Document:

exv10w29

Exhibit 10.29

BRADY CORPORATION

2010 NONQUALIFIED STOCK OPTION PLAN

FOR NON-EMPLOYEE DIRECTORS

1. Purpose.

     The 2010 Stock Option Plan for Non-Employee Directors (the “Plan) is intended to attract and
retain the services of experienced and knowledgeable non-employee directors of Brady Corporation
(the “Corporation”) for the benefit of the Corporation and its shareholders and to provide
additional incentive for such directors to continue to work for the best interest of the
Corporation and its shareholders.

2. Shares Subject to the Plan.

     There are reserved for issuance upon the exercise of options granted under the Plan 200,000
Class A Non-Voting Common Shares $.01 par value, of the Corporation (the “Stock”). Such Stock may
be authorized and unissued Stock or previously outstanding Stock then held in the Corporation’s
treasury. If any option granted under the Plan shall expire or terminate for any reason without
having been exercised in full, the Stock subject to the unexercised portion thereof shall again be
available for the purposes of issuance upon the exercise of options granted under the Plan.

3. Administration.

     The Plan shall be administered by the Board of Directors of the Corporation (the “Board”),
which may delegate any or all of its authority to a Committee of the Board. Subject to the express
provisions of the Plan, the Board shall have authority to interpret the Plan, to prescribe, amend
and rescind rules and regulations relating to it, to determine the terms and provisions of the
option grants and agreements (which shall comply with and be subject to the terms and conditions of
the Plan) and to make all other determinations necessary or advisable for the administration of the
Plan. The Board’s determination of the matters referred to in this Paragraph 3 shall be
conclusive.

4. Eligibility.

     For purposes of the Plan, “Non-Employee Director” means a member of the Board who is not an
employee of the Corporation or a subsidiary of the Corporation. After the effective date of the
Plan, each Non-Employee Director who first becomes a Director on an annual meeting date after July
21, 2009 shall automatically be granted an option to purchase 10,000 shares of Stock on a date that
is 14 days after the annual meeting date, or if such person first becomes a Director on a date
other than the annual meeting date, the option shall automatically be granted on a date that is 14
days after first becoming a Director. Subsequently, each Non-Employee Director shall automatically
be granted an option to purchase 8,400 shares of Stock on a date that is 14 days after the
Corporation’s release of its fiscal fourth quarter earnings.

 

 

     Only non-statutory stock options shall be granted under the Plan.

5. Option Grants.

     (a) The purchase price of the Stock under each option granted under the Plan shall be 100% of
the Fair Market Value of the Stock on the date such option is granted. For purposes of the Plan
“Fair Market Value” on any date shall mean, with respect to Stock, if the stock is then listed and
traded on a registered national securities exchange, or is quoted in the NASDAQ National Market
System, the average of the high and low sale prices recorded in composite transactions for such
date or, if such date is not a business day or if no sales of the Stock shall have been reported
with respect to such date, the next preceding business date with respect to which sales were
reported. In the absence of reported sales or if the stock is not so listed or quoted, but is
traded in the over-the-counter market, Fair Market Value shall be the average of the closing bid
and asked prices for such Stock on the relevant date.

     (b) All options shall be exercisable in accordance with the following schedule:

	 	 	 	 	 
	Years After	 	 
	Date of Grant	 	Percentage of Shares
	 
	Less than 1
	 	 	0	%
	1 but less than 2
	 	 	33-1/3	%
	2 but less than 3
	 	 	66-2/3	%
	3 or more
	 	 	100	%

     The term of each option shall be ten years from the date of grant, or such shorter period as
is prescribed in Paragraphs 5(c) and 5(d). Except as provided in Paragraphs 5(c) and 5(d), no
option may be exercised at any time unless the holder is then a director of the Corporation.

     Each option may be exercised in whole or in part from time to time as specified in the
agreements provided, however, that each holder may exercise an option in whole or in part by giving
written notice of the exercise to the Corporation, specifying the number of shares to be purchased
by payment in full of the purchase price therefor. The purchase price may be paid (a) in cash, (b)
by check, (c) with the approval of the Board, or if the applicable agreement so provides, by
delivering shares of Stock (“Delivered Stock”), (d) by surrendering to the Corporation shares of
Stock otherwise receivable upon exercise of the option (a “Net Exercise”), or (e) any combination
of the foregoing. For purposes of the foregoing, Delivered Stock shall be valued at its Fair
Market Value determined as of the business day immediately preceding the date of exercise of the
option and shares of Stock used in a Net Exercise shall be valued at their Fair Market Value
determined as of the date of exercise of the option. No holder shall be under any obligation to
exercise any option hereunder.

