Document:

exhibit10_1.htm

EXHIBIT 10.1

GERBER SCIENTIFIC, INC.

NON-EMPLOYEE DIRECTOR'S STOCK GRANT PLAN

AMENDED AND RESTATED AUGUST 25, 2010

By resolutions of the Board of Directors (the "Board") of Gerber Scientific, Inc.  (the "Company"), the Gerber Scientific, Inc.  Non-Employee Director's Stock Grant Plan (the "Plan") was approved effective October 1, 1999.  The purpose of the Plan is to increase the ownership interest in the Company of non-employee Directors whose services are considered essential to the Company's growth and progress and to provide a further incentive to serve as a Director of the Company.

The Plan was amended and restated, effective January 1, 2005, to reflect, among other things, the provisions of new Section 409A of the Internal Revenue Code (the "Code") and further amended and restated as of September 21, 2006.  All amounts deferred under the Plan that are not earned and vested as of January 1, 2005, and the earnings on such amounts, are referred to as "Non-Grandfathered Amounts."  All amounts deferred under the Plan that are earned and vested as of January 1, 2005, and the earnings on such amounts, are referred to as "Grandfathered Amounts." Grandfathered Amounts and Non-Grandfathered Amounts shall be separately accounted for under the Plan.

From and after May 1, 2006, the Plan provides an annual grant of five thousand (5,000) shares of the Company's common stock ("Shares") to non-employee members of the Board of Directors of the Company.  Shares will be credited quarterly.  Receipt of the Shares will be deferred in accordance with the provisions of this Plan.

Eligibility.  Any member of the Board who is not an employee of the Company and has not been an employee during the preceding twelve (12) months shall participate in the Plan.

Accounting.  The Company will establish a deferred Shares account ("Deferred Shares Account") for each non-employee Director and will furnish each non-employee Director with quarterly statements of the Shares credited to his/her Deferred Shares Account.

Shares and dividends credited to a Deferred Shares Account will be recorded by the Company as current operating expenses and an unfunded liability for such amounts will be accrued.  The amounts credited to a Deferred Shares Account will not be deductible on the Company's income tax returns in the year accrued.  The Company may deduct the amount credited to a Deferred Shares Account in the year in which it is distributed from the Deferred Shares Account and includable in the recipient's gross income.

Credited Shares.  From and after May 1, 2006, one thousand two hundred fifty (1,250) Shares will be credited quarterly on the last business day of March, June, September, and December to the non-employee Director's Deferred Shares Account.  The number of Shares issuable for the quarter ended June 30, 2006 shall be calculated for April 2006 based on the Share grant formula in effect prior to May 1, 2006 and for May and June 2006 based on the Share grant formula set forth in the immediately preceding sentence.  Non-employee Directors must pay the aggregate par value for the credited Shares, which payment shall be deemed made by services previously rendered by the Directors.

Credited Dividends.  A non-employee Director's Deferred Shares Account will be credited with dividends on the dividend payment date and converted to additional Deferred Shares based on the then Fair Market Value.  The amount of the dividend credit shall be the number of Shares (rounded to the nearest one-hundredth of a Share) determined by multiplying the dividend amount per Share by the number of Shares credited to the Deferred Shares Account as of the record date and dividing the product by the Fair Market Value per Share on the dividend payment date.

Shares Subject to the Plan.  From and after September 21, 2006, beginning with the Shares issuable for the quarter ended September 30, 2006, all Shares issued as grants under the Plan shall be issued pursuant to the Gerber Scientific, Inc. 2006 Omnibus Incentive Plan (the "Omnibus Plan") from shares of the Company's common stock authorized for issuance pursuant to the Omnibus Plan.  In no event shall the Company be required to issue fractional Shares under the Plan.  Whenever under the terms of the Plan a fractional Share would otherwise be required to be issued, there shall be paid in lieu thereof one full Share.

Adjustments.  In the event of any change in the Shares through merger, consolidation, stock split, stock dividend, reverse stock split, recapitalization, combination, exchange of Shares, liquidation, split-up, split-off, or the like, an appropriate adjustment shall be made in the Shares held in the non-employee Director's Deferred Shares Account and in the total number of Shares available for issuance under the Plan.

