Document:

exv10w2

 

Exhibit 10.2

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 1, 2005,
by and between RENAISSANCE LEARNING, INC., a Wisconsin corporation (“Borrower”), and WELLS FARGO
BANK, NATIONAL ASSOCIATION (“Bank”).

RECITALS

     WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that
certain Credit Agreement between Borrower and Bank dated as of December 1, 2003, as amended from
time to time (“Credit Agreement”).

     WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set
forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said
changes.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

     1. Section 4.9 (a) is hereby deleted in its entirety, and the following substituted therefor:

     “(a) Total Liabilities divided by Tangible Net Worth not greater than 0.85 to 1.0, measured as
of the end of each fiscal quarter, with “Total Liabilities” defined as the aggregate of current
liabilities and non-current liabilities less subordinated debt, and with “Tangible Net Worth”
defined as the aggregate of total stockholders’ equity plus subordinated debt less any intangible
assets.”

     2. Except as specifically provided herein, all terms and conditions of the Credit Agreement
remain in full force and effect, without waiver or modification. All terms defined in the Credit
Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit
Agreement shall be read together, as one document.

     3. Borrower hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein. Borrower further certifies that as of the
date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any
condition, act or event which with the giving of notice or the passage of time or both would
constitute any such Event of Default.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day
and year first written above.

	 	 	 	 	 	 
	RENAISSANCE LEARNING, INC.	 	WELLS FARGO BANK,

   NATIONAL ASSOCIATION
	 
	 	 	 	 	 
	By:

	 	/s/ Mary T. Minch
	 	By:	/s/ Daniel Frazier
	 

	 	 

Mary Minch, Vice President of Finance/
	 	 	 

Daniel Frazier, Vice President

	 

	 	Chief Financial Officer/ Secretaryexv10w17w3

 

EXHIBIT
10.17.3

MONSANTO COMPANY LONG-TERM INCENTIVE PLAN

Form of Terms and Conditions

Restricted Shares Grant

to ________________

You have received an Award of Restricted Shares (the “Restricted Shares”) under the Monsanto
Company Long-Term Incentive Plan (the “Plan”). The Grant Date and the number of Restricted Shares
covered by this Award are set forth in the document you have received entitled “Restricted Shares
Statement.” The Restricted Shares Statement and these Terms and Conditions collectively constitute
the Award Certificate for the Restricted Shares, and describe the provisions applicable to the
Restricted Shares.

     1. Definitions. Each capitalized term not otherwise defined herein has the meaning
set forth in the Plan or, if not defined in the Plan, in the attached Restricted Shares Statement.
The “Company” means Monsanto Company, a Delaware corporation incorporated February 9, 2000.

     2. Delivery of Restricted Shares. (a) As of the Grant Date, the Restricted Shares
have been registered in your name in a book-entry account maintained by Mellon Investor Services,
the Company’s transfer agent. This registration constitutes delivery of the Restricted Shares to
you for all purposes. This book-entry account indicates that the Restricted Shares are subject to
these Terms and Conditions.

       (b) Until such time (if any) as the Restricted Shares vest, you may not sell, assign,
transfer, pledge, hypothecate, give away, or otherwise dispose of them. Any attempt on your part
to dispose of the Restricted Shares will result in their being forfeited. However, you shall have
all other rights of a common stockholder of the Company with respect to the Restricted Shares,
including the right to vote such stock at any meeting of the common stockholders of the Company and
the right to receive all dividends and other distributions declared and paid with respect to the
Restricted Shares (“Dividends”). If any of the Restricted Shares are forfeited before vesting,
then (i) you shall not be entitled to any Dividends for which the record date is after the day
after such forfeiture occurs, and (ii) from and after the day after such forfeiture occurs, you
shall no longer have any other rights as a stockholder with respect to the Restricted Shares.

     3. Vesting. The Restricted Shares shall vest [___], subject to Sections 4
and 5 below.

     4. Termination of Service. (a) If you incur a voluntary Termination of Service at a
time when all of the Restricted Shares have not yet become vested, all of the Restricted Shares
that have not yet vested and any rights you may have under this Award Certificate shall immediately
be forfeited.

