Document:

ex10p19.htm

    
      

    

     

    
      	 	
              Exhibit
      10.19

            

    

    

                                                                                    

    CENVEO,
INC.

    2007
LONG-TERM EQUITY INCENTIVE PLAN

    

    RESTRICTED
SHARE UNIT AWARD AGREEMENT FOR DIRECTORS

    

    

    THIS RESTRICTED SHARE UNIT AWARD
AGREEMENT (“Agreement”), dated as of this ___________________ (“Grant Date”), is
between Cenveo, Inc., a Colorado corporation (the “Company”), and
___________________ (“Grantee”).  Capitalized terms used but not
defined herein have the meanings assigned to them in the Cenveo, Inc. 2007
Long-Term Equity Incentive Plan, as amended (the “Plan”).

    

    RECITALS

    

    WHEREAS,
the Company has awarded Grantee restricted share units (the “Share Units”)
pursuant to the terms of the Plan; and

    

    WHEREAS,
the Plan contemplates a written document evidencing the award;

    

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
in this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
the parties agree as follows:

    

    ARTICLE
I

    

    AWARD
OF SHARES

    

    1.1           Award.  Subject
to the terms and conditions herein and in the Plan, Grantee is hereby awarded
_______ Share
Units.  Each Share Unit represents Grantee’s right to receive
one share of the Company’s common stock, $0.01 par value (“Common Stock”) on the
applicable delivery date set forth herein.

    

    1.2           Vesting of Share
Units.  Subject to Section 3.2 below, Grantee’s Share Units
shall vest on the first anniversary of the Grant Date (the “Vesting Date”),
provided that Grantee has not ceased to serve as a director of the Company and
its Affiliates prior to such date.  Share Units that
do not become vested pursuant to this Section 1.2 or Section 3.2 shall be
forfeited and Grantee shall have no further rights with respect to such Share
Units.

    

    1.3           Delivery of
Shares.  Subject to Section 3.2, the shares of Common Stock
represented by Grantee’s vested Share Units shall be delivered to Grantee, or to
Grantee’s estate, on the Vesting Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1.4           No Rights as
Stockholder.  Until such time as shares of Common Stock
represented by the Share Units have been delivered to Grantee, Grantee shall
have none of the rights of a stockholder with respect to the Common
Stock.

    

    1.5           Dividend Equivalent
Payments.  Dividend equivalents shall be credited on any vested
Share Units at the time of any payment of dividends to stockholders of Common
Stock.  The amount of any such dividend equivalents shall equal the
amount that would have been payable to Grantee as a stockholder in respect of a
number of shares of Common Stock equal to the number of Grantee’s then vested
Share Units.  Any such dividend equivalents shall be credited to
Grantee as of the date on which such dividend would have been payable to
stockholders and shall be converted into additional Share Units (which shall be
immediately vested) based upon the Fair Market Value of a share of Common Stock
on the date of such crediting.  Payment of such dividend equivalents
in the form of shares of Common Stock represented by such additional Share Units
shall be made on the delivery date for the Share Units with respect to which the
dividend equivalents were credited.

    

    ARTICLE
II

    

    TRANSFER
RESTRICTIONS

    

    2.1           Restriction on
Transfer.  Grantee shall not transfer, assign, encumber or
otherwise dispose of any Share Units at any time, other than by will or by the
laws of descent and distribution.  Any heir or legatee of Grantee
shall take rights herein granted subject to the terms and conditions
hereof.

    

    ARTICLE
III

    

    FORFEITURE
AND ADJUSTMENT OF SHARE UNITS

    

    3.1           Forfeiture. Subject
to Section 3.2 below, if Grantee ceases to serve as a director of the Company
and its Affiliates for any reason, Grantee’s Share Units that have not become
vested pursuant to Section 1.2 shall be forfeited and Grantee shall have no
further rights with respect to such Share Units.

    

    

    3.2           Change in
Control.  In the event that there is a Change in Control while
Grantee still serves as a director of the Company or an Affiliate, any of
Grantee’s Share Units that have not yet vested shall become immediately vested
and the shares of Common Stock represented by such vested Share Units shall be
delivered to Grantee upon such Change in Control.

