Document:

exv10w33

Exhibit 10.33

AMENDED AND RESTATED

CHANGE IN CONTROL AGREEMENT

     This Amended and Restated Change in Control Agreement (this “Agreement”), dated as of
________________ __, 20__, is made by and between OM Group, Inc., a Delaware corporation (the
“Company”), and ____________________ (the “Executive”).

     WHEREAS, the Company considers it essential to the best interest of the Company and its
stockholders that its management be encouraged to remain with the Company and to continue to devote
its full attention to the Company’s business;

     WHEREAS, the Company recognizes that the possibility of a change in control may occur and that
the uncertainty arising as a result of a potential change in control may result in the departure or
distraction of management personnel to the detriment of the Company and its stockholders; and

     WHEREAS, the Company’s Board of Directors (the “Board”) has determined that
appropriate steps should be taken to reinforce and encourage the continued attention and dedication
of key members of the Company’s management, including the Executive, to their assigned duties
without distraction in the face of a potential Change in Control; and

     WHEREAS, the Executive has advised the Company that, in consideration of, among other things,
the Company’s entering into this Agreement with the Executive, it is Executive’s present intention
to remain in the employ of the Company unless and until a Change in Control occurs; and

     WHEREAS, the Company and the Executive desire for this Amended and Restated Change in Control
Agreement to amend and supersede the Change in Control Agreement, dated June 8, 2005, between the
Company and the Executive (the “Prior Agreement”) and any other Change in Control
Agreements entered into prior to the date hereof;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the Company and the Executive hereby agree as follows:

     1. Definitions.

          (a) “Additional Compensation” has the meaning set forth in Section 5(d).

          (b) “Affiliate” means a person or entity that directly, or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control with, the person or
entity specified.

          (c) “Agreement” has the meaning set forth in the Preamble.

          (d) “Base Compensation” has the meaning set forth in Section 5(d).

 

 

          (e) “Board” has the meaning set forth in the recitals.

          (f) “Business Combination” has the meaning set forth in Section 1(h).

          (g) “Cause” means (i) the willful and continued failure by the Executive to perform
his/her duties with the Company or one of its Affiliates (other than for Death, Disability or Good
Reason), after a written demand for substantial performance is delivered to the Executive by the
Board that specifically identifies the manner in which the Board believes the Executive has failed
to perform his/her duties, or (ii) illegal conduct or gross misconduct by the Executive involving
moral turpitude that is materially and demonstrably injurious to the Company. For purposes of
clause (ii) of the preceding sentence, no act or failure to act shall constitute “cause” unless it
is done, or omitted to be done, in bad faith or without Executive’s reasonable belief that such
action or omission was in the best interests of the Company. Any act, or failure to act, based
upon authority given Executive pursuant to a resolution duly adopted by the Board or based upon the
advice of counsel for the Company shall be conclusively presumed to be undertaken in good faith and
in the best interests of the Company;

          (h) “Change in Control” means the occurrence of any of the following: (i) the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 33% or more of the then outstanding Voting Shares;
provided, however, that the following acquisitions shall not constitute a Change in
Control: (1) any acquisition directly from the Company; (2) any acquisition by the Company; (3) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company
or any Subsidiary; or (4) any acquisition by any Person pursuant to a transaction that complies
with clauses (A), (B) and (C) of Section 1(h)(iii) below; or (ii) individuals who, as of the date
of this Agreement, constitute the Board (the “Incumbent Board”) cease for any reason (other
than death or disability) to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof, whose
election, or nomination for election by the Company’s stockholders, was approved by a vote of at
least two-thirds of the directors then comprising the Incumbent Board (either by a specific vote or
by approval of the proxy statement of the Company in which such person is named as a nominee for
director, without objection to such nomination) shall be considered as though such individual was a
member of the Incumbent Board, but excluding for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest (within the
meaning of Rule 14a-11 of the Exchange Act) with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board; or (iii) consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company (a “Business
Combination”), in each case, unless following such Business Combination, (A) all or
substantially all of the individuals and entities who were the beneficial owners of the Voting
Shares immediately prior to such Business Combination beneficially own, directly or indirectly,
more than 50% of, respectively, the then-outstanding shares of common stock and the combined voting
power of the then-outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the entity resulting from such Business Combination (including,
without limitation, an entity that as a result of such transaction owns the Company or
substantially all of the Company’s assets either directly or through one or more subsidiaries) in

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substantially the same proportions relative to each other as their ownership immediately prior
to such Business Combination of the Voting Shares, (B) no Person (excluding any entity resulting
from such Business Combination or any employee benefit plan (or related trust) sponsored or
maintained by the Company or such entity resulting from such Business Combination) beneficially
owns, directly or indirectly, 15% or more of, respectively, the then-outstanding shares of common
stock of the entity resulting from such Business Combination, or the combined voting power of the
then-outstanding voting securities of such corporation except to the extent that such ownership
existed prior to the Business Combination and (C) at least a majority of the members of the board
of directors of the entity resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or the action of the Board providing
for such Business Combination; or (iv) approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company.

          (i) “COBRA Period” has the meaning set forth in Section 6(a).

          (j) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

          (k) “Company” means OM Group, Inc., a Delaware corporation, and any successor to its
business and/or assets which executes and delivers the agreement provided for in Section 12
of this Agreement or which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law.

          (l) “Company Shares” has the meaning set forth in Section 5(e).

          (m) “Disability” has the meaning set forth in Section 4(c).

          (n) “Effective Date” has the meaning set forth in Section 3(b).

          (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (p) “Excise Tax” has the meaning set forth in Section 10(a).

          (q) “Executive” has the meaning set forth in the Preamble.

          (r) “Firm” has the meaning set forth in Section 10(b).

