Document:

exv10w47

 

EXHIBIT 10.47

FORM OF AMENDED AND RESTATED INDEMNITY AGREEMENT

          This Amended and Restated Indemnity Agreement (this “Agreement”) is entered into on
                    , 200_, by and between LEAR CORPORATION, a Delaware corporation (the “Company”), and
                     (“Indemnitee”) and amends and restates, in its entirety, the Indemnity Agreement
dated August 3, 2005 by and between the Company and Indemnitee.

RECITALS

          WHEREAS, the Company’s Amended and Restated Certificate of Incorporation (the “Charter”)
requires indemnification of the Company’s directors and permits indemnification of the Company’s
officers to the fullest extent permitted by law; the Company’s Bylaws (the “Bylaws”) require
indemnification of the Company’s officers and directors if such officers and/or directors, as the
case may be, meet the applicable standard of conduct under the circumstances; and Indemnitee may
also be entitled to indemnification pursuant to the Delaware General Corporation Law (the “DGCL”).

          WHEREAS, the Charter, Bylaws and the DGCL expressly provide that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be
entered into between the Company and members of the Board of Directors of the Company (the “Board”)
and officers of the Company with respect to indemnification, hold harmless, exoneration,
advancement of expenses and reimbursement rights.

          WHEREAS, the statutes and judicial decisions regarding the duties of directors and officers
are often difficult to apply, ambiguous, or conflicting, and therefore fail to provide such
directors and officers with adequate, reliable knowledge of legal risks to which they are exposed
or information regarding the proper course of action to take.

          WHEREAS, directors and officers of companies and other business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things,
matters that traditionally would have been brought only against the Company or business enterprise
itself.

          WHEREAS, plaintiffs often seek damages in such large amounts and the costs of litigation may
be so great (whether or not the case is meritorious), that the defense and/or settlement of such
litigation is usually beyond the personal resources of directors and officers.

          WHEREAS, the uncertainties relating to insurance and to indemnification have increased the
difficulty of attracting and retaining such persons.

          WHEREAS, the Board has determined that the increased difficulty in attracting and retaining
such persons is detrimental to the best interests of the Company and its stockholders and that the
Company should act to assure such persons that there will be increased certainty of such protection
in the future.

 

 

          WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to
the fullest extent permitted by applicable law so that they will serve or continue to serve the
Company free from undue concern that they will not be so protected against such liabilities.

          WHEREAS, this Agreement is a supplement to, and in furtherance of, the Charter and Bylaws (and
any resolutions adopted pursuant thereto) and any insurance purchased by the Company with respect
to the matters set forth in this Agreement, and shall not be deemed a substitute therefor, nor to
diminish or abrogate any rights of Indemnitee thereunder.

          WHEREAS, Indemnitee may not be willing to serve as an officer or director without adequate
protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to
serve, continue to serve and to take on additional service for or on behalf of the Company on the
condition that he or she be so indemnified by the Company.

          NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

     1. Services to the Company. Indemnitee will serve or continue to serve, at the will
of the Company, as an officer or director of the Company for so long as Indemnitee is duly elected
or appointed or until Indemnitee tenders his or her resignation.

          2. Definitions. As used in this Agreement:

          (a) “Affiliated Entity” means, with respect to Indemnitee, an entity or person (i) for which
Indemnitee serves as a director, managing director, officer, trustee, general partner or in any
other similar capacity, (ii) that controls, is controlled by, or is under common control with
Indemnitee or any Affiliated Entity or (iii) that is an immediate family member of Indemnitee.
“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of an entity, whether through the ownership of voting
securities, by contract or otherwise. “Immediate family member” of Indemnitee includes
Indemnitee’s spouse (whether or not such person resides with Indemnitee), parents, stepparents,
children, stepchildren, siblings, mothers and fathers-in-law, sons and daughters-in-law, and
brothers and sisters-in-law and any other person (other than a tenant or employee) sharing
Indemnitee’s household.

          (b) “Beneficial Owner” and “Beneficial Ownership” shall have the meaning given to such term in
Rule 13d-3 under the Exchange Act.

          (c) A “Change in Control” shall be deemed to occur as of the first day any one or more of the
following events occur:

     (i) Any Person becomes the Beneficial Owner, directly or indirectly, of
securities of the Company representing more than twenty-five percent (25%) of the
combined voting power of the Company’s then outstanding securities.

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     (ii) During any period of twenty-six (26) consecutive months (not including any
period prior to the execution of this Agreement), individuals who at the beginning
of that period constitute the Board cease for any reason (other than death,
disability or voluntary retirement) to constitute a majority of the Board. For this
purpose, any new directors whose election by the Board or nomination for election by
the Company’s stockholders was approved by a vote of at least two-thirds of the
directors then still in office, and who either were directors at the beginning of
the period or whose election or nomination for election was so approved, will be
deemed to have been a director at the beginning of any twenty-six (26) month period
under consideration.

     (iii) The stockholders of the Company approve: (A) a plan of complete
liquidation or dissolution of the Company; (B) an agreement for the sale or
disposition of all or substantially all the Company’s assets; or (C) a merger,
consolidation or reorganization of the Company with or involving any other
corporation, other than a merger, consolidation or reorganization that would result
in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least eighty percent (80%) of the
combined voting power of the voting securities of the Company (or the surviving
entity) outstanding immediately after the merger, consolidation, or reorganization.

provided, however, that a Change in Control shall not be deemed to
result upon the occurrence of the events in (i), (ii) or (iii) above if such events
occurred as a result of any actions taken by, or that were initiated by, an
Affiliated Entity or Affiliated Entities.

          (d) “Corporate Status” shall mean the status of a person who is or was a director, officer,
trustee, general partner, managing member, fiduciary, employee or agent of the Company or of any
other Enterprise for which such person is or was serving at the request of the Company.

          (e) “Delaware Court” shall mean the Court of Chancery of the State of Delaware.

          (f) “Disinterested Director” shall mean a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification is sought by Indemnitee.

          (g) “Enterprise” shall mean the Company, any Subsidiary of the Company and any other
corporation, constituent corporation (including any constituent of a constituent) absorbed in a
consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party,
partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise of which Indemnitee is or was serving at the request of the Company as a director,
officer, trustee, general partner, managing member, employee, agent or fiduciary.

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          (h) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

          (i) “Expenses” shall include all reasonable direct and indirect costs, fees and expenses of
any type or nature, including, without limitation, all reasonable attorneys’ fees and costs,
retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of
private investigators and professional advisors, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, fax transmission charges, secretarial services
and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a
witness in, settlement or appeal of, or otherwise participating in, a Proceeding. Expenses also
shall include Expenses incurred in connection with any appeal resulting from any Proceeding,
including without limitation the premium, security for, and other costs relating to any cost bond,
supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include
amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

          (j) “Independent Counsel” shall mean a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five years has
been, retained to represent: (i) the Company, Indemnitee or any Affiliated Entity in any matter
material to such party (other than with respect to matters concerning the Indemnitee under this
Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other
party to the Proceeding giving rise to a claim for indemnification, hold harmless or exoneration
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement.

          (k) “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act as in effect on the date hereof; provided, however, that Person shall exclude (i) the Company;
(ii) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company; and (iii) any corporation owned, directly or indirectly, by the Company’s stockholders in
substantially the same proportion as their ownership of stock of the Company.

          (l) “Proceeding” shall include any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, appeal or
any other actual, threatened or completed proceeding, whether brought in the right of the Company
or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative nature, in which Indemnitee was, is or will be involved as a party
or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company,
by reason of any action (or failure to act) taken by him or her or of any action (or failure to
act) on his or her part while acting as a director or officer of the Company, or by reason of the
fact that he or she is or was serving at the request of the Company as a director, officer,
trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in
each case whether or not serving in such capacity at the time any liability or expense is incurred
for which indemnification, holding harmless, exoneration, reimbursement, or advancement of expenses
can be provided under this Agreement.

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          (m) “Subsidiary” shall mean, with respect to any Person, any corporation or other entity of
which a majority of the voting power of the voting equity securities or equity interests is owned,
directly or indirectly, by that Person.

          (n) (i) References to “fines” shall include any excise tax assessed on Indemnitee with respect
to any employee benefit plan; (ii) references to “serving at the request of the Company” shall
include any service as a director, officer, employee, agent or fiduciary of the Company which
imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary
with respect to an employee benefit plan, its participants or beneficiaries; (iii) none of the
Company’s directors or officers who serves as a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent for an entity, other than the Company or its
Subsidiaries or affiliated entities (including employee benefit plans), shall be deemed to be
“serving at the request of the Company” for purposes of this Agreement without an express
authorizing resolution adopted by the Board or a committee thereof; and (iv) If Indemnitee acted in
good faith and in a manner he or she reasonably believed to be in the best interests of the
participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have
acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement.

     3. Indemnity in Third-Party Proceedings. The Company shall indemnify, hold harmless
and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or
is threatened to be made, a party to or a participant (as a witness or otherwise) in any
Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its
favor. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated
against all Expenses, judgments, liabilities, fines and amounts paid in settlement (including all
interest, assessments and other charges paid or payable in connection with or in respect of such
Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by
Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in
or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had
no reasonable cause to believe that his or her conduct was unlawful.

