Document:

exv10w3

 

Exhibit 10.3

TERMS AND CONDITIONS

TIME-VESTED

RESTRICTED STOCK UNITS GRANTED IN 2007

TO NON-EMPLOYEE DIRECTORS

UNDER STOCK ACCUMULATION AND DEFERRED COMPENSATION PLAN

 

 

STOCK ACCUMULATION AND DEFERRED COMPENSATION PLAN

TERMS AND CONDITIONS OF

TIME-VESTED RESTRICTED STOCK UNITS GRANTED IN 2007

	1.	 	GRANT
	 
	 	 	You (hereinafter “grantee”) were granted time-vested restricted DuPont common stock units
(“units”) effective February 7, 2007.
	 
	2.	 	RESTRICTION PERIOD – THREE YEAR PHASE-IN
	 
	 	 	For a period of three-years from the effective date of the grant (“restriction period”)
grantee may not sell, gift, or otherwise transfer or dispose of any of the units except as
described below.
	 
	 	 	If grantee remains a DuPont Director at the end of one year following the effective date of
the grant, one-third of the units in the grantee’s account including dividend equivalents
will vest and be converted to cash, subject to other provisions of these terms and
conditions.
	 
	 	 	If grantee remains a DuPont Director on each of the next two succeeding anniversaries of the
effective date of the grant, an additional one-third of the units, including dividend
equivalents, will vest and be converted to cash, subject to other provisions of these terms
and conditions.
	 
	 	 	The units converted to cash beginning on the first and second anniversaries shall be rounded
down to the nearest whole unit while the balance of the units will be converted to cash on
the third anniversary.
	 
	3.	 	FORFEITURE
	 
	 	 	If grantee ceases to be a DuPont Director for any reason, including, but not limited to,
resignation, prior to the expiration of the applicable restriction periods, all rights to
the units and all amounts in grantee’s account shall be forfeited, except as otherwise may
be specifically provided in these terms and conditions.
	 
	 	 	At any time during the restriction period, all amounts in grantee’s account shall be
forfeited if the grantee is terminated for cause, defined as willfully engaging in any
activity, which is harmful to the interest of the Company.
	 
	4.	 	DIVIDEND EQUIVALENTS 
	 
	 	 	An amount equal to any cash dividends (or the fair market value of dividends paid in
property other than dividends payable in DuPont common stock) payable on the total number of
shares represented by the total number of outstanding units in grantee’s account will be
allocated to grantee’s account in the form of units based upon the stock price on the
dividend payment date. Any dividend units payable on such number of shares will be
allocated in the form of whole and fractional units. The stock price shall be the closing
price of DuPont common stock as reported on the Composite Tape of the New York Stock
Exchange.
	 
	5.	 	PAYMENT FROM GRANTEE’S ACCOUNT
	 
	 	 	Units shall be paid as soon as practicable in cash. The value of each unit will equal the
value of one share of DuPont common stock based on the average of the high and low prices of
DuPont common stock as reported on the Composite Tape of the New York Stock Exchange as of
the effective date of payment. Any fraction of a unit will be equal to the fractional value
of a share of DuPont common stock.
	 
	6.	 	PAYMENT IN EVENT OF DISABILITY OR DEATH
	 
	 	 	In the event grantee becomes disabled, as such term is defined in Company benefit plans
(“disability”), or dies, all units in grantee’s account will be paid promptly, provided
grantee’s death or disability occurs at least six months after the grant date and provided
further that grantee was an active Director of the Company through the date of death or
disability. If the grantee’s death,

-2-

 

	 	 	disability, or termination occurs prior to expiration of such six-month period, all units
shall be forfeited.
	 
	 	 	In the event of death, all units in grantee’s account will be paid promptly to the person(s)
specified in the last beneficiary designation form filed with the Company. If no
designation form has been completed or if the designated beneficiary shall have predeceased
grantee, the balance in grantee’s account shall be paid promptly to grantee’s estate.
	 
	7.	 	PAYMENT IN EVENT OF RETIREMENT
	 
	 	 	In the event of grantee’s retirement, all units in grantee’s account will remain subject to
the restriction period, and will be paid as soon as practicable after expiration of the
applicable restriction periods provided grantee’s retirement occurs at least six months
after the grant date and provided further that grantee was a Director of the Company through
the date of retirement. If the grantee’s retirement occurs prior to the expiration of such
six-month period, all units shall be forfeited.
	 