          (s) “Good Reason” means: (i) the assignment of any duties inconsistent with the
Executive’s position (including status, offices, titles and reporting requirements), authority,
duties or responsibilities, or any other action by the Company which results in a diminution in
such position, authority, duties or responsibilities, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive; (ii) any failure by the Company to
continue to provide Executive with an annual base salary, employee benefits and an opportunity to
earn incentive and bonus compensation equal or greater to that which was provided to the Executive
by the Company immediately prior to the Effective Date, other than an isolated, insubstantial and
inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after
the receipt of notice thereof given by the Executive; (iii) the

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Company’s requiring the Executive to be based at or generally work from a primary business
location more than 50 miles from the location that the Executive was based at or generally worked
from prior to the Effective Date or the Company’s requiring the Executive to travel on Company
business to a substantially greater extent than required immediately prior to the Effective Date;
or (iv) any failure by the Company to comply with and satisfy Section 12 of this Agreement.

          (t) “Incumbent Board” has the meaning set forth in Section 1(h).

          (u) “Notice of Termination” has the meaning set forth in Section 4.

          (v) “OMG Related Persons” has the meaning set forth in Section 9(c).

          (w) “Options” has the meaning set forth in Section 5(e).

          (x) “Person” has the meaning set forth in Section 1(h).

          (y) “Prior Agreement” has the meaning set forth in the recitals.

          (z) “Release” has the meaning set forth in Section 5.

          (aa) “Retirement” has the meaning set forth in Section 4(b).

          (bb) “Separation from Service” shall mean a separation from service as such term is
defined for purposes of Section 409A of the Code.

          (cc) “Subsidiary” means an entity in which the Company directly or indirectly
beneficially owns 50% or more of the outstanding securities entitled to vote generally in the
election of directors of the entity.

          (dd) “Term” means the period of time described in Section 2 hereof (including
any extension, continuation or termination described therein).

          (ee) “Termination Date” has the meaning set forth in Section 4.

          (ff) “Voting Shares” means at any time, the then-outstanding securities entitled to
vote generally in the election of directors of the Company.

          (gg) “Without Cause” means termination of the Executive’s employment for reasons other
than for Death, Retirement, Disability or Cause.

     2. Term. The Term of this Agreement shall commence on the date first written above
and shall continue in effect through December 31, 20__; provided, however, that
commencing on January 1, 20__ and each January 1 thereafter, the Term shall be automatically
extended for one (1) additional year unless, not later than September 30 of the preceding year, the
Company or the Executive shall have given written notice to the other party electing not to extend
the Term; and provided further, that if a Change in Control shall have occurred
during the Term, the Term shall expire on the last day of the twelfth (12th) month
following the month in

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which such Change in Control occurred. Notwithstanding any other provision hereof, the Term
shall expire upon (a) any termination of the Executive’s employment prior to a Change in Control,
so long as such termination is not done in anticipation of or in connection with a Change in
Control, and (b) the Executive’s death or resignation prior to a Change of Control.

     3. Change in Control.

          (a) No benefits shall be payable hereunder unless a Change in Control occurs, and, during the
Term, the Executive’s employment with the Company is terminated either by the Executive for Good
Reason or by the Company Without Cause. This Agreement is not intended to apply to termination of
the Executive’s employment by reason of death, Disability or Retirement.

          (b) The first date upon which a Change in Control as defined above takes place shall be known
as the “Effective Date.” Notwithstanding anything in this Agreement to the contrary, if a
Change in Control occurs and if the Executive’s employment with the Company is terminated by the
Company prior to the date on which the Change in Control occurs, and if it is reasonably
demonstrated by the Executive that such termination (i) was at the request of a third party who had
taken steps reasonably calculated to effect a Change in Control or (ii) was by the Company and
arose with or in anticipation of a Change in Control, then for all purposes of this Agreement, the
Executive’s employment shall be deemed to have been terminated by the Company Without Cause under
Section 4(f) of this Agreement and the “Effective Date” shall mean the date immediately
prior to the Termination Date (as defined in Section 4 hereof).

     4. Termination of Employment. The Executive’s employment with the Company shall or
may be terminated, as the case may be, for any of the following reasons:

          (a) termination of the Executive’s employment due to the Executive’s death;

          (b) termination of the Executive’s employment by the Executive at or after the attainment of
age sixty-five (65) or pursuant to a duly adopted retirement policy of the Company
(“Retirement”);

          (c) termination of the Executive’s employment either by the Executive or by the Company after
the Executive is physically or mentally incapacitated for a period of one hundred eighty (180)
consecutive days such that the Executive cannot substantially perform the Executive’s duties of
employment with the Company on a full-time basis (“Disability”);

          (d) the Company may terminate the Executive’s employment at any time for Cause;

          (e) the Executive may terminate his employment for Good Reason; and

          (f) the Company may terminate Executive’s employment at any time Without Cause.

Except in the case of Retirement or death or as otherwise provided in Section 3(b) hereof,
termination of the Executive’s employment shall be effective only as of the earliest date

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(hereinafter referred to as the “Termination Date”) specified by either the Executive or
the Company in a written notice of termination (“Notice of Termination”) delivered to the
other party hereto. Notwithstanding any provision herein to the contrary, if at any time prior to
a Change in Control, the Executive receives notice from the Company that the Executive shall be
placed in an income continuation status (i.e., where the Company agrees to (i) continue to pay the
Executive’s then existing salary or a modified level of salary continuation and/or all or some of
the Executive’s then existing employee benefits and (ii) relieve the Executive of the Executive’s
obligation to render services to the Company), the Executive’s employment, for the purpose of this
Agreement only, shall be deemed terminated as of the date of such notice and no benefits shall be
payable to the Executive hereunder.