     4. Indemnity in Proceedings by or in the Right of the Company. The Company shall
indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section
4 if Indemnitee is, or is threatened to be made, a party to or a participant (as a witness or
otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against
all Expenses, judgments, liabilities, fines and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of such Expenses,
judgments, fines and amounts paid in settlement), actually and reasonably incurred by him or her
on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if
Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not
opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for
Expenses, judgments, liabilities, fines and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of such Expenses,
judgments, fines and amounts paid in settlement) shall be made under this

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Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged by a court to be liable to the Company, unless and only to the extent that any
court in which the Proceeding was brought, or the Delaware Court, shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to such indemnification, hold harmless and exoneration
rights.

     5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee is a party to
(or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in
defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify,
hold harmless and exonerate Indemnitee against all Expenses, liabilities, fines and amounts paid in
settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses, fines and amounts paid in settlement) actually and reasonably
incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify, hold harmless and
exonerate Indemnitee against all Expenses, liabilities, fines and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses, fines and amounts paid in settlement) actually and reasonably incurred
by him or her or on his or her behalf in connection with each successfully resolved claim, issue or
matter. If the Indemnitee is not wholly successful in such Proceeding, the Company also shall
indemnify, hold harmless and exonerate Indemnitee against all Expenses, liabilities, fines and
amounts paid in settlement (including all interest, assessments and other charges paid or payable
in connection with or in respect of such Expenses, fines and amounts paid in settlement) actually
and reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or
matter on which the Indemnitee was successful. For purposes of this Section and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be
a successful result as to such claim, issue or matter so long as there has been no finding that
Indemnitee (i) did not act in good faith, or (ii) did not act in a manner reasonably believed to be
in or not opposed to the best interests of the Company, or (iii) with respect to any criminal
proceeding, had reasonable grounds to believe that his or her conduct was unlawful.

     6. Indemnification For Expenses of a Witness. Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a
witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified, held
harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on
his or her behalf in connection therewith.

     7. Additional Indemnification, Hold Harmless and Exoneration Rights.

          (a) Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall indemnify, hold
harmless and exonerate Indemnitee to the fullest extent permitted by law if Indemnitee is a party
to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of
the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties
and amounts paid in settlement (including all interest,

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assessments and other charges paid or payable in connection with or in respect of such
Expenses, judgments, fines, penalties and amounts paid or payable) actually and reasonably incurred
by Indemnitee in connection with the Proceeding.

          (b) For purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted
by law” shall include, but not be limited to:

     (i) to the fullest extent permitted by the provision of the DGCL that
authorizes or contemplates additional indemnification by agreement, or the
corresponding provision of any amendment to or replacement of the DGCL, and

     (ii) to the fullest extent authorized or permitted by any amendments to or
replacements of the DGCL adopted after the date of this Agreement that increase the
extent to which a corporation may indemnify, hold harmless or exonerate its officers
and directors.

     8. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not
be obligated under this Agreement to make any indemnification, hold harmless or exoneration payment
in connection with any claim made against Indemnitee:

          (a) for which payment has actually been received by or on behalf of Indemnitee under any
insurance policy or other indemnity provision, except with respect to any excess beyond the amount
actually received under any insurance policy, contract, agreement or other indemnity provision or
otherwise; or

          (b) for an accounting of profits made from the purchase and sale (or sale and purchase) by
Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or
similar provisions of state statutory law or common law; or

          (c) prior to a Change in Control, in connection with any Proceeding (or any part of any
Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other
indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration
payment in its sole discretion, pursuant to the powers vested in the Company under applicable law.

     9. Advances of Expenses; Defense of Claim.

          (a) Notwithstanding any provision of this Agreement to the contrary, and to the fullest extent
permitted by applicable law, the Company shall advance the Expenses incurred by Indemnitee in
connection with any Proceeding as soon as practicable, but in any event, within thirty (30) days
after the receipt by the Company of a statement or statements requesting such advances from time to
time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured
and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the
Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless
or exonerated under the other provisions of this Agreement. Advances shall include any and all
reasonable Expenses incurred pursuing a

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Proceeding to enforce this right of advancement, including Expenses incurred preparing and
forwarding statements to the Company to support the advances claimed. The Indemnitee shall qualify
for advances, to the fullest extent permitted by applicable law, solely upon the execution and
delivery to the Company of an undertaking providing that the Indemnitee undertakes to repay the
advance to the extent that it is ultimately determined that Indemnitee is not entitled to be
indemnified, held harmless or exonerated by the Company under the provisions of this Agreement, the
Charter or Bylaws, applicable law or otherwise. This Section 9(a) shall not apply to any claim
made by Indemnitee for which indemnification, hold harmless or exoneration payment is excluded
pursuant to Section 8.

          (b) The Company will be entitled to participate in the Proceeding at its own expense.

          (c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which
would impose any Expense, judgment, fine, penalty or limitation on the Indemnitee without the
Indemnitee’s prior written consent.

     10. Procedure for Notification and Application for Indemnification.

          (a) Within sixty (60) days after being served with any summons, citation, subpoena, complaint,
indictment, inquiry, information or other document relating to any Proceeding or matter which may
be subject to indemnification, hold harmless or exoneration rights under this Agreement, or
advancement of Expenses covered hereby, Indemnitee shall submit to the Company a written notice
identifying the Proceeding. The omission by the Indemnitee to notify the Company will not relieve
the Company from any liability which it may have to Indemnitee (i) otherwise than under this
Agreement, and (ii) under this Agreement unless and only to the extent the Company can establish
that such omission to notify resulted in actual prejudice to the Company.

          (b) Indemnitee may thereafter deliver to the Company a written application to indemnify, hold
harmless and exonerate Indemnitee in accordance with this Agreement. Such application(s) may be
delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole
discretion. Following such a written application for indemnification by Indemnitee, the
Indemnitee’s entitlement to such indemnification shall be determined according to Section 11(a) of
this Agreement.

     11. Procedure Upon Application for Indemnification.

          (a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement
to indemnification shall be made in the specific case by one of the following methods, which shall
be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even
though less than a quorum of the Board, or (ii) by Independent Counsel in a written opinion to the
Board, a copy of which shall be delivered to Indemnitee. The Company promptly will advise
Indemnitee in writing with respect to any determination that

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Indemnitee is or is not entitled to indemnification, including a description of any reason or
basis for which indemnification has been denied. If it is so determined that Indemnitee is
entitled to indemnification, payment to Indemnitee shall be made as soon as practicable, but in no
event more than thirty (30) days, after such determination. Indemnitee shall reasonably cooperate
with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any costs or Expenses (including attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies, exonerates and agrees to hold
Indemnitee harmless therefrom.

          (b) In the event the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 11(a) hereof, the Independent Counsel shall be selected as
provided in this Section 11(b). Indemnitee shall select the Independent Counsel and shall give
written notice to the Company advising it of the identity of the Independent Counsel so selected
and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. The Company may, within thirty (30) days after
such written notice of selection shall have been received, deliver to Indemnitee a written
objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Counsel so selected does not meet the requirements of
“Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion. Absent a proper and timely objection, the
person so selected shall act as Independent Counsel. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and
until such objection is withdrawn or a court of competent jurisdiction has determined that such
objection is without merit. If, within forty-five (45) days after submission by Indemnitee of a
written request for indemnification pursuant to Section 10(a) hereof, no Independent Counsel shall
have been selected and not objected to, either the Company or Indemnitee may petition a court of
competent jurisdiction for resolution of any objection which shall have been made by the Company to
Indemnitee’s selection of Independent Counsel and/or for the appointment as Independent Counsel of
a person selected by the Court or by such other person as the Court shall designate, and the person
with respect to whom all objections are so resolved or the person so appointed shall act as
Independent Counsel under Section 11(a) hereof. Upon the due commencement of any judicial
proceeding or arbitration pursuant to Section 13(a) of this Agreement, Independent Counsel shall be
discharged and relieved of any further responsibility in such capacity (subject to the applicable
standards of professional conduct then prevailing).

          (c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to
fully indemnify, hold harmless and exonerate such Independent Counsel against any and all Expenses,
claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

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     12. Presumptions and Effect of Certain Proceedings.

          (a) In making a determination with respect to entitlement to indemnification hereunder, the
person, persons or entity making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making by any person, persons or entity of any
determination contrary to that presumption. Neither the failure of the Company (including by its
directors or independent legal counsel) to have made a determination prior to the commencement of
any action pursuant to this Agreement that indemnification is proper in the circumstances because
Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company
(including by its directors or independent legal counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

          (b) If the person, persons or entity empowered or selected under Section 11 of this Agreement
to determine whether Indemnitee is entitled to indemnification shall not have made a determination
within ninety (90) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law as set forth in a final judicial determination; provided,
however, that such 90-day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making the determination with respect to
entitlement to indemnification in good faith requires such additional time for the obtaining or
evaluating of documentation and/or information relating thereto.

          (c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, or upon a plea of nolo contendere or its
equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee
did not meet any particular standard of conduct, did not act in good faith and in a manner which he
or she reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her
conduct was unlawful.

          (d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted
in good faith and in a manner which he or she reasonably believed to be in or not opposed to the
best interests of the Company if Indemnitee’s action is based on the records or books of account of
the Enterprise, including financial statements, or on information, opinions, reports or statements
supplied to Indemnitee by the directors or officers of the Enterprise in the course of their
duties, or on the advice of legal counsel for the Enterprise or on information or records given or
reports made to the Enterprise by an independent certified public accountant, investment banker or
by an appraiser or other expert selected with the reasonable care by the Enterprise. The
provisions of this Section 12(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed or found
to have met the applicable standard of conduct set forth in this Agreement.