       (b) If you experience a Termination for Cause, all Restricted Shares, whether vested or not,
shall immediately be forfeited.

       (c) If you experience an involuntary Termination of Service other than a Termination for
Cause, or a Termination of Service as a result of death or Disability (as determined by the
Committee) at a time when all of the Restricted Shares have not yet become vested, the remaining

 

 

unvested Restricted Shares shall become vested as to a percentage equal to (i) the number of
completed months included in the period from the Grant Date through the date of your Termination of
Service, divided by (ii) 36.

     5. Withholding. (a) In order for Restricted Shares to be released from restrictions
when they vest, you must make arrangements satisfactory to the Company for the payment of any taxes
that are required to be paid or withheld in connection with the vesting of the Restricted Shares.

     If you make an election under Section 83(b) of the Code to be taxed on the Restricted Shares
upon receiving them, you must notify the Company within 10 days after making such election, and you
must make arrangements satisfactory to the Company for the payment of any taxes that are required
to be paid or withheld as a result of your election. If you fail to comply with the preceding
sentence, then notwithstanding any other provision of this Award Certificate, you will forfeit a
number of the Restricted Shares sufficient to satisfy the minimum required withholding, as
determined by the Committee in its sole discretion.

       (b) While the Company reserves the right to modify the methods of tax withholding that it
deems acceptable, as of the time that this Award Certificate is being delivered to you, tax
withholding may be satisfied by (i) cash or check, (ii) delivery of previously owned Shares, or
(iii) retention, sale to a third party or cancellation by the Company of Restricted Shares that are
vesting. No more than the minimum required withholding will be permitted using Shares.

     6. No Right to Continued Employment or Service. This Award Certificate shall not
limit or restrict the right of the Company or any Affiliate to terminate your employment or service
at any time or for any reason.

     7. Effect of Award Certificate; Severability. This Award Certificate shall be binding
upon and shall inure to the benefit of any successor of the Company. The invalidity or
enforceability of any provision of this Award Certificate shall not affect the validity or
enforceability of any other provision of this Award Certificate.

     8. Amendment. The terms and conditions of this Award Certificate may not be amended
in a manner adverse to you without your consent.

     9. Plan Interpretation. This Award Certificate is subject to the provisions of the
Plan, and all of the provisions of the Plan are hereby incorporated into this Award Certificate as
provisions of the Restricted Shares. If there is a conflict between the provisions of this Award
Certificate and the Plan, the provisions of the Plan govern. If there is any ambiguity in this
Award Certificate, any term that is not defined in this Award Certificate, or any matters as to
which this Award Certificate is silent, the Plan shall govern, including, without limitation, the
provisions of the Plan addressing construction, governing law, and the consequences of a Change of
Control as well as the powers of the Committee, among others, to (a) interpret the Plan, (b)
prescribe, amend and rescind rules and regulations relating to the Plan, (c) make appropriate
adjustments to the Restricted Shares to reflect non-United States laws or customs or in the event
of a corporate transaction, and (d) make all other determinations necessary or advisable for the
administration of the Plan.exv10w17w4

 

EXHIBIT 10.17.4

MONSANTO COMPANY LONG-TERM INCENTIVE PLAN

Form of Terms and Conditions

of this Fiscal Year _____

Restricted Stock Unit Grant

     You have received an Award of Restricted Stock Units (the “Units”) under the Monsanto Company
Long-Term Incentive Plan (the “Plan”). The Grant Date and the number of Units initially covered by
this Award (the “Initial Number of Units”) are set forth in the document you have received entitled
“Restricted Stock Units Statement.” The maximum number of Units that you may receive under this
Award (the “Maximum Number of Units”) is two times the Initial Number of Units. The Restricted
Stock Units Statement and these terms and conditions collectively constitute the Award Certificate
for the Units, and describe the provisions applicable to the Units.

     1. Definitions. Each capitalized term not otherwise defined herein has the meaning
set forth in the Plan or, if not defined in the Plan, in the attached Restricted Stock Units
Statement. The “Company” means Monsanto Company, a Delaware corporation incorporated February 9,
2000.

