Document:

exhibit10a.htm

    
      

    

    Exhibit
10.1

    RESTRICTED
STOCK EQUIVALENT AWARD AGREEMENT

    (FOR
EXECUTIVE OFFICERS AND EXECUTIVE I PARTICIPANTS)

    

    In consideration of the mutual covenants
contained herein, Energizer Holdings, Inc. (“Company”), and __________
(“Recipient”) hereby agree as follows:

     

    ARTICLE
I – COMPANY COVENANTS

    

    Company hereby
covenants:

    

    1.           Award

    

    The Company, pursuant to its 2000 Incentive
Stock Plan (the “Plan”), grants to Recipient a Restricted Stock Equivalent Award
of ____ restricted common stock equivalents (“Equivalents”). This Award
Agreement is subject to the provisions of the Plan and to the following terms
and conditions.

    

    2.           Vesting;
Payment

    

    Twenty-five percent
of the total Equivalents granted to each recipient will vest on the third
anniversary of the date of grant (“Time-Vested Equivalents”). Vesting of the
remaining Equivalents granted (the “Performance Equivalents”) is contingent upon
achievement of performance targets with respect to the Company’s CAGR for the
period from September 30, 2008 through September 30, 2011 (the “Measurement
Period”). With respect to those Equivalents, a number of Equivalents equal to
five percent of the total Equivalents granted will vest on the date that the
Company publicly releases earnings results for its 2011 fiscal year (“the
Announcement Date”) only if 8% CAGR is achieved for the Measurement Period,
increasing proportionately, in 1/10th of one
percent increments, up to 75% of the total Equivalents granted if 15% or greater
CAGR is achieved for that period. By way of example, the following percentages
will vest at the specific CAGR targets noted below:

    

    
      	
              CAGR

            	
              Additional % of Total Equivalents
      Vesting

               

            
	
                 8%

            	
                       5%

            
	
                 9%

            	
                     15%

            
	
                 10%

            	
                     25%

            
	
                 11%

            	
                     35%

            
	
                 12%

            	
                     45%

            
	
                 13%

            	
                     55%

            
	
                 14%

            	
                     65%

            
	
                 15%
      or greater

            	
                     75%

            

    

    

    Upon vesting, as
described above, each Equivalent will convert, at that time into one share of
the Company’s $.01 par value Common Stock (“Common Stock”), which will be issued
to the Recipient. Any Equivalents which fail to vest as of the Announcement Date
will be forfeited and the Recipient will have no further rights with respect
thereto.

     

    3.           Additional Cash
Payment

    

    At
the time of issuance of shares of Common Stock to Recipient, as described in
paragraph 2 above, Recipient will also receive an additional cash payment equal
to the amount of dividends, if any, which would have been paid on the shares of
Common Stock issued to him or her if the Recipient had actually acquired those
shares on the date or dates of crediting of his or her
Equivalents.  No interest shall be included in the calculation of such
additional cash payment.

    

    4.           Acceleration

    

    Notwithstanding the
provisions of paragraph 2 above, all Equivalents granted to the Recipient (Time
Vested and Performance) will immediately vest, convert into shares of Common
Stock and be paid to the Recipient, his or her designated beneficiary, or his or
her legal representative, in accordance with the terms of the Plan, in the event
of:

             

    
      	 	(a)  	    the
      Recipient’s death; or
	
            	
              (b)  

            	
                  a declaration
      of Recipient’s total and permanent
disability.

            

    

    

    5.           Acceleration Upon a Change
of Control of Company

    

    Notwithstanding the
provisions of paragraph 2 above, upon a Change of Control of the Company, all
Time-Vested Equivalents will immediately vest. With respect to the Performance
Equivalents, if the Change of Control occurs at or within eighteen (18) months
following the date of this Award Agreement, a number of Equivalents equal to 25%
of the total Equivalents granted will also immediately vest.  If the
Change of Control occurs more than eighteen (18) months following the date of
this Award Agreement, but before the Announcement Date, the Performance
Equivalents which will immediately vest will be the greater of:

              

    
      	 	(a)	25%
      of the total Equivalents granted; or
	
               
      

            	
              (b)

            	
              the
      percentage of total Equivalents granted which would have vested under
      paragraph 2 above if the Company’s CAGR on the Announcement Date was the
      actual annualized CAGR, calculated on a trailing four quarters basis, for
      the period between September 30, 2008 and the last fiscal quarter end
      prior to the Change of Control for which Company financial results were
      publicly disclosed.

