Exhibit 10.22


 


RESTRICTED STOCK AGREEMENT


 


BIOHORIZONS, INC.


 


AGREEMENT made as of April 15, 2008 (the “Grant Date”),
between BioHorizons, Inc. (the “Company”), a Delaware corporation, and Jeffrey Todd Strong (the “Participant”).


 


WHEREAS, the Company has adopted
the BioHorizons, Inc. (formerly known as HealthpointCapital Dental
Holdings, Inc.) 2007 Executive, Director and Consultant Stock Plan (the “Plan”)
to promote the interests of the Company by providing an incentive for
employees, directors and consultants of the Company or its Affiliates;


 


WHEREAS, pursuant to the
provisions of the Plan, the Company desires to offer to the Participant shares
of the Company’s Class B Common Stock, $0.0001 par value per share (“Common
Stock”), in accordance with the provisions of the Plan, all on the terms and
conditions hereinafter set forth;


 


WHEREAS, Participant
wishes to accept said offer; and


 


WHEREAS, the parties
hereto understand and agree that any terms used and not defined herein have the
meanings ascribed to such terms in the Plan and that any and all references
herein to employment of the Participant by the Company shall include the
Participant’s employment or service as an employee, director or consultant of
the Company or any Affiliate.


 


NOW, THEREFORE, in consideration
of the promises and the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:


 


1.                                       Terms of Grant. The Participant
hereby accepts the offer of the Company to issue to the Participant, in
accordance with the terms of the Plan and this Agreement, 75,000 Shares of the Company’s Common Stock
(such shares, subject to adjustment pursuant to Section 24 of the Plan and
Subsection 2.1(i) hereof, the “Granted Shares”) at a purchase price per
share of $0.001 (the “Purchase
Price”), receipt of which is hereby acknowledged by the Company. The
Participant hereby agrees to become a party to the Stockholders’ Agreement
dated August 21, 2006 between the Company and its stockholders (the “Stockholders’
Agreement”), and Participant agrees to execute any certificates or other
documentation that the Company reasonably deems appropriate in order for the
Participant to become a party to the Stockholders’ Agreement. In addition to
the restrictions expressly set forth in this Agreement, the Granted Shares
hereby shall not be transferred by the Participant except as permitted in the
Stockholders’ Agreement.


 

















 


2.1.                              Company’s Lapsing Repurchase Right.


 


(a)                                  Lapsing Repurchase Right.
Except as set forth in Subsections 2.1(b), 2.1(c) and 2.1(d) hereof,
in the event that for any reason the Participant is no longer an employee,
director or consultant of the Company or an Affiliate prior to the third anniversary
of the Date of Reference, the Company (or its designee) shall have the option,
but not the obligation, to purchase from the Participant (or the Participant’s
Survivor), and, in the event the Company exercises such option, the Participant
(or the Participant’s Survivor) shall be obligated to sell to the Company (or
its designee), at a price per Granted Share equal to the Purchase Price, all or
any part of the Granted Shares set forth in clauses (i) and (ii) below
(the “Lapsing Repurchase Right”). The Company’s Lapsing Repurchase Right shall
be valid for a period of one year commencing with the date of such termination
of employment or service. Notwithstanding any other provision hereof, in the
event the Company is prohibited during such one year period from exercising its
Lapsing Repurchase Right by Section 160 of the Delaware General
Corporation Law as amended from time to time (or any successor provision), then
the time period during which such Lapsing Repurchase Right may be exercised
shall be extended until 30 days after the Company is first not so prohibited.
For the purposes of this Agreement, “Date of Reference” shall be April 15, 2008.


 


(i)                                     If such termination is prior to the first anniversary of the Date of
Reference, the Company shall have the option to repurchase all of the Granted
Shares acquired by the Participant hereunder.


 


(ii)                                  If such termination is on or after the first anniversary of the Date of
Reference, but prior to the third anniversary of the Date of Reference, the
Company shall have the option to repurchase all of the Granted Shares less
one-third of the Granted Shares for each full 12 month period elapsed after the
Date of Reference that the Participant continues to serve as an employee,
director or consultant of the Company or Affiliate.


 


(b)                                 Effect of Termination for Disability or upon Death. The following rules apply if the Participant ceases to be an
employee, director or consultant of the Company or an Affiliate by reason of
Disability or death: to the extent the Company’s Lapsing Repurchase Right has
not lapsed as of the date of Disability or death, as case may be, the Company
may exercise such Lapsing Repurchase Right; provided, however, that the Company’s
Lapsing Repurchase Right shall be deemed to have lapsed to the extent of a pro
rata portion of the Granted Shares through the date of Disability or death, as
would have lapsed had the Participant not become Disabled or died, as the case
may be. The proration shall be based upon the number of days accrued in such
current vesting period prior to the Participant’s date of Disability or death,
as the case may be.


 


(c)                                  Effect of a For Cause Termination.
Notwithstanding anything to the contrary contained in this Agreement, in the
event the Company or an Affiliate terminates the Participant’s employment or
service for “cause” (as defined in the Plan) or in the event the Administrator
determines, within one year after the Participant’s termination, that either
prior or subsequent to the Participant’s termination the Participant engaged in
conduct that would


 


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constitute “cause,” all of the Granted
Shares then held by the Participant shall be forfeited to the Company
immediately as of the time the Participant is notified that he or she has been
terminated for “cause” or that he or she engaged in conduct which would
constitute “cause”.


 


(d)                                 Effect of Change of Control.
Except as otherwise provided in Subsection 2.1(c) above, the Company’s
Lapsing Repurchase Right shall terminate, and the Participant’s ownership of
all Granted Shares then owned by the Participant shall become vested in
accordance with the terms and conditions set forth in Section 24 of the
Plan.


 


(e)                                  Closing. In the event that the
Company exercises the Lapsing Repurchase Right, the Company shall notify the
Participant, or, in the case of the Participant’s death, his or her Survivor,
in writing of its intent to repurchase the Granted Shares. Such notice may be
mailed by the Company up to and including the last day of the time period
provided for above for exercise of the Lapsing Repurchase Right. The notice
shall specify the place, time and date for payment of the repurchase price (the
“Closing”) and the number of Granted Shares with respect to which the Company
is exercising the Lapsing Repurchase Right. The Closing shall be not less than
ten days nor more than 60 days from the date of mailing of the notice, and the
Participant or the Participant’s Survivor with respect to the Granted Shares
which the Company elects to repurchase shall have no further rights as the
owner thereof from and after the date specified in the notice. At the Closing,
the repurchase price shall be delivered to the Participant or the Participant’s
Survivor and the Granted Shares being repurchased, duly endorsed for transfer,
shall, to the extent that they are not then in the possession of the Company,
be delivered to the Company by the Participant or the Participant’s Survivor.