     2. Nature of Units. The Units represent the right to receive, in certain
circumstances, a number of Shares determined in accordance with the Restricted Stock Units
Statement and these terms and conditions. Until such time (if any) as Shares are delivered to you,
you will not have any of the rights of a common stockholder of the Company with respect to those
Shares, your rights with respect to the Units and those Shares will be those of a general creditor
of the Company, and you may not sell, assign, transfer, pledge, hypothecate, give away, or
otherwise dispose of the Units. Any attempt on your part to dispose of the Units will result in
their being forfeited. However, you shall have the right to receive Dividend Equivalents with
respect to the Units, subject to withholding pursuant to paragraph 6 below. “Dividend Equivalents”
are cash payments equal to the cash dividends that would have been paid to you if you had been the
record owner of a number of Shares equal to the number of Units subject to this Award (determined
in accordance with paragraph 3(c) below) on the applicable record date. Dividend Equivalents shall
be paid to you at least annually on or as promptly as reasonably practicable following the payment
date for the corresponding cash dividends, but in no event later than the 15th day of
the third month following the calendar year for which the Dividend Equivalents are credited to you.
You shall not be entitled to receive any payments with respect to any non-cash dividends or other
distributions that may be made with respect to the Shares.

     3. Vesting of Units. (a) 162(m) Performance Goal. In order to vest in the
Maximum Number of Units or any lesser number of Units under this Award, the

 

 

162(m) Performance Goal must be met (as determined and certified by the Committee following August
31, 200___). The “162(m) Performance Goal” is that the Company’s Net Income, as defined in the next
sentence, must exceed zero for the period September 1, 200___through August 31, 200___. “Net
Income” means gross profit (i) minus (A) sales, general and administrative expenses, (B) research
and development expense, (C) amortization, (D) net interest expense, and (E) income taxes and (ii)
plus or minus other income and expense; all as reported in the Company’s financial statements; but
excluding positive or negative effects of (I) restructuring charges and reversals, (II) the outcome
of lawsuits, (III) research and development writeoffs on acquisitions, (IV) impact of liabilities,
expenses or settlements related to Solutia, Inc. or agreements associated with a Solutia, Inc. plan
of reorganization, (V) unbudgeted business sales and divestitures; and (VI) the cumulative effects
of changes in accounting methodology made after August 31, 200___.

     (b) EPS, Cash Flow, and Return on Capital Goals. If the Section 162(m) Performance
Goal is met, then the number of Units eligible for vesting under this Award will be determined
one-third based upon the Company’s achievement of cumulative earnings per share (the “EPS Goal”),
one-third based upon the Company’s achievement of cumulative cash flow (the “Cash Flow Goal”), and
one-third based upon the Company’s achievement of return on capital (the “ROC Goal,” and, together
with the EPS Goal and the Cash Flow Goal, the “Goals” and each, singularly, a “Goal”) for fiscal
years 200___and 200___as compared to the goals set forth in Exhibit A hereto. Not later than
November 15, 200___, the Committee will determine the extent to which the Goals have been met and
the number of Units eligible for vesting under this Award and the number of Units to be forfeited,
as follows.

Below Threshold-Level Performance: For each Goal as to which performance is
below threshold level, one-third of the Initial Number of Units shall be forfeited.

Above Threshold-Level/Below Target Performance: For each Goal as to which
performance is above threshold level but below target level, a number of Units shall
become eligible for vesting, equal to (i) one-third of the Initial Number of Units
times (ii) the percentage determined by interpolating between 50% and 100%, based on
the relationship between actual performance and target-level performance for that
Goal.

Target-Level Performance: For each Goal as to which target-level
performance is achieved, one-third of the Initial Number of Units shall be eligible
for vesting.

Above Target-Level Performance: For each Goal as to which greater

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than target-level performance is achieved, a number of Units shall become eligible
for vesting, equal to (i) one-third of the Initial Number of Units times (ii) the
percentage determined by interpolating between 100% and 200%, based on the
relationship between actual performance and target-level performance for that Goal.

