<PAGE> 1
As filed with the Securities and Exchange Commission on October 9, 1997
Registration Statement No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
---------------
Westinghouse Electric Corporation
(Exact name of Registrant as specified in its charter)
Pennsylvania 25-0877540
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
Westinghouse Building, 11 Stanwix Street
Pittsburgh, Pennsylvania 15222
(Address of Registrant's principal executive offices, including zip code)
The Gaylord Entertainment Company Amended and Restated
1993 Stock Option and Incentive Plan and
The Gaylord Entertainment Company 1991 Amended and
Restated Stock Option and Incentive Plan
(the "Gaylord Plans")
(Full title of the plan)
LOUIS J. BRISKMAN
Senior Vice President and General Counsel
Westinghouse Building, 11 Stanwix Street
Pittsburgh, Pennsylvania 15222
(Name and address of agent for service)
(412) 244-2300
(Telephone number, including area code, of agent for service)
---------------
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
Title of Proposed Proposed
securities Amount maximum maximum Amount of
to be to be offering price aggregate registration
registered registered(1) per share(2) offering price fee
- ---------- ------------- ------------ -------------- ---
<S> <C> <C> <C> <C>
Common Stock,
par value $1.00
per share. . . . . . 131,868 $28.4688 $3,754,124 $1,137.50
Preferred Stock
Purchase Rights. . . (3) (3) (3)
</TABLE>
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<PAGE> 2
(1) In addition, pursuant to rule 416(c) under the Securities Act of 1933,
this registration statement also covers an indeterminate amount of
interests to be offered or sold pursuant to the employee benefit
plan(s) described herein.
(2) Estimated pursuant to Rule 457(h) and Rule 457(c) under the Securities
Act of 1933, based upon the closing price of the Registrant's Common
Stock as reported on the New York Stock Exchange on October 6, 1997.
(3) The Preferred Stock Purchase Rights of Westinghouse Electric
Corporation ("Westinghouse") are attached to and trade with the shares
of Westinghouse Common Stock being registered hereby. Value
attributable to such Preferred Stock Purchase Rights, if any, is
reflected in the market price of Westinghouse Common Stock.
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<PAGE> 3
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents, each as filed by Westinghouse with the Securities
and Exchange Commission (the "Commission") pursuant to the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), are incorporated herein by
reference:
(a) Westinghouse's Annual Report on Form 10-K for the fiscal year
ended December 31, 1996, as amended by Form 10-K/A Amendment No. 1 filed on
July 14, 1997;
(b) Westinghouse's Quarterly Reports on Form 10-Q for the quarterly
periods ended March 31, 1997, as amended by Form 10-Q/A Amendment No. 1 filed
on July 14, 1997 and June 30, 1997;
(c) Westinghouse's Current Reports on Form 8-K reporting events on
December 31, 1996, February 10, 1997, February 11, 1997, April 25, 1997, May 1,
1997, May 23, 1997, May 28, 1997, May 30, 1997, June 18, 1997, July 28, 1997,
September 15, 1997, September 19, 1997 and October 2, 1997;
(d) Description of the Company's Common Stock contained in its
Registration Statement on Form 10 filed pursuant to the Exchange Act on May 15,
1935, as amended or updated pursuant to the Exchange Act.
All documents subsequently filed by the Company pursuant to Sections
13(a) 13(c), 14 or 15(d) of the Exchange Act prior to the filing of a
post-effective amendment to this Registration Statement which indicates that
all securities offered hereby have been sold or which deregisters all such
securities then remaining unsold shall be deemed to be incorporated in this
Registration Statement by reference and to be a part hereof from the respective
date of filing of each such document. Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
The validity of the Westinghouse Common Stock being offered hereby has
been passed upon by Angeline C. Straka, Vice President, Secretary and
Associate General Counsel of Westinghouse. Ms. Straka is an employee of
Westinghouse but does not participate in the Gaylord Plans.
Item 6. Indemnification of Directors and Officers
Section 1741 of the Business Corporation Law of the Commonwealth of
Pennsylvania (the "BCL") empowers a corporation to indemnify any person who was
or is a party or is threatened to be made a party to any threatened, pending or
completed action or proceeding (a "Proceeding"), whether civil, criminal,
administrative or investigative, by reason of the fact that such person is or
was a representative of the corporation or is or was serving at the request of
the corporation as a representative of another corporation or enterprise,
against expenses (including attorneys' fees), judgments, fines and
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<PAGE> 4
amounts paid in settlement actually and reasonably incurred by him in connection
with such Proceeding, if he acted in good faith and in a manner he reasonably
believed to be in, or not opposed to the best interests of the corporation and,
with respect to any criminal proceeding, had no reasonable cause to believe his
conduct was unlawful. Section 1742 of the BCL empowers a corporation to
indemnify any person who was or is a party, or is threatened to be made a party,
to any threatened, pending or completed action by or in the right of the
corporation to procure a judgment in its favor by reason of the fact that such
person is or was a representative of the corporation or is or was serving at the
request of the corporation as a representative of another corporation or
enterprise, against expenses (including attorneys' fees) actually and reasonably
incurred by him in connection with the defense or settlement of the action if he
acted in good faith and in a manner he reasonably believed to be in, or not
opposed to, the best interests of the corporation, provided that indemnification
shall not be made in respect of any claim, issue or matter as to which such
person has been adjudged to be liable to the corporation unless there is a
judicial determination that in view of all the circumstances of the case, the
person is fairly and reasonably entitled to indemnity for the expenses that the
court deems proper.
Section 1743 of the BCL provides that to the extent a representative
of a corporation has been successful on the merits or otherwise in defense of
any Proceeding, or in defense of any claim, issue or matter therein, he shall
be indemnified against expenses (including attorneys' fees) actually and
reasonably incurred by him in connection therewith.
Section 1745 of the BCL provides that expenses (including attorneys'
fees) incurred in defending a Proceeding may be paid by the corporation in
advance of the final disposition of such Proceeding upon receipt of an
undertaking by or on behalf of the representative to repay such amount if it is
ultimately determined that he is not entitled to be indemnified by the
corporation.
Section 1746 of the BCL provides that the indemnification and
advancement of expenses provided by, or granted pursuant to, the other sections
of the BCL shall not be deemed exclusive of any other rights to which a person
seeking indemnification or advancement of expenses may be entitled under any
bylaw, agreement, vote of shareholders or disinterested directors or otherwise.
However, Section 1746 also provides that such indemnification shall not be made
in any case where the act or failure to act giving rise to the claim for
indemnification is determined by a court to have constituted willful misconduct
or recklessness.
The Company provides for indemnification of its directors and officers
pursuant to Article ELEVENTH of the Restated Articles of Incorporation of the
Company and Article XVII of the By-laws of the Company. Article ELEVENTH of the
Restated Articles and Article XVII of the By-laws provide in effect that, with
respect to Proceedings based on acts or omissions on or after January 27, 1987,
and unless prohibited by applicable law, the Company shall indemnify directors
and officers against all expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement incurred in connection with any such Proceedings
(subject to certain limitations in the case of actions by such persons against
the Company). Under Article XVII, the Company shall also advance amounts to any
director or officer during the pendency of any such Proceedings against
expenses incurred, provided that, if required by law, the Company receives an
undertaking to repay such amount if it is ultimately determined that such
person is not to be indemnified under such Article. The indemnification
provided for in such Articles is in addition to any rights to which any
director or officer may otherwise be entitled. Article XVII of the By-laws
provides that the right of a director or officer to such indemnification and
advancement of expenses shall be a contract right and further provides
procedures for the enforcement of such right.
The Company has purchased directors' and officers' liability insurance
policies indemnifying its officers and directors and the officers and directors
of its subsidiaries against claims and liabilities (with stated
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<PAGE> 5
exceptions) to which they may become subject by reason of their positions with
the Company or its subsidiaries as directors and officers.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
---------- -----------
<S> <C>
4.1 Restated Articles of Incorporation of the Company as amended
to July 25, 1997 (incorporated by reference to Exhibit 3(a) to
Form 10-Q for the quarter ended June 30, 1997.
4.2 By-laws of the Company, as amended to September 25, 1996
(incorporated by reference to Exhibit 4.2 to the Company's
Registration Statement on Form S-4 filed October 22, 1996).
4.3 Rights Agreement (incorporated by reference to Exhibit 1 to
Form 8-K filed on January 9, 1996).
4.4 Gaylord Entertainment Company Amended and Restated 1993 Stock
Option and Incentive Plan.
4.5 Gaylord Entertainment Company Amended and Restated 1991 Stock
Option and Incentive Plan.
5 Opinion of Angeline C. Straka, Vice President, Secretary and
Associate General Counsel, as to the legality of the
securities being registered.
23.1 Consent of Counsel -- contained in opinion filed as Exhibit 5.
23.2 Consent of KPMG Peat Marwick LLP.
23.3 Consent of Price Waterhouse LLP.
24 Powers of Attorney.
</TABLE>
Item 9. Undertakings
The undersigned Registrant hereby undertakes:
(a) to file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement to include any
material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such
information in the Registration Statement;
(b) that, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof;
(c) to remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination
of the offering;
(d) that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in this Registration Statement shall be deemed to be
a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof;
(e) insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
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<PAGE> 6
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Westinghouse Electric Corporation, certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Pittsburgh,
Commonwealth of Pennsylvania, on the 9th day of October, 1997.
Westinghouse Electric Corporation
By: /s/ LOUIS J. BRISKMAN
-----------------------------------------
Louis J. Briskman
Senior Vice President and General Counsel
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on the 9th day
of October, 1997, in the capacities indicated:
<TABLE>
<CAPTION>
Signature Title
<S> <C>
* Chairman and Chief Executive Officer
- --------------------------------- (principal executive officer)
(Michael H. Jordan) and Director
*
- --------------------------------- Director
(Frank C. Carlucci)
*
- --------------------------------- Director
(Robert E. Cawthorn)
*
--------------------------------- Director
(Gary M. Clark)
*
- --------------------------------- Director
(George H. Conrades)
*
- --------------------------------- Director
(William H. Gray III)
</TABLE>
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<PAGE> 7
<TABLE>
<CAPTION>
<S> <C>
*
- --------------------------------- Director
(Mel Karmazin)
*
- --------------------------------- Director
(David K.P. Li)
*
- --------------------------------- Director
(David T. McLaughlin)
*
- --------------------------------- Director
(Richard R. Pivirotto)
*
- --------------------------------- Director
(Raymond W. Smith)
*
- --------------------------------- Director
(Paula Stern)
*
- --------------------------------- Director
(Robert D. Walter)
* Executive Vice President and Chief
- --------------------------------- Financial Officer
(Fredric G. Reynolds) (principal financial officer)
* Vice President and Chief
- --------------------------------- Accounting Officer
(Carol V. Savage) (principal accounting officer)
</TABLE>
*By /s/ LOUIS J. BRISKMAN
------------------------------
Louis J. Briskman
Attorney-In-Fact
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<PAGE> 1
Exhibit 4.4
GAYLORD ENTERTAINMENT COMPANY
AMENDED AND RESTATED
1993 STOCK OPTION AND INCENTIVE PLAN
1. PURPOSE; TYPES OF AWARDS; CONSTRUCTION.
The purpose of the 1993 Stock Option and Incentive Plan of Gaylord
Entertainment Company (the "Plan") is to afford an incentive to officers,
directors and key employees of Gaylord Entertainment Company (the "Company"),
or any subsidiary of the Company which now exists or hereafter is organized or
acquired by the Company, to acquire a proprietary interest in the Company, to
continue as employees, to increase their efforts on behalf of the Company and
to promote the success of the Company's business.
