Document:

exhibit10-3f.htm

    
      Exhibit
10.3(f)

       

       

      Form
Revised January 2008

       

       

      Form
of

       

      FPIC
INSURANCE GROUP, INC.

      AMENDED
AND RESTATED OMNIBUS INCENTIVE PLAN

      RESTRICTED
STOCK AWARD AGREEMENT

       

      [Date]

       

      [Name]

      [Address]

       

      In
accordance with the terms of the Amended and Restated Omnibus Incentive Plan
(the “Plan”) maintained by FPIC Insurance Group, Inc. (the “Company”), pursuant
to action of the Budget and Compensation Committee of the Company’s Board of
Directors (acting as the “Committee” as defined in the Plan), the Company hereby
grants to you (the “Participant”), subject to the terms and conditions set forth
in this Restricted Stock Award Agreement (including Annex A hereto and all
documents incorporated herein by reference), an award of restricted shares of
Company common stock (the “Restricted Stock”), as set forth below:

       

      
        	
                 

                Date
      of Grant:

                 

              	
                 

                _________________________________

                 

              
	
                 

                Number
      of Shares of Restricted Stock:

                 

              	
                 

                _________________________________

                 

              
	
                 

                Vesting
      Period:

                 

              	
                Date
      of Grant through _______________

              
	
                 

                Performance
      Goal:

              	
                N/A

                 

                 

              
	
                 

                Vesting
      Schedule:

                 

              	
                The
      Shares of Restricted Stock subject to this Award shall vest as
      follows:

                 

                1/3
      shall vest on ____________________;

                1/3
      shall vest on ____________________; and

                1/3
      shall vest on ____________________; provided, that the Participant remains
      employed through each such vesting date.

                 

              
	
                Post-Vesting Retention and
      Restrictions on Transfer:

              	
                After vesting, the Shares issued
      to the Participant pursuant to the Award will be subject to such retention
      requirements and restrictions on transfer as the Committee shall adopt or
      modify during 2008 for recipients of awards of Restricted Stock;
      provided, that such requirements and
      restrictions must be uniform for all recipients of such awards made during
      2008.  Certificates representing such Shares may bear
      appropriate restrictive
legends.

              

      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      THESE
SHARES OF RESTRICTED STOCK ARE SUBJECT TO FORFEITURE AS PROVIDED IN ANNEX A
HERETO AND THE PLAN.

       

       

      Further
terms and conditions of the Award are set forth in Annex A hereto, which is an
integral part of this Restricted Stock Award Agreement.

       

       

      All
terms, provisions and conditions applicable to the Award set forth in the Plan
and not set forth herein are hereby incorporated by reference
herein.  To the extent any provision hereof is inconsistent with the
Plan, the Plan will govern.  The Participant hereby acknowledges
receipt of a copy of this Restricted Stock Award Agreement including Annex A
hereto and a copy of the Plan and agrees to be bound by all the terms and
provisions hereof and thereof.

       

       

      

       

       

      FPIC
INSURANCE GROUP, INC.

       

       

      

       

       

      By:______________________________

       

       

      

       

       

      Agreed:

       

       

      

       

       

      ___________________________

       

       

      Attachment:  Annex
A

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ANNEX
A

      TO

      FPIC
INSURANCE GROUP, INC.

      AMENDED
AND RESTATED OMNIBUS INCENTIVE PLAN

      RESTRICTED
STOCK AWARD AGREEMENT

      

      It is understood and agreed that the
Award of Restricted Stock evidenced by the Restricted Stock Award Agreement to
which this is annexed and a part is subject to the following additional terms
and conditions:

       

      1.           Forfeiture and Transfer
Restrictions.

       

      
        	
                 
      

              	
                A.

              	
                Forfeiture
      Restrictions.  Except as provided otherwise in the
      Participant's employment, severance or other agreement (if applicable)
      (any such applicable provisions of which being referred to herein as the
      “Applicable Provisions”) and except as otherwise provided in Section 2 of
      this Annex A, in the event of the Participant's termination of employment
      (as defined below) during the Vesting Period (as set forth in the
      Restricted Stock Award Agreement), any unvested portion of this Restricted
      Stock Award shall be forfeited as of the date of termination of
      employment.  Any Applicable Provisions shall be deemed
      incorporated into and a part of the Restricted Stock Award
      Agreement.

              

      

       

      
        	
                 
      

              	
                B.

