Document:

First Amendment to Employee Stock Purchase Plan

 
EXHIBIT 10.21

 
First Amendment to 
 
Stericycle, Inc. Employee Stock Purchase Plan

 
The Stericycle, Inc. Employee Stock Purchase
Plan (the “Plan”) is amended as follows pursuant to the authority of the Board of Directors of Stericycle, Inc. under Paragraph 8.2 of the Plan: 
 
1.  Minimum Holding Period. The definition of “Minimum Holding Period” in Article 2 of the Plan is amended to
read as follows: 
 
Minimum
Holding Period means, in respect of Option Shares acquired by a Participant in an Offering that began prior to July 1, 2002, the period beginning on the Last Day of the Offering and ending on the second anniversary of the First Day of the
Offering. There shall not be a Minimum Holding Period in respect of Option Shares acquired by a Participant in an Offering that begins after June 30, 2002. 
 
2.  Conforming Changes. To reflect the change in the definition of Minimum Holding Period, Paragraphs 7.2 and 7.3 of the
Plan are amended to read as follows: 
 
7.2    Certificate Requests. The following provisions shall apply to the issuance of certificates for Option Shares: 
 
(a)  In the case of Option Shares acquired by a Participant in an Offering that began prior to July 1, 2002, the
Participant may request, once each calendar year or more frequently as the Plan Administrator allows, the issuance of a stock certificate or certificates representing all or any portion of the Option Shares then credited to his or her Account for
the Minimum Holding Period. The Plan Administrator, in its discretion, may permit the Participant’s withdrawal of all or any portion of his or her Option Shares prior to the expiration of the Minimum Holding Period upon the Participant’s
demonstration of a Hardship to the Plan Administrator’s satisfaction. 
 
(b)  In the case of Option Shares acquired by a Participant in an Offering that begins after June 30, 2002, the Participant may request, at any time, the issuance of a stock certificate or
certificates representing all or any portion of the Option Shares then credited to his or her Account. 
 
(c)  All certificates issued to Participants (for example, Participants who are affiliates) shall bear any
restrictive endorsements that the Company considers necessary to comply with applicable federal and state securities laws. 
 
7.3    Termination of Employment. Upon the termination of a Participant’s 

 
employment
for any reason, the Participant shall be issued a stock certificate or certificates representing all of the Option Shares then credited to his or her Account or, in the case of Option Shares acquired by a Participant in an Offering that began prior
to July 1, 2002, all of the Option Shares then credited to the Participant’s Account for the Minimum Holding Period. A stock certificate or certificates representing any Option Shares then credited to the Participant’s Account for less
than the Minimum Holding Period shall be issued to the former Participant upon the expiration of the Minimum Holding Period. 
 
3  Effective Date. This Amendment shall be effective as of February 5, 2002. 
 

2Sample Agreement

  Exhibit 10(a)
 THE FIRST NATIONAL BANK OF
BLUEFIELD
 EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT
 This
EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT is made as of the 1st day of April, 1988, by and between The First National Bank of Bluefield, a West Virginia corporation (the “Company”) and __________________________, an
executive employed by the Company (the “Executive”).
 1.        Definitions. Where indicated by initial capital letters, the following terms shall have the following meaning:
 (a)      Agreement: The Executive Split Dollar Life Insurance Agreement (including Schedules and attachments) entered into between the Company and Executive pursuant to
the Plan.
 (b)      Amount: The level of insurance specified
by Executive in Schedule A which shall not be more than 5 times Executive’s Compensation.
 (c)      Beneficiary: The person or persons designated in writing by Executive to receive the Amount.
 (d)      Cause: Cause means, but is not limited to, a determination by the Company that Executive may have been guilty of
criminal conduct (regardless of whether proven or admitted), gross negligence or willful misconduct in the performance of his duties or otherwise, or has engaged in conduct which, if generally known, would bring discredit to or give rise to adverse
publicity to the Company.
 (e)      Compensation: Compensation
means the Executive’s annual rate of total cash compensation as in effect on January 1 of any year of an election to increase the Amount.
 (f)      Insurer: Crown Life Insurance Company, or any other insurance company issuing a life insurance contract on Executive’s life.
 (g)      Plan: The First National Bank of Bluefield Executive Split Dollar Life
Insurance Plan.
 (h)      Policy: One or more life insurance
contracts issued on the life of Executive pursuant to the Plan as identified on Schedule A.
 (i)       Recoverable Amount: The Company’s annual premium, exclusive of any rating, less any amount received from the Executive, compounded at 6% interest
(compounded annually).
 (j)       Company Cumulative Outlay: The Company’s cumulative total premiums paid to the Insurer, exclusive of ratings, less all amounts received from the Executive for the Policy.
 (k)      Roll-out: Division of the policy into two separate policies, one to be retained by the Company, and the other to be transferred to the
Executive.
 (l)       Retirement: Termination of
employment (except for Cause) after attainment of age 55 with at least ten years of service.
 2.        Application of Insurance. The Company will apply to the Insurer for a Policy with a face amount at least equal to the amount of insurance to which the Executive is entitled under the Plan. The Company may apply for
additional insurance to insure payment to the Company of the Recoverable Amount. The Company and the Executive agree to take any action necessary to cause the Insurer to issue the Policy. The Policy shall be subject to the terms of this
Agreement.
 3.        Amount or Insurance. Executive shall have the
right to specify initially the Amount, which shall not be more than 5 times Executive’s Compensation. Executive may thereafter increase the Amount as of April 1 of any subsequent year. If Executive is not then insurable at standard rates, the
additional rating shall be paid by the Company. Any increase in the Amount shall be not less than $50,000.
 4.        Ownership. The Company shall be the owner of the Policy, and it may exercise all ownership rights granted to the owner by the terms of the Policy
except as otherwise provided in this Agreement. The Company shall keep possession of the Policy.
 5.        Dividend Option. All dividends declared by the Insurer on the Policy shall be applied to purchase additional paid-up life insurance on the life of
the Executive. The dividend option will not be changed without Executive’s written consent.
  
