Document:

Filed by Bowne Pure Compliance

Exhibit 10.8

2003 NON-EMPLOYEE DIRECTORS EQUITY PLAN

RESTRICTED STOCK AGREEMENT

This Restricted Stock Agreement (the “Agreement”) is made as of
 _____ 
(the “Grant Date”)
between KAYDON CORPORATION, a Delaware corporation (the “Company”), and (“Grantee”). Pursuant to
the Kaydon Corporation 2003 Non-Employee Directors Equity Plan (the “Plan”) the Grantee has been
granted shares of common stock of the Company, subject to the terms and conditions contained in
this Agreement and in the Plan. Capitalized terms not otherwise defined herein shall have the
meanings given to them in the Plan.

1. Grant of Restricted Stock. The Company grants to Grantee, and Grantee accepts,

 _____ 
shares of $0.15 par value common stock of the Company, subject to the terms and conditions
of this Agreement (the “Restricted Stock”). Grantee acknowledges receipt of a copy of the
Prospectus for the Plan.

2. Restrictions on and Forfeiture of Restricted Stock. The Company awards the Restricted
Stock to Grantee subject to the restrictions described below.

(a) Unless the Compensation Committee (the “Committee”) of the Company’s Board of Directors
otherwise consents or the Plan otherwise explicitly provides, Grantee will not sell, exchange,
transfer, pledge, or otherwise dispose of any shares of the Restricted Stock at any time, whether
voluntarily or involuntarily, by operation of law or otherwise. If Grantee violates this
restriction, Grantee’s right to shares of Restricted Stock remaining subject to restrictions will
immediately cease and terminate and Grantee will immediately forfeit and surrender all shares of
Restricted Stock that are still subject to restrictions or which have not yet vested to the
Company. This restriction on transferability must lapse before Grantee will receive any stock
under this Agreement.

(b) Except as otherwise determined by the Committee, if the Grantee incurs a Termination of
Service other than by reason of death, Disability or Retirement, all shares of Restricted Stock
which are still subject to the foregoing restriction on transferability shall, upon such
Termination of Service, be forfeited and transferred back to the Company. In addition, if the
Grantee continues to hold Restricted Stock following his or her Termination of Service due to his
or her Retirement, the shares of Restricted Stock which remain subject to the foregoing restriction
on transferability shall nonetheless be forfeited and transferred back to the Company if the
Committee at any time thereafter determines that the Grantee has engaged in any activity
detrimental to the interests of the Company.

3. Lapse of Restrictions. The restrictions on transferability shall lapse with respect to all
shares of Restricted Stock on the January 5th following the Grant Date. The lapse of
restrictions on transferability shall also be accelerated as provided in Section 5.

4. Delivery of Shares. At the time all restrictions have lapsed with respect to shares of
Restricted Stock, the Company shall deliver the shares as to which such restrictions have lapsed as
follows:

(i) if an assignment to a trust has been made, to such trust; or

(ii) if the restriction on transferability has expired by reason of death and a beneficiary
has been designated in a form approved by the Company, to the beneficiary so designated; or

(iii) in all other cases, to the Grantee or the legal representative of the Grantee’s estate.

 

 

 

5. Acceleration of Lapsing Only Upon Death or Disability. Notwithstanding the provisions of
Section 3, if the Grantee incurs a Termination of Service due to death or Disability, or if the
Grantee
dies following a Termination of Service due to Retirement, then all restrictions in effect at
the date of such Termination of Service or at such date of death shall immediately lapse and all
shares shall be free of, and no longer subject to, any restrictions.

(a) Retirement. If the Grantee incurs a Termination of Service due to Retirement, any
restrictions on shares of Restricted Stock remaining at the time of Retirement shall continue in
effect and shall lapse as provided in Section 3.

