Document:

EX-10(L)

 

Exhibit 10(1)

THE SCOTTS MIRACLE-GRO COMPANY

AMENDED AND RESTATED

2006 LONG-TERM INCENTIVE PLAN

STOCK UNIT AWARD AGREEMENT FOR NONEMPLOYEE DIRECTORS

(WITH RELATED DIVIDEND EQUIVALENTS)

STOCK UNITS GRANTED TO [Grantee’s Name] ON [Grant Date]

This Award Agreement describes the type of Award that you have been granted and the terms and
conditions of your Award. Capitalized terms that are not defined in this Award Agreement have the
same meanings as in the Plan. To ensure you fully understand the terms and conditions of your
Award, you should:

- Read The Scotts Miracle-Gro Company Amended and Restated 2006 Long-Term Incentive Plan
(“Plan”) and this Award Agreement carefully; and

- Contact [Title] at [Telephone Number] if you have any questions about your Award. Or, you may
send a written inquiry to the address shown below:

The Scotts Miracle-Gro Company

Attention: [Title]

14111 Scottslawn Road

Marysville, Ohio 43041

Also, no later than [Date 30 Days After Grant Date], you must return a signed copy of this Award
Agreement to:

[Third Party Administrator]

Attention: [TPA Contact’s Name]

[TPA Contact’s Address]

[TPA Telephone Number]

The Company intends that this Award satisfy the requirements of Section 409A of the Code and that
this Award Agreement be so administered and construed. You agree that the Company may modify this
Award Agreement, without any further consideration, to comply with Section 409A of the Code, even
if those modifications change the terms of your Award and reduce its value or potential value.

1. DESCRIPTION OF YOUR AWARD

You have been granted [Number] stock units (“Stock Units”) and an equal number of related dividend
equivalents, subject to the terms and conditions of the Plan and this Award Agreement. Each whole
Stock Unit represents the right to receive one full Share at the time and in the manner described
in this Award Agreement, subject to Section 17.3 of the Plan. Each dividend
equivalent represents the right to receive additional Stock Units (determined in accordance with
Section 3(c)) in respect of the dividends that are declared and paid during the period beginning

 

 

on
[Grant Date] and ending on the Termination Date (as described in Section 2(b)) with respect to the
Share represented by the related Stock Unit.

2. VESTING AND SETTLEMENT

     (a) Vesting. Your Stock Units are 100% vested on the Grant Date; provided that the Stock
Units received pursuant to Section 3(c) will be 100% vested on the date they are credited to you.

     (b) Termination Date. Subject to the terms of the Plan, your Stock Units [shall be] [shall
begin to be] [Note: Company to choose one of the alternatives based on whether Grantee chooses lump
sum or annual installments in the Election Form] settled within 30 days following the date you
Terminate (the “Termination Date”).

     (c) Form of Settlement.

     (i) Your whole Stock Units shall be settled in full Shares [in a lump sum within 30
days following the Termination Date] [in ___substantially equal annual installments,
beginning within 30 days following the Termination Date and each anniversary of the
Termination Date] [Note: Company to choose one of the alternatives based on Grantee’s
election in the Election Form]. Any fractional Stock Unit shall be settled in cash,
determined based upon the Fair Market Value of a Share on the relevant settlement date.

     (ii) Notwithstanding the foregoing, if you die before all of your Stock Units have been
settled, your beneficiary (as described in Section 3(d) below) will be entitled to a lump
sum distribution within 30 days following your death of a number of full Shares equal to the
number of whole Stock Units that have not been settled as of the date of your death. Any
fractional Stock Unit shall be settled in cash, determined based upon the Fair Market Value
of a Share on the date of your death.

     (d) Changes to Form of Settlement. You may change the form in which your Stock Units are
settled (i.e., lump sum or annual installments over a period of up to ten years) by completing a
new election form (as prescribed by the Board) and returning such completed election form to the
Board; provided, however, that (i) such election must be irrevocable, (ii) such election may not
take effect until at least 12 months after the date on which it is made and (iii) such election
must defer the settlement date of the Stock Units (other than in connection with your death) for a
period of not less than five years from the date the Stock Units otherwise would have been settled.
Once the settlement of your Stock Units begins, no changes to the form of settlement shall be
permitted.

3. GENERAL TERMS AND CONDITIONS

     (a) AMENDMENT AND TERMINATION. Subject to the terms of the Plan, the Company may amend or
terminate this Award Agreement or the Plan at any time.

     (b) RIGHTS BEFORE YOUR STOCK UNITS ARE SETTLED. Except as provided in Section 3(c) below, you
will have none of the rights of a shareholder with respect

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to Shares underlying the Stock Units
unless and until you become the record holder of such Shares.