     Upon exercise, the option price is to be paid in full in cash or, at the discretion of the
Board, in Stock owned by the optionee having a Fair Market Value on the date of exercise equal to
the aggregate option price or, at the discretion of the Board, in a combination of cash and Stock.

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     (c) All rights under any option shall terminate on the date such Participant ceases to be a
Director of the Corporation, except that (a) if the Directorship is terminated by the death of the
Director, any unexercised, unexpired Stock Options granted hereunder to the Director shall be 100%
vested and fully exercisable, in whole or in part, at any time within one year after the date of
death, by the Director’s personal representative or by the person to whom the options are
transferred under the Director’s last will and testament or the applicable laws of descent and
distribution; (b) if the Directorship is terminated as a result of the disability of the Director
(a disability means that the Director is disabled as a result of sickness or injury, such that he
or she is unable satisfactorily to perform the Director duties, as determined by the Board of
Directors, on the basis of medical evidence satisfactory to it), any unexercised, unexpired options
granted hereunder to the Director shall become 100% vested and fully exercisable, in whole or in
part, at any time within one year after the date of disability; (c) if the Directorship is
terminated and the Director has been a member of the Board of Directors for at least three years,
any unexercised, unexpired options granted hereunder to the Director shall continue to vest as
provided in Paragraph 5(b) and any option that is or becomes vested may be exercised within the
term of such option; and (d) if the Directorship is terminated for any reason other than (a), (b)
or (c) above, any unexercised, unexpired options granted hereunder and exercisable as of the date
of such termination shall be exercisable in whole or in part at any time within 90 days after such
date of termination.

     (d) In the event of (a) a merger, consolidation, or reorganization with another corporation in
which the Corporation is not the surviving corporation or a merger, consolidation or reorganization
with another corporation in which the Corporation is the surviving corporation, but the Stock
ceases to be publicly traded, (b) the adoption of any plan for the dissolution of the Corporation,
or (c) the sale or exchange of all or substantially all the assets of the Corporation for cash or
for shares of stock or other securities of another corporation, all then-unexercised options shall
become fully exercisable immediately prior to any such event.

     (e) Nothing in the Plan or in any option granted pursuant to the Plan shall confer on any
individual any right to continue as a director of the Corporation.

6. Transferability and Shareholder Rights of Holders of Options.

     No options granted under the Plan shall be transferable otherwise than by will or by the laws
of descent and distribution, and an option may be exercised, during the lifetime of an optionee,
only by the optionee or optionee’s guardian or legal representative. An optionee shall have none
of the rights of a shareholder of the Corporation until the option has been exercised and the Stock
subject to the option has been registered in the name of the optionee on the transfer books of the
Corporation.

7. Adjustments upon Changes in Capitalization.

     Notwithstanding any other provisions of the Plan, the number and class of shares subject to
the options and the option prices of options covered thereby shall be proportionately adjusted in
the

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event of changes in the outstanding Stock by reason of stock dividends, stock splits,
recapitalizations, mergers, consolidations, combinations or exchanges of shares, split-ups,
split-offs, spin-offs, liquidations or other similar changes in capitalization, or any distribution
to common shareholders other than cash dividends and, in the event of any such change in the
outstanding Stock, the aggregate number and class of shares available under the Plan and the number
of shares as to which options may be granted shall be appropriately adjusted by the Board.

8. Amendment and Termination.

     Unless the Plan shall theretofore have been terminated as hereinafter provided, the Plan shall
terminate on, and no awards of options shall be made after, the tenth anniversary of the effective
date of the Plan; provided, however, that such termination shall have no effect on options granted
prior thereto. The Plan may be terminated, modified or amended by the shareholders of the
Corporation. The Board may also terminate the Plan or modify or amend the Plan in such respects as
it shall deem advisable in order to conform to any change in any law or regulation applicable
thereto, or in other respects which shall not change (i) the total number of shares of Stock as to
which options may be granted, (ii) the class of persons eligible to receive options under the Plan,
(iii) the manner of determining the option prices, (iv) the period during which options may be
granted or exercised or (v) the provisions relating to the administration of the Plan by the Board.

9. Withholding.

     Upon the issuance of Stock as a result of the exercise of an option, the Corporation shall
have the right to retain or sell without notice sufficient Stock to cover the amount of any tax
required by any government to be withheld or otherwise deducted and paid with respect to such Stock
being issued, remitting any balance to the optionee; provided, however, that the optionee shall
have the right to provide the Corporation with the funds to enable it to pay such tax.

