Document:

exv10w2xby

 

EXHIBIT 10.2 (b)

SENSIENT TECHNOLOGIES CORPORATION

(a Wisconsin Corporation)

2002 Stock Option Plan
 

RESTRICTED STOCK UNIT AGREEMENT

	 
	Grantee:

	 

	Grantee’s Address:

	 

	Grant Date:

	 

	Number of Restricted Stock Units:

	 

	Period of Restriction:

     Sensient Technologies Corporation, a Wisconsin corporation (the “Company”), and the
above-named Grantee hereby agree as follows:

     1. Grant of Restricted Stock Units. In consideration of the continued employment of the
Grantee for the periods herein defined, and in consideration of the Grantee having entered into a
Noncompetition, Nonsolicitation and Confidentiality Agreement (or an agreement of similar purpose
and effect, however titled) prior to or contemporaneous with this Agreement, the Company grants to
the Grantee the number of Restricted Stock Units stated above upon the terms and conditions set
forth herein.

     2. Plan; Defined Terms. This grant of Restricted Stock Units is made pursuant to the Company’s
2002 Stock Option Plan (the “Plan”) and is subject to each and all of the provisions of the Plan. A
copy of the Plan is attached to this Agreement and is made a part hereof. All capitalized terms
used in this Agreement, including the terms set forth in the table above, have the meanings
assigned to them in this Agreement. Any capitalized terms that are not defined in this Agreement
are defined in the Plan. Certain other terms used in this Agreement are also defined herein.

     3. Period of Restriction. The Period of Restriction shall be as stated above.

     4. Restrictions. The Restricted Stock Units may not be sold, transferred, pledged, assigned
or otherwise alienated during the Period of Restriction except as provided in the Plan. The
Restricted Stock Units shall become immediately vested upon the termination of the Period of
Restriction and the Company shall issue Grantee one share of Stock for each Restricted Stock Unit
which has become vested.

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     5. No Tax Gross-Up. Grantee shall not be entitled to any tax gross-up as a result of the
lapse of restrictions under this Agreement.

     6. Termination of Employment.

          (a) In the event that the Grantee terminates his or her employment with the Company because of
normal retirement (under the terms of the Company’s Employee Stock Ownership Plan (“ESOP”) in
effect on the date of such termination of employment (or on the date the ESOP is terminated if not
then in effect)), the Period of Restriction with respect to any Restricted Stock Units held by the
Grantee shall automatically terminate and the Company shall issue Grantee one share of Stock for
each Restricted Stock Unit which has become vested.

          (b) In the event that the Grantee terminates his or her employment with the Company because of
“early retirement” (under the terms of the ESOP in effect on the date of such termination of
employment (or on the date the ESOP is terminated if not then in effect)) the Committee may, in its
sole discretion, waive the Period of Restriction and/or add such new restrictions to the Restricted
Stock Units as it deems appropriate.

          (c) In the event the Grantee terminates his or her employment with the Company because of
death or Disability during the Period of Restriction, the Period of Restriction shall terminate
automatically with respect to that number of Restricted Stock Units (rounded to the nearest whole
number) equal to the total number of Restricted Stock Units granted multiplied by the number of
full months which have elapsed since the Grant Date divided by the maximum number of full months of
the Period of Restriction. All remaining Restricted Stock Units shall be forfeited; provided,
however, that the Committee may, in its sole discretion, waive the restrictions remaining on all
such remaining Restricted Stock Units. “Disability” means the permanent and total inability, by
reason of physical or mental infirmity, or both, of the Grantee to perform the work customarily
assigned to him or her by the Company. The determination of the existence or nonexistence of a
Disability shall be made by the Committee based on satisfactory medical evidence.

          (d) In the event the employment of the Grantee with the Company is terminated by any reason
other than death, Disability, normal retirement, or early retirement prior to the expiration of the
Period of Restriction, then the Restricted Stock Units shall be automatically forfeited by the
Grantee.