6. Tax Withholding and Deferred Compensation. The Company shall have the right to require the
Grantee to make adequate provisions for any federal, state, local or foreign taxes (including, any
taxes arising under Sections 409A or 4999 of the Code, except to the extent otherwise specifically
provided in a written agreement with the Company), if any, required by law to be withheld by the
Company with respect to the income realized by such Grantee as a result of the lapsing of
restrictions with respect to shares of Restricted Stock. The Company shall have no obligation to
deliver shares of Stock that were previously Restricted Stock until the Company’s tax withholding
obligations have been satisfied. Neither the Company nor any of its employees, officers,
directors, or service providers shall have any obligation whatsoever to pay such taxes, to prevent
the Grantee from incurring them, or to mitigate or protect the Grantee from any such tax
liabilities. Nevertheless, if the Company reasonably determines that the Grantee’s receipt of
payments or benefits pursuant to Sections 5 and 7 of the Plan as a result of the Grantee’s
termination of membership on the Board constitutes “nonqualified deferred compensation” within the
meaning of Section 409A, payment of such amounts shall not commence until the Grantee incur a
“separation from service” within the meaning of Treasury Regulation § 1.409A-1(h) (“Separation from
Service”). If, at the time of the Grantee’s Separation from Service, the Grantee is a “specified
employee” (under Internal Revenue Code Section 409A), any amount that constitutes “nonqualified
deferred compensation” within the meaning of Code Section 409A that becomes payable to the Grantee
on account of the Grantee’s Separation from Service (including any amounts payable pursuant to the
preceding sentence) will not be paid until after the end of the sixth calendar month beginning
after the Grantee’s Separation from Service (the “409A Suspension Period”). Within 14 calendar days
after the end of the 409A Suspension Period, the Grantee shall be paid a lump sum payment in cash
equal to any payments delayed because of the preceding sentence, without interest. Thereafter, the
Grantee shall receive any remaining benefits as if there had not been an earlier delay.

7. Change in Control. In the event of a Change in Control, all restrictions relating to any
shares of Restricted Stock shall lapse and be of no further effect, as of the date thirty (30) days
prior to the date of the Change in Control. The lapsing of the restriction on transferability with
respect to shares of Restricted Stock that results solely by reason of this Section 7, shall be
conditioned upon the consummation of the Change in Control.

8. Issuance of Stock. The issuance or delivery of any shares of stock upon the lapsing of
restrictions on Restricted Stock may be postponed by the Company for any period required to comply
with any applicable requirements under the federal securities laws, any applicable listing
requirement of the NYSE or any other requirements of applicable laws or regulations. The Company
is not obligated to deliver or issue any shares of stock if such delivery or issuance would
constitute a violation of any provision of any law or regulation or any rule of the NYSE. So long
as the Company’s stock is listed on the NYSE, issuance of any shares of Restricted Stock, is
conditioned on such shares to be issued also being listed on the NYSE. In addition, if at any time
counsel to the Company is of the opinion that the sale or issuance of shares of Restricted Stock is
or may be unlawful under the circumstances, the Company shall have no obligation to make such sale
or issuance.

9. Rights as a Shareholder. Grantee will have certain rights as a shareholder with respect to
the Restricted Stock, including but not limited to the right to vote the Restricted Stock at
shareholders’ meetings, the right to receive, without restriction, all cash dividends paid with
respect to the Restricted Stock, and the right to participate with respect to the Restricted Stock
in any stock dividend, stock split, recapitalization, or other adjustment in the capital stock of
the Company, or any merger, consolidation, or other reorganization involving an increase, decrease,
or adjustment in the capital stock of the Company.

10. Substitute Shares. Any shares or other security received as a result of any stock
dividend, stock split, or reorganization will be subject to the same terms, conditions, and
restrictions as those relating to the Restricted Stock granted under this Agreement.

 

 

 

11. Registration. Certificates for the shares of stock evidencing the Restricted Stock will
not be issued but the shares will be registered in Grantee’s name in book entry form as soon as
administratively feasible after Grantee’s acceptance of this Agreement.

12. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware.

13. Binding Effect and Amendment. This Agreement is the entire agreement between the parties
and will be binding upon, and will inure to the benefit of, the parties to this Agreement and their
respective heirs, successors, and assigns, and may be modified only by a writing signed by the
parties.

Executed this
 _____ 
day of
 _____, 20
 _____.

	 	 	 	 	 	 	 	 	 
	KAYDON CORPORATION	 	 	 	 	GRANTEE
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 
	 	 	 	 	 	 
	 

	Its:	 	 	 	 		Print Name:Filed by Bowne Pure Compliance

Exhibit 10.9

2003 NON-EMPLOYEE DIRECTORS EQUITY PLAN

NONSTATUTORY STOCK OPTION AGREEMENT

THIS NONSTATUTORY STOCK OPTION AGREEMENT (the “Option Agreement”) is made and entered into as
of
 _____ 
by and between KAYDON CORPORATION , a Delaware corporation (the “Company”), and (the
“Optionee”). The Company has granted to the Optionee an option to purchase certain shares of
Stock, upon the terms and conditions set forth in this Option Agreement (the “Option”).

