Document:

exv10w48

 

Exhibit 10.48

SPECIMEN

AMENDMENT NO. 2 TO THE SEVERANCE AGREEMENT

BETWEEN SEABULK INTERNATIONAL, INC. AND [                    ]

DATED AS OF APRIL 18, 2005

     This Amendment to the Severance Agreement by and between Seabulk International, Inc., a
Delaware corporation (the “Company”), and [                                        ](“Executive”), dated as of [] (the “Agreement”), is entered into as of the 18th day of April, 2005.

     WHEREAS, the Compensation Committee of the Board of Directors of the Company authorized this
amendment on April 18, 2005;

     NOW, THEREFORE, in consideration of the mutual covenants and the mutual benefits provided in
the Agreement, the receipt and sufficiency of which are hereby acknowledged, the Company and
Executive hereby amend the Agreement as set forth below:

     1. The following new subparagraph (c) shall be added to Paragraph 3 of the Agreement:

               “(c) Pay Executive a lump sum cash payment in respect of his accrued but unused vacation days
(if any) for the year of termination on or before the fifth day after the last day of Executive’s
employment with the Company.”

     2. The following new subparagraph (e) shall be added to Paragraph 4 of the Agreement:

               “(e) Pay Executive a lump sum cash payment in respect of his accrued but unused
vacation days (if any) for the year of termination on or before the fifth day after
the last day of Executive’s employment with the Company. Further, if Executive’s
employment with the Company terminates prior to the payment of incentive awards
under the Company’s Management Annual Incentive Compensation Plan (“MAICP”) for the
2005 calendar year, the Company shall also pay Executive, on or before the fifth day
after the last day of Executive’s employment with the Company, a lump sum cash
payment equal to 100% of the 2005 maximum incentive award specified for Executive
under the MAICP multiplied by a fraction, the numerator of which shall be the number
of days Executive was employed by the Company during calendar year 2005 and the
denominator of which shall be 365.”

     3. As so amended, the Agreement remains in full force and effect.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment No. 2 to be duly
executed and delivered as of the day and year first written above.

	 	 	 	 	 
	

	 	 	 	SEABULK INTERNATIONAL, INC.
	 

	 	 	 	 
	 	 	 	 	 
	EXECUTIVE

	 	 	 	By:Rights Agreement

 

Exhibit 4.2

AMENDMENT

TO

RIGHTS AGREEMENT

     THIS AMENDMENT TO RIGHTS AGREEMENT (“Amendment”), is made as of April 18, 2005, by and between
Mayor’s Jewelers, Inc.. f/k/a Jan Bell Marketing, Inc., a Delaware corporation (the “Company”), and
SunTrust Bank, f/k/a SunTrust Bank, Atlanta (the “Rights
Agent”).

     WHEREAS, the Company and the Rights Agent are parties to a Rights Agreement dated as of
November 21, 1996 (the “Rights Agreement”), pursuant to which the Board of Directors of the Company
authorized and declared a dividend of one preferred share purchase right (a “Right”) for each share
of common stock of the Company outstanding on December 6, 1996 and authorized the issuance of one
Right with respect to each additional common share issued by the Company thereafter;

     WHEREAS, subject to the terms and conditions set forth herein the parties have agreed to amend
the Rights Agreement to provide that it does not apply to the transactions contemplated by the
terms of that certain Agreement and Plan of Merger and Reorganization, dated April 2005, among the
Company, Henry Birks & Sons Inc., and Birks Merger Corporation (the “Merger Agreement”), and that
the Rights Agreement will terminate and the Rights will expire, each at the Effective Time (as
defined in the Merger Agreement) of the merger;

     WHEREAS, the parties desire to amend the terms and conditions of the Rights Agreement as
hereinafter set forth; and

     NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

	 	1.  	Definitions. Unless otherwise expressly provided herein, all capitalized terms
used herein without definition shall have the meanings given to such terms in the Rights
Agreement.
	 
