Document:

Exhibit 4.3

    
      

    

    EXHIBIT
      4.3

    

    BOOTS
      & COOTS INTERNATIONAL WELL CONTROL, INC.

    2006
      NON-EMPLOYEE DIRECTOR STOCK INCENTIVE PLAN

    

    REGULAR
      RESTRICTED STOCK AWARD AGREEMENT

    

    THIS
      AGREEMENT, made and entered into as of the day
      of               
 , 20   , by and between BOOTS & COOTS INTERNATIONAL WELL
      CONTROL, INC., a Delaware corporation (“Company”),
      and                      
, an outside director of Company (“Participant”).

    

    WHEREAS,
      the Compensation Committee of Company’s Board of Directors or such other
      committee designated by Company’s Board of Directors (the “Committee”), acting
      under Company’s 2006 Non-Employee Director Stock Incentive Plan (the “Plan”),
      has the authority to award restricted shares of Company’s common stock, $0.00001
      par value per share (the “Common Stock”), to non-employee directors of the
      Company; and

    

    WHEREAS,
      pursuant to the Plan, the Committee has determined to make such an award to
      Participant on the terms and conditions and subject to the restrictions set
      forth in the Plan and this Agreement, and Participant desires to accept such
      award;

    

    NOW,
      THERFORE, in consideration of the premises and mutual covenants and agreements
      contained herein, the receipt and sufficiency of which are hereby acknowledged,
      the parties hereby agree as follows:

    

    1.     Restricted
      Stock Award.
      On the
      terms and conditions and subject to the restrictions, including forfeiture,
      hereinafter set forth, Company hereby awards to Participant, and Participant
      hereby accepts, a restricted stock award (the “Award”)
      of                           
shares (the “Restricted Shares”) of Common Stock. The Award is made effective as
      of the date of this Agreement (the “Effective Date”). A certificate representing
      the Restricted Shares shall be issued in the name of Participant (or, at the
      option of Company, in the name of a nominee of Company) as of the Effective
      Date
      and delivered to Participant on the Effective Date or as soon thereafter as
      practicable. Participant shall cause the certificate representing the Restricted
      Shares, upon receipt thereof by Participant, to be deposited, together with
      stock powers and any other instrument of transfer reasonably requested by
      Company duly endorsed in blank, with Company, to be held by Company in escrow
      for Participant’s benefit until such time as the Restricted Shares represented
      by such certificate are either forfeited by Participant to Company or the
      restrictions thereon terminate as set forth in this Agreement.

    

    2.     Vesting
      and Forfeiture.

    

    (a)     The
      Restricted Shares shall be subject to a restricted period (the “Restricted
      Period”) that shall commence on the Effective Date and shall end on the earlier
      of (i) the [first] anniversary of the Effective Date or (ii) the date of the
      annual meeting of stockholders in the succeeding calendar year [, provided,
      in
      each instance that the Participant has been in continuous service as a Director
      of Company until such date]. During the Restricted Period, the Restricted Shares
      shall be subject to being forfeited by Participant to Company as provided in
      this Agreement, and Participant may not sell, transfer, pledge, exchange,
      hypothecate or otherwise dispose of any of the Restricted Shares (the
“Restrictions”), other than by will or pursuant to the applicable laws of
      descent and distribution. Following the removal of the Restrictions on any
      Restricted Shares, Company shall deliver to Participant from escrow a
      certificate representing such Shares and Participant shall be free to sell,
      transfer, pledge, exchange, hypothecate or otherwise dispose of such Restricted
      Shares, subject to applicable securities laws and the policies of Company then
      in effect.

    

    (b)    Subject
      to paragraph (c) of this Section, upon termination of Participant’s service with
      Company as a Director, (i) Participant shall have no rights whatsoever in and
      to
      any of the Restricted Shares as to which the Restrictions have not by that
      time
      been removed pursuant to the foregoing paragraph, (ii) all of the Restricted
      Shares shall automatically revert to Company at no cost and (iii) neither
      Participant nor any of his or her heirs, beneficiaries, executors,
      administrators or other personal representatives shall have any rights with
      respect thereto.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)     The
      Change of Control provisions in Article XII of the Plan shall apply with respect
      to the Restricted Shares.

