Document:

exv10wi

Committee Rules

EXHIBIT 10-i

VII. 2005 DIRECTORS’ DEFERRED COMPENSATION

          The provisions of the Plan and these Rules apply to Directors’ Compensation deferred after
December 31, 2004. Directors’ Compensation deferred before January 1, 2005, remains subject to the
provisions of the Plan and the Rules as in effect on October 3, 2004.

	1.	 	Definitions. The following definitions apply to Directors’ deferred compensation:

	 	(a)	 	“Directors’ Compensation” means all or a portion of the fees (including
quarterly retainer fees, meeting fees, and such special or other fees as may be
authorized by the Board of Directors, but excluding Director Options) paid to the
Directors by reason of their serving on the Board and, if applicable, on Committees of
the Board.

	2.	 	Directors’ Compensation. Each Director will have the option to defer his or her
Directors’ Compensation and have it either (i) credited to an account maintained for him or
her by Nordson as cash or (ii) allocated to an account maintained for him or her by Nordson as
Stock Equivalent Units.
	 
	3.	 	Elections to Defer Directors’ Compensation.

	 	(a)	 	Time of Election. Any person who is appointed to fill a vacancy on the
Board, or is newly elected as a Director, may elect within thirty days after the
commencement of his or her term as a Director to defer the receipt of all or a
specified portion of his or her Directors’ Compensation earned for services performed
for the balance of the year in which the election is made and for succeeding years.
	 
	 	(b)	 	Duration of an Election. An election to defer Directors’ Compensation
will be irrevocable and will continue from year to year until a Director terminates the
election by written request or until the end of the year preceding the initial
distribution to the Director under the schedule set forth in Section 5(a), whichever
first occurs, but, in the event of a termination, the amount theretofore deferred will
not be paid to the Director until the dates specified in the schedule set forth in
Section 5(a). Any termination of an election by written request shall be effective as
of the first day of the year following the year in which the written request is made.
	 
	 	(c)	 	Election to Defer Less than All Directors’ Compensation. In the event
that any Director elects to defer less than all of the Directors’ Compensation payable
to him or her for any period, Nordson will first pay the non-deferred portion of the
Directors’ Compensation to the Director in cash and will only commence to defer

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Committee Rules

	 	 	 	his or
her Directors’ Compensation, whether as cash or as Stock Equivalent Units, at such time
as the entire non-deferred portion has been paid to the Director in cash.

	4.	 	Election of Cash or Stock Equivalent Units.

	 	(a)	 	Designation as Cash or Stock Equivalent Units. At the time that each
Director makes an election to defer the receipt of all or a specified portion of his or
her Directors’ Compensation, the Director will designate whether the amount of the
Directors’ Compensation he or she elects to defer will be credited to his or her
account as cash or allocated as Stock Equivalent Units.
	 
	 	(b)	 	Change of Designation from Cash to Stock Equivalent Units. Each
Director who previously designated cash may at any time elect to have his or her
designation changed from cash to Stock Equivalent Units (but not from Stock Equivalent
Units to cash) and all or a portion of the cash credited to his or her account
converted to Stock Equivalent Units; provided that no such election may be made
relating to all or a portion of the cash credited to his or her account within six
months of (i) an election to receive an early distribution under Section 5(b) hereof
(if such distribution is funded by the conversion of Stock Equivalent Units), (ii) an
election to make an intra-plan transfer under Nordson’s Employees’ Savings Trust Plan
(“NEST”) of funds held in a Nordson Common Share Fund account into any other Fund under
the NEST, or (iii) an election to receive a cash distribution from the NEST, including
a loan or hardship withdrawal, which is funded in whole or in part by the liquidation
of Common Shares in the participant’s Nordson Common Share Fund account. Upon making
such an election, all or the designated portion of the cash credited to a Director’s
account will be converted into Stock Equivalent Units based on the Fair Market Value of
the Common Shares at the date of conversion. “Fair Market Value” for purposes of this
Section 4(b) means the average of the high and low price quoted for Common Shares as
reported in the NASDAQ National Market System on the date of conversion.
	 
	 	(c)	 	Cash Credits. Nordson will maintain an account for each Director who
elects to defer Directors’ Compensation as cash and will credit his or her account (i)
on the last day of each month with the amount of Directors’ Compensation he or she
elects to defer which otherwise would have been paid to him or her during the month and
(ii) on the last day of each quarter with interest on the balance in this account at a
rate equal to the rate of interest of Ten Year Treasury Securities as reported in the
Federal Reserve Bank Constant Maturity Series H-15 Report for the last business day of
the quarter, paid on the average daily balance in the
account during the quarter. A Director whose account is credited with cash shall
receive all distributions in cash.
	 