	 	2.  	Amendments.

	 	a.  	The definition of “Acquiring Person” in Section 1 of the Rights
Agreement is hereby amended by inserting the following new sentence at the end
thereof:

	 	   	“Notwithstanding the foregoing or anything herein to the contrary, none of Henry Birks &
Sons Inc., Birks Merger Corporation, or any of

 

 

	 	   	their shareholders shall be deemed “Acquiring Persons” as a result of the Company’s
entering into that certain Agreement and Plan of Merger and Reorganization, dated April
2005, among the Company, Henry Birks & Sons Inc., and Birks Merger Corporation (the
“Merger Agreement”) (the “Merger”).”

	 	b.  	The definition of “Final Expiration Date” in Section 1 of the Rights
Agreement is hereby amended in its entirety to read as follows:
	 
	 	   	“Final Expiration Date” shall mean the earlier of (i) the Effective Time (as defined in
the Merger Agreement) of the Merger or (ii) November 21, 2006. On the Final Expiration
Date, this Agreement shall terminate and be of no further force or effect.”
	 
	 	c.  	The fourth paragraph of Exhibit C to the Rights Agreement shall be
amended in its entirety to read as follows:
	 
	 	   	“The Rights are not exercisable until the Distribution Date. The Rights will expire on
the earlier of (i) the Effective Time (as defined in the Merger Agreement) of the Merger
or (ii) November 21, 2006 (the “Final Expiration Date”), unless the Final Expiration
Date is extended or unless the Rights are earlier redeemed by the Company, in each case,
as described below.”

	 	3.  	Further Assurances. The parties mutually agree to cooperate, adjust, initial,
re-execute and re-deliver any and all documents if deemed necessary or desirable in the
reasonable discretion of the parties.
	 
	 	4.  	Full Force and Effect. All of the provisions of the Rights Agreement shall
continue in full force and effect except as expressly modified by this Amendment.
	 
	 	5.  	Counterparts. The parties may sign this Amendment, which may be delivered by
facsimile, in counterparts. Each signed counterpart will be an original; and all of them
constitute one and the same agreement.

 

 

     NOW THEREFORE, the parties have entered into this Amendment effective as of the date first
above written.

	 	 	 	 	 
	 	MAYOR’S JEWELERS, INC.

 	 
	 	By:  	/s/ Marc Weinstein
 	 
	 	 	Name:  	Marc Weinstein 	 
	 	 	Title:  	Senior Vice President &
Chief Administrative Officer 	 
	 

	 	 	 	 	 
	 	SUNTRUST BANK

 	 
	 	By:  	/s/ Letitia Radford
 	 
	 	 	Name:  	Letitia Radford 	 
	 	 	Title:  	Vice PresidentEX-10.1

 

Exhibit 10.1

PARK NATIONAL CORPORATION

2005 INCENTIVE STOCK OPTION PLAN

     1. Purpose. The Park National Corporation 2005 Incentive Stock Option Plan (this
“Plan”) is intended as an incentive to encourage stock ownership by Key Employees of Park National
Corporation (the “Company”) and its Subsidiaries by granting such Key Employees incentive stock
options to purchase Common Shares of the Company so that they may acquire or increase and retain a
proprietary interest in the long-term growth and financial success of the Company and its
Subsidiaries. This Plan is intended to promote and advance the interests of the Company and its
shareholders by encouraging such Key Employees to enter into or remain in the employment of the
Company and/or its Subsidiaries and to put forth maximum efforts for the long-term growth and
financial success of the Company and its Subsidiaries.

     2. Definitions. For purposes of this Plan, the following terms when capitalized shall
have the meanings designated in this Section 2 unless a different meaning is plainly required by
the context. Where applicable, the masculine pronouns shall include the feminine and the singular
shall include the plural.

     (A) “Beneficiary” shall mean the person a Participant designates to receive (or
exercise) any benefits (or rights) under this Plan that have not been received (or are
unexercised) when the Participant dies. A Beneficiary may be designated only by following
the procedures described in Section 12 of this Plan. Neither the Company nor the Committee
is required to infer a Beneficiary from any other source.

     (B) “Board” shall mean the Board of Directors of the Company.

