Document:

ex10-2.htm

    Exhibit 10.2

     

    FREESTAR
TECHNOLOGY CORPORATION

    2007
DIRECTORS AND CONSULTANTS STOCK PLAN

    (as
amended effective April 15, 2008)

     

     

    1. Purposes
of the Plan.    The purposes of the Plan  are to
enable FreeStar Technology Corporation, a Nevada corporation ("Company"), to
promote the interests of the Company and
its  shareholders  by attracting and
retaining  Directors and  Consultants capable
of  furthering  the future  success of the Company
and by aligning  their economic interests more closely with those of
the Company's  shareholders,  by paying their retainer or
fees in the form of shares of the Company's common stock, par value one tenth of
one cent ($0.001) per share ("Common Stock"). To accomplish the foregoing, the
Plan provides that the Company may grant awards of the Company’s Common Stock,
which may be subject to vesting and restrictions or fully vested.

     

    2. Definitions.    As
used herein, the following definitions shall apply:

    

    (a) "Administrator"
means the Board or any of its Committees appointed pursuant to Section 4 of
the Plan.

    

    (b) "Applicable
Laws" has the meaning set forth in Section 4(a) of the Plan.

    

    (c) "Award"
means an award of Shares (each as defined below).

    

    (d) "Board"
means the Board of Directors of the Company.

    

    (e) "Code"
means the Internal Revenue Code of 1986, as amended.

    

    (f) "Committee"
means a committee of Directors or of other individuals satisfying Applicable
Laws appointed by the Board in accordance with Section 4 hereof.

     

    (g) "Common
Stock" means the common stock of the Company.

    

    (h) "Company"
means FreeStar Technology Corporation, a Nevada corporation.

    

    (i) "Consultant"
means any person who is engaged by the Company, or any Parent or Subsidiary, to
render services and is compensated for such services other than as an employee
(with the status of employment determined by the Administrator in its
discretion, subject to any requirements of the Code).

    

    (j) "Director"
means a member of the Board.

    

    (k) "Exchange
Act" means the Securities Exchange Act of 1934, as amended.

    

    (t) "Parent"
means a "parent corporation," whether now or hereafter existing, as defined in
Section 424(e) of the Code, or any successor provision.

    

    (u) "Plan"
means this 2007 Directors and Consultants Stock Plan.

    

    (v) “Recipient”
means the recipient of any Award granted under the Plan.

    

    (w) "Restricted
Period" has the meaning set forth in Section 6(b) of the Plan.

    

    (x) "Share"
means a share of the Common Stock.

    

    (y) "Stock
Exchange" means any stock exchange or consolidated stock price reporting system
on which prices for the Common Stock are quoted at any given time.

    

    (z) "Subsidiary"
means a "subsidiary corporation," whether now or hereafter existing, as defined
in Section 424(f) of the Code, or any successor provision.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.  Stock Subject to the
Plan.  The maximum aggregate number of Shares that may be
issued under the Plan is 70,000,000.  The
Shares may be authorized, but unissued, or reacquired Common Stock. If an Award
should expire, become forfeited or become unexercisable for any reason without
having been exercised or nonforfeitable in full, the unpurchased Shares that
were subject thereto shall, unless the Plan shall have been terminated, become
available for future grant under the Plan.

     

    4. Administration of the
Plan.    

     

    (a)  Multiple Administrative
Bodies. If permitted under applicable securities laws and the Code
(collectively the "Applicable Laws"), grants under the Plan may be made by the
Board or a Committee appointed by the Board, which Committee shall be
constituted to comply with Applicable Laws.

     

    (b)  General. If a Committee has
been appointed pursuant to this Section 4, such Committee shall continue to
serve in its designated capacity until otherwise directed by the Board. From
time to time the Board may increase the size of the Committee and appoint
additional members thereof, remove members (with or without cause) and appoint
new members in substitution therefor, fill vacancies, however caused, and remove
all members of the Committee and thereafter directly administer the Plan, all to
the extent permitted by the Applicable Laws.

    

    (c)  Powers of the Administrator.
Subject to the provisions of the Plan and in the case of a Committee, the
specific duties delegated by the Board to such Committee, and subject to the
approval of any relevant authorities, including the approval, if required, of
any Stock Exchange, the Administrator shall have the authority, in its
discretion:

    

    
      	
               
      

            	
              (i)

            	
              to
      select the Consultants and Directors to whom Awards may from time to time
      be granted hereunder and the number of Shares in each
    Award;

            

    

    
      	
               
      

            	
              (ii)

            	
              to
      approve forms of agreement for use under the
  Plan;

            

    

    
      	
               
      

            	
              (iii)

            	
              to
      determine the terms and conditions, not inconsistent with the terms of the
      Plan, of any Award granted
hereunder;

            

    

    
      	
               
      

            	
              (iv)

            	
              to
      determine the terms and restrictions applicable to Awards of
      Shares;

            

    

    
      	
               
      

            	
              (v)

            	
              to
      allows Recipients to make a deferral lection in accordance with Applicable
      Law, and to promulgate the terms and conditions of any such
      deferrals;

            

    

    
      	
               
      

            	
              (vi)

            	
              to
      construe and interpret the terms of the Plan and awards granted pursuant
      to the Plan; and

            

    

    
      	
               
      

            	
              (vii)

            	
              in
      order to fulfill the purposes of the Plan and without amending the Plan,
      to modify Awards to participants who are foreign nationals or employed
      outside of the United States in order to recognize differences in local
      law, tax policies or customs.

