Document:

exv10w2

 

Exhibit 10.2

FORM OF

RESTRICTED STOCK AGREEMENT

PURSUANT TO

THOMAS & BETTS CORPORATION EQUITY COMPENSATION PLAN

     This Restricted Stock Agreement (hereinafter “Agreement”) is made as of the
<<day>> day of <<month>>, <<year>>, by and between THOMAS &
BETTS CORPORATION (hereinafter “Corporation”), a Tennessee corporation, and
<<First_Name>><<Name>>, an employee of the Corporation (hereinafter
“Participant”).

     WHEREAS, the Corporation has adopted with the approval of its stockholders the Thomas & Betts
Corporation Equity Compensation Plan, attached as Appendix D to the 2004 Proxy Statement and as
amended from time to time thereafter (hereinafter “Plan”); and

     WHEREAS, the Committee under the Plan has awarded shares of the Corporation’s Common Stock to
the Participant;

     NOW, THEREFORE, in consideration of the foregoing, the mutual promises hereinafter set forth,
and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Corporation and the Participant, intending to be legally bound, hereby agree as
follows:

     1. Issuance of Restricted Stock. Subject to the terms and conditions hereinafter set
forth, the Corporation has awarded to Participant a total of
<<Grant>> shares of its
Common Stock, par value $.10 per share (hereinafter sometimes “Restricted Stock”). The shares of
Restricted Stock actually awarded pursuant to this award are evidenced by a certificate or
certificates registered in Participant’s name.

     2. Terms and Conditions. The terms and conditions of the Plan are incorporated by
reference herein, and to the extent that any conflict may exist between any term or provision of
this Agreement and any term or provision of the Plan, the term or provision of the Plan shall
control.

     3. Investment Representation. The Participant agrees that he is acquiring said shares
for his own account and not with a view to distribution thereof and that the shares of Restricted
Stock acquired by the Participant will not be sold except pursuant to an effective Registration
Statement under the Securities Act of 1933, as amended, or pursuant to an exemption from
registration under said Act.

     4. Restriction on Transfer. Except as otherwise provided pursuant to or in accordance
with the terms and provisions of this Agreement or the Plan, the shares of Restricted Stock shall
not be sold, exchanged, assigned, transferred or permitted to be transferred voluntarily,
involuntarily, or by operation of law, delivered, encumbered, discounted, pledged, hypothecated, or
otherwise disposed of for three years (“Restriction Period”).

     During the Restricted Period, certificates evidencing the Restricted Stock shall bear the
following legend:

“These shares have been issued pursuant to the Thomas & Betts
Corporation (“Corporation”) Equity Compensation Plan (“Plan”) and are
subject to forfeiture to the Corporation in accordance with the terms of the
Plan and an Agreement

 

 

between the Corporation and the person in whose name the certificate is
registered. These shares may not be sold, pledged, exchanged, transferred,
hypothecated or otherwise disposed of except in accordance with the terms of
said Plan and said Agreement.”

     5. Deposit of Restricted Stock. In order to induce the Corporation to issue to
the Participant the Restricted Stock, Participant consents to the deposit with the Secretary of the
Corporation or such other person designated by the Committee, the certificates evidencing the
Restricted Stock, together with stock powers or other instruments of transfer required by the
Corporation or its counsel appropriately endorsed in blank by him. Such deposits shall remain in
effect until the time the Restricted Stock is forfeited under and pursuant to the terms and
provisions of Section 6 hereof or until said Restricted Stock shall be released from restrictions
under the Plan and the Agreement.

