EXHIBIT 10.15
- - GRANT
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SYBRON DENTAL SPECIALTIES, INC.
2001 LONG-TERM INCENTIVE PLAN
NONQUALIFIED STOCK OPTION AGREEMENT
THIS AGREEMENT is made and entered into as of the __th day of __________
2____, between Sybron Dental Specialties, Inc., a Delaware corporation (the
"Company") and _______ (the "Participant") in connection with the grant of a
Nonqualified Stock Option under the Sybron Dental Specialties, Inc. 2001 Long-
Term Incentive Plan.
WITNESSETH:
WHEREAS, the Participant is an employee of the Company or one of its
Subsidiaries in a key position, and the Company desires to promote the success
and enhance the value of the Company by linking the personal interests of the
Participant to those of Company shareholders, providing the Participant with an
incentive for outstanding performance;
AND WHEREAS, in light of the above, the Company desires to grant to the
Participant a Nonqualified Stock Option to purchase shares of Company common
stock under the Company's 2001 Long-Term Incentive Plan.
NOW, THEREFORE, in consideration of these premises, the parties agree that
the following shall constitute the Agreement between the Company and the
Participant:
1. Definitions. For purposes of this Agreement, the terms used herein
shall have the meanings specified in the Plan, a copy of which is
attached hereto and incorporated herein by reference pursuant to
Section 10 below.
2. Grant of Nonqualified Stock Option. Subject to the terms and
conditions set forth herein, the Company grants to the Participant a
Nonqualified Stock Option to purchase from the Company __________
Shares at an Option Price of ____ per Share, subject to adjustment as
provided in Section 8 hereof. This Option is exercisable at any time
after ______ __, ______ in accordance with the following schedule:
as to: any time after:
Shares / /
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an additional Shares / /
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an additional Shares / /
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an additional Shares / /
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This Option shall expire on __/__/____; provided; however that (i) if
the Participant's employment with the Company is terminated prior to
the exercise in full of this Option, then the rules of Section 7 shall
apply, and (ii) notwithstanding anything to the contrary herein, the
Company shall not be required to issue or transfer any certificates
for Shares purchased upon exercise of this Option until all applicable
requirements of the law have been compiled with and, if applicable,
such Shares shall have been duly listed on any securities exchange on
which Shares may then be listed.
3. Notice of Exercise. This Option may be exercised in whole or in part,
from time to time, in accordance with Section 2 by the delivery of
written notice to the Corporate Secretary of the Company at the
address provided in Section 13, which notice shall:
a. specify the number of Shares to be purchased and the total Option
Price to be paid therefor;
b. if the person exercising this Option is not the Participant
himself or herself, contain or be accompanied by evidence
satisfactory to the Committee of such person's right to exercise
this Option; and
c. be accompanied by payment in full of the Option Price (i) in cash
or its equivalent, (ii) with the Committee's consent, by
tendering previously acquired Shares having a Fair Market Value
at the time of exercise equal to the Option Price (provided such
previously acquired Shares have been held by the Participant for
at least 6 months prior to such tender), (iii) with the
Committee's consent, by a combination of cash and such tendered
Shares, or (iv) with the Committee's consent, through a cashless
exercise as permitted under Federal Reserve Board Regulation T or
by any other means which the Committee deems consistent with the
Plan and applicable law.
As soon as practicable after receipt of an exercise notice and full
payment of the Option Price, the Company shall deliver to the
Participant, in the Participant's name, Share certificates in an
appropriate amount based upon the number of Shares purchased upon the
exercise. The Committee may impose such restrictions on any Shares
acquired pursuant to an exercise as it deems advisable, including
without limitation restrictions under applicable Federal securities
laws, under the requirements of any stock exchange or market upon
which such Shares are then listed and/or traded, and under blue sky or
state securities laws applicable to such Shares.
4. Transfer and Exercise of Option. This Option shall not be sold,
transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and
distribution. During the Participant's lifetime, this Option may be
exercised only by him or her. In accordance with the provisions of the
Plan, the Participant may, from time to time, name any beneficiary or
beneficiaries (who may be named contingently or successively) who
shall be entitled to exercise this Option in the event of the
Participant's death and to the extent this Option is exercisable at
that time. In the absence of any such designation, this Option may be
exercised, to the extent exercisable, by the administrator of the
Participant's estate.
5. Status of Participant. The Participant shall not be deemed a
stockholder of the Company with respect to any of the Shares subject
to this Option, except to the extent that such Shares shall have been
purchased and transferred to him.
6. No Effect on Capital Structure. This Option shall not affect the right
of the Company or any Subsidiary thereof to reclassify, recapitalize
or otherwise change its capital or debt structure or to merge,
consolidate, convey any or all of its assets, dissolve, liquidate,
windup, or otherwise reorganize.