     7. Forfeiture of Restricted Stock Units and Repayment of Restricted Stock Unit Value.

          (a) If, at any time after the Grant Date, the Grantee engages in any act in violation of any
agreement between Grantee and the Company (whether executed prior to, simultaneous with, or after
the date of this Agreement) having the effect or purpose of prohibiting or restricting all or any
of (A) the disclosure by Grantee of confidential information obtained from the Company or any
subsidiary; (B) activities by the Grantee in competition with the Company or any subsidiary; or (C)
solicitation by the Grantee of customers of the Company or any subsidiary in competition with the
Company or any subsidiary (including, without limitation, any agreement entitled “Noncompetition,
Nonsolicitation and Confidentiality

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Agreement”), or any amendment thereto or extension thereof or successor or replacement
agreement, then notwithstanding any other terms of this Grant:

               (i) If the Period of Restriction has not then expired, the Restricted Stock Units shall
automatically be forfeited by the Grantee; and

               (ii) If the Period of Restriction expired prior to the termination date of the agreement
referred to in the introductory portion of this subparagraph (a), the Grantee shall be obligated to
pay to the Company the Restricted Stock Unit Value. “Restricted Stock Unit Value” shall mean the
total market value of the shares of Stock as determined based upon the closing price of the Stock
on the New York Stock Exchange on the expiration date of the Period of Restriction.

          (b) Notwithstanding the foregoing, this Section 7 shall immediately become null and void and
of no further force and effect upon the occurrence of a Change of Control.

     8. Tax Withholding. The Grantee may by written election, elect to pay all or a portion of the
federal, state and local withholding taxes arising in connection with the lapse of restrictions on
Restricted Stock, by electing to (a) have the Company withhold shares of Stock to be issued in
connection with such benefit provided, however, that the amount to be withheld shall not exceed the
Company’s minimum statutory federal, state and local tax withholding obligations for the Grantee
(“Minimum Obligations”) associated with the transaction, (b) have the Company withhold up to 50% of
the shares of Stock to be issued in connection with such benefit provided that the Grantee can
demonstrate that the Grantee holds previously owned shares of Stock (“Previous Shares”) equal to
the difference between the amount withheld and the Minimum Obligations and that the Previous Shares
have been held for a minimum of six months and the Grantee agrees to hold the Previous Shares for
at least six months from the date of the lapse of restrictions, (c) deliver up to 50% of other
previously owned shares of Stock, having a Fair Market Value equal to the amount to be withheld
provided that the shares have been held by the Grantee for a minimum of six months, or (d) pay the
withholding amount in cash. The written election must be made on or before the date as of which the
amount of tax to be withheld is determined. The Fair Market Value of fractional shares of Stock
remaining after payment of the withholding taxes shall be paid to the Grantee in cash.

     9. Rights as Shareholder. Grantee shall not be entitled to vote or to receive dividends until
the Restricted Stock Units have become vested and shares of Stock are issued to Grantee.

     10. No Right to Continued Employment. This Grant shall not confer upon Grantee any right with
respect to continuance of employment by the Company or any subsidiary, nor shall it interfere in
any way with the right of the Company to terminate Grantee’s employment at any time.

     11. Designation of Beneficiary. The person designated by the Grantee as his or her beneficiary
or any successor designated by the Grantee in accordance herewith (the “Beneficiary”) shall be
entitled to the Restricted Stock Units as to which the Period of Restriction has not expired,
subject to Section 6(c) hereof, after the death of the Grantee. The

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Grantee may from time to time revoke or change his or her Beneficiary without the consent of
any prior Beneficiary by filing a new designation with the Committee. The last such designation
received by the Committee shall be controlling; provided, however, that no designation, or change
or revocation thereof, shall be effective unless received by the Committee prior to the Grantee’s
death, and in no event shall any designation be effective as of a date prior to such receipt. If no
such Beneficiary designation is in effect at the time of the Grantee’s death, or if no designated
Beneficiary survives the Grantee, or if such designation conflicts with law, the Grantee’s estate
acting through his or her legal representative, shall be entitled to the Restricted Stock Units as
to which the Period of Restriction has not expired, subject to Section 6(c) hereof, after the death
of the Grantee.

     12. Powers of the Company Not Affected. The existence of the Restricted Stock Units shall not
affect in any way the right or power of the Company or its shareholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business, or any merger or consolidation of the Company, or any issuance of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Company’s common stock or
the rights thereof, or dissolution or liquidation of the Company, or any sale or transfer of all or
any part of the Company’s assets or business or any other corporate act or proceeding, whether of a
similar character or otherwise.