              	
                Transfer
      Restrictions.  The Restricted Stock may not be sold,
      transferred, pledged, assigned, or otherwise alienated or hypothecated
      prior to vesting.  After vesting, the Restricted Stock will be
      subject to the restrictions on transfer and retention requirements, if
      any, set forth in the Restricted Stock Award
  Agreement.

              

      

       

      2.           Termination of Employment
due to Death or Permanent and Total Disability.  If the
Participant's employment is terminated due to the Participant's death or
Permanent and Total Disability (as that term is defined in Code § 22(e)(3)), any
unvested portion of this Restricted Stock Award shall immediately vest as of the
date of such termination of employment.

       

      3.           Change in
Control.  Upon a Change in Control, as defined in the Plan, any
unvested portion of the Restricted Stock Award will immediately vest as of the
date of the Change in Control.  For purposes of clarity, this
provision shall not apply to the Restricted Stock Award if the Restricted Stock
Award was forfeited prior to the date of the Change in Control.

       

      4.           Vesting of Restricted
Stock.  Except as provided otherwise in Sections 1, 2 and 3 of
this Annex A, the Restricted Stock shall vest in accordance with the Vesting
Schedule set forth in the Restricted Stock Award Agreement.  Any
Shares that do not vest shall be forfeited.

       

      5.           Voting Rights, Dividends and
Custody.  The Participant
shall be entitled to vote and receive regular cash dividends paid with respect
to the Shares subject to this Award prior 

       

      
      

      
        
          

        

      

      
      

       

      to
vesting;
provided, however, that in no event shall the Participant vote or receive
dividends paid with respect to any forfeited Shares on or after the date of
forfeiture.  The Shares subject to this Award shall be registered in
the name of the Participant and held in the Company's custody prior to
vesting.  The Participant shall, if so requested by the Company,
execute and return to the Company a stock power form respecting the Shares
subject to this Award.

      
         

      

      6.           Tax
Withholding.  The Company may make such provisions as are
necessary for the withholding of all applicable taxes on the Restricted Stock,
in accordance with Article 15 of the Plan.  With respect to the
minimum statutory tax withholding required with respect to the Restricted Stock,
the Participant may elect to satisfy such withholding requirement by having the
Company withhold Shares from this Award.

       

      7.           Ratification of
Actions.  By accepting this Award or other benefit under the
Plan, the Participant and each person claiming under or through him shall be
conclusively deemed to have indicated the Participant's acceptance and
ratification of, and consent to, any action taken under the Plan or the Award by
the Company.

       

      8.           Notices.  Any
notice hereunder to the Company shall be addressed to its office at One
Enterprise Center, 225 Water St., Suite 1400, Jacksonville, FL  32202;
Attention: Corporate Secretary, and any notice hereunder to the Participant
shall be addressed to the Participant at the address specified on the Restricted
Stock Award Agreement, subject to the right of either party to designate at any
time hereafter in writing some other address.

       

      9.           Definitions.  Capitalized
terms not otherwise defined herein shall have the meanings given them in the
Plan.

       

      As used in this Agreement, “termination
of employment” shall mean the Participant’s ceasing to be an employee of the
Company or any of its Subsidiaries, whether by reason of voluntary or
involuntary termination of employment, the Participant’s employer ceasing to be
a Subsidiary of the Company, death, Permanent and Total Disability, or
otherwise.

       

      10.           Governing Law and
Severability.  To the extent not preempted by Federal law, the
Restricted Stock Award Agreement will be governed by and construed in accordance
with the laws of the State of Florida, without regard to conflicts of law
provisions.  In the event any provision of the Restricted Stock Award
Agreement shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of the Restricted Stock Award
Agreement, and the Restricted Stock Award Agreement shall be construed and
enforced as if the illegal or invalid provision had not been
included.exhibit10-3g.htm

               Exhibit 10.3(g)

     

     

    Form
of

     

    FPIC
INSURANCE GROUP, INC.

