As filed with the Securities and Exchange Commission on February
10, 2000
Registration No.__________
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
STANDEX INTERNATIONAL CORPORATION
(Exact name of issuer as specified in its Certificate of
Incorporation)
Delaware 31-0596149
(State or other jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
6 MANOR PARKWAY, SALEM, NEW HAMPSHIRE 03079
(Address of principal executive offices) (Zip Code)
STANDEX INTERNATIONAL CORPORATION
1998 LONG TERM INCENTIVE PLAN
(Full Title of Plan)
Deborah A. Rosen
c/o Standex International Corporation
6 Manor Parkway
Salem, New Hampshire 03079
(Name and Address of agent for service)
603-893-9701
(Telephone Number, including area code, of agent for service)
Calculation of Registration Fee
<TABLE>
<CAPTION>
Proposed Proposed
Title of Maximum Maximum
Securities Offering Aggregate Amount of
to be Amount to be Price Per Offering Registration
Registered Registered Share Price (1) Fee
<S> <C> <C> <C> <C>
Common Stock 800,000 $17.0625 $13,650,000 $3,604
par value
$1.50 per share
NOTE: 1. Estimated solely for the purpose of
calculating the registration fee pursuant to Rules
457(c) and 457(h) under the Securities Act upon the
basis of the average of the high and low sale price of
the Company's Common Stock, par value $1.50 per share
(the "Common Stock") as reported on the New York Stock
Exchange on February 7, 2000.
</TABLE>
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM 1.
The document or documents containing information specified
in Part 1 are not required to be filed by Standex International
Corporation (the "Company") with the Securities and Exchange
Commission (the "Commission") as part of this Form S-8
Registration Statement (the "Registration Statement").
ITEM 2.
Such documents and the documents incorporated by reference
in Part II are located at the corporate office of the Company, 6
Manor Parkway, Salem, New Hampshire 03079 (1-603-893-9701), and
are available to participants without charge, on oral or written
request.
PART II.
INFORMATION REQUIRED IN REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents previously filed with the Commission
are incorporated in this Registration Statement by reference:
(1) The Company's Annual Report on Form 10K for the year ended
June 30, 1999, filed pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act")
or the latest prospectus filed pursuant to Rule 424(b) under the
Securities Act, that contains audited financial statements for
the Company's latest fiscal year for which such statements have
been filed.
(2) All other reports filed pursuant to Section 13(a) or 15(d)
of the Exchange Act since the end of the fiscal year covered by
the document referred to in (1) above.
(3) The description of the Common Stock contained in the
Registration of Securities on Form 8-B dated June 12, 1975,
including any amendment or report filed for the purpose of
updating such description.
All documents filed by the Company pursuant to Section
13(a), 13(c) 14 and 15(d) of the Exchange Act after the date of
this Registration Statement and prior to the filing of a post-
effective amendment which indicates that all securities offered
have been sold or which de-registers all securities then
remaining unsold shall be deemed to be incorporated in this
Registration Statement by reference and shall be deemed a part
hereof from the date of filing of such reports and documents.
Any statement contained in a document incorporated or deemed to
be incorporated by reference herein shall be decreed 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
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
Legal Opinion.
The legality of the shares of the Common Stock reserved for
issuance under the 1998 Long Term Incentive Plan will be passed
upon for the Company by Deborah A. Rosen, General Counsel of the
Company. At December 31, 1999, Ms. Rosen owned 4,976 shares of
Common Stock (including approximately 2,064 shares in her account
at December 31, 1999 under the Company's Retirement Savings
Plan). In addition, Ms. Rosen holds Options to purchase 14,300
shares of the Company's Common Stock and 650 shares of the
Company's Common Stock in the form of unvested restricted stock.
These stock Options were granted at option prices equal to the
fair market value of the Company's Common Stock on the dates of
grant.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Under the Seventh Article of the Restated Certificate of
Incorporation of the Company, each person who is or was a
director or officer of the Company will be indemnified by the
Company to the fullest extent permitted by Section 145 of the
General Corporation Law of Delaware as the same may be amended
and supplemented from time to time. Section 145(a) of the
General Corporation Law of Delaware permits a corporation to
indemnify any director, officer, employee or agent of the
corporation against expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and
reasonably incurred by him or her in connection with any action,
suit or proceeding arising out of his or her status as director,
officer, employee or agent if such person acted in good faith and
in a manner he or she reasonably believed to be in or not opposed
to the best interests of the corporation, and, with respect to
any criminal action or proceeding, had no reasonable cause to
believe his or her conduct was unlawful. Section 145(b) provides
that a corporation shall have the power to indemnify any
director, officer, employee or agent against expenses (including
attorneys' fees) actually and reasonably incurred in connection
with the defense or settlement of such action or suit if such
person acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person
shall have been adjudged liable to the corporation unless and to
the extent a court of competent jurisdiction determines that such
person is entitled to indemnity for such expenses. To the extent
that a present or former director or officer has been successful
in defense of any action or claim, Section 145(c) provides that
he or she shall be indemnified against expenses incurred by him
or her in connection therewith. Under Section 145(g), a
corporation also has the power to purchase and maintain insurance
on behalf of any director, officer, employee or agent against any
liability arising out of his or her status as such, whether or
not the corporation would have the power to indemnify him or her
against such liability.
The Company maintains, on behalf of its directors and
officers, insurance protection in the amount of $20,000,000
against certain liabilities arising out of the discharge of their
duties.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not Applicable.
ITEM 8. EXHIBITS.
The following exhibits are filed (except where otherwise
indicated) as part of this Registration Statement.
4.1 Standex International Corporation 1998 Long Term Incentive
Plan.
4.2 Restated Certificate of Incorporation of Standex, dated
October 16, 1986, and the Amendment to the Restated Certificate
of Incorporation are incorporated by reference to the exhibits to
the Quarterly Report of Standex on Form 10-Q for the fiscal
quarter ended December 31, 1986 and to the exhibits to the
Quarterly Report of Standex on From 10-Q for the fiscal quarter
ended December 31, 1998 respectively.
4.3 By-Laws of Standex, as amended, and restated on July 27,
1994 are incorporated by reference to the exhibits to the Annual
Report of Standex on Form 10-K for the fiscal year ended June 30,
1994.