     13. Interpretation by Committee. As a condition of the granting of the Restricted Stock Units,
the Grantee agrees, for himself and his legal representatives or guardians, successors and assigns,
that this Agreement shall be interpreted by the Committee and that any interpretation by the
Committee of the terms of this Agreement and any determination made by the Committee pursuant to
this Agreement shall be final, binding and conclusive.

     14. Severability. Wherever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any provision hereof is held
to be prohibited by or invalid under applicable law, such provision will be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions hereof.

     15. Waiver of Rights Under February 7, 2008 Grant. The Company and Grantee agree that this
Grant replaces the restricted stock grant to Grantee authorized by the Committee on February 7,
2008. Grantee expressly waives any right to the February 7, 2008 restricted stock grant.

     IN WITNESS WHEREOF, the parties have executed this Restricted Stock Agreement, in duplicate,
as of the date of grant shown above.

	 	 	 	 	 
	 	 	SENSIENT TECHNOLOGIES CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Vice President — Administration
	 
	 	 	 	 
	 

Grantee

	 	 	 	 

4exv10w1

 

EXHIBIT 10.1

HUTCHINSON TECHNOLOGY INCORPORATED

1996 INCENTIVE PLAN

(As Amended and Restated January 30, 2008)

*[Form of]*

Incentive Stock Option Agreement

(Employee)

	 	 	 
	Name of Optionee:

	 	*[Optionee’s Name]*
	No. of Shares Covered:

	 	*[Number of shares]*
	Exercise Price Per Share:

	 	$*[       ]*
	Date of Grant:

	 	*[Date]*
	Expiration Date:

	 	*[Date]*

This is an Incentive Stock Option Agreement (“Agreement”) between Hutchinson Technology
Incorporated, a Minnesota corporation (the “Company”), and the optionee identified above (the
“Optionee”), effective as of the date of grant specified above. Unless the context indicates
otherwise, terms that are not defined in this Agreement will have the meaning set forth in the Plan
as it currently exists or as it is amended in the future.

Recitals

WHEREAS, the Company maintains the Hutchinson Technology Incorporated 1996 Incentive
Plan (As Amended and Restated January 30, 2008) (the “Plan”); and

WHEREAS, awards may be granted pursuant to the Plan to employees of the Company; and

WHEREAS, the Optionee is eligible to receive an award under the Plan in the form of an
incentive stock option (the “Option”).

NOW, THEREFORE, the Company hereby grants this Option to the Optionee under the terms
and conditions as follows.

 

 

Terms and Conditions

	1.	 	Grant. The Optionee is granted this Option to purchase the number of Shares
specified at the beginning of this Agreement.
	 
	2.	 	Exercise Price. The price to the Optionee of each Share subject to this Option will
be the exercise price specified at the beginning of this Agreement (which price may not be
less than the Fair Market Value of a Share as of the date of grant, or if the Optionee owns or
is deemed to own stock possessing more than 10% of the combined voting power of all classes of
stock of the Company, 110% of the Fair Market Value of a Share as of the date of grant).
	 
	3.	 	Incentive Stock Option. This Option is intended to be an “incentive stock option”
within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”), but to the extent the Option fails to qualify as an incentive stock option, it will
be treated as a non-statutory stock option.
	 
	4.	 	Exercise Schedule. This Option will vest (a) as to 50% of the Shares covered hereby,
on the second anniversary of the date of the grant of this Option, and (b) as to the remaining
50% of the Shares covered hereby, on the third anniversary of the date of the grant of this
Option. If this Option has not expired prior thereto, it may be exercised in whole or in part
with respect to any Shares as to which this Option has vested.
	 
	 	 	This Option may also be exercised under the circumstances described in Sections 8 and 9 of
this Agreement if it has not expired prior thereto.
	 
