Document:

exv10w12

 

Exhibit 10.12

STOCK OPTION

TO: [      ]

OPTION DATE: [      ]

     In order to provide additional incentive through stock ownership for certain key employees of
General Binding Corporation and Subsidiaries (“GBC”) you are hereby granted an Option by GBC,
effective as of the date hereof, to purchase [ ] shares of GBC Common Stock at a price per share
of $[ ] subject to the terms and conditions set forth in the “General Binding Corporation 1989
Stock Option Plan (“Plan”).

     This option must be exercised in parts as provided in the Plan, beginning no sooner than one
year hence, and completed no later than eight years hereafter, after which this Option will lapse.
No part of this Option is transferable or assignable in whole or in part by you during your
lifetime, and no part can be exercised by you after termination or employment except in the event
of retirement, death or disability.

     The manner in which you may exercise this Option is by giving written notice to the Vice
President, Secretary and General Counsel of GBC accompanied by either 1.) a check in payment of the
option price ($[ ] per share) for the number of shares of the Option being exercised as
provided in the Plan, or 2.) tendering a sufficient number of shares of GBC Common Stock with a
fair market value equal (subject to adjustment for fractional shares) to the cost of the Option
being exercised, or any combination of the foregoing.

     The Plan provides that no Option may be exercised unless the Plan is in full compliance with
all laws and regulations applicable thereto. At the present time this condition is met and GBC
will endeavor to keep the Plan in compliance.

     No amendment, modification, or waiver of this Option in whole or in part shall be binding
unless consented to in writing by either the Chairman or the President of GBC, and no amendment may
cause any participant to be unfavorable affected with respect to any Option already granted
hereunder.

     In order to exercise this Option you must be employed by GBC or its subsidiaries at the time
of exercise. If you cease to be so employed, except in the event of retirement, death or
disability, your Option will terminate on the date of termination of employment.

 

 

     Under current provisions of the Internal Revenue Code, when an Option is exercised by you, you
will receive ordinary taxable income equal to the amount, if any, by which the fair market value on
the date of exercise exceeds the option price. Any gain or loss upon a sale of the shares will be
treated as long-term or short-term capital gain or loss depending upon then existing tax laws. The
basis of the stock for determining gain or loss at the time of sale will be its fair market value
on the date of exercise. Tax laws may change and tax treatment must be determined in accordance
with current tax laws. Company counsel should be consulted on your ability to sell your shares.

     Please sign the copy of this Option agreement and return it to the Vice President, Human
Resources, thereby indicating your understanding of and agreement with its terms and conditions.
Unless signed and returned by mail or otherwise within thirty (30) days from date of mailing or
delivery to you of this agreement this Option may be deemed withdrawn at the option of GBC. By
signing this Agreement you acknowledge receipt of a copy of the Plan. The terms of the Plan shall
have precedence over any terms in this Agreement that are inconsistent therewith.

	 	 	 	 	 
	 	GENERAL BINDING CORPORATION

 	 
	 	By:  	
 	 
	 	 	Govi C. Reddy 	 
	 	 	President and Chief Executive Officer 	 
	 

	 	 	 
	TO:

	 	Vice President, Human Resources
	 

	 	General Binding Corporation

I hereby agree to the terms and conditions of this Stock Option Agreement. I also hereby
acknowledge receipt of a copy of the General Binding Corporation 1989 Stock Option Plan, and,
having read it, I hereby signify my understanding or, and my agreement with, its terms and
conditions.

	 	 	 
	 	 	 
	[      ]

	 	 
	 
	 	 
	 	 	 
	Dateexv10w13

 

Exhibit 10.13

STOCK OPTION AGREEMENT

(FORMULA OPTION)

TO:

	 	 	 	 	 
	OPTION DATE:
	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	EXPIRATION DATE:

	 	 
	 	 
	 	 	 	 	 

     In order to provide additional incentive through stock ownership for the members of the Board
of Directors of General Binding Corporation (“GBC” or the “Company”) you are hereby granted an
Option by GBC, effective as of the Option Date, to purchase 3,000 shares of GBC Common Stock at a
price per share of $ ___which is one hundred percent (100%) of the Fair Market Value of
GBC Common Stock on the Option Date, subject to the terms and conditions set forth in the “General
Binding Corporation Non-Employee Directors 2001 Stock Option Plan” (“Plan”).

     Except as hereinafter provided, with respect to the Option granted hereunder, such option
shall vest and become exercisable on the first anniversary of the Option Date described above
provided you remain on the Board of Directors of GBC.