            

    

    

    Any unvested
Equivalents which do not vest upon a Change of Control as described in this
paragraph shall be forfeited.

     

    6.           Forfeiture

     

    All rights in and
to any and all Equivalents granted pursuant to this Award Agreement, and to any
shares of Common Stock into which they would convert, which have not vested by
the Announcement Date, as described in paragraph 2 above, or as described in
paragraphs 4 and 5 above, shall be forfeited. In addition, prior to that date,
all rights in and to any and all Equivalents granted pursuant to this Award
Agreement which have not vested in accordance with the terms hereof, and to any
shares of Common Stock into which they would convert, shall be forfeited
upon

     

    
      	
            	
              (a)   
        

            	
              the
      Recipient’s voluntary or involuntary termination of
      employment;

            

    

    
      	
              (b)   
        

            	
              a
      determination by the Committee that the Recipient engaged in competition
      with the Company;

            

    

    
      	
              (c)    
       

            	
              a
      determination by the Committee that the Recipient engaged in activity or
      conduct contrary to the best interests of the Company, as described in the
      Plan; or

            

    

    
      	
              (d)      

            	
              as described
      in paragraph 5 above.

            

    

     

    7.           Shareholder Rights;
Adjustment of Equivalents

    

    Recipient shall not
be entitled, prior to the conversion of Equivalents into shares of Common Stock,
to any rights as a shareholder with respect to such shares of Common Stock,
including the right to vote, sell, pledge, transfer or otherwise dispose of the
shares.  Recipient shall, however, have the right to designate a
beneficiary to receive such shares of Common Stock under this Award Agreement,
subject to the provisions of Section V of the Plan.  The number of
Equivalents credited to Recipient may be adjusted, in the sole discretion of the
Nominating and Executive Compensation Committee of the Company’s Board of
Directors, in accordance with the provisions of Section VI(F) of the
Plan.

     

    8.           Other

     

    The Company
reserves the right, as determined by the Committee, to convert this Award
Agreement to a substantially equivalent award and to make any other modification
it may consider necessary or advisable to comply with any applicable law or
governmental regulation, or to preserve the tax deductibility of any payments
hereunder. Shares of Common Stock shall be withheld in satisfaction of federal,
state, and local or other international withholding tax obligations arising upon
the vesting of Equivalents.

     

    9.           Definitions:

    

    Change of Control of the
Company  shall be deemed to occur when (a) a person, as defined
under the U.S. securities laws, acquires beneficial ownership of more than fifty
percent (50%) of the outstanding voting securities of the Company; or (b) the
directors of the Company immediately before a business combination between the
Company and another entity, or a proxy contest for the election of directors,
shall, as a result thereof, cease to constitute a majority of the Board of
Directors of the Company (or a successor corporation of the
Company).

    

    CAGR shall mean the
Company’s compound annual growth rate in earnings per share (as publicly
reported by the Company) for the applicable measurement period, rounded to the
nearest whole percentage. For purposes of the calculation of CAGR, the
determination of annual earnings per share will be based on all-inclusive GAAP
results, adjusted only for certain unusual items:

     

    
      	
              ·  

            	
              extraordinary
      dividends;

            

    

    
      	
              ·  

            	
              stock
      split-ups; stock dividends or
distributions;

            

    

    
      	
              ·  

            	
              recapitalizations;

            

    

    
      	
              ·  

            	
              any merger of
      the Company with another
corporation;

            

    

    
      	
              ·  

            	
              any
      consolidation of the Company and another corporation into another
      corporation;

            

    

    
      	
              ·  

            	
              any
      separation of the Company or its business units (including a spin-off or
      other distribution of stock or property by the
  Company);

            

    

    
      	
              ·  

            	
              any
      reorganization of the Company (whether or not such reorganization comes
      within the definition of such term in Code Section
  368);

            

    

    
      	
              ·  

            	
              any partial
      or complete liquidation by the Company; or sale of all or substantially
      all of the assets of the Company;

            

    

    
      	
              ·  

            	
              unusual or
      non-recurring accounting impacts or changes in accounting standards or
      treatment;

            

    

    
      	
              ·  

            	
              unusual or
      non-recurring accounting treatments related to an acquisition by the
      Company completed during the period of the award;
  and

            

    

    
      	
              ·  

            	
              unusual or
      non-recurring non-cash asset impairment, such as non-cash write-downs of
      goodwill or tradenames.