    

    3.     Rights
      as Shareholder.
      Subject
      to the provisions of this Agreement, upon the issuance of a certificate or
      certificates representing the Restricted Shares to Participant, Participant
      shall become the record and beneficial owner thereof for all purposes and shall
      have all rights as a stockholder, including without limitation voting rights
      and
      the right to receive dividends and distributions, with respect to the Restricted
      Shares. If and to the extent Company shall effect a stock split, stock dividend
      or similar distribution with respect to the Common Stock, (i) the stock
      distributed pursuant thereto shall be held by Company with respect to those
      Restricted Shares as to which the Restrictions have not yet been removed
      pursuant to Section 2; (ii) such additional stock shall enjoy the privileges
      and
      be subject to the Restrictions applicable to the Restricted Shares; and (iii)
      Participant shall be entitled to sell, transfer, pledge, exchange, hypothecate
      or otherwise dispose of such additional stock when the Restrictions on the
      Restricted Shares to which the distribution relates have been removed pursuant
      to Section 2.

    

    4.     Optional
      Issuance in Book-Entry Form. 
      Notwithstanding the foregoing, at the option of Company, any shares of Common
      Stock that under the terms of this Agreement are issuable in the form of a
      stock
      certificate may instead be issued in book-entry form.

    

    5.     Withholding
      Taxes.

    

    (a)     Participant
      may elect, within 30 days of the Effective Date and on notice to Company, to
      realize income for federal income tax purposes equal to the fair market value
      of
      the Restricted Shares on the Effective Date. In such event, Participant shall
      make arrangements satisfactory to Company or the appropriate Affiliate to pay
      in
      the calendar year that includes the Effective Date any federal, state or local
      taxes required to be withheld with respect to such shares. 

    

    (b)     If
      no
      election is made by Participant pursuant to Section 5(a) hereof, then upon
      the
      termination of the Restrictions applicable hereunder to all or any portion
      of
      the Restricted Shares, Participant (or in the event of Participant’s death, the
      administrator or executor of Participant’s estate) will pay to Company or the
      appropriate Affiliate, or make arrangements satisfactory to Company or such
      Affiliate regarding payment of, any federal, state or local taxes of any kind
      required by law to be withheld with respect to the Restricted Shares with
      respect to which such Restrictions have terminated.

    

    (c)     Any
      provision of this Agreement to the contrary notwithstanding, if Participant
      does
      not satisfy his or her obligations under paragraphs (a) or (b) of this Section,
      Company shall, to the extent permitted by law, have the right to deduct from
      any
      payments made under the Plan, regardless of the form of such payment, or from
      any other compensation payable to Participant, whether or not pursuant to this
      Agreement or the Plan and regardless of the form of payment, any federal, state
      or local taxes of any kind required by law to be withheld with respect to the
      Restricted Shares.

    

    6.     Reclassification
      of Shares.
      In the
      event of any reorganization, recapitalization, stock split, stock dividend,
      merger, consolidation, combination of shares or other change affecting the
      Common Stock, the Committee shall make such adjustments as it may deem
      appropriate with respect to the Shares. Any such adjustments made by the
      Committee shall be conclusive.

    

    7.     Effect
      on Employment.
      Nothing
      contained in this Agreement shall confer upon Participant the right to continue
      in the employment or service of Company or any Affiliate, or affect any right
      which Company or any Affiliate may have to terminate the employment or service
      of Participant. This Agreement does not constitute evidence of any agreement
      or
      understanding, express or implied, that Company or any Affiliate will retain
      Participant as an Participant for any period of time or at any particular rate
      of compensation.