     (c) Number of Units; Effect of Forfeiture. From the Grant Date through November 14,
200___, the number of Units subject to this Award shall be the Initial Number of Units. If the
162(m) Performance Goal is not met, or if neither of the Goals is met at the threshold level or
above, all Units under this Award will be forfeited as of November 15, 200___. Otherwise, the
number of Units subject to this Award from November 15, 200___through August 31, 200___shall be the
number of Units (if any) that are eligible for vesting after application of the foregoing and those
Units will vest effective as of August 31, 200___, except as otherwise provided below.

     (d) Effect of Termination of Service. If you incur a Termination of Service before
August 31, 2000___as a result of a Termination without Cause or your Retirement, Disability or
death, then effective as of August 31, 200___, a number of Units shall vest, equal to (i) the number
of Units (if any) that become eligible for vesting, based upon the application of paragraphs (b)
and (c) above, times (ii) a fraction, the numerator of which is the number of days from September
1, 200___through your date of termination, and the denominator of which is 730. If your employment
terminates after August 31, 200___and on or before August 31, 200___as a result of a Termination
without Cause or your Retirement, Disability or death, effective as of August 31, 200___, a number
of Units subject to this Award shall vest, equal to the number of Units (if any) that become
eligible for vesting, based upon the application of paragraphs (b) and (c) above. If your
employment terminates before August 31, 200___for any other reason, all Units subject to this Award
shall be forfeited as of the date of your termination.

     4. Delivery of Shares. (a) Vested Units. The Company shall deliver to you a
number of Shares equal to the number of Units (if any) that vest pursuant to this Award, subject to
withholding as provided in paragraph 6 below. Such delivery shall take place immediately after
August 31, 200___, unless and to the extent a valid Deferral Election (as defined below) applies;
provided, however, that in the event of your Termination of Service pursuant to Section 3(d) above,
to the extent that you are considered a Specified Employee at such time (for purposes of this
Agreement, “Specified Employee” shall be defined as such term is defined under Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”)), such delivery shall take place on the
later of (i) immediately after August 31, 200___or (ii) six months after your Termination of
Service. During any period from September 1, 200___until such delivery occurs, for purposes of
your entitlement to Dividend Equivalents with respect to this Award, the number of Units subject to
this Award on any given date shall be the number of such Units that have vested but with respect to
which no such

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delivery has yet occurred as of that date.

     (b) Deferral Elections. You shall be permitted to elect to defer delivery of Shares
with respect to the Units (if any) that vest pursuant to this Award, in accordance with the rules
set forth below and any rules and procedures that may hereafter be adopted by the Committee or its
delegee. Such elections (“Deferral Elections”) must be made no later than August 31, 200___, and
will be irrevocable once made; provided, that any Deferral Elections that you may have made shall
become null and void upon your Termination of Service for any reason on or before August 31, 200___.
You may make a Retirement Election, a Date Certain Election, or both. A “Retirement Election”
means a Deferral Election pursuant to which the vested Units to which it relates will be settled by
delivery of a number of Shares equal to the number of such vested Units, either in a lump sum or in
monthly installments over a period of up to ten (10) years, with such lump sum or the first such
installment to be delivered during the January next following the date of your Retirement or any
subsequent January; provided, however, that to the extent that you are considered a Specified
Employee at the time of your Retirement, such delivery shall in no event take place earlier than
six months after your Retirement. A “Date Certain Election” means a Deferral Election pursuant to
which the vested Units to which it relates will be settled by delivery of a number of Shares equal
to the number of such vested Units, in a lump sum as soon as reasonably practicable following a
specified date, which must be later than August 31, 200___(the applicable “Date Certain”).

     (c) Settlement of Deferred Units. Any of your vested Units as to which a Date Certain
Election is in effect shall be settled in accordance with such Date Certain Election, unless your
Termination of Service occurs before the applicable Date Certain; provided, however, that to the
extent that you are considered a Specified Employee at the time of your Termination of Service,
such delivery shall in no event take place earlier than six months after your Termination of
Service. Upon your Retirement after August 31, 200___, any portion of your vested Units as to which
a Retirement Election is in effect shall be paid in accordance with that Retirement Election, and
the remaining balance (if any) of your vested Units shall be settled by delivery of Shares in a
single lump sum immediately thereafter; provided, however, that to the extent that you are
considered a Specified Employee at the time of your Retirement, such delivery shall in no event
take place earlier than six months after your Retirement. Upon your Termination of Service after
August 31, 200___for any reason other than a Retirement, any remaining vested Units that have not
yet been settled (whether subject to a Retirement Election or a Date Certain Election) shall be
settled by delivery of Shares in a single lump sum immediately thereafter; provided, however, that
to the extent that you are considered a Specified Employee at the time of your Termination of
Service, such delivery shall in no event take place earlier than six months after your Termination
of Service.