     (C) “Cause” shall mean with respect to any Participant:

     (i) The Participant’s conviction of, or entering into a plea of nolo contendere
to, any crime (whether or not involving the Company or any Subsidiary) constituting
a felony in the jurisdiction involved;

     (ii) Conduct of the Participant related to the Participant’s employment for
which criminal penalties, civil penalties or administratively imposed sanctions or
orders against the Participant or the Company or any Subsidiary may be sought or
imposed;

     (iii) Material violation by the Participant of the policies of the Company or
any Subsidiary including, without limitation, those set forth in the Company’s Code
of Business Conduct and Ethics or in manuals or other statements of policies of the
Company or any Subsidiary;

 

 

     (iv) Serious neglect or misconduct in the performance of the Participant’s
duties for the Company or any Subsidiary or willful or repeated failure or refusal
to perform such duties; or

     (v) Breach of any written covenant or agreement with the Company or any
Subsidiary, including the terms of this Plan.

     (D) A “Change in Control” shall mean the occurrence of any one of the following:

     (i) Any “person,” including a “group” (as such terms are used in Subsections
13(d) and 14(d) of the Exchange Act and the rules thereunder, but excluding the
Company, any Subsidiary of the Company or any employee benefit plan of the Company
or any Subsidiary of the Company) becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of, or acquires the power to
direct, directly or indirectly, the exercise of voting power with respect to,
securities which represent 50% or more of the combined voting power of the Company’s
outstanding securities thereafter; or

     (ii) The shareholders of the Company approve a merger or consolidation of the
Company with or into another entity, in which the Company is not the continuing or
surviving entity or pursuant to which any Common Shares would be converted into
cash, securities or other property of another entity, other than a merger or
consolidation in which holders of Common Shares immediately prior to the merger or
consolidation have the same proportionate ownership of securities of the surviving
entity immediately after the merger or consolidation as they had of Common Shares of
the Company immediately before the merger or consolidation; or

     (iii) The shareholders of the Company approve an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets (or
any transaction having a similar effect).

     (E) “Code” shall mean the Internal Revenue Code of 1986, as amended, and any
regulations issued under the Code and any applicable rulings issued under the Code.
References to a particular section of the Code shall include references to successor
provisions.

     (F) “Committee” shall mean the Compensation Committee of the Board or such other
committee of at least three persons, as may be appointed by the Board from time to time to
serve at the pleasure of the Board. The Committee shall be comprised of at least three
individuals each of whom is (a) an outside director, as defined in Treasury Regulations
Section 1.162-27(e)(3)(i) and (b) a “non-employee” director within the meaning of Rule 16b-3
under the Exchange Act and (c) an “independent director” as that term is defined in the
corporate governance rules of the national securities exchange or

-2-

 

other recognized market or quotation system upon or through which the Common Shares are
then listed or traded.

     (G) “Common Shares” shall mean the common shares, without par value, of the Company.

     (H) “Company” shall mean Park National Corporation, an Ohio corporation, and any and
all successors to it.

     (I) “Disability” shall mean a disability within the meaning of Subsection 22(e)(3) of
the Code.

     (J) “Employee” shall mean any individual who, on the applicable Grant Date, is a common
law employee of the Company or any Subsidiary. An individual who is classified as other
than a common law employee but who is subsequently reclassified as a common law employee of
the Company or any Subsidiary for any reason and on any basis shall be treated as a common
law employee only from the date of that determination and shall not retroactively be
reclassified as an Employee for any purpose of this Plan.

     (K) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any
successor statute.

     (L) “Exercise Price” shall mean the price at which an Incentive Option may be
exercised.

     (M) The “Fair Market Value” of a Common Share on any relevant date for purposes of any
provision of this Plan shall be determined as follows:

     (i) if the Common Shares are traded on a national securities exchange or other
recognized market or quotation system, the reported “closing price” on the relevant
date, if it is a trading day; otherwise, on the next preceding trading day on which
a sale was transacted; or

     (ii) if the Common Shares are traded over-the-counter with no reported closing
price, the mean between the lowest bid and the highest asked prices on that
quotation system on the relevant date if it is a trading day; otherwise, on the next
preceding trading day on which a sale was transacted; or

     (iii) if neither clause (i) nor clause (ii) applies, the fair market value as
determined by the Committee in good faith.

