Document:

c56802_ex-38.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.38

ENZON PHARMACEUTICALS, INC.

2001 INCENTIVE STOCK PLAN 

RESTRICTED STOCK AWARD 

Terms and Conditions

           The Company wishes to grant to Employee, effective as of the date set forth on the Notice of Grant of Award, an award of restricted shares of the Company’s common stock, par value $.01 per
share (the “Common Stock”), on the terms and subject to the conditions set forth in the Notice of Grant of Award, these Terms and Conditions, and the Company’s 2001 Incentive Stock Plan, as amended from time to time. As a condition to
the grant of such Award, Employee accepts these Terms and Conditions. 

     1. Definitions. As used in these Terms and Conditions, the following terms have the meanings set forth below:

     “Acquiring Person” means any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who or
which, together with all Affiliates and Associates of such person, is the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of
the combined voting power of the Company’s then outstanding securities, but shall not include the Company, or any subsidiary of the Company. 

     “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 

     “Award” has the meaning ascribed to such term in Section 2 hereof.

     “Board” means the Board of Directors of the Company. 

     A “Change in Control” means:

          (a) the public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to Section
13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that any person, entity or “group”, within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, other than the Company or any of its
subsidiaries, has become the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the combined voting power of the Company’s then outstanding voting securities in a transaction or series of
transactions; or 

          (b) the “Continuing Directors” (as defined below) cease to constitute a majority of the Board; or 

          (c) the shareholders of the Company approve:

     (i) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation; or

     (ii) any consolidation or merger of the Company following which either the Company or a corporation that, prior to the merger or consolidation,
was a subsidiary of the Company, shall be the surviving entity and a majority of the then outstanding voting securities of the Company (the “Outstanding Company Voting Securities”) is owned by a Person or Persons (as defined in Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) who were not “beneficial owners” of a majority of the Outstanding Company Voting Securities immediately prior to such merger or consolidation; 

     other than, in the case of (i) or (ii) above, a merger of the Company in which shareholders of the Company immediately prior to the merger have the same proportionate ownership of stock of the surviving corporation immediately after the merger; or 

          (d) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the
assets of the Company; or 

          (e) any plan of liquidation or dissolution of the Company; or

          (f) the majority of the Continuing Directors determine in their sole and absolute discretion that there has been a change in control of the Company.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Common Stock” has the meaning specified in the Recital to these Terms and Conditions. 

     “Continuing Director” means any person who is a member of the Board who, while such a person is a member of the Board, is not an Acquiring Person or an Affiliate or Associate of an Acquiring
Person, or a representative of an Acquiring Person or of any such Affiliate or Associate, and who (i) was a member of the Board on the date of these Terms and Conditions or (ii) subsequently
becomes a member of the Board with the approval of at least one-half (1/2) of the directors then in office (but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened
election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person). 

     “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a
governmental entity or any department, agency or political subdivision thereof. 

     “Plan” means the Company’s 2001 Incentive Stock Plan, as amended from time to time.

     “Shares” means, collectively, the shares of Common Stock constituting the Award, whether or not such shares are vested. 

     2. Award. The Company, effective as of the date set forth on the Notice of Grant of Award, hereby grants to
Employee an award of the number of restricted shares of Common 

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Stock indicated in the Notice of Grant of Award delivered to Employee (the “Award”), subject to the terms and conditions set forth herein and in the Plan. 

     3.  Vesting.

          (a)
Subject to the provisions of these Terms and Conditions, the Shares shall vest
in accordance with the schedule
indicated in the Notice of Grant of Award. 

          (b) Notwithstanding the vesting provisions contained in Section 3(a) above, but subject to the other terms and conditions set forth herein, if
Employee has been continuously employed by the Company until the date of a Change in Control of the Company, all of the Shares shall immediately vest on the date of such Change in Control.

          (c) In the event of the disability (within the meaning of Section 22(e)(3) of the Code) or death of Employee, if Employee has been continuously
employed by the Company until the date of such disability or death, Employee or his estate shall become immediately vested, as of the date of such disability or death, in all of the Shares. 