Shareholder Rights.  Except as expressly provided herein, the Shares credited to the non-employee Director's Deferred Shares Account(s) shall confer no voting or other rights upon the non-employee Director as a shareholder of the Company or otherwise, with respect to such Shares, but shall confer only the right to receive such credited Shares as and when provided under the terms of this Plan.

Restrictions on Transfer.  Except to the extent Shares are issued pursuant to an effective registration statement under the Securities Act of 1933, as amended ("Registered Shares"), Shares acquired under the Plan may not be sold or otherwise disposed of except pursuant to an effective registration statement under the Securities Act of 1933, as amended, or except in a transaction which, in the opinion of counsel acceptable to the Company, is exempt from registration under said Act.  All certificates evidencing Shares issued pursuant to the Plan may bear an appropriate legend evidencing any such transfer restriction.  The Company may require each person receiving Shares under the Plan that are not Registered Shares to represent in writing that such person is acquiring the Shares for his or her own account for investment purposes only and without a view to the distribution thereof.

Amendment.  The Board, from time to time and without the approval of the shareholders, may amend this Plan in such respects as the Board may deem advisable.  No amendment shall, without the participant's (or beneficiary's) consent, alter or impair any of the rights under any grant previously made to such participant under this Plan.

Administration.  The Nominating and Corporate Governance Committee of the Board (the "NCGC") shall have the authority to administer the operation of the Plan, but shall not have the authority to amend the Plan.

Termination.  The Board, without further approval of the shareholders, may terminate this Plan at any time.  No termination shall, without the participant's (or beneficiary's) consent, alter or impair any of the rights under any grant previously made to such participant under this Plan.

Distribution Election.  With respect to Grandfathered Amounts only, a non-employee Director shall select the period over which Shares in the Deferred Shares Account are distributed: (a) over a ten (10) year period; (b) over a period less than ten (10) years; or (c) in a single installment.  Installment distributions will be made on an annual basis (one payment per year) and will be calculated by dividing the balance in the non-employee Director's Deferred Shares Account immediately before the distribution by the number of installments remaining to be paid.  Non-Grandfathered Amounts shall be payable solely in the form of a single lump-sum payment.

An election notice ("Election Notice") shall be delivered to the Chairperson of the NCGC by each non-employee Director for Grandfathered Amounts.  The Election Notice will continue in effect until modified in writing by a subsequent Election Notice to the Company by the non-employee Director.  Each new Election Notice shall apply to future deferrals and any existing balances in the non-employee Director's Deferred Shares Account(s) and must be on file for twelve (12) months before it is effective.  If no Election Notice has been on file at least twelve (12) months at the time of distribution, the non-employee Director's Deferred Shares Account shall be distributed in a single installment.

Distribution.  The Shares in a non-employee Director's Deferred Shares Account shall be distributed beginning the first business day of the calendar year immediately following the date a non-employee Director ceases to be a Director of the Company, in accordance with the non-employee Director's Election Notice as on file with the Company.  The Deferred Shares Account will be paid out in full Shares.  Fractional Shares totaling less than a full Share will be rounded upwards to the next full Share.

Distribution Upon Death.  A non-employee Director shall name a beneficiary or beneficiaries to receive any undistributed Shares credited to the Director's Deferred Shares Account at the time of the non-employee Director's death.  Each designation shall revoke all prior designations.  Each designation shall be made on a beneficiary designation form ("Beneficiary Designation Form") filed by the non-employee Director with the Board.

Upon the death of a Director (or upon the death of a former Director during any distribution period) prior to the expiration of the distribution period, the remaining Deferred Shares Account shall be distributed in full on the first business day of the next calendar year following the year of death to the non-employee Director's beneficiary, or if a beneficiary shall have predeceased the non-employee Director or if a beneficiary has not been designated, to the non-employee Director's estate in accordance with the applicable laws of will and descent.

