Document:

exv10w10

 

Exhibit 10.10

TERMS AND CONDITIONS

OF

STOCK APPRECIATION RIGHTS

GRANTED IN 2007 UNDER

STOCK PERFORMANCE PLAN

 

 

STOCK PERFORMANCE PLAN

TERMS AND CONDITIONS OF

STOCK APPRECIATION RIGHTS GRANTED IN 2007

SECTION I. DEFINITIONS

	 	1.	 	The term “SAR” means a stock appreciation right.
	 
	 	2.	 	The term “retirement” used hereafter refers to retirement pursuant to the provisions
of the pension or retirement plan or policy of a plan company.

SECTION II. TERMS AND CONDITIONS APPLICABLE TO SARs

	 	1.	 	Exercise Price
	 
	 	 	 	A SAR entitles the grantee to receive a payment from the Company, subject to the
limitations set forth in these terms and conditions, equal to the difference between the
fair market value of the Company’s common stock at the closing price on the NYSE (New York
Stock Exchange)-Composite Transactions Tape on the date when such right is exercised and
the grant price determined on the date of grant, less applicable tax withholding.
	 
	 	2.	 	Exercisability – Three-Year Phase-In 
	 
	 	 	 	Except as provided in paragraph 4 below, from the grant date to the day prior to the first
anniversary of grant date no SARs may be exercised under the grant.
	 
	 	 	 	Subject to other terms and conditions herein, including paragraph 4 (b) below (relating to
death, retirement, termination due to divestiture or lack of work or total and permanent
disability), one-third of the SARs may be exercised beginning on the first anniversary of
the grant date. Except as described in paragraph 4 (b), on each of the next two succeeding
anniversaries of the grant date an additional one-third of the SARs may be exercised. The
SARs available for exercise beginning on the first and second anniversaries shall be
rounded down to the nearest whole SAR while the balance of the SARs may be exercised
beginning on the third anniversary.
	 
	 	3.	 	Last Date of Exercisability
	 
	 	 	 	No SARs may be exercised under the grant after the earliest of the following:

	 	a.	 	The day prior to the sixth anniversary of the grant date, or
	 
	 	b.	 	Two years after the grantees death, or
	 
	 	c.	 	One year after the day on which employment is terminated due to divestiture
(to an entity which is less than 50% owned by DuPont) or lack of work or total and
permanent disability as such terms are defined in applicable benefit plans, or
	 
	 	d.	 	The date (after retirement pursuant to the provisions of the pension or
retirement plan or policy of a plan company or termination of employment due to
divestiture to an entity which is less than 50% owned by DuPont or lack of work or
total and permanent disability as such terms are defined in applicable benefit plans)
on which a determination is made in accordance with Article XI, paragraph 2 of the
Stock Performance Plan, that the grantee willfully engaged in any activity which is
harmful to the interests of a plan company, or
	 
	 	e.	 	The date of termination of employment for any reason other than death,
divestiture, lack of work, retirement or total and permanent disability as such terms
are defined in applicable benefit plans.

	 	4.	 	Retirement, Termination Due to Divestiture, Lack of Work or Total and Permanent
Disability and Death

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	 	a.	 	The day following retirement, termination due to divestiture or lack of work
or total and permanent disability as such terms are defined in applicable benefit
plans, or upon death, SARs may be exercised, subject to the terms and conditions
provided in paragraphs 2 above and 4 (b) below, and all other terms and conditions
herein, provided retirement, termination due to divestiture, lack of work, total and
permanent disability or death occurs at least six months after grant date. If,
however, retirement, termination due to divestiture, lack of work or total and
permanent disability, or death occurs prior to that date, no such SARs may be
exercised and grants will terminate.
	 
	 	b.	 	The three-year exercisability limitation described in paragraph 2 above
remains in effect in the event of retirement and is waived in the event of death. In
the event of termination of employment due to divestiture or lack of work or total and
permanent disability as such terms are defined in applicable benefit plans, the
three-year exercisability limitation described in paragraph 2 above remains in effect
during the one-year post-termination period of exercisability.

	 	5.	 	Adjustments
	 
	 	 	 	In the event of any stock dividend, split-up, reclassification or other change in
capitalization, an equitable adjustment will be made as indicated in Article XII of the
Stock Performance Plan in the number of SARs and the price per share applicable thereto.
	 
	 	6.	 	Nontransferability and Exercise Upon Death
	 
	 	 	 	During the grantee’s lifetime, this grant is not transferable and SARs may be exercised
only by the grantee, except as may otherwise be provided in rules established by the
Compensation Committee to permit transfers or to authorize a third party to act on behalf
of the grantee with respect to any SARs.
	 