    

    3.3           Adjustments Upon Certain
Events.  Upon the occurrence of any unusual or nonrecurring
event (including, without limitation, any of the events described in Section 4.2
of the Plan) affecting the Company, any Subsidiary or Affiliate, or the
financial statements of the Company or any Subsidiary or Affiliate, or of
changes in applicable laws, regulations, or accounting principles, the Board
may, in its sole discretion, make such adjustments to the Share Units as it
deems appropriate in order to prevent dilution or enlargement of benefits,
including: (i) adjusting any or all of the number of shares of Common Stock or
other securities of the Company (or number and kind of other securities or
property) subject to the Share Units; (ii) providing for an equivalent award in
respect of securities of the surviving entity of any merger,

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    consolidation
or other transaction or event having a similar effect; or (iii) making provision
for a cash payment to Grantee; provided, however, that no
adjustment shall be made to the timing of delivery of shares of Common Stock or
other payment unless such adjustment complies with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”).

    

    ARTICLE
IV

    

    GENERAL
PROVISIONS

    

    4.1           Director
Relationship. Nothing in this Agreement shall be construed as conferring
upon Grantee the right to continue service as a director or otherwise with the
Company or any of its Affiliates.

    

    4.2           Compliance With Securities
Laws.  Upon the delivery of any shares of Common Stock under
this Agreement, Grantee (or any person lawfully claiming under Grantee) will
enter into such written representations, warranties and agreements as the
Company may reasonably request in order to comply with applicable securities
laws or with this Agreement.

    

    4.3           Compliance With
Laws.  Notwithstanding any of the other provisions hereof,
Grantee agrees that the Company will not be obligated to issue any shares
pursuant to this Agreement if the issuance of such shares of Common Stock would
constitute a violation by Grantee or by the Company of any provision of any law
or regulation of any governmental authority, or to register the shares of Common
Stock under the Securities Act of 1933, as amended.

    

    4.4           Withholding of
Tax.  To the extent that the grant or vesting of the Share
Units or dividend equivalents granted hereunder, or the delivery of the shares
of Common Stock or other payment with respect thereto, is subject to applicable
withholding or other taxes, if any, the Company or any Affiliate shall have the
right and is hereby authorized to withhold from the delivery of the shares of
Common Stock or other payment, or from any compensation or other amount owing to
Grantee, the amount (in cash, shares of Common Stock, other securities, other
awards or other property) of any such withholding or other taxes in respect of
the Share Units and dividend equivalents, and to take such other action as may
be necessary in the opinion of the Company to satisfy all obligations for the
payment of such taxes, including requiring Grantee to pay to the Company such
amount of money as the Company may require to meet its obligation under
applicable tax laws.

    

    4.5           Resolution of
Disputes.  As a condition of the granting of the Share Units
hereby, Grantee and his heirs and successors agree that any dispute or
disagreement which may arise hereunder shall be determined by the Board in its
sole discretion and judgment, and that any such determination and any
interpretation by the Board of the terms of this Agreement and the Plan shall be
final and shall be binding and conclusive, for all purposes, upon the Company,
Grantee, and his or her heirs and personal representatives.

    

    4.6           Legends on
Certificate.  The certificates, if any, representing the shares
of Common Stock delivered hereunder will be stamped or otherwise imprinted with
legends in such form as the Company or its counsel may require with respect to
any applicable restrictions on

    
 

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    sale or
transfer and the stock transfer records of the Company will reflect
stop-transfer instructions with respect to such shares.

    

    4.7           Notices. All notices
or other communications under this Agreement shall be in writing and shall be
given by registered or certified mail, via overnight courier providing a
receipt, or via telecopy (with a confirming copy being delivered within 24 hours
thereafter).  Notices to the Company shall be addressed to Cenveo,
Inc., at its principal executive offices, currently One Canterbury Green, 201
Broad Street, Stamford, Connecticut 06901, Attention:
Secretary.  Notices to Grantee shall be sent to the latest address of
Grantee shown on the records of the Company.

