Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.3 
 VERICHIP CORPORATION 
 RESTRICTED STOCK AWARD AGREEMENT 
 UNDER VERICHIP CORPORATION [2002/2005] FLEXIBLE STOCK PLAN 
 This RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made as of [insert date of grant] (the “Grant Date”) between VeriChip Corporation, a Delaware corporation (the
“Company”) and [insert name of Grantee] (the “Grantee”). 
 Background Information 
 A. The Compensation Committee has granted to the Grantee an award of [insert applicable number] restricted shares of common stock, par
value $0.01 per share (the “Common Stock”), of the Company (the “Award”) pursuant to the Company’s [2002/2005] Flexible Stock Plan (the “[2002/2005] Plan”). 
 B. The Company and the Grantee are entering into this Agreement in order to evidence the Award, which shall be governed in all respects
by the terms and provisions hereof. 
 C. The Grantee desires to accept the Award grant and agrees to be bound by the terms
and conditions of this Agreement. 
 D. This Agreement shall be subject to and governed by the [2002/2005] Plan, which is
incorporated herein by reference. For purposes of such incorporation, all references in such sections to the term “Plan” shall be deemed to be references to this Agreement. 
 Agreement 
 1. Restricted Stock. Subject to the terms and
conditions provided in this Agreement, the Company hereby grants to the Grantee [insert applicable number] shares of Common Stock (the “Restricted Stock”) as of the Grant Date. The extent to which the Grantee’s rights and interest in
the Restricted Stock becomes vested and non-forfeitable shall be determined in accordance with the provisions of Sections 2 and 3 of this Agreement. 
 2. Vesting. Except as may be otherwise provided in Section 3 of this Agreement, the vesting of the Grantee’s rights and interest in the Restricted Stock shall be determined in accordance with this
Section 2. The Grantee’s rights and interest in the Restricted Stock shall become fully vested and non-forfeitable and shall cease being restricted on [insert applicable date], provided that (1) the Grantee does not resign prior to
[insert applicable date] and (2) the Company does not terminate the employment of the Grantee for cause prior to [insert applicable date], with said cause being defined as a conviction of a felony or Grantee’s being prevented from
providing services hereunder as a result of Grantee’s violation of any law, regulation and/or rule. 
  

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 3. Change of Control. In the event of a Change of Control (as defined in the
[2002/2005] Plan), Restricted Stock that is not yet vested on the date such Change of Control is determined to have occurred shall become fully vested on the date such Change of Control is determined to have occurred. 
 4. Restrictions on Transfer; Legending of Shares. Until such time as any share of Restricted Stock becomes vested pursuant to
Section 2 or Section 3 of this Agreement, the Grantee shall not have the right to make or permit to occur any transfer, pledge or hypothecation of all or any portion of the Restricted Stock, whether outright or as security, with or without
consideration, voluntary or involuntary. Any transfer, pledge or hypothecation not made in accordance with this Agreement shall be deemed null and void. The certificate evidencing the Restricted Stock shall contain a legend in substantially the
following form: 
  

	
	 “The shares evidenced by this certificate are subject to restrictions on transfer set forth in the Restricted Stock Award Agreement, dated [insert applicable date],
between VeriChip Corporation (the “Company”) and [insert name of Grantee], a copy of which may be obtained from the Company at its principal executive offices.”

	
	 “The shares of common stock of the Company represented hereby have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws
and may not be transferred, pledged, hypothecated or otherwise disposed of in the absence of an effective registration statement covering such shares under that Act and any applicable state securities laws, unless, in the opinion of counsel
satisfactory to the Company, an exemption from registration thereunder is available.”

 5. Forfeiture. The Grantee shall forfeit all of his rights and interest in
the Restricted Stock if the Grantee resigns or the Company terminates the employment of the Grantee for cause (as defined in Section 2 above) before the Restricted Stock becomes fully vested in accordance with Section 2 or Section 3
of this Agreement. 
 6. Shares Held by Custodian; Rights to Dividends and Voting Rights. The Grantee hereby
authorizes and directs the Company to deliver any share certificate issued by the Company to evidence the award of Restricted Stock to the Secretary of the Company or such other officer of the Company (other than the Grantee) as may be designated by
the Company’s Board of Directors or the Compensation Committee of such Board (the “Share Custodian”) to be held by the Share Custodian until the Restricted Stock becomes fully vested in accordance with Section 2 or Section 3
of this Agreement. When the Restricted Stock becomes vested, the Share Custodian shall deliver to the Grantee (or his beneficiary in the event of death) a certificate representing the vested Restricted Stock (which then will be unrestricted) and may
delete the first paragraph of the legend set forth in Section 4 above. The Grantee hereby irrevocably appoints the Share Custodian, and any successor thereto, as the true and lawful attorney-in-fact of the Grantee with full power and authority
to execute any stock transfer power or other instrument necessary to transfer the Restricted Stock to the Company, or to transfer the Restricted Stock to the Grantee on an unrestricted basis upon vesting, pursuant to this Agreement, in the 

