Document:

Exhibit 10.6

 

DIRECTOR RESTRICTED STOCK AGREEMENT

 

CANTEL MEDICAL CORP.

2006 EQUITY INCENTIVE PLAN

 

THIS AGREEMENT is made effective as of this          day of                        ,             , by and between Cantel Medical Corp., a Delaware corporation (the “Company”), and                                                    (the “Participant”).

 

W I T N E S S E T H:

 

WHEREAS, the Participant is, on the date hereof, a Director of the Company; and

 

WHEREAS, the Company wishes to grant a Restricted Stock Award to the Participant for shares of the Company’s Common Stock pursuant to the Company’s 2006 Equity Incentive Plan (the “Plan”); and

 

WHEREAS, the Board of Directors of the Company or the Committee under the Plan has authorized the grant of a Restricted Stock Award to the Participant;

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

 

1.                                       Grant of Restricted Stock Award.  The Company hereby grants to the Participant on the date set forth above a Restricted Stock Award (the “Award”) for                          (                  ) shares of Common Stock, par value $.10 per share, of the Company (the “Shares”) on the terms and conditions set forth herein, which Shares are subject to adjustment pursuant to Section 4(c) of the Plan. The Shares shall be issued to the Participant for no cash consideration.  The Company shall cause the Shares to be issued in “book form” with its transfer agent until such time as the risk of forfeiture and other transfer restrictions set forth in this Agreement have lapsed with respect to such Shares, at which time the Company shall cause the Shares to be delivered to the Participant.  In the alternative, in the Company’s sole discretion, the Company shall cause to be issued one or more stock certificates representing such Shares in the Participant’s name, and shall hold each such certificate (together with a stock power duly executed in blank by the Participant) represented by the certificate.  The Company shall place a legend on such certificates describing the risk of forfeiture and other transfer restrictions set forth in this Agreement providing for the cancellation of such certificates if the Shares are forfeited as provided in Section 2 below.  Until such risk of forfeiture has lapsed or the Shares subject to this Award have been forfeited pursuant to Section 2 below, the Participant shall be entitled to vote the Shares and shall receive all dividends or other distributions attributable to such Shares, but the Participant shall not have any other rights as a shareholder with respect to such Shares.

 

 

2.                                       Vesting of Restricted Stock.

 

(a)                                  The Shares subject to this Award shall vest (i.e, all risks of forfeiture shall lapse) on the first anniversary of the date hereof.

 

(b)                                 Subject to the provisions of paragraphs (c) and (d) below, if the Participant’s service as a Director terminates at any time prior to the first anniversary of the date hereof other than by reason of death or Disability, the Participant shall immediately forfeit all Shares subject to this Award which have not yet vested and for which the risk of forfeiture has not lapsed.

 

(c)                                  If the Participant’s service with the Company as a Director is terminated as a result of his death or Disability, all Restricted Stock that is held by such Participant pursuant to this Award as of the date of such termination of service shall become immediately vested and no longer subject to any risk of forfeiture.

 

(d)                                 The Compensation Committee in its discretion may accelerate vesting of all or any portion of the Shares subject to this Award.

 

3.                                       General Provisions.

 

(a)                                  Position as a Director.   This Agreement shall not confer on the Participant any right with respect to the continuance of his or her position as a Director or any other relationship with the Company or any Subsidiary.

 

(b)                                 Withholding Taxes.  To permit the Company to comply with all applicable federal and state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all federal and state payroll, income or other taxes required to be withheld by the Company with respect to the Award made hereunder (the “Required Withholdings”) are so withheld. If the Company is unable to withhold the same, Participant hereby agrees (i) to pay the Required Withholdings to the Company promptly upon demand therefore, and (ii) that in the event he fails to do so, the Company may unilaterally transfer into its own name from any certificates representing Shares subject to the Award being held by the Company, a number of Shares having a Fair Market Value equal to the amount of the Required Withholdings.

 

(c)                                  2006 Equity Incentive Plan.  The Award evidenced by this Agreement is granted pursuant to the Plan, a copy of which Plan has been made available to the Participant and is hereby incorporated into this Agreement.  This Agreement is subject to and in all respects limited and conditioned as provided in the Plan.  All defined terms of the Plan shall have the same meaning when used in this Agreement.  The Plan governs this Award and in the event of any questions as to the construction of this Agreement or in the event of a conflict between the Plan and this Agreement, the Plan shall govern, except as the Plan otherwise provides.

