ORTHOFIX INTERNATIONAL N V
EXHIBIT 10.7
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>3
<FILENAME>ex10_7.htm
<DESCRIPTION>EXHIBIT 10.7
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    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibit
      10.7<br></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Restricted
      Stock Grant Agreement under</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>the
      Orthofix International N.V.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Amended
      and Restated 2004 Long-Term Incentive Plan</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      Restricted Stock Grant Agreement (the &#8220;<strong><em>Agreement</em></strong>&#8221;) is
      made this _____ day of __________ (the &#8220;<strong><em>Grant Date</em></strong>&#8221;)
      between Orthofix International N.V., a Netherlands Antilles company (the
&#8220;<strong><em>Company</em></strong>&#8221;), and the person signing this Agreement
      adjacent to the caption &#8220;Award Recipient&#8221; on the signature page hereof (the
&#8220;<strong><em>Award Recipient</em></strong>&#8221;).&#160;&#160;Capitalized terms used
      and not otherwise defined herein shall have the meanings attributed thereto
      in
      the Orthofix International N.V. Amended and Restated 2004 Long-Term Incentive
      Plan (the &#8220;<strong><em>Plan</em></strong>&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">WHEREAS,
      pursuant to the Plan, the Company desires to afford the Award Recipient the
      opportunity to acquire Common Shares on the terms and conditions set forth
      herein;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">NOW,
      THEREFORE, in connection with the mutual covenants hereinafter set forth and
      for
      other good and valuable consideration, the parties hereto agree as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Grant of Restricted Stock</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Number
      of Shares/Vesting</u>.&#160;&#160;The Company hereby grants to the Award
      Recipient, on the Grant Date, an Award of <strong><em>_____</em></strong> Common
      Shares under the Plan subject to the vesting schedule and terms and conditions
      set forth below (the &#8220;<strong><em>Restricted Stock</em></strong>&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Subject
      to earlier termination in accordance with the Plan or this Agreement and the
      terms and conditions herein, Restricted Stock granted under this Agreement
      shall
      vest with respect to 33 1/3% of the shares covered hereby on each of the first,
      second and third anniversaries of the Grant Date (each, a &#8220;<strong><em>Vesting
      Date</em></strong>&#8221;); provided, however, that there shall be no proportionate or
      partial vesting in the periods prior to each Vesting Date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Additional
      Documents</u>.&#160;&#160;The Award Recipient agrees to execute such additional
      documents and complete and execute such forms as the Company may require for
      purposes of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance
      of Restricted Stock; Dividend and Distribution Rights</u>.&#160;&#160;Upon the
      vesting of any Restricted Stock pursuant to the terms hereof, the restrictions
      of Sections 1 and 3 shall lapse with respect to such vested Restricted
      Stock.&#160;&#160;As soon as practicable following the vesting of any Restricted
      Stock, the Company shall, in its sole discretion, either: (i) deliver or cause
      to be delivered to the Award Recipient (or a Permitted Transferee, a transferee
      under a domestic relations order, or following the Award Recipient's death,
      the
      Award Recipient's estate, personal representative or beneficiary, as applicable)
      one or more share certificates for the appropriate number of Common Shares
      that
      have vested (less any Common Shares withheld under Section 7 below), or (ii)
      cause its third-party recordkeeper to credit an account established and
      maintained in the name of the Award Recipient (or a Permitted Transferee, a
      transferee under a domestic relations order, or following the Award Recipient's
      death, the Award Recipient's estate, personal representative or beneficiary,
      as
      applicable) with the number of Common Shares that have vested (less any Common
      Shares withheld under Section 7 below); provided, however, that an actual share
      certificate shall be delivered if requested by the Award Recipient (or a
      Permitted Transferee, a transferee under a domestic relations order, or
      following the Award Recipient's death, the Award Recipient's estate, personal
      representative or beneficiary, as applicable). Such Common Shares shall be
      fully
      paid and nonassessable and shall be issued in the name of the Award Recipient
      (or a Permitted Transferee, a transferee under a domestic relations order,
      or
      following the Award Recipient's death, the Award Recipient's estate, personal
      representative or beneficiary, as applicable).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Incorporation of Plan</u>. The Award Recipient acknowledges receipt of the
      Plan, a copy of which is annexed hereto, and represents that he or she is
      familiar with its terms and provisions and hereby accepts this grant of
      Restricted Stock subject to all of the terms and provisions of the Plan and
      all
      interpretations, amendments, rules and regulations which may, from time to
      time,
      be promulgated and adopted pursuant to the Plan. The Plan is incorporated herein
      by reference. In the event of any conflict or inconsistency between the Plan
      and
      this Agreement, the Plan shall govern and this Agreement shall be interpreted
      to
      minimize or eliminate any such conflict or inconsistency.</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Restrictions on Transfer</u>.&#160;&#160;Unless the Committee determines
      otherwise after the Grant Date, the Restricted Stock shall not be transferable
      other than by will or by the laws of descent and distribution or pursuant to
      a
      domestic relations order; provided, however, the Restricted Stock may be
      transferred to the Award Recipient&#8217;s family members or to one or more trusts or
      partnerships established in whole or in part for the benefit of one or more
      of
      such family members (collectively, the &#8220;<strong><em>Permitted
      Transferees</em></strong>&#8221;). Any Restricted Stock transferred to a Permitted
      Transferee shall be further transferable only by will or the laws of descent
      and
      distribution or, for no consideration, to another Permitted Transferee of the
      Award Recipient. The Committee may in its discretion permit transfers of
