Document:

2005 Restricted Stock and Option Plan

 

Exhibit 10.1

BANKATLANTIC BANCORP, INC.

2005 Restricted Stock and Option Plan

     
1. PURPOSES. The purposes of this
BankAtlantic Bancorp, Inc. (“Company”) 2005 Restricted
Stock and Option Plan (the “Plan”) are to attract and
retain the best available personnel for positions of substantial
responsibility, to provide additional incentive to the Employees
of the Company or its Subsidiaries (as defined in Section 2
below) as well as other individuals who perform services for the
Company and its Subsidiaries, and to promote the success and
profitability of the Company’s business. Options granted
hereunder may be either “incentive stock options,” as
defined in Section 422 of the Internal Revenue Code of
1986, as amended, or “non-qualified stock options,” at
the discretion of the Committee (as defined in Section 2
below) and as reflected in the terms of the Stock Option
Agreement (as defined in Section 2 below).

     
2. DEFINITIONS. As used herein, the following
definitions shall apply:

		
	 	     
    (a) “Award Notice” shall mean, with respect to a
    particular Restricted Stock Award, a written instrument signed
    by the Company and the recipient of the Restricted Stock Award
    evidencing the Restricted Stock Award and establishing the terms
    and conditions thereof.
	 
	 	     
    (b) “Award Recipient” shall mean the recipient of
    a Restricted Stock Award.
	 
	 	     
    (c) “Beneficiary” shall mean the Person
    designated by an Award Recipient to receive any Shares subject
    to a Restricted Stock Award made to such Award Recipient that
    become distributable following the Award Recipient’s death.
	 
	 	     
    (d) “Board of Directors” shall mean the Board of
    Directors of the Company.
	 
	 	     
    (e) “Class A Common Stock” shall mean the
    Class A common stock, par value $0.01 per share, of
    the Company.
	 
	 	     
    (f) “Code” shall mean the Internal Revenue Code
    of 1986, as amended.
	 
	 	     
    (g) “Committee” shall mean the Committee
    appointed by the Board of Directors in accordance with
    paragraph (a) of Section 4 of the Plan.
	 
	 	     
    (h) “Company” shall mean BankAtlantic Bancorp,
    Inc., a Florida corporation, and its successors and assigns.
	 
	 	     
    (i) “Continuous Status as an Employee” shall mean
    the absence of any interruption or termination of service as an
    Employee. Continuous Status as an Employee shall not be
    considered interrupted in the case of sick leave, military
    leave, or any other leave of absence approved by the Board of
    Directors of the Company or the Committee. Continuous Status as
    an Employee shall not be deemed terminated or interrupted by a
    termination of employment followed immediately by service as a
    non-Employee director of the Company or one or more of its
    Subsidiaries until a subsequent termination of all service as
    either a non-Employee director or an Employee.
	 
	 	     
    (j) “Covered Employee” shall mean, for any
    taxable year of the Company, a person who is, or who the
    Committee determines is reasonably likely to be, a “covered
    employee” (within the meaning of section 162(m) of the
    Code).
	 
	 	     
    (k) “Disability” shall mean permanent and total
    disability as defined in Section 22(e)(3) of the Code.
	 
	 	     
    (l) “Employee” shall mean any person, including
    officers and directors, employed by the Company or any Parent or
    Subsidiary of the Company. The payment of a director’s fee
    by the Company shall not be sufficient to constitute
    “employment” by the Company.
	 
	 	     
    (m) “Exchange Act” shall mean the Securities
    Exchange Act of 1934, as amended.

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    (n) “Fair Market Value” shall be determined by
    the Committee in its discretion; provided, however, that where
    there is a public market for the Class A Common Stock, the
    fair market value per Share shall be (i) if the
    Class A Common Stock is listed or admitted for trading on
    any United States national securities exchange, or if actual
    transactions are otherwise reported on a consolidated
    transaction reporting system, the closing price of such stock on
    such exchange or reporting system, as the case may be, on the
    relevant date, as reported in any newspaper of general
    circulation, or (ii) if the Class A Common Stock is
    quoted on the National Association of Securities Dealers
    Automated Quotations (“NASDAQ”) System, or any similar
    system of automated dissemination of quotations of securities
    prices in common use, the mean between the closing bid and asked
    quotations for such stock on the relevant date, as reported by a
    generally recognized reporting service.
	 
	 	     
    (o) “Incentive Stock Option” shall mean a stock
    option intended to qualify as an incentive stock option within
    the meaning of Section 422 of the Code.
	 
	 	     
    (p) “Nonqualified Stock Option” shall mean a
    stock option not intended to qualify as an Incentive Stock
    Option or a stock option that at the time of grant, or
    subsequent thereto, fails to satisfy the requirements of
    Section 422 of the Code.
	 
	 	     
    (q) “Option” shall mean a stock option granted
    pursuant to the Plan.
	 
	 	     
    (r) “Optioned Stock” shall mean the Class A
    Common Stock subject to an Option.
	 
	 	     
    (s) “Optionee” shall mean the recipient of an
    Option.
	 
	 	     
    (t) “Parent” shall mean a “parent
    corporation,” whether now or hereafter existing, as defined
    in Section 424(e) of the Code.
	 
	 	     
    (u) “Performance-Based Restricted Stock Award”
    shall mean a Restricted Stock Award to which Section 8.3 is
    applicable.
	 
	 	     
    (v) “Performance Goal” shall mean, with respect
    to any Performance-Based Restricted Stock Award, the performance
    goal(s) established pursuant to Section 8.3(a), the
    attainment of which is a condition of vesting of the
    Performance-Based Restricted Stock Award.
	 
	 	     
    (w) “Performance Measurement Period” shall mean,
    with respect to any Performance Goal, the period of time over
    which attainment of the Performance Goal is measured.
	 
	 	     
    (x) “Person” shall mean an individual, a
    corporation, a partnership, a limited liability company, an
    association, a joint-stock company, a trust, an estate, an
    unincorporated organization and any other business organization
    or institution.
	 
	 	     
    (y) “Restricted Stock Award” shall mean an award
    of Shares pursuant to Section 8.
	 
	 	     
    (z) “Rule 16b-3” shall mean Rule 16b-3
    promulgated by the Securities and Exchange Commission under the
    Exchange Act or any successor rule.
	 
