CELANESE CORPORATION 2004 STOCK INCENTIVE PLAN NONQUALIFIED STOCK OPTION AGREEMENT (Non-Employee Director)
Exhibit 10.8(d)
CELANESE CORPORATION
2004 STOCK INCENTIVE PLAN
2004 STOCK INCENTIVE PLAN
NONQUALIFIED STOCK OPTION AGREEMENT
(Non-Employee Director)
(Non-Employee Director)
THIS AGREEMENT, is made effective as of January 20, 2005 (the “Date of Grant”), between
Celanese Corporation (the “Company”) and the individual named as a participant on the signature
page hereto (the “Participant”).
RECITALS:
WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby
incorporated by reference and made a part of this Agreement; and
WHEREAS, the Committee has determined that it would be in the best interests of the Company
and its stockholders to grant the Option provided for herein to the Participant pursuant to the
Plan and the terms set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
agree as follows:
1. Definitions. Whenever the following terms are used in this Agreement, they
shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have
the same meanings as in the Plan.
(a) Cause: Any of the following events: (i) the Participant’s willful
failure to perform Participant’s duties to the Company (other than as a result of total or partial
incapacity due to physical or mental illness) for a period of 30 days following written notice by
the Company to the Participant of such failure, (ii) commission of (x) a felony (other than
traffic-related) under the laws of the United States or any state thereof or any similar criminal
act in a jurisdiction outside the United States or (y) a crime involving moral turpitude, (iii)
Participant’s willful malfeasance or willful misconduct which is demonstrably injurious to the
Company, (iv) any act of fraud by the Participant or (v) the Participant’s breach of the provisions
of any confidentiality, noncompetition or nonsolicitation to which the Participant is subject.
(b) Disability: The Participant becomes physically or mentally
incapacitated and is therefore unable for a period of six consecutive months or for an aggregate of
nine months in any 24 consecutive month period to perform Participant’s duties.
(c) Expiration Date: The tenth anniversary of the Date of Grant.
(d) Plan: The Celanese Corporation 2004 Stock Incentive Plan, as from time
to time amended.
(e) Stockholders Agreement: The Stockholders Agreement, dated as of January
18, 2005 (as amended from time to time), among the Company and the other parties thereto.
(f) Vested Portion: At any time, the portion of the Option which has
become vested, as described in Section 3 of this Agreement.
2. Grant of Option. The Company hereby grants to the Participant the right and
option to purchase, on the terms and conditions hereinafter set forth,
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Shares of the Company (the “Option”), subject to adjustment as set forth in the Plan.
The exercise price of the Shares subject to the Option shall be $16 per Share (the “Option
Price”), subject to adjustment as set forth in the Plan. The Option is intended to be a
nonqualified stock option and is not intended to be treated as an ISO that complies with Section
422 of the Code.
3. Vesting of the Option.
(a) In General. Subject to the Participant’s continued Employment with the
Company and its Affiliates, the Option shall vest and become exercisable with respect to
twenty-five percent (25%) of the Shares subject to the Option as of the Date of Grant and shall
vest and become exercisable with respect to 25% of the Shares subject to the Option on December 31
2005, December 31, 2006 and December 31, 2007.
(b) Change in Control. Notwithstanding the foregoing, upon a Change in
Control, the Option shall, to the extent not previously cancelled or expired, immediately become
100% vested and exercisable.
(c) Termination of Employment. If the Participant’s Employment with the
Company and its Affiliates terminates for any reason, the Option, to the extent not then vested and
exercisable, shall be immediately canceled by the Company without consideration [;
provided, however, that if the Participant’s Employment terminates due to the
Participant’s death or Disability, to the extent not previously cancelled or expired, the Option
shall immediately become vested and exercisable as to the Shares subject to the Option that would
have otherwise vested and become exercisable in the calendar year in which such termination of
Employment occurs].
4. Exercise of Option.
(a) Period of Exercise. Subject to the provisions of the Plan and this Agreement,
the Participant may exercise all or any part of the Vested Portion of the Option at any time prior
to the Expiration Date. Notwithstanding the foregoing, if the Participant’s Employment terminates
prior to the Expiration Date, the Vested Portion of the Option shall remain exercisable for the
period set forth below:
(i) Termination due to Death or Disability, Termination by the Company
without Cause or Termination by the Participant. If the Participant’s Employment with
the Company and its Affiliates is terminated (a) due to the Participant’s death or
Disability, (b) by the Company without Cause or (c) by the Participant, the Participant
may exercise the Vested Portion of the Option for a period ending on the earlier of (A)
[one year] following the date of such termination and (B) the Expiration Date; and
(ii) Termination by the Company for Cause. If the Participant’s
Employment with the Company and its Affiliates is terminated by the Company for
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Cause, the Vested Portion of the Option shall immediately terminate in full and cease
to be exercisable.
(b) Method of Exercise.
(i) Subject to Section 4(a) of this Agreement, the Vested Portion of an
Option may be exercised by delivering to the Company at its principal office written notice
of intent to so exercise; provided that the Option may be exercised with respect to
whole Shares only. Such notice shall specify the number of Shares for which the Option is
being exercised and, other than as described in clause (C) of the following sentence, shall
be accompanied by payment in full of the aggregate Option Price in respect of such Shares.