10. Effectiveness of the Plan.

     The Plan shall become effective on the day following the date the Plan is approved by the vote
of the holders of a majority of the outstanding shares of the Corporation’s Class B Voting Common
Stock. The Board may in its discretion authorize the granting of options which shall be expressly
subject to the conditions that (i) the Stock reserved for issue under the Plan shall have been duly
listed, upon official notice of issuance, upon each stock exchange in the United States upon which
the Stock is traded and (ii) a registration statement under the Securities Act of 1933 with respect
to such shares shall have become effective.

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Exhibit 10.30

BRADY CORPORATION

NONQUALIFIED STOCK OPTION

     Upon management’s recommendation, the Compensation Committee (the “Committee”) of the Brady
Corporation Board of Directors has awarded to __________________ (“Employee”) a
non-qualified stock option (the “Option”) effective _________, ___, pursuant to the terms of
the Brady Corporation 2010 Omnibus Incentive Stock Plan (the “Plan”). The Corporation’s records
shall be the official record of the Option grant described herein and, in the event of any conflict
between this description and the Corporation’s records, the Corporation’s records shall control.

	1.	 	Number of Shares Optioned; Option Price
	 
	 	 	The Corporation grants to the Employee the right and option to purchase, on the terms and
conditions hereof, all or any part of an aggregate of ____________(___) shares of the
presently authorized Class A Common Stock of the Corporation, $.01 par value, whether
unissued or issued and reacquired by the Corporation, at the price of $___.___ per share (the
“Option Price”).
	 
	2.	 	Conditions of Exercise of Options During Employee’s Lifetime; Vesting of Option
	 
	 	 	Except as provided in this paragraph and in paragraph 3, this Option may not be exercised
(a) unless Employee is at the date of the exercise in the employ of the Corporation or a
Subsidiary, and (b) until Employee shall have been continuously so employed for a period of
at least one year from the date hereof. Thereafter, this Option shall be exercisable for
any amount of shares up to the maximum percentage of shares covered by this Option (rounded
up to the nearest whole share), as follows (but in no event shall this Option be exercisable
for any shares after the expiration date provided in paragraph 7):

	 	 	 	 	 
	 	 	Maximum
	 	 	Percentage
	 	 	of Shares For
	Number of Completed Years After	 	Which Option is
	Date of Grant of this Option	 	Exercisable
	 
	Less than 1
	 	Zero
	At least 1 but less than 2
	 	 	33-1/3	%
	At least 2 but less than 3
	 	 	66-2/3	%
	At least 3
	 	 	100	%

	 	 	If Employee shall cease to be employed by the Corporation or a Subsidiary for any reason
other than as provided in paragraph 3 after Employee shall have been continuously so
employed for one year after the grant of this Option, Employee may, at any time within 90
days of such termination, but in no event later than the date of expiration of this Option,
exercise this Option to the extent Employee was entitled to do so on the date of such
termination. However, if Employee was dismissed for cause, of

 

 

	 	 	which the Committee shall be the sole judge, this Option shall forthwith expire. This
Agreement does not confer upon Employee any right of continuation of employment by the
Corporation or a Subsidiary, nor does it impair any right the Corporation or any Subsidiary
may have to terminate the Employee’s employment at any time.

	3.	 	Termination of Employment
	 
	 	 	Notwithstanding the provisions of paragraph 2 hereof, if the Employee:

	 	(a)	 	is terminated by the death of the Employee, any unexercised, unexpired Stock
Options granted hereunder to the Employee shall be 100% vested and fully exercisable,
in whole or in part, at any time within one year after the date of death, by the
Employee’s personal representative or by the person to whom the Stock Options are
transferred under the Employee’s last will and testament or the applicable laws of
descent and distribution;
	 
	 	(b)	 	dies within 90 days after termination of employment by the Corporation or its
Affiliates, other than for cause, any unexercised, unexpired Stock Options granted
hereunder to the Employee and exercisable as of the date of such termination of
employment shall be exercisable, in whole or in part, at any time within one year after
the date of death, by the Employee’s personal representative or by the person to whom
the Stock Options are transferred under the Employee’s last will and testament or the
applicable laws of descent and distribution;
	 
	 	(c)	 	is terminated as a result of the disability of the Employee (a disability means
that the Employee is disabled as a result of sickness or injury, such that he or she is
unable to satisfactorily perform the material duties of Employee’s job, as determined
by the Board of Directors, on the basis of medical evidence satisfactory to it), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall become
100% vested and fully exercisable, in whole or in part, at any time within one year
after the date of disability; or
	 
	 	(d)	 	is terminated as a result of the Employee’s retirement (after age 55 with ten
years of employment with the Corporation or an Affiliate or after age 65), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall continue
to vest as provided in paragraph 2 hereof and any option that is or becomes vested may
be exercised in whole or in part prior to the expiration date of such option.

