Document:

exv10w3

 

EXHIBIT 10.3

MERCHANTS AND MANUFACTURERS BANCORPORATION, INC.

(a Wisconsin corporation)

2006 STOCK INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

Grantee:

Date of Grant:

Number of Restricted Shares:

     Merchants and Manufacturers Bancorporation, Inc. (the “Corporation”) and the above-named
Grantee hereby agree as follows:

     1. Grant of Restricted Shares. The Corporation grants to Grantee the number of shares
(the “Restricted Shares”) of the Corporation’s common stock, par value $1.00 per share (the “Common
Stock “), set forth above, on the terms and conditions set forth in this Agreement and in the Plan.
Promptly following the execution and delivery of this Agreement by Grantee, the Corporation shall
cause a certificate for the Restricted Shares to be delivered to Grantee containing the legend set
forth in Section 7 below.

     2. Plan. The Restricted Shares are granted under and pursuant to the Merchants and
Manufacturers Bancorporation, Inc. 2006 Stock Incentive Plan (the “Plan”) and are subject to each
and all of the provisions thereof. A copy of the Plan has previously been furnished or made
available to the Grantee. All capitalized terms not otherwise defined therein shall have the
meanings assigned to such terms in the Plan.

     3. Vesting and Forfeiture of Restricted Shares.

          (a) General Vesting. Subject to the forfeiture provisions of Section 3(b), the
Restricted Shares shall vest as to the percent of Restricted Shares during the periods specified
below (each applicable date of vesting, a “Vesting Date”). All Restricted Shares which shall have
vested are referred to herein as “Vested Shares.” All Restricted Shares which are not vested are
referred to herein as “Unvested Shares.” Upon vesting, the Restricted Shares shall no longer be
subject to forfeiture pursuant to Section 3(b) of this Agreement.

	 	 	 
	Percentage of Restricted Shares
	 	On or After
	 
	 	 
	 

          (b) Forfeiture. The Unvested Shares shall immediately be forfeited to the Corporation
if, prior to the Vesting Date, the Grantee’s employment or other position with the Corporation or
any Subsidiary terminates for any reason, subject to the discretion of the Board to waive
forfeiture as provided in the Plan. Upon any forfeiture of the Restricted Shares pursuant to this
Section 3(b), Grantee shall have no rights as a holder of such Restricted Shares and such
Restricted Shares shall be deemed transferred to the Corporation, and the Corporation shall be
deemed the owner and holder of such shares.

 

 

     4. Shareholder Rights. Regardless of whether the Restricted Shares are considered
Unvested Shares under the terms of this Agreement, Grantee shall have all the rights of a
shareholder (including voting and dividend rights) with respect to the Restricted Shares.

     5. Restrictions on Transfer. Grantee shall not sell, assign, transfer, pledge,
encumber or dispose of all or any of his or her Restricted Shares, either voluntarily or by
operation of law, at any time prior to the applicable Vesting Date. Any attempted transfer of any
Restricted Shares in violation of this Section 5 shall be invalid and of no effect.

     6. Taxes.

          (a) The Corporation’s obligation to deliver the Restricted Shares to Grantee shall be subject
to the satisfaction of all applicable federal, state and local income and employment tax
withholding requirements (“Withholding Taxes”). Grantee has reviewed with Grantee’s own tax
advisors the federal, state and local tax consequences of this investment and the transactions
contemplated by this Agreement. Grantee is relying solely on
such advisors and not on any statements or representations of the Corporation or any of its
agents. Grantee understands that Grantee (and not the Corporation) shall be responsible for
Grantee’s own tax liability that may arise as a result of the transactions contemplated by this
Agreement.

