Document:

exv10w1

EXHIBIT 10.1

SENSIENT TECHNOLOGIES CORPORATION

1999 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

Adopted November 11, 1999, as amended November 6, 2000 and July 17, 2008

Section 1. Establishment, Purpose and Effective Date of Plan.

     1.1 Establishment. Sensient Technologies Corporation, a Wisconsin corporation, hereby
establishes the “SENSIENT TECHNOLOGIES CORPORATION 1999 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN”
(the “Plan”) which, provides for the grant of Stock Options to Non-Employee Directors of the
Company.

     1.2 Purpose. The purpose of this Plan is to advance the interests of the Company by
encouraging and providing for the acquisition of an equity interest in the Company by Non-Employee
Directors, and by enabling the Company to attract and retain the services of directors upon whose
judgment, interest and special effort the successful conduct of its operations is largely
dependent.

     1.3 Effective Date. This Plan shall become effective on the Effective Date.

Section 2. Definitions.

     2.1 Definitions. Whenever used herein, the following terms shall have the respective meanings
set forth below:

     (a) “Award” means any Option or any other benefit conferred under the terms hereof.

     (b) “Board” means the Board of Directors of the Company.

     (c) “Code” means the Internal Revenue Code of 1986, as amended.

     (d) “Committee” means the Nominating Committee of the Board.

     (e) “Company” means Sensient Technologies Corporation, a Wisconsin corporation, and
its subsidiaries.

     (f) “Effective Date” means January 27, 2000, or such other date that this Plan is
approved by the shareholders of the Company at an annual or special meeting thereof by a
simple majority of the number of shares represented at such meeting in person or by proxy.

     (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

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     (h) “Fair Market Value” means the closing price of a share of Stock on the date of the
Award on the New York Stock Exchange as reported on the composite list used by the Wall
Street Journal for reporting stock prices, or if no such sale shall have been made on that
day, on the last preceding day on which there was such a sale.

     (i) “Non-Employee Director” means any individual who is a “non-employee director”
within the meaning of Rule 16b-3 under the Exchange Act.

     (j) “Option” means the right to purchase Stock at a stated price for a specified
period of time. No Options granted pursuant to this Plan are intended to qualify as
“incentive stock options” within the meaning of Section 422(b) of the Code; all Options
granted pursuant to this Plan are therefore considered “non-statutory stock options.”

     (k) “Participant” means any individual who is granted Options pursuant to this Plan.

     (l) “Stock” means the Common Stock of the Company, par value of $0.10.

     2.2 Gender and Number. Except when otherwise indicated by the context, words in the masculine
gender when used in this Plan shall include the feminine gender, the singular shall include the
plural and the plural shall include the singular.

Section 3. Eligibility and Participation. Participants in this Plan shall include each member of
the Board who is a Non-Employee Director at the time Options are granted pursuant to this Plan.

Section 4. Administration.

     4.1 Administration. This Plan shall be administered by the Committee.

     4.2 Powers and Authority of the Committee. The Committee, by majority action thereof, shall
have complete and sole authority to:

          (a) interpret this Plan and apply its provisions, and prescribe, amend and rescind rules,
regulations, procedures, and forms relating to this Plan;

          (b) authorize any person to execute, on behalf of the Company, any instrument required to
carry out the purposes of this Plan;

          (c) amend any outstanding agreement relating to any Award, subject to applicable legal
restrictions and to the consent of the Participant who entered into such agreement; and

          (d) make all other determinations and take all other actions deemed necessary or advisable for
the administration hereof and provide for conditions and

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assurances deemed necessary or advisable to protect the interests of the Company in connection
herewith;

but only to the extent that any of the foregoing are not contrary to the express provisions hereof.
Determinations, interpretations or other actions made or taken by the Committee pursuant to the
provisions hereof shall be final, binding and conclusive for all purposes and upon all persons. The
Committee’s decisions need not be uniform and may be made selectively among Participants, whether
or not they are similarly situated.

     Notwithstanding the foregoing, the Committee shall have no discretion or authority to: (i)
designate Participants to receive Awards; (ii) determine the number of shares of Stock to be
covered by Awards granted to Participants; (iii) determine the terms and conditions of any Award
granted to any Participant relating to the vesting, exercise or expiration of Options over a period
of time; or (iv) prescribe the consideration for the grant of each Award hereunder and determine
the sufficiency of such consideration, which matters shall be as hereinafter provided.