     (N) “Grant Date” shall mean the date an Incentive Option is granted to a Participant.

     (O) “Incentive Option” shall mean an option granted under this Plan which meets the
conditions for an “incentive stock option” imposed under Subsection 422(b) of the Code. To
the extent permitted by applicable laws, rules and regulations, any

-3-

 

provisions in this Plan or in any such Incentive Option which would prevent such option
from being an incentive stock option may be deleted and/or voided retroactively to the date
of the granting of such option, by the action of the Committee; and the Committee may
retroactively add provisions to this Plan or to any Incentive Option if necessary to qualify
such option as an incentive stock option. During any single Plan Year, no Participant may
be granted Incentive Options covering more than 2,000 Common Shares (adjusted as provided in
Section 4 of this Plan, including Incentive Options that are cancelled (or deemed to have
been cancelled under Treasury Regulations Section 1.162-27(e)(2)(vi)(B)) during the Plan
Year granted.

     (P) “Key Employee” shall mean any Employee of the Company and/or any Subsidiary who, in
the opinion of the Committee, has demonstrated a capacity for contributing in substantial
measure to the success of the Company and its Subsidiaries.

     (Q) “Normal Retirement” shall mean Termination of a Key Employee on or after the date
the Key Employee has attained age sixty-two (62).

     (R) “Option Agreement” shall mean the written agreement between the Company and each
Participant that describes the terms and conditions of each Incentive Option.

     (S) “Participant” shall mean a Key Employee selected by the Committee to receive
Incentive Options granted under this Plan.

     (T) “Plan” shall mean the Park National Corporation 2005 Incentive Stock Option Plan,
as amended.

     (U) “Plan Year” shall mean the Company’s fiscal year.

     (V) “Subsidiary” shall mean a corporation which is a “subsidiary corporation” of the
Company as that term is defined in Subsection 424(f) of the Code.

     (W) “Termination” or “Terminated” shall mean cessation of the employee-employer
relationship between an Employee and the Company and all Subsidiaries for any reason.

     3. Eligibility. Any Key Employee, including those Key Employees who are officers of
the Company, shall be eligible to receive Incentive Options pursuant to this Plan if selected as a
Participant. More than one Incentive Option may be granted to a Key Employee.

     4. Common Shares Subject to Plan. Incentive Options may be granted under this Plan
only for the purchase of Common Shares of the Company. The Common Shares to be issued and
delivered by the Company upon exercise of Incentive Options granted under this Plan may consist of
either Common Shares currently held or Common Shares subsequently acquired by the Company as
treasury shares, including Common Shares purchased in the open market or in private transactions.
The aggregate number of Common Shares for which Incentive Options may be granted under this Plan
shall be 1,500,000. If, during the term of this Plan, there is a

-4-

 

dividend or split in respect of the Common Shares, recapitalization (including, without
limitation, the payment of an extraordinary dividend), merger, consolidation, combination,
spin-off, distribution of assets to shareholders, exchange of shares, or other similar corporate
change affecting the Common Shares, the Committee shall appropriately adjust (A) the number of
Common Shares which may be delivered under this Plan; (B) the number of Common Shares subject to
outstanding Incentive Options as well as any share-based limits imposed under this Plan; (C) the
respective Exercise Prices and other limitations applicable to outstanding Incentive Options; and
(D) any other factors, limits or terms affecting any outstanding Incentive Options. If any
outstanding Incentive Option under this Plan for any reason expires or is terminated without having
been exercised in full, the Common Shares allocable to the unexercised portion of such Incentive
Option shall (unless this Plan shall have been terminated) become available for subsequent grants
of Incentive Options under this Plan. No Incentive Option may be granted under this Plan which
could cause any share-based limit under this Plan to be exceeded.