  

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name, place, and stead of the Grantee. The term of such appointment shall commence on the Grant Date and shall continue until the Restricted Stock becomes
vested or is forfeited. During the period that the Share Custodian holds the shares of Restricted Stock subject to this Section 6, the Grantee shall be entitled to all rights applicable to shares of Common Stock of the Company not so held,
including the right to vote and receive dividends, but provided, however, in the event of (i) any change in the Common Stock of the Company by reason of any stock dividend, spin-off, split-up, spin-out, recapitalization, merger, consolidation,
reorganization, combination or exchange of shares or (ii) any distribution of Common Stock or other securities of the Company in respect of such shares of Common Stock, the Grantee agrees that any certificate representing shares of such
additional Common Stock or other securities of the Company issued as a result of any of the foregoing shall be delivered to the Share Custodian and shall be subject to all of the provisions of this Agreement as if initially received hereunder.

 7. Tax Consequences. Upon the occurrence of a vesting event specified in Section 2 or Section 3 above,
the Grantee must satisfy the federal, state, local or foreign income and social insurance withholding taxes imposed by reason of the vesting of the Restricted Stock. The Grantee shall make an election with respect to the method of satisfaction of
such tax withholding obligation in accordance with procedures established by the Compensation Committee of the Company’s Board of Directors. Unless the Grantee delivers to the Company or its designee within ten (10) days after the
occurrence of the vesting event specified in Section 2 or Section 3 above a certified check payable in the amount of all tax withholding obligations imposed on the Grantee and the Company by reason of the vesting of the Restricted Stock,
the Grantee’s actual number of vested shares of Restricted Stock shall be reduced by the smallest number of whole shares which, when multiplied by the Fair Market Value of the Common Stock on the vesting date, is sufficient to satisfy the
amount of such tax withholding obligations. For purposes of this Agreement, the term “Fair Market Value” shall have the meaning specified in the [2002/2005] Plan. 
 The Grantee understands that the Grantee may elect to be taxed at the Grant Date rather than when the Restricted Stock becomes vested by filing with the Internal Revenue Service an election under
section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), within thirty (30) days from the Grant Date. The Grantee acknowledges that it is the Grantee’s sole responsibility, and not the Company’s
responsibility, to timely file the Code section 83(b) election with the Internal Revenue Service if the Grantee intends to make such an election. Grantee agrees to provide written notification to the Company if the Grantee files a Code section 83(b)
election. 
 8. No Effect on Employment. Nothing in this Agreement shall confer upon the Grantee the right to continue
in the employment of the Company or affect any right which the Company may have to terminate the employment of the Grantee regardless of the effect of such termination of employment on the rights of the Grantee or this Agreement. 
 9. Governing Laws. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without
regard to any applicable conflicts of law. By accepting this Award, the Grantee irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of Florida or of the United States of America, in each case
located in 

  

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Palm Beach County, Florida, for any litigation arising out of or relating to this Agreement (and agrees not to commence any litigation relating thereto
except in such courts). The Grantee also irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of or related to this Award in the courts of the State of Florida or of the United States of America,
in each case located in Palm Beach County, Florida, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such litigation brought in any such court has been brought in an inconvenient
forum. 
 10. Successors. This Agreement shall inure to the benefit of, and be binding upon, the Company and the
Grantee and their heirs, legal representatives, successors and permitted assigns. 
 11. Severability. In the event
that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this
Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein. 
 12. Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed
facsimile if sent during normal business hours of the recipient, if not, then on the next business day; (c) three (3) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or
(d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent as follows: 
 If to the Company: 
 VeriChip Corporation 
 1690 South Congress Avenue,
Suite 200 
 Delray Beach, Florida 33445 
 If to Grantee: 
 [insert name of Grantee] 
 [insert home address of
Grantee] 
 13. Entire Agreement. Subject to paragraph D in the section of this Agreement under the heading
“Background Information,” this Agreement expresses the entire understanding and agreement of the parties hereto with respect to the terms and conditions of this Award. 
 14. Headings. Section headings used herein are for convenience of reference only and shall not be considered in construing
this Agreement.
  