 


(f)                                    Escrow. The certificates
representing all Granted Shares acquired by the Participant hereunder which
from time to time are subject to the Lapsing Repurchase Right shall be
delivered to the Company and the Company shall hold such Granted Shares in
escrow as provided in this Subsection 2.1(f). The Company shall promptly release
from escrow and deliver to the Participant a certificate for the whole number
of Granted Shares, if any, as to which the Company’s Lapsing Repurchase Right
has lapsed as the Participant’s ownership of such Granted Shares becomes vested
from time to time. In the event of a repurchase by the Company of Granted
Shares subject to the Lapsing Repurchase Right, the Company shall release from
escrow and cancel a certificate for the number of Granted Shares so
repurchased. Any securities distributed in respect of the Granted Shares held
in escrow, including, without limitation, shares issued as a result of stock
splits, stock dividends or other recapitalizations, shall also be held in
escrow in the same manner as the Granted Shares.


 


(g)                                 Prohibition on Transfer.
The Participant recognizes and agrees that all Granted Shares which are subject
to the Lapsing Repurchase Right may not be sold, transferred, assigned,
hypothecated, pledged, encumbered or otherwise disposed of, whether voluntarily
or by operation of law, other than to the Company (or its designee). However,
the Participant, with the approval of the Administrator, may transfer the
Granted Shares for no consideration to or for the benefit of the Participant’s
Immediate Family (including, without limitation, to a trust for the benefit of
the Participant’s Immediate Family or to a partnership or limited liability
company for one or more members of the Participant’s Immediate Family), subject
to such limits as the Administrator may establish, and the transferee shall
remain subject to all the terms and


 


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conditions applicable to this Agreement
prior to such transfer and each such transferee shall so acknowledge in writing
as a condition precedent to the effectiveness of such transfer. The term “Immediate
Family” shall mean the Participant’s spouse, former spouse, parents, children,
stepchildren, adoptive relationships, sisters, brothers, nieces and nephews and
grandchildren (and, for this purpose, shall also include the Participant). The
Company shall not be required to transfer any Granted Shares on its books which
shall have been sold, assigned or otherwise transferred in violation of this
Subsection 2.1(g), or to treat as the owner of such Granted Shares, or to
accord the right to vote as such owner or to pay dividends to, any person or
organization to which any such Granted Shares shall have been so sold, assigned
or otherwise transferred, in violation of this Subsection 2.1(g).


 


(h)                                 Failure to Deliver Granted Shares to be Repurchased. In the event that the Granted Shares to be repurchased by the Company
under this Agreement are not in the Company’s possession pursuant to Subsection
2.1(f) above or otherwise and the Participant or the Participant’s
Survivor fails to deliver such Granted Shares to the Company (or its designee),
the Company may elect (i) to establish a segregated account in the amount
of the repurchase price, such account to be turned over to the Participant or
the Participant’s Survivor upon delivery of such Granted Shares, and (ii) immediately
to take such action as is appropriate to transfer record title of such Granted
Shares from the Participant to the Company (or its designee) and to treat the
Participant and such Granted Shares in all respects as if delivery of such
Granted Shares had been made as required by this Agreement. The Participant
hereby irrevocably grants the Company a power of attorney which shall be
coupled with an interest for the purpose of effectuating the preceding sentence.


 


(i)                                     Adjustments. The Plan contains
provisions covering the treatment of Shares in a number of contingencies such
as stock splits and mergers. Provisions in the Plan for adjustment with respect
to the Granted Shares and the related provisions with respect to successors to
the business of the Company are hereby made applicable hereunder and are
incorporated herein by reference.


 


2.2                                 General Restrictions on Transfer of Granted Shares.


 


(a)                                  Limitations on Transfer.
In addition to the restrictions set forth above in Section 2.1, the Granted
Shares acquired by the Participant hereunder and no longer subject to the
provisions of Section 2.1 herein (the “Vested Shares”) shall not be
transferred by the Participant except as permitted herein, shall be subject to
the provisions of Sections 2.1 (f), (g) and (h) above and shall be
subject to the repurchase rights described herein.


 


(b)                                 Right to Repurchase following Termination of Service. If the Participant’s service as an employee, director or consultant
with the Company or an Affiliate shall be terminated for any reason other than
for “cause” (as defined in the Plan), including due to death or Disability,
then the Company shall have the option to repurchase the Vested Shares not
previously repurchased in accordance with the provisions of Section 2.1 of
this Agreement as follows:


 


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(i)                                     The Company’s option to repurchase the Vested Shares in the event of
termination of service under this Section 2.2(b) shall be valid for a
period of one year commencing with the date of such termination of service.


 


(ii)                                  In the event the Company shall be entitled to and shall elect to
exercise its option to repurchase the Vested Shares under this Section 2.2(b),
the Company shall notify the Participant, or in case of death, his or her
Survivor, in writing of its intent to repurchase the Vested Shares. Such
written notice may be mailed by the Company up to and including the last day of
the time period provided for in Section 2.2(b)(i) for exercise of the
Company’s option to repurchase.


 


(iii)                               The written notice to the Participant shall specify the address at, and
the time and date on, which payment of the Repurchase Price (as defined herein)
is to be made (the “Closing”). The date specified shall not be less than ten
days nor more than 60 days from the date of the mailing of the notice, and the
Participant or the Participant’s Survivor with respect to the Vested Shares
shall have no further rights as the owner thereof from and after the date specified
in the notice. At the Closing, the Repurchase Price shall be delivered to the
Participant or the Participant’s Survivor and the Vested Shares being
purchased, duly endorsed for transfer, shall, to the extent that they are not
then in the possession of the Company, be delivered to the Company by the
Participant or the Participant’s Survivor.


 


(iv)                              The price paid per share for any Vested Shares repurchased hereunder
(the “Repurchase Price”) shall equal the Fair Market Value of such Vested
Shares determined in accordance with the Plan as of the date of termination of
service, provided, however, in the event of a termination by the Company or an
Affiliate for “cause” (as defined in the Plan), the per share repurchase price
of the Shares to be sold to the Company upon exercise of its option under this Section 2.2
shall be equal to the Purchase Price.


 


(c)                                  Right to Repurchase on Proposed Transfer.
It shall be a condition precedent to the validity of any sale or other transfer
of any Vested Shares by the Participant that the following restrictions be
complied with (except as hereinafter otherwise provided):


 


(i)                                     No Vested Shares owned by the Participant may be sold, pledged or
otherwise transferred (including by gift or devise) to any person or entity,
voluntarily, or by operation of law, except in accordance with the terms and
conditions hereinafter set forth.


