Document:

exv10w2

 

Exhibit 10.2

FIRST AMENDMENT

TO

AMENDED AND RESTATED

2000 STOCK OPTION AND INCENTIVE PLAN

OF

EVERGREEN SOLAR, INC.

     Pursuant to the powers reserved to it in Section 9(e) of the Amended and Restated 2000 Stock
Option and Incentive Plan of Evergreen Solar, Inc. (the “Plan”), the Board of Directors (the
“Board”) of Evergreen Solar, Inc. (the “Company”) hereby amends the Plan as set forth below.
Capitalized terms not defined herein shall have the meaning specified in the Plan.

     (a) Section 3(a) of the Plan is hereby amended by inserting “, Restricted Stock Units”
between the phrases “Stock Appreciation Rights” and “or other share-based Awards” in the fifth
sentence thereof.

     (b) The Plan is hereby amended by inserting a new Section 8 as follows and renumbering the
current Sections 8 and 9 as Sections 9 and 10:

     “8. Restricted Stock Units.

     a. GRANT. Subject to the terms and conditions of the Plan, Restricted
Stock Units (“RSUs”) in the form of phantom stock units may be granted to
Participants at any time and from time to time as shall be determined by the
Board, in its sole discretion. The Board shall have complete discretion in
determining the number of RSUs granted to each Participant.

     b. TERMS AND CONDITIONS. The Board shall determine the restrictions and
conditions applicable to each Award of RSUs at the time of grant. Conditions
may be based on continuing employment (or other service relationship) and/or
achievement of pre-established performance goals and objectives. The grant of
an Award of RSUs is contingent on the grantee executing a written award
agreement (an “RSU Award Agreement”). The terms and conditions of each such RSU
Award Agreement shall be determined by the Board, and such terms and conditions
may differ among individual Awards and grantees. To the extent that an Award of
RSUs is subject to Section 409A of the Code (“Section 409A”), it may contain
such additional terms and conditions as the Board shall determine in its sole
discretion in order for such Award to comply with the requirements of Section
409A. At the end of any deferral period applicable to an Award of RSUs, such
RSUs, to the extent vested, shall be settled in the form of shares of Common
Stock.

     c. RIGHTS AS A STOCKHOLDER. A Participant shall have the rights as a
stockholder only as to shares of Common Stock acquired by the Participant upon
settlement of an award of RSUs; provided that the Participant may, in the
Board’s sole discretion, be credited with dividends or dividend equivalent
rights with respect to the phantom stock units underlying the Participant’s
RSUs, subject to such terms and conditions as the Board may determine.

     d. TERMINATION. Except as may otherwise be provided by the Board either in
the RSU Award Agreement or, subject to Section 9(g) below, in writing after the
RSU Award Agreement is issued, a Participant’s right in all RSUs that have not
vested shall automatically terminate upon the Participant’s termination of
employment (or cessation of service relationship) with the Company and its
subsidiaries for any reason.

	 	(c)	 	Except as amended herein, the Plan is confirmed in all other respects.
	 
	 	(d)	 	The effective date of this Amendment is March 11, 2008.exv10w1

 

Exhibit 10.1

THE TIMBERLAND COMPANY

2008 EXECUTIVE LONG TERM INCENTIVE PROGRAM

(effective 1/1/08)

 

 

THE TIMBERLAND COMPANY

2008 EXECUTIVE LONG TERM INCENTIVE PROGRAM

     This instrument sets forth the terms of The Timberland Company 2008 Executive Long Term
Incentive Program. The Program is established under The Timberland Company 2007 Incentive Plan,
and amounts paid under the Program are generally intended to qualify as performance-based
compensation under Section 162(m) of the Internal Revenue Code.

     1. Purpose. The purpose of the Program is (a) to attract, retain and motivate key employees
of outstanding ability; and (b) to provide competitive incentive pay and capital accumulation
opportunities to certain key employees in exchange for their attainment of specified Performance
Goals.

     2. Definitions. The following terms shall have the following meanings unless the context
indicates otherwise.

     (a) “Affiliate” shall mean any corporation or other entity owning, directly or
indirectly, 50% or more of the outstanding Stock of the Company, or in which the Company or
any such corporation or other entity owns, directly or indirectly, 50% or more of the
outstanding capital stock (determined by aggregate voting rights) or other voting interests.

     (b) “Award” shall mean an opportunity to earn incentive pay, in the form of Stock
Options or Restricted Stock, based on performance, as described in Section 5.