	 	     
    (aa) “Service” shall mean, unless the Committee
    provides otherwise in an Award Notice: (a) service in any
    capacity as a common-law employee, director, advisor or
    consultant to the Company or a Parent or Subsidiary;
    (b) service in any capacity as a common-law employee,
    director, advisor or consultant (including periods of
    contractual availability to perform services under a retainer
    arrangement) to an entity that was formerly a Parent or
    Subsidiary, to the extent that such service is an uninterrupted
    continuation of services being provided immediately prior to the
    date on which such entity ceased to be a Parent or Subsidiary;
    and (c) performance of the terms of any contractual
    non-compete agreement for the benefit of the Company or a Parent
    or Subsidiary.
	 
	 	     
    (bb) “Share” shall mean a share of the
    Class A Common Stock, as adjusted in accordance with
    Section 9 of the Plan.
	 
	 	     
    (cc) “Stock Option Agreement” shall mean the
    written option agreements described in Section 14 of the
    Plan.

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    (dd) “Subsidiary” shall mean a “subsidiary
    corporation,” whether now or hereafter existing, as defined
    in Section 424(f) of the Code.
	 
	 	     
    (ee) “Transferee” shall mean a
    “transferee” of the Optionee as defined in
    Section 7.4 of the Plan.

     
3. STOCK. Subject to the provisions of
Section 9 of the Plan, the maximum aggregate number of
Shares which may be issued for Restricted Stock Awards and upon
the exercise of Options under the Plan is 6,000,000 Shares.
The maximum aggregate number of Shares which may be covered by
Options granted to individuals who are Covered Employees shall
be 2,000,000 Shares during any calendar year. The maximum
aggregate number of Shares which may be issued as Restricted
Stock Awards to individuals who are Covered Employees shall be
2,000,000 Shares during any calendar year. If an Option or
Restricted Stock Award should expire or become un-exercisable
for any reason without having been exercised or vested in full,
the unpurchased Shares which were subject thereto shall, unless
the Plan shall have been terminated, become available for
further grant under the Plan.

     
Subject to the provisions of Section 9 of the Plan, no
person shall be granted Options under the Plan in any calendar
year covering an aggregate of more than 300,000 Shares. If
an Option should expire, become unexercisable for any reason
without having been exercised in full, or be cancelled for any
reason during the calendar year in which it was granted, the
number of Shares covered by such Option shall nevertheless be
treated as Options granted for purposes of the limitation in the
preceding sentence.

     
4. ADMINISTRATION.

		
	 	     
    (a) Procedure. The Plan shall be administered by a
    Committee appointed by the Board of Directors, which initially
    shall be the Compensation Committee of the Company. The
    Committee shall consist of not less than two (2) members of
    the Board of Directors. Once appointed, the Committee shall
    continue to serve until otherwise directed by the Board of
    Directors. From time to time the Board of Directors, at its
    discretion, may increase the size of the Committee and appoint
    additional members thereof, remove members (with or without
    cause), and appoint new members in substitution therefor, and
    fill vacancies however caused; provided, however, that at no
    time shall a Committee of less than two (2) members of the
    Board of Directors administer the Plan. If the Committee does
    not exist, or for any other reason determined by the Board of
    Directors, the Board may take any action and exercise any power,
    privilege or discretion under the Plan that would otherwise be
    the responsibility of the Committee.
	 
	 	     
    (b) Powers of the Committee. Subject to the
    provisions of the Plan, the Committee shall have the authority,
    in its discretion: (i) to grant Incentive Stock Options, in
    accordance with Section 422 of the Code, to grant
    Nonqualified Stock Options or to grant Restricted Stock Awards;
    (ii) to determine, upon review of relevant information, the
    Fair Market Value of the Class A Common Stock;
    (iii) to determine the exercise price per share of Options
    to be granted or consideration for Restricted Stock Awards;
    (iv) to determine the persons to whom, and the time or
    times at which, Options and Restricted Stock Awards shall be
    granted and the number of Shares to be represented by each
    Option or Restricted Stock Award; (v) to determine the
    vesting schedule of the Options and Restricted Stock Awards to
    be granted; (vi) to interpret the Plan; (vii) to
    prescribe, amend and rescind rules and regulations relating to
    the Plan; (viii) to determine the terms and provisions of
    each Option or Restricted Stock Award granted (which need not be
    identical) and, with the consent of the holder thereof if
    required, modify or amend each Option or Restricted Stock Award;
    (ix) to accelerate or defer (with the consent of the holder
    thereof) the exercise or vesting date of any Option or the
    vesting date of any Restricted Stock Award; (x) to
    authorize any person to execute on behalf of the Company any
    instrument required to effectuate the grant of an Option or
    Restricted Stock Award previously granted by the Committee;
    (xi) to grant an Option in replacement of Options
    previously granted under this Plan; and (xii) to make all
    other determinations deemed necessary or advisable for the
    administration of the Plan.
	 
	 	     
    (c) Effect of the Committee’s Decision. All
    decisions, determinations and interpretations of the Committee
    shall be final and binding on all Optionees, Award Recipients or
    Transferees, if applicable.

     
5. ELIGIBILITY. Incentive Stock Options may
be granted only to Employees. Nonqualified Stock Options and
Restricted Stock Awards may be granted to Employees as well as
directors, independent

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contractors and agents who are natural persons (but only if such
Options or Restricted Stock Awards are granted as compensation
for personal services rendered by the independent contractor or
agent to the Company or a Subsidiary that are not services in
connection with the offer or sale of securities in a
capital-raising transaction or services that directly or
indirectly promote or maintain a market for the Company’s
securities), as determined by the Committee. Any person who has
been granted an Option or Restricted Stock Award may, if he is
otherwise eligible, be granted an additional Option or Options
or Restricted Stock Award.

     
Except as otherwise provided under the Code, to the extent that
the aggregate Fair Market Value of Shares for which Incentive
Stock Options (under all stock option plans of the Company and
of any Parent or Subsidiary) are exercisable for the first time
by an Employee during any calendar year exceeds $100,000, such
excess Options shall be treated as Nonqualified Stock Options.
For purposes of this limitation, (a) the Fair Market Value
of Shares is determined as of the time the Option is granted and
(b) the limitation is applied by taking into account
Options in the order in which they were granted.

     
The Plan shall not constitute a contract of employment nor shall
the Plan confer upon any Optionee or Award Recipient any right
with respect to continuation of employment or continuation of
providing services to the Company, nor shall it interfere in any
way with his right or the Company’s or any Parent or
Subsidiary’s right to terminate his employment or his
provision of services at any time.

