Document:

exv10w1

 

EXHIBIT 10.1

2002 STOCK INCENTIVE PLAN

OF AMETEK, INC.

(as Amended and Restated Effective April 25, 2007)

1. Purpose. The purpose of this Stock Incentive Plan is to advance the interests of the
Corporation by encouraging and enabling the acquisition of a larger personal proprietary interest
in the Corporation by key employees and Directors of the Corporation and its Affiliates upon whose
judgment and keen interest the Corporation is largely dependent for the successful conduct of its
operations, and by providing such key employees and Directors with incentives to maximize the
success of the Corporation. It is anticipated that the acquisition of such proprietary interest in
the Corporation and such incentives will strengthen the desire of such key employees and Directors
to remain with the Corporation as well as that such incentives and the opportunity to acquire such
a proprietary interest will enable the Corporation and its Affiliates to attract desirable
personnel and Directors.

2. Definitions. When used in this Plan, unless the context otherwise requires:

	 	(a)	 	“Act” shall mean the Securities Exchange Act of 1934, as amended.
	 
	 	(b)	 	“Affiliate” shall mean 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 Corporation. For this purpose, 50% general voting power of an incorporated
entity, or 50% profits interest of an unincorporated entity, as the case may be, shall
constitute control.
	 
	 	(c)	 	“Board of Directors” shall mean the Board of Directors of the Corporation as
constituted at any time.
	 
	 	(d)	 	“Chairman of the Board” shall mean the person who at the time shall be Chairman
of the Board of Directors of the Corporation.
	 
	 	(e)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended.
	 
	 	(f)	 	“Committee” shall mean the Compensation Committee of the Board of Directors and
hereinafter described in Section 4.
	 
	 	(g)	 	“Corporation” shall mean AMETEK, Inc.
	 
	 	(h)	 	“Director” shall mean a member of the Board of Directors.
	 
	 	(i)	 	“Fair Market Value” shall mean the last reported sale price on the principal
United States stock exchange or other United States market on which the Shares are
traded on the date as of which such value is being determined or, if there shall be no
sale on that date, then on the last previous day on which a sale was so reported.
	 
	 	(j)	 	Incentive Award” shall mean an Option, Phantom Stock Award, Restricted Stock
Award, or Rights granted pursuant to the Plan.

 

 

	 	(k)	 	“Incentive Stock Option” shall mean an option as defined under Section 422 of
the Code and regulations promulgated thereunder.
	 
	 	(l)	 	“Mature Shares” shall mean shares that a holder has beneficially owned for at
least six months.
	 
	 	(m)	 	“Non-Employee Director” shall mean a Director of the Corporation and/or its
Affiliates who is not also an employee of the Corporation and/or its Affiliates.
	 
	 	(n)	 	Non-Qualified Stock Option” shall mean an Option other than an Incentive Stock
Option.
	 
	 	(o)	 	“Options” shall mean the stock options granted pursuant to the Plan, including
Non-Qualified Stock Options and Incentive Stock Options, which shall entitle the holder
thereof to purchase Shares from the Corporation for such price and at such times as the
Committee shall determine at the time the Options are granted, subject to the terms and
conditions of the Plan.
	 
	 	(p)	 	“Phantom Stock Award” shall mean an Award granted in accordance with the
provisions of Section 11 hereof, which shall entitle the holder thereof to receive from
the Corporation cash or Shares, or a combination of cash and Shares, based upon the
Fair Market Value of Shares at the time of the expiration of the vesting period under
such Award, subject to the terms and conditions of the Plan.
	 
	 	(q)	 	“Phantom Stock Units” shall mean the units of Phantom stock credited to the
holder of a Phantom Stock Award, each of which units shall be a fictitious share of
common stock which is the equivalent of one Share.
	 
	 	(r)	 	“Plan” shall mean the 2002 Stock Incentive Plan of AMETEK, Inc., as it may be
amended from time to time.
	 
	 	(s)	 	“Restricted Shares” shall mean the Shares issued as a result of a Restricted
Stock Award.
	 
	 	(t)	 	“Restricted Stock Award” shall mean a grant of Shares or of the right to
purchase Shares pursuant to Section 10 hereof. Such Shares, when and if issued, shall
be subject to such transfer restrictions and risk of forfeiture as the Committee shall
determine at the time the Award is granted, or as specified in subsection (a)(iv) of
Section 10 hereof, until such specific conditions are met. Such conditions may be
based on continuing employment (or services) or achievement of pre-established
performance objectives, or both.
	 
	 	(u)	 	“Rights” shall mean stock appreciation rights granted pursuant to the Plan,
which shall entitle the holder thereof to receive from the Corporation cash or Shares
or a combination of cash and Shares based upon the excess of the Fair Market Value of
Shares at the time of exercise over the purchase price of the Shares subject to the
related Option, or the Fair Market Value of Shares on the date the Rights were granted,
as the case may be, subject to the terms and conditions of the Plan.

2

 

	 	(v)	 	“Share” shall mean a share of common stock of the Corporation.