    AMENDED
AND RESTATED OMNIBUS INCENTIVE PLAN

    PERFORMANCE
UNIT AWARD AGREEMENT

     

    [Date]

     

    [Name]

    [Address]

    

    In
accordance with the terms of the Amended and Restated Omnibus Incentive Plan
(the “Plan”) maintained by FPIC Insurance Group, Inc. (the “Company”), pursuant
to action of the Compensation Committee of the Company’s Board of Directors
(acting as the “Committee” as defined in the Plan), the Company hereby grants to
you (the “Participant”), subject to the terms and conditions set forth in this
Performance Unit Award Agreement (including Annexes A and B hereto and all
documents incorporated herein by reference), an award (the “Award”) of
contingent stock (“Performance Units”), as set forth below:

    

    
      	 	
              
              

              Date
      of Grant:

              
              

            	
              ____________,
      20__

              
              

              
              

            
	 	
              
              

              Target
      Number of Performance Units:

              
              

            	
              
              

              _________________

              
              

            
	 	
              
              

              Earned
      Number of Performance Units:

              
              

            	
              Target
      Number multiplied by Payout Percentage multiplied by Vesting
      Percentage

              
              

            
	 	
              
              

              Payout:

              
              

            	
              One
      share of the Company’s Common Stock, $.10 par value, for each Performance
      Unit earned

              
              

            
	 	
              
              

              Payout
      Percentage:

              
              

            	
              As
      determined by the Committee in accordance with Annexes A and
B

              
              

            
	 	
              
              

              Performance
      Goal(s):

              
              

            	
              As
      set forth on Annex A

              
              

            
	 	
              
              

              Performance
      Period:

              
              

            	
              As
      set forth on Annex A

              
              

            
	 	
              
              

              Vesting:

              
              

            	
              Normal:  100%
      at 12:00 midnight on the last day of the Performance
      Period.  Otherwise as provided on Annex B

              
              

            
	 	
              
              

              Retention
      and Restrictions on Transfer:

              
              

            	
              As
      provided on Annex A

            

    

     

    THIS
AWARD IS SUBJECT TO FORFEITURE AS PROVIDED IN ANNEX B HERETO AND THE
PLAN.

     

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    Further
terms and conditions of the Award are set forth in Annexes A and B hereto, which
are an integral part of this Performance Unit Award Agreement.

     

    All
terms, provisions and conditions applicable to the Award set forth in the Plan
and not set forth herein are hereby incorporated by reference herein. To the
extent any provision hereof is inconsistent with the Plan, the Plan will govern.
The Participant hereby acknowledges receipt of a copy of this Performance Unit
Award Agreement including Annexes A and B hereto and a copy of the Plan and
agrees to be bound by all the terms and provisions hereof and
thereof.

     

     

    

     

     

    FPIC
INSURANCE GROUP, INC.

     

     

    

     

     

    By:
______________________________

     

     

    

     

     

    Agreed:

     

     

    

     

     

    ___________________________

     

    Attachments:    Annex
A

              
Annex B

    

    

    
      
        
          
          

        

        
          
          

          
            

            2

        

        
          
          

        

      

    

    

    ANNEX
A

    TO

    FPIC
INSURANCE GROUP, INC.

    AMENDED
AND RESTATED OMNIBUS INCENTIVE PLAN

    2008
PERFORMANCE UNIT AWARD AGREEMENT

     

    
      

      
        	
                Retention
      and Restrictions on Transfer:

              	
                The
      Shares issued to the Participant on payout of the Award will be subject to
      such retention requirements and restrictions on transfer as the Committee
      shall adopt or modify during 2008 for recipients of awards of Performance
      Units; provided,
      that such requirements and restrictions must be uniform for all recipients
      of such awards made during 2008.

              
	 
      	 
      
	
                 Performance
      Period:

              	
                January
      1, 2008 – December 31, 2009

              
	 
      	 
      
	
                Performance
      Goals and Payout Percentages:

              	
                The
      following table sets forth the Threshold, Target and Maximum Performance
      Goals for the Performance Period and the Payout Percentages resulting from
      achievement of these Performance Goals.  For each 1/10th of a
      percentage point variation from the Target Performance Goal between the
      Threshold and Maximum Performance Goals, the award will change by 2.50
      percentage points.  For example, achievement of 11.0% return on
      average equity would result in a Payout Percentage of
  75%.

              

      

       

      
        	 
      	
                Performance
      Goals:

              	
                The
      following levels of ROAE:

              	
                Payout
      Percentage:

              
	 
      	
                Less
      than Threshold

              	
                -

              	
                0%

              
	 
      	
                Threshold

              	
                10.0%

              	
                50%

              
	 
      	
                Target

              	
                12.0%

              	
                100%

              
	 
      	
                Maximum

              	
                14.0%

              	
                150%

              
	 
      	
                More
      than Maximum

              	
                -

              	
                150%

              

      

    

     

    
                            