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          (e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee,
partner, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to
Indemnitee for purposes of determining the right to indemnification under this Agreement.

     13. Remedies of Indemnitee.

          (a) In the event that (i) a determination is made pursuant to Section 11 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of
Expenses, to the fullest extent permitted by law, is not timely made pursuant to Section 9 of this
Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant
to Section 11(a) of this Agreement within ninety (90) days after receipt by the Company of the
request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6,
7 or the last sentence of Section 11(a) of this Agreement within thirty (30) days after receipt by
the Company of a written request therefor, or (v) payment of indemnification pursuant to Section 3
or 4 of this Agreement is not made within thirty (30) days after a determination has been made that
Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication by the
Delaware Court of his or her entitlement to such indemnification, hold harmless, exoneration or
advancement of Expenses rights. Alternatively, Indemnitee, at his or her option, may seek an award
in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules
of the American Arbitration Association. Except as set forth herein, the provisions of Delaware
law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

          (b) In the event that a determination shall have been made pursuant to Section 11(a) of this
Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or
arbitration commenced pursuant to this Section 13 shall be conducted in all respects as a
de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced
by reason of that adverse determination. In any judicial proceeding or arbitration commenced
pursuant to this Section 13 the Company shall have the burden of proving Indemnitee is not entitled
to be indemnified, held harmless, exonerated or to receive advancement of Expenses, as the case may
be, and the Company may not refer to or introduce into evidence any determination pursuant to
Section 11(a) of this Agreement adverse to Indemnitee for any purpose.

          (c) If a determination shall have been made pursuant to Section 11(a) of this Agreement that
Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 13, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

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          (d) In the event that Indemnitee, pursuant to this Section 13, seeks a judicial adjudication
of or an award in arbitration to enforce his or her rights under, or to recover
damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the
Company, and shall be indemnified, held harmless and exonerated by the Company against, any and all
Expenses actually and reasonably incurred by him or her in such judicial adjudication or
arbitration. If it shall be determined in said judicial adjudication or arbitration that
Indemnitee is entitled to receive part but not all of the indemnification, hold harmless,
exoneration or advancement of Expenses sought, the Indemnitee shall be entitled to recover from the
Company, and shall be indemnified, held harmless and exonerated by the Company against, any and all
Expenses reasonably incurred by Indemnitee in connection with such judicial adjudication or
arbitration.

          (e) The Company shall be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement. The Company shall
indemnify, hold harmless and exonerate Indemnitee to the fullest extent permitted by law against
all Expenses and, if requested by Indemnitee, shall (within thirty (30) days after the Company’s
receipt of a written request therefore) advance to Indemnitee such Expenses which are incurred by
Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee (i) to
enforce his or her rights under, or to recover damages for breach of, this Agreement or any other
indemnification, hold harmless, exoneration or advancement agreement or provision of the Charter or
Bylaws, now or hereafter in effect or (ii) for recovery or advances under any insurance policy
maintained by any person or the Company for the benefit of Indemnitee, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses
or insurance recovery, as the case may be.

          (f) If the Company fails to pay any amount due to Indemnitee hereunder within the time periods
specified herein, then the Company shall pay to Indemnitee interest on such amount at the prime
rate then in effect for the period commencing with the date on which such amount was required to be
paid hereunder and ending with the date on which such payment is made by the Company to Indemnitee.

     14. Security. Notwithstanding anything herein to the contrary, to the extent
requested by Indemnitee and approved by the Board, the Company may at any time and from time to
time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable
bank line of credit, funded trust or other collateral. Any such security, once provided to
Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

     15. Non-exclusivity; Survival of Rights; Insurance; Subrogation.

          (a) The rights of Indemnitee to be indemnified, held harmless and exonerated and to
advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the
Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No
amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or
restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by
such Indemnitee in his or her Corporate Status prior to such amendment, alteration

- 12 -

 

or repeal. To the extent that a change in applicable law, whether by statute or judicial
decision, permits greater indemnification, hold harmless or exoneration rights or advancement of
Expenses than would be afforded currently under the Charter, the Bylaws or this Agreement, it is
the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

          (b) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, trustees, partners, managing members, fiduciaries,
employees, or agents of the Company or of any other Enterprise which such person serves at the
request of the Company, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any such director, trustee,
partner, managing member, fiduciary, officer, employee or agent under such policy or policies. If,
at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a
party or a participant (as a witness or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

          (c) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

          (d) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses
hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer,
trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be
reduced by any amount Indemnitee has actually received as indemnification, hold harmless or
exoneration payments or advancement of expenses from such other Enterprise.

          (e) The DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance
or furnish similar protection or make other arrangements including, but not limited to, providing a
trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of
Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or
her or in such capacity as a director, officer, employee or agent of the Company, or arising out of
his or her Corporate Status as such, whether or not the Company would have the power to indemnify,
hold harmless or exonerate him or her against such liability under the provisions of this Agreement
or under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of
any such Indemnification Arrangement shall not in any way limit or affect the rights and
obligations of the Company or of the

- 13 -

 

Indemnitee under this Agreement except as expressly provided herein, and the execution and
delivery of this Agreement by the Company and the Indemnitee shall not in any way limit or affect
the rights and obligations of the Company or the other party or parties thereto under any such
Indemnification Arrangement

     16. Duration of Agreement. This Agreement shall continue until and terminate upon the
later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a
director or officer, trustee, partner, managing member, fiduciary of the Company or as a director,
officer, employee or agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise which Indemnitee served at the request of the Company; or (b) one
(1) year after the final termination of any Proceeding (including any appeal thereto) then pending
in respect of which Indemnitee is granted rights of indemnification, hold harmless, exoneration or
advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section
13 of this Agreement relating thereto (including any rights of appeal of any Proceeding described
in Section 13). This Agreement shall be binding upon the Company and its successors and assigns
and shall inure to the benefit of Indemnitee and his or her heirs, executors and administrators.

     17. Period of Limitations. No legal action shall be brought and no cause of action
shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs,
executors or personal or legal representatives after the expiration of two (2) years from the date
of accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such
two-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern.

     18. Severability. If any provision or provisions of this Agreement shall be held to
be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law;
(b) such provision or provisions shall be deemed reformed to the extent necessary to conform to
applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the
fullest extent possible, the provisions of this Agreement (including, without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to
give effect to the intent manifested thereby.

     19. Additional Acts. If for the validation of any of the provisions in this Agreement
any act, resolution, approval or other procedure is required, the Company undertakes to cause such
act, resolution, approval or other procedure to be affected or adopted in a manner that will enable
the Company to fulfill its obligations under this Agreement.

- 14 -

 

     20. Enforcement and Binding Effect.

          (a) The Company expressly confirms and agrees that it has entered into this Agreement and
assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director
or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as a director or officer of the Company.

          (b) Without limiting any of the Indemnitee’s rights under the Charter or Bylaws, this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied,
between the parties hereto with respect to the subject matter hereof.

          (c) The indemnification, hold harmless, exoneration and advancement of Expenses rights
provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the
parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a
director, officer, employee or agent of the Company or of any other Enterprise at the Company’s
request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs,
devisees, executors and administrators and other legal representatives.

          (d) The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial part, of the
business and/or assets of the Company, by written agreement in form and substance reasonably
satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if no such succession
had taken place.

          (e) The Company and Indemnitee agree herein that a monetary remedy for breach of this
Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further
agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief
and/or specific performance hereof, without any necessity of showing actual damage or irreparable
harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be
precluded from seeking or obtaining any other relief to which he or she may be entitled. The
Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance
and injunctive relief, including temporary restraining orders, preliminary injunctions and
permanent injunctions, without the necessity of posting bonds or other undertaking in connection
therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be
required of Indemnitee by the Court, and the Company hereby waives any such requirement of such a
bond or undertaking.

     21. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of
the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions of this Agreement nor shall any waiver constitute a continuing waiver.

- 15 -

 

     22. Notices. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a) if delivered by
hand and receipted for by the party to whom said notice or other communication shall have been
directed, or (b) if mailed by certified or registered mail with postage prepaid, on the third (3rd)
business day after the date on which it is so mailed:

          (a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or
such other address as Indemnitee shall provide in writing to the Company.

          (b) If to the Company to Lear Corporation, Attention: General Counsel, 21557 Telegraph Road,
Southfield, Michigan 48033 or to any other address as may have been furnished in writing to
Indemnitee by the Company.

     23. Contribution. To the fullest extent permissible under applicable law, if the
indemnification, hold harmless and exoneration rights provided for in this Agreement is unavailable
to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless and
exonerating Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for
Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in
such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as
a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the
relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in
connection with such event(s) and/or transaction(s).

     24. Applicable Law and Consent to Jurisdiction. This Agreement and the legal
relations among the parties shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. Except with
respect to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the
Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or
proceeding arising out of or in connection with this Agreement shall be brought only in the
Delaware Court, and not in any other state or federal court in the United States of America or any
court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware
Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii) irrevocably appoint, to the extent such party is not a resident of the State of Delaware,
RL&F Service Corp., One Rodney Square, 10th Floor, 10th and King Streets, Wilmington, Delaware
19801 as its agent in the State of Delaware as such party’s agent for acceptance of legal process
in connection with any such action or proceeding against such party with the same legal force and
validity as if served upon such party personally within the State of Delaware, (iv) waive any
objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v)
waive, and agree not to plead or to make, any claim that any such action or proceeding brought in
the Delaware Court has been brought in an improper or inconvenient forum, or is subject, in whole
or in part, to a jury trial.

