Document:

exv10wf

 

Exhibit
10.f

                                         , 2007

Name and Address

of Employee

     Re: Amendment to Change in Control Agreement

     Dear                     :

Reference is made to Change in Control Agreement dated [INSERT DATE] (“Agreement”) between you and
Polaris Industries Inc., a Minnesota corporation (“Polaris”). For purposes of causing your
Agreement to be exempt from the requirements of Section 409A of the Internal Revenue Code, your
Agreement is hereby amended as follows:

	 	1.	 	Paragraph 1(c) of the Agreement is hereby amended and restated in its entirety
as follows:

(c) Good Reason. “Good Reason” means (i) the assignment to Employee of any
duties inconsistent in any material respect with Employee’s position or any material
reduction in the scope of the Employee’s authority and responsibility; (ii) there is
a material reduction in Employee’s base compensation; (iii) a material change in the
geographic location of your principal place of employment; or (iv) the Company
otherwise fails to perform any of its material obligations to Employee. You must
give the Company notice of the existence of Good Reason during the 90-day period
beginning on the date of the initial existence of Good Reason. If the Company
remedies the condition giving rise to Good Reason within 30 days thereafter, Good
Reason shall not exist and you will not be entitled to terminate employment for Good
Reason.

Please sign and return a copy of this letter indicating that you agree to the terms of this
amendment to your Agreement.

	 	 	 	 	 
	 	Very truly yours,

POLARIS INDUSTRIES INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	Title:  	 	 
	 

AGREED TO AND ACKNOWLEDGED:

Print Name:                                        

Signature:                                          

Date:EX-10.1

 

Exhibit 10-1

Short Term Achievement Reward Program

The Short Term Achievement Reward (“STAR”) Program is The Procter & Gamble Company’s (the “Company”
or “P&G”) annual incentive program designed to support outstanding business results of the Company
and its subsidiaries. Awards are made pursuant to the authority delegated by the Board of
Directors to the Compensation & Leadership Development Committee (the “Committee”) for awarding
additional remuneration and the 2001 Stock and Incentive Compensation Plan and/or the 2004 Gillette
Long Term Incentive Plan.

I. ELIGIBILITY

Eligibility is based on job level and the requirement of working at least four weeks during the
fiscal year. STAR participants who do not work a full schedule (leaves of absence, disability, and
less-than-full time schedules) in the fiscal year in which the award is payable may have awards
pro-rated.

II. CALCULATION

The individual STAR Award Calculation is: (STAR Target) x (Business Unit Performance Factor) x
(Corporate Adjustment Factor) x (Gillette Factor)

	•	 	The STAR Target for each participant is calculated as: (Base Salary) x (STAR Target
percent)

	 	 	 	Base Salary as of the end of June is used to calculate the STAR award. If a participant’s
level changes, the highest band level and salary during the fiscal year is used to
determine the STAR Target.
	 
	 	 	 	The STAR Target Percent is dependent on job level in the organization and will fall between
8% and 170%.

	 	 	 	 	 
	 	 	STAR Target
	Job Band	 	as % of Base
	Band 3
	 	 	8	%
	Band 4 — Associate Director
	 	 	15	%
	Band 5 — Director
	 	 	25	%
	Band 6 — Vice President
	 	 	45	%
	Band 7 — President
	 	 	70	%
	Band 7 — Group Presidents and Function Heads
	 	 	75	%
	Band 8 — Vice Chair
	 	 	90	%
	Band 9 — President GBU’s, COO, CFO
	 	 	115	%
	Band 10 — CEO
	 	 	170	%

An individual’s STAR target may vary from the Job Band target identified above in certain limited
circumstances, including but not limited to, organizationally driven band reductions or certain
corporate actions that result in specific employment obligations.

	•	 	The Business Unit Performance Factor is assigned to each STAR business unit as a measure of
success for the fiscal year. The factors range from 53% to 167% with the target at 100%. A
STAR Committee, comprised of a small number of senior executives (who do not determine their
own awards), conducts a retrospective assessment of the performance of each business unit
according to one or more of the following measures and makes a recommendation to the
Compensation & Leadership Development

 

 

	 	 	Committee: Operating Total Shareholder Return, Key Competitor Comparison, After Tax Profit,
Operating Cash Flow, Value Share, Volume, Net Outside Sales, Value Contribution, Organization
Head Self Assessment, and Cross Organization Assessment. There may also be other factors
significantly affecting unit results positively or negatively.
	 
	•	 	The Corporate Adjustment Factor measures the total Company success and ranges from 80% to
130%, with a 100% target. The same Corporate Adjustment Factor is applied to all STAR award
calculations. It is determined by a matrix that measures organic sales growth for the fiscal
year and diluted earnings per share (“EPS”) growth for the fiscal year.

The Committee may add additional factors with clear performance metrics (such as the Gillette
factor described below) for supporting business needs.

	•	 	The Gillette Factor is derived from a review and recommendation by the STAR Committee based
on the results of the success of the Gillette integration. The factor ranges from 80% to 130%
with 100% as the target. The same Gillette Factor will apply to all STAR award calculations.
It will be determined by assessing performance during the fiscal year on various metrics
including: sustaining the overall health of both the P&G and Gillette businesses during this
period (based on market share and earnings progress); achieving sales, research and
administrative budget and synergy objectives; meeting enrollment targets; and staying within
integration cost and restructuring estimates. The Gillette Factor was applied starting with
the results of fiscal year 2005/06 and will remain a factor as long as applicable.

The STAR Committee makes recommendations to the Compensation & Leadership Development Committee
regarding the performance factor percentages to be applied to all STAR awards (except those for the
STAR Committee). The final award amounts for the principal officers are approved by the
Compensation & Leadership Development Committee. Pursuant to a delegation from that Committee,
awards for other employees are approved by the Chief Executive. STAR Awards for members of the Star
Committee are determined exclusively by the Committee without any recommendation from the STAR
Committee.

III. TIMING AND FORM

STAR awards are determined after the close of the fiscal year and are paid on or about September
15. The award form choices and relevant considerations are explained in payment preference
materials generally in the form of Appendix 1. Participants receive written notice of
their award detailing the calculation, generally in the form of Appendix 2. The grant
letters are generally in the form of Appendix 3.

Generally, STAR awards are paid in cash. However, before the end of the calendar year preceding the
year of the award date, participants on record can choose their upcoming award in forms other than
cash, such as stock options, local deferral programs in some countries, or restricted stock units
or deferred compensation, (for participants also in the Business Growth Program), depending on
local regulations. To pay a STAR award in stock options, the Company compares current cash value
to stock option value with a conversion factor that is reviewed annually. Any STAR award paid in
stock options, restricted stock units or other equity shall be awarded pursuant to this program and
the terms and conditions of the 2001 Stock and Incentive Compensation Plan, the 2004 Gillette Long
Term Incentive Plan or any successor stock plan approved in accordance with applicable listing
standards, as they may be revised from time to time.

 

 

IV. SEPARATION FROM THE COMPANY

	•	 	Retirement, Death or Special Separation with a Separation Package:
If participant worked at least 4 weeks, award is pro-rated based
on the number of weeks worked in the fiscal year for which the
award is payable, divided by 52.
	 
	•	 	Voluntary Resignation or Termination for cause: Separating
employees must be active as of June 30 (the close of the fiscal
year for which the award is payable) to receive an award.

Eligible participants who have left the Company will receive a cash payment (equity such as stock
options and RSUs can be issued to active employees only) on the same timing as STAR awards or as
soon thereafter as possible.