Distribution Upon Change in Control.  In the event of a Change in Control, each non-employee Director's Deferred Shares Account shall be distributed in full to the non-employee Director immediately prior to, and contingent upon, the occurrence of the Change in Control.  A "Change of Control" means any of the following transactions: (a) the dissolution or liquidation of the Company; (b) a merger, consolidation or reorganization of the Company in which the Company is not the surviving corporation; (c) a sale of all or substantially all of the assets of the Company to another corporation or other entity; or (d) any other transaction (including a merger or reorganization in which the Company is the surviving corporation) that results in any "person" or "group" (within the meaning of Rule 13d-5 under the Securities Exchange Act of 1934, as amended), beneficially owning (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) more than 50% of the combined voting power of all classes of voting securities of the Company; provided that any such transaction constitutes a "change in control event" within the meaning of Code Section 409A.

Withholding.  The Company retains the right to deduct and withhold from any Deferred Shares or credited dividends due hereunder all sums which it may be required to deduct or withhold pursuant to any applicable statute, law, regulation or order of any jurisdiction whatsoever.

Termination of Directorship.  A non-employee Director's directorship shall be deemed to have terminated at the close of business on the day on which the non-employee Director ceases to be a member of the Board for any reason including resignation, removal, failure to be re-elected, or death.

Notwithstanding the non-employee Director's Election Notice, the NCGC, in its sole discretion, may at any time elect to distribute the portion of the non-employee Director's Deferred Shares Account that is Grandfathered in a single installment or over a period of up to ten (10) years, if it determines that such action is in the best interests of the Company.

Rights Unsecured.  The right of a non-employee Director or the beneficiary or beneficiaries of the non-employee Director to receive a distribution from a Deferred Shares Account shall be an unsecured claim against the general assets of the Company, and neither the non-employee Director nor the beneficiary shall have any rights in or against any Shares credited to the non-employee Director's Deferred Shares Account or any other specific assets of the Company.  Nothing contained herein shall be deemed to create a trust of any kind.  All amounts credited to a Deferred Shares Account shall constitute general assets of the Company and may be disposed of by the Company at such time and for such purposes as it may deem appropriate.  The right of a non-employee Director or beneficiary to the payment of Shares in a Deferred Shares Account shall not be assigned, transferred, or pledged in whole or in part.

Notices.  Any notice or election required or permitted to be given shall be in writing and shall be deemed to be filed (a) on the date it is personally delivered to the Chairperson of the NCGC; (b) three (3) business days after it is sent by registered or certified mail, addressed to the Chairperson of the NCGC; or (c) on the date it is sent if by e-mail or by facsimile to the Chairperson of the NCGC.

Governing Law.  All rights under this Plan shall be governed by and construed in accordance with the laws of the State of Connecticut, without giving effect to the principles of conflicts or choice of law rules of any jurisdiction.

Expenses.  Costs of administration of the Plan shall be paid by the Company. 

  

  

  

GERBER SCIENTIFIC, INC.

Non-Employee Director's Stock Grant Plan

(the "Plan")

Change in Distribution Election Notice

You may change the form of payment for the Shares of Company Common Stock that were credited to your Deferred Shares Account prior to January 1, 2005 (the "Grandfathered Amounts") by making the following election:

Upon the termination of my directorship, Grandfathered Amounts are to be distributed as follows (check one):

_____  Over a ten (10) year period.

_____  Over a ________ ( ) year period (must be less than ten (10) years).

_____ In a single installment.

Any change to your existing distribution election for your Grandfathered Amounts will apply to the entire Grandfathered Amount and must be on file for twelve (12) months before it is effective.

Note that all shares of Common Stock credited to your Deferred Shares Account after December 31, 2004 will be paid in a single installment following the termination of your directorship.  In addition, notwithstanding your Election Notice, the Company, in its sole discretion, may at any time elect to distribute the portion of your Account that consists of Grandfathered Amounts in a single installment or over a period of up to ten (10) years, if it determines that such action is in the best interests of the Company.

____________________________________

Director's Signature

Dated:_____________________________

 

  

  

  

GERBER SCIENTIFIC, INC.