 


(ii)                                  Before selling or otherwise transferring all or part of the Vested
Shares, the Participant shall give written notice of such intention to the
Company which notice shall include the name of the proposed transferee, the
proposed purchase price per share, the terms of payment of such purchase price
and all other matters relating to such sale or transfer and shall be
accompanied by a copy of the binding written agreement of the


 


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proposed transferee to
purchase the Vested Shares of the Participant. Such notice shall constitute a
binding offer by the Participant to sell to the Company such number of the Vested
Shares then held by the Participant as are proposed to be sold in the notice at
the monetary price per share designated in such notice, payable on the terms
offered to the Participant by the proposed transferee (provided, however, that
the Company shall not be required to meet any non-monetary terms of the
proposed transfer, including, without limitation, delivery of other securities
in exchange for the Vested Shares proposed to be sold). The Company shall give
written notice to the Participant as to whether such offer has been accepted in
whole by the Company within 60 days after its receipt of written notice from
the Participant. The Company may only accept such offer in whole and may not
accept such offer in part. Such acceptance notice shall fix a time, location
and date for the closing on such purchase (“Closing Date”) which shall not be
less than ten nor more than sixty days after the giving of the acceptance
notice, provided, however, if any of the Shares to be sold pursuant to this Section 2.2(c) have
been held by the Participant for less than six months, then the Closing Date
may be extended by the Company until no more than ten days after such Shares
have been held by the Participant for six months. At the Closing, the
Participant shall accept payment as set forth herein and shall deliver to the
Company in exchange therefor the Granted Shares being repurchased, duly
endorsed for transfer, to the extent that they are not then in the possession
of the Company.


 


(iii)                               If the Company shall fail to accept any such offer, the Participant
shall be free to sell all, but not less than all, of the Vested Shares set
forth in his notice to the designated transferee at the price and terms
designated in the Participant’s notice, provided that (i) such sale is consummated
within six months after the giving of notice by the Participant to the Company
as aforesaid, and (ii) the transferee first agrees in writing to be bound
by the provisions of this Section 2.2(c) so that he or she (and all
subsequent transferees) shall thereafter only be permitted to sell or transfer
the Vested Shares in accordance with the terms hereof. After the expiration of
such six months, the provisions of this Section 2.2(c) shall again
apply with respect to any proposed voluntary transfer of the Vested Shares.


 


(iv)                              The provisions of this Section 2.2(c) may be waived by the
Company. Any such waiver may be unconditional or based upon such conditions as
the Company may impose.


 


(v)                                 The restrictions on transfer contained in this Section 2.2(c) shall
not apply to (a) transfers by the Participant to his or her spouse or
children or to a trust for the benefit of his or her spouse or children, (b) transfers
by the Participant to his or her guardian or conservator, and (c) or
transfers by the Participant, in the event of his or her death, to his or her
executor(s) or administrator(s) or to trustee(s) under his or
her will (collectively, “Permitted Transferees”); provided however, that in any
such event the Vested Shares so transferred in the hands of each such Permitted
Transferee shall remain subject to this Agreement, and each such Permitted
Transferee shall so acknowledge in writing as a condition precedent to the
effectiveness of such transfer.


 


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(d)                                 The provisions of Section 2.2 (a) through (d) shall
terminate upon the effective date of the registration of the Shares pursuant to
the Securities Exchange Act of 1934.


 


(e)                                  The Participant agrees that in the event the Company proposes to offer
for sale to the public any of its equity securities and such Participant is
requested by the Company and any underwriter engaged by the Company in
connection with such offering to sign an agreement restricting the sale or
other transfer of Shares, then it will promptly sign such agreement and will
not transfer, whether in privately negotiated transactions or to the public in
open market transactions or otherwise, any Shares or other securities of the
Company held by him or her during such period as is determined by the Company
and the underwriters, not to exceed 90 days following the closing of the
offering, plus such additional period of time as may be required to comply with
Marketplace Rule 2711 of the National Association of Securities Dealers, Inc.
or similar rules thereto (such period, the “Lock-Up Period”). Such
agreement shall be in writing and in form and substance reasonably satisfactory
to the Company and such underwriter and pursuant to customary and prevailing
terms and conditions. Notwithstanding whether the Participant has signed such
an agreement, the Company may impose stop-transfer instructions with respect to
the Shares or other securities of the Company subject to the foregoing
restrictions until the end of the Lock-Up Period.


 


(f)                                    The Participant acknowledges and agrees that neither the Company nor,
its shareholders nor its directors and officers, has any duty or obligation to
disclose to the Participant any material information regarding the business of
the Company or affecting the value of the Shares before, at the time of, or
following a termination of the employment of the Participant by the Company or
an Affiliate, including, without limitation, any information concerning plans
for the Company to make a public offering of its securities or to be acquired
by or merged with or into another firm or entity.


 


3.                                       Legend. In addition to any
legend required pursuant to the Plan, all certificates representing the Granted
Shares to be issued to the Participant pursuant to this Agreement shall have
endorsed thereon a legend substantially as follows:


 


“The shares represented
by this certificate are subject to restrictions set forth in a Restricted Stock
Agreement dated as of April 15, 2008 with
this Company, a copy of which Agreement is available for inspection at the
offices of the Company or will be made available upon request.”


 


4.                                       Purchase for Investment; Securities Law Compliance. If the offering and sale of the Granted Shares have not been
effectively registered under the 1933 Act, the Participant hereby represents
and warrants that he or she is acquiring the Granted Shares for his or her own
account, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Granted Shares. The Participant specifically
acknowledges and agrees that any sales of Granted Shares shall be made in
accordance with the requirements of the 1933 Act, in a transaction as to which
the Company shall have received an opinion of counsel satisfactory to it
confirming such compliance. The Participant shall be bound by the provisions of
the following legend which shall be endorsed upon the certificate(s) evidencing
the Shares issued:


 


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“The shares represented
by this certificate have been taken for investment and they may not be sold or
otherwise transferred by any person, including a pledgee, unless (1) either
(a) a Registration Statement with respect to such shares shall be
effective under the Securities Act of 1933, as amended, or (b) the Company
shall have received an opinion of counsel satisfactory to it that an exemption
from registration under such Act is then available, and (2) there shall
have been compliance with all applicable state securities laws.”


 


5.                                       Rights as a Stockholder.
The Participant shall have all the rights of a stockholder with respect to the
Granted Shares, including voting and dividend rights, subject to the transfer
and other restrictions set forth herein and in the Plan.


 


6.                                       Incorporation of the Plan.
The Participant specifically understands and agrees that the Granted Shares
issued under the Plan are being sold to the Participant pursuant to the Plan, a
copy of which Plan the Participant acknowledges he or she has read and
understands and by which Plan he or she agrees to be bound. The provisions of
the Plan are incorporated herein by reference.


 


7.                                       Tax Liability of the Participant and Payment of Taxes. The Participant acknowledges and agrees that any income or other taxes
due from the Participant with respect to the Granted Shares issued pursuant to
this Agreement, including, without limitation, the Lapsing Repurchase Right,
shall be the Participant’s responsibility. Without limiting the foregoing, the
Participant agrees that, to the extent that the lapsing of restrictions on disposition
of any of the Granted Shares or the declaration of dividends on any such shares
before the lapse of such restrictions on disposition results in the Participant’s
being deemed to be in receipt of earned income under the provisions of the
Code, the Company shall be entitled to immediate payment from the Participant
of the amount of any tax required to be withheld by the Company.