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 15. Additional Acknowledgements. By their signatures below (including electronic
signatures), the Grantee and the Company agree that the Restricted Stock is granted under and governed by the terms and conditions of this Agreement. Grantee has reviewed the terms of this Agreement, has had an opportunity to obtain the advice of
counsel prior to executing this Agreement and fully understands all provisions of this Agreement. Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Compensation Committee of the Company’s
Board of Directors upon any questions relating to this Agreement. 
 IN WITNESS WHEREOF, the Company and the Grantee have
executed this Agreement as of the Grant Date set forth above. 
  

			
	 VERICHIP CORPORATION

		
	 By:
	 	 
	
	 GRANTEE:

	
	 
	 [insert name of Grantee]

  

 5Form of Non-Qualified Stock Option Award Agreement

 Exhibit 10.4 
 

 
 NON-QUALIFIED STOCK OPTION AWARD GRANTED UNDER THE 
 VERICHIP CORPORATION 
 [2002/2005]
FLEXIBLE STOCK PLAN 
 Name of Option Recipient: [insert name of Grantee] 
 On [insert applicable date] (the “Grant Date”), the Company awarded you a stock option. You were granted an option to buy
[insert applicable number] Shares of the Common Stock at the price of $[insert applicable amount] per Share on or after [insert vesting date], and on or before [insert expiration date]. [Where the option award is to vest in tranches, use the
following sentence as a replacement for the one immediately prior: You were granted an option to buy [insert applicable number] Shares of the Common Stock at the price of $[insert applicable amount] per Share on or after the following
dates—[insert number for first tranche] on [insert first vesting date]; [insert number for second tranche] on [insert second vesting date]; and [insert number for third tranche] on [insert third vesting date]—and, in each case, no later
than [insert expiration date]. If to vest over more than, or less than, three tranches, customize as necessary.] 
 IMPORTANT: By signing below, you agree to be bound by, and acknowledge receipt of, the attached Terms and Conditions of this Non-Qualified Stock Option Award and the VeriChip Corporation [2002/2005] Flexible Stock Plan. 

 

					
	 	 	 VeriChip Corporation

			
		 	By:	 	
			
	 Read and agreed to this
	 		 	
	      day of
                    , 200  .
	 		 	
			
	 	 		 	
	 [insert name of Grantee]
	 		 	

 TERMS AND CONDITIONS 
 NON-QUALIFIED STOCK OPTION AWARD GRANTED UNDER 
 VERICHIP
CORPORATION 
 [2002/2005] FLEXIBLE STOCK PLAN 
  

	 1.
	 Definitions 

  

					
	 (a)
	  	 Committee
	  	 The Committee (or, in certain cases, its designees) who administers the Stock Option Plan

	 (b)
	  	 Company
	  	 VeriChip Corporation, a Delaware corporation

	 (c)
	  	 Option
	  	 The option granted by the Option Award

	 (d)
	  	 Option Award
	  	 The Non-Qualified Stock Option Award to which the Terms and Conditions are attached together with, except where the context requires otherwise, these Terms and
Conditions

	 (e)
	  	 Participant
	  	 The recipient of an Option Award

	 (f)
	  	 Stock Option Plan
	  	 VeriChip Corporation [2002/2005] Flexible Stock Plan, as amended

 All capitalized terms not otherwise defined herein shall have the meanings given to such terms by
the Stock Option Plan. 
  

	 2.
	 Evidence of Option Grant and Option not an Incentive Stock Option 

 The Option Award evidences a grant to the Participant of an Option to purchase that number of Shares (“Optioned Shares”) of the
Common Stock of the Company (“Shares”) set forth on the Option Award. The Participant may exercise the Option as shown on the Option Award. In no event shall the Option or any part of the Option be exercisable after [insert expiration
date] (the “Option Expiration Date”). The Option shall not be treated as an “Incentive Stock Option,” as defined in Section 422 of the Internal Code of 1986, as amended (“Code”), notwithstanding the fact that
certain provisions of these Terms and Conditions incorporate portions of Code Section 422 and/or comply with the requirements of such section. 
  

	 3.
	 Exercise of Option 

 The Option shall be exercised by the Participant delivering a written notice of exercise to the Company’s corporate headquarters at 1690 S. Congress Ave., Suite 200, Delray Beach, Florida 33445. This notice shall specify the number of
Optioned Shares the Participant then desires to purchase. 
  

	 4.
	 Payment of Option Price 

 Payment for the Shares purchased under the Option shall be made to the Company in cash (including cashier’s check, bank draft or money order). 
  