     4.3 Composition of the Committee. The Committee shall consist of not less than two members of
the Board who shall be appointed by the Board.

Section 5. Stock Subject to Plan.

     5.1 Number. The total number of shares of Stock reserved and available for issuance under this
Plan shall initially be two hundred fifty thousand (250,000). The number of shares of Stock
reserved and available for issuance hereunder shall be subject to adjustment upon occurrence of any
of the events indicated in Subsection 5.3 hereof. The shares to be issued under this Plan may
consist, in whole or in part, of authorized but unissued Stock or treasury Stock, not reserved for
any other purpose.

     5.2 Unused Stock. In the event any shares of Stock that are subject to an Award cease to be
subject to such Award (whether due to expiration, cancellation, termination, forfeiture, or
otherwise) without such shares of Stock being issued or cash being paid to the Participant, then
the shares of Stock subject to such Award shall again become available for future Awards hereunder.

     5.3 Adjustment in Capitalization. In the event of any change in the outstanding shares of
Stock that occurs, whether prior to or after the Effective Date, by reason of a Stock dividend or
split, recapitalization, merger, consolidation, combination, spin-off, split-up, exchange of shares
or other similar corporate change, the aggregate number of shares of Stock authorized for issuance
hereunder as well as Stock subject to each outstanding Award, and its stated Option or other price
(as applicable), shall be appropriately adjusted by the Committee, whose determination shall be
conclusive; provided, however, that fractional shares shall be rounded to the nearest whole share.
In such event, the Committee shall also have the discretion to make appropriate adjustments in the
number of shares of Stock authorized for issuance hereunder.

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Section 6. Duration of Plan. This Plan shall remain in effect, subject to the Board’s right to
earlier terminate this Plan pursuant to Section 12 hereof, until all shares of Stock subject to it
shall have been purchased or acquired pursuant to the provisions hereof. Notwithstanding the
foregoing, no Award may be granted hereunder on or after the tenth (10th) anniversary of the
Effective Date.

Section 7. Stock Options.

     7.1 Grant of Options. Subject to the provisions of Sections 5 and 6 hereof, on the 1st of
February (or the next succeeding business day) following the day of each annual meeting of
shareholders of the Company, each person who was a Non-Employee Director of the Company immediately
following such annual meeting shall automatically and without further action by the Board or the
Committee be granted an Option to purchase two thousand (2,000) shares of Stock on the terms and
conditions provided herein. Notwithstanding the foregoing, the General Counsel of the Company may,
in his or her discretion, delay any grant under the Plan until any then existing material
non-public information has been disclosed publicly. The Committee shall have no discretion in
determining the number of Options granted to each Participant. Notwithstanding the foregoing, no
further Options shall be granted under the Plan after July 17, 2008.

     7.2 Type of Options. All Options granted pursuant to this Plan shall be nonstatutory stock
options.

     7.3 Option Price. Options granted pursuant hereto shall have an Option price that is equal to
the Fair Market Value of the Stock on the date the Option is granted.

     7.4 Duration of Options. Each Option shall expire on the tenth (10th) anniversary date of its
grant, and shall not be exercisable thereafter.

     7.5 Exercise of Options. Options granted hereunder shall vest and become exercisable in three
(3) equal annual installments beginning on the first (1st) anniversary of the date of its grant.

     7.6 Option Agreement. Each Option shall be evidenced by a written agreement (“Option
Agreement”) that shall specify the type of Option granted, the Option price, the duration of the
Option, the number of shares of Stock to which the Option pertains, and such other terms and
conditions as are provided herein. No Participant shall have any rights hereunder until an Option
Agreement has been executed.

     7.7 Payment. The Option price of any Option shall be payable to the Company in full upon
exercise:

          (a) in cash or its equivalent, including, in the discretion of the Committee, a promissory
note issued to the Company by the Participant (which note shall: (i) be secured by the Stock
issued; (ii) be for a term of not more than ten (10) years; (iii) bear interest at a rate of not
less than the prime rate (as determined by the Committee) in effect on the date such promissory
note is issued; (iv) require at least

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annual payments of principal and interest; and (v) contain such other terms and conditions as
the Committee determines);

          (b) by tendering shares of Stock having a Fair Market Value at the time of exercise equal to
the total Option price;

          (c) by a combination of cash or its equivalent (as defined in clause (a) above) and shares of
Stock; or

          (d) by electing to have the Company withhold from the shares of Stock otherwise issuable upon
exercise of the Option that number of shares of Stock having a Fair Market Value at the time of
exercise plus cash for any fractional share amounts, equal to the total Option price.