 

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(d)                                 Non-Assignability Of Shares.  The Participant may not give, grant, sell, exchange, transfer legal title, pledge, assign or otherwise encumber or dispose of the Shares prior to vesting of the Shares in accordance with the terms of this Agreement.

 

(e)                                  Securities Laws.  The Participant agrees for himself, his heirs and legatees not to sell or otherwise transfer any and all Shares subject hereto except in compliance with the applicable provisions of the Securities Act of 1933, as amended from time to time (the “Act”) and any other applicable legal requirements.  Further, the Participant agrees that if the Participant’s sale of the Shares is at any time not covered by an effective registration statement under the Act (it being agreed that the Company will use its commercially reasonable best efforts to cause a registration statement (so long as such registration statement may be filed on Form S-8 or any substantially similar successor form) to be in effect during any period in which the same may be required in order to permit the Participant to sell the Shares in the public market), the Company may require the Participant to make such representations and agreements and furnish such information, and the Company may take such additional actions, in each case, as the Company may in its reasonable discretion deem necessary or desirable to assure compliance by the Company, on terms acceptable to the Company, with the provisions of the Act and any other applicable legal requirements, including but not limited to the placing of a “stop transfer” order with respect to such Shares with its transfer agent and the placing of an appropriate restrictive legend on the certificate(s) evidencing such Shares in substantially the following form:

 

“The sale of the securities represented by this certificate has not been registered under the Securities Act of 1933, and may not be sold or transferred in the absence of an effective Registration Statement covering such sale or transfer under the Securities Act of 1933 or an opinion of counsel to the Company that registration is not required under said Act. In the event that a Registration Statement becomes effective covering the securities or counsel to the Company delivers a written opinion that registration is not required under said Act, this certificate may be exchanged for a certificate free from this legend.”

 

(f)                                    Binding Effect.  This Agreement shall bind and inure to the benefit of the parties and their permitted successors and assigns.

 

(g)                            Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey applicable to agreements made and to be performed wholly within the State of New Jersey.

 

(h)                                 Counterparts.  This Agreement may be executed in duplicate counterparts, each of which when so executed shall be deemed to be an original and both of which when taken together shall constitute one and the same instrument. Either party may execute this Agreement by facsimile or electronic signature.

 

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ACCORDINGLY, the parties hereto have caused this Agreement to be executed on the day and year first above written.

 

 

	
 
    	
CANTEL   MEDICAL CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Its:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Participant
    
					

 

4Exhibit 10(t)

 

TCF DIRECTOR RETIREMENT PLAN

 

(Amended and Restated as of October 17, 2011)

 

INTRODUCTION

 

This plan is a nonqualified unfunded retirement plan for the purpose of providing benefits to certain directors of TCF Financial Corporation.  This plan will supersede any prior director retirement plan of TCF Financial Corporation or TCF Bank Minnesota fsb.

 

Article 1.  Definitions

 

When used in the Plan, the following terms shall have the following meanings:

 

1.01          “Board of Directors” or “Board” means the Board of Directors of the Company.

 

1.02   “Board Retainer” means the annual retainer compensation received by a Director for serving on the Board and does not include any fee for attendance at Board of Directors meetings or committee meetings, nor any stock or other incentive awards.

 

1.03          A “Change of Control” shall be deemed to have occurred if:

 

(a) any “person” as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) is or becomes the “beneficial owner” as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities.  For purposes of this clause (a), the term “beneficial owner” does not include any employee benefit plan maintained by the Company that invests in the Company’s voting securities; or

 

(b) during any period of two (2) consecutive years (not including any period prior to the date on which the Program was approved by the Company’s Board of Directors) there shall cease to be a majority of the Board comprised as follows: individuals who at the beginning of such period constitute the Board or new directors whose nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved; or

 

(c) the shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 70% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the

 

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Company of all or substantially all of the Company’s assets; provided, however, that no change in control will be deemed to have occurred if such merger, consolidation, sale or disposition of assets, or liquidation is not subsequently consummated.

 

1.04   “Committee” means the Administrative Committee appointed by the Board of Directors to administer the Plan pursuant to Article 5.

 

1.05   “Company” means TCF Financial Corporation and does not include any subsidiary of the Company.

 

1.06   “Director” means any person included in the membership of the Plan as provided in Article 2.

 

1.07   “Effective Date” means April 25, 1995.

 

1.08   “Inside Director” means a Director who is an officer or employee of the Company while such person is serving as an officer or employee.

