Document:

Amended & Restated Directors' Omnibus Long-Term Incentive Plan

 Exhibit 10.2 
  
 CHITTENDEN CORPORATION 
  
 AMENDED & RESTATED 
  
 DIRECTORS’ OMNIBUS LONG-TERM INCENTIVE PLAN 
  
 NON-EMPLOYEE DIRECTOR 
  
 STOCK OPTION AGREEMENT 
  
 THIS STOCK OPTION (“Option”) for a total of                  shares
(“Shares”) of Common Stock, par value $1.00 per share (the “Common Stock”) of CHITTENDEN CORPORATION, a Vermont business corporation (the “Company”) is hereby granted to
                     (the “Optionee”) at the price determined as provided in, and in all respects subject to the terms, definitions
and provisions of, the Amended & Restated Directors’ Omnibus Long-term Incentive Plan (the “Plan”), Section VII(A), adopted by the Company which is incorporated by reference herein. 
  

	1.	Eligibility: Notwithstanding any of the other provisions of the Plan to the contrary, each non-employee member of the Board who is a Director of the Company on
                 shall be eligible to receive options on                 
shares of Common Stock. 

  

	2.	Option Price: The option price is                  for each Share, being 100% of the
Fair Market Value, as determined by the Committee, of the Common Stock on the date of grant of this Option. 

  

 Exhibit 10.2 
  

	3.	Exercise of Option: This Option shall be exercisable prior to ten years from the date hereof in accordance with provisions of section VII of the Plan as follows:

  

	 	(i)	Method of Exercise: This Option shall be exercisable by a written notice, which shall: 

  

	 	(a)	state the election to exercise the Option, the number of shares with respect to which it is being exercised and the person in whose name the stock certificate or certificates for
such Shares of Common Stock is to be registered; 

  

	 	(b)	be signed by the person entitled to exercise the Option and, if the Option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory
to counsel for the Company, of the right of such person or persons to exercise the Option; and 

  

	 	(c)	be in writing and delivered in person or by certified mail to the Secretary of the Company. 

  
 Payment of the purchase price of any Shares with respect to which the Option is being exercised shall be: 
  

	 	(a)	in cash, by certified or bank check or other instrument acceptable to the Committee: 

  

	 	(b)	 By the surrender and delivery to the Company of Shares of the same class as the Shares to be acquired by exercise of the Option with a Fair Market Value equal to or
less than the total Option price plus cash for any difference, 

  

 Exhibit 10.2 
  

	 	 
provided such surrendered Shares have been purchased by the optionee on the open market or have been beneficially owned by the optionee for at least six
months and are not then subject to restrictions under any Company plan; 

  

	 	(c)	the Committee also may allow cashless exercise as permitted under the Federal Reserve Board’s Regulation T, subject to applicable securities law restriction; or

  

	 	(d)	by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 

  

	 	(ii)	Restrictions on exercise: This Option may not be exercised if the issuance of the Shares upon such exercise would constitute a violation of any applicable federal or state
laws or regulations or the Articles of Association or By-Laws of the Company or of any applicable provisions of the Plan. As a condition to the exercise of the Option, the Company may require the person exercising this Option to make any
representation and warranty to the Company as may be required by any applicable law or regulation. 

  

	4.	Non-transferability of Option: This Option may not be transferred in any manner otherwise than by will or the laws of descent or distribution and may be exercised during the
lifetime of the Optionee only by the Optionee. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 

  

	5.	Term of Option: This Option may not be exercised more than ten years from the date of grant; i.e.
                        , as set forth above, and may be exercised during such term only in accordance with the Plan and
the terms of this Option. 

  

 Exhibit 10.2 
  

 An unexercised Option shall be forfeited at the earliest to occur of the expiration date or one year
after termination of Board service (as determined under criteria established by the Committee). However, if a Director’s termination of Board service is for reasons of death or disability or retirement, any unexercised Option may be exercised
any time before the expiration date or within thirty-six (36) months after the date of termination, whichever is earlier, but only to the extent that the Option was exercisable on the date of termination absent a determination by the Committee to
the contrary. 
  

	6.	Tax Ramifications: By acceptance of this Option, the Optionee accepts responsibility for all taxes as defined under applicable federal tax law. The company is under no
obligation to inform the Optionee of any changes to such law. 