3. Shares Subject to the Plan. Subject to the provisions of Section 16 hereof, the
aggregate number of Shares that may be subject to Options, Phantom Stock Awards (other than any
Phantom Stock Awards which are payable only in cash), Restricted Stock Awards and Rights shall not
exceed 6,000,000, which Shares may be either Treasury Shares or authorized but unissued Shares. A
maximum of 2,100,000 Shares may be awarded to any single individual during the duration of the
Plan. A maximum of 30% of the aggregate number of Shares, or 1,800,000 Shares, may be awarded as
Restricted Shares, Rights, Phantom Stock Awards and Phantom Stock Units. A maximum of 10% of the
aggregate number of Shares, or 600,000 Shares, may be awarded to Non-Employee Directors during the
duration of the Plan. All of the foregoing limits reflect adjustment for the 3 for 2 stock split
in November 2006, pursuant to Section 16. In the event the Corporation adopts a stock purchase
plan for the benefit of its employees, the shares of common stock awarded under that plan shall
further reduce the aggregate number of Shares available under this Plan. If the Shares that would
be issued or transferred pursuant to any such Incentive Award are not issued or transferred and
cease to be issuable or transferable for any reason (including the extent to which payment pursuant
to a Phantom Stock Award is made in cash), or if Restricted Shares issued pursuant to a Restricted
Stock Award are forfeited, the number of Shares subject to such Incentive Award will no longer be
charged against the limitation provided for herein (even if the holders had voting or dividend
rights with regard to the Shares) and may again be made subject to Incentive Awards; provided,
however, that Shares as to which an Option has been surrendered in connection with the exercise of
a related Right shall not again be available for the grant of any further Incentive Awards.
Notwithstanding the preceding, with respect to any Option or Right granted to any person who is a
“covered employee” as defined in Section 162(m) of the Code that is canceled (other than with
respect to the exercise of a related Right or Option) or as to which the exercise price or base
value is reduced, the number of shares subject to such Option or Right shall continue to be
counted, in accordance with said Section 162(m) and regulations promulgated thereunder, against the
maximum number of Shares which may be the subject of Incentive Awards granted to such person.

4. Committee. The Plan shall be administered by a Committee which shall consist of at
least two Directors, all of whom shall be “outside directors” as defined under Section 162(m) of
the Code and related Treasury regulations and all of whom shall be “Non-Employee Directors” as
defined under Rule 16b-3 under the Act. The members of the Committee shall be selected by the
Board of Directors. If a member of the Committee, for any reason, shall cease to serve, the
vacancy may be filled by the Board of Directors. Any member of the Committee may be removed at any
time, with or without cause, by the Board of Directors. The Chairman of the Committee shall be
designated by the Board of Directors, and meetings of the Committee may be called at any time by
its Chairman or upon written request of a majority of the members of the Committee, provided that
meetings may be held at any time without notice if all the members are present or if at any time
before or after the meeting those not present waive notice of the meeting in writing. Subject to
the preceding provision, at least one day’s notice of the meeting shall be given in person or by
telephone, letter, fax, telegram or cablegram. At all meetings of the Committee, a majority of the
members of the Committee at the time of such meeting shall be necessary to constitute a quorum.
Any act of a majority of the quorum present at a meeting shall be the act of the Committee.

3

 

Notwithstanding any provision to the contrary herein, the Committee may delegate to one or more
officers of the Company the authority to administer grants that have been made to employees other
than officers of the Company subject to section 162(m) of the Code or Section 16 of the Act. To
the extent that one or more officers administers such grants, references in the Plan to the
“Committee” shall be deemed to refer to such officers.

5. Participants. All key employees of the Corporation and its Affiliates shall be eligible
to receive Incentive Awards under the Plan. The persons to whom Incentive Awards are to be offered
under the Plan and the number of Shares with respect to which Incentive Awards are to be granted to
each such person shall be determined by the Committee in its sole discretion subject, however, to
the terms and conditions of the Plan. The Committee in Its sole discretion may grant to any
Non-Employee Director a Non-Qualified Stock Option to purchase a number of Shares determined by the
Committee. Subject to Section 13 hereof, optioned Shares which may have been but were not
purchased during any one twelve (12)-month period may be purchased during any one or more
succeeding twelve (12)-month periods until expiration. Payment for the stock purchased pursuant to
the exercise of the Option shall be made in full at the time of the exercise of the Option by cash,
by check payable to the order of the Corporation, or by the delivery to the Corporation of Mature
Shares of Common Stock of the Corporation which shall be valued at their Fair Market Value on the
date of exercise of the Option, or by such other method as the Committee established under the Plan
may permit from time to time, including payment through a broker in accordance with procedures
permitted by Regulation T of the Federal Reserve Board.

6. Grant of Options. The number of Options to be granted to any eligible person shall be
determined by the Committee in its sole discretion. At the time an Option is granted, the
Committee may, in its sole discretion, designate whether such Option (a) is to be considered as an
Incentive Stock Option, or (b) is to be treated as a Non-Qualified Stock Option for purposes of
this Plan and the Code, or (c) is in part to be considered as an Incentive Stock Option and in part
to be treated as a Non-Qualified Stock Option for purposes of this Plan and the Code; provided,
however, that no Incentive Stock Option may be granted after March 12, 2012.

Notwithstanding any other provision of this Plan to the contrary, to the extent that the aggregate
Fair Market Value (determined as of the date an Option is granted) of the Shares with respect to
which Options which are designated as Incentive Stock Options (and any other incentive stock
options granted to an employee after 1986 under any other incentive stock option plan maintained by
the Corporation or any Affiliate that meets the requirements of Section 422 of the Code) first
become exercisable in any calendar year exceeds $100,000, such Options shall be treated as
Non-Qualified Stock Options. This paragraph shall be applied by taking options into account in the
order in which they are granted.

Nothing herein contained shall be construed to prohibit the granting of Options at different times
to the same person.

4

 

The form of Option shall be as determined from time to time by the Committee. A certificate of
Option signed by the Chairman of the Board or the President or a Vice President, attested by the
Treasurer or an Assistant Treasurer, or Corporate Secretary or an Assistant Secretary of the
Corporation having the seal of the Corporation affixed thereto, shall be delivered to each person
to whom an Option is granted.

7. Grant of Rights. The Committee shall have the authority in its discretion to grant to
any eligible person Rights which may be granted separately or in connection with an Option (either
at the time of grant or at any time during the term of the Option; provided, however, that in the
case of an Incentive Stock Option, Rights may be granted only at the time the Incentive Stock
Option is granted). Rights granted in connection with an Option, shall be granted with respect to
the same number of Shares then covered by the Option, subject to adjustment pursuant to the
provisions of Section 16 hereof, and may be exercised as determined by the Committee in its
discretion at the time of the grant of the Rights, either in conjunction with, or as an alternative
to, the exercise of the related Option.