	 	(d)	 	Stock Equivalent Units. Nordson will maintain an account for each
Director who elects to defer Directors’ Compensation as Stock Equivalent Units. After
a 

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Committee Rules

	 	 	 	Director makes such an election, Nordson will credit his or her account (i) on the
last day of each month with a number of Stock Equivalent Units equal to the quotient of
the amount of Directors’ Compensation he or she elects to defer which otherwise would
have been paid to him or her during the month divided by the Fair Market Value of the
Common Shares on that day and (ii) on dividend payment dates with an additional number
of Stock Equivalent Units equal to the product of the number of Stock Equivalent Units
credited to this account immediately prior to the dividend payment date multiplied by a
fraction, the numerator of which is the amount of the dividend per Common Share and the
denominator of which is the Fair Market Value of the Common Shares on the dividend
payment date. A Director whose account is credited with Stock Equivalent Units shall
receive all distributions in Common Shares. “Fair Market Value” for purposes of this
Section 4(d) means the average of the high and low price quoted for Common Shares as
reported in the NASDAQ National Market System on the day the Directors account is
credited.
	 
	 	(e)	 	Subject to Claims of General Creditors. All Directors’ Compensation
deferred and amounts credited to accounts as cash or Stock Equivalent Units under the
terms of this Section 4 will remain part of the assets of Nordson and will be subject
to the claims of its general creditors.

	5.	 	Distribution.

	 	(a)	 	Normal Distribution. The account maintained for each Director who
elects to defer Directors’ Compensation will be distributed in 16 quarterly
installments (the amount of each to equal the balance in his or her account at the
particular time divided by the number of remaining installments) beginning with the
first day of the month immediately succeeding the month in which that Director ceases
to be a Director. The undistributed balance of any account will bear interest at the
rate specified in Section 4(c)(ii), or be credited with additional Stock Equivalent
Units upon the payment of dividends as provided in Section 4(d), until the account has
been completely distributed.
	 
	 	(b)	 	Early Distribution in Event of Financial Emergency. Notwithstanding
the provisions of Section 5(a), a Director may, with the consent of the Committee,
withdraw all or a portion of his or her accounts in the event of a financial emergency
that is beyond the Director’s control, would cause the Director great hardship if early
withdrawal were not permitted, and qualifies as an “unforeseeable emergency” within the
meaning of Code Section 409A(a)(2)(B)(ii); provided that, no election to receive such
an early withdrawal will be permitted if it would be funded, in whole or in part, by
the conversion of Stock Equivalent Units into cash and such election occurs within six months of an
election to have all or any portion of the Director’s cash account converted into
Stock Equivalent Units or an election to make an intra-plan transfer under the NEST
of funds from any Fund into the participant’s Nordson Common Share Fund account.
Any such early withdrawal shall be in the form of a cash 

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Committee Rules

	 	 	 	distribution, with any
Stock Equivalent Units converted into cash on the basis set forth in Section 5(b),
and will be limited to the amount necessary to meet the emergency.

	6.	 	Death of a Director. A Director may elect whether, in the event of his or her death
prior to the expiration of the period during which his or her account balance is
distributable, the account balance will be distributed to his or her estate (or designated
beneficiary) in a single distribution or in the installments contemplated by Section 5(a).
Such election will be made at the time of the election contemplated by Section 3; if no such
election is made, the account balance will be distributed in a single distribution.

	7.	 	Non-Competition. In the event a Director ceases to be a Director and becomes a
proprietor, officer, partner, or employee of, or otherwise becomes affiliated with, any
business that is in competition with the Company, his or her account balance will be
distributed immediately to him or her in a single cash distribution. Any Stock Equivalent
Units allocated to the Director’s account will be converted into an amount of cash equal to
the product of the number of Stock Equivalent Units allocated to his or her account multiplied
by the Fair Market Value of the Common Shares on the date of the distribution. “Fair Market
Value” for purposes of this Section 7 means the average of the high and low price quoted for
Common Shares as reported in the NASDAQ National Market System on the date of distribution.

VII-4exv10wj

Exhibit 10-j

VII. 2005 DIRECTORS’ DEFERRED COMPENSATION

                    The provisions of the Plan and these Rules apply to Directors’
Compensation deferred after
December 31, 2004. Directors’ Compensation deferred before January 1, 2005, remains subject to the
provisions of the Plan and the Rules as in effect on October 3, 2004.

	1.	 	Definitions. The following definitions apply to Directors’ deferred compensation:

	 	(a)	 	“Directors’ Compensation” means all or a portion of the fees (including
quarterly retainer fees, meeting fees, stock awards and such special or other fees as
may be authorized by the Board of Directors, but excluding Director Options) paid to
the Directors by reason of their serving on the Board and, if applicable, on
Committees of the Board.

	2.	 	Directors’ Compensation. Each Director will have the option to defer his or her Directors’
Compensation and have it either (i) credited to an account maintained for him or her by
Nordson as cash or (ii) allocated to an account maintained for him or her by Nordson as Stock
Equivalent Units. Restricted Stock Awards may be deferred in the form of Restricted Stock
Units only.
	 