It is further intended that options granted by the Compensation
Committee (the "Committee") of the Board of Directors of the Company (the
"Board") pursuant to Section 8 of the Plan shall constitute "incentive stock
options" ("Incentive Stock Options") within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code"), and options granted by
the Committee pursuant to Section 7 of the Plan shall constitute "nonqualified
stock options" ("Nonqualified Stock Options"). The Committee may also grant
limited stock appreciation rights ("Limited Rights") pursuant to Section 9 of
the Plan, either in connection with options granted under the Plan ("Options")
or independently of Options and may grant restricted stock ("Restricted Stock")
under the Plan pursuant to Section 10 of the Plan.
The provisions of the Plan are intended to satisfy the requirements of
Section 16(b) of the Securities Exchange Act of 1934, and shall be interpreted
in a manner consistent with the requirements thereof, as now or hereafter
construed, interpreted and applied by regulations, rulings and cases.
2. DEFINITIONS.
As used in this Plan, the following words and phrases shall have the
meanings indicated:
(a) "Common Stock" shall mean shares of Class A Common Stock,
par value $.01 per share, of the Company.
(b) "Disability" shall mean a Grantee's (as defined in
Section 3 hereof) inability to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be
expected to result in death or that has lasted or can be expected to last for a
continuous period of not less than twelve (12) months.
(c) "Fair Market Value" per share of Common Stock as of a
particular date shall mean (i) the closing sales price per share of Common
Stock on the national securities exchange on which the Common Stock is
principally traded, for the last preceding date on which there was a sale of
such Common Stock on such exchange, or (ii) if the shares of Common Stock are
then traded in an over-the-counter market, the average of the closing bid and
asked prices for the shares of Common Stock in such over-the-counter market for
the last preceding date on which there was a sale of such Common Stock in
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<PAGE> 2
such market, or (iii) if the shares of Common Stock are not then listed on a
national securities exchange or traded in an over-the-counter market, such value
as the Committee, in its sole discretion, shall determine.
(d) "Option" or "Options" shall mean a grant to a Grantee of
an option or options to purchase shares of Common Stock. Options granted by the
Committee pursuant to the Plan shall constitute either Incentive Stock Options
or Nonqualified Stock Options.
(e) "Parent" shall mean any company (other than the Company)
in an unbroken chain of companies ending with the Company if, at the time of
granting an Option, each of the companies other than the Company owns stock
possessing fifty percent (50%) or more of the total combined voting power of
all classes of stock in one of the other companies in such chain.
(f) "Subsidiary" shall mean any company (other than the
Company) in an unbroken chain of companies beginning with the Company if, at
the time of granting an Option, each of the companies other than the last
company in the unbroken chain owns stock possessing fifty percent (50%) or more
of the total combined voting power of all classes of stock in one of the other
companies in such chain.
(g) "Ten Percent Stockholder" shall mean a Grantee who, at
the time an Incentive Stock Option is granted, owns stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of
the Company or any Parent or Subsidiary.
(h) "Retirement" means retirement by an employee from active
employment with the Company or any Subsidiary (i) on or after attaining age 65,
or (ii) with the express written consent of the Company on or after attaining
age 55.
3. ADMINISTRATION.
The Plan shall be administered by the Committee, the composition of
which shall at all times satisfy the provisions of Rule 16b-3 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or any
successor thereof.
The Committee shall have the authority in its discretion, subject to
and not inconsistent with the express provisions of the Plan, to administer the
Plan and to exercise all the powers and authorities either specifically granted
to it under the Plan or necessary or advisable in the administration of the
Plan, including, without limitation, the authority to grant Options, Limited
Rights and Restricted Stock; to determine which Options shall constitute
Incentive Stock Options and which Options shall constitute Nonqualified Stock
Options; to determine which Options (if any) shall be accompanied by Limited
Rights; to determine the purchase price of the shares of Common Stock covered
by each Option (the "Option Price") and the kind of consideration payable (if
any) with respect to awards; to determine the period during which Options and
Limited Rights may be exercised and Restricted Stock shall be subject to
restrictions, and whether in whole or in installments; to determine the persons
to whom, and the time or times at which awards shall be granted (such persons
are referred to herein as "Grantees"); to determine the number of shares to be
covered by each award; to interpret the Plan; to prescribe, amend and rescind
rules and regulations relating to the Plan; to determine the terms and
provisions of the agreements (which need not be identical) entered into in
connection with awards granted under the Plan (the "Agreements"); to cancel or
suspend awards, as necessary; and to make all other determinations deemed
necessary or advisable for the administration of the Plan.
- 2 -
<PAGE> 3
The Committee may delegate to one or more of its members or to one or
more agents such administrative duties as it may deem advisable, and the
Committee or any person to whom it has delegated duties as aforesaid may employ
one or more persons to render advice with respect to any responsibility the
Committee or such person may have under the Plan. All decisions, determinations
and interpretations of the Committee shall be final and binding on all Grantees
of any awards under this Plan.
The Board shall fill all vacancies, however caused, in the Committee.
The Board may from time to time appoint additional members to the Committee,
and may at any time remove one or more Committee members and substitute others.
One member of the Committee shall be selected by the Board as chairman. The
Committee shall hold its meetings at such times and places as it shall deem
advisable. All determinations of the Committee shall be made by a majority of
its members either present in person or participating by conference telephone
at a meeting or by written consent. The Committee may appoint a secretary and
make such rules and regulations for the conduct of its business as it shall
deem advisable, and shall keep minutes of its meetings.
No members of the Board or Committee shall be liable for any action
taken or determination made in good faith with respect to the Plan or any award
granted hereunder.
4. ELIGIBILITY.
Officers and other key employees of the Company shall be eligible to
receive awards hereunder. In determining the persons to whom awards shall be
granted and the number of shares to be covered by each award, the Committee, in
its sole discretion, shall take into account the contribution by the eligible
employees to the management, growth and/or profitability of the business of the
Company and such other factors as the Committee shall deem relevant. Automatic
awards granted to non-employee directors are described in Section 14.
5. STOCK.
The maximum number of shares of Common Stock reserved for the grant of
awards under the Plan shall be 3,150,0001, subject to adjustment as provided in
Section 11 hereof. Such shares may, in whole or in part, be authorized but
unissued shares or shares that shall have been or may be reacquired by the
Company.
If any outstanding award under the Plan should, for any reason,
expire, be canceled or be terminated (other than in connection with the
exercise of a Limited Right), without having been exercised in full, the shares
of Common Stock allocable to the unexercised, canceled or terminated portion of
such award shall (unless the Plan shall have been terminated) become available
for subsequent grants of awards under the Plan.
Notwithstanding the foregoing, no forfeited share of Restricted Stock
shall become available for subsequent grants under the Plan if any dividends
have theretofore been declared or paid, or any voting rights could have been
exercised, with respect to such share of Restricted Stock prior to forfeiture.
- --------
(1) Adjusted per Section 11(a) hereof to reflect the effect of a 2:1 stock
split effected on September 13, 1993 and the 5% stock dividend payable
June 20, 1995.
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<PAGE> 4
The maximum number of shares of Common Stock for which awards may be
granted under the Plan to any eligible employee during any consecutive
three-year period shall be 525,000, subject to adjustment as provided in
Section 11 hereof. Notwithstanding the foregoing limitation, nothing herein
shall cause a reduction in the number of shares of Common Stock subject to
awards outstanding to any eligible employee as of May 4, 1995.
6. TERMS AND CONDITIONS OF OPTIONS.
Each Option granted pursuant to the Plan shall be evidenced by a
written agreement between the Company and the Grantee (the "Option Agreement"),
in such form as the Committee shall from time to time approve, which Option
Agreement shall comply with and be subject to the following terms and
conditions:
(a) Number of Shares. Each Option Agreement shall state
the number of shares of Common Stock to which the Option relates.
(b) Type of Option. Each Option Agreement shall specifically
state that the Option constitutes an Incentive Stock option or a Nonqualified
Stock Option.
(c) Option Price. Each Option Agreement shall state the
option Price, which, in the case of an Incentive Stock Option, shall not be
less than one hundred percent (100%) of the Fair Market Value of the shares of
Common Stock covered by the Option on the date of grant. The Option Price shall
be subject to adjustment as provided in Section 11 hereof. Unless otherwise
stated in the resolution, the date on which the Committee adopts a resolution
expressly granting an Option shall be considered the day on which such Option
is granted.
(d) Medium and Time of Payment. The Option Price shall be
paid in full, at the time of exercise, as the Option Agreement may provide, in
cash or in shares of Common Stock having a Fair Market Value equal to such
Option Price or in a combination of cash and Common Stock or in such other
manner as the Committee shall determine.
(e) Term and Exercisability of Options. Each Option Agreement
shall be exercisable at such times and under such conditions as the Committee,
in its discretion, shall determine; provided, however, that in the case of an
Incentive Stock Option, such exercise period shall not exceed ten (10) years
from the date of grant of such Option. The exercise period shall be subject to
earlier termination as provided in Section 6(f) hereof. An Option may be
exercised, as to any or all full shares of Common Stock as to which the Option
has become exercisable, by giving written notice of such exercise to the
Committee or its designated agent.
(f) Termination of Employment
(i) Generally. Except as otherwise provided
herein, an option may not be exercised unless the Grantee is then in the
service or employ of the Company or a Parent or Subsidiary (or a company or a
parent or subsidiary company of such company issuing or assuming the Option in
a transaction to which Section 424(a) of the Code applies), and unless the
Grantee has remained continuously so employed since the date of grant of the
Option. Unless otherwise determined by the Committee at or after the date of
grant, in the event that the employment of a Grantee terminates (other than by
reason of death, Disability, Retirement, or for Cause) all Options that are
exercisable at the time
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<PAGE> 5
of such termination may be exercised for a period of 90 days from the date of
such termination or until the expiration of the stated term of the Option,
whichever period is shorter.