          (d) Except as provided in Section 3(c) and any effective employment agreements that Employee might have with the Company, if Employee ceases to
be an employee for any reason prior to the vesting of the Shares pursuant to Sections 3(a) or 3(b) hereof, Employee’s rights to all of the Shares not vested on the date that Employee ceases to be an employee shall be immediately and irrevocably
forfeited and the Employee will retain no rights with respect to the forfeited units. 

     4. Additional Restriction on Transfer of Restricted Stock Units.

     The Shares cannot be sold, assigned, transferred, gifted, pledged, hypothecated, or in any manner encumbered or disposed of until such Shares have become vested. 

     5. Rights as Shareholder. Employee shall be entitled at all times to all of the rights of a stockholder with respect to the Shares, including without limitation the right to vote and tender such Shares and to receive dividends and other distributions as provided in and subject to the provisions of Section 6. 

     6.  Distributions and Adjustments.

          (a) In accordance with Section 4(C) of the Plan, the Award shall be subject to adjustment in the event that any distribution, recapitalization, reorganization, merger or other event covered by Section 4(C) of the Plan shall occur. If all or any portion of the Shares vest subsequent to any such change in the
number or character of the shares of Common Stock, Employee shall then receive upon such vesting the number and type of securities or other consideration which Employee would have received if the Shares had vested prior to the event changing the
number or character of outstanding shares of Common Stock. 

           (b) Any additional shares of Common Stock, any other securities of the Company and any other property (except for cash dividends) distributed with respect to the Shares prior to the date the Shares
vest shall be subject to the same restrictions, terms and 

3

conditions as the Shares. Any cash dividends payable with respect to the Shares shall be distributed to Employee at the same time cash dividends are distributed to stockholders of the Company generally. 

     7. Taxes.

          (a) In order to provide the Company with the opportunity to claim the benefit of any income tax deduction which may be available to it in connection with the Award, and in order to comply with all applicable federal or state tax laws or regulations, the Company may take such action as it deems appropriate
to insure that, if necessary, all applicable federal or state income and social security taxes are withheld or collected from Employee. 

           (b) The issuance of the Shares to Employee pursuant to these Terms and Conditions involves complex and substantial tax considerations, including, without limitation, consideration of the advisability
of Employee making an election under Section 83(b) of the Internal Revenue Code. The Employee is urged to consult his own tax advisor with respect to the transactions described in these Terms and Conditions. The Company makes no warranties or
representations whatsoever to the Employee regarding the tax consequences of the grant to the Employee of the Shares or these Terms and Conditions. Employee acknowledges that the making of any Section 83(b) election shall be his personal
responsibility. 

           (c) Employee may elect to satisfy federal and state income tax withholding obligations arising from the receipt of, or the lapse of restrictions relating to, the Shares by (i) delivering cash, check
(bank check, certified check or personal check) or money order payable to the order of the Company, (ii) having the Company withhold a portion of the Shares otherwise to be delivered having a fair market value based on the last reported sale price
of a share of Common Stock on the Nasdaq Stock Market (or if the Shares no longer trade on the Nasdaq Stock Market, the closing or last reported price on the principal exchange or system on which they trade) on the date of vesting (the “Fair
Market Value”) equal to the amount of such taxes, or (iii) delivering to the Company Common Stock having a Fair Market Value equal to the amount of such taxes. The Company will not deliver any fractional Share but will pay, in lieu thereof, the
Fair Market Value of such fractional Share. The Employee’s election must be made on or before the date that the amount of tax to be withheld is determined. Otherwise, the Company shall be entitled to withhold taxes due in such manner as the
Company determines in its discretion. 

     8. Employee’s Employment. Nothing in these Terms and Conditions shall confer upon Employee any right to
continue in the employ of the Company or any of its subsidiaries or interfere with the right of the Company or its subsidiaries, as the case may be, to terminate Employee’s employment or to increase or decrease Employee’s compensation at
any time. 

     9. Notices. All notices, claims, certificates, requests, demands, and other communications hereunder shall be
in writing and shall be deemed to have been duly given and delivered if personally delivered or if sent by nationally recognized overnight courier, by facsimile or by registered or certified mail, return receipt requested and postage prepaid,
addressed as follows: 

4

          (a) If to the Company, to it at:

Enzon Pharmaceuticals, Inc.