The proceeds from such a payment shall be added to the general funds of the Company and shall be
used for general corporate purposes.

     7.8 Restrictions on Stock Transferability. The Committee shall impose such restrictions on any
shares of Stock acquired pursuant to the exercise of an Option as it may deem advisable, including,
without limitation, restrictions under applicable Federal securities laws, under the requirements
of any stock exchange upon which such shares of Stock are then listed, and under any blue sky or
state securities laws applicable to such shares.

     7.9 Transferability of Options. The Committee may, in its discretion, and only by expressly so
providing in the Option Agreement covering any Options (which Option Agreement must be approved by
the Committee), permit all or a portion of Options to be granted to a Participant to be
transferable by the Participant: (a) to the Participant’s spouse, or natural or adoptive children
or grandchildren (“Immediate Family Members”); (b) to a trust or trusts for the exclusive benefit
of one or more Immediate Family Members; or (c) to a partnership in which all partners are
Immediate Family Members; provided, that there may be no consideration for any such transfer and
the transferee shall be expressly prohibited from any further transfer of such Options other than
by will or pursuant to the laws of descent and distribution. Following such transfer, any Options
so transferred shall be subject to the same terms and conditions as were applicable immediately
prior to such transfer, provided, however, that for purposes of this Plan, the term “Participant”
shall be deemed to include such transferee. The circumstances under which any transferred Option
may be terminated, canceled, or forfeited (whether such circumstances are set forth in this Plan or
in the Option Agreement covering such Options) shall be applied with respect to the transferor
Participant to which the Option was originally granted. Unless expressly so provided in the Option
Agreement covering an Option, no Option granted hereunder may be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than by will or pursuant to the laws of
descent and distribution, and all Options granted to a Participant hereunder shall be exercisable
during his lifetime only by such Participant.

Section 8. Cessation of Service.

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     8.1 Death, Disability or Retirement. Subject to the expiration provisions of Section 7.4
hereof, upon cessation of service as a Non-Employee Director of the Company due to death,
disability, voluntary retirement or retirement required under any mandatory policy of the Company
then in effect, or for any reason other than removal of the Participant from the Board as set forth
in Section 8.2 below:

          (a) Any and all Options owed to the Non-Employee Director, but which have not been granted as
of the date of cessation of service shall be promptly granted;

          (b) All Options held by the Non-Employee Director that are exercisable in accordance with the
Option Agreement as of the date of cessation of service shall remain exercisable until three (3)
years following the date of cessation of service; and

          (c) The vesting of all Options not exercisable in accordance with the Option Agreement
immediately prior to such cessation of service shall be immediately and automatically accelerated
upon such cessation of service, and such Options shall remain exercisable for three (3) years
following the date of cessation of service.

     Notwithstanding the foregoing, in the event of a Change of Control as defined in Section 11(b)
below, then the provisions of Section 11(a) shall apply to the Non-Employee Director’s Options.

     8.2 Removal. Subject to the expiration provisions of Section 7.4 hereof, upon cessation of
service as a Non-Employee Director of the Company due to removal from the Board in accordance with
the procedures set forth in Sections 180.0808 and 180.0809 of the Wisconsin Business Corporation
Law or the Company’s Bylaws, as amended from time to time:

          (a) Any and all Options owed to the Non-Employee Director, but which have not been granted as
of the date of cessation of service shall be promptly granted;

          (b) All Options held by the Non-Employee Director that are exercisable in accordance with the
Option Agreement as of the date of cessation of service shall remain exercisable until three (3)
months following the date of cessation of service; and

          (c) All Options not exercisable in accordance with the Option Agreement immediately prior to
such cessation of service shall be immediately and automatically forfeited to the Company.

     Notwithstanding the foregoing, in the event of a Change of Control as defined in Section 11(b)
below, then the provisions of Section 11(a) shall apply to the Non-Employee Director’s Options.

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Section 9. Beneficiary Designation. Each Participant may, from time to time, name any beneficiary
or beneficiaries (who may be named contingently or successively) to whom any benefit hereunder is
to be paid in case of his death before he receives any or all of such benefit. Each designation
will revoke all prior designations by the same Participant, shall be in a form prescribed by the
Committee and will be effective only when filed by the Participant in writing with the Committee
during his lifetime. In the absence of any such designation, benefits remaining unpaid at the
Participant’s death shall be paid to his estate.