	3.	 	Elections to Defer Directors’ Compensation.

	 	(a)	 	Time of Election. Any person who is appointed to fill a vacancy on the
Board, or is newly elected as a Director, may elect within thirty days after the
commencement of his or her term as a Director to defer the receipt of all or a
specified portion of his or her Directors’ Compensation earned for services performed
for the balance of the year in which the election is made and for succeeding years.
Deferral of Restricted Stock Awards must be made prior to or on the grant date of such
awards, except in the first instance of a Restricted Stock award, in which case the
Director will have thirty (30) days from the date of grant to elect a deferral.
	 
	 	(b)	 	Duration of an Election. An election to defer Directors’ Compensation will
be irrevocable and will continue from year to year until a Director terminates the
election by written request or until the end of the year preceding the initial
distribution to the Director under the schedule set forth in Section 5(a), whichever
first occurs, but, in the event of a termination, the amount theretofore deferred will
not be paid to the Director until the dates specified in the schedule set forth in
Section 5(a). Any termination of an election by written request shall be effective as
of the first day of the year following the year in which the written request is made.
Elections to defer Restricted Stock must be made on an annual basis and are
irrevocable.

 

 

	 	(c)	 	Election to Defer Less than All Directors’ Compensation. In the event that
any Director elects to defer less than all of the Directors’ Compensation payable to
him or her for any period, Nordson will first pay the non-deferred portion of the
Directors’ Compensation to the Director in cash and will only commence to defer his or
her Directors’ Compensation, whether as cash or as Stock Equivalent Units, at such
time as the entire non-deferred portion has been paid to the Director in cash.

	4.	 	Election of Cash, Stock Equivalent Units, or Restricted Stock Units.

	 	(a)	 	Designation as Cash or Stock Equivalent Units. At the time that each
Director makes an election to defer the receipt of all or a specified portion of his
or her Directors’ Compensation paid in the form of cash, the Director will designate
whether the amount of the cash compensation he or she elects to defer will be credited
to his or her account as cash or allocated as Stock Equivalent Units. With respect to
Restricted Stock grants, any deferral will be in the form of Restricted Stock Units.
	 
	 	(b)	 	Change of Designation from Cash to Stock Equivalent Units. Each Director who
previously designated cash may at any time elect to have his or her designation
changed from cash to Stock Equivalent Units (but not from Stock Equivalent Units to
cash) and all or a portion of the cash credited to his or her account converted to
Stock Equivalent Units; provided that no such election may be made relating to all or
a portion of the cash credited to his or her account within six months of (i) an
election to receive an early distribution under Section 5(b) hereof (if such
distribution is funded by the conversion of Stock Equivalent Units), (ii) an election
to make an intra-plan transfer under Nordson’s Employees’ Savings Trust Plan (“NEST”)
of funds held in a Nordson Common Share Fund account into any other Fund under the
NEST, or (iii) an election to receive a cash distribution from the NEST, including a
loan or hardship withdrawal, which is funded in whole or in part by the liquidation of
Common Shares in the participant’s Nordson Common Share Fund account. Upon making
such an election, all or the designated portion of the cash credited to a Director’s
account will be converted into Stock Equivalent Units based on the Fair Market Value
of the Common Shares at the date of conversion. “Fair Market Value” for purposes of
this Section 4(b) means the average of the high and low price quoted for Common Shares
as reported in the NASDAQ Global Select Market on the date of conversion.
	 
	 	(c)	 	Cash Credits. Nordson will maintain an account for each Director who elects
to defer Directors’ Compensation paid in cash as cash and will credit his or her
account (i) on the last day of each month with the amount of cash compensation he or
she elects to defer which otherwise would have been paid to him or her during the
month and (ii) on the last day of each

 

 

	 	 	 	quarter with interest on the balance in this account at a rate equal to the rate of
interest of Ten Year Treasury Securities as reported in the Federal Reserve Bank
Constant Maturity Series H-15 Report for the last business day of the quarter, paid
on the average daily balance in the account during the quarter. A Director whose
account is credited with cash shall receive all distributions in cash.
	 