Conjunctive Rights granted in connection with an Option shall entitle the holder thereof to receive
payment from the Corporation, determined as hereinafter provided, only if and to the extent that
the related Option is exercisable and is exercised. Upon any exercise of an Option in respect of
which conjunctive Rights shall have been granted, the holder of the Rights shall be entitled to
receive payment of an amount equal to the product obtained by multiplying (i) the excess of the
Fair Market Value of one Share on the date of such exercise over the purchase price per Share
payable upon exercise of the related Option (the “Price Spread”), or a portion of the Price Spread
determined by the Committee at the time of grant, by (ii) the number of Shares in respect of which
the related Option shall have then been so exercised; provided, however, that the amount of the
payment which a holder of such Rights shall be entitled to receive upon any exercise of the Rights
shall in no event exceed two times the aggregate purchase price payable by such holder for the
Shares in respect of which the related Option shall have then been so exercised.

Alternative Rights granted in connection with an Option shall entitle the holder thereof to receive
payment from the Corporation, determined as hereinafter provided, only if and to the extent that
the related Option is exercisable, by surrendering the Option with respect to the number of Shares
as to which such Rights are then exercised. Such Option, to the extent surrendered, shall be
deemed exercised. Upon any exercise of alternative Rights, the holder thereof shall be entitled to
receive payment of an amount equal to the product obtained by multiplying (i) the Price Spread, or
a portion of the Price Spread determined by the Committee at the time of grant, by (ii) the number
of Shares in respect of which the Rights shall have then been so exercised. Alternative Rights
granted in connection with an Incentive Stock Option shall not be exercisable unless the Price
Spread exceeds zero. Rights granted without relationship to an Option shall be exercisable as
determined by the Committee, but in no event after seven (7) years from the date of grant. Such
Rights shall entitle the holder, upon the exercise thereof, to receive payment from the Corporation
of an amount equal to the product obtained by multiplying (i) the excess of the Fair Market Value
of one Share on the date of such exercise over the Fair Market Value of one Share on the date the
Rights were granted (the “Value Spread”), or a portion of the Value Spread determined by the
Committee at the time of grant, by (ii) the number of Shares in respect of which the Rights shall
have then been so exercised.

5

 

Notwithstanding anything contained herein, the Committee may, in its sole discretion, limit the
amount payable upon the exercise of Rights. Any such limitation shall be determined as of the date
of grant and noted on the certificate evidencing the grant of the Rights.

Payment of the amount determined hereunder upon the exercise of conjunctive Rights or Rights
granted without relationship to an Option shall be made solely in cash. At the holder’s election,
payment of the amount determined hereunder upon the exercise of alternative Rights granted in
connection with an Option may be made solely in cash, or solely in Shares valued at their Fair
Market Value on the date of exercise of the Rights, or in a combination of cash and Shares.
Notwithstanding any other provision of the Plan or of any Option or Rights, upon the exercise of
such alternative Rights, the Committee shall have the power at its discretion to disapprove the
holders election as to the form (i.e., cash or Shares, or part in cash and part in Shares) in which
payment of the Rights will be made and to substitute therefor payment as it determines. If the
Committee does not disapprove an election made upon the exercise of Rights within 60 days after
such exercise or election then the Committee shall be deemed to have approved such election. No
fractional Shares shall be issued by the Corporation, and settlement therefor shall be made in
cash.

The form of Rights shall be as determined from time to time by the Committee. A Certificate of
Rights signed by the Chairman of the Board or the President or a Vice President, attested by the
Treasurer or an Assistant Treasurer, or Corporate Secretary or an Assistant Secretary of the
Corporation and having the seal of the Corporation affixed thereto, shall be delivered to each
person to whom Rights are granted.

8. Duration of Option and Related Rights. The duration of any Option granted under the
Plan shall be fixed by the Committee in its sole discretion; provided, however, that no Option
shall remain in effect for a period of more than seven (7) years from the date on which it is
granted; and provided further that an Incentive Stock Option that is granted to an employee of the
Corporation or an Affiliate who, at the time of grant, owns stock possessing more than 10% of the
total combined voting power of all classes of stock of the Corporation or any Affiliate, may not
have a term that exceeds five years from the date of grant. The duration of any Rights granted in
connection with any Option granted under the Plan shall be coterminous with the duration of the
related Option.

9. Exercise of Options and Rights. Except as otherwise provided hereunder, an Option and
Rights, after the grant thereof, shall be exercisable by the holder at such rate and times as may
be fixed by the Committee, in its sole discretion, at the time the Option and Rights are granted.
Notwithstanding the foregoing, all or any part of any remaining unexercised Options or Rights
granted to any person may be exercised (a) subject to the provisions of Section 13 hereof, upon the
holder’s retirement at or after age 65, provided the holder has completed at least two full years
of employment with the Corporation or any Affiliate, (b) subject to the provisions of Section 13
hereof, upon the death of the holder, (c) upon the holder’s termination of employment in connection
with a Change in Control, or (d) upon the occurrence of such special circumstance or event as in
the opinion of the Committee merits special consideration.

6

 

As used in the Plan, a “Change in Control” shall be deemed to have occurred if

	 	(i)	 	Any person (except the Corporation, any subsidiary of the
Corporation, any employee benefit plan of the Corporation or of any subsidiary
of the Corporation, or any person or entity organized, appointed or established
by the Corporation for or pursuant to the terms of any such employee benefit
plan), together with all affiliates and associates of such person, becomes the
beneficial owner, directly or indirectly, in the aggregate of 20% or more of
the value of the outstanding equity or combined voting power of the then
outstanding voting securities of the Corporation entitled to vote generally in
the election of directors; or
	 
	 	(ii)	 	The shareholders of the Corporation approve a merger or
consolidation the result of which is that the shareholders of the Corporation
do not own or control at least 50% or more of the value of the outstanding
equity or combined voting power of the then outstanding voting securities of
the Corporation entitled to vote generally in the election of directors, or
there occurs a sale or other disposition of all or substantially all of the
Corporation’s assets or a plan of liquidation is approved; provided, however,
that an internal reorganization shall not constitute a “Change in Control” if
the shareholders of the Corporation own or control, directly or indirectly, at
least 50% of the value of the outstanding equity or combined voting power of
the then outstanding voting securities of the new company entitled to vote
generally in the election of directors of that company.