     5. Severance Pay. If a Change in Control occurs, and, during the Term, Executive’s
employment with the Company is terminated either by the Executive for Good Reason or by the Company
Without Cause, then in addition to all other benefits that the Executive has earned prior to such
termination or to which Executive is otherwise entitled, the Company shall pay to the Executive as
severance pay, in a lump sum, the following amounts:

          (a) the Executive’s full base salary earned through the Termination Date at the rate in effect
prior to the date Notice of Termination is given, to the extent not theretofore paid;

          (b) the Executive’s bonus for the previously completed fiscal year of the Company, to the
extent not theretofore paid;

          (c) the Executive’s target bonus (i.e. based on achievement of performance goals at the 100%
level) for the fiscal year in which the Notice of Termination was given, pro rated to reflect the
number of days the Executive was employed with the Company during such fiscal year;

          (d) an amount equal to the product of (i) the sum of (x) the higher of the Executive’s annual
base salary in effect immediately prior to the Effective Date, or Executive’s annual base salary at
the highest rate in effect at any time since any Change in Control and (y) the amount of any
Additional Compensation (hereinafter defined) (the sum of such annual base salary and Additional
Compensation shall be referred to as Executive’s “Base Compensation”) and (ii) the
number two (2). The term “Additional Compensation” means the quotient of (i) the sum of
(x) the Executive’s annual (measured by a fiscal year) total incentive compensation, commissions,
and bonuses declared and/or received for each of the last three full fiscal years immediately
preceding the Effective Date, plus any amounts earned or properly allocable to any of the last
three fiscal years immediately preceding the Effective Date that were deferred under any
non-qualified deferred compensation program of the Company, and (y) any elective contributions that
are made by or on behalf of the Executive under any plan maintained by the Company that are not
includible in gross income under Section 125 or 402(e)(3) of the Internal Revenue Code of 1986, as
amended from time to time, but excluding moving or educational reimbursement expenses, amounts
realized from the exercise of any stock options, sale of restricted stock, and imputed income
attributable to any fringe benefit, divided by (ii) three; provided, however, that
in the event the Executive was employed by the Company for a period of time less than three full
fiscal years immediately preceding the Effective Date, the foregoing

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provisions shall be adjusted to cause Executive’s Additional Compensation to be determined
based upon the average of such payments and benefits for the number of full fiscal years
immediately preceding the Effective Date in which the Executive was employed by the Company;
provided further that in the event the Executive was employed by the Company for a
period of time less than one full fiscal year, the foregoing provisions shall be adjusted to cause
Executive’s Additional Compensation to be determined based upon the projected target annual
payments and benefits that would be provided to the Executive immediately preceding the Effective
Date.

          (e) in lieu of shares of common stock of the Company, par value $0.01 per share (“Company
Shares”) issuable upon exercise of options (“Options”), if any, granted to the
Executive under any Company stock option plan (which Options shall be deemed canceled upon the
making of the payment herein referred to), the Executive shall receive an amount in cash equal to
the aggregate spread between the exercise prices of all such Options that are outstanding and held
by the Executive (whether or not then fully vested or exercisable and taking into account only
options as to which the exercise price is less than the higher of (i) or (ii) as set forth below)
and the higher of (i) the mean of the high and low trading prices of Company Shares on the New York
Stock Exchange on the Termination Date or (ii) the highest price per Company Share actually paid in
connection with any Change in Control;

          (f) all unvested shares of restricted stock of the Company, if any, granted to the Executive
under any Company equity compensation plan, shall immediately vest and shall be redeemed by the
Company for an amount in cash equal to the higher of (i) the mean of the high and low trading
prices of Company Shares on the New York Stock Exchange on the Termination Date or (ii) the highest
price per Company Share actually paid in connection with any Change in Control;

          (g) an amount of cash equal to any unvested portion of the Executive’s interest in any of the
Company’s nonqualified retirement plans or tax-qualified pension plans as of the Termination Date.

The Executive will be required to deliver a written instrument in form and substance reasonably
satisfactory to the Company releasing the Company and its Affiliates from any and all claims or
causes of action of any kind arising from or relating to the Executive’s employment with the
Company (a “Release”) before receiving payments hereunder. The payments described in this
Section 5 shall be payable on or before the fifth (5th) day following the
expiration of any revocation period relating to such Release, provided that no payments will be
made to Executive until such time as Executive has incurred a Separation from Service with the
Company. Notwithstanding anything to the contrary contained in this Section 5, if any
payment to the Executive, the payment date of which is determined by reference to the Executive’s
termination of employment, would constitute a “deferral of compensation” under Section 409A of the
Code and the Executive is a “specified employee” (as such phrase is defined in Section 409A of the
Code), the Executive (or the Executive’s beneficiary) will receive payment of the amounts described
in this Section 5 upon the earlier of (i) six (6) months following the Executive’s
Separation from Service with the Company or (ii) the Executive’s death. The payments described in
Sections 5(c)-(g) shall be in lieu of all other severance agreements or arrangements
otherwise due to the Executive under any other agreement, plan, arrangement or understanding

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between the Company and the Executive.

     6. Other Benefit Plans. If a Change in Control occurs and, during the Term,
Executive’s employment with the Company is terminated either by the Executive for Good Reason or by
the Company Without Cause, then:

          (a) For a period of eighteen (18) months following the Termination Date (the “COBRA
Period”), the Company will arrange to provide the Executive, at no cost to the Executive, with
health benefits substantially similar to those that the Executive was receiving or entitled to
receive immediately prior to the Termination Date (or, if greater, immediately prior to the
reduction, termination, or denial described in Section 1(s)(ii)), except that the level of
such benefit to be provided to the Executive may be reduced in the event of a corresponding
reduction generally applicable to all recipients of or participants in such benefits. The COBRA
Period shall be considered to be the period during which the Executive shall be eligible for
continuation coverage under Section 4980B of the Code, and the Company shall reimburse the
Executive for the amount of the premiums for such continuation coverage; provided,
however, that without otherwise limiting the purposes or effect of Section 8, the
benefits otherwise receivable by the Executive pursuant to this Section 6(a) will be
reduced to the extent comparable benefits are actually received by the Executive from another
employer during the COBRA Period following the Executive’s Termination Date, and any such benefits
actually received by the Executive shall be reported by the Executive to the Company. If and to
the extent that any benefit described in this Section 6(a) is not or cannot be paid or
provided under any policy, plan, program or arrangement of the Company or any Subsidiary, as the
case may be, then the Company will itself pay or provide for the payment to the Executive, his
dependents and beneficiaries, of such benefits. Notwithstanding the foregoing, if the Company
determines that the provision of benefits under this Section 6(a) is likely to result in
negative tax consequences to the Executive, the Company will use its reasonable best efforts to
make other arrangements to provide a substantially similar benefit to the Executive that does not
have such negative tax consequences, which may include (i) making a lump sum payment at the
earliest time permitted under Section 409A of the Code, in an amount equal to the Company’s
reasonable determination of the present value of any such benefits that, if provided, would result
in negative tax consequences to the Executive and/or (ii) providing such benefit through insurance
coverage on the Executive’s behalf.

