and 5(g) of the Plan
          shall continue to be applied with respect to the Optionee, and following any
          such events, the transferred Option shall be exercisable by the Transferee only
          to the extent, and for the periods specified in the Plan. If such Option is
          transferred to a Transferee, upon exercise of such Option, if any taxes are
          withheld from the proceeds remitted (in cash or stock) to Transferee or if the
          Transferee separately satisfies any withholding tax obligation, the amount of
          the withholding tax shall be deemed to be a loan from Transferee to Optionee. 

         7.       
          After Optionee’s death, the Option may be exercised only by Optionee’s
          legal representative or legatee or such other person designated by an
          appropriate court as the person entitled to make such exercise or, subject to
          paragraph 6 above, by other Transferees. The Option may be exercised after
          Optionee’s death by any permitted distributee or Transferee only to the
          extent that Optionee was entitled to exercise it at the time of Optionee’s
          death. 

         8.       
          Subject to the express provisions of the Plan, this Agreement and the Plan are
          to be interpreted and administered by the Compensation and Benefits Committee,
          whose determination will be final. 

         9.       
          By signing this Option Agreement, Optionee hereby unambiguously consents to and
          authorizes the disclosure of information related to the grant of the Option,
          including without limitation, information regarding Optionee’s age, date of
          birth and details regarding the Option or any similar options previously granted
          by the Company, to Optionee, the Company, any third-party retained by the
          Company to administer the exercise of the Option, the Company’s
          subsidiary(ies) currently and/or previously employing Optionee and governmental
          and regulatory authorities having jurisdiction over this Agreement or the
          transactions it contemplates. The purpose of the information transfer is to
          allow Optionee to exercise the Options in accordance with (i) the terms under
          which they were granted and (ii) applicable laws; the information disclosed will
          be retained for the period of time necessary to achieve this purpose. 

    10.       This
Agreement shall be governed by the laws of the State of Delaware and in accordance with
such federal law as may be applicable. 

		
		WYETH

/s/ Robert Essner

Chairman, President and Chief Executive Officer

			
		Accepted and agreed to:

_______________________________________

Optionee's Signature

_______________________________________

Optionee's Social Security Number

	

OPTION TRANSFER FORM 

Reference is made to the Stock
Option, Agreement dated _____________________ (the “Agreement”), under which
Wyeth (the “Company”) granted to the undersigned transferor
(“Optionee”) non-qualified stock options covering _________________ shares of
the Company’s Common Stock under the [Year] Stock Incentive Plan (the
“Plan”). Capitalized terms used herein without definition are used as defined in
the Agreement and the Plan. The Optionee hereby transfers non-qualified stock options
covering __________________ shares of the Company’s Common Stock (the
“Options”) granted under the Plan pursuant to the Agreement to the following
transferee (the “Transferee”): 

					
					
	———————————

Name of person or entity
		
———————————————
Social security or tax ID number
		——————————————

Type of entity (if applicable)

					
	———————————
Relationship to Optionee
		
———————————————
Address
		

The Optionee and, by its execution of
this form, the Transferee, hereby represent and warrant to the Company that the Transferee
is a permitted transferee in accordance with paragraph 6 of the Agreement and under
Section 5(h) of the Plan. It is understood and agreed by Optionee and Transferee that (i)
the Compensation and Benefits Committee shall be entitled, in its sole discretion, to
determine whether such transfer is in accordance with such requirements, and (ii) the
Company and the Compensation and Benefits Committee shall be under no obligation to notify
the Transferee of the termination date of any Option transferred hereunder. 

The Transferee hereby agrees, subject
to paragraph 6 of the Agreement, to be bound by all of the terms, conditions and
limitations set forth in the Agreement and the Plan binding upon the Optionee under the
Agreement, and specifically understands that (i) the events of death, Disability,
Retirement or other termination of employment (and any other provisions regarding
employment) described in paragraphs 2 and 3 of the Agreement and Sections 5(f) and 5(g) of
the Plan shall continue to be applied with respect to the Optionee, and following any such
events, the transferred Options shall be exercisable by the Transferee only to the extent,
and for the periods specified in the Plan, and (ii) the Options may not, without the
consent of the Compensation and Benefits Committee, be transferred by the Transferee
except by will or pursuant to the laws of descent and distribution. The Transferee
understands and acknowledges that any shares of Common Stock purchased by the Transferee
pursuant to the Options may not be registered under the Securities Act of 1933, as
amended, and that such shares may contain a restrictive legend in substantially the form
as set forth below (in addition to any legend required under applicable state securities
laws): 

	  	
THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT
TO RULE 144 OF SUCH ACT. 

In order to enforce the foregoing,
the Company may impose stop-transfer instructions with respect to such securities until
such time as the Company is reasonably satisfied that such restrictions are no longer
applicable to the sale of such securities. 

The Optionee further represents and
warrants to the Company and the Transferee that (i) Optionee has delivered to the
Transferee a copy of the Agreement and the Plan, (ii) Optionee has consulted with
qualified income and estate tax advisors in determining to transfer the Options to the
Transferee or waives any such requirement to do so and (iii) Optionee has considered and
understands each of the following: 

     	1. 	  	
          The transfer to the Transferee is irrevocable. 

          

     	2. 	  	
          Optionee will not control the exercise of the Options once they have been
          transferred. 

          

     	3. 	  	
          Optionee is assuming all of the risks and possible consequences associated with
          the transfer of the Options, and acknowledges that the Company and its
          representatives are not responsible or liable for any tax, penalty, judgment or
          outcome resulting from the transfer of the Options. 

          

		
	OPTIONEE:

——————————————————
	TRANSFEREE:

——————————————————

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]