Document:

exv10wb

 

EXHIBIT 10B

COGNEX CORPORATION

Amendment to 1993 Stock Option Plan for Non-Employee Directors

The Cognex Corporation 1993 Stock Option Plan for Non-Employee Directors (the “Plan”) is
hereby amended as follows:

	 	1.	 	Section 8 of the Plan is hereby deleted in its entirety and the following is
substituted therefor:

“8. TRANSFERABILITY OF OPTIONS: Any Option granted pursuant to this Plan
shall not be assignable or transferable other than by will or the laws of
descent and distribution, except that an optionee may transfer Options
granted under this Plan to the optionee’s spouse or children or to a trust
for the benefit of the optionee or the optionee’s spouse or children.”

	 	2.	 	Except as modified hereby, the Plan is hereby ratified and confirmed in all respects.

	 	 	 	 	 
	 

	 	COGNEX CORPORATION	 	 
	 
	 	 	 	 
	 

	 	By: \s\ Anthony J. Medaglia, Jr.

Clerk
	 	 

Adopted by the Board of Directors:

               December 16, 1997exv10wd

 

EXHIBIT 10D

COGNEX CORPORATION

Amendment to 1993 Stock Option Plan

          The Cognex Corporation 1993 Stock Option Plan (the “Plan”) is hereby amended as follows:

          1. Section 11 of the Plan is amended by adding the following
after the last sentence of the paragraph:

“11. TRANSFERABILITY OF OPTIONS

Notwithstanding the foregoing, an optionee may transfer non-qualified
Options granted under this Plan to the optionee’s spouse or children or to a
trust for the benefit of the optionee or the optionee’s spouse
or children.”

          2. Except as modified hereby, the Plan is hereby ratified and
confirmed in all respects.

COGNEX CORPORATION

By: \s\ Anthony J. Medaglia, Jr.

Clerk

Adopted by the Board of Directors:

               December 16, 1997exv10wr

 

EXHIBIT 10R

July 26, 2007

[Name of Director]

One Vision Drive

Natick, MA 01760

Dear [name]:

This is to inform you that on April 18, 2007, the Compensation Committee took action to amend your
outstanding options to acquire shares of common stock of Cognex Corporation (the “Corporation”) as
follows:

“In the event of a corporate transaction, including a merger or
reorganization, whereby the holders of the outstanding shares of
common stock of the Corporation before the transaction fail to have
a beneficial interest of 51 percent or more of the shares of
outstanding common stock of the Corporation or its successor (or its
ultimate parent) after the consummation of the transaction, all your
outstanding options to acquire shares of common stock of the
Corporation shall become vested and fully exercisable immediately
prior to the consummation of the transaction.”

All your outstanding Stock Option Agreements with the Corporation as of the date of this letter,
are deemed amended in accordance with the foregoing.

Sincerely yours,

/s/ Jerald Fishman

Jerald Fishman

Chairman, Compensation Committee

Cognex Corporationexv10ws

 

EXHIBIT 10S

July 26, 2007

[Name of Executive Officer]

Cognex Corporation

One Vision Drive

Natick, MA 01760

Dear [name]:

This is to inform you that on April 18, 2007, the Compensation Committee took action to amend your
outstanding options to acquire shares of common stock of Cognex Corporation (the “Corporation”) as
follows:

     “In the event of a corporate transaction, including a merger or
reorganization, whereby the holders of the outstanding shares of
common stock of the Corporation before the transaction fail to have
a beneficial interest of 51 percent or more of the shares of
outstanding common stock of the Corporation or its successor (or its
ultimate parent) after the consummation of the transaction,
and within 12 months of the consummation of the transaction,
your employment is involuntarily terminated, all your outstanding
options to acquire shares of common stock of the Corporation shall
become immediately vested and fully exercisable. For purposes
hereof, your employment is considered to be involuntarily terminated
if the Corporation or its successor terminates your employment
without Cause or you resign your employment for Good Reason.

     The term “Cause” shall mean (i) your willful and continued
failure to perform substantially your duties with the Corporation
(other than any failure resulting from incapacity due to physical or
mental illness), after a written demand of performance is delivered
to you by the Board or the Chief Executive Officer of the
Corporation which identifies the manner in which the Board or Chief
Executive Officer believes that you have not substantially performed
your duties; or (ii) your willful engagement in illegal conduct or
gross misconduct which is materially injurious to the Corporation.

     The term “Good Reason” shall mean (i) a material diminution in
your duties or responsibilities, excluding for this purpose any
diminution related solely to the Corporation ceasing to be a
reporting company for purposes of the Securities Exchange Act of
1934, or (ii) the Corporation’s requiring you to be based at any
office or location that is more than fifty (50) miles from your
current office.”