          (b) The Executive will also be entitled to (i) a lump sum payment in an amount equal to the
present value of the cost of health coverage for an additional six months, provided that if the
payment described in this Section 6(b)(i) is subject to tax, the Company will pay to the
Executive an additional amount such that after payment by the Executive of all taxes so imposed on
such benefits and on such payments, the Executive retains an amount equal to such taxes and (ii) an
additional lump sum payment equal to the product of the lump sum payment set forth in Section
5(d) above multiplied by [.15], which payment is intended to cover the cost of continuing, for
an additional two years, disability coverage and the other benefit plans, programs and arrangements
that the Executive is entitled to participate in during his or her employment with the Company.
The payments provided for in this Section 6(b) will only be made to Executive in the event and at
the time that Executive incurs a Separation from Service with the Company.

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          (c) For a period of twenty-four (24) months following the Termination Date, the Company will
arrange to provide the Executive with term life insurance benefits substantially similar to those
that the Executive was receiving or entitled to receive immediately prior to the Termination Date
(or, if greater, immediately prior to the reduction, termination, or denial described in
Section 1(s)(ii)), except that the level of such benefit to be provided to the Executive
may be reduced in the event of a corresponding reduction generally applicable to all recipients of
or participants in such benefits. Without otherwise limiting the purposes or effect of Section
8, benefits otherwise receivable by the Executive pursuant to this Section 6(c) will be
reduced to the extent comparable benefits are actually received by the Executive from another
employer during the Continuation Period following the Executive’s Termination Date, and any such
benefits actually received by the Executive shall be reported by the Executive to the Company.

     7. Outplacement Services. If a Change in Control occurs, and, during the Term, the
Executive’s employment with the Company is terminated either by the Executive for Good Reason or by
the Company Without Cause, the Company shall provide the Executive reasonable outplacement services
for a period of up to one year of a nature customarily provided at the Executive’s executive
officer level.

     8. No Mitigation Required. The Executive shall not be required to mitigate the amount
of any payment or benefit provided for in Section 5 or 6 by seeking other
employment or otherwise. Notwithstanding the foregoing, benefits otherwise receivable under
Section 6 of this Agreement shall be reduced to the extent that and for any period during
which the Executive is eligible to receive substantially similar benefits from another employer.

     9. Restrictive Covenants of the Executive.

          (a) Noncompetition. If a Change in Control occurs, and, during the Term, Executive’s
employment with the Company is terminated either by the Executive for Good Reason or by the Company
Without Cause, and the Executive is receiving payments from the Company pursuant to this Agreement,
then for a period of one (1) year from the Termination Date, the Executive agrees not to, without
the written consent of the Company, either directly or indirectly, engage in, make any investment
in, advise or consult with, assist or render any services to any person or entity in competition
with the business of the Company or its subsidiaries. Notwithstanding the foregoing, the Executive
may own less than one (1) percent of the combined voting power of all issued and outstanding voting
securities of any publicly-held corporation whose stock is traded on a major stock exchange or
quoted on NASDAQ.

          (b) Confidential Information. Executive hereby agrees that the Executive shall not at
any time (whether employed by the Company or not), either directly or indirectly, disclose or make
known to any person or entity or use any confidential information, trade secret, or proprietary
information that the Executive acquired during the course of the Executive’s employment with the
Company that has not become public knowledge (other than by the Executive’s actions in violation of
this Agreement). Executive further agrees that upon the termination of the Executive’s employment
with the Company, or at any time upon the request of the Company, Executive shall deliver to the
Company any and all literature, documents, correspondence, and other materials and records
furnished to the Executive by the Company during the course of the Executive’s employment with the
Company. In no event shall an

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asserted violation of the provisions of this Section 9(b) constitute a basis for
deferring or withholding any amounts otherwise payable to the Executive under this Agreement.

          (c) Non-Disparagement. The Executive agrees that during his employment and at all
times thereafter, he will not, unless compelled by a court or governmental agency, make, or cause
to be made, any statement, observation or opinion, or communicate any information (whether oral or
written) regarding the Company, or its Affiliates, together with their respective directors,
partners, officers or employees (such entities, collectively, the “OMG Related Persons”),
which disparages the reputation or business of the Company or the OMG Related Persons;
provided, however, that such restriction shall not apply to statements,
observations, opinions or communications made in good faith in the fulfillment of the Executive’s
duties with the Company; and provided further, that such restriction shall cease to
apply and shall be of no further force and effect from and after the occurrence of a Change of
Control.

     10. Additional Payments.

          (a) Notwithstanding anything in this Agreement to the contrary, in the event it is determined
(in the manner provided herein) that any payment or distribution to or for Executive’s benefit,
whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement or
similar right would be subject to the excise tax (the “Excise Tax”) imposed by Section 4999
of the Code (or any successor provision thereto), Executive shall have the choice either to (i)
surrender any payment (or portion thereof) or benefit provided hereunder in an amount or amounts
sufficient to ensure that Executive does not receive any “excess parachute payments” as such term
is defined in Section 280G of the Code or (ii) receive all payments and benefits provided hereunder
and, in such case, Executive will be responsible for paying the Excise Tax (which Excise Tax shall
be paid through the Company’s withholding of such tax from the payments or benefits provided to
Executive pursuant to the terms of this Agreement or otherwise).