(ii) Death or Disability. If a Grantee dies
while employed by the Company or a Parent or Subsidiary (or within the period
of extended exercisability otherwise provided herein), or if the Grantee's
employment terminates by reason of Disability, all Options theretofore granted
to such Grantee will become fully vested and exercisable (notwithstanding any
terms of the options providing for delayed exercisability) and may be exercised
by the Grantee, by the legal representative of the Grantee's estate, or by the
legatee under the Grantee's will at any time until the expiration of the stated
term of the Option. In the event that an Option granted hereunder is exercised
by the legal representative of a deceased or disabled Grantee, written notice
of such exercise must be accompanied by a certified copy of letters
testamentary or equivalent proof of the right of such legal representative or
legatee to exercise such Option.
(iii) Retirement. If a Grantee's employment
terminates by reason of Retirement, any Option held by the Grantee may
thereafter be exercised, to the extent it was exercisable at the time of such
Retirement or on such accelerated basis as the Committee may determine at or
after the date of grant (but before the date of such Retirement), at any time
until the expiration of the stated term of the Option.
(iv) Cause. If a Grantee's employment terminates
for "Cause" (as determined by the Committee in its sole discretion) the Option,
to the extent not theretofore exercised, shall terminate on the date of such
termination.
(v) Committee Discretion. Notwithstanding the
provisions of subsections (i) through (iv) above, the Committee may, in its
sole discretion, at or after the date of grant (but before the date of
termination), establish different terms and conditions pertaining to the effect
on any Option of termination of a Grantee's employment, to the extent permitted
by applicable federal and state law.
(g) Deleted
(h) Other Provisions. The Option Agreements evidencing
Options under the Plan shall contain such other terms and conditions, not
inconsistent with the Plan, as the Committee may determine.
7. NONQUALIFIED STOCK OPTIONS.
Options granted pursuant to this Section 7 are intended to constitute
Nonqualified Stock Options and shall be subject only to the general terms and
conditions specified in Section 6 hereof.
8. INCENTIVE STOCK OPTIONS.
Options granted pursuant to this Section 8 are intended to constitute
Incentive Stock Options and shall be subject to the following special terms and
conditions, in addition to the general terms and conditions specified in
Section 6 hereof.
(a) Value of Shares. The aggregate Fair Market Value
(determined as of the date the Incentive Stock Option is granted) of the shares
of equity securities of the Company with respect to which Incentive Stock
Options granted under this Plan and all other option plans of any Parent or
- 5 -
<PAGE> 6
Subsidiary become exercisable for the first time by each Grantee during any
calendar year shall not exceed $100,000. To the extent such $100,000 limit has
been exceeded with respect to any Options first becoming exercisable, including
acceleration upon a Change in Control, and notwithstanding any statement in the
Option Agreement that it constitutes an Incentive Stock Option, the portion of
such Option(s) that exceeds such $100,000 limit shall be treated as a
Nonqualified Stock Option.
(b) Ten Percent Stockholder. In the case of an Incentive
Stock Option granted to a Ten Percent Stockholder, (i) the Option Price shall
not be less than one hundred ten percent (110%) of the Fair Market Value of the
shares of Common Stock on the date of grant of such Incentive Stock Option, and
(ii) the exercise period shall not exceed five (5) years from the date of grant
of such Incentive Stock Option.
9. LIMITED STOCK APPRECIATION RIGHTS.
(a) The Committee shall have authority to grant a Limited
Right to the Grantee of any Option under the Plan (referred to herein as the
"Related LSAR Option") with respect to all or some of the shares of Common
Stock covered by such Related LSAR Option. Each Limited Right granted pursuant
to the Plan shall be evidenced by a written limited rights agreement between
the Company and the Grantee, in such form as the Committee shall from time to
time approve (the "Limited Rights Agreement"). A Limited Right granted in
tandem with a Nonqualified Stock Option may be granted either at the time of
grant of the Related LSAR Option or any time thereafter during its term. A
Limited Right granted in tandem with an Incentive Stock Option may only be
granted at the time of grant of the Related LSAR Option and must expire no
later than the expiration of the Related LSAR Option. A Limited Right may be
exercised only during the ninety-day period beginning on an "Acceleration Date"
(as defined in Section 11(c)). Each Limited Right shall be exercisable only if,
and to the extent that, the Related LSAR Option is exercisable and, in the case
of a Limited Right granted in tandem with an Incentive Stock Option, only when
the Fair Market Value per share of Common Stock exceeds the Option Price per
share. Notwithstanding the provisions of the two immediately preceding
sentences, a Limited Right (or Related LSAR Option) granted to a Grantee who is
subject to the reporting requirements of Section 16(a) of the Exchange Act (an
"Insider") must be (i) held by the Insider for at least six (6) months from the
date of grant of the Limited Right (or related LSAR Option) before it becomes
exercisable and (ii) automatically paid out in cash to the Insider on an
Acceleration Date (provided such six (6) month holding period requirement has
been met). Upon the exercise of a Limited Right, the Related LSAR Option shall
cease to be exercisable to the extent of the shares of Common Stock with
respect to which such Limited Right is exercised, but shall be considered to
have been exercised to that extent for purposes of determining the number of
shares of Common Stock available for the grant of further awards pursuant to
this Plan. Upon the exercise or termination of a Related LSAR Option, the
Limited Right with respect to such Related LSAR Option shall terminate to the
extent of the shares of Common Stock with respect to which the Related LSAR
Option was exercised or terminated.
(b) Upon the exercise of a Limited Right, the Grantee thereof
shall receive in cash whichever of the following amounts is applicable:
(i) in the case of the realization of Limited
Rights by reason of an acquisition of Common Stock described in Section
11(c)(i) below, an amount equal to the Acquisition Spread as defined in Section
9(d) hereof; or
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<PAGE> 7
(ii) in the case of the realization of Limited
Rights by reason of shareholder approval of an agreement or plan described in
Section 11(c)(ii) below, an amount equal to the Merger Spread as defined in
Section 9(f) hereof; or
(iii) in the case of the realization of Limited
Rights by reason of the change in composition of the Board as described in
Section 11(c)(iii) below, an amount equal to the Spread as defined in Section
9(g) hereof.
Notwithstanding the foregoing provisions of this Section 9(b), in the
case of a Limited Right granted in respect of an Incentive Stock Option, the
Grantee may not receive an amount in excess of the maximum amount that will
enable such option to continue to qualify as an Incentive Stock Option.
(c) The term "Acquisition Price per Share" as used herein
shall mean, with respect to the exercise of any Limited Right by reason of an
acquisition of Common Stock described in Section 11(c)(i) below, the greater of
(i) the highest price per share of Common Stock shown on the Statement on
Schedule 13D or amendment thereto filed by the holder of fifty percent (50%) or
more of the voting power of the Company that gives rise to the exercise of such
Limited Right, or (ii) the highest Fair Market Value per share of Common Stock
during the sixty-day period ending on the date the Limited Right is exercised.
(d) The term "Acquisition Spread" as used herein shall mean
an amount equal to the product computed by multiplying (i) the excess of (A)
the Acquisition Price per Share over (B) the option Price per share of Common
Stock at which the Related LSAR Option is exercisable, by (ii) the number of
shares of Common Stock with respect to which such Limited Right is being
exercised.
(e) The term "Merger Price per Share" as used herein shall
mean, with respect to the exercise of any Limited Right by reason of
shareholder approval of an agreement described in Section 11(c)(ii) below, the
greater of (i) the fixed or formula price for the acquisition of shares of
Common Stock specified in such agreement, if such fixed or formula price is
determinable on the date on which such Limited Right is exercised, or (ii) the
highest Fair Market Value per share of Common Stock during the sixty-day period
ending on the date on which such Limited Right is exercised.
(f) The term "Merger Spread" as used herein shall mean an
amount equal to the product computed by multiplying (i) the excess of (A) the
Merger Price per Share over (B) the Option Price per share of Common Stock at
which the Related LSAR Option is exercisable, by (ii) the number of shares of
Common Stock with respect to which such Limited Right is being exercised.
(g) The term "Spread" as used herein shall mean, with respect
to the exercise of any Limited Right by reason of a change in the composition
of the Board described in Section 11(c)(iii) below, an amount equal to the
product computed by multiplying (i) the excess of (A) the highest Fair Market
Value per share of Common Stock during the sixty-day period ending on the date
the Limited Right is exercised over (B) the Option Price per share of Common
Stock at which the Related LSAR Option is exercisable, by (ii) the number of
shares of Common Stock with respect to which the Limited Right is being
exercised.
(h) Each Limited Right shall be granted on such other terms
and conditions not inconsistent with the Plan as the Committee may determine.
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<PAGE> 8
(i) To exercise a Limited Right, the Grantee shall (i) give
written notice thereof to the Committee or its designated agent in form
satisfactory to the Committee specifying the number of shares of Common Stock
with respect to which the Limited Right is being exercised, and (ii) if
requested by the Committee, deliver the Limited Rights Agreement and, if
applicable, the Related LSAR Option Agreement to the Committee, who shall
endorse thereon a notation of such exercise and return the Limited Rights
Agreement and, if applicable, the Related LSAR Option Agreement to the Grantee.
The date of exercise of a Limited Right that is validly exercised shall be
deemed to be the date on which there shall have been delivered the instruments
referred to in the first sentence of this Section 9(i).
10. RESTRICTED STOCK.
The Committee may award shares of Restricted Stock to any eligible
employee. Each award of Restricted Stock under the Plan shall be evidenced by
an instrument, in such form as the Committee shall from time to time approve
(the "Restricted Stock Agreement"), and shall comply with the following terms
and conditions (and with such other terms and conditions not inconsistent with
the terms of this Plan as the Committee, in its discretion, shall establish
including, without limitation, the requirement that a Grantee provide
consideration for Restricted Stock upon the lapse of restrictions):
(a) The Committee shall determine the number of shares of
Common Stock to be issued to the Grantee pursuant to the award.
(b) Shares of Restricted Stock may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of, except by will or
the laws of descent and distribution, for such period as the Committee shall
determine from the date on which the award is granted (the "Restricted
Period"). The Committee may also impose such other restrictions and conditions
on the shares as it deems appropriate including the satisfaction of performance
criteria. Certificates for shares of stock issued pursuant to Restricted Stock
awards shall bear an appropriate legend referring to such restrictions, and any
attempt to dispose of any such shares of stock in contravention of such
restrictions shall be null and void and without effect. During the Restricted
Period, such certificates shall be held in escrow by an escrow agent appointed
by the Committee. In determining the Restricted Period of an award, the
Committee may provide that the foregoing restrictions shall lapse with respect
to specified percentages of the awarded shares on successive anniversaries of
the date of such award.
(c) Subject to such exceptions as may be determined by the
Committee, if the Grantee's continuous employment with the Company or any
Parent or Subsidiary shall terminate for any reason prior to the expiration of
the Restricted Period of an award, any shares remaining subject to restrictions
(after taking into account the provisions of Subsections (c) and (f) of this
Section 10) shall thereupon be forfeited by the Grantee and transferred to, and
reacquired by, the Company or a Parent or Subsidiary at no cost to the Company
or such Parent or Subsidiary.
