Document:

ex10_29.htm

    
      

    

    Exhibit
10.29

    

    Description of Arrangement
for Directors Fees

    

    Except as
set forth below, the following sets forth the amount of fees payable to outside
directors of NBT Bancorp for their services as Directors in fiscal year
2008:

    

    
      	
              Event

            	 	
              Fee

            
	 
      	 	 
      
	
              Annual
      retainer

            	 	
              Cash
      (Member) - $5,000

            
	 
      	 	
              Restricted
      Stock (Member) - $10,000

            
	 
      	 	
              Restricted
      Stock (Chairman) - $50,000

            
	 
      	 	
              Deferred
      common stock (Member) – 400 shares

            
	 
      	 	
              Deferred
      common stock (Chairman) – 600 shares

            
	 
      	 	 
      
	
              Board
      meeting attended

            	 	
              Cash
      (Member) - $900 per meeting

            
	 
      	 	
              Cash
      (Chairman) - $1,000 per meeting

            
	 
      	 	 
      
	
              Telephonic
      board meeting

            	 	
              Cash
      (Member) - $900 per meeting

            
	 
      	 	
              Cash
      (Chairman) - $1,000 per meeting

            
	 
      	 	 
      
	
              Committee
      meeting attended

            	 	
              Cash
      (Member) - $600 per meeting

            
	 
      	 	
              Cash
      (Chairman) - $900 per meeting

            
	 
      	 	 
      
	
              Telephonic
      committee meeting

            	 	
              Cash
      (Member) - $600 per meeting

            
	 
      	 	
              Cash
      (Chairman) - $900 per meeting

            
	 
      	 	 
      
	
              Common
      stock options

            	 	
              Member
      - 1,000 shares multiplied by the number of board meetings attended in the
      prior year and divided by the number of meetings held in the prior
      year.

            
	 
      	 	 
      
	 
      	 	
              Chairman
      - 5,000 shares multiplied by the number of board meetings attended in the
      prior year and divided by the number of meetings held in the prior
      year.

            
	 
      	 	 
      
	
              Special
      meeting held with committee member representative at the request of
      management for the purpose of discussing board related
      matters.

            	 	
              $900
      per meeting

            

    

    

    

    The
Chairman of the Board receives $1,000 for each board and committee meeting
attended except for Compensation & Benefits Committee, Risk Management
Committee and the Nominating, Organization & Board Affairs Committee for
which the Chairman currently fails to meet “Director Independence” requirements
identified under applicable sections of NASDAQ Corporate Governance
Rules.ex10_2.htm

    
      

    

    Exhibit 10.2

    
 

    ORTHOFIX
INTERNATIONAL N.V.

     

    STAFF
SHARE OPTION PLAN

    (as
amended through April 22, 2003)

     

    
      	
              1.

            	
              Purpose and
      Background

            

    

     

    This
Staff Option Plan (the “Plan”) is intended to
provide an incentive to certain officers, employees, directors and consultants
of Orthofix International N.V. (the “Company”) and its
subsidiaries to increase their interest in the Company’s success by offering
them an opportunity to obtain a proprietary interest in the Company through the
grant of options (“Options”) to purchase
Common Shares of the Company.

     

    The Plan
is being restated as of March 31, 1992 (the “Restatement Date”)
and is being submitted for ratification by the Company’s shareholders in
connection with the public offering in the United States of up to 3,737,500 of
the Company’s Common Shares (the “Initial Public
Offering”) and the related repurchase by the Company of certain of its
outstanding shares and declaration of a stock dividend and stock split, as a
result of which 8,212,386 Common Shares (before completion of the Initial Public
Offering) will be outstanding (such repurchase of shares, stock dividend and
stock split are collectively referred to as the “Recapitalization”).  The
number of shares subject to outstanding Options and the exercise price of such
Options and certain other terms of Options under the Plan are being adjusted to
take account of the Initial Public Offering and the Recapitalization and all
reference herein thereto are on a post-Recapitalization basis.

     

    
      	
              2.