          (b) All determinations required to be made under this Section 10, (including whether
an Excise Tax is payable by the Executive and the amount of such Excise Tax) shall be made by a
nationally-recognized legal or accounting firm (the “Firm”) mutually agreeable to both the
Executive and the Company. The Firm will submit its determination and detailed supporting
calculations to both Executive and the Company within fifteen (15) calendar days after the
Termination Date, if applicable, or such earlier time or times as may be requested by the Executive
or the Company. If the Firm determines that no Excise Tax is payable by the Executive, it shall,
at the same time as it makes such determination, furnish the Executive and Company with an opinion
that both Executive and Company have substantial authority not to report any Excise Tax on any
income or employment tax return.

          (c) The Executive and the Company shall each provide the Firm access to and copies of any
books, records and documents in the possession of the Company or Executive, as the case may be,
reasonably requested by the Firm, and otherwise cooperate with the Firm in connection with the
preparation and issuance of the determination contemplated by Section 10(b) hereof.

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          (d) The fees and expenses of the Firm for its services in connection with the determinations
and calculations contemplated by Section 10(b) hereof shall be borne by the Company. If
such fees and expenses are initially paid by the Executive, the Company shall reimburse the
Executive the full amount of such fees and expenses within five business days after receipt from
the Executive of a statement therefor and reasonable evidence of the Executive’s payment thereof.

     11. Withholding of Taxes. The Company may withhold from any amounts payable under
this Agreement all federal, state, city or other taxes as the Company reasonably determines to be
required pursuant to any law or government regulation, order or ruling.

     12. Successors, Binding Agreement. The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company, by agreement in form and substance satisfactory to the
Executive, to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such succession had taken place.
Failure of the Company to obtain such agreement prior to the effectiveness of any such succession
shall be a breach of this Agreement and shall entitle the Executive to compensation from the
Company in the same amount and on the same terms as the Executive would be entitled hereunder if
the Company had terminated the Executive’s employment Without Cause after a Change in Control
occurring at the time of succession, except that for purposes of implementing the foregoing, the
date on which any such succession becomes effective shall be deemed the Termination Date. This
Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
If the Executive should die while any amounts would still be payable to the Executive hereunder
if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall
be paid in accordance with the terms of this Agreement to the Executive’s devises, legates, or
other designee or, if there be no such designee, to the Executive’s estate.

     13. Notices. Notices and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when delivered or mailed by (i)
United States registered mail, return receipt requested, postage prepaid, or (ii) reputable
overnight courier service (i.e. Federal Express), in each case, addressed to the respective address
set forth in this Section 13 or to such other address as either party may have furnished to
the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt:

	 	 	 	 	 

	 

	 	To the Company:
	 	OM Group, Inc.
	 

	 	 	 	1500 Key Tower
	 

	 	 	 	127 Public Square
	 

	 	 	 	Cleveland, OH 44114
	 

	 	 	 	Attn: General Counsel
	 
	 	 	 	 
	 

	 	To the Executive:
	 	_____________________
	 

	 	 	 	_____________________
	 

	 	 	 	_____________________

- 11 -

 

     14. Miscellaneous. No provisions of this Agreement may be modified, waived or
discharged unless such modification, waiver or discharge is agreed to in writing signed by the
Executive and such officer as may be specifically designated by the Board; provided, that the
Company shall have the right to terminate its obligations to the Executive under this Agreement by
written notice given to the Executive at any time prior to a Change in Control, so long as such
termination is not done in anticipation of or in connection with a Change in Control. No waiver by
either party hereto at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time. This Agreement constitutes the entire agreement between the Company and the Executive with
respect to the subject matter hereof and, except to the extent a specific compensation program
provides for benefits upon a change in control relative to that program, which provisions shall
remain in effect, no agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. Without limiting the generality of the foregoing, this Agreement
supersedes and replaces in its entirety any prior agreement relating to the subject matter hereof,
including, without limitation, the Prior Agreement.

     15. Validity. The invalidity or unenforceability of any one or more provisions of
this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.

     16. Counterparts. This Agreement may be executed in one or more counterparts, any of
which may be executed and delivered via facsimile, each of which shall be deemed to be an original,
and all of which together shall constitute one and the same instrument.

     17. Jurisdiction, Choice of Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of Ohio. In the event of
any dispute or controversy arising under or in connection with this Agreement Executive and the
Company hereby irrevocably consent to the jurisdiction of the Common Pleas Court of the State of
Ohio (Cuyahoga County) or the United States District Court for the Northern District of Ohio.

     18. Legal Fees and Expenses.

          (a) It is the intent of the Company that the Executive not be required to incur the legal
expenses associated with (i) the interpretation of any provision in, or obtaining of any right or
benefit under, this Agreement or (ii) the enforcement of his rights under this Agreement by
litigation or other legal action, because the cost and expense thereof would substantially detract
from the benefits intended to be extended to the Executive hereunder. Accordingly, the Company
irrevocably authorizes the Executive from time to time to retain counsel of his choice, at the
expense of the Company as hereafter provided, to represent the Executive in connection with the
interpretation or enforcement of this Agreement, including the initiation or defense of any
litigation or other legal action, whether by or against the Company or any Director, officer,
stockholder or other person affiliated with the Company, in any jurisdiction. Notwithstanding any
existing or prior attorney-client relationship between the Company and such counsel, the

- 12 -

 

Company irrevocably consents to the Executive’s entering into an attorney-client relationship
with such counsel, and in that connection the Company and the Executive agree that a confidential
relationship shall exist between the Executive and such counsel. The Company shall pay or cause to
be paid and shall be solely responsible for any and all attorneys’ and related fees and expenses
incurred by the Executive under this Section 18, but only if, and to the extent and at the
earliest date(s) that, such actions are determined to be permitted without violating Section 409A
of the Code.