 


Upon execution of this
Agreement, the Participant may file an election under Section 83 of the
Code in substantially the form attached as Exhibit B. The
Participant acknowledges that if he does not file such an election, as the
Granted Shares are released from the Lapsing Repurchase Right in accordance
with Section 2.1, the Participant will have income for tax purposes equal
to the fair market value of the Granted Shares at such date, less the price
paid for the Granted Shares by the Participant.


 


8.                                       Equitable Relief. The Participant
specifically acknowledges and agrees that in the event of a breach or
threatened breach of the provisions of this Agreement or the Plan, including
the attempted transfer of the Granted Shares by the Participant in violation of
this Agreement, monetary damages may not be adequate to compensate the Company,
and, therefore, in the event of such a breach or threatened breach, in addition
to any right to damages, the Company shall be entitled to equitable relief in
any court having competent jurisdiction. Nothing herein shall be construed as
prohibiting the Company from pursuing any other remedies available to it for
any such breach or threatened breach.


 


9.                                       No Obligation to Maintain Relationship.
The Company is not by the Plan or this Agreement obligated to continue the
Participant as an employee, director or consultant of the


 


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Company or an Affiliate. The Participant
acknowledges: (i) that the Plan is discretionary in nature and may be
suspended or terminated by the Company at any time; (ii) that the grant of
the Shares is a one-time benefit which does not create any contractual or other
right to receive future grants of shares, or benefits in lieu of shares; (iii) that
all determinations with respect to any such future grants, including, but not
limited to, the times when shares shall be granted, the number of shares to be
granted, the purchase price, and the time or times when each share shall be
free from a lapsing repurchase right, will be at the sole discretion of the
Company; (iv) that the Participant’s participation in the Plan is
voluntary; (v) that the value of the Shares is an extraordinary item of
compensation which is outside the scope of the Participant’s employment
contract, if any; and (vi) that the Shares are not part of normal or
expected compensation for purposes of calculating any severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments.


 


10.                                 Notices. Any notices required or
permitted by the terms of this Agreement or the Plan shall be given by recognized
courier service, facsimile, registered or certified mail, return receipt
requested, addressed as follows:


 


If to the Company:


 


BioHorizons, Inc.


2300 Riverchase Center


Birmingham, AL 35244


Attn: William Ross, CFO


 


If to the Participant:


 


Jeffrey Todd Strong


2107 Cedarbark Lane


Birmingham, Alabama 35216


                                                   


 


or to such other address or addresses of
which notice in the same manner has previously been given. Any such notice
shall be deemed to have been given on the earliest of receipt, one business day
following delivery by the sender to a recognized courier service, or three
business days following mailing by registered or certified mail.


 


11.                            Benefit of Agreement.
Subject to the provisions of the Plan and the other provisions hereof, this
Agreement shall be for the benefit of and shall be binding upon the heirs,
executors, administrators, successors and assigns of the parties hereto.


 


12.                            Governing Law. This Agreement shall be
construed and enforced in accordance with the laws of the State of Delaware,
without giving effect to the conflict of law principles thereof. For the
purpose of litigating any dispute that arises under this Agreement, whether at
law or in equity, the parties hereby consent to exclusive jurisdiction in New
York and agree that such litigation shall be conducted in the courts of New
York County, New York or the federal courts of the United States for the
Southern District of New York.


 


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13.                                 Severability. If any provision of
this Agreement is held to be invalid or unenforceable by a court of competent
jurisdiction, then such provision or provisions shall be modified to the extent
necessary to make such provision valid and enforceable, and to the extent that
this is impossible, then such provision shall be deemed to be excised from this
Agreement, and the validity, legality and enforceability of the rest of this
Agreement shall not be affected thereby.


 


14.                                 Entire Agreement. This Agreement,
together with the Plan, constitutes the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof and
supersedes all prior oral or written agreements and understandings relating to
the subject matter hereof. No statement, representation, warranty, covenant or
agreement not expressly set forth in this Agreement shall affect or be used to
interpret, change or restrict the express terms and provisions of this
Agreement provided, however, in any event, this Agreement shall be subject to
and governed by the Plan.


 


15.                                 Modifications and Amendments; Waivers and Consents. The terms and provisions of this Agreement may be modified or amended
as provided in the Plan. Except as provided in the Plan, the terms and
provisions of this Agreement may be waived, or consent for the departure
therefrom granted, only by written document executed by the party entitled to
the benefits of such terms or provisions. No such waiver or consent shall be
deemed to be or shall constitute a waiver or consent with respect to any other
terms or provisions of this Agreement, whether or not similar. Each such waiver
or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or
consent.


 


16.                                 Consent of Spouse/Domestic Partner.
If the Participant has a spouse or a domestic partner as of the date of this
Agreement, the Participant’s spouse or domestic partner shall execute a Consent
of Spouse/Domestic Partner in the form of Exhibit A hereto,
effective as of the date hereof. Such consent shall not be deemed to confer or
convey to the spouse or domestic partner any rights in the Granted Shares that
do not otherwise exist by operation of law or the agreement of the parties. If
the Participant subsequent to the date hereof, marries, remarries or applies to
the Company for domestic partner benefits, the Participant shall, not later
than 60 days thereafter, obtain his or her new spouse/domestic partner’s
acknowledgement of and consent to the existence and binding effect of all
restrictions contained in this Agreement by having such spouse/domestic partner
execute and deliver a Consent of Spouse/Domestic Partner in the form of Exhibit A.


 


17.                                 Counterparts. This Agreement may be
executed in one or more counterparts, and by different parties hereto on
separate counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.


 


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18.                                 Data Privacy. By entering into this
Agreement, the Participant: (i) authorizes the Company and each Affiliate,
and any agent of the Company or any Affiliate administering the Plan or
providing Plan record keeping services, to disclose to the Company or any of
its Affiliates such information and data as the Company or any such Affiliate
shall request in order to facilitate the grant of Shares and the administration
of the Plan; (ii) waives any data privacy rights he or she may have with
respect to such information; and (iii) authorizes the Company and each
Affiliate to store and transmit such information in electronic form.


 


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NEXT PAGE IS THE SIGNATURE PAGE]


 


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IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above
written.


 


	
   

  	
  BIOHORIZONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Ross

  
	
   

  	
  Name:

  	
  William Ross

  
	
   

  	
  Title:

  	
  Chief financial
  Officer

  



 


 


	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jeffrey Todd Strong

  
	
   

  	
  Name:

  	
  Jeffrey Todd Strong

  



 


12






 










 


RESTRICTED
STOCK AGREEMENT


 


HEALTHPOINTCAPITAL
DENTAL HOLDINGS, INC.