1. Definitions and Construction. Capitalized terms not defined herein shall have the meaning
given to them in the Director Plan. Whenever used herein, the following terms shall have their
respective meanings set forth below:

(a) “Annual Grant Date” means
 _____, 20_____.

(b) “Director Plan” means the Kaydon Corporation 2003 Non-Employee Directors Equity Plan, as
approved by stockholders of the Company on May 9, 2003.

(c) “Number of Option Shares” means
 _____ 
( ) shares of Stock, as adjusted
from time to time pursuant to Section 14.

(d) “Exercise Price” means $           per share of Stock, as adjusted from time to time
pursuant to Section 14.

(e) “Option Expiration Date” means the tenth, (10th) anniversary after the Annual Grant Date.

(f) “Securities Act” means the Securities Act of 1933, as amended.

(g) “Service” means the Optionee’s service as a director.

2. Tax Status of the Option. This Option is intended to be a nonstatutory stock option and
shall not be treated as an incentive stock option within the meaning of Section 422(b) of the Code.

3. Administration. All questions of interpretation concerning this Option Agreement shall be
determined by the Committee of the Board. All determinations by the Board shall be final and
binding upon all persons having an interest in the Option.

4. Exercise of the Option.

(a) Except as otherwise provided herein, the Option shall become fully vested and exercisable
on and after the first anniversary of the Annual Grant Date and prior to the termination of the
Option (as provided in Section 11) in an amount not to exceed the Number of Option Shares less the
number of shares previously acquired upon exercise of the Option. In no event shall the Option be
exercisable for more shares than the Number of Option Shares. Notwithstanding the foregoing, in
the event that the adoption of the Plan or any amendment of the Plan is subject to the approval of
the Company’s stockholders in order for the Plan or the grant of the Option to comply with the
requirements of Rule 16b-3, the Option shall not be exercisable prior to such stockholder approval.

 

 

 

(b) Exercise of the Option shall be by written notice to the Company which must state the
election to exercise the Option, the number of whole shares of Stock for which the Option is being
exercised and such other representations and agreements as to the Optionee’s investment intent with
respect to such shares as may be required pursuant to the provisions of this Option Agreement. The
written notice must be signed by the Optionee and must be delivered in person, by certified or
registered mail, return receipt requested, by confirmed facsimile transmission, or by such other
means as the Company may permit, to the Vice President and General Counsel of the Company, or other
authorized representative of the Company, prior to the termination of the Option as set forth in
Section 11, accompanied by full payment of the aggregate Exercise Price for the number of shares of
Stock being purchased. The Option shall be deemed to be exercised upon receipt by the Company of
such written notice and the aggregate Exercise Price.

5. Payment of Consideration. Except as otherwise provided below, payment of the aggregate
Exercise Price for the number of shares of Stock for which the Option is being exercised shall be
made (i) in cash, by check, or cash equivalent or, (ii) by tender to the Company of whole shares of
Stock owned by the Optionee having a Fair Market Value not less than the aggregate Exercise Price,
or (iii) by any combination of the foregoing. Notwithstanding the foregoing, the Option may not be
exercised by tender to the Company of shares of Stock to the extent such tender of Stock would
constitute a violation of the provisions of any law, regulation or agreement restricting the
redemption of the Company’s stock. The Option may not be exercised by tender to the Company of
shares of Stock unless such shares either have been owned by the Optionee for more than six (6)
months or were not acquired, directly or indirectly, from the Company.