7. Premature Expiration of Option.
7.1 Termination of Employment Other Than For Cause.
(a) If the employment of the Participant shall terminate for any
reason other than Cause, this Option, to the extent (if any)
it is not yet exercisable, shall terminate immediately and
be forfeited to the Company; provided, however, that if the
employment of the Participant shall terminate by reason of
death, Disability or Normal Retirement (as defined below)
and provided further that this Option has been held by the
Participant for at least six (6) months from the date of
grant at the time of such termination, this Option, to the
extent it is not yet exercisable, shall immediately vest and
remain exercisable until the earlier to occur of one (1)
year from the date of termination or the scheduled
expiration date of this Option; and provided further that
the Committee, in its sole discretion, shall have the right
to immediately vest, upon any other termination without
Cause, all or any portion of this Option, subject to such
terms as the Committee, in its sole discretion, deems
appropriate, provided that the maximum exercise period which
may be permitted upon any such acceleration of vesting shall
be the shorter of one year or the scheduled expiration date
of this Option.
(b) To the extent that this Option is exercisable as of the
effective date of a termination other than for Cause, this
Option may be exercised by the Participant within the period
beginning on the effective date of termination and ending on
the earlier to occur of the scheduled expiration date of the
Option or: (i) one year following the effective date of
termination in the case of termination by reason of death,
Disability or Normal Retirement, and (ii) three months
following such date in the case of termination for any other
reason (other than for Cause).
(c) As used herein, "Normal Retirement" shall mean Retirement at
or after the Participant's Normal
Retirement Age under the Company's tax-qualified retirement
plan.
7.2 Termination of Employment For Cause. If the employment of the
Participant shall terminate for Cause, this Option shall
terminate immediately and be forfeited to the Company, and no
additional exercise period shall be allowed, regardless of the
exercisability of this Option at the time of such termination.
8. Adjustments Upon Changes in Capitalization, Merger, Etc.
Notwithstanding any other provision herein, in the event of any
merger, reorganization, consolidation, recapitalization, separation,
liquidation, stock dividend, split-up, share combination, or other
change in the corporate structure of the Company affecting the Shares,
such adjustment shall be made in the number and class of Shares
subject to this Option and the Option Price as may be determined by
the Committee, in its sole discretion, to be appropriate and equitable
to prevent dilution or enlargement of rights, provided that any
fractional share resulting from such adjustment shall be eliminated.
9. Committee Authority. Any question concerning the interpretation of
this Agreement, any adjustments required to be made under Section 8 of
this Agreement, and any controversy which may arise under this
Agreement shall be determined by the Committee, in its sole
discretion, which determination shall be final, conclusive and binding
on all Persons, including without limitation the Company and the
Participant.
10. Plan Controls. The terms of this Agreement are governed by the terms
of the Plan, a copy of which is attached hereto as Exhibit A and made
a part hereof as if fully set forth herein, and in the case of any
inconsistency between the terms of this Agreement and the terms of the
Plan, the terms of the Plan shall control.
11. Change In Control. Upon the occurrence of a Change in Control, unless
otherwise specifically prohibited by law, this Option shall become
immediately exercisable and shall remain as such for the duration of
its term; provided, however, the Committee shall have authority to
make any modifications to this Option which are consistent with the
provisions of the Plan and determined by the Committee to be
appropriate before the effective date of the Change in Control.
12. Tax Withholding. The Company shall have the power and right to deduct
or withhold, or require the Participant to remit to the Company, an
amount sufficient to satisfy Federal, state and local taxes required
by law to be withheld with respect to the grant of this Option, its
exercise or any payment made under or as a result of this Option or
the Plan. The Participant may elect, subject to the approval of the
Committee, to satisfy this withholding requirement, in whole or in
part, by having the Company withhold Shares having a Fair Market Value
on the date the tax is to be determined equal to the minimum marginal
total tax which could be imposed on the transaction. Any such election
shall be irrevocable, made in writing, signed by the Participant and
comply with one of the following requirements:
(a) Written notice of the withholding election is delivered to
the Committee at least six months prior to the date
specified by the Participant on which the Option exercise is
to occur; or
(b) The withholding election is made in connection with an
Option exercise which occurs during a Window Period.
13. Notice. Whenever any notice is required, permitted or contemplated
hereunder, such notice shall be given to the non-notifying party via hand
delivery or United States mail, postage prepaid, at the address stated
below or at such other address specified in a notice given hereunder:
If to the Company: SYBRON DENTAL SPECIALTIES, INC.
0000X. Xxxxxxx Xxx.
Xxxxxx, XX 00000
Attention: Corporate Secretary
If to the Participant:
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Any notice given via United States mail shall be deemed effectively given
two (2) days after mailing.
14. Tax Treatment. This Option is not intended to qualify as, and shall not
be treated as, an "incentive stock option" within
the meaning of Section 422 of the Code.
15. Governing Law. To the extent not preempted by Federal law, this
Agreement shall be construed in accordance with and governed by the laws of
the State of California.
16. Successors. All obligations of the Company under this Agreement shall
be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger,
consolidation, or otherwise, of all or substantially all of the business
and/or assets of the Company.
17. Employment/Participation. Nothing in this Agreement shall interfere
with or limit in any way the right of the Company to terminate the
Participant's employment at any time, nor confer upon the Participant any
right to continue in the employ of the Company. Furthermore, nothing
contained herein shall confer upon the Participant any right to be selected
to receive an award in the future under the Plan.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and the
Participant has hereunto set his hand on the day and year first above written
his hand on the day and the year first above written.
SYBRON DENTAL SPECIALTIES, INC.
By:
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