Document:

EXHIBIT (10)A

 

AMENDMENT
NO. 2 TO

ECOLAB
INC. 2001 NON-EMPLOYEE DIRECTOR

STOCK
OPTION AND DEFERRED COMPENSATION PLAN

(as
Amended and Restated Effective as of May 1, 2004)

 

WHEREAS, Ecolab Inc. (the “Company”) adopted an amended and restated
2001 Non-Employee Director Stock Option and Deferred Compensation Plan (the “Plan”)
effective as of May 1, 2004;

 

WHEREAS, the Plan was amended by Amendment No. 1 effective January 1,
2005 to address changes required by Section 409A of the Code; and

 

WHEREAS, the Company wishes to adopt additional changes to the Plan
relating to exercisability and duration of Periodic Options effective for
Periodic Options granted on or after May 2, 2008;

 

NOW THEREFORE, pursuant to the amending power reserved to the Company’s
Board of Directors by Section 14.1 of the Plan, the Board of Directors
adopted this Amendment No. 2 to the Plan on, and effective as to all
Periodic Options granted on and after, the 2nd day of May, 2008.

 

Section 1

 

Section 9.3
is amended and restated to read as follows:

 

“Exercisability
of Options.  Each Periodic Option
granted under the Plan will become exercisable, on a cumulative basis, as to
25% of the Shares (excluding any fractional portion less than one share), on
the last day of each of the first, second and third three-month periods
following its Date of Grant and as to the remaining Shares on the last day of
the fourth three-month period following the Date of Grant; provided, however,
that if a Change in Control of the Company occurs then such Periodic Option
will become immediately exercisable in full.”

 

Section 2

 

Section 9.4
is amended and restated to read as follows:

 

“Duration of
Options.  Each Periodic Option
granted under the Plan will terminate ten years after its Date of Grant;
provided, however, that if the Participant ceases to serve as a director of the
Company for any reason, then the Periodic Option will remain exercisable to the
extent exercisable as of such cessation of service until the earlier of the
expiration of five years after the date the Participant ceased to serve as a
director of the Company or the remaining term of the Periodic Option.”

 

 

[Remainder of page intentionally left blank.]

 

 

IN WITNESS
WHEREOF, Ecolab Inc. has executed this Amendment No. 2 this 2nd day of
May, 2008.

 

	
   

  	
  ECOLAB INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L. Meyer

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Michael L. Meyer

  
	
   

  	
  Title:

  	
  Senior Vice President – Human Resources

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Sarah Z. Erickson

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Sarah Z. Erickson

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Associate General Counsel - Corporate

  and Assistant Secretary

  	
   

  	
   

  
								

 

2EXHIBIT
(10)B

 

AMENDMENT
NO. 1 TO MASTER AGREEMENT

RELATING
TO PERIODIC OPTIONS GRANTED UNDER THE

ECOLAB
INC. 2001 NON-EMPLOYEE DIRECTOR

STOCK
OPTION AND DEFERRED COMPENSATION PLAN

 

THIS AMENDMENT NO. 1 TO MASTER AGREEMENT (the “Amendment”), is entered
into and effective as of this 2nd day of May, 2008, by and between Ecolab Inc.
(the “Company”) and                                                                            (the “Optionee”).

 

A.            The Company has
adopted the Ecolab Inc. 2001 Non-Employee Director Stock Option and Deferred
Compensation Plan, as amended and restated effective as of May 1, 2004 and
as further amended as of January 1, 2005 and May 2, 2008 (the “Plan”),
authorizing the Board of Directors of the Company, or a committee as provided
for in the Plan, to grant from time to time Periodic Options to Qualified
Directors.

 

B.            The Company and the
Optionee have entered into a Master Agreement Relating to Periodic Options
granted under the Plan (the “Agreement”) setting forth the terms and conditions
for the Periodic Options granted from time to time under the Plan.