            	
              Shares Subject to the
      Plan

            

    

     

    The
maximum aggregate number of Common Shares which may be issued pursuant to
Options granted under the Plan is 2,239,700.  This maximum aggregate
number shall be subject to adjustment as provided in Section 9
hereof.  Shares issued upon exercise of Options may be either
authorized and unissued shares or shares held by the Company in its
treasury.  If Options granted hereunder expire or terminate for any
reason without having been exercised, the underlying shares with respect thereto
shall again be available for grants of further Options under the
Plan.

     

    
      	
              3.

            	
              Administration

            

    

     

    The Board
of Directors of the Company (the “Board”) will
administer the Plan, provided, however, that the
Board may designate persons other than its members to carry out its
responsibilities under such conditions or limitations as it may
set.  Subject to the provisions of the Plan and applicable law, the
Board, acting in its sole and absolute discretion, shall have full power and
authority to interpret the Plan and notices of awards made under the Plan, to
supervise the administration of the Plan, and to take such other action as may
be necessary or desirable in order to carry out the provisions of the Plan, but
in no event shall any such action adversely affect the rights of an optionee
over Options previously granted.  The decisions of the Board as to any
disputed question, including questions of construction, interpretation and
administration, shall be final and conclusive on all persons.

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    The
options shall be entered in a register, kept by or on behalf of the
Board.

     

    
      	
              4.

            	
              Eligibility

            

    

     

    Options
may be granted to officers, other employees, directors and consultants of the
Company or any of its Subsidiaries (as such term is defined in Section 6(d)), or
to such other persons whom the Board determines are in a position to contribute
to the success of the Company.  The Board shall have the authority to
select the persons to whom Options may be granted and to determine the number
and terms of Options to be granted to each such person.  Under this
Plan, references to “employment”, “employed”, etc. include optionees who are
consultants of the Company.

     

    
      	
              5.

            	
              Terms and Conditions
      of Options

            

    

     

    Each
Option granted under the Plan shall be evidenced by a written notice of option
grant containing the following terms and conditions (or incorporating by
reference the relevant terms and conditions set forth herein):

     

    (a)           Option
Price.  The Board shall fix the share exercise price for each
Option at the time of grant thereof.  Such exercise price may, in the
discretion of the Board, be less than, equal to or greater than the fair market
value of a Common Share on the date the Option is granted.  With
respect to periods prior to the completion of the Initial Public Offering (and
periods following the Initial Public Offering if the Common Shares cease to be
publicly traded in the United States), the fair market value of the Common
Shares will be determined by the Board in good faith.  With respect to
periods following the completion of the Initial Public Offering, and for so long
as the Common Shares are publicly traded in the United States, the fair market
value of a Common Share will mean the average of the highest and lowest quoted
selling price of a Common Share as reported on the composite tape for securities
listed on such national securities exchange on which the Common Shares are
traded as may be designated by the Board, or, if the Common Shares are not
listed for trading on a national securities exchange but are quoted on an
automated quotation system, on such automated quotation system, in any such case
on the valuation date (or if there were no sales on the valuation date, the
average of the highest and the lowest quoted selling prices as reported on said
composite tape or automated quotation system for the most recent day during
which a sale occurred).

     

    All
Options granted prior to the Restatement Date were granted with a per share
exercise price equal to the fair market value of a Common Share as of the date
of grant, as determined by the Board.

     

    (b)           Expiration.  Unless
otherwise determined by the Board at the time of grant, each Option granted
under the Plan shall expire on a date specified in the written notice of option
relating to such Option, provided, however, that such
date shall be no later than the 10 year anniversary of the date of grant of the
Option, to the extent not previously exercised or otherwise terminated earlier
in accordance with Section 6.

     

    (c)           Vesting.  The
Board shall establish a vesting schedule for each Option at the time of
grant.  The vesting schedules applicable to Options granted prior to
the Restatement Date are indicated on Exhibit A hereto.  Subject to
the other terms and conditions of this Plan, Options shall be exercisable to the
extent, and only to the extent they have vested.