6. Tax Withholding and Deferred Compensation. The Company shall have the right, but not the
obligation, to deduct from the shares of Stock issuable upon the exercise of an Option, or to
accept from the Optionee the tender of, a number of whole shares of Stock having a Fair Market
Value equal to all or any part of the federal, state, local and foreign taxes, if any, required by
law (including, any taxes arising under Sections 409A or 4999 of the Code) to be withheld by the
Company with respect to such Option or the shares acquired upon exercise thereof. Alternatively or
in addition, in its sole discretion, the Company shall have the right to require the Optionee to
make adequate provisions for any such tax withholding obligations of the Company arising in
connection with the Option or the shares acquired upon exercise thereof. The Company shall have no
obligation to deliver shares of Stock until the Company’s tax withholding obligations have been
satisfied. Neither the Company nor any of its employees, officers, directors, or service providers
shall have any obligation whatsoever to pay such taxes, to prevent the Optionee from incurring
them, or to mitigate or protect the Optionee from any such tax liabilities. Nevertheless, if the
Company reasonably determines that the Optionee’s receipt of payments or benefits pursuant to
Sections 5 or 6 of the Plan constitutes “nonqualified deferred compensation” within the meaning of
Section 409A, payment of such amounts shall not commence until the Optionee incurs a “separation
from service” within the meaning of Treasury Regulation § 1.409A-1(h) (“Separation from Service”).
If, at the time of the Optionee’s Separation from Service, the Optionee is a “specified employee”
(under Internal Revenue Code Section 409A), any amount that constitutes “nonqualified deferred
compensation” within the meaning of Code Section 409A that becomes payable to the Optionee on
account of the Optionee’s Separation from Service (including any amounts payable pursuant to the
preceding sentence) will not be paid until after the end of the sixth calendar month beginning
after the Optionee’s Separation from Service (the “409A Suspension Period”). Within 14 calendar
days after the end of the 409A Suspension Period, the Optionee shall be paid a lump sum payment in
cash equal to any payments delayed because of the preceding sentence, without interest. Thereafter,
the Optionee shall receive any remaining benefits as if there had not been an earlier delay. that
period. Thereafter, the Grantee shall receive any remaining benefits as if there had not been an
earlier delay.

7. Certificate Registration. The certificate for the shares as to which the Option is
exercised shall be registered in the name of the Optionee, or, if applicable, the heirs of the
Optionee. The Company may at any time place legends referencing any applicable federal, state or
foreign securities law restrictions on all certificates representing shares of Stock subject to the
provisions of this Option Agreement. The Optionee shall, at the request of the Company, promptly
present to the Company any and all certificates representing shares acquired pursuant to the Option
in the possession of the Optionee in order to carry out the provisions of this Section.

 

 

 

8. Restrictions on Grant of the Option and Issuance of Shares. The grant of the Option and
the issuance of shares of Stock upon exercise of the Option shall be subject to compliance with all
applicable requirements of federal, state or foreign law with respect to such securities. The
Option may not be exercised if the issuance of shares of Stock upon exercise would constitute a
violation of any applicable federal, state or foreign securities laws or other law or regulations
or the requirements of any stock exchange or market system upon which the Stock may then be listed.
In addition, the Option may not be exercised unless (i) a registration statement under the
Securities Act shall at the time of exercise of the Option be in effect with respect to the shares
issuable upon exercise of the Option or (ii) in the opinion of legal counsel to the Company, the
shares issuable upon exercise of the Option may be issued in accordance with the terms of an
applicable exemption from the registration requirements of the Securities Act. THE OPTIONEE IS
CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED.
ACCORDINGLY, THE OPTIONEE MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE
OPTION IS VESTED. The inability of the Company to obtain from any regulatory body having
jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the
lawful issuance and sale of any shares subject to the Option shall relieve the Company of any
liability in respect of the failure to issue or sell such shares as to which such requisite
authority shall not have been obtained. As a condition to the exercise of the Option, the Company
may require the Optionee to satisfy any qualifications that may be necessary or appropriate, to
evidence compliance with any applicable law or regulation and to make any representation or
warranty with respect thereto as may be requested by the Company.

9. Fractional Shares. The Company shall not be required to issue fractional shares upon the
exercise of the Option.

10. Nontransferability of the Option. The Option may be exercised during the lifetime of the
Optionee only by the Optionee or the Optionee’s guardian or legal representative and may not be
assigned or transferred in any manner except by will or by the laws of descent and
distribution. Following the death of the Optionee, the Option, to the extent provided in Section 6
of the Director Plan, may be exercised by the Optionee’s legal representative or by any person
empowered to do so under the deceased Optionee’s will or under the then applicable laws of descent
and distribution.

11. Expiration of the Option. The Option shall terminate and cease to be exercisable on the
first to occur of the following events:

(a) the date which is the tenth (10th) anniversary of the Annual Grant Date unless earlier
terminated pursuant to clause (iii) below;

(b) the expiration of one (1) month from the date of a person’s Termination of Service for any
reason other than death, Disability or Retirement; or

(c) the expiration of five (5) years from the date of a person’s death, whether before or
after a Termination of Service.

