Document:

Exhibit 10.2

EXHIBIT 10.2

WIRELESS RONIN TECHNOLOGIES, INC.

NON-EMPLOYEE DIRECTOR STOCK OPTION AGREEMENT

PURSUANT TO THE AMENDED AND RESTATED

2006 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

Number of shares subject to option:                      Option No:                     

Date of grant:                     , _____

THIS OPTION AGREEMENT, is entered into by and between Wireless Ronin Technologies, Inc., a
Minnesota corporation (the “Company”), and                     , an individual eligible to receive options
under the Plan (“Optionee”). Unless otherwise defined herein, capitalized terms shall have the
meaning set forth in the Company’s Amended and Restated 2006 Non-Employee Director Stock Option
Plan.

1. Non-Qualified Stock Option. The Option evidenced by this Agreement is not intended
to, and did not at the date of grant, qualify as an “incentive stock option” within the meaning of
Section 422 of the United States Internal Revenue Code of 1986, as amended.

2. Grant of Option. Pursuant to the provisions of the Plan, the Company grants to the
Optionee, subject to the terms and conditions of the Plan and this Agreement, the right and option
to purchase from the Company all or a part of an aggregate of                      (                                         ) shares
of Common Stock (the “Shares”) at the purchase price of $                     per share (the “Option”).

3. Terms and Conditions. It is understood and agreed that the Option evidenced hereby
is subject to the following terms and conditions:

(a) Expiration Date. The Option expires ten (10) years after the date of
grant specified above.

(b) Exercise of Option. Subject to the Plan and the other terms of this
Agreement regarding the exercisability of the Option, the Option shall be exercisable
as to (i)                     _____ shares on the date of grant and (ii) an additional                     _____ shares
upon the first, second and third anniversaries of the date of grant. Any exercise
must be accompanied by a written notice to the Company specifying the number of shares
of Common Stock as to which the Option is being exercised.

(c) Payment of Purchase Price Upon Exercise. At the time of any exercise, the
exercise price of the Shares as to which the Option is being exercised shall be paid
in United States dollars by certified check or bank draft, by tendering shares of
Common Stock owned by the person exercising the Option and having a fair market value
equal to the cash exercise price applicable
to such Option, or by a combination of United States dollars and Common Stock, or any
cashless exercise procedures that are, from time to time, approved by the Committee or
Board all as set forth in Section 9(b) of the Plan.

 

 

 

(d) Nontransferability. The Option shall not be transferable other than by
will or by the laws of descent and distribution. During the lifetime of the Optionee,
the Option shall be exercisable only by the Optionee. No transfer of the Option by
the Optionee by will or by the laws of descent and distribution shall be effective to
bind the Company unless the Company is furnished with written notice thereof and a
copy of the will or such other evidence as the Board may determine necessary to
establish the validity of the transfer.

(e) No Rights as Shareholder. The Optionee shall have no rights as a
shareholder of the Company with respect to any Shares prior to the date of issuance to
the Optionee of a certificate for such Shares.

(f) Compliance with Law and Regulations. The Option and the obligation of the
Company to sell and deliver Shares hereunder are subject to all applicable laws, rules
and regulations and to such approvals by any government or regulatory agency as may be
required. The Option shall not be exercisable, and the Company shall not be required
to issue or deliver any certificates for Shares prior to the completion of any
registration or qualification of the Shares under any federal or state law, or any
rule or regulation of any government body which the Company shall, in its sole
discretion, determine to be necessary or advisable. Moreover, the Option may not be
exercised if its exercise or the receipt of Shares pursuant thereto would be contrary
to applicable law.

(g) Income Taxes. The Optionee understands that, upon exercise of this
Option, Optionee will recognize income for tax purposes in an amount equal to the
excess of the then fair market value of the Shares over the exercise price. The
Optionee is wholly responsible for the payment of any taxes incurred as a consequence
of the exercise of this Option and any subsequent sale of the Shares.

4. Termination of Status as a Non-Employee Director. Upon the termination of
Optionee’s status as a Non-Employee Director for any reason prior to the expiration of the Option,
the Option may be exercised, to the extent that the Optionee shall have been entitled to do so on
the date of his or her termination, at any time or from time to time, but not later than (i) the
expiration of the Option or (ii) twelve months after the Optionee’s termination, whichever date is
earlier; provided, that if the Optionee is restricted by agreement with the managing underwriter of
an underwritten public offering of the Company’s common stock from effecting any sales or transfers
of the Shares (the “Lock-Up Agreement”), the time period in (ii) above shall be extended until the
date 90 days following the expiration of such Lock-Up Agreement.

