Document:

Ex-10.1 Non-Qualified Stock Option Agreement

 

Exhibit 10.1

Fisher Scientific International Inc.

Non-Qualified Stock Option Award Agreement

Management Options

     THIS AGREEMENT is made by and between FISHER SCIENTIFIC INTERNATIONAL INC., a Delaware
corporation (the “Company”), and [___], (“Optionee”), as of [___].

RECITALS

     A. The Company has adopted and approved the [Fisher Scientific International Inc. 2001 Equity
and Incentive Plan] [Fisher Scientific International Inc. 2003 Equity and Incentive Plan] (the
“Plan”); and

     B. The Committee appointed to administer the Plan has determined that Optionee is eligible to
participate in the Plan and that it would be to the advantage and best interest of the Company and
its stockholders to grant the Option provided for herein to Optionee; and

     C. This Agreement is prepared in conjunction with and under the terms of the Plan. Terms used
herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan;
and

     D. Optionee has accepted the grant of the Option and agreed to the terms and conditions
hereinafter stated.

     NOW THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS AND OF THE PROMISES AND CONDITIONS
HEREIN CONTAINED, IT IS AGREED AS FOLLOWS:

ARTICLE I

GRANT OF OPTION

Section 1.1 — Grant of Option.

     Subject to the provisions of this Agreement, the provisions of the Plan, and the provisions of
the Agreement Relating to Intellectual Property, Confidential Information, Conflicts of Interest
and Release between the Company and [___], the Company has granted effective [___]
(the “Effective Date”) to Optionee the right and option to purchase all or any part of [___]
shares of common stock, par value $.01 per share (“Stock”), of the Company. The Option granted
pursuant to this Agreement is not intended to qualify as an “incentive stock option” within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

 

	 	 	 
	Fisher Scientific International Inc.

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Section 1.2 — Exercise Price.

     The exercise price of the Option shall be $[___] per share of Stock subject to the Option,
without commission or other charge.

ARTICLE II

VESTING AND EXERCISABILITY

Section 2.1 — Vesting and Exercisability.

     Except as otherwise provided herein, in the Plan or in the Optionee’s employment or other
individual agreement, the Option shall become 100 percent vested [ ] years from the date of
grant, if Optionee has continuously provided services to the Company, a Subsidiary or Affiliate or
has been continuously employed by the Company, a Subsidiary or Affiliate until such date. Prior to
becoming 100 percent vested, the Option shall become exercisable in [ ] cumulative installments
as follows:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Date First Available	 
	 	 	Number of Shares	 	 	For Exercise	 
	[     ]%
	 	 	[     ]	 	 	 	[___________]	 
	[     ]%
	 	 	[     ]	 	 	 	[___________]	 
	[     ]%
	 	 	[     ]	 	 	 	[___________]	 

     The Option shall become fully vested and exercisable upon the occurrence of a Change in
Control or upon the death or permanent and total disability (within the meaning of Section 22(e)(3)
of the Code) of the Optionee.

Section 2.2 — Expiration of Option.

     Except as otherwise provided herein, in the Plan or in the Optionee’s employment or other
individual agreement, the Option may not be exercised to any extent after the first to occur of the
following events:

     (a) The expiration of ten years from the date the Option was granted;

     (b) The date of termination of Optionee’s employment or services if such termination is for
“Cause” (as defined below);

     (c) The expiration of three months from the date of termination of Optionee’s employment or
services (including termination by reason of the Optionee’s employer ceasing to be a Subsidiary or
Affiliate of the Company) for any reason other than death, retirement at or after Optionee’s normal
retirement date under the Company’s qualified retirement plan, or

 

 

	 	 	 
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permanent and total disability within the meaning of Section 22(e)(3) of the Code, with
respect to the portion of the Option exercisable as of such date of termination, and the date of
such termination with respect to any other portion of the Option; or

     (d) The expiration of three years from the date of termination of Optionee’s employment or
services as a result of retirement at or after Optionee’s normal retirement date under any Company
qualified retirement plan in which he participates with respect to the portion of the Option
exercisable as of such date of termination, and the date of such termination with respect to any
other portion of the Option.

     For purposes of this Agreement, “Cause” shall mean (i) the willful and continued failure of
the Optionee to perform substantially the Optionee’s duties with the Company or any Subsidiary or
Affiliate (other than any such failure resulting from incapacity due to physical or mental
illness), or (ii) the willful engaging by the Optionee in illegal conduct or gross misconduct that
is materially and demonstrably injurious to the Company or any Subsidiary or Affiliate. For
purposes of this provision, no act or failure to act, on the part of the Optionee, shall be
considered “willful” unless it is done, or omitted to be done, by the Optionee in bad faith or
without reasonable belief that the Optionee’s action or omission was in the best interests of the
Company, Subsidiary or Affiliate.

