Document:

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                                                                   Exhibit 10.47

                 AMENDED AND RESTATED 2002 EQUITY INCENTIVE PLAN

      1. PURPOSE. The purpose of this Amended and Restated 2002 Equity Incentive
Plan (the "Plan") is to promote the interests of the stockholders of SPSS Inc.,
a Delaware corporation (the "Company") by providing the Company's directors,
officers, employees and independent contractors with an incentive to achieve,
and a reward for achieving, increases in stockholder value.

      2. DEFINITIONS. For purposes of this Plan, the following words and phrases
will have the meanings ascribed to them below:

            (a) "Appreciation Right" means a right granted pursuant to Section 8
hereof.

            (b) "Appreciation Right Agreement" means an agreement executed
pursuant to Section 8(a) hereof.

            (c) "Board" means the Company's Board of Directors.

            (d) "Change in Control" shall be defined, with respect to each
Participant; as such term is defined in the Participant's employment agreement
with the Company, if any. With respect to any Participant who has no employment
agreement with the Company, or whose employment agreement does not contain a
definition of "Change in Control," such phrase shall mean the occurrence of any
one of the following:

                  (i) Consummation of the acquisition by any person (as such
term is defined in Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended (the "1934 Act")) of beneficial ownership (within the meaning
of Rule l3d-3 promulgated under the 1934 Act) of 40 percent (40%) or more of the
combined voting power of the then outstanding voting securities of the Company;
or

                  (ii) The individuals who, as of the date hereof, are members
of the Board cease for any reason to constitute a majority of the Board, unless
the election, or nomination for election by the Stockholders of the Company, of
any new director or directors was approved by a vote of a majority of the Board,
in which case such new director or directors shall, for purposes of this
Agreement, be considered as a member or members of the Board; or

                  (iii) Approval by Stockholders of the Company of (A) a merger
or consolidation of the Company if the Stockholders immediately before such
merger or consolidation do not, as a result of such merger or consolidation,
own, directly or indirectly, more than 60 percent (60%) of the combined voting
power of the then outstanding voting securities of the entity resulting from
such merger or consolidation in substantially the same proportion as their
ownership of the combined voting power of the voting securities of the Company
outstanding immediately before such merger or consolidation; or (B) a complete
liquidation or dissolution, or

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an agreement for the sale or other disposition, of all or substantially all of
the assets of the Company.

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
solely because 40 percent (40%) or more of the combined voting power of the then
outstanding securities is acquired by (i) a trustee or other fiduciary holding
securities under one or more employee benefit plans maintained for employees of
the Company, or (ii) any corporation that, immediately prior to such
acquisition, is owned directly or indirectly by the Stockholders of the Company
in the same proportion as their ownership of stock of the Company immediately
prior to such acquisition.

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

            (f) "Common Shares" means shares of common stock of the Company,
$0.01 par value per share, or any security into which such Common Shares may be
changed by reason of any transaction or event of the type referred to in Section
4(c).

            (g) "Compensation Committee" means a committee appointed by the
Board comprised solely of three or more members of the Board who qualify as
"independent" under the NASDAQ National Market listing standards.

            (h) "Date of Grant" means the date determined in accordance with the
Board's authorization on which a grant of Option Rights, Appreciation Rights, or
Restricted Shares, becomes effective.

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

            (j) "Exchange Act" means the Securities Exchange Act of 1934.

            (k) "Incentive Stock Option" means an Option Right granted pursuant
to Section 6 hereof that is intended to qualify as an "incentive stock option"
as that term is defined in Section 422 of the Code or any successor provision
and which conforms to the applicable provisions of Section 422 of the Code or
any successor provision.

            (l) "Market Value", as applied to any date, means the price per
share of the Common Shares in an amount equal to the closing price of the last
sale of the Common Shares as reported by the NASDAQ National Market or the
principal securities exchange or automated quotation system on which Common
Shares were sold on the date when the Market Value per Common Share is to be
determined or, if the date is a date on which the Common Shares did not trade,
the closing price on the immediately preceding day on which the stock traded.

            (m) "Non-Employee Director" shall have the meaning ascribed to such
term in Rule 16b-3.

            (n) "Nonqualified Stock Option" means an Option Right other than an
Incentive Stock Option.

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            (o) "Optionee" means the optionee named in an Option Agreement with
the Company.

            (p) "Option Agreement" means an agreement executed pursuant to
Section 6 hereof.

            (q) "Option Price" means the purchase price payable on exercise of
an Option Right.

            (r) "Option Right" means the right to purchase Common Shares granted
pursuant to Section 6.

            (s) "Participant" means a person who is approved by the Board to
receive benefits under this Plan and who is at the time an officer, executive,
Director or other employee (including, without limitation, officers and
directors who are employees) or independent contractor of the Company or any one
or more of its Subsidiaries, or who has agreed to commence serving in any of
such capacities.

            (t) "Restricted Shares" means Common Shares issued pursuant to
Section 9 as to which neither the substantial risk of forfeiture nor the
prohibition on transfers referred to in Section 9 has expired.

            (u) "Restricted Share Agreement" means an agreement executed
pursuant to Section 9(a) hereof.

            (v) "Restricted Share Right" means the right to obtain ownership of
Common Shares granted pursuant to Section 9.

            (w) "Right" or "Rights" means one or more Appreciation Right, Option
Right and Restricted Share Right, either individually or collectively, as the
case may be.

            (x) "Rule 16b-3" means rule 16b-3 promulgated under the Exchange Act
(the "Exchange Act") (or any successor rule substantially to the same effect),
as in effect from time to time.

            (y) "Spread" means (i) the excess of the Market Value of the Common
Shares on the date when an Appreciation Right is exercised, over the price at
which the Appreciation Right was granted, as set forth in the applicable
Appreciation Right Agreement, or (ii) the excess of the Market Value of the
Common shares on the date when an Option Right is exercised over the Option
Price, as set forth in the applicable Option Agreement.

            (z) "Stockholders" shall mean the owners of the issued and
outstanding Common Shares of SPSS.

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            (aa) "Subsidiary" means any corporation with respect to which the
Company directly or indirectly owns stock possessing 50% or more of the voting
power as described in Section 424(f) of the Code.

      3. PLAN ADMINISTRATION.

            (a) Administration. This Plan will be administered by the Board or,
if and to the extent that the Board has delegated this authority to the
Compensation Committee, by the Compensation Committee. For avoidance of doubt,
it is understood that by adopting this Plan, the Board has expressly delegated
exclusive authority to administer this Plan to the Compensation Committee and
such delegation shall be effective unless and until the Board shall by
resolution approved after the adoption of this Plan specifically rescind such
delegation of authority. When used in this Plan, the term "Board" shall mean the
Board or the Compensation Committee, if the Board has delegated the applicable
power to the Compensation Committee pursuant to this Section 3(a).

            (b) Authority of the Board.

                  (i) The Board will take such actions as are required to be
taken by it hereunder, may take the actions permitted to be taken by it
hereunder, and will have the authority, subject to the provisions of the Plan,
to establish, adopt and revise such rules and regulations relating to the Plan
as it may deem necessary or advisable for the administration of the Plan. The
Board's decisions and determinations under the Plan need not be uniform and may
be made selectively among Participants, whether or not such Participants are
similarly situated. Each determination, interpretation or other action made or
taken by the Board pursuant to the provisions of the Plan or any agreement,
notification, or document evidencing the grant of an Option Right, Appreciation
Right or Restricted Share will be conclusive and binding for all purposes and on
all persons, including, without limitation, the Company and its Subsidiaries,
the Stockholders, the Compensation Committee, the Board and each of its
respective members, the directors, officers and employees of the Company and its
Subsidiaries, and the Participants and their respective successors in interest.
Without limiting the generality or effect of any provision of the Certificate of
Incorporation of the Company, no member of the Board will be liable for any
action or determination made in good faith with respect to the Plan or any
Option Right, Appreciation Right or Restricted Share granted under the Plan.