    

    8.     Investment
      Representations.
      

    

    (a)     The
      Shares are being received for Participant’s own account with the intent of
      holding them and without the intent of participating, directly or indirectly,
      in
      a distribution of such Shares and not with a view to, or for resale in
      connection with, any distribution of such Shares or any portion
      thereof.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)     A
      legend
      may be placed on any certificate(s) or other document(s) delivered to
      Participant or substitute therefore indicating restrictions on transferability
      of the Shares pursuant to this Agreement or referring to any stop transfer
      orders and other restrictions as the Committee may deem advisable under the
      rules, regulations and other requirements of the Securities and Exchange
      Commission, the American Stock Exchange or any other stock exchange or
      association upon which the common stock of Company is then listed or quoted,
      any
      applicable federal or state securities laws, and any applicable corporate law,
      and any transfer agent of Company shall be instructed to require compliance
      therewith.

    

    9.     Assignment.
      Company
      may assign all or any portion of its rights and obligations under this
      Agreement. The Award, the Restricted Shares and the rights and obligations
      of
      Participant under this Agreement may not be sold, transferred, pledged,
      exchanged, hypothecated or otherwise disposed of by Participant other than
      by
      will or the applicable laws of descent and distribution.

    

    10.     
      Binding Effect.
      This
      Agreement shall be binding upon and inure to the benefit of (i) Company and
      its
      successors and assigns, and (ii) Participant and his or her heirs, devisees,
      executors, administrators and personal representatives.

    

    11.     Notices.
      All
      notices between the parties hereto shall be in writing and given in the manner
      provided in Section 14.7 of the Plan. Notices to Optionee shall be given to
      Optionee’s address as contained in Company’s records. Notices to Company shall
      be addressed to its General Counsel at the principal executive offices of
      Company as set forth in Section 14.7 of the Plan.

    

    12.     Governing
      Law; Exclusive Forum; Consent to Jurisdiction.
      This
      Agreement shall be governed by and construed in accordance with the internal
      laws (and not the principles relating to conflicts of laws) of the State of
      Texas, except as superseded by applicable federal law. The exclusive forum
      for
      any action concerning this Agreement or the transactions contemplated hereby
      shall be in a court of competent jurisdiction in Harris County, Texas, with
      respect to a state court, or the United States District Court for the Southern
      District of Texas, Houston Division, with respect to a federal court.
      PARTICIPANT HEREBY CONSENTS TO THE EXERCISE OF JURISDICTION OF A COURT IN THE
      EXCLUSIVE FORUM AND WAIVES ANY RIGHT HE OR SHE MAY HAVE TO CHALLENGE OR CONTEST
      THE REMOVAL AT ANY TIME BY THE COMPANY OR ANY OF ITS AFFILIATES TO FEDERAL
      COURT
      OF ANY SUCH ACTION HE OR SHE MAY BRING AGAINST IT IN STATE COURT. 

    

    [SIGNATURE
      PAGE TO FOLLOW]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, Company and Participant have executed this Agreement as of
      the
      date first written above.

    

    

    
      	 	
              BOOTS
                & COOTS INTERNATIONAL WELL

            
	 	
              CONTROL
                INC.

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 	 	 
	 	
              Title:

            	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              PARTICIPANT

            	 	 
	 	 	 	 
	 	 	 
	 	
              Participant
                Signature

            	 	 
	 	 	 	 
	 	 	 
	 	
              Participant
                Printed Name

            	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STOCK
      POWER AND ASSIGNMENT

    SEPARATE
      FROM CERTIFICATE

    

    FOR
      VALUE
      RECEIVED and pursuant to that certain Boots & Coots International Well
      Control, Inc. 2006 Non-Employee Director Stock Incentive Plan and the Restricted
      Stock Award Agreement dated as
      of               
, 20   (the “Agreement”), the undersigned Participant hereby sells,
      assigns and transfers unto_________________, _______________ shares of the
      Common Stock, $0.00001 par value per share, of Boots & Coots International
      Well Control, Inc., a Delaware corporation
      (“Company”), standing in the undersigned’s name on the books of Company and does
      hereby irrevocably constitute and appoint the Secretary of Company as the
      undersigned’s attorney-in-fact, with full power of substitution, to transfer
      said stock on the books of Company. THIS ASSIGNMENT MAY ONLY BE USED AS
      AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO.

