Document:

EXHIBIT A

TECHNITROL, INC.

BOARD OF DIRECTORS STOCK PLAN

 

 

1. DEFINITIONS

As used herein, the following terms shall have the meanings hereinafter set forth unless the context clearly indicates to the contrary:

1.1 "Board" - means the Board of Directors of the Company.

1.2 "Business Day" - means a day on which the New York Stock Exchange is open for the conduct of normal business.

1.3 "Company" - means Technitrol, Inc.

1.4 "Fair Market Value" - means the per share closing price of the Stock as reported by the principal national exchange upon which such Stock is traded (or if not traded on a national exchange then the mean average between the bona fide closing bid and ask prices).

1.5 "Outside Director" - means any person who is a member of the Board and is not employed by the Company or any subsidiary of the Company.

1.6 "Plan" - means the Company's Board of Directors Stock Plan, the terms of which are set forth herein.

1.7 "Stock" - means the common stock of the Company.

2. ESTABLISHMENT AND PURPOSE OF PLAN

2.1 Establishment and Purpose of Plan.  The Company hereby establishes the Plan for the purpose of assisting the Company in attracting and retaining highly qualified persons to serve as Directors on the Board and to provide such Directors an incentive to contribute to the growth and development of the Company through equity ownership in the Company.

2.2 .Effective Date of Plan.  The Plan will be effective on May 20, 1997, subject to shareholder approval at the 1998 Annual Meeting of Shareholders.

2.3 Expiration of the Plan.  The Plan shall terminate at the close of business on the date of the Company Annual Meeting of the Shareholders in 2008 (the "Expiration Date"), or such earlier date as the Board may determine pursuant to Section 7 of the Plan, and no shares of Stock shall be granted after that date.

3. STOCK SUBJECT TO PLAN

3.1 Limitations.  Subject to adjustment pursuant to the provisions of Section 3.2 hereof, the number of shares of Stock of the Company which may be granted under the Plan shall not exceed 105,000 shares.

3.2 Adjustments; Anti-Dilution.  If the outstanding shares of Stock of the Company are hereafter changed or converted into or exchanged or exchangeable for a different number or kind of shares or other securities of the Company or of another corporation by reason of a reorganization, merger, consolidation, recapitalization, reclassification, combination of shares, stock dividend, stock split or reverse stock split, appropriate adjustment shall be made in the number of shares and kind of stock which may be granted as provided in Section 3.1.

4. ADMINISTRATION OF THE PLAN

4.1 .Administration by the Board.  Subject to the provisions of the Plan, the Plan shall be administered by the Board.

4.2 Powers and Duties.  Except as otherwise provided in the Plan, the Board shall have sole discretion and authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, and to make all other determinations necessary or advisable in the administration of the Plan.

4.3 Liability of the Board.  No member of the Board shall be liable for any action, determination or interpretation under any provision of the Plan or otherwise if such action, determination or interpretation was done or made in good faith by such member of the Board.

5. SHARES OF STOCK GRANTED UNDER THE PLAN

5.1 Eligibility.  Outside Directors are eligible to participate in the Plan.

5.2 Grants.  

(a) At the organizational meeting of the Board immediately following the 1998 Annual Meeting of Shareholders, the Board shall grant to each person who is an Outside Director at the time of such Board meeting such number of shares of Stock which equals $15,000 using the Fair Market Value of the Stock on the Business Day immediately preceding the date of grant.

(b) At the organizational meeting of the Board immediately following the 1999 Annual Meeting of Shareholders, the Board shall grant to each Outside Director at the time of such Board meeting such number of shares of Stock which equals $20,000 using the Fair Market Value of the Stock on the Business Day immediately preceding the date of grant.

(c) At the organizational meeting of the Board immediately following the 2000 Annual Meeting of Shareholders and each Annual Meeting of Shareholders thereafter, the Board shall grant to each Outside Director at the time of such Board meeting such number of shares of Stock which equals $25,000 using the Fair Market Value of the Stock on the Business Day immediately preceding the date of grant.

5.3 Shares Awarded.  The shares of Stock awarded hereunder shall be issued to the Outside Directors in their own names, with all attendant rights of a shareholder of the Company.

5.4 Right as a Director.  Neither the Plan, nor the granting of any shares of Stock hereunder, nor any other action taken pursuant to the Plan, shall constitute or be evidence of any agreement or undertaking, express or implied, that the Company will retain any director for any period of time, or at any particular rate of compensation, or with any other benefits whatsoever.

6. DELIVERY OF STOCK CERTIFICATES

6.1 The Company shall not be required to issue or deliver any certificate for shares of Stock granted hereunder prior to the fulfillment of any of the following conditions which may, from time to time, be applicable to the issuance of shares of Stock hereunder:

(a) Listing of Shares.  The admission of such shares of Stock to listing on (i) all stock exchanges on which the Stock of the Company is then listed or (ii) the National Association of Securities Dealers Automated Quotation System.  