5. Opinion of Deborah A. Rosen as to the legality of the Common
Stock.
23.1 Consent of Deloitte & Touche LLP, Independent Public
Accountants.
23.2 The Consent of Counsel is included in her opinion filed
as Exhibit 5 hereto.
24. Powers of Attorney from John Bolten, Jr., David R. Crichton,
Samuel S. Dennis 3d, William R. Fenoglio, Walter F. Greeley,
Daniel B. Hogan, C. Kevin Landry, H. Nicholas Muller, III, Edward
F. Paquette, Sol Sackel.
ITEM 9. UNDERTAKINGS
1. The Company hereby undertakes:
(A) To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration
Statement:
(i) To include any prospectus required by Section 10(a)(3) of
the Securities Act;
(ii) To reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change
in the information set forth in the Registration Statement; and
(iii) 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;
provided, however, that sub-paragraphs (i) and (ii) above do not
apply if the Registration Statement is on Form S-3, Form S-8 or
Form F-3 and the information required to be included in a post-
effective amendment by those paragraphs is contained in periodic
reports filed by the Company pursuant to Section 13 or Section
15(d) of the Exchange Act that are incorporated by reference in
the Registration Statement.
(B) That, for the purpose of determining any liability under the
Securities Act, 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.
2. The Company hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing
of the Company's annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each
filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by
reference in the 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 in the initial bona fide offering thereof.
3. Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other
than the payment by the Company of expenses incurred or paid by a
director, officer or controlling person or the Company 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 Company 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 Securities Act and will
be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
as amended, the Registrant 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 Town of Salem, County of
Rockingham and the State of New Hampshire, on the 10th day of
February, 2000.
STANDEX INTERNATIONAL CORPORATION
/s/Edward J. Trainor
By:___________________________________
Edward J. Trainor, President/CEO
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed below by the
following persons in the capacities and on the date indicated.
Date Signature Title
February 10, 2000 /s/Edward J. Trainor President/CEO
February 10, 2000 /s/Edward F. Paquette Vice President/CFO
Edward J. Trainor has signed below on February 10, 2000 as
attorney-in-fact for the following Directors of the Registrant:
John Bolten, Jr. Daniel B. Hogan
David R. Crichton C. Kevin Landry
Samuel S. Dennis, 3d H. Nicholas Muller, III
William R. Fenoglio Edward F. Paquette
Walter F. Greeley
/s/Edward J. Trainor
_______________________________
Edward J. Trainor
<TABLE>
EXHIBIT INDEX
SEQUENTIAL
EXHIBIT PAGE NO.
<C> <S>
4.1 Standex International Corporation 1998
Long Term Incentive Plan
4.2 Restated Certificate of Incorporation of Standex, and
Amendment thereto dated October 16, 1986, are incorporated by
reference to the exhibits to the Quarterly Report of Standex on
Form 10-Q for the fiscal quarter ended December 31, 1986 and to
the exhibits to the Quarterly Report of Standex on Form 10-Q for
the fiscal quarter ended December 31, 1998.
4.3 By-Laws of Standex, as amended, and restated on July 27,
1994 are incorporated by reference to the exhibits to the Annual
Report of Standex on Form 10-K for the fiscal year ended June 30,
1994.
5. Legal Opinion.
23.1 Consent of Deloitte & Touche LLP, Independent Public
Accountants.
23.2 Consent of Deborah A. Rosen, as counsel to the Company.
24. Powers of Attorney from: John Bolten, Jr., David R.
Crichton, Samuel S. Dennis, 3d, William R. Fenoglio, Walter F.
Greeley, Daniel B. Hogan, C. Kevin Landry, H. Nicholas Muller,
III and Edward F. Paquette.
</TABLE>
EXHIBIT 4.1
STANDEX INTERNATIONAL CORPORATION
1998 LONG TERM INCENTIVE PLAN
1. DEFINITIONS.
"Award" means, individually or collectively, a grant under
the Plan of Non-Statutory Stock Options, Incentive Stock Options,
Stock Awards and Performance Awards.
"Award Agreement" means an agreement evidencing and setting
forth the terms of an Award.
"Board of Directors" means the board of directors of the
Company.
"Change in Control" means a change in control
notwithstanding any other provision to the contrary in this Plan,
in the event of a Change in Control (as defined below), all
options outstanding as of the date such Change in Control occurs
shall become exercisable in full, whether or not otherwise
exercisable in accordance with their terms.
A "Change in Control" shall occur or be deemed to have
occurred only if any of the following events occur:
(a) any "person", as such term is used in Section 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended, (the
"1934 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 stockholders of Company in substantially the same proportion
as their ownership of stock of the Company) is or becomes the
"beneficial owner" (as defined in Rule 13(d) under the 1934 Act),
directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of the Company's then
outstanding securities;
(b) individuals who, as of July 29, 1998, constitute the Board
of Directors of the Company (the "Incumbent Board") cease for any
reason to constitute at least a majority of the Board, provided
that any person becoming a director subsequent to July 29, 1998,
whose election, or nomination for election by the Company's
stockholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board (other than an
election or nomination of an individual whose initial assumption
of office is in connection with an actual or threatened election
contest relating to the election of the directors of the Company,
as such terms are used in Rule 14a-11 of Regulation 14A under the
1934 Act) shall be, for purposes of this Section, considered a
member of the Incumbent Board;
(c) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation,
other than (i) 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 being
converted into voting securities of the surviving entity)
more than 80% of the combined voting power of the voting
securities of the Company or such surviving entity
outstanding immediately after such merger or
consolidation or (ii) a merger or consolidation effected
to implement a recapitalization of the Company (or
similar transaction) in which no "person" (as hereinabove
defined) acquires more than 50% of the combined voting
power of the Company's then outstanding securities; or
(d) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the
Company's assets.
"Code" means the Internal Revenue Code of 1986, as amended.
"Committee" means the committee designated by the Board of
Directors, pursuant to Section 2 of the Plan.
"Common Stock" means the Common Stock of the Company, par
value, $1.50 per share.
"Company" means Standex International Corporation
"Date of Grant" means the effective date of an Award.