                  (ii) The provisions of Sections 6, 8 and 9 will be interpreted
as authorizing the Board, in taking any action under or pursuant to this Plan,
to take any action it determines in its sole discretion to be appropriate
subject only to the express limitations therein contained and no authorization
in any such Section or other provision of this Plan is intended or may be deemed
to constitute a limitation on the authority of the Board.

                  (iii) The existence of this Plan or any right granted or other
action taken pursuant hereto will not affect the authority of the Board or the
Company to take any other action, including in respect of the grant or award of
any option, security, or other right or benefit, whether or not authorized by
this Plan, subject only to limitations imposed by applicable law as from time to
time applicable thereto.

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      4. SHARES AVAILABLE UNDER THE PLAN.

            (a) Authorized Number of Common Shares. Subject to adjustment as
provided in Section 4(c) hereof:

                  (i) The number of Common Shares that may be issued or
transferred under this Plan upon the exercise of Option Rights that qualify as
Incentive Stock Options may not exceed a maximum of 79,646.

                  (ii) The number of Common Shares that may be issued or
transferred under this Plan upon the exercise of Option Rights that qualify as
Nonqualified Stock Options, Appreciation Rights or as Restricted Shares and
released from substantial risks of forfeiture thereof, may not exceed a maximum
of 2,420,354.

Common Shares issued under this Plan may be shares of original issuance or
treasury shares or a combination of the foregoing.

            (b) Reservation and Reuse of Common Shares. Upon the grant of any
Right pursuant to this Plan, there shall be reserved such number of Common
Shares as would be necessary to fully satisfy such Right (assuming for this
purpose that all Option Rights and Appreciation Rights become fully vested and
exercisable, all forfeiture restrictions lapse with respect to Restricted Stock
Rights and that all Appreciation Rights are satisfied by the issuance of Common
Shares). If, following such reservation, any Right shall be exercised or shall
terminate, be cancelled or otherwise expire without requiring the Company to use
all of the Common Shares reserved with respect to such Right to satisfy its
obligations there under, the Common Shares that were reserved, but were not used
to satisfy the Company's obligation, with respect to the exercised, terminated,
cancelled or otherwise expired Right shall again become available for
reservation with respect to the grant of additional Rights pursuant to this
Plan.

            (c) Adjustments. If the Board determines that (a) any stock
dividend, stock split, combination of shares, recapitalization, or other change
in the capital structure of the Company, (b) any merger, consolidation,
spin-off, split-off, spin-out, split-up, reorganization, partial or complete
liquidation, or other distribution of assets or issuance of rights or warrants
to purchase securities, or (c) any other corporate transaction or event having
an effect similar to any of the foregoing, would result in the dilution or
enlargement of the rights of Participants, then the Board may make or provide
for adjustments in (i) the number of shares specified in Section 4(a) as the
Board may determine is appropriate to reflect any transaction or event described
in this Section 4(c), or (ii) the number of Common Shares covered by outstanding
Option Rights or Appreciation Rights granted hereunder, the prices per share
applicable to such Option Rights and Appreciation Rights and the kind of shares
covered thereby. Notwithstanding the foregoing, any adjustment which by reason
of this Section 4(c) is not required to be made currently will be carried
forward and taken into account in any subsequent adjustment. In the event of any
such transaction or event, the Board may provide in substitution for any or all
outstanding awards under this Plan such alternative consideration as it may
determine to be equitable in the circumstances and may require in connection
therewith the surrender of all awards so replaced.

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      5. ELIGIBILITY. Option Rights, Appreciation Rights and Restricted Shares
may be granted under the Plan to those Participants as the Board from time to
time selects.

      6. OPTION RIGHTS. The Board may from time to time authorize the grant to
Participants of Option Rights upon such terms and conditions as it may determine
in accordance with the following provisions set forth below. Option Rights may
be granted either in connection with, or independently of, the grant of any
Appreciation Rights or Restricted Share Rights.

            (a) Form of Option Rights. Option Rights granted under this Plan may
be (i) Incentive Stock Options, (ii) Nonqualified Stock Options, or (iii) a
combination of the foregoing. An Incentive Stock Option may be granted only to a
Participant who, at the time the Incentive Stock Option is granted, is approved
by the Board to receive an Incentive Stock Option and, at the time, is an
employee of the Company or of one or more of its Subsidiaries. An Incentive
Stock Option may be granted only as permitted by the Code and pursuant to the
conditions set forth in this Section 6 and Section 7 hereto.

            (b) Option Agreements. Each grant of Option Rights will be evidenced
by an Option Agreement executed on behalf of the Company by any officer,
director, or, if authorized by the Board, employee of the Company and delivered
to the Optionee, containing such terms and provisions as the Board may approve,
except that in no event will any such Option Agreement include any provision
prohibited by the express terms of this Plan. The Option Agreement shall be
consistent with the form of Option Agreement adopted by the Board and amended
from time to time, for the purpose of granting Option Rights. Option Agreements
evidencing Incentive Stock Options shall contain such terms and conditions as
may be necessary to meet the applicable provisions of Section 422 of the Code.

            (c) Option Grants.

                  (i) Discretionary Grants. A Participant, other than a
Non-Employee Director who shall receive grants exclusively pursuant to Section
6(c)(ii) hereof, may be granted one or more Option Rights under the Plan, and
such Option Rights will be subject to such terms and conditions, consistent with
the other provisions of the Plan, as are determined by the Board in its sole
discretion. For each grant of an Option Right, the Board will specify (A) the
number of Common Shares to which the grant pertains and (B) whether the grant
consists of Incentive Stock Options, Nonqualified Stock Options or both
Incentive Stock Options and Nonqualified Stock Options. Notwithstanding the
foregoing, no Participant may receive, in any single calendar year, a grant of
an Option Right to purchase more than 150,000 Common Shares.

                  (ii) Formula Grants. Effective upon stockholder approval, an
Option Right to purchase 10,000 Common Shares shall be automatically granted to
each Non-Employee Director on the initial date that each such Non-Employee
Director is first elected as a new director of the Company at an annual meeting
of the Company's stockholders held for the purpose of electing directors or
appointed to the Company's Board. In addition, for each year that a Non-Employee
Director serves following the initial one-year term of such Non-Employee

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Director, an Option Right to purchase 5,000 Common Shares shall be automatically
granted to each Non-Employee Director on an annual basis with each such grant
being effective as of the 1st day of July of such calendar year. Notwithstanding
any other provision of this Plan relating to the discretion of the Board to
determine the terms of the Option Rights granted pursuant hereto, each Option
Right granted pursuant to this Section 6(c)(ii) shall (A) be granted with an
exercise price equal to the Market Value on the date of grant, (B) be a
Nonqualified Stock Option and (C) (i) with respect to the option granted to
purchase 10,000 Common Shares, shall vest ratably over a three year period and
(ii) with respect to the option granted to purchase 5,000 Common Shares vest in
full immediately upon the date of grant.