    

    4.8           Agreement Subject to
Plan.  This Agreement is subject to the Plan.  The
terms and provisions of the Plan are hereby incorporated herein by reference
thereto.  In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and
provisions of the Plan will govern and prevail.  All definitions of
words and terms contained in the Plan shall be applicable to this
Agreement.  The Company shall be under no obligation whatsoever to
advise Grantee of the existence, maturity or termination of any of Grantee’s
rights hereunder and Grantee shall be deemed to have familiarized him or herself
with all matters contained herein and in the Plan, which may affect any of
Grantee’s rights or privileges hereunder.

    

    4.9           Binding
Effect.  This Agreement shall be binding upon and inure to the
benefit of any successors to the Company and all persons lawfully claiming under
Grantee.

    

    4.10         Section
409A.  It is the intention of the parties that amounts payable
under this Agreement not be subject to the additional tax imposed pursuant to
Section 409A of the Code.  To the extent such amounts could become
subject to such Section, the parties shall cooperate to amend this Agreement
with the goal of giving Grantee the economic benefits described herein in a
manner that does not result in such tax being imposed.

    

    IN
WITNESS WHEREOF, this Restricted Share Unit Award Agreement has been executed as
of the date first written above.

    

    
      	
              COMPANY

            	
              CENVEO,
      INC.

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Robert
      G. Burton, Sr.

            	 
      
	 
      	 
      	
              Chairman

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              GRANTEE

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              Name

            	 
      

    

     

    -4-EXHIBIT 10.4
                                                                    ------------

Long Island City, New York
March 11, 2008

                              GRID PROMISSORY NOTE

     FOR VALUE RECEIVED, the undersigned PAWFECT FOODS, INC., a Florida
corporation, having a mailing address at 31-51 Steinway Street, Long Island
City, New York 11103 ("Borrower"), promises to pay to BIOTECH INITIATIVE OF
CHELSEA, LTD., 1st Floor Riverview House, 23 City Quay, Dublin, Ireland
("Lender"), the unpaid principal amount of the advances made by Lender to
Borrower as evidenced by Schedule A attached hereto, with interest at the
Interest Rate (as hereinafter defined) on the unpaid principal amount from the
date hereof until the said principal amount has been paid in full, whether at
the Maturity Date (as hereinafter defined) or otherwise, all as more fully set
forth herein. This Note initially represents advances previously made by Lender
to third parties on Borrower's behalf and Lender agrees to provide Borrower with
documentation reasonably requested to verify the date, purpose and amount of
such advances.

     Lender shall endorse on the Schedules to this Note, appropriate notations
to evidence the date, amount, and maturity of each loan made by Lender and the
date and amount of each payment of principal made by Borrower with respect
thereto and forward a copy to Borrower within three business days; provided,
that the failure of Lender to make any such notation or endorsement or forward a
copy shall not affect the obligations of Borrower, hereunder under the
Borrower's Note. The Lender is hereby irrevocably authorized by Borrower so to
endorse the Borrower's Note and to attach to and make a part of the Borrower's
Note a continuation of any such schedule, when required. The amount and time of
any advances to the Borrower shall be in the sole discretion of the Lender.

     The "Interest Rate" shall be three (3%) percent per annum of the principal
outstanding until the principal amount of this Note, together with all unpaid
accrued interest, thereon, shall have been paid in full; provided, however, that
in no event shall the Interest Rate exceed the maximum rate or amount permitted
by applicable law. Accrued interest shall be computed on the basis of a 365 day
year for the actual number of days elapsed during the period for which computed
and shall be paid by Borrower to Lender when the principal is due at maturity or
otherwise. Each payment of principal and interest shall first be applied to
accrued interest due hereunder and the balance, if any, to the principal hereof.

     The "Maturity Date" shall be the date that is the earlier of: (i) April 1,
2009; (ii) when the Borrower has raised gross proceeds of $500,000 (not
including securities of Borrower purchased by Lender, additional advances
pursuant to this Note or other loans from Lender to Borrower), (iii) upon a
change in the ownership of a majority of the outstanding voting stock of the
Borrower; or (iv) the date that the entire principal amount and interest on this
Note shall become due and payable by reason of acceleration due to the
occurrence of an Event of Default (as hereinafter defined) or otherwise.