"Disability" means any mental or physical condition with
respect to which the Participant qualifies for and receives
benefits for under a long-term disability plan of the Company or
any subsidiary corporation, or in the absence of such a long-term
disability plan or coverage under such a plan, "Disability" shall
mean a physical or mental condition which, in the sole discretion
of the Committee, is reasonably expected to be of indefinite
duration and to substantially prevent the Participant from
fulfilling his duties or responsibilities to the Company or any
subsidiary corporation.
"Effective Date" means the date the Plan is approved by a
majority of the shareholders, as provided for in Section 20 of
the Plan.
"Employee" means any person employed by the Company or any
subsidiary corporation. Directors who are employed by the Company
or any subsidiary corporation shall be considered Employees under
the Plan.
"Exchange Act" or the "1934 Act" means the Securities
Exchange Act of 1934, as amended.
"Exercise Price" means the price at which a Participant may
purchase a share of Common Stock pursuant to an Option.
"Fair Market Value" means the market price of Common Stock,
determined by the Committee as follows:
(a) If the Common Stock was traded on the date in question on
The New York Stock Exchange then the Fair Market Value shall be
equal to the closing price quoted for such date by The New York
Stock Exchange;
(b) If the Common Stock was traded on a stock exchange on the
date in question, then the Fair Market Value shall be equal to
the closing price reported by the applicable composite
transactions report for such date; and
(c) If neither of the foregoing provisions is applicable, then
the Fair Market Value shall be determined by the Committee in
good faith on such basis as it deems appropriate.
Whenever possible, the determination of Fair Market Value by the
Committee shall be based on the prices reported in THE WALL
STREET JOURNAL. The Committee's determination of Fair Market
Value shall be conclusive and binding on all persons.
"Incentive Stock Option" means a stock option granted to a
Participant, pursuant to Section 7 of the Plan, that is intended
to meet the requirements of Section 422 of the Code.
"Non-Statutory Stock Option" means a stock option granted to
a Participant pursuant to the terms of the Plan, but which is not
intended to be and is not identified as an Incentive Stock Option
or a stock option granted under the Plan which is intended to be
and is identified as an Incentive Stock Option but which does not
meet the requirements of Section 422 of the Code.
"Option" means an Incentive Stock Option or Non-Statutory
Stock Option.
"Outside Director" means a member of the Boards of Directors
of the Company or any subsidiary corporation who is not also an
Employee of the Company or any subsidiary corporation.
"Participant" means any person who holds an outstanding
Award.
"Performance Award" means an Award granted to a Participant
pursuant to Section 9
of the Plan.
"Plan" means this Standex International Corporation 1998
Long Term Incentive Plan.
"Retirement" means retirement from employment with the
Company or any subsidiary corporation in accordance with the
retirement policies of the Company or any subsidiary corporation,
as applicable, then in effect. "Retirement" with respect to an
Outside Director means the termination of service from the Board
of Directors of the Company or any subsidiary corporation
following written notice to the Board of Directors of such
Outside Director's intention to retire.
"Stock Award" means an Award granted to a Participant
pursuant to Section 8 of the Plan.
"Termination for Cause" shall mean, in the case of an
Outside Director, removal from the Board of Directors or, in the
case of an Employee, unless defined differently under any
employment agreement with the Company or any subsidiary
corporation, termination of employment, because of a material
loss or injury to the Company or any subsidiary corporation, or
misconduct in the performance of the Employee's employment
duties, as determined by and in the sole discretion of the Board
of Directors or its designee(s).
2. ADMINISTRATION.
(a) The Committee shall administer the Plan. The Committee shall
consist of two or more disinterested directors of the
Company, who shall be appointed by the Board of Directors. A
member of the Board of Directors shall be deemed to be
"disinterested" only if he satisfies (i) such requirements as
the Securities and Exchange Commission may establish for non-
employee directors administering plans intended to qualify
for exemption under Rule 16b-3 (or its successor) under the
Exchange Act and (ii) such requirements as the Internal
Revenue Service may establish for outside directors acting
under plans intended to qualify for exemption under Section
162(m)(4)(C) of the Code. The Board of Directors may also
appoint one or more separate committees of the Board of
Directors, each composed of one or more directors of the
Company or any subsidiary corporation who need not be
disinterested and who may grant Awards and administer the
Plan with respect to Employees and Outside Directors who are
not considered officers or directors of the Company under
Section 16 of the Exchange Act or for whom Awards are not
intended to satisfy the provisions of Section 162(m) (or its
successor) of the Code.
(b) The Committee shall (i) select the Employees and Outside
Directors who are to receive Awards under the Plan, (ii)
determine the type, number, vesting requirements and other
features and conditions of such Awards, (iii) interpret the
Plan and (iv) make all other decisions relating to the
operation of the Plan. The Committee may adopt such rules or
guidelines as it deems appropriate to implement the Plan.
The Committee's determinations under the Plan shall be final
and binding on all persons.
(c) Each Award shall be evidenced by a written agreement ("Award
Agreement") containing such provisions as may be approved by
the Committee. Each Award Agreement shall constitute a
binding contract between the Company or any subsidiary
corporation and the Participant, and every Participant, upon
acceptance of the Award Agreement, shall be bound by the
terms and restrictions of the Plan and the Award Agreement.
The terms of each Award Agreement shall be in accordance with
the Plan, but each Award Agreement may include such
additional provisions and restrictions determined by the
Committee, in its discretion, provided that such additional
provisions and restrictions are not inconsistent with the
terms of the Plan. In particular and at a minimum, the
Committee shall set forth in each Award Agreement (i) the
type of Award granted (ii) the Exercise Price of any Option,
(iii) the number of shares subject to the Award, (iv) the
expiration date of the Award, (v) the manner, time, and rate
(cumulative or otherwise) of exercise or vesting of such
Award, and (vi) the restrictions, if any, placed upon such
Award, or upon shares which may be issued upon exercise of
such Award. The Chairman of the Committee and such other
directors and officers as shall be designated, in writing, by
the Committee is hereby authorized to execute Award
Agreements on behalf of the Company or any subsidiary
corporation and to cause them to be delivered to the
recipients of Awards.