Section 10. Rights of Board Members. Nothing in this Plan, in any Option granted under the Plan, or
in any Option Agreement, shall interfere with or limit in any way the rights of the shareholders of
the Company or the Board to elect and remove members of the Board at any time nor confer upon any
Participant any right to continue as a member of the Board.

Section 11. Change of Control.

          (a) In the event of a “Change of Control” (as hereinafter defined), each holder of an Option
(A) shall have the right at any time thereafter to exercise the Option in full whether or not the
Option was previously exercisable; and (B) shall have the right, exercisable by written notice to
the Company within sixty (60) days after the Change of Control, to receive, in exchange for the
surrender of an Option or any portion thereof to the extent the Option is then exercisable in
accordance with clause (A), the highest of (1) an amount of cash equal to the difference between
the Fair Market Value of the Stock covered by the Option or portion thereof that is so surrendered
on the date of the Change of Control and the purchase price of such Stock under the Option; (2) an
amount of cash equal to the difference between the highest price per share of Stock paid in the
transaction giving rise to the Change of Control and the Option price multiplied by the number of
shares of Stock covered by the Option; or (3) an amount of cash equal to the difference between the
Fair Market Value of the Stock covered by the Option or portion thereof that is so surrendered,
calculated on the date of surrender, and the purchase price of such Stock under the Option;
provided that the right described in this clause (B) shall be exercisable only if a positive amount
would be payable to the holder pursuant to the formula specified in this clause (B);

          (b) A “Change of Control” of the Company means:

     (i) the acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
20% or more of either (A) the then outstanding shares of common stock of the
Company (the “Outstanding Company Common Stock”) or (B) the combined voting power
of the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this subsection (i), the following
acquisitions shall not constitute a Change of

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Control: (1) any acquisition directly from the Company, (2) any acquisition by
the Company, (3) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the
Company, or (4) any acquisition pursuant to a transaction which complies with
clauses (A), (B) and (C) of subsection (iii) of this Section; or

     (ii) individuals who, as of November 11, 1999, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
November 11, 1999 whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board; or

     (iii) consummation by the Company of a reorganization, merger or consolidation
or sale or other disposition of all or substantially all of the assets of the
Company or the acquisition of assets of another entity (a “Business Combination”),
in each case, unless, following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners, respectively,
of the Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of, respectively, the then outstanding shares of common
stock and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or
all or substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership
immediately prior to such Business Combination of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person
(excluding any employee benefit plan (or related trust) of the Company or of such
corporation resulting from such Business Combination) beneficially owns, directly
or indirectly, 20% or more of, respectively, the then outstanding shares of common
stock of the corporation resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation except
to the extent that such ownership existed prior to the Business Combination and (C)
at least a majority of the members of the board of directors of the corporation
resulting from such Business Combination

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were members of the Incumbent Board at the time of the execution of the
initial agreement, or the action of the Board, providing for such Business
Combination; or

     (iv) approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company.

Section 12. Amendment, Modification and Termination of Plan.

     12.1 Amendments and Termination. The Board may at any time amend, alter, suspend, discontinue
or terminate this Plan, provided, however, that:

          (a) no amendment or termination of this Plan may: (i) adversely affect the rights of
Participants with respect to Awards previously granted to them, (ii) amend the terms of the Plan
regarding who may participate and the amount, price and timing of Options to be issued more than
once every six months, other than to comport with changes in the Internal Revenue Code, the
Employees Retirement Income Securities Act (ERISA), or the rules thereunder, or (iii) cause the
Plan not to qualify for exemption from Section 16(b) of the Exchange Act provided by Rule 16b-3 of
the Exchange Act, or any successor rule; and

          (b) stockholder approval of any amendment of this Plan shall be obtained if otherwise required
by (i) the Code or any rules promulgated thereunder (to enable the Company to comply with the
provisions of Section 162(m) of the Code so that the Company can deduct compensation in excess of
the limitation set forth therein), (ii) the listing requirements of the principal securities
exchange or market on which the Stock is then traded (in order to maintain the listing or quotation
of the Stock thereon), or (iii) Rule 16b-3 of the Exchange Act, or any successor rule, to qualify
for exemption from Section 16(b) of the Exchange Act.