     

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

     

    (d)           Exercise.  Subject
to Sections 5(e) and 5(g) hereof, an Optionee may exercise all or any portion of
an Option (to the extent vested) by giving written notice to the Company, provided, however, that no less
than 100 shares may be purchased upon any exercise of the Option unless the
number of shares purchased at such time is the total number of shares in respect
of which the Option is then exercisable, and provided, further, that in no
event shall an Option be exercisable for a fractional share.  The date
of exercise of an Option shall be the later of (i) the date on which the Company
receives such written notice or (ii) the date on which the conditions provided
in Sections 5(e) and 5(g) are satisfied.

     

    (e)           Payment.  Prior
to the issuance of a certificate pursuant to Section 5(g) hereof evidencing the
Common Shares in respect of which all or a portion of an Option shall have been
exercised, the Optionee shall have paid to the Company the option price for all
Common Shares purchased pursuant to the exercise of such
Option.  Payment may be made by personal check, bank draft or postal
or express money order (such modes of payment are collectively referred to as
“cash”) payable
to the order of the Company, in U.S. dollars or in such other currency as the
Company may accept for such purposes or, in the discretion of the Board, payment
may be made by tendering Common Shares already owned by the Optionee valued at
their fair market value (determined in accordance with Section 5(a)), or in any
combination of cash or such shares as the Board in its sole discretion may
approve.

     

    (f)           Rights as a
Shareholder.  No Common Shares shall be issued in respect of
the exercise of an Option until full payment therefor has been
made.  The holder of an Option shall have no rights as a shareholder
with respect to any shares covered by an Option until the date a certificate for
such shares is issued to him or her.  Except as otherwise provided
herein, no adjustments shall be made for dividends or distributions of other
rights for which the record date is prior to the date such share certificate is
issued.

     

    (g)           Issuance of Share
Certificates.  Subject to the foregoing conditions, as soon as
is reasonably practicable after its receipt of a proper notice of exercise and
payment of the option price for the number of shares with respect to which an
Option is exercised, the Company shall deliver to the optionee (or following the
optionee’s death, such other person entitled to exercise the Option), at the
principal office of the Company or at such other location as may be acceptable
to the Company and the optionee (or such other person), one or more stock
certificates for the appropriate number of Common Shares issued in connection
with such exercise.  Such shares shall be fully paid and nonassessable
and shall be issued in the name of the optionee (or such other
person).

     

    (h)           Transferability of
Options.  No Option granted under the Plan shall be assignable
or transferable except by will and/or by the laws of descent and distribution,
and each such Option shall be exercisable during the optionee’s lifetime only by
him or her.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              6.

            	
              Termination of
      Employment

            

    

     

    (a)           Forfeiture of Unvested
Portion of Options upon Termination of Employment.  Except in
the case of death or Permanent Disability (as such terms are defined herein) of
an optionee, if an optionee’s employment with the Company and its Subsidiaries
terminates for any reason prior to the satisfaction of any vesting period
requirement under Section 5(c) hereof, the unvested portion of the Option shall
be forfeited to the Company, and the optionee shall have no further right or
interest therein, provided, however, that if an
optionee’s employment is terminated by the Company or one of its Subsidiaries
other than for Cause (as such term is defined herein), Options previously
granted to the optionee shall be considered vested with respect to the aggregate
number of shares as to which such Options would have been vested as of December
31, of the year in which such termination of employment occurs.

     

    (b)           Exercise Following
Termination of Employment.  If an optionee’s employment with
the Company and its Subsidiaries terminates for any reason other than death or
Permanent Disability after an Option has vested in accordance with Section 5(c)
hereof with respect to all or a portion of the Common Shares subject to the
Option, the optionee shall have the right, subject to the terms and conditions
of the Plan and the notice of award, to exercise the Option, to the extent it
has vested as of the date of such termination of employment, at any time within
180 days after the date of such termination, subject to the earlier expiration
of the Option as provided in Section 5(b).