(d) During the Restricted Period the Grantee shall possess
all incidents of ownership of such shares, subject to Subsection (b) of this
Section 10, including the right to receive dividends with respect to such
shares and to vote such shares.
(e) If the Grantee's Restricted Stock Agreement so provides,
upon the occurrence of any of the events described in Section 11(c), all
restrictions then outstanding with respect to shares of Restricted Stock
awarded hereunder shall automatically expire and be of no further force and
effect.
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<PAGE> 9
(f) The Committee shall have the authority (and the
Restricted Stock Agreement may so provide) to cancel all or any portion of any
outstanding restrictions prior to the expiration of the Restricted Period with
respect to any or all of the shares of Restricted Stock awarded on such terms
and conditions as the Committee shall deem appropriate.
11. EFFECT OF CERTAIN CHANGES.
(a) If there is any change in the shares of Common Stock
through the declaration of extraordinary dividends, stock dividends,
recapitalization, stock splits, or combinations or exchanges of such shares, or
other similar transactions, the number of shares of Common Stock available for
awards (both the maximum number of shares issuable under the Plan as a whole
and the maximum number of shares issuable on a per-employee basis, each as set
forth in Section 5 hereof), the number of such shares covered by outstanding
awards, and the price per share of Options or the applicable market value of
Limited Rights shall be proportionately adjusted by the Committee to reflect
such change in the issued shares of Common Stock; provided, however, that any
fractional shares resulting from such adjustment shall be eliminated.
(b) In the event of the dissolution or liquidation of the
Company, in the event of any corporate separation or division, including but
not limited to, split-up, split-off or spin-off or in the event of other
similar transactions, the Committee may provide that:
(i) the Grantee of any award hereunder shall
have the right to exercise an Option (at its then Option Price) or to receive
in respect of other types of awards the kind and amount of shares of stock and
other securities, property, cash or any combination thereof receivable upon
such dissolution, liquidation, or corporate separation or division by a Grantee
of the number of shares of Common Stock subject to such award for which such
award might have been exercised or realized immediately prior to such
dissolution, liquidation, or corporate separation or division; or
(ii) each award granted under the Plan shall
terminate as of a date to be fixed by the Committee and that not less than
thirty (30) days' written notice of the date so fixed shall be given to each
Grantee, who shall have the right, during the period of thirty (30) days
preceding such termination, to exercise or otherwise realize with respect to
such awards all or any part of the shares of Common Stock and other securities,
property, cash or any combination thereof, covered thereby.
In the event of a proposed sale of all or substantially all of the
assets of the Company or the merger of the Company with or into another
corporation, any award then outstanding shall be assumed or an equivalent award
shall be substituted by such successor corporation or a parent or subsidiary of
such successor corporation, unless such successor corporation does not agree to
assume the award or to substitute an equivalent award, in which case the Board
shall, in lieu of such assumption or substitution, provide for the realization
of such outstanding awards in the manner set forth in Section (11)(b)(i) or
11(b)(ii) above.
(c) If, while any awards remain outstanding under the Plan,
any of the following events shall occur (which events shall constitute a
"Change in Control of the Company"):
(i) the "beneficial ownership", as defined in
Rule 13d-3 under the Exchange Act, of securities representing more than fifty
percent (50%) of the combined voting power of the Company are acquired by any
"person" as defined in Sections 13(d) and 14(d) of the Exchange Act (other than
the Company, any trustee or other fiduciary holding securities under an
employee benefit
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<PAGE> 10
plan of the Company, or any corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their
ownership of stock of the Company); or
(ii) the shareholders of the Company approve a
definitive agreement to merge or consolidate the Company with or into another
company (other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than fifty percent (50%) of the
combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation), or to sell
or otherwise dispose of all or substantially all of its assets, or adopt a plan
of liquidation; or
(iii) during any period of two consecutive years,
individuals who at the beginning of such period were members of the Board cease
for any reason to constitute at least a majority thereof (unless the election,
or the nomination for election by the Company's shareholders, of each new
director was approved by a vote of at least two-thirds of the directors then
still in office who were directors at the beginning of such period);
then from and after the date on which any such Change in Control shall have
occurred (the "Acceleration Date"), the award covered by such Agreement shall
be exercisable or otherwise nonforfeitable in full, whether or not otherwise
exercisable or forfeitable.
Following the Acceleration Date, (i) the Committee shall, in the case of a
merger, consolidation or sale or disposition of assets, promptly make an
appropriate adjustment to the number and class of shares of Common Stock
available for awards, and to the amount and kind of shares or other securities
or property receivable upon exercise or other realization of any outstanding
awards after the effective date of such transaction, and, if applicable, the
price thereof, and (ii) the Committee may in its discretion (unless proscribed
with respect to certain Grantees), permit the cancellation of outstanding
options in exchange for a cash payment in an amount per share subject to any
such award equal to the amount that would be payable pursuant to Section 9(b)
hereof upon exercise of a Limited Right under those circumstances.
Notwithstanding the foregoing, no Insider shall be eligible to receive a cash
payment in respect of any award held for less than six months prior to
exercise.
(d) In the event of a change in the Common Stock of the
Company as presently constituted that is limited to a change of all of its
authorized shares of Common Stock into the same number of shares with a
different par value or without par value, the shares resulting from any such
change shall be deemed to be the Common Stock within the meaning of the Plan.
(e) Except as herein before expressly provided in this
Section 11, the Grantee of an award hereunder shall have no rights by reason of
any subdivision or consolidation of shares of stock of any class or the payment
of any stock dividend or any other increase or decrease in the number of shares
of stock of any class or by reason of any dissolution, liquidation, merger, or
consolidation or spin-off of assets or stock of another company; and any issue
by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number or price of shares of Common
Stock subject to an award. The grant of an award pursuant to the Plan shall not
affect in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business
structure or to merge or to consolidate or to dissolve, liquidate, or sell, or
transfer all or part of its business or assets or engage in any similar
transactions.
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<PAGE> 11
12. SURRENDER AND EXCHANGES OF AWARDS.
The Committee may permit the voluntary surrender of all or a portion
of any Option granted under the Plan or any option granted under any other
plan, program or arrangement of the Company or any Subsidiary ("Surrendered
Option"), to be conditioned upon the granting to the Grantee of a new Option
for the same number of shares of Common Stock as the Surrendered Option, or may
require such voluntary surrender as a condition precedent to a grant of a new
Option to such Grantee. Subject to the provisions of the Plan, such new Option
(1) may be an Incentive Stock Option or a Nonqualified Stock Option, (2) may be
in tandem with Limited Rights, and (3) shall be exercisable at the price,
during such period and on such other terms and conditions as are specified by
the Committee at the time the new Option is granted. The Committee may also
grant Limited Rights or Restricted Stock in exchange for Surrendered Options to
any holder of such Surrendered Option.
13. PERIOD DURING WHICH OPTIONS MAY BE GRANTED.
Awards may be granted pursuant to the Plan from time to time within a
period of ten (10) years from the date the Plan is adopted by the Board, or the
date the Plan is approved by the shareholders of the Company, whichever is
earlier.
14. DIRECTOR OPTIONS.
Notwithstanding any of the other provisions of the Plan to the
contrary, the provisions of this Section 14 shall apply only to non-employee
members of the Board. The other provisions of the Plan shall apply to grants of
options under this Section 14 to the extent not inconsistent with the
provisions of this Section. For purposes of interpreting Section 6(f) and 6(g)
of the Plan only, the service of a director as a non-employee member of the
Board shall be deemed to be employment by the Company.
Each non-employee member of the Board shall receive Nonqualified Stock
Options in accordance with the provisions of this Section 14:
(a) Grantees of Options under this Section 14 shall enter
into a stock option agreement with the Company, which agreement shall set
forth, among other things, the exercise price of the Option, the term of the
Option and provisions regarding exercisability of the option granted thereunder
in accordance with this Section 14.
(b) The Options granted under this Section 14 shall be
Nonqualified Stock options.
(c) On the date any non-employee person is elected to the
Board, he or she shall be granted a Nonqualified Stock Option to purchase 7,350
shares of Common Stock. On the date of each subsequent annual meeting of
stockholders at which directors are elected, so long as the non-employee person
continues to serve as a member of the Board following such annual meeting (and
provided such person has served as a member of the Board for at least 11 months
prior to such date), such person shall be granted a Nonqualified Stock Option
to purchase an additional 7,350 shares of Common Stock. The Option Price per
share of Common Stock purchasable under any Option granted pursuant to this
Section 14(c) shall be equal to the Fair Market Value of the Common Stock on
the date of grant. The term of such Option shall be ten years from the date of
the grant. Such Options shall be exercisable one year from the date of grant
by payment in full in cash or in shares of Common Stock having a Fair Market
Value equal to the Option Price or in a combination of cash and such shares.
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<PAGE> 12
(d) The Board may not amend, alter or discontinue this
Section 14 without the approval of the holders of a majority of the Common
Stock issued and outstanding and in no event shall this Section 14 be amended
more than once every six months, other than to comply with changes in the
Internal Revenue Code, the Employee Retirement Income Security Act, or the
rules thereunder.
(e) The Company intends that this Section 14 shall comply
with the requirements of Rule 16b-3 of the Exchange Act during the term of the
Plan. Should any provision of this Section 14 not be necessary to comply with
the requirements of such rule, the Board may amend the Plan to add to or modify
the provisions of the Plan accordingly.
15. NONTRANSFERABILITY OF AWARDS.
Awards of Incentive Stock Options and Limited Rights associated with
Incentive Stock Options shall not be transferable otherwise than by will or by
the laws of descent and distribution. Other awards granted under the Plan shall
not be transferable otherwise than by will or by the laws of descent and
distribution, other than pursuant to a valid qualified domestic relations order
issued by a court pursuant to Section 414(p) of the Code. Awards may be
exercised or otherwise realized, during the lifetime of the Grantee, only by
the Grantee or by his guardian or legal representatives.
16. APPROVAL OF SHAREHOLDERS.
The Plan shall take effect upon its adoption by the Board but the Plan
(and any grants of awards made prior to the shareholder approval mentioned
herein) shall be subject to the approval of the holder(s) of a majority of the
issued and outstanding shares of voting securities of the Company entitled to
vote, which approval must occur within twelve months of the date the Plan is
adopted by the Board.