Payment of the aggregate Option Price may be made (A) in cash, or its equivalent (e.g., a
check), (B) by transferring to the Company Shares having a Fair Market Value equal to the
aggregate Option Price for the Shares being purchased and satisfying such other
requirements as may be imposed by the Committee; provided that such Shares have
been held by the Participant for no less than six months (or such other period as
established from time to time by the Committee or generally accepted accounting
principles), (C) if there is a public market for the Shares at the time of payment, subject
to such rules as may be established by the Committee, through delivery of irrevocable
instructions to a broker to sell the Shares otherwise deliverable upon the exercise of the
Option and deliver promptly to the Company an amount equal to the aggregate Option Price or
(D) such other method as approved by the Committee. No Participant shall have any rights
to dividends or other rights of a stockholder with respect to the Shares subject to an
Option until the Participant has given written notice of exercise of the Option, paid in
full for such Shares or otherwise completed the exercise transaction as described in the
preceding sentence and, if applicable, has satisfied any other conditions imposed pursuant
to this Agreement.
(ii) Notwithstanding any other provision of the Plan or this Agreement to
the contrary, absent an available exemption to registration or qualification, the Option
may not be exercised prior to the completion of any registration or qualification of the
Option or the Shares under applicable state and federal securities or other laws, or under
any ruling or regulation of any governmental body or national securities exchange that the
Committee shall in its sole reasonable discretion determine to be necessary or advisable.
(iii) Upon the Company’s determination that the Option has been validly
exercised as to any of the Shares, the Company shall issue certificates in the
Participant’s name for such Shares. However, the Company shall not be liable to the
Participant for damages relating to any delays in issuing the certificates to the
Participant, any loss by the Participant of the certificates, or any mistakes or errors in
the issuance of the certificates or in the certificates themselves.
(iv) In the event of the Participant’s death, the Vested Portion of the
Option shall remain vested and exercisable by the Participant’s executor or administrator,
or the person or persons to whom the Participant’s rights under this Agreement shall pass
by will or by the laws of descent and distribution as the case may be, to the extent set
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forth in Section 4(a) of this Agreement. Any heir or legatee of the Participant shall
take rights herein granted subject to the terms and conditions hereof.
(v) As a condition to the exercise of any Option evidenced by this
Agreement, the Participant shall execute the Stockholders Agreement.
5. No Right to Continued Employment. Neither the Plan nor this Agreement shall be
construed as giving the Participant the right to be retained in the employ of, or in any
relationship to, the Company or any Affiliate. Further, the Company or its Affiliate may at any
time terminate the Participant or discontinue any relationship, free from any liability or any
claim under the Plan or this Agreement, except as otherwise expressly provided herein.
6. Legend on Certificates. The certificates representing the Shares purchased by
exercise of the Option shall be subject to such stop transfer orders and other restrictions as the
Committee may deem reasonably advisable under the Plan or the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares
are listed, any applicable federal or state laws and the Company’s Certificate of Incorporation and
Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions.
7. Transferability. Unless otherwise determined by the Committee, the Option may
not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the
Participant otherwise than by will or by the laws of descent and distribution, and any such
purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void
and unenforceable against the Company or any Affiliate; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance. During the Participant’s lifetime, the Option is exercisable only by the Participant.
8. Withholding. The Participant may be required to pay to the Company or its
Affiliate and the Company or its Affiliate shall have the right and is hereby authorized to
withhold from any payment due or transfer made under the Option or under the Plan or from any
compensation or other amount owing to a Participant the amount (in cash, Shares, other securities,
other Awards or other property) of any applicable withholding taxes in respect of the Option, its
exercise, or any payment or transfer under the Option or under the Plan and to take such action as
may be necessary in the option of the Company to satisfy all obligations for the payment of such
taxes.
9. Securities Laws. Upon the acquisition of any Shares pursuant to the exercise
of the Option, the Participant will make or enter into such written representations, warranties and
agreements as the Committee may reasonably request in order to comply with applicable securities
laws or with this Agreement.
10. Notices. Any notice under this Agreement shall be addressed to the Company in
care of its General Counsel, addressed to the principal executive office of the Company and to the
Participant at the address appearing in the personnel records of the Company for the Participant or
to either party at such other address as either party hereto may
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hereafter designate in writing to the other. Any such notice shall be deemed effective upon
receipt thereof by the addressee.
11. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to the conflicts of laws provisions thereof.
12. Option Subject to Plan and Stockholders Agreement. By entering into this
Agreement the Participant agrees and acknowledges that the Participant has received and read a copy
of the Plan and the Stockholders Agreement. The Option and the Shares received upon exercise of
the Option are subject to the Plan and the Stockholders Agreement. The terms and provisions of the
Plan and the Stockholders Agreement as it may be amended from time to time are hereby incorporated
by reference. In the event of a conflict between any term or provision contained herein and a term
or provision of the Plan or the Stockholders Agreement, the applicable terms and provisions of the
Plan or the Stockholders Agreement will govern and prevail. In the event of a conflict between any
term or provision of the Plan and any term or provision of the Stockholders Agreement, the
applicable terms and provisions of the Stockholders Agreement will govern and prevail.
13. Signature in Counterparts. This Agreement may be signed in counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument.
IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.
| CELANESE CORPORATION |
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