     12.2 Unexpired Awards. All unexpired Awards shall continue in force and effect after
termination of this Plan except as they may lapse or be terminated by their own terms and
conditions.

     12.3 Waiver of Conditions. The Committee may, in whole or in part, waive any conditions or
other restrictions with respect to any Award granted hereunder.

Section 13. Taxes. The Company shall be entitled to withhold the amount of any tax attributable to
any amount payable or shares of Stock deliverable under this Plan after giving the person entitled
to receive such amount or shares of Stock notice as far in advance as practicable, and the Company
may defer making any such payment or delivery if any such tax may be pending unless and until
indemnified to its satisfaction. A Participant may elect to pay all or a portion of the federal,
state and local withholding taxes arising in connection with the exercise of an Option by electing
to (i) have the Company withhold shares of Stock, (ii) tender back shares of Stock received in
connection with such benefit, or (iii) deliver other previously owned shares of Stock, having a
Fair Market Value equal to the amount to be withheld; provided, however, that the amount to be
withheld shall not exceed the Participant’s estimated total federal, state

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and local tax obligations associated with the transaction. The written election must be made on or
before the date as of which the amount of tax to be withheld is determined. The Fair Market Value
of fractional shares of Stock remaining after payment of the withholding taxes shall be paid to the
Participant in cash.

Section 14. Indemnification. Each person who is or shall have been a member of the Committee or of
the Board shall be indemnified and held harmless by the Company against and from any loss, cost,
liability or expense that may be imposed upon or reasonably incurred by him in connection with or
resulting from any claim, action, suit or proceeding to which he may be a party or in which he may
be involved by reason of any action taken or failure to act under this Plan and against and from
any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him
in satisfaction of any judgment in any such action, suit or proceeding against him, provided,
however, that he shall give the Company an opportunity, at its own expense, to handle and defend
the same before he undertakes to handle and defend it on his own behalf. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which such persons
may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them harmless.

Section 15. Miscellaneous. Any Award may also be subject to other provisions (whether or not
applicable to any Award made to any other Participant) as the Committee determines appropriate,
including, without limitation, provisions for: (a) restrictions on resale or other disposition of
financed shares; and (b) compliance with federal or state securities laws and stock exchange or
market requirements.

Section 16. Requirements of Law.

     16.1 Requirements of Law. The granting of Awards and the issuance of shares of Stock upon the
exercise of any Option shall be subject to all applicable laws, rules and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may be required.

     16.2 Governing Law. This Plan, and all agreements hereunder, shall be construed in accordance
with and governed by the internal laws of the State of Wisconsin.

10exv10w2

EXHIBIT 10.2

SENSIENT TECHNOLOGIES CORPORATION

2002 DIRECTORS STOCK PLAN

Adopted December 6, 2001, as amended April 22, 2004 and July 17, 2008

ARTICLE 1

ESTABLISHMENT, PURPOSE AND EFFECTIVE DATE OF PLAN

     Section 1.1 Establishment. Sensient Technologies Corporation, a Wisconsin corporation (the
“Company”), hereby establishes the “Sensient Technologies Corporation 2002 Non-Employee Director
Stock Plan” (the “Plan”) which provides for the grant of stock to Non-Employee Directors of the
Company. For purposes of this Plan, a “Non-Employee Director” means any individual who is a
“non-employee director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”).

     Section 1.2 Purpose. The purpose of this Plan is to advance the interests of the Company by
aligning the interests of the Company’s stockholders and Non-Employee Directors, and by enabling
the Company to attract and retain the services of directors upon whose judgment, interest and
special effort the successful conduct of its operations is largely dependent.

     Section 1.3 Term of Plan. This Plan shall become effective upon its adoption by the
Company’s Board of Directors (the “Board”). This Plan shall remain in effect, subject to the right
of the Board to earlier terminate this Plan pursuant to Section 6.1 hereof, until all shares of
Common Stock subject to it shall have been issued pursuant to the provisions hereof.

ARTICLE 2

ELIGIBILITY AND PARTICIPATION

     Section 2.1 Eligibility and Participation. Participants (the “Participants”) in this Plan
shall include each member of the Board who is a Non-Employee Director at the time Common Stock of
the Company is issued pursuant to this Plan.