17. AGREEMENT BY GRANTEE REGARDING WITHHOLDING TAXES.
If the Committee shall so require, as a condition of exercise of an
option or Limited Right or other realization of an award, each Grantee shall
agree that no later than the date of exercise or other realization of an award
granted hereunder, the Grantee will pay to the Company or make arrangements
satisfactory to the Committee regarding payment of any federal, state or local
taxes of any kind required by law to be withheld upon the exercise of an Option
or Limited Right or other realization of an award. Alternatively, the Committee
may provide that a Grantee may elect, to the extent permitted or required by
law, to have the Company deduct federal, state and local taxes of any kind
required by law to be withheld upon the exercise of an option or Limited Right
or realization of any award from any payment of any kind due to the Grantee.
The Committee may, in its sole discretion, permit withholding
obligations to be satisfied in shares of Common Stock subject to the award. The
satisfaction of withholding obligations with shares of Common Stock may be made
at the election of an Insider either: (a) during the 10-business day window
period described in Rule 16b-3(e) (or any successor provision) under the
Exchange Act, if the election and exercise are made during the such period; or
(b) by irrevocable election of at least six months prior to the date of such
withholding.
18. AMENDMENT AND TERMINATION OF THE PLAN.
The Board at any time and from time to time may suspend, terminate,
modify or amend the Plan; provided, however, that any amendment that would
materially increase the aggregate number of shares
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<PAGE> 13
of Common Stock as to which awards may be granted under the Plan or materially
increase the benefits accruing to Grantees under the Plan or materially modify
the requirements as to eligibility for participation in the Plan shall be
subject to the approval of the holders of a majority of the Common Stock issued
and outstanding, except that any such increase or modification that may result
from adjustments authorized by Section 11 hereof shall not require such
approval. Except as provided in Section 11 hereof, no suspension, termination,
modification or amendment of the Plan may adversely affect any award previously
granted, unless the written consent of the Grantee is obtained.
19. RIGHTS AS A SHAREHOLDER.
Except as provided in Section 10(d) hereof, a Grantee or a transferee
of an award shall have no rights as a shareholder with respect to any shares
covered by the award until the date of the issuance of a stock certificate to
him or her for such shares. No adjustment shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property) or
distribution of other rights for which the record date is prior to the date
such stock certificate is issued, except as provided in Section 11 hereof.
20. NO RIGHTS TO EMPLOYMENT.
Nothing in the Plan or in any award granted or Agreement entered into
pursuant hereto shall confer upon any Grantee the right to continue in the
employ of the Company or any subsidiary or to be entitled to any remuneration
or benefits not set forth in the Plan or such Agreement or to interfere with or
limit in any way the right of the Company or any such subsidiary to terminate
such Grantee's employment. Awards granted under the Plan shall not be affected
by any change in duties or position of a Grantee as long as such Grantee
continues in the employ of the Company or any subsidiary.
21. BENEFICIARY.
A Grantee may file with the Committee a written designation of a
beneficiary on such form as may be prescribed by the Committee and may, from
time to time, amend or revoke such designation. If no designated beneficiary
survives the Grantee, the executor or administrator of the Grantee's estate
shall be deemed to be the Grantee's beneficiary.
22. GOVERNING LAW.
The Plan and all determinations made and actions taken pursuant hereto
shall be governed by the laws of the State of Delaware.
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<PAGE> 1
Exhibit 4.5
GAYLORD ENTERTAINMENT COMPANY
AMENDED AND RESTATED
1991 STOCK OPTION AND INCENTIVE PLAN
1. PURPOSE: TYPES OF AWARDS: CONSTRUCTION.
The purpose of the 1991 Stock Option and Incentive Plan of Gaylord
Entertainment Company (the "Plan") is to afford an incentive to officers,
directors and key employees of Gaylord Entertainment Company (the "Company"),
or any subsidiary of the Company which now exists or hereafter is organized or
acquired by the Company, to acquire a proprietary interest in the Company, to
continue as employees, to increase their efforts on behalf of the Company and
to promote the success of the Company's business. It is further intended that
options granted by the Committee pursuant to Section 8 of the Plan shall
constitute "incentive stock options" ("Incentive Stock Options") within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code"), and options granted by the Committee pursuant to Section 7 of the Plan
shall constitute "nonqualified stock options" ("Nonqualified Stock Options").
The Committee may also grant limited stock appreciation rights ("Limited
Rights") pursuant to Section 9 of the Plan, either in connection with options
granted under the Plan ("Options") or independently of options and may grant
restricted stock ("Restricted Stock") under the Plan pursuant to Section 10 of
the Plan. The provisions of the Plan are intended to satisfy the requirements
of Section 16(b) of the Securities Exchange Act of 1934, and shall be
interpreted in a manner consistent with the requirements thereof, as now or
hereafter construed, interpreted and applied by regulations, rulings and cases.
2. DEFINITIONS.
As used in this Plan, the following words and phrases shall have the
meanings indicated:
(a) "Common Stock" shall mean shares of Class A Common Stock,
par value $.01 per share, of the Company.
(b) "Disability" shall mean a Grantee's (as defined in
Section 3 hereof) inability to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be
expected to result in death or that has lasted or can be expected to last for a
continuous period of not less than twelve (12) months.
(c) "Fair Market Value" per share of Common Stock as of a
particular date shall mean (i) the closing sales price per share of Common
Stock on the national securities exchange on which the Common Stock is
principally traded, for the last preceding date on which there was a sale of
such Common Stock on such exchange, or (ii) if the shares of Common Stock are
then traded in an over-the-counter market, the average of the closing bid and
asked prices for the shares of Common Stock in such over-the-counter market for
the last preceding date on which there was a sale of such Common Stock in such
market, or (iii) if the shares of Common Stock are not then listed on a
national securities exchange or traded in an over-the-counter market, such
value as the Committee (as defined in Section 3 hereof), in its sole
discretion, shall determine.
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<PAGE> 2
(d) "Option" or "Options" shall mean a grant to a Grantee of
an option or options to purchase shares of Common Stock. Options granted by the
Committee (as defined in Section 3 hereof) pursuant to the Plan shall
constitute either Incentive Stock Options or Nonqualified Stock Options.
(e) "Parent" shall mean any company (other than the Company)
in an unbroken chain of companies ending with the Company if, at the time of
granting an Option, each of the companies other than the Company owns stock
possessing fifty percent (50%) or more of the total combined voting power of
all classes of stock in one of the other companies in such chain.
(f) "Subsidiary" shall mean any company (other than the
Company) in an unbroken chain of companies beginning with the Company if, at
the time of granting an option, each of the companies other than the last
company in the unbroken chain owns stock possessing fifty percent (50%) or more
of the total combined voting power of all classes of stock in one of the other
companies in such chain.
(g) "Ten Percent Stockholder" shall mean a Grantee who, at
the time an Incentive Stock option is granted, owns stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of
the Company or any Parent or Subsidiary.
(h) "Retirement" means retirement by an employee from active
employment with the Company or any Subsidiary (i) on or after attaining age 65,
or (ii) with the express written consent of the Company on or after attaining
age 55.
3. ADMINISTRATION.
The Plan shall be administered by a committee (the "Committee")
established by the Board of Directors of the Company (the "Board"), the
composition of which shall at all times satisfy the provisions of Rule 16b-3
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
any successor thereof.
The Committee shall have the authority in its discretion, subject to
and not inconsistent with the express provisions of the Plan, to administer the
Plan and to exercise all the powers and authorities either specifically granted
to it under the Plan or necessary or advisable in the administration of the
Plan, including, without limitation, the authority to grant Options, Limited
Rights and Restricted Stock; to determine which Options shall constitute
Incentive Stock Options and which Options shall constitute Nonqualified Stock
Options; to determine which options (if any) shall be accompanied by Limited
Rights; to determine the purchase price of the shares of Common Stock covered
by each Option (the "Option Price") and the kind of consideration payable (if
any) with respect to awards; to determine the period during which options and
Limited Rights may be exercised and Restricted Stock shall be subject to
restrictions, and whether in whole or in installments; to determine the persons
to whom, and the time or times at which awards shall be granted (such persons
are referred to herein as "Grantees"); to determine the number of shares to be
covered by each award; to interpret the Plan; to prescribe, amend and rescind
rules and regulations relating to the Plan; to determine the terms and
provisions of the agreements (which need not be identical) entered into in
connection with awards granted under the Plan (the "Agreements"); to cancel or
suspend awards, as necessary; and to make all other determinations deemed
necessary or advisable for the administration of the Plan.
The Committee may delegate to one or more of its members or to one or
more agents such administrative duties as it may deem advisable, and the
Committee or any person to whom it has
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<PAGE> 3
delegated duties as aforesaid may employ one or more persons to render advice
with respect to any responsibility the Committee or such person may have under
the Plan. All decisions, determinations and interpretations of the Committee
shall be final and binding on all Grantees of any awards under this Plan.
The Board shall fill all vacancies, however caused, in the Committee.
The Board may from time to time appoint additional members to the Committee,
and may at any time remove one or more Committee members and substitute others.
One member of the Committee shall be selected by the Board as chairman. The
Committee shall hold its meetings at such times and places as it shall deem
advisable. All determinations of the Committee shall be made by a majority of
its members either present in person or participating by conference telephone
at a meeting or by written consent. The Committee may appoint a secretary and
make such rules and regulations for the conduct of its business as it shall
deem advisable, and shall keep minutes of its meetings.
No member of the Board or Committee shall be liable for any action
taken or determination made in good faith with respect to the Plan or any award
granted hereunder.
4. ELIGIBILITY.
Officers and other key employees of the Company shall be eligible to
receive awards hereunder. In determining the persons to whom awards shall be
granted and the number of shares to be covered by each award, the Committee, in
its sole discretion, shall take into account the contribution by the eligible
employees to the management, growth and/or profitability of the business of the
Company and such other factors as the Committee shall deem relevant. Automatic
awards granted to nonemployee directors are described in Section 14.
5. STOCK.
The maximum number of shares of Common Stock reserved for the grant of
awards under the Plan shall be 2,100,0001, subject to adjustment as provided in
Section 11 hereof. Such shares may, in whole or in part, be authorized but
unissued shares or shares that shall have been or may be reacquired by the
Company.
If any outstanding award under the Plan should, for any reason,
expire, be canceled or be terminated (other than in connection with the
exercise of a Limited Right), without having been exercised in full, the shares
of Common Stock allocable to the unexercised, canceled or terminated portion of
such award shall (unless the Plan shall have been terminated) become available
for subsequent grants of awards under the Plan.
Notwithstanding the foregoing, no forfeited share of Restricted Stock
shall become available for subsequent grants under the Plan if any dividends
have theretofore been declared or paid, or any voting rights could have been
exercised, with respect to such share of Restricted Stock prior to forfeiture.
The maximum number of shares of Common Stock for which awards may be
granted under the Plan to any eligible employee during any consecutive
three-year period shall be 525,000, subject to adjustment as provided in
Section 11 hereof. Notwithstanding the foregoing limitation, nothing herein
- --------
(1) Adjusted per Section 11(a) hereof to reflect the effect of a 2:1 stock
split effected on September 13, 1993 and the 5% stock dividend payable June 20,
1995.