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 In addition to the foregoing methods of payment, payment of the Option price may, at the
discretion of the Committee, be made in whole or in part in other property (including Shares owned by the Participant), rights and credits, including the Participant’s promissory note. 
  

	 5.
	 Form of Notice of Exercise 

 The Participant’s notice as required by Section 3 shall be signed by the Participant and shall be in substantially the following form: 
 “I hereby exercise my Option to purchase                      Shares in accordance
with my Option Award dated                             ,
        , granted under the Company’s [2002/2005] Flexible Stock Plan. 
 The aggregate Option price of the Shares I am purchasing is $                    . I hereby tender in payment of such price, my
cashier’s check, bank draft or money order made payable to the Company in the amount of $                    . 
 I hereby represent to the Company that I own the
                     Shares delivered herewith in payment of the purchase price for the Shares free and clear of all liens and encumbrances.

 If the Shares purchased have not been registered under the Securities Act of 1933, I hereby further represent to the
Company that I am acquiring the                      Shares that I am purchasing solely for investment and solely for my own account and that
I have no present intention of selling or offering for sale any of such Shares to any other person or persons.” 
  

	 6.
	 Stock Certificates 

 Upon the exercise of the Option and payment of the Option price for the Shares being acquired upon such exercise, whether in cash or cash and property, rights and/or credits specifically permitted by the Committee, the Participant shall be
entitled to a certificate evidencing the Shares acquired upon exercise. 
  

	 7.
	 Legends on Certificates 

 The certificate or certificates to be issued under Section 6 shall be issued as soon as practicable. Such certificate or certificates shall contain thereon a legend in substantially the following form if the
Shares evidenced by such certificate have not been registered under the Securities Act of 1933, as amended: 
 “The
shares represented by this certificate have not been registered under the Securities Act of 1933 or any applicable state law. They may not be offered for sale, sold, transferred or pledged without (1) registration under the Securities Act of
1933 and any applicable state law, or (2) at holder’s expense, an opinion (satisfactory to the Company) that registration is not required.” 
  

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 The certificates shall also contain such other legends as may be appropriate or required by law, such as
a legend relating to any stockholders’ agreement that may apply to the Shares. 
  

	 8.
	 Termination of Employment/Service; Nonassignability 

 8.1 Voluntary Termination of Employment or Termination of Employment for Cause. 
 a. If the Participant shall voluntarily terminate his or her employment prior to attainment of age 65, the Participant’s full interest in the Option shall terminate on the date of such termination of employment
and all rights thereunder shall cease, whether or not the Option is then exercisable. 
 b. If the Participant’s
employment is terminated by the Employer for “Cause”, as defined below, then the Participant’s full interest in the Option shall terminate on the date of such termination of employment and all rights thereunder shall cease, whether or
not the Option is then exercisable. 
 I.  Whether a Participant’s employment is terminated for Cause shall be
determined by the Committee. 
 II. Cause shall include, but not be limited to, gross negligence, willful misconduct,
flagrant or repeated violations of the Employer’s policies, rules or ethics, a material breach by the Participant of any employment agreement between the Participant and the Employer, intoxication, substance abuse, sexual or other unlawful
harassment, disclosure of confidential or proprietary information, engaging in a business competitive with the Employer, or dishonest, illegal or immoral conduct. 
 8.2 Other Termination. 
 a. Death, Disability or Retirement. If
the Participant’s employment shall be terminated for death, disability (as such term is defined in Section 422(c)(6) of the Code), or voluntary termination by the Participant after attainment of age 65 (“Retirement”), such
termination shall have no effect on his or her rights under the Option, regardless of whether or not the Option is then exercisable. The Option shall continue to vest and remain outstanding and exercisable until it expires by its terms. 

b. Termination by the Employer without Cause. If the Participant’s employment shall be terminated by the Employer without Cause,
such termination shall have no effect on his or her rights under the Option, regardless of whether or not the Option is then exercisable. The Option shall continue to vest and remain outstanding and exercisable until it expires by its terms.

 8.3 Termination of Service on the Company’s Board of Directors (the “Board”). 
 a. For purposes of determining the rights of a member of the Board (a “Director”) under this Section 8.3, the
Participant’s service as a member of the Board shall be terminated when he or she ceases to be a Director. 
  