5. Suspension or Termination of Option for Misconduct. If the Board reasonably
believes that the Optionee has committed an act of misconduct, it may suspend the Optionee’s right
to exercise the Option pending a determination by the Board. If the Board determines that the
Optionee has committed an act of embezzlement, fraud, dishonesty, nonpayment of an obligation owed
to the Company, breach of fiduciary duty or deliberate disregard of the Company’s rules resulting
in loss, damage or injury to the Company, or if the
Optionee makes an unauthorized disclosure of any Company trade secret or confidential
information, engages in any conduct constituting unfair competition with respect to the Company, or
induces any party to breach a contract with the Company, neither the Optionee nor the Optionee’s
estate shall be entitled to exercise any option whatsoever.

 

 

 

6. Optionee Bound by Plan. The Optionee hereby acknowledges receipt of a copy of the
Plan and agrees to be bound by all the terms and provisions thereof. In the event of any question
or inconsistency between this Agreement and the Plan, the terms and conditions of the Plan shall
govern.

7. Notices. Any notice hereunder to the Company shall be addressed to it at its
principal executive offices, located at Wireless Ronin Technologies, Inc., Baker Technology Plaza,
Suite 475, 5929 Baker Road, Minnetonka, Minnesota 55345, Attention: Chief Financial Officer; and
any notice hereunder to the Optionee shall be addressed to the Optionee at the address last
appearing in the records of the Company; subject to the right of either party to designate at any
time hereunder in writing some other address.

8. Counterparts. This Agreement may be executed in two counterparts each of which
shall constitute one and the same instrument.

9. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Minnesota, except to the extent preempted by federal law, without
regard to the principles of comity or the conflicts of law provisions of any other jurisdiction.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
officer and the Optionee has executed this Agreement, both as of the day and year first above
written.

	 	 	WIRELESS RONIN TECHNOLOGIES, INC.

	 	 	 	 	 	 	 

	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Its:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	OPTIONEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	[Optionee]exv10w2

Exhibit 10.2

Execution Version

FORM OF

AMENDMENT

dated as of September 30, 2011

TO THE ISDA MASTER AGREEMENT

between

J. ARON & COMPANY,

a general partnership organized under the laws of the State of New York

(“Aron”),

and

CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP

A limited partnership organized under the laws of the State of Indiana

(“Counterparty”).

The parties previously entered into that certain ISDA Master Agreement, dated as of March 17, 2006,
and Amended and Restated as of April 21, 2011, which Agreement includes the Schedule, Exhibits,
Lien Annex and Credit Support Annex thereto and the Confirmation exchanged between the parties
confirming the Transactions thereunder (each as may be amended from time to time) (the
“Agreement”). The parties have agreed to amend the Schedule, Lien Annex and Credit Support Annex
to the Agreement in accordance with the terms of this Amendment (the “Amendment”).

NOW THEREFORE, in consideration of the mutual agreements contained herein, and intending to be
legally bound hereby, the parties hereto agree as follows:

	 	1.	 	Amendment of the Schedule. The parties agree to amend the Schedule pursuant to this
Amendment as follows:

	 	a.	 	The definition of “Letter of Credit” in Part 7(i) as amended by this
Amendment, is hereby deleted in its entirety and replaced with the following:
	 
	 	 	 	“Letter of Credit” means one or more irrevocable, transferable standby letters of
credit which are in form and substance acceptable to Aron in its sole discretion and
are issued by an Eligible Financial Institution for the account of Counterparty or
one of its Affiliates and for the benefit of Aron.
	 
	 	b.	 	The definition of “Letter of Credit Default” in Part 7(i) as amended by
this Amendment, is hereby deleted in its entirety and replaced with the following:
	 
	 	 	 	“Letter of Credit Default” means, with respect to any Letter of Credit, the related
issuing bank (a) becomes subject to any event analogous to an event specified in
Section 5(a)(vii) of this Agreement, (b) fails to comply with or perform its
obligations under such Letter of Credit if such failure shall continue after the

 

 

	 	 	 	lapse of any applicable grace period, (c) shall disaffirm, disclaim, repudiate or
reject, in whole or in part, or challenge the validity of such Letter of Credit or
(d) ceases to be an Eligible Financial Institution.

	 	c.	 	The definition of “Value” in Part 7(i) as amended by this Amendment, is
hereby deleted in its entirety and replaced with the following:
	 
	 	 	 	“Value” means, for purposes of determining the amount of the Aron Letter of Credit,
the amount of such Aron Letter of Credit shall equal its face value at the time of
valuation unless it expires within twenty (20) days of such time, in which case its
value shall be zero and Aron shall be entitled to draw down the Letter of Credit up
to its full face amount to hold as credit support.