          (b) GRANTEE ACKNOWLEDGES THAT HE OR SHE HAS BEEN INFORMED THAT GRANTEE MUST DECIDE WHETHER OR
NOT TO MAKE AN ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, WITH
RESPECT TO THE RESTRICTED SHARES AND THAT GRANTEE IS SOLELY RESPONSIBLE FOR MAKING OR NOT MAKING A
TIMELY SECTION 83(b) ELECTION (AND OBTAINING TAX ADVICE CONCERNING WHETHER AND HOW TO MAKE SUCH
ELECTION). Grantee hereby agrees to deliver to the Corporation a signed copy of any document he or
she may execute and file with the Internal Revenue Service evidencing a section 83(b) Election, and
to deliver such copy to the Corporation prior to, or promptly upon, such filing, accompanied by a
cash payment in the amount the Corporation anticipates is required to fulfill the Withholding
Taxes.

          (c) Grantee agrees to promptly make a cash payment to the Corporation of any Withholding Taxes
to the Corporation when due. Grantee further agrees that the Corporation may withhold from
Grantee’s wages or other remuneration the appropriate amount of Withholding Taxes (to the extent
not covered by Grantee’s cash payment to the Corporation). Grantee further agrees that, if the
Corporation does not withhold an amount from Grantee’s wages or other remuneration sufficient to
satisfy the withholding obligation of the Corporation, Grantee will make reimbursement on demand,
in cash, for the amount underwithheld.

     7. Legend. The share certificate evidencing the Restricted Shares issued hereunder
shall be endorsed with the following legend (in addition to any legend required under applicable
federal or state securities laws) and the Corporation may issue stop-transfer instructions with its
transfer agent in connection with such legend:

          “THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE
SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE MERCHANTS AND MANUFACTURERS
BANCORPORATION, INC 2006 STOCK INCENTIVE PLAN AND A RESTRICTED STOCK AGREEMENT. COPIES OF SUCH PLAN
AND AGREEMENT ARE ON FILE AT THE OFFICES OF MERCHANTS AND MANUFACTURERS BANCORPORATION, INC., 5445
SOUTH WESTRIDGE DRIVE, NEW BERLIN, WISCONSIN 53151.”

          The legend set forth above shall be removed from the certificates evidencing the Restricted
Shares upon the Vesting Date unless such Restricted Shares have been forfeited prior to the Vesting
Date pursuant to Section 3 above.

     8. Shareholder Approval. The Plan was approved by the affirmative vote of the holders
of a majority of the issued and outstanding shares of Stock of the Corporation at the annual
meeting of shareholders held on May 16, 2006.

 

 

     9. No Right to Continued Employment or Services. This grant shall not confer upon the
Grantee any right with respect to continuance of employment or other position by the Corporation or
any Subsidiary, nor shall it interfere in any way with the right of the Corporation or any
Subsidiary to terminate such employment or position at any time.

     10. Miscellaneous.

          (a) Entire Agreement. This Agreement and the Plan together constitute the entire
agreement between the parties hereto with respect to the subject matter hereof and thereof, and
there have been and are no restrictions, promises, agreements or covenants between the parties
other than those set forth or provided for herein.

          (b) Amendment or Modification. No term or provision of this Agreement may be amended,
modified or supplemented orally, but only by an instrument in writing signed by the party against
which or whom the enforcement of the amendment, modification or supplement is sought.

          (c) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

          (d) Governing Law. This Agreement shall be governed by the internal laws of the State
of Wisconsin as to all matters, including but not limited to matters of validity, construction,
effect, performance and remedies.

          (e) Provisions Consistent with Plan. This Agreement is intended to be construed to be
consistent with, and is subject to, all applicable provisions of the Plan, which is incorporated
herein by reference. In the event of a conflict between the provisions of this Agreement and the
Plan, the provisions of the Plan shall prevail.

          (f) Addresses. All notices or statements required to be given to either party hereto
shall be in writing and shall be personally delivered or sent, in the case of the Corporation, to
its principal business office and, in the case of Grantee, to Grantee’s address as is shown on the
records of the Corporation or to such address as Grantee designates in writing. Notice of any
change of address shall be sent to the other party by registered or certified mail. It shall be
conclusively presumed that any notice or statement properly addressed and mailed bearing the
required postage stamps has been delivered to the party to which it is addressed.