     
6. TERM OF PLAN. The Plan shall become
effective upon its adoption by the Board of Directors; provided,
however, if the Plan is not approved by shareholders of the
Company in accordance with Section 15 of the Plan within
twelve (12) months after the date of adoption by the Board
of Directors, the Plan and any Options or Restricted Stock
Awards granted thereunder shall terminate and become null and
void. The Plan shall continue in effect ten (10) years from
the effective date of the Plan, unless sooner terminated under
Section 11 of the Plan.

     
7. STOCK OPTIONS.

		
	 	     
    7.1 Term of Option. The term of each Option shall be ten
    (10) years from the date of grant thereof or such shorter
    term as may be provided in the Stock Option Agreement. However,
    in the case of an Incentive Stock Option granted to an Employee
    who, immediately before the Incentive Stock Option is granted,
    owns stock representing more than ten percent (10%) of the
    voting power of all classes of stock of the Company or any
    Parent or Subsidiary, the term of the Incentive Stock Option
    shall be five (5) years from the date of grant thereof
    or such shorter time as may be provided in such Optionee’s
    Stock Option Agreement.
	 
	 	     
    7.2 Exercise Price And Consideration.

		
	 	     
    (a) Price. The per Share exercise price for the
    Shares to be issued pursuant to exercise of an Option shall be
    such price as determined by the Committee, but shall be subject
    to the following:

		
	 	     
    (i) In the case of an Incentive Stock Option which is

		
	 	     
    (A) granted to an Employee who, immediately before the
    grant of such Incentive Stock Option, owns stock representing
    more than ten percent (10%) of the voting power of all classes
    of stock of the Company or any Parent or Subsidiary, the per
    Share exercise price shall be no less than one hundred and ten
    percent (110%) of the Fair Market Value per Share on the date of
    grant.
	 
	 	     
    (B) granted to an Employee not within (A), the per share
    exercise price shall be no less than one hundred percent (100%)
    of the Fair Market Value per Share on the date of grant.
	 
	 	     
    (C) In the case of a Nonqualified Stock Option, the per
    Share exercise price shall be no less than one hundred percent
    (100%) of the Fair Market Value per Share on the date of grant.

		
	 	     
    (b) Certain Corporate Transactions. In the event the
    Company substitutes an Option for a stock option issued by
    another corporation in connection with a corporate transaction,
    such as a

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    merger, consolidation, acquisition of property or stock,
    separation (including a spin-off or other distribution of stock
    or property), reorganization (whether or not such reorganization
    comes within the definition of such term in Section 368 of
    the Code) or partial or complete liquidation involving the
    Company and such other corporation, the exercise price of such
    substituted Option shall be as determined by the Committee in
    its discretion (subject to the provisions of Section 424(a)
    of the Code in the case of a stock option that was intended to
    qualify as an “incentive stock option”) to preserve,
    on a per Share basis immediately after such corporate
    transaction, the same ratio of Fair Market Value per Option
    Share to exercise price per Share which existed immediately
    prior to such corporate transaction under the option issued by
    such other corporation.
	 
	 	     
    (c) Payment. The consideration to be paid for the
    Shares to be issued upon exercise of an Option, including the
    method of payment, shall be determined by the Committee and may
    consist entirely of cash, check, promissory note, or other
    shares of the Company’s capital stock having a Fair Market
    Value on the date of surrender equal to the aggregate exercise
    price of the Shares as to which said Option shall be exercised,
    or any combination of such methods of payment, or such other
    consideration and method of payment for the issuance of Shares
    to the extent permitted under the law of the Company’s
    jurisdiction of incorporation. The Committee may also establish
    coordinated procedures with one or more brokerage firms for the
    “cashless exercise” of Options, whereby Shares issued
    upon exercise of an Option are delivered against payment by the
    brokerage firm on the Optionee’s behalf. When payment of
    the exercise price for the Shares to be issued upon exercise of
    an Option consists of shares of the Company’s capital
    stock, such shares will not be accepted as payment unless the
    Optionee or Transferee, if applicable, has held such shares for
    the requisite period necessary to avoid a charge to the
    Company’s earnings for financial reporting purposes.

		
	 	     
    7.3 Exercise Of Option.

		
	 	     
    (a) Procedure for Exercise; Rights as a Shareholder.
    Any Option granted hereunder shall be exercisable at such times
    and under such conditions as determined by the Committee,
    including performance criteria with respect to the Company or
    its Subsidiaries and/or the Optionee, and as shall be
    permissible under the terms of the Plan. An Option may not be
    exercised for a fraction of a Share. An Option shall be deemed
    to be exercised when written notice of such exercise has been
    given to the Company in accordance with the terms of the Option
    by the person entitled to exercise the Option and full payment
    for the Shares with respect to which the Option is exercised has
    been received by the Company. Full payment may, as authorized by
    the Committee, consist of any consideration and method of
    payment allowable under Section 7.2(c) of the Plan. Until
    the issuance of the stock certificate evidencing such Shares (as
    evidenced by the appropriate entry on the books of the Company
    or of a duly authorized transfer agent of the Company), which in
    no event will be delayed more than thirty (30) days from
    the date of the exercise of the Option, no right to vote or
    receive dividends or any other rights as a shareholder shall
    exist with respect to the Optioned Stock, notwithstanding the
    exercise of the Option. No adjustment will be made for a
    dividend or other right for which the record date is prior to
    the date the stock certificate is issued, except as provided in
    the Plan. Exercise of an Option in any manner shall result in a
    decrease in the number of Shares which thereafter may be
    available, both for purposes of the Plan and for sale under the
    Option, by the number of Shares as to which the Option is
    exercised.
	 
	 	     
    (b) Termination of Status as an Employee. Subject to
    this Section 7.3(b), if any Employee ceases to be in
    Continuous Status as an Employee, he or any Transferee may, but
    only within thirty (30) days or such other period of time
    not exceeding three (3) months as is determined by the
    Committee (or, provided that the applicable Option is not to be
    treated as an Incentive Stock Option, such longer period of time
    as may be determined by the Committee) after the date he ceases
    to be an Employee, exercise his Option to the extent that he or
    any Transferee was entitled to exercise it as of the date of
    such termination. To the extent that he or any Transferee was
    not entitled to exercise the Option at the date of such
    termination, or if he or any Transferee does not exercise such
    Option (which he or any Transferee was entitled to exercise)
    within the time specified herein, the Option shall terminate. If
    any Employee ceases to serve as an Employee as a result of a

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    termination for cause (as determined by the Committee), any
    Option held by such Employee or any Transferee shall terminate
    immediately and automatically on the date of his termination as
    an Employee unless otherwise determined by the Committee.
    Notwithstanding the foregoing, if an Employee ceases to be in
    Continuous Status as an Employee solely due to a reorganization,
    merger, consolidation, spin-off, combination, re-assignment to
    another member of the affiliated group of which the Company is a
    member or other similar corporate transaction or event, the
    Committee may, in its discretion, suspend the operation of this
    Section 7.3(b); provided that the Employee shall execute an
    agreement, in form and substance satisfactory to the Committee,
    waiving such Employee’s right to have such Employee’s
    Options treated as Incentive Stock Options from and after a date
    determined by the Committee which shall be no later than three
    months from the date on which such Employee ceases to be in
    Continuous Status as an Employee, and such Employee’s
    Options shall thereafter be treated as Nonqualified Options for
    all purposes.
	 
	 	     
    (c) Disability of Optionee. Notwithstanding the
    provisions of Section 7.3(b) above, in the event an
    Employee is unable to continue his employment as a result of his
    Disability, he or any Transferee may, but only within three
    (3) months or such other period of time not exceeding
    twelve (12) months as is determined by the Committee (or,
    provided that the applicable Option is not to be treated as an
    Incentive Stock Option, such longer period of time as may be
    determined by the Committee) from the date of termination of
    employment, exercise his Option to the extent he or any
    Transferee was entitled to exercise it at the date of such
    Disability. To the extent that he or any Transferee was not
    entitled to exercise the Option at the date of Disability, or if
    he or any Transferee does not exercise such Option (which he or
    any Transferee was entitled to exercise) within the time
    specified herein, the Option shall terminate.
	 
	 	     
    (d) Death of Optionee. In the event of the death of
    an Optionee:

		
	 	     
    (i) during the term of the Option and who is at the time of
    his death an Employee and who shall have been in Continuous
    Status as an Employee since the date of grant of the Option, the
    Option may be exercised at any time within twelve
    (12) months (or, provided that the applicable Option is not
    to be treated as an Incentive Stock Option, such longer period
    of time as may be determined by the Committee) following the
    date of death, by the Optionee’s estate, by a person who
    acquired the right to exercise the Option by bequest or
    inheritance, or by any Transferee, as the case may be, but only
    to the extent of the right to exercise that would have accrued
    had the Optionee continued living one (1) month after the
    date of death; or (ii) within thirty (30) days or such
    other period of time not exceeding three (3) months as is
    determined by the Committee (or, provided that the applicable
    Option is not to be treated as an Incentive Stock Option, such
    longer period of time as may be determined by the Committee)
    after the termination of Continuous Status as an Employee, the
    Option may be exercised, at any time within three
    (3) months following the date of death, by the
    Optionee’s estate, by a person who acquired the right to
    exercise the Option by bequest or inheritance, or by any
    Transferee, as the case may be, but only to the extent of the
    right to exercise that had accrued at the date of termination.

		
	 	     
    7.4 Transferability Of Options. During an
    Optionee’s lifetime, an Option may be exercisable only by
    the Optionee and an Option granted under the Plan and the rights
    and privileges conferred thereby shall not be subject to
    execution, attachment or similar process and may not be sold,
    pledged, assigned, hypothecated, transferred or otherwise
    disposed of in any manner (whether by operation of law or
    otherwise) other than by will or by the laws of descent and
    distribution. Notwithstanding the foregoing, to the extent
    permitted by applicable law and Rule 16b-3, the Committee
    may determine that an Option may be transferred by an Optionee
    to any of the following: (1) a family member of the
    Optionee; (2) a trust established primarily for the benefit
    of the Optionee and/or a family member of said Optionee in which
    the Optionee and/or one or more of his family members
    collectively have a more than 50% beneficial interest;
    (3) a foundation in which such persons collectively control
    the management of assets; (4) any other legal entity in
    which such persons collectively own more than 50% of the voting
    interests; or (5) any charitable organization exempt from
    income tax under Section 501(c)(3) of the Code

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    (collectively, a “Transferee”); provided, however, in
    no event shall an Incentive Stock Option be transferable if such
    transferability would violate the applicable requirements under
    Section 422 of the Code. Any other attempt to sell, pledge,
    assign, hypothecate, transfer or otherwise dispose of any Option
    under the Plan or of any right or privilege conferred thereby,
    contrary to the provisions of the Plan, or the sale or levy or
    any attachment or similar process upon the rights and privileges
    conferred hereby, shall be null and void.

     
8. RESTRICTED STOCK AWARDS.

		
	 	     
    8.1 In General.

		
	 	     
    (a) Each Restricted Stock Award shall be evidenced by an
    Award Notice issued by the Committee to the Award Recipient
    containing such terms and conditions not inconsistent with the
    Plan as the Committee may, in its discretion, prescribe,
    including, without limitation, any of the following terms or
    conditions:

		
	 	     
    (i) the number of Shares covered by the Restricted Stock
    Award;
	 
	 	     
    (ii) the amount (if any) which the Award Recipient shall be
    required to pay to the Company in consideration for the issuance
    of such Shares (which shall in no event be less than the minimum
    amount required for such Shares to be validly issued, fully paid
    and nonassessable under applicable law);
	 
	 	     
    (iii) whether the Restricted Stock Award is a
    Performance-Based Award and, if it is, the applicable
    Performance Goal or Performance Goals;
	 
	 	     
    (iv) the date of grant of the Restricted Stock
    Award; and
	 
	 	     
    (v) the vesting date for the Restricted Stock Award;

		
	 	     
    (b) All Restricted Stock Awards shall be in the form of
    issued and outstanding Shares that shall be either:

		
	 	     
    (i) registered in the name of the Committee for the benefit
    of the Award Recipient and held by the Committee pending the
    vesting or forfeiture of the Restricted Stock Award;
	 
	 	     
    (ii) registered in the name of Award Recipient and held by
    the Committee, together with a stock power executed by the Award
    Recipient in favor of the Committee, pending the vesting or
    forfeiture of the Restricted Stock Award; or
	 
	 	     
    (iii) registered in the name of and delivered to the Award
    Recipient.

		
	 	     
    In any event, the certificates evidencing the Shares shall at
    all times prior to the applicable vesting date bear the
    following legend:

		
	 	     
    The Class A Common Stock evidenced hereby is subject to the
    terms of a Restricted Stock Award agreement between BankAtlantic
    Bancorp, Inc. and [Name of Award Recipient] dated [Date] made
    pursuant to the terms of the BankAtlantic Bancorp, Inc. 2005
    Restricted Stock and Option Plan, copies of which are on file at
    the executive offices of BankAtlantic Bancorp, Inc., and may not
    be sold, encumbered, hypothecated or otherwise transferred
    except in accordance with the terms of such Plan and Agreement.

          
and/or such other restrictive legend as the Committee, in its
discretion, may specify.

		
	 	     
    (c) Except as otherwise provided by the Committee, a
    Restricted Stock Award shall not be transferable by the Award
    Recipient other than by will or by the laws of descent and
    distribution, and the Shares granted pursuant to such Restricted
    Stock Award shall be distributable, during the lifetime of the
    Award Recipient, only to the Award Recipient.

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    8.2 Vesting Date.

		
	 	     
    (a) The vesting date for each Restricted Stock Award shall
    be determined by the Committee and specified in the Award Notice
    and, if no date is specified in the Award Notice, shall be the
    first anniversary of the date on which the Restricted Stock
    Award is granted. Unless otherwise determined by the Committee
    and specified in the Award Notice:

		
	 	     
    (i) if the Service of an Award Recipient is terminated
    prior to the vesting date of a Restricted Stock Award for any
    reason other than death or Disability, any unvested Shares shall
    be forfeited without consideration (other than a refund to the
    Award Recipient of an amount equal to the lesser of (A) the
    cash amount, if any, actually paid by the Award Recipient to the
    Company for the Shares being forfeited and (B) the Fair
    Market Value of such Shares on the date of forfeiture);
	 
	 	     
    (ii) if the Service of an Award Recipient is terminated
    prior to the vesting date of a Restricted Stock Award on account
    of death or Disability, any unvested Shares with a vesting date
    that is during the period of six (6) months beginning on
    the date of termination of Service shall become vested on the
    date of termination of Service and any remaining unvested Shares
    forfeited without consideration (other than a refund to the
    Award Recipient of an amount equal to the lesser of (A) the
    cash amount, if any, actually paid by the Award Recipient to the
    Company for the Shares being forfeited and (B) the Fair
    Market Value of such Shares on the date of forfeiture); and

		
	 	     
    8.3 Performance-Based Restricted Stock Awards.

		
	 	     
    (a) At the time it grants a Performance-Based Restricted
    Stock Award, the Committee shall establish one or more
    Performance Goals the attainment of which shall be a condition
    of the Award Recipient’s right to retain the related
    Shares. The Performance Goals shall be selected from among the
    following:

		
	 	     
    (i) earnings per share;
	 
	 	     
    (ii) net income;
	 
	 	     
    (iii) return on average equity;
	 
	 	     
    (iv) return on average assets;
	 
	 	     
    (v) core earnings;
	 
	 	     
    (vi) stock price;
	 
	 	     
    (vii) strategic business objectives, consisting of one or
    more objectives based on meeting specified cost targets,
    business expansion goals, goals relating to acquisitions or
    divestitures, revenue targets or business development goals;
	 
	 	     
    (viii) except in the case of a Covered Employee, any other
    performance criteria established by the Committee;
	 
	 	     
    (ix) any combination of (i) through (viii) above.

		
	 	     
    Performance Goals may be established on the basis of reported
    earnings or cash earnings, and consolidated results or
    individual business units and may, in the discretion of the
    Committee, include or exclude extraordinary items and/or the
    results of discontinued operations. Each Performance Goal may be
    expressed on an absolute and/or relative basis, may be based on
    or otherwise employ comparisons based on internal targets, the
    past performance of the Company (or individual business units)
    and/or the past or current performance of other companies.
	 
	 	     
    (b) At the time it grants a Performance-Based Restricted
    Stock Award, the Committee shall establish a Performance
    Measurement Period for each Performance Goal. The Performance
    Measurement Period shall be the period over which the
    Performance Goal is measured and its

8

 

		
	 	
    attainment is determined. If the Committee establishes a
    Performance Goal but fails to specify a Performance Measurement
    Period, the Performance Measurement Period shall be:

		
	 	     
    (i) if the Performance-Based Restricted Stock Award is
    granted during the first three months of the Company’s
    fiscal year, the fiscal year of the Company in which the
    Performance-Based Restricted Stock Award is granted; and
	 
	 	     
    (ii) in all other cases, the period of four
    (4) consecutive fiscal quarters of the Company that begins
    with the fiscal quarter in which the Performance-Based
    Restricted Stock Award is granted.

		
	 	     
    (c) Within a reasonable period of time as shall be
    determined by the Committee following the end of each
    Performance Measurement Period, the Committee shall determine,
    on the basis of such evidence as it deems appropriate, whether
    the Performance Goals for such Performance Measurement Period
    have been attained and, if they have been obtained, shall
    certify such fact in writing.
	 
	 	     
    (d) If the Performance Goals for a Performance-Based
    Restricted Stock Award have been determined by the Committee to
    have been attained and certified, the Committee shall either:

		
	 	     
    (i) if the relevant vesting date has occurred, cause the
    ownership of the Shares subject to such Restricted Stock Award,
    together with all dividends and other distributions with respect
    thereto that have been accumulated, to be transferred on the
    stock transfer records of the Company, free of any restrictive
    legend other than as may be required by applicable law, to the
    Award Recipient;
	 
	 	     
    (ii) in all other cases, continue the Shares in their
    current status pending the occurrence of the relevant vesting
    date or forfeiture of the Shares.

		
	 	     
    If any one or more of the relevant Performance Goals have been
    determined by the Committee to not have been attained, all of
    the Shares subject to such Restricted Stock Award shall be
    forfeited without consideration (other than a refund to the
    Award Recipient of an amount equal to the lesser of (A) the
    cash amount, if any, actually paid by the Award Recipient to the
    Company for the Shares being forfeited and (B) the Fair
    Market Value of such Shares on the date of forfeiture).
	 
	 	     
    (e) If the Performance Goals for any Performance
    Measurement Period shall have been affected by special factors
    (including material changes in accounting policies or practices,
    material acquisitions or dispositions of property, or other
    unusual items) that in the Committee’s judgment should or
    should not be taken into account, in whole or in part, in the
    equitable administration of the Plan, the Committee may, for any
    purpose of the Plan, adjust such Performance Goals and make
    payments accordingly under the Plan; provided, however,
    that any adjustments made in accordance with or for the purposes
    of this section 8.3(e) shall be disregarded for purposes of
    calculating the Performance Goals for a Performance-Based
    Restricted Stock Award to a Covered Employee if and to the
    extent that such adjustments would have the effect of increasing
    the amount of a Restricted Stock Award to such Covered Employee.

		
	 	     
    8.4 Dividend Rights. Unless the Committee determines
    otherwise with respect to any Restricted Stock Award and
    specifies such determination in the relevant Award Notice, any
    dividends or distributions declared and paid with respect to
    Shares subject to the Restricted Stock Award, whether or not in
    cash, shall be held and accumulated for distribution at the same
    time and subject to the same terms and conditions as the
    underlying Shares.
	 
	 	     
    8.5 Voting Rights. Unless the Committee determines
    otherwise with respect to any Restricted Stock Award and
    specifies such determination in the relevant Award Notice,
    voting rights appurtenant to the Shares subject to the
    Restricted Stock Award, shall be exercised by the Committee in
    its discretion.
	 
	 	     
    8.6 Tender Offers. Each Award Recipient shall have
    the right to respond, or to direct the response, with respect to
    the issued Shares related to its Restricted Stock Award, to any
    tender offer, exchange offer or other offer made to the holders
    of Shares.

9

 

Such a direction for any such Shares shall be given by
completing and filing, with the inspector of elections, the
trustee or such other person who shall be independent of the
Company as the Committee shall designate in the direction, a
written direction in the form and manner prescribed by the
Committee. If no such direction is given, then the Shares shall
not be tendered.

		
	 	     
    8.7 Designation of Beneficiary. An Award Recipient
    may designate a Beneficiary to receive any unvested Shares that
    become available for distribution on the date of his death. Such
    designation (and any change or revocation of such designation)
    shall be made in writing in the form and manner prescribed by
    the Committee. In the event that the Beneficiary designated by
    an Award Recipient dies prior to the Award Recipient, or in the
    event that no Beneficiary has been designated, any vested Shares
    that become available for distribution on the Award
    Recipient’s death shall be paid to the executor or
    administrator of the Award Recipient’s estate, or if no
    such executor or administrator is appointed within such time as
    the Committee, in its sole discretion, shall deem reasonable, to
    such one or more of the spouse and descendants and blood
    relatives of such deceased person as the Committee may select.
	 
	 	     
    8.8 Taxes. The Company or the Committee shall have
    the right to require any person entitled to receive Shares
    pursuant to a Restricted Stock Award to pay the amount of any
    tax which is required to be withheld with respect to such
    Shares, or, in lieu thereof, to retain, or to sell without
    notice, a sufficient number of Shares to cover the amount
    required to be withheld.

     
9. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION OR
MERGER.

     
Subject to any required action by the shareholders of the
Company, in the event any recapitalization, forward or reverse
split, reorganization, merger, consolidation, spin-off,
combination, repurchase, or exchange of Class A Common
Stock or other securities, stock dividend or other special and
nonrecurring dividend or distribution (whether in the form of
cash, securities or other property), liquidation, dissolution,
or other similar corporate transaction or event, affects the
Class A Common Stock such that an adjustment is appropriate
in the Committee’s discretion in order to prevent dilution
or enlargement of the rights of Optionees and Award Recipients
under the Plan, then the Committee shall, in such manner as it
may deem equitable, adjust any or all of (i) the number and
kind of shares of Class A Common Stock or other securities
deemed to be available thereafter for grants of Options and
Restricted Stock Awards under the Plan in the aggregate to all
eligible individuals and individually to any one eligible
individual, (ii) the number and kind of shares of
Class A Common Stock or other securities that may be
delivered or deliverable in respect of outstanding Options or
Restricted Stock Awards, and (iii) the exercise price of
Options. In addition, the Committee is authorized to make
adjustments in the terms and conditions of, and the criteria
included in, Options and Restricted Stock Awards (including,
without limitation, cancellation of Options or Restricted Stock
Awards in exchange for the in-the-money value, if any, of the
vested portion thereof, or substitution of Options or Restricted
Stock Awards using stock of a successor or other entity) in
recognition of unusual or nonrecurring events (including,
without limitation, events described in the preceding sentence)
affecting the Company or any Subsidiary or the financial
statements of the Company or any Subsidiary, or in response to
changes in applicable laws, regulations, or account principles;
provided, however, that any such adjustment to an Option or
Performance-Based Restricted Stock Award granted to a Covered
Employee with respect to the Company or its Parent or
Subsidiaries shall conform to the requirements of
section 162(m) of the Code and the regulations thereunder
then in effect. In addition, each such adjustment with respect
to an Incentive Stock Option shall comply with the rules of
Section 424(a) of the Code (or any successor provision),
and in no event shall any adjustment be made which would render
any Incentive Stock Option granted hereunder other than an
“incentive stock option” as defined in
Section 422 of the Code. The Committee’s determination
shall be final, binding and conclusive. Except as expressly
provided herein, no issuance by the Company of shares of stock
of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number or price of shares of
Class A Common Stock subject to an Option or Restricted
Stock Award.

     
In the event of the proposed dissolution or liquidation of the
Company, or in the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of
the Company with or into another corporation, the Committee or
the Board of Directors may determine, in its discretion, that
(i) if any such

10

 

transaction is effected in a manner that holders of Class A
Common Stock will be entitled to receive stock or other
securities in exchange for such shares, then, as a condition of
such transaction, lawful and adequate provision shall be made
whereby the provisions of the Plan and the Options granted
hereunder shall thereafter be applicable, as nearly equivalent
as may be practicable, in relation to any shares of stock or
securities thereafter deliverable upon the exercise of any
Option or (ii) the Option will terminate immediately prior
to the consummation of such proposed transaction. The Committee
or the Board of Directors may, in the exercise of its sole
discretion in such instances, declare that any Option shall
terminate as of a date fixed by the Committee or the Board of
Directors and give each Optionee or Transferee, if applicable,
the right to exercise his Option as to all or any part of the
Optioned Stock, including Shares as to which the Option would
not otherwise be exercisable; provided, however, that the
Committee may, at any time prior to the consummation of such
merger, consolidation or other business reorganization, direct
that all, but not less than all, outstanding Options be
cancelled as of the effective date of such merger, consolidation
or other business reorganization in exchange for a cash payment
per optioned Share equal to the excess (if any) of the value
exchanged for an outstanding Share in such merger, consolidation
or other business reorganization over the exercise price of the
Option being cancelled.

     
In the event of any merger, consolidation, or other business
reorganization in which the Company is not the surviving entity,
any Restricted Stock Award with respect to which Shares had been
awarded to an Award Recipient shall be adjusted by allocating to
the Award Recipient the amount of money, stock, securities or
other property to be received by the other shareholders of
record, and such money, stock, securities or other property
shall be subject to the same terms and conditions of the
Restricted Stock Award that applied to the Shares for which it
has been exchanged.

     
Without limiting the generality of the foregoing, the existence
of outstanding Options or Restricted Stock Awards granted under
the Plan shall not affect in any manner the right or power of
the Company to make, authorize or consummate (i) any or all
adjustments, recapitalizations, reorganizations or other changes
in the Company’s capital structure or its business;
(ii) any merger or consolidation of the Company;
(iii) any issuance by the Company of debt securities or
preferred or preference stock that would rank above the Shares
subject to outstanding Options or Restricted Stock Awards;
(iv) the dissolution or liquidation of the Company;
(v) any sale, transfer or assignment of all or any part of
the assets or business of the Company; or (vi) any other
corporate act or proceeding, whether of a similar character or
otherwise.

     
10. TIME FOR GRANTING OPTIONS AND RESTRICTED STOCK
AWARDS. The date of grant of an Option or Restricted
Stock Award shall, for all purposes, be the date on which the
Committee makes the determination granting such Option or
Restricted Stock Award or such later date as the Committee may
specify. Notice of the determination shall be given to each
Optionee or Award Recipient within a reasonable time after the
date of such grant.

     
11. AMENDMENT AND TERMINATION OF THE PLAN.

		
	 	     
    11.1 Committee Action; Shareholders’ Approval.
    Subject to applicable laws and regulations, the Committee or the
    Board of Directors may amend or terminate the Plan from time to
    time in such respects as the Committee or the Board of Directors
    may deem advisable, without the approval of the Company’s
    shareholders.
	 
	 	     
    11.2 Effect of Amendment or Termination. No
    amendment or termination or modification of the Plan shall in
    any manner affect any Option or Restricted Stock Award
    theretofore granted without the consent of the Optionee or Award
    Recipient, except that the Committee or the Board of Directors
    may amend or modify the Plan in a manner that does affect
    Options or Restricted Stock Awards theretofore granted upon a
    finding by the Committee or the Board of Directors that such
    amendment or modification is in the best interest of
    Shareholders, Optionees or Award Recipients.

     
12. CONDITIONS UPON ISSUANCE OF SHARES.
Shares shall not be issued pursuant to the exercise of an Option
or delivered with respect to a Restricted Stock Award unless the
exercise of such Option and the issuance and delivery of such
Shares pursuant thereto or the grant of a Restricted Stock Award
and the delivery of Shares with respect thereto shall comply
with all relevant provisions of law, including, without

11

 

limitation, the Securities Act of 1933, as amended, the Exchange
Act, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange upon which the Shares may
then be listed, and shall be further subject to the approval of
counsel for the Company with respect to such compliance.

     
As a condition to the exercise of an Option, grant of a
Restricted Stock Award or delivery of Shares with respect to a
Restricted Stock Award, the Company may require the Person
exercising such Option or acquiring such Shares or Restricted
Stock Award to represent and warrant at the time of any such
exercise, grant or acquisition that the Shares are being
purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel
for the Company, such a representation is required by any of the
aforementioned relevant provisions of law. The Company shall not
be required to deliver any Shares under the Plan prior to
(i) the admission of such Shares to listing on any stock
exchange on which Shares may then be listed, or (ii) the
completion of such registration or other qualification under any
state or federal law, rule or regulation as the Committee shall
determine to be necessary or advisable.

     
13. RESERVATION OF SHARES. The Company,
during the term of this Plan, will at all times reserve and keep
available such number of Shares as shall be sufficient to
satisfy the requirements of the Plan. Inability of the Company
to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any
Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such shares as to which
such requisite authority shall not have been obtained.

     
14. STOCK OPTION AGREEMENT; AWARD NOTICE.
Options shall be evidenced by written option agreements and
Restricted Stock Awards shall be evidenced by Award Notices,
each in such form as the Board of Directors or the Committee
shall approve.

     
15. SHAREHOLDER APPROVAL. Continuance of the
Plan shall be subject to approval by the shareholders of the
Company entitled to vote thereon within twelve months after the
date the Plan is adopted. If such shareholder approval is
obtained at a duly held shareholders’ meeting, it may be
obtained by the affirmative vote of the holders of outstanding
shares of the Company’s common stock representing a
majority of the votes entitled to be cast thereon. No
Performance-Based Restricted Stock Awards shall be granted after
the fifth (5th) anniversary of the date the Plan is adopted
unless, prior to such date, the listing of permissible
Performance Goals set forth in Section 8.3 shall have been
re-approved by the shareholders of the Company in the manner
required by Section 162(m) of the Code and the regulations
thereunder.

     
16. OTHER PROVISIONS. The Stock Option
Agreements or Award Notices authorized under the Plan may
contain such other provisions, including, without limitation,
restrictions upon the exercise of the Option or vesting of the
Restricted Stock Award, as the Board of Directors or the
Committee shall deem advisable. Any Incentive Stock Option
Agreement shall contain such limitations and restrictions upon
the exercise of the Incentive Stock Option as shall be necessary
in order that such Option will be an incentive stock option as
defined in Section 422 of the Code.

     
17. INDEMNIFICATION OF COMMITTEE MEMBERS. In
addition to such other rights of indemnification they may have
as directors, the members of the Committee shall be indemnified
by the Company against the reasonable expenses, including
attorneys’ fees actually and necessarily incurred in
connection with the defense of any action, suit or proceeding,
or in connection with any appeal thereon, to which they or any
of them may be a party by reason of any action taken or failure
to act under or in connection with the Plan or any Option or
Restricted Stock Award granted thereunder, and against all
amounts paid by them in settlement thereof (provided such
settlement is approved by independent legal counsel selected by
the Company) or paid by them in satisfaction of a judgment in
any such action, suit or proceeding, except in relation to
matters as to which it shall be adjudged in such action, suit or
proceeding that such Committee member is liable for gross
negligence or misconduct in the performance of his duties;
provided that within sixty (60) days after institution of
any such action, suit or proceeding a Committee member shall in
writing offer the Company the opportunity, at its own expense,
to handle and defend the same.

     
18. NO OBLIGATION TO EXERCISE OPTION. The
granting of an Option shall impose no obligation upon the
Optionee to exercise such Option.

12

 

     
19. WITHHOLDINGS; TAX MATTERS.

		
	 	     
    19.1 The Company shall have the right to deduct from all
    amounts paid by the Company in cash with respect to an Option
    under the Plan any taxes required by law to be withheld with
    respect to such Option. Where any Person is entitled to receive
    Shares pursuant to the exercise of an Option, the Company shall
    have the right to require such Person to pay to the Company the
    amount of any tax which the Company is required to withhold with
    respect to such Shares, or, in lieu thereof, to retain, or to
    sell without notice, a sufficient number of Shares to cover the
    minimum amount required to be withheld. To the extent determined
    by the Committee and specified in the Option Agreement, an
    Option holder shall have the right to direct the Company to
    satisfy the minimum required federal, state and local tax
    withholding by reducing the number of Shares subject to the
    Option (without issuance of such Shares to the Option holder) by
    a number equal to the quotient of (a) the total minimum
    amount of required tax withholding divided by (b) the
    excess of the Fair Market Value of a Share on the Option
    exercise date over the Option exercise price per Share.
	 
	 	     
    19.2 If and to the extent permitted by the Committee and
    specified in an Award Notice for a Restricted Stock Award other
    than a Performance-Based Restricted Stock Award, an Award
    Recipient may be permitted or required to make an election under
    section 83(b) of the Code to include the compensation
    related thereto in income for federal income tax purposes at the
    time of issuance of the Shares to such Award Recipient instead
    of at a subsequent vesting date. In such event, the Shares
    issued prior to their vesting date shall be issued in
    certificated form only, and the certificates therefor shall bear
    the following legend:

		
	 	
    The Class A Common Stock evidenced hereby is subject to the
    terms of a Restricted Stock Award agreement between BankAtlantic
    Bancorp, Inc. and [Name of Recipient] dated [Date] made pursuant
    to the terms of the BankAtlantic Bancorp, Inc. 2005 Restricted
    Stock and Option Plan, copies of which are on file at the
    executive offices of BankAtlantic Bancorp, Inc., and may not be
    sold, encumbered, hypothecated or otherwise transferred except
    in accordance with the terms of such Plan and Agreement.

		
	 	
    or such other restrictive legend as the Committee, in its
    discretion, may specify. In the event of the Award
    Recipient’s termination of Service prior to the relevant
    vesting date or forfeiture of the Shares for any other reason,
    the Award Recipient shall be required to return all forfeited
    Shares to the Company without consideration therefor (other than
    a refund to the Award Recipient of an amount equal to the lesser
    of (A) the cash amount, if any, actually paid by the Award
    Recipient to the Company for the Shares being forfeited and
    (B) the Fair Market Value of such Shares on the date of
    forfeiture).

     
20. OTHER COMPENSATION PLANS. The adoption of
the Plan shall not affect any other stock option or incentive or
other compensation plans in effect for the Company or any
Subsidiary, nor shall the Plan preclude the Company from
establishing any other forms of incentive or other compensation
for employees and directors of the Company or any Subsidiary.

     
21. SINGULAR, PLURAL; GENDER. Whenever used
herein, nouns in the singular shall include the plural, and the
masculine pronoun shall include the feminine gender.

     
22. HEADINGS, ETC. NO PART OF PLAN.
Headings of Articles and Sections hereof are inserted for
convenience and reference; they constitute no part of the Plan.

     
23. SEVERABILITY. If any provision of the
Plan is held to be invalid or unenforceable by a court of
competent jurisdiction, then such invalidity or unenforceability
shall not affect the validity and enforceability of the other
provisions of the Plan and the provision held to be invalid or
unenforceable shall be enforced as nearly as possible according
to its original terms and intent to eliminate such invalidity or
unenforceability.

13

 

BANKATLANTIC BANCORP, INC.

NOTICE OF GRANT OF INCENTIVE STOCK OPTION

BankAtlantic Bancorp, Inc. (the “Company”) hereby grants to the individual named below (“Optionee”)
a Stock Option (“Option”), to purchase Class A Common Stock of the Company (“Common Stock”),
subject to the following terms and conditions:

«First_Name» «Last_Name»

Name of Optionee:
__________________________________________________________________________________________

«ISO»

Number of Shares:
__________________________________________________________________________________________

Subject to Option (“Option Shares”)                                                        «ISO»

Incentive Stock Options: _____________________________________________________________________________________

Price Per Option Share:
_______________________________________________________________________________________

Date of Grant:
______________________________________________________________________________________________

1. Grant of Option; Consideration. Subject to the provisions set forth herein and the
terms and conditions of the BankAtlantic Bancorp, Inc. 2005 Restricted Stock and Option Plan (the
“Plan”), which is available on BALink (HR>Benefits>Documents>Stock Option Plan), and the
terms of which are hereby incorporated by reference, and in consideration of the Optionee’s service
to the Company, the Company hereby grants to Optionee, options intended to be Incentive Stock
Options within the meaning of Section 422 of the Internal Revenue Code of 1986 as amended (“the
Code”) and regulations issued thereunder, to purchase from the Company the number of Option Shares
of the Company’s Common Stock, at the Price Per Option Share in accordance with the Vesting
Schedule set forth herein.

At the time of exercise of the Option, if the method of payment consists of consideration other
than cash or certified cashier’s check, then the method of payment of the purchase price shall be
as has been determined by resolution of the Compensation Committee of the Board of Directors
(“Committee”) or as may hereafter be determined by the Committee, and may consist entirely of
check, promissory note, or other Shares of the Company’s Common Stock having a fair market value on
the date of surrender equal to the aggregate exercise price of the Option Shares as to which said
Option shall be exercised, or any combination of such methods of payment, or such other
consideration and method of payment as may be permitted under applicable Florida law. If, at the
time of exercise, the Optionee pays for the Option Shares with shares of the Company’s Common
Stock, such Shares will not be accepted as payment unless the Optionee has held such Shares of
common stock for the requisite period necessary to avoid a charge to the Company’s earnings for
financial reporting purposes.

 

 

2. Term of Option. Subject to the terms and conditions set forth in this Notice of Grant,
and in the Plan, the term of the Option granted hereunder shall be ten (10) years. Notwithstanding
the foregoing, the unexercised portion of any Option granted hereunder shall terminate sooner than
ten (10) years upon the occurrence of any early termination event set forth in the Plan, including
without limitation termination of the Optionee