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<PAGE> 4
shall cause a reduction in the number of shares of Common Stock subject to
awards outstanding to any eligible employee as of May 4, 1995.
6. TERMS AND CONDITIONS OF OPTIONS.
Each Option granted pursuant to the Plan shall be evidenced by a
written agreement between the Company and the Grantee (the "Option Agreement"),
in such form as the Committee shall from time to time approve, which Option
Agreement shall comply with and be subject to the following terms and
conditions:
(a) Number of Shares. Each Option Agreement shall state the
number of shares of Common Stock to which the Option relates.
(b) Type of Option. Each Option Agreement shall specifically
state that the Option constitutes an Incentive Stock option or a Nonqualified
Stock option.
(c) Option Price. Each Option Agreement shall state the
option Price, which, in the case of an Incentive Stock option, shall not be
less than one hundred percent (100%) of the Fair Market Value of the shares of
Common Stock covered by the Option on the date of grant. The Option Price shall
be subject to adjustment as provided in Section 11 hereof. The date on which
the Committee adopts a resolution expressly granting an option shall be
considered the day on which such option is granted.
(d) Medium and Time of Payment. The Option Price shall be
paid in full, at the time of exercise, as the Option Agreement may provide, in
cash or in shares of Common Stock having a Fair Market Value equal to such
Option Price or in a combination of cash and Common Stock or in such other
manner as the Committee shall determine.
(e) Term and Exercisability of Options. Each Option Agreement
shall be exercisable at such times and under such conditions as the Committee,
in its discretion, shall determine; provided, however, that in the case of an
Incentive Stock Option, such exercise period shall not exceed ten (10) years
from the date of grant of such Option. The exercise period shall be subject to
earlier termination as provided in Section 6(f) hereof. An Option may be
exercised, as to any or all full shares of Common Stock as to which the Option
has become exercisable, by giving written notice of such exercise to the
Committee or its designated agent.
(f) Termination of Employment
(i) Generally. Except as otherwise provided
herein, an option may not be exercised unless the Grantee is then in the
service or employ of the Company or a Parent or Subsidiary (or a company or a
parent or subsidiary company of such company issuing or assuming the Option in
a transaction to which Section 424(a) of the Code applies), and unless the
Grantee has remained continuously so employed since the date of grant of the
Option. Unless otherwise determined by the Committee at or after the date of
grant, in the event that the employment of a Grantee terminates (other than by
reason of death, Disability, Retirement, or for Cause) all options that are
exercisable at the time of such termination may be exercised for a period of 90
days from the date of such termination or until the expiration of the stated
term of the Option, whichever period is shorter.
(ii) Death or Disability. If a Grantee dies
while employed by the Company or a Parent or Subsidiary (or within the period
of extended exercisability otherwise provided herein), or
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<PAGE> 5
if the Grantee's employment terminates by reason of Disability, all Options
theretofore granted to such Grantee will become fully vested and exercisable
(notwithstanding any terms of the options providing for delayed exercisability)
and may be exercised by the Grantee, by the legal representative of the
Grantee's estate, or by the legatee under the Grantee's will at any time until
the expiration of the stated term of the Option. In the event that an option
granted hereunder is exercised by the legal representative of a deceased or
disabled Grantee, written notice of such exercise must be accompanied by a
certified copy of letters testamentary or equivalent proof of the right of such
legal representative or legatee to exercise such Option.
(iii) Retirement. If a Grantee's employment
terminates by reason of Retirement, any option held by the Grantee may
thereafter be exercised, to the extent it was exercisable at the time of such
Retirement or on such accelerated basis as the Committee may determine at or
after the date of grant (but before the date of such Retirement), at any time
until the expiration of the stated term of the option.
(iv) Cause. If a Grantee's employment terminates
for "Cause" (as determined by the Committee in its sole discretion) the Option,
to the extent not theretofore exercised, shall terminate on the date of such
termination.
(v) Committee Discretion. Notwithstanding the
provisions of subsections (i) through (iv) above, the Committee may, in its
sole discretion, at or after the date of grant (but before the date of
termination), establish different terms and conditions pertaining to the effect
on any Option of termination of a Grantee's employment, to the extent permitted
by applicable federal and state law.
(g) Deleted
(h) Other Provisions. The Option Agreements evidencing
options under the Plan shall contain such other terms and conditions, not
inconsistent with the Plan, as the Committee may determine.
7. NONQUALIFIED STOCK OPTIONS.
Options granted pursuant to this Section 7 are intended to constitute
Nonqualified Stock Options and shall be subject only to the general terms and
conditions specified in Section 6 hereof.
8. INCENTIVE STOCK OPTIONS.
Options granted pursuant to this Section 8 are intended to constitute
Incentive Stock Options and shall be subject to the following special terms and
conditions, in addition to the general terms and conditions specified in
Section 6 hereof.
(a) Value of Shares. The aggregate Fair Market Value
(determined as of the date the Incentive Stock Option is granted) of the shares
of equity securities of the Company with respect to which Incentive Stock
Options granted under this Plan and all other option plans of any Parent or
Subsidiary become exercisable for the first time by each Grantee during any
calendar year shall not exceed $100,000. To the extent such $100,000 limit has
been exceeded with respect to any Options first becoming exercisable, including
acceleration upon a Change in Control, and notwithstanding any statement in the
Option Agreement that it constitutes an Incentive Stock Option, the portion of
such Option(s) that exceeds such $100,000 limit shall be treated as a
Nonqualified Stock Option.
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<PAGE> 6
(b) Ten Percent Stockholder. In the case of an Incentive
Stock Option granted to a Ten Percent Stockholder, (i) the Option Price shall
not be less than one hundred ten percent (110%) of the Fair Market Value of the
shares of Common Stock on the date of grant of such Incentive Stock Option, and
(ii) the exercise period shall not exceed five (5) years from the date of grant
of such Incentive Stock Option.
9. LIMITED STOCK APPRECIATION RIGHTS.
(a) The Committee shall have authority to grant a Limited
Right to the Grantee of any Option under the Plan (referred to herein as the
"Related LSAR Option") with respect to all or some of the shares of Common
Stock covered by such Related LSAR Option. Each Limited Right granted pursuant
to the Plan shall be evidenced by a written limited rights agreement between
the Company and the Grantee, in such form as the Committee shall from time to
time approve (the "Limited Rights Agreement"). A Limited Right granted in
tandem with a Nonqualified Stock Option may be granted either at the time of
grant of the Related LSAR Option or any time thereafter during its term. A
Limited Right granted in tandem with an Incentive Stock Option may only be
granted at the time of grant of the Related LSAR Option and must expire no
later than the expiration of the Related LSAR Option. A Limited Right may be
exercised only during the ninety-day period beginning on an "Acceleration Date"
(as defined in Section 11(c)). Each Limited Right shall be exercisable only if,
and to the extent that, the Related LSAR Option is exercisable and, in the case
of a Limited Right granted in tandem with an Incentive Stock Option, only when
the Fair Market Value per share of Common Stock exceeds the Option Price per
share. Notwithstanding the provisions of the two immediately preceding
sentences, a Limited Right (or Related LSAR Option) granted to a Grantee who is
subject to the reporting requirements of Section 16(a) of the Exchange Act (an
"Insider") must be (i) held by the Insider for at least six (6) months from the
date of grant of the Limited Right (or related LSAR Option) before it becomes
exercisable and (ii) automatically paid out in cash to the Insider on an
Acceleration Date (provided such six (6) month holding period requirement has
been met). Upon the exercise of a Limited Right, the Related LSAR Option shall
cease to be exercisable to the extent of the shares of Common Stock with
respect to which such Limited Right is exercised, but shall be considered to
have been exercised to that extent for purposes of determining the number of
shares of Common Stock available for the grant of further awards pursuant to
this Plan. Upon the exercise or termination of a Related LSAR Option, the
Limited Right with respect to such Related LSAR Option shall terminate to the
extent of the shares of Common Stock with respect to which the Related LSAR
Option was exercised or terminated.
(b) Upon the exercise of a Limited Right, the Grantee thereof
shall receive in cash whichever of the following amounts is applicable:
(i) in the case of the realization of Limited
Rights by reason of an acquisition of Common Stock described in Section
11(c)(i) below, an amount equal to the Acquisition Spread as defined in Section
9(d) hereof; or
(ii) in the case of the realization of Limited
Rights by reason of shareholder approval of an agreement or plan described in
Section 11(c)(ii) below, an amount equal to the Merger Spread as defined in
Section 9(f) hereof; or
(iii) in the case of the realization of Limited
Rights by reason of the change in composition of the Board as described in
Section 11(c)(iii) below, an amount equal to the Spread as defined in Section
9(g) hereof.
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<PAGE> 7
Notwithstanding the foregoing provisions of this Section 9(b), in the
case of a Limited Right granted in respect of an Incentive Stock Option, the
Grantee may not receive an amount in excess of the maximum amount that will
enable such option to continue to qualify as an Incentive Stock Option.
(c) The term "Acquisition Price per Share" as used herein
shall mean, with respect to the exercise of any Limited Right by reason of an
acquisition of Common Stock described in Section 11(c)(i) below, the greater of
(i) the highest price per share of Common Stock shown on the Statement on
Schedule 13D or amendment thereto filed by the holder of 50% or more of the
voting power of the Company that gives rise to the exercise of such Limited
Right, or (ii) the highest Fair Market Value per share of Common Stock during
the sixty-day period ending on the date the Limited Right is exercised.
(d) The term "Acquisition Spread" as used herein shall mean
an amount equal to the product computed by multiplying (i) the excess of (A)
the Acquisition Price per Share over (B) the option Price per share of Common
Stock at which the Related LSAR Option is exercisable, by (ii) the number of
shares of Common Stock with respect to which such Limited Right is being
exercised.
(e) The term "Merger Price per Share" as used herein shall
mean, with respect to the exercise of any Limited Right by reason of
shareholder approval of an agreement described in Section 11(c)(ii) below, the
greater of (i) the fixed or formula price for the acquisition of shares of
Common Stock specified in such agreement, if such fixed or formula price is
determinable on the date on which such Limited Right is exercised, or (ii) the
highest Fair Market Value per share of Common Stock during the sixty-day period
ending on the date on which such Limited Right is exercised.
(f) The term "Merger Spread" as used herein shall mean an
amount equal to the product computed by multiplying (i) the excess of (A) the
Merger Price per Share over (B) the Option Price per share of Common Stock at
which the Related LSAR Option is exercisable, by (ii) the number of shares of
Common Stock with respect to which such Limited Right is being exercised.
