Document:

Unassociated Document

    
 

     

    EXHIBIT 10.8

    EXHIBIT

    (Non-Compete)

    

    

    Optionee
agrees that for the period beginning on the Date of Grant and ending one (1)
year after Optionee’s termination of employment, Optionee will not, as an
individual or as a partner, employee, agent, advisor, consultant or in any other
capacity of or to any person, firm, corporation or other entity, directly or
indirectly, other than as a 2% or less shareholder of a publicly traded
corporation, do any of the following:

    

    a.           Carry
on any business or become involved in any business activity, which is (i)
competitive with the business of the Company (or a subsidiary or joint venture
of the Company), as presently conducted and as said business may evolve in the
ordinary course, and (ii) a business or business activity in which Optionee was
engaged in the course of Optionee’s employment with the Company (or a subsidiary
or joint venture of the Company);

    

    b.           Recruit,
solicit or hire, or assist anyone else in recruiting, soliciting or hiring, any
employee of the Company (or any subsidiary or joint venture of the Company), for
employment with any competitor of the Company (or of any subsidiary or joint
venture of the Company);

    

    c.           Induce
or attempt to induce, or assist anyone else to induce or attempt to induce, any
customer of the Company (or any subsidiary or joint venture of the Company),
with whom Optionee or anyone under Optionee’s supervision has dealt, or about
whom Optionee has been provided any confidential information, to discontinue,
divert, reduce or not renew its business with the Company (or with any
subsidiary or joint venture of the Company), or disclose to anyone else any
confidential information relating to the identities, preferences, and/or
requirements of any such customer; or

    

    d.           Engage
in any other conduct inimical, contrary or harmful to the interests of the
Company (or any subsidiary or joint venture of the Company), including, but not
limited to, conduct related to Optionee’s employment, or violation of any
Company policy.

    

    Remedies.

    

    a.           In
the event of a breach or, with respect to subparagraph (i), threatened breach of
this Exhibit, the Company shall be entitled, in addition to any other legal or
equitable remedies it may have:

    

    (i)           to
temporary, preliminary and permanent injunctive relief restraining such breach
or threatened breach. Optionee hereby expressly acknowledges that the harm which
might result as a result of any noncompliance by Optionee would be largely
irreparable, and Optionee agrees that if there is a question as to the
enforceability of any of the provisions of this Agreement, Optionee will abide
by the Exhibit until after the question has been resolved by a final judgment of
a court of competent jurisdiction;

    

    (ii)           to
cancel this option; and/or

    

    (iii)           with
respect to this option or any part thereof that has been exercised by Optionee
during the three-year period preceding such breach, to recover from Optionee an
amount equal to the excess of the fair market value of the shares of Common
Stock subject to the option (or part thereof which has been exercised) as of the
date of such exercise, over the purchase price under such option.  The
Company shall also be entitled to recover from Optionee any expenses incurred by
the Company in exercising its right of recovery under this subparagraph
(iii).  The Committee shall have sole discretion in determining the
amount that shall be recovered from Optionee under this subparagraph
(iii).

    

    b.           The
parties acknowledge and agree that the restrictions contained in this Exhibit
are reasonable in light of, among other things, the following:  (i)
The parties’ expectations regarding the Exhibit are based on the law of
Missouri, where the Company is headquartered and has its principal place of
business; (ii) The Company hereby agrees, as a result of Optionee’s agreeing to
this Exhibit, that the Company shall provide Optionee with confidential,
competitively-sensitive and proprietary information; (iii) The Company competes
both throughout the United States and in international markets; and (iv) The
confidential and competitively-sensitive information which Optionee shall be
provided, the customer and other business relationships that Optionee shall be
allowed to develop, enhance and/or solidify, and the other benefits that
Optionee is receiving as the result of agreeing to this Exhibit, justify the
restrictions contained herein.

    
      
        
        

      

       

       

       

       

       

       

       

       

       

    
EXHIBIT 10.8

    EXHIBIT

    (Compensation
Recovery Policy)

    

    

    In
addition to, and not in limitation of, the Company’s rights under any other
Exhibits, in the event of any intentional misconduct on Optionee’s part (as
determined by the Committee in its sole discretion pursuant to applicable law
and the Compensation Recovery Policy adopted by the Committee, including, but
not limited to, embezzlement, fraud, and breach of fiduciary duty) which results
in, or substantially contributes to, the need to restate the Company’s financial
statements, the Company shall be entitled (1) to cancel this option, and
(2) with respect to this option or any part thereof that has been exercised by
Optionee during any period for which restatement of the Company’s financial
statements is required (but, if such period is longer than three years, not to
exceed the three most recent years thereof), to recover from Optionee an amount
equal to the excess of the fair market value of the shares of Common Stock
subject to the option (or part thereof which has been exercised) as of the date
of such exercise, over the purchase price under such option.  Any such
amount recovered by the Company may be also be adjusted for
interest.  The Company shall also be entitled to recover from Optionee
any fines, penalties, and other expenses incurred by the Company as a result of
Optionee’s misconduct, including expenses incurred by the Company in exercising
its right of recovery under this Exhibit.  The Company shall have sole
discretion in determining the amount that shall be recovered from Optionee under
this Exhibit.

