Document:

Exhibit 10.01a

 

OPTION
AWARD

 

UNDER THE

 

2002
PRAXAIR, INC.

LONG TERM
INCENTIVE PLAN

 

 

                Award, made as of
the 22nd day of February, 2005 (the “Grant Date”) by PRAXAIR, INC., a Delaware corporation,
having an office at 39 Old Ridgebury Road, Danbury, Connecticut 06810-5113
(hereinafter called the “Corporation”).

 

W I T N E S S E T H:

 

                The Corporation
hereby grants to NAME«First»«M»«Last»
(hereinafter called the “Participant”) as of February 22, 2005 (“date of grant”)
a non-qualified stock option to purchase # OF SHARES shares of the common stock of the Corporation (par value of
$.01 per share) at $44.25 per share upon the following terms and conditions:

 

               1.
 Vesting.             Except as otherwise provided in
this Award and subject to the provisions of paragraph 3, one-third of this
option may be exercised only on or after February 22, 2006, an additional
one-third on or after February 22, 2007, and the remaining one-third on or
after February 22, 2008. The option may be exercised only in a whole number of
shares.  In the event that the option is
not evenly divisible by three, the remaining amount shall be added to the last
vesting period. Notwithstanding the foregoing, the entire option shall become
immediately exercisable on the occurrence of either the Participant’s death or
a Change in Control.

 

               2.
 Expiration.  This option shall expire on the tenth
anniversary of the Grant Date.

 

               3.
 Exercisability.

 

                (a)  This option shall be exercisable only by the
Participant while the Participant is in active employment with the Corporation
or a subsidiary or affiliate of the Corporation except that this option shall
continue to be exercisable:

 

                                (i)  at any time prior to its expiration date in
the case of the Participant’s Disability or Retirement; provided,
however, that this option shall not become immediately exercisable
upon the Participant’s Disability or Retirement but shall become exercisable in
accordance with paragraph 1; and provided further,
that in the event of a Participant’s Retirement prior to the first anniversary
of the date of grant, this option shall not be exercisable at all but shall be
immediately forfeited.

 

                                (ii)
during a three-year period commencing on the date of the Participant’s
termination of employment by the Corporation or a subsidiary of the Corporation
other than for cause, provided, however, that
this option shall not become immediately exercisable upon the Participant’s
termination other than for cause but shall become exercisable in accordance
with paragraph 1 above;

 

                                (iii)
during a three-year period commencing on the date of the Participant’s death;

 

                                (iv)
during a three-year period commencing on the date of termination of the
Participant’s employment, by the Participant or by the Corporation or a subsidiary
or affiliate of the Corporation, other than for cause, within two years after a
Change in Control, or

 

 

 

 

                                (v)  otherwise as the Committee may determine, if
the Committee decides that it is in the best interests of the Corporation to
permit individual exceptions.

 

                (b)   In no event may this option be exercised on
or after its expiration date.

 

                (c)  An individual who is employed by a subsidiary
or affiliate of the Corporation shall be deemed to have terminated employment
for purposes of this Award at such time as the Corporation and its subsidiaries
own, either directly or indirectly, less than 50% of the employing subsidiary’s
or affiliate’s total financial interests or combined voting power.

 

               4.  Transferability.               This option is not transferable
other than (a) in the event of the Participant’s death, in which case this
option shall be transferred pursuant to the beneficiary designation then on
file with the Corporation, or, in the absence of such a beneficiary
designation, by will or the laws of descent and distribution, or (b) in the
event of a beneficiary’s or distributee’s death, this option shall be
transferred to his/her estate and may be exercised only by the executor or
administrator of such estate.  In either
of the foregoing events, this option may be exercised by the executor or
administrator of the Participant’s estate, by the Participant’s beneficiary or
distributee(s), or by the executor or administrator of the beneficiary’s or
distributee’s estate, as applicable, within the time limitations provided in
paragraphs 1, 2 and 3 hereof.

 

               5.  Exercise of Option.

 

                (a)  Notice of Exercise.   This option may be exercised at the office
of the Corporation in Danbury, Connecticut (or at such other location as determined
by the Corporation) with respect to a part or all of the shares covered by the
option and then exercisable by giving notice to the Corporation (or its
designee as communicated from time to time) of the exercise of the option.

 

                (b)  Exercise Price Payment.  The option price for the shares for which
this option is exercised shall be paid by the exerciser not later than ten
business days after the date of exercise, (i) in cash, (ii) in whole shares of
common stock of the Corporation owned by the exerciser prior to exercising the
option, (iii) by having the Corporation withhold shares that would otherwise be
delivered to the exerciser pursuant to the exercise of the option, or (iv) in a
combination of cash and delivery of whole shares, or cash and the withholding
of shares.  The value of any share of
common stock delivered or withheld in payment of the option price shall be its
Market Price on the date the option is exercised.  Notwithstanding the foregoing, the
Corporation may refuse to allow payment by any method other than cash if the
Corporation determines that allowing such payment would result in the
imposition of variable accounting on the Corporation.

 

                (c)  Taxes.  To enable the Corporation to meet any
applicable federal, state or local withholding tax requirements arising as a
result of the exercise of the option, the exerciser shall pay the Corporation
the amount of tax to be withheld, if any, (i) in cash, (ii) in whole shares of
common stock of the Corporation owned by the exerciser prior to exercising the
option, (iii) for exercises by the Participant only, by having the Corporation
withhold shares that would otherwise be delivered to the Participant pursuant
to the exercise of the option (but only to cover the minimum legally required
tax withholding), or (iv) in a combination of cash and a delivery of whole
shares.  The value of any share of common
stock so delivered or withheld shall be the Market Price on the date used to
determine the amount of tax to be withheld. The Corporation reserves the right
to (i) disapprove a Participant’s election to utilize any of the alternatives
under this paragraph (c), and (ii) to delay the completion of any exercise of
this option until the applicable withholding tax has been paid.

 

                (d)  Delivery of Shares.
Upon the exercise of an option with respect to a part or all of the shares in
the manner and within the time herein provided, the Corporation shall issue and
deliver to the exerciser, or to the exerciser’s dividend reinvestment account,
the number of shares of its common stock with respect to which the option was
exercised. However, if an option is exercised 

 

after the death of the Participant, beneficiary or distributee, then
the Corporation shall have the right, in lieu of issuing and delivering shares of
stock, of returning the option payment to the exerciser and paying to such
person the amount by which the Market Price on the date of exercise exceeds the
option price with respect to the number of shares for which the option was
exercised.

 

               6.
 Terms and Conditions.  This option is awarded pursuant to the
Plan and is subject to all of the terms and conditions of the Plan which terms
and conditions shall control in the event of any conflict with this Award.

 

               7.
 Adjustments.  The Committee has discretion to make
appropriate adjustments to this stock option in order to provide for effects of
changes in the capital structure of the Corporation by reason of any stock
split, stock dividend, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change or in the event of any
special distribution to stockholders.

 

               8.
 Applicable Law.  This Award shall be interpreted and
construed in accordance with the laws of the State of Connecticut.

 

               9.  Definitions.

 

                                (a)  “Change in Control” means a change in control
of the Corporation as defined in the Plan.

 

                                (b)  “Committee” means the Compensation and
Management Development Committee of the Board of Directors of the Corporation
or any other Committee which such Board of Directors appoints to administer the
Plan.

 

                                (c)  “Corporation” means Praxair, Inc.

 

                                (d)  “Disability” means a Participant’s inability
to engage in any substantial gainful activity because of any medically
determinable physical or mental impairment which can be expected to result in
death or which has lasted, or can be expected to last, for a continuous period
of six (6) months or longer.

 

                                (e)  “Market Price” means the mean of the high and
low prices of the common stock of the Corporation as reported in the New York
Stock Exchange Composite Transactions on the specified date (or on the next
preceding day such stock was traded on a stock exchange included in the New
York Stock Exchange—Composite Transactions if it was not traded on any such
exchange on the specified date).

 

                                (f)  “Plan” means the 2002 Praxair, Inc. Long Term
Incentive Plan, as amended and restated as of February 24, 2004.