      Restricted Stock other than those contemplated by this Section.&#160;&#160;Any
      Restricted Stock transferred pursuant to this Section 3 will remain subject
      to
      the provisions contained in Section 1(a), this Section 3 and Section
      5.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Notification of Election Under Section 83(b) of the Code</u>.&#160;&#160;If
      the Award Recipient shall, in connection with the grant of Restricted Stock
      under this Agreement, make the election permitted under Section 83(b) of the
      Internal Revenue Code of 1986, as amended (the
&#8220;<strong><em>Code</em></strong>&#8221;), (<em>i.e.,</em> an election to include in
      gross income in the year of transfer the amounts specified in Section 83(b)
      of
      the Code), then the Award Recipient must make such election using a form
      provided by the Company and shall promptly request such form from the
      Company.&#160;&#160;The election must be received by the Internal Revenue
      Service within 30 calendar days following the Grant Date.&#160;&#160;The Award
      Recipient shall also provide the Company with a copy of such election within
      10
      calendar days of filing a notice of election with the Internal Revenue Service
      and shall, at the same time as such notice of election is provided to the
      Company, remit to the Company in cash an amount sufficient to satisfy any tax
      withholding obligations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Termination of Employment</u>.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font><u>General</u>.
      A
      termination of employment shall be deemed to have occurred if the Award
      Recipient is no longer employed by, or otherwise providing services to, the
      Company or any of its Subsidiaries for any reason. The Committee shall have
      discretion to determine whether an authorized leave of absence (as a result
      of
      disability or otherwise) shall constitute a termination of employment for
      purposes of the Plan.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font><u>Termination
      of
      Employment Other than for Cause, Death or Permanent Disability</u>. If the Award
      Recipient's employment is terminated prior to vesting other than for Cause,
      death or Permanent Disability, the Restricted Stock shall be considered vested
      as of the date of such termination of employment with respect to the aggregate
      number of Common Shares as to which the Restricted Stock would have been vested
      as of December 31 of the year in which such termination of employment occurs.
      The unvested portion of the Restricted Stock shall be forfeited by the Award
      Recipient, a Permitted Transferee, or a transferee under a domestic relations
      order, as applicable, and cancelled by the Company as of the date of the Award
      Recipient&#8217;s termination of employment, and the Award Recipient shall have no
      further right or interest therein.</font></div>
    <div>&#160;</div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;<u>Termination of Employment for Cause</u>. If the Award Recipient's
      employment with the Company and its Subsidiaries is terminated by the Company
      or
      any of its Subsidiaries for Cause prior to vesting, the unvested portion of
      the
      Restricted Stock shall be forfeited by the Award Recipient, a Permitted
      Transferee, or a transferee under a domestic relations order, as
      applicable,&#160;&#160;and cancelled by the Company as of the date of the Award
      Recipient&#8217;s termination of employment, and the Award Recipient, Permitted
      Transferee, or transferee under a domestic relations order, as
      applicable,&#160;&#160;shall have no further right or interest therein unless
      the Committee in its sole discretion shall determine otherwise.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Termination of Employment for Death or Permanent Disability</u>. If the Award
      Recipient's employment with the Company and its Subsidiaries terminates by
      reason of death or Permanent Disability, the Restricted Stock shall
      automatically vest in full as of the date of the Award Recipient&#8217;s termination
      of employment.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Change in Control</u>. Upon the occurrence of a Change in Control, the
      Restricted Stock shall automatically vest in full.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Withholding</u>.&#160;&#160;The Award Recipient (or a Permitted Transferee, a
      transferee under a domestic relations order, or following the Award Recipient&#8217;s
      death, the Award Recipient&#8217;s estate, personal representative, or beneficiary, as
      applicable) shall be liable for any and all U.S. federal, state or local taxes
      of any kind required by law to be withheld with respect to the vesting of
      Restricted Stock, as well as for any and all applicable withholding tax
      requirements of any other country or jurisdiction.&#160;&#160;When the
      Restricted Stock vests, the Company may, in its discretion, permit or require
      the Award Recipient (or a Permitted Transferee, a transferee under a domestic
      relations order, or following the Award Recipient&#8217;s death, the Award Recipient&#8217;s
      estate, personal representative, or beneficiary, as applicable) to satisfy
      all
      or part of his or her tax withholding obligations by (a) paying cash to the
      Company, (b) having the Company withhold an amount from any cash amounts
      otherwise due or to become due from the Company to the Award Recipient, (c)
      having the Company withhold a number of Common Shares that would otherwise
      become vested having a Fair Market Value not in excess of the minimum amount
      of
      tax withholding obligations required by law to be withheld with respect to
      such
      vesting, or (d) any combination of the foregoing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>No Employment or Other Rights</u>.&#160;&#160;This grant of Restricted Stock
      does not confer upon the Award Recipient any right to be continued in the
      employment of, or otherwise provide services to,&#160;&#160;the Company or any
      Subsidiary or other affiliate thereof, or interfere with or limit in any way
      the
      right of the Company or any Subsidiary or other affiliate thereof to terminate
      such Award Recipient&#8217;s employment or other service relationship at any
      time.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Adjustment of and Changes in Common Shares</u>. In the event of any merger,
      consolidation, recapitalization, reclassification, stock dividend, extraordinary
      dividend, or other event or change in corporate structure affecting the Common
      Shares, the Committee shall make such adjustments, if any, as it deems
      appropriate in the number and class of shares subject to the Restricted Stock.