 


AGREEMENT made as of the
17th day
of April, 2007 (the “Grant Date”), between HealthpointCapital Dental Holdings, Inc.
(the “Company”), a Delaware corporation, and Jeffrey Todd Strong, (the “Participant”).


 


WHEREAS, the Company has
adopted the HealthpointCapital Dental Holdings, Inc. 2007 Executive,
Director and Consultant Stock Plan (the “Plan”) to promote the interests of the
Company by providing an incentive for employees, directors and consultants of
the Company or its Affiliates;


 


WHEREAS, pursuant to the
provisions of the Plan, the Company desires to offer to the Participant shares
of the Company’s common stock, $0.0001 par value per share (“Common Stock”), in
accordance with the provisions of the Plan, all on the terms and conditions
hereinafter set forth;


 


WHEREAS, Participant
wishes to accept said offer; and


 


WHEREAS, the parties
hereto understand and agree that any terms used and not defined herein have the
meanings ascribed to such terms in the Plan and that any and all references
herein to employment of the Participant by the Company shall include the
Participant’s employment or service as an employee, director or consultant of
the Company or any Affiliate.


 


NOW, THEREFORE, in consideration
of the promises and the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:


 


1.                                       Terms of Grant. The Participant
hereby accepts the offer of the Company to issue to the Participant, in
accordance with the terms of the Plan and this Agreement, 100,000
Shares of the Company’s Common Stock (such shares, subject to adjustment
pursuant to Section 24 of the Plan and Subsection 2.1(i) hereof, the “Granted
Shares”) at a purchase price per share of $0.001 (the “Purchase Price”),
receipt of which is hereby acknowledged by the Company by the Participant’s
prior service to the Company and which amount will be reported as income on the
Participant’s W-2 for this calendar year. The Participant hereby agrees to
become a party to the Stockholders’ Agreement dated August 21, 2006
between the Company and its stockholders (the “Stockholders’ Agreement”), and
Participant agrees to execute any certificates or other documentation that the
Company reasonably deems appropriate in order for the Participant to become a
party to the Stockholders’ Agreement. In addition to the restrictions expressly
set forth in this Agreement, the Granted Shares hereby shall not be transferred
by the Participant except as permitted in the Stockholders’ Agreement.


 

















 


2.1.                              Company’s Lapsing Repurchase Right.


 


(a)                                  Lapsing Repurchase Right.
Except as set forth in Subsections 2.1(b), 2.1(c) and 2.1(d) hereof,
in the event that for any reason the Participant is no longer an employee,
director or consultant of the Company or an Affiliate prior to the third
anniversary of the Date of Reference, the Company (or its designee) shall have
the option, but not the obligation, to purchase from the Participant (or the
Participant’s Survivor), and, in the event the Company exercises such option,
the Participant (or the Participant’s Survivor) shall be obligated to sell to
the Company (or its designee), at a price per Granted Share equal to the
Purchase Price, all or any part of the Granted Shares set forth in clauses (i) and
(ii) below (the “Lapsing Repurchase Right”). The Company’s Lapsing
Repurchase Right shall be valid for a period of one year commencing with the
date of such termination of employment or service. Notwithstanding any other
provision hereof, in the event the Company is prohibited during such one year
period from exercising its Lapsing Repurchase Right by Section 160 of the
Delaware General Corporation Law as amended from time to time (or any successor
provision), then the time period during which such Lapsing Repurchase Right may
be exercised shall be extended until 30 days after the Company is first not so
prohibited. For the purposes of this Agreement, “Date of Reference” shall be August 21,
2006.


 


(i)                                     If such termination is prior to the first anniversary of the Date of
Reference, the Company shall have the option to repurchase all of the Granted
Shares acquired by the Participant hereunder.


 


(ii)                                  If such termination is on or after the first anniversary of the Date of
Reference, but prior to the third anniversary of the Date of Reference, the
Company shall have the option to repurchase all of the Granted Shares less
one-third of the Granted Shares for each full 12 month period elapsed after the
Date of Reference that the Participant continues to serve as an employee,
director or consultant of the Company or an Affiliate.


 


(b)                                 Effect of Termination for Disability or upon Death. The following rules apply if the Participant ceases to be an
employee, director or consultant of the Company or an Affiliate by reason of
Disability or death: to the extent the Company’s Lapsing Repurchase Right has
not lapsed as of the date of Disability or death, as case may be, the Company may
exercise such Lapsing Repurchase Right; provided, however, that the Company’s
Lapsing Repurchase Right shall be deemed to have lapsed to the extent of a pro
rata portion of the Granted Shares through the date of Disability or death, as
would have lapsed had the Participant not become Disabled or died, as the case
may be. The proration shall be based upon the number of days accrued in such
current vesting period prior to the Participant’s date of Disability or death,
as the case may be.


 


(c)                                  Effect of a For Cause Termination.
Notwithstanding anything to the contrary contained in this Agreement, in the
event the Company or an Affiliate terminates the Participant’s employment or
service for “cause” (as defined in the Plan) or in the event the Administrator determines,
within one year after the Participant’s termination, that either prior or
subsequent to the Participant’s termination the Participant engaged in conduct
that would constitute “cause,” all of the Granted Shares then held by the
Participant shall be forfeited to the


 


2

















 


Company immediately as of the time the
Participant is notified that he or she has been terminated for “cause” or that
he or she engaged in conduct which would constitute “cause”.


 


(d)                                 Effect of Change of Control.
Except as otherwise provided in Subsection 2.1(c) above, the Company’s
Lapsing Repurchase Right shall terminate, and the Participant’s ownership of
all Granted Shares then owned by the Participant shall become vested in accordance
with the terms and conditions set forth in Section 24 of the Plan.


 


(e)                                  Closing. In the event that the
Company exercises the Lapsing Repurchase Right, the Company shall notify the
Participant, or, in the case of the Participant’s death, his or her Survivor,
in writing of its intent to repurchase the Granted Shares. Such notice may be
mailed by the Company up to and including the last day of the time period
provided for above for exercise of the Lapsing Repurchase Right. The notice
shall specify the place, time and date for payment of the repurchase price (the
“Closing”) and the number of Granted Shares with respect to which the Company
is exercising the Lapsing Repurchase Right. The Closing shall be not less than
ten days nor more than 60 days from the date of mailing of the notice, and the
Participant or the Participant’s Survivor with respect to the Granted Shares
which the Company elects to repurchase shall have no further rights as the
owner thereof from and after the date specified in the notice. At the Closing,
the repurchase price shall be delivered to the Participant or the Participant’s
Survivor and the Granted Shares being repurchased, duly endorsed for transfer,
shall, to the extent that they are not then in the possession of the Company,
be delivered to the Company by the Participant or the Participant’s Survivor.


