Document:

ex10_3.htm

EXHIBIT 10.3

Trimble Navigation Limited

Board of Directors Compensation Policy

The following is a schedule of the elements of compensation and expense reimbursement for nonemployee members of the board of directors. This policy is effective April 24, 2009.

	
·
	
A stock option grant of 15,000 shares under the Trimble 2002 Stock Option Plan upon the initial appointment or election to the board.

	
·
	
An additional annual grant of 15,000 shares to be granted to each director upon re-election by the shareholders at Trimble's Annual Shareholders’ Meeting.

	
·
	
Options granted to directors are at fair market value on the date of grant and will have a term of ten years, vesting monthly, on a pro-rated basis, over three years. The options will terminate 90 days after the individual ceases to be a member of the board.

	
·
	
An annual retainer running from July1 through June 30 of each year in the amount of $158,000, reduced by the accounting expense recorded by Trimble in accordance with FAS 123 valuation for the option granted to the director at the previous Annual Shareholders’ Meeting.  The annual retainer shall be payable on a quarterly basis.

	
·
	
A payment of $2,000 for each day in attendance at a board meeting.
	
.

	
·
	
A payment of $500 for participation in a telephonic board meeting.

	
·
	
A payment of $1,000 for each board committee meeting attended, that is not held within a day of of a board meeting.

	
·
	
A payment of $500 for participation in a telephonic board committee meeting.

	
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A director will be paid a travel and transportation allowance, in lieu of reimbursement for expenses, in accordance with the following schedule:

$4,000 for travel to a meeting held between 1,000 miles and 3,000 miles from the director’s place of residence.

$10,000 for travel to a meeting held more than 3,000 miles from the director’s place of residence.

Note: Miles are one-way and will be measured by air miles between airports.

   Nickolas W. Vande Steeg will be paid a travel and transportation allowance of $1,500.

	
·
	
Reimbursement of travel expenses consistent with Trimble policy for travel to a meeting held less than 1,000 miles from the director’s place of residence and all necessary travel on Trimble business, other than to attend a board meeting.ex10_4.htm

Exhibit 10.4

 

Trimble Navigation Limited Annual Management Incentive Plan Description

	
1.
	
Definitions:

	
  
	
a.
	
“Company” means Trimble Navigation Limited, a California corporation.

	
  
	
b.
	
“Board of Directors” means the Board of Directors of the Company.

	
  
	
c.
	
“Operating Income” means (i) with respect to a division, operating income for that division and (ii) with respect to the Company, operating income for the Company adjusted for amortization of intangibles, restructuring and infrequent charges.

	
  
	
d.
	
“Operating Margin” means Operating Income divided by revenue.

	
  
	
e.
	
“Plan” means this Trimble Navigation Limited Annual Management Incentive Plan.

	
2.
	
Participants:  The CEO, all of the Vice Presidents of the Company and a number of senior-level managers and individual contributors as nominated by their respective Vice Presidents and approved by the CEO of the Company.

	
3.
	
Payments earned under the Plan depend upon the Company’s quarterly and annual Operating Margin, and/or Operating Income, with certain goals and minimum thresholds for revenue and Operating Income as a percentage of revenue, as such goals and thresholds are established by the CEO and Board of Directors, for each participant.

	
4.
	
Target payouts, ranging from 10% to 125% of base annual salary for each participant are determined by the CEO of the Company in conjunction with the executive officers and the vice presidents of the Company, and approved by the Board of Directors.  The Board of Directors has established a 125% target for the CEO.

	
5.
	
The payout under the Plan ranges from zero to 300% of each participant’s target, upon achievement of each fiscal year’s planned goals based on Operating Margin and Operating Income of a combination of division and/or Company performance.  The Board of Directors and the CEO may determine that certain vice presidents of the company will be eligible for payouts ranging from zero to 200% of each
participant’s target based upon achievement of Operating Margin or Operating Income goals of a combination of division and/or Company performance, as applicable, for such participant.  Payments are made on a quarterly basis, ranging from 10% to 17.5% of target each quarter and the remainder after the close of the respective fiscal year.  All payments are made net of employment, income and other applicable tax withholding.  Participants may be required to remain continuously
employed through a payment date to be entitled to a payout for the applicable period.

	
6.
	