	8.	 	WITHHOLDING
	 
	 	 	To the extent required, withholding for federal, state and local taxes will occur in
connection with vesting of the restricted stock units. Withholding taxes shall be
determined based on the fair market value (the average of the high and low prices of DuPont
stock on the NYSE-Composite Transactions Tape) on the date for determining the amount of
withholding tax due.
	 
	9.	 	ADJUSTMENTS
	 
	 	 	In the event of any stock dividend, split-up, reclassification or other change in
capitalization, an equitable adjustment will be made in the number of units in grantee’s
account.
	 
	10.	 	INTERPRETATION
	 
	 	 	The decision of the Compensation Committee with respect to any question arising as to the
interpretation of the Stock Accumulation and Deferred Compensation Plan for Directors as it
affects this grant of time-vested restricted stock units, or as to interpretation of these
terms and conditions, shall be final, conclusive and binding.
	 
	11.	 	NO ACQUIRED RIGHTS
	 
	 	 	This grant is made at the discretion of Board of Directors of the Company, and should not be
construed to imply an entitlement to any future grants of a like or different nature.
	 
	12.	 	INCORPORATION OF STOCK ACCULUMATION AND DEFERRED COMPENSATION PLAN FOR DIRECTORS
	 
	 	 	In addition to the terms and conditions set forth above, this grant is also subject to the
other applicable provisions of the Stock Accumulation and Deferred Compensation Plan for
Directors.

-3-exv10w7

 

Exhibit 10.7

STOCK PERFORMANCE PLAN

	I.	 	PURPOSES
	 
	 	 	The purposes of this Stock Performance Plan (the “Plan”) are: (a) to provide greater incentive
for employees who are or will be primarily responsible for the growth and success of the
business to exert their best efforts on behalf of E. I. du Pont de Nemours and Company (“the
Company”); and (b) to further the identity of interests of such employees with those of the
Company’s stockholders generally by encouraging them to acquire stock ownership in the Company.
	 
	II.	 	FORM OF GRANTS

	 	1.	 	Grants under this Plan may be made in the form of stock options, stock
options accompanied by stock appreciation rights, restricted shares or
units (“restricted stock”) or a combination of any of these forms and
may be made in replacement of or as alternatives to salary or grants
under any other plan or program of a plan company.
	 
	 	2.	 	Stock options to purchase shares of the Company’s common stock granted
under this Plan may be either incentive, performance or other stock
options qualified under the Internal Revenue Code as in effect from
time to time (“qualified stock options”) or stock options that are not
qualified under the Internal Revenue Code (“nonqualified stock
options”), or a combination of qualified and nonqualified stock
options.
	 
	 	3.	 	Stock appreciation rights may be granted by the Company under this
Plan upon such terms and conditions as the Compensation Committee may
determine. Such rights may be granted only when they accompany the
concurrent grant of stock options. Each stock appreciation right shall
give the grantee the right to receive a payment equal to the excess of
the fair market value of a share of the Company’s common stock on the
date when such right is exercised over the option price provided for
in the accompanying stock option. Such rights may be exercised only if
the grantee exercises the accompanying stock option by purchasing one
share of the Company’s common stock for each stock appreciation right
exercised. The number of shares subject to exercise under an
accompanying stock option shall be automatically reduced by one share
for each stock appreciation right exercised.
	 
	 	4.	 	Restricted stock granted under this Plan shall be subject to
restriction, such as forfeiture and a minimum vesting period. A
grantee of restricted shares shall generally have all incidents of
ownership in the restricted shares, including the right to dividends
and to vote (unless otherwise restricted). Restricted shares may be
evidenced by book-entry registration, a stock certificate registered
in the grantee’s name but held in the Company’s custody or issuance of
an appropriate legended stock certificate, as determined by the
Compensation Committee.

 

 

	III.	 	LIMITATIONS ON GRANTS

	 	1.	 	The aggregate number of shares of the Company’s stock which may be
made subject to stock options granted under this Plan shall not exceed
72,000,000, or 5% of such number for any optionee, during any five
consecutive years, of which only 12,000,000 shares may be subject to
restricted stock grants. The number of stock appreciation rights which
may be granted to any optionee under this Plan shall not exceed 50% of
the number of shares made subject to an accompanying stock option.
	 