      The foregoing adjustments shall be determined by the Committee in its sole
      discretion.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Rights as a Shareholder</u>.&#160;&#160;Except as otherwise provided in this
      Agreement, the Award Recipient shall have all rights of a stockholder with
      respect to the Restricted Stock granted under this Agreement, including voting
      rights.&#160;&#160;Notwithstanding the foregoing, the Award Recipient shall have
      no rights to receive dividends with respect to any Restricted Stock granted
      under this Agreement until the Award Recipient shall become the holder of record
      thereof, and no adjustment shall be made for dividends or distributions or
      other
      rights in respect of any Restricted Stock for which the record date is prior
      to
      the date upon which the Award Recipient shall become the holder of record
      thereof.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Discretionary
      Nature of Plan</u>.&#160;&#160;The Plan is discretionary in nature, and the
      Company may suspend, modify, amend or terminate the Plan in its sole discretion
      at any time, subject to the terms of the Plan and any applicable limitations
      imposed by law.&#160;&#160;This Restricted Stock grant under the Plan is a
      one-time benefit and does not create any contractual or other right to receive
      additional Restricted Stock or other benefits in lieu of Restricted Stock in
      the
      future.&#160;&#160;Future grants, if any, will be at the sole discretion of the
      Committee, including, but not limited to, the timing of any grant, the number
      of
      shares of Restricted Stock granted, and the vesting provisions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous
      Provisions</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Applicable
      Law</u>.&#160;&#160;The validity, construction, interpretation and effect of
      this instrument will be governed by and construed in accordance with the laws
      of
      the State of New York, without giving effect to the conflicts of laws provisions
      thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      notice required by the terms of this Agreement shall be delivered or made
      electronically, over the Internet or otherwise (with request for assurance
      of
      recipient in a manner typical with respect to communications of that type),
      or
      given in writing.&#160;&#160;Any notice given in writing shall be deemed
      effective upon personal delivery or upon deposit with the United States Postal
      Service, by registered or certified mail, with postage and fees prepaid, and
      shall be addressed to the Company at its principal executive office and to
      the
      Award Recipient at the address that he or she has most recently provided to
      the
      Company.&#160;&#160;Any notice given electronically shall be deemed effective on
      the date of transmission.</font></div>
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      headings of sections and subsections are included solely for convenience of
      reference and shall not affect the meaning of the provisions of this
      Agreement.</font></div>
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      This Agreement may be executed in two or more counterparts, each of which shall
      be deemed to be an original but all of which together will constitute one and
      the same instrument.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      The Board and the Committee shall have the power to alter or amend the terms
      of
      the grant of Restricted Stock as set forth herein from time to time, in any
      manner consistent with the provisions of Sections 16 and 19 of the Plan, and any
      alteration or amendment of the terms of this grant of Restricted Stock by the
      Board or the Committee shall, upon adoption, become and be binding on all
      persons affected thereby without requirement for consent or other action with
      respect thereto by any such person. The Committee shall give notice to the
      Award
      Recipient of any such alteration or amendment as promptly as practicable after
      the adoption thereof. The foregoing shall not restrict the ability of the Award
      Recipient and the Board or the Committee by mutual written consent to alter
      or
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      consistent with the Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <u>Binding Effect</u>. This Agreement shall be binding upon the heirs,
      executors, administrators and successors of the Award Recipient and the
      Company.</font></div>
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      Agreement</u>.&#160;&#160;This Agreement and the Plan contain the entire
      agreement between the Award Recipient and the Company regarding the grant of
      Restricted Stock and supersede all prior arrangements or understandings with
      respect thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <u>Definitions</u>. For purposes of this Agreement, the following capitalized
      words shall have the meanings set forth below.</font></div>
    <div><br></div>
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      shall mean termination of the Award Recipient's employment because of the Award
      Recipient's (i) involvement in fraud, misappropriation or embezzlement related
      to the business or property of the Company, (ii) conviction for, or guilty
      plea
      to, a felony or crime of similar gravity in the jurisdiction in which such
      conviction or guilty plea occurs, (iii) unauthorized disclosure of any trade