 
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  6.        Payment of Premiums.
 (a)      The Company agrees to pay the total amount of each annual Policy premium on or before the due
date of such premium, or within the grace period provided, if any.
 (b)      Thirty (30)
days prior to the due date of each annual Policy premium, the Company shall notify the Executive of the exact amount due from the Executive to the Company as a premium payment. The amount due shall be equal to the lesser of (a) the annual cost of
the term life insurance protection on the life of the Executive as measured by the PS-58 rate (or substitute table) published from time to time by the Internal Revenue Service, and (b) the term rates published from time to time by the Insurer, as
determined by the Insurer. The annual amount payable by Executive may be deducted ratably from Executive’s Compensation.
 7.        Death Benefits.
 (a)      Upon the Executive’s death, the Company will promptly take the appropriate action to obtain the death benefits provided under the Policy, and
 (i)       The Company shall be entitled to receive the excess of the total Policy proceeds over the
Amount specified by Executive pursuant to Section 3. The receipt by the Company of the excess over the amount shall constitute satisfaction of the Executive’s obligation to the Company under this Agreement; and 
 (ii)      the beneficiary or beneficiaries named under the Policy shall be entitled to receive the Amount
which shall be paid in accordance with the settlement option elected by the Company at the Executive’s request.
 (b)      If at the time the Amount becomes payable because of Executive’s death there is no effective beneficiary designation, the Amount shall be paid to the Executive’s
estate.
 (c)      If any beneficiary who is entitled to receive a payment from the
Company pursuant to this Agreement is a minor, the Company, in its discretion, may dispose of such amount in any one or more of the following ways:
 (i)
      By payment of the Amount directly to the minor;
 (ii)      By application of the Amount for the benefit of the minor;
 (iii)    By payment of the Amount to a parent of the minor or to any adult person with whom the minor is living at the time or to any person who is legally qualified and is acting as guardian of the minor or
of the property of the minor, provided that the parent or adult person to whom any amount is to be paid had advised the Company in writing that he or she will hold or use the Amount for the benefit of the minor.
 (iv)     By payment of the Amount to a custodian selected by the Company under the appropriate Uniform Transfers to
Minors Act.
 (d)      If a beneficiary who is entitled to receive a payment from the
Company under this Agreement is physically or mentally incapable of personally receiving and giving a valid receipt for any payment due, the payment may be made to the beneficiary’s legal representative, the person’s spouse, son, daughter,
parent, brother, sister or other person deemed by the Company to have incurred expense for the person otherwise entitled to payment.
 (e)      The selection of a method of distribution under this Section shall be in the discretion of the Company, and the Company may not be compelled to select any method it does not deem to be
in the best interest of the distributee.
 8.        Policy loans.
 (a)      The Company has the right to obtain loans secured by the Policy from
the Insurer or from others. The Company also has the right to assign the Policy as security for the repayment of such loans. The amount of such loans together with interest thereon shall at no time exceed the Company Cumulative Outlays. All interest
charges with respect to any loans shall be paid by the Company.
 (b)      If the Policy
is assigned or encumbered in any way, other than a Policy Loan, on the date of the Executive’s death, the Company shall secure a release or discharge of the assignment or encumbrance to ensure the prompt payment of death proceeds under the
Policy to the Executive’s beneficiary or beneficiaries.
 9.        Timing of
Roll-Out. Roll-out shall occur no later than the first policy anniversary on which:
 (1)      the Company may retain a policy with cash surrender value equal to the Company Cumulative Outlays and with death benefits at least equal to the Recoverable Amount, and
 