(d) The Committee may delegate, in writing, all authority for:
(i) the determination of forms of payment to be made by or
received by the Plan and (ii) the execution of any Award
Agreement. The Committee may rely on the descriptions,
representations, reports and estimates provided to it by the
management of the Company or any subsidiary corporation for
determinations to be made pursuant to the Plan, including the
satisfaction of any conditions of a Performance Award.
However, only the Committee or a portion of the Committee may
certify the attainment of any conditions of a Performance
Award intended to satisfy their requirements of Section
162(m) of the Code.
3. TYPES OF AWARDS AND RELATED RIGHTS.
The following Awards may be granted under the Plan:
(a) Non-Statutory Stock Options.
(b) Incentive Stock Options.
(c) Stock Awards
(d) Performance Awards
4. STOCK SUBJECT TO THE PLAN.
Subject to adjustment as provided in Section 14 of the Plan, the
maximum number of shares reserved hereby for purchase pursuant to
the exercise of Options and Option-related Awards granted under
the Plan is 800,000. The shares of Common Stock issued under the
Plan may be either authorized but unissued shares or authorized
shares previously issued and acquired or reacquired by the
Company. To the extent that Options are granted under the Plan,
the shares underlying such Options will be unavailable for any
other use including future grants under the Plan except that, to
the extent that such Options terminate, expire, or are forfeited
without having been exercised, new Awards may be made with
respect to these shares.
5. ELIGIBILITY.
Subject to the terms of the Plan, all Employees and Outside
Directors shall be eligible to receive Awards under the Plan. In
addition, the Committee may grant eligibility to consultants of
the Company or any subsidiary corporation.
6. NON-STATUTORY STOCK OPTIONS.
The Committee may, subject to the limitations of this Plan and
the availability of shares of Common Stock reserved but not
previously awarded under the Plan, grant Non-Statutory Stock
Options to eligible individuals upon such terms and conditions as
it may determine to the extent such terms and conditions are
consistent with the following provisions:
(a) Exercise Price. The Committee shall determine the Exercise
Price of each Non-Statutory Stock Option. However, the Exercise
Price shall not be less than 100% of the Fair Market Value of the
Common Stock on the Date of Grant.
(b) Terms of Non-Statutory Stock Options. The Committee shall
determine the term during which a Participant may exercise a Non-
Statutory Stock Option, but in no event may a Participant
exercise a Non-Statutory Stock Option, in whole or in part, more
than ten (10) years from the Date of Grant. The Committee shall
also determine the date on which each Non-Statutory Stock Option,
or any part thereof, first becomes exercisable and any terms or
conditions a Participant must satisfy in order to exercise each
Non-Statutory Stock Option. The shares of Common Stock
underlying each Non-Statutory Stock Option may be purchased in
whole or in part by the Participant at any time during the term
of such Non-Statutory Stock Option, or any portion thereof,
becomes exercisable.
(c) Non-Transferability. Unless otherwise determined by the
Committee in accordance with this Section 6(c), a Participant
may not transfer, assign, hypothecate, or dispose of in any
manner, other than by will or the laws of intestate
succession, a Non-Statutory Stock Option. The Committee may,
however, in its sole discretion, permit transferability or
assignment of a Non-Statutory Stock Option if such transfer
or assignment is, in its sole determination, for valid estate
planning purposes and such transfer or assignment is
permitted under the Code and Rule 16b-3 under the Exchange
Act. For purposes of this Section 6(c), a transfer for valid
estate planning purposes includes, but is not limited to: (a)
a transfer to a revocable intervivos trust as to which the
Participant is both the settlor and trustee, or (b) a
transfer for no consideration to: (i) any member of the
Participant's Immediate Family, (ii) any trust solely for
the benefit of members of the Participant's Immediate Family,
(iii) any partnership whose only partners are members of the
Participant's Immediate Family, and (iv) any limited
liability corporation or corporate entity whose only members
or equity owners are members of the Participant's Immediate
Family. For purposes of this Section 6(c), "Immediate
Family" includes, but is not limited to the Participant's
spouse, children or grandchildren. Approval by the Committee
to transfer or assign any Non-Statutory Stock Option or
portion thereof does not mean that such approval will be
given with respect to any other Non-Statutory Stock Option or
portion thereof. The transferee or assignee of any Non-
Statutory Stock Option shall be subject to all of the terms
and conditions applicable to such Non-Statutory Stock Option
immediately prior to the transfer or assignment and shall be
subject to any other conditions proscribed by the Committee
with respect to such Non-Statutory Stock Option.
(d) Termination of Employment or Service (General). Unless
otherwise determined by the Committee, upon the termination of a
Participant's employment or other service for any reason other
than Retirement, Disability or death, a Change in Control, or
Termination for Cause, the Participant may exercise only those
Non-Statutory Stock Options that were immediately exercisable by
the Participant at the date of such termination and only for a
period of three (3) months following the date of such
termination.
(e) Termination of Employment or Service (Retirement). Unless
otherwise determined by the Committee, in the event of a
Participant's Retirement, the Participant's may exercise only
those Non-Statutory Stock Options that were immediately
exercisable by the Participant at the date of Retirement and only
for a period of one (1) year following the date of Retirement.
(f) Termination of Employment or Service (Disability or Death).
Unless otherwise determined by the Committee, in the event of the
termination of a Participant's employment or other service due to
Disability or death, all Non-Statutory Stock Options held by such
Participant shall immediately become exercisable and remain
exercisable for a period one (1) year following the date of such
termination.
(g) Termination of Employment or Service (Change in Control).
Unless otherwise determined by the Committee, in the event of the
termination of a Participant's employment or service within
twenty-four (24) months of a Change in Control, all Non-Statutory
Stock Options held by such Participant shall immediately become
exercisable and remain exercisable for a period of three (3)
years following the date of such termination.
(h) Termination of Employment or Service (Termination For
Cause). Unless otherwise determined by the Committee, in the
event of a Participant's Termination for Cause, all rights with
respect to the Participant's Non-Statutory Stock Options shall
expire immediately upon the effective date of such Termination
for Cause.
(i) Payment. Payment due to a Participant upon the exercise of
a Non-Statutory Stock Option shall be made in the form of shares
of Common Stock.