	2.	 	Amendment of the Lien Annex. The parties agree to amend the Lien Annex pursuant to
this Amendment as follows:

	 	a.	 	Section 3.11(a) of the Lien Annex is hereby deleted in its entirety and
replaced with the following:

     “(a) Counterparty shall not, and shall not permit any Consolidated Party to create,
incur, assume or permit to exist any obligation under any Swap Contract other than Hedge
Transactions. A “Hedge Transaction” is a Swap Contract that meets all of the
following requirements: (i) the purpose of such Swap Contract is to protect one or more
Consolidated Parties against currency, interest rate, commodity price, commodity
availability or similar risks, in each case, reasonably expected to arise in the
Ordinary Course of Business of the Consolidated Parties, (ii) such Swap Contract (when
aggregated with all other Swap Contracts under which any Consolidated Party is
obligated) does not result in the Consolidated Parties being exposed to commodity prices
or commodity volumes other than with respect to commodities and volumes of such
commodities reasonably expected to be utilized or produced (as applicable) in the
Ordinary Course of Business of the Consolidated Parties over the term of such Swap
Contract, and (iii) such transaction entered into in the Ordinary Course of Business of
the Consolidated Parties.

	3.	 	Amendment of the Credit Support Annex. The parties agree to amend the Credit Support
Annex pursuant to this Amendment as follows:

	 	a.	 	The following definition of “Eligible Financial Institution” shall be
added to the Credit Support Annex as a new Paragraph 13(b)(ii)(C):

	 	“(C) 	 	“Eligible Financial Institution” means a U.S. commercial bank
or a foreign bank with a U.S. branch with such bank having a credit rating of
at least A- from S&P or A3 from Moody’s.”

	 	b.	 	Paragraph 13(b)(iv)(B) is hereby deleted in its entirety and replaced
with the following

	 	“(B) 	 	“Threshold” means with respect to Counterparty: Prior to the
date that the Lien Annex to the Schedule to the Agreement is terminated in

 

 

	 	 	 	accordance with the provisions of Paragraph 5.1 thereof, U.S. $200,000,000.00
and from and after such date, U.S.$25,000,000.00
	 
	 	 	 	“Threshold” means with respect to Aron: not applicable; it being understood
that Aron shall only be a Secured Party hereunder and not a Pledgor and
shall be under no obligation to Transfer collateral hereunder.”

4. Representations

Each party represents to the other party that all representations contained in the Agreement, as
amended, are true and accurate as of the date of this Amendment and that such representations
are deemed to be given or repeated by each party, as the case may be, on the date of this
Amendment.

5. Miscellaneous

	 	a.	 	Definitions. Capitalized terms used in this Amendment and not
otherwise defined herein shall have the meanings specified for such terms in the
Agreement.
	 
	 	b.	 	Entire Agreement. This Amendment constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes all
oral communication and prior writings (except as otherwise provided herein) with
respect thereto.
	 
	 	c.	 	Counterparts. This Amendment may be executed and delivered in
counterparts (including by facsimile transmission) each of which will be deemed an
original.
	 
	 	d.	 	Headings. The headings used in this Amendment are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Amendment.
	 
	 	e.	 	Governing Law. This Amendment will be governed by and construed in
accordance with the laws of the State of New York (without reference to choice of
law doctrine).

[Separate Signature Page(s) Attached]

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment on the respective dates specified
below with effect from the date specified in this Amendment.

	 	 	 	 	 	 	 	 	 

	J. ARON & COMPANY	 	CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Colleen Foster
 
Name: Colleen Foster
	 	By:

By:
	 	CALUMET LP GP, LLC, Its General Partner

Calumet Operating, LLC, its sole member	 	 
	 

	 	Title: Managing Director
	 	By:
	 	Calumet Specialty Products Partner LP., its sole member	 	 
	 

	 	Date:
	 	By:
	 	Calumet GP, LLC, its general partner	 	 
	 
	 

	 	 	 	By:	 	/s/ R. Patrick Murray, II	 	 
	 

	 	 	 	 	 	 

Name: R. Patrick Murray, II
	 	 
	 

	 	 	 	 	 	Title: Vice President and Chief Financial Officer	 	 
	 

	 	 	 	 	 	Date: September 30, 2011

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