“ROAE” shall mean the average of the Company’s “returns on average equity” for
the calendar years 2008 and 2009.  For this purpose, “return on
average equity” shall mean the percentage, rounded to the nearest tenth of one
percent, obtained by dividing the Company’s net income during the applicable
year by average common shareholders’ equity during such year, as adjusted as
applicable for:

    

    

    
      	
              ·  

            	
              the
      cumulative effect of accounting changes during the Performance
      Period;

            

    

    
      	
              ·  

            	
              the
      effect of changes in tax laws during the Performance Period as reflected
      in the Company’s financial statements for the Performance
      Period;

            

    

    
      	
              ·  

            	
              the
      impact of mergers and acquisitions completed during the Performance Period
      on the financial results of the Company for the lesser of the subsequent
      18 months or the remainder of the Performance
  Period;

            

    

    

    
      
        
          
            A- 1

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    
      	
              ·  

            	
              the
      effect of state-levied guaranty fund assessments levied during the
      Performance Period to the extent not recovered during the Performance
      Period so as to be neutral to the determination of financial performance;
      and

            

    

    
      	
              ·  

            	
              costs
      and expenses accrued or incurred during the Performance Period associated
      with merger and acquisition activities that do not ultimately result in a
      transaction.

            

    

    

    

    
      
        
          
            A- 2

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
B

    TO

    FPIC
INSURANCE GROUP, INC.

    AMENDED
AND RESTATED OMNIBUS INCENTIVE PLAN

    PERFORMANCE
UNIT AWARD AGREEMENT

    

    

               
Under and subject to the provisions of the Plan, the Company has granted to the
Participant an Award of Performance Units as set forth in this Agreement. The
Award is subject to the following terms and conditions (which together with
Annex A and the other terms of this Agreement are referred to as this
“Agreement”).

    

               
1.            Determination of Units
Earned.  The number of Performance Units, if any, earned under
this Agreement shall be determined by the Committee in accordance with this
Agreement and the Plan as soon as reasonably practicable after the end of the
Performance Period (but no later than 15 calendar days after the filing of the
Company’s Annual Report on Form 10-K for the last year of the Performance
Period) and will be dependent upon the degree of attainment of the Performance
Goal(s) during the Performance Period.  Performance Units will be
forfeited and not be deemed to be earned unless and to the extent vested in
accordance with Paragraph 3 below.

    

               
2.            Payout of
Award.  Each Performance Unit earned under this Agreement shall
entitle the recipient to receive a payout of one share of common stock, $.10 par
value, of the Company (a “Share”).  Except as provided elsewhere
herein, as soon as reasonably practicable after the determination of the
Performance Units earned (but no later than
15 calendar days after the filing of the Company’s Annual Report on Form
10-K for the last year of the Performance Period) and upon the satisfaction of the applicable
withholding obligations, the Company shall issue to the Participant the Shares
to which the Participant is entitled.  The Company shall issue such
Shares without restriction on transfer other than those provided in Annex A or
under the Plan.  The Company shall issue such Shares, at its option,
(i) by delivery of a stock certificate in the name of the Participant or his or
her designee to the custody of the Participant or (ii) by crediting to a
book-entry account maintained by the Company’s stock transfer agent or its
designee for the benefit of the Participant or his or her designee.

    

               
3.            Vesting and
Forfeiture.  Except as provided on Annex A or in the
Participant's employment, severance or other agreement (if applicable) (the
terms of which are incorporated herein by reference):

    

                          
(a)            Normal Vesting and
Forfeiture.  Except as provided elsewhere herein: (i) the Award
shall become 100% vested at 12:00 midnight on the last day of the Performance
Period (the “End of the Performance Period”) and (ii) if the Participant’s
employment is terminated at any time prior to the End of the Performance Period,
the entire award shall be forfeited on the date of such termination of
employment.

    

    (b)           
Termination of
Employment Without Cause.  If the Participant’s employment is
terminated by the Company without Cause (as defined below) during the year prior
to the End of the Performance Period, the Participant shall be vested in the
Award on such termination in the percentage
equal to the percentage of the Performance Period elapsed on the

    

    
      
        
          
            B-1

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    date
twelve months prior to the End of the Performance Period.  In such
event, the payout of the Award shall be made in the manner and at the time
contemplated by Paragraphs 1 and 2 above based upon applying such vesting
percentage to the achievement of the Performance Goal(s) for the entire
Performance Period.