          (b) Without limiting the obligations of the Company pursuant to Section 18(a), in the
event a Change in Control occurs, the performance of the Company’s obligations under Sections
5, 6 and 7 and this Section 18 will be secured by amounts deposited or to be deposited
in trust pursuant to certain trust agreements to which the Company will be a party providing that
the benefits to be paid pursuant to Sections 5,6 and 7 and the fees and expenses of counsel
selected from time to time by the Executive pursuant to Section 18(a) will be paid, or
reimbursed to the Executive if paid by the Executive, either in accordance with the terms of such
trust agreements, or, if not so provided, on a regular, periodic basis upon presentation by the
Executive to the trustee of a statement or statements prepared by such counsel in accordance with
its customary practices. Any failure by the Company to satisfy any of its obligations under this
Section 18(b) will not limit the rights of the Executive hereunder. Subject to the
foregoing, the Executive will have the status of a general unsecured creditor of the Company and
will have no right to, or security interest in, any assets of the Company or any Subsidiary.

     19. Section 409A of the Code. To the extent applicable, it is intended that the
compensation arrangements under this Agreement be in full compliance with Section 409A of the Code.
To the extent any provision in this Agreement is or will be in violation of Section 409A of the
Code, the Agreement shall be amended in such manner as the parties may agree such that the
Agreement is or remains in compliance with Section 409A and the intent of the parties is maintained
to the maximum extent possible. In particular, to the extent that the Executive becomes entitled
to a payment or benefit under this Agreement that would constitute a “deferral of compensation”
under Section 409A of the Code and the date that the payment would be made or benefit provided does
not constitute a permitted distribution date under Section 409A(a)(2) of the Code, then
notwithstanding anything to the contrary in this Agreement, such payment or benefit will be made or
provided, to the extent necessary to comply with the provisions of Section 409A of the Code, to the
Executive on the earlier of (a) the Executive’s Separation from Service with the Company;
provided, however, that if the Executive is a “specified employee” (within the
meaning of Section 409A), the Executive’s date of payment shall be the date that is six months
after the date of the Executive’s Separation from Service with the Company, or (b) the Executive’s
death. Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of
1986, as amended, and will also include any proposed, temporary or final regulations, or any other
guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the
Internal Revenue Service.

- 13 -

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	OM GROUP, INC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ACCEPTED AND AGREED TO AS OF THIS __ DAY OF _______________, 20__

__________________________________________

Executiveexv10w1

IMAX Corporation

Exhibit 10.1

IMAX CORPORATION

Stock Option Plan

June 2008

 

 

IMAX CORPORATION

AMENDED & RESTATED STOCK OPTION PLAN

1. Purpose

     The purposes of the IMAX Stock Option Plan (the “Plan”) are to attract, retain and motivate
directors, officers, key employees and consultants of the Company and its Subsidiaries and to
provide to such persons incentives and awards for superior performance.

2. Definitions

     As used in this Plan the following terms have the following meanings:

     “Agreement” has the meaning set forth in Section 6 below.

     “Award” means an Option.

     “Blackout Period” means any period during which a policy of the Company prevents an Insider
from trading in the Common Shares.

     “Board” means the Board of Directors of the Company.

     “Cause” means a termination of the Participant’s employment with the Company or one of its
Subsidiaries (a) for “cause” as defined in an employment agreement applicable to the Participant,
or (b) in the case of a Participant who does not have an employment agreement that defines “cause”,
because of: (i) any act or omission that constitutes a material breach by the Participant of any of
his obligations under his employment agreement with the Company or one of its Subsidiaries or the
applicable Agreement; (ii) the continued failure or refusal of the Participant to substantially
perform the duties reasonably required of him as an employee of the Company or one of its
Subsidiaries; (iii) any wilful and material violation by the Participant of any law or regulation
applicable to the business of the Company or one of its Subsidiaries, or the Participant’s
conviction of a felony, or any wilful perpetration by the Participant of a common law fraud; or
(iv) any other wilful misconduct by the Participant which is materially injurious to the financial
condition or business reputation of, or is otherwise materially injurious to, the Company or any of
its Subsidiaries.

     “Change of Control” means an event or series of events where any person, or group of persons
acting in concert, not including Bradley J. Wechsler and Richard L. Gelfond, acquire greater than
fifty percent (50%) of the outstanding Common Shares of the Company whether by direct or indirect
acquisition or as a result of a merger, reorganization or sale of substantially all of the assets
of the Company.

     “Code” means the U.S. Internal Revenue Code of 1986, as amended.

     “Committee” means a committee of the Board comprised of at least two directors selected by the
Board to administer the Plan.

     “Common Share” means a share of common stock, no par value, of the Company.

     “Company” means IMAX Corporation, a corporation organized under the laws of Canada.

     “Date of Grant” means the date specified by the Board or the Committee on which an Award shall
become effective (which date shall not be earlier than the date on which the Board or the Committee
takes action with respect thereto).

 

 

     The “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

     “Fair Market Value” of a Common Share on a given date means the higher of the closing price of
a Common Share on such date (or the most recent trading date if such date is not a trading date) on
Stock Exchanges.

     “Insider” means any person who is a director or an officer of the Company or any Subsidiary,
or who is directly or indirectly the beneficial owner of, or who exercises control or direction,
more than 10% of total Common Shares issued by the Company.

     “Option” means the right to purchase a Common Share upon exercise of a stock option granted
pursuant to the Plan.

     “Option Price” means the purchase price per Common Share payable on exercise of an Option, as
determined by the Committee in its sole discretion (subject to the terms of the Plan) and as set
forth in the applicable Agreement.