Non-Employee Director's Stock Grant Plan

(the "Plan")

Beneficiary Designation Form

The beneficiary or beneficiaries designated to receive the balance of any undistributed Shares credited to my Deferred Shares Account under the Plan in the event of my death are as follows:

Name and Address                                                 Percent Allocation

____________________________________            __________________

____________________________________            __________________

____________________________________            __________________

 

This Beneficiary Designation Form is revocable by me and revokes any prior Beneficiary Designation Form that may have been in effect prior to the date hereof.

 

___________________________________

Director's Signature

Dated: _____________________________exhibit10_2.htm

EXHIBIT 10.2

 

Grant No.: _____

GERBER SCIENTIFIC, INC.

2006 OMNIBUS INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

Gerber Scientific, Inc., a Connecticut corporation (the “Company”), hereby grants restricted stock units relating to its shares of common stock, $.01 par value (the “Stock”), to the Grantee named below, subject to the vesting conditions set forth in the attachment.  Additional terms and conditions of the grant are set forth in this cover sheet and in the attachment (collectively, the “Agreement”) and in the Company’s 2006 Omnibus Incentive Plan (the “Plan”).

 

Grant Date:________ ___, _______

 

Name of Grantee: __________________

 

Grantee's Employee Identification Number:  ______________

 

Number of Restricted Stock Units (RSUs) Covered by Grant: ___________

 

Purchase Price per Share of Stock:  $_____.___

 

By signing this cover sheet, you agree to all of the terms and conditions described in this Agreement and in the Plan, a copy of which is also attached.  You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent with the Plan.  Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.

 

Grantee:                      

(Signature)

 

Company:                      

(Signature)

 

Title:                      

 

Attachment

 

This is not a stock certificate or a negotiable instrument.

 

  

  

  

GERBER SCIENTIFIC, INC.

2006 OMNIBUS INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

	
Restricted Stock Unit Nontransferability

	
This grant is an award of stock units in the number of units set forth on the cover sheet, at the purchase price set forth on the cover sheet, and subject to the vesting conditions described below (“Restricted Stock Units”). The purchase price is deemed paid by your prior service to the Company.  Each Restricted Stock Unit represents the right receive one share of Stock.  To the extent not yet vested, your Restricted Stock Units may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, nor may the Restricted Stock Units be made subject to execution, attachment or similar process.

	
Vesting and Delivery

	
Your right to the Stock under this Restricted Stock Units Agreement vests as to one-fourth (1/4th) of the total number of shares of Stock covered by this grant, as shown on the cover sheet, on each of the first four one-year anniversaries of the Grant Date (each an "Anniversary Date"), provided that your employment then continues (hereinafter defined as “Service”).  Delivery of shares of Stock subject to Restricted Stock Units that have vested will be made within three (3) days after the applicable anniversary of the vesting date of such Restricted Stock Units. The resulting aggregate number of vested shares of Stock will be rounded to the nearest whole number, and you cannot vest in more than the number of shares covered by this grant.

No additional shares of Stock will vest after your Service has terminated for any reason other than your death or Disability as provided below.

	
Forfeiture of Unvested Restricted Stock Units

 

 

 

	
In the event that your Service terminates for any reason other than your death or Disability (which will mean “permanent and total disability” as provided in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (hereinafter the “Code”)), you will forfeit to the Company all of the Restricted Stock Units that have not yet vested or with respect to which all applicable restrictions and conditions have not lapsed. In the event that your Service terminates due to your death or Disability, the restrictions on the Restricted Stock Units will terminate and the Restricted Stock Units will vest.

	
Issuance

	
The issuance of the Stock pursuant to this Restricted Stock Unit grant will be evidenced in such a manner as the Company, in its discretion, deems appropriate, including, without limitation, book-entry, registration or issuance of one or more Stock certificates.  You will have no further rights with regard to a Restricted Stock Unit once the share of Stock related to such Restricted Stock Unit has been issued.