V. CHANGE IN CONTROL

Notwithstanding the foregoing, if there is a Change in Control in any fiscal year, STAR awards will
be calculated in accordance with Section II above, but each factor will be calculated for the
period from the beginning of the fiscal year in which a Change in Control occurred up to and
including the date of such Change in Control (“CIC Period”). “Change in Control” shall have the
same meaning as defined in the 2001 Stock and Incentive Compensation Plan.

VI. GENERAL TERMS AND CONDITIONS

While any STAR award amount received by one individual for any year shall be considered as earned
remuneration in addition to salary paid, it shall be understood that this plan does not give to any
officer or employee any contract rights, express or implied, against any Company for any STAR award
or for compensation in addition to the salary paid to him or her, or any right to question the
action of the Board of Directors or the Committee.

Each award to the Chief Executive, Vice-Chairs, Group Presidents, Presidents, Global Function Heads
and Senior Vice Presidents and equivalents, made pursuant to this plan, is subject to the Senior
Executive Recoupment Policy adopted by the Committee in December 2006.

This program document may be amended at any time by the Committee.

10/25/07

 

 

Appendix 1: Payment Preference Materials for BGP / STAR Awards

[DATE]

[NAME]

Subject: Preferences for [YEAR] STAR and BGP Payments and Deferred Compensation Choices

Your choices for the awards are:

September [YEAR] STAR Award

	 	•	 	Cash
	 
	 	•	 	Stock Options
	 
	 	•	 	Restricted Stock Units (for BGP participants only) — no forfeiture provision
	 
	 	•	 	Deferred Compensation (for BGP participants only)

September [YEAR] BGP Award (if applicable)

	 	•	 	Three-Year Restricted Stock Units (50% of award required in this form)
	 
	 	•	 	Cash, Restricted Stock Units — no forfeiture provision, or Deferred Compensation (50%
of award subject to this election)

Attached you will find an election form to be returned to [NAME].

Please keep the following in mind as you consider your choices:

	 	•	 	It is recommended that you consult legal/tax/financial advisors to determine the
appropriate award form(s) for your personal situation.
	 
	 	•	 	While your selection will be given consideration, it is not binding on the Company
until approved by the Compensation & Leadership Development Committee of the Board of
Directors.

IF YOU MISS THE [DATE] DEADLINE, YOU WILL RECEIVE THE DEFAULT (CASH).

[NAME]

 

 

[YEAR] EXECUTIVE COMPENSATION AWARD FORM PREFERENCES

[YEAR] STAR Award Payable [DATE] [YEAR] Preference Selection

	 	 	 	 	 	 	 
	Cash

	 	 	___	%	 	 
	Stock Options

	 	 	___	%	 	 
	Restricted Stock Units

	 	 	___	%	 	_____________ (Select year you want
shares delivered, e.g., [YEAR], or one
year after retirement)
	Deferred Compensation

	 	 	___	%	 	 
	Total

	 	 	100	%	 	 

[YEAR] Payment BGP Award Payable [YEAR] Preference Selection

(Complete for remaining 50%)

	 	 	 	 	 	 	 
	Three-Year Restricted
Stock Units (if you leave
the Company within 3
years of grant for
reasons other than
retirement, you forfeit
these units)
	 	50%

(required)	 	_______________ (Select
year you want shares
delivered, e.g., [three
years after grant date,
any year later than
three years after grant
date, or one year after
retirement)
	Cash
	 	 	___	%	 	 
	Restricted Stock Units	 	 	___	%	 	_______________ (Select
year you want shares
delivered, e.g.,
[YEAR], or one year
after retirement)
	Deferred Compensation
	 	 	___	%	 	 
	Total
	 	 	100	%	 	 

	 	•	 	You must be an active employee as of the award date to receive any non-cash award
	 
	 	•	 	All elections are irrevocable after [DATE].