      secrets or other confidential information relating to the Company's business
      and
      affairs (except to the extent such disclosure is required under applicable
      law),
      or (iv) such other circumstances constituting a termination for cause under
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      &#160;the acquisition by any individual, entity or group (within the meaning of
      Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the
&#8220;<strong><em>Exchange Act</em></strong>&#8221;)) (a
&#8220;<strong><em>Person</em></strong>&#8221;) of beneficial ownership
      (within the meaning
      of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either
      (A)
      the then outstanding shares of the Company's common stock (the
&#8220;<strong><em>Outstanding Common Stock</em></strong>&#8221;) or (B) the combined voting
      power of the then outstanding voting securities of the Company entitled to
      vote
      generally in the election of directors (the &#8220;<strong><em>Outstanding Voting
      Securities</em></strong>&#8221;);&#160;&#160;excluding,&#160;&#160;however, the
      following: (1) any acquisition directly from the Company, other than an
      acquisition by virtue of the exercise of a conversion privilege unless the
      security being so converted was itself acquired directly from the Company;
      (2)
      any acquisition by the Company; (3) any acquisition by any employee benefit
      plan
      (or related trust) sponsored or maintained by the Company or any entity
      controlled by the Company; or (4) any acquisition pursuant to a transaction
      which complies with clauses (A), (B) and (C) of subsection (iii) of this
      definition of Change of Control; or</font></div>
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      the composition of the Board such that the individuals who, as of the date
      hereof, constitute the Board (such Board shall be hereinafter referred to as
      the
&#8220;<strong><em>Incumbent Board</em></strong>&#8221;) cease for any reason to constitute
      at least a majority of the Board; provided,&#160;&#160;however, for purposes of
      this paragraph, that any individual who becomes a member of the Board subsequent
      to the date hereof, whose election, or nomination for election by the Company's
      shareholders, was approved by a vote of at least a majority of those individuals
      who are members of the Board and who were also members of the Incumbent Board
      (or deemed to be such pursuant to this proviso) shall be considered as though
      such individual were a member of the Incumbent Board; but&#160;&#160;provided
      further that any such individual whose initial assumption of office occurs
      as a
      result of either an actual or threatened election contest (as such terms are
      used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or
      other actual or threatened solicitation of proxies or consents by or on behalf
      of a Person other than the Board shall not be so considered as a member of
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      consummation of a reorganization, merger or consolidation or sale or other
      disposition of all or substantially all of the assets of the Company
      (&#8220;<strong><em>Corporate Transaction</em></strong>&#8221;);&#160;&#160;excluding,
      however, such a Corporate Transaction pursuant to which all of the following
      conditions are met: (A) all or substantially all of the individuals and entities
      who are the beneficial owners, respectively, of the Outstanding Common Stock
      and
      Outstanding Voting Securities immediately prior to such Corporate Transaction
      will beneficially own, directly or indirectly, more than 50% of, respectively,
      the outstanding shares of common stock, and the combined voting power of the
      then outstanding voting securities entitled to vote generally in the election
      of
      directors, as the case may be, of the corporation resulting from such Corporate
      Transaction (including, without limitation, a corporation which as a result
      of
      such transaction owns the Company or all or substantially all of the Company's
      assets either directly or through one or more subsidiaries) in substantially
      the
      same proportions as their ownership, immediately prior to such Corporate
      Transaction, of the Outstanding Common Stock and Outstanding Voting Securities,
      as the case may be, (B) no Person (other than the Company, any employee benefit
      plan (or related trust) of the Company or such corporation resulting from such
      Corporate Transaction) will beneficially own, directly or indirectly, 50% or
      more of, respectively, the outstanding shares of common stock of the corporation
      resulting from such Corporate Transaction or the combined voting power of the
      outstanding voting securities of such corporation entitled to vote generally
      in
      the election of directors except to the extent that such ownership existed
      prior
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      Incumbent Board will constitute at least a majority of the members of the board
      of directors of the corporation resulting from such Corporate
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8220;<strong><em>Employment
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      prevents the Award Recipient from performing his or her duties as an employee
      and that has continued for at least 180 days and can reasonably be expected
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