Document:

exv10w6

 

Exhibit 10.6

Stock Option Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	NUMBER OF	 	 	 	 	 	 	 	 	 	 
	 	OPTIONEE	 	 	OPTIONS	 	 	OPTION	 	 	GRANT	 	 	EXPIRATION	 
	 	NAME	 	 	GRANTED	 	 	PRICE	 	 	DATE	 	 	DATE	 
	 	«Full_Name»
	 	 	«Options»
	 	 	«Price»
	 	 	«Grant_Date»
	 	 	«Expiration_Date»	 
	 

Stock Option

Vesting Schedule

	 	 	 	 	 	 
	 
	 	Percentage of Option	 	 	Date	 
	 	Shares Exercisable	 	 	Exercisable	 
	 	 
	 	 	 	 
	 

I, «Full_Name», Social Security #«SSN», hereby accept the Options set forth in this Stock
Option Agreement, reflecting the grant on «Grant_Date» of «Options» options to purchase the common
stock of WMS Industries Inc. at an option price of «Price» (“Option Agreement”) and agree to comply
with the terms and conditions of the Stock Option Agreement and of the Plan referenced in the Stock
Option Agreement.

By signing this cover sheet, you agree to all of the terms and conditions described in the attached
Agreement and the Plan referenced therein.

	 	 	 	 	 
	Grantee:

	

	 	 
	

	(Signature)	 	 

	 	 	 	 	 
	Company:

	

	 	 
	

	Brian R. Gamache
Chief Executive Officer	 	 

PLEASE RETURN A COPY OF THIS SIGNED AGREEMENT TO:

WMS – Legal Department

Waukegan Office

PLEASE RETAIN THE ORIGINALLY SIGNED AGREEMENT FOR YOUR RECORDS

This document constitutes part of a prospectus covering securities

that have been registered under the Securities Act of 1933.

 

 

Stock Option Agreement

          This Stock Option Agreement (the “Option Agreement”) will evidence the grant to you on
the Grant Date above by the Compensation Committee of the Board of Directors of WMS Industries Inc.
(the “Company”) of an option pursuant to the Company’s 2005 Incentive Plan (the “Plan”) to purchase
shares of the common stock of the Company (the “Option”). Under applicable provisions of the
Internal Revenue Code of 1986, as amended, the Option is treated as a non-qualified stock option.

     1. Option Subject to Plan. This Option is issued in accordance with and is subject to
and conditioned upon all of the terms and conditions of this Option Agreement and the Plan as
amended from time to time, provided, however, that no future amendment or termination of the Plan
shall, without your consent, alter or impair any of your rights or obligations under the Plan, all
of which are incorporated by reference in this Option Agreement as if fully set forth herein.

     2. Termination. The Option shall terminate immediately if you cease your service or
employment with the Company by voluntarily terminating your service or employment without the
written consent of the Company or if the Company terminates your service or employment for cause.
If you voluntarily terminate your service or employment with the Company with the written consent
of the Company (which written consent expressly sets forth a statement to the effect that, to the
extent exercisable on the date of such termination the Option shall remain exercisable), or if your
service or employment with the Company is terminated by the Company for reasons other than cause,
you may exercise the Option to the extent exercisable at the time of such termination, at any time
prior to the expiration of three months after such termination, or for any longer period of time
after such termination as shall be determined by the Committee, but not later than the Expiration
Date. Notwithstanding the foregoing, the Option shall not be affected by any change in your
position of service or employment so long as you continue to be an employee or a director of, or a
consultant or an adviser to, the Company. Should you die during or following the termination of
your service or employment with the Company, the Option shall immediately terminate, except that,
to the extent exercisable by you at the time of your death, the Option may be exercised within one
year after the date of your death but not later than the Expiration Date, solely in accordance with
all of the terms and conditions of the Plan by your personal representatives or by the person or
persons to whom your rights under the Option shall pass by will or by the applicable laws of
descent and distribution.