     25. Identical Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement.

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     26. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of
the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction thereof.

[Signature page follows]

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year
first above written.

	 	 	 	 	 	 	 
	 	 	LEAR CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Daniel A. Ninivaggi	 	 
	 	 	Executive Vice President, Secretary and
General Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:exv10w1

 

Exhibit 10.1

COMERICA INCORPORATED

2006 AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN

SECTION 1. Purpose.

          The purpose of Comerica’s 2006 Long-Term Incentive Plan is to align the interests of employees
of the Corporation selected to receive awards with those of stockholders by rewarding long term
decision-making and actions for the betterment of the Corporation. Accordingly, Eligible
Individuals may receive Awards of Options, Stock Appreciation Rights, Restricted Stock or
Restricted Stock Units, Performance Awards and Other Stock-Based Awards. Equity-based compensation
assists in the attraction and retention of qualified employees, and provides them with additional
incentive to devote their best efforts to pursue and sustain the Corporation’s superior long-term
performance. This enhances the value of the Corporation for the benefit of its stockholders.

SECTION 2. Definitions.

     A. “Affiliate” means (i) any entity that is controlled by the Corporation, whether
directly or indirectly, and (ii) any entity in which the Corporation has a significant equity
interest, as determined by the Committee.

     B. “Award” means an Option, a Stock Appreciation Right, a Share of Restricted Stock, a
Restricted Stock Unit, a Performance Award, including a Qualified Performance-Based Award, or an
Other Stock-Based Award pursuant to the Plan. Each Award shall be evidenced by an Award Agreement.

     C. “Award Agreement” means a written agreement, in a form approved by the Committee,
which sets forth the terms and conditions of an Award, including, but not limited to, the
Performance Period and/or Restriction Period, as appropriate. Agreements shall be subject to the
express terms and conditions set forth herein, and to such other terms and conditions not
inconsistent with the Plan as the Committee shall deem appropriate.

     D. “Award Recipient” means an Eligible Individual who has been granted an Award under
the Plan and has entered into an Award Agreement evidencing the grant of such Award or otherwise
accepted the terms of an Award Agreement, including by electronic acceptance or acknowledgement.

     E. “Beneficiary” means any person(s) designated by an Award Recipient on a beneficiary
designation form, or, if no form, any person(s) entitled to receive any amounts owing to such Award
Recipient under this Plan upon his or her death by reason of having been named in the Award
Recipient’s will or trust agreement or having qualified as a taker of the Award Recipient’s
property under the laws of intestacy. If an Award Recipient authorizes any person, in writing, to
exercise such individual’s Options or Stock Appreciation Rights following the Award Recipient’s
death, the term “Beneficiary” shall include any person in whose favor such Options or Stock
Appreciation Rights are exercised by the person authorized to exercise the Options or Stock
Appreciation Rights.

 

 

     F. “Board” means the Board of Directors of the Corporation.

     G. “Cause” means (1) conviction of the Award Recipient for committing a felony under
Federal law or the law of the state in which such action occurred, (2) dishonesty in the course of
fulfilling the Award Recipient’s employment duties, (3) willful and deliberate failure on the part
of the Award Recipient to perform his or her employment duties in any material respect, or (4)
before a Change of Control, such other events as shall be determined by the Committee. Before a
Change of Control, the Committee shall, unless otherwise provided in an Individual Agreement with
the Award Recipient, have the sole discretion to determine whether “Cause” exists, and its
determination shall be final.

     H. “Change of Control” shall have the meaning set forth in Exhibit A to this Plan.

     I. “Code” means the Internal Revenue Code of 1986, as amended, and the regulations
thereunder.

     J. “Committee” means the Compensation Committee of the Board or such other committee
of the Board as the Board may from time to time designate, which shall be composed of not less than
two non-employee directors, and shall be appointed by and serve at the pleasure of the Board.

     K. “Corporation” means Comerica Incorporated, a Delaware corporation, and its
successors and assigns.

     L. “Disabled” or “Disability” means “Totally Disabled” (or any
derivation of such term) within the meaning of the Long-Term Disability Plan of Comerica
Incorporated, or if there is no such plan, “Disability” as determined by the Committee. However,
with respect to the rules relating to Incentive Stock Options, the term “Disabled” shall mean
disabled as that term is utilized in Sections 422 and 22(e)(3) of the Code, or any successor Code
provisions relating to ISOs.

     M. “Disaffiliation” means a Subsidiary’s or Affiliate’s ceasing to be a Subsidiary or
Affiliate for any reason (including, without limitation, as a result of a public offering, or a
spinoff or sale by the Corporation, of the stock of the Subsidiary or Affiliate) or a sale of a
division of the Corporation and its Affiliates.

     N. “Eligible Individual” means any officers and employees of the Corporation or any of
its Subsidiaries or Affiliates, and prospective officers and employees who have accepted offers of
employment from the Corporation or its Subsidiaries or Affiliates. Notwithstanding the foregoing,
an Eligible Individual for purposes of receipt of the grant of an ISO shall be limited to those
individuals who are eligible to receive ISOs under rules set forth in the Code and applicable
regulations.

     O. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     P. “Fair Market Value” means the closing price of a Share on the New York Stock
Exchange as reported on the Composite Tape as published in the Wall Street Journal; if,
however, there is no trading of Shares on the date in question, then the closing price of the

2

 

Shares as so reported, on the last preceding trading day shall instead be used to determine
Fair Market Value. If Fair Market Value for any date in question cannot be determined as provided
above, Fair Market Value shall be determined by the Committee in its good faith discretion based on
a reasonable valuation method.

     Q. “Incentive Stock Option” or “ISO Award” means an Option granted pursuant to
the Plan that is designated in the applicable Award Agreement as an “incentive stock option” within
the meaning of Section 422 of the Code, and that in fact so qualifies.

     R. “Nonqualified Stock Option” or “NQSO Award” means an Option granted
pursuant to the Plan that is not intended to be an Incentive Stock Option.

     S. “Option” means a Nonqualified Stock Option or an Incentive Stock Option granted
pursuant to Section 6(A) of the Plan.

     T. “Other Stock-Based Award” means any right granted under Section 6(F) of the Plan.

     U. “Performance Award” means any Award, including a Qualified Performance-Based Award,
granted pursuant to Section 6(E) of the Plan.

     V. “Performance Measures” means the performance goals established by the Committee and
relating to a Performance Period in connection with the grant of an Award. In the case of any
Qualified Performance-Based Award, such goals shall be (i) based on the attainment of specified
levels of one or more of the following measures (a) earnings per share, (b) return measures
(including, but not limited to, return on assets, equity or sales), (c) net income (before or after
taxes), (d) cash flow (including, but not limited to, operating cash flow and free cash flow), (e)
cash flow return on investments, which equals net cash flows divided by owner’s equity, (f)
earnings before or after taxes, interest, depreciation and/or amortization, (g) internal rate of
return or increase in net present value, (h) gross revenues, (i) gross margins or (j) stock price
(including, but not limited to, growth measures and total stockholder return) and (ii) set by the
Committee within the time period prescribed by Section 162(m) of the Code. Performance Measures
may be absolute in their terms or measured against or in relationship to other companies
comparably, similarly or otherwise situated and may be based on or adjusted for any other objective
goals, events, or occurrences established by the Committee for a Performance Period. Such
Performance Measures may be particular to a line of business, subsidiary or other unit or may be
based on the performance of the Corporation generally. Such Performance Measures may cover the
Performance Period as specified by the Committee. Performance Measures may be adjusted by the
Committee in its sole discretion to eliminate the unbudgeted effects of charges for restructurings,
charges for discontinued operations, charges for extraordinary items and other unusual or
non-recurring items of loss or expense, merger related charges, cumulative effect of accounting
changes, the unbudgeted financial impact of any acquisition or divestiture made during the
applicable Performance Period, and any direct or indirect change in the Federal corporate tax rate
affecting the Performance Period, each as defined by generally accepted accounting principles and
identified in the audited financial statements, notes to the audited financial statements,
management’s discussion and analysis or other Corporation filings with the Securities and Exchange
Commission

3

 

     W. “Performance Period” means the period designated by the Committee during which the
Performance Measures applicable to an Award shall be measured. The Performance Period shall be
established at or before the time of the grant of the Award, and the length of any Performance
Period shall be within the discretion of the Committee.

     X. “Plan” means the Comerica Incorporated 2006 Long-Term Incentive Plan.

     Y. “Qualified Performance-Based Award” means an Award intended to qualify for the
Section 162(m) Exemption, as provided in Section 7.

     Z. “Restriction Period” means the period designated by the Committee during which
Shares of a Restricted Stock Award remain forfeitable or a Restricted Stock Unit Award is subject
to vesting requirements.

     AA. “Restricted Stock” or “Restricted Stock Award” means an award of Shares
pursuant to Section 6(C) of the Plan subject to the terms, conditions and such restrictions as may
be determined by the Committee and set forth in the applicable Award Agreement. Shares of
Restricted Stock shall constitute issued and outstanding Shares for all corporate purposes.