	4.	 	Deferral of Exercise
	 
	 	 	Although the Corporation intends to exert its best efforts so that the shares purchasable
upon the exercise of this Option will be registered under, or exempt from, the registration
requirements of, the Securities Act of 1933 (the “Act”) and any applicable state securities
law at the time or times this Option (or any portion of this Option) first becomes
exercisable, if the exercise of this Option would otherwise result in a violation by the
Corporation of any provision of the Act or of any state securities law, the Corporation

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	 	 	may require that such exercise be deferred until the Corporation has taken appropriate
action to avoid any such violation.
	5.	 	Method of Exercising Option
	 
	 	 	This Option shall be exercised by delivering to the Corporation, at the office of its
Treasurer, a written notice of the number of shares with respect to which this Option is at
the time being exercised and by paying the Corporation in full the Option Price of the
 shares being acquired at the time.
	 
	6.	 	Method of Payment
	 
	 	 	Payment shall be made either (i) in cash; (ii) by delivering shares of the Corporation’s
Class A Common Stock which have been beneficially owned by the Employee, the spouse of the
Employee, or both of them, for a period of at least six months prior to the time of exercise
(“Delivered Stock”); (iii) by surrendering to the Corporation shares of Class A Common Stock
otherwise receivable upon exercise of the Option (a “Net Exercise”); or (iv) any combination
of the foregoing. Payment in the form of Delivered Stock shall be in the amount of the Fair
Market Value of the stock at the date of exercise, determined in accordance with paragraph
9.
	 
	7.	 	Expiration Date
	 
	 	 	This Option shall expire ten years after the date on which this Option was granted.
	 
	8.	 	Withholding Taxes
	 
	 	 	The Corporation may require, as a condition to the exercise of this Option, that the
Employee concurrently pay to the Corporation any taxes which the Corporation is required to
withhold by reason of such exercise. In lieu of part or all of any such payment, the
Employee may elect, subject to such rules and regulations as the Committee may adopt from
time to time, to have the Corporation withhold from the shares to be issued upon exercise
that number of shares having a Fair Market Value, determined in accordance with paragraph 9,
equal to the amount which the Corporation is required to withhold.
	 
	9.	 	Method of Valuation of Stock
	 
	 	 	The “Fair Market Value” of the Class A Common Stock of the Corporation on any date shall
mean, if the stock is then listed and traded on a registered national securities exchange,
or is quoted in the NASDAQ National Market System, the average of the high and low sales
price recorded in composite transactions for such date or, if such date is not a business
day or if no sales of shares shall have been reported with respect to such date, the next
preceding business date with respect to which sales were reported. In the absence of
reported sales or if the stock is not so listed or quoted, but is traded in the
over-the-counter market, Fair Market Value shall be the average of the closing bid and asked
prices for such shares on the relevant date.

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	10.	 	No Rights in Shares Until Certificates Issued
	 
	 	 	Neither the Employee nor his heirs nor his personal representative shall have any of the
rights or privileges of a stockholder of the Corporation in respect of any of the shares
issuable upon the exercise of the Option herein granted, unless and until certificates
representing such shares shall have been issued or shares in book entry form shall have been
recorded in the records of the Corporation’s transfer agent.
	 
	11.	 	Option Not Transferable
	 
	 	 	No portion of the Option granted hereunder shall be transferable or assignable (or made
subject to any pledge, lien, obligation or liability of an Employee) except (a) by last will
and testament or the laws of descent and distribution (and upon a transfer or assignment
pursuant to an Employee’s last will and testament or the laws of descent and distribution,
any Option must be transferred in accordance therewith); (b) during the Employee’s lifetime,
nonqualified stock Options may be transferred by an Employee to the Employee’s spouse,
children or grandchildren or to a trust for the benefit of such spouse, children or
grandchildren, provided that the terms of any such transfer prohibit the resale of shares
acquired upon exercise of the option at a time during which the transferor would not be
permitted to sell such shares under the Corporation’s policy on trading by insiders.
	 