 

                                (g)
“Retirement” means termination of employment with the Corporation or a
subsidiary or affiliate, other than for cause, with the right under the
Corporation’s Retirement Program to receive a non-actuarially reduced pension
immediately upon separation from service. 
Provided, however, that if the Participant is employed by a foreign
affiliate of the Corporation and/or is not eligible to participate in the
Corporation’s Retirement Program, Retirement means termination of employment
with the Corporation or a subsidiary or affiliate, other than for cause, after
(i) attaining age 65, (ii) attaining age 62 and completing at least 10 years of
employment with the Corporation, or (iii) having accumulated 85 points, where
each year of the Participant’s age and each year of employment with the
Corporation count for one point.

 

               10.
 The Corporation’s grant of this option
to the Participant pursuant to this Award, and the Participant’s eligibility
for any right, payment, issue or award with respect to this option, are
contingent on the Participant’s execution and filing with the Corporation, or
the employing subsidiary, as applicable, of a non-compete agreement in a form,
and within a timeframe, 

 

 

 

acceptable to the Corporation or the employing subsidiary.

 

               11.  Notwithstanding any other provision of this
Award, the Committee may, in its sole discretion, cancel,
rescind, suspend, withhold, or otherwise limit or restrict this Award,
and/or  recover any gains realized by the
Participant in connection with this Award, in the event of any actions by the Participant
determined by the Committee to (a) constitute a conflict of interest with the
Corporation, (b) be prejudicial to the Corporation’s interests, or (c) violate
any non-compete agreement or obligation of the Participant to the Corporation,
any confidentiality agreement or obligation of the Participant to the
Corporation, the Corporation’s applicable policies, or the Participant’s terms
and  conditions of employment.

 

        IN WITNESS WHEREOF, the
Corporation has caused this instrument to be executed by its proper officer
hereunto duly authorized, as of the day and year first hereinabove written.

 

	
   

  	
   

  	
  PRAXAIR, INC.

  
	
   

  	
   

  	
  By:Exhibit 10.01b

 

OPTION AWARD

 

UNDER THE

 

2002 PRAXAIR, INC.

LONG TERM INCENTIVE PLAN

 

 

                Award, made as of
the 22nd day of February, 2005 (the “Grant Date”) by PRAXAIR, INC., a Delaware corporation,
having an office at 39 Old Ridgebury Road, Danbury, Connecticut 06810-5113
(hereinafter called the “Corporation”).

 

W I T N E S S E T H:

 

                The Corporation
hereby grants to NAME«First»«M»«Last»
(hereinafter called the “Participant”) as of February 22, 2005 (“date of grant”)
a non-qualified stock option to purchase # OF SHARES shares of the common stock of the Corporation (par value of
$.01 per share) at $44.25 per share upon the following terms and conditions:

 

            1.
Vesting.  Except as otherwise provided in this Award
and subject to the provisions of paragraph 3, one-third of this option may be
exercised only on or after February 22, 2006, an additional one-third on or
after February 22, 2007, and the remaining one-third on or after February 22,
2008. The option may be exercised only in a whole number of shares.  In the event that the option is not evenly
divisible by three, the remaining amount shall be added to the last vesting
period. Notwithstanding the foregoing, the entire option shall become
immediately exercisable on the occurrence of either the Participant’s death or
a Change in Control.

 

            2.
Expiration.  This option shall expire on the tenth
anniversary of the Grant Date.

 

            3.
Exercisability.

 

                 (a) 
This option shall be exercisable only by the Participant while the
Participant is in active employment with the Corporation or a subsidiary or
affiliate of the Corporation except that this option shall continue to be
exercisable:

 

                                (i)  at any time prior to its expiration date in
the case of the Participant’s Disability or Retirement; provided,
however, that this option shall not become immediately exercisable
upon the Participant’s Disability or Retirement but shall become exercisable in
accordance with paragraph 1; and provided further,
that in the event of a Participant’s Retirement prior to the first anniversary
of the date of grant, this option shall not be exercisable at all but shall be
immediately forfeited.

 

                                (ii)
during a three-year period commencing on the date of the Participant’s
termination of employment by the Corporation or a subsidiary of the Corporation
other than for cause, provided, however, that
this option shall not become immediately exercisable upon the Participant’s
termination other than for cause but shall become exercisable in accordance
with paragraph 1 above;

 

                                (iii)
during a three-year period commencing on the date of the Participant’s death;

 

                                (iv)
during a three-year period commencing on the date of termination of the
Participant’s employment, by the Participant or by the Corporation or a
subsidiary or affiliate of the Corporation, other than for cause, within two
years after a Change in Control, or

 

 

                                (v)  otherwise as the Committee may determine, if
the Committee decides that it is in the best interests of the Corporation to
permit individual exceptions.