 

C.            The Board of
Directors has approved Amendment No. 2 to the Plan, which amends certain
provisions of the Plan relating to exercisability and duration of Periodic
Options effective for Periodic Options granted on or after May 2, 2008.

 

D.            It is necessary for
the parties to execute the Amendment so that the exercisability and duration
provisions of the Agreement correspond to Amendment No. 2 to the Plan.

 

Accordingly, the parties agree to this Amendment as follows:

 

Section 1

 

Section 3.1
of the Agreement is amended and restated to read as follows:

 

“Exercisability and
Duration.

 

Each Periodic
Option granted prior to May 2, 2008 will be immediately exercisable in
full and will remain exercisable until 5:00 p.m. (St. Paul, Minnesota
time) on the tenth anniversary of such Periodic Option’s respective Date of
Grant (such time, as to any Periodic Option irrespective of the Date of Grant,
the “Time of Termination”).

 

Each Periodic
Option granted on or after May 2, 2008 will become exercisable, on a
cumulative basis, as to 25% of the Shares (excluding any fractional portion
less than one share), on the last day of each of the first, second and third
three-month periods following its Date of Grant and as to the remaining Shares
on the last day of the fourth three-month period following the Date of Grant;
provided, however, that if a Change in Control of the Company occurs then such
Periodic Option will become immediately exercisable in full.  Each such Periodic Option will remain
exercisable until such Periodic Option’s Time of Termination.

 

 

Section 2

 

Section 3.2
of the Agreement is amended and restated to read as follows:

 

“Termination of Service
as a Director of the Company.  If the
Optionee ceases to serve as a director of the Company for any reason, then each
Periodic Option will remain exercisable to the extent exercisable as of such
cessation of service until the earlier of the expiration of five years after
the date the Optionee ceased to serve as a director of the Company or the Time
of Termination, at which time such Periodic Option will terminate and no longer
be exercised.”

 

 

[Remainder of page left intentionally blank.]

 

2

 

IN WITNESS
WHEREOF, the parties to this Amendment have executed this Amendment the day and
year first above written.

 

 

	
   

  	
  ECOLAB INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Associate General Counsel-Corporate and

  Assistant Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OPTIONEE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

3Exhibit 10.1

 

IMMUNOGEN, INC.

 

AMENDMENT TO STOCK OPTION AGREEMENTS

 

This AMENDMENT is made as
of the 24th day of September, 2008 (the “Effective Date”) to the Stock
Option Agreements listed in Exhibit A attached hereto (collectively,
the “Option Agreements”) between ImmunoGen, Inc., a Massachusetts
corporation (the “Company”), and Mitchel Sayare, Ph.D. (the “Optionee”).

 

WHEREAS,
the Company has adopted the Restated Stock Option Plan (the “Restated Plan”)
and the 2006 Employee Director and Consultant Equity Incentive Plan (the “2006 Plan”),
to promote the interests of the Company by providing an incentive for
employees, directors and consultants of the Company or its affiliates;

 

WHEREAS,
the parties hereto understand and agree that any terms used and not defined
herein have the meanings ascribed to such terms in the Restated Plan and 2006 Plan;

 

WHEREAS,
Optionee was granted incentive stock options and non-qualified stock options to
purchase shares of the Company’s common stock under the Restated Plan, and incentive
stock options to purchase shares of the Company’s common stock under the 2006 Plan
(together, the “Affected Options”), which in the aggregate are covered by the
Option Agreements;

 

WHEREAS, on September 24,
2008 the Board of Directors of the Company approved a management succession
plan pursuant to which Optionee will step down as Chief Executive Officer on December 31,
2008 and will retire as an employee on the date of the 2009 annual meeting of
shareholders of the Company, and in connection with said management succession
plan, the Compensation Committee of the Board of Directors, as Administrator of
the Restated Plan and the 2006 Plan, authorized the modification of certain terms
of the Option Agreements such that the Affected Options will continue to vest
and be exercisable in accordance with their terms for so long as Optionee
remains either an employee or director of the Company; and