            

    

    

    In addition, on or before December 28,
2008, the Committee, in its sole discretion, may adjust the 2008 base earnings
per share number utilized to determine CAGR for the Measurement Period in order
to reflect non-GAAP adjustments which it deems appropriate. In the event of such
adjustments, the Company will send a notice to Recipient indicating the base
earnings per share utilized by the Committee, which base shall be binding upon
the Company and Recipient for purposes of this Agreement.

     

    ARTICLE II – RECIPIENT
COVENANTS

     

    Recipient hereby
covenants:

     

    
      	
            	
              1.  

            	
              Confidential
      Information

            

    

     

    By
executing this Award Agreement, I agree that I shall not, directly or
indirectly, use, make available, sell, disclose or otherwise communicate to any
person, other than in the course of my assigned duties and for the benefit of
the Company, either during the period of my employment or at any time
thereafter, any nonpublic, proprietary or confidential information, knowledge or
data relating to the Company, any of its affiliates, or their businesses, which
I shall have obtained during my employment by the Company or an affiliate. The
foregoing shall not apply to information that (a) was known to the public prior
to its disclosure to me; (b) becomes known to the public subsequent to
disclosure to me through no wrongful act or mine or any of my representatives;
or (c) I am required to disclose by applicable law, regulation or legal process
(provided that I provide the Company with prior notice of the contemplated
disclosure and reasonably cooperate with the Company at its expense in seeking a
protective order or other appropriate protection of such information).
Notwithstanding clauses (a) or (b) of the preceding sentence, my obligation to
maintain such disclosed information in confidence shall not terminate if only
portions of the information are in the public domain.

     

    
      	
            	
              2.  

            	
              Non-Competition.

            

    

     

    By
executing this Award Agreement, I acknowledge that my services are of a unique
nature for the Company that are irreplaceable, and that my performance of such
services for a competing business will result in irreparable harm to the Company
and its affiliates. Accordingly, during my employment with the Company or any
affiliate and for the two (2) year period thereafter, I agree that I will not,
directly or indirectly, own, manage, operate, control, be employed by (whether
as an employee, consultant, independent contractor or otherwise, and whether or
not for compensation) or render services to any person, firm, corporation or
other entity, in whatever form, engaged in any business of the same type as any
business in which the Company or any of its affiliates is engaged on the date of
termination or in which they have proposed, on or prior to such date, to be
engaged in on or after such date and in which I have been involved to any extent
(on other than a de minimus basis) at any time during the one (1) year period
ending with my date of termination, in any locale of any country in which the
Company or any of its affiliates conducts business. This subsection shall not
prevent me from owning not more than one percent of the total shares of all
classes of stock outstanding of any publicly held entity engaged in such
business.  I agree that the foregoing restrictions are reasonable,
necessary, and enforceable for the protection of the goodwill and business of
the Company.

     

    
      	
            	
              3.  

            	
              Non-Solicitation.

            

    

     

    During my
employment with the Company or an affiliate and for the two (2) year period
thereafter, I agree that I will not, directly or indirectly, individually or on
behalf of any other person, firm, corporation or other entity, knowingly
solicit, aid or induce (i) any employee of the Company or any affiliate to leave
such employment in order to accept employment with or render services to or with
any other person, firm, corporation or other entity unaffiliated with the
Company or knowingly take any action to hire or to materially assist or aid any
other person, firm, corporation or other entity in identifying or hiring any
such employee, or (ii) any customer of the Company or any affiliate to purchase
goods or services then sold by the Company or any affiliate from another person,
firm, corporation or other entity or assist or aid any other persons or entity
in identifying or soliciting any such customer.  I agree that the
foregoing restrictions are reasonable, necessary, and enforceable in order to
protect the Company’s trade secrets, confidential and proprietary information,
goodwill, and loyalty.