     3. Additional Forfeiture. The Committee may cancel, suspend, withhold or otherwise
limit or restrict the Option at any time if you (i) are not in compliance with all applicable
provisions of the Option or the Plan or (ii) engage in any activity inimical, contrary or harmful
to the interests of the Company, including, but not limited to: (A)

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conduct related to the your service or employment for which either criminal or civil penalties
against you may be sought, (B) violation of any policies of the Company, including, without
limitation, the Company’s insider trading policy or anti-harassment policies or (C) participating
in a hostile takeover attempt against the Company.

     4. Severability. Should a court of competent jurisdiction deem any of the provisions
in this Option Agreement to be unenforceable in any respect, it is the intention of the parties to
this Option Agreement that this Option Agreement be enforced to the greatest extent deemed to be
enforceable.

     5. Choice of Law. This Option Agreement shall be governed by and construed and
interpreted in accordance with the substantive laws of the State of Delaware, without giving effect
to any conflicts of law rule or principle that might require the application of the laws of another
jurisdiction.

     6. Securities Laws. The Company shall not be obligated to issue any shares pursuant
to this Option if, in the opinion of counsel to the Company, the shares to be so issued are
required to be registered or otherwise qualified under the Securities Act of 1933, as amended, or
under any other applicable statute, regulation or ordinance affecting the sale of securities,
unless and until such shares have been so registered or otherwise qualified.

     7. Income Taxes. It is understood that the Company may establish, from time to time,
appropriate procedures to provide for payment or withholding of such income or other taxes as may
be required by law to be paid or withheld in connection with the exercise of this Option. By the
execution hereof, you hereby agree to pay to the Company or your Employer all such amounts
requested by the Company to permit the Company to take any tax deduction available to it resulting
from the exercise of this Option. You also agree to comply with any procedures established, from
time to time, by the Company to ensure that the Company receives prompt notice of the occurrence of
any event which may create, or affect the timing or amount of, any obligation to pay or withhold
any such taxes or which may make available to the Company any tax deduction resulting from the
occurrence of such event.

     8. Expiration. This Option, to the extent not previously exercised, shall expire on
the day preceding the tenth anniversary of the Grant Date.

     9. Exercise.
This Option is to be exercised by logging on to
www.benefitaccess.com
with your User Name, Password and Trading Pin, or such other method as may be implemented by WMS
from time to time upon notice to Employee.

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Exhibit 10.7

Restricted Stock Agreement

	 	 	 	 	 	 	 	 	 
	 
	 	GRANTEE NAME	 	 	NUMBER OF SHARES	 	 	GRANT DATE	 
	 	«Full_Name»
	 	 	«Shares»
	 	 	«Grant_Date»	 
	 

WMS Industries Inc., a Delaware corporation (the “Company”), hereby grants to «Name» (the
“Grantee”, also referred to herein as “you”) shares of its common stock, par value $.50 per share
(the “Stock”), pursuant to the attached Restricted Stock Agreement and the 2005 Incentive Plan (the
“Plan”).

By signing this cover sheet, you agree to all of the terms and conditions described in the attached
Agreement and the Plan referenced therein.

	 	 	 	 	 
	Grantee:

	 	

	 	 
	

	 	(Signature)	 	 

	 	 	 	 	 
	Company:

	 	

	 	 
	

	 	Brian R. Gamache	 	 
	

	 	Chief Executive Officer	 	 

PLEASE SIGN BOTH COPIES OF THIS AGREEMENT AND

RETURN (1) ORIGINALLY EXECUTED COPY TO:

WMS – Legal Department

Waukegan Office

PLEASE RETAIN THE OTHER ORIGINALLY EXECUTED COPY FOR YOUR RECORDS.

This is not a stock certificate or a negotiable instrument.

UPON RECEIPT OF YOUR SIGNED AGREEMENT,

A STOCK CERTIFICATE EVIDENCING THE SHARES GRANTED

WILL BE SENT TO YOU.

This document
constitutes part of a prospectus covering securities

that have been registered under the Securities Act of 1933.

 

 

WMS INDUSTRIES, INC.

RESTRICTED STOCK AGREEMENT

1. Restricted Stock/Nontransferability. This grant is an award of stock in the number of
shares set forth on the cover sheet and subject to the vesting conditions described below and the
Plan (“Restricted Stock”). To the extent not yet vested, your Restricted Stock may not be
transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, nor may
the Restricted Stock be made subject to execution, attachment or similar process.

2. Subject to the Plan. This grant is awarded in accordance with, and is subject to and
conditional upon all of the terms and conditions of the Plan which are incorporated by reference in
this Restricted Stock Agreement as if fully set forth herein.

3. Issuance and Vesting. The Company will issue your Restricted Stock in your name as of
the Grant Date. Your right to the Restricted Stock under this Restricted Stock Agreement vests as
follows: ___of the total number of shares covered by this Agreement on each of
the ___anniversaries of the Grant Date.

4. Accelerated Vesting. Notwithstanding Paragraph 3, your right to the Restricted Stock
under this Restricted Stock Agreement shall immediately vest as to 100% of the total number of
shares covered by this grant upon the occurrence of either:

	 	•  	your termination of employment with or service to the Company due to your
death or permanent and total disability, or your involuntary termination of
your employment or service other than by reason of your willful refusal to
perform your duties; or ·
	 
	 	•  	a “Change in Control” as provided for in Section 9 of the Plan.

5. Termination. Your right to the Restricted Stock under this Restricted Stock Agreement
to the extent the restrictions have not lapsed shall terminate immediately if you cease your
service or employment with the Company by voluntarily terminating your service or employment or if
the Company terminates your service or employment by reason of your willful refusal to perform your
duties.

6. Additional Forfeiture. The Committee may cancel, suspend, withhold or otherwise limit or
restrict your right to the Restricted Stock under this Restricted Stock Agreement at any time if
you (i) are not in compliance with all applicable provisions of this Restricted Stock Agreement or
the Plan or (ii) engage in any activity inimical, contrary or harmful to the interests of the
Company, including, but not limited to: (A) conduct related to the your service or employment for
which either criminal or civil penalties against you may be sought, (B) violation of any policies
of the Company, including, without limitation, the Company’s insider trading policy or
anti-harassment policies or (C) participating in a hostile takeover attempt against the Company.

7. Return of Shares. If the Restricted Stock does not become vested in accordance with the
foregoing provisions or as otherwise provided for in the Plan, you will return the certificate
representing the Restricted Stock and the Restricted Stock shall be deemed no longer

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outstanding.

8. Income Taxes; Section 83(b) Election. Under Section 83 of the Internal Revenue Code of
1986, as amended (the “Code”), the difference between the purchase price, if any, paid for the
shares of Restricted Stock and their fair market value on the date any forfeiture restrictions
applicable to such shares lapse will be reportable as ordinary income at that time. You may elect
to be taxed at the time the shares are acquired rather than when such shares cease to be subject to
such forfeiture restrictions by filing an election under Section 83(b) of the Code with the
Internal Revenue Service within thirty (30) days after the Grant Date. You will have to make a tax
payment to the extent the purchase price is less than the fair market value of the shares on the
Grant Date. No tax payment will have to be made to the extent the purchase price is at least equal
to the fair market value of the shares on the Grant Date. The form for making this election is
attached as Exhibit A hereto. Failure to make this filing within the thirty (30) day period will
result in the recognition of ordinary income by you (in the event the fair market value of the
shares increases after the date of purchase) as the forfeiture restrictions lapse.

9. Shareholder Rights. You have the right to vote the Restricted Stock and to receive any
dividends declared or paid on such stock. Any distributions you receive as a result of any stock
split, stock dividend, combination of shares or other similar transaction shall be deemed to be a
part of the Restricted Stock and subject to the same conditions and restrictions applicable
thereto.