     The Option is exercisable at any time after one (1) year following the Option Date, in whole
or in part, but only if all of the following conditions are met at the time of exercise:

	 	(i)	 	the Option, or part thereof, is vested as described above;

	 
	 	(ii)	 	the date of exercise is on or before the Expiration Date set forth above; and
	 
	 	(iii)	 	you are a member of the Board of Directors of GBC, or if you are no longer a
Director, the date of exercise is in accordance with the Plan.

     In the event of a Change in Control of GBC as defined in the Plan, all Options subject to this
Agreement shall vest 100%, whereupon all Options shall become exercisable in full from the
effective date of the Change in Control.

 

 

     The manner in which you may exercise this Option is by giving written notice to the Vice
President, Secretary and General Counsel of GBC accompanied by either 1.) a check in payment of the
option price ($       per share) for the number of shares of the Option being exercised as
provided in the Plan, or 2.) tendering a sufficient number of previously-acquired shares of GBC
Common Stock with a fair market value equal (subject to adjustment for fractional shares) to the
cost of the Option being exercised, or any combination of the foregoing. For purposes of this
Agreement, “previously-acquired shares” means shares purchased on the open market, or shares
purchased from the Company (including by exercise of this or any other option) which have been held
for at least six (6) months.

     The Plan provides that no Option may be exercised unless the Plan is in full compliance with
all laws and regulations applicable thereto. At the present time this condition is met and GBC
will endeavor to keep the Plan in compliance.

     No amendment, modification, or waiver of this Option in whole or in part shall be binding
unless consented to in writing by either the Chairman or the President of GBC, and no amendment may
cause any participant to be unfavorably affected with respect to any Option already granted
hereunder.

     Under current provisions of the Internal Revenue Code, when an Option is exercised by you, you
will receive ordinary taxable income equal to the amount, if any, by which the fair market value on
the date of exercise exceeds the Option price. In the event federal, state, or local taxes are
required by law to be withheld with respect to any exercise of an Option under this Agreement, GBC
shall have the authority, without your consent, to deduct or withhold, or require you to remit to
GBC, an amount sufficient to satisfy such taxes, which amount may, if you elect, include
previously-acquired shares or shares otherwise issuable upon exercise of this Option, which, in
either case, have a fair market value equal to not more than the minimum required withholding
taxes. Any gain or loss upon a sale of the shares issued to you upon exercise of the Option will
be treated as long-term or short-term capital gain or loss depending upon then existing tax laws.
The basis of the shares for determining gain or loss at the time of sale will be their fair market
value on the date of exercise. Tax laws may change and tax treatment must be determined in
accordance with current tax laws. Company counsel should be consulted on your ability to sell your
shares.

     This Agreement and the Plan are not intended to qualify for treatment under the provisions of
the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”). This Agreement 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. To the extent not preempted by
federal law, this Agreement shall be governed by and construed in accordance with the laws of the
State of Illinois.

     Please sign the copy of this Option agreement and return it to the Company’s Vice President,
Secretary & General Counsel, thereby indicating your understanding of and agreement with its terms
and conditions. Unless signed and returned by mail or otherwise within thirty (30) days from date
of mailing or delivery to you of this agreement, this Option may be deemed

2

 

withdrawn at the option of GBC. By signing this Agreement you acknowledge receipt of a copy of the
Plan. The terms of the Plan shall have precedence over any terms in this Agreement that are
inconsistent therewith.

	 	 	 	 	 
	 	GENERAL BINDING CORPORATION

 	 
	 	By:  	 	 
	 	 	Chairman 	 
	 	 	 	 
	 

	 	 	 
	TO:

	 	Vice President, Secretary & General Counsel
	 

	 	General Binding Corporation

I hereby agree to the terms and conditions of this Stock Option Agreement. I also hereby
acknowledge receipt of a copy of the General Binding Corporation Non-Employee Directors 2001 Stock
Option Plan, and, having read it, I hereby signify my understanding of, and my agreement with its
terms and conditions.

	 	 	 	 	 
	 	 	 	 	 
	 

	 	Director
	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	Date	 	 

3

 

STOCK OPTION AGREEMENT

(DISCRETIONARY OPTION)

TO:

	 	 	 	 	 
	OPTION DATE:
	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	VESTING DATE:
	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	EXPIRATION DATE:

	 	 	 	 
	 	 	 	 	 

     In order to provide additional incentive through stock ownership for members of the Board of
Directors of General Binding Corporation (“GBC” or the “Company”) you are hereby granted an Option
by GBC, effective as of the Option Date, to purchase ___shares of GBC Common Stock at a
price per share of $ ___which is one hundred percent (100%) of the Fair Market Value of
GBC Common Stock on the Option Date, subject to the terms and conditions set forth in the “General
Binding Corporation Non-Employee Directors 2001 Stock Option Plan” (“Plan”).