685 Route 202/206 

Bridgewater, New Jersey 08807 

Attn: Executive Vice President, Human Resources

          (b) If to Employee, to him/her at such Employee’s address as most recently supplied to the Company and set forth in the Company’s
records; or 

          (c) to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith.

     Any such notice or communication shall be deemed to have been received (i) in the case of personal delivery, on the date of such delivery (or if such date is not a business day, on the next business
day), (ii) in the case of nationally-recognized overnight courier, on the next business day after the date sent, (iii) in the case of facsimile transmission, when received (or if not sent on a business day, on the next business day after the date
sent), and (iv) in the case of mailing, on the third business day following the date on which the piece of mail containing such communication is posted. 

     10. Waiver of Breach. The waiver by either party of a breach of any provision of these Terms and Conditions
must be in writing and shall not operate or be construed as a waiver of any other or subsequent breach. 

     11. Undertaking. Both parties hereby agree to take whatever additional actions and execute whatever additional
documents either party may in their reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the other party under the provisions of these Terms and Conditions.

     12. Plan Provisions Control. The Award is made subject to the terms and provisions of the Plan. In the event
that any provision of the Agreement conflicts with or is inconsistent in any respect with the terms of the Plan, the terms of the Plan shall control. 

     13. Governing Law. These Terms and Conditions shall be governed by, and construed in accordance with, the laws
of the State of Delaware (without giving effect to principles of conflicts of laws). 

     14. Entire Agreement. These Terms and Conditions (and the other writings incorporated by reference herein,
including the Plan) constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous written or oral negotiations, commitments, representations, and agreements with respect
thereto. 

5

ENZON PHARMACEUTICALS, INC.

NOTICE OF GRANT OF AWARD

RESTRICTED STOCK AWARD

Grant Date: xx/xx/xx

Certificate No. xxxxxxxx

	Summary
    Grant Information
	EMPLOYEE:	 
	NUMBER OF SHARES:	 
	GRANT DATE
FAIR MARKET VALUE	$xx.xx per share
	PLAN:	2001
    Incentive Stock Plan (the “Plan”)

	Vesting Information
	Date
	Percentage of

      Restricted Stock Award
that Vests 	Number of Shares of
Restricted
    Stock that Vest
	 	 	 
	 	 	 
	 	 	 

     In accordance with the terms and conditions of the Plan and as a condition to the Award set forth above, the Employee agrees to the provisions set forth in the Terms and Conditions attached hereto.

ENZON PHARMACEUTICALS, INC.

By:_____________________________

Paul Davit 

Executive Vice President, Human Resources

6exv10w34

Exhibit 10.34

STOCK REPURCHASE PLAN AND AGREEMENT

     This Stock Repurchase Plan and Agreement (this “Plan”) made this             day of            by
and between Broker having a place of business at            (“BROKER”)
and Outdoor Channel Holdings, Inc., a Delaware corporation having a place of business at 43445
Business Park Drive, Suite 103, Temecula, California 92590 (“Purchaser”).

     WHEREAS, Purchaser wishes to enter into this Plan for the purpose of establishing and adopting
a written plan for trading securities that complies with the requirements of Rule 10b5-1(c)(1)
under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”).

     WHEREAS, Purchaser is establishing and adopting this Plan to provide for the orderly
repurchase of shares of common stock of Outdoor Channel Holdings, Inc. (the “Stock”), which trade
on the NASDAQ Global Market under the symbol “OUTD”; and

     WHEREAS, subject to the terms and conditions herein, BROKER  shall act as agent on behalf of
Purchaser in connection with this Plan.

     NOW THEREFORE, the parties hereto agree as follows:

A. Purchaser’s Representations, Warranties and Covenants. Purchaser hereby represents and
warrants to and agrees with BROKER as follows:

     1. Purchaser is entering into this Plan in good faith and not as part of a plan or scheme to
evade compliance with the federal securities laws, including the provisions of Rule
10b5-1(c)(1)(ii). Subject to Purchaser’s right to terminate this Plan, Purchaser shall not alter,
modify or deviate from the terms of this Plan while aware of any material non-public information
with respect to itself or its securities.