 

 

     IN WITNESS WHEREOF, the Corporation has caused this Agreement to be duly executed, and the
Grantee has executed this Agreement, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	MERCHANTS AND MANUFACTURERS
BANCORPORATION, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	

     The undersigned Grantee hereby accepts the Restricted Shares granted hereunder.

	 	 	 	 	 	 	 
	 

	 	GRANTEE:	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	

ACKNOWLEDGMENT

     The undersigned, spouse of Grantee, declares that he/she takes notice of all of the terms and
conditions (including, but not limited to the restrictions on disposition of Restricted Shares) of
the foregoing Agreement between the Corporation and the Grantee and that he/she will comply with
all of the terms of the Agreement to the full extent of any interests that he/she may have in the
Restricted Shares.

	 	 	 	 	 	 	 
	Dated:                     

	 	 

     Signatureexv10w2

 

EXHIBIT 10.2

[Employees (other than CEO)]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

(As Amended and Restated Effective February 8, 2006)

STOCK OPTION AGREEMENT

     A Stock Option (the “Option”) granted by Newell Rubbermaid Inc., a Delaware corporation (the
“Company”), to the employee named in the attached Option letter (the “Optionee”), for common stock,
par value $1.00 per share and related common stock purchase rights (the “Common Stock”), of the
Company, shall be subject to the following terms and conditions:

     1. Stock Option Grant. Subject to the provisions set forth herein and the terms
and conditions of the Newell Rubbermaid Inc. 2003 Stock Plan, as amended and restated effective
February 8, 2006 (the “Plan”), a copy of which is attached hereto and the terms of which are
hereby incorporated by reference, and in consideration of the agreements of the Optionee herein
provided, the Company hereby grants to the Optionee an Option to purchase from the Company the
number of shares of Common Stock, at the purchase price per share, and on the schedule, set
forth in the attached Option letter. Any Incentive Stock Option is intended to be an incentive
stock option within the meaning of Section 422A of the Internal Revenue Code of 1986.

     2. Acceptance by Optionee. The exercise of the Option is conditioned upon its
acceptance by the Optionee in the space provided therefor at the end of the attached Option
letter and the return of an executed copy of such Option letter to the Secretary of the Company
no later than 60 days after the Date of Grant set forth therein or, if later, 30 days after the
Optionee receives this Agreement.

     3. Exercise of Option. Written notice of an election to exercise any portion of
the Option shall be given by the Optionee, or his personal representative in the event of the
Optionee’s death, in accordance with procedures established by the Organizational Development
and Compensation Committee of the Board of Directors of the Company (the “Committee”) as in
effect at the time of such exercise.

     At the time of exercise of the Option, payment of the purchase price for the shares of Common
Stock with respect to which the Option is exercised must be made by one or more of the following
methods: (i) in cash, (ii) in cash received from a broker-dealer to whom the Optionee has
submitted an exercise notice and irrevocable instructions to deliver the purchase price to the
Company from the proceeds of the sale of shares subject to the Option, (iii) by delivery to the
Company of other Common Stock owned by the Optionee that is acceptable to the Company, valued at
its fair market value on the date of exercise, or (iv) by certifying to ownership by attestation of
such previously owned Common Stock. Notwithstanding the foregoing, the payment method specified in
(ii) above may not be used by an Optionee who is subject to Section 16 of the Securities Exchange
Act of 1934 unless otherwise approved by the Committee.

     If applicable, an amount sufficient to satisfy all minimum Federal, state and local
withholding tax requirements prior to delivery of any certificate for shares of Common Stock must
also accompany the exercise. Payment of such taxes can be made by a method specified above, and/or
by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon
exercise of the Option with a fair market value equal to the amount of tax to be withheld.