 


(f)                                    Escrow. The certificates
representing all Granted Shares acquired by the Participant hereunder which
from time to time are subject to the Lapsing Repurchase Right shall be delivered
to the Company and the Company shall hold such Granted Shares in escrow as
provided in this Subsection 2.1(f). The Company shall promptly release from
escrow and deliver to the Participant a certificate for the whole number of
Granted Shares, if any, as to which the Company’s Lapsing Repurchase Right has
lapsed as the Participant’s ownership of such Granted Shares becomes vested
from time to time. In the event of a repurchase by the Company of Granted
Shares subject to the Lapsing Repurchase Right, the Company shall release from
escrow and cancel a certificate for the number of Granted Shares so
repurchased. Any securities distributed in respect of the Granted Shares held
in escrow, including, without limitation, shares issued as a result of stock splits,
stock dividends or other recapitalizations, shall also be held in escrow in the
same manner as the Granted Shares.


 


(g)                                 Prohibition on Transfer.
The Participant recognizes and agrees that all Granted Shares which are subject
to the Lapsing Repurchase Right may not be sold, transferred, assigned,
hypothecated, pledged, encumbered or otherwise disposed of, whether voluntarily
or by operation of law, other than to the Company (or its designee). However,
the Participant, with the approval of the Administrator, may transfer the
Granted Shares for no consideration to or for the benefit of the Participant’s
Immediate Family (including, without limitation, to a trust for the benefit of
the Participant’s Immediate Family or to a partnership or limited liability company
for one or more members of the Participant’s Immediate Family), subject to such
limits as the Administrator may establish, and the transferee shall remain
subject to all the terms and conditions applicable to this Agreement prior to
such transfer and each such transferee shall so


 


3

















 


acknowledge in writing as a condition
precedent to the effectiveness of such transfer. The term “Immediate Family”
shall mean the Participant’s spouse, former spouse, parents, children,
stepchildren, adoptive relationships, sisters, brothers, nieces and nephews and
grandchildren (and, for this purpose, shall also include the Participant. The
Company shall not be required to transfer any Granted Shares on its books which
shall have been sold, assigned or otherwise transferred in violation of this
Subsection 2.1(g), or to treat as the owner of such Granted Shares, or to
accord the right to vote as such owner or to pay dividends to, any person or
organization to which any such Granted Shares shall have been so sold, assigned
or otherwise transferred, in violation of this Subsection 2.1(g).


 


(h)                                 Failure to Deliver Granted Shares to be Repurchased. In the event that the Granted Shares to be repurchased by the Company
under this Agreement are not in the Company’s possession pursuant to Subsection
2.1(f) above or otherwise and the Participant or the Participant’s
Survivor fails to deliver such Granted Shares to the Company (or its designee),
the Company may elect (i) to establish a segregated account in the amount
of the repurchase price, such account to be turned over to the Participant or
the Participant’s Survivor upon delivery of such Granted Shares, and (ii) immediately
to take such action as is appropriate to transfer record title of such Granted
Shares from the Participant to the Company (or its designee) and to treat the
Participant and such Granted Shares in all respects as if delivery of such
Granted Shares had been made as required by this Agreement. The Participant
hereby irrevocably grants the Company a power of attorney which shall be
coupled with an interest for the purpose of effectuating the preceding
sentence.


 


(i)                                     Adjustments. The Plan contains
provisions covering the treatment of Shares in a number of contingencies such
as stock splits and mergers. Provisions in the Plan for adjustment with respect
to the Granted Shares and the related provisions with respect to successors to
the business of the Company are hereby made applicable hereunder and are
incorporated herein by reference.


 


2.2                                 General Restrictions on Transfer of Granted Shares.


 


(a)                                  Limitations on Transfer.
In addition to the restrictions set forth above in Section 2.1, the Granted
Shares acquired by the Participant hereunder and no longer subject to the provisions
of Section 2.1 herein (the “Vested Shares”) shall not be transferred by
the Participant except as permitted herein, shall be subject to the provisions
of Sections 2.1 (f), (g) and (h) above and shall be subject to the
repurchase rights described herein.


 


(b)                                 Right to Repurchase following Termination of Service. If the Participant’s service as an employee, director or consultant
with the Company or an Affiliate shall be terminated for any reason other than
for “cause” (as defined in the Plan), including due to death or Disability,
then the Company shall have the option to repurchase the Vested Shares not
previously repurchased in accordance with the provisions of Section 2.1 of
this Agreement as follows:


 


4

















 


(i)                                     The Company’s option to repurchase the Vested Shares in the event of
termination of service under this Section 2.2(b) shall be valid for a
period of one year commencing with the date of such termination of service.


 


(ii)                                  In the event the Company shall be entitled to and shall elect to
exercise its option to repurchase the Vested Shares under this Section 2.2(b),
the Company shall notify the Participant, or in case of death, his or her
Survivor, in writing of its intent to repurchase the Vested Shares. Such
written notice may be mailed by the Company up to and including the last day of
the time period provided for in Section 2.2(b)(i) for exercise of the
Company’s option to repurchase.


 


(iii)                               The written notice to the Participant shall specify the address at, and
the time and date on, which payment of the Repurchase Price (as defined herein)
is to be made (the “Closing”). The date specified shall not be less than ten
days nor more than 60 days from the date of the mailing of the notice, and the
Participant or the Participant’s Survivor with respect to the Vested Shares
shall have no further rights as the owner thereof from and after the date
specified in the notice. At the Closing, the Repurchase Price shall be
delivered to the Participant or the Participant’s Survivor and the Vested
Shares being purchased, duly endorsed for transfer, shall, to the extent that
they are not then in the possession of the Company, be delivered to the Company
by the Participant or the Participant’s Survivor.


 


(iv)                              The price paid per share for any Vested Shares repurchased hereunder
(the “Repurchase Price”) shall equal the Fair Market Value of such Vested
Shares determined in accordance with the Plan as of the date of termination of
service, provided, however, in the event of a termination by the Company or an
Affiliate for “cause” (as defined in the Plan), the per share repurchase price
of the Shares to be sold to the Company upon exercise of its option under this Section 2.2
shall be equal to the Purchase Price.


 


(c)                                  Right to Repurchase on Proposed Transfer.
It shall be a condition precedent to the validity of any sale or other transfer
of any Vested Shares by the Participant that the following restrictions be
complied with (except as hereinafter otherwise provided):


 


(i)                                     No Vested Shares owned by the Participant may be sold, pledged or otherwise
transferred (including by gift or devise) to any person or entity, voluntarily,
or by operation of law, except in accordance with the terms and conditions
hereinafter set forth.