     2. While this Plan is in effect, Purchaser shall not make any purchase of Stock or otherwise
enter into or alter any corresponding or hedging transaction or position in the Stock, except for
purchases of Stock by BROKER pursuant to this Plan.

     3. Purchaser acknowledges and agrees that the execution and delivery of this Plan by Purchaser
and the transactions contemplated by this Plan will not contravene applicable law or any material
agreement or other instrument binding on Purchaser or any judgment, order or decree of any
governmental body, agency or court having jurisdiction over Purchaser. The transactions to be made
by BROKER for the account of Purchaser pursuant to this Plan will not violate Purchaser’s insider
trading policies.

     4. Purchaser agrees to notify BROKER orally or in writing at the addresses and facsimile numbers
set forth in paragraph E.4 hereof as soon as practicable after Purchaser has knowledge of any
material pending or threatened legal, contractual or regulatory restriction that would restrict,
limit or prohibit the purchase of Stock pursuant to this Plan. Such notice shall indicate, to the
extent then known by Purchaser, the anticipated onset and duration of the restriction, but

 

 

shall not include any other information about the nature of the restriction or its applicability to
Purchaser or Purchaser’s affiliates and shall not in any way communicate any material nonpublic
information about the Purchaser or its securities to BROKER. Any such notice received by BROKER from
Purchaser shall operate to, as indicated in such notice, suspend, amend or terminate this Plan.

     5. Purchaser understands that BROKER may from time to time not be able to effect purchases of the
Stock under the Plan due to market conditions or legal, regulatory or contractual restrictions
applicable to BROKER.

     6. Purchaser agrees that it shall not, directly or indirectly, communicate any material
non-public information relating to itself or its securities to any employee of BROKER or its
affiliates who is involved, directly or indirectly, in executing this Plan at any time while this
Plan is in effect.

     7. Purchaser agrees that, while this Plan is in effect, it shall comply with all laws, rules
and regulations applicable in connection with the execution of this Plan and the transactions
contemplated hereby.

     8. Purchaser acknowledges and agrees that, while this Plan is in effect, Purchaser does not
have, and shall not attempt to exercise, directly or indirectly, any influence over how, when or
whether to effect purchases of Stock pursuant to this Plan.

B. Implementation of the Plan

     1. BROKER may purchase up to $             of shares of Stock (the “Purchase Amount”) on the terms
as set forth on Exhibit A hereto. BROKER shall commence purchases under this Plan on             and may effect such purchases on any day that the principal market on which the Stock trades
is open (each such a potential “Trading Day”) under the ordinary principles of best execution with
no shares to be purchased during the term of this Plan other than in accordance with the guidelines
and provisions set forth herein.

     2. Broker’s Execution. It is understood and agreed that the acceptance of Purchaser’s
orders herein by BROKER does not constitute a guarantee or other assurance of any kind that purchases
of Stock can or will be made at any particular price on any Trading Day. BROKER shall make purchases
under this Plan under ordinary principles of best execution. BROKER will not be liable for any failure
to purchase Stock, or to purchase Stock at any particular price, on any Trading Day, so long as it
exercises reasonable efforts in good faith to execute this Plan in accordance with its terms. BROKER
will comply with all applicable laws, rules and regulations in its execution of the Plan.

     3. Stock Splits, etc. This Plan shall be adjusted automatically on a proportionate
basis to take into account any stock split, reverse stock split or stock dividend with respect to
the Stock or any similar transaction with respect to the Stock that occurs during this Plan.

     4. Rule 10b-18. Each of Purchaser and BROKER agrees to comply with Rule 10b-18 under the
Exchange Act in effecting any purchase of Stock pursuant to this Plan. Specifically,

 

 

BROKER will comply with the timing and volume restrictions of Rule 10b-18, provided that the purchases made
herein are the only purchases subject to such volume calculation.