     (c) DIVIDEND EQUIVALENTS. With respect to each dividend equivalent:

     (i) If a cash dividend is declared and paid on the Shares underlying the Stock Units,
you will receive an additional number of Stock Units equal to the quotient of:

	 	(A)	 	the product of (I) the number of Stock Units
granted under this Award Agreement (including additional Stock Units
previously received in accordance with this Section 3(c)) that have not
been settled as of the dividend payment date, multiplied by (II) the
amount of the cash dividend paid per Share; divided by
	 
	 	(B)	 	the Fair Market Value of a Share on the date
such cash dividend is paid.

Any additional Stock Units credited pursuant to this Section 3(c)(i) shall be subject to the
same terms and conditions as the Stock Units granted pursuant to Section 1 above and shall
be settled as described in Section 2 above.

     (ii) If a Share dividend is declared and paid on the Shares underlying the Stock Units,
you will receive an additional number of Stock Units equal to the product of (A) the number
of Stock Units granted under this Award Agreement (including additional Stock Units
previously received in accordance with this Section 3(c)) that have not been settled as of
the dividend payment date, multiplied by (B) the dividend paid per Share. Such additional
Stock Units shall be subject to the same terms and conditions as the Stock Units granted
pursuant to Section 1 above and shall be settled as described in Section 2 above.

     (d) BENEFICIARY DESIGNATION. You may name a beneficiary or beneficiaries to receive any Stock
Units and related dividend equivalents that are settled after you die. This may be done only on
the attached Beneficiary Designation Form and by following the rules described in that Form. The
Beneficiary Designation Form does not need to be completed now and is not required as a condition
of receiving your Award. However, if you die without completing a Beneficiary Designation Form or
if you do not complete that Form correctly, your beneficiary will be your surviving spouse or, if
you do not have a surviving spouse, your estate.

     (e) TRANSFERRING YOUR STOCK UNITS AND RELATED DIVIDEND EQUIVALENTS. Normally, your Stock
Units and the related dividend equivalents may not be transferred to another person. However, as
described in Section 3(d), you may complete a Beneficiary Designation Form to name the person to
receive any Stock Units and related dividend equivalents that are settled after you die. Also, the
Board may allow you to place your Stock Units and related dividend equivalents into a trust
established for your benefit or the benefit of your family. Contact [Third Party Administrator] at
[TPA Telephone Number] or at
the address given above if you are interested in doing this.

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     (f) GOVERNING LAW. This Award Agreement shall be governed by the laws of the State of Ohio,
excluding any conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of the Plan to the substantive law of another jurisdiction.

     (g) OTHER AGREEMENTS. Your Stock Units and the related dividend equivalents will be subject
to the terms of any other written agreements between you and the Company or any Affiliate or
Subsidiary to the extent that those other agreements do not directly conflict with the terms of the
Plan or this Award Agreement.

     (h) OTHER RULES. Your Stock Units and the related dividend equivalents are subject to more
rules described in the Plan. You should read the Plan carefully to ensure you fully understand all
of the terms and conditions of the grant of Stock Units and the related dividend equivalents made
to you under this Award Agreement.

4. YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

By signing below, you acknowledge and agree that:

     (a) A copy of the Plan has been made available to you;

     (b) You understand and accept the terms and conditions of your Award;

     (c) You will consent (on your own behalf and on behalf of your beneficiaries and transferees
and without any further consideration) to any necessary change to your Award or this Award
Agreement to comply with any law and to avoid paying penalties under Section 409A of the Code, even
if those changes affect the terms of your Award and reduce its value or potential value; and

     (d) You must return a signed copy of this Award Agreement to the address given above before
[Date 30 Days After Grant Date].

* * * * *

	 	 	 	 	 
	[Grantee’s Name]
	 
	 	 	 	 
	By:
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Date signed:	 	 
	 

	 	 	 	 

	 	 	 	 	 
	THE SCOTTS MIRACLE-GRO COMPANY
	 
	 	 	 	 
	By:
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	[Name of Company Representative]

[Title of Company Representative]
	 
	 	 	 	 
	Date signed:	 	 
	 

	 	 	 	 

4EX-10(M)

 

Exhibit 10(m)

THE SCOTTS MIRACLE-GRO COMPANY

AMENDED AND RESTATED

2006 LONG-TERM INCENTIVE PLAN

DEFERRED STOCK UNIT AWARD AGREEMENT

FOR NONEMPLOYEE DIRECTORS

(WITH RELATED DIVIDEND EQUIVALENTS)

DEFERRED STOCK UNITS GRANTED TO

[Director’s Name] ON [Grant Date]

The Scotts Miracle-Gro Company (“Company”) believes that its business interests are best served by
ensuring that you have an opportunity to share in the Company’s business success. To this end, the
Company adopted The Scotts Miracle-Gro Company Amended and Restated 2006 Long-Term Incentive Plan
(“Plan”) through which members of its Board of Directors, like you, may acquire (or share in the
appreciation of) common shares, without par value, of the Company (“Shares”). Capitalized terms
that are not defined in this Award Agreement have the same meanings as in the Plan.