 

                (b)   In no event may this option be exercised on
or after its expiration date.

 

                (c)  An individual who is employed by a subsidiary
or affiliate of the Corporation shall be deemed to have terminated employment
for purposes of this Award at such time as the Corporation and its subsidiaries
own, either directly or indirectly, less than 50% of the employing subsidiary’s
or affiliate’s total financial interests or combined voting power.

 

            4.  Transferability.                               This option
is not transferable other than;

 

                (a) in
the case of the Participant’s death, pursuant to the beneficiary designation
then on file with the Corporation, or, in the absence of such a beneficiary
designation, by will or the laws of descent and distribution (in such event, this
option may be exercised by the executor or administrator of the Participant’s
estate or by the Participant’s distributee(s) within the time limitations
provided in paragraphs 1, 2 and 3 hereof), or

 

                (b) if
the Participant has met the Corporation’s stock ownership guidelines applicable
to him/her at the time of such proposed transfer, by the Participant in whole
or in parts to;

 

                                         (i) the Participant’s spouse, children
(including by adoption), stepchildren
or                                  
grandchildren (“immediate family members”),

 

                                         (ii) a partnership in which such immediate
family members 

are the only partners, or

 

                                         (iii) a trust for the exclusive benefit of
such immediate family members; or

 

                (c) in the case of
a transferee’s, beneficiary’s or distributee’s death, to his/her estate, in
which case this option may be exercised only by the executor or administrator
of such estate and shall not be subject to further transfer.

 

            5.  Transfer of Option.

 

                (a) Any
transfer of this option, in whole or in part, is subject to acceptance by the
Corporation in its sole discretion and shall be effected according to such
procedures as the Vice President, Human Resources may establish.

 

                (b) The
provisions of this Award, including without limitation, paragraphs 3 and 6(c)
relating to the Participant, shall apply to this option notwithstanding any
transfer to a third party.

 

            6.  Exercise of Option.

 

                (a)  Notice of Exercise.   This option may be exercised at the office
of the Corporation in Danbury, Connecticut (or at such other location as
determined by the Corporation) with respect to a part or all of the shares
covered by the option and then exercisable by giving notice to the Corporation
(or its designee as communicated from time to time) of the exercise of the
option.

 

                (b)  Exercise Price Payment.  The option price for the shares for which
this option is exercised shall be paid by the exerciser not later than ten
business days after the date of exercise, (i) in cash, (ii) in whole shares of
common stock of the Corporation owned by the exerciser prior to exercising the
option, (iii) by having the Corporation withhold shares that would otherwise be
delivered to the exerciser pursuant to the exercise of the option, or (iv) in a
combination of cash and delivery of whole shares, or cash and the withholding
of shares.  The value of any share of
common stock delivered or withheld in payment of the option price shall be its
Market Price on 

 

 

the date the option is exercised.  Notwithstanding the foregoing, the
Corporation may refuse to allow payment by any method other than cash if the
Corporation determines that allowing such payment would result in the
imposition of variable accounting on the Corporation.

 

                (c)  Taxes.  To enable the Corporation to meet any
applicable federal, state or local withholding tax requirements arising as a
result of the exercise of the option, the exerciser shall pay the Corporation
the amount of tax to be withheld, if any, (i) in cash, (ii) in whole shares of
common stock of the Corporation owned by the exerciser prior to exercising the
option, (iii) for exercises by the Participant only, by having the Corporation
withhold shares that would otherwise be delivered to the Participant pursuant
to the exercise of the option (but only to cover the minimum legally required
tax withholding), or (iv) in a combination of cash and a delivery of whole
shares.  The value of any share of common
stock so delivered or withheld shall be the Market Price on the date used to
determine the amount of tax to be withheld. The Corporation reserves the right
to (i) disapprove a Participant’s election to utilize any of the alternatives
under this paragraph (c), and (ii) to delay the completion of any exercise of
this option until the applicable withholding tax has been paid.