	12.	 	Prohibition Against Pledge, Attachment, Etc.
	 
	 	 	Except as otherwise herein provided, the Option herein granted and the rights and privileges
pertaining thereto shall not be transferred, assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) and shall not be subject to execution, attachment
or similar process.
	 
	13.	 	Changes in Stock
	 
	 	 	In the event there are any changes in the Class A Common Stock of the Corporation through
merger, consolidation, reorganization, recapitalization, stock dividend, stock split,
combination or exchange of shares, rights offering or any other change affecting the Class A
Common Stock of the Corporation, appropriate changes will be made by the Committee in the
aggregate number of shares and the purchase price and kind of shares subject to this Option,
to prevent substantial dilution or enlargement of the rights granted to or available for
Employee.
	 
	14.	 	Dissolution or Merger
	 
	 	 	Anything contained herein to the contrary notwithstanding, upon the dissolution or
liquidation of the Corporation, or upon any merger in which the Corporation is not the
surviving corporation, at any time prior to the expiration date of the termination of this
Option, the Employee shall have the right within 60 days prior to the effective date of such
dissolution, liquidation or merger, to surrender all or any unexercised portion of this
Option to the Corporation for cash, subject to the discretion of the Committee as to the
exact timing of said surrender. Notwithstanding the foregoing, however, in the event

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	 	 	Employee has retired or died, Employee’s right to surrender all or any unexercised portion
of this Option under this paragraph shall be available only to the extent that at the time
of any such surrender, Employee would have been entitled to exercise this Option under
paragraphs 2 or 3 hereof, as the case may be. The amount of cash to be paid to Employee for
the portion of this Option so surrendered, shall be equal to the number of shares of Class A
Common Stock subject to the surrendered Option multiplied by the difference between the
Option Price per share, as described in paragraph 1 hereof, and the Fair Market Value per
share, determined in accordance with paragraph 9 hereof, as of the time of surrender.
	 
	15.	 	Notices
	 
	 	 	Any notice to be given to the Corporation under the terms of this Agreement shall be
addressed to the Corporation in care of its Chief Financial Officer, and any notice to be
given to the Employee may be addressed at the address as it appears on the Corporation’s
records, or at such other address as either party may hereafter designate in writing to the
other. Except as provided in paragraph 5 hereof, any such notice shall be deemed to have
been duly given, if and when enclosed in a properly sealed envelope addressed as aforesaid,
and deposited, postage prepaid, in the United States mail.
	 
	16.	 	Provisions of Plan Controlling
	 
	 	 	This Option is subject in all respects to the provisions of the Plan. In the event of any
conflict between any provisions of this Option and the provisions of the Plan, the
provisions of the Plan shall control, except to the extent the Plan permits the Committee to
modify the terms of an Option grant and has done so herein. Terms defined in the Plan where
used herein shall have the meanings as so defined. Employee acknowledges receipt of a copy
of the Plan.
	 
	17.	 	Wisconsin Contract
	 
	 	 	This Option has been granted in Wisconsin and shall be construed under the laws of that
state.

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BRADY CORPORATION

PERFORMANCE STOCK OPTION

               Upon management’s recommendation, the Compensation Committee (the “Committee”) of the Brady
Corporation Board of Directors has awarded to ________________________(“Employee”) a
non-qualified performance stock option (the “Option”) effective _______________, ______, pursuant to the
terms of the Brady Corporation 2010 Omnibus Incentive Stock Plan (the “Plan”), including the
condition that this Option is subject to shareholder approval of the Plan.

	1.	 	Number of Shares Optioned; Option Price
	 
	 	 	The Corporation grants to the Employee the right and option to purchase, on the terms and
conditions hereof, all or any part of an aggregate of _________ thousand (______) shares of
the presently authorized Class A Common Stock of the Corporation, $.01 par value, whether
unissued or issued and reacquired by the Corporation, at the price of $______ per share (the
“Option Price”). The Option shall consist of two components. The “Part A Option Shares”
shall represent two-thirds of the total shares covered by this Option, or ______ shares.
Vesting of the Part A Option Shares shall be based upon the Company’s annual year-over-year
growth in earnings per share (“EPS”) for fiscal 2010, 2011 and 2012 as compared to the
baseline reported EPS for 2009. The “Part B Option Shares” shall represent one-third of the
total shares covered by this Option, or ______ shares. Vesting of the Part B Option
Shares shall be based upon the percentile rank of the Corporation’s earnings per share
growth compared to other companies in the S&P 600 Index using 2008 as the baseline.
	 