	 	2.	 	If any stock option or restricted stock (without benefit of dividends)
granted under this Plan shall terminate or expire for any reason
without having been exercised or vested in full, the shares not
acquired under such grant shall become available again for further
grants under this Plan; provided also, that shares withheld by or
tendered to the Company as payment fo exercise price or other
consideration or satisfaction of withholding taxes shall become
available again for further grants to employees who are not executive
officers; provided, however, that the shares which become so available
for further grants shall not include any shares as to which a stock
option has been reduced by reason of receiving payments under
accompanying stock appreciation rights. The limitations set forth
above shall be subject to adjustment as provided in Article XII
hereof.

	IV.	 	ADMINISTRATION

	 	1.	 	Except as otherwise specifically provided, the Plan shall be
administered by the Compensation Committee of the Company’s Board of
Directors. The Compensation Committee shall be elected pursuant to the
Bylaws of the Company, and the members thereof shall be ineligible for
grants while serving on said Committee.
	 
	 	2.	 	The Compensation Committee is authorized, subject to the provisions of
the Plan, from time to time to establish such rules and regulations as
it deems appropriate for the proper administration of the Plan, and to
make such determinations and take such steps in connection therewith
as it deems necessary or advisable.
	 
	 	3.	 	The Compensation Committee shall, subject to the provisions of the
Plan, determine the time or times when stock options will be granted,
which employees, if any, shall be granted stock options, the types of
stock options to be granted, whether they shall be granted singly or
in combination, when they shall be exercisable, the number of shares
to be covered by each stock option or options, and the terms and
conditions of such stock options; which employees, if any, shall also
be granted accompanying stock appreciation rights, the number of stock
appreciation rights which shall be granted to each of them, and the
terms and conditions of such rights; and the time or times when
restricted stock will be granted, which employees, if any, shall be
granted restricted stock, the number of restricted shares to be
granted, the restrictions or conditions on the right to transfer or
dispose of such shares, and the terms and conditions of such
restricted stock, including the number, amount, and timing of vesting
increments.
	 
	 	4.	 	The decision of the Compensation Committee with respect to any
questions arising as to interpretation of this Plan, including the
severability of any and all of the provisions thereof, shall be final,
conclusive and binding.
	 
	 	5.	 	The Company’s Board of Directors may elect a Special Stock Performance
Committee pursuant to the Bylaws of the Company which shall have and
may exercise all the rights, powers and duties of the Compensation
Committee specified in this Plan for purposes of making grants for
significant achievements by employees who are not directors or
executive officers of the Company. The Special Stock Performance
Committee may also

 

 

	 	 	 	be authorized by the Compensation Committee to
assume certain administrative responsibilities under this Plan.

	V.	 	ELIGIBILITY FOR GRANTS

	 	1.	 	Grants under this Plan may be made to employees (including those who
are directors or executive officers of the Company) as determined by
the Compensation Committee (or Board of Directors, if the grantee is a
director of the Company). In determining those employees to whom
grants are to be made, the Compensation Committee (or Board of
Directors, if the grantee is a director of the Company) may take into
consideration present and potential contributions to the Company’s
success by such employees, and any other factors which the
Compensation Committee (or Board of Directors, if the grantee is a
director of the Company) may deem relevant in connection with
accomplishing the purposes of the Plan.
	 
	 	2.	 	The term “employee” may include an employee of a corporation or other
business entity in which the Company shall directly or indirectly own
fifty percent or more of the outstanding voting stock or other
ownership interest, but shall exclude any director who is not also an
officer or a full-time employee of a plan company. The term “plan
company” as used in this Plan shall mean a business entity whose
employees are eligible for grants under this Plan. The term “grantee”
as used in this Plan means an employee to whom a grant has been made
under this Plan or, where appropriate, his or her successor in
interest upon death.

	VI.	 	RECOMMENDATIONS AND GRANTS

	 	1.	 	Recommendations for grants to members of the Board of Directors shall
be made by the Compensation Committee. Recommendations for grants to
employees who are not members of the Board of Directors shall be made
to the Compensation Committee by the Office of the Chief Executive.
	 
	 	2.	 	Any grant to a director shall be made in the sole discretion of the
Board of Directors, a majority of whose members taking final action on
any such grant shall be ineligible for grants under Article V. Any
grant to an employee who is not a member of the Board of Directors
shall be made by the Compensation Committee which shall take final
action on any such grant.
	 
	 	3.	 	Grants may be made at any time under this Plan and in any of the forms
or combinations thereof provided in Article II hereof. A grantee may
receive and may hold more than one grant under this Plan.
	 