     4. Exercise Upon Termination of Employment. If the Optionee’s employment with the
Company and all affiliates terminates for any reason other than death, disability or
retirement, the Option shall expire on the date of such termination, and no portion shall be
exercisable after the date of such termination.

 

 

     In the event of the Optionee’s death, disability or retirement during employment with the
Company or any affiliate, the outstanding portion of the Option shall become fully vested on such
date and shall continue to be exercisable until the earlier of the first anniversary of the date of
the Optionee’s death, disability or retirement, or the date the Option expires by its terms. For
this purpose (i) “disability” means (as determined by the Committee in its sole discretion) the
inability of the Optionee to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which is expected to result in death or disability or
which has lasted or can be expected to last for a continuous period of not less than 12 months, and
(ii) “retirement” means the Optionee’s termination from employment with the Company and all
affiliates without cause (as determined by the Committee in its sole discretion) when the Optionee
is 65 or older. (Full vesting of an Incentive Stock Option may result in all or part of the Option
being treated as a Non-Qualified Stock Option in accordance with Section 6.4 of the Plan.)

     The foregoing provisions of this Section 4 shall be subject to the provisions of any written
employment security agreement or severance agreement that has been or may be executed by the
Optionee and the Company, and the provisions in such employment security agreement or severance
agreement concerning exercise of an Option shall supercede any inconsistent or contrary provision
of this Section 4.

     5. Option Not Transferable. The Option may be exercised only by the Optionee
during his lifetime and may not be transferred other than by will or the applicable laws of
descent or distribution or pursuant to a qualified domestic relations order. The Option shall
not otherwise be assigned, transferred, or pledged for any purpose whatsoever and is not
subject, in whole or in part, to attachment, execution or levy of any kind. Any attempted
assignment, transfer, pledge, or encumbrance of the Option, other than in accordance with its
terms, shall be void and of no effect.

     6. Surrender of or Changes to Agreement. In the event the Option shall be
exercised in whole, this Agreement shall be surrendered to the Company for cancellation. In the
event this Option shall be exercised in part or a change in the number of designation of the
shares of Common Stock shall be made, this Agreement shall be delivered by the Optionee to the
Company for the purpose of making appropriate notation thereon, or of otherwise reflecting, in
such manner as the Company shall determine, the change in the number or designation of such shares.

     7. Administration. The Option shall be exercised in accordance with such
administrative regulations as the Committee shall from time to time adopt.

     8. Governing Law. This Agreement, and the Option, shall be construed,
administered and governed in all respects under and by the laws of the State of Delaware.

IN WITNESS
WHEREOF, this Agreement is executed by the Company this ___ day of ___, ___,
effective as of the ___ day of ___, ___.

NEWELL RUBBERMAID INC.

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 

 

 

[CEO]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

(As Amended and Restated Effective February 8, 2006)

STOCK OPTION AGREEMENT

     A Stock Option (the “Option”) granted by Newell Rubbermaid Inc., a Delaware corporation (the
“Company”), to the employee named in the attached Option letter (the “Optionee”), for common stock,
par value $1.00 per share and related common stock purchase rights (the “Common Stock”), of the
Company, shall be subject to the following terms and conditions:

     1. Stock Option Grant. Subject to the provisions set forth herein and the terms and
conditions of the Newell Rubbermaid Inc. 2003 Stock Plan, as amended and restated effective
February 8, 2006 (the “Plan”), a copy of which is attached hereto and the terms of which are hereby
incorporated by reference, and in consideration of the agreements of the Optionee herein provided,
the Company hereby grants to the Optionee an Option to purchase from the Company the number of
shares of Common Stock, at the purchase price per share, and on the schedule, set forth in the
attached Option letter. Any Incentive Stock Option is intended to be an incentive stock option
within the meaning of Section 422A of the Internal Revenue Code of 1986.