         Each of the following specified events hereby constitutes and is herein
referred to

                                        1
<PAGE>

individually as an "Event of Default":

          (a) Borrower's failure to make or cause to be made any payments to
Lender under this Note or under any other note or agreement now existing or
hereafter to be entered into between the undersigned and Lender when the same
are due; or

          (b) Default in the due and timely observance or performance of the
covenants, conditions or agreements of Borrower contained in this Note; or

          (c) If any warrant of attachment, execution of other writ shall be
issued or levied upon the proceeds or amounts payable hereunder and such
attachment, execution or other writ shall remain undischarged and unstayed for a
period in excess of thirty (30) days; or

          (d) If Borrower should make an assignment for the benefit of creditors
or to an agent authorized to liquidate any substantial amount of its properties
or assets; or should file a voluntary petition in bankruptcy or seeking
reorganization or to effect a plan or other arrangement with creditors; or
should file an answer admitting the jurisdiction of any court and the material
allegations of an involuntary petition filed pursuant to any legislation or
governmental regulation relating to bankruptcy or organization; or should join
in any petition for an adjudication or for a reorganization or other
arrangement; or should become or be adjudicated a bankrupt; or should apply for
a consent to the appointment of or consent that an order be made appointing any
receiver or trustee for itself or for any of its properties, assets or business;
or if an order should be entered pursuant to any legislation or governmental
rule relating to bankruptcy or reorganization; or if a receiver or a trustee
should be appointed otherwise than upon its own application or consent for all
or a substantial part of its properties, assets or business and any such
receiver or trustee so appointed is not discharged within sixty (60) days after
the date of such appointment; or

          (f) If final judgment or judgments for the payment of money
aggregating in excess of Twenty-Five Thousand Dollars ($25,000.00) not covered
by insurance shall be entered or affirmed by a court against Borrower from which
no further appeal may be taken, and Borrower shall not discharge the same or
provide for its discharge in accordance with its or their terms or procure a
stay of execution thereof within thirty (30) days from the date of entry
thereof.

          (g) Borrower, shall not, without the written consent of the Lender;
reorganize, merge, consolidate or sell any of its assets (except in the ordinary
course of its business). In the event Borrower attempts to take any of the
foregoing actions without the Lender's consent, the Lender may deem such action
as an "Event of Default" and may take such action as it deems necessary to
enforce its rights hereunder.

     Upon the occurrence of an "Event of Default" as defined herein or in the
Agreement, the entire principal sum and accrued interest shall, upon written
notice by Lender to Borrower, thereupon become due and payable at the option of
the Lender. Failure to exercise this option shall not constitute a waiver of the
right to exercise the same in the event of any subsequent default. Borrower
hereby waives presentment for payment, demand, protest, notice of protest,
notice of dishonor and all other notices in connection with this Note, except
Borrower does not

                                        2
<PAGE>

waive notice as to any prejudgment attachment or the notice of default and/or
acceleration specifically required by this paragraph.

     All payments of principal and interest in respect of this Note shall be
made in lawful money of the United States of America by, at the option of the
Borrower, wire to the bank account of Lender or in same day funds at the office
of Lender set forth above, or at such place as shall be designated by Lender in
writing. Until notified in writing of the transfer of this Note, Borrower shall
be entitled to deem Lender or such person who has been so identified by the
transferor in writing to Borrower as the holder of this Note as the owner and
holder of this Note. Each of Lender and any subsequent holder of this Note
agrees that before disposing of this Note or any part hereof it will make a
notation hereon of all principal and interest payments made hereunder.

     Borrower may, upon at least three (3) days notice to Lender, prepay this
Note in whole or in part, without penalty or premium. Any prepayment of
principal of this Note shall include interest to the date of prepayment on the
principal amount being prepaid.