    

                          
(c)            Death or Permanent and Total
Disability.  If the Participant’s employment is terminated
prior to the End of the Performance Period due to death or Permanent and Total
Disability, the Award shall become 100% vested on the occurrence of such
event.  In such event, the payout of the Award shall be made in the
manner and at the time contemplated by Paragraphs 1 and 2 above based upon
achievement of the Performance Goal(s) for the entire Performance
Period.

    

                          
(d)            Retirement.  If
the Participant’s employment is terminated prior to the End of the Performance
Period due to Retirement (as defined below), the Participant shall be
vested in the Award on the occurrence of such
event in the percentage equal to the percentage of the Performance Period
elapsed prior to such termination.  In such event, the payout of the
Award shall be made in the manner and at the time contemplated by Paragraphs 1
and 2 above based upon applying the vesting percentage to the achievement of the
Performance Goal(s) for the entire Performance Period.

    

                          
(e)            Change in Control
Event.  The Award shall become 100% vested immediately
preceding the occurrence of a Change in Control Event, as defined in subparagraph 3(e)(iii). In addition, in the
event of a Change in Control
Event,

    

                                    
(i)            the payout
of the Award shall be determined utilizing a Payout Percentage equal to the
greater of 100% or the Payout Percentage determined by the Committee as though
the Performance Period had ended on the last day of the calendar quarter
immediately preceding the earlier of (x) the first public announcement of the
Change in Control Event or of the Company’s entry into a definitive agreement
with respect to the Change in Control Event, (y) the Company’s entry into a definitive agreement
with respect to the Change in Control Event, and (z) the date the Change in Control Event occurs; and

    

                                    
(ii)            the
payout of the award shall be made, to the extent feasible, immediately prior to
a Change in Control Event and in any event as soon as reasonably
practicable after any Change in Control
Event.

     

    (iii)           
For purposes of the Agreement, a “Change in
Control Event” shall mean a “change in
control” as such term is defined in Section 409A of the Internal Revenue Code,
as amended, and the rules and regulations adopted thereunder (as such statute,
rules and regulations shall be amended and further explained from time to time)
(“Section 409A”), which generally provide as set forth
below.

    

    A.           
Change in
Ownership.  The acquisition by
any individual, entity or group (a “Person”) of ownership of stock of the
Company that, together with stock held by such Person, constitutes more than 50%
of the total fair market value or total voting power of the stock of the
Company.  However, if any Person is considered to own more than 50% of
the total fair market value or total voting power of the stock of the Company,
the

    

    
      
        
          
            B-2

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    acquisition of additional stock by the same Person is
not considered to cause a change in ownership of the Company (or to cause a
change in the effective control of the Company).  An increase in the
percentage of stock owned by any one Person as a result of a transaction in
which the Company acquires its stock in exchange for property will be treated as
an acquisition of stock for purposes of this paragraph.  This
paragraph applies only when there is a transfer of stock of the Company (or
issuance of stock of the Company) and stock in the Company remains outstanding
after the transaction.

    

    B.           
Change in Effective
Control.  (i) The acquisition by
any Person during the 12-month period ending on the date of the most recent
acquisition by such Person, of ownership of stock of the Company possessing 35%
or more of the total voting power of the stock of the Company; or (ii) the
replacement of a majority of the members of the Company’s board of directors
during any 12-month period by directors whose appointment or election is not
endorsed by a majority of the members of the board of directors prior to the
date of their appointment or election.

    

    If any one Person is considered to effectively control
the Company, the acquisition of additional control of the Company by the same
Person is not considered to cause a change in the effective control of the
Company (or to cause a “change in ownership” of the Company within the meaning
of this Section).

    

    C.           
Change in Ownership of
a Substantial Portion of Assets.  The acquisition by any Person during the
12-month period ending on the date of the most recent acquisition by such
Person, of assets from the Company that have a total gross fair market value
equal to or more than 40% of the total gross fair market value of all of the
assets of the Company immediately prior to such acquisition(s).  For
this purpose, “gross fair market value” means the value of the assets of the
Company, or the value of the assets being disposed of, determined without regard
to any liabilities associated with such assets.

    

    In the event of any conflict between the summary
contained in this subparagraph and the definition of “change in control” as
defined in Section 409A, Section 409A shall govern.

    

    (f)           
Effect of Section 409A
in Certain Instances.  Notwithstanding the foregoing, to the extent the Award
is subject to Section 409A(a)(2)(B)(i) (relating to payments made to certain
“key employees” of certain publicly-traded companies), then any payments
pursuant to this Paragraph 3 shall be delayed for such period of time as
necessary to comply with Section 409A(a)(2)(B)(i).  To the extent any
payments are delayed, they shall be paid promptly after such period of delay, in
compliance with Section 409A.