     2. Acceptance by Optionee. The exercise of the Option is conditioned upon its
acceptance by the Optionee in the space provided therefor at the end of the attached Option letter
and the return of an executed copy of such Option letter to the Secretary of the Company no later
than 60 days after the Date of Grant set forth therein or, if later, 30 days after the Optionee
receives this Agreement.

     3. Exercise of Option. Written notice of an election to exercise any portion of the
Option shall be given by the Optionee, or his personal representative in the event of the
Optionee’s death, in accordance with procedures established by the Organizational Development and
Compensation Committee of the Board of Directors of the Company (the “Committee”) as in effect at
the time of such exercise.

     At the time of exercise of the Option, payment of the purchase price for the shares of Common
Stock with respect to which the Option is exercised must be made by one or more of the following
methods: (i) in cash, (ii) in cash received from a broker-dealer to whom the Optionee has
submitted an exercise notice and irrevocable instructions to deliver the purchase price to the
Company from the proceeds of the sale of shares subject to the Option, (iii) by delivery to the
Company of other Common Stock owned by the Optionee that is acceptable to the Company, valued at
its fair market value on the date of exercise, or (iv) by certifying to ownership by attestation of
such previously owned Common Stock. Notwithstanding the foregoing, the payment method specified in
(ii) above may not be used by an Optionee who is subject to Section 16 of the Securities Exchange
Act of 1934 unless otherwise approved by the Committee.

     If applicable, an amount sufficient to satisfy all minimum Federal, state and local
withholding tax requirements prior to delivery of any certificate for shares of Common Stock must
also accompany the exercise. Payment of such taxes can be made by a method specified above, and/or
by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon
exercise of the Option with a fair market value equal to the amount of tax to be withheld.

     4. Exercise Upon Termination of Employment. If the Optionee’s employment with the
Company and all affiliates terminates for any reason other than death, disability or retirement (as
defined below), and in connection therewith the Optionee’s service on the Board terminates, the
Option shall expire on the date of such termination of employment, and no portion shall be
exercisable after the date of such termination.

     In the event of the Optionee’s death, or in the event the Optionee’s employment with the
Company and all affiliates terminates due to disability or retirement and in connection therewith
his service on the

 

 

Board terminates, the outstanding portion of the Option shall become fully vested on such date
and shall continue to be exercisable until the earlier of the first anniversary of the date of the
Optionee’s termination of employment, or the date the Option expires by its terms. (Full vesting
of an Incentive Stock Option may result in all or part of the Option being treated as a
Non-Qualified Stock Option in accordance with Section 6.4(a) of the Plan.)

     In the event the Optionee’s employment with the Company and all affiliates terminates for any
reason other than death, disability or retirement, and the Optionee’s service on the Board
continues thereafter, the outstanding portion of the Option shall continue to vest and remain
exercisable in accordance with the Option letter. If the Optionee’s service on the Board
subsequently terminates, then (i) if the termination of service is due to death or disability, the
outstanding portion of the Option shall become fully vested on such date and shall continue to be
exercisable until the earlier of the first anniversary of the date of the Optionee’s termination of
service or the date the Option expires by its terms, (ii) if the termination of service is due to
retirement, the outstanding portion of the Option shall continue to vest and remain exercisable in
the same manner and to the same extent as if the Optionee had continued service on the Board, and
(iii) if the termination of service is for any reason other than death, disability or retirement,
the outstanding portion of the Option shall expire on the date of such termination of service, and
no portion shall be exercisable after the date of such termination of service.

     In the event the Optionee’s employment with the Company and all affiliates terminates due to
disability or retirement, and the Optionee’s service on the Board continues thereafter, the
outstanding portion of the Option shall become fully vested on such date and remain exercisable in
accordance with the Option letter. If the Optionee’s service on the Board subsequently terminates,
then (i) if the termination of service is due to death or disability, the outstanding portion of
the Option shall continue to be exercisable until the earlier of the first anniversary of the
Optionee’s termination of service or the date the Option expires by its terms; (ii) if the
termination of service is due to retirement, the outstanding portion of the Option shall remain
exercisable in the same manner and to the extent as if the Optionee had continued service on the
Board; and (iii) if the termination of service is for any reason other than death, disability or
retirement, the outstanding portion of the Option shall expire on the later of the date of the
Optionee’s termination of service or the first anniversary of the date of the Optionee’s
termination of employment, but in no event later than the date the Option expires by its terms, and
no portion of the Option shall be exercisable after the date of such expiration.