	 	(d)	 	Stock Equivalent Units. Nordson will maintain an account for each Director
who elects to defer Directors’ Compensation (other than Restricted Stock) as Stock
Equivalent Units. After a Director makes such an election, Nordson will credit his or
her account (i) on the day of each meeting attended by a Director with a number of
Stock Equivalent Units equal to the quotient of the amount of meeting fees he or she
elects to defer which otherwise would have been paid to him or her divided by the Fair
Market Value of the Common Shares on that day (ii) on the last day of each fiscal
quarter with a number of Stock Equivalent Units equal to the quotient of the amount of
a Director’s retainer he or she elects to defer which otherwise would have been paid
to him or her divided by the Fair Market Value of the Common Shares on that day; and
(iii)on dividend payment dates with an additional number of Stock Equivalent Units
equal to the product of the number of Stock Equivalent Units credited to this account
immediately prior to the dividend payment date multiplied by a fraction, the numerator
of which is the amount of the dividend per Common Share and the denominator of which
is the Fair Market Value of the Common Shares on the dividend payment date. A Director
whose account is credited with Stock Equivalent Units shall receive all distributions
in Common Shares. “Fair Market Value” for purposes of this Section 4(d) means the
average of the high and low price quoted for Common Shares as reported in the NASDAQ
Global Select Market on the day the Directors account is credited.
	 
	 	(e)	 	Restricted Stock Units. Nordson will maintain an account for each Director
who elects to defer the receipt of Restricted Stock as Restricted Stock Units. After
a Director makes such an election, Nordson will credit his or her account with a
number of Restricted Stock Units equal to the Fair Market Value of the Common Shares
on the date of grant. On dividend payment dates, Nordson will credit his or her
account with an additional number of Restricted Stock Units equal to the product of
the number of Restricted Stock Units credited to this account immediately prior to the
dividend payment date multiplied by a fraction, the numerator of which is the amount
of the dividend per Common Share and the denominator of which is the Fair Market Value
of the Common Shares on the dividend payment date. “Fair Market Value” for purposes of
this Section 4(e) means the average of the high and low price quoted for Common Shares
as reported in the NASDAQ Global Select Market on the day the Directors account is
credited. Upon the lapse of restrictions

 

 

	 	 	 	accompanying a grant, Nordson will credit the Director’s account with a number of
Stock Equivalent Units equal to the number of Restricted Stock Units in the
Director’s account, including the additional Restricted Stock Units representing
dividends paid during the restriction period.
	 
	 	(e)	 	Subject to Claims of General Creditors. All Directors’ Compensation deferred
and amounts credited to accounts as cash, Stock Equivalent Units or Restricted Stock
Units under the terms of this Section 4 will remain part of the assets of Nordson and
will be subject to the claims of its general creditors.

	5.	 	Distribution.

	 	(a)	 	Normal Distribution. The account maintained for each Director who elects to
defer Directors’ Compensation will be distributed in 16 quarterly installments (the
amount of each to equal the balance in his or her account at the particular time
divided by the number of remaining installments) beginning with the first day of the
month immediately succeeding the month in which that Director ceases to be a Director.
The undistributed balance of any account will bear interest at the rate specified in
Section 4(c)(ii), or be credited with additional Stock Equivalent Units upon the
payment of dividends as provided in Section 4(d), until the account has been
completely distributed.
	 
	 	(b)	 	Early Distribution in Event of Financial Emergency. Notwithstanding the
provisions of Section 5(a), a Director may, with the consent of the Committee,
withdraw all or a portion of his or her accounts in the event of a financial emergency
that is beyond the Director’s control, would cause the Director great hardship if
early withdrawal were not permitted, and qualifies as an “unforeseeable emergency”
within the meaning of Code Section 409A(a)(2)(B)(ii); provided that, no election to
receive such an early withdrawal will be permitted if it would be funded, in whole or
in part, by the conversion of Stock Equivalent Units into cash and such election
occurs within six months of an election to have all or any portion of the Director’s
cash account converted into Stock Equivalent Units or an election to make an
intra-plan transfer under the NEST of funds from any Fund into the participant’s
Nordson Common Share Fund account. Any such early withdrawal shall be in the form of
a cash distribution, with any Stock Equivalent Units converted into cash on the basis
set forth in Section 5(b), and will be limited to the amount necessary to meet the
emergency.

	6.	 	Death of a Director. A Director may elect whether, in the event of his or her death prior to
the expiration of the period during which his or her account balance is distributable, the
account balance will be distributed to his or her estate (or designated beneficiary) in a
single distribution or in the installments contemplated

 

 

	 	 	by Section 5(a). Such election will be made at the time of the election contemplated by
Section 3; if no such election is made, the account balance will be distributed in a single
distribution.
	 
	7.	 	Non-Competition. In the event a Director ceases to be a Director and becomes a proprietor,
officer, partner, or employee of, or otherwise becomes affiliated with, any business that is
in competition with the Company, his or her account balance will be distributed immediately to
him or her in a single cash distribution. Any Stock Equivalent Units allocated to the
Director’s account will be converted into an amount of cash equal to the product of the number
of Stock Equivalent Units allocated to his or her account multiplied by the Fair Market Value
of the Common Shares on the date of the distribution. “Fair Market Value” for purposes of this
Section 7 means the average of the high and low price quoted for Common Shares as reported in
the NASDAQ Global Select Market on the date of distribution.

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