     Participant consents to the appointment of the Secretary of the Corporation, in his official
capacity, and his successors in office, or any other person that may be appointed by the Committee
under the Plan as Escrow Agent for said shares during the Restricted Period. If during the
Restricted Period, Participant’s employment with the Corporation is terminated, and the Restricted
Stock is forfeited in accordance with Section 6, Participant authorizes the Escrow Agent to cause
such certificate or certificates to be canceled on the stock record books of the Corporation.
Participant agrees that the Escrow Agent is acting merely as a depository and shall have no
liability hereunder except as a depository to retain the Restricted Stock and to dispose of them in
accordance with the terms of this Agreement and the Plan. If the Escrow Agent is notified of any
adverse claim or demand by any person, he is hereby authorized to hold such certificates until the
dispute shall have been settled by the parties and notice submitted to him in writing by all
persons so interested, or until the rights of the parties have been finally adjudicated in a court
of competent jurisdiction. So long as the Restricted Stock is held in escrow, Participant shall be
entitled to all the rights of a stockholder with respect thereto except as may be limited by the
terms of the Plan and this Agreement.

     6. Forfeiture of Restricted Stock. Subject at all times to the provisions of this
Agreement, if the Participant incurs a Termination of Employment (as defined below) before the
shares of Restricted Stock have been released from the restrictions on transfer as set forth in
Section 4 hereof, such Restricted Stock shall be forfeited to the Corporation unless the Committee
shall determine in a particular case that such forfeiture would not be in the best interest of the
Corporation. For purposes of this Section 6, “Termination of Employment” shall mean termination of
the Participant’s employment with the Corporation for any reason whatsoever, whether voluntary or
involuntary, other than because of (a) the Participant’s death, (b), the Participant’s retirement
in accordance with the Corporation’s retirement practices and policies, or (c) the Participant’s
permanent disability. In the event the Committee, in its sole discretion, determines that the
Participant’s employment ceased on account of retirement or disability prior to the end of the
Restriction Period set forth in Section 4, the Restriction Period shall be deemed to have ended on
the later of such retirement or disability or six months after the date of this Agreement, as first
written above. If the Participant’s employment ceased by reason of death prior to the end of the
Restriction Period set forth in Section 4, the Restriction Period shall be deemed to have ended on
the date of the Participant’s death.

     7. Withholding of Taxes. The obligation to deliver shares of Common Stock upon
release from the restrictions on transfer (as set forth in Section 4 hereof) shall be subject to

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applicable federal, state and local tax withholding requirements. If the Participant has or
will make an election under Section 83(b) of the Internal Revenue Code, the obligation to register
certificate(s) in the Participant’s name shall be subject to applicable federal, state and local
tax withholding requirements. The Participant, subject to such withholding rules as shall be
adopted by the Committee, may elect to have Common Stock withheld to satisfy the minimum federal,
state and local tax withholding requirements.

     8. Delivery of Stock and Documents. In the event any shares of Restricted Stock are
forfeited to the Corporation, pursuant to the Plan or this Agreement, the Participant shall, to the
extent not already deposited with the Escrow Agent, deliver to the Escrow Agent the following: the
certificate or certificates representing the Restricted Stock duly endorsed for transfer and
bearing whatever documentary stamps, if any, are necessary, and such assignments, certificates of
authority, tax releases, consents to transfer, instruments, and evidences of title of the
Participant and of his compliance with this Agreement as may be reasonably required by the
Corporation or by its counsel.

     9. Employment of Participant. Nothing in this Agreement shall be construed as
constituting a commitment, guarantee, agreement, or understanding of any kind or nature that the
Corporation shall continue to employ the Participant, nor shall this Agreement affect in any way
the right of the Corporation to terminate the employment of the Participant at any time.

     10. Stock Distributions. Any shares of Common Stock of the Corporation received by a
Participant as a stock dividend, or as a result of stock splits, recapitalizations, combinations,
exchanges of shares, reorganizations, mergers, consolidations or otherwise which are derived
directly or indirectly from shares of Restricted Stock shall have the same status, be subject to
the same restrictions, and shall bear the same legend as the shares of Restricted Stock and shall
be delivered to the Escrow Agent to be held under the same terms and conditions as the Restricted
Stock.