            (d) Option Exercise Price.

                  (i) Incentive Stock Options. The per share price to be paid by
the Participant at the time an Incentive Stock Option is exercised will be
determined by the Board in its sole discretion at the Date of Grant; provided,
however, that such price will not be less than (i) 100% of the Market Value of
one Common Share on the Date of Grant, or (ii) 110% of the Market Value of one
Common Share on the Date of Grant if, at that time the Option Right is granted,
the Participant owns, directly or indirectly (as determined pursuant to Section
424(d) of the Code), more than 10% of the total combined voting power of all
classes of stock of the Company or any subsidiary or parent corporation of the
Company (within the meaning of Sections 424(f) and 424(e), respectively, of the
Code).

                  (ii) Nonqualified Stock Options. The per share price to be
paid by the Participant at the time a Nonqualified Stock Option is exercised
will be determined by the Board in its sole discretion at the Date of Grant;
provided, however, that such price will not be less than 85% of the Market Value
of one Common Share on the Date of Grant.

            (e) Term of Option Rights.

                  (i) Incentive Stock Options. The period during which an
Incentive Stock Option may be exercised will be fixed by the Board in its sole
discretion at the time such Option Right is granted; provided, however, that in
no event will such period exceed ten (10) years from its Date of Grant or, in
the case of a Participant who owns, directly or indirectly (as determined
pursuant to Section 424(d) of the Code), more than 10% of the total combined
voting power of all classes of stock of the Company or any subsidiary or parent
corporation of the Company (within the meaning of Sections 424(f) and 424(e),
respectively, of the Code), five (5) years from its Date of Grant.

                  (ii) Nonqualified Stock Options. The period during which a
Nonqualified Stock Option may be exercised will be fixed by the Board in its
sole discretion at the time such Option Right is granted; provided, however,
that in no event will such period exceed ten (10) years from its Date of Grant.

            (f) Exercise of Options. Each grant of an Option Right will specify
the period or periods of continuous service by the Participant with the Company
or any Subsidiary which is necessary before the Option Right or installments
thereof will vest and become exercisable and

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may provide for the earlier exercise of such Option Right in the event of a
Change in Control or other event. To the extent that the right to purchase
Common Shares has accrued thereunder, an Option Right may be exercised, in whole
or in part, from time to time by written notice to the Company, in accordance
with the procedures set forth in the Option Agreement.

            (g) Payment of Exercise Price.

                  (i) Each grant will specify whether the Option Price is
payable (A) in cash, (B) by the actual or constructive transfer to the Company
of nonforfeitable, unrestricted Common Shares already owned by the Optionee (or
other consideration authorized pursuant to Section 6(g)(ii)) having an actual or
constructive value as of the time of exercise as determined by the Board or in
accordance with the applicable Option Agreement referred to in Section 6(b),
equal to the total Option Price, (C) by having the Company reduce the number of
Common Shares distributed to the Optionee by a number of Common Shares with a
Market Value per Common Share, as of the date of exercise, equal to the Option
Price of the Common Shares, (D) by deferred payment of the full purchase price
of the Common Shares from the proceeds of a sale, through a bank or broker, on
the exercise date of some or all of the Common Shares underlying the Option
Right to which such exercise relates, or (E) by a combination of such methods of
payment. In connection with a constructive transfer pursuant to Section
6(g)(i)(B) hereof, a Participant may provide an attestation letter in form
acceptable to the Company requesting that the Company issue and transfer to the
Participant, in full satisfaction of such exercise, Common Shares having a value
net of the exercise price and any applicable withholding taxes.

                  (ii) The Board may determine, at or after the Date of Grant,
that payment of the Option Price of any option (other than an Incentive Stock
Option) may also be made in whole or in part in the form of Restricted Shares or
other Common Shares that are forfeitable or subject to restrictions on transfer,
or other Option Rights (based on the Spread on the date of exercise). Unless
otherwise determined by the Board at or after the Date of Grant, whenever any
Option is exercised in whole or in part by means of any of the forms of
consideration specified in this Section 6(g), the Common Shares received upon
the exercise of the Option Rights will be subject to such risk of forfeiture or
restrictions on transfer as may correspond to any that apply to the
consideration surrendered, but only to the extent of (i) the number of shares
surrendered in payment of the Option Price or (ii) the Spread of any
unexercisable portion of Option Rights surrendered in payment of the Option
Price.

                  (iii) Any grant may provide for deferred payment of the Option
Price from the proceeds of sale through a bank or broker on the exercise date of
some or all of the shares to which such exercise relates.

            (h) Reload Policy. In the event that a Participant serving in a
management position at the Company tenders by attestation Common Shares in
payment or partial payment of either the Option Price or any withholding taxes,
additional Option Rights may be granted to such Participant, subject to Board
approval. The number of additional Option Rights shall equal the number of
Common Shares constructively tendered in payment or partial payment of either
the Option Price or any withholding taxes.

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            (i) Successive Grants. Successive grants of Option Rights may be
made to the same Participant whether or not any Option Rights or other Rights
previously granted to such Participant remain unexercised.

            (j) Post-Termination Exercises. The Board shall establish and set
forth in each Option Agreement that evidences an Option Right whether the Option
will continue to be exercisable, and the terms and conditions of such exercise,
if a Participant ceases to be employed by, or to provide services to, the
Company or its Subsidiaries, which provisions may be waived by the Board at any
time.

      7. ADDITIONAL INCENTIVE STOCK OPTION LIMITATIONS.

            (a) Dollar Limitation. To the extent the aggregate Market Value
(determined as of the Date of Grant) of Common Shares with respect to which
Incentive Stock Options are exercisable for the first time during any calendar
year (under the Plan and all other stock option plans of the Company) exceeds
$100,000, such portion in excess of $100,000 shall be treated as a Nonqualified
Stock Option. In the event the Optionee holds two or more such Options that
become exercisable for the first time in the same calendar year, such limitation
shall be applied on the basis of the order in which such Options are granted.

            (b) Eligible Employees. Individuals who are not employees of the
Company or one of its parent corporations or subsidiary corporations may not be
granted Incentive Stock Options. For purposes of this Section 7(b), "parent
corporation" and "subsidiary corporation" shall have the meanings attributed to
those terms for purposes of Section 424(e) and 424(f) of the Code.

            (c) Exercisability. An Option designated as an Incentive Stock
Option must be exercised within three months after termination of employment for
reasons other than death, except that, in the case of termination of employment
due to disability, as defined in Section 22(e)(3), such Option must be exercised
within one year after such termination. In the case of termination of employment
due to the death of the employee, such Option must be exercised within one year
after such termination. Employment shall not be deemed to continue beyond the
first 90 days of a leave of absence unless the Optionee's reemployment rights
are guaranteed by statute or contract.

            (d) Taxation of Incentive Stock Options. In order to obtain certain
tax benefits afforded to Incentive Stock Options under Section 422 of the Code,
the Optionee must hold the shares issued upon the exercise of an Incentive Stock
Option for two years after the Date of Grant of the Incentive Stock Option and
one year from the date of exercise. An Optionee may be subject to the
alternative minimum tax at the time of exercise of an Incentive Stock Option.
The Board may require an Optionee to give the Company prompt notice of any
disposition of shares acquired by the exercise of an Incentive Stock Option
prior to the expiration of such holding periods.