 

1.09   “Plan” means the TCF Financial Corporation Director Retirement Plan, as set forth herein and as amended from time to time.  Benefits under this Plan shall be provided only to Directors of the Company and not to Directors of any subsidiary.

 

1.10   “Retirement” shall occur upon the resignation or removal of the Director as a Director, including death, disability (as defined for the purposes of Section 409A) or the expiration of the Director’s term of office without re-election; provided such event constitutes a ‘separation from service’ as defined for the purposes of Section 409A.

 

1.11   “Years of Service” means a 12-month period beginning with the month in which such Director attends or attended his or her first meeting as a Director and ending with the end of the 12th month thereafter, with subsequent Years of Service determined in a similar fashion until the last month in which the Director is a member of the Board of Directors; provided, however, that (i) in the case of a Change of Control, “Years of Service” shall include the period through the expiration of the term for which the Director was elected, notwithstanding prior resignation or removal and (ii) in the case of death or disability, “Years of Service” shall include the period through the expiration of the term for which the Director was elected.  “Years of Service” include the period that a Director served on the Board of Directors prior to the adoption of the Plan.

 

1.12   “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended.

 

Article 2.  Membership

 

2.01   Every Director of the Company, other than Inside Directors, with five or more years of service as a Director of the Company shall become a member of the Plan.  Inside Directors shall not become eligible to participate in the Plan until they cease to be officers or

 

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employees of the Company, and thereafter shall be credited with Years of Service only for periods during which they were not Inside Directors.  Notwithstanding the foregoing, no Director who is not already a member of the Plan shall become a member of the Plan after July 18, 2011.

 

2.02   A Director’s period of service shall not include any service as a Director with other banks or companies merged with or acquired by the Company prior to the time such Director became a Director of the Company and shall not include any service as a Director of any subsidiary of the Company, except that service as a Director of TCF Bank Minnesota fsb prior to 1990 shall be included in the period of service for the purpose of computing Years of Service, provided that service on only one such Board at any time shall be used in calculating the length of a Director’s period of service (i.e., there shall be no “double counting” where a Director simultaneously served as a Director of both the Company and TCF Bank Minnesota fsb).

 

2.03   A benefit shall be payable under the Plan only upon the Director’s Retirement.

 

Article 3.  Amount and Payment of Benefits

 

3.01   The amount, if any, of the annual benefit payable to or on account of a Director pursuant to the Plan shall equal the applicable percentage (as contained in the table below) of the greater of (i) the Board Retainer in effect for his or her last month of service on the Board of the Company or (ii) after a Change of Control, the highest Board Retainer in effect during the 24 months preceding the Change of Control.  No adjustment shall be made to the retirement benefit in the event of subsequent changes in the amount of the Board Retainer.  The applicable percentage shall be as follows and shall be based on the Director’s completed Years of Service (with no rounding up) computed in accordance with Articles 1 and 2.

 

	
Director’s Years   of Service
    	
 
    	
Percentage of   Board Retainer
    
	
5 years
    	
 
    	
50%
    
	
6 years
    	
 
    	
60%
    
	
7 years
    	
 
    	
70%
    
	
8 years
    	
 
    	
80%
    
	
9 years
    	
 
    	
90%
    
	
10 years or more
    	
 
    	
100%
    

 

Notwithstanding the foregoing, with respect to any Director who has not had a Retirement prior to July 18, 2011, the amount of the annual benefit payable to or on account of the Director pursuant to the Plan shall equal the applicable percentage (as contained in the table above) of the Board Retainer in effect on July 18, 2011, with the applicable percentage determined based on the Director’s Years of Service as of July 18, 2011.

 

3.02   The retirement benefit shall be payable for a number of quarters equal to the number of quarters in the Director’s Years of Service as of July 18, 2011.  The first quarter for which a retirement benefit is payable shall be the calendar quarter following the calendar quarter in which the Director’s Retirement occurs.  Notwithstanding the foregoing, any remaining retirement benefit payments as of August 15, 2012, for both the retired Directors and Directors who have not had a Retirement, shall be paid on such date in a lump sum equal to the present value of the

 

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remaining payments, determined using applicable discount rates under the June 30, 2011 Mercer Yield Curve.  For purposes of determining the number of remaining payments and the present value of such payments for any Director who has not had a Retirement as of August 15, 2012, the Director shall be deemed to have had a Retirement in the calendar quarter preceding such date.