     All your outstanding Stock Option Agreements with the Corporation as of the date of this
letter, are deemed amended in accordance with the foregoing.

Sincerely yours,

/s/ Jerald Fishman

Jerald Fishman

Chairman, Compensation Committee

Cognex Corporationexv10wt

 

EXHIBIT 10T

COGNEX CORPORATION

STOCK OPTION AGREEMENT (NON-QUALIFIED)

UNDER 1998 STOCK INCENTIVE PLAN

AGREEMENT entered into as of [date], by and between COGNEX CORPORATION, a Massachusetts corporation
(the “Company”) and the undersigned employee, director or consultant of the Company or one of its
subsidiaries (the “Optionee”).

Recitals:

	1.	 	The Company desires to afford the Optionee an opportunity to purchase shares of its common
stock ($0.002 par value) (“Shares”) to carry out the purposes of the Cognex Corporation 1998
Stock Incentive Plan (the “Plan”).
	 
	2.	 	Section 6 of the Plan provides that each option is to be evidenced by an option agreement,
setting forth the terms and conditions of the option.

ACCORDINGLY, in consideration of the premises and of the mutual covenants and agreements contained
herein, the Company and the Optionee hereby agree as follows:

	1.	 	Grant of Option

The Company hereby grants to the Optionee a non-qualified stock option (the “Option”) to purchase
all or any part of an aggregate of [number] Shares on the terms and conditions hereinafter set
forth.

	2.	 	Purchase Price

The purchase price (“Purchase Price”) for the Shares covered by the Option shall be
$[                    ].

	3.	 	Time and Manner of Exercise of Option
	 
	3.1	 	The Option shall not be exercisable prior to [date]. Thereafter, the Option shall only be
exercisable, in the amounts and on or after the vesting dates as follows:

	 	 	 	 	 	 
	 

	 	 	 	Shares	 
	 

	 	 	 	Becoming Available	 
	 

	 	On or After
	 	for Exercise	 
	 

	 	 	 	 

	 

 

 

	 	 	Notwithstanding the foregoing, the Option shall not be exercisable until such time that the
Optionee and the Company have duly executed all of the agreements required at the time of
grant of the Option by the Company for 1) full-time employment by the Company, if the
Optionee is an employee of the Company, including, but not limited to, the Company’s
Employee, Invention, Non-Disclosure and Non-Competition Agreement, or 2) consultancy by the
Company, if the optionee is a consultant to the Company, including, but not limited to, the
Company’s Consultant Agreement, or 3) directorship of the Company, if the Optionee is a
director of the Company, including, but not limited to, the Company’s Confidentiality and
Non-Competition Agreement.
	 
	 	 	[Included for Directors: In the event of a corporate transaction, including a merger or
reorganization, whereby the holders of the outstanding shares of common stock of the
Corporation before the transaction fail to have a beneficial interest of 51 percent or more
of the shares of outstanding common stock of the Corporation or its successor (or its
ultimate parent) after the consummation of the transaction, all your outstanding options to
acquire shares of common stock of the Corporation shall become vested and fully exercisable
immediately prior to the consummation of the transaction.]
	 
	 	 	[Included for Executive Officers: In the event of a corporate transaction, including a
merger or reorganization, whereby the holders of the outstanding shares of common stock of
the Corporation before the transaction fail to have a beneficial interest of 51 percent or
more of the shares of outstanding common stock of the Corporation or its successor (or its
ultimate parent) after the consummation of the transaction, and within 12 months of
the consummation of the transaction, your employment is involuntarily terminated, all your
outstanding options to acquire shares of common stock of the Corporation shall become
immediately vested and fully exercisable. For purposes hereof, your employment is
considered to be involuntarily terminated if the Corporation or its successor terminates
your employment without Cause or you resign your employment for Good Reason.
	 
	 	 	The term “Cause” shall mean (i) your willful and continued failure to perform substantially
your duties with the Corporation (other than any failure resulting from incapacity due to
physical or mental illness), after a written demand of performance is delivered to you by
the Board or the Chief Executive Officer of the Corporation which identifies the manner in
which the Board or Chief Executive Officer believes that you have not substantially
performed your duties; or (ii) your willful engagement in illegal conduct or gross
misconduct which is materially injurious to the Corporation.
	 
	 	 	The term “Good Reason”’ shall mean (i) a material diminution in your duties or
responsibilities, excluding for this purpose any diminution related solely to the
Corporation ceasing to be a reporting company for purposes of the Securities Exchange Act of
1934, or (ii) the Corporation’s requiring you to be based at any office or location that is
more than fifty (50) miles from your current office.]
	 