(b) Registration and/or Qualification.  (i) Receipt by the Secretary of the Company from the Outside Director or his heirs and assigns of such documents as the Company shall deem necessary to determine whether registration of the shares of Stock is required under the Securities Act of 1933, as amended (the "Act"), or to comply with such Act or any other law and (ii) the completion of any registration or other qualification of such shares of Stock under any federal or state securities laws or under the regulations promulgated by the Securities and Exchange Commission or any other federal or state governmental regulatory body, which the Board shall deem necessary or advisable.  The Company shall in no event be obligated to register the shares of Stock granted to any Outside Director pursuant to this Plan under the Act or any state securities laws.

(c) Approval or Clearance.  The obtaining of any approval or clearance from any federal or state governmental agency which the Board shall determine to be necessary or advisable.

(d) Reasonable Lapse of Time.  The lapse of such reasonable period of time following the grant of shares of Stock hereunder as the Board may establish from time to time for reasons of administrative convenience.

7. TERMINATION, AMENDMENT AND MODIFICATION OF PLAN

7.1 The Board has the right to terminate the Plan at any time.  The Board also has the right to amend or modify the Plan at any time or from time to time, subject to applicable laws, regulations and exchange requirements; provided, however, the Board may not, without further shareholder approval:

(a) except as contemplated in Section 3.2 of the Plan, increase the total number of shares of Stock subject to the Plan;

(b) make any amendments or modifications unless the Board determines any such amendment or modification would not materially increase the cost of the Plan to the Company; or

(c) continue the Plan in effect beyond the Expiration Date.

8. MISCELLANEOUS

8.1Plan Binding on the Successors.  The Plan shall be binding upon the successors and assigns of the Company.

8.2Withholding Taxes.  Whenever Federal, state and local tax is due on the grant of shares of Stock under this Plan, the Company may require the Outside Director to remit an amount sufficient to satisfy Federal, state and local withholding taxes prior to the delivery of any certificate for such shares.

8.3Stock Ownership Requirement.  The value of shares of Stock awarded under this Plan shall not be counted in determining whether an Outside Director has met his or her Stock ownership requirements as determined by the Board from time to time.Supplemental Indenture, dated as of May 19, 2005

 Exhibit 4.1 
  

EXECUTION COPY 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 JPMORGAN CHASE & CO. 
  
 (Formerly Known As The Chase Manhattan Corporation) 
  
 AND 
  
 THE BANK OF NEW YORK, 
  
 as Trustee 
  
 SUPPLEMENTAL INDENTURE 
  
 Dated as of May 19, 2005 
  
 to

  
 JUNIOR SUBORDINATED INDENTURE 
  
 Dated as of December 1, 1996 

 SUPPLEMENTAL INDENTURE, dated as of May 19, 2005, between JPMORGAN CHASE & CO. (formerly known as
“The Chase Manhattan Corporation”), a Delaware corporation (the “Company”) having its principal office at 270 Park Avenue, New York, NY 10017, and THE BANK OF NEW YORK, a New York banking corporation, as Trustee (the
“Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company and the Trustee have heretofore executed and delivered a
certain Junior Subordinated Indenture, dated as of December 1, 1996, as supplemented by the supplemental indenture thereto, dated as of September 23, 2004 (as so supplemented, the “Indenture”; capitalized terms not otherwise defined herein
shall have the meanings set forth in the Indenture), providing for the issuance from time to time of Securities; 
  
 WHEREAS, Section 9.1 of the Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee without the consent of any
Holder of any Securities to change or eliminate any of the provisions of the Indenture, provided that any such change or elimination shall become effective only when there is no Security outstanding of any series created prior to the execution of
such supplemental indenture which is entitled to the benefit of such provision; 
  
 WHEREAS, Section 9.1 of the Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee without the consent of any Holder of any Securities to establish the form or terms of
Securities of any series as permitted by Sections 2.1 or 3.1 of the Indenture, and pursuant thereto the Company has determined to establish certain provisions of the form and terms of Securities in each series issued on or after the date hereof;

  
 WHEREAS, the conditions set forth in the Indenture for the
execution and delivery of this Supplemental Indenture have been satisfied; and 
  
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been
done. 
  
 NOW, THEREFORE, in consideration of the premises and the
purchase of the Securities by the Holders thereof from time to time on or after the date hereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all such Holders, that the Indenture is supplemented and amended, to
the extent and for the purposes expressed herein, as follows: 
  
 ARTICLE I 
  
 SCOPE OF THIS SUPPLEMENTAL INDENTURE

  
 1.1. The changes, modifications and supplements to the
Indenture effected by this Supplemental Indenture in Sections 2.1 through 2.7 hereof shall only be applicable with respect to, and govern the terms of, any series of Securities issued on or after the date hereof, and shall not apply to any series of
Securities which have been issued under the Indenture prior to such date. 