     11. Non-Alienation. No Restricted Stock shall be subject to alienation, sale,
assignment, pledge, encumbrance or charge and any attempt to anticipate, alienate, sell, assign,
pledge, encumber or charge the same shall be void. No right or benefit hereunder shall in any
manner be liable for or subject to the debts, contracts, liabilities or torts of the person
entitled to such benefit.

     12. Rights of Stockholder. Subject to the terms and provisions of the Tennessee
Business Corporation Act and of this Agreement, the Participant shall have all the rights of a
stockholder of the Corporation with respect to the Restricted Stock, including the right to vote
the Restricted Stock and to receive all dividends or other distributions paid or made with respect
thereto.

     13. Change of Control. In the event the Corporation undergoes a change of control as
defined in Section 15(a) of the Plan, the rights of the Participant shall be governed by Section
15(b) of the Plan.

     14. Burden and Benefit. The terms and provisions of this Agreement shall be binding
upon, and shall inure to the benefit of, the Participant and his executors or administrators,
heirs, and personal and legal representatives.

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     15. Governing Law. This Agreement shall be construed and enforced in accordance with
the laws of the State of Tennessee (without regard to principles of conflicts of laws), except to
the extent such laws are preempted by federal law.

     16. Modifications. No change or modification of this Agreement shall be valid unless
it is written (or electronic) and signed by the parties hereto.

     17. Entire Agreement. This Agreement, together with the Plan, sets forth all of the
promises, agreements, conditions, understandings, warranties, and representations between the
parties hereto with respect to the shares of Restricted Stock, and there are no promises,
agreements, conditions, understandings, warranties, or representations, oral or written, express or
implied, between them with respect to the shares of Restricted Stock other than as set forth herein
or therein.

     18. Genders. The use of any gender herein shall be deemed to include the other gender
and the use of the singular herein shall be deemed to include the plural and vice versa, wherever
appropriate.

     19. Notices. Any and all notices required herein shall be addressed: (i) if to the
Corporation, to the principal executive office of the Corporation; and (ii) if to the Participant,
to his address as reflected in the stock records of the Corporation.

     20. Specific Performance. The parties hereto agree that the shares of Restricted
Stock are unique, that the Participant’s failure to perform the obligations provided by this
Agreement will result in irreparable damage to the Corporation, and that specific performance of
the Participant’s obligations may be obtained by a suit in equity.

     21. Invalid or Unenforceable Provisions. The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions hereof, and this
Agreement shall be construed in all respects as if the invalid or unenforceable provisions were
omitted.

     IN WITNESS WHEREOF, the Corporation and the Participant have executed this Agreement as of the
day and year first above written.

	 	 	 	 	 
	ATTEST:	 	THOMAS & BETTS CORPORATION
	 
	 	 	 	 
	

	 	By:	 	 
	 

	 	 	 	 
	Vice President-General Counsel and Secretary

	 	 	 	     President and Chief Executive Officer
	 
	 	 	 	 
	WITNESS:	 	PARTICIPANT:
	 
	 	 	 	 
	 	 	 
	 	 	<<First Name>><<Name>>

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Exhibit 10.3

FORM OF INCENTIVE STOCK OPTION AGREEMENT

PURSUANT TO

THOMAS & BETTS CORPORATION EQUITY COMPENSATION PLAN

     AN INCENTIVE STOCK OPTION is hereby granted, as of the date of grant set forth in the attached
Notice of Grant of Stock Option (the “Date of Grant”), to the executive identified in the attached
Notice of Grant of Stock Option (the “Optionee”) to purchase the number of shares of Common Stock,
par value $.10 per share, of Thomas & Betts Corporation, a Tennessee corporation (the
“Corporation”), set forth in the Notice of Grant of Stock Option. Such Option is in all respects
subject to the terms, definitions and provisions of the Thomas & Betts Corporation Equity
Compensation Plan, as amended from time to time (the “Plan”), which is incorporated herein by
reference.