     (c) “Award Period” shall mean the one year period commencing January 1, 2008, and shall
be the measurement period during which Goal attainment shall be determined.

     (d) “Board” shall mean the Board of Directors of The Timberland Company.

     (e) “Code” shall mean the Internal Revenue Code of 1986, as from time to time amended.

     (f) “Committee” shall mean the Management Development and Compensation Committee of the
Board.

     (g) “Company” shall mean The Timberland Company.

     (h) “Net Income” shall mean net income as shown on the Consolidated Statement of Income
in the Company’s Annual Report, adjusted to exclude the following items: losses from
discontinued operations, the cumulative effect of changes in Generally Accepted Accounting
Principles, any one-time charge or dilution resulting from any acquisition or divestiture,
the effect of changes in federal tax rates, extraordinary items of loss or expense, and any
other unusual or nonrecurring items of loss or expense including restructuring charges. Any
such adjustment shall be made only to the extent the item is

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separately identified on the Consolidated Statement of Income in the Company’s Annual
Report; the Notes to the Consolidated Financial Statements; or in the Management Discussion
& Analysis section of the Company’s Annual Report and is objectively quantifiable in the
Company’s accounting records as reviewed by the Company’s independent auditors. The
Management Development and Compensation Committee of the Board may exercise discretion to
include all or part of an item of loss or expense.

     (i) “Participant” shall mean an employee of the Company or an Affiliate in salary grade
eleven (11) or above who is designated by the Committee to receive an Award.

     (j) “Performance Goal” or “Goal” shall mean the threshold, budget, target or maximum
financial objective that must be met to earn a specified level of incentive pay.

     (k) “Performance Measure” shall mean net income.

     (l) “Plan” shall mean The Timberland Company 2007 Incentive Plan.

     (m) “Program” shall mean The Timberland Company 2008 Executive Long Term Incentive
Program.

     (n) “Restricted Stock” shall mean Stock subject to the restrictions described in
Section 10.

     (o) “Section 162(m) Participant” shall mean the chief executive officer (CEO) or one of
the four highest paid officers of the Company (other than the CEO) on the last day of the
taxable year, for purposes of the executive compensation disclosure rules under the
Securities Exchange Act of 1934.

     (p) “Stock” shall mean Class A Common Stock of the Company, par value $.01 per share.

     (q) “Stock Option” shall mean an option entitling the holder to acquire shares of Stock
upon payment of the exercise price and subject to the restrictions described in Section 10.

     3. Administration. The Program shall be administered by the Committee, in accordance with the
terms of the Plan. The Committee shall have sole and complete discretion with respect to the
exercise of all permissive powers and authority granted to the administrator under the Plan;
provided, however, the Committee may not exercise its discretion to increase the amount of
incentive pay that would be otherwise due a Section 162(m) Participant upon attainment of a
Performance Goal. All actions, determinations, and decisions of the Committee shall be final,
conclusive, and binding on all parties.

     4. Participation. The Committee shall designate in writing the employees who shall
participate during the Award Period as soon as practicable and not later than 90 days after the

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start of the Award Period. The Participants (Schedule A attached) were designated by the
Committee at its meeting on March 4, 2008.

     5. Awards. An Award shall be established in writing by the Committee for each Participant as
soon as practicable and not later than 90 days after the beginning of the Award Period. Each Award
will be expressed in dollars as a target value at the time of grant, and then converted to a number
of Stock Options and shares of Restricted Stock as described in Section 8 having an equivalent
value; may vary according to a Participant’s salary grade or position; and will be based on the
attainment of specific Performance Goals described in Section 6. Each Award shall have four
levels: threshold, budget, target, and maximum, corresponding to the four different levels of Goal
attainment. Plan Awards for a Section 162(m) Participant shall not be changed or modified during
an Award Period to increase the amount of incentive pay that would otherwise become payable. The
Award levels for each Participant were established by the Committee at its meeting on March 4,
2008. (Schedule B attached shows the target Award level for the Award Period.)

     6. Performance Measure and Goals. The Committee shall establish in writing Performance
Measures and Goals as soon as practicable and not later than 90 days after the beginning of each
Award Period. Performance Goals shall be established at four levels (threshold, budget, target,
and maximum). Performance Goals for a Section 162(m) Participant shall not be changed or modified
during an Award Period to increase the amount of incentive pay that would otherwise become
payable. The Performance Measures and Goals (Schedule C) were established by the Committee
at its meeting on March 4, 2008.