     5. Administration of Plan.

     (A) This Plan shall be administered by the Committee.

     (B) The Committee shall select the Participants to be granted Incentive Options from
among the Key Employees and shall grant to such Participants Incentive Options under, and in
accordance with, the provisions of this Plan.

     (C) Subject to the express provisions of this Plan, the Committee shall have the
authority to adopt administrative regulations and procedures which are consistent with the
terms of this Plan; to adopt and amend such Option Agreements as it deems it advisable; to
determine the terms and provisions of such Option Agreements (including the number of Common
Shares with respect to which Incentive Options are granted to a Participant who is a Key
Employee, the Exercise Price for each Incentive Option and the date or dates when each
Incentive Option or parts of it may be exercised) — which terms shall comply with the
requirements of Section 6 of this Plan; to construe and interpret such Option Agreements; to
impose such limitations and restrictions as are deemed necessary or advisable by counsel for
the Company so that compliance with the Federal securities laws and with the securities laws
of the various states may be assured; and to make all other determinations necessary or
advisable for administering this Plan. Decisions by the Committee may be made either by a
majority of its members at a meeting of the Committee duly called and held or without a

meeting by a writing or writings signed by all of the members of the Committee. All
decisions and interpretations made by the Committee shall be binding and conclusive on all
Participants and their guardians, legal representatives and Beneficiaries. No member of the
Board or of the Committee shall be liable for any action or determination made in good faith
with respect to this Plan or any Incentive Option granted under it.

     (D) With respect to Key Employees subject to Section 16 of the Exchange Act,
transactions under this Plan are intended to comply with all applicable conditions of Rule
16b-3 under the Exchange Act. To the extent any provision of this Plan or action by the
Committee fails to so comply, it shall be deemed null and void, to the extent

-5-

 

permitted by applicable laws, rules and regulations and deemed advisable by the
Committee.

     (E) The Committee may designate any officers or Employees of the Company or any
Subsidiary to assist the Committee in the administration of this Plan but the Committee may
not delegate to them duties imposed on the Committee under this Plan or any applicable law,
rule or regulation.

     (F) Regardless of any other provision of this Plan, neither the Company nor the
Committee may “reprice” (as defined under rules adopted by the national securities exchange
or other recognized market or quotation system upon or through which the Common Shares then
are listed or traded) any Incentive Option without the prior approval of the shareholders of
the Company.

     6. Terms and Conditions of Incentive Options. Incentive Options granted under this
Plan shall contain such terms as the Committee shall determine subject to the following limitations
and requirements:

     (A) Exercise Price: Subject to the limitations of Subsection 6(G) below, the Exercise
Price per Common Share of each Incentive Option shall be equal to the Fair Market Value of
the Company’s Common Shares on the Grant Date of such Incentive Option.

     (B) Period within which Incentive Option may be exercised: Subject to the limitations
of Subsections 6(C), 6(H), and 6(I) below, each Incentive Option granted under this Plan
shall terminate and cease to be exercisable on the fifth anniversary of the day immediately
preceding the Grant Date of such Incentive Option.

     (C) Effect of Termination of Participant: If a Participant is Terminated for any
reason other than the death, Disability or Normal Retirement of the Participant, all of such
Participant’s Incentive Options shall be forfeited effective immediately upon such
Termination of the Participant. If the Termination was due to the Normal Retirement of the
Participant, all Incentive Options of the Participant that are then outstanding (whether or
not then fully vested and exercisable) will become fully vested and exercisable by the
Participant and may be exercised at any time before the earlier to occur of the expiration
date of the Incentive Options specified in the respective Option Agreements or three months
beginning on the last day of employment. If the Termination was due to the death of a
Participant who was an Employee of the Company and/or any Subsidiary at the time of the
Participant’s death, all Incentive Options of the Participant that are then outstanding
(whether or not then fully vested and exercisable) will become fully vested and exercisable
and may be exercised by the Participant’s Beneficiary at any time before the earlier to
occur of the expiration date of the Incentive Options specified in the respective Option
Agreements or 12 months beginning on the date of death. If the Termination was due to the
Disability of the Participant, all Incentive Options of the Participant that are then
outstanding (whether or not then fully vested and exercisable) will become fully vested and
exercisable and may be exercised by the Participant at any

-6-

 

time before the earlier to occur of the expiration date of the Incentive Options
specified in the respective Option Agreements or 12 months beginning on the last day of
employment.