 


(ii)                                  Before selling or otherwise transferring all or part of the Vested
Shares, the Participant shall give written notice of such intention to the
Company which notice shall include the name of the proposed transferee, the
proposed purchase price per share, the terms of payment of such purchase price
and all other matters relating to such sale or transfer and shall be
accompanied by a copy of the binding written agreement of the


 


5

















 


proposed transferee to
purchase the Vested Shares of the Participant. Such notice shall constitute a
binding offer by the Participant to sell to the Company such number of the
Vested Shares then held by the Participant as are proposed to be sold in the
notice at the monetary price per share designated in such notice, payable on
the terms offered to the Participant by the proposed transferee (provided,
however, that the Company shall not be required to meet any non-monetary terms
of the proposed transfer, including, without limitation, delivery of other
securities in exchange for the Vested Shares proposed to be sold). The Company
shall give written notice to the Participant as to whether such offer has been
accepted in whole by the Company within 60 days after its receipt of written
notice from the Participant. The Company may only accept such offer in whole
and may not accept such offer in part. Such acceptance notice shall fix a time,
location and date for the closing on such purchase (“Closing Date”) which shall
not be less than ten nor more than sixty days after the giving of the
acceptance notice, provided, however, if any of the Shares to be sold pursuant
to this Section 2.2(c) have been held by the Participant for less
than six months, then the Closing Date may be extended by the Company until no
more than ten days after such Shares have been held by the Participant for six
months. At the Closing, the Participant shall accept payment as set forth
herein and shall deliver to the Company in exchange therefor the Granted Shares
being repurchased, duly endorsed for transfer, to the extent that they are not
then in the possession of the Company.


 


(iii)                               If the Company shall fail to accept any such offer, the Participant
shall be free to sell all, but not less than all, of the Vested Shares set
forth in his notice to the designated transferee at the price and terms
designated in the Participant’s notice, provided that (i) such sale is
consummated within six months after the giving of notice by the Participant to
the Company as aforesaid, and (ii) the transferee first agrees in writing
to be bound by the provisions of this Section 2.2(c) so that he or
she (and all subsequent transferees) shall thereafter only be permitted to sell
or transfer the Vested Shares in accordance with the terms hereof. After the
expiration of such six months, the provisions of this Section 2.2(c) shall
again apply with respect to any proposed voluntary transfer of the Vested
Shares.


 


(iv)                              The provisions of this Section 2.2(c) may be waived by the
Company. Any such waiver may be unconditional or based upon such conditions as
the Company may impose.


 


(v)                                 The restrictions on transfer contained in this Section 2.2(c) shall
not apply to (a) transfers by the Participant to his or her spouse or
children or to a trust for the benefit of his or her spouse or children, (b) transfers
by the Participant to his or her guardian or conservator, and (c) or
transfers by the Participant, in the event of his or her death, to his or her
executor(s) or administrator(s) or to trustee(s) under his or
her will (collectively, “Permitted Transferees”); provided however, that in any
such event the Vested Shares so transferred in the hands of each such Permitted
Transferee shall remain subject to this Agreement, and each such Permitted
Transferee shall so acknowledge in writing as a condition precedent to the
effectiveness of such transfer.


 


6

















 


(d)                                 The provisions of Section 2.2 (a) through (d) shall
terminate upon the effective date of the registration of the Shares pursuant to
the Securities Exchange Act of 1934.


 


(e)                                  The Participant agrees that in the event the Company proposes to offer
for sale to the public any of its equity securities and such Participant is
requested by the Company and any underwriter engaged by the Company in
connection with such offering to sign an agreement restricting the sale or
other transfer of Shares, then it will promptly sign such agreement and will
not transfer, whether in privately negotiated transactions or to the public in
open market transactions or otherwise, any Shares or other securities of the
Company held by him or her during such period as is determined by the Company
and the underwriters, not to exceed 90 days following the closing of the
offering, plus such additional period of time as may be required to comply with
Marketplace Rule 2711 of the National Association of Securities Dealers, Inc.
or similar rules thereto (such period, the “Lock-Up Period”). Such
agreement shall be in writing and in form and substance reasonably satisfactory
to the Company and such underwriter and pursuant to customary and prevailing
terms and conditions. Notwithstanding whether the Participant has signed such
an agreement, the Company may impose stop-transfer instructions with respect to
the Shares or other securities of the Company subject to the foregoing
restrictions until the end of the Lock-Up Period.


 


(f)                                    The Participant acknowledges and agrees that neither the Company nor,
its shareholders nor its directors and officers, has any duty or obligation to
disclose to the Participant any material information regarding the business of
the Company or affecting the value of the Shares before, at the time of, or
following a termination of the employment of the Participant by the Company or
an Affiliate, including, without limitation, any information concerning plans
for the Company to make a public offering of its securities or to be acquired
by or merged with or into another firm or entity.


 


3.                                       Legend. In addition to any
legend required pursuant to the Plan, all certificates representing the Granted
Shares to be issued to the Participant pursuant to this Agreement shall have
endorsed thereon a legend substantially as follows:


 


“The shares represented
by this certificate are subject to restrictions set forth in a Restricted Stock
Agreement dated as of April 17, 2007 with this Company, a copy of which
Agreement is available for inspection at the offices of the Company or will be
made available upon request.”


 


4.                                       Purchase for Investment; Securities Law Compliance. If the offering and sale of the Granted Shares have not been
effectively registered under the 1933 Act, the Participant hereby represents
and warrants that he or she is acquiring the Granted Shares for his or her own
account, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Granted Shares. The Participant specifically
acknowledges and agrees that any sales of Granted Shares shall be made in
accordance with the requirements of the 1933 Act, in a transaction as to which
the Company shall have received an opinion of counsel satisfactory to it
confirming such compliance. The Participant shall be bound by the provisions of
the following legend which shall be endorsed upon the certificate(s) evidencing
the Shares issued:


 


7

















 


“The shares represented
by this certificate have been taken for investment and they may not be sold or
otherwise transferred by any person, including a pledgee, unless (1) either
(a) a Registration Statement with respect to such shares shall be
effective under the Securities Act of 1933, as amended, or (b) the Company
shall have received an opinion of counsel satisfactory to it that an exemption
from registration under such Act is then available, and (2) there shall
have been compliance with all applicable state securities laws.”


 


5.                                       Rights as a Stockholder.
The Participant shall have all the rights of a stockholder with respect to the
Granted Shares, including voting and dividend rights, subject to the transfer
and other restrictions set forth herein and in the Plan.


 


6.                                       Incorporation of the Plan.
The Participant specifically understands and agrees that the Granted Shares
issued under the Plan are being sold to the Participant pursuant to the Plan, a
copy of which Plan the Participant acknowledges he or she has read and
understands and by which Plan he or she agrees to be bound. The provisions of
the Plan are incorporated herein by reference.