	3.2	 	To the extent that the right to exercise the Option has accrued and is in effect, the Option
may be exercised in full at one time or in part from time to time, by giving written notice,
signed by the person or persons exercising the Option, to the Company, stating the number of
Shares with respect to which the Option is being exercised, accompanied by payment in full of
the Purchase Price for such Shares, which payment may, at the Optionee’s request and in the
Company’s sole discretion, be in whole or in part in shares of the common stock of the Company
already owned by the person or persons exercising the Option, valued at fair market value. If
such stock is traded on the NASDAQ National Market System, the price shall be the mean between
the high and low sale prices quoted on NASDAQ on the date nearest preceding the date of
exercise. There shall be no such exercise at any one time as to fewer than Two Hundred and
Fifty (250) Shares or all of the remaining Shares then purchasable by the person or persons
exercising the Option, if fewer than Two Hundred and Fifty (250) Shares. Upon such exercise,
delivery of a certificate for paid-up, non-assessable Shares shall be made at the principal
office of the Company to the person or persons exercising the Option at such time, during
ordinary business hours, after fifteen (15) days but not more than thirty (30) days from the
date of receipt of the notice by the Company, as shall be designated in such notice, or at
such time, place and manner as may be agreed upon by the Company and the person or persons
exercising the Option.
	 
	3.3	 	Accrual of the right to exercise the option ceases during a medical leave or leave of absence
from the Company or upon a change of an employee’s full-time employment status to part-time
employment.

 

 

	 	 	 The schedule shown in 3.1 will be extended one day for each day that the
optionee was on leave or a part-time employee. The term of the option as specified in 4.1
shall remain as stated.
	 
	3.4	 	The Company shall at all times during the term of the Option reserve and keep available such
number of shares of its common stock as will be sufficient to satisfy the requirements of the
Option, shall pay all original issue and transfer taxes with respect to the issue and transfer
of Shares pursuant hereto, and all other fees and expenses necessarily incurred by the Company
in connection therewith. The holder of this Option shall not have any of the rights of a
stockholder of the Company in respect of the Shares until one or more certificates for such
Shares shall be delivered to him upon the due exercise of the Option.
	 
	3.5	 	Optionee agrees that he/she will not claim, now or at any time in the future, whether during
Optionee’s affiliation with the Company (i.e. during Optionee’s employment if an employee, or
during Optionee’s consultancy engagement if a consultant, or during Optionee’s tenure as a
director if a director of Company) or after such affiliation has terminated (either
voluntarily or involuntarily and whether with or without cause), that Optionee should be
entitled to exercise any of the then remaining unvested shares prior to the vesting dates for
any reason, including, but not limited to, any claim for services, contributions or efforts
made by Optionee on behalf of Cognex during his/her affiliation with Cognex.
	 
	4.	 	Term of Option
	 
	4.1	 	The Option shall terminate on [date] , but shall be subject to earlier termination as
hereinafter provided.
	 
	4.2	 	In the event that the Optionee ceases to be affiliated with the Company (or one of its
subsidiaries) by reason of termination of his or her employment (whether voluntary or
involuntary and whether with or without cause), consultancy or directorship, the Option may be
exercised, only to the extent then exercisable under Section 3.1 within seven (7) business
days after the date on which the Optionee ceased his or her such affiliation with the Company
unless termination (a) was by the Company for cause or was by the Optionee in breach of an
employment, consulting or directorship contract, in any of which cases the Option shall
terminate immediately at the time the Optionee ceases his or her such affiliation with the
Company and shall not be exercisable, (b) was because the Optionee has become disabled (within
the meaning of Section 105(d)(4) of the Internal Revenue Code of 1986, as amended), or (c) was
by reason of the death of the Optionee. In the case of disability, the Option may be
exercised, to the extent then exercisable under Sections 3.1 and 3.3, at any time within
twelve (12) months after the date of termination of his or her such affiliation with the
Company, but in any event prior to the expiration of ten (10) years from the date hereof.
	 
	4.3	 	In the event of the death of the Optionee, the Option may be exercised, to the extent the
Optionee was entitled to do so on the date of his or her death under the provisions of
Sections 3.1 and 3.3 by the estate of the Optionee or by any person or persons who acquire the
right to exercise the Option by bequest or inheritance or otherwise by reason of the death of
the Optionee. In such circumstances, the Option may be exercised at any time within twelve
(12) months after the date of death of the Optionee, but in any event prior to the expiration
of ten (10) years from the date hereof.
	 