	 	4.	 	The date on which a grant shall be deemed to have been made under this
Plan shall be the date of the Compensation Committee (or Board of
Directors, if the grantee is a director) authorization of the grant or
such later date as may be determined by the Compensation Committee (or
Board of Directors, if the grantee is a director) at the time the
grant is authorized. Each grantee shall be advised in writing by the
Company of a grant and the terms and conditions thereof, which terms
and conditions, as the Compensation Committee from time to time shall
determine, shall not be inconsistent with the provisions of this Plan.

 

 

	VII.	 	OPTION PRICE
	 
	 	 	The price per share of the Company’s common stock which may be purchased upon exercise of a
stock option granted under this Plan shall be determined by the Compensation Committee, but
shall in no event be less than the fair market value of such share on the date the stock option
is granted, and in no event less than the par value thereof. The price so determined also shall
be applicable to any accompanying stock appreciation right. For purposes of this Plan, fair
market value shall be the closing price of the Company’s common stock as reported on the
“NYSE-Composite Transactions Tape” on the date of grant of a stock option or the date of
exercise of a stock option or stock appreciation right, or if no sales of such stock were
reported on said Tape on such date, the closing price of such stock on the next preceding day
on which sales were reported on said Tape. Such price shall be subject to adjustment as
provided in Article XII hereof.

	VIII.	 	OPTION TERM
	 
	 	 	The term of each stock option and each stock appreciation right granted under this Plan shall
be for such period as the Compensation Committee shall determine, but not for more than ten
years from date of grant.
	 
	IX.	 	EXERCISE OF OPTIONS

	 	1.	 	Subject to the provisions of this Plan, each stock option and each
stock appreciation right granted hereunder shall be exercisable on
such date or dates and during such period and for such number of
shares or stock appreciation rights as the Compensation Committee may
determine. However, in no event shall a stock option or stock
appreciation right be exercisable prior to six months from date of
grant. The Compensation Committee may fix from time to time a minimum
number of shares which must be purchased at the time a stock option is
exercised.
	 
	 	2.	 	A grantee electing to exercise a stock option shall at the time of
exercise pay the Company the full purchase price of the shares he or
she has elected to purchase. Payment of the purchase price shall be
made in cash, the Company’s common stock (valued at fair market value
on the date of exercise), or a combination thereof, as the
Compensation Committee may determine from time to time. A grantee
electing to exercise a stock appreciation right granted under this
Plan shall so notify the Company at the same time he or she elects to
exercise an accompanying stock option. Payment by the Company for such
stock appreciation right may be in cash, common stock (valued at fair
market value on date of exercise), or a combination thereof, as the
Compensation Committee may determine from time to time, but no
fractional share of common stock shall be delivered. With respect to
shares of the Company’s common stock to be delivered upon exercise of
a stock option or a stock appreciation right, the Compensation
Committee shall periodically determine whether, and to what extent,
such stock shall be in the form of new common stock issued for such
purposes, or common stock acquired by the Company.
	 
	 	3.	 	Notwithstanding any other provision of this Plan, when the fair market
value of a share of the Company’s common stock on the date a grantee
elects to exercise a stock option is less than such amount per share
as may be determined by the Compensation Committee from time to time,
the Company may at its election pay the grantee in cash for each share
he or she elected to purchase an amount equal to the excess of such
fair market value over the option price provided for in the stock
option. The Compensation Committee shall periodically determine
whether the Company shall make such cash payment upon exercise of a
stock option. When the Company makes a payment to the

 

 

	 	 	 	grantee under
this paragraph 3 of Article IX, it shall not require the grantee to
tender the full purchase price of the shares he or she has elected to
purchase, the Company’s obligation to issue or deliver such shares
shall be null and void, and the right to purchase such number of
shares subject to option shall be terminated. Such payment by the
Company shall be deemed to be an exercise of a stock option and the
purchase of shares thereunder for purposes of paragraph 3 of Article
II and Article III.

	X.	 	NONTRANSFERABILITY OF GRANTS
	 
	 	 	During a grantee’s lifetime no stock option or stock appreciation right granted under this Plan
shall be transferable, and stock options and stock appreciation rights may be exercised only by
the grantee, except as may otherwise be provided in rules established by the Compensation
Committee to permit transfers or to authorize a third party to act on behalf of the grantee
with respect to any stock options or stock appreciation rights.
	 