 

	
Withholding Taxes

	
You agree, as a condition of this grant, that you will make acceptable arrangements to pay any withholding, Canada Pension Plan contributions, Employment Insurance premiums or other taxes that may be due as a result of the grant or vesting of your Restricted Stock Units, your acquisition of shares of Stock relating to this grant or the receipt of cash by you in respect of dividends paid on the shares of Stock relating to this grant.  In the event that your employer determines that any applicable Federal, provincial, state, or local tax or withholding payment is required relating to this grant, your employer shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate at that time.  By signing this Agreement, you elect under the Plan to authorize the Company to reduce the number of shares of Stock delivered to you at the time restrictions lapse by the number of shares of Stock required to satisfy tax withholding requirements.  Such shares of Stock will be returned to the Company.  Your acknowledgment and acceptance of these tax withholding provisions are conditions precedent to your right to receive the Stock pursuant to the Agreement and the Plan.

 

	
Acknowledgement of Receipt

 

	
You agree to acknowledge receipt of the stock certificate or other evidence of ownership for the Stock upon delivery to you of such Stock by delivering to the Company an Acknowledgement of Receipt substantially in the form of Exhibit A to this Agreement, if requested by the Company.

 

	
Retention Rights

	
This Agreement does not give you the right to be retained or employed by the Company (or any of its Affiliates) in any capacity.  The Company (and any Affiliates) reserve the right to terminate your Service at any time and for any reason.

	
Shareholder Rights

	
You do not have any of the rights of a shareholder with respect to the Restricted Stock Units unless and until the Stock relating to the Restricted Stock Units has been delivered to you.  In the event of a cash dividend on outstanding stock, you will be entitled to receive a cash payment for each Restricted Stock Unit.  The Company may in its sole discretion require that dividends be reinvested in additional stock units, subject to the same vesting conditions and delivered at the same time as the delivery of shares of Stock with respect to vested Restricted Stock Units.

Any distributions you receive as a result of any stock split, stock dividend, combination of shares or other similar transaction will be deemed to be a part of the Restricted Stock Units and subject to the same conditions and restrictions applicable thereto.  Except as described in the Plan, no adjustments are made for dividends or other rights if the applicable record date occurs before the shares of Stock are issued pursuant to book-entry, registration or issuance of one or more Stock certificates.

	
Adjustments

	
In the event of a stock split, a stock dividend or a similar change in the Stock, the number of shares covered by this grant may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan.  Your Restricted Stock Units will be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity in accordance with the terms of the Plan.

	
Applicable Law

	
This Agreement will be governed by the laws of the State of Connecticut, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

	
The Plan

 

	
The text of the Plan is incorporated in this Agreement by reference.  Certain capitalized terms used in this Agreement are defined in the Plan, and have the meanings set forth in the Plan.

This Agreement and the Plan constitute the entire understanding between you and the Company regarding this grant of Restricted Stock Units.  Any prior agreements, commitments or negotiations concerning this grant are superseded.

	
Data Privacy

	
In order to administer the Plan, the Company may process personal data about you.  Such data may include, but is not limited, to the information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan.

By accepting this grant, you give explicit consent to the Company to process any such personal data.  You also give explicit consent to the Company to transfer any such personal data outside the country in which you work or are employed, including, with respect to non-U.S. resident Grantees, to the United States, to transferees who will include the Company and to other persons who are designated by the Company to administer the Plan.

	
Consent to Electronic Delivery

	
The Company may choose to deliver certain statutory materials relating to the Plan in electronic form.  By accepting this grant you agree that the Company may deliver the Plan prospectus and the Company’s annual report and proxy statement to you in an electronic format.  If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies.  Please contact Tracy Chartier, Administrative Assistant, Legal, 83 Gerber Road West, South Windsor, Connecticut 06074 to request paper copies of these documents.

	
Counterparts

	
This Agreement may be executed in counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument.

By signing the cover sheet of this Agreement, you agree to all of the terms and conditions described above and in the Plan.

  

  

  

EXHIBIT A

 

ACKNOWLEDGEMENT OF RECEIPT

 

 

Receipt is hereby acknowledged of the delivery to me on _______________ of stock certificate(s) for __________ shares of Common Stock of Gerber Scientific, Inc., which shares represent Stock granted to me by the Company on __________,_____.  I acknowledge and agree, in accordance with the terms of the Award Agreement, that the balance of _______ Stock has been retained by the Company and used to satisfy the tax withholding obligations applicable to the value of the Restricted Stock Units granted to me.

 

 

 

 

___________________________

 

Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]