(g) The term "Spread" as used herein shall mean, with respect
to the exercise of any Limited Right by reason of a change in the composition
of the Board described in Section 11(c)(iii) below, an amount equal to the
product computed by multiplying (i) the excess of (A) the highest Fair Market
Value per share of Common Stock during the sixty-day period ending on the date
the Limited Right is exercised over (B) the Option Price per share of Common
Stock at which the Related LSAR Option is exercisable, by (ii) the number of
shares of Common Stock with respect to which the Limited Right is being
exercised.
(h) Each Limited Right shall be granted on such other terms
and conditions not inconsistent with the Plan as the Committee may determine.
(i) To exercise a Limited Right, the Grantee shall (i) give
written notice thereof to the Committee or its designated agent in form
satisfactory to the Committee specifying the number of shares of Common Stock
with respect to which the Limited Right is being exercised, and (ii) if
requested by the Committee, deliver the Limited Rights Agreement and, if
applicable, the Related LSAR Option Agreement to the Committee, who shall
endorse thereon a notation of such exercise and return the Limited Rights
Agreement and, if applicable, the Related LSAR Option Agreement to the Grantee.
The date of exercise of a Limited Right that is validly exercised shall be
deemed to be the date on which there shall have been delivered the instruments
referred to in the first sentence of this Section 9(i).
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<PAGE> 8
10. RESTRICTED STOCK.
The Committee may award shares of Restricted Stock to any eligible
employee. Each award of Restricted Stock under the Plan shall be evidenced by
an instrument, in such form as the Committee shall from time to time approve
(the "Restricted Stock Agreement"), and shall comply with the following terms
and conditions (and with such other terms and conditions not inconsistent with
the terms of this Plan as the Committee, in its discretion, shall establish
including, without limitation, the requirement that a Grantee provide
consideration for Restricted Stock upon the lapse of restrictions):
(a) The Committee shall determine the number of shares of
Common Stock to be issued to the Grantee pursuant to the award.
(b) Shares of Restricted Stock may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of, except by will or
the laws of descent and distribution, for such period as the Committee shall
determine from the date on which the award is granted (the "Restricted
Period"). The Committee may also impose such other restrictions and conditions
on the shares as it deems appropriate including the satisfaction of performance
criteria. Certificates for shares of stock issued pursuant to Restricted Stock
awards shall bear an appropriate legend referring to such restrictions, and any
attempt to dispose of any such shares of stock in contravention of such
restrictions shall be null and void and without effect. During the Restricted
Period, such certificates shall be held in escrow by an escrow agent appointed
by the Committee. In determining the Restricted Period of an award, the
committee may provide that the foregoing restrictions shall lapse with respect
to specified percentages of the awarded shares on successive anniversaries of
the date of such award.
(c) Subject to such exceptions as may be determined by the
Committee, if the Grantee's continuous employment with the Company or any
Parent or Subsidiary shall terminate for any reason prior to the expiration of
the Restricted Period of an award, any shares remaining subject to restrictions
(after taking into account the provisions of Subsections (c) and (f) of this
Section 10) shall thereupon be forfeited by the Grantee and transferred to, and
reacquired by, the Company or a Parent or Subsidiary at no cost to the Company
or such Parent or Subsidiary.
(d) During the Restricted Period the Grantee shall possess
all incidents of ownership of such shares, subject to Subsection (b) of this
Section 10, including the right to receive dividends with respect to such
shares and to vote such shares.
(e) If the Grantee's Restricted Stock Agreement so provides,
upon the occurrence of any of the events described in Section 11(c), all
restrictions then outstanding with respect to shares of Restricted Stock
awarded hereunder shall automatically expire and be of no further force and
effect.
(f) The Committee shall have the authority (and the
Restricted Stock Agreement may so provide) to cancel all or any portion of any
outstanding restrictions prior to the expiration of the Restricted Period with
respect to any or all of the shares of Restricted Stock awarded on such terms
and conditions as the Committee shall deem appropriate.
11. EFFECT OF CERTAIN CHANGES.
(a) If there is any change in the shares of Common Stock
through the declaration of extraordinary dividends, stock dividends,
recapitalization, stock splits, or combinations or exchanges of such shares, or
other similar transactions, the number of shares of Common Stock available for
awards
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<PAGE> 9
(both the maximum number of shares issuable under the Plan as a whole and the
maximum number of shares issuable on a per-employee basis, each as set forth in
Section 5 hereof), the number of such shares covered by outstanding awards, and
the price per share of options or the applicable market value of Limited Rights
shall be proportionately adjusted by the Committee to reflect such change in the
issued shares of Common Stock; provided, however, that any fractional shares
resulting from such adjustment shall be eliminated.
(b) In the event of the dissolution or liquidation of the
Company, in the event of any corporate separation or division, including but
not limited to, split-up, split-off or spin-off or in the event of other
similar transactions, the Committee may provide that:
(i) the Grantee of any award hereunder shall
have the right to exercise an Option (at its then Option Price) or to receive
in respect of other types of awards the kind and amount of shares of stock and
other securities, property, cash or any combination thereof receivable upon
such dissolution, liquidation, or corporate separation or division by a Grantee
of the number of shares of Common Stock subject to such award for which such
award might have been exercised or realized immediately prior to such
dissolution, liquidation, or corporate separation or division; or
(ii) each award granted under the Plan shall
terminate as of a date to be fixed by the Committee and that not less than
thirty (30) days' written notice of the date so fixed shall be given to each
Grantee, who shall have the right, during the period of thirty (30) days
preceding such termination, to exercise or otherwise realize with respect to
such awards all or any part of the shares of Common Stock and other securities,
property, cash or any combination thereof, covered thereby.
In the event of a proposed sale of all or substantially all of the
assets of the Company or the merger of the Company with or into another
corporation, any award then outstanding shall be assumed or an equivalent award
shall be substituted by such successor corporation or a parent or subsidiary of
such successor corporation, unless such successor corporation does not agree to
assume the award or to substitute an equivalent award, in which case the Board
shall, in lieu of such assumption or substitution, provide for the realization
of such outstanding awards in the manner set forth in sections (11)(b)(i) or
11(b)(ii) above.
(c) If, while any awards remain outstanding under the Plan,
any of the following events shall occur (which events shall constitute a
"Change in Control of the Company"):
(i) the "beneficial ownership", as defined in
Rule 13d-3 under the Exchange Act, of securities representing more than fifty
percent (50%) of the combined voting power of the Company is acquired by any
"person" as defined in sections 13(d) and 14(d) of the Exchange Act (other than
the Company, any trustee or other fiduciary holding securities under an
employee benefit plan of the Company, or any corporation owned, directly or
indirectly, by the shareholders of the Company in substantially the same
proportions as their ownership of stock of the Company); or
(ii) the shareholders of the Company approve a
definitive agreement to merge or consolidate the Company with or into another
company (other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than fifty percent (50%) of the
combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation), or to sell
or otherwise dispose of all or substantially all of its assets, or adopt a plan
of liquidation; or
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<PAGE> 10
(iii) during any period of two consecutive years,
individuals who at the beginning of such period were members of the Board cease
for any reason to constitute at least a majority thereof (unless the election,
or the nomination for election by the Company's shareholders, of each new
director was approved by a vote of at least two-thirds of the directors then
still in office who were directors at the beginning of such period);
then from and after the date on which any such Change in Control shall have
occurred (the "Acceleration Date"), the award covered by such Agreement shall
be exercisable or otherwise nonforfeitable in full, whether or not otherwise
exercisable or forfeitable.
Following the Acceleration Date, (i) the Committee shall, in the case of a
merger, consolidation or sale or disposition of assets, promptly make an
appropriate adjustment to the number and class of shares of Common Stock
available for awards, and to the amount and kind of shares or other securities
or property receivable upon exercise or other realization of any outstanding
awards after the effective date of such transaction, and, if applicable, the
price thereof, and (ii) the Committee may in its discretion (unless proscribed
with respect to certain Grantees), permit the cancellation of outstanding
Options in exchange for a cash payment in an amount per share subject to any
such award equal to the amount that would be payable pursuant to Section 9(b)
hereof upon exercise of a Limited Right under those circumstances.
Notwithstanding the foregoing, no Insider shall be eligible to receive a cash
payment in respect of any award held for less than six months prior to
exercise.
(d) In the event of a change in the Common Stock of the
Company as presently constituted that is limited to a change of all of its
authorized shares of Common Stock into the same number of shares with a
different par value or without par value, the shares resulting from any such
change shall be deemed to be the Common Stock within the meaning of the Plan.
(e) Except as herein before expressly provided in this
Section 11, the Grantee of an award hereunder shall have no rights by reason of
any subdivision or consolidation of shares of stock of any class or the payment
of any stock dividend or any other increase or decrease in the number of shares
of stock of any class or by reason of any dissolution, liquidation, merger, or
consolidation or spin-off of assets or stock of another company; and any issue
by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number or price of shares of Common
Stock subject to an award. The grant of an award pursuant to the Plan shall not
affect in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business
structure or to merge or to consolidate or to dissolve, liquidate, or sell, or
transfer all or part of its business or assets or engage in any similar
transactions.
12. SURRENDER AND EXCHANGES OF AWARDS.
The Committee may permit the voluntary surrender of all or a portion
of any Option granted under the Plan or any option granted under any other
plan, program or arrangement of the Company or any subsidiary ("Surrendered
Option"), to be conditioned upon the granting to the Grantee of a new Option
for the same number of shares of Common Stock as the Surrendered Option, or may
require such voluntary surrender as a condition precedent to a grant of a new
Option to such Grantee. Subject to the provisions of the Plan, such new option
(1) may be an Incentive Stock Option or a Nonqualified Stock option, (2) may be
in tandem with Limited Rights, and (3) shall be exercisable at the price,
during such period and on such other terms and conditions as are specified by
the Committee at the time the new
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<PAGE> 11
Option is granted. The Committee may also grant Limited Rights or Restricted
Stock in exchange for Surrendered options to any holder of such Surrendered
Option.
13. PERIOD DURING WHICH OPTIONS MAY BE GRANTED.
Awards may be granted pursuant to the Plan from time to time within a
period of ten (10) years from the date the Plan is adopted by the Board, or the
date the Plan is approved by the shareholders of the Company, whichever is
earlier.
14. DIRECTOR OPTIONS.
Notwithstanding any of the other provisions of the Plan to the
contrary, the provisions of this Section 14 shall apply only to non-employee
members of the Board. The other provisions of the Plan shall apply to grants of
options under this Section 14 to the extent not inconsistent with the
provisions of this Section. For purposes of interpreting Section 6(f) and 6(g)
of the Plan only, the service of a director as a non-employee member of the
Board shall be deemed to be employment by the Company.
Each non-employee member of the Board shall receive Nonqualified Stock
Options in accordance with the provisions of this Section 14:
(a) Grantees of Options under this Section 14 shall enter
into a stock option agreement with the Company, which agreement shall set
forth, among other things, the exercise price of the Option, the term of the
Option and provisions regarding exercisability of the Option granted
thereunder.