     

    Dated:

    
      	 	
              PARTICIPANT:

            	 
	 	 	 
	 	 	 
	 	
              Participant
                Signature

            	 
	 	 	 
	 	
              Participant
                Printed NameExhibit 4.1

    
      

    

    Exhibit
      4.1

     

    Positron
      Corporation

     

    (a
      Texas Corporation)

    

    
      
        

      

    

    

    STATEMENT
      OF DESIGNATION ESTABLISHING

    SERIES
      B CONVERTIBLE PREFERRED STOCK

    

    

    To
      the
      Secretary of the State of Texas

    

    Pursuant
      to the provisions of Article 3.007 of the Texas Business Organization
Code,
      the
      undersigned corporation submits the following statement for the purposes of
      establishing
      and designating a series of shares and determining and fixing the relative
      rights
      and preferences thereof:

    

    A.        
      The
      name
      of the corporation is Positron Corporation (the "Company");

    

    B.        
      The
      following resolution, establishing and designating a series of shares
and
      determining and fixing the relative rights and preferences thereof, was duly
      adopted by
      the
      Board of Directors of the Company on September 25, 2006;

    

    RESOLVED,
      that, pursuant to the authority vested in the Board of Directors of the
      Company by its Articles of Incorporation, as amended, there hereby is created,
      out of the 10,000,000 shares of preferred stock authorized in Article Four
      of
      its Articles of Incorporation,
      as amended, a series of 9,000,000 shares of Preferred Stock, par value
$1.00
      per
      share (the "Series B Preferred Stock"), of the Company, and the designation,
      amount
      and stated value of such series of Preferred Stock and the voting powers,
preferences,
      and relative, participating, optional and other special rights of the shares
      of
such
      series, and the qualifications, limitations or restrictions thereon, are set
      forth as follows:

    

    
      	
            	1.	
              Designation
                and Number of Shares.
                The designation of said series of preferred
                stock authorized by this resolution shall be "Series B Preferred
                Stock"
                (the "Series B Preferred Stock") which shall consist of a maximum
                of
                9,000,000 share of such Series B Preferred Stock, $1.00 par value
                per
                share,
                which shall have the preferences, rights, qualifications, limitations
                and
                restrictions set forth below.

            

    

    

    
      	
            	2.	
              Rank.
                All shares of the Series B Preferred Stock shall rank, both as the
                payment
                of dividends and as to distributions of assets upon liquidation
                or winding
                up of the Company, whether voluntary or involuntary, (x) junior
                to
                the shares of Series A 8% Cumulative Convertible Redeemable Preferred
                Stock (the "Series A Preferred Stock") and to the shares of Series
                G Preferred Stock of the Company that may from time-to-time be
                outstanding
                and (y) prior to (i) all of the Company's now and hereafter issued
                common stock, par value $0.01 per share (the "Common Stock"), and
                (ii) all of the Company's hereafter issued capital stock ranking
                junior
                to
                the Series B Preferred Stock both as to payment of dividends and
                as to
                distribution
                of assets upon liquidation, dissolution or winding up of the Company,
                whether voluntary or involuntary, when and if issued (the Common
                Stock and any other junior capital stock being herein referred to
                as
                "Junior Stock").

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              3.