	 	 	 	In the event of death, to the extent SARs under this grant have not already been exercised
or this grant otherwise terminated, this grant shall be exercisable:

	 	a.	 	by the person or persons designated by the grantee in the last
designation filed with the plan administrator, or
	 
	 	b.	 	if no such designation has been filed, by the executor or
administrator of the grantee’s estate or in accordance with his or her directions,
subject to the other terms and conditions contained herein.

	 	 	If the grantee desires to designate a contingent beneficiary for receipt of these grants,
the grantee must file a designation form with the plan administrator,
	 
	7. 	 	How to Exercise
	 
	 	 	To exercise the SAR, the grantee must call the plan administrator.
	 
	 	 	Requests to exercise SARs will be valued using that day’s average of the high and low price
for DuPont stock as determined on the NYSE (New York Stock Exchange)-Composite Transactions
Tape. This price will be used to determine the gross payment from the grantee’s exercise
transaction. If the exercise day is not a day the NYSE is open, the transaction will be
valued at the average price on the next trading day the exchange is open.
	 
	 	 	Exercise of SARs will be effected only if notice of such is received by the plan
administrator on or before the last day allowed for the exercise of SARs as indicated
above.
	 
	 	 	The proceeds for the grantee’s SARs exercise will be paid to the grantee by the grantee’s
local payroll.

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	8.	 	Satisfying Withholding
	 
	 	 	When withholding of national, social, and/or local taxes is required in a country, it will
be withheld from the gross cash payment prior to release of the check.
	 
	9.	 	Exchange Rates
	 
	 	 	Calculation of the gross payment will be done in U.S. dollars and then translated into
local currency by the grantee’s local payroll. Translation should be done using the
exchange rate quoted in The Wall Street Journal on the exercise day. If The Wall Street
Journal does not quote an exchange rate for a particular currency, an appropriate published
equivalent will be used. If the exercise day is not a business day, the exchange rate
quoted for the next business day will be used.
	 
	10.	 	Interpretation
	 
	 	 	The decision of the Compensation Committee with respect to any question arising as to the
interpretation of the Stock Performance Plan as it affects these grants, including the
severability of any and all of the provisions of the Stock Performance Plan, shall be
final, conclusive and binding.
	 
	11.	 	No Acquired Rights
	 
	 	 	This grant is made at the discretion of the Company, and should not be construed to imply
an entitlement to any future grants of a like or different nature.
	 
	12.	 	Incorporation of Stock Performance Plan
	 
	 	 	In addition to the terms and conditions set forth above, which are fixed by the
Compensation Committee in accordance with Article VI, paragraph 4 of the Stock Performance
Plan, the grants are also subject to the other applicable provisions of the Stock
Performance Plan.

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Exhibit 10.11

TERMS AND CONDITIONS

OF

STOCK OPTIONS GRANTED IN 2007

UNDER STOCK PERFORMANCE PLAN

 

 

STOCK PERFORMANCE PLAN

TERMS AND CONDITIONS OF

STOCK OPTIONS GRANTED IN 2007

SECTION I. DEFINITIONS

	 	1.	 	The term “NQO” means a nonqualified stock option.
	 
	 	2.	 	The term “retirement” used hereafter refers to retirement pursuant to the provisions of the
pension or retirement plan or policy of a plan company.

SECTION II. TERMS AND CONDITIONS APPLICABLE TO NQOs

	 	1.	 	Option Price
	 
	 	 	 	The stock option grant entitles the optionee to purchase, subject to the limitations set forth
in these terms and conditions, DuPont common stock at the closing price on the NYSE (New York
Stock Exchange)-Composite Transactions Tape on the grant date, which is the option price.
	 
	 	2.	 	Exercisability – Three-Year Phase-In 
	 
	 	 	 	Except as provided in paragraph 4 below, from the grant date to the day prior to the first
anniversary of grant date no shares may be purchased under the stock option grant.
	 
	 	 	 	Subject to other terms and conditions herein, including paragraph 4 (b) below (relating to
death, retirement, termination due to divestiture or lack of work or total and permanent
disability), one-third of the shares subject to the option may be purchased beginning on the
first anniversary of the grant date. Except as described in paragraph 4 (b) below, on each of
the next two succeeding anniversaries of the grant date, an additional one-third of the shares
subject to the option may be exercised. The shares subject to the option, which may be
purchased beginning on the first and second anniversaries, shall be rounded down to the
nearest whole share while the balance of the shares may be purchased beginning on the third
anniversary.
	 