     

    
      	
            	
              4.  

            	
              Non-Disparagement.

            

    

     

    I
agree not to make any statements that disparage the Company or its affiliates or
their respective employees, officers, directors, products or services, and the
Company, by its execution of this Award Agreement agrees that it and its
affiliates and their respective executive officers and directors shall not make
any such statements regarding me. Notwithstanding the foregoing, statements made
in the course of sworn testimony in administrative, judicial or arbitral
proceedings (including, without limitation, depositions in connection with such
proceedings) shall not be subject to this subsection.

     

    
      	
            	
              5.  

            	
              Reasonableness.

            

    

     

    In
the event any of the provisions of this Article II shall ever be deemed to
exceed the time, scope or geographic limitations permitted by applicable laws,
then such provisions shall be reformed to the maximum time, scope or geographic
limitations, as the case may be, permitted by applicable laws.

     

    
      	
            	
              6.  

            	
              Equitable
      Relief.

            

    

     

    
      	
              (a)  

            	
              I acknowledge
      that the restrictions contained in this Article II are reasonable and
      necessary to protect the legitimate interests of the Company and its
      affiliates, that the Company would not have granted me this Award
      Agreement in the absence of such restrictions, and that any violation of
      any provisions of this Article II will result in irreparable injury to the
      Company and its affiliates. By agreeing to accept this Award Agreement, I
      represent that my experience and capabilities are such that the
      restrictions contained herein will not prevent me from obtaining
      employment or otherwise earning a living at the same general level of
      economic benefit as is currently the case. I further represent and
      acknowledge that I have been advised by the Company to consult my own
      legal counsel in respect of this Award Agreement, and I have had full
      opportunity, prior to agreeing to accept this Award Agreement, to review
      thoroughly its terms and provisions with my
  counsel.

            

    

     

    
      	
              (b)  

            	
              I agree that
      the Company shall be entitled to preliminary and permanent injunctive
      relief, without the necessity of proving actual damages, as well as an
      equitable accounting of all earnings, profits and other benefits arising
      from any violation of this Article II, which rights shall be cumulative
      and in addition to any other rights or remedies to which the Company may
      be entitled.

            

    

     

    
      	
              (c)  

            	
              I irrevocably
      and unconditionally consent to the service of any process, pleadings
      notices or other papers in an manner permitted by
  law.

            

    

     

    
      	
            	
              7.  

            	
              Waiver; Survival of
      Provisions.

            

    

     

    The failure by the
Company to enforce at any time any of the provisions of this Article II or to
require at any time performance by me of any provisions hereof, shall in no way
be construed to be a release of me or waiver of such provisions or to affect the
validity of this Award Agreement or any part hereof, or the right of the Company
thereafter to enforce every such provision in accordance with the terms of this
Award Agreement. The obligations contained in this Article II shall survive the
termination of my employment with the Company or any affiliate and shall be
fully enforceable thereafter.

     

    ARTICLE III - OTHER
AGREEMENTS

     

    
      	
            	
              1.  

            	
              Governing
      Law.

            

    

    

    All questions
pertaining to the validity, construction, execution, and performance of this
Award Agreement shall be construed in accordance with, and be governed by, the
laws of the State of Missouri, without giving effect to the choice of law
principles thereof.

    

    2.   Notices.

    

    Any notices
necessary or required to be given under this Award Agreement shall be
sufficiently given if in writing, and personally delivered or mailed by
registered or certified mail, return receipt requested, postage prepaid, to the
last known addresses of the parties hereto, or to such other address or
addresses as any of the parties shall have specified in writing to the other
party hereto.

    

    3.   Entire
Agreement.

    

    This Award
Agreement constitutes the entire agreement of the parties hereto with respect to
the matters contained herein, and no modification, amendment, or waiver of any
of the provision of this Award Agreement shall be effective unless in writing
and signed by all parties hereto.  This Award Agreement constitutes
the only agreement between the parties hereto with respect to the matters herein
contained.