ARTICLE 3

ADMINISTRATION

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     Section 3.1 Administration. This Plan shall be administered by the Nominating and Corporate
Governance Committee of the Board.

     Section 3.2 Powers and Authority of the Nominating and Corporate Governance Committee. The
Nominating and Corporate Governance Committee, by majority action thereof, shall have complete and
sole authority to:

          (a) Interpret this Plan and apply its provisions, and prescribe, amend and rescind rules,
regulations, procedures, and forms relating to this Plan;

          (b) Authorize any person to execute, on behalf of the Company, any instrument required to
carry out the purposes of this Plan;

          (c) Amend any outstanding agreement relating to any Common Stock issued pursuant to this Plan,
subject to legal restrictions and to the consent of the Participant who entered into such
agreement; and

          (d) Make all other determinations and take all other actions deemed necessary or advisable for
the administration hereof and provide for conditions and assurances deemed necessary or advisable
to protect the interests of the Company in connection herewith;

but only to the extent that any of the foregoing are not contrary to the express provisions hereof.
Determinations, interpretations or other actions made or taken by the Nominating and Corporate
Governance Committee pursuant to the provisions hereof shall be final, binding and conclusive for
all purposes and upon all persons. The Nominating and Corporate Governance Committee’s decisions
need not be uniform and may be made selectively among Participants, whether or not they are
similarly situated.

     Notwithstanding the foregoing, the Nominating and Corporate Governance Committee shall have no
discretion or authority to: (i) designate the Participants to be issued Common Stock; (ii)
determine the number of shares of Common Stock to be issued to each such Participant; (iii)
determine the terms and conditions of such Common Stock relating to restrictions or lapse thereof;
or (iv) prescribe the consideration for the issuance of Common Stock hereunder and determine the
sufficiency of such consideration, which matters shall be as hereafter provided.

     Section 3.3 Composition of Nominating and Corporate Governance Committee. The Nominating
and Corporate Governance Committee shall consist of no less than two members of the Board who shall
be appointed by the Board.

ARTICLE 4

STOCK SUBJECT TO PLAN

     Section 4.1 Number. The total number of shares of Common Stock reserved and available for
issuance under this Plan shall initially be 90,000. The number of shares of Common Stock reserved
and available for issuance hereunder shall be subject to

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adjustment upon occurrence of any of the events indicated in Section 4.2 hereof. The shares to
be issued under this Plan shall consist of treasury Common Stock or authorized but unissued shares
of Common Stock, not reserved for any other purpose. In the event any shares of Common Stock that
are granted under the Plan are forfeited, such shares again shall become available for issuance
under the Plan.

     Section 4.2 Adjustment in Capitalization. In the event of any change in the outstanding
shares of Common Stock that occurs, whether prior to or after the effective date of this Plan, by
reason of a Common Stock dividend or split, recapitalization, merger, consolidation, combination,
spin-off, split-up, exchange of shares or other similar corporate change, the aggregate number of
shares of Common Stock authorized for issuance hereunder shall be appropriately adjusted by the
Nominating and Corporate Governance Committee, whose determination shall be conclusive; provided,
however, that fractional shares shall be rounded to the nearest whole share. In such event, the
Nominating and Corporate Governance Committee shall also have the discretion to make appropriate
adjustments in the number of shares of Common Stock authorized for issuance to Participants
hereunder.

ARTICLE 5

SHARE AWARDS

     Section 5.1 Grant of Common Stock. Effective with the 2009 annual meeting of shareholders,
subject to this Section and Sections 1.3, 4.1 and 4.2 hereof, each person who was a Non-Employee
Director of the Company immediately following each annual meeting of shareholders of the Company
shall, without further action by the Board or the Nominating and Corporate Governance Committee, be
issued 1,300 shares of the Company’s Common Stock (subject to appropriate adjustment as provided in
Section in Section 4.2 hereof) as soon as reasonably practicable, but in no event later than 5
days, following such date. Such shares of Common Stock shall be evidenced by a written agreement
to be entered into between the Company and the Participant. Such shares of Common Stock shall not
be transferable and shall be immediately and automatically forfeited to the Company in the event
the Participant ceases to serve as a member of the Board, provided, however, that such forfeiture
provision shall lapse with respect to one-third of the shares of Common Stock so issued on the date
of each of the next three annual meetings of stockholders, if the participant continuously serves
as a member of the Board until such annual meeting date (such period until the forfeiture provision
on the shares shall lapse, the “Period of Restriction”). The Nominating and Corporate Governance
Committee shall have no discretion in determining the number of shares of Common Stock issued to
each Participant.