(b) The Options granted under this Section 14 shall be
Nonqualified Stock options.
(c) On the date any non-employee person is elected to the
Board, he or she shall be granted a Nonqualified Stock option to purchase 7,350
shares of Common Stock. On the date of each subsequent annual meeting of
stockholders at which directors are elected, so long as the non-employee person
continues to serve as a member of the Board following such annual meeting (and
provided such person has served as a member of the Board for at least 11 months
prior to such date), such person shall be granted a Nonqualified stock option
to purchase an additional 7,350 shares of Common Stock. The Option Price per
share of Common Stock purchasable under any option granted pursuant to this
Section 14(c) shall be equal to the Fair Market Value of the Common Stock on
the date of grant. The term of such option shall be ten years from the date of
the grant. Such options shall be exercisable one year from the date of grant
by payment in full in cash or in shares of Common Stock having a Fair Market
Value equal to the option Price or in a combination of cash and such shares.
(d) The Board may not amend, alter or discontinue this
Section 14 without the approval of the holders of a majority of the Common
Stock issued and outstanding and in no event shall this Section 14 be amended
more than once every six months, other than to comply with changes in the
Internal Revenue Code, the Employee Retirement Income Security Act, or the
rules thereunder.
(e) The Company intends that this Section 14 shall comply
with the requirements of Rule 16b-3 of the Exchange Act during the term of the
Plan. Should any provision of this Section 14 not be necessary to comply with
the requirements of such rule, the Board may amend the Plan to add to or modify
the provisions of the Plan accordingly.
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<PAGE> 12
15. NONTRANSFERABILITY OF AWARDS.
Awards of Incentive Stock Options and Limited Rights associated with
Incentive Stock Options shall not be transferable otherwise than by will or by
the laws of descent and distribution. Other awards granted under the Plan shall
not be transferable otherwise than by will or by the laws of descent and
distribution, other than pursuant to a valid qualified domestic relations order
issued by a court pursuant to Section 414(p) of the Code. Awards may be
exercised or otherwise realized, during the lifetime of the Grantee, only by
the Grantee or by his guardian or legal representative.
16. APPROVAL OF SHAREHOLDERS.
The Plan shall take effect upon its adoption by the Board but the Plan
(and any grants of awards made prior to the shareholder approval mentioned
herein) shall be subject to the approval of the holder(s) of a majority of the
issued and outstanding shares of voting securities of the Company entitled to
vote, which approval must occur within twelve months of the date the Plan is
adopted by the Board.
17. AGREEMENT BY GRANTEE REGARDING WITHHOLDING TAXES.
If the Committee shall so require, as a condition of exercise of an
option or Limited Right or other realization of an award, each Grantee shall
agree that no later than the date of exercise or other realization of an award
granted hereunder, the Grantee will pay to the Company or make arrangements
satisfactory to the Committee regarding payment of any federal, state or local
taxes of any kind required by law to be withheld upon the exercise of an Option
or Limited Right or other realization of an award. Alternatively, the Committee
may provide that a Grantee may elect, to the extent permitted or required by
law, to have the Company deduct federal, state and local taxes of any kind
required by law to be withheld upon the exercise of an option or Limited Right
or realization of any award from any payment of any kind due to the Grantee.
The Committee may, in its sole discretion, permit withholding
obligations to be satisfied in shares of Common Stock subject to the award. The
satisfaction of withholding obligations with shares of Common Stock may be made
at the election of an Insider either: (a) during the 10-business day window
period described in Rule 16b-3(e) (or any successor provision) under the
Exchange Act, if the election and exercise are made during the such period; or
(b) by irrevocable election of at least six months prior to the date of such
withholding.
18. AMENDMENT AND TERMINATION OF THE PLAN.
The Board at any time and from time to time may suspend, terminate,
modify or amend the Plan; provided, however, that any amendment that would
materially increase the aggregate number of shares of Common Stock as to which
awards may be granted under the Plan or materially increase the benefits
accruing to Grantees under the Plan or materially modify the requirements as to
eligibility for participation in the Plan shall be subject to the approval of
the holders of a majority of the Common Stock issued and outstanding, except
that any such increase or modification that may result from adjustments
authorized by Section 11 hereof shall not require such approval. Except as
provided in Section 11 hereof, no suspension, termination, modification or
amendment of the Plan may adversely affect any award previously granted, unless
the written consent of the Grantee is obtained.
- 12 -
<PAGE> 13
19. RIGHTS AS A SHAREHOLDER.
Except as provided in Section 10(d) hereof, a Grantee or a transferee
of an award shall have no rights as a shareholder with respect to any shares
covered by the award until the date of the issuance of a stock certificate to
him or her for such shares. No adjustment shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property) or
distribution of other rights for which the record date is prior to the date
such stock certificate is issued, except as provided in Section 11 hereof.
20. NO RIGHTS TO EMPLOYMENT.
Nothing in the Plan or in any award granted or Agreement entered into
pursuant hereto shall confer upon any Grantee the right to continue in the
employ of the Company or any Subsidiary or to be entitled to any remuneration
or benefits not set forth in the Plan or such Agreement or to interfere with or
limit in any way the right of the Company or any such Subsidiary to terminate
such Grantee's employment. Awards granted under the Plan shall not be affected
by any change in duties or position of a Grantee as long as such Grantee
continues in the employ of the Company or any Subsidiary.
21. BENEFICIARY.
A Grantee may file with the Committee a written designation of a
beneficiary on such form as may be prescribed by the Committee and may, from
time to time, amend or revoke such designation. If no designated beneficiary
survives the Grantee, the executor or administrator of the Grantee's estate
shall be deemed to be the Grantee's beneficiary.
22. GOVERNING LAW.
The Plan and all determinations made and actions taken pursuant hereto
shall be governed by the laws of the State of Delaware.
- 13 -
<PAGE> 1
Exhibits 5 and 23.1
October 3, 1997
Westinghouse Electric Corporation
11 Stanwix Street
Pittsburgh, PA 15222
Re: Westinghouse Electric Corporation
Common Stock, $1.00 par value
131,868 shares
The Gaylord Entertainment Company Amended and Restated
1993 Stock Option and Incentive Plan and
The Gaylord Entertainment Company Amended and
Restated 1991 Stock Option and Incentive Plan
(the "Plans")
Ladies and Gentlemen:
This opinion is being submitted in connection with a Registration
Statement on Form S-8 (the "Registration Statement") being filed with the
Securities and Exchange Commission, under the Securities Act of 1933, as
amended, in respect of 131,868 shares of the Common Stock, par value $1.00 per
share (the "Common Stock") of Westinghouse Electric Corporation (the
"Company").
I have examined and am familiar with the Restated Articles and the
By-laws, both as amended, of the Company, a Pennsylvania corporation. I am of
the opinion that the Company is a duly organized and validly existing
corporation under the laws of the Commonwealth of Pennsylvania.
I am further of the opinion that the corporate proceedings to authorize
the issuance of 131,868 shares of Common Stock for use under the Plans have been
duly taken in accordance with the applicable law, and that said 131,868 shares
of Common stock have been duly authorized for issuance.
In addition, I am of the opinion that the 131,868 shares reserved,
when issued as provided in the Plans and the corporate proceedings related
thereto, will be legally issued, fully paid and nonassessable.
I know that I am referred to in the Registration Statement relating to
the Common Stock and I hereby consent to such use of my name in such
Registration Statement and to the use of this opinion for filing as an exhibit
to such Registration Statement as Exhibit 5 thereto.
Very truly yours,
/s/ ANGELINE C. STRAKA
---------------------------------
Angeline C. Straka
Vice President, Secretary
and Associate General Counsel
<PAGE> 1
Exhibit 23.2
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our reports dated January 29, 1997 except as to note
24 which is as of July 11, 1997, appearing on pages 28 and 66 of Westinghouse
Electric Corporation's Form 10-K/A Amendment No. 1 for the year ended December
31, 1996, incorporated by reference in this Registration Statement on Form S-8.
Our reports included in the Form 10-K/A Amendment No. 1 refer to a restatement
of the 1996 consolidated financial statements.
/s/ KPMG PEAT MARWICK LLP
Pittsburgh, Pennsylvania
October 8, 1997
<PAGE> 1
Exhibit 23.3
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 of Westinghouse Electric Corporation of our report dated
February 12, 1996 except for the restatements discussed in notes 1, 3 and 24,
for which the dates are March 31, 1996, November 13, 1996 and July 11, 1997,
appearing on page 28 of Westinghouse Electric Corporation's Form 10-K/A
Amendment No. 1 for the year ended December 31, 1996 and to the incorporation
by reference of our report on the financial statement schedule appearing on
page 69 of Westinghouse Electric Corporation's Form 10-K for the year ended
December 31, 1996.
/s/ Price Waterhouse LLP
- -----------------------
Price Waterhouse LLP
Pittsburgh, Pennsylvania
October 8, 1997
<PAGE> 1
Exhibit 24
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ MICHAEL H. JORDAN
-----------------------------------
<PAGE> 2
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 29th day of September, 1997.
/s/ FRANK C. CARLUCCI
-----------------------------------
<PAGE> 3
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ ROBERT E. CAWTHORN
-----------------------------------
<PAGE> 4
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 24th day of September, 1997.
/s/ GARY M. CLARK
-----------------------------------
<PAGE> 5
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ GEORGE H. CANRADES
-----------------------------------
<PAGE> 6
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ WILLIAM H. GRAY III
-----------------------------------
<PAGE> 7
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ MEL KARMAZIN
-----------------------------------
<PAGE> 8
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ DAVID K. P. LI
-----------------------------------
<PAGE> 9
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ DAVID T. McLAUGHLIN
-----------------------------------
<PAGE> 10
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ RICHARD R. PIUIROTTO
-----------------------------------
<PAGE> 11
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ RAYMOND W. SMITH
-----------------------------------
<PAGE> 12
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 24th day of September, 1997.
/s/ PAULA STERN
-----------------------------------
<PAGE> 13
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ ROBERT D. WALTER
-----------------------------------
<PAGE> 14
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ FREDRIC G. REYNOLDS
-----------------------------------
<PAGE> 15
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of WESTINGHOUSE
ELECTRIC CORPORATION, a Pennsylvania corporation ("Westinghouse"), which is
about to file with the Securities and Exchange Commission, Washington, D.C.,
under the provisions of the Securities Act of 1933, as amended, a Registration
Statement on Form S-8, hereby constitutes and appoints Michael H. Jordan,
Fredric G. Reynolds, Carol V. Savage and Louis J. Briskman, his/her true and
lawful attorneys-in-fact and agents, and each of them, with full power to act
without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to
sign said Registration Statement, and any and all amendments thereto, with
power where appropriate to affix the corporate seal of Westinghouse thereto and
to attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 8th day of October, 1997.
/s/ CAROL V. SAVAGE
-----------------------------------