    

    4.   Waiver.

    

    No
change or modification of this Award Agreement shall be valid unless the same is
in writing and signed by all the parties hereto.  No waiver of any
provision of this Award Agreement shall be valid unless in writing and signed by
the party against whom it is sought to be enforced.

    

    5.   Counterparts; Effect of
Recipient’s Signature.

    

    This Award
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which shall constitute one and the same agreement
and shall become effective when one or more counterparts have been signed by
each of the parties and delivered to the other party, it being understood that
both parties need not sign the same counterpart. The provisions of this Award
Agreement shall not be valid and in effect until such execution by both parties.
By the execution of this Award Agreement, Recipient signifies that Recipient has
fully read, completely understands, and voluntarily agrees with this Award
Agreement consisting of seven (7) pages and knowingly and voluntarily accepts
all of its terms and conditions.

     

    6.   Effective
Date

    

    This Award
Agreement shall be deemed to be effective as of the date executed.

    

     

    IN
WITNESS WHEREOF, the Company and Recipient have duly executed this Award
Agreement as of October 13, 2008.

    

    ACKNOWLEDGED AND
ACCEPTED:                                    ENERGIZER
HOLDINGS, INC.

    

    

    

    ________________________________                                   By:_____________________________

    Recipient                                                                         
         Ward M. Klein

            Chief
Executive Officer

    

    Recipients:

     

    W.
Klein - 86,000 Equivalents (aggregate of time-vested and performance
equivalents)

    J.
McClanathan – 20,000 Equivalents (aggregate of time-vested and performance
equivalents)

    D.
Sescleifer – 20,000 Equivalents (aggregate of time-vested and performance
equivalents)

    D.
Hatfield – 20,000 Equivalents (aggregate of time-vested and performance
equivalents)

    G.
Stratmann – 15,000 Equivalents (aggregate of time-vested and performance
equivalents)

    P.
Conrad – 12,000 Equivalents (aggregate of time-vested and performance
equivalents)exhibit10b.htm

    
      

    

    Exhibit
10.2

     

    ENERGIZER
HOLDINGS, INC.

    AMENDED
EXECUTIVE OFFICER BONUS PLAN

    

    SECTION
1

    ESTABLISHMENT
AND PURPOSE

    

    1.1           Purpose. Energizer
Holdings, Inc. hereby
establishes the Energizer
Holdings, Inc. Executive
Officer Bonus Plan (the "Plan"). The Plan is intended to (i) motivate and
reward a greater degree of excellence and teamwork among the senior officers of
the Company by providing incentive compensation award opportunities; (ii)
provide attractive and competitive total cash compensation opportunities for
exceptional corporate, business unit and personal performance; (iii) reinforce
the communication and achievement of the mission, objectives and goals of the
Company; and (iv) enhance the Company’s ability to attract, retain and motivate
the highest caliber senior officers. Awards under the Plan which are based upon
attainment of Performance Goals, are intended to qualify as performance-based
compensation under Section 162(m) of the
Code.

    

    1.2           Effective Date. Contingent
upon shareholder approval of appropriate performance criteria at the Company’s
2006 Annual Meeting of Shareholders, the Plan shall become effective October 1,
2006 and shall continue in effect until terminated by the Board in accordance
with Section 7.4. As long as the Plan remains in effect, performance criteria
shall be resubmitted to shareholders as necessary to enable Awards under the
Plan which are based upon attainment of Performance Goals to continue to qualify
as performance-based compensation under Section 162(m) of the Code.

    

    SECTION
2

    DEFINITIONS

    

    The following words
and phrases shall have the following meanings unless a different meaning is
plainly required by the context:

    

    2.1           "Award" means any cash bonus
granted under the terms of the Plan. An Award may be expressed as a percentage
of an Executive Officer’s Base Salary or a specific dollar amount, as determined
by the Committee for each Participant for any Plan Year, or for multiple Plan
Years.

    

    2.2           "Base Salary" means as to any
Plan Year, 100% of the Participant's annualized salary rate on the last day of
the Plan Year. Such Base Salary shall be before both (a) deductions for taxes or
benefits, and (b) deferrals of compensation pursuant to Company-sponsored
plans.

    

    2.3           "Board" means the Company's
Board of Directors.