     Section 5.2 Cessation of Service.

          (a) Death, Disability or Retirement. Upon cessation of service as a Non-Employee Director
of the Company due to death, disability, voluntary retirement or retirement required under any
mandatory policy of the Company then in effect, or for any

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other reason other than removal of the Participant from the Board as set forth in Section
5.2(b) below, the Period of Restriction shall immediately lapse.

          (b) Removal. Upon cessation of service as a Non-Employee Director of the Company due to
removal from the Board in accordance with the procedures set forth in Sections 180.0808 and
180.0809 of the Wisconsin Business Corporation Law or the Company’s Bylaws, as amended from time to
time, any shares of Common Stock with respect to which the Period of Restriction has not yet lapsed
shall be immediately and automatically forfeited to the Company.

     Section 5.3 Change of Control.

          (a) In the event of a “Change of Control” (as hereinafter defined), the Period of Restriction
shall be deemed to have lapsed immediately prior to the consummation of the transaction
constituting the Change of Control.

          (b) A “Change of Control” of the Company means:

     (i) the acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Securities
Exchange Act of 1934) of 20% or more of either (A) the then outstanding shares of
common stock of the Company (the “Outstanding Company Common Stock”) or (B) the
combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); provided, however, that for purposes of this subsection (i),
the following acquisitions shall not constitute a Change of Control: (1) any
acquisition directly from the Company, (2) any acquisition by the Company, (3) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any corporation controlled by the Company, or (4) any acquisition
pursuant to a transaction which complies with clauses (A), (B) and (C) of
subsection (iii) of this Section 5.3(b); or

     (ii) individuals who, as of December 6, 2001, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
December 6, 2001 whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
person other than the Board; or

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     (iii) consummation by the Company of a reorganization, merger or consolidation
or sale or other disposition of all or substantially all of the assets of the
Company or the acquisition of assets of another entity (a “Business Combination”),
in each case, unless, following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners, respectively,
of the Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of, respectively, the then outstanding shares of common
stock and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or
all or substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership
immediately prior to such Business Combination of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, as the case may be, (B) no person
(excluding any employee benefit plan (or related trust) of the Company or of such
corporation resulting from such Business Combination) beneficially owns, directly
or indirectly, 20% or more of, respectively, the then outstanding shares of common
stock of the corporation resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation except
to the extent that such ownership existed prior to the Business Combination and (C)
at least a majority of the members of the board of directors of the corporation
resulting from such Business Combination were members of the Incumbent Board at the
time of the execution of the initial agreement, or the action of the Board,
providing for such Business Combination; or

     (iv) approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company.

     Section 5.4 Restrictions on Common Stock. Notwithstanding the foregoing, the Company may
delay the issuance of Common Stock under the Plan until applicable Federal, “blue sky” and state
securities law requirements and any stock exchange requirements are satisfied. The Nominating and
Corporate Governance Committee shall impose such restrictions on any shares of Common Stock issued
pursuant to this Plan as it may deem necessary or advisable to comply with restrictions under
applicable Federal securities laws, under the requirement of any stock exchange upon which such
shares of Common Stock are then listed, and under any “blue sky” or state securities laws
applicable to such shares.

     Section 5.5 Registration. Any Common Stock granted hereunder to a Participant may be
evidenced in such manner as the Nominating and Corporate Governance Committee may deem appropriate,
including, without limitation, book-entry

5

 

registration or issuance of a stock certificate or certificates. In the event any stock
certificate is issued in respect of shares of Common Stock granted hereunder to a Participant, such
certificate shall be registered in the name of the Participant and shall bear an appropriate legend
(as determined by the Nominating and Corporate Governance Committee) referring to the terms,
conditions and restrictions applicable to such Common Stock. In the event such Common Stock is
issued in book-entry form, the depository and the Company’s transfer agent shall be provided with
notice referring to the terms, conditions and restrictions applicable to such Common Stock,
together with such stop-transfer instructions as the Nominating and Corporate Governance Committee
deems appropriate.