     For purposes of this Section 4, (i) “disability” means (as determined by the Committee in its
sole discretion) the inability of the Optionee to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which is expected to result in
death or disability or which has lasted or can be expected to last for a continuous period of not
less than 12 months, and (ii) “retirement” means (A) while the Optionee is employed, the Optionee’s
termination from employment with the Company and all affiliates without cause (as determined by the
Committee in its sole discretion) when the Optionee is 65 or older; or (B) while the Optionee is a
non-employee Director, retirement in accordance with the Company’s retirement policy for Directors.

     The foregoing provisions of this Section 4 shall be subject to the provisions of any written
employment security agreement or severance agreement that has been or may be executed by the
Optionee and the Company, and the provisions in such employment security agreement or severance
agreement concerning exercise of an Option shall supercede any inconsistent or contrary provisions
of this Section 4.

     5. Option Not Transferable. The Option may be exercised only by the Optionee during
his lifetime and may not be transferred other than by will or the applicable laws of descent or
distribution or pursuant to a qualified domestic relations order. The Option shall not otherwise be
assigned, transferred, or pledged for any purpose whatsoever and is not subject, in whole or in
part, to attachment, execution or levy of any kind. Any attempted assignment, transfer, pledge, or
encumbrance of the Option, other than in accordance with its terms, shall be void and of no effect.

     6. Surrender of or Changes to Agreement. In the event the Option shall be exercised
in whole, this Agreement shall be surrendered to the Company for cancellation. In the event this
Option shall be

 

 

exercised in part or a change in the number of designation of the shares of Common Stock shall
be made, this Agreement shall be delivered by the Optionee to the Company for the purpose of making
appropriate notation thereon, or of otherwise reflecting, in such manner as the Company shall
determine, the change in the number or designation of such shares.

     7. Administration. The Option shall be exercised in accordance with such
administrative regulations as the Committee shall from time to time adopt.

     8. Governing Law. This Agreement, and the Option, shall be construed, administered
and governed in all respects under and by the laws of the State of Delaware.

IN WITNESS
WHEREOF, this Agreement is executed by the Company this ___ day of ___,
___, effective as of the ___ day of ___, ___.

NEWELL RUBBERMAID INC.

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 

 

 

[Non-Employee Directors]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

(As Amended and Restated Effective February 8, 2006)

STOCK OPTION AGREEMENT

     A Non-Qualified Stock Option (the “Option”) granted by Newell Rubbermaid Inc., a Delaware
corporation (the “Company”), to the non-employee director named in the attached Award letter (the
“Optionee”), for common stock, par value $1.00 per share and related common stock purchase rights
(the “Common Stock”), of the Company, shall be subject to the following terms and conditions:

     1. Stock Option Grant. Subject to the provisions set forth herein and the terms and
conditions of the Newell Rubbermaid Inc. 2003 Stock Plan, as amended and restated effective
February 8, 2006 (the “Plan”), a copy of which is attached hereto and the terms of which are hereby
incorporated by reference, and in consideration of the agreements of the Optionee herein provided,
the Company hereby grants to the Optionee a Non-Qualified Stock Option, to purchase from the
Company the number of shares of Common Stock, at the purchase price per share, and on the schedule,
set forth in the attached Award letter.

     2. Acceptance by Optionee. The exercise of the Option is conditioned upon its
acceptance by the Optionee in the space provided therefor at the end of the attached Award letter
and the return of an executed copy of such Award letter to the Secretary of the Company no later
than 60 days after the Date of Grant set forth therein or, if later, 30 days after the Optionee
receives this Agreement.