1. Option Price

     The Option price for each share is set forth in the attached Notice of Grant of Stock Option
(being one hundred percent (100%) of the fair market value, as determined by the Committee, of the
Common Stock on the date of grant of this Option).

2. Exercise of Option

     This Option shall be exercisable in accordance with provisions of Section 9 of the Plan as
follows:

(i) Schedule of Rights to Exercise

     The Option shall become exercisable in three installments in accordance with the following
schedule and after the expiration of the following periods of time:

	 	 	 	 	 
	 	 	Portion of	 	Period from which
	Installment	 	Option Grant	 	Option Granted
	First

	 	One-third
	 	12 months
	Second

	 	One-third
	 	24 months
	Third

	 	One-third
	 	36 months

If the Optionee’s employment with the Corporation terminates prior to the date on which an
installment is scheduled to become exercisable, this Option shall not become exercisable with
respect to such installment(s), except as otherwise provided in the Plan.

(ii) Method of Exercise

     This Option, to the extent that it is exercisable, may be exercised by giving written notice
to the Corporate Human Resources Department or other designated person of the Corporation at its
principal office, or a designated broker, no later than the expiration date of the Option;
provided, however, that this Option may not be exercised for fewer than the lesser of 50 shares of
Common Stock or the full number of shares for which this Option is then exercisable. Such notice
shall include a statement of the number of shares with respect to which this Option is being
exercised and the exercise date, and, in the case of exercise through the Corporation, shall be
accompanied by full tender of the purchase price payable in cash.

(iii) Restrictions on Exercise

     This Option may not be exercised if the issuance of the shares upon such exercise would
constitute a violation of any applicable federal or state securities or other law or regulation.
As a condition to the exercise of this Option, the Corporation may require the person exercising
this Option to make any representation and warranty to the Corporation as may be required by any
applicable law or regulation.

3. Transferability of Option

     This Option may not be transferred by the Optionee otherwise than by will or by the laws of
descent and distribution. During the lifetime of the Optionee, this Option shall be exercisable
only by the Optionee, or by a duly appointed legal representative.

 

 

4. Term of Option

     This Option may not be exercised more than ten (10) years from the Date of Grant of this
Option and may be exercised during such term only in accordance with the Plan and the terms of this
Option. As set forth in the Plan, this Option may terminate prior to the scheduled expiration date
in the event the Optionee’s employment with the Corporation terminates prior to the scheduled
expiration date (for example, as early as 60 days after certain terminations of employment).

5. Disqualifying Disposition; Other ISO Provisions

     This Option is intended to qualify, to the maximum extent permissible, as an incentive stock
option (“ISO”) as that term is defined in section 422(b) of the Internal Revenue Code of 1986, as
amended. In the event this Option remains exercisable and the Optionee exercises this Option more
than one year after the date the Optionee’s employment is terminated by reason of disability, or
more than three months after the date the Optionee’s employment is terminated for any reason other
than death or disability, this Option shall be treated as a nonqualified stock option. The
Optionee agrees to give written notice to the Corporation, at its principal office, if a
“disposition” of the shares of Common Stock acquired through exercise of this Option occurs at any
time within two years after the Date of Grant of this Option or within one year after the transfer
to the Optionee of the shares.

6. Successors

     The terms of this Option shall be binding upon the heirs, personal representatives and
successors of the Optionee and upon the Corporation and its successors and assigns.

7. Governing Law

     This Option shall be construed and enforced in accordance with the laws of the State of
Tennessee (without regard to principles of conflicts of laws), except to the extent such laws are
preempted by federal law.

8. Termination Protection Agreement

     Notwithstanding any provision of the Plan or any other provision of this Agreement (including
the Optionee Acknowledgment set forth in the Notice of Grant of Stock Option) to the contrary, this
Option shall be subject to the provisions of the Termination Protection Agreement, if any, in
effect between the Optionee and the Corporation.

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