Explanation of Responses:
|
(
1)
|
Disposed of pursuant to an agreement and plan of merger dated April 7, 2015 by and among issuer, NM Z Parent, Inc. and NM Z Merger Sub Inc. (the "Merger") in which the issuer's common stock holders, as of the effective time of the Merger, June 26, 2015, were entitled to receive the merger consideration of $20.05 per common share.
|
(
2)
|
This performance-based award originally provided for vesting based upon issuer's achievement of targeted financial performance in 2013, 2014 and 2015, subject to payout at the target level (46,881 shares) upon a change in control. Pursuant to the Merger, the award was cancelled in exchange for a cash payment equal to the merger consideration of $20.05 per share multiplied by the number of shares underlying the award at target level, or $939,964.05.
|
(
3)
|
This option, which provided for vesting in four equal annual installments on July 29 in each of 2006, 2007, 2008 and 2009, was cancelled in the Merger in exchange for a cash payment of $396,016.44, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
4)
|
This option, which provided for vesting in three equal annual installments on December 1 in each of 2006, 2007, and 2008, was cancelled in the Merger in exchange for a cash payment of $148,804.88, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
5)
|
This option, which provided for vesting in four equal annual installments on November 14 in each of 2008, 2009, 2010 and 2011, was cancelled in the Merger in exchange for a cash payment of $2,497,926.90, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
6)
|
This option, which provided for vesting in four equal annual installments on October 1 in each of 2015, 2016, 2017 and 2018, was cancelled in the Merger in exchange for a cash payment of $285,658.12, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
7)
|
This option, which provided for vesting in three equal annual installments on September 1 in each of 2010, 2011 and 2012, was cancelled in the Merger in exchange for a cash payment of $606,658.24, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
8)
|
This option, which provided for vesting in four equal annual installments on October 2 in each of 2013, 2014, 2015 and 2016, was cancelled in the Merger in exchange for a cash payment of $184,509.69, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
9)
|
This option, which provided for vesting in four equal annual installments on September 29 in each of 2009, 2010, 2011 and 2012, was cancelled in the Merger in exchange for a cash payment of $500,597.40, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
10)
|
This option, which provided for vesting in four equal annual installments on October 5 in each of 2011, 2012, 2013 and 2014, was cancelled in the Merger in exchange for a cash payment of $95,589.60, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
11)
|
This option, which provided for vesting in four equal annual installments on October 10 in each of 2012, 2013, 2014 and 2015, was cancelled in the Merger in exchange for a cash payment of $78,111.80, representing the difference between the exercise price of the option and the merger consideration of $20.05 per share.
|
(
12)
|
This performance-based award originally provided for vesting based upon issuer's achievement of targeted financial performance in 2014, 2015 and 2016, subject to payout at the target level (36,495 shares) upon a change in control. Pursuant to the Merger, the award was cancelled in exchange for a cash payment equal to the merger consideration of $20.05 per share multiplied by the number of shares underlying the award at target level, or $731,724.75.
|
(
13)
|
This performance-based award originally provided for vesting based upon issuer's achievement of targeted financial performance in 2015, 2016 and 2017, subject to payout at the target level (46,343 shares) upon a change in control. Pursuant to the Merger, the award was cancelled in exchange for a cash payment equal to the merger consideration of $20.05 per share multiplied by the number of shares underlying the award at target level, or $869,027.15.
|
(
14)
|
Share units outstanding under the Zep Inc. Supplemental Deferred Savings Plan ("SDSP") were cancelled pursuant to the Merger in exchange for a cash payment equal to the number of units multiplied by the merger consideration of $20.05. Distributions in the SDSP will occur at such time as a participant terminates employment from Zep Inc. (the surviving entity in the Merger).
|