	XI.	 	TERMINATION OF EMPLOYMENT

	 	1.	 	The Compensation Committee shall, subject to
the provisions of the Plan, determine the
rules relating to rights under stock options,
stock appreciation rights and restricted
grants upon a grantee’s termination of
employment.
	 
	 	2.	 	A grantee shall forfeit all rights under
stock options, stock appreciation rights and
restricted stock grants -

	 	(a)	 	if the grantee is dismissed or leaves the service of the plan
companies for any reason other than his or her death, or
retirement pursuant to the provisions of the pension or
retirement plan or policy of a plan company, or
	 
	 	(b)	 	if the grantee retires pursuant to the provisions of the
pension or retirement plan or policy of a plan company, and
if thereafter the Compensation Committee, after a hearing at
which the grantee shall be entitled to be present, shall find
that he or she has willfully engaged in any activity which is
harmful to the interest of any of such companies;

	 	 	 	provided, however, that such stock options,
stock appreciation rights and restricted
stock grants may continue in effect to such
extent and under such conditions as the
Compensation Committee may determine; and
provided, further, that the Compensation
Committee may accelerate or waive any
restrictions or conditions applicable to
restricted stock grants, in whole or in part,
based on such factors and criteria as the
Compensation Committee may determine.
	 
	 	3.	 	Upon the death of the grantee or his or her retirement pursuant to the
provisions of the pension or retirement plan or policy of a plan
company, whichever shall first occur, the number of shares subject to
option and the number of stock appreciation rights shall be limited to
that number of shares and rights which the grantee could have acquired
or exercised under the terms of his or her grant or grants on the date
of such death or retirement, and the options or rights representing
the remainder of the grant or grants shall terminate.

	XII.	 	ADJUSTMENTS

	 	1.	 	In the event of any stock dividend,
split-up, reclassification or other
analogous change in capitalization, the
Compensation Committee shall make such
adjustments, in the light of the change,
as it deems to be equitable, both to the
grantees and to the Company, in -

	 	(a)	 	the number of shares and prices per share applicable to outstanding stock options,

 

 

	 	(b)	 	the number of outstanding stock appreciation rights and their price,
	 
	 	(c)	 	the number of shares applicable to outstanding restricted stock grants,
	 
	 	(d)	 	the aggregate limitation set forth in Article III with respect to the number of shares
which may be made subject to options and restricted stock grants.

	 	 	 	Furthermore, in the event of a
distribution to common stockholders
other than interim or year-end dividends
declared as such by the Board of
Directors, the Compensation Committee
shall make such adjustments, in the
light of the distribution, as it deems
to be equitable, both to the grantees
and to the Company, in respect of the
items described in (a), (b) and (c)
above.
	 
	 	2.	 	Any fractional shares or fractional
stock appreciation rights resulting from
adjustments made pursuant to this
Article shall be eliminated.

	XIII.	 	AMENDMENTS
	 
	 	 	The Board of Directors reserves the right to modify this Plan from time to time or to repeal
the Plan entirely, or to direct the discontinuance of grants either temporarily or permanently;
provided, however, that no modification of this Plan shall operate to annul, without the
consent of the grantee, a grant already made hereunder; provided, also, that no modification
without approval of the stockholders shall -

	 	(a)	 	increase the number of shares which may be made subject to stock options
or restricted stock grants, or the number of stock appreciation rights
which may be granted under this Plan in the aggregate, except by way of
adjustments as provided in Article XII,
	 
	 	(b)	 	permit grant of stock options and stock appreciation rights at a price
less than fair market value,
	 
	 	(c)	 	extend the maximum term of stock options and stock appreciation rights, or
	 
	 	(d)	 	permit a grant under this Plan to a member of the Compensation Committee;

	 	 	except that the Board of Directors may take any action it deems advisable to ensure that
qualified stock options may be granted under this Plan in accordance with the provisions of the
Internal Revenue Code, as it may be amended.
	 
	XIV.	 	MISCELLANEOUS

	 	1.	 	The Compensation Committee may adopt such modifications, procedures,
and subplans as may be necessary or desirable to comply with
provisions of the laws of countries other than the United States in
which the Company or a plan company may operate to assure the
viability of the benefits of grants made to employees in such
countries and to meet the purposes of the Plan.
	 
	 	2.	 	Grantees may use shares of the Company’s common stock to satisfy
withholding taxes relating to grants under this Plan to the extent
provided in terms and conditions established by the Compensation
Committee.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]