 

WHEREAS, amendments to
the Option Agreements which are not adverse to the Optionee may be made by the Administrator.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Option Agreements are hereby
amended as follows:

 

1.             Notwithstanding
anything to the contrary contained in the Option Agreements, and subject to the
terms set forth in this Amendment: (a) all of the unvested shares covered
by the Affected Options shall continue to vest in accordance with the vesting
schedules set forth in the Option Agreements for such time as Optionee remains
an employee or director of the Company; and (b) all references to
employment of the Optionee by the Company, other than as set forth in paragraph
2 of this Amendment below, shall include the Optionee’s employment by the
Company or service as a director such that the Affected Options shall continue
to be exercisable in accordance with the 

 

 

terms
of the Option Agreements until the earlier of (i) the expiration date set
forth in the Option Agreements or (ii) the period of time post-employment
as is set forth in the Option Agreements determined based upon the reason of
termination of employment.

 

2.             Notwithstanding the
foregoing, in accordance with Section 422 of the Code, Affected Options
that were originally granted as ISOs shall automatically convert into and be
deemed Non-Qualified Options as of the date that is three months from
termination of the Optionee’s employment, even if still serving as a director of
the Company, for any reason other than death or Disability.

 

3.             Except as set forth
above, the Option Agreements shall remain in full force and effect and subject
to its terms and conditions as set forth therein.  This Amendment, together with the Option
Agreements, embodies the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings relating to the subject matter
hereof.  No statement, representation,
warranty, covenant or agreement not expressly set forth in this Amendment shall
affect or be used to interpret, change or restrict, the express terms and
provisions of this Amendment.

 

IN
WITNESS WHEREOF, the Company has caused this Amendment to be executed on its
behalf as of the date first above written.

 

 

	
   

  	
  IMMUNOGEN, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
             /s/
  Daniel M. Junius

  
	
   

  	
  Name:

  	
  Daniel
  M. Junius

  
	
   

  	
  Title:

  	
  President
  and Chief Operating Officer

  

 

2

 

EXHIBIT A

 

TO

 

AMENDMENT TO STOCK OPTION AGREEMENTS

 

List of Option Agreements
Covering Affected Options

 

	
  ISOs

  
	
   

  
	
  Stock
  Option Agreement dated January 14, 1999 (80,000 shares)

  
	
  Stock
  Option Agreement dated January 19, 2000 (26,544 shares)

  
	
  Stock
  Option Agreement dated January 25, 2001 (4,819 shares)

  
	
  Stock
  Option Agreement dated June 5, 2002 (25,317 shares)

  
	
  Stock
  Option Agreement dated June 12, 2003 (25,575 shares)

  
	
  Stock
  Option Agreement dated June 17, 2004 (15,948 shares)

  
	
  Stock
  Option Agreement dated June 9, 2005 (18,692 shares)

  
	
  Stock
  Option Agreement dated June 8, 2006 (25,000 shares)

  
	
  Stock
  Option Agreement dated June 12, 2007 (20,840 shares)

  
	
  Stock
  Option Agreement dated June 11, 2008 (30,303 shares)

  
	
   

  
	
  NQSOs

  
	
   

  
	
  Stock
  Option Agreement dated January 19, 2000 (58,456 shares)

  
	
  Stock
  Option Agreement dated January 25, 2001 (160,181 shares)

  
	
  Stock
  Option Agreement dated June 5, 2002 (124,683 shares)

  
	
  Stock
  Option Agreement dated June 12, 2003 (69,425 shares)

  
	
  Stock
  Option Agreement dated June 17, 2004 (59,052 shares)

  
	
  Stock
  Option Agreement dated June 9, 2005 (56,308 shares)

  
	
  Stock
  Option Agreement dated June 8, 2006 (50,000 shares)

  

 

3

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