     Except as hereinafter provided, with respect to the Option granted hereunder, such option
shall vest and become exercisable on the six month anniversary of the Option Date described above
provided you remain on the Board of Directors.

     The Option is exercisable at any time after the Vesting Date described above, in whole or in
part, but only if all of the following conditions are met at the time of exercise:

	 	(i)	 	the Option, or part thereof, is vested as described above;
	 
	 	(ii)	 	the date of exercise is on or before the Expiration Date set forth above; and
	 
	 	(iii)	 	you are a member of the Board of Directors of GBC, or if you are no longer an
employee, the date of exercise is in accordance with the Plan.

     In the event of a Change in Control of GBC as defined in the Plan, all Options subject to this
Agreement shall vest 100%, whereupon all Options shall become exercisable in full from the
effective date of the Change in Control.

 

 

     The manner in which you may exercise this Option is by giving written notice to the Vice
President, Secretary and General Counsel of GBC accompanied by either 1.) a check in payment of the
option price
($         per share) for the number of shares of the Option being exercised as
provided in the Plan, or 2.) tendering a sufficient number of previously-acquired shares of GBC
Common Stock with a fair market value equal (subject to adjustment for fractional shares) to the
cost of the Option being exercised, or any combination of the foregoing. For purposes of this
Agreement, “previously-acquired shares” means shares purchased on the open market, or shares
purchased from the Company (including by exercise of this or any other option) which have been held
for at least six (6) months.

     The Plan provides that no Option may be exercised unless the Plan is in full compliance with
all laws and regulations applicable thereto. At the present time this condition is met and GBC
will endeavor to keep the Plan in compliance.

     No amendment, modification, or waiver of this Option in whole or in part shall be binding
unless consented to in writing by either the Chairman or the President of GBC, and no amendment may
cause any participant to be unfavorably affected with respect to any Option already granted
hereunder.

     Under current provisions of the Internal Revenue Code, when an Option is exercised by you, you
will receive ordinary taxable income equal to the amount, if any, by which the fair market value on
the date of exercise exceeds the Option price. In the event federal, state, or local taxes are
required by law to be withheld with respect to any exercise of an Option under this Agreement, GBC
shall have the authority, without your consent, to deduct or withhold, or require you to remit to
GBC, an amount sufficient to satisfy such taxes, which amount may, if you elect, include
previously-acquired shares or shares otherwise issuable upon exercise of this Option, which, in
either case, have a fair market value equal to not more than the minimum required withholding
taxes. Any gain or loss upon a sale of the shares issued to you upon exercise of the Option will
be treated as long-term or short-term capital gain or loss depending upon then existing tax laws.
The basis of the shares for determining gain or loss at the time of sale will be their fair market
value on the date of exercise. Tax laws may change and tax treatment must be determined in
accordance with current tax laws. Company counsel should be consulted on your ability to sell your
shares.

     This Agreement and the Plan are not intended to qualify for treatment under the provisions of
the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”). This Agreement 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. To the extent not preempted by
federal law, this Agreement shall be governed by, and construed in accordance with the laws of the
State of Illinois.

     Please sign the copy of this Option agreement and return it to the Company’s Vice President,
Secretary & General Counsel, thereby indicating your understanding of and agreement with its terms
and conditions. Unless signed and returned by mail or otherwise within thirty (30) days from date
of mailing or delivery to you of this agreement, this Option may be deemed withdrawn at the option
of GBC. By signing this Agreement you acknowledge

2

 

receipt of a copy of the Plan. The terms of the Plan shall have precedence over any terms in this
Agreement that are inconsistent therewith.

	 	 	 	 	 
	 	GENERAL BINDING CORPORATION

 	 
	 	By:  	 	 
	 	 	Chairman 	 
	 	 	 	 
	 

	 	 	 
	TO:

	 	Vice President, Secretary & General Counsel
	 

	 	General Binding Corporation

I hereby agree to the terms and conditions of this Stock Option Agreement. I also hereby
acknowledge receipt of a copy of the General Binding Corporation Non-Employee Directors 2001 Stock
Option Plan, and, having read it, I hereby signify my understanding or, and my agreement with its
terms and conditions.

	 	 	 	 	 
	 	 	 	 	 
	 

	 	Director
	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	Date	 	 

3

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