     

    (c)           Exercise Following Death or
Permanent Disability.  If an optionee’s employment with the
Company and its Subsidiaries terminates by reason of death or Permanent
Disability prior to the satisfaction of any vesting period requirement under
Section 5(c) hereof, Options granted to the optionee shall be deemed to have
vested in full as of the date of termination of employment due to death or
Permanent Disability.  In the event of Permanent Disability, the
optionee or his designated personal representative may exercise his or her
Options within one year after the date of termination of employment, subject to
the earlier expiration of such Options as provided in Section
5(b).  In the event of an optionee’s death while employed by the
Company or one of its Subsidiaries or otherwise within the period of time after
termination of employment during which the optionee was entitled to exercise an
Option, the Options granted to such optionee may be exercised by his or her
estate, personal representative or beneficiary within one year after the date of
death, subject to the earlier expiration of the Option as provided in Section
5(b).

     

    (d)           Definitions.  For
the purpose of this Plan, the following terms shall have the meanings specified
below:

     

    (i)           
Termination of
Employment.  The employment of an optionee shall be deemed
terminated if the optionee is no longer employed by the Company or any of its
Subsidiaries for any reason.  The Board shall have discretion to
determine whether an authorized leave of absence (as a result of disability or
otherwise) shall constitute a termination of employment for purposes of the
Plan.

     

    (ii)           Permanent
Disability.  “Permanent Disability”
means termination of an optionee’s employment as a result of a physical or
mental incapacity which substantially prevents the optionee from performing his
or her duties as an employee and that has continued at least 180 days and can
reasonably be expected to continue indefinitely.  Any dispute as to
whether or not an optionee is disabled within the meaning of the preceding
sentence shall be resolved by a physician selected by the Board.

     

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

     

    (iii)          Cause.  “Cause” means
termination of an optionee’s employment because of the optionee’s (i)
involvement in fraud, misappropriation or embezzlement related to the business
or property of the Company or (ii) conviction for, or guilty plea to, a felony
or crime of similar gravity in the jurisdiction which such conviction or guilty
plea occurs or (iii) unauthorized disclosure of any trade secrets or other
confidential information relating to the Company’s business and affairs (except
to the extent such disclosure is required under the applicable
law).

     

    (iv)          Subsidiary.  “Subsidiary” means any
corporation or other entity in which the Company directly or indirectly owns
stock or other securities possessing 50% or more of the total combined voting
power of all classes of stock and other securities of such corporation or other
entity.

     

    (e)           Board
Authority.  The Board shall have the authority, in its
discretion, to vary or waive the terms of this Section 6 as they apply to any
optionee whose employment with the Company and its Subsidiaries terminates for
any reason.

     

    
      	
              7.

            	
              Tax
      Withholding

            

    

     

    The
Company shall have the right, prior to the delivery of any certificates
evidencing Common Shares to be issued upon full or partial exercise of an
Option, to require the optionee to remit to the Company an amount sufficient to
satisfy any applicable tax withholding requirements.  The Company may,
in its discretion, permit an optionee to satisfy, in whole or in part, such
obligation to remit taxes, by directing the Company to withhold shares that
would otherwise be received by the optionee, pursuant to such rules as the Board
may establish from time to time.  The Company shall also have the
right to deduct from all cash payments made pursuant to or in connection with
any Option any applicable taxes required to be withheld with respect to such
payments.

     

    
      	
              8.

            	
              No Restriction on
      Right to Effect Corporate Changes; No Right to
      Employment

            

    

     

    Neither
the Plan nor the existence of any Option shall affect in any way the right or
power of the Company or its shareholders to make or authorize any or all
adjustments, recapitalizations, reorganizations or other changes in the
Company’s capital structure or its business, or any merger or consolidation of
the Company, or any issue of bonds, debentures, preferred or prior preference
stocks ahead of or convertible into or otherwise affecting the Common Shares or
the rights thereof, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or
otherwise.

     

    In
addition, neither the Plan nor the existence of any Option shall be deemed to
limit or restrict the right of the Company to terminate an optionee’s employment
at any time, for any reason, with or without Cause.

     

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    
      	
              9.

            	
              Adjustment of and
      Changes in Shares

            

    

     

    In the
event of any merger, consolidation, recapitalization, reclassification, stock
split, stock dividend, distribution of property, special cash dividend, or other
change in corporate structure affecting the Common Shares, the Board shall make
such equitable adjustments, if any, as it deems appropriate in the number and
class of shares subject to, and the exercise price of, outstanding Options
granted under the Plan or available to be granted under the Plan.  The
foregoing equitable adjustment shall be determined by the Board in its sole
discretion.