     BB. “Restricted Stock Units” or “Restricted Stock Unit Award” means an Award
granted pursuant to Section 6(D) of the Plan denominated in Shares subject to the terms, conditions
and restrictions determined by the Committee and set forth in the applicable Award Agreement.

     CC. “Retirement” means, unless otherwise provided in an Award Agreement or determined
by the Committee, retirement from active employment with the Corporation, a Subsidiary or an
Affiliate at or after age 65 or after attainment of both age 55 and ten (10) years of continuous
service with the Corporation and its Affiliates.

     DD. “Section 162(m) Exemption” means the exemption from the limitation on
deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of
the Code.

     EE. “Share” means a share of common stock, $5.00 par value, of the Corporation or such
other securities or property as may become subject to Awards pursuant to an adjustment made under
Section 3(D) of the Plan.

     FF. “Stock Appreciation Right” or “SAR Award” means a right granted under
Section 6(B) of the Plan.

     GG. “Subsidiary” means any corporation, partnership, joint venture or other entity
during any period in which at least a 50% voting or profits interest is owned, directly or
indirectly, by the Corporation or any successor to the Corporation.

     HH. “Tax Withholding Date” shall mean the earliest date the obligation to withhold tax
with respect to an Award arises.

4

 

     II. “Term” means the maximum period during which an Option or Stock Appreciation Right
may remain outstanding, subject to earlier termination upon Termination of Employment or otherwise,
as specified in the applicable Award Agreement or to the extent not specified in the Award
Agreement as provided in the Plan.

     JJ. “Termination of Employment” means the termination of the applicable Award
Recipient’s employment with the Corporation and any of its Subsidiaries or Affiliates. An Award
Recipient employed by a Subsidiary or an Affiliate or a division of the Corporation and its
Affiliates shall be deemed to incur a Termination of Employment if, as a result of a
Disaffiliation, such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or
division, as the case may be, and the Award Recipient does not immediately thereafter become an
employee of the Corporation or another Subsidiary or Affiliate. Neither a temporary absence from
employment because of illness, vacation or leave of absence nor a transfer among the Corporation
and its Subsidiaries and Affiliates shall be considered a Termination of Employment.

SECTION 3. Stock Subject to the Plan.

     A. Plan Maximums. The maximum number of Shares that may be delivered pursuant to
Awards under the Plan shall be the sum of (i) eleven million (11,000,000), (ii) any Shares
available for future awards under the Amended and Restated Comerica Incorporated 1997 Long-Term
Incentive Plan (the “Prior Plan”) as of the Effective Date, and (iii) any Shares that are
represented by awards granted under the Prior Plan which are forfeited, expire or are cancelled
without delivery of Shares or which result in the forfeiture of Shares back to the Corporation. No
additional Shares will be granted pursuant to the terms of the Prior Plan as of the Effective Date
of the Plan. The maximum number of Shares that may be delivered pursuant to Options intended to be
Incentive Stock Options shall be one million (1,000,000) Shares. No more than 2.2 million
(2,200,000) Shares may be issued during the term of the Plan pursuant to Awards other than Options
and Stock Appreciation Rights. Shares subject to an Award under the Plan may be authorized and
unissued Shares or treasury Shares.

     B. Individual Limits. No Award Recipient may be granted Awards with respect to more
than 350,000 Shares in any calendar year, and the maximum number of Shares underlying Awards of
Options and Stock Appreciation Rights that may be granted to an Award Recipient in any calendar
year is 350,000.

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     C. Rules for Calculating Shares Delivered. Any Shares covered by an Award that has
been granted shall be counted as used under the Plan as of the date of grant. To the extent that
any Award is forfeited, or any Option or Stock Appreciation Right terminates, expires or lapses
without being exercised, the Shares subject to such Awards not delivered as a result thereof shall
again be available for Awards under the Plan. The following Shares, however, may not again be made
available for issuance in respect of Awards under this Plan: (i) Shares not issued or delivered as
a result of the net settlement of an outstanding Stock Appreciation Right; (ii) Shares used to pay
the exercise price or withholding taxes related to an outstanding Award; or (iii) Shares
repurchased by the Corporation on the open market with the proceeds of an Option exercise price to
settle an Option.

     D. Adjustment Provision. In the event of (i) a stock dividend, stock split, reverse
stock split, share combination, or recapitalization or similar event affecting the capital
structure of the Corporation (each, a “Share Change”), or (ii) a merger, consolidation,
acquisition of property or shares, separation, spinoff, reorganization, stock rights offering,
liquidation, Disaffiliation, or similar event affecting the Corporation or any of its Subsidiaries
(each, a “Corporate Transaction”), the Committee or the Board shall make such substitutions
or adjustments as it deems appropriate and equitable, if any, to (A) the aggregate number and kind
of Shares or other securities reserved for issuance and delivery under the Plan, (B) the various
maximum limitations set forth in Sections 3(A) and 3(B) upon certain types of Awards and upon the
grants to individuals of certain types of Awards, (C) the number and kind of Shares or other
securities subject to outstanding Awards, and (D) the exercise price of outstanding Options and
Stock Appreciation Rights. In the case of Corporate Transactions, such adjustments may include,
without limitation, (1) the cancellation of outstanding Awards in exchange for payments of cash,
property or a combination thereof having an aggregate value equal to the value of such Awards, as
determined by the Committee or the Board in its sole discretion (it being understood that in the
case of a Corporate Transaction with respect to which stockholders of Common Stock receive
consideration other than publicly traded equity securities of the ultimate surviving entity, any
such determination by the Committee that the value of an Option or Stock Appreciation Right shall
for this purpose be deemed to equal the excess, if any, of the value of the consideration being
paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option
or Stock Appreciation Right shall conclusively be deemed valid); (2) the substitution of other
property (including, without limitation, cash or other securities of the Corporation and securities
of entities other than the Corporation) for the Shares subject to outstanding Awards; and (3) in
connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of
Awards with new awards based on other property or other securities (including, without limitation,
other securities of the Corporation and securities of entities other than the Corporation), by the
affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary,
Affiliate, or division following such Disaffiliation (as well as any corresponding adjustments to
Awards that remain based upon Corporation securities). Any such adjustments shall be made in a
manner that (i) with respect to Awards that are not considered to be deferred compensation within
the meaning of Section 409A of the Code as of immediately prior to such adjustment, would not cause
such Awards to become deferred compensation subject to Section 409A of the Code and (ii) with
respect to Awards that are considered deferred compensation within the meaning of Section 409A of
the Code, would not cause such Awards to be non-compliant with the requirements of Section 409A of
the Code.

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SECTION 4. Administration.

     A. Committee. The Plan shall be administered by the Committee. In addition to any
implied powers and duties that may be needed to carry out the provisions of the Plan, the Committee
shall have all the powers vested in it by the terms of the Plan, including exclusive authority to:
select Eligible Individuals; to make Awards; to determine the type, size, terms and timing of
Awards (which need not be uniform); to accelerate the vesting of Awards, including upon the
occurrence of a Change of Control of the Corporation or an Award Recipient’s Termination of
Employment; to prescribe the form of the Award Agreement; to modify, amend or adjust the terms and
conditions of any Award, subject to Sections 7 and 10; to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it shall from time to time
deem advisable; to interpret the terms and provisions of the Plan and any Award issued under the
Plan (and any Award Agreement relating thereto); make any other determinations it believes
necessary or advisable in connection with the administration of the Plan; correct any defect,
supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement; establish
any “blackout” period that the Committee in its sole discretion deems necessary or advisable; and
to otherwise administer the Plan.

     B. Procedures. Determinations of the Committee shall be made by a majority vote of
its members at a meeting at which a quorum is present or pursuant to a unanimous written consent of
its members. A majority of the members of the Committee shall constitute a quorum. Subject to
Section 7(D), any authority granted to the Committee may also be exercised by the full Board. To
the extent that any permitted action taken by the Board conflicts with action taken by the
Committee, the Board action shall control. The Committee may authorize any one or more of its
members, or any officer of the Corporation, to execute and deliver documents on behalf of the
Committee.

          Except to the extent prohibited by applicable law or the applicable rules of a stock exchange,
the Committee may (i) allocate all or any portion of its responsibilities and powers to any one or
more of its members and/or (ii) delegate all or any part of its responsibilities and powers to any
person or persons selected by it, provided that, the Committee may not delegate its
responsibilities and powers if such delegation would cause an Award made to an individual subject
to Section 16 of the Exchange Act not to qualify for an exemption from Section 16(b) of the
Exchange Act or cause an Award intended to be a Qualified Performance-Based Award not to qualify
for, or to cease to qualify for, the Section 162(m) Exemption. Any such allocation or delegation
may be revoked by the Committee at any time.

          All decisions made by the Committee (or any person or persons to whom the Committee has
allocated or delegated all or any portion of its responsibilities and powers in accordance with
this Plan) shall be final and binding on all persons, including the Corporation, its Affiliates,
Subsidiaries, stockholders, Eligible Individuals, Award Recipients, Beneficiaries and other
interested parties.

     C. Discretion of the Committee. Subject to Section 1(G), any determination made by
the Committee or by an appropriately delegated officer pursuant to delegated authority under the
provisions of the Plan with respect to any Award shall be made in the sole discretion of the
Committee or such delegate at the time of the grant of the Award or, unless in contravention of

7

 

any express term of the Plan, at any time thereafter. All decisions made by the Committee or
any appropriately delegated officer pursuant to the provisions of the Plan shall be final and
binding on all persons, including the Corporation, Award Recipients and Eligible Individuals.