     5. Recapitalizations. If a merger, acquisition or similar transaction involving a
recapitalization of the Company is announced (a “Recapitalization Transaction”), Purchaser shall
provide BROKER with actual notice of such an event (each, a “Recapitalization Notice”). Such
Recapitalization Notice shall include either (i) a request to cease all purchases of Stock pursuant
to this Plan, or (ii) a request to continue
Purchasers of Stock pursuant to this Plan and providing facts establishing either (a) or (b)
below:

	 	a)	 	Such purchases are effected during a transaction in which the
consideration is solely cash and there is no valuation period; or

	 	b)	 	Each of the following is satisfied:

	 	i.	 	the total volume of Rule 10b-18
purchases effected on any single day will not exceed the lesser of
25% of the Stock’s four-week average daily trading volume (“ADTV”)
or the Purchaser’s average daily Rule 10b-18 purchases during the
three full calendar months preceding the date of the announcement
of such transaction;

	 	ii.	 	the Purchaser’s block purchases
effected pursuant to Rule 10b-18(b)(4) will not exceed the average
size and frequency of the Purchaser’s block purchases effected
pursuant to Rule 10b-18(b)(4) during the three full calendar months
preceding the date of the announcement of such transaction; and

	 	iii.	 	such purchases are not otherwise
restricted or prohibited.

     Any and all such Recapitalization Notices shall not in any way communicate any material
nonpublic information about the Company or its securities to BROKER. Purchaser shall be liable to BROKER
for any damages resulting from any and all purchases of Stock made by BROKER that were not in
compliance with Rule 10b-18 as a result of Purchaser’s failure to provide BROKER with such actual
notice or as a result of Purchaser providing inaccurate information to BROKER. If such
Recapitalization Notice requests that purchases be suspended, purchases pursuant to this Plan may
not resume until Purchaser provides BROKER with a request to resume purchases pursuant to this Plan.

     5. Compensation. Purchaser will pay to BROKER the fees and commissions set forth on
Exhibit B attached hereto in connection with this Plan and the transactions contemplated
hereby.

     6. Notification of Purchases. BROKER will provide Purchaser, as soon as reasonably
practicable but not less than daily, reports of purchases executed under this Plan, at the number
or address set forth in section E.4 hereof.

 

 

     7. Amendment. Any alteration or modification of this Plan by Purchaser will be made
in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1. In
particular, subject to Purchaser’s right to terminate this Plan, Purchaser shall not alter, modify
or deviate from the terms of this Plan while aware of any material non-public information with
respect to itself or its securities.

C. Termination or Suspension

     1. This Plan may not be terminated or suspended prior to the time designated pursuant to
paragraph C.2 hereof, except that it may be suspended or terminated upon written notice at any time
from Purchaser to the address or facsimile numbers set forth in paragraph E.4 hereof. Each such
notice from Purchaser shall indicate whether the Plan is being suspended or terminated and, in the
event of suspension, the expected duration of
the suspension, but shall not in any way communicate any material nonpublic information about
Purchaser or its securities to BROKER.

     2. This Plan will automatically terminate on the earliest of (a) the date on which BROKER
receives notice of the commencement of any proceedings in respect of or triggered by any bankruptcy
or insolvency of Purchaser; (b) the date of BROKER’s election, upon any failure by Purchaser to pay
for securities purchased hereunder; (c) the time at which the aggregate fund limit set forth in
Exhibit A has been achieved; and (d) the close of business on            .

D. Limitation of Liability

     1. Notwithstanding any other provision hereof, neither Purchaser nor BROKER shall be liable to
the other for:

	 	(a)	 	special, indirect, punitive, exemplary or consequential
damages, or incidental losses or incidental damages of any kind, even if
advised of the possibility of such losses or damages or if such losses or
damages could have been reasonably foreseen, or

	 	(b)	 	any failure to perform or to cease performance or any delay
in performance that results from a cause or circumstance that is beyond its
reasonable control, including but not limited to failure of electronic or
mechanical equipment, strikes, failure of common carrier or utility systems,
severe weather, market disruptions or other causes commonly known as “acts of
God”.

     2. Purchaser has consulted with its own advisors as to the legal, tax, business, financial and
related aspects of, and has not relied upon BROKER or any person affiliated with BROKER in connection
with, Purchaser’s adoption and implementation of this Plan.