(j) Maximum Individual Award. No individual Employee shall be
granted an amount of Non-Statutory Stock Options which exceeds
25% of all Options eligible to be granted under the Plan within
any 12-month period.
(k) Cancellation. Notwithstanding the foregoing, any Option may
be cancelled by the Committee at any time, if in the opinion of
the Committee, the Participant engages in activities contrary to
the interests of the Company or any of its subsidiaries.
7. INCENTIVE STOCK OPTIONS.
The Committee may, subject to the limitations of the Plan and the
availability of shares of Common Stock reserved but unawarded
under this Plan, grant Incentive Stock Options to an Employee
upon such terms and conditions as it may determine to the extent
such terms and conditions are consistent with the following
provisions:
(a) Exercise Price. The Committee shall determine the Exercise
Price of each Incentive Stock Option. However, the Exercise
Price shall not be less than 100% of the Fair Market Value of the
Common Stock on the Date of Grant; provided, however, that if at
the time an Incentive Stock Option is granted, the Employee owns
or is treated as owning, for purposes of Section 422 of the Code,
Common Stock representing more than 10% of the total combined
voting securities of the Company ("10% Owner"), the Exercise
Price shall not be less than 110% of the Fair Market Value of the
Common Stock on the Date of Grant.
(b) Amounts of Incentive Stock Options. To the extent the
aggregate Fair Market Value of shares of Common Stock with
respect to which Incentive Stock Options that are exercisable for
the first time by an Employee during any calendar year under the
Plan and any other stock option plan of the Company or any
subsidiary corporation exceeds $100,000, or such higher value as
may be permitted under Section 422 of the Code, such Options in
excess of such limit shall be treated as Non-Statutory Stock
Options. Fair Market Value shall be determined as of the Date of
Grant with respect to each such Incentive Stock Option.
(c) Terms of Incentive Stock Options. The Committee shall
determine the term during which a Participant may exercise an
Incentive Stock Option, but in no event may a Participant
exercise an Incentive Stock Option, in whole or in part, more
than ten (10) years from the Date of Grant; provided, however,
that if at the time an Incentive Stock Option is granted to an
Employee who is a 10% Owner, the Incentive Stock Option granted
to such Employee shall not be exercisable after the expiration of
five (5) years from the Date of Grant. The Committee shall also
determine the date on which each Incentive Stock Option, or any
part thereof, first becomes exercisable and any terms or
conditions a Participant must satisfy in order to exercise each
Incentive Stock Option. The shares of Common Stock underlying
each Incentive Stock Option may be purchased in whole or in part
at any time during the term of such Incentive Stock Option after
such Option becomes exercisable.
(d) Non-Transferability. No Incentive Stock Option shall be
transferable except by will or the laws of descent and
distribution and is exercisable, during his lifetime, only by the
Employee to whom the Committee grants the Incentive Stock Option.
The designation of a beneficiary does not constitute a transfer
of an Incentive Stock Option.
(e) Termination of Employment (General). Unless otherwise
determined by the Committee, upon the termination of a
Participant's employment or other service for any reason other
than Retirement, Disability or death, a Change in Control, or
Termination for Cause, the Participant may exercise only those
Incentive Stock Options that were immediately exercisable by the
Participant at the date of such termination and only for a period
of three (3) months following the date of such termination.
(f) Termination of Employment (Retirement). Unless otherwise
determined by the Committee, in the event of a Participant's
Retirement, the Participant may exercise only those Incentive
Stock Options that were immediately exercisable by the
Participant at the date of Retirement and only for a period of
one (1) year following the date of Retirement. Any Option
originally designated as an Incentive Stock Option shall be
treated as a Non-Statutory Stock Options to the extent the
Participant exercises such Option more than three (3) months
following the Date of the Participant's Retirement.
(g) Termination of Employment (Disability or Death). Unless
otherwise determined by the Committee, in the event of the
termination of a Participant's employment or other service due to
Disability or death, all Incentive Stock Options held by such
Participant shall immediately become exercisable and remain
exercisable for a period one (1) year following the date of such
termination. Any Option originally designated as an Incentive
Stock Option shall be treated as a Non-Statutory Stock Options to
the extent the Participant exercises such Option more than one
(1) year following the Date of the Participant's Retirement.
(h) Termination of Employment (Change in Control). Unless
otherwise determined by the Committee, in the event of the
termination of a Participant's employment or service within
twenty-four (24) months of a Change in Control, all Incentive
Stock Options held by such Participant shall become immediately
exercisable and remain exercisable for a period of three (3)
years following the date of such termination. Any Option
originally designated as an Incentive Stock Option shall be
treated as a Non-Statutory Stock Options to the extent the
Participant exercises such Option more than one (1) year
following the Date of the Participant's Retirement.
(i) Termination of Employment (Termination For Cause). Unless
otherwise determined by the Committee, in the event of an
Employee's Termination for Cause, all rights under such
Employee's Incentive Stock Options shall expire immediately upon
the effective date of such Termination for Cause.
(j) Payment. Payment due to a Participant upon the exercise of
an Incentive Stock Option shall be made in the form of shares of
Common Stock.
(k) Maximum Individual Award. No individual Employee shall be
granted an amount of Incentive Stock Options which exceeds 25% of
all Options eligible to be granted under the Plan within any 12-
month period.
(l) Disqualifying Dispositions. Each Award Agreement with
respect to an Incentive Stock Option shall require the
Participant to notify the Committee of any disposition of shares
of Common Stock issued pursuant to the exercise of such Option
under the circumstances described in Section 421(b) of the Code
(relating to certain disqualifying dispositions), within 10 days
of such disposition.
(m) Cancellation. Notwithstanding the foregoing, any Incentive
Stock Option may be canceled by the Committee at any time, if in
the opinion of the Committee, the Participant engages in
activities contrary to the interests of the Company or any of its
subsidiaries.
8. STOCK AWARDS.
The Committee may, subject to the limitations of the Plan, make
Stock Awards, which shall consist of the grant of some number of
shares of Common Stock to eligible individuals. Stock Awards
shall be made subject to the following terms and conditions:
(a) Payment of the Stock Award. Stock Awards may only be made
in whole shares of Common Stock. Stock Awards may only be
granted from shares reserved under the Plan and available for
award at the time the Stock Award is made to the Participant.
