Document:

Exhibit 10.1

 

First Ottawa Bancshares Announces
Dividend

 

Ottawa, Ill., December 10,
2010 - The Board of Directors of First Ottawa Bancshares, Inc. (Pink
Sheets: FOTB.PK) approved the payment of a $0.26 per share semi annual cash
dividend on the Company’s common stock.

 

“We are very pleased to make
this distribution to our loyal shareholders”, said Jock Brown, President and
CEO.  “In exercising its discretion, our
board took into consideration our anticipated earnings, capital requirements,
and the current regulatory and economic environments, all in the light of the
new variable dividend policy adopted by our board in the fall of 2008.”Exhibit 10(a)

 

 

CANTEL MEDICAL CORP.

 

 

LONG TERM INCENTIVE PLAN

 

 

CONFIDENTIAL

 

 

Purpose
and Objectives

 

The
purpose of the Long Term Incentive Plan (Plan) is to contribute to the
motivation of key employees in accomplishing the Company’s long term strategic
and shareholder value goals.  The
specific objectives of the Plan are as follows:

 

·                  Clearly
communicate and reinforce strategic, operational and financial objectives
linked to creating shareholder value.

 

·                  Provide a
competitive incentive for achievement of long term corporate shareholder value
goals.

 

·                  Establish an
objective basis for determining annual long term incentive Awards for eligible
participants.

 

Plan Definitions

 

Certain
words or phrases used in this plan document are defined as follows:

 

·                  Award - An annual
long term incentive equity award granted under this Plan.

 

·                  Company — Cantel
Medical Corp.

 

·                  Compensation
Committee — a subgroup of the Board of Directors responsible
for the following functions: (1) discharging the Board’s responsibilities
relating to compensation of executive officers; (2) producing an annual
report on executive compensation for inclusion in the proxy statement; and (3) design,
maintenance and administration of all of the Company’s incentive plans.

 

·                  Plan Year - The period
from August 1st - July 31st (fiscal year
of Company). The initial Plan Year is the fiscal year ending July 31,
2010.

 

·                  Target Award - An Award
granted to a participant based on eligibility and achievement of EPS objectives
and/or other performance objectives for the Plan year established by the
Compensation Committee that represents a grant at 100%.

 

·                  2006 Plan -  the Company’s 2006 Equity Incentive Plan.

 

Eligibility

 

All
executive officers of the Company, the Presidents of the Company’s Minntech
Corporation, Mar Cor Purification, Inc. and Crosstex International, Inc.
subsidiaries and other direct reports to the CEO of the Company who are
approved by the Compensation Committee are eligible for Awards under this
Plan.  New hires/promotions are eligible
for a pro-rated Award. Participation will be based on a position’s level and
ability to influence the long term performance of the Company.  Participants are identified by title and
recommended by the CEO of Cantel Medical Corp., subject to the approval of the
Compensation Committee.

 

Administration

 

The
Compensation Committee has ultimate authority over the Plan, is responsible for
approving the Plan and may alter any provision of the Plan or terminate the
Plan at any time subject to the terms of the Plan 

 

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herein.
The Compensation Committee will directly administer the Plan with respect to
all participants.  Specific
responsibilities of the Committee include:

 

·                  Approving
annual Awards made under the Plan

 

·                  Approving
performance targets

 

·                  Determining
Award levels and participation eligibility

 

The
CEO of the Company will make recommendations to the Compensation Committee and
resolve questions regarding the interpretation of the Plan.

 

All
Awards granted hereunder made under the 2006 Plan shall be subject to the terms
and conditions of the 2006 Plan.

 

Target Grant Size

 

The
annualized expected value of the executives’ target Awards will be reviewed
annually by the Compensation Committee to ensure competitiveness with market
trends.

 

Mix of Targeted Award Value

 

All participants will be eligible for an Award
consisting of a mix of restricted stock and stock options.

 

Performance Measures

 

Performance
based Awards will be contingent on acceptable individual performance as well as
predetermined financial objectives of the Company or one or more of its
subsidiaries or operating segments determined by the Compensation Committee. Performance based Awards will vest
upon achievement of the designated performance criteria. Notwithstanding the
specific performance criteria established, in making a determination as to
whether or not such criteria such as earnings growth was achieved, the
Compensation Committee shall take into consideration factors such as
unanticipated taxes, acquisition costs, non-recurring and extraordinary items,
and other equitable factors, as determined by the Compensation Committee in its
discretion.