12. Option Exercisability. Notwithstanding the foregoing, if the Optionee incurs a
Termination of Service other than due to death, Disability or Retirement, any portion of the Option
that is not exercisable at the date of such Termination of Service shall never become exercisable
and shall be immediately forfeited. If a Director incurs a Termination of Service due to
Disability or Retirement, the Option shall continue to become exercisable in accordance with the
Vested Percentage schedule, but the exercise thereof shall be subject to the provisions of Section
6, and, in addition, the Option shall be cancelled and forfeited if the Committee at any time
thereafter determines that the former Director has engaged in any activity detrimental to the
interests of the Company. Notwithstanding the foregoing, if the exercise of the Option within the
applicable time periods set forth in Section 6 is prevented by the provisions of Section 8, the
Option shall remain exercisable until three (3) months after the date the Optionee is notified by
the Company that the Option is exercisable, but in any event no later than the option expiration
date set forth in Section 6.

13. Change in Control. In the event of a Change in Control, any unexercisable portion of the
Option shall become immediately exercisable and vested in full as of the date thirty (30) days
prior to the date of the Change in Control. The exercise or vesting of any Option that results
solely by reason of this Section 13, shall be conditioned upon the consummation of the Change in
Control. In addition, the surviving, continuing, successor, or purchasing corporation or parent
corporation thereof, as the case may be (the “Acquiring Corporation”), may either assume the
Company’s rights and obligations under outstanding Options or substitute for outstanding Options
substantially equivalent options for the Acquiring Corporation’s stock. Any Options which are
neither assumed or substituted for by the Acquiring Corporation in connection with the Change in
Control nor exercised as of the date of the Change in Control shall terminate and cease to be
outstanding effective as of the date of the Change in Control.

 

 

 

14. Adjustments for Changes in Capital Structure. In the event of any stock dividend, stock
split, reverse stock split, recapitalization, combination, reclassification, or similar change in
the capital structure of the Company, appropriate adjustments shall be made in the number, Exercise
Price and class of shares of stock subject to the Option. If a majority of the shares which are of
the same class as the shares that are subject to the Option are exchanged for, converted into, or
otherwise become (whether or not pursuant to a Change in Control) shares of another corporation
(the “New Shares”), the Board may unilaterally amend the Option to provide that the Option is
exercisable for New Shares. In the event of any such amendment, the Number of Option Shares and the
Exercise Price shall be adjusted in a fair and equitable manner, as determined by the Board, in its
sole discretion. Notwithstanding the foregoing, any fractional share resulting from an adjustment
pursuant to this Section 14 shall be rounded down to the nearest whole number, and in no event may
the Exercise Price be decreased to an amount less than the par value, if any, of the stock subject
to the Option.

15. Rights as a Stockholder. The Optionee shall have no rights as a stockholder with respect
to any shares covered by the Option until the date of the issuance of a certificate for the shares
for which the Option has been exercised (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for
dividends, distributions or other rights for which the record date is prior to the date such
certificate is issued, except as provided in Section 14.

16. Construction. Captions and titles contained herein are for convenience only and shall not
affect the meaning or interpretation of any provision of this Option Agreement. Except when
otherwise indicated by the context, the singular shall include the plural, the plural shall include
the singular, and use of the term “or” shall not be exclusive.

17. Binding Effect. Subject to the restrictions on transfer set forth herein, this Option
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
heirs, executors, administrators, successors and assigns.

18. Termination or Amendment. The Board may terminate or amend the Plan or the Option at any
time; provided, however, that no such termination or amendment may adversely affect the Option or
any unexercised portion hereof without the consent of the Optionee unless such termination or
amendment is necessary to comply with any applicable law or government regulation. No amendment or
addition to this Option Agreement shall be effective unless in writing.

19. Integrated Agreement. This Option Agreement constitutes the entire understanding and
agreement of the Optionee and the Company with respect to the subject matter contained herein, and
there are no agreements, understandings, restrictions, representations, or warranties among the
Optionee and the Company with respect to such subject matter other than those as set forth or
provided for herein. To the extent contemplated herein, the provisions of this Option Agreement
shall survive any exercise of the Option and shall remain in full force and effect.

 

 

 

20. Applicable Law. This Option Agreement shall be governed by the laws of the State of
Delaware as such laws are applied to agreements between Delaware residents entered into and to be
performed entirely within the State of Delaware.

	 	 	 	 	 
	 	KAYDON CORPORATION

 	 
	 	By:  	 	 
	 	 	Its: 	 

The Optionee represents that the Optionee is familiar with the terms and provisions of this
Option Agreement and hereby accepts the Option subject to all of the terms and provisions thereof.
The Optionee hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board upon any questions arising under this Option Agreement.

	 	 	 	 	 
	 	OPTIONEE
 	 
	Dated:                      	 	 

	 	 	 	 	 
	 	Print Name:

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