An Option shall be exercised by the delivery of a duly signed notice in writing to such effect,
together with the Option certificate and the full purchase price of the Shares purchased pursuant
to the exercise of the Option to the Corporate Secretary or an officer of the Corporation appointed
by the Chairman of the Board for the purpose of receiving the sum. Payment of the full purchase
price shall be made as follows: in cash or by check payable to the order of the Corporation, or by
delivery to the Corporation of Mature Shares which shall be valued at their Fair Market Value on
the date of exercise of the Option or by such other methods as the Committee may permit from time
to time, including payment through a broker in accordance with procedures permitted by Regulation T
of the Federal Reserve Board. Any Rights exercised in conjunction therewith shall be exercised by
the inclusion in such notice of a notice of exercise of Rights, together with the Rights
certificate.

Within a reasonable time after the exercise of an Option, the Corporation shall cause to be issued
and delivered, to the person entitled thereto, a certificate for the Shares purchased pursuant to
the exercise of the Option, and, if Rights have been exercised in conjunction therewith, the amount
of cash determined in accordance with Section 7 hereof. If the Option and any conjunctive Rights
shall have been exercised with respect to less than all of the Shares subject to the Option and
Rights, the Corporation shall also cause to be delivered to the person entitled thereto an Option
certificate and a Rights certificate with respect to the number of Shares equal to the difference
between the number of Shares of the Option certificate and Rights certificate surrendered at the
time of the exercise of the Option and Rights and the number of Shares with respect to which the
Option and Rights were so exercised, or the original Option certificate and

7

 

Rights certificate shall be endorsed to give effect to the partial exercise thereof. If any Option
is treated in part as an Incentive Stock Option and in part as a Non-Qualified Stock Option, the
Corporation shall designate the Shares that are treated as purchased pursuant to the exercise of an
Incentive Stock Option by causing to be delivered a separate certificate therefor.

Rights that are exercisable as an alternative to the exercise of a related Option, or without any
relationship to an Option, shall be exercised by the delivery of a duly signed notice in writing to
such effect, together with the Rights certificate, and, in the case of alternative Rights, a
specification of the percentages of the Rights which the holder desires to receive in cash and in
Shares. Holders of alternative Rights shall also surrender the related Option certificate. Within
a reasonable time thereafter, the Corporation shall cause to be delivered and/or issued to the
person entitled thereto, the amount of cash and/or a certificate for the number of Shares
determined in accordance with Section 7 hereof. Upon the exercise of alternative Rights, the
number of Shares subject to exercise under the related Option or portion thereof shall be reduced
by the number of Shares represented by the Option or portion thereof surrendered. Shares subject
to Options or portions thereof surrendered upon the exercise of alternative Rights shall not be
available for subsequent Incentive Awards under the Plan. If the Rights shall have been exercised
with respect to less than all of the Shares subject thereto (or to the related Option, if any), the
Corporation shall also cause to be delivered to the person entitled thereto a Rights certificate
(and an Option certificate, in the case of alternative Rights) with respect to the difference
between the number of Shares of the Rights certificate (and related Option certificate, if any)
surrendered at the time of the exercise of the Rights and the number of Shares with respect to
which the Rights were so exercised (and the related Option, if any, was so surrendered), or the
original Rights certificate (and related Option certificate, if any) shall be endorsed to give
effect to the partial exercise (and surrender) thereof.

Notwithstanding any other provision of the Plan or of any Option or Rights, no Option or Rights
granted pursuant to the Plan may be exercised at any time when the Option or Rights or the granting
or exercise thereof violates any law or governmental order or regulation.

10. Terms and Conditions of Restricted Stock Awards.

	 	(a)	 	All Restricted Shares granted to or purchased by an eligible person pursuant to
the Plan shall be subject to the following conditions:

	 	(i)	 	the Restricted Shares may not be sold, transferred, or
otherwise alienated or hypothecated until the restrictions are removed or
expire;
	 
	 	(ii)	 	each certificate representing Restricted Shares issued pursuant
to a Restricted Stock Award under this Plan shall bear a legend making
appropriate reference to the restrictions imposed;
	 
	 	(iii)	 	no Restricted Shares shall have a vesting period of less than
3 years except upon the occurrence of such special circumstance or event as, in
the opinion of the Committee, merits special consideration; and

8

 

	 	(iv)	 	the Committee may impose such other conditions as it may deem
advisable on any Restricted Shares granted to or purchased by an eligible
person pursuant to a Restricted Stock Award under this Plan, including, without
limitation, restrictions under the requirements of any stock exchange upon
which such Shares or shares of the same class are then listed, and under any
securities law applicable to such Shares.

	 	(b)	 	The restrictions imposed under subsection (a) hereof upon Restricted Stock
Awards shall lapse in accordance with a schedule or other conditions as determined by
the Committee, subject to the provisions of Section 13 hereof.
	 
	 	(c)	 	Prior to the expiration or lapse of all of the restrictions and conditions
imposed upon Restricted Shares, a stock certificate or certificates representing such
Restricted Shares shall be registered in the holder’s name but shall be retained by the
Corporation for the holder’s account. The holder shall have the right to vote such
Restricted Shares and shall have all other rights and privileges of a beneficial and
record owner with respect thereto, including, without limitation, the right to receive
dividends, distributions and adjustments with respect thereto; provided, however, that
such dividends, distributions and adjustments may be retained by the Corporation for
the holder’s account and for delivery to the holder, together with the stock
certificate or certificates representing such Restricted Shares, as and when said
restrictions and conditions shall have expired or lapsed.