ARTICLE III

EXERCISE OF OPTION

Section 3.1 — Manner of Exercise.

     (a) The Option, to the extent then vested and exercisable, shall be exercisable by delivery to
the Company of a written notice stating the number of shares as to which the Option is exercised
pursuant to this Agreement and a designation of the method of payment of the exercise price with
respect to Stock to be purchased. An Option may not be exercised for less than 100 shares of Stock
(or the number of remaining shares of Stock subject to the Option if less than 100).

     (b) The exercise price of the Option, or portion thereof, with respect to Stock to be
purchased, shall be paid in full at the time of exercise; payment may be made in cash, which may be
paid by check, or other instrument acceptable to the Company, or, with the consent of the
Committee, which consent may be withheld in its sole discretion, in shares of Stock, valued at the
Fair Market Value on the date of exercise, or if there were no sales on such date, on the next
preceding day on which there were sales, or if permitted by the Committee and subject to such terms
and conditions as it may determine, by surrender of outstanding Awards under the Plan.

 

 

	 	 	 
	Fisher Scientific International Inc.

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ARTICLE IV

MISCELLANEOUS

Section 4.1 — Transferability of Option.

     Unless the Committee determines otherwise, the Option is nontransferable except by will or the
laws of descent and distribution.

Section 4.2 — No Rights as a Stockholder; Adjustment.

     Optionee shall have no rights as a stockholder with respect to any Stock covered by the Option
until the date of the issuance of a stock certificate to such individual for such Stock. The
Option shall be subject to adjustment as provided under the provisions of Section 5 of the Plan.

Section 4.3 — Other Restrictions.

     The exercise of each Option shall be subject to the requirement that, if at any time the
Committee shall determine that (i) the listing, registration or qualification of the shares of
Stock subject or related thereto upon any securities exchange or under any state or federal law,
(ii) the consent or approval of any government regulatory body, or (iii) an agreement by Optionee
with respect to the disposition of shares of Stock is necessary or desirable as a condition of, or
in connection with, such exercise or the delivery or purchase of shares pursuant thereto, then, in
any such event, such exercise shall not be effective unless such listing, registration,
qualification, consent, approval or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee.

Section 4.4 — Restrictive Covenants.

     If the Optionee engages in any conduct in breach of any noncompetition, nonsolicitation or
confidentiality obligations to the Company under any agreement, policy or plan (including the the
Agreement Relating to Intellectual Property, Confidential Information, Conflicts of Interest and
Release), then such conduct shall also be deemed to be a breach of the terms of the Plan and this
Agreement. Upon such breach the Option shall be cancelled and, if and to the extent the Option was
exercised within a period of 18 months prior to such breach, the Optionee shall be required to
return to the Company, upon demand, any cash or equity acquired by Optionee upon such exercise or
sale.

Section 4.5 — Taxes and Withholdings.

     Not later than the date of exercise of the Option granted hereunder, Optionee shall pay to the
Company or make arrangements satisfactory to the Committee regarding payment of any federal, state
or local taxes of any kind required by law to be withheld upon the exercise of such Option. The
Company shall, to the extent permitted or required by law, have the right to deduct from any
payment of any kind otherwise due to Optionee federal, state, and local taxes of any kind required
by law to be withheld upon the exercise of such option.

 

 

	 	 	 
	Fisher Scientific International Inc.

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Section 4.6 — Notices.

     Any notice to be given under the terms of this Agreement shall be in writing and addressed to
the Company at Liberty Lane, Hampton, New Hampshire 03842, Attention: Corporate Secretary, and to
Optionee at the address set forth below or at such other address as either party may hereafter
designate in writing to the other by like notice.

Section 4.7 — Effect of Agreement.

     Except as otherwise provided hereunder, this Agreement shall be binding upon and shall inure
to the benefit of any successor or successors of the Company.

Section 4.8 — Conflicts and Interpretations.

     In the event of any ambiguity in this Agreement, any term which is not defined in this
Agreement or any matters as to which this Agreement is silent, the Plan shall govern.

Section 4.9 — Amendment.

     This Agreement may not be amended in any manner except by an instrument in writing signed by
both parties hereto. The waiver by either party of compliance with any provision of this Agreement
shall not operate or be construed as a waiver of any other provision of this Agreement or of any
subsequent breach of such party of a provision of this Agreement.