(b) Terms of the Stock Award. The Committee shall determine the
dates on which Stock Awards granted to a Participant shall vest
and any terms or conditions which must be satisfied prior to the
vesting of any installment or portion of the Stock Award
including, but not limited to achievement of specific business
objectives, attainment of growth rates, attainment of profit
and/or other performance objectives for the Company or one of its
operating units or groups to be achieved by the end of a
specified period or other measurement of performance. Any such
terms, or conditions shall be determined by the Committee as of
the Date of Grant.
(c) Termination of Employment or Service. Unless otherwise
determined by the Committee, upon the termination of a
Participant's employment or service for any reason other than
Termination for Cause, the Participant's unvested Stock Awards as
of the date of termination shall be forfeited and any rights the
Participant had to such unvested Stock Awards shall become null
and void. Unless otherwise determined by the Committee, or in
the event of the Participant's Termination for Cause, all
unvested Stock Awards held by such Participant as of the
effective date of such Termination for Cause shall be forfeited
and any rights such Participant had to such unvested Stock Awards
shall become null and void.
(d) Cancellation. Notwithstanding the foregoing, any Stock
Award may be canceled by the Committee at any time, if in the
opinion of the Committee, the Participant engages in activities
contrary to the interests of the Company or any of its
subsidiaries.
(e) Non-Transferability. Except to the extent permitted by the
Code, the rules promulgated under Section 16(b) of the Exchange
Act or any successor statutes or rules:
(i) The recipient of a Stock Award shall not sell, transfer,
assign, pledge, or otherwise encumber shares subject to Stock
Award until full vesting of such shares has occurred. For
purposes of this section, the separation of beneficial ownership
and legal title through the use of any "swap" transaction is
deemed to be a prohibited encumbrance.
(ii) Unless determined otherwise by the Committee and except
in the event of the Participant's death or pursuant to a domestic
relations order, a Stock Award is not transferable and may be
earned in his lifetime only by the Participant to whom it is
granted. Upon the death of a Participant, a Stock Award is
transferable by will or the laws of descent and distribution.
The designation of a beneficiary shall not constitute a transfer.
(iii) If a recipient of a Stock Award is subject to the
provisions of Section 16 of the Exchange Act, shares of Common
Stock subject to such Stock Award may not, without the written
consent of the Committee (which consent may be given in the Award
Agreement), be sold or otherwise disposed of within six (6)
months following the date of grant of the Stock Award.
(f) Accrual of Dividends. Whenever shares of Common Stock
underlying a Stock Award are distributed to a Participant or
beneficiary thereof under the Plan, such Participant or
beneficiary shall also be entitled to receive, with respect
to each such share distributed, a payment equal to any cash
dividends and the number of shares of Common Stock equal to
any stock dividends, declared and paid with respect to a
share of the Common Stock if the record date for determining
shareholders entitled to receive such dividends falls between
the date relevant Stock Award was granted and the date the
relevant Stock Award or installment thereof is issued. There
shall also be distributed an appropriate amount of net
earnings, if any, of the Trust with respect to any dividends
paid out on the shares related to the Stock Award.
(g) Voting of Stock Awards. After a Stock Award has been
granted but for which the shares covered by such Stock Award have
not yet been vested, earned and distributed to the Participant
pursuant to the Plan, the Participant shall be entitled to vote
such shares of Common Stock which the Stock Award covers to the
rules and procedures adopted by the Committee for this purpose.
(h) Maximum Individual Award. No Participant eligible to
receive a Stock Award may receive more than 50,000 shares of
Common Stock, which Stock Awards cover in any twelve month
period, subject to adjustment as set forth in Section 15.
9. PERFORMANCE AWARDS.
(a) The Committee may determine to make any Award under the Plan
contingent upon the satisfaction of any conditions related to
the performance of the Company or any subsidiary corporation
of the eligible individual. Each Performance Award shall be
evidenced in the Award Agreement, which shall set forth the
applicable conditions, the maximum amounts payable and such
other terms and conditions as are applicable to the
Performance Award. Unless otherwise determined by the
Committee, each Performance Award shall be granted and
administered to comply with the requirements of Section
162(m) of the Code and subject to the following provisions:
Any Performance Award shall be made not later than 90 days
after the start of the period for which the Performance Award
relates or shall be made prior to the completion of 25% of
such period. All determinations regarding the achievement of
any applicable conditions will be made by the Committee. The
Committee may not increase during a year the amount of a
Performance Award that would otherwise be payable upon
satisfaction of the conditions but may reduce or eliminate
the payments as provided for in the Award Agreement.
(b) Nothing contained in the Plan will be deemed in any way to
limit or restrict the Committee from making any Award or
payment to any person under any other plan, arrangement or
understanding, whether now existing or hereafter in effect.
(c) No Award or portion thereof that is subject to the
satisfaction of any condition shall be considered to be
earned or vested until the Committee certifies in writing
that the conditions to which the distribution, earning or
vesting of such Award is subject have been achieved.
10. GRANTS IN THE EVENT OF A CHANGE IN CONTROL.
(a) In the event of a Change in Control, Options then available
for grant under this Plan pursuant to Section 4 shall be
automatically granted among those current Employees and
current Outside Directors who have previously been granted
Options under this Plan, as of the date of the Change in
Control. The number of shares subject to Options to be
granted to each such individual pursuant to this Section 10
shall be determined by multiplying the number of Options to
purchase shares of Common Stock then available for grant to
Employees and Outside Directors, respectively, pursuant to
Section 4 by a fraction, the numerator of which is the number
of Options to purchase shares of Common Stock previously
granted to that individual under this Plan, and the
denominator of which is the total number of Options to
purchase shares of Common Stock previously granted to all
Employees (whether or not yet exercised), in the case of an
Employee, and all current Outside Directors, in the case of
an Outside Director, under this Plan.
(b) The Exercise Price for any Option granted pursuant to this
Section 10 shall be the weighted average Exercise Price of
all Options, as adjusted pursuant to Section 15, granted
under this Plan, whether such previously granted Option has
been exercised or is exercisable or unexercisable, to the
respective Employee or Outside Director prior to the Change
in Control.