            	
              Voting
                Rights.
                Except as otherwise expressly provided herein or by law, the
                holder of shares of the Series B Preferred Stock shall be entitled
                to
                vote
                on all matters and shall be entitled to 100 votes for each share
                of
                Series
                B Preferred Stock held by such holder, such number of votes to be
                appropriately
                adjusted in the event of any split, reverse split or dividend of
                the
                common stock. Except as otherwise expressly provided herein or as
                expressly required by law, the holders of shares of the Series B
                Preferred
                Stock
                and holders of shares of the Corporation's common stock shall vote
                together
                as a single class on all matters. As used in this Section 3, the
                term
                "Common Stock' shall mean and include the Corporation's authorized
                common stock, par value $.01 per share, as constituted on the date
                of filing of this certificate of designation (the "Designation
                Certificate');

            

    

    

    
      	 	
              4.

            	
              Dividend
                Provisions.
                The holders of the Series B Preferred Stock are not entitled
                to receive any dividends.

            

    

    

    
      	 	
              5.

            	
              Conversion
                of Series B Preferred Stock Preferred Stock into Common Stock.
                The holders of record of shares of Series B Preferred Stock shall
                have
                the right, at their option, to convert such shares into shares of
                the
                Common
                Stock, at any time from the date of the issuance of such Series B
                Preferred
                Stock Preferred Stock in accordance with and subject to the following
                terms and conditions:

            

    

    

    
      	 	
              a.

            	
              At
                any time following the issuance of the shares of Series B Preferred
                Stock,
                the Series B Preferred Stock shall, on five days prior written notice
                to
                the Corporation, be convertible into a number of fully paid and
                non-assessable shares of Common Stock equal to the number of Series
                B Preferred Stock being converted multiplied by one hundred (100),
                subject to adjustment as hereinafter provided in Section 6. The exchange
                shall be consummated at the office of the transfer agent for the
                Corporation's Common Stock (or at such other place or places as
                may
                be designated by the Corporation with notice to the holders of
                record
                of the shares of Series B Preferred
                Stock).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              b.

            	
              In
                order to convert shares of Series B Preferred Stock into Common
                Stock,
                the holder thereof shall surrender the certificate or certificates
                for
                shares of Series B Preferred Stock, duly endorsed to the Corporation
                or in blank, or accompanied by proper instruments of transfer
                to the Corporation (or, in the case of a lost or destroyed certificate,
                proof of loss or destruction and indemnity as required by the
                Corporation), at the office of the transfer agent, and shall give
                written
                notice to the Corporation that he elects to convert the same and
                shall
                state therein the name or names in which he wishes the certificate
                or
                certificates for Common Stock to be issued. If the certificates for
                Common
                Stock are to be issued in a name or names other than that in which
                such shares of Series B Preferred Stock was registered, the holder
                of the certificates being surrendered shall with such written notice
                pay to the transfer agent a sum to cover any tax which may be payable
                in
                respect of any transfer involved in such issuance, or shall establish
                to the satisfaction of the transfer agent that such tax has been
                paid
                or is not due and payable. The transfer agent will, as soon as
                practicable
                thereafter, deliver at such office to such holder, or to its nominee
                or nominees, a certificate or certificates for the number of full
                shares
                of Common Stock to which it shall be entitled as afore said. Shares
                of the Series B Preferred Stock shall be deemed to have been converted
                as of the date of the surrender of such shares for conversion as
                provided above, and the person or persons entitled to receive the
                shares
                of Common Stock issuable upon such conversion shall be treated
                for all purposes as the record holders of such shares of Common
                Stock on such date;

            

    

    

    
      	 	
              c.

            	
              All
                shares of the Series B Preferred Stock which shall have been converted
                into Common Stock as herein provided shall not be reissued as
                shares of Series B Preferred Stock but shall have the status of
                authorized
                and unissued shares of Preferred Stock undesignated as to series;
                and

            

    

    

    
      	 	
              d.

            	
              Fractional
                shares of Common Stock shall not be issued upon the conversion of
                the
                shares of Series B Preferred Stock but shall be addressed
                by the Corporation through the rounding of such fraction to the
                next whole share of Common Stock.

            

    

    

    
      	 	
              6.