     (D) Non-transferability: No Incentive Option granted under this Plan may be
transferred, pledged, assigned, alienated, hypothecated or otherwise disposed of, except by
will or the laws of descent and distribution. An Incentive Option granted under this Plan
shall be exercisable, during a Participant’s lifetime, only by the Participant, the
Participant’s guardian or the Participant’s legal representative.

     (E) Aggregate annual limit on Incentive Options: The aggregate Fair Market Value
(determined as of the Grant Date of the Incentive Option) of the Common Shares with respect
to which Incentive Options are exercisable for the first time by any Participant during any
calendar year under this Plan and all other option plans of the Company and its Subsidiaries
shall not exceed $100,000 (or other amount specified in Code Section 422(d))).

     (F) Partial exercise: Unless otherwise provided in the applicable Option Agreement,
any exercise of an Incentive Option granted under this Plan may be made in whole or in part;
provided, however, that no single purchase of Common Shares upon exercise of an Incentive
Option shall be for less than the lesser of (i) 200 Common Shares or
(ii) the full number of Common Shares for which the Incentive Option is then exercisable.

     (G) 10% shareholder: If a Participant owns [for purposes of Subsection 424(d) of the
Code] stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company or any of its Subsidiaries, then each Incentive Option granted under
this Plan to such Participant shall by its terms fix the Exercise Price per Common Share to
be at least 110% of the Fair Market Value of the Common Shares on the Grant Date of such
Incentive Option.

     (H) Exercisability: Incentive Options granted to Key Employees under this Plan shall
be exercisable at such times and subject to such restrictions and conditions as the
Committee may impose at the time of grant of such Incentive Options.

     (I) Limits on exercisability/forfeiture of exercised incentive options: Regardless of
any other provision of this Plan and unless the Committee specifies otherwise in the Option
Agreement, a Participant who fails to comply with Subsections (I)(iii) through (ix) below
will:

     (i) Forfeit all outstanding Incentive Options; and

     (ii) Forfeit all Common Shares acquired upon the exercise of any Incentive
Options on the date of Termination or within six months before and five years after
Terminating.

     The forfeitures described in Subsections (I)(i) and (ii) above will apply if the
Participant:

-7-

 

     (iii) Without the Committee’s written consent, which may be withheld for any
reason or for no reason, serves (or agrees to serve) as an officer, director,
consultant or employee of any proprietorship, partnership, corporation, limited
liability company, association or other entity or becomes the owner of a business or
a partner or member of a partnership, limited liability company, association or
other entity that competes with any portion of the Company’s (or a Subsidiary’s)
business with which the Participant has been involved at any time within five years
before Termination or renders any service (including, without limitation, business
consulting) to entities that compete with any portion of the Company’s (or a
Subsidiary’s) business with which the Participant has been involved at any time
within five years before Termination;

     (iv) Refuses or fails to consult with, supply information to or otherwise
cooperate with the Company or any Subsidiary after having been requested to do so;

     (v) Deliberately engages in any action that the Committee concludes has caused
substantial harm to the interests of the Company or any Subsidiary;

     (vi) Without the Committee’s written consent, which may be withheld for any
reason or for no reason, on the Participant’s own behalf or on behalf of any other
person, partnership, corporation, limited liability company, association or other
entity, solicits or in any manner attempts to influence or induce any employee of
the Company or any Subsidiary to leave the Company’s or Subsidiary’s employment or
uses or discloses to any person, partnership, corporation, limited liability
company, association or other entity any information obtained while an employee or
director of the Company or any Subsidiary concerning the names and addresses of the
Company’s or any Subsidiary’s employees;