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      8. APPRECIATION RIGHTS. The Board may from time to time authorize the
grant to Participants of Appreciation Rights upon such terms and conditions as
it may determine in accordance with the provisions set forth below. Appreciation
Rights may be granted either in connection with, or independently of, the grant
of any Option Rights or Restricted Share Rights.

            (a) Form of Appreciation Right. An Appreciation Right shall be
expressed as the right to receive from the Company consideration with a value
equal to the Spread for a specified number of Common Shares between the
measurement or base price of a Common Share stated in the Appreciation Right
Agreement and the Market Value of a Common Share on the date the Appreciation
Right is exercised.

            (b) Appreciation Right Agreement. Each grant of Appreciation Rights
will be evidenced by an Appreciation Right Agreement executed on behalf of the
Company by an officer, director, or, if authorized by the Board, employee of the
Company and delivered to and accepted by the Participant, which agreement will
describe such Appreciation Rights, state that such Appreciation Rights are
subject to all the terms and conditions of this Plan, and contain such other
terms and provisions as the Board may approve, except that in no event will such
Appreciation Right Agreement include any provision prohibited by the express
terms of this Plan. The Appreciation Right Agreement shall be consistent with
the form of Appreciation Right Agreement adopted by the Board and amended from
time to time, for the purpose of granting Appreciation Rights.

            (c) Measurement or Base Price. The measurement or base price used to
determine the value of an Appreciation Right at the time an Appreciation Right
is exercised will be determined by the Board in its sole discretion at the Date
of Grant; provided, however, that such price shall not be less than 85% of the
Market Value of one Common Share on the Date of Grant.

            (d) Term of Appreciation Rights. The term during which an
Appreciation right may be exercised will be fixed by the Board in its sole
discretion at the time such Appreciation Right is granted; provided, however,
that in not event will such period exceed ten (10) years from its Date of Grant.

            (e) Exercise of Appreciation Rights. Each grant of an Appreciation
Right shall specify the period or periods of continuous service by the
Participant with the Company or any subsidiary which is necessary before the
Appreciation Right or installments thereof will vest and become exercisable and
may provide for the earlier exercise of such Appreciation Right in the event of
a Change in Control or other event. To the extent that the Appreciation Right
has become exercisable, an Appreciation Right may be exercised, in whole or in
part, from time to time by written notice to the Company in accordance with the
procedures set forth in the Appreciation Right Agreement.

            (f) Terms of Grant.

                  (i) Any grant may provide that the amount payable on exercise
of an Appreciation Right may be paid by the Company in cash, in Common Shares,
or in any

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combination thereof and may either grant to the Participant or retain in the
Board the right to elect among those alternatives.

                  (ii) Any grant may specify that the amount payable on exercise
of an Appreciation Right may not exceed a maximum specified by the Board as of
the Date of Grant.

            (g) Successive Grants. Successive grants of Appreciation Rights may
be made to the same Participant whether or not any Appreciation Rights or other
Rights previously granted to such Participant remain unexercised.

            (h) Post-Termination Exercise. The Board shall establish and set
forth in each Appreciation Right Agreement that evidences an Appreciation Right
whether the Appreciation Right will continue to be exercisable, and the terms
and conditions of such exercise, if a Participant ceases to be employed by, or
to provide services to, the Company or its subsidiaries, which provisions may be
waived by the Board at any time.

      9. RESTRICTED SHARES. The Board may from time to time authorize the
transfer or issuance to Participants of Restricted Shares upon such terms and
conditions it may determine in accordance with the provisions set forth below.
Restricted Shares may be granted either in connections with, or independently
of, the grant of any Option Rights or Appreciation Rights. The Board may also
authorize the issuance or transfer of Restricted Shares to Participants in
accordance with the provisions set forth below.

            (a) Ownership of Restricted Shares. All Restricted Shares
transferred or issued to a Participant will be legally and beneficially owned by
the Participant from the date of transfer or issuance (entitling such
Participant to voting, dividend and other ownership rights), but subject to the
risk of forfeiture as provided below, unless and until such shares are forfeited
by the Participant in accordance with the Restricted Share Agreement applicable
to such Restricted Shares.

            (b) Restricted Share Agreement. Each issuance or transfer of
Restricted Shares will be evidenced by a Restricted Share Agreement executed on
behalf of the Company by any officer, director, or, if authorized by the Board,
employee of the Company and delivered to and accepted by the Participant and
containing such terms and provisions as the Board may approve, except that in no
event will any such Restricted Share Agreement include any provision prohibited
by the express terms of the Plan. The Restricted Share Agreement shall be
consistent with the form of Restricted Share Agreement adopted by the Board and
amended from time to time, for the purpose of issuing Restricted Shares.

            (c) Share Certificates. All certificates representing Restricted
Shares will be held in custody by the Company until all restrictions thereon
have lapsed, together with a stock power executed by the Participant in whose
name such certificates are registered, endorsed in blank and covering
determination by the Board that an event causing the forfeiture of the
Restricted Shares has occurred.

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            (d) Consideration. Each such issuance or transfer may be made
without additional consideration.

            (e) Substantial Risk of Forfeiture, Restrictions and Forfeiture.

                  (i) The Restricted Share Agreement applicable to each transfer
or issuance of Restricted Shares shall specify the period or periods and/or
event or events during and/or as a result of which the Restricted Shares, will
be subject to forfeiture. Such period or periods and/or event or events shall be
determined by the Board at the Date of Grant in its sole discretion; provided,
however, that the Restricted Share must be subject to a "substantial risk of
forfeiture "within the meaning of Section 83 of the Code.

                  (ii) During the period when any Common Shares transferred or
issued as Restricted Shares remain subject to a substantial risk of forfeiture,
the Participant to whom such Common Shares were transferred or issued may not
transfer or otherwise dispose of such Common Shares and any attempt by a
Participant to transfer or otherwise dispose of Common Shares that remain
subject to a substantial risk of forfeiture will result in the immediate
forfeiture of such Common Shares.

                  (iii) In the event that any Restricted Shares are forfeited
pursuant to Subsection (ii) above or the provisions of the applicable Restricted
Share Agreement, the Company may cancel, reacquire or otherwise transfer the
forfeited Common Shares without payment of any consideration to the Participant
with respect to such forfeited Common Shares. In the event that the Company is,
at the time a forfeiture occurs, holding a certificate representing both Common
Shares that have been forfeited and Common Shares as to which the risk of
forfeiture has lapsed, the Company shall issue a new certificate in the name of
the Participant representing the number of Common Shares as to which the risk of
forfeiture has lapsed as soon a practicable following the event of forfeiture.

            (f) Successive Grants. Successive Grants of Restricted Shares may be
made to the same Participant whether or not any Restricted Share Rights or other
Rights previously granted to such Participant remain outstanding and/or
unexercised.

      10. TRANSFERABILITY.

            (a) No Option Right or Appreciation Right granted under this Plan
will be transferable by a Participant other than by will or the laws of descent
and distribution except (in the case of a Participant who is not a Director or
officer of the Company) to a fully revocable trust of which the Optionee is
treated as the owner for federal income tax purposes. Option Rights and
Appreciation Rights will be exercisable during the Optionee's life only by him
or by his guardian or legal representative. The Board may impose additional
restrictions on transfer as well.

            (b) The Board may specify at the Date of Grant that part or all of
the Common Shares that are (i) to be issued or transferred by the Company upon
the exercise of Option Rights or Appreciation Rights or (ii) no longer subject
to the substantial risk of forfeiture and

                                       12
<PAGE>

restrictions on transfer referred to in Section 9(e), will be subject to further
restrictions on transfer.

