Document:

Exhibit 10.7

 

HANGER ORTHOPEDIC GROUP, INC.

Non-Qualified Stock Option Agreement

 

THIS AGREEMENT is made by and between HANGER ORTHOPEDIC GROUP, INC.,
a Delaware corporation (the “Company”), and the optionee (“Optionee”)
identified on the Company’s on-line electronic list of persons to whom an
option has been granted by the Company.

 

W I T N E S S E T H:

 

WHEREAS, the Company desires to grant to Optionee a non-qualified stock
option under the Company’s 2010 Omnibus Incentive Plan (the “Plan”) to purchase
shares of the Company’s common stock, par value $.01 per share (the “Common
Stock”), in consideration for Optionee’s service to the Company.

 

NOW, THEREFORE, the parties hereto, intending to be legally bound, do
agree as follows:

 

1.             Grant of Option.  Subject to the terms and conditions of this
Agreement, the Company hereby grants to Optionee the right and option to
purchase from the Company all or part of the number of shares of Common Stock
as set forth on the Company’s on-line electronic list as being granted to the
Optionee effective as of the date shown on the Company’s on-line electronic
list as being the date of grant to the Optionee (the “Grant Date”).  This option is not intended to constitute an
incentive stock option within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”).

 

2.             Option Price and Time of Exercise.  The per-share purchase price at which the
shares subject to option hereunder may be purchased by Optionee pursuant to the
exercise of this option shall be the closing sale price per share of the Common
Stock on the New York Stock Exchange on the date preceding the Grant Date.  Optionee’s right to exercise this option
shall vest as to 25% of the shares of Common Stock underlying the option at the
end of each of the first four years following the Grant Date.  The right to exercise this option shall be
cumulative to the extent not theretofore exercised.  The right to exercise the option shall in all
events expire, except as provided in Paragraph 5 below, on the day preceding
the tenth anniversary of the Grant Date (the “Grant Expiration Date”).

 

3.             Method of Exercise and Payment for Shares.  This option shall be exercised by the methods
set forth in the instructions relating thereto as contained on the on-line
website from which the Optionee has received notice as to the grant of this
option by the Company to the Optionee. 
No fractional shares of Common Stock shall be issued pursuant to the
grant of this option, but in lieu therefore, the cash value of such fraction
shall be paid.

 

 

4.             Non-transferability.  This option is not transferable by Optionee
except as otherwise provided in Paragraph 5 below, and during Optionee’s
lifetime is exercisable only by Optionee.

 

5.             Exercise After Death or Termination of Service to
the Company.  In the event
Optionee dies before the expiration of this option, Optionee’s estate, or the
person or persons to whom Optionee’s rights under this option shall pass by
will or the laws of descent and distribution, may exercise this option, to the
extent exercisable at the date of death, at any time within ninety (90) days
following Optionee’s death (but in any event before the Grant Expiration
Date).  In the event that the Optionee’s
employment is terminated as a result of the Optionee’s permanent and total
disability (as determined under the terms of the Company’s long term disability
plan), the Optionee may exercise this option, to the extent exercisable on the
date of such termination, at any time within ninety (90) days following such
termination (but in any event before the Grant Expiration Date).  In the event Optionee ceases to be employed
by the Company or an Affiliate by reason of termination of employment other
than for Cause, other than for permanent or total disability or other than for
the voluntary termination of employment by Optionee, the Optionee may exercise
this option, to the extent exercisable on the date of such termination of
employment, at any time within thirty (30) days following the date of such
termination of employment (but in any event before the Grant Expiration
Date).  If Optionee’s employment is
otherwise terminated for Cause or the voluntary termination of employment by
Optionee, this option shall immediately terminate on the date of such
termination of employment.  For purposes
of this Agreement, the term “Cause” shall mean any of the following: (i) the
repeated failure or refusal of Optionee to follow the lawful directives of the
Company or an Affiliate (except due to sickness, injury or disabilities), (ii) gross
inattention to duty or any other willful, reckless or grossly negligent act (or
omission to act) by Optionee, which, in the good faith judgment of the Company,
could result in a material injury to the Company or an Affiliate including but
not limited to the repeated failure to follow the policies and procedures of
the Company, or (iii) the commission by the Optionee of a felony or other
crime involving moral turpitude or the commission by the Optionee of an act of
financial dishonesty against the Company or an Affiliate.

 

6.             Limitation of Rights.

 

(a)           No Right to Continue as an
Employee.  Neither the
Plan nor the grant of the option shall constitute or be evidence of any
agreement or understanding, express or implied, that the Optionee has a right to
continue as an employee of the Company or any of its Affiliates for any period
of time, or at any particular rate of compensation.