     3. Exercise of Option. Written notice of an election to exercise any portion of the
Option shall be given by the Optionee, or his personal representative in the event of the
Optionee’s death, in accordance with procedures established by the Organizational Development and
Compensation Committee of the Board of Directors of the Company (the “Committee”) as in effect at
the time of such exercise.

     At the time of exercise of the Option, payment of the purchase price for the shares of
Common Stock with respect to which the Option is exercised must be made by one or more of the
following methods: (i) in cash, (ii) in cash received from a broker-dealer to whom the Optionee
has submitted an exercise notice and irrevocable instructions to deliver the purchase price to the
Company from the proceeds of the sale of shares subject to the Option, (iii) by delivery to the
Company of other Common Stock owned by the Optionee that is acceptable to the Company, valued at
its fair market value on the date of exercise, or (iv) by certifying to ownership by attestation of
such previously owned Common Stock. Notwithstanding the foregoing, the payment method specified in
(ii) above may not be used by an Optionee who is subject to Section 16 of the Securities Exchange
Act of 1934 unless otherwise approved by the Committee.

     If applicable, an amount sufficient to satisfy all minimum Federal, state and local
withholding tax requirements prior to delivery of any certificate for shares of Common Stock must
also accompany the exercise. Payment of such taxes can be made by a method specified above, and/or
by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon
exercise of the Option with a fair market value equal to the amount of tax to be withheld.

     4. Exercise Upon Termination of Service on the Board. If the Optionee’s service on
the Board terminates for any reason other than death, disability or retirement as described below,
the Option shall expire on the date of such termination of service, and no portion shall be
exercisable after the date of such termination.

     In the event of the Optionee’s death or disability while serving on the Board, the
outstanding portion of the Option shall become fully vested on such date and shall continue to be

 

 

exercisable until the earlier of the first anniversary of the date of the Optionee’s death or
disability, or the date the Option expires by its terms. For this purpose “disability” means (as
determined by the Committee in its sole discretion) the inability of the Optionee to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment
which is expected to result in death or disability or which has lasted or can be expected to last
for a continuous period of not less than 12 months.

     If the Optionee’s service on the Board terminates due to the Optionee’s retirement in
accordance with the Company’s retirement policy for Directors, the Option shall continue to vest
and remain exercisable in the same manner and to the same extent as if the Optionee had continued
his service on the Board during such period.

     5. Option Not Transferable. The Option may be exercised only by the Optionee during
his lifetime and may not be transferred other than by will or the applicable laws of descent or
distribution or pursuant to a qualified domestic relations order. The Option shall not otherwise be
assigned, transferred, or pledged for any purpose whatsoever and is not subject, in whole or in
part, to attachment, execution or levy of any kind. Any attempted assignment, transfer, pledge, or
encumbrance of the Option, other than in accordance with its terms, shall be void and of no effect.

     6. Surrender of or Changes to Agreement. In the event the Option shall be exercised
in whole, this Agreement shall be surrendered to the Company for cancellation. In the event this
Option shall be exercised in part or a change in the number of designation of the shares of Common
Stock shall be made, this Agreement shall be delivered by the Optionee to the Company for the
purpose of making appropriate notation thereon, or of otherwise reflecting, in such manner as the
Company shall determine, the change in the number or designation of such shares.

     7. Administration. The Option shall be exercised in accordance with such
administrative regulations as the Committee shall from time to time adopt.

     8. Governing Law. This Agreement, and the Option, shall be construed, administered
and governed in all respects under and by the laws of the State of Delaware.

IN WITNESS
WHEREOF, this Agreement is executed by the Company this ___ day of ___, ___,
effective as of the ___ day of ___, ___.

NEWELL RUBBERMAID INC.

	 	 	 	 	 	 	 
	 

	 	By:

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