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature

	 	 
	 	Date

Return form to [NAME]

 

 

Appendix 2: STAR Award Letter

[DATE]

Fellow P&G Leaders:

I am pleased to announce the average STAR award for [YEAR] is [NUMBER] % of target. STAR awards
are a combination of your individual business unit awards, the Company factor and the Gillette
factor. Unit awards are decided by the STAR Committee based on a retrospective assessment of each
unit’s performance. The Company factor is calculated based on P&G’s organic sales growth and
earnings per share. The Gillette factor is based on a review done by the STAR Committee
considering the results of the success of the Gillette integration. [EXPLANATION OF COMPANY
RESULTS and COMPARISON TO PREVIOUS YEAR]

Actual STAR awards as a percentage of target [HISTORICAL COMPARISON OF RESULTS TO PREVIOUS YEAR(S)]

By remaining choiceful, focused, and disciplined, we can look forward to future success. Well
done! Thanks.

[NAME]

Personal & Confidential

Individual Award Summary

[NAME]

Your STAR Award is [NUMBER] payable in [FORM]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[Number]	x	[Number]%	x	[Number]%	x	[Number]%	=	Number
	
STAR Target
	 	
x
	 	Business Unit

Performance Factor
	 	
x
	 	
Corporate

Adjustment Factor
	 	
x	 	
Gillette Factor	 	
=	 	
STAR
 Award

STAR Target

	 	 	 	 	 
	Based on

	 	June 30 [YEAR] Base Salary:
	 	[NUMBER]
	 

	 	June 30 [YEAR] Band:
	 	[NUMBER]
	 

	 	STAR Target Percent for Band:
	 	[NUMBER]
	 

	 	Based x STAR Target Percent:
	 	[NUMBER]
	 

	 	Your STAR Target:
	 	[NUMBER]

Business Unit Performance

	 	 	 	 	 	 	 
	Business Unit	 	Weight	 	Performance Factor	 	 
	[Business Unit]

	 	[NUMBER]
	 	[NUMBER] %
	 	 

Corporate Adjustment Factor

	 	 	 
	Organic Sales Growth

	 	[NUMBER]
	Earnings Per Share

	 	[NUMBER]
	Corporate Adjustment Factor

	 	[NUMBER] %
	 
	 	 
	Gillette Factor

	 	[NUMBER]%

Your STAR Award is [NUMBER] % of STAR Target

 

 

 Appendix 3: Cover letter for STAR Grant 

in Stock Options and Stock Appreciation Rights

			
	TO:	 	Short Term Achievement Reward (STAR) Recipients of P&G Stock Options and Stock Appreciation
Rights*

The attached stock option grant letter refers to your STAR award. The grant was determined by
dividing the gross award amount to be paid in stock options (shown on your award summary previously
distributed) by the [DATE] average stock price of $ [NUMBER]. The result was rounded up to the
next full share, with those full shares multiplied by [NUMBER]. No further action to accept this
grant is required.

You may retain these STAR stock options until their expiration date in [NUMBER] years even if you
leave the Company, as long as you are in good standing. This is true for STAR stock options only
as they represent payment for the award that you have already earned. These options will vest in
[NUMBER] years.

Stock options are granted under the terms and conditions of the 2001 Procter & Gamble Stock and
Incentive Compensation Plan. The updated plan prospectus is available via the [WEBSITE].

Please keep a copy of the grant letter for your records. If you have any questions about the award
granted, please direct them to [NAME]. Questions related to the exercise process should be
directed to [NAME].

[NAME]

 

			
	*	 	Recipients of stock appreciation rights should see their subsidiary Chief Financial Officer
regarding the procedure for redeeming such rights.