 

(b)           No Stockholder’s Rights for Options.  The Optionee shall have no rights as a
stockholder with respect to the shares covered by this option until the date of
the issuance of a stock certificate therefor, and no adjustment will be made
for any dividends or other rights for which the record date is prior to the
date such certificate is issued.

 

7.             Incorporation by Reference.  The terms of the Plan to the extent not
stated herein are expressly incorporated herein by reference and in the event
of any conflict between this Agreement and the Plan, the terms of the Plan
shall govern, control and supercede over the provisions of this Agreement.

 

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All
of the terms and conditions of this Agreement are hereby confirmed, ratified,
approved and accepted by the Company and by the Optionee, who has accepted this
Agreement and its terms pursuant to Optionee’s electronic submission of
Optionee’s confirmation of this Agreement in accordance with the instructions
contained on the on-line website maintained for the benefit of the Company for
options.

 

3Exhibit 10.1

 

General Maritime Corporation

Restricted Stock Grant Agreement

 

THIS
AGREEMENT is made as of May 13, 2010, between GENERAL MARITIME CORPORATION
(the “Company”) and WILLIAM J. CRABTREE (the “Participant”).

 

WHEREAS,
the Company has adopted and maintains the General Maritime Corporation 2001
Stock Incentive Plan, as amended (the “Plan”) to provide certain key persons,
on whose initiative and efforts the successful conduct of the business of the
Company depends, and who are responsible for the management, growth and
protection of the business of the Company, with incentives to: (a) enter
into and remain in the service of the Company, a Company subsidiary or a
Company joint venture, (b) acquire a proprietary interest in the success
of the Company, (c) maximize their performance and (d) enhance the
long-term performance of the Company (whether directly or indirectly through
enhancing the long-term performance of a Company subsidiary or a Company joint
venture);

 

WHEREAS,
the Plan provides that the Compensation Committee (the “Committee”) of the
Board of Directors (or the Board of Directors if it so elects) shall administer
the Plan and determine the key persons to whom awards shall be granted and the
amount and type of such awards; and

 

WHEREAS,
the Board of Directors has determined that the purposes of the Plan would be
furthered by granting the Participant an award under the Plan as set forth in
this Agreement;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto hereby agree as follows:

 

1.             Grant of
Restricted Stock.  Pursuant to, and subject to, the terms and
conditions set forth herein and in the Plan, the Committee hereby grants to the
Participant 9,528 restricted shares (the “Restricted Stock”) of common stock of
the Company, par value $0.01 per share (“Common Stock”).

 

2.             Grant Date.  The
Grant Date of the Restricted Stock is May 13, 2010.

 

3.             Incorporation of
Plan.  All terms, conditions and restrictions of the Plan are
incorporated herein and made part hereof as if stated herein.  If
there is any conflict between the terms and conditions of the Plan and this
Agreement, the terms and conditions of the Plan, as interpreted by the
Committee, shall govern.  Except as otherwise provided herein, all
capitalized terms used herein shall have the meaning given to such terms in the
Plan.

 

4.             Vesting.  Subject to the further provision of this
Agreement, the Restricted Stock shall vest on the earliest of (i) May 13,
2011, (ii) the date of the next annual meeting of the Company to follow
the date hereof and (ii) the occurrence of a Change in Control, as defined
in 

 

 

Section 3.8(a) of
the Plan, as in effect on the date of such occurrence (each such date, the “Vesting
Date”).

 

5.             Restrictions on
Transferability.  Until a share of
Restricted Stock vests, the Participant shall not transfer the Participant’s
rights to such share of Restricted Stock or to any rights related thereto.  Any attempt to transfer unvested shares of
Restricted Stock or any rights related thereto, whether by transfer, pledge,
hypothecation or otherwise and whether voluntary or involuntary, by operation
of law or otherwise, shall not vest the transferee with any interest or right
in or with respect to such shares of Restricted Stock or such related rights.

 

6.             Termination of
Service.  In the event that the
Participant’s service with the Company terminates before the Vesting Date for
any reason other than the Participant’s death or disability, the Restricted
Stock, together with any property received in respect thereof, as set forth in Section 10
hereof, shall be forfeited as of the date of such termination of service, and
the Participant promptly shall return to the Company any certificates
evidencing the Restricted Stock.  Any cash
dividends or other property received in respect of the Restricted Stock also
shall be forfeited, unless the Board or the Committee determines
otherwise.  For purposes of this
Agreement, the Participant’s service shall terminate only when the Participant
is not a director, an employee or a consultant of the Company, as set forth in Section 1.6(c) of
the Plan.