     D. Cancellation or Suspension of Awards. The Committee may cancel all or any portion
of any Award, whether or not vested or deferred, as set forth below. Upon cancellation, the Award
Recipient shall forfeit the Award and any benefits attributable to such canceled Award or portion
thereof. The Committee may cancel an Award if, in its sole discretion, the Committee determines in
good faith that the Award Recipient has done any of the following: (i) committed a felony; (ii)
committed fraud; (iii) embezzled; (iv) disclosed confidential information or trade secrets; (v) was
terminated for Cause; (vi) engaged in any activity in competition with the business of the
Corporation or any Subsidiary or Affiliate of the Corporation; or (vii) engaged in conduct that
adversely affected the Corporation. The Executive Vice President — Director of Human Resources, or
such other person designated from time to time by the Chief Executive Officer of the Corporation
(the “Delegate”), shall have the power and authority to suspend all or any portion of any
Award if the Delegate makes in good faith the determination described in the preceding sentence.
Any such suspension of an Award shall remain in effect until the suspension shall be presented to
and acted on by the Committee at its next meeting. This Section 4(D) shall have no application for
a two year period following a Change of Control of the Corporation.

SECTION 5. Eligibility.

     Awards may only be made to Eligible Individuals.

SECTION 6. Awards.

     A. Options. The Committee may grant Options to Eligible Individuals in accordance
with the provisions of this subsection subject to such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine to be appropriate.

     (1) Exercise Price. The exercise price per Share of an Option shall be
determined by the Committee; provided, however, that such exercise price shall not be less
than 100% of the Fair Market Value of a Share on the date of grant of such Option, and such
exercise price may not be decreased during the Term of the Option except pursuant to an
adjustment in accordance with Section 3(D).

     (2) Option Term. The Term of each Option shall be fixed by the Committee and
the maximum Term of each Option shall be ten (10) years.

     (3) Time and Manner of Exercise. The Committee shall determine the time or
times at which an Option may be exercised, and the manner in which (including, without
limitation, cash, Shares, other securities, other Awards or other property, or any
combination thereof, having a Fair Market Value on the exercise date equal to the relevant
exercise price) payment of the exercise price with respect thereto may be made, or deemed to
have been made. The Committee may authorize the use of any form of “cashless” exercise of
an Option that is legally permissible.

8

 

     (4) Employment Status. Except as provided in paragraphs (a) through (d) below
or as may otherwise be provided by the Committee (either at the time of grant of an Option
or thereafter), an Award Recipient’s Options and Stock Appreciation Rights shall be
immediately forfeited upon his or her Termination of Employment.

     (a) Retirement. An Award Recipient’s Retirement shall not affect any
Option outstanding as of the Termination of Employment due to Retirement other than
those granted in the calendar year of Retirement. All Options outstanding as of the
Termination of Employment due to Retirement other than those granted in the calendar
year of such Termination of Employment shall continue to vest pursuant to the
vesting schedule applicable to such Options, and any vested Options outstanding as
of the Termination of Employment due to Retirement (including any ISO held by an
Award Recipient who is not Disabled) shall continue in full force and effect for the
remainder of the Term of the Option. All Options granted in the calendar year of
Termination of Employment due to Retirement that have not otherwise vested as of
such termination shall terminate upon the date of Retirement.

     (b) Disability. Upon the cessation of the Award Recipient’s employment
due to Disability, any Option held by such individual that was exercisable
immediately before the Termination of Employment due to Disability shall continue to
be exercisable until the earlier of (i) the third anniversary of the Award
Recipient’s Termination of Employment (or, in the case of any ISO held by an Award
Recipient who is Disabled, the first anniversary of the Award Recipient’s
Termination of Employment) and (ii) the expiration of the Term of the Option.

     (c) Death. Upon the Award Recipient’s death (whether during his or her
employment with the Corporation or an Affiliate or during any applicable
post-termination exercise period), any Option held by such individual that was
exercisable immediately before the Termination of Employment shall continue to be
exercisable by the Beneficiary(ies) of the decedent, until the earlier of (i) the
first anniversary the date of the Award Recipient’s death (or, in the case of ISOs,
for a period of three months after the Award Recipient’s death) and (ii) the
expiration of the Term of the Option (as such term may have been shortened due to
the Award Recipient’s Retirement, Disability or Termination of Employment for any
other reason).

     (d) Other Terminations of Employment. Upon the Award Recipient’s
Termination of Employment for any reason other than Retirement, Disability, death or
for Cause, any Option held by such individual that was exercisable immediately
before the Termination of Employment shall continue to be exercisable until the
earlier of (i) the 90th day after the Award Recipient’s Termination of
Employment and (ii) the expiration of the Term of the Option.

     (e) Extension or Reduction of Exercise Period. In any of the foregoing
circumstances, subject to Section 8, the Committee may extend or

9

 

shorten the exercise period, but may not extend any such period beyond the Term
of the Option as originally established (or, insofar as this paragraph relates to
Stock Appreciation Rights, the Term of the SAR Award as originally established).
Further, with respect to ISOs, as a condition of any such extension, the holder
shall be required to deliver to the Corporation a release which provides that such
individual will hold the Corporation and/or Affiliate harmless with respect to any
adverse tax consequences the individual may suffer by reason of any such extension.

     B. Stock Appreciation Right Awards. The Committee may grant Stock Appreciation Rights
to Eligible Individuals in accordance with the provisions of this subsection subject to such
additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee
shall determine to be appropriate. The Term of each SAR Award shall be fixed by the Committee and
the maximum Term of each SAR Award shall be ten (10) years. A Stock Appreciation Right granted
under the Plan shall confer on the Award Recipient a right to receive upon exercise thereof the
excess (if any) of (i) the Fair Market Value of one Share on the date of exercise over (ii) the
grant price of the Stock Appreciation Right Award as specified by the Committee, which price shall
not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock
Appreciation Right. Subject to the terms of the Plan, the Committee shall determine the grant
price, Term, manner of exercise, dates of exercise, methods of settlement (cash, Shares or a
combination thereof) and any other terms and conditions of any SAR Award. The Committee may impose
such conditions or restrictions on the exercise of any SAR Award as it may deem appropriate.
Except as otherwise provided by the Committee or in an Award Agreement, any SAR Award must be
exercised during the period of the Award Recipient’s employment with the Corporation or Affiliate,
provided that the provisions of Section 6(A)(4)(a)-(e) hereof shall apply for purposes of
determining the exercise period in the event of the Award Recipient’s Retirement, Disability, death
or other Termination of Employment, including following a Change of Control.

     C. Restricted Stock Awards. The Committee may make Restricted Stock Awards to
Eligible Individuals in accordance with the provisions of this subsection subject to such
additional terms and conditions not inconsistent with the provisions of the Plan as the Committee
shall determine to be appropriate.

     (1) Nature of Restrictions. Restricted Stock Awards shall be subject to such
restrictions, including Performance Measures, as the Committee may impose (including,
without limitation, any limitation on the right to vote a Share of Restricted Stock or the
right to receive any dividend or other right or property with respect thereto), which
restrictions may lapse separately or in combination at such time or times, in such
installments or otherwise as the Committee may deem appropriate. Subject to the Committee’s
authority under Section 6(C)(3) below, the minimum Restriction Period with respect to a
Restricted Stock Award that is subject to restrictions that are performance-related shall be
one (1) year, and the minimum Restriction Period with respect to a Restricted Stock Award
that is subject to restrictions that are not performance-related shall be three (3) years.
The Committee may, prior to or at the time of grant, designate an Award of Restricted Stock
as a Qualified Performance-Based Award.

10

 

     (2) Stock Certificates. Restricted Stock Awards granted under the Plan shall
be evidenced by the issuance of a stock certificate(s), which shall be held by the
Corporation. Such certificate(s) shall be registered in the name of the Award Recipient and
shall bear an appropriate legend which refers to the restrictions applicable to such
Restricted Stock Award. Alternatively, shares of Restricted Stock under the Plan may be
recorded in book entry form.

     (3) Forfeiture; Delivery of Shares. Except as may be otherwise provided in an
Award Agreement, upon an Award Recipient’s Termination of Employment (as determined under
criteria established by the Committee) during the applicable Restriction Period, all Shares
of Restricted Stock shall be immediately forfeited and revert to the Corporation; provided,
however, that the Committee may waive, in whole or in part, any or all remaining
restrictions applicable to the Restricted Stock Award. Shares comprising any Restricted
Stock Award held by the Corporation that are no longer subject to restrictions shall be
delivered to the Award Recipient (or his or her Beneficiary) promptly after the applicable
restrictions lapse or are waived.

     D. Restricted Stock Unit Awards. The Committee may grant Awards of Restricted Stock
Units to Eligible Individuals, subject to such terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall determine to be appropriate. A Restricted Stock
Unit shall represent an unfunded, unsecured right to receive one Share or cash equal to the Fair
Market Value of a Share.