	2.	 	Conditions of Exercise of Options During Employee’s Lifetime; Vesting of Option
	 
	 	 	Except as provided in this paragraph and in paragraph 3, this Option may not be exercised
(a) unless Employee is, at the date of the exercise, in the employ of the Corporation or a
Subsidiary, and (b) the performance conditions provided below have been met; provided,
however, that in no event shall this Option be exercisable for any shares after the
expiration date provided in paragraph 7.
	 
	 	 	Part A Option Shares
	 
	 	 	Vesting of the Part A Option Shares shall be determined in accordance with the
following schedule, with the vesting date for each plan year being the date the
Audit Committee accepts the results of the fiscal year audit. Earnings per share
will be computed by dividing the Corporation’s net income for the year by an
assumed 53 million shares of diluted outstanding Common Stock and assuming no
issuance of additional shares of Common Stock other than pursuant to the
Corporation’s Omnibus Incentive Stock Plans. In the event of any other stock
issuance, the Compensation Committee will make an equitable adjustment of the
earnings per share amounts.

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	 	 	Plan Year 1	 	Plan Year 2	 	Plan Year 3
	Annual EPS Growth	 	FY 2010	 	FY 2011	 	FY 2012
	15% or greater	 	33% of Part A Option Shares	 	33% of Part A Option Shares	 	33% of Part A Option Shares
	12.5%	 	25% of Part A Option Shares	 	25% of Part A Option Shares	 	25% of Part A Option Shares
	Minimum threshold — 10%	 	16.67% of Part A Option Shares	 	16.67% of Part A Option Shares	 	16.67% of Part A Option Shares
	Maximum Vesting (%
of Part A Option
Shares)
	 	 	33	%	 	 	33	%	 	 	33	%

	 	 	Vesting of shares for performance between the Annual EPS Growth percentages listed above
will not be interpolated.
	 
	 	 	Part B Option Shares
	 
	 	 	Vesting of the Part B Option Shares shall be determined in accordance with the following
schedule, and by comparing the Corporation’s EPS Growth for Fiscal 2010, 2011, and 2012 over
fiscal 2008 with other corporations in the S&P 600 Index using reported EPS for the baseline
year of 2008. The vesting date for the Part B Option Shares shall be the date the Audit
Committee accepts the results of the 2012 fiscal year audit.

	 	 	 
	EPS Growth Relative to	 	Plan Year 3
	S&P 600	 	FY 2012
	75th percentile

	 	100% of Part B Option Shares
	67th percentile
	 	50% of Part B Option Shares
	60th percentile
	 	20% of Part B Option Shares

	 	 	Vesting of shares for performance between the percentages listed above will not be
interpolated.
	 
	 	 	“EPS Growth” for the Corporation means (a) the Corporation’s earnings per share for the
fiscal year ending July 31, 2012, divided by (b) the earnings per share of the Company for
the fiscal year ending July 31, 2008 ($__________). Earnings per share will be computed by
dividing the Corporation’s net income for the year by an assumed 53 million shares of
diluted outstanding Common Stock and assuming no issuance of additional shares of

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	 	 	Common Stock other than pursuant to the Corporation’s Omnibus Incentive Stock Plans. In the
event of any other stock issuance, the Compensation Committee will make an equitable
adjustment of the earnings per share amounts.
	 
	 	 	The EPS Growth for the companies in the S&P 600 Index shall be calculated using the same
method described above and shall include each company which is described by either of the
following criteria: (a) the company is included in such index as of July 31, 2008 and July
31, 2012; or (b) the company is included in such index on July 31, 2012 and is a successor
to a company that was included in such index on July 31, 2008. If earnings per share
information is not available for any such company as of July 31, 2008 or July 31, 2012, the
EPS Growth for such company shall be calculated using the twelve-month period immediately
preceding the relevant July 31 for which such information is available.
	 
	 	 	If Employee shall cease to be employed by the Corporation or a Subsidiary for any reason
other than as provided in paragraph 3, Employee may, at any time within 90 days of such
termination, but in no event later than the date of expiration of this Option, exercise this
Option to the extent Employee was entitled to do so on the date of such termination.
However, if Employee was dismissed for cause, of which the Compensation Committee of the
Board of Directors of the Corporation shall be the sole judge, this Option shall forthwith
expire. This Agreement does not confer upon Employee any right of continuation of
employment by the Corporation or a Subsidiary, nor does it impair any right the Corporation
or any Subsidiary may have to terminate the Employee’s employment at any time.
	 