	5.	 	Expiration. This Option will expire at 5:00 p.m. Central Time on the earliest of:
	 
	 	 	(a)	 	the expiration date specified at the beginning of this Agreement (which date shall
not be later than 10 years after the date of grant or, if the Optionee owns or is deemed
to own stock possessing more than 10% of the combined voting power of all classes of
stock of the Company, five years after the date of grant);
	 
	 	 	(b)	 	the last day of the period following the termination of employment of the Optionee
during which this Option can be exercised (as specified in Section 7 of this Agreement);
or
	 
	 	 	(c)	 	the date (if any) fixed for cancellation pursuant to Section 9 of this Agreement.
	 
	 	 	In no event may anyone exercise this Option, in whole or in part, after it has expired,
notwithstanding any other provision of this Agreement.
	 
	6.  	 	Procedure to Exercise Option.
	 
	 	 	Method of Exercise. This Option may be exercised by delivering written or electronic
notice of exercise to the Company at the principal executive office of the Company, to the
attention of the Company’s Vice President, Human Resources or the party designated by

 

 

	 	 	such officer (which written or electronic notice will state the number of Shares to be
purchased and must be signed or otherwise authenticated by the person exercising this Option),
or by such other means as the Board or Committee may approve. If the person exercising this
Option is not the Optionee, he/she also must submit appropriate proof of his/her right to
exercise this Option.
	 
	 	 	Tender of Payment. Upon giving notice of any exercise hereunder, the Optionee will provide
for payment of the purchase price of the Shares being purchased through one or a combination
of the following methods:
	 
	 	 	(a)	 	cash;
	 
	 	 	(b)	 	to the extent permitted by law, a broker-assisted cashless exercise in which the
Optionee irrevocably instructs a broker to deliver proceeds of a sale of all or a portion
of the Shares to be issued pursuant to the exercise (or a loan secured by such Shares) to
the Company in payment of the purchase price of such Shares;
	 
	 	 	(c)	 	by delivery to the Company or its designated agent of unencumbered Shares having an
aggregate Fair Market Value on the date of exercise equal to the purchase price of such
Shares; or
	 
	 	 	(d)	 	by a reduction in the number of Shares delivered to the Optionee upon exercise,
such number of Shares having an aggregate Fair Market Value on the date of exercise equal
to the purchase price of such Shares.
	 
	 	 	Notwithstanding the foregoing, the Optionee may not pay any portion of the purchase price with
Shares if the Committee, in its sole discretion, determines that payment in such manner is
undesirable.
	 
	 	 	Issuance of Shares. As soon as practicable after the Company receives notice of the exercise
in a manner approved by the Board or Committee and the purchase price provided for above, it
will arrange for the delivery of the Shares being purchased in accordance with the delivery
instructions related to such notice. The Company will pay any original issue or transfer
taxes with respect to the issue or transfer of the Shares and all fees and expenses incurred
by it in connection therewith. All Shares so issued will be fully paid and nonassessable.
Notwithstanding anything to the contrary in this Agreement, the Company will not be required
to issue or deliver any Shares prior to the completion of such registration or other
qualification of such Shares under any state or federal law, rule or regulation as the Company
may determine to be necessary or desirable.
	 
	7.  	 	Employment Requirement. This Option may be exercised only while the Optionee remains
employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been
continuously so employed since the date of this Agreement; provided that:

 

 

	 	(a)	 	this Option may be exercised for three months following the day the Optionee’s
employment by the Company terminates if such termination of employment is for a reason
other than Cause, death or Disability, but only to the extent that it was exercisable
immediately prior to termination of employment;
	 
	 	(b)	 	this Option may be exercised within three years after the Optionee’s employment by
the Company terminates if such termination of employment is because of death or
Disability;
	 
	 	(c)	 	if the Optionee’s employment terminates after a declaration made pursuant to
Section 13 of the Plan in connection with an Event, this Option may be exercised at any
time permitted by such declaration; and
	 
	 	(d)	 	notwithstanding paragraph (a) of this Section 7, if (i) the Optionee has been
employed by the Company for at least ten years (whether or not consecutive), and (ii) the
Optionee’s employment with the Company terminates for reasons other than Cause or death
or Disability after the Optionee has reached age 55, then this Option may be exercised at
any time within three years after the Optionee’s employment by the Company terminates,
but only to the extent that it was exercisable immediately prior to termination of
employment.