(c) All Options granted pursuant to this Section 10 shall be 100%
vested and exercisable upon the Participant's termination of
employment or service occurring within twenty-four (24)
months following a Change in Control and shall remain
exercisable for a period of ten (10) years from the date of
grant.
11. DEFERRED PAYMENTS.
The Committee, in its discretion, may permit a Participant to
elect to defer receipt of all or any part of any cash or stock
payment under the Plan, or the Committee may determine to defer
receipt by some or all Participants, of all or part of any such
payment. The Committee shall determine the terms and conditions
of any such deferral, including the period of deferral, the
manner of deferral, and the method for measuring appreciation on
deferred amounts until their payout.
12. METHOD OF EXERCISE OF OPTIONS.
Subject to any applicable Award Agreement, any Option may be
exercised by the Participant in whole or in part at such time or
times, and the Participant may make payment of the Exercise Price
in such form or forms, including, without limitation, payment by
delivery of cash, Common Stock or other consideration (including,
where permitted by law and the Committee, Awards) having a Fair
Market Value on the exercise date equal to the total Exercise
Price, or by any combination of cash, shares of Common Stock and
other consideration, including exercise by means of a cashless
exercise arrangement with a qualifying broker-dealer or a
constructive stock swap, as the Committee may specify in the
applicable Award Agreement.
13. RIGHTS OF PARTICIPANTS.
No Participant shall have any rights as a shareholder with
respect to any shares of Common Stock covered by an Option until
the date of issuance of a stock certificate for such Common
Stock. Nothing contained herein or in any Award Agreement
confers on any person any right to continue in the employ or
service of the Company or any subsidiary corporation or
interferes in any way with the right of the Company or any
subsidiary corporation to terminate a Participant's services.
14. DESIGNATION OF BENEFICIARY.
A Participant may, with the consent of the Committee, designate a
person or persons to receive, in the event of death, any Award to
which the Participant would then be entitled. Such designation
will be made upon forms supplied by and delivered to the Company
and may be revoked in writing. If a Participant fails
effectively to designate a beneficiary, then the Participant's
estate will be deemed to be the beneficiary.
15. DILUTION AND OTHER ADJUSTMENTS.
In the event of any change in the outstanding shares of Common
Stock by reason of any stock dividend or split, recapitalization,
merger, consolidation, spin-off, reorganization, combination or
exchange of shares, or other similar corporate change, or other
increase or decrease in such shares without receipt or payment of
consideration by the Company, or in the event an extraordinary
capital distribution is made, the Committee may make such
adjustments to previously granted Awards, to prevent dilution,
diminution, or enlargement of the rights of the Participant,
including any or all of the following:
(a) adjustments in the aggregate number or kind of shares of
Common Stock or other securities that may underlie future Awards
under the Plan;
(b) adjustments in the aggregate number or kind of shares of
Common Stock or other securities underlying Awards already made
under the Plan;
(c) adjustments in the Exercise Price of outstanding Incentive
and/or Non-statutory Stock Options, or any Limited Rights
attached to such Options.
No such adjustments may, however, materially change the value of
benefits available to a Participant under a previously granted
Award. All Awards under this Plan shall be binding upon any
successors or assigns of the Company. No fractional shares of
Common Stock shall be issued under this Plan for any such
adjustments. Notwithstanding the above, in the event of an
extraordinary capital distribution, any adjustment under this
Section 15 shall be subject to required approval by the Board of
Directors.
16. TAX WITHHOLDING.
(a) Whenever under this Plan, cash or shares of Common Stock are
to be delivered upon exercise of an Award or any other event
with respect to rights and benefits hereunder, the Committee
shall be entitled to require as a condition of delivery (i)
that the Participant remit an amount sufficient to satisfy
all federal, state, and local withholding tax requirements
related thereto, (ii) that the withholding of such sums come
from compensation otherwise due to the Participant or from
any shares of Common Stock due to the Participant under this
Plan or (iii) any combination of the foregoing provided,
however, that no amount shall be withheld from any cash
payment or shares of Common Stock relating to an Award which
was transferred by the Participant in accordance with this
Plan.
(b) If any disqualifying disposition described in Section 7(k) is
made with respect to shares of Common Stock acquired under an
Incentive Stock Option granted pursuant to this Plan, or any
transfer described in Section 6(c) is made, or an election
described in Section 16 is made, then the person making such
disqualifying disposition, transfer, or election shall remit
to the Company or any subsidiary corporation an amount
sufficient to satisfy all federal, state, and local
withholding taxes thereby incurred; provided that, in lieu of
or in addition to the foregoing, the Company or any
subsidiary corporation shall have the right to withhold such
sums from compensation otherwise due to the Participant, or,
except in the case of any transfer pursuant to Section 6(c),
from any shares of Common Stock due to the Participant under
this Plan.
17. NOTIFICATION UNDER SECTION 83(B).
The Committee may, on the Date of Grant or any later date,
prohibit a Participant from making the election described below.
If the Committee has not prohibited such Participant from making
such election, and the Participant shall, in connection with the
exercise of any Option, or the grant of any Stock Award, make the
election permitted under Section 83(b) of the Code (i.e., an
election to include in such Participant's gross income in the
year of transfer the amounts specified in Section 83(b) of the
Code), such Participant shall notify the Committee of such
election within 10 days of filing notice of the election with the
Internal Revenue Service, in addition to any filing and
notification required pursuant to regulations issued under the
authority of Section 83(b) of the Code.
18. AMENDMENT OF THE PLAN AND AWARDS.
(a) Except as provided in paragraph (c) of this Section 18, the
Board of Directors may at any time, and from time to time,
modify or amend the Plan in any respect, prospectively or
retroactively; provided however, that provisions governing
grants of Incentive Stock Options shall be submitted for
shareholder approval to the extent required by such law or
regulation. Failure to ratify or approve amendments or
modifications by shareholders shall be effective only as to
the specific amendment or modification requiring such
ratification. Other provisions of this Plan will remain in
full force and effect. No such termination, modification or
amendment may adversely affect the rights of a Participant
under an outstanding Award without the written permission of
such Participant.