	 	3.	 	Last Date of Exercisability
	 
	 	 	 	No shares may be purchased under the stock option grant after the earliest of the
following:

	 	a.	 	The day prior to the sixth anniversary of the grant date, or
	 
	 	b.	 	Two years after the optionee’s death, or
	 
	 	c.	 	One year after the day on which employment is terminated due to divestiture (to an
entity which is less than 50% owned by DuPont) or lack of work or total and permanent
disability as such terms are defined in applicable benefit plans, or
	 
	 	d.	 	The date (after retirement pursuant to the provisions of the pension or retirement
plan or policy of a plan company or termination of employment due to divestiture to an
entity which is less than 50% owned by DuPont or lack of work or total and permanent
disability as such terms are defined in applicable benefit plans) on which a
determination is made in accordance with Article XI, paragraph 2 of the Stock Performance
Plan, that the optionee willfully engaged in any activity which is harmful to the
interests of a plan company, or
	 
	 	e.	 	The date of termination of employment for any reason other than death, divestiture,
lack of work, retirement or total and permanent disability as such terms are defined in
applicable benefit plans.

	 	4.	 	Retirement, Termination Due to Divestiture, Lack of Work or Total and Permanent
Disability and Death

	 	a.	 	The day following retirement, termination due to divestiture or lack of work or
total and permanent disability as such terms are defined in applicable benefit plans, or
upon death,

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	 	 	 	shares subject to option may be purchased, subject to the terms and conditions provided in
paragraph 2 above, (b) below and all other terms and conditions herein, provided
retirement, termination due to divestiture or lack of work, total and permanent disability
or death occurs at least six months after grant date. If, however, retirement,
termination due to divestiture, lack of work or total and permanent disability, or death
occurs prior to six months after grant date, no such shares may be purchased and grants
will terminate.
	 
	 	b.	 	The three-year exercisability limitation described in paragraph 2 above remains in
effect in the event of retirement and is waived in the event of death. In the event of
termination of the optionee’s employment due to divestiture or lack of work or total and
permanent disability as such terms are defined in applicable benefit plans, the
three-year exercisability limitation described in paragraph 2 above remains in effect
during the one-year post-termination period of exercisability.

	 	5.	 	Adjustments
	 
	 	 	 	In the event of any stock dividend, split-up, reclassification or other change in
capitalization, an equitable adjustment will be made as indicated in Article XII of the Stock
Performance Plan in the number of shares subject to the stock option and the price per share
applicable thereto.
	 
	 	6.	 	Nontransferability and Exercise Upon Death
	 
	 	 	 	During the optionee’s lifetime, this grant is not transferable and shares subject to the
option may be purchased only by the optionee, except as may otherwise be provided in rules
established by the Compensation Committee to permit transfers or to authorize a third party to
act on behalf of the grantee with respect to any stock options.
	 
	 	 	 	In the event of death, to the extent shares subject to option under this grant have not
already been purchased or this grant is otherwise terminated, this grant shall be exercisable:

	 	a.	 	by the person or persons designated by the optionee in the last beneficiary
designation filed with the plan administrator, or
	 
	 	b.	 	if no such designation has been filed, by the executor or administrator of the
optionee’s estate or in accordance with his or her directions, subject to the other terms
and conditions contained herein.

	 	 	 	If the optionee desires to designate a beneficiary for receipt of this grant, the optionee
must file a designation form with the plan administrator.
	 
	 	7.	 	How to Exercise/Payment of Option Price
	 
	 	 	 	It will be necessary to make arrangements with the Company or the designated third party
administrator for full payment of shares purchased at the time of exercising the stock option,
or any portion of it. Payment of the option price must be made in cash, through the sale of
option shares issued pursuant to the exercise (except for Section 16 officers), or in DuPont
common stock, valued at the fair market value (the average of the high and low prices on the
NYSE-Composite Transactions Tape) on the date of exercise, or a combination thereof as
determined by the Compensation Committee. When payment is made in shares, the optionee must
have owned such shares for at least six months.
	 
	 	 	 	Purchase of shares will be effected only if (1) the optionee has established the appropriate
account with the plan administrator, and (2) notice of such purchase, accompanied by payment,
is received by the Senior Vice President-DuPont Finance or designee on or before the last day
allowed for the purchase of shares as indicated above. Shares purchased or delivered in
payment upon exercise will be registered in the optionee’s name after receipt by the Senior
Vice President-DuPont Finance or designee of such notice and payment. In the event of death
prior to delivery of shares purchased pursuant to the option, the shares will be registered in
the name(s) of the optionee’s designated beneficiary(ies), or in accordance with the
directions of the executor or administrator of the optionee’s estate, as the case may be.