 

 

 Grant Letter for STAR Award in Stock Options 

and Stock Appreciation Rights

[DATE]

[NAME]

Subject: Non-Statutory Stock Option Series xx-STAR-xx

In recognition of your contributions to the success of the business, the Company hereby grants you
an option to purchase, in accordance with and subject to the terms of The Procter & Gamble 2001
Stock and Incentive Compensation Plan, the Regulations of the Compensation & Leadership Development
Committee of the Board of Directors and the Exercise Instructions in place from time to time,
shares of the Procter & Gamble Common Stock as follows:

	 	 	 
	Grant Value:

	 	[NUMBER]
	Option Price per Share:

	 	[NUMBER]
	Number of Shares:

	 	[NUMBER]
	Date of Grant:

	 	[DATE]
	Expiration of Option:

	 	[DATE]
	Option Exercisable:

	 	[NUMBER]% after [DATE]

You may access, download and/or print the terms, or any portion thereof, of the Plan by activating
this hyperlink [LINK]. Nonetheless, if you would prefer to receive a paper copy of The Procter &
Gamble 2001 Stock and Incentive Compensation Plan Prospectus, please send a written request via
email to [EMAIL ADDRESS]. Please understand that you will continue to receive future Plan
prospectuses via electronic mail even though you may have requested a paper copy.

This option is not transferable other than by will or the laws of descent and distribution and is
exercisable during your life only by you. The Compensation & Leadership Development Committee has
waived the provisions of Article G, paragraph 4 in the event of separation from the Company.

Please note that when the issue or transfer of the Common Stock covered by this option may, in the
opinion of the Company, conflict or be inconsistent with any applicable law or regulation of any
governmental agency, the Company reserves the right to refuse to issue or transfer said Common
Stock and that any outstanding stock options may be suspended or terminated if you engage in
actions that are significantly contrary to the best interests of the Company or any of its
subsidiaries.

Under IRS standards of professional practice, certain tax advice must meet requirements as to form
and substance. To assure compliance with these standards, we disclose to you that this
communication is not intended or written to be used, and cannot be used, for the purpose of
avoiding penalties, or promoting, marketing or recommending to another party any transaction or
matter addressed herein.

You do not need to do anything further to accept this award under the terms of the 2001 Stock Plan.

The Procter & Gamble Company

[NAME]

 

 

Grant Letter for STAR Award in RSUs

[DATE]

[NAME]

     Subject: Award of Restricted Stock Units (STAR)

This is to advise you that The Procter & Gamble Company, an Ohio corporation, is awarding you with
Restricted Stock Units, on the dates and in the amounts listed below, pursuant to The Procter &
Gamble 2001 Stock and Incentive Compensation Plan, and subject to the attached Statement of Terms
and Conditions Form [CODE]

	 	 	 
	Grant Date:

	 	[DATE]
	Original Settlement Date:

	 	[DATE]
	Number of Restricted Stock Units:

	 	[NUMBER

Paragraph 3(a) of Statement of Terms and Conditions Form [CODE] is not waived.

As you will see from the Statement of Terms and Conditions Form [CODE], under certain circumstances
you may agree with The Procter & Gamble Company to delay the settlement of your Restricted Stock
Units beyond the Original Settlement Date. You may want to consult your personal tax advisor
before making a decision about this matter.

THE PROCTER & GAMBLE COMPANY

[NAME]

	o
	 	I hereby accept the Award of Restricted Stock Units set forth above in accordance with and
subject to the terms of The Procter & Gamble 2001 Stock and Incentive Compensation Plan and
the attached Statement of Terms and Conditions for Restricted Stock Units, with which I am
familiar. I agree that the Award of Restricted Stock Units, The Procter & Gamble 2001 Stock
and Incentive Compensation Plan, and the attached Statement of Terms and Conditions for
Restricted Stock Units together constitute an agreement between the Company and me in
accordance with the terms thereof and hereof, and I further agree that any legal action
related to this Award of Restricted Stock Units may be brought in any federal or state court
located in Hamilton County, Ohio, USA, and I hereby accept the jurisdiction of these courts
and consent to service of process from said courts solely for legal actions related to this
Award of Restricted Stock Units.
	 
	o
	 	I hereby reject the Award of Restricted Stock Units set forth above.

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Date

	 	 
	 	Signature

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]