     Borrower agrees that all disputes arising, directly or indirectly, out of
or relating to this Note and all actions to enforce this Note may be dealt with
and adjudicated exclusively in the state courts of New York sitting in New York
County or Nassau County or the federal courts sitting in the Eastern District of
New York, and hereby expressly and irrevocably submits the person to the
jurisdiction of such courts in any suit, action or proceeding arising, directly
or indirectly, out of or relating to this Note or in any action to enforce this
Note. So far as is permitted under the applicable law, this consent to personal
jurisdiction shall be self-operative and no further instrument or action, other
than service of process in one of the manners specified herein or as otherwise
permitted by law, shall be necessary in order to confer jurisdiction upon the
person of the Borrower in any such court.

     Borrower irrevocably waives, by way of motion, as a defense or otherwise
(i) any objection which it may have or may hereafter have to the laying of the
venue of any such suit, action or proceeding brought in such a court as is
mentioned in the previous paragraph; (ii) any claim that any such suit, action
or proceeding brought in such a court has been brought in an inconvenient forum;
or (iii) any claim that it is not personally subject to the jurisdiction of the
above-named courts; provided that if service of process is effected upon
Borrower in one of the manners specified in this paragraph or as otherwise
permitted by law, Borrower agrees that final judgment from which Borrower has
not or may not appeal or further appeal in any such suit, action or proceeding
brought in such court of competent jurisdiction shall be conclusive and binding
upon Borrower and, may so far as is permitted under the applicable law, be
enforced in the courts of any state or any federal court and in any other courts
to the jurisdiction of which Borrower is subject, by a suit upon such judgment
and that Borrower will not assert any defense, counterclaim, or set off in any
such suit upon such judgment.

     Borrower promises to pay all costs and expenses, including reasonable
attorney's fees, incurred in the collection and enforcement of this Note.
Borrower hereby consents to renewals and extensions of time at or after the
Maturity Date hereof, without notice.

                                        3
<PAGE>

     This Note is being delivered and is intended to be performed in the State
of New York and is governed by the laws of the State of New York excluding any
laws relating to the conflict or choice of laws.

     If any term or provision of this Note or the application thereof to any
persons or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of this Note or the application of such term or provision to persons
or circumstances other than those as to which it is held or unenforceable shall
not be affected thereby, and each term and provision of this Note shall be valid
and enforceable to the fullest extent permitted by law.

     IN WITNESS WHEREOF, Borrower has caused this Note to be executed and
delivered by its duly authorized officer, as of the day and year and the place
above written.

                                        PAWFECT FOODS, INC.
                                        (Borrower)

                                        By: __________________________________
                                            Pietro Gattini, President

     Lender accepts this Note as representing advances made on behalf of third
parties as to the Borrower and agrees to accurately record any such future
advances and provide Borrower with documentation reasonably requested to verify
the date, purpose and amount of such advances.

                                        BIOTECH INITIATIVE OF CHELSEA, LTD
                                        (Lender)

                                        By: __________________________________
                                            Dated: March 11, 2008

                                        4
<PAGE>

                                  SCHEDULE "A"

                           TRANSACTIONS ON NOTE DUE TO
                       BIOTECH INITIATIVE OF CHELSEA, LTD.

<TABLE><CAPTION>
                                                              Amount of    Amount of
                                                              Interest     Principal      Outstanding
                                            Amount of Loan    Paid this    Paid This      Balance This     Notation
Date              Purpose                   Made This Date      Date          Date            Date          Made By
----------------- ------------------------- ---------------- ------------ ------------- ----------------- ------------
<S>               <C>                          <C>                                         <C>
11/15/07          Baum & Co. (disbursed        $1,500.00                                   $ 1,500.00
                  by S&S)
----------------- ------------------------- ---------------- ------------ ------------- ----------------- ------------
11/27/07          Pawfect                       3,000.00                                     4,500.00
----------------- ------------------------- ---------------- ------------ ------------- ----------------- ------------
</TABLE>

                                        5
<PAGE>

Interest to @ 3% per annum

            DATE     AMOUNT     DAYS     INTEREST
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                                        6

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