(Remainder of page intentionally left blank)

 

 

	 	 	 
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     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by a
duly authorized officer and Optionee has hereunto set Optionee’s hand.

	 	 	 	 	 
	 	 	FISHER SCIENTIFIC INTERNATIONAL INC.
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	BY:	 	 
	

	 	 	 	

	 
	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 
	Signature of Optionee:
	 	 	 	 
	[            ]
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 
	Address
	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 
	Social Security Numberexv10w15

 

Exhibit 10.15

[IFC Letterhead]

December 22, 2004

Elena Delgado

26 Maplewood Drive

Danville, CA 94506

     Re: Redemption and Loan Repayment Agreement

Dear Elena:

     This letter sets forth the agreement (“Agreement”) among Irwin Financial Corporation (“Irwin
Financial”), Irwin Home Equity Corporation (“IHE”) and you (the “Shareholder”) with respect to the
redemption of 1.36 of your shares of common stock (“Shares”) of IHE in connection with the
repayment of your loan from Irwin Financial in the amount of $1.025 million, which will mature on
January 29, 2005, together with accrued interest thereon (the “Shareholder Indebtedness”). Terms
used but not otherwise defined herein have the meanings ascribed to them in that certain
Shareholder Agreement dated October 8, 1996, as amended and restated (the “Shareholder Agreement”),
by and among IHE, Irwin Financial and the Shareholder.

     In consideration of the mutual promises contained herein and in the Shareholder Agreement and
for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Deemed Call Exercise. The parties hereby agree that the execution and delivery of
this Agreement shall constitute the delivery of a Call Notice delivered by IHE and received by the
Shareholder with respect to the Shares pursuant to Section 2.01 of the Shareholder Agreement, and
the parties hereby waive compliance with any provisions of the Shareholder Agreement that are
inconsistent with such method of delivery of the Call Notice. The date of this Agreement shall be
the Effective Date for purposes of the exercise of the Call by IHE.

     2. Valuation. Subject to the terms and conditions of this Agreement, the provisions
of the Shareholder Agreement shall govern the purchase and sale of the Shares, including the
valuation of such Shares pursuant to Article II of the Shareholder Agreement. The parties
acknowledge that IHE has, at the direction of its Board of Directors, engaged the Griffing Group as
an independent appraiser to conduct, in accordance with past practice, an appraisal of the Home
Equity Business Segment as of September 30, 2004, upon which the Board’s initial determination of
Fair Market Value of the Shares shall be based.

     3. Call Closings. In accordance with Section 2.03 of the Shareholder Agreement, the
parties hereby agree that the purchase and sale of the Shares shall be structured as an

 

 

installment sale, to take place at two separate Call Closings to be held on December 31, 2004 (the
“First Call Closing”) and January 28, 2005(the “Second Call Closing” and, together with the First
Call Closing, the “Call Closings”). At such Call Closings, IHE shall purchase, and the Shareholder
shall sell, 0.362 of a Share (“first tranche”) and 0.998 of a Share (“second tranche”),
respectively, and IHE shall pay to the Shareholder 26.62% and 73.38%, respectively, of the
Aggregate Cash Payment required under the Related Agreement in connection with the purchase and
sale of the 1.36 Shares at the Call Closings (it being understood that the Aggregate Cash Payment
in respect of the remaining 3.64 shares of Common Stock shall be deferred until such time(s) as
Shareholder receives proceeds from the sale of such remaining shares pursuant to that certain
Deferred Compensation Agreement among the parties dated the date hereof (the “Deferred Compensation
Agreement”)).

     4. Preliminary Repurchase Price. Notwithstanding anything herein or in the
Shareholder Agreement to the contrary, the Repurchase Price for the Shares to be purchased and sold
at both Call Closings (collectively, the “Preliminary Repurchase Price”) shall be equal to the Fair
Market Value thereof as initially determined based on the financial statements of the Home Equity
Business Segment presented on a consolidated basis up through September 30, 2004; provided,
however, that the Repurchase Price shall be subject to adjustment in accordance with
paragraph 7 below.