This Award Agreement describes the type of Award that you have been granted and the terms and
conditions of your Award. To ensure you fully understand these terms and conditions, you should:

- Read the Plan and this Award Agreement carefully; and

- Contact [Title] at [Telephone Number] if you have any questions about your Award. Or, you may
send a written inquiry to the address shown below:

The Scotts Miracle-Gro Company

Attention: [Title]

14111 Scottslawn Road

Marysville, Ohio 43041

Also, no later than [Date 30 Days After Grant Date], you must return a signed copy of this Award
Agreement to:

[Third Party Administrator]

Attention: [TPA Contact’s Name]

[TPA Contact’s Address]

[TPA Telephone Number]

The Company intends that this Award satisfy the requirements of Section 409A of the Code and that
this Award Agreement be so administered and construed. You agree that the Company may modify this
Award Agreement, without any further consideration, to fulfill this intent, even if those
modifications change the terms of your Award and reduce its value or potential value.

 

 

1. DESCRIPTION OF YOUR DEFERRED STOCK UNITS

You have been granted [insert Number] of deferred stock units (“DSUs”) and an equal number of
related dividend equivalents, subject to the terms and conditions of the Plan and this Award
Agreement. The “Grant Date” of your Award is [insert Grant Date]. Each whole DSU represents the
right to receive one full Share at the time and in the manner described in this Award Agreement.
Each dividend equivalent represents the right to receive additional DSUs (determined in accordance
with Section 3(e)) in respect of the dividends that are declared and paid during the period
beginning on the Grant Date and ending on the Settlement Date (as described in Section 2(b)) with
respect to the Share represented by the related DSU.

2. VESTING AND SETTLEMENT

     (a) Vesting. Subject to Sections 3(a) and 3(b), your DSUs will become 100% vested on [insert
third anniversary of the Grant Date] (“Vesting Date”), including any DSUs received pursuant to
Section 3(e) on or prior to the Vesting Date. Any DSUs received pursuant to Section 3(e) following
the Vesting Date will be 100% vested on the date they are credited to you.

     (b) Settlement. Subject to the terms of the Plan, your vested DSUs shall be settled in a lump
sum as soon as administratively practicable, but no later than 90 days, following the earliest to
occur of: (i) your Termination; (ii) your death; (iii) the date you become Disabled (as defined
below); or (iv) the fifth anniversary of the Grant Date (the “Settlement Date”). Your whole DSUs
shall be settled in full Shares, and any fractional DSU shall be settled in cash, determined based
upon the Fair Market Value of a Share on the Settlement Date. For purposes of this Award
Agreement, “Disabled” means that you have been determined to be totally disabled by the Social
Security Administration.

3. GENERAL TERMS AND CONDITIONS

     (a) YOU MAY FORFEIT YOUR DSUs IF YOU TERMINATE. Except as otherwise provided in this Section
3(a) and Section 3(b), you will forfeit your DSUs if you Terminate prior to the Vesting Date:

          (i) If you Terminate for Cause (as defined below) prior to the Vesting Date, your DSUs will be
forfeited immediately. For purposes of this Award Agreement, “Cause” means your conviction of, or
plea of guilty or nolo contendere to, a felony.

          (ii) [Insert for Directors in first term as of Grant Date: If you (A) Terminate (other than
for Cause) after completing at least one full term of continuous service on the Board of Directors,
(B) die or (C) become Disabled, the DSUs granted during your first term will become 100% vested as
of the date of such event.] [Insert for Directors who have completed one full term as of Grant
Date: If you (A) Terminate (other than for Cause) after completing at least two full terms of
continuous service on the Board of Directors and are at least age 50, (B) die or (C) become
Disabled, all DSUs will become 100% vested as of the date of such event.]

          (iii) If you Terminate for any reason not described in Section 3(a)(i) or 3(a)(ii) prior to
the Vesting Date, your DSUs will be forfeited immediately.

2

 

     (b) CHANGE IN CONTROL. Normally, your DSUs will vest and be settled only under the
circumstances described in Sections 2 and 3(a). However, if there is a Change in Control, your
DSUs will become 100% vested on the date of the Change in Control and will be settled as described
in the Plan. You should read the Plan carefully to ensure that you understand how this may happen.

