Looking for an agreement? Search from over 1 million agreements now.

2003 Stock Plan For Outside Directors

This is an actual contract by Johnson Controls.
Browse the agreement preview below and buy the entire agreement for $35
Search This Document
FOR OUTSIDE DIRECTORS 1. Establishment . JOHNSON CONTROLS, INC. (the " Company" ) hereby establishes a plan for the members of its Board of Directors who are not officers or employees of the Company or any of its subsidiaries (" Outside Directors" ), as described herein, which shall be known as the JOHNSON CONTROLS, INC. 2003 STOCK PLAN FOR OUTSIDE DIRECTORS (the " Plan" ). This Plan is amended and restated as of October 1, 2006. 2. Purpose . The purpose of the Plan is to advance the Company' s growth and success and to advance its interests by attracting and retaining well-qualified Outside Directors upon whose judgment the Company is largely dependent for the successful conduct of its operations and by providing such individuals with incentives to put forth maximum efforts for the long-term success of the Company' s business. 3. Effective Date of the Plan . The effective date of the Plan is October 1, 2003, subject to its approval by the shareholders of the Company at the annual meeting to be held on January 28, 2004. 4. Stock Subject to the Plan . Subject to adjustment in accordance with the provisions of Section 8, the total number of shares of common stock of the Company (" Common Stock" ), available for awards under this Plan shall not exceed 80,000 shares. Shares of Common Stock to be delivered under the Plan shall be made available from presently authorized but unissued Common Stock or authorized and issued shares of Common Stock reacquired and held as treasury shares, or a combination thereof. 5. Administration . (a) The Plan shall be administered by the Corporate Governance Committee (the " Committee" ) of the Board of Directors. (b) Subject to the express provisions of the Plan, the Committee shall have authority to interpret the Plan, to the extent provided by law. (c) The members of the Committee shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including attorney' s fees) arising from any act, omission, interpretation, construction or determination made in connection with the Plan to the full extent permitted by law and under any directors and officers liability insurance that may be in effect from time to time. (d) A majority of the Committee shall constitute a quorum, and the acts of a majority of the members present at any meeting at which a quorum is present, or acts approved in writing by a majority of the Committee without a meeting, shall be the acts of the Committee.

6. Grants of Common Stock . Each Outside Director shall be granted Common Stock as follows: (a) Initial Grants [prior to October 1, 2006] . On and after January 28, 2004 [and prior to October 1, 2006], any individual, other than an individual who was serving on the Board of D
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |