Document:

exv10w4

 

Exhibit 10.4

USG CORPORATION

PERFORMANCE SHARES AGREEMENT

DATE OF GRANT: MARCH 23, 2007

     WHEREAS,
_________  (the “Grantee”) is an employee of USG Corporation, a Delaware
corporation (the “Company”) or a Subsidiary;

     WHEREAS, the Board of Directors of the Company (the “Board”) has granted to the Grantee,
effective as of March 23, 2007 (the “Date of Grant”), the number of Performance Shares (as defined
in the Plan) set forth below pursuant to the Company’s Long-Term Incentive Plan, as amended (the
“Plan”), subject to the terms and conditions of the Plan and the terms and conditions hereinafter
set forth; and

     WHEREAS, the execution of a Performance Shares Agreement substantially in the form hereof to
evidence such grant has been authorized by a resolution of the Board.

     NOW, THEREFORE, the Company and the Grantee agree as follows:

	1.	 	Grant of Performance Share Right. Subject to the terms of the Plan, the Company hereby
grants to the Grantee a targeted number of performance shares equal
to _________ (the
“Target Performance Shares”), payment of which depends on the Company’s performance as set
forth in this Agreement and in the Statement of Performance Goals (the “Statement of
Performance Goals”) approved by the Board.

	2.	 	Earning of Award.

     (a) Performance Measure. The Grantee’s right to receive all, any portion of,
or more than, the Target Performance Shares will be contingent upon the achievement of
specified levels of performance of the Company’s total stockholder return (including
reinvestment of dividends) relative to the performance of the Dow Jones U.S. Construction
and Materials Index (“Total Stockholder Return”), as set forth in the Statement of
Performance Goals and will be measured over the period from December 1, 2006 through
December 31, 2009 (the “Performance Period”).

     (b) Below Threshold. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period falls below the threshold level, as set forth
in the Performance Matrix contained in the Statement of Performance Goals, no performance
            shares for the Performance Period shall become earned.

     (c) Threshold. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period equals the threshold level, as set forth in

 

 

the Performance Matrix contained in the Statement of Performance Goals, 35% of the
Target Performance Shares for the Performance Period shall become earned.

     (d) Between Threshold and Target. If, upon the conclusion of the Performance
Period, Total Stockholder Return exceeds the threshold level, but is less than the target
level, as set forth in the Performance Matrix contained in the Statement of Performance
Goals, the Target Performance Shares shall become earned based on performance during the
Performance Period, as determined by mathematical straight-line interpolation between 35% of
the Target Performance Shares and 100% of the Target Performance Shares.

     (e) Target. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period equals the target level, as set forth in the
Performance Matrix contained in the Statement of Performance Goals, 100% of the Target
Performance Shares for the Performance Period shall become earned.

     (f) Between Target and Intermediate. If, upon the conclusion of the
Performance Period, Total Stockholder Return exceeds the target level, but is less than the
intermediate level, as set forth in the Performance Matrix contained in the Statement of
Performance Goals the Target Performance Shares shall become earned based on performance
during the Performance Period, as determined by mathematical straight-line interpolation
between 100% of the Target Performance Shares and 150% of the Target Performance Shares.

     (g) Intermediate. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period equals the intermediate level, as set forth in
the Performance Matrix contained in the Statement of Performance Goals, 150% of the Target
Performance Shares for the Performance Period shall become earned.

     (h) Between Intermediate and Maximum. If, upon the conclusion of the
Performance Period, Total Stockholder Return exceeds the intermediate level, but is less
than the maximum level, as set forth in the Performance Matrix contained in the Statement of
Performance Goals the Target Performance Shares shall become earned based on performance
during the Performance Period, as determined by mathematical straight-line interpolation
between 150% of the Target Performance Shares and 200% of the Target Performance Shares.

     (i) Equals or Exceeds Maximum. If, upon the conclusion of the Performance
Period, Total Stockholder Return for the Performance Period equals or exceeds the maximum
level, as set forth in the Performance Matrix contained in the Statement of Performance
Goals, 200% of the Target Performance Shares shall become earned.

     (j) Conditions; Determination of Earned Award. Except as otherwise provided
herein, the Grantee’s right to receive any performance shares is contingent upon his or her
remaining in the continuous employ of the Company or a Subsidiary through the end of the
Performance Period. Following the Performance Period, the Board shall

USG Corporation — Performance Shares Agreement

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determine whether and to what extent the goals relating to Total Stockholder Return
have been satisfied for the Performance Period and shall determine the number of performance
shares that shall have become earned hereunder.

	3.	 	Effect of Change in Control. In the event a Change of Control occurs during the Performance
Period, but before the payment of any performance shares as set forth in Section 6 below, the
Company shall pay to the Grantee, as soon as practicable following the Change of Control, a
pro rata number of the Target Performance Shares based on the number of full months that have
elapsed during the Performance Period prior to the Change of Control, and the remaining
performance shares will be forfeited.

	4.	 	Termination Due to Death, Disability, Retirement. If the Grantee’s employment with the
Company or a Subsidiary terminates during the Performance Period, but before the payment of
any performance shares as set forth in Section 6 below due to (a) the Grantee’s death or (b)
the Grantee becoming permanently and totally disabled while in the employ of the Company or
any Subsidiary or (c) the Grantee’s Retirement, the Company shall pay to the Grantee or his or
her executor or administrator, as the case may be, as soon as practicable following the
Performance Period and based on the level of achievement of Total Stockholder Return during
the Performance Period, a pro rata number of the Target Performance Shares based on the number
of full months during the Performance Period during which the Grantee was employed by the
Company, and the remaining performance shares will be forfeited. The Grantee shall be
considered to have become permanently and totally disabled if the Grantee has suffered a total
disability within the meaning of the Company’s Long Term Disability Plan for Salaried
Employees. “Retirement” shall mean the Optionee’s retirement under a retirement plan
(including, without limitation, any supplemental retirement plan) of the Company or any
Subsidiary, or the Grantee’s retirement from employment with the Company or any Subsidiary
after completing at least three years of continuous service with the Company or any Subsidiary
and attaining the age of 62.

	5.	 	Other Employment Terminations. If the Grantee’s employment with the Company or a Subsidiary
terminates before the end of the Performance Period, and before the occurrence of a Change of
Control, for any reason other than as set forth in Section 4 above, the performance shares
will be forfeited.

	6.	 	Form and Time of Payment of Performance Shares. Payment of any performance shares that
become earned as set forth herein will be made in the form of Common Shares. Except as
otherwise provided in Sections 3 and 4, payment will be made as soon as practicable after the
end of the Performance Period and the determination by the Board of the level of attainment of
Total Stockholder Return, but in no event shall such payment occur later than two and one-half
months after the end of the Performance Period. Performance shares will be forfeited if they
are not earned at the end of the Performance Period and, except as otherwise provided in this
Agreement, if the Grantee ceases to be employed by the Company or a Subsidiary at any time
prior to such performance shares becoming earned at the end of the Performance Period. To the
extent that the Company or any Subsidiary is required to withhold any federal, state, local or
foreign tax in connection with the payment of earned performance shares pursuant to this
Agreement, it

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	 	 	shall be a condition to the receipt of such performance shares that the Grantee make
arrangements satisfactory to the Company or such Subsidiary for payment of such taxes
required to be withheld, which may include by having the Company withhold Common Shares
otherwise payable pursuant to this award.

	7.	 	Payment of Dividends. No dividends shall be accrued or earned with respect to the
performance shares until such performance shares are earned by the Grantee as provided in this
Agreement.

	8.	 	Performance Shares Nontransferable. Until payment is made to the Grantee as provided herein,
neither the Performance Shares granted hereby nor any interest therein or in the Common Shares
related thereto shall be transferable other than by will or the laws of descent and
distribution prior to payment.

	9.	 	Adjustments. In the event of any change in the aggregate number of outstanding Common Shares
by reason of (a) any stock dividend, extraordinary dividend, stock split, combination of
shares, recapitalization or other change in the capital structure of the Company, or (b) any
Change in Control, merger, consolidation, spin-off, split-off, spin-out, split-up,
reorganization or partial or complete liquidation, or other distribution of assets, issuance
of rights or warrants to purchase securities, or (c) any other corporate transaction or event
having an effect similar to any of the foregoing, then the Board shall adjust the number of
Performance Shares then held by the Grantee in such manner as to prevent dilution or
enlargement of the rights of the Grantee that otherwise would result from such event.
Moreover, in the event of any such transaction or event, the Board (or a committee of the
Board), in its discretion, may provide in substitution for any or all of the Grantee’s rights
under this Agreement such alternative consideration as it may determine to be equitable in the
circumstances.

	10.	 	Compliance with Section 409A of the Code. To the extent applicable, it is intended that this
Agreement and the Plan comply with the provisions of Section 409A of the Code, so that the
income inclusion provisions of Section 409A(a)(1) do not apply to the Grantee. This Agreement
and the Plan shall be administered in a manner consistent with this intent, and any provision
that would cause the Agreement or the Plan to fail to satisfy Section 409A of the Code shall
have no force and effect until amended to comply with Section 409A of the Code (which
amendment may be retroactive to the extent permitted by Section 409A of the Code and may be
made by the Company without the consent of the Grantee). In particular, to the extent that
the Performance Shares become nonforfeitable pursuant to Section 3 or Section 4 and the event
causing the Performance Shares to become nonforfeitable is the Grantee’s Retirement or an
event that does not constitute a permitted distribution event under Section 409A(a)(2) of the
Code, then notwithstanding anything to the contrary in Section 6 above, issuance of the Common
Shares underlying the Performance Shares will be made, to the extent necessary to comply with
the provisions of Section 409A of the Code, to the Grantee on the earlier of (a) the Grantee’s
“separation from service” with the Company (determined in accordance with Section 409A);
provided, however, that if the Grantee is a “specified employee” (within the meaning of
Section 409A), the Grantee’s date of issuance of the Common Shares underlying the Performance
Shares shall be the date that is six months after the

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	 	 	date of the Grantee’s separation of service with the Company or (b) the Grantee’s death.
Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of
1986, as amended, and will also include any proposed, temporary or final regulations, or any
other guidance, promulgated with respect to such Section by the U.S. Department of the
Treasury or the Internal Revenue Service.

	11.	 	Continuous Employment. For purposes of this Agreement, the continuous employment of the
Grantee with the Company or a Subsidiary shall not be deemed to have been interrupted, and the
Grantee shall not be deemed to have ceased to be an employee of the Company or Subsidiary, by
reason of (a) the transfer of the Grantee’s employment among the Company and its Subsidiaries
or (b) an approved leave of absence.

	12.	 	No Employment Contract. The grant of the Performance Shares to the Grantee is a voluntary,
discretionary award being made on a one-time basis and it does not constitute a commitment to
make any future awards. The grant of the Performance Shares and any payments made hereunder
will not be considered salary or other compensation for purposes of any severance pay or
similar allowance, except as otherwise required by law. Nothing in this Agreement will give
the Grantee any right to continue employment with the Company or any Subsidiary, as the case
may be, or interfere in any way with the right of the Company or a Subsidiary to terminate the
employment of the Grantee.

	13.	 	Information. Information about the Grantee and the Grantee’s participation in the Plan may
be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. The Grantee understands that such processing of this information
may need to be carried out by the Company and its Subsidiaries and by third party
administrators whether such persons are located within the Grantee’s country or elsewhere,
including the United States of America. The Grantee consents to the processing of information
relating to the Grantee and the Grantee’s participation in the Plan in any one or more of the
ways referred to above.

	14.	 	Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the
event of any inconsistency between the provisions of this Agreement and the Plan, the Plan
shall govern. All terms used herein with initial capital letters and not otherwise defined
herein that are defined in the Plan shall have the meanings assigned to them in the Plan. The
Board acting pursuant to the Plan, as constituted from time to time, shall, except as
expressly provided otherwise herein, have the right to determine any questions which arise in
connection with the grant of the Performance Shares.

	15.	 	Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement
to the extent that the amendment is applicable hereto; provided, however, that
no amendment shall adversely affect the rights of the Grantee under this Agreement without the
Grantee’s consent.

	16.	 	Severability. If any provision of this Agreement or the application of any provision hereof
to any person or circumstances is held invalid, unenforceable or otherwise illegal, the
remainder of this Agreement and the application of such provision to any other person or
circumstances shall not be affected, and the provisions so held to be invalid,

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	 	 	unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent)
necessary to make it enforceable, valid and legal.

	17.	 	Successors and Assigns. Without limiting Section 8 hereof, the provisions of this Agreement
shall inure to the benefit of, and be binding upon, the successors, administrators, heirs,
legal representatives and assigns of the Grantee, and the successors and assigns of the
Company.

	18.	 	Governing Law. This Agreement shall be governed by and construed in accordance with the
internal substantive laws of the State of Delaware, without giving effect to any principle of
law that would result in the application of the law of any other jurisdiction.

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     Executed in the name and on behalf of the Company at Chicago, Illinois as of the
23rd day of March, 2007.

	 	 	 
	 

	 	USG CORPORATION
	 
	 	 
	 

	 	 

     The undersigned Grantee hereby accepts the award of Performance Shares evidenced by this
Performance Shares Agreement on the terms and conditions set forth herein and in the Plan.

	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	[GRANTEE NAME]exv10w24

 

EXHIBIT 10.24

WIRELESS RONIN TECHNOLOGIES, INC. 

INCENTIVE STOCK OPTION AGREEMENT

PURSUANT TO 2006 EQUITY INCENTIVE PLAN

			
	 	 	 
	No. of shares subject to option: _________
	 	Option No. E___
	 	 	 
	Date of grant: _________	 	 

     THIS OPTION AGREEMENT is entered into by and between Wireless Ronin Technologies, Inc., a
Minnesota corporation (the “Company”), and ___ (the “Optionee”) pursuant to the Company’s
2006 Equity Incentive Plan, as amended to date (the “Plan”). Unless otherwise defined herein,
certain capitalized terms shall have the meaning set forth in the Plan.

W I T N E S S E T H:

     Nature of the Option. This Option is not intended to qualify as an Incentive Stock
Option within the meaning of Section 422 of the United States Internal Revenue Code of 1986, as
amended.

     Grant of Option. Pursuant to the provisions of the Plan, the Company grants to the
Optionee, subject to the terms and conditions of the Plan and to the terms and conditions herein,
the right and option to purchase from the Company all or a part of an
aggregate of ___ (     )
shares of the Company’s Common Stock (the “Shares”) at the purchase price per share equal to $___.

     Terms and Conditions. The Option is subject to the following terms and conditions:

     Expiration Date. This Option shall expire five years after the date of grant
specified above.

     Exercise of Option. Subject to the Plan and the other terms of this Agreement
regarding the exercisability of this Option, if Optionee is employed by the Company on each of the
following dates, this Option shall be exercisable cumulatively, as
follows: (i) ___ Shares on
the date hereof; (ii) ___ Shares on ___;
(iii) ___ Shares on ___; and (iv)
___ Shares
on ___. Any exercise shall be accompanied by a written notice to the Company specifying the
number of shares of Stock as to which the Option is being exercised. Notation of any partial
exercise shall be made by the Company on Schedule I hereto. This Option may not be exercised for a
fraction of a Share, and must be exercised for no fewer than one hundred (100) shares of Stock, or
such lesser number of shares as may be vested.

     Payment of Purchase Price Upon Exercise. At the time of any exercise, the Exercise
Price of the Shares as to which this Option is exercised shall be paid in cash to the Company,
unless the Board shall permit or require payment of the purchase price in another manner set forth
in the Plan.

     Acceleration of Option Upon Change in Control. In the event of a Change in Control
the provisions of Section 3(b) hereof pertaining to vesting shall cease to apply and this Option
shall become immediately vested and fully exercisable with respect to all Shares; provided,
however, that unless otherwise provided by the Committee, the provisions of this Subsection 3(d)
shall not apply unless the Optionee has been employed by the Company for a period of at least one
year. No acceleration of vesting shall occur under this Subsection 3(d) in the event a surviving
corporation or its parent assumes this Option or in the event the surviving corporation or its
parent substitutes an option agreement with substantially the same economic terms as provided in
this Agreement. Nothing in this Subsection 3(d) shall limit the Committee’s authority to cancel
this Option in accordance with Section 6 hereof. Notwithstanding the provisions of this Section
3(d), in the event of a Change in Control of the Company, the Committee, in its sole discretion
may, without the consent of Optionee, determine that Optionee will receive, with

 

 

respect to some or all of the shares of Common Stock subject to this Option, as of the
effective date of any Change in Control of the Company, cash in an amount equal to the excess of
the Fair Market Value of such Shares immediately prior to the effective date of such Change in
Control of the Company over the exercise price per share of such options and that with respect to
any granted and outstanding Option, the Fair Market Value of which is less than or equal to the
exercise price per share of such Option as of the effective date of such Change in Control and that
the Option therefor shall terminate as of the effective date of the Change in Control. If the
Committee makes such determination, then as of the effective date of any such Change in Control of
the Company, such Options will terminate as to such shares and Optionee will only have the right to
receive such cash payment. If the Committee makes such determination, the Option will terminate,
become void and expire as to all unexercised shares of Common Stock subject to such Option on such
date and Optionee will have no further rights with respect to the Option.

     Subject to Lock Up. Optionee understands that the Company at a future date may file a
registration or offering statement (the “Registration Statement”) with the Securities and Exchange
Commission to facilitate an underwritten public offering of its securities. The Optionee agrees,
for the benefit of the Company, that should such an underwritten public offering be made and should
the managing underwriter of such offering require, the undersigned will not, without the prior
written consent of the Company and such underwriter, during the Lock Up Period as defined herein:
sell, transfer or otherwise dispose of, or agree to sell, transfer or otherwise dispose of this
Option or any of the Shares acquired upon exercise of this Option during the Lock Up Period; or
sell or grant, or agree to sell or grant, options, rights or warrants with respect to any of the
Shares acquired upon exercise of this Option. The foregoing does not prohibit gifts to donees or
transfers by will or the laws of descent to heirs or beneficiaries provided that such donees, heirs
and beneficiaries shall be bound by the restrictions set forth herein. The term “Lock Up Period”
shall mean the period (not to exceed 12 months) during which Company officers and directors are
restricted by the managing underwriter from effecting any sales or transfers of the Shares. The
Lock Up Period shall commence on the effective date of the Registration Statement.

     Not An Employment Contract. The Option will not confer on the Optionee any right with
respect to continuance of employment or other service with the Company or any Subsidiary, nor will
it interfere in any way with any right the Company or any Subsidiary would otherwise have to
terminate or modify the terms of such Optionee’s employment or other service at any time.

     No Rights as Shareholder. The Optionee shall have no rights as a shareholder of the
Company with respect to any Shares prior to the date of issuance to the Optionee of a certificate
for such Shares.

     Compliance with Law and Regulations. This Option and the obligation of the Company to
sell and deliver Shares hereunder shall be subject to all applicable laws, rules and regulations
(including, but not limited to, federal securities laws) and to such approvals by any government or
regulatory agency as may be required. This Option shall not be exercisable, and the Company shall
not be required to issue or deliver any certificates for Shares of Stock prior to the completion of
any registration or qualification of such Shares under any federal or state law, or any rule or
regulation of any government body which the Company shall, in its sole discretion, determine to be
necessary or advisable. Moreover, this Option may not be exercised if its exercise or the receipt
of Shares of Stock pursuant thereto would be contrary to applicable law.

     Withholding. All deliveries and distributions under this Agreement are subject to
withholding of all applicable taxes. At the election of the Optionee, and subject to such rules
and limitations as may be established by the Committee from time to time, such withholding
obligations may be satisfied through the surrender of shares of Stock which the Optionee already
owns, or to which the Optionee is otherwise entitled under the Plan.

     Nontransferability. This Option shall not be transferable other than by will or by
the laws of descent and distribution. During the lifetime of the Optionee, this Option shall be
exercisable only by the Optionee or by the Optionee’s guardian or legal representative. No
transfer of this Option by the Optionee by will or by the laws of descent and distribution shall be
effective to bind the Company unless the Company is furnished with written notice thereof and a
copy of the will and/or such other evidence as the Board may determine necessary to establish the
validity of the transfer.

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     Termination of Employment. Upon the termination of the employment of Optionee prior
to the expiration of the Option, the following provisions shall apply:

     Upon the Involuntary Termination of Optionee’s employment or the voluntary termination or
resignation of Optionee’s employment, the Optionee may exercise the Option to the extent the
Optionee was vested in and entitled to exercise the Option at the date of such employment
termination for a period of one (1) year after the date of such employment termination, or until
the term of the Option has expired, whichever date occurs first. To the extent the Optionee was
not entitled to exercise this Option at the date of such employment termination, or if Optionee
does not exercise this Option within the time specified herein, this Option shall terminate.

     If the employment of an Optionee is terminated by the Company for cause, then the Board or the
Committee shall have the right to cancel the Option.

     Death, Disability or Retirement of Optionee. Upon the death, Disability or
Retirement, as defined herein, of Optionee prior to the expiration of the Option, the following
provisions shall apply:

     If the Optionee is at the time of his Disability employed by the Company or a Subsidiary and
has been in continuous employment (as determined by the Committee in its sole discretion) since the
Date of Grant of the Option, then the Option may be exercised by the Optionee for one (1) year
following the date of such Disability or until the expiration date of the Option, whichever date is
earlier, but only to the extent the Optionee was vested in and entitled to exercise the Option at
the time of his Disability. For purposes of this Section 5, the term “Disability” shall mean that
the Optionee is unable, by reason of a medically determinable physical or mental impairment, to
substantially perform the principal duties of employment with the Company, which condition, in the
opinion of a physician selected by the Board, is expected to have a duration of not less than 120
days, unless the Optionee is employed by the Company, a Parent, a Subsidiary or an Affiliate,
pursuant to an employment agreement which contains a definition of “Disability,” in which case such
definition shall control. The Committee, in its sole discretion, shall determine whether an
Optionee has a Disability and the date of such Disability.

     If the Optionee is at the time of his death employed by the Company or a Subsidiary and has
been in continuous employment (as determined by the Committee in its sole discretion) since the
Date of Grant of the Option, then the Option may be exercised by the Optionee’s estate or by a
person who acquired the right to exercise the Option by will or the laws of descent and
distribution, for one (1) year following the date of the Optionee’s death or until the expiration
date of the Option, whichever date is earlier, but only to the extent the Optionee was vested in
and entitled to exercise the Option at the time of death.

     If the Optionee is at the time of his Retirement employed by the Company or a Subsidiary and
has been in continuous employment (as determined by the Committee in its sole discretion) since the
Date of Grant of the Option, then the Option may be exercised by the Optionee for one (1) year
following the date of the Optionee’s Retirement or until the expiration date of the Option,
whichever date is earlier, but only to the extent the Optionee was vested in and entitled to
exercise the Option at the time of Retirement. For purposes of this Section 5, “Retirement” means
Optionee’s voluntary termination of employment or termination by the Company without cause on or
after the date the Optionee attains age 60.

     If the Optionee dies within three (3) months after Termination of Optionee’s employment with
the Company or a Subsidiary the Option may be exercised for nine (9) months following the date of
Optionee’s death or the expiration date of the Option, whichever date is earlier, by the Optionee’s
estate or by a person who acquires the right to exercise the Option by will or the laws of descent
or distribution, but only to the extent the Optionee was vested in and entitled to exercise the
Option at the time of Termination.

     Termination of Relationship for Misconduct; Clawback. If the Board or the Committee
reasonably believes that the Optionee has committed an act of misconduct, it may suspend the
Optionee’s right to exercise this option pending a determination by the Board or the Committee. If
the Board or the Committee determines that the Optionee has committed an act of misconduct or has
breached a duty to the Company, neither the Optionee nor the Optionee’s estate shall be entitled to
exercise the Option. For purposes of this Section 6, an act of misconduct shall include
embezzlement, fraud, dishonesty, nonpayment of an obligation owed to the Company, breach of
fiduciary duty or deliberate disregard of the Company’s rules resulting in loss, damage or injury
to the Company, or if the

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Optionee makes an unauthorized disclosure of any Company trade secret or confidential
information, engages in any conduct constituting unfair competition with respect to the Company, or
induces any party to breach a contract with the Company. An act of misconduct or breach of
fiduciary duty to the Company shall include an event giving the Company the right to terminate
Optionee’s employment for cause pursuant to any employment agreement between Optionee and the
Company. In addition, misconduct shall include willful violations of federal or state securities
laws. In making such determination, the Board or the Committee shall act fairly and shall give the
Optionee an opportunity to appear and present evidence on the Optionee’s behalf at a hearing before
the Board or the Committee. In addition, if the Company, based upon an opinion of legal counsel or
a judicial determination, determines that Section 304 of the Sarbanes-Oxley Act of 2002 is
applicable to Optionee hereunder, to the extent that the Company is required to prepare an
accounting restatement due to the material noncompliance of the Company, as a result of misconduct,
with any financial reporting requirement under the securities laws, Optionee shall reimburse the
Company for any compensation received by Optionee from the Company during the 12-month period
following the first public issuance or filing with the Securities and Exchange Commission
(whichever first occurs) of the financial document embodying such financial reporting requirement
and any profits received from the sale of the Company’s common stock or common stock equivalents,
acquired pursuant to this Agreement.

     Heirs and Successors. This Agreement shall be binding upon, and inure to the benefit
of, the Company and its successors and assigns, and upon any person acquiring, whether by merger,
consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets
and business. If any rights exercisable by the Optionee or benefits deliverable to the Optionee
under this Agreement have not been exercised or delivered, respectively, at the time of the
Optionee’s death, such rights shall be exercisable by the Designated Beneficiary, and such benefits
shall be delivered to the Designated Beneficiary, in accordance with the provisions of this
agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries
designated by the Optionee in a writing filed with the Committee in such form and at such time as
the Committee shall require. If a deceased Optionee fails to designate a beneficiary, or if the
Designated Beneficiary does not survive the Optionee, any rights that would have been exercisable
by the Optionee and any benefits distributable to the Optionee shall be exercised by or distributed
to the legal representative of the estate of the Optionee. If a deceased Optionee designates a
beneficiary and the Designated Beneficiary survives the Optionee but dies before the Designated
Beneficiary’s exercise of all rights under this Agreement or before the complete distribution of
benefits to the Designated Beneficiary under this Agreement, then any rights that would have been
exercisable by the Designated Beneficiary shall be exercised by the legal representative of the
estate of the Designated Beneficiary, and any benefits distributable to the Designated Beneficiary
shall be distributed to the legal representative of the estate of the Designated Beneficiary.

     Plan Governs. Notwithstanding anything in this Agreement to the contrary, the terms
of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the
Optionee from the Company; and this Agreement is subject to all interpretations, amendments, rules
and regulations promulgated by the Committee from time to time pursuant to the Plan. The Optionee
hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and
provisions thereof. In the event of any question or inconsistency between this Agreement and the
Plan, the terms and conditions of the Plan shall govern.

     Notices. Any notice hereunder to the Company shall be addressed to it at its
principal executive offices, located at 14700 Martin Drive, Eden Prairie, MN 55344, Attention:
Chief Financial Officer; and any notice hereunder to the Optionee shall be addressed to the
Optionee at the address last appearing in the employment records of the Company; subject to the
right of either party to designate at any time hereunder in writing some other address.

     Counterparts. This Agreement may be executed in two counterparts each of which shall
constitute one and the same instrument.

     Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Minnesota, except to the extent preempted by federal law, without regard
to the principles of comity or the conflicts of law provisions of any other jurisdiction.

4

 

     IN WITNESS WHEREOF, the Company and Optionee have executed this Agreement, both as of the day
and year first above written.

	 	 	 
	 

	 	WIRELESS RONIN TECHNOLOGIES, INC.
	 
	 	 
	 
	 	 
	 

	 	 
	 

	 	By: John Witham
	 

	 	Its: Chief Financial Officer
	 
	 	 
	 

	 	OPTIONEE
	 
	 	 
	 
	 	 
	 

	 	 

5

 

SCHEDULE I — NOTATIONS AS TO PARTIAL EXERCISE

	 	 	 	 	 	 	 	 	 
	 	 	Number of	 	Balance of Shares	 	Authorized	 	 
	Date of Exercise	 	Purchased Shares	 	on Option	 	Signature	 	Notation Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]