     (d) Hardship Withdrawals. Upon your written request or that of your legal
representative, the Committee may (but shall not be required to) settle all or a

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portion of your deferred vested Units by delivery of Shares on a date after August 31, 200     but
before the date otherwise provided by the applicable Deferral Election, to the extent the Committee
determines to be necessary (i) upon the occurrence of an “unforeseeable emergency” (as defined
under Section 409A of the Code) or (ii) as a result of your disability (as defined under Section
409A of the Code); provided, however, that the amounts distributed to you pursuant to subclause (i)
above shall not exceed the amounts that may be distributed, if any, without the imposition of the
excise tax provisions of Section 409A of the Code to such distribution.

     (e) Fractional Shares. Whenever any Units are to be settled in installments, the
number of Units in any given installment shall be rounded to the nearest whole number to avoid a
requirement to deliver a fractional share.

     5. Change of Control. Upon the occurrence of a Change of Control, notwithstanding any
other provision of this Award Certificate other than paragraph 6, the number of Units subject to
this Award shall vest in full and be settled by delivery of Shares to you in a single lump sum.
For this purpose, (a) the number of Units subject to this Award shall be determined pursuant to
paragraph 3(c) above as of the date of such Change of Control, except that if the date of the
Change of Control is after August 31, 200___and before November 15, 200___, the adjustments to the
number of Units pursuant to paragraphs 3(a) and (b) shall apply effective as of the date of such
Change of Control, and (b) if you have had a Termination of Service before the date of such Change
of Control, the provisions of paragraph 3(d) shall also apply.

     6. Withholding. Notwithstanding any other provision of this Award Certificate, your
right to receive Dividend Equivalents and to receive Shares in settlement of any Units is subject
to withholding of all taxes that are required to be paid or withheld in connection with the payment
of those Dividend Equivalents or the delivery of those Shares. With respect to the delivery of
Shares, you must make arrangements satisfactory to the Company for the payment of any such taxes.
While the Company reserves the right to modify the methods of tax withholding that it deems
acceptable, as of the time that this Award Certificate is being delivered to you, such tax
withholding may be satisfied by (i) cash or check, (ii) delivery of previously owned Shares, or
(iii) withholding by the Company of Shares that would otherwise be delivered to you in settlement
of such Units. No more than the minimum required withholding will be permitted under clauses (ii)
and/or (iii) of the preceding sentence.

     7. No Right to Continued Employment or Service. This Award Certificate shall not
limit or restrict the right of the Company or any Affiliate to terminate your employment or service
at any time or for any reason.

     8. Effect of Award Certificate; Severability. This Award Certificate shall be binding
upon and shall inure to the benefit of any successor of the Company. The

5

 

invalidity or enforceability of any provision of this Award Certificate shall not affect the
validity or enforceability of any other provision of this Award Certificate.

     9. Amendment. The terms and conditions of this Award Certificate may not be amended in any
manner adverse to you without your consent.

     10. Plan Interpretation. This Award Certificate is subject to the provisions of the Plan,
and all of the provisions of the Plan are hereby incorporated into this Award Certificate as
provisions of the Units. If there is a conflict between the provisions of this Award Certificate
and the Plan, the provisions of the Plan govern. If there is any ambiguity in this Award
Certificate, any term that is not defined in this Award Certificate, or any matters as to which
this Award Certificate is silent, the Plan shall govern, including, without limitation, the
provisions of the Plan addressing construction and governing law, as well as the powers of the
Committee, among others, to (a) interpret the Plan, (b) prescribe, amend and rescind rules and
regulations relating to the Plan, (c) make appropriate adjustments to the Units in the event of a
corporate transaction, and (d) make all other determinations necessary or advisable for the
administration of the Plan.

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