No payout under the Plan shall be intended to be deferred compensation under section 409A of the Internal Revenue Code of 1986, as amended, and will be interpreted accordingly.  In this regard, all payouts under the Plan (to the extent otherwise payable pursuant to the terms of the Plan) shall be made no later than 2-1/2 months following the end of the year in which the payout is no longer subject to a
substantial risk of forfeiture.

	
7.
	
The Plan shall continue in effect, from year to year, until terminated or amended by the Board of Directors.ex10_5.htm

Exhibit 10.5

 

Australian Addendum

Trimble Navigation Limited

Amended and Restated Employee Stock Purchase Plan

	
1.
	
PURPOSE

 

This Addendum (the "Australian Addendum") to the Trimble Navigation Limited ("Company") Amended and Restated Employee Stock Purchase Plan ("U.S.
Plan") is adopted to set out rules that, together with those provisions of the U.S. Plan that this Australian Addendum does not replace, will:

	
(a)
	
govern the operation of the Plan with respect to Australian resident employees of the Company and its Australian Subsidiaries; and

 

	
(b)
	
provide for the Plan to comply with ASIC Class Order 03/184 ("Class Order") and relevant provisions of the Corporations Act and ASIC Regulatory Guide 49.

 

If any conflict occurs between these provisions and the U.S. Plan, these provisions prevail.

	
2.
	
DEFINITIONS

 

Except as set out in this clause 2, capitalised terms used in this document have the meaning ascribed to them in the U.S. Plan.

For the purposes of this Australian Addendum:

ASIC means the Australian Securities and Investments Commission;

Associated Body Corporate means, as determined in accordance with the Corporations Act, a body corporate:

 

	
(a)
	
that is a related body corporate of the Company;

 

	
(b)
	
that has voting power in the Company of not less than 20%; or

 

	
(c)
	
in which the Company has voting power of not less than 20%;

Australian ADI means an Australian authorised deposit taking institution that is regulated by the Australian Prudential Regulation Authority under the Australian Banking Act;

Australian Participant means an Offeree who has accepted an offer under the Plan to participate in the Plan;

Australian Subsidiary means each Australian Associated Body Corporate of the Company whose Employees have been designated to participate in the Plan;

Contributions means contributions made by an Australian Participant from his or her Compensation to participate in the Plan;

Corporations Act means the Australian Corporations Act 2001 (Cth);

  

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Offer means an offer made in Australia to Offerees to purchase Shares in the Company under the terms of the Plan;

Offeree means an Employee who receives an Offer in Australia;

Plan means collectively the U.S. Plan, as amended and restated, and the Australian Addendum; and

Share means a share of Common Stock.

	
3.
	
FORM OF AWARDS

Only Shares and rights to acquire Shares shall be awarded to Australian-resident employees under the Plan.

	
4. 
	
AUSTRALIAN OFFEREES

 

An Offer may only be extended to Offerees who at the time of the Offer are full or part-time employees or directors of the Company or an Associated Body Corporate.

	
5.
	
AUSTRALIAN OFFER DOCUMENT

 

	
5.1
	
Form of Offer

 

Any Offer made in Australia to participate in the Plan must be included in a document ("Offer Document"), which must set out the terms of the Offer and include or be accompanied by the following:

	
(a)
	
a summary or a copy of the Plan; and

	
(b)
	
where only a summary of the Plan is provided, an undertaking that during the period ("Offer Period") in which Shares may be acquired under the Plan, the Company or its Australian Subsidiary will, within a reasonable period of an Australian Offeree so requesting, provide the Offeree without charge with a copy of the Plan.

The Company must take reasonable steps to ensure that any Offeree to whom an Offer is made is given a copy of the Offer Document.

	
5.2
	
Employee contributions to be held on trust with Australian ADI

 

The Offer Document must state:

	 	
(i)
	
the Australian ADI where Contributions are held;

	 	
(ii)
	
the length of time Contributions may be held; and

	 	
(iii)
	
the rate of interest payable (if any) on the Contributions held in the account.

  

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5.3
	
Australian Dollar Equivalent of Purchase Price

 

The Offer Document must specify the Australian dollar equivalent of the purchase price of the Shares offered, were the purchase price formula applied at the date of the Offer.