      11. FRACTIONAL SHARES. The Company will not be required to issue any
fractional Common Shares pursuant to this Plan. The Board may provide for the
elimination of fractions and for the settlement of fractions in cash.

      12. WITHHOLDING TAXES. To the extent that the Company is required to
withhold federal, state, local, or foreign taxes in connection with any payment
made or benefit realized by a Participant or other person under this Plan, and
the amounts available to the Company for such withholding are insufficient, it
will be a condition to the receipt of such payment or the realization of such
benefit that the Participant or such other person make arrangements satisfactory
to the Company for payment of the balance of such taxes required to be withheld,
which arrangements may include relinquishment of a portion of such benefit.

      13. CANCELLATIONS, SUSPENSION AND AMENDMENT.

            (a) Cancellation and Suspension. The Board, in its sole discretion
may cancel or suspend this Plan; provided, however, that no such cancellation or
suspension shall effect the continuation or validity of any Right arising
pursuant to this Plan prior to such cancellation or suspension.

            (b) Amendments. Subject to the limitations set forth below, this
Plan may be amended as follows:

                  (i) Except for Material Amendments (as defined in Section
13(d) below), the Board, in its sole discretion, may amend this Plan in such
respects as the Board deems advisable.

                  (ii) With respect to Material Amendments, such amendments must
first be adopted by the Board and then submitted for approval by the Company's
Stockholders in accordance with all applicable laws, regulations and rules. No
Material Amendment will be effective without, or prior to obtaining, stockholder
approval.

            (c) Prohibited Amendments. Notwithstanding the provisions of
Subsection (b) above, no amendment to this Plan will be effective if such
Amendment would cause Rule 16b-3 to become inapplicable to the Plan during any
period which the Company has any class of equity Securities registered pursuant
to Section 13 or 15 of the Exchange Act.

            (d) Definition of Material Amendment. For purposes of this Section,
the term "Material Amendment" shall mean any material modification of the terms
of the Plan, including without imitation (a) any increase in the number of
shares to be issued under the Plan (other than as authorized by Section 4(c)
hereof); (b) any material increase in the benefits to Participants, including
any change in the Plan to (i) permit a repricing (or decrease in exercise price)
of outstanding Option Rights or Appreciation Rights, (ii) reduce the price at
which Option Rights, Appreciation Rights or Restricted Shares may be offered or
(iii) extend the duration of the Plan;

                                       13
<PAGE>

(c) any modification of the class of Participants eligible to participate in the
Plan, (d) any expansion in the types of awards provided under the Plan and (e)
any other amendment that would qualify as a "material amendment" under the
NASDAQ National Market listing standards, as amended from time to time.

            (e) Death, Disability or Retirement. In case of termination of
employment by reason of death, disability or normal or early retirement, or in
the case of hardship or other special circumstances, of a Participant who holds
an Option Right or Appreciation Right not immediately exercisable in full or any
Restricted Shares as to which the substantial risk of forfeiture or the
prohibition or restriction on transfer has not lapsed, or who holds Common
Shares subject to any transfer restriction imposed pursuant to Section 10(b),
the Board may take such action as it deems equitable in the circumstances or in
the best interests of the Company including without limitation waiving or
modifying any other limitation or requirement under any such award.

      14. MISCELLANEOUS.

            (a) Continued Employment or Service. This Plan will not confer upon
any Participant any right with respect to continuance of employment or other
service with the Company or any Subsidiary, nor will it interfere in any way
with any right the Company or any Subsidiary would otherwise have to terminate
or modify the terms of such Participant's employment or other service at any
time.

            (b) Non-Exclusivity of the Plan. Nothing contained in the Plan is
intended to amend, modify or rescind any previously approved compensation plans
or programs entered into by the Company. The Plan will be construed to be in
addition to any and all such other plans or programs. Neither the adoption of
the Plan nor the submission of the Plan to the Stockholders for approval will be
construed as creating any limitations on the power of authority of the Board to
adopt such additional or other compensation arrangements as the Board may deem
necessary or desirable.

            (c) Severability. To the extent that any provision of this Plan
would prevent any Option Right that was intended to qualify an Incentive Stock
Option from qualifying as such, that provision will be null and void with
respect to such Option Right, but will remain in effect for other Option Rights
and there will be no further effect on any provision of this Plan.

            (d) Governing Law. This Plan will be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the
principles of conflict of laws thereof. If any provision of this Plan is held to
be invalid or unenforceable, no other provision of this Plan will be affected
thereby.

            (e) Compliance with Laws. The Plan is intended to conform to the
extent necessary with Code, the Securities Act, the Exchange Act, all rules and
regulations promulgated by the SEC pursuant to the Securities Act and the
Exchange Act and the listing standards of the NASDAQ National Market. The Plan
will be administered, and the awards granted and exercised, only in such a
manner as to conform to these laws, rules and regulations. Any

                                       14
<PAGE>

Common shares delivered under the Plan shall be subject to such restrictions,
and the participant acquiring such securities shall, if requested by the
Company, provide such assurances and representations to the Company as the
Company deems necessary or desirable to assure compliance with all applicable
legal requirements. To the extent permitted by applicable law, the Amended and
Restated Plan and the awards granted thereunder shall be deemed amended to the
extent necessary to conform to such laws, rules and regulations.

            (f) Effective Date. The effective date of the 2002 Equity Incentive
Plan (the "Original Plan") was January 1, 2002 (the "Original Plan Effective
Date"). The Original Plan Effective Date applies to any Rights issued pursuant
to the Original Plan prior to the adoption of this Plan. This Plan shall be
effective only upon the approval by the Company's Stockholders in accordance
with all applicable laws, regulations and rules. Subject to the foregoing
condition, Rights may be granted pursuant to this Plan from time to time within
the period commencing upon adoption of this Plan by the Company's Stockholders
and ending ten (10) years after the adoption of this Plan by the Company's
stockholders. A failure of the Company's stockholders to approve this Plan shall
not affect any Rights issued under the Original Plan.

                                       15exv10w1

 

Exhibit 10.1

APTARGROUP, INC.

STOCK OPTION AGREEMENT

FOR EMPLOYEES

          AptarGroup, Inc., a Delaware corporation (the “Company”), hereby grants to
«FirstName» «LastName» (the “Employee”) as of June 3, 2004 (the “Option
Date”), pursuant to the provisions of the AptarGroup, Inc. 2004 Stock Awards
Plan (the “Plan”), a non-qualified option to purchase from the Company (the
“Option”) «options» shares of its Common Stock, $.01 par value (“Stock”), at
the price of $40.12 per share upon and subject to the terms and conditions set
forth below. Capitalized terms not defined herein shall have the meanings
specified in the Plan.

          1. Option
Subject to Acceptance of Agreement.

          The Option shall become null and void unless the Employee shall accept
this Agreement by executing it in the space provided below and returning it to
the Company.

          2. Time and Manner of Exercise of Option.

          2.1. Maximum Term of Option. In no event may the Option be exercised, in
whole or in part, after June 3, 2014 (the “Expiration Date”).

          2.2. Exercise of Option. (a) The Option shall become exercisable (i) on
June 3, 2005 with respect to [one-third] of the number of shares subject to the
Option on the Option Date, (ii) on June 3, 2006 with respect to an additional
[one-third] of the number of shares subject to the Option on the Option Date,
(iii) on June 3, 2007 with respect to the remaining [one-third] of the number
of shares subject to the Option on the Option Date, and (iv) as otherwise
provided pursuant to Sections 2.2(b), (c) and (f) hereof.