11. Terms and Conditions of Phantom Stock Awards. The Committee shall have the authority
in its discretion to grant to any eligible person Phantom Stock Awards which shall be subject to
the following conditions:

	 	(a)	 	The Phantom Stock Units credited to the holder of a Phantom Stock Award shall
be subject to a vesting period which shall mean a period commencing on the date the
Award is granted and ending in accordance with a schedule or other conditions as
determined by the Committee, subject to the provisions of Section 13 hereof. The
Committee may provide for the expiration of the vesting period in installments where
deemed appropriate.
	 
	 	(b)	 	A Phantom Stock Award shall entitle the holder, upon the expiration of the
vesting period, to receive payment from the Corporation of an amount equal to the
product obtained by multiplying (i) the Fair Market Value of one Share on the date of
such expiration by (ii) the number of Phantom Stock Units in respect of which the
vesting period shall have then expired. The payment of such amount may be made solely
in cash, or solely in Shares valued at their Fair Market Value on the date of
expiration of the vesting period, or in a combination of cash and Shares, subject to
such terms and conditions as are determined by the Committee; provided, however, that
no fractional Shares shall be issued by the Corporation, and settlement therefor shall
be made in cash.

9

 

	 	(c)	 	The Committee may impose such other conditions as it may deem advisable on any
Shares which may be issued pursuant to a Phantom Stock Award under this Plan,
including, without limitation, restrictions under the requirements of any stock
exchange upon which such Shares or shares of the same class are then listed, and under
any securities law applicable to such Shares.
	 
	 	(d)	 	Prior to the expiration of the vesting period under a Phantom Stock Award,
amounts equal to the dividends payable with respect to the same number of Shares as the
number of Phantom Stock Units as to which the vesting period has not expired shall be
credited to the holder’s account under such Award; provided, however, that such
dividend-equivalent amounts may be retained by the Corporation for the holder’s account
and for delivery to the holder only as and when said vesting period shall have expired.

12. Purchase Price. The purchase price per Share, for Restricted Shares to be purchased
pursuant to Restricted Stock Awards, or for the Shares to be purchased pursuant to the exercise of
an Option, shall be fixed by the Committee at the time of the grant of the Restricted Stock Award
or Option; provided, however, that the purchase price per Share for the Shares to be purchased
pursuant to the exercise of an Incentive Stock Option or Non-Qualified Stock Option shall not be
less than 100% of the Fair Market Value of a Share on the date such Incentive Stock Option or
Non-Qualified Stock Option is granted; and, provided further, that an Incentive Stock Option that
is granted to an employee of the Corporation or an Affiliate who, at the time of grant, owns stock
possessing more than 10% of the total combined voting power of all classes of stock of the
Corporation or any Affiliate, must have a purchase price per Share equal to 110% of the Fair Market
Value of a Share on the date of grant.

13. Termination of Employment. If a holder of an Option and/or Rights shall voluntarily or
involuntarily leave the employ or service of the Corporation and its Affiliates (including
retirement), the Option and Rights of such holder shall terminate forthwith, except that the holder
shall have until the expiration of 3 months from the cessation of the holder’s employment or
service with the Corporation and its Affiliates (without regard to any period of severance) to
exercise any unexercised Option and/or Rights the holder could have exercised on the day on which
he left the employ or service of the Corporation and Affiliates, including those Options and/or
Rights that become exercisable upon cessation of employment pursuant to the provisions of the first
paragraph of Section 9 hereof.

If the cessation of employment or service is due to death, the representatives of the estate of the
holder shall have the privilege of exercising the unexercised Options and/or Rights which the
deceased could have exercised at the time of his death, including those Options and/or Rights that
become exercisable pursuant to the provisions of the first paragraph of Section 9 hereof, provided
that such exercise must be accomplished prior to the expiration of such Options and Rights and
within six months after the death of the holder.

The Committee may, in its sole discretion, provide with respect to an Option or Rights granted to
any individual (and either at the time of grant of such Option or Rights or by an amendment
thereafter to any such outstanding Option or Rights), that the post-termination or post-death
exercise period shall be for a period of time specified by the Committee which is longer than the

10

 

period which would otherwise apply pursuant to this Section 13, but in no event beyond the
expiration of the stated term of such Option or Rights.

If the employment or service of any holder with the Corporation or an Affiliate shall be terminated
because of the holder’s violation of the duties of such employment or service with the Corporation
or its Affiliates, as he may from time to time have, the existence of which violation shall be
determined by the Committee in its sole discretion and which determination by the Committee shall
be conclusive, all unexercised Options and Rights of such holder shall terminate immediately upon
the termination of the holder’s employment or service with the Corporation or an Affiliate, and a
holder whose employment or service with the Corporation or an Affiliate is so terminated shall have
no right after such termination to exercise any unexercised Option or Rights he might have
exercised prior to the termination of his employment or service with the Corporation or an
Affiliate.

Except as hereinafter provided, if a holder of a Restricted Stock Award shall voluntarily or
involuntarily leave the employ (or service) of the Corporation and its Affiliates, all such
Restricted Shares subject to restrictions at the time his employment (or service) terminates (and
any dividends, distributions and adjustments retained by the Corporation with respect thereto)
shall be forfeited and any consideration received therefor from the holder shall be returned to the
holder. Notwithstanding the foregoing, all restrictions to which Restricted Stock Awards are
subject shall lapse (a) upon the death or disability (as defined in Section 22(e)(3) of the Code)
of the holder, (b) upon the holder’s termination of employment (or cessation of service as a
Director) in connection with a Change in Control (as defined in Section 9 hereof), or (c) upon the
occurrence of such special circumstance or event as in the opinion of the Committee merits special
consideration.