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  (2)      the Executive may receive a policy with death benefits at
least equal to the Amount of coverage specified by the Executive, with no outlays required to sustain this Amount based on the Dividend schedule in effect on the Roll-out date, and with no loans.
 The Executives may elect an earlier Roll-out date provided that the Company receives a policy with cash surrender value equal to Company Cumulative Outlays and with death benefits at least equal to the Recoverable
Amount.
 10.      Amendment and Termination of Agreement.
 (a)      This Agreement may not be amended, altered, or modified except in writing and signed by the Company
and the Executive.
 (b)      This Agreement shall terminate upon the earliest to occur of
any of the following events:
 (i)       Roll-out
 (ii)      termination of the Executive’s employment other than by reason of the death, retirement, or
disability (unless the Company determines that Executive shall be treated as an active employee after a termination of employment);
 (iii)    cessation of the Company’s business or the bankruptcy, receivership or dissolution of the Company, unless the Company’s business is continued by a successor corporation or business
entity;
 (iv)     termination of the Agreement by Executive upon written notice to the
Company; or
 (v)      termination of the Plan by the Company.
 (c)      If the Executive’s termination of employment with the Company is by reason of disability (as
determined by the Company) or by reason of Retirement, this Agreement shall remain in full force and effect.
 11.      Disposition of Policy on Termination of Agreement.
 (a)      As of the Executive’s Roll-out date, the Company shall provide the Policy into two policies, retaining one policy with a cash surrender value equal to the Company Cumulative Outlays
and a death benefit at least equal to the Recoverable Amount. The Company shall transfer the remaining policy to the Executive.
 (b)      If this Agreement is terminated because of the Executive’s termination of employment for cause (as determined by the Company), the Executive shall have no rights to the Policy and
shall not be permitted to effectuate a Roll-out at any time.
 (c)      If this Agreement
is terminated because of the Executive’s termination of employment for a reason other than cause, retirement, or a disability, or pursuant to Section 10 (b) (iii) or (v) of this Agreement, the Executive, at any time within thirty (30) days
after his termination of employment (or longer period as allowed by the Company) shall have the absolute right to purchase all of the Company’s right, title and interest in the Policy free and clear of all liens, claims or encumbrances
(including any Policy loans) for cash, by tendering to the Company an amount equal to the Company’s Recoverable Amount. The Executive may direct the Company to borrow against the cash value of the Policy or surrender any paid-up additions to
the Policy and purchase the Policy, subject to any such Policy loan, for an amount equal to the Company’s Recoverable Amount less such borrowed or cashed-in values.
 12.      Miscellaneous.
 (a)      This Agreement shall not affect any rights the Executive may otherwise have under any pension, profit sharing or other employee benefit plan established by the Company.
 (b)      This Agreement shall be binding on the Company, its successors and assigns, and it shall be
interpreted in accordance with the laws of West Virginia.
 (c)      Except as permitted
by law or by the Company’s written consent, any benefits to which the Executive or his beneficiaries may become entitled under this Agreement shall not be subject to anticipation, alienation, sale, transfer, assignment, or pledge. The Company
shall not be liable for, or subject to, the debts, contracts, liabilities, or torts of any person entitled benefit under this Agreement.
 (d)      This Agreement shall not confer upon the Executive any legal or equitable right against the Company except as expressly provided in this Agreement, the Plan and the Policy.
 (e)      Neither this Agreement, the Plan nor the Policy shall constitute an inducement or
consideration for the employment of the Executive and shall not give the Executive any right to be retained in the employ of the Company, and the Company hereby retains the right to discharge the Executive at any time, with or without
cause.
 (f)      The Executive’s interest under this Agreement, the Plan and the
Policy, may be assigned by the Executive upon written notice to the Company.
 
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  (g)      If a provision of this Agreement is not valid or
enforceable, that fact in no way affects the validity of enforceability of any other provision.
 In consideration of the foregoing, the Company and the
Executive have executed this Agreement in duplicate, all as of the day and year first written above.
  

	  
 	  
 	 THE FIRST NATIONAL BANK OF BLUEFIELD
 
	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 

  
 
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