 


7.                                       Tax Liability of the Participant and Payment of Taxes. The Participant acknowledges and agrees that any income or other taxes
due from the Participant with respect to the Granted Shares issued pursuant to
this Agreement, including, without limitation, the Lapsing Repurchase Right,
shall be the Participant’s responsibility. Without limiting the foregoing, the
Participant agrees that, to the extent that the lapsing of restrictions on
disposition of any of the Granted Shares or the declaration of dividends on any
such shares before the lapse of such restrictions on disposition results in the
Participant’s being deemed to be in receipt of earned income under the
provisions of the Code, the Company shall be entitled to immediate payment from
the Participant of the amount of any tax required to be withheld by the
Company.


 


Upon execution of this
Agreement, the Participant may file an election under Section 83 of the
Code in substantially the form attached as Exhibit B. The
Participant acknowledges that if he does not file such an election, as the Granted
Shares are released from the Lapsing Repurchase Right in accordance with Section 2.1,
the Participant will have income for tax purposes equal to the fair market
value of the Granted Shares at such date, less the price paid for the Granted
Shares by the Participant.


 


8.                                       Equitable Relief. The Participant
specifically acknowledges and agrees that in the event of a breach or
threatened breach of the provisions of this Agreement or the Plan, including
the attempted transfer of the Granted Shares by the Participant in violation of
this Agreement, monetary damages may not be adequate to compensate the Company,
and, therefore, in the event of such a breach or threatened breach, in addition
to any right to damages, the Company shall be entitled to equitable relief in
any court having competent jurisdiction. Nothing herein shall be construed as
prohibiting the Company from pursuing any other remedies available to it for
any such breach or threatened breach.


 


9.                                       No Obligation to Maintain Relationship.
The Company is not by the Plan or this Agreement obligated to continue the
Participant as an employee, director or consultant of the


 


8

















 


Company or an Affiliate. The Participant
acknowledges: (i) that the Plan is discretionary in nature and may be
suspended or terminated by the Company at any time; (ii) that the grant of
the Shares is a one-time benefit which does not create any contractual or other
right to receive future grants of shares, or benefits in lieu of shares; (iii) that
all determinations with respect to any such future grants, including, but not
limited to, the times when shares shall be granted, the number of shares to be
granted, the purchase price, and the time or times when each share shall be
free from a lapsing repurchase right, will be at the sole discretion of the
Company; (iv) that the Participant’s participation in the Plan is
voluntary; (v) that the value of the Shares is an extraordinary item of
compensation which is outside the scope of the Participant’s employment
contract, if any; and (vi) that the Shares are not part of normal or
expected compensation for purposes of calculating any severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments.


 


10.                                 Notices. Any notices required or
permitted by the terms of this Agreement or the Plan shall be given by
recognized courier service, facsimile, registered or certified mail, return
receipt requested, addressed as follows:


 


If to the Company:


 


HealthpointCapital Dental
Holdings, Inc.


One Perimeter Park South,
Suite 230S


Birmingham, AL 35243


 


If to the Participant:


 


Jeffrey Todd Strong


2107 Cedarbark Lane


Birmingham, AL 35216


                                            


 


or to such other address or addresses of
which notice in the same manner has previously been given. Any such notice
shall be deemed to have been given on the earliest of receipt, one business day
following delivery by the sender to a recognized courier service, or three
business days following mailing by registered or certified mail.


 


11.                                 Benefit of Agreement.
Subject to the provisions of the Plan and the other provisions hereof, this
Agreement shall be for the benefit of and shall be binding upon the heirs, executors,
administrators, successors and assigns of the parties hereto.


 


12.                                 Governing Law. This Agreement shall be
construed and enforced in accordance with the laws of the State of Delaware,
without giving effect to the conflict of law principles thereof. For the
purpose of litigating any dispute that arises under this Agreement, whether at
law or in equity, the parties hereby consent to exclusive jurisdiction in New
York and agree that such litigation shall be conducted in the courts of New
York County, New York or the federal courts of the United States for the
Southern District of New York.


 


9

















 


13.                                 Severability. If any provision of
this Agreement is held to be invalid or unenforceable by a court of competent
jurisdiction, then such provision or provisions shall be modified to the extent
necessary to make such provision valid and enforceable, and to the extent that
this is impossible, then such provision shall be deemed to be excised from this
Agreement, and the validity, legality and enforceability of the rest of this
Agreement shall not be affected thereby.


 


14.                                 Entire Agreement. This Agreement,
together with the Plan, constitutes the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof and
supersedes all prior oral or written agreements and understandings relating to
the subject matter hereof. No statement, representation, warranty, covenant or
agreement not expressly set forth in this Agreement shall affect or be used to
interpret, change or restrict the express terms and provisions of this
Agreement provided, however, in any event, this Agreement shall be subject to
and governed by the Plan.


 


15.                                 Modifications and Amendments; Waivers and Consents. The terms and provisions of this Agreement may be modified or amended
as provided in the Plan. Except as provided in the Plan, the terms and
provisions of this Agreement may be waived, or consent for the departure
therefrom granted, only by written document executed by the party entitled to
the benefits of such terms or provisions. No such waiver or consent shall be
deemed to be or shall constitute a waiver or consent with respect to any other
terms or provisions of this Agreement, whether or not similar. Each such waiver
or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or
consent.


 


16.                                 Consent of Spouse/Domestic Partner.
If the Participant has a spouse or a domestic partner as of the date of this
Agreement, the Participant’s spouse or domestic partner shall execute a Consent
of Spouse/Domestic Partner in the form of Exhibit A hereto,
effective as of the date hereof. Such consent shall not be deemed to confer or
convey to the spouse or domestic partner any rights in the Granted Shares that
do not otherwise exist by operation of law or the agreement of the parties. If
the Participant subsequent to the date hereof, marries, remarries or applies to
the Company for domestic partner benefits, the Participant shall, not later
than 60 days thereafter, obtain his or her new spouse/domestic partner’s
acknowledgement of and consent to the existence and binding effect of all
restrictions contained in this Agreement by having such spouse/domestic partner
execute and deliver a Consent of Spouse/Domestic Partner in the form of Exhibit A.


 


17.                                 Counterparts. This Agreement may be
executed in one or more counterparts, and by different parties hereto on
separate counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.


 


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18.                                 Data Privacy. By entering into this
Agreement, the Participant: (i) authorizes the Company and each Affiliate,
and any agent of the Company or any Affiliate administering the Plan or
providing Plan record keeping services, to disclose to the Company or any of
its Affiliates such information and data as the Company or any such Affiliate
shall request in order to facilitate the grant of Shares and the administration
of the Plan; (ii) waives any data privacy rights he or she may have with
respect to such information; and (iii) authorizes the Company and each
Affiliate to store and transmit such information in electronic form.


 


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IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above
written.


 


 


	
   

  	
  HealthpointCapital Dental Holdings, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Steven Boggan

  
	
   

  	
  Name:

  	
  R. Steven Boggan

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  



 


 


	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jeffrey Todd Strong

  
	
   

  	
  Name:

  	
  Jeffrey Todd Strong

  



 


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