     3. Purchaser acknowledges and agrees that in performing its obligations under this Plan
neither BROKER nor any of its affiliates nor any of their respective officers, employees or other

 

 

representatives is exercising any discretionary authority or discretionary control respecting
management of Purchaser’s assets, or exercising any authority or control respecting management or
disposition of Purchaser’s assets, or otherwise acting as a fiduciary (within the meaning of
Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended, or Section
2510.3-21 of the Regulations promulgated by the United States Department of Labor) with respect to
Purchaser or Purchaser’s assets. Without limiting the foregoing, Purchaser further acknowledges and
agrees that neither BROKER nor any of its affiliates nor any of their respective officers, employees
or other representatives has provided any “investment advice” within the meaning of such
provisions, and that no views expressed by any such person will serve as a basis for investment
decisions with respect to Purchaser’s assets.

     4. Purchaser agrees to indemnify and hold harmless BROKER and its officers, directors, employees,
agents and affiliates from and against any losses, liabilities, claims, damages and expenses
(“Losses”), including but not limited to reasonable attorneys’ fees and the costs of investigating
or defending any matter, arising out of or incurred in
connection with this Plan, except to the extent Losses have resulted primarily and directly
from the fraud, bad faith, gross negligence or willful misconduct of BROKER.

E. General

     1. Purchaser and BROKER acknowledge and agree that BROKER is acting as broker for Purchaser in
connection with this Plan and that Purchaser is a “customer” of BROKER within the meaning of Section
741(2) of Title 11 of the United States Code (the “Bankruptcy Code”). Purchaser and BROKER further
acknowledge and agree that this Plan is a “securities contract,” as such term is defined in Section
741(7) of the Bankruptcy Code, entitled to all of the protections given such contracts under the
Bankruptcy Code.

     2. This Plan constitutes the entire agreement between the parties and supercedes any prior
agreements or understandings with respect to the subject matter hereof; provided that the terms and
conditions of any agreement(s) governing Purchaser’s account(s) with BROKER and its affiliates shall
continue to apply with respect to the matters governed thereby and are hereby ratified and
confirmed.

     3. This Plan may be amended by Purchaser and may be reinstated following any suspension only
with the written consent of BROKER.

     4. All notices to Purchaser and BROKER under this Plan shall be given to all of the following
persons in the manner specified by this Plan by telephone, confirmed immediately in writing by
facsimile, email or overnight courier:

	 	 	 	 	 
	 	If to Purchaser:
	 	Outdoor Channel Holdings, Inc

ATTN: Thomas E. Hornish, COO & General Counsel

43445 Business Park Drive, Suite 103,

Temecula, California 92590

Fax: 1-951-676-9260	 

 

 

	 	 	 	 	 
	 	with a copy to:
	 	Wilson Sonsini Goodrich & Rosati

ATTN: Martin J. Waters, Esquire

12235 El Camino Real, Suite 200

San Diego, CA 92130

Fax: (858) 350-2399	 
	 
	 	If to BROKER:
	 	                                 

                                 

                                 

                                 

                                 

                                 	 

     5. Each party’s respective rights and obligations under this Plan may not be assigned or
delegated without the prior written permission of the other parties. Notwithstanding the foregoing,
it is understood and agreed that BROKER may utilize the services of brokers and other intermediaries
in connection with making the purchases of Stock hereunder, without the consent of Purchaser.

     6. This Plan may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument.
Delivery of an executed counterpart of this Plan by telecopier or facsimile transmission shall
constitute due and effective delivery thereof.

     7. If any provision of this Plan is or becomes inconsistent with any applicable present or
future law, rule or regulation, that provision will be deemed modified or, if necessary, rescinded
in order to comply with the relevant law, rule or regulation. All other provisions of this Plan
will continue and remain in full force and effect.

     8. All transactions contemplated under this Plan shall be effected in the State of Delaware.
This Plan, and all transactions contemplated hereunder, shall be governed by and construed in
accordance with the laws of the State of Delaware.

 

 

     IN WITNESS WHEREOF, the undersigned have signed this Plan as of the date first written above.

	 	 	 	 	 
	 	 BROKER

	 
	 
	 	Name:	 	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 

	 	 	 	 	 
	 	OUTDOOR CHANNEL HOLDINGS,
INC.
	 
	 
	 	Name:	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 

[Signature Page to Stock Repurchase Plan and Agreement]

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