     (1) Nature of Restrictions. Restricted Stock Unit Awards shall be subject to
such restrictions, including Performance Measures, as the Committee may impose, which
restrictions may lapse separately or in combination at such time or times, in such
installments or otherwise as the Committee may deem appropriate. Subject to the Committee’s
authority under Section 6(D)(3) below, the minimum Restriction Period with respect to a
Restricted Stock Unit Award that is subject to restrictions that are performance-related
shall be one (1) year, and the minimum Restriction Period with respect to a Restricted Stock
Unit Award that is subject to restrictions that are not performance-related shall be three
(3) years. The Committee may, prior to or at the time of grant, designate an Award of
Restricted Stock as a Qualified Performance-Based Award.

     (2) Rights as a Stockholder. An Eligible Individual to whom Restricted Stock
Units are granted shall not have any rights of a stockholder of the Corporation with respect
to the Share represented by the Restricted Stock Unit Award. If so determined by the
Committee, in its sole and absolute discretion, Restricted Stock Units may include a
dividend equivalent right, pursuant to which the Award Recipient will either receive cash
amounts (either paid currently or on a contingent basis) equivalent to the dividends and
other distributions payable with respect to the number of Shares represented by the
Restricted Stock Units, or additional Restricted Stock Units with a Fair Market Value equal
to such dividends and other distributions.

     (3) Forfeiture/Settlement. Except as may be otherwise provided in an Award
Agreement, upon an Award Recipient’s Termination of Employment (as determined

11

 

under criteria established by the Committee) during the applicable Restriction Period,
all Restricted Stock Units shall be immediately forfeited; provided, however, that the
Committee may waive, in whole or in part, any or all remaining vesting requirements or
restrictions applicable to the Restricted Stock Unit Award. An Award of Restricted Stock
Units shall be settled in Shares as and when the Restricted Stock Units vest or at a later
time specified by the Committee or in accordance with an election of the Award Recipient, if
the Committee so permits.

     E. Performance Awards. The Committee may grant Performance Awards (designated as
Qualified Performance-Based Awards or not) to Eligible Individuals in accordance with the
provisions of this Section 6(E) subject to such additional terms and conditions, not inconsistent
with the provisions of the Plan, as the Committee shall determine to be appropriate. A Performance
Award granted under the Plan (i) may be denominated or payable in cash, Shares (including, without
limitation, Restricted Shares), other securities, other Awards, or other property, and (ii) shall
confer on the Award Recipient the right to receive a dollar amount or number of Shares upon the
attainment of Performance Measures during any Performance Period, as established by the Committee.
Subject to the terms of the Plan and any applicable Award Agreement, the Performance Measures to be
achieved during any Performance Period, the length of any Performance Period and the amount of any
payment or number of Shares in respect of a Performance Award shall be determined by the Committee.

     F. Other Stock-Based Awards. The Committee may grant Other Stock-Based Awards to
Eligible Individuals in accordance with the provisions of this Section 6(F) and subject to such
additional terms and conditions, including Performance Measures, not inconsistent with the
provisions of the Plan, as the Committee shall determine. Other Stock-Based Awards may be
denominated or payable in, valued in whole or in part by reference to, or otherwise based on or
related to, Shares (including, without limitation, securities convertible into Shares), as are
deemed by the Committee to be consistent with the purpose of the Plan.

     G. General. Except as otherwise specified in the Plan or an applicable Award
Agreement, the following provisions shall apply to Awards granted under the Plan:

     (1) Consideration for Awards. Other than the payment of the exercise price or
grant price in connection with the exercise of an Option or Stock Appreciation Right or in
connection with a deferral, Awards shall be made without monetary consideration or for such
minimal monetary consideration as may be required by applicable law. In no event may any
Option or Stock Appreciation Right granted under this Plan be amended, other than pursuant
to Section 3(D), to decrease the exercise or grant price thereof, be cancelled in
conjunction with the grant of any new Option or Stock Appreciation Right with a lower
exercise or grant price, or otherwise be subject to any action that would be treated, for
accounting purposes, as a “repricing” of such Option or Stock Appreciation Right, unless
such amendment, cancellation, or action is approved by the Corporation’s stockholders.

     (2) Forms of Payment under Awards. Subject to the terms of the Plan and of any
applicable Award Agreement, payments or transfers of Shares to be made by the Corporation or
an Affiliate upon the grant, exercise or satisfaction of an Award may be

12

 

made in such form or forms as the Committee shall determine (including, without
limitation, cash, Shares, other securities, other Awards or other property or any
combination thereof), and may be made in a single payment or transfer, in installments or an
a deferred basis subject to Section 409A of the Code, to the extent permitted by the
applicable Award Agreement and in each case in accordance with rules and procedures
established by the Committee. Such rules and procedures may include, without limitation,
provisions for the payment or crediting of reasonable interest on installment or deferred
payments.

     (3) Limits on Transfer of Awards. No Award and no right under any such Award
shall be transferable by an Award Recipient otherwise than by will or by the laws of
intestacy; provided, however, that, an Award Recipient may, in the manner established by the
Committee, designate a Beneficiary to exercise the rights of the Award Recipient and to
receive any property distributable with respect to any Award upon the death of the Award
Recipient. Each Award or right under any Award shall be exercisable during the Award
Recipient’s lifetime only by the Award Recipient or, if permissible under applicable law, by
the Award Recipient’s guardian or legal representative. No Award or right under any such
Award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge,
alienation, attachment or encumbrance thereof shall be void and unenforceable against the
Corporation or any Affiliate.

     (4) Term of Awards. Subject to any specific provisions of the Plan, the term
of each Award shall be for such period as may be determined by the Committee.

     (5) Securities Law Restrictions. All certificates for Shares or other
securities delivered under the Plan pursuant to any Award or the exercise thereof shall be
subject to such restrictions as the Committee may deem advisable under the Plan, or the
rules, regulations and other requirements of the Securities and Exchange Commission, the New
York Stock Exchange, any other exchange on which Shares may be eligible to be traded or any
applicable federal or state securities laws, and the Committee may cause a legend or legends
to be placed on any such certificates to make appropriate reference to such restrictions.

SECTION 7. Qualified Performance-Based Awards

     A. Section 162(m) Exemption. The provisions of this Plan are intended to ensure that
all Options and Stock Appreciation Rights granted hereunder to any Award Recipient who is or may be
a “covered employee” (within the meaning of Section 162(m)(3) of the Code) in the tax year in which
such Option or Stock Appreciation Right is expected to be deductible to the Corporation qualify for
the Section 162(m) Exemption, and all such Awards shall therefore be considered Qualified
Performance-Based Awards and this Plan shall be interpreted and operated consistent with that
intention (including, without limitation, to require that all such Awards be granted by a committee
composed solely of members who satisfy the requirements for being “outside directors” for purposes
of the Section 162(m) Exemption (“Outside Directors”)). When granting any Award other than
an Option or Stock Appreciation Right, the Committee may designate such Award as a Qualified
Performance-Based Award, based upon a determination that (i) the recipient is or may be a “covered
employee” (within the meaning of Section

13

 

162(m)(3) of the Code) with respect to such Award, and (ii) the Committee wishes such Award to
qualify for the Section 162(m) Exemption, and the terms of any such Award (and of the grant
thereof) shall be consistent with such designation (including, without limitation, that all such
Awards be granted by a committee composed solely of Outside Directors).

     B. Limitation on Amendment. Each Qualified Performance-Based Award (other than an
Option or Stock Appreciation Right) shall be earned, vested and payable (as applicable) only upon
the achievement of one or more Performance Measure, together with the satisfaction of any other
conditions, such as continued employment, as the Committee may determine to be appropriate, and no
Qualified Performance-Based Award may be amended, nor may the Committee exercise any discretionary
authority it may otherwise have under this Plan with respect to a Qualified Performance-Based
Award, in any manner that would cause the Qualified Performance-Based Award to cease to qualify for
the Section 162(m) Exemption; provided, however, that (i) the Committee may provide, either in
connection with the grant of the applicable Award or by amendment thereafter, that achievement of
such Performance Measure will be waived upon the death or Disability of the Participant (or under
any other circumstance with respect to which the existence of such possible waiver will not cause
the Award to fail to qualify for the Section 162(m) Exemption), and (ii) any rights to vesting or
accelerated payment on a Change of Control shall apply notwithstanding this Section 7(B).

     C. Maximum Cash Award. For purposes of the Section 162(m) Exemption, the maximum
amount of compensation payable with respect to an Award granted under the Plan to any Award
Recipient who is a “covered employee” (as defined in Section 162(m) of the Code) that is
denominated as a dollar amount will not exceed $5,000,000 for any calendar year.

     D. Limitation on Action by the Full Board. The full Board shall not be permitted to
exercise authority granted to the Committee to the extent that the grant or exercise of such
authority would cause an Award designated as a Qualified Performance-Based Award not to qualify
for, or to cease to qualify for, the Section 162(m) Exemption.

SECTION 8. Section 409A of the Code.

          It is the intention of the Corporation that no Award shall be “deferred compensation” subject
to Section 409A of the Code, unless and to the extent that the Committee specifically determines
otherwise as provided below, and the Plan and the terms and conditions of all Awards shall be
interpreted accordingly. The terms and conditions governing any Awards that the Committee
determines will be subject to Section 409A of the Code, including any rules for elective or
mandatory deferral of the delivery of cash or Shares pursuant thereto and any rules regarding
treatment of such Awards in the event of a Change of Control, shall be set forth in the applicable
Award Agreement, and shall comply in all respects with Section 409A of the Code.

SECTION 9. Withholding of Taxes.