 

7.             Death or Disability.  In the event that the Participant dies or the
Participant’s service with the Company terminates due to the Participant’s disability
(within the meaning of Section 2.5(d) of the Plan) before the Vesting
Date, the Restricted Stock shall become vested in full as of the date of such
death or termination of service.

 

8.             Issuance of
Certificates.

 

(a)           Reasonably promptly after the Grant
Date, the Company shall issue and deliver to the Participant a stock
certificate, registered in the name of the Participant, evidencing the shares
of Restricted Stock or shall instruct its transfer agent to issue shares of
Restricted Stock which shall be maintained in book entry form on the books of
the transfer agent.  The Restricted
Stock, if certificated, shall bear the following legend:

 

“THE
SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF
THE GENERAL MARITIME CORPORATION 2001 STOCK INCENTIVE PLAN AND A RESTRICTED
STOCK GRANT AGREEMENT BETWEEN GENERAL MARITIME CORPORATION AND THE HOLDER OF
RECORD OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE.  NO TRANSFER OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE IN CONTRAVENTION OF SUCH PLAN AND RESTRICTED STOCK GRANT
AGREEMENT SHALL BE VALID OR EFFECTIVE. 
COPIES OF SUCH AGREEMENT MAY BE OBTAINED BY WRITTEN REQUEST MADE BY
THE HOLDER OF RECORD OF THE CERTIFICATE TO THE SECRETARY OF GENERAL MARITIME
CORPORATION.”

 

2

 

If
the Restricted Stock is in book entry form, it shall be subject to electronic
coding or stop order indicating that such shares of Restricted Stock are
restricted by the terms of this Agreement and the Plan.  Such legend, electronic coding or stop order
shall not be removed until such shares of Restricted Stock vest.

 

(b)           Reasonably promptly after the
Restricted Stock vests pursuant to Section 4 hereof, (i) in the case
of certificated shares, in exchange for the surrender to the Company of the
certificate evidencing the Restricted Stock, delivered to the Participant under
Section 8(a) hereof, and the certificates evidencing any other
securities received in respect of such shares, if any, the Company shall issue
and deliver to the Participant (or the Participant’s legal representative,
beneficiary or heir) a certificate evidencing the Restricted Stock and such
other securities, free of the legend provided in Section 8(a) hereof
and (ii) in the case of book entry shares, the Company shall cause to be
lifted and removed any electronic coding or stop order established pursuant to Section 8(a)
hereof.

 

(c)           The Company may require as a condition
of the delivery of stock certificates or the lifting or removal of any
electronic coding or stop order with respect to book entry shares pursuant to Section 8(b) hereof
that the Participant remit to the Company an amount sufficient in the opinion
of the Company to satisfy any federal, state and other governmental tax
withholding requirements related to the vesting of the shares represented by
such certificate.  The Committee, in its
sole discretion, may permit the Participant to satisfy such obligation by delivering shares of Common Stock or by
directing the Company to withhold from delivery shares of Common Stock, in either case valued at their
Fair Market Value on the Vesting Date with fractional shares being settled in
cash.

 

(d)           The Participant shall not be deemed
for any purpose to be, or have rights as, a shareholder of the Company by
virtue of the grant of Restricted Stock, except to the extent a stock
certificate is issued therefor or an appropriate book entry is made on the
books of the transfer agent reflecting the issuance thereof pursuant to Section 8(a) hereof,
and then only from the date such certificate is issued or such book entry is
made.  Upon the issuance of a stock
certificate or the making of an appropriate book entry on the books of the
transfer agent, the Participant shall have the rights of a shareholder with
respect to the Restricted Stock, including the right to vote the shares,
subject to the restrictions on transferability and the forfeiture provisions,
as set forth in this Agreement.

 

9.             Securities
Matters.  The Company shall be under
no obligation to effect the registration pursuant to the Securities Act of
1933, as amended (the “1933 Act”) of any interests in the Plan or any shares of
Common Stock to be issued thereunder or to effect similar compliance under any
state laws.  The Company shall not be obligated to cause to be issued
or delivered any certificates or to cause to be made any book entries on the
books of the transfer agent evidencing shares of Common Stock pursuant hereto
unless and until the Company is advised by its counsel that the issuance and
delivery of such certificates or the making of such book entries is in
compliance with all applicable laws, regulations of governmental authority and
the requirements of any securities exchange on which shares of Common Stock are
traded.  The Committee may require, as a condition of the issuance
and delivery of certificates or the making of book entries on the books of the
transfer agent evidencing shares of Common Stock pursuant to the terms hereof,
that the recipient of such shares make such covenants, agreements and 

 

3

 

representations,
and that such certificates or book entries bear such legends, or be subject to
electronic coding or stop orders, as the Committee, in its sole discretion,
deems necessary or desirable.  The Participant specifically
understands and agrees that the shares of Common Stock, if and when issued, may
be “restricted securities,” as that term is defined in Rule 144 under the
1933 Act and, accordingly, the Participant may be required to hold the shares
indefinitely unless they are registered under such Act or an exemption from
such registration is available.