 

Vesting Period for Service-based Awards

 

Service-based Awards will vest ratably over three (3) years
following the date of grant, or such other period of time determined by the
Compensation Committee, subject to the terms and conditions set forth in the
2006 Plan and the agreement reflecting the Award.

 

Award Term

 

The term of each Award will be determined by the
Compensation Committee.

 

Effect of Termination

 

If
a participant voluntarily terminates his employment with the Company for any
reason other than “Good Reason,” or “Adequate Reason” or normal retirement, or
if the Company terminates a participant’s employment for “Cause” or “Unacceptable
Performance” then the participant will forfeit any non-vested Awards (as such
capitalized terms are defined in a participant’s employment, severance or other
agreement).

 

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In the event of a termination of a participant’s
employment (i) by a participant for “Good Reason” or “Adequate Reason” or (ii) by
the Company other than for “Cause” or “Unacceptable Performance” (as such
capitalized terms are defined in the participant’s employment, severance of
other agreement) prior to the full vesting of the options and restricted
stock held by the participant (i.e., the options becoming exercisable in their
entirety and the restricted stock ceasing to have any risks of forfeiture),
then, on or effective as of the termination date of employment, the annual
installment of such options
and restricted stock that is due to vest on the first vesting date following
the termination date shall accelerate and vest on a pro rata basis based on the
number of days elapsed from the prior vesting date of such options and
restricted stock to and including the termination date unless the Company
delivers written notice to the participant on or before the termination date
stating that such pro rata vesting of such options and restricted stock will
not occur.

 

In
the event a participant’s employment is terminated prior to the end of the
vesting period due to death, disability, or normal retirement, the participant
or beneficiary will be entitled to receive accelerated vesting (in whole or on
a pro rate basis for the period employed) that would have been earned if the
participant’s employment had continued to the end of the then current Plan
Year, subject to the terms of the agreement granting the Award or the approval
of the Compensation Committee and subject to the terms of the 2006 Plan.

 

Effect of a Change in Control

 

All
restrictions of restricted stock Awards will automatically lapse and vesting of
stock option Awards will automatically accelerate upon a change in control,
consistent with the terms of the 2006 Plan.

 

Distribution
of Awards

 

Within
seventy-five (75) days following each Plan Year, the Compensation Committee
shall (a) review the Company’s performance and individual performances of
participants during such Plan Year, (b) review all performance based
Awards granted or to be granted during or with respect to such Plan Year to
determine whether or not the requisite performance targets were achieved, (c) based
on such review, take such actions that are required in connection with the
granting, vesting or forfeiture of such Awards (based on the terms thereof) and
(d) develop and adopt a summary plan including performance based
requirements and Award targets, if any, for the following Plan Year.  The summary plan for each Plan Year shall be
delivered to the Board promptly following its adoption by the Compensation
Committee.

 

A
participant must be actively employed by the Company on the date Awards are
made to receive a new Award.  Participants
hired or promoted to an eligible position during the Plan year may receive a
pro-rated Award (based on time in the eligible position during the Plan year)
subject to the approval of the Compensation Committee.

 

At
the sole discretion of the Compensation Committee, a participant may not
receive an Award or may receive a reduced Award due to substantiated poor
individual performance or misconduct and may be declared ineligible under the
Plan. The Compensation Committee intends to provide written notice to such
participant promptly following its knowledge or determination of poor
individual performance or misconduct and give the participant an opportunity to
dispute or explain his performance or misconduct and, to the extent practical,
correct any correctible poor performance; provided, however, that the failure
to provide such notice shall not affect the Committee’s rights under this
paragraph.

 

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General
Provisions

 

Limitations
on Vested Interest

 

It
is understood that the Awards hereunder are within the sole discretion of the
Company.  No participant has any vested
interest in an Award under the Plan until such Award has been approved by the
Compensation Committee.

 

Participants
may be deleted from or added to the Plan each year at the sole discretion of
the Compensation Committee.

 

Employment
Rights

 

The
Plan does not give any employee the right to be retained in the employ of the
Company.  Specifically, the Plan does not
create an employment contract for the Plan year or any part thereof.

 

Non-Assignment

 

Awards
may not be pledged, assigned or transferred for any reason.

 

Discontinuance, Suspension or Amendment of the Plan

 

The
Company, with the approval of the Compensation Committee, may discontinue or
suspend the Plan at any time, or amend the Plan in any respect; provided,
however, that no discontinuance, suspension or amendment may adversely affect
any then outstanding Award without the consent of the holder of such Award.  The Company may review the Plan and its
administration at any time to determine whether the objectives of the Plan
continue to be met.  Where appropriate,
the Compensation Committee may make changes in the Plan.

 

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