            	
              Adjustment
                of Conversion Rate.
                The rate at which each share of Series B Preferred
                Stock may be converted into Common Stock (hereinafter called the
                conversion rate) shall be subject to the following
                adjustments:

            

    

    

    
      	 	
              a.

            	
              While
                any such shares of the Series B Preferred Stock shall be outstanding,
                in case this Corporation shall subdivide the outstanding shares
                of Common Stock into a greater number of shares of common stock,
                or combine the outstanding shares of Common Stock into a smaller
                number of shares of Common Stock, the number of shares the Series
                B Preferred Stock are convertible into shall be proportionately
                increased
                or decreased, as the case may require, such increase or decrease
                to become effective immediately after the opening of business
                on the date following the day upon which such subdivision or combination
                becomes effective;

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              b.

            	
              Any
                dividend to holders of Common Stock in shares of Common Stock
                shall be considered a subdivision of the outstanding shares of
                Common
                Stock and an adjustment in the conversion rate shall be made in
                accordance with the provisions of Section 5 with respect to the
                subdivision
                of outstanding shares of Common
                Stock;

            

    

    

    
      	 	
              c.

            	
              No
                adjustment of the conversion rate shall be made by reason of the
                issuance
                of Common Stock to non shareholders of the Corporation in exchange
                for
                cash, property or services provided that if the Corporation
                shall offer to the holders of the Corporation's Common Stock
                any rights to subscribe for any securities of the Corporation then
                the
                holders of the shares of Series B Preferred Stock shall be entitled
                to
                subscribe for the purchase of the same number of securities on
                identical
                terms as they would have been entitled had they held that number
                of shares of Common Stock into which the shares of Series B Preferred
                Stock was convertible on such date;
                and

            

    

    

    
      	 	
              d.

            	
              In
                case the Corporation shall be reorganized or recapitalized or shall
                be
                consolidated with or merged into another corporation, or shall sell
                or
                transfer its property and assets as, or substantially as, an entirety,
                proper
                provisions shall be made as part of the terms of such reorganization,
                recapitalization, consolidation, merger, sale or transfer whereby
                the holder of any shares of the Series B Preferred Stock outstanding
                immediately prior to such event shall thereafter be entitled to
                such conversion rights with respect to securities of the corporation
                resulting
                from such reorganization, recapitalization, consolidation or merger,
                or to which such sale or transfer shall be made, as shall be substantially
                equivalent to the conversion rights provided for herein with
                respect to such shares of Series B Preferred
                Stock;

            

    

    

    
      	 	
              7.

            	
              Reservation
                of Common Shares.
                The Corporation shall at all times reserve
                and keep available, out of its authorized and unissued Common Stock
                a
                sufficient number of shares of Common Stock in order to issue such
                Common Stock upon conversion of all outstanding shares of Series
                B
                Preferred Stock;

            

    

    

    
      	 	
              8.

            	
              Amendment.
                The terms of the Series B Preferred Stock shall not be amended
                without the consent of the holders of not less than a majority of
                the
                outstanding Series B Preferred
                Stock;

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              9.

            	
              Other
                Rights.
                Except as provided by law, the Series B Preferred Stock shall not
                have any designation, preferences, or relative, participating, optional
                or
                other
                special rights, or qualifications, limitations or restrictions thereof,
                other than
                as set forth herein and in the Certificate of Incorporation of this
                Company;
                and

            

    

    

    
      	 	
              10.

            	
              Notices.
                Any notice required to be given to holders of shares of Series B
                Preferred
                Stock shall be deemed given upon deposit in the United States mail,
                postage prepaid, addressed to such holder of record at his address
                appearing
                on the books of the Corporation, or upon personal delivery at the
                aforementioned address.

            

    

    

    IN
      WITNESSWHEREOF,
      I
      have
      executed and subscribed this Statement of Designation
      and do affirm the foregoing as true under penalties of perjury this 30th day
      of
      September, 2006.

    

    

    ATTEST:

     

    

      
        	    
	 
	
                Patrick
                  Rooney, Chairman

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