	3.	 	Termination of Employment

Notwithstanding the provisions of paragraph 2 hereof, other than in the event of a termination
for cause, if the Employee:

	 	(a)	 	is terminated by the death of the Employee, any unexercised, unexpired Stock
Options granted hereunder to the Employee shall be 100% vested and fully exercisable,
in whole or in part, at any time within one year after the date of death, by the
Employee’s personal representative or by the person to whom the Stock Options are
transferred under the Employee’s last will and testament or the applicable laws of
descent and distribution;
	 
	 	(b)	 	dies within 90 days after termination of employment by the Corporation or its
Affiliates, other than for cause, any unexercised, unexpired Stock Options granted
hereunder to the Employee and exercisable as of the date of such termination of
employment shall be exercisable, in whole or in part, at any time within one year after
the date of death, by the Employee’s personal representative or by the person to whom
the Stock Options are transferred under the Employee’s last will and testament or the
applicable laws of descent and distribution;
	 
	 	(c)	 	is terminated as a result of the disability of the Employee (a disability means
that the Employee is disabled as a result of sickness or injury, such that he or she is

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	 	 	 	unable to satisfactorily perform the material duties of Employee’s job, as
determined by the Board of Directors, on the basis of medical evidence satisfactory
to it), any unexercised, unexpired Stock Options granted hereunder to the Employee
shall become 100% vested and fully exercisable, in whole or in part, at any time
within one year after the date of disability;
	 
	 	(d)	 	is terminated as a result of the Employee’s retirement (after age 55 with ten
years of employment with the Corporation or a Subsidiary or after age 65), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall continue
to vest as provided in paragraph 2 hereof and any option that is or becomes vested may
be exercised in whole or in part prior to the expiration date of such option.

	4.	 	Deferral of Exercise
	 
	 	 	Although the Corporation intends to exert its best efforts so that the shares purchasable
upon the exercise of this Option will be registered under, or exempt from, the registration
requirements of, the Securities Act of 1933 (the “Act”) and any applicable state securities
law at the time or times this Option (or any portion of this Option) first becomes
exercisable, if the exercise of this Option would otherwise result in a violation by the
Corporation of any provision of the Act or of any state securities law, the Corporation may
require that such exercise be deferred until the Corporation has taken appropriate action to
avoid any such violation.
	 
	5.	 	Method of Exercising Option
	 
	 	 	This Option shall be exercised by delivering to the Corporation, at the office of its
Treasurer, a written notice of the number of shares with respect to which this Option is at
the time being exercised and by paying the Corporation in full the Option Price of the
shares being acquired at the time.
	 
	6.	 	Method of Payment
	 
	 	 	Payment shall be made either (i) in cash; (ii) by delivering shares of the Corporation’s
Class A Common Stock which have been beneficially owned by the Employee, the spouse of the
Employee, or both of them, for a period of at least six months prior to the time of exercise
(“Delivered Stock”); (iii) by surrendering to the Corporation shares of Class A Common Stock
otherwise receivable upon exercise of the Option (a “Net Exercise”); or (iv) any combination
of the foregoing. Payment in the form of Delivered Stock shall be in the amount of the Fair
Market Value of the stock at the date of exercise, determined in accordance with paragraph
9.
	 
	7.	 	Expiration Date
	 
	 	 	This Option shall expire ten years after the date on which this Option was granted.

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	8.	 	Withholding Taxes
	 
	 	 	The Corporation may require, as a condition to the exercise of this Option, that the
Employee concurrently pay to the Corporation any taxes which the Corporation is required to
withhold by reason of such exercise. In lieu of part or all of any such payment, the
Employee may elect, subject to such rules and regulations as the Committee may adopt from
time to time, to have the Corporation withhold from the shares to be issued upon exercise
that number of shares having a Fair Market Value, determined in accordance with paragraph 9,
equal to the amount which the Corporation is required to withhold.
	 
	9.	 	Method of Valuation of Stock
	 
	 	 	The “Fair Market Value” of the Class A Common Stock of the Corporation on any date shall
mean, if the stock is then listed and traded on a registered national securities exchange,
or is quoted in the NASDAQ National Market System, the average of the high and low sales
price recorded in composite transactions for such date or, if such date is not a business
day or if no sales of shares shall have been reported with respect to such date, the next
preceding business date with respect to which sales were reported. In the absence of
reported sales or if the stock is not so listed or quoted, but is traded in the
over-the-counter market, Fair Market Value shall be the average of the closing bid and asked
prices for such shares on the relevant date.
	 