 

10.           Dividends, etc.  Any cash dividends or other property (but not
including securities) received by a Participant with respect to a share of
Restricted Stock shall not vest until the underlying share of Restricted Stock
vests, and, if the Committee or the Board of Directors so elects in their sole discretion,
shall be held by the Company or such other custodian as may be designated by
the Company until such dividends or other property vest.  Any such cash dividends or other property
shall be forfeited and returned to the Company in the event the underlying
share of Restricted Stock is forfeited, subject to Section 2.7(f) of
the Plan.  Any securities received by a
Participant with respect to a share of Restricted Stock as a result of any
dividend, recapitalization, merger, consolidation, combination, exchange of
shares or otherwise will not vest until such share of Restricted Stock vests
and shall be forfeited if such share of Restricted Stock is forfeited, subject
to Section 2.7(f) of the Plan. 
Unless the Committee otherwise determines, such securities shall bear
the legend or be subject to the electronic coding or stop order set forth in Section 8(a) hereof.

 

11.           Delays or
Omissions.  No delay or omission to exercise any right, power or
remedy accruing to any party hereto upon any breach or default of any party
under this Agreement, shall impair any such right, power or remedy of such
party, nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default
thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring.  Any waiver, permit, consent
or approval of any kind or character on the part of any party of any breach or
default under this Agreement, or any waiver on the part of any party or any
provisions or conditions of this Agreement, must be in a writing signed by such
party and shall be effective only to the extent specifically set forth in such
writing.

 

12.           Right of Discharge
Preserved.  Nothing in this Agreement
shall confer upon the Participant the right to continue as a member of the
Board of Directors, or affect any right which the Company may have to terminate
such service.

 

13.           Integration.  This
Agreement contains the entire understanding of the parties with respect to its
subject matter.  There are no restrictions, agreements, promises,
representations, warranties, covenants or undertakings with respect to the
subject matter hereof other than those expressly set forth
herein.  This Agreement, including, without limitation, the Plan,
supersedes all prior agreements and understandings between the parties with
respect to its subject matter.

 

14.           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same
instrument.

 

4

 

15.           Governing Law.  This
Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without regard to the provisions governing
conflict of laws.

 

16.           Obligation to
Notify.  If the Participant makes the
election permitted under Section 83(b) of the Internal Revenue Code
of 1986, as amended (that is, an election to include in gross income in the
year of transfer the amounts specified in Section 83(b)), the Participant
shall notify the Company of such election within 10 days of filing notice of
the election with the Internal Revenue Service and shall within the same 10-day
period remit to the Company an amount sufficient in the opinion of the Company
to satisfy any federal, state and other governmental tax withholding
requirements related to such inclusion in Participant’s income. The Participant
should consult with his or her tax advisor to determine the tax consequences of
acquiring the Restricted Stock and the advantages and disadvantages of filing
the Section 83(b) election. 
The Participant acknowledges that it is his or her sole responsibility,
and not the Company’s, to file a timely election under Section 83(b), even
if the Participant requests the Company or its representatives to make this
filing on his or her behalf.

 

17.           Participant
Acknowledgment.  The Participant hereby acknowledges receipt of a
copy of the Plan.  The Participant hereby acknowledges that all
decisions, determinations and interpretations of the Committee in respect of
the Plan, this Agreement and the Restricted Stock shall be final and
conclusive.

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by
its duly authorized officer, and the Participant has hereunto signed this
Agreement on his own behalf, thereby representing that he has carefully read
and understands this Agreement and the Plan as of the day and year first
written above.

 

 

	
   

  	
  GENERAL
  MARITIME CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John C. Georgiopoulos

  
	
   

  	
  Name:

  	
  John
  C. Georgiopoulos

  
	
   

  	
  Title:

  	
  Executive
  Vice President, Treasurer and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  William J. Crabtree

  
	
   

  	
  WILLIAM
  J. CRABTREE

  

 

5

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