     

    
      	
              10.

            	
              Preemption of
      Applicable Laws and
Regulations

            

    

     

    If, at
any time specified in the Plan or in a notice of award under the Plan for the
issuance of Common Shares to an optionee, any law, regulation or requirement of
any governmental authority having jurisdiction shall require either the Company
or the optionee to take any action in connection with the shares then to be
issued, the issuance of such shares shall be deferred until such action shall
have been taken.

     

    
      	
              11.

            	
              Change in
      Control

            

    

     

    (a)           Board
Discretion.  The Board, in its sole discretion, may, at any
time prior to, or coincident with or after the time of a Change in Control, take
such actions as it may consider appropriate to maintain the rights of optionees
in Options granted under the Plan, including without limitation: (i)
accelerating any time periods relating to the exercise of Options; (ii)
providing for optionees to receive, in cancellation of their outstanding
options, an amount of cash in respect of each share subject to an Option equal
to the excess of the highest per share exercise price of the relevant Option;
(iii) making such other adjustments to the Options then outstanding as the Board
deems appropriate to reflect such Change in Control; or (iv) causing the Options
then outstanding to be assumed, or new rights substituted therefor, by the
surviving corporation in such Change in Control.

     

    The Board
may, in its discretion, including such further provisions and limitations in any
notice of award documenting Options as it may deem equitable and in the best
interests of the Company in the event of a Change of Control.

     

    (b)           Definition of Change in
Control.  For purpose of the Plan, the “Change in Control”
means:

     

    (i)           the
acquisition by any individual, entity or group of beneficial ownership (within
the meaning of Rule l3d-3 promulgated under the United States Securities
Exchange Act of 1934, as amended) of 30% or more of the then outstanding voting
securities of the Company entitled to vote generally in the election of
directors or of equity securities having a value equal to 30% or more of the
total value of all equity securities of the Company, provided, however, that the
following acquisitions of shares or other securities shall not constitute a
Change in Control: (I) any acquisition directly from the Company, (II) any
acquisition by the Company, (III) any acquisition by an employee benefit plan
(or related trust) sponsored or maintained by the Company or any of its
affiliates or (IV) any acquisition by any individual, entity or group who owned
Common Shares as of the date prior to the effective date of the Company’s
registration statement on Form F-1 relating to the Initial Public Offering;
or

     

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

     

    (ii)           individuals
who as of the effective date of the Initial Public Offering constitute the Board
(the “Incumbent
Board”) cease for any reason to constitute at least a majority of the
Board, except that any director whose election or nomination for election was
approved by the vote of at least a majority of 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 individual whose initial
assumption of office occurs as the result of either an actual or threatened
election contest of other actual or threatened solicitation of proxies or
consents by or on behalf of a person other than the Board.

     

    
      	
              12.

            	
              Amendment and
      Termination of the Plan

            

    

     

    The Board
may amend or terminate the Plan.  Except as otherwise provided in the
Plan with respect to equity changes, any amendment which would increase the
aggregate number of Common Shares as to which Options may be granted under the
Plan shall be subject to the approval of the holders of a majority of the Common
Shares issued and outstanding.  No amendment or termination may
adversely affect any outstanding Option without the written consent of the
optionee.

     

    
      	
              13.

            	
              Application of
      Funds

            

    

     

    The
proceeds received by the Company from the sale of Common Shares pursuant to
Options will be used for general corporate purposes.

     

    
      	
              14.

            	
              Governing
      Law

            

    

     

    The Plan
and each Option hereunder shall be governed by the laws of the Netherlands
Antilles.

     

    15.           Term of the
Plan

     

    Unless
earlier terminated pursuant to Section 12, the Plan will terminate on
June 30, 2005.  The rights of optionees under Options outstanding
at the time of the termination of the Plan shall not be affected solely by
reason of the termination and shall continue in accordance with the terms of the
relevant Options.

     

     

    7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]