 

3.03   Upon a Director’s death, any remaining retirement benefit shall be paid to the Director’s spouse, if living, and if no spouse is living then to the Director’s estate.  Any remaining benefit payable to a Director’s spouse will be paid to the estate of such spouse upon the death of the spouse.  Payments shall be made quarterly for the same period and in the same amount as would have been made to the Director.

 

Article 4.  Source and Method of Payments

 

4.01   All payments of benefits under the Plan shall be paid from, and shall only be a general claim upon, the general assets of the Company.  No Director shall have any right, title or interest to any of the Company’s assets.

 

4.02   All benefits under the Plan shall be paid in quarterly installments within 15 days of the end of each calendar quarter, subject to the final lump sum payments on August 15, 2012 as provided under Section 3.02.

 

Article 5.  Administration of the Plan

 

5.01   The Board of Directors has delegated to the Committee general authority over and responsibility for the administration of the Plan.  The Committee’s interpretations and constructions of the Plan and its actions thereunder shall be binding and conclusive on all persons for all purposes.

 

5.02   The Committee shall consist of the Chairman, the President and the Secretary of the Company; provided that in the case of a Change of Control, the Committee shall consist of those persons who served as the Committee immediately preceding the Change of Control or such persons as they shall designate.

 

Article 6.  Amendment and Termination

 

6.01   Except for benefits earned for Directors with five Years or more of Service, including service credited under Section 1.11 in the event of a Change of Control, (which may not be reduced or modified adversely as to the amount earned) and benefits payable to retired Directors or their spouses or beneficiaries, the Board of Directors may amend, suspend or terminate, in whole or in part, the Plan or its participants without consent of the Committee, any Director, beneficiary or other person and without any liability to any active Director with less than five Years of Service who may be a participant in the Plan.  No change or amendment may be made which is effected within twelve months prior to or after a Change of Control which would adversely affect the right of any Director or Director’s spouse or beneficiaries to benefits accrued prior to such Change of Control.

 

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Article 7.  General Provisions

 

7.01   The Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns and the Directors, and the successors, assigns, spouses, designees and estates of the Directors.  The Plan shall also be binding upon and inure to the benefit of any successor company or organization succeeding to substantially all of the assets and business of the Company, but nothing in the Plan shall preclude the Company from merging or consolidating into or with, or transferring all or substantially all of its assets to, another company which assumes the Plan and all obligations of the Company hereunder.

 

7.02   If the Committee shall determine that any person to whom any amount is or was payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment, or any part thereof, due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative), may, if the Committee is so inclined, be paid to such person’s spouse, child or other relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment.  Any such payment shall be in complete discharge of the liability of the Plan and the Company therefor.

 

7.03   Prior to a Change of Control, in its absolute discretion, the Committee may disqualify any Director from participation in the Plan or continuing to receive payments pursuant to the Plan, but only by a unanimous vote of the other Directors as a result of the commission of a crime by such disqualified Director or adjudication of a regulatory violation by such disqualified Director affecting adversely the Company.

 

7.04   As used in the Plan, the masculine gender shall be deemed to refer to the feminine, and the singular person shall be deemed to refer to the plural, whenever appropriate.

 

7.05   The Plan shall be construed according to the laws of the State of Minnesota in effect from time to time.

 

7.06   The Company shall bear all costs of the Plan, including, in the case of service of any Committee member who is not a full-time employee of the Company, a reasonable fee for such service and all costs and expenses of such Committee member, including attorney’s fees.

 

7.07   The Company indemnifies and holds harmless the Committee and each of its members from any liability resulting from service on the Committee, except liability arising from willful misconduct.  The Company shall pay all legal expenses incurred by the Committee, including expenses to defend any claim against any member of the Committee to the fullest extent permitted by law.

 

7.08   If any Director is required to incur any expense to enforce the Director’s rights hereunder, the Company shall reimburse all expenses of such enforcement, including reasonable attorney’s fees.  Such reimbursements shall be subject to the following requirements:

 

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(a) the expenses must be incurred during the Director’s lifetime;

 

(b) the amount of expenses eligible for reimbursement in any taxable year of the Director shall not affect the expenses eligible for reimbursement in any other taxable year of the Director;

 

(c) the reimbursement of an eligible expense shall be made on or before the last day of the taxable year of the Director following the taxable year in which the expense was incurred; and

 

(d) a Director’s right to reimbursement shall not be subject to liquidation or exchange for any other benefit.

 

7.09   The provisions of this Plan shall be interpreted as necessary to comply with the requirements of Section 409A.

 

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