	 	 	Notwithstanding the above, this Option may not be exercised after the expiration date
specified at the beginning of this Agreement.
	 
	8.	 	Acceleration of Option. This Option may be exercised in full, regardless of whether
such exercise occurs prior to a date on which this Option would otherwise vest, upon
termination of the Optionee’s employment with the Company and any parent or subsidiary thereof
due to the death or Disability of the Optionee; provided that the Optionee has been
continuously employed by the Company or a parent or subsidiary thereof between the date of
this Agreement and the date of such death or Disability.
	 
	9.	 	Change in Control. In the event there is a Change in Control of the Company during
the term of this Option, the effect of that Change in Control shall be as provided in Section
12 of the Plan as in effect on the date of this Agreement. In connection with a proposed
Change in Control of the Company that would also constitute an Event, any of the actions
described in Section 13 of the Plan as in effect on the date of this Agreement may be taken.
	 
	10.	 	Limitation on Transfer. While the Optionee is alive, only the Optionee or his/her
guardian or legal representative may exercise this Option. This Option may not be assigned or
transferred other than by will or the laws of descent and distribution or pursuant to a
qualified domestic relations order.
	 
	11.	 	No Shareholder Rights Before Exercise. No person may have any of the rights of a
shareholder of the Company with respect to any Share subject to this Option until the Share is
actually issued to him/her upon exercise of this Option.

 

 

	12.	 	Changes in Capitalization. In the event of any reorganization, merger,
consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split,
combination of shares, rights offering, or extraordinary dividend or divestiture (including a
spin-off), or any other change in the corporate structure or Shares of the Company, such
adjustments as are authorized pursuant to Section 14 of the Plan shall be made as to the
number and kind of securities issuable upon exercise of this Option and the exercise price
hereof in order to prevent dilution or enlargement of rights of the Optionee.

	13.	 	Transfer of Shares – Tax Effect. If any shares of stock received pursuant to the
exercise of this Option are sold within two years from the date of grant specified at the
beginning of this Agreement or within one year from the effective date of exercise of the
Option (a “disqualifying disposition”), or if certain other requirements of the Code are not
satisfied, such shares will not be deemed to have been acquired by the Optionee pursuant to an
incentive stock option for purposes of the Code. The Company will not be liable to the
Optionee if the Option, or any part of it, is deemed for any reason not to be an “incentive
stock option” within the meaning of the Code.

	14.	 	Interpretation of This Agreement. All decisions and interpretations made by the
Board or the Committee with regard to any question arising hereunder or under the Plan will be
binding and conclusive upon the Company and the Optionee. If there is any inconsistency
between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

	15.	 	Discontinuance of Employment. This Agreement does not give the Optionee a right to
continued employment with the Company or any parent or subsidiary of the Company, and the
Company or any such parent or subsidiary employing the Optionee may terminate his/her
employment at any time and otherwise deal with the Optionee without regard to the effect it
may have upon him/her under this Agreement.

	16.	 	Option Subject to Plan, Articles of Incorporation and By-Laws. The Optionee
acknowledges that this Option and the exercise thereof is subject to the Plan, the Articles of
Incorporation, as amended from time to time, and the By-Laws, as amended from time to time, of
the Company, and any applicable federal or state laws, rules or regulations.

	17.	 	Obligation to Reserve Sufficient Shares. The Company will at all times during the
term of this Option reserve and keep available a sufficient number of Shares to satisfy this
Agreement.

	18.	 	Binding Effect. This Agreement is binding in all respects on the heirs,
representatives, successors and assigns of the Optionee.

	19.	 	Choice of Law. This Agreement is entered into under the laws of the State of
Minnesota and will be construed and interpreted thereunder (without regard to its conflict of
law principles).

 

 

     IN WITNESS WHEREOF, the Optionee and the Company have executed this Agreement as of the
                      day of                                         , 20   
                 .

	 	 	 	 	 
	 

	 	*[OPTIONEE’S NAME]*	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	HUTCHINSON TECHNOLOGY INCORPORATED	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	*[Name of Authorized Officer]*	 	 
	 

	 	*[Title of Authorized Officer]*

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