     (vii) Without the Committee’s written consent, which may be withheld for any
reason or for no reason, discloses confidential and proprietary information relating
to the Company’s or any Subsidiary’s business affairs (“Trade Secrets”), including
technical information, information about services provided and business and
marketing plans, strategies, customer information and other information concerning
the Company’s or any Subsidiary’s services, promotions, development, financing,
expansion plans, business policies and practices, salaries and benefits and other
forms of information considered by the Company or any Subsidiary to be proprietary
and confidential and in the nature of Trade Secrets;

     (viii) Fails to return all property (other than personal property), including
keys, notes, memoranda, writings, lists, files, reports, customer lists,
correspondence, tapes, disks, cards, logs, machines, technical data, or any other
tangible property or document and any and all copies, duplicates or reproductions
that have been produced by, received by or otherwise been submitted to the
Participant in the course of the Participant’s service with the Company or any
Subsidiary; or

-8-

 

     (ix) Engaged in conduct that the Committee reasonably concludes would have
given rise to a Termination for Cause had it been discovered before the Participant
Terminated.

     (J) Restrictions on resale or other disposition: At the time of exercise of any
Incentive Option, the Participant exercising such Incentive Option shall enter into an
agreement with the Company pursuant to which the Common Shares acquired upon the exercise of
the Incentive Option may not be sold, transferred, pledged, assigned, alienated,
hypothecated or otherwise disposed of by the Participant to any person other than the
Company or a Subsidiary for a period of five years after the date of exercise; provided,
however, that this restriction shall not apply in the event of the exercise of an Incentive
Option following the death, Disability or Normal Retirement of a Participant. In the event
that a Participant who acquired Common Shares upon the exercise of an Incentive Option
subsequently Terminates by reason of death, Disability or Normal Retirement, the
restrictions of this Subsection 6(J) shall immediately cease to apply. In the event that a
Participant who acquired Common Shares upon the exercise of an Incentive Option subsequently
Terminates for any reason other than death, Disability or Normal Retirement, and such
Participant desires to sell or otherwise dispose of the Common Shares so acquired prior to
the termination of the five-year restriction period contemplated by this Subsection 6(J),
such Participant shall submit a written request to the Company to purchase such Common
Shares at a purchase price equal to the lesser of the Exercise Price at which such Common
Shares were purchased or the Fair Market Value of the Common Shares on the date such
individual Terminated, and the Participant shall be obligated to sell, and the Company shall
be obligated to purchase, the Common Shares subject to such written request at the purchase
price determined in accordance with this sentence.

     7. Period for Granting Incentive Options. No Incentive Options shall be granted under
this Plan subsequent to the tenth anniversary of the day prior to the date on which this Plan is
adopted by the Board.

     8. No Effect Upon Employment Status. The fact that an Employee has been designated a
Key Employee or selected as a Participant shall not limit or otherwise qualify the right of the
Employee’s employer to terminate the Employee at any time.

     9. Method of Exercise. An Incentive Option granted under this Plan may be exercised
only by written notice to the Committee, signed by the Participant, or in the event of a
Participant’s death, by the Participant’s Beneficiary. The notice of exercise shall state the
number of Common Shares in respect of which the Incentive Option is being exercised, and shall be
accompanied by the payment in cash or by check payable to the order of the Company of an amount
equal to the Exercise Price for the Common Shares being purchased, all in accordance with such
regulations, procedures and determinations as may be adopted by the Committee pursuant to
Subsection 5(C) above. A certificate or certificates for the Common Shares purchased upon the
exercise of an Incentive Option shall be issued in regular course after the exercise of the
Incentive Option and payment therefor. No person entitled to exercise any Incentive Option granted
under this Plan shall have any of the rights or privileges of a

-9-

 

shareholder with respect to any Common Shares issuable upon exercise of such Incentive Option
until a certificate or certificates representing such Common Shares shall have been issued and
delivered.

     10. Implied Consent of Participants. Every Participant, by acceptance of an Incentive
Option under this Plan, shall be deemed to have consented to be bound, on the Participant’s own
behalf and on behalf of the Participant’s Beneficiaries or guardian or legal representative, by all
of the terms and conditions of this Plan.