     “Participant” means a person to whom an Award is to be made under the Plan and who is at the
time of such Award an employee or consultant of the Company, or any of its Subsidiaries, or a
person who is a director of the Company or any of its Subsidiaries and who is not also an employee
of the Company or any of its Subsidiaries at the Date of Grant, or a person who has agreed to
commence serving in any such capacity within 90 days of the Date of Grant, or any personal holding
corporation controlled by any such person, the shares of which are held directly or indirectly by
such person or such person’s spouse, minor children or minor grandchildren, or any registered
retirement savings plan or registered educational savings plan for the sole benefit of any such
person.

     “Permanent Disability” means a physical or mental disability or infirmity of the Participant
that prevents the normal performance of substantially all his duties as an employee of the Company
or any Subsidiary, which disability or infirmity shall exist for any continuous period of 180 days
within any twelve-month period.

     “Stock Exchanges” means one or more, as the context requires, of the New York Stock Exchange,
the Toronto Stock Exchange and such securities exchange, if any, as may be designated by the Board,
from time to time.

     “Subsidiary” means any corporation or other entity in which the Company owns or controls,
directly or indirectly, not less than 50% of the total combined voting power represented by all
voting securities or other voting interests in such entity.

     “Vested Options” means, as of any date, Options which by their terms are exercisable on such
date.

3. Administration of the Plan

	 	(a)	 	The Plan shall be administered, and Awards shall be granted hereunder, by the
Board or by or under the authority of the Committee. A majority of the Committee shall
constitute a quorum, and the action of the members of the Committee present at any
meeting at which a quorum is present, or acts unanimously approved in writing, shall be
the acts of the Committee.
	 
	 	(b)	 	The interpretation and construction by the Committee of any provision of the Plan
or of any Agreement, and any determination by the Committee pursuant to any provision of
this Plan or of any Agreement shall be final and conclusive. No member of the Committee
shall be liable for any such action or determination made in good faith.

 

 

4. Shares Available Under Plan

     The maximum number of Common Shares which may be issued upon the exercise of Options granted
under the Plan is 20% of the issued and outstanding Common Shares, subject to adjustment as
provided in Section 10. Such Common Shares may be shares previously issued or treasury shares or a
combination of the foregoing. Any Common Shares which are subject to Options which have been
exercised, have expired or which have been surrendered without being exercised in full shall again
be available for issuance under this Plan, resulting in a “reloading” of the Plan up to this
maximum percentage of issued and outstanding Common Shares.

5. Limitations on Certain Grants

     Section 162(m) of the Code requires that the Plan include a limitation on the number of
Options which may be granted to certain Participants. The Board or Committee may, from time to time
and upon such terms and conditions as it may determine, grant Options to Participants provided,
however, the maximum number of Options intended to qualify for exemption under Section 162(m) of
the Code that may be awarded to any Participant in any calendar year shall not exceed 4,000,000.

6. Agreement

     The terms and conditions of each Option shall be embodied in a written agreement (the
“Agreement”) in a form approved by the Committee which shall contain terms and conditions not
inconsistent with the Plan and which shall incorporate the Plan by reference. Options granted under
the Plan shall comply with the following terms and conditions:

	 	(a)	 	Each Agreement shall specify the number of Common Shares for which Options have
been granted.
	 
	 	(b)	 	Each Agreement shall specify the Option Price, which shall not be less than 100%
of the Fair Market Value per Common Share on the Date of Grant.
	 
	 	(c)	 	Each Agreement shall specify that the Option Price shall be payable in cash or by
cheque acceptable to the Company or by a combination of such methods of payment.
	 
	 	(d)	 	Successive grants may be made to the same Participant whether or not any Options
previously granted to such Participant remain unexercised.
	 
	 	(e)	 	Each Agreement shall specify the applicable vesting schedule and the effective
term of the Option. In the event of a termination of a Participant’s employment by
reason of death or Permanent Disability, 50% of such Participant’s Options shall become
Vested Options if such Options were less than 50% vested at the time of such
termination.
	 
	 	(f)	 	Options granted under the Plan are not intended to qualify as “incentive stock
options” within the meaning of Section 422A of the Code.
	 
	 	(g)	 	No Option issued prior to June 18, 2008 shall be exercisable more than ten years
from the Date of Grant. No Options issued on or after June 18, 2008, subject to earlier
cancellation, shall be exercisable for the later of ten years from the Date of Grant, or
in the event the 10 year anniversary of the Date of Grant falls within a Blackout
Period, the date which is ten days after the date on which the Blackout Period has
ended.
	 
	 	(h)	 	Each Option granted under the Plan shall be subject to such additional terms and
conditions, not inconsistent with the Plan, which are prescribed by the Board or the
Committee and set forth in the applicable Agreement.

 

 

	 	(i)	 	As soon as practicable following the exercise of any Options, the Common Shares
subject to the exercised Options shall be issued in the name of the Participant or as
the Participant shall otherwise, in writing, direct.

7. Termination of Employment, Consulting Agreement or Term of Office

	 	(a)	 	In the event that a Participant’s employment, consulting arrangement or term of
office with the Company or one of its Subsidiaries terminates for any reason, unless the
Board or the Committee determines otherwise, any Options which have not become Vested
Options shall terminate and be cancelled without any consideration being paid therefor.
	 
	 	(b)	 	In the event that a Participant’s employment with the Company or one of its
Subsidiaries is terminated without Cause, or the Participant’s employment is terminated
by reason of the Participant’s voluntary resignation (including by reason of
retirement), death or Permanent Disability, or upon the termination of a Participant’s
consulting arrangement or term of office, the Participant (or the Participant’s estate)
shall be entitled to exercise the Participant’s Options which have become Vested Options
as of the date of termination for a period of 30 days, or such longer period as the
Board or the Committee determines, following the date of termination.
	 