  

									
	 	 	 	 	 CHITTENDEN CORPORATION

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Paul A. Perrault

	 	 	 	 	 	 	 	 	 President

				
	Date of Grant:                    	 	 	 	 Attest:
	 	 
	 	 	 	 	 	 	 	 	 Sarah P. Merritt

	 	 	 	 	 	 	 	 	 Senior Vice President

	 	 	 	 	 	 	 	 	 Human Resources

  

 Exhibit 10.2 
  

 I acknowledge receipt of a copy of the Plan, a copy of which is annexed hereto, and represents the Optionee is
familiar with the terms and provisions thereof, and hereby accepts this Option subject to all the terms and provisions thereof, the Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Executive
Committee upon any questions arising under the Plan. 
  

	
	
	 
	Insert Optionee Name

  
 DateEmployment Agreement between Carl K. Davis and the Company

 EXHIBIT 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 July 19, 2004 
  
 Mr. Carl Davis 
 18223 SW Anduin Terrace 
 Lake Oswego, OR 97034 
  
 Dear Carl: 
  
 I am writing to confirm the terms of our agreement regarding your new
assignment with Columbia Sportswear Company and to outline the terms applicable to your transition from your current position as Vice President and General Counsel. 
  
 1. Effective Date. You have agreed to serve as Vice President of Corporate Affairs, effective July 19, 2004. In this
position you continue to be an employee of Columbia Sportswear Company (the “Company”), reporting to Peter Bragdon. 
  
 2. Terms of Employment and Transition. The following outlines the terms applicable to your transition and, as of July 19, 2004, to your new
assignment, which we anticipate will run through December 31, 2005: 
  
 a. Compensation. Effective as of July 19, 2004, your compensation will consist of a bi-weekly base salary of $5000.00, which shall be payable in accordance with the Company’s regular payroll practices. 
  
 b. Work Assignment. You will be employed on a part-time basis, with
the expectation that you will work twelve (12) days a month. We anticipate six (6) days per calendar month will be worked at the Company’s offices in Portland, Oregon and six (6) days per calendar month from your home in Bend, Oregon. You will
provide services to the Company’s Legal Department on a project by project basis as agreed to with the Company’s General Counsel. Issues related to salary, benefits, or overall performance will be determined by the CEO and Board
Compensation Committee or by a member of management designated by them. You agree to perform such acts and duties as Peter Bragdon, or his/her designee, shall reasonably direct; to comply with all applicable policies and procedures of the Company;
and to devote the agreed-upon working time, energy and skills to your assignment and to the performance of your duties to the company. 
  
 c. Bonus Plan. Your participation in the Executive Incentive Compensation Plan (“Executive Incentive Plan”) will continue as outlined in
the plan document. Your 2004 bonus will be pro-rated based on the number of full-time and part-time months worked in 2004. Bonus payment will be made at the times and on the conditions set out in the applicable plan. 
  
 d. Benefits and Vacation. Because you will be employed less than
thirty (30) hours per week, your eligibility for Company sponsored benefits will be limited to the Employee Stock Purchase Plan and 401(k) Profit Sharing Plan. As a result, your coverage under the Company’s group health plan will terminate on
July 31, 2004 and you may immediately thereafter exercise whatever rights you have under COBRA to continue medical benefits under the Company’s group health plan. Should you elect to exercise your right of continued coverage under COBRA, the
Company will pay the full cost of your premium under COBRA (including medical, dental and vision, but excluding medical flexible spending account) for a period of eighteen (18) months following your election of COBRA health care continuation
coverage. The Company will provide a bonus to assist with the premiums for your 2004 and 2005 Executive LTD premiums. Participation in all benefits and programs are in accordance with the terms applicable to such benefits and programs as in effect
from time to time and subject to any changes generally applicable to other similarly situated participating Company employees. 

 e. Business Expenses. You will be responsible for all costs associated with work you will do from
your home office, including without limitation, costs of telephone, electricity, acquisition of office equipment, furniture, and internet access. You will also be responsible for the cost you will incur to commute from your home in Bend, Oregon to
Portland (and costs associated with lodging, if any, you incur) in connection with the six (6) days per month that you are required to work at the Company’s offices in Portland. However, if you are asked by the Company to work in the Portland
offices more than six (6) days per month, or drive your vehicle in connection with your job duties (other than the commute to and from your home), the Company will reimburse you for your mileage in accordance with the then-current standard mileage
rate established by the Internal Revenue Service. The current rate for 2004 is 37.5 cents per mile. In addition, the Company will reimburse all ordinary and necessary business expenses you reasonably incur in connection with other travel you are
asked to undertake in connection with your job duties, provided that you account promptly for such expenses to the Company in the manner prescribed from time to time by the Company. Other business related expenses will be reimbursed in accordance
with the Company’s expense policy. 
  