	
5.4
	
Updated Price Information

 

The Offer Document must include an undertaking that, and an explanation of the way in which, the Company or its Australian Subsidiary will, during the Offering Period, and within a reasonable period of an Australian Participant so requesting, make available to the Australian Participant the following information:

	
(i)
	
the Australian dollar equivalent of the current market price of shares in the same class as the Shares to which the offer relates; and

	
(ii)
	
the Australian dollar equivalent of the purchase price as if the purchase price formula were applied at the date of the Employee’s request.

For the purposes of paragraph 5.4(i), the current market price of a Share shall be taken as price published by the operator of the principal financial market on which the Share is quoted as the final price for the previous day on which the Share was traded on that financial market.  Please note that, for Australian tax purposes,
market value is defined differently.

 

	
5.5
	
Exchange rate for Australian Dollar Equivalent

 

For the purposes of clauses 5.3 and 5.4, the Australian dollar equivalent of the purchase price and of current market price of a Share are calculated by reference to the relevant exchange rate published by an Australian bank no earlier than the business day before the day to which the price relates.

	
5.6
	
General advice only

 

The Offer Document will include a statement to the effect that any advice given by the Company or an Australian Subsidiary in connection with the Offer is general advice only, and that Australian Offerees should consider obtaining their own financial product advice from an independent person who is licensed by ASIC to give such advice.

 

	
6.
	
RESTRICTION ON CAPITAL RAISING: 5% LIMIT

 

In the case of any Offer or invitation of unissued Shares (whether or not made contemporaneously with or as a consequence of an offer or award of options), the number of Shares that are the subject of the Offer or invitation to Australian residents when aggregated with:

	
(a)
	
the number of Shares in the same class which would be issued to Australian residents, were each outstanding offer or invitation or option to acquire unissued Shares under an employee share scheme of the Company to be accepted or exercised (as the case may be); and

 

	
(b)
	
the number of Shares in the same class issued to Australian residents during the previous five years under the Plan or any other employee share scheme extended only to employees (including directors) of the Company and its Associated Bodies Corporate;

 

but disregarding any offer or invitation made, or option acquired or Shares issued by way of, or as a result of:

	
(c)
	
an offer to a person situated at the time of receipt of the offer outside Australia; or

 

	
(d)
	
an offer that was an excluded offer or invitation within the meaning of the Corporations Law as it stood prior to 13 March 2000; or

 

  

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(e)
	
an offer that did not need disclosure to investors because of section 708 of the Corporations Act;

 

	
(f)
	
an offer that did not require the giving of a Product Disclosure Statement (within the meaning of the Corporations Act) because of section 1012D of the Corporations Act;

 

	
(g)
	
an offer made under a disclosure document or a Product Disclosure Statement,

 

must not exceed 5% of the total number of issued shares in that class of shares as at the time of the offer or invitation.

 

	
7.
	
NO LOAN OR FINANCIAL ASSISTANCE

 

Neither the Company, nor any Associated Body Corporate, may offer Australian Participants any loan or other financial assistance for the purpose of, or in connection with, the acquisition of the Shares to which the Offer relates.

	
8.
	
LODGEMENT OF OFFER DOCUMENT WITH THE ASIC

 

A copy of the Offer Document (which need not contain details of the Offer particular to the Offeree such as the identity of the Offeree) and each accompanying document must be provided to the ASIC not later than seven days after the first distribution of such documents to an Offeree.

	
9.
	
COMPLIANCE WITH UNDERTAKINGS

 

The Company or an Australian Subsidiary must comply with any undertaking required to be made in the Offer Document by reason of the Class Order, including the undertaking to provide pricing information on request.

	
10.
	
CONTRIBUTION PLAN

 

All Contributions from wages or salary made in connection with participation in the Plan must be authorized by an Offeree on the same form of application that is used in respect of the Offer or on a form that is included in or accompanies the Offer Document.

Any Contribution made by an Australian Participant as part of the Plan shall, prior to being used to purchase Shares, be held by the Company in trust for the Australian Participant in an account of an Australian ADI, which is established and kept by the Company solely for the purpose of depositing the Contributions made under the Plan.

An Australian Participant may elect to withdraw from participating in the Plan at any time during an Offering Period by giving written notice in the manner and form required by the Company.  As soon as practicable after receipt of notice of withdrawal, all money deposited with the Australian ADI in relation to that Australian
Participant that has not been applied to the purchase of Shares must be refunded to that Australian Participant (without interest).

*           *          *             *          *

 

 

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