            

    

    

    (d)  Effect of Administrator's
Decision. All decisions, determinations and interpretations of the
Administrator shall be final and binding on all holders of any
Award.

     

    5.  Term of
Plan.    The Plan shall become effective upon its
adoption by the Board.  It shall continue in effect for ten (10) years
from the date thereof, unless sooner terminated under Section 10
hereof.

     

    6. Awards of
Shares.    

     

    (a)           Grant of Shares. Shares of Common
Stock may be issued to Directors and Consultants under the Plan. After the
Administrator determines that it will grant an award of Shares under the Plan,
it shall advise the offeree in writing of the terms, conditions and restrictions
(if any) related to the offer, including the Restricted Period (if any)
applicable to such Award, the imposition, if any, of any performance-based
condition or other restrictions, the number of Shares that such person shall be
entitled to purchase, the price to be paid, if any.

    

    (b)           Lapse of Restrictions. With
respect to an Award, the Administrator shall prescribe in the award agreement,
the period in which such Shares becomes nonforfeitable, which may be
immediately, over time, or upon specified events (the "Restricted
Period").

    

    (c)           Certificates. Each recipient
who is granted an Award shall be issued a stock certificate in respect of such
Shares, which certificate shall be registered in the name of the recipient and
shall bear an appropriate legend referring to the terms, conditions, and
restrictions applicable to any such Award, if any; provided that, the Company
may require that the stock certificates evidencing Shares granted hereunder that
are subject to restrictions be held in the custody of the Company until any
restrictions thereon shall have lapsed, and may require that, as a condition of
any Award, the participant shall have delivered a stock power, endorsed in
blank, relating to such Shares.

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)           Rights as a Shareholder.
Except as otherwise provided in an Award agreement, the participant shall
possess all incidents of ownership with respect to the Shares during the
Restricted Period, including the right to receive or reinvest dividends with
respect to such Shares and to vote such Shares. Certificates for unrestricted
Shares shall be delivered to the participant promptly after, and only after, the
Restricted Period shall expire without forfeiture in respect of such Awards,
except as the Administrator, in its sole discretion, shall otherwise
determine.

    

    (e)           Nontransferability. During
the Restricted Period, if any, the recipient of such award shall not be
permitted to sell, transfer, pledge, hypothecate or assign Shares awarded under
the Plan except by will or the laws of descent and distribution. Any attempt to
dispose of any restricted Shares during the Restricted Period in contravention
of any such restrictions shall be null and void and without effect.

    

    (f)           Other Provisions. The Award
agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Administrator in its sole
discretion. In addition, the provisions of the Award agreements need not be the
same with respect to each purchaser.

     

    7. Adjustments Upon Changes in
Capitalization, Corporate
Transactions.    

     

    (a)           Changes in Capitalization.
Subject to any required action by the shareholders of the Company, (i) the
number of shares of Common Stock covered by each outstanding Award,
(ii) the number of shares of Common Stock that have been authorized for
issuance under the Plan but as to which no Awards have yet been granted or that
have been returned to the Plan upon cancellation or expiration of an Award or
otherwise, (iii)  the price per share of Common Stock covered by each such
outstanding Award, and (iv) the number of shares of Common Stock that may
be granted shall be proportionately adjusted for any increase or decrease in the
number of issued shares of Common Stock resulting from a stock split, reverse
stock split, stock dividend, combination, recapitalization or reclassification
of the Common Stock, or any other increase or decrease in the number of issued
shares of Common Stock effected without receipt of consideration by the Company;
provided, however, that conversion of any convertible securities of the Company
shall not be deemed to have been "effected without receipt of consideration."
Such adjustment shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of
any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of shares of Common Stock subject to an Award.

    

    (b)           Corporate Transactions. In
the event of the proposed dissolution or liquidation of the Company, each Award
will terminate immediately prior to the consummation of such proposed action,
unless otherwise provided by the Administrator. Additionally, the Administrator
may, in the exercise of its sole discretion in such instances, declare that any
Award shall terminate as of a date fixed by the Administrator and that each
Award shall be vested and non-forfeitable and any conditions on each such Award
shall lapse, as to all or any part of such Award, including Shares as to which
the Award would not otherwise be exercisable or non-forfeitable. In the event of
a proposed sale of all or substantially all of the assets of the Company, or the
merger of the Company with or into another corporation, each Award shall be
assumed or an equivalent Award shall be substituted by such successor
corporation or a parent or subsidiary of such successor corporation, unless the
Administrator determines, in the exercise of its sole discretion and in lieu of
such assumption or substitution, that the Award shall be vested and
non-forfeitable and any conditions on each such Award shall lapse, as to all or
any part of such Award, including Shares as to which the Award would not
otherwise be exercisable or non-forfeitable. If the Administrator makes an Award
exercisable or non-forfeitable in lieu of assumption or substitution in the
event of a merger or sale of assets, the Administrator shall notify the
recipient that such Award shall be exercisable for a period of thirty
(30) days from the date of such notice, and thereafter will terminate upon
the expiration of such period.