    
      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      
         

      

    
EXHIBIT 10.8

    EXHIBIT

    (Clawback)

    

    

    During
the term of this option, and for a period ending twelve (12) months after
exercise of this option, if Optionee, as an individual or as a partner,
employee, agent, advisor, consultant or in any other capacity of or to any
person, firm, corporation or other entity, directly or indirectly, carries on
any business, or becomes involved in any business activity, competitive with the
business of the Company or any of its divisions, subsidiaries or affiliates in
which Optionee was employed (“Conduct”), then the option hereby granted shall be
void and of no force or effect, and if this option or any part thereof has been
exercised within the preceding three (3) years of such Conduct, Optionee shall
owe the Company the excess of the fair market value of the shares subject to the
option (or part thereof which has been exercised) as of the date of such
exercise, over the purchase  price under such option, and Optionee
shall pay such amount to the Company at the time Optionee commits any of the
aforementioned acts.Unassociated Document

    
 

     

     

    EXHIBIT 10.9

    SEVENTH
AMENDMENT TO THE ESCO TECHNOLOGIES INC.

    PERFORMANCE
COMPENSATION PLAN FOR CORPORATE, SUBSIDIARY

    AND
DIVISION OFFICERS AND KEY MANAGERS

    

     

    WHEREAS, ESCO Technologies
Inc. (“Company”) adopted the ESCO Technologies Inc. Performance Compensation
Plan for Corporate, Subsidiary and Division Officers and Key Managers (“Plan”);
and

     

    WHEREAS, pursuant to Section
X, the Plan may be amended by action of the Human Resources and Compensation
Committee (“Committee”) of the Board of Directors of the Company;
and

     

    WHEREAS, the Committee desires
to amend the Plan in accordance with the Compensation Recovery Policy adopted by
the Committee;

     

    NOW, THEREFORE, effective as
of February 4, 2010, the Plan is amended by adding the following new Sections
XII and XIII at the end thereof:

     

    XII.           RESTRICTIONS.

     

    In the event a Participant, during the
period commencing with the payment of any Performance Compensation Award and
ending two (2) years after the Participant’s termination of employment, as an
individual or as a partner, employee, agent, advisor, consultant or in any other
capacity of or to any person, firm, corporation or other entity, directly or
indirectly, other than as a 2% or less shareholder of a publicly traded
corporation, does any of the following:

    

    (a)           carries
on any business or becomes involved in any business activity, which is (i)
competitive with the business of the Company (or a subsidiary or joint venture
of the Company), as presently conducted and as said business may evolve in the
ordinary course, and (ii) a business or business activity in which the
Participant is engaged in the course of the Participant’s employment with the
Company (or a subsidiary or joint venture of the Company);

    

    (b)           recruits,
solicits or hires, or assists anyone else in recruiting, soliciting or hiring,
any employee of the Company (or any subsidiary or joint venture of the Company),
for employment with any competitor of the Company;

    

    (c)           induces
or attempts to induce, or assists anyone else to induce or attempt to induce,
any customer of the Company (or any subsidiary or joint venture of the Company),
to discontinue its business with the Company (or with any subsidiary or joint
venture of the Company), or disclose to anyone else any confidential information
relating to the identities, preferences, and/or requirements of any such
customer; or

    

    (d)           engages
in any other conduct inimical, contrary or harmful to the interests of the
Company (or any subsidiary or joint venture of the Company), including, but not
limited to, conduct related to your employment, or violation of any Company
policy;

    

    the
Company shall be entitled to recover from the Participant any Performance
Compensation Awards paid to the Participant during the three-year period
preceding such breach.  The Company shall also be entitled to recover
from the Participant any expenses incurred by the Company in exercising its
right of recovery hereunder.  The Committee shall have sole discretion
in determining the amount that shall be recovered from the Participant under
this Section XII.

     

    XIII.           COMPENSATION RECOVERY
POLICY.

     

    In addition to, and not in limitation
of, the Company’s rights under Section XII, in the event of any intentional
misconduct on the Participant’s part (as determined by the Committee in its sole
discretion pursuant to applicable law and the Compensation Recovery Policy
adopted by the Committee, including, but not limited to, embezzlement, fraud,
and breach of fiduciary duty) which results in, or substantially contributes to,
the need to restate the Company’s financial statements, the Company shall be
entitled to recover from the Participant an amount equal to the excess
of:

    

    (a)           any
Performance Compensation Awards paid to the Participant for any period for which
restatement of the Company’s financial statements is required (but, if such
period is longer than three years, not to exceed the three most recent years
thereof); over

    

    (b)           the
amount of any Performance Compensation Awards to which the Participant would
have been entitled for such period, if any, as determined on the basis of the
Company’s restated financial statements.

    

    Any such
amount recovered by the Company may also be adjusted for interest, as determined
by the Committee.  The Company shall also be entitled to recover from
the participant any fines, penalties, and other expenses incurred by the Company
as a result of the Participant’s misconduct, including expenses incurred by the
Company in exercising its right of recovery hereunder.  The Committee
shall have sole discretion in determining the amount of Recoverable Compensation
that shall be recovered from the Participant under this Section
XIII.

    

    IN
WITNESS WHEREOF, the foregoing Amendment was adopted on the 4th day of February,
2010.

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