          (b) If the Employee’s employment by the Company terminates by reason of
retirement, the Option shall continue to be exercisable and become exercisable
in accordance with Section 2.2(a) and may thereafter be exercised by the
Employee or the Employee’s Legal Representative from the effective date of the
Employee’s termination of employment until the Expiration Date. For purposes
of this Agreement, “retirement” shall mean retirement either (i) at or after
age 55 after a minimum of ten years of employment with the Company or (ii) at
or after age 65. For purposes of this Section 2.2(b) only, employment with an
entity or business acquired by the Company shall be deemed to be employment
with the Company.

          (c) If the Employee’s employment by the Company terminates by reason of
permanent disability or death, the Option shall become fully exercisable and
may thereafter be exercised by the Employee or the Employee’s Legal
Representative, in the case of permanent disability, or the Employee’s Legal
Representative or Permitted Transferees, in the case of death,

 

 

in each case for
a period of three years from the effective date of the Employee’s termination
of
employment or until the Expiration Date, whichever period is shorter. For
purposes of this Agreement, “permanent disability” shall mean the inability of
the Employee to substantially perform his or her duties for a continuous period
of at least six months as determined by the Committee.

          (d) If the Employee’s employment by the Company terminates for any reason
other than retirement, permanent disability or death, the Option shall be
exercisable only to the extent that it was exercisable on the effective date of
the Employee’s termination of employment and may thereafter be exercised by the
Employee or the Employee’s Legal Representative for a period of one year from
the effective date of the Employee’s termination of employment or until the
Expiration Date, whichever period is shorter. The portion of the Option, if
any, which is not vested as of the effective date of the Employee’s termination
of employment shall be forfeited and canceled by the Company.

          (e) If the Employee dies on or prior to the Expiration Date following
termination of employment by reason of retirement, or if the Employee dies
during the three-year period following termination of employment by reason of
permanent disability, or if the Employee dies during the one-year period
following termination of employment for any reason other than retirement or
permanent disability, the Option shall be exercisable only to the extent that
it was exercisable on the date of such death and may thereafter be exercised by
the Employee’s Legal Representative or Permitted Transferees, as the case may
be, for a period of one year from the date of death or until the Expiration
Date, whichever period is shorter.

          (f) (1) In the event of a Change in Control (as defined in Appendix
A), the Option shall immediately become exercisable in full.

               (2) In the event of a Change in Control pursuant to paragraph (1) or (2)
of Appendix A, the Board of Directors (as constituted prior to such Change in
Control) may, in its discretion (subject to existing contractual arrangements),
require that the Option, in whole or in part, be surrendered to the Company by
the Employee and be immediately cancelled by the Company, and provide for the
Employee to receive a cash payment from the Company in an amount equal to the
number of shares of Stock subject to the Option immediately prior to such
cancellation (but after giving effect to any adjustment pursuant to Section
5(c) of the Plan in respect of any transaction that gives rise to such Change
in Control), multiplied by the excess, if any, of (i) the greater of (A) the
highest per share price offered to holders of common stock in any transaction
whereby the Change in Control takes place and (B) the Market Value of a share
of Stock on the date on which such Change of Control occurs over (ii) the
exercise price.

               (3) In the event of a Change in Control pursuant to paragraph (3) or (4)
of Appendix A, the Board of Directors (as constituted prior to such Change in
Control) may, in its discretion (subject to existing contractual arrangements):

2

 

	(i)	 	require that shares of stock of the corporation resulting
from such Change in Control, or a parent corporation thereof, be
substituted for some or all of the
shares of Stock subject to the Option, with an appropriate and
equitable adjustment to the exercise price of such Option, as
determined by the Board of Directors, such adjustment to be made
without an increase in the aggregate purchase price; and/or
	 
	(ii)	 	require the Option, in whole or in part, to be surrendered to
the Company by the Employee, and to be immediately cancelled by the
Company, and provide for the Employee to receive (a) a cash payment
in an amount not less than the amount determined by multiplying the
number of shares of Stock subject to the Option immediately prior to
such cancellation (but after giving effect to any adjustment
pursuant to Section 5(c) of the Plan in respect of any transaction
that gives rise to such Change in Control), by the excess, if any,
of the highest per share price offered to holders of common stock in
any transaction whereby the Change in Control takes place over the
exercise price, (b) shares of stock of the corporation resulting
from such Change in Control, or a parent corporation thereof, having
a Market Value not less than the amount determined under clause (a)
above or (c) a combination of a payment of cash pursuant to clause
(a) above and the issuance of shares pursuant to clause (b) above.

          (4) The Company may, but is not required to, cooperate with the Employee
if the Employee is subject to Section 16 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), to assure that any cash payment or
substitution in accordance with this Section 2.2(f) to the Employee is made in
compliance with Section 16 and the rules and regulations thereunder.

          2.3. Method of Exercise. Subject to the limitations set forth in this
Agreement, the Option may be exercised by the Employee (i) by giving written
notice to the Company specifying the number of whole shares of Stock to be
purchased and accompanied by payment therefor in full in cash and (ii) by
executing such documents as the Company may reasonably request. The purchase
price of the shares being purchased may be paid in cash on behalf of the
Employee by a broker-dealer acceptable to the Company to whom the Employee has
submitted an irrevocable notice of exercise; provided, however, that the
Committee shall have sole discretion to disapprove of an election to use a
broker-dealer. No shares of Stock shall be issued until the full purchase
price has been paid.

          2.4.
Termination of Option. In no event may the Option be exercised after
it terminates as set forth in this Section 2.4. The Option shall terminate, to
the extent not exercised pursuant to Section 2.3 or earlier terminated pursuant
to Section 2.2, on the Expiration Date.

          2.5
Termination of Option and Forfeiture of Option Gain. (a) If at any
time prior to the earliest to occur of (i) the Expiration Date, (ii) the date
which is one year after the effective

3

 

date of the Employee’s termination of
employment for any reason other than death and (iii) the date which is six
months after the Employee exercises any portion of the Option, the Employee:

     (1) directly or indirectly (whether as principal, agent,
independent contractor, partner or otherwise) engages in any type
of or accepts employment with or renders services to any Competing
Entity or takes any action inconsistent with the fiduciary
relationship of an employee to the employee’s employer; provided,
that, following a termination of employment, the Employee may
accept employment with a Competing Entity, the businesses of which
are diversified, and which with respect to one or more of its
businesses considered separately is not a Competing Entity,
provided, that the Company, prior to the Employee’s accepting such
employment, shall receive written assurances satisfactory to the
Company from such Competing Entity and from the Employee that the
Employee will not render services directly or indirectly in
connection with any Competing Product or be employed in a position
where the Employee could use or disclose confidential information
of the Company or an Affiliate or of any customer or client of the
Company or an Affiliate in connection with the Employee’s
employment responsibilities to the benefit of a Competing Entity;
or

     (2) directly or indirectly induces or attempts
to induce any employee, agent or customer of the
Company or any Affiliate to terminate such employment,
agency or business relationship; or

     (3) directly or indirectly, for the Employee or any Competing
Entity, sells or offers for sale, or assists in any way in the sale
of, Competing Products to any customer or client of the Company or
any Affiliate, upon which the Employee has called or which the
Employee has supervised while an employee of the Company or an
Affiliate; or