    

    (g)           
Vesting and Payout As
Affected by Other Agreements.  In
the event the Participant is a party to an employment, severance or other
agreement with the Company

    

    
      
        
          
            B-3

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    providing for accelerated vesting or payout of the Award
upon termination of employment in connection with or after a change in control
of the Company, (i) the payout of the Award shall be determined utilizing
a Payout Percentage equal to the greater of 100% or the Payout Percentage
determined by the Committee as though the Performance Period had ended on the
last day of the calendar quarter immediately preceding the earlier of (x) the
first public announcement of such change in
control or of the Company’s entry into a definitive agreement with respect to
the change in control, (y) the Company’s entry into a definitive agreement with
respect to the change in control, and (z) the date the change in control
event occurs and (ii) the payout of the
Award shall be made promptly after such termination of
employment.

    

               
4.            No Shareholder Rights Until
Payout.  During the Performance Period and until receipt of the
Shares, if any, to which the Participant becomes entitled pursuant to the Award,
the Participant shall not have any rights as a shareholder with respect to the
Shares underlying the Award, nor shall the Participant be entitled to receive
dividends or dividend equivalents with respect to the Shares underlying the
Award.

    

               
5.            Tax
Withholding.  The Company may make such provisions as are
necessary for the withholding of all applicable taxes upon vesting or payout of
the Award, in accordance with Article 15 of the Plan.  With respect to
the minimum statutory tax withholding required with respect to the Award, the
Participant may elect to satisfy such withholding requirement by having the
Company withhold Shares from the payout of the Award.

    

               
6.            Ratification of
Actions.  By accepting this Award or other benefit under the
Plan, the Participant and each person claiming under or through him or her shall
be conclusively deemed to have indicated the Participant's acceptance and
ratification of, and consent to, any action taken under the Plan or the Award by
the Company.

    

               
7.            Notices.  Any
notice hereunder to the Company shall be addressed to its office at One
Enterprise Center, 225 Water St., Suite 1400, Jacksonville, FL  32202;
Attention: Corporate Secretary, and any notice hereunder to the Participant
shall be addressed to the Participant at the address specified on the
Performance Unit Award Agreement, subject to the right of either party to
designate at any time hereafter in writing some other address.

    

               
8.            Definitions.  Capitalized
terms not otherwise defined herein shall have the meanings given them in the
Plan.

    

                          
As used in this Agreement, “termination of employment” shall mean the
Participant’s ceasing to be an employee of the Company or any of its
Subsidiaries, whether by reason of voluntary or involuntary termination of
employment, the Participant’s employer ceasing to be a Subsidiary of the
Company, death, Permanent and Total Disability, or otherwise.  Further, “termination” or “termination of
employment,” as used in this Agreement to determine the date of any payment,
shall mean the date of the Participant’s “separation from service” as defined by
Section 409A.

    

    As used in this Agreement, “Retirement”
means a termination of employment other than a termination for Cause or due to
death or Permanent and Total Disability by a Participant at or after age 65 or
such earlier date after age 50 as may be approved by the Committee with regard
to such Participant.

    

    
      
        
          
            B-4

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    As used in this Agreement, “Cause”
means:

    

    (i) in the case where there is no
employment agreement, consulting agreement, change in control agreement or
similar agreement in effect between the Company or an affiliate and the
Participant at the time of the grant of the Award (or where there is such an
agreement but it does not define “cause” (or words of like import)), the
Participant’s fraud or dishonesty that has resulted or is likely to result in
material economic damage to the Company, or the Participant’s willful
nonfeasance if such nonfeasance is not cured within ten days of written notice
from the Company, as determined in good faith by a vote of at least two thirds
of the non-employee directors of the Company at a meeting of the board of
directors at which the Participant is provided an opportunity to be heard;
or

    

    (ii) in the case where there is such an
agreement at the time of the grant of the Award that defines “cause” (or words
of like import), as defined under such agreement.

    

               
9.            Governing Law and
Severability.  To the extent not preempted by Federal law, the
Performance Unit Award Agreement will be governed by and construed in accordance
with the laws of the State of Florida, without regard to conflicts of law
provisions.  In the event any provision of the Performance Unit Award
Agreement shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of the Performance Unit Award
Agreement, and the Performance Unit Award Agreement shall be construed and
enforced as if the illegal or invalid provision had not been
included.

     

     

    B-5

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