    

    2.4           "Code" means the Internal
Revenue Code of 1986, as amended. Reference to a specific Section of the Code
shall include such Section, any valid regulation promulgated thereunder, and any
comparable provision of any future legislation or regulation amending,
supplementing or superseding such Section or regulation.

    

    2.5           "Committee" means the
Nominating and Executive Compensation Committee of the Board, or any successor
committee the Board may designate to administer the Plan. Each member of the
Committee shall be (i) an “outside director” within the meaning of Section
162(m) of the Code, subject to any transitional rules applicable to the
definition of outside director, and (ii) an “independent” director, as defined
under the Company’s Corporate Governance Principles and the listing standards of
the New York Stock Exchange.

    

    2.6           "Company" means Energizer Holdings, Inc., a
Missouri corporation.

    

    2.7           "Determination Date" means as
to any Plan Year, (a) the first day of the Plan Year, or (b) any date on or
before the 90th day of
the Plan Year.

    

    2.8           “Executive Officer” means any
individual with the title of Chief Executive Officer, Chief Financial Officer,
or President of the Company, and any other individual designated as an Executive
Officer of the Company by the Board.

    

    2.9           "Maximum Award" means the
maximum amount which may be paid to a Participant as a single Award, whether
that Award represents performance for a single Plan Year or for multiple Plan
Years. The size of the Maximum Award is five million dollars ($5,000,000).

    

    2.10           "Participant" means as to any
Plan Year (or series of Plan Years), an Executive Officer who has been selected
by the Committee for participation in the Plan for that Plan Year (or series of
Plan Years).

    

    2.11           "Performance Goals" means
performance goals established by the Committee with respect to any Potential
Award, which goals must be based upon one or more performance-based criteria
approved by the shareholders of the Company in accordance with the requirements
of Section 162(m) of the Code.

     

    

    2.12           "Plan Year" means the fiscal
year of the Company beginning October 1, 2006, and each succeeding fiscal year
of the Company.

    

    2.13           “Potential Award” means an
Award which is potentially payable to a Participant, the terms of which are
established by the Committee as of the Determination Date for a Plan Year. The
terms of a Potential Award can relate to that Plan Year, or a series of Plan
Years, and can be exclusively performance-based, with Performance Goals, or can
involve a combination of performance-based criteria and individual performance
assessments, as the Committee, in its sole discretion, may determine. The
Committee shall have the power to impose any restrictions on Potential Awards
subject to this Plan as it may deem necessary or appropriate to ensure that an
Award under this Plan, to the extent applicable, satisfies all the requirements
for “performance-based compensation” within the meaning of Section 162(m) of the
Code, the regulations thereunder, and any successors thereto.

    

    

    SECTION
3

    SELECTION
OF PARTICIPANTS AND DETERMINATION OF AWARDS

    

    3.1           Selection of Participants. On
or prior to the Determination Date, the Committee, in its sole discretion, shall
select the Executive Officers who shall be Participants for the Plan Year. In
selecting Participants, the Committee shall choose officers who are likely to
have a significant impact on the performance of the Company. Participation in
the Plan is in the sole discretion of the Committee, and on a Plan Year by Plan
Year basis. Accordingly, an Executive Officer who is a Participant for a given
Plan Year in no way is guaranteed or assured of being selected for participation
in any subsequent Plan Year or Years.

    

    3.2           Determination of Performance Goals
and Potential Awards. On or prior to the
Determination Date, the Committee, in its sole discretion, shall establish the
terms of  the Potential Award for each Participant for the Plan Year,
or for multiple Plan Years, commencing onthe first day of such Plan Year or
multiple Plan Years, and any Performance Goals applicable to all, or a portion
of, the Potential Award. To the extent that all, or a portion, of the
Participant's Potential Award is performance-based, such Potential Award shall
be contingent upon the attainment of the Participant’s Performance Goals. The
Committee may elect to establish alternative payment formulae for the Potential
Awards based upon the attainment of alternative Performance Goals for the Plan
Year (or Years), and may also elect to establish Potential Awards on a multiple
year basis, contingent upon attainment of Performance Goals over multiple years.
Each Participant’s Performance Goals and Potential Award shall be set forth in
writing and presented to the Participant.  The outcome of any
Performance Goal must be substantially uncertain at the time it is established
by the Committee.