     11. Effect of Change in Control. Upon the occurrence of a Change in Control, all
Incentive Options then outstanding under this Plan shall become fully vested and exercisable,
whether or not then otherwise exercisable, and each affected Participant will receive, upon payment
of the Exercise Price, securities or cash, or both, equal to those the Participant would have been
entitled to receive under this Plan or any applicable Option Agreement if the Participant had
already exercised the Incentive Options.

     12. Beneficiary Designation. Each Participant may name a Beneficiary or Beneficiaries
(who may be named contingently or successively) to receive any benefits or to exercise any vested
Incentive Option under this Plan that has not been received or is unexercised at the Participant’s
death. Each designation made will revoke all prior designations made by the same Participant, must
be made on a form prescribed by the Committee and will be effective only when filed in writing with
the Committee. If a Participant has not made an effective Beneficiary designation, the deceased
Participant’s Beneficiary will be the deceased Participant’s surviving spouse or, if none, the
deceased Participant’s estate. The identity of a Participant’s designated Beneficiary will be
based only on the information included in the latest beneficiary designation form completed by the
Participant and will not be inferred from any other evidence.

     13. Company Responsibility. All expenses of this Plan, including the cost of
maintaining records, shall be borne by the Company. The Company shall have no responsibility or
liability (other than under applicable securities laws) for any act or thing done or left undone
with respect to the price, time, quantity or other conditions and circumstances of the purchase of
Common Shares under the terms of this Plan, so long as the Company acts in good faith.

     14. Requirements of Law. The grant of Incentive Options and the issuance of Common
Shares upon the exercise of Incentive Options pursuant to the terms of this Plan shall be subject
to all applicable laws, rules and regulations and to all required approvals of any governmental
agencies or national securities exchange, market or other quotation system. Also, no Common Shares
will be issued under this Plan unless the Company is satisfied that the issuance of those Common
Shares will comply with all applicable federal and state securities laws. Certificates for Common
Shares delivered under this Plan may be subject to any stock transfer orders and other restrictions
that the Committee believes to be advisable under the rules, regulations and other requirements of
the United States Securities and Exchange Commission, any national securities exchange or other
recognized market or quotation system upon or through which the Common Shares are then listed or
traded, or any other applicable federal or state securities law. The Committee may cause a legend
or legends to be placed on any certificates

-10-

 

issued under this Plan to make appropriate reference to restrictions within the scope of this
Section 14.

     15. Option Agreement. Each Participant receiving an Incentive Option under this Plan
shall enter into an Option Agreement with the Company in the form specified by the Committee
agreeing to the terms and conditions of the Incentive Option and such related matters as the
Committee shall, in its sole discretion, determine.

     16. Amendment, Suspension and Termination of Plan. The Board or the Committee may
amend or suspend this Plan from time to time or terminate this Plan at any time without the
approval of the shareholders of the Company except to the extent that shareholder approval is
required to satisfy applicable requirements imposed by (A) Rule 16b-3 under the Exchange Act, or
any successor rule or regulation, (B) applicable provisions of the Code or (C) any national
securities exchange or other recognized market or quotation system upon or through which any of the
Company’s equity securities are then listed or traded. No such action to amend, suspend or
terminate the Plan shall reduce the then existing number of any Participant’s Incentive Options or
adversely change the terms or conditions thereof without the Participant’s consent. If the Plan is
terminated, any unexercised Incentive Option shall continue to be exercisable in accordance with
the terms of such Incentive Option.

     17. Effective Date. This Plan was adopted by the Board on January 18, 2005, and shall
be effective on the date this Plan is approved by the Company’s shareholders. No Incentive Options
may be granted under this Plan prior to the approval of this Plan by the shareholders of the
Company.

     18. Governing Law. This Plan and all actions taken hereunder shall be governed by and
construed in accordance with the laws (other than laws governing conflicts of laws) of the United
States of America and the State of Ohio.

-11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]