Document:

exv10w16

 

Exhibit 10.16

Summary of Compensation for Outside Directors

     Annual compensation for those directors who are not employees of the Company (“Outside
Directors”) is $25,000, plus reimbursement of expenses incurred in attending meetings. Board
Committee Chairmen receive an additional annual payment of $3,000. Each Outside Director receives
a per-meeting fee of $1,500 for a Board Meeting and $1,000 for a Committee Meeting.

     In addition, each Outside Director presently holds stock options issued under the Technology
Solutions Company 1993 Outside Directors Plan, as amended (the “1993 Plan”), and/or the Technology
Solutions Company 1996 Stock Incentive Plan, as amended (the “1996 Plan”). Any new Outside
Director will receive under the 1996 Plan an option to purchase 40,500 shares of Common Stock with
a per share exercise price equal to the closing price of a share of Common Stock as reported on The
Nasdaq Stock Market® on the day the stock option is granted. Each stock option granted to an
Outside Director under the 1996 Plan becomes exercisable, depending on the time at which it was
originally granted, either (i) in thirty-six monthly installments of 1,125 shares each, commencing
on the last day of the calendar month immediately following the month the option is granted or (ii)
in one installment of 13,500 shares on the one-year anniversary of the option grant date followed
by twenty-four monthly installments of 1,125 shares each, commencing on the last day of the
calendar month immediately following the one-year anniversary of the option grant date.

     Additionally, existing Outside Directors are eligible for supplemental option grants. In
2004, no such grants were made.exv10w1

 

Exhibit 10.1

DANIELSON HOLDING CORPORATION

AMENDMENT TO STOCK OPTION AGREEMENT

FOR EMPLOYEES AND OFFICERS

     THIS AMENDMENT TO STOCK OPTION AGREEMENT, is made as of the 20th day of March, 2005 between
Danielson Holding Corporation, a Delaware corporation (the “Company”), and ___ (the
“Optionee”). Capitalized terms used herein that are not otherwise defined shall have the meaning
ascribed to them in the Danielson Holding Corporation Equity Award Plan for Employees and Officers
(the “Plan”) or in the Stock Option Agreement dated as of October 5, 2004 between the Company and
the Optionee (the “Original Agreement”).

W I T N E S S E T H:

     WHEREAS, pursuant to Section 3(b) of the Plan, the Committee has exclusive authority to among
other things, at its discretion, accelerate the vesting of Awards; and

     WHEREAS, the Committee has determined that it is desirable to accelerate the vesting for the
first 33% of the Option granted pursuant to the Original Agreement as an additional employee
incentive in recognition of the special efforts put forth by all participating employees in
bringing the proposed acquisition of American Ref-Fuel Holdings Corp (“Ref-Fuel”) to fruition and
in order to permit the Optionee to participate in the Company’s rights offering in connection with
its proposed acquisition of Ref-Fuel.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
hereinafter contained, the parties hereto mutually covenant and agree as follows:

     1. Amendment to Section 4(a). Section 4(a) of the Original Agreement is hereby
amended and restated to read in its entirety as follows:

         “(a) Subject to any forfeiture provisions in this Agreement or in the Plan, the Optionee shall
become vested in the Options granted hereunder as follows:

	 	 	 	 
	 	Percentage Vested	 	Vesting Date
	 
	 	33%	 	March 21, 2005
	 	33%	 	February 28, 2007
	 	34%	 	February 28, 2008”

     2. Original Agreement. In all other respects, the Original Agreement shall remain
unchanged.

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Exhibit 10.1

     3. Incorporation of the Plan. Notwithstanding the terms and conditions contained
herein, this Amendment shall be subject to and governed by all the terms and conditions of the
Plan, which is hereby incorporated by reference. In the event of any discrepancy or inconsistency
between the terms and conditions of this Amendment and of the Plan, the terms and conditions of the
Plan shall control.

     13. Interpretation. The interpretation and construction of any terms or conditions of
the Plan, or of this Amendment, or other matters related to the Plan by the Committee, shall be
final and conclusive.

     17. Counterpart Execution. This Amendment may be executed in counterparts, each of
which shall constitute an original and all of which, when taken together with the Original
Agreement, shall constitute the entire document.

* * *

     IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed by its officer
thereunto duly authorized, and the Optionee has executed this Amendment all as of the day and year
first above written.