 

                (d)  Delivery of Shares.
Upon the exercise of an option with respect to a part or all of the shares in
the manner and within the time herein provided, the Corporation shall issue and
deliver to the exerciser, or to the exerciser’s dividend reinvestment account,
the number of shares of its common stock with respect to which the option was
exercised. However, if an option is exercised after the death of the
Participant, beneficiary or distributee, then the Corporation shall have the
right, in lieu of issuing and delivering shares of stock, of returning the
option payment to the exerciser and paying to such person the amount by which
the Market Price on the date of exercise exceeds the option price with respect
to the number of shares for which the option was exercised.

 

            7.  Terms and Conditions.  This option is awarded pursuant to the
Plan and is subject to all of the terms and conditions of the Plan which terms
and conditions shall control in the event of any conflict with this Award.

 

            8.  Adjustments.  The Committee has discretion to make
appropriate adjustments to this stock option in order to provide for effects of
changes in the capital structure of the Corporation by reason of any stock
split, stock dividend, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change or in the event of any
special distribution to stockholders.

 

            9.  Applicable Law.  This Award shall be interpreted and construed
in accordance with the laws of the State of Connecticut.

 

            10.  Definitions.

 

                                (a)  “Change in Control” means a change in control
of the Corporation as defined in the Plan.

 

                                (b)  “Committee” means the Compensation and
Management Development Committee of the Board of Directors of the Corporation
or any other Committee which such Board of Directors appoints to administer the
Plan.

 

                                (c)  “Corporation” means Praxair, Inc.

 

                                (d)  “Disability” means a Participant’s inability
to engage in any substantial gainful activity because of any medically
determinable physical or mental impairment which can be expected to result in
death or which has lasted, or can be expected to last, for a continuous period
of six (6) months or longer.

 

                                (e)  “Market Price” means the mean of the high and
low prices of the common stock of the Corporation as reported in the New York
Stock Exchange Composite Transactions on 

 

 

the specified date (or on the next preceding day such stock was traded
on a stock exchange included in the New York Stock Exchange—Composite
Transactions if it was not traded on any such exchange on the specified date).

 

                                (f)  “Plan” means the 2002 Praxair, Inc. Long Term
Incentive Plan, as amended and restated as of February 24, 2004.

 

                                (g)
“Retirement” means termination of employment with the Corporation or a
subsidiary or affiliate, other than for cause, with the right under the
Corporation’s Retirement Program to receive a non-actuarially reduced pension
immediately upon separation from service. 
Provided, however, that if the Participant is employed by a foreign
affiliate of the Corporation and/or is not eligible to participate in the
Corporation’s Retirement Program, Retirement means termination of employment
with the Corporation or a subsidiary or affiliate, other than for cause, after
(i) attaining age 65, (ii) attaining age 62 and completing at least 10 years of
employment with the Corporation, or (iii) having accumulated 85 points, where
each year of the Participant’s age and each year of employment with the
Corporation count for one point.

 

            11.  The Corporation’s grant of this option to the
Participant pursuant to this Award, and the Participant’s eligibility for any
right, payment, issue or award with respect to this option, are contingent on
the Participant’s execution and filing with the Corporation, or the employing
subsidiary, as applicable, of a non-compete agreement in a form, and within a
timeframe, acceptable to the Corporation or the employing subsidiary.

 

            12.  Notwithstanding any other provision of this
Award, the Committee may, in its sole discretion, cancel,
rescind, suspend, withhold, or otherwise limit or restrict this Award,
and/or  recover any gains realized by the
Participant in connection with this Award, in the event of any actions by the Participant
determined by the Committee to (a) constitute a conflict of interest with the
Corporation, (b) be prejudicial to the Corporation’s interests, or (c) violate
any non-compete agreement or obligation of the Participant to the Corporation,
any confidentiality agreement or obligation of the Participant to the
Corporation, the Corporation’s applicable policies, or the Participant’s terms
and  conditions of employment.

 

        IN WITNESS WHEREOF, the
Corporation has caused this instrument to be executed by its proper officer
hereunto duly authorized, as of the day and year first hereinabove written.

 

	
   

  	
   

  	
   

  	
  PRAXAIR, INC.

  
	
   

  	
   

  	
   

  	
  By:

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