 ARTICLE II 
  
 AMENDMENTS 
  
 2.1. The definition of “Debt” contained in Section 1.1 of the Indenture is hereby amended in its entirety to read as follows: 
  
 “Debt” means, with respect to any Person, whether
or not contingent, (i) every obligation of such Person for the repayment of money borrowed whether or not evidenced by bonds, debentures, notes or other written instruments, and any deferred obligation for payment of the purchase price of property
or assets (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business); (ii) every obligation of such Person for claims in respect of derivative products, including interest rate, foreign exchange rate and
commodity forward contracts, options and swaps and similar arrangements; and (iii) every obligation of the type referred to in clauses (i) and (ii) of another Person the payment of which, in either case, such Person has guaranteed or is responsible
or liable for, directly or indirectly, as obligor or otherwise. 
  
 2.2. Section 1.12 of the Indenture is hereby amended by deleting the phrase “, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF”. 
  
 2.3. Section 2.2 of the Indenture is hereby amended by deleting the phrase “So long as no Event of Default has occurred and is continuing, the
Company” and inserting the following phrase in its place: “The Company”. 
  
 2.4. The final sentence of Section 2.3 of the Indenture is hereby amended by deleting the phrase “WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF”. 
  
 2.5. Section 3.11 of the Indenture is hereby amended by deleting the first
sentence of such Section and inserting the following in its place: 
  
 If specified as contemplated by Section 2.1 or Section 3.1 with respect to the Securities of a particular series, the Company shall have the right, at any time during the term of such series, from time to time to
defer the payment of interest on such Securities for such period or periods as may be specified as contemplated by Section 3.1 (each, an “Extension Period”) during which Extension Periods the Company shall have the right to make partial
payments of interest on any Interest Payment Date. 
  
 2.6.
Section 5.1 of the Indenture is hereby amended by deleting clauses (4) and (5) and inserting the following clauses after clause (3): 
  
 (4) the entry of a decree or order for relief in respect to the Company by a court having jurisdiction in the premises in an involuntary
case under any applicable bankruptcy, insolvency or reorganization law now or hereafter in effect of the United States of America or any political subdivision thereof, and such decree or order shall have continued unstayed and in effect for a period
of sixty consecutive days; or 

 (5) the commencement by the Company of a voluntary case under any applicable bankruptcy,
insolvency or reorganization law now or hereafter in effect of the United States of America or a political subdivision thereof, or consent to the entry of an order for relief in an involuntary case under any such law; or 
  
 2.7. Section 5.8 of the Indenture is hereby amended by deleting the first
sentence of such Section and inserting the following in its place: 
  
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to
Section 3.7) interest (including any Additional Interest) on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder. In the case of Securities of a series held by a Trust, any holder of the corresponding series of Preferred Securities issued by such Trust shall have the right, upon
the occurrence of an Event of Default described in Section 5.1(1) or 5.1(2), to institute a suit directly against the Company for enforcement of payment to such holder of principal of (premium, if any) and (subject to Section 3.7) interest
(including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement under which such Trust is formed) of such Preferred Securities of the corresponding series
held by such holder. 
  
 ARTICLE III 
  
 MISCELLANEOUS 
  
 3.1. If any provision of this Supplemental Indenture limits, qualifies or conflicts with the duties imposed by any of
Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 through operation of Section 318(c) thereof, such imposed duties shall control. 
  
 3.2. The Article headings herein are for convenience only and shall not effect the construction hereof. 
  
 3.3. All covenants and agreements in this Supplemental Indenture by the
Company shall bind its successors and assigns, whether so expressed or not. 
  
 3.4. In case any provision of this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
  
 3.5. Nothing in this Supplemental Indenture is
intended to or shall provide any rights to any parties other than those expressly contemplated by this Supplemental Indenture. 
  
 3.6. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 3.7. The Trustee makes no representations as to the validity or sufficiency of this Supplemental
Indenture. The recitals and statements herein are deemed to be those of the Company and not of the Trustee. 

 *    *    *     * 
  
 This instrument may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the day and year first above written.

  

			
	JPMORGAN CHASE & CO.
		
	By  	 	 /S/    LOUIS M. MORRELL

	Name:	 	Louis M. Morrell
	Title:	 	Managing Director
	
	THE BANK OF NEW YORK
	as Trustee
		
	By  	 	 /S/    KISHA A. HOLDER

	Name:	 	Kisha A. Holder
	Title:	 	Assistant Vice President

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