Except as hereinafter provided, if a holder of a Phantom Stock Award shall voluntarily or
involuntarily leave the employ (or service) of the Corporation and its Affiliates prior to the
complete expiration of the vesting period, all amounts theretofor remaining payable pursuant to
such Award (including any dividend equivalent amounts retained by the Corporation with respect
thereto) shall be forfeited. Notwithstanding the foregoing, the vesting period under a Phantom
Stock Award shall completely expire, and all amounts remaining payable thereunder shall be payable
(a) upon the death or disability (as defined in Section 22(e)(3) of the Code) of the holder, (b)
upon the holder’s termination of employment (or service) in connection with a Change in Control, or
(c) upon the occurrence of such special circumstance or event as in the opinion of the Committee
merits special consideration.

14. Transferability of Incentive Awards.

	 	(a)	 	Non-Transferability of Incentive Awards. Except as provided below, Incentive
Awards shall not be transferable by the holder thereof otherwise than by will or the
laws of descent and distribution to the extent provided herein, and Incentive Awards
may be exercised or surrendered during the holder’s lifetime only by the holder
thereof.

11

 

	 	(b)	 	Transfer of Non-Qualified Stock Options. Notwithstanding the foregoing, the
Committee may provide, in a Non-Qualified Stock Option certificate, that the holder
thereof may transfer the Non-Qualified Stock Option to family members or other persons
or entities according to such terms as the Committee may determine; provided that the
holder thereof receives no consideration for the transfer of a Non-Qualified Stock
Option and the transferred Option shall continue to be subject to the same terms and
conditions as were applicable to the Option immediately before the transfer.

15. Tax Withholding. The Corporation or Affiliate will take such action as it deems
appropriate to ensure compliance with all federal, state or local income tax withholding laws. In
order to facilitate a Participant’s payment of his withholding obligations with respect to
Incentive Awards, the Committee, in its discretion, and subject to such additional terms and
conditions as it may adopt, may permit the Participant to elect to (a) deduct from any cash payment
otherwise due to the Participant, the appropriate withholding amount, (b) pay to the Corporation in
cash the appropriate withholding amount, (c) have the Corporation withhold a portion of the Shares
otherwise to be delivered upon exercise or receipt of (or the lapse or restrictions relating to)
such Incentive Award, the Fair Market Value of which is equal to the minimum statutory withholding
amount, or (d) deliver to the Corporation Mature Shares already owned by the Participant, the Fair
Market Value of which is equal to the appropriate withholding amount.

16. Adjustment Provision. If prior to the complete exercise of any Option, or prior to the
expiration or lapse of all of the restrictions and conditions imposed pursuant to a Restricted
Stock Award, there shall be declared and paid a stock dividend upon the Shares or if the Shares
shall be split up, converted, exchanged, reclassified, or in any way substituted for,

	 	(a)	 	in the case of an Option, then the Option, to the extent that it has not been
exercised, shall entitle the holder thereof upon the future exercise of the Option to
such number and kind of securities or cash or other property subject to the terms of
the Option to which he would have been entitled had he actually owned the Shares
subject to the unexercised portion of the Option at the time of the occurrence of such
stock dividend, split-up, conversion, exchange, reclassification or substitution, and
the aggregate purchase price upon the future exercise of the Option shall be the same
as if the originally optioned Shares were purchased thereunder; and
	 
	 	(b)	 	in the case of a Restricted Share issued pursuant to a Restricted Stock Award,
the holder of such Award shall receive, subject to the same restrictions and other
conditions of such Award as determined pursuant to the provisions of Section 10, the
same securities or other property as are received by the holders of the Corporation’s
Shares pursuant to such stock dividend, split-up, conversion, exchange,
reclassification or substitution.

Any fractional shares or securities payable upon the exercise of the Option as a result of such
adjustment shall be payable in cash based upon the Fair Market Value of such shares or securities
at the time of such exercise. If any such event should occur, the number of Shares with respect to
which Incentive Awards remain to be issued, or with respect to which Incentive

12

 

Awards may be reissued, including all the numerical Share limitations in Section 3, shall be
equitably adjusted in a similar manner.

In addition to the adjustments provided for in the preceding paragraph, upon the occurrence of any
of the events referred to in said paragraph prior to the complete exercise of any Rights, or prior
to the complete expiration of the vesting period under a Phantom Stock Award, the Committee shall
equitably adjust the amount of cash and/or number of Shares or other property to which the holder
of the Rights shall be entitled upon their exercise, or to which the holder of the Phantom Stock
Award shall be entitled upon the expiration of the vesting period, so that there shall be no
increase or dilution in the cash and/or value of the shares or other property to which the holder
of Rights or of a Phantom Stock Award shall be entitled by reason of such events.

Notwithstanding any other provision of the Plan, in the event of a recapitalization, merger,
consolidation, rights offering, separation, reorganization or liquidation, or any other change in
the corporate structure or outstanding Shares, the Committee shall make such equitable adjustments,
if any, to the number of Shares and the class of shares available hereunder, including all the
numerical Share limitations in Section 3, and to any outstanding Incentive Awards as are
appropriate to prevent dilution or enlargement of rights.

17. Issuance of Shares and Compliance with Securities Act. The Corporation may postpone
the issuance and delivery of Shares pursuant to the grant or exercise of any Incentive Award until
(a) the admission of such Shares to listing on any stock exchange on which Shares of the
Corporation of the same class are then listed and (b) the completion of such registration or other
qualification of such Shares under any state or federal law, rule or regulation as the Corporation
shall determine to be necessary or advisable. As a condition precedent to the issuance of Shares
pursuant to the grant or exercise of an Incentive Award, the Corporation may require the recipient
thereof to make such representations and furnish such information as may, in the opinion of counsel
for the Corporation, be appropriate to permit the Corporation, in light of the then existence or
non-existence with respect to such Shares of an effective Registration Statement under the
Securities Act of 1933, as from time to time amended, to issue the Shares in compliance with the
provisions of that or any comparable act.