          The Corporation will, if required by applicable law, withhold the minimum statutory amount of
Federal, state and/or local withholding taxes no later than the date as of which an amount first
becomes includible in the gross income of an Award Recipient for Federal, state, local or foreign
income or employment or other tax. Unless otherwise provided in

14

 

the applicable Award Agreement, each Award Recipient may satisfy any such tax withholding
obligation by any of the following means, or by a combination of such means: (i) a cash payment;
(ii) by delivery to the Corporation of already-owned Shares which have been held by the individual
for at least six (6) months having a Fair Market Value, as of the Tax Withholding Date, sufficient
to satisfy the amount of the withholding tax obligation arising from an exercise or vesting of an
Award; (iii) by authorizing the Corporation to withhold from the Shares otherwise issuable to the
individual pursuant to the exercise or vesting of an Award, a number of shares having a Fair Market
Value, as of the Tax Withholding Date, which will satisfy the amount of the withholding tax
obligation; or (iv) by a combination of such methods of payment. If the amount requested is not
paid, the Corporation may refuse to satisfy the Award. The obligations of the Corporation under
the Plan shall be conditional on such payment or arrangements, and the Corporation and its
Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to such Award Recipient. The Committee may establish such procedures as it
deems appropriate, including making irrevocable elections, for the settlement of withholding
obligations with Shares.

SECTION 10. Amendment and Termination.

     A. Amendments to the Plan. The Committee may amend, alter, or discontinue the Plan,
but no amendment, alteration or discontinuation shall be made which would materially impair the
rights of the Award Recipients with respect to a previously granted Award without such Award
Recipient’s consent, except such an amendment made to comply with applicable law, including without
limitation Section 409A of the Code, stock exchange rules or accounting rules. In addition, no
such amendment shall be made without the approval of the Corporation’s stockholders to the extent
such approval is required by applicable law or the listing standards of the applicable stock
exchange.

     B. Amendments to Awards. Subject to Section 6(G)(1), the Committee may unilaterally
amend the terms of any Award theretofore granted, but no such amendment shall cause a Qualified
Performance-Based Award to cease to qualify for the Section 162(m) Exemption or without the Award
Recipient’s consent materially impair the rights of any Award Recipient with respect to an Award,
except such an amendment made to cause the Plan or Award to comply with applicable law, stock
exchange rules or accounting rules.

SECTION 11. Miscellaneous Provisions.

     A. Conditions for Issuance. The Committee may require each person purchasing or
receiving Shares pursuant to an Award to represent to and agree with the Corporation in writing
that such person is acquiring the Shares without a view to the distribution thereof. The
certificates for such Shares may include any legend which the Committee deems appropriate to
reflect any restrictions on transfer. Notwithstanding any other provision of the Plan or Award
Agreements made pursuant thereto, the Corporation shall not be required to issue or deliver any
certificate or certificates for Shares under the Plan prior to fulfillment of all of the following
conditions: (i) listing or approval for listing upon notice of issuance, of such Shares on the
applicable stock exchange; (ii) any registration or other qualification of such Shares of the
Corporation under any state or Federal law or regulation, or the maintaining in effect of any such
registration or other qualification which the Committee shall, in its absolute discretion upon the

15

 

advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent,
approval, or permit from any state or Federal governmental agency which the Committee shall, in its
absolute discretion after receiving the advice of counsel, determine to be necessary or advisable.

     B. Additional Compensation Arrangements. Nothing contained in the Plan shall prevent
the Corporation or any Subsidiary or Affiliate from adopting other or additional compensation
arrangements for its employees. Participation in the Plan shall not affect an individual’s
eligibility to participate in any other benefit or incentive plan of the Corporation.

     C. No Contract of Employment or Rights to Awards. The Plan shall not constitute a
contract of employment, and adoption of the Plan shall not confer upon any employee any right to
continued employment, nor shall it interfere in any way with the right of the Corporation or any
Subsidiary or Affiliate to terminate the employment of any employee at any time. No employee or
other person shall have any claim or right to receive an Award under the Plan. Receipt of an Award
shall not confer upon the Award Recipient any rights of a stockholder with respect to any Shares
subject to such Award except as specifically provided in the Agreement relating to the Award.

     D. Limitation on Dividend Reinvestment and Dividend Equivalents. Reinvestment of
dividends in additional Restricted Stock at the time of any dividend payment, and the payment of
Shares with respect to dividends to Award Recipients holding Restricted Stock Unit Awards, shall
only be permissible if sufficient Shares are available under Section 3 for such reinvestment or
payment (taking into account then outstanding Awards). In the event that sufficient Shares are not
available for such reinvestment or payment, such reinvestment or payment shall be made in the form
of a grant of Restricted Stock Units equal in number to the Shares that would have been obtained by
such payment or reinvestment, the terms of which Restricted Stock Units shall provide for
settlement in cash and for dividend equivalent reinvestment in further Restricted Stock Units on
the terms contemplated by this Section 11(D).

     E. Subsidiary Employees. In the case of a grant of an Award to any employee of a
Subsidiary of the Corporation, the Corporation may, if the Committee so directs, issue or transfer
the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the
Committee may specify, upon the condition or understanding that the Subsidiary will transfer the
Shares to the employee in accordance with the terms of the Award specified by the Committee
pursuant to the provisions of the Plan. All Shares underlying Awards that are forfeited or
canceled shall revert to the Corporation.

     F. Governing Law and Interpretation. The Plan and all Awards made and actions taken
thereunder shall be governed by and construed in accordance with the laws of the State of Delaware,
without reference to principles of conflict of laws. The captions of this Plan are not part of the
provisions hereof and shall have no force or effect.

     G. Foreign Employees and Foreign Law Considerations. The Committee may grant Awards
to Eligible Individuals who are foreign nationals, who are located outside the United States or who
are not compensated from a payroll maintained in the United States, or who are otherwise subject to
(or could cause the Corporation to be subject to) legal or regulatory provisions of countries or
jurisdictions outside the United States, on such terms and conditions

16

 

different from those specified in the Plan as may, in the judgment of the Committee, be
necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in
furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or
subplans as may be necessary or advisable to comply with such legal or regulatory provisions.

     H. Expenses. The expenses of the Plan shall be borne by the Corporation.

     I. Acceptance of Terms. By accepting an Award under the Plan or payment pursuant to
any Award, each Award Recipient, legal representative and Beneficiary shall be conclusively deemed
to have indicated his or her acceptance and ratification of, and consent to, any action taken under
the Plan by the Committee or the Corporation. A breach by any Award Recipient, his or her
Beneficiary(ies), or legal representative, of any restrictions, terms or conditions contained in
the Plan, any Award Agreement, or otherwise established by the Committee with respect to any Award
will, unless waived in whole or in part by the Committee, cause a forfeiture of such Award.

SECTION 12. Effective Date.

     The Plan was adopted by the Board on March 28, 2006, and it will be effective as of the date
(the “Effective Date”) it is approved by at least a majority of the Shares of the
Corporation present and entitled to vote, at a meeting of the Corporation’s stockholders at which
there is a quorum. The Plan will terminate on the tenth (10th) anniversary of the
Effective Date, unless earlier terminated in accordance with Section 10. Awards outstanding as of
the date of termination of the Plan shall not be affected or impaired by the termination of the
Plan.

Compensation Committee Approved: February 22, 2006 (Original Plan); This

Amendment and Restatement Approved November 14, 2006.

Board Approved: March 28, 2006 (Original Plan); This Amendment and Restatement

Approved November 14, 2006.

Stockholders Approved: May 16, 2006 (Original Plan).

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EXHIBIT A

CHANGE OF CONTROL

For the purpose of this Plan, a “Change of Control” shall mean:

	l.	 	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 20% or more of either (i) the then outstanding shares of common stock of the Corporation
(the “Outstanding Corporation Common Stock”) or (ii) the combined voting power of the then
outstanding voting securities of the Corporation entitled to vote generally in the election of
directors (the “Outstanding Corporation Voting Securities”); provided, however, that for
purposes of this subsection (a), the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from the Corporation, (ii) any acquisition by the
Corporation, (iii) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Corporation or any corporation controlled by the Corporation or (iv) any
acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii)
and (iii) of subsection 3 of this Exhibit A; or

	2.	 	Individuals who, as of the date hereof, constitute the Corporation’s Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the date hereof whose
election, or nomination for election by the Corporation’s stockholders, was approved by a vote
of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board; or

	3.	 	Consummation of a reorganization, merger or consolidation or sale or other disposition of all
or substantially all of the Corporation’s assets (a “Business Combination”), in each case,
unless, following such Business Combination, (i) all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of the Outstanding Corporation
Common Stock and Outstanding Corporation Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors, as the case may be,
of the company resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Corporation or all or substantially
all of the Corporation’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such Business
Combination of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities, as the case

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	 	 	may be, (ii) no Person (excluding any corporation resulting from such Business Combination
or any employee benefit plan (or related trust) of the Corporation or such corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or
more of, respectively, the then outstanding shares of common stock of the company resulting
from such Business Combination or the combined voting power of the then outstanding voting
securities of such corporation except to the extent that such ownership existed prior to the
Business Combination and (iii) at least a majority of the members of the board of directors
of the company resulting from such Business Combination were members of the Incumbent Board
at the time of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

	4.	 	Approval by the Corporation’s stockholders of a complete liquidation or dissolution of the
Corporation.

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