	 	 	 	 	 
	 	DANIELSON HOLDING CORPORATION

 	 
	 	By:  	 	 
	 

	 	 	 	 	 
	 	Its:  	
 	 
	 	 	 	 

	 	 	 	 	 
	 	OPTIONEE:

[Insert name of Optionee]

 	 
	 	OPTIONEE’S ADDRESS:

 	 
	 	 	 
	 	 	 
	 	 	 
	 

2<PAGE>

                                                                EXHIBIT 10.20(a)

                                 FIRST AMENDMENT
                                       TO
                              EMPLOYMENT AGREEMENT

            THIS AMENDMENT, dated as of March 22, 2005, is between IDEX
CORPORATION, a Delaware corporation with its executive offices at 630 Dundee
Road, Suite 400, Northbrook, Illinois 60062 (the "Corporation"), and LAWRENCE D.
KINGSLEY, an individual residing at 3870 RFD Woods End, Long Grove, IL 60047
(the "Executive").

                                    RECITALS:

      A. The Corporation and the Executive have entered into an Employment
Agreement dated as of July 21, 2004 (the "Agreement").

      B. The Corporation and the Executive desire to amend the Agreement to
reflect Executive's promotion to President and Chief Executive Officer effective
March 22, 2005 by entering into this First Amendment to the Agreement (this
"Amendment").

      NOW THEREFORE, in consideration of the foregoing, the Corporation and the
Executive agree to amend the Agreement effective as of March 22, 2005 as
follows:

      1. BY SUBSTITUTING THE FOLLOWING FOR ITEM A. IN THE RECITALS TO THE
AGREEMENT:

            "The Executive will be employed as the President and Chief Executive
            Officer of the Corporation."

      2. BY SUBSTITUTING THE FOLLOWING FOR CLAUSE (ii) OF SECTION 1(h)
DEFINITION OF "GOOD REASON":

            "(ii) Removal of the Executive from the position of President and
            Chief Executive Officer, other than elevation to a higher ranking
            executive officer position with the Corporation."

      3. BY SUBSTITUTING THE FOLLOWING FOR THE FIRST SENTENCE OF SECTION 2:

            "Subject to the terms and conditions set forth in this Agreement,
            the Corporation hereby agrees to continue employing the Executive,
            and the Executive desires to continue employment, as the President
            and Chief Executive Officer of the Corporation and will perform and
            execute the duties and responsibilities assigned to the Executive
            from time to time by the Board of Directors."

      4. BY SUBSTITUTING THE FOLLOWING FOR THE FIRST SENTENCE OF SECTION 3(a):

            "Commencing March 22, 2005, and for the remainder of the term of
            Executive's employment under this Agreement, the Executive will
            receive a base salary at the rate of $600,000 per year, payable in
            equal bi-weekly installments."

      5. BY SUBSTITUTING THE FOLLOWING FOR THE FIRST SECTION OF 3(b):

            "During the term of the Executive's employment under this Agreement,
            the Executive will be entitled to receive an annual cash bonus from
            the Corporation calculated pursuant to the Corporation's Executive
            Incentive Bonus Plan or any successor plan thereto (the "EIBP") in
            effect from time to time."

      6. BY SUBSTITUTING THE FOLLOWING FOR THE FOURTH SENTENCE OF SECTION 3(b):

            "It is the intention of the parties that the factors that by the
            Compensation Committee may consider in determining whether to reduce
            the amount of bonus payable under the EIBP will include factors
            similar to those used by the

                                        1
<PAGE>

            Board of Directors in administering the Management Incentive
            Compensation Plan for Key Employees and that, subject to the terms
            of the EIBP and Executive's satisfactory attainment of the objective
            and/or subjective performance factors established by the
            Compensation Committee, the actual amount payable under the EIBP
            should be in the range of 0% to 260% of Executive's base salary for
            the fiscal year, but not in excess of amount provided under the
            EIBP."

      7. BY SUBSTITUTING THE FOLLOWING FOR THE FIRST SENTENCE OF SECTION
9(a)(ii):

            "The Executive will receive a bonus amount equal to 150% of his base
            salary in effect in the year of his termination of employment."

      Except as specifically amended hereby, the Agreement shall continue in
full force and effect as written.

      This Amendment may be executed in any number of counterparts, each of
which will be deemed to be an original and all of which taken together will be
deemed to constitute one and the same instrument.

            IN WITNESS WHEREOF, the parties have duly executed this Amendment as
of this 22nd day of March, 2005.

                                      CORPORATION:

                                      IDEX CORPORATION

                                      By _______________________________________
                                         Name:  Frank J. Notaro
                                         Title: Vice President - General Counsel
                                                and __Secretary

                                      EXECUTIVE:

                                      __________________________________________
                                         Lawrence D. Kingsley

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