	10.	 	No Rights in Shares Until Certificates Issued
	 
	 	 	Neither the Employee nor his heirs nor his personal representative shall have any of the
rights or privileges of a stockholder of the Corporation in respect of any of the shares
issuable upon the exercise of the Option herein granted, unless and until certificates
representing such shares shall have been issued or shares in book entry form shall have been
recorded in the records of the Corporation’s transfer agent.
	 
	11.	 	Option Not Transferable
	 
	 	 	No portion of the Option granted hereunder shall be transferable or assignable (or made
subject to any pledge, lien, obligation or liability of an Employee) except (a) by last will
and testament or the laws of descent and distribution (and upon a transfer or assignment
pursuant to an Employee’s last will and testament or the laws of descent and distribution,
any Option must be transferred in accordance therewith); (b) during the Employee’s lifetime,
nonqualified stock Options may be transferred by an Employee to the Employee’s spouse,
children or grandchildren or to a trust for the benefit of such spouse, children or
grandchildren, provided that the terms of any such transfer prohibit the resale of shares
acquired upon exercise of the option at a time during which the transferor would not be
permitted to sell such shares under the Corporation’s policy on trading by insiders and are
subject to the provisions of paragraph 9.

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	12.	 	Prohibition Against Pledge, Attachment, Etc.
	 
	 	 	Except as otherwise herein provided, the Option herein granted and the rights and privileges
pertaining thereto shall not be transferred, assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) and shall not be subject to execution, attachment
or similar process.
	 
	13.	 	Changes in Stock
	 
	 	 	In the event there are any changes in the Class A Common Stock of the Corporation through
merger, consolidation, reorganization, recapitalization, stock dividend, stock split,
combination or exchange of shares, rights offering or any other change affecting the Class A
Common Stock of the Corporation, appropriate changes will be made by the Compensation
Committee in the aggregate number of shares and the purchase price and kind of shares
subject to this Option, to prevent substantial dilution or enlargement of the rights granted
to or available for Employee.
	 
	14.	 	Dissolution or Merger
	 
	 	 	Anything contained herein to the contrary notwithstanding upon the dissolution or
liquidation of the Corporation, or upon any merger in which the Corporation is not the
surviving corporation, at any time prior to the expiration date of the termination of this
Option, the Employee shall have the right within sixty (60) days prior to the effective date
of such dissolution, liquidation or merger, to surrender all or any unexercised portion of
this Option to the Corporation for cash, subject to the discretion of the Compensation
Committee as to the exact timing of said surrender. Notwithstanding the foregoing, however,
in the event Employee has retired or died, Employee’s right to surrender all or any
unexercised portion of this Option under this paragraph shall be available only to the
extent at the time of any such surrender, Employee would have been entitled to exercise this
Option under paragraphs 2 or 3 hereof, as the case may be. The amount of cash to be paid to
Employee for the portion of this Option so surrendered, shall be equal to the number of shares of Class A Common Stock subject to the surrendered Option multiplied by the
difference between the Option Price per share, as described in paragraph 1 hereof, and the
Fair Market Value per share, determined in accordance with paragraph 9 hereof, as of the
time of surrender.
	 
	15.	 	Notices
	 
	 	 	Any notice to be given to the Corporation under the terms of this Agreement shall be
addressed to the Corporation in care of its Chief Financial Officer, and any notice to be
given to the Employee may be addressed at the address as it appears on the Corporation’s
records, or at such other address as either party may hereafter designate in writing to the
other. Except as provided in paragraph 5 hereof, any such notice shall be deemed to have
been duly given, if and when enclosed in a properly sealed envelope addressed as aforesaid,
and deposited, postage prepaid, in the United States mail.

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	16.	 	Provisions of Plan and Corporate Records Controlling
	 
	 	 	This Option is subject in all respects to the provisions of the Plan. In the event of any
conflict between any provisions of this Option and the provisions of the Plan, the
provisions of the Plan shall control, except to the extent that the Plan permits the
Committee to modify the terms of an Option grant and has done so herein. Terms defined in
the Plan where used herein shall have the meanings as so defined. Employee acknowledges
receipt of a copy of the Plan. The Corporation’s records shall be the official record of
the Option grant described herein and , in the event of any conflict between this
description and the Corporation’s records, the Corporation’s records shall control.
	 
	17.	 	Wisconsin Contract
	 
	 	 	This Option has been granted in Wisconsin and shall be construed under the laws of that
state.

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