    

    3.3           Determination of Awards. After
the end of each Plan Year, the Committee shall certify in writing the extent to
which the Performance Goals applicable to each Participant for that Plan Year
(or series of Plan Years ending with that Year) were achieved or exceeded. For
this purpose, approved minutes of a meeting of the Committee shall be treated as
written certification. The Committee shall also determine if the criteria for
any non-performance-based Potential Awards have been attained. If applicable
Performance Goals and other criteria were attained, the Committee shall
determine Awards payable to each Participant in accordance with the terms of
their Potential Awards. Notwithstanding any contrary provision of the Plan or
the terms of the Potential Award, (a) the Committee, in its sole discretion, may
eliminate or reduce the Award payable to any Participant below that which
otherwise would be payable under the terms of the Potential Award, (b) if a
Participant terminates employment with the Company prior to the end of a Plan
Year (or series of Plan Years) for which a Potential Award has been established,
the Committee may, in its sole discretion, grant an Award proportionately based
on the date of termination, provided that applicable Performance Goals for that
Plan Year (or Plan Years) are attained, and (c) the Committee may not adjust
upwards the amount of an Award nor may it waive the attainment of Performance
Goals for the applicable Plan Year or Plan Years.

    

    

    SECTION
4

    PAYMENT
OF AWARDS

    

    4.1           Right to Receive Payment. Each
Award that may become payable under the Plan shall be paid solely from the
general assets of the Company. Nothing in this Plan shall be construed to create
a trust or to establish or evidence any Participant's claim of any right other
than as an unsecured general creditor with respect to any payment to which he or
she may be entitled. No Participant or other person shall have any rights with
respect to the Plan, or to any Potential Award prior to the completion of the
Plan Year (or series of Plan Years) with respect to such Award, and the
Committee’s certification as to the attainment of any Performance Goals
applicable thereto. Notwithstanding anything to the contrary set forth in the
Plan, the Committee, in its sole discretion, may eliminate or reduce an Award
payable to any Participant below that which otherwise would be payable under the
terms of the Participant’s Potential Award.

    

    4.2           Timing of Payment. Payment of
each Award shall be made no sooner than the date the Committee certifies that
applicable Performance Goals for a Plan Year (or Plan Years) have been attained
and no later than March 15 of the year following the  Plan Year (or
series of Plan Years) during which the Award was earned.  Under no
circumstances may payment of any Award, including the Awards described in
Sections 3.3(b) and 6.2 of this Bonus Plan, be accelerated to an earlier
date.

    

    4.3           Form of Payment. Each Award
shall be paid in cash (or its equivalent) in a single lump sum.

    

    4.4           Deferral of Awards. The
Committee may permit Participants the opportunity to elect to defer receipt of
Awards under the terms of the Company’s Deferred Compensation Plan.

    

    SECTION
5

    ADMINISTRATION

    

    5.1           Grant of Awards. The Committee
shall determine (i) those Executive Officers eligible to be Participants, (ii)
the amount, type (whether performance-based or non-performance-based) and terms
of each Potential Award, and (iii) the amount of each Award, subject to the
provisions of the Plan. Awards granted under the Plan shall be evidenced to the
extent, and in the manner, if any, prescribed by the Committee from time to time
in accordance with the terms of the Plan. In making any determinations under the
Plan, including certifications as to attainment of Performance Goals, the
Committee shall be entitled to rely on reports, opinions or statements of
officers or employees of the Company, as well as those of counsel, public
accountants and other professional or expert persons.  All
determinations, interpretations and other decisions under or with respect to the
Plan or any Award by the Committee shall be final, conclusive and binding upon
all parties, including without limitation, the Company, any Executive Officer,
and any other person with rights to any Award under the Plan, and no member of
the Committee shall be subject to individual liability with respect to the Plan
or any Awards thereunder.