18. Administration and Amendment of the Plan. Except as hereinafter provided, the Board of
Directors or the Committee may at any time withdraw or from time to time amend the Plan and the
terms and conditions of any Incentive Award not theretofor granted, and the Board of Directors or
the Committee, with the consent of the affected holder of an Incentive Award, may at any time
withdraw or from time to time amend the Plan and the terms and conditions of such Incentive Awards
as have been theretofor granted. Notwithstanding the foregoing, neither the Board of Directors nor
the Committee shall (a) amend the Plan without the approval of the stockholders, if such approval
is required by Section 422 or 162(m) of the Code, (b) materially amend the Plan without stockholder
approval, or (c) without stockholder approval reprice any outstanding Incentive Award by either
amending such Incentive Award to reduce the exercise price, purchase price or grant date Fair
Market Value per Share thereof or canceling such Incentive Award and regranting or replacing such
Incentive Award as or with an Incentive Award having a lower exercise price, purchase price or
grant date Fair Market Value per Share.

13

 

The Committee shall have the sole authority to (i) determine the individuals to whom Incentive
Awards shall be made under the Plan, (ii) determine the type, size and terms of the Incentive
Awards to be made to each such individual, (iii) determine the time when the Incentive Awards will
be made and the duration of any applicable exercise or restriction period, including the criteria
for exercisability and the acceleration of exercisability and (iv) deal with any other matters
arising under the Plan. Pursuant to Section 4, the Committee may delegate to one or more officers
of the Company the authority to administer grants that have been made to employees other than
officers of the Company subject to section 162(m) of the Code or Section 16 of the Act.

The Committee shall have full power and authority to administer and interpret the Plan, to make
factual determinations and to adopt or amend such rules, regulations, agreements and instruments
for implementing the Plan and for the conduct of its business as it deems necessary or advisable,
in its sole discretion. The Committee’s interpretations of the Plan and all determinations made by
the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all
persons having any interest in the Plan or in any Incentive Awards granted hereunder. All powers
of the Committee shall be executed in its sole discretion, in the best interest of the Corporation,
not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform as to
similarly situated individuals.

19. Governing Law. Except as required by Delaware corporate law, the Plan shall be
governed by and construed in accordance with the laws of the state of New York, without giving
effect to principles of conflict of laws.

20. Effective Date of Plan. This Plan is conditioned upon its approval by the shareholders
of the Corporation.

21. Governing Document. The Plan shall be the controlling document. No other statements,
representations, explanatory materials or examples, oral or written, may amend the Plan in any
manner. The Plan shall be binding upon and enforceable against the Corporation and its successors
and assigns.

22. Funding of the Plan. This Plan shall be unfunded. The Corporation shall not be
required to establish any special or separate fund or to make any other segregation of assets to
assure the payment of any Incentive Awards under this Plan. In no event shall interest be paid or
accrued on any Incentive Award, including unpaid installments of Incentive Awards.

23. Rights of Participants. Nothing in this Plan shall entitle any employee or other
person to any claim or right to be granted an Incentive Award under this Plan, (except as provided
in Section 5 with respect to Non-Employee Directors). Neither this Plan nor any action taken
hereunder shall be construed as giving any individual any rights to be retained by or in the employ
of the Corporation or any Affiliate, or any other employment rights.

24. Headings. Section headings are for reference only. In the event of a conflict between
a title and the content of a Section, the content of the Section shall control.

14

 

25. Miscellaneous

	 	(a)	 	Incentive Awards in Connection with Corporate Transactions and
Otherwise. Nothing contained in this Plan shall be construed to (i) limit the
right of the Committee to make Incentive Awards under this Plan in connection with the
acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or
assets of any corporation, firm or association, including Incentive Awards to employees
thereof who become employees of the Corporation or an Affiliate, or for other proper
corporate purposes, or (ii) limit the right of the Corporation to grant options or make
other awards outside of this Plan. Without limiting the foregoing, the Committee may
make an Incentive Award to an employee of another corporation who becomes an employee
by reason of a corporate merger, consolidation, acquisition of stock or property,
reorganization or liquidation involving the Corporation or any of its subsidiaries in
substitution for a stock option or restricted stock grant made by such corporation.
The terms and conditions of the substitute grants may vary from the terms and
conditions required by the Plan and from those of the substituted stock incentives.
The Committee shall prescribe the provisions of the substitute grants.
	 
	 	(b)	 	Compliance with Law. The Plan, the exercise of Options and Rights and
the obligations of the Corporation to issue or transfer Shares under Incentive Awards
shall be subject to all applicable laws and to approvals by any governmental or
regulatory agency as may be required. With respect to persons subject to Section 16 of
the Act, it is the intent of the Corporation that all transactions under the Plan
comply with all applicable provisions of Rule 16b-3 or its successors under the Act.
The Committee may revoke any Incentive Award if it is contrary to law or modify an
Incentive Award to bring it into compliance with any valid and mandatory government
regulation. The Committee may also adopt rules regarding the withholding of taxes on
payments to holders of Incentive Awards. The Committee may, in its sole discretion,
agree to limit its authority under this Section.
	 
	 	(c)	 	Limitations on Actions Taken in Connection with a Change in Control.
Notwithstanding anything in the Plan to the contrary, in the event of a Change in
Control (as defined in Section 9 hereof), the Committee shall not have the right to
take any actions that would make the Change in Control ineligible for desired tax
treatment if, in the absence of such right, the Change in Control would qualify for
such treatment and the Corporation intends to use such treatment with respect to the
Change in Control.

15

 

     IN WITNESS WHEREOF, the Corporation has caused these presents to be executed, in its corporate
name, by its duly authorized officer, and its corporate seal to be affixed, as of this
25th day of April, 2007.

	 	 	 	 	 
	 	AMETEK, Inc.