 f. Duration of
Assignment. Although we have discussed this assignment as Vice President of Corporate Affairs as being for an approximately eighteen (18) month period, your employment with the Company will be on an “at will” basis, with both you and
the Company retaining the right to terminate the employment relationship at any time and for any reason or no reason, with or without notice, and without liability on the part of the Company for the termination or entitlement to severance benefits.

  
 The assignment to your new position does not affect any
existing stock options or grants you currently have outstanding, which are listed in the document attached to this letter as Exhibit 1, all of which shall be subject to the terms and the applicable plans. You acknowledge that Exhibit 1
contains a complete list of all stock options or grants to which you are entitled and you agree that you have no other interests in stock options or grants from the Company other than as set forth therein. Additional stock incentives may be awarded
at the time of your salary reviews, in accordance with the normal Company practices. You understand that there are no guarantees that any such awards will actually be made. 
  
 Except as specifically stated herein, during the term of this new assignment you remain subject to the same policies,
practices, terms and conditions of employment as other Company employees in a comparable position. 
  
 No change to the at-will relationship, or any other term of this letter, shall be valid unless in writing and signed by the President of the Company. The
provisions of this agreement are severable, and if any part is found to be unlawful or unenforceable, the other provisions of this agreement shall remain fully valid and enforceable to the maximum extent consistent with applicable law. Any court or
arbitrator having jurisdiction over such matters shall have the power to reform such unlawful or unenforceable provision to the extent necessary for such provision to be enforceable to the fullest extent under applicable law. 
  
 You acknowledge that you voluntarily agreed to and accepted the position of
Vice President of Corporate Affairs under the terms and conditions stated herein. You and the Company agree that this assignment does not constitute a termination in your employment with the Company for any purpose and that this change in your
duties and responsibilities does not give rise to any claim for compensation under any severance plan, agreement or practice, including the Employment Agreement dated December 5, 1997 between you and the Company (the “Original Employment
Agreement”). In consideration for the benefits and compensation offered under this agreement, you release the Company, its subsidiaries and affiliates and all of their respective officers, directors, employees, agents and insurers from, and
waive, all claims, if any, which may exist regarding this change of assignment. 
  
 Consistent with the Company’s current practices, you agree to execute and deliver and abide by the Confidentiality Agreement in the form attached hereto as Exhibit 2 (the “Confidentiality
Agreement”). 
  
 This agreement shall be governed by the laws
of the State of Oregon, without reference to its choice of law provisions. The parties hereby irrevocably and unconditionally agree to submit any legal action or proceeding relating to the subject matter of this agreement to the non-exclusive
general jurisdiction of the courts of the State of Oregon, Washington County and in any such action or proceeding, consent to jurisdiction in such courts and waive any objection to the venue in such court. 
  
 This agreement (which includes the attached Exhibits 1 and 2) represents the
entire agreement regarding the transition from your former role and your assignment to the new role of Vice President of Corporate Affairs. This agreement 

 supersedes and replaces any and all prior written or oral agreements, including but not limited to your Original
Employment Agreement. Any modification of the terms set forth in this agreement will only be effective if done in writing and signed by you and the Company. If for any reason any provision of this agreement shall be held invalid, that invalidity
will not affect the remainder of this agreement. 
  
 To
acknowledge your acceptance of this agreement, please sign below and return one copy together with your signed Confidentiality Agreement. Your signature will acknowledge that you have read, understood, and agree to the terms and conditions of this
agreement. 
  
 We look forward to continuing to work with you in
your new role. Based upon your past accomplishments, we believe you can make a substantial contribution as Vice President of Government Affairs. 
  

			
	 COLUMBIA SPORTSWEAR COMPANY

		
	 By:
	 	 /s/ Susan Popp

	 	 	 Susan Popp

	 	 	 Human Resources Director

  

			
	 Attachments:
	 	Exhibit 1 – Stock Options and Grants
	 	 	Exhibit 2 – Confidentiality Agreement

  

					
	 Agreed:
	 	 /s/ Carl K. Davis

	 	 7/20/04

	 	 	Carl K. Davis	 	Date

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