10. Adjustments. In the event of a stock split, a stock dividend or a similar change in
the Company stock, the number of shares covered by this grant shall be adjusted (and rounded down
to the nearest whole number).

11. Compliance with Law. The issuance of this Restricted Stock shall be subject to
compliance with the rules and policies of the New York Stock Exchange. The shares of Restricted
Stock have not been registered under the Securities Act of 1933 as amended (the “Act”), may be
“restricted securities” as defined in Rule 144 promulgated under the Act, and may not be sold or
otherwise disposed of except in compliance with applicable provisions of the Act.

12. Legends. All certificates representing the Restricted Stock issued in connection with
this grant shall, where applicable, have endorsed thereon the following legends:

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A
COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON
WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED
BY THIS CERTIFICATE.”

“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD,
PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION OR QUALIFICATION THEREOF UNDER
SUCH ACT AND SUCH

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APPLICABLE STATE OR OTHER JURISDICTION’S SECURITIES LAWS OR AN OPINION OF
COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION AND QUALIFICATION IS
NOT REQUIRED.”

13. Severability. Should a court of competent jurisdiction deem any of the provisions in
this Restricted Stock Agreement to be unenforceable in any respect, it is the intention of the
parties to this Restricted Stock Agreement that this Restricted Stock Agreement be enforced to the
greatest extent deemed to be enforceable.

14. Choice of Law. This Restricted Stock Agreement shall be governed by and construed and
interpreted in accordance with the substantive laws of the State of Delaware, without giving effect
to any conflicts of law rule or principle that might require the application of the laws of another
jurisdiction.

15. Securities Laws. The Company shall not be obligated to issue any shares pursuant to
this Restricted Stock Agreement if, in the opinion of counsel to the Company, the shares to be so
issued are required to be registered or otherwise qualified under the Securities Act of 1933, as
amended, or under any other applicable statute, regulation or ordinance affecting the sale of
securities, unless and until such shares have been so registered or otherwise qualified.

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EXHIBIT A

ELECTION UNDER SECTION 83(b) OF

THE INTERNAL REVENUE CODE

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code
with respect to the property described below and supplies the following information in accordance
with the regulations promulgated thereunder:

     1. The name, address and social security number of the undersigned:

Name:                                                                                 

Address:                                                                                

                                                                                                    

Social Security No.                                                             

     2. Description of property with respect to which the election is being made:

                    
shares of common stock, par value $.50 per share, WMS Industries Inc., a Delaware
corporation, (the “Company”).

     3. The date on which the property was transferred is                     ,    .

     4. The taxable year to which this election relates is calendar year                     .

     5. Nature of restrictions to which the property is subject:

The shares of stock are subject to the provisions of a Restricted Stock Agreement between the
undersigned and the Company. The shares of stock are subject to forfeiture under the terms of the
Agreement.

     6. The fair market value of the property at the time of transfer (determined without regard to
any lapse restriction) was $       per share, for a total of $___.

     7. The amount paid by taxpayer for the property was $___.

     8. A copy of this statement has been furnished to the Company.

Dated:                     ,                     

	 	 	 
	

	 	

	

	 	Taxpayer’s Signature
	 
	 	 
	

	 	

	

	 	Taxpayer’s Printed Name

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PROCEDURES FOR MAKING ELECTION

UNDER INTERNAL REVENUE CODE SECTION 83(b)

The following procedures must be followed with respect to the attached form for making an election
under Internal Revenue Code section 83(b) in order for the election to be effective:

          1. You must file one copy of the completed election form with the IRS Service Center where you
file your federal income tax returns within thirty (30) days after the Grant Date of your
Restricted Stock.

          2. At the same time you file the election form with the IRS, you must also give a copy of the
election form to the Secretary of the Company.

          3. You must file another copy of the election form with your federal income tax return
(generally, Form 1040) for the taxable year in which the stock is transferred to you.

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