     (c) AMENDMENT AND TERMINATION. Subject to the terms of the Plan, the Company may amend or
terminate this Award Agreement or the Plan at any time.

     (d) RIGHTS BEFORE YOUR DSUs ARE SETTLED. Except as provided in Section 3(e) below, you will
have none of the rights of a shareholder with respect to Shares underlying the DSUs unless and
until you become the record holder of such Shares.

     (e) DIVIDEND EQUIVALENTS. With respect to each dividend equivalent:

          (i) If a cash dividend is declared and paid on the Shares underlying the DSUs, you will
receive an additional number of DSUs equal to the quotient of:

     (A) the product of (I) the number of DSUs granted under this Award Agreement
(including additional DSUs previously received in accordance with this Section 3(e))
that have not been settled as of the dividend payment date, multiplied by (II) the
amount of the cash dividend paid per Share; divided by

     (B) the Fair Market Value (which shall be equal to the closing price) of a
Share on the date such cash dividend is paid.

     Any additional DSU credited pursuant to this Section 3(e)(i) shall be subject to the same
terms and conditions as the DSUs granted pursuant to Section 1 above.

          (ii) If a Share dividend is declared and paid on the Shares underlying the DSUs, you will
receive an additional number of DSUs equal to the product of (A) the number of DSUs granted under
this Award Agreement (including additional DSUs previously received in accordance with this Section
3(e)) that have not been settled as of the dividend payment date, multiplied by (B) the dividend
paid per Share. Any additional DSUs credited pursuant to this Section 3(e)(ii) shall be subject to
the same terms and conditions as the DSUs granted pursuant to Section 1 above.

          (iii) Any fractional number of DSUs resulting from the calculations under this Section 3(e)
shall be rounded to the nearest sixteenth of a Share.

     (f) BENEFICIARY DESIGNATION. You may name a beneficiary or beneficiaries to receive any DSUs
and related dividend equivalents that vest before you die but are settled after you die. This may
be done only on a Beneficiary Designation Form and by following the rules described in that Form.
The Beneficiary Designation Form does not need to be completed now and is not required as a
condition of receiving your Award. However, if you die without completing a Beneficiary
Designation Form or if you do not complete that Form correctly, your beneficiary will be your
surviving spouse or, if you do not have a surviving
spouse, your estate.

3

 

     (g) TRANSFERRING YOUR DSUs AND RELATED DIVIDEND EQUIVALENTS. Normally your DSUs and the
related dividend equivalents may not be transferred to another person. However, as described in
Section 3(f), you may complete a Beneficiary Designation Form to name the person to receive any
DSUs and related dividend equivalents that vest before you die but are settled after you die.
Also, the Committee may allow you to place your DSUs and dividend equivalents into a trust
established for your benefit or the benefit of your family. Contact [Third Party Administrator] at
[TPA Telephone Number] or at the address given above if you are interested in doing this.

     (h) GOVERNING LAW. This Award Agreement shall be governed by the laws of the State of Ohio,
excluding any conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of the Plan to the substantive law of another jurisdiction.

     (i) OTHER AGREEMENTS. Your DSUs and the related dividend equivalents will be subject to the
terms of any other written agreements between you and the Company or any Affiliate or Subsidiary to
the extent that those other agreements do not directly conflict with the terms of the Plan or this
Award Agreement.

     (j) ADJUSTMENTS TO YOUR DSUs. Subject to the terms of the Plan, your DSUs and the related
dividend equivalents will be adjusted, if appropriate, to reflect any change to the Company’s
capital structure (e.g., the number of Shares underlying your DSUs will be adjusted to reflect a
stock split).

     (k) OTHER RULES. Your DSUs and dividend equivalents are subject to more rules described in
the Plan. You should read the Plan carefully to ensure you fully understand all the terms and
conditions of the grant of DSUs and the related dividend equivalents under this Award Agreement.

4. YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

By signing below, you acknowledge and agree that:

     (a) A copy of the Plan has been made available to you;

     (b) You understand and accept the terms and conditions of your Award;

     (c) You will consent (on your own behalf and on behalf of your beneficiaries and transferees
and without any further consideration) to any necessary change to your Award or this Award
Agreement to comply with any law and to avoid paying penalties under Section 409A of the Code, even
if those changes affect the terms of your Award and reduce its value or potential value; and

     (d) You must return a signed copy of this Award Agreement to the address given above before
[Date 30 Days After Grant Date].

4

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[Director’s Name]	 	 	 	THE SCOTTS MIRACLE-GRO COMPANY	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date signed:	 	 	 	 	 	[Name of Company Representative]
	 	 
	 	 	 	 	 	 	 	 	[Title of Company Representative]	 	 
	 	 	 	 	 	 	 	 	Date signed:	 	 	 	 

5

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