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	 	8.	 	Satisfying Withholding with DuPont Common Stock
	 
	 	 	 	Withholding for federal, state and local taxes is required in connection with exercise of
NQOs. When an NQO is exercised, the difference between the option price and the value of the
stock at time of exercise is compensation subject to withholding. In lieu of cash from
personal funds, shares of DuPont common stock may be used to satisfy tax-withholding
requirements.
	 
	 	 	 	Shares used for withholding may be either option shares otherwise issuable pursuant to the
exercise of the NQO or shares already owned which are tendered to the Company. The optionee
must unconditionally agree to tender the appropriate number of shares to the Company if the
amount of withholding tax is determined after the date of exercise of the option. The number
of shares withheld by the Company or required to be tendered to satisfy withholding taxes
shall be determined based on the fair market value (the average of the high and low prices on
the NYSE-Composite Transactions Tape) of the shares on the date for determining the amount of
withholding tax due. Federal, state and local withholding cannot exceed statutory
requirements. When shares already owned are used to satisfy withholding, the optionee must
have owned such shares for at least six months.
	 
	 	 	 	If the optionee is a Section 16 officer or director, because of SEC requirements, any election
to use share withholding is subject to certain restrictions and requirements. In general, the
optionee must make an irrevocable election at least six months prior to the exercise date or
within one of the four ten-day window periods per year. The terms and conditions applicable
to use of share withholding by Section 16 officers are attached hereto as Exhibit A.
	 
	 	 	 	In the event of changes in relevant law or circumstances, the Compensation Committee may
modify the terms and conditions of this paragraph 8, including discontinuing share
withholding.
	 
	 	9.	 	Interpretation
	 
	 	 	 	The decision of the Compensation Committee with respect to any question arising as to the
interpretation of the Stock Performance Plan as it affects this grant, including the
severability of any and all of the provisions of the Stock Performance Plan, shall be final,
conclusive and binding.
	 
	 	10.	 	No Acquired Rights
	 
	 	 	 	This grant is made at the discretion of the Company, and should not be construed to imply an
entitlement to any future grants of a like or different nature.
	 
	 	11.	 	Incorporation of Stock Performance Plan
	 
	 	 	 	In addition to the terms and conditions set forth above, which are fixed by the Compensation
Committee in accordance with Article VI, paragraph 4 of the Stock Performance Plan, optionee
grants are also subject to the other applicable provisions of the Stock Performance Plan.

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EXHIBIT A

TERMS AND CONDITIONS FOR USING SHARES TO SATISFY

WITHHOLDING TAX ON EXERCISE OF NONQUALIFIED STOCK OPTIONS

A Section 16 officer or director may elect to use shares of DuPont common stock to satisfy federal,
state and local tax withholding requirements in connection with the exercise of a nonqualified
stock option. No shares may be withheld in excess of statutory requirements.

	 	1.	 	An election to use shares to satisfy amounts required to be withheld pursuant to
applicable federal, state and local tax laws in connection with the exercise of a
nonqualified option is irrevocable. No election may be made with respect to an option
prior to six months after the grant date.
	 
	 	2.	 	An election to use shares to satisfy tax-withholding requirements is subject to the
disapproval of the Compensation Committee.
	 
	 	3.	 	Shares used to satisfy withholding may either be option share otherwise issuable
pursuant to the exercise of the nonqualified stock option or shares already owned which are
tendered to the Company. The Section 16 officer or director must unconditionally agree to
tender the appropriate number of shares to the Company if the amount of withholding tax is
determined after the date of exercise of the option. When shares already owned are used to
satisfy withholding, the optionee must have owned such shares for at least six months.
	 
	 	4.	 	When the Section 16 officer or director elects to use shares to satisfy withholding,
the election must be made on a date six months or more prior to the exercise date, or
during a ten-day window period prior to or coincident with the exercise. *
	 
	 	5.	 	The number of shares withheld by the Company or tendered by the Section 16 officer or
director to satisfy the withholding tax requirement shall be determined based on the fair
market value (the average of the high and low prices on the NYSE-Composite Transactions
Tape) of the shares on the date for determining the amount of withholding tax due.

 

			
	*	 	There are four ten-day window periods a year. They commence on the third business day
following the date the Company announces its quarterly and annual sales and earnings and end
on the twelfth business day following such date.

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