    

    8.  Time of Granting of an
Award.    The date of grant of an Award shall, for
all purposes, be the date on which the Administrator makes the determination
granting such Award, or such other date as is determined by the Board. Notice of
the determination shall be given to each Recipient to whom an Award is so
granted within a reasonable time after the date of such grant.

     

    9. Deferral Option.  A
Recipient may make an  election  (a
"Deferral  Election") on an annual basis to defer delivery of the
Shares specifying which one of the following ways the Shares are to be
delivered: (a) on the date which is three years after the original grant date of
the Award  ("Third  Anniversary"),  (b) on
the  date  upon  which  the Recipient
ceases to be a Director or Consultant  for any
reason  ("Departure Date") or (c) in five equal annual installments
commencing on the Departure
Date.  Such  Deferral  Election  shall  remain
in  effect  for each subsequent calendar year unless
changed, provided  that,  any Deferral  Election
with respect to a  particular calendar year may not be changed less
than six (6) months prior to the  beginning of such calendar year and,
provided, further, that
no more than one Deferral Election or change thereof may be made in any calendar
year.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    10. Amendment and Termination of the
Plan.  The Board may amend, alter, suspend, discontinue, or
terminate the Plan or any portion thereof at any time; provided, that no such
amendment, alteration, suspension, discontinuation or termination shall be made
without stockholder approval if such approval is necessary to comply with any
tax, securities or regulatory.

     

    11.  Conditions Upon Issuance of
Shares.    Shares shall not be issued pursuant to the
exercise of an Award unless the exercise of such Award and the issuance and
delivery of such Shares pursuant thereto shall comply with all relevant
provisions of law, including, without limitation, the Securities Act of 1933, as
amended, the Exchange Act, the rules and regulations promulgated thereunder, and
the requirements of any Stock Exchange.

     

    12.  Reservation of
Shares.    The Company, during the term of this Plan,
will at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan. The inability of the Company
to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company's counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the Company of any
liability in respect of the failure to issue or sell such Shares as to which
such requisite authority shall not have been obtained.

     

    13.  Agreements.  Awards
shall be evidenced by written agreements in such form as the Administrator shall
approve from time to time.

     

    14. Governing Law.  The
Plan and all determinations made and actions taken pursuant hereto shall be
governed by the laws of the State of Nevada, without giving effect to the
conflict of laws principles thereof. Each party
submits to the exclusive jurisdiction and venue of any California State or
Federal court with respect to any controversy or claim arising out of, related
to, or connected with this Plan, its enforcement or interpretation or the Awards
issued hereunder.Exhibit 10.2 -- Description of compensation arrangements

 Exhibit 10.2 
 Danaher Corporation 
 Description of Compensation Arrangements for Certain Executive
Officers 
 In addition to the compensation arrangements otherwise set forth as exhibits to Danaher’s Annual Report on Form 10-K for the year
ended December 31, 2007 (the “Annual Report”), following is a description of the compensation arrangements for each of the Company’s named executive officers and for each other executive officer who is also a member of the
Company’s Board of Directors (the “officers”). 
  

				
	 Name and Position
	  	Base Salary
		
	 Steven M. Rales
Chairman of the Board
	  	$	395,000
		
	 Mitchell P. Rales
Chairman of the Executive Committee
	  	$	395,000
		
	 H. Lawrence Culp, Jr.
President and Chief Executive Officer
	  	$	1,100,000
		
	 Daniel L. Comas
Executive Vice President and Chief Financial Officer
	  	$	585,000
		
	 Philip W. Knisely
Executive Vice President
	  	$	675,000
		
	 James A. Lico
Executive Vice President
	  	$	525,000
		
	 Thomas P. Joyce, Jr.
Executive Vice President
	  	$	525,000

 The officers are eligible to participate in the Company’s employee benefit plans, including the
Company’s group medical, dental, vision, disability, accidental death and dismemberment, life insurance and 401(k) plans. These plans are generally available to all salaried employees and do not discriminate in favor of the officers.

 In addition, the perquisites provided to the officers consist primarily of reimbursement for club dues and tax preparation and financial planning
services, parking, car allowance or car lease and related expenses, annual physical, tickets for sporting events and, with respect to Mr. Culp, additional term life insurance and personal use of the Danaher plane when not in use for business
purposes. Mr. Comas is also allowed certain personal use of the Danaher plane. Not every officer receives or uses each of the perquisites listed above. In addition, Messrs. Steven Rales and Mitchell Rales are permitted to make personal use of
designated Company office space and secretarial, tax and accounting services. 
 In addition, each officer (other than Messrs. Steven Rales and Mitchell
Rales) participates in the Company’s Executive Deferred Incentive Program, 2007 Executive Cash Incentive Compensation Plan and 2007 Stock Incentive Plan, each of which is attached as an exhibit to the Annual Report.

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