     Section 5.6 Removal of Restrictions. Except as otherwise provided in Sections 5.1, 5.2, 5.3
and 5.7 hereof, shares of Common Stock covered by each Common Stock grant made under the Plan shall
become freely transferable by the Participant after the last day of the Period of Restriction. Once
the shares are released from the restrictions, the Participant shall be entitled to have the legend
required by Section 5.5 removed from his or her stock certificates, to the extent such legend is no
longer applicable.

     Section 5.7 Voting Rights. During the Period of Restriction, Participants holding shares of
Common Stock granted hereunder may exercise full voting rights with respect to those shares.

     Section 5.8 Dividends and Other Distributions. During the Period of Restriction,
Participants holding shares of Common Stock granted hereunder shall be entitled to receive all
dividends and other distributions paid with respect to those shares while they are so held. If any
such dividends or distributions are paid in shares of Stock, the shares shall be subject to the
same restrictions on transferability as the shares of Common Stock with respect to which they were
paid.

     Section 5.9 Nontransferability of Common Stock. No shares of Common Stock granted under the
Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, otherwise
than by will or by the laws of decent and distribution, until the termination of the applicable
Period of Restriction. All rights with respect to the Common Stock granted to a Participant under
the Plan shall be exercisable during his or her lifetime only by such Participant.

ARTICLE 6

GENERAL PROVISIONS

     Section 6.1 Amendment and Termination. The Board may at any time amend, alter, suspend,
discontinue or terminate this Plan.

     Section 6.2 Taxes. The Company shall be entitled to withhold the amount of any tax
attributable to shares of Common Stock deliverable under this Plan after giving the person entitled
to receive such shares of Common Stock notice as far in advance as

6

 

practicable, and the Company may defer delivery if any such tax may be pending unless and
until indemnified to its satisfaction. A Participant may elect to pay all or a portion of the
federal, state and local withholding taxes arising in connection with the lapse of restrictions on
Common Stock, by electing to (i) have the Company withhold shares of Common Stock, (ii) tender back
shares of Common Stock received in connection with such benefit, or (iii) deliver other previously
owned shares of Common Stock, having a fair market value equal to the amount to be withheld;
provided, however, that the amount to be withheld shall not exceed the Participant’s estimated
total federal, state and local tax obligations associated with the transaction. The written
election must be made on or before the date as of which the amount of tax to be withheld is
determined. The fair market value of fractional shares of Common Stock remaining after payment of
the withholding taxes shall be paid to the Participant in cash.

     Section 6.3 Indemnification. Each person who is or shall have been a member of the
Nominating and Corporate Governance Committee or of the Board shall be indemnified and held
harmless by the Company against and from any loss, cost, liability or expense that may be imposed
upon or reasonably incurred by him in connection with or resulting from any claim, action, suit or
proceeding to which he may be a party or in which he may be involved by reason of any action taken
or failure to act under this Plan and against and from any and all amounts paid in settlement
thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such
action, suit or proceeding against him, provided, however, that he shall give the Company an
opportunity, at its own expense, to handle and defend the same before he undertakes to handle and
defend it on his own behalf. The foregoing right shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s Articles of Incorporation
or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless.

     Section 6.4 Rights of Board Members. Nothing in this Plan shall interfere with or limit in
any way the rights of stockholders of the Company or the Board to elect or remove members of the
Board at any time nor confer upon any Participant any right to continue as a member of the Board.

     Section 6.5 No Right to Specific Assets. Nothing contained in the Plan and no action taken
pursuant to the Plan shall create or be construed to create a trust of any kind or any fiduciary
relationship between the Company and any Participant, the executor, administrator or other personal
representative or designated beneficiary of such Participant, or any other persons. To the extent
that any Participant or his executor, administrator, or other personal representative, as the case
may be, acquires a right to receive any benefit from the Company pursuant to the Plan, such right
shall be no greater than the right of an unsecured general creditor of the Company.

     Section 6.6 Rights as a Stockholder. A Participant shall have no rights as a stockholder
with respect to any Common Stock until he shall have become the holder of record of such Common
Stock.

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     Section 6.7 Headings and Captions. The headings and captions herein are provided for
reference and convenience only, shall not be considered part of the Plan, and shall not be employed
in the construction of the Plan.

     Section 6.8 Controlling Law. The issuance of Common Stock shall be subject to all
applicable laws, rules and regulations, and to such approvals and any governmental agencies or
national securities exchanges as may be required. This Plan shall be construed and enforced
according to the laws of the State of Wisconsin without regard to conflict of laws.

8

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