     (4) directly or indirectly engages in any activity which is
contrary, inimical or harmful to the interests of the Company or an
Affiliate, including but not limited to (x) violations of Company
policies, including the Company’s insider trading and
confidentiality policies and (y) disclosure or misuse of any
confidential information or trade secrets of the Company or an
Affiliate,

then the Option shall terminate automatically on the date the Employee engages
in such activity and the Employee shall pay the Company, within five business
days of receipt by the Employee of a written demand therefor, an amount in cash
determined by multiplying the number of shares of Stock purchased pursuant to
each exercise of the Option (without reduction for any shares of Stock
delivered by the Employee or withheld by the Company in satisfaction of the
purchase price or any tax withholding obligations) by the difference between
(A) the Market Value of a share of Stock on the date of such exercise and (B)
the purchase price per share of Stock set forth in the first paragraph of this
Agreement. For purposes of this Agreement, “Competing Entity”

4

 

means any
business entity, regardless of its form (e.g. corporations, partnerships, sole
proprietorships, trusts and joint ventures), which sells any Competing Product
anywhere
worldwide which the Company or its Affiliates is engaged in business; and
“Competing Product” means any dispensing system including pumps, closures and
aerosal valves.

               (b) The Employee may be released from the Employee’s
obligations under Section 2.5(a) only if and to the extent the Committee
determines in its sole discretion that such a release is in the best interests
of the Company.

               (c) The Employee agrees that by executing this Agreement the Employee
authorizes the Company and its Affiliates to deduct any amount or amounts owed
by the Employee pursuant to Section 2.5(a) from any amounts payable by the
Company or any Affiliate to the Employee, including, without limitation, any
amount payable to the Employee as salary, wages, vacation pay or bonus. This
right of setoff shall not be an exclusive remedy and the Company’s or an
Affiliate’s election not to exercise this right of setoff with respect to any
amount payable to the Employee shall not constitute a waiver of this right of
setoff with respect to any other amount payable to the Employee or any other
remedy.

          3. Additional Terms and Conditions of Option.

          3.1. Nontransferability of Option. The Option may not be transferred by
the Employee other than by will or the laws of descent and distribution or
pursuant to beneficiary designation procedures approved by the Company. Except
to the extent permitted by the foregoing sentence, during the Employee’s
lifetime the Option is exercisable only by the Employee or the Employee’s Legal
Representative. Except to the extent permitted by the foregoing, the Option
may not be sold, transferred, assigned, pledged, hypothecated, encumbered or
otherwise disposed of (whether by operation of law or otherwise) or be subject
to execution, attachment or similar process. Upon any attempt to so sell,
transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the
Option, the Option and all rights hereunder shall immediately become null and
void.

          3.2. Withholding Taxes. As a condition precedent to any exercise of the
Option, the Employee shall, upon request by the Company, pay to the Company (or
shall cause a broker-dealer on behalf of the Employee in accordance with
Section 2.3 to pay to the Company) in addition to the purchase price of the
shares, such amount of cash as the Company may be required, under all
applicable federal, state, local or other laws or regulations, to withhold and
pay over as income or other withholding taxes (the “Required Tax Payments”)
with respect to such exercise of the Option. If the Employee shall fail to
advance the Required Tax Payments after request by the Company, the Company
may, in its discretion, deduct any Required Tax Payments from any amount then
or thereafter payable by the Company to the Employee.

          3.3. Compliance with Applicable Law. The Option is subject to the
condition that if the listing, registration or qualification of the shares
subject to the Option upon any

5

 

securities exchange or under any law, or the
consent or approval of any governmental body, or the taking of any other action
is necessary or desirable as a condition of, or in connection with,
the purchase or delivery of shares hereunder, the Option may not be
exercised, in whole or in part, unless such listing, registration,
qualification, consent or approval shall have been effected or obtained. The
Company agrees to make every reasonable effort to effect or obtain any such
listing, registration, qualification, consent or approval.

          3.4. Delivery of Certificates. Upon the exercise of the Option, in whole
or in part, the Company shall deliver or cause to be delivered one or more
certificates representing the number of shares purchased against full payment
therefor. The Company shall pay all original issue or transfer taxes and all
fees and expenses incident to such delivery, except as otherwise provided in
Section 3.2.

          3.5. Option Confers No Rights as Stockholder. The Employee shall not be
entitled to any privileges of ownership with respect to shares of Stock subject
to the Option unless and until purchased and delivered upon the exercise of the
Option, in whole or in part, and the Employee becomes a stockholder of record
with respect to such delivered shares; and the Employee shall not be considered
a stockholder of the Company with respect to any such shares not so purchased
and delivered.

          3.6. Option Confers No Rights to Continued Employment. In no event shall
the granting of the Option or its acceptance by the Employee give or be deemed
to give the Employee any right to continued employment by the Company or any
Affiliate of the Company.

          3.7. Decisions of Board or Committee. The Board of Directors of the
Company or the Committee shall have the right to resolve all questions which
may arise in connection with the Option or its exercise. Any interpretation,
determination or other action made or taken by the Board of Directors or the
Committee regarding the Plan or this Agreement shall be final, binding and
conclusive.

          3.8. Company to Reserve Shares. The Company shall at all times prior to
the expiration or termination of the Option reserve and keep available, either
in its treasury or out of its authorized but unissued shares of Stock, the full
number of shares subject to the Option from time to time.

          3.9. Agreement Subject to the Plan. This Agreement is subject to the
provisions of the Plan (including the adjustment provision set forth in Section
5(c) thereof), and shall be interpreted in accordance therewith. The Employee
hereby acknowledges receipt of a copy of the Plan.

          4. Miscellaneous Provisions.

6

 

          4.1. Meaning of Certain Terms. As used herein, (a) employment by the
Company shall include employment by an Affiliate of the Company, (b) the term
“Permitted Transferee” shall include any transferee (i) pursuant to a transfer
permitted under Section 5(b) of
the Plan and Section 3.1 hereof or (ii) designated pursuant to Section
5(f) of the Plan on the AptarGroup, Inc. 2004 Stock Awards Plan Beneficiary
Designation Form attached hereto as Exhibit A, and (c) the term “Legal
Representative” shall include a guardian, administrator, executor or other
person acting in a similar capacity.

          4.2. Successors. This Agreement shall be binding upon and inure to the
benefit of any successor or successors of the Company and any person or persons
who shall, upon the death of the Employee, acquire any rights hereunder in
accordance with this Agreement or the Plan.

          4.3. Notices. All notices, requests or other communications provided for
in this Agreement shall be made in writing by (a) actual delivery to the party
entitled thereto, (b) mailing to the last known address of the party entitled
thereto, via certified or registered mail, return receipt requested or (c)
telecopy with confirmation of receipt. The notice shall be deemed to be
received, in case of actual delivery, on the date of its actual receipt by the
party entitled thereto, in case of mailing, on the tenth calendar day following
the date of such mailing, and, in the case of telecopy, on the date of
confirmation of receipt.

          4.4. Governing Law. This Agreement shall be governed by, and interpreted
in accordance with, the internal laws of the State of Delaware.

          4.5. Reports Filed with the Securities and Exchange Commission. The
Company files periodic and current reports and proxy statements with the
Securities and Exchange Commission. These documents are available, free of
charge, on the website of the Securities and Exchange Commission (www.sec.gov)
and on the Company’s website (www.aptargroup.com, under Investor Relations /
Reports & SEC Filings), as soon as reasonably practicable after the material is
filed with, or furnished to, the Securities and Exchange Commission. Any of
these documents are available to the Employee in paper format, without charge,
upon written or oral request to the Company’s Investor Relations Department
located at 475 West Terra Cotta Avenue, Suite E, Crystal Lake, Illinois, 60014,
U.S.A., phone number 1-815-477-0424 or at the Human Resource Department at the
Employee’s work site.

7

 

          4.6. Counterparts. This Agreement may be executed in two counterparts
each of which shall be deemed an original and both of which together shall
constitute one and the same instrument.

	 	 	 	 	 
	 	 	APTARGROUP, INC.
	 
	 	 	 	 
	 	 	
	 
	 	 	 	 
	

	 	By:
	 	Carl A. Siebel
	

	 	Title:
	 	President and Chief Executive Officer

Accepted this  
                  day of

                 
                  
 , 2004

              Employee

8

 

	 	 	 
	

	 	Appendix A
	

	 	to AptarGroup, Inc.
	

	 	Stock Option Agreement
	

	 	for Employees

For purposes of this Agreement, “Change in Control” shall mean:

          (1) the acquisition by any individual, entity or group (a “Person”),
including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of
the Exchange Act, of beneficial ownership within the meaning of Rule 13d-3
promulgated under the Exchange Act, of more than 50% of either (i) the then
outstanding shares of common stock of the Company (the “Outstanding Company
Common Stock”) or (ii) the combined voting power of the then outstanding
securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”);
provided, however,
that the following acquisitions shall not constitute a Change in Control: (A)
any acquisition directly from the Company (excluding any acquisition resulting
from the exercise of a conversion or exchange privilege in respect of
outstanding convertible or exchangeable securities unless such outstanding
convertible or exchangeable securities were acquired directly from the
Company), (B) any acquisition by the Company, (C) any acquisition by an
employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company or (D) any acquisition by any
corporation pursuant to a reorganization, merger or consolidation involving the
Company, if, immediately after such reorganization, merger or consolidation,
each of the conditions described in clauses (i), (ii) and (iii) of subsection
(3) of this Appendix A shall be satisfied; and provided, further that, for
purposes of clause (B), if any Person (other than the Company or any employee
benefit plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company) shall become the beneficial owner of
more than 50% of the Outstanding Company Common Stock or more than 50% of the
Outstanding Company Voting Securities by reason of an acquisition by the
Company and such Person shall, after such acquisition by the Company, become
the beneficial owner of any additional shares of the Outstanding Company Common
Stock or any additional Outstanding Company Voting Securities and such
beneficial ownership is publicly announced, such additional beneficial
ownership shall constitute a Change in Control;

          (2) individuals who, as of the date hereof, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of
such Board; provided, however, that any individual who becomes a director of
the Company subsequent to the date hereof whose election, or nomination for
election by the Company’s stockholders, was approved by the vote of at least a
majority of the directors then comprising the Incumbent Board shall be deemed
to have been a member of the Incumbent Board; and provided, further, that no
individual who was initially elected as a director of the Company as a result
of an actual or threatened solicitation by a Person other than the Board for
the purpose of opposing a solicitation by any other Person with respect to the
election or removal of directors or any other actual or

1

 

threatened solicitation of proxies or consents by or on behalf of any
Person other than the Board shall be deemed to have been a member of the
Incumbent Board;

          (3) consummation of a reorganization, merger or consolidation unless, in
any such case, immediately after such reorganization, merger or consolidation,
(i) 50% or more of the then outstanding shares of common stock of the
corporation resulting from such reorganization, merger or consolidation and 50%
or more of the combined voting power of the then outstanding securities of such
corporation entitled to vote generally in the election of directors is then
beneficially owned, directly or indirectly, by all or substantially all of the
individuals or entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and the Outstanding Company Voting Securities
immediately prior to such reorganization, merger or consolidation and in
substantially the same proportions relative to each other as their ownership,
immediately prior to such reorganization, merger or consolidation, of the
Outstanding Company Common Stock and the Outstanding Company Voting Securities,
as the case may be, (ii) no Person (other than the Company, any employee
benefit plan (or related trust) sponsored or maintained by the Company or the
corporation resulting from such reorganization, merger or consolidation (or any
corporation controlled by the Company) and any Person which beneficially owned,
immediately prior to such reorganization, merger or consolidation, directly or
indirectly, more than 50% of the Outstanding Company Common Stock or the
Outstanding Company Voting Securities, as the case may be) beneficially owns,
directly or indirectly, more than 50% of the then outstanding shares of common
stock of such corporation or more than 50% of the combined voting power of the
then outstanding securities of such corporation entitled to vote generally in
the election of directors and (iii) at least a majority of the members of the
board of directors of the corporation resulting from such reorganization,
merger or consolidation were members of the Incumbent Board at the time of the
execution of the initial agreement or action of the Board providing for such
reorganization, merger or consolidation; or

          (4) consummation of (i) a plan of complete liquidation or dissolution of
the Company or (ii) the sale or other disposition of all or substantially all
of the assets of the Company other than to a corporation with respect to which,
immediately after such sale or other disposition, (A) 50% or more of the then
outstanding shares of common stock thereof and 50% or more of the combined
voting power of the then outstanding securities thereof entitled to vote
generally in the election of directors is then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities immediately prior to such
sale or other disposition and in substantially the same proportions relative to
each other as their ownership, immediately prior to such sale or other
disposition, of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities, as the case may be, (B) no Person (other than the
Company, any employee benefit plan (or related trust) sponsored or maintained
by the Company or such corporation (or any corporation controlled by the
Company) and any Person which beneficially owned, immediately prior to such
sale or other disposition, directly or indirectly, more than 50% of the
Outstanding Company Common Stock or the Outstanding Company Voting Securities,
as the case may be) beneficially

2

 

owns, directly or indirectly, more than 50% of
the then outstanding shares of common stock
thereof or more than 50% of the combined voting power of the then outstanding
securities thereof entitled to vote generally in the election of directors and
(C) at least a majority of the members of the board of directors thereof were
members of the Incumbent Board at the time of the execution of the initial
agreement or action of the Board providing for such sale or other disposition.

3

 

	 	 	 
	

	 	Exhibit A
	

	 	to AptarGroup, Inc.
	

	 	Stock Option Agreement
	

	 	For Employees

APTARGROUP, INC.

2004 Stock Awards Plan

BENEFICIARY DESIGNATION FORM

          You may designate a primary beneficiary and a secondary beneficiary. You
can name more than one person as a primary or secondary beneficiary. For
example, you may wish to name your spouse as primary beneficiary and your
children as secondary beneficiaries. Your secondary beneficiary(ies) will
receive nothing if any of your primary beneficiaries survive you. All primary
beneficiaries will share equally unless you indicate otherwise. The same rule
applies for secondary beneficiaries.

Designate Your Beneficiary(ies):

	 	 	Primary Beneficiary(ies):

	 	 	

	 	 	

	 	 	Secondary Beneficiary(ies):

	 	 	

	 	 	

	 
	 	 	I certify that my designation of beneficiary set forth above is my free
act and deed.

	 	 	 
	

	 	 
	            Name of Employee

	 	Employee’s Signature
	                 (Please Print)
	 	 
	

	 	

	

	 	Date

4

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