(b) Except as provided in paragraph (c) of this Section 18, the
Committee may amend any Award Agreement, prospectively or
retroactively; provided, however, that no such amendment
shall adversely affect the rights of any Participant under an
outstanding Award without the written consent of such
Participant.
(c) In no event shall the Board of Directors amend the Plan or
shall the Committee amend an Award Agreement in any manner that
has the effect of:
(i) Allowing any Option to be granted with an exercise below the
Fair Market Value of the Common Stock on the Date of Grant.
(ii) Allowing the exercise price of any Option previously
granted under the Plan to be reduced subsequent to the Date of
Award.
(d) Notwithstanding anything in this Plan or any Award Agreement
to the contrary, if any Award or right under this Plan would
cause a transaction to be ineligible for pooling of interest
accounting that would, but for such Award or right, be
eligible for such accounting treatment, the Committee may
modify or adjust the Award or right so that pooling of
interest accounting is available.
19. NO SPECIAL EMPLOYMENT RIGHTS.
Nothing in this Plan or in any Awards granted under this Plan
shall confer upon the Award recipient any right or guaranty with
respect tot he continuation of his or her employment by the
Company or any subsidiary corporation, subject to the terms of
any separate employment agreement to the contrary. The Company
reserves the right to increase or decrease the compensation of
the Award recipient from the rate in existence at the time of the
Award.
20. EFFECTIVE DATE OF PLAN.
The Plan shall become effective upon approval by the affirmative
vote of the holders of a majority of the outstanding Common Stock
of the Company.
21. TERMINATION OF THE PLAN.
The right to grant Awards under the Plan will terminate upon the
earlier of: (i) ten (10) years after the Effective Date; (ii) the
issuance of a number of shares of Common Stock pursuant to the
exercise of Options or the distribution of Stock Awards which
together with the exercise of Limited Rights is equivalent to the
maximum number of shares reserved under the Plan as set forth in
Section 4 hereof. The Board of Directors has the right to
suspend or terminate the Plan at any time, provided that no such
action will, without the consent of a Participant, adversely
affect a Participant's vested rights under a previously granted
Award.
22. APPLICABLE LAW.
The Plan will be administered in accordance with the laws of the
State of Delaware and applicable federal law.
23. FOREIGN JURISDICTIONS. The Committee may adopt, amend and
terminate such arrangements, not inconsistent with the intent of
the Plan as it may deem necessary or desirable to make available
tax or other benefits of the laws of the foreign jurisdictions to
Participants who are subject to such laws.
EXHIBIT 5
February 10, 2000
Standex International Corporation
6 Manor Parkway
Salem, NH 03079
Gentlemen:
I have caused to be prepared by the legal staff under my
direction, a Registration Statement on Form S-8 pursuant to the
Securities Act of 1933, as amended, (the "Registration
Statement") to be filed with the Securities and Exchange
Commission relating to an aggregate of 800,000 shares of the
Common Stock par value $1.50 per share (the "Shares") of Standex
International Corporation, a Delaware corporation (the
"Company"), issuable under the 1998 Long Term Incentive Plan of
the Company (the "Plan") which is approved by the stockholders of
the Company at the Annual Meeting of Stockholders held on October
27, 1998.
I am Vice President, General Counsel and Secretary of the
Company. I am beneficial owner of 19,926 shares of Common Stock
(including approximately 2,064 shares in my account as of
December 31, 1999 under the Standex Retirement Savings Plan
14,300 in the form of unexercised stock options and 650 shares in
the form of unvested restricted stock). I have examined the
Restated Certificate of Incorporation, as amended, and By-laws of
the Company, the Registration Statement and such other documents
as I have deemed material for the purposes of this opinion.
Based on the foregoing, it is my opinion that:
1. The Company is a corporation duly organized and validly
existing under the laws of the State of Delaware; and
2. The Shares are duly authorized for issuance and, when issued
and paid for in accordance with the terms of the Plan, will have
been legally issued and will be fully paid and non-assessable.
The foregoing assumes that all necessary steps will have been
taken to comply with the requirements of the Securities Act of
1933, as amended, applicable requirements of state law regulating
the sale of securities and applicable requirements of the New
York Stock Exchange.
I hereby consent to the use of my name in the Registration
Statement and under the caption "Legal Opinion" in the Prospectus
which is incorporated in the Registration Statement, and to the
filing of this Opinion with the Securities and Exchange
Commission as an exhibit to the Registration Statement.
Sincerely,
/s/Deborah A. Rosen
Deborah A. Rosen
General Counsel
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this
Registration Statement of Standex International Corporation
on Form S-8 of our reports dated August 17, 1999, appearing
in and incorporated by reference in the Annual Report on
Form 10-K of Standex International Corporation for the year
ended June 30, 1999.
/s/Deloitte & Touche LLP
Deloitte & Touche LLP
Boston, Massachusetts
February 8, 2000
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ John Bolten, Jr.
___________________________________
John Bolten, Jr.
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ David R. Crichton
___________________________________
David R. Crichton
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ Samuel S. Dennis 3d
___________________________________
Samuel S. Dennis 3d
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ William R. Fenoglio
___________________________________
William R. Fenoglio
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ Walter F. Greeley
___________________________________
Walter F. Greeley
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ Daniel B. Hogan
___________________________________
Daniel B. Hogan
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ Thomas L. King
___________________________________
Thomas L. King
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ C. Kevin Landry
___________________________________
C. Kevin Landry
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ H. Nicholas Muller, III
___________________________________
H. Nicholas Muller, III
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, a director of Standex International
Corporation, hereby constitutes Edward J. Trainor and Deborah A.
Rosen, and each of them singly, my true and lawful attorney with
full power to them, and to each of them singly, to sign for me
and in my name, as director of Standex International Corporation,
the Registration Statement of Standex International Corporation
on Form S-8 to be filed with the Securities and Exchange
Commission, and any and all amendments to said Registration
Statement, and generally to do all such things in my name and
behalf in my capacity as director of Standex International
Corporation, to comply with the provisions of the Securities Act
of 1933, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming their signatures or
either of them singly as it my be signed to said Registration
Statement and any and all amendments thereto.
Witness my signature as of the 26th day of January, 2000.
/s/ Edward F. Paquette
___________________________________
Edward F. Paquette