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 Notwithstanding the foregoing sentence, if a Participant is both a Director and an
Employee, his or her employment shall not be deemed to have been terminated as long as he or she remains either a Director or an Employee, as the case may be. 
 b. If the Participant shall voluntarily terminate his or her service as a Director prior to attainment of age 65, and before the expiration of his or her term, the Participant’s full
interest in the Option shall terminate on the date of such termination of service as a Director and all rights thereunder shall cease, whether or not the Option is then exercisable. 
 c. If the Participant’s service as a Director terminates as a result of not running for reelection after the expiration of his or her
term, said Director shall not be deemed to have incurred a termination of service as a result of such term expiration. For purposes of this Option, the Director shall be deemed to continue to serve on the Board until (i) the expiration of the
Option or (ii) as otherwise provided by the Committee in its sole and absolute discretion. 
 d. If the
Participant’s service as a Director terminates as a result of his or her death, disability (as such term is defined in Section 422(c)(6) of the Code), or Retirement, such termination shall have no effect on his or her rights under the
Option, regardless of whether or not the Option is then exercisable. The Option shall continue to vest and remain outstanding and exercisable until it expires by its terms. 
 e. Notwithstanding any other provision in this Section 8.3, if the Participant’s service as a Director is terminated for Cause, then the Participant’s full interest in the Option
shall terminate on the date of such termination of service and all rights thereunder shall cease, whether or not the Option is then exercisable. 
 f. The Participant’s service as a Director shall be deemed to have been terminated without Cause if the Participant ceases to serve in such a position solely due to the failure to be reelected or reappointed, as
the case may be, and such failure is not a result of an act or omission which would constitute Cause. If the Participant’s service as a Director is terminated without Cause, such termination shall have no effect on his or her rights under the
Option, regardless of whether or not the Option is then exercisable. The Option shall continue to vest and remain outstanding and exercisable until it expires by its terms. 
 8.4 Non-Transferability of Rights; Designation of Beneficiaries. The Option shall not be transferable by the Participant otherwise than by will or the laws of descent and distribution or
as provided in this Section 8.4. During the lifetime of the Participant the Option shall be exercisable only by the Participant. The Participant, however, may file with the Company a written designation of a beneficiary or beneficiaries to
exercise, in the event of death of the Participant, the Option granted hereunder, subject to all of the provisions of this Section 8. A Participant may from time to time revoke or change any such designation of beneficiary and any designation
of beneficiary under the Plan shall be controlling over any other disposition, testamentary or otherwise; provided, however, that if the Committee shall be in doubt as to the right of any such beneficiary to exercise the Option, the Committee may
determine to recognize only an exercise by the personal representative of the estate of the Participant, in which case the Company, the Committee and the members thereof shall not be under any further liability to anyone. 
  

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 8.5 Deemed Termination of Employment and Transfer. If the Employer that employs
the Participant (or of which the Participant is a Director) ceases to be an Employer, the Participant’s employment shall be deemed to have been terminated by such Employer without Cause as of the date that it ceases to be an Employer. The
transfer of a Participant’s employment (or a Director’s service as a Director) from one Employer to another Employer shall not be deemed a termination of employment. 
  

	 9.
	 Withholding 

 The Company or any Affiliate that employs the Participant shall have the right to deduct any sums that federal, state or local tax law requires to be withheld with respect to the exercise of the Option, or as otherwise may be required by
such laws. The Company or any such Affiliate may require as a condition to issuing Shares upon the exercise of the Option that the Participant or other person exercising the Option pay any sum that federal, state or local tax law requires to be
withheld with respect to such exercise. In the alternative, the Participant or other person exercising the Option, may elect to pay such sums to the Company or the Affiliate delivering written notice of that election to the Company’s corporate
headquarters at 1690 S. Congress Avenue, Suite 200, Delray Beach, Florida 33445, prior to or concurrently with exercise. There is no obligation that the Participant be advised of the existence of the tax or the amount which the employer corporation
will be so required to withhold. 
  

	 10.
	 Right to Exercise Acceleration 

 On or before the Option Expiration Date, the Option shall be immediately exercisable in full (if not already exercisable) upon a Change of Control. 
  

	 11.
	 Limitation on Exercise 

 Notwithstanding anything herein or in the Stock Option Plan, no holder of an Option may exercise such Option if the Shares are not then traded publicly on the bulletin board or on a stock exchange or stock market,
except: (i) in connection with a sale of all or part of the Shares, or (ii) within two months prior to the expiration of the Option as set forth in the Option Award (or as may be extended by the Committee). 
  

	 12.
	 Stock Option Plan Controls 

 The Option Award and these Terms and Conditions are subject to all terms and provisions of the Stock Option Plan which is incorporated herein by reference. In the event of any conflict, the Stock Option Plan shall
control over the Option Award and these Terms and Conditions. 
  

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