	 	(c)	 	In the event that a Participant’s employment, consulting arrangement or term of
office with the Company or one of its Subsidiaries is terminated for Cause, such
Participant’s Vested Options shall terminate and be cancelled without any consideration
being paid therefor.

8. Transferability

     No Option shall be transferable by a Participant other than by will or the laws of descent and
distribution, provided, however, that Options may be transferred if approved by the Board or the
Committee and by any regulatory authority having jurisdiction or stock exchange on which the Common
Shares subject to Options are listed. Options shall be exercisable during the Participant’s
lifetime only by the Participant or by the Participant’s guardian or legal representative.

9. Change of Control

     All Options granted under the Plan (or any predecessor of the Plan) shall immediately vest and
become fully exercisable upon the occurrence of (a) a Change of Control; and (b) the occurrence of
one or more of the following: (i) the Participant’s employment or term of office with the Company,
or one of its Subsidiaries, is terminated without Cause; (ii) the diminution of the Participant’s
title and/or responsibilities; and (iii) the Participant is asked to relocate more than twenty-five
(25) miles from his/her existing office.

10. Adjustments

     The Committee shall make or provide for such adjustments in the maximum number of Common
Shares specified in Section 4, in the number of Common Shares or other securities or consideration
covered by outstanding Options granted hereunder, and/or in the Option Price applicable to such
Options as the Board or the Committee in their sole discretion may determine is equitably required
to prevent dilution or enlargement of the rights of Participants that otherwise would result from
any stock dividend, stock split, combination of shares, recapitalization or other change in the
capital structure of the Company, merger, consolidation, spin-off, reorganization, partial or
complete liquidation, issuance of rights or warrants to purchase securities or any other corporate
transaction or event having an effect similar to any of the foregoing.

11. Fractional Shares

     The Company shall not be required to issue any fractional Common Shares pursuant to the Plan.
The Committee may provide for the elimination of fractions or for the settlement of fractions in
cash.

 

 

12. Withholding Taxes

     The Company and its Subsidiaries shall have the right to require any individual entitled to
receive Common Shares pursuant to an Option to remit to the Company, prior to the issuance of any
Common Share following the exercise of any Options, any amount sufficient to satisfy any Canadian
or United States federal, state, provincial or local tax withholding requirements. Prior to the
Company’s determination of such withholding liability, such individual may make an irrevocable
election to satisfy, in whole or in part, such obligation to remit taxes by directing the Company
to withhold Common Shares that would otherwise be received by such individual. Such election may be
denied by the Company in its discretion, or may be made subject to certain conditions specified by
the Company, including, without limitation, conditions intended to avoid accounting charges and the
imposition of liability against the individual under Section 16(b) of the Exchange Act, as amended,
and the rules and regulations thereunder.

13. Registration Restrictions

     An Option shall not be exercisable unless and until (i) a registration statement under the
Securities Act of 1933, as amended, has been duly filed and declared effective pertaining to the
Common Shares subject to such Option, or (ii) the Committee, in its sole discretion determines that
such registration, qualification and status is not required as a result of the availability of an
exemption from such registration, qualification, and status under such laws.

14. Shareholder Rights

     A Participant shall have no rights as a shareholder with respect to any Common Shares issuable
upon exercise of an Option until the Participant has duly exercised the Option in accordance with
its terms and this Plan, and the Common Shares have been paid for in full and issued to the
Participant.

15. Breach of Restrictive Covenants

     If (i) a Participant is a party to an employment agreement with the Company or any of its
Subsidiaries or affiliates and (ii) such Participant materially breaches any of the restrictive
covenants set forth in such employment agreement (including, without limitation, any restrictive
covenants relating to non-competition, non-solicitation or confidentiality), then all of such
Participant’s Options (whether or not Vested Options) shall terminate and be cancelled without
consideration being paid therefor.

16. Section 409A of the Code

     If any provision of the Plan or any Agreement contravenes any regulations or Treasury guidance
promulgated under Section 409A of the Code or would cause the Awards to be subject to the interest
and penalties under Section 409A of the Code, such provision of the Plan or any Agreement shall be
modified to maintain, to the maximum extent practicable, the original intent of the applicable
provision without violating the provisions of Section 409A of the Code.

17. Amendments

     The Board or the Committee reserves the right, in its sole discretion, to amend, suspend or
terminate the Plan or any portion thereof at any time, and outstanding Options or Agreements
thereunder, in accordance with applicable legislation, without obtaining the approval of
shareholders; provided, however, that no termination or amendment of the Plan or any waiver of any
provision of any Option or Agreement may, without the consent of the Participant to whom any Award
shall have been granted, adversely affect the rights of such Participant in such Award; provided
further, however that amendments shall be subject to (i) the approval of a majority of the Common
Shares entitled to vote if the Committee determines that such approval is necessary in order for
the Company to rely on the exemptive relief provided under Rule 16b-3 under the Exchange Act and
(ii) all other approvals, whether regulatory, shareholder or otherwise, which are required by
regulatory authority having jurisdiction or a Stock Exchange. Notwithstanding the foregoing, the
Company will be required to obtain the approval of the shareholders of the Company for any
amendment related to:

 

 

          a) reduces the Option Price of an Award held by an Insider;

          b) extends the term of an Award held by an Insider, except as otherwise provided in Section
19; or

          c) increases the number of Common Shares reserved under the Plan.

18. Miscellaneous

     The Plan shall not confer upon a 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 such Participant’s
employment or other service at any time.

19. Black Out Periods

     Except as otherwise provided in Section 6(g) or in any Option Agreement, if the date on which
an Option expires occurs during or within 10 days after the last day of a Blackout Period, the
expiry date for the Option will be 10 days after the date on which the Blackout Period has ended.

20. Effective Date

     The Plan, as amended, shall be effective as of June 18, 2008.

21. Governing Law

     The Plan and all rights hereunder shall be construed in accordance with and governed by the
laws of the Province of Ontario and the laws of Canada applicable therein.

June 2008

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