	5.	 	Transferability of Options

The right of the Optionee to exercise the Option shall not be assignable or transferable by the
Optionee otherwise than by will or the laws of descent and distribution, and the Option may be
exercised during the lifetime of the Optionee only by him, except that (i) the Optionee may
transfer the Option to the Optionee’s spouse or children or to a trust for the benefit of the
Optionee or the Optionee’s spouse or children and (ii) the Optionee may transfer the Option
pursuant to a divorce decree or other domestic relations order as defined in the Code or Title I of
the Employee Retirement Income Security Act of 1974, as amended (or the rules thereunder). The
Option shall be null and void and without effect upon the bankruptcy of the Optionee or upon any
attempted assignment or transfer, except as hereinabove provided, including without limitation, any purported
assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition
contrary to the provisions 

 

 

 hereof, or other disposition, attachment, trustee process or similar
process, whether legal or equitable, upon the Option.

	6.	 	Adjustments Upon Changes in Capitalization

In the event that the outstanding shares of the common stock of the Company are changed into or
exchanged for a different number or kind of shares or other securities of the Company or of another
corporation by reason of any reorganization, merger, consolidation, recapitalization,
reclassification, stock split-up, combination of shares or dividend payable in capital stock,
appropriate adjustment shall be made in the number and kind of shares as to which the Option, or
any part thereof then unexercised, shall be exercisable, to the end that the proportionate interest
of the Optionee shall remain as before the occurrence of such event; such adjustment in the Option
shall be made without change in the total price applicable to the unexercised portion of the Option
and with a corresponding adjustment in the Option price per share. In the event of a “Change in
Control”, as such term is defined in the Plan, the provisions of Section 12 of the Plan shall apply
to this Option.

	7.	 	Severability

Each provision of this Agreement shall be treated as a separate and independent clause, and the
unenforceability of any one clause shall in no way impair the enforceability of any of the other
clauses herein. In the event that any provision hereof or any obligation or grant, or rights by
the undersigned hereunder is found invalid or unenforceable pursuant to judicial decree or
decision, any such provision, obligation, or grant of right shall be deemed and construed to extend
only to the maximum permitted by law, and the remainder of this Agreement shall remain valid and
enforceable according to its terms.

	8.	 	Withholding Taxes

Whenever Shares are to be issued upon exercise of this Option, the Company shall have the right to
require the Optionee to remit to the Company an amount sufficient to satisfy all Federal, state and
local withholding tax requirements prior to the delivery of any certificate or certificates for
such Shares.

	9.	 	Transfer Restriction

The Optionee shall not, without the written consent of the Company, sell or transfer any Shares
acquired pursuant to the exercise of this Option prior to the expiration of six (6) months after
the date the Shares were purchased from the Company. The Company shall not be required to transfer
on its books any Shares of the Company which shall have been sold or transferred in violation of
this provision or to treat as owner of such Shares or to pay dividends to any transferee to whom
such Shares shall have been so transferred. The company shall place a legend on the stock
certificates issued to the Optionee for the Shares acquired pursuant to the exercise of this Option
reflecting the restriction contained in this Section 9.

The foregoing paragraph of this Section 9 shall not apply in the event that one hundred percent
(100%) of the aggregate Shares of this Option are available for purchase by the Optionee per
Sections 3.1 and 3.3 above.

	10.	 	No Special Rights

Nothing contained in the Plan or in this Agreement shall be construed or deemed by any person under
any circumstances to bind the Company to continue the affiliation of the Optionee, as either
employee or consultant or director, with the Company for the period within which this Option may
be exercised. If Optionee is an employee of the Company, he/she acknowledges the he/she is an
employee “at will” and that Company provides no guarantee or assurance of Optionee’s employment
with Company prior to or after the vesting dates contained in Section 3 above.

 

 

	11.	 	Non-Competition

The Optionee reaffirms his/her promise to be bound by the non-competition provision as stated in
the Employee Invention, Non-Disclosure and Non-Competition Agreement entered into between the
Optionee and the Company, (the “Employment Agreement”). The Optionee agrees that any pre-tax gains
realized by the Optionee pursuant to the exercise of this Option (along with other good and
valuable consideration including, but not limited to employment by the Company, salary and other
Company-provided benefits) are additional and sufficient consideration for the Optionee’s
performance of his/her non-competition obligations as stated in the Optionee’s Employment
Agreement. Optionee agrees that if he or she breaches the non-competition obligations of
Optionee’s Employment Agreement then he or she shall pay damages to the Company, including, but not
limited to an amount equal to the sum of: (a) the total of all pre-tax gains realized by Optionee
as a result of the exercise of any portion of the Stock Option and (b) the total of all pre-tax
gains realized by Optionee as a result of the sale of any shares acquired by him/her through the
exercise of any portion of the Stock Option.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and its corporate seal to
be hereto affixed by Robert J. Shillman., its CEO, and President thereunto duly authorized, and the
Optionee has hereunto set his hand and seal, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	COGNEX CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

CEO, President
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Optionee
	 	 

V: 5/30/0

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