 	 
	 	By:  	/s/  John J. Molinelli
 	 
	 	 	John J. Molinelli 	 
	 	 	Executive Vice President &

Chief Financial Officer 	 
	 

Attest:

	 	 	 
	/s/ Kathryn E. Sena
 

Kathryn E. Sena, Corporate Secretary

	 	 Corporate
Seal

16exv10w2

 

EXHIBIT 10.2

Seventeenth Amendment

Dated as of March
19, 2007

to

Receivables Sale Agreement

 Dated as of October
1, 1999

     This Seventeenth Amendment (the “Amendment”), dated as of March 19, 2007, is entered
into among Ametek Receivables Corp. (the “Seller”), Ametek, Inc. (the “Initial Collection Agent”),
Amsterdam Funding Corporation, a Delaware corporation (“Amsterdam”), ABN AMRO Bank N.V., as
Amsterdam’s program letter of credit provider (the “Enhancer”), the Liquidity Provider listed on
the signature page hereof (the “Liquidity Provider”
) and ABN AMRO Bank N.V., as agent for
Amsterdam, the Enhancer and the Liquidity Provider (the “Agent”).

Witnesseth:

     Whereas, the Seller, Initial Collection Agent, Amsterdam, Enhancer, Liquidity
Provider and Agent have heretofore executed and delivered a Receivables Sale Agreement, dated as
of October 1, 1999 (as amended, supplemented or otherwise modified through the date hereof, the
“Sale Agreement”),

     Whereas, the parties hereto desire to amend the Sale Agreement as provided herein;

     Now, therefore, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto hereby agree that the Sale Agreement shall be
and is hereby amended as follows:

     Section 1. Upon execution by the parties hereto in the space provided for that purpose below,
the Sale Agreement shall be, and it hereby is, amended as follows:

     (a) The date “March 19, 2007” appearing in clause (d) of the defined term “Liquidity
Termination Date” appearing in Schedule I of the Sale Agreement is deleted and replaced with
the date “May 18, 2007.”

     (b) The date “March 19, 2007” appearing in clause (c)(ii) of the defined term
“Termination Date” appearing in Schedule I of the Sale Agreement is deleted and replaced
with the date “May 18, 2007.”

     Section 2. To induce the Agent and the Purchasers to enter into this Amendment, the Seller and
Initial Collection Agent represent and warrant to the Agent and the Purchasers that: (a) the
representations and warranties contained in the Transaction Documents, are true and correct in all
material respects as of the date hereof with the same effect as though made on the date hereof (it
being understood and agreed that any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct in all material respects only as of such
specified date); (b) no Potential Termination Event exists; (c) this Amendment has been duly
authorized by all necessary corporate proceedings and duly executed

 

 

and delivered by each of the Seller and the Initial Collection Agent, and the Sale Agreement, as
amended by this Amendment, and each of the other Transaction Documents are the legal, valid and
binding obligations of the Seller and the Initial Collection Agent, enforceable against the Seller
and the Initial Collection Agent in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency or other similar laws of general
application affecting the enforcement of creditors’ rights or by general principles of equity; and
(d) no consent, approval, authorization, order, registration or qualification with any
governmental authority is required for, and in the absence of which would adversely effect, the
legal and valid execution and delivery or performance by the Seller or the Initial Collection
Agent of this Amendment or the performance by the Seller or the Initial Collection Agent of the
Sale Agreement, as amended by this Amendment, or any other Transaction Document to which they are
a party.

     Section 3. This Amendment may be executed in any number of counterparts and by the different
parties on separate counterparts and each such counterpart shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same Amendment.

     Section 4. The Seller agrees to pay on demand all reasonable out-of-pocket costs and expenses
of and incurred by the Agent in connection with the negotiation, preparation, execution and
delivery of this Amendment and the legal fees of Chapman and Cutler LLP in the aggregate amount of
$7,215.30 (which include fees and expenses for previous services rendered in connection with this
transaction in the amount of $5,695.75).

     Section 5. Except as specifically provided above, the Sale Agreement and the other
Transaction Documents shall remain in full force and effect and are hereby ratified and confirmed
in all respects. The execution, delivery, and effectiveness of this Amendment shall not operate as
a waiver of any right, power, or remedy of any Agent or any Purchaser under the Sale Agreement or
any of the other Transaction Documents, nor constitute a waiver or modification of any provision
of any of the other Transaction Documents. All defined terms used herein and not defined herein
shall have the same meaning herein as in the Sale Agreement. The Seller agrees to pay on demand
all costs and expenses (including reasonable fees and expenses of counsel) of or incurred by the
Agent and each Purchaser Agent in connection with the negotiation, preparation, execution and
delivery of this Amendment.

     Section 6. This Amendment and the rights and obligations of the parties hereunder shall be
construed in accordance with and be governed by the law of the State of New York.

-2-

 

     In Witness Whereof, the parties have caused this Amendment to be executed and
delivered by their duly authorized officers as of the date first above written.

	 	 	 	 	 	 	 
	 	 	ABN AMRO Bank N.V., as the Agent, as the
	 	 	 	 	Liquidity Provider and as the Enhancer
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	    /s/ Kristina Neville
	 	 	 	 	 
	 
	 	 	 	 	 	Kristina Neville
	 

	 	 	 	Title:
	 	Vice President
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	    /s/ Bernard Koh
	 	 	 	 	 
	 
	 	 	 	 	 	Bernard Koh
	 

	 	 	 	Title:
	 	Director
	 
	 	 	 	 	 	 
	 	 	Amsterdam Funding Corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	     /s/  Frank B. Bilotta
	 	 	 	 	 
	 
	 	 	 	 	 	Frank B. Bilotta
	 

	 	 	 	Title:	 	President
	 
	 	 	 	 	 	 
	 	 	Ametek Receivables Corp.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John J. Molinelli
	 	 	 	 	 
	 
	 	 	 	 	 	John J. Molinelli
	 

	 	 	 	Title:
	 	EVP & CFO
	 
	 	 	 	 	 	 
	 	 	Ametek, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John J. Molinelli
	 	 	 	 	 
	 
	 	 	 	 	 	John J. Molinelli
	 

	 	 	 	Title:
	 	EVP & CFO

-3-

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"}]]