     7. Award Payout Calculation.

     (a) Award payouts shall be based on the degree to which Performance Goals are attained,
with twenty-five percent (25%) of the target Award payable upon attainment of the threshold
Goal, fifty percent (50%) upon attainment of the budget Goal, one hundred percent (100%)
upon attainment of the target Goal, and one-hundred fifty percent (150%) upon attainment of
the maximum Goal. No Award payouts shall be made unless the threshold Goal is attained, and
payouts shall be increased proportionately on a straight-line basis to the extent the
threshold, budget or target Goals are surpassed. In no event, however, shall an Award
payout exceed one-hundred fifty percent (150%) of the target Award.

     (b) The Company’s independent public accountants shall audit the Company’s Award
calculations following the close of the Award Period.

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     8. Award Payment.

     Sixty percent (60%) of each Award payout shall be made in the form of Stock Options,
and forty percent (40%) shall be made in the form of Restricted Stock. Each Award payout
shall be made as soon as practicable and not later than March 31, 2009, following the close
of the Award Period, subject to the independent audit.

          9. Approval of Payment.

          The Committee shall approve or disapprove Award payouts for all Participants following
completion of the independent audit. The Committee may reduce a Participant’s Award payout
(or the payouts or payments to all or some Participants) if such modification would better
serve the purpose of the Plan.

     10. Vesting.

     Stock Options shall vest over three years: one third on the first anniversary, another
third on the second anniversary, and the last third on the third anniversary of the grant
date. Shares of Restricted Stock granted following the Award Period shall vest over two
years: one half on the first anniversary, and the other half on the second anniversary of
the grant date.

          11. Agreements.

          Each grant of Stock Options and Restricted Stock shall be evidenced by an agreement,
specifying restrictions on the transfer and vesting of such shares and including such other
terms, conditions and restrictions as the Committee shall determine.

     12. Employment.

     To be eligible to receive an Award payout, a Participant must be employed by the
Company or an Affiliate on the payment date. Receiving an Award or Award payout shall not
give any Participant the right to be retained in the employment of the Company or an
Affiliate, or affect the right of the Company or an Affiliate to discharge or discipline a
Participant.

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     IN WITNESS WHEREOF, The Timberland Company has caused this document to be executed by its duly
authorized officer on this 5th day of March, 2008.

	 	 	 	 	 
	 	THE TIMBERLAND COMPANY

 	 
	 	By:  	/s/ JOHN P. PAZZANI
 	 
	 	 	Its Corporate Culture Officer 	 
	 	 	 	 

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THE TIMBERLAND COMPANY

2008 EXECUTIVE LONG TERM INCENTIVE PROGRAM

Schedule A — Participants

J. Swartz: President and Chief Executive Officer

C. Welsh: Senior Vice President, Administration

M. Harrison: Co-President, Timberland Brand

G. McCarthy: Co-President, Timberland Brand

J. Crimmins: Chief Financial Officer

 

 

THE TIMBERLAND COMPANY

2008 EXECUTIVE LONG TERM INCENTIVE PROGRAM

Schedule B — Awards

Award Based on Corporate Results — TBL Actual Net Income vs. Budgeted Net Income

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Threshold	 	 	 	 	 	Target	 	Maximum
	Participant	 	80% of Budget	 	Budget	 	125% of Budget	 	150% of Budget
	J. Swartz
	 	$	625,000	 	 	$	1,250,000	 	 	$	2,500,000	 	 	$	3,750,000	 
	C. Welsh
	 	$	187,500	 	 	$	375,000	 	 	$	750,000	 	 	$	1,125,000	 
	M. Harrison
	 	$	187,500	 	 	$	375,000	 	 	$	750,000	 	 	$	1,125,000	 
	G. McCarthy
	 	$	187,500	 	 	$	375,000	 	 	$	750,000	 	 	$	1,125,000	 
	J. Crimmins
	 	$	62,500	 	 	$	125,000	 	 	$	250,000	 	 	$	375,000	 

 

 

THE TIMBERLAND COMPANY

2008 EXECUTIVE LONG TERM INCENTIVE PROGRAM

Schedule C — Performance Measures and Goals

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Performance	 	 	 	 	 	 	 	 
	Award Period	 	Measure	 	Threshold	 	Budget	 	Target	 	Maximum
	1/1/08 - 12/31/08
	 	Net Income	 	80% of Budget	 	Budget*	 	125% of Budget	 	150% of Budget

 

			
	*	 	The dollar amounts representing Budget, 80% of Budget, 125% of Budget and 150% of Budget are
set forth in section 2, page 15, of the “Executive Compensation” materials provided to the
Committee for its March 4, 2008 meeting.

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