     5. Payment of Repurchase Price; Loan Repayment. At the First Call Closing, the
Preliminary Repurchase Price for the first tranche of Shares shall be paid by cancellation of the
Shareholder Indebtedness to the full extent of the portion of the Preliminary Repurchase Price that
is attributable to such first tranche. At the Second Call Closing, the Preliminary Repurchase
Price for the second tranche of Shares shall be paid by (i) cancellation of the Shareholder
Indebtedness to the extent it is less than or equal to the balance of the Preliminary Repurchase
Price, and (ii) cash (payable in immediately available funds via payroll disbursement) in the
amount, if any, that the Preliminary Repurchase Price attributable to the second tranche of Shares
exceeds the remaining balance of the Shareholder Indebtedness. In the event the amount of the
Preliminary Repurchase Price for the second tranche of Shares is less than the remaining balance of
the Shareholder Indebtedness, the Shareholder will pay to Irwin Financial the amount of such
deficiency at the Second Call Closing in full satisfaction of the Shareholder Indebtedness.

     6. Transfer of Shares. At each Call Closing, in exchange for the payment of the
Preliminary Repurchase Price and the receipt of the cancelled note evidencing the Shareholder
Indebtedness, the Shareholder shall deliver a certificate for the purchased and sold Shares, duly
endorsed for transfer to IHE, free and clear of all liens, claims and encumbrances.

     7. Repurchase Price Adjustment. At the direction of its Board of Directors, IHE
shall, as soon as practicable following the end of fiscal year 2004, engage the Griffing Group to
conduct, in accordance with past practice, an appraisal of the Home Equity Business Segment as of
December 31, 2004, upon which the Board’s final determination of the Fair Market Value of the
Shares shall be based (which determination shall be set forth in a Valuation Notice promptly
delivered to Shareholder). The parties shall then comply with the remaining provisions of Article
II of the Shareholder Agreement to the extent a Second Appraisal or Third Appraisal is necessary to
arrive at the final Fair Market Value of the Shares as of December 31, 2004 (such

2

 

final Fair Market Value, whether it be determined solely by the Initial Valuation, by the
Second Appraisal, if any, or by the Third Appraisal, if any, is hereinafter referred to as the
“Definitive Fair Market Value”). Upon the final determination of the Definitive Fair Market Value
for the Shares in accordance with Article II of the Shareholder Agreement, the Repurchase Price for
such Shares shall be adjusted as follows:

          (a) to the extent the amount of the Definitive Fair Market Value of the Shares is greater than
the Preliminary Repurchase Price, Irwin Financial shall cause IHE to pay the difference to the
Shareholder within 15 days following the Valuation Date; or

          (b) to the extent the amount of the Definitive Fair Market Value of the Shares is less than
the Preliminary Repurchase Price, the Shareholder shall repay to IHE the difference within 15 days
following the Valuation Date.

In addition, in the event that the Definitive Fair Market Value of the Shares is ultimately
determined to be less than the Value Cap, then the Indemnified Portion and Aggregate Cash Payment
previously used in calculating the amounts payable to the Shareholder under the Related Agreement
at the Call Closings shall be recomputed, and the Shareholder shall repay to Irwin Financial,
within 15 days following the Valuation Date, the amount by which the previously-paid Aggregate Cash
Payment exceeds the Aggregate Cash Payment actually owed in connection with the purchase and sale
of the Shares. (The terms “Value Cap,” “Indemnified Portion,” and “Aggregate Cash Payment” shall
have the meanings ascribed to them in the Related Agreement.)

     8. Entire Agreement. This Agreement, together with the Shareholder Agreement referred
to herein (and the Related Agreement referred to in the Shareholder Agreement) and the Deferred
Compensation Agreement, embodies the entire agreement and understanding among the parties hereto
with respect to the subject matter hereof and thereof, and supersedes and preempts any and all
prior and contemporaneous understandings, agreements, arrangements or representations by or among
the parties, written or oral, which may relate to the subject matter hereof or thereof in any way.

     9. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Indiana, without regard to conflicts of laws provisions thereof.

     10. Headings. The headings of the paragraphs of this Agreement have been inserted for
convenience of reference only and shall not be deemed to be a part of this Agreement.

[signature page follows]

3

 

     By signing below, the Shareholder accepts and agrees to the terms of this Agreement as of the
date of this letter.

	 	 	 	 	 
	 	Sincerely,

Irwin Financial Corporation

 	 
	 	By:  	/s/ Matthew F. Souza
 	 
	 	 	 	 
	 	Title:  	Senior Vice President/Secretary	 
	 

	 	 	 	 	 
	 	Irwin Home Equity Corporation

 	 
	 	By:  	/s/ Thomas D. Washburn
 	 
	 	 	 	 
	 	Title:  	Chairman	 
	 

	 	 
	Accepted and agreed to:
	 
	 
	 
	/s/ Elena Delgado
	 
	Elena Delgado
	 

4

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