    

    5.2           Committee Authority. The
Committee shall have sole authority to administer the Plan and, in connection
therewith, it shall have full power to (i) construe and interpret the Plan
consistent with the qualification of Awards under the Plan as performance-based
compensation under Section 162(m) of the Code, (ii)
establish rules and regulations in connection with the administration of the
Plan, and (iii) perform all other acts it believes reasonable and proper,
including the power to delegate responsibility to others to assist it in
administering the Plan.

    

    SECTION
6

    BENEFICIARY
DESIGNATION; DEATH OF AWARDEE

    

    6.1.           Designation of Beneficiary. A
Participant may file with the Committee a written designation of a beneficiary
or beneficiaries (subject to such limitations as to the classes and number of
beneficiaries and contingent beneficiaries as the Committee may from time to
time prescribe) to receive, in the event of the death of the Participant, an
Award. The Committee reserves the right to review and approve beneficiary
designations. A Participant may from time to time revoke or change any such
designation or beneficiary and any designation of beneficiary under the Plan
shall be controlling over any other disposition, testamentary or
otherwise.  However, if the Committee shall be in doubt as to the
right of any such beneficiary to receive any Award, the Committee may determine
to recognize only a right to receipt by the legal representative of the
Participant, in which case the Company, the Committee and the members thereof
shall not be under any further liability to anyone.

    

    6.2           Payment of Award. Upon the
death of a Participant, any Award payable to that Participant shall be
determined by the Committee in its sole discretion, in light of the attainment
of applicable Performance Goals, and the Company shall make payment of such
Award to the Participant’s designated beneficiary or personal representative or
the person or persons entitled thereto by will or in accordance with the laws of
descent and distribution.

    

    SECTION
7

    OTHER
GOVERNING PROVISIONS

    

    7.1           Transferability. Except as
otherwise provided herein, no Award shall be transferable other than by
beneficiary designation, will or the laws of descent and distribution, and any
right with respect to an Award may be exercised during the lifetime of the
Participant receiving such Award only by such Participant or by his/her guardian
or legal representative.

    

    7.2.           Reservation of Rights of
Company. Neither the establishment of the Plan or any Potential Award,
nor the granting of an Award, shall confer upon any Executive Officer any right
to continue in the employ of the Company or any Affiliate or interfere in any
way with the right of the Company or any Affiliate to terminate such employment
at any time. The Company expressly reserves the right, which may be exercised at
any time during a Plan Year, to terminate any individual's employment without
cause and without regard to the effect such termination might have upon the
Participant's receipt of an Award under the Plan.

    

    7.3           Withholding of Taxes. The
Company shall deduct from any payment, or otherwise collect from the recipient,
any taxes required to be withheld by federal, state or local governments in
connection with any Award.

    

    7.4           Amendment and Termination of Plan.
The Board may amend or terminate the Plan at any time and for any reason;
provided, however, that if and to the extent required to ensure the
qualification under Section 162(m) of the Code, of Awards
granted under the Plan,
any such amendment shall be subject to shareholder approval.

    

    7.5           
Construction of Plan.
The place of administration of the Plan shall be in the State of Missouri
and the validity, construction, interpretation, administration and effect of the
Plan and of its rules and regulations, and rights relating to the Plan, shall be
determined solely in accordance with the laws of the State of Missouri, without
giving regard to the conflict of laws provisions thereof.

    

    7.6           Unfunded Nature of Plan. The
Plan shall be unfunded, and the Company shall not be required to segregate any
assets which may at any time be awarded under the Plan.  Any liability
of the Company to any person with respect to any Award under the Plan shall be
based solely upon any contractual obligations which may be created by the terms
of the Plan or any agreement with respect to an Award entered into pursuant to
the Plan.  No such obligation of the Company shall be deemed to be
secured by any pledge of, or other encumbrance on, any property of the
Company.

    

    7.7           Successors. All obligations of
the Company under the Plan, with respect to any Awards granted hereunder, shall
be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation
or otherwise, of all or substantially all of the business and/or assets of the
Company.

    

    7.8           Severability.  In
the event any provision of the Plan shall be held illegal or invalid for any
reason, the illegality of invalidity will not affect the remaining parts of the
Plan and the Plan will be construed and enforced as if the illegal or invalid
provision had not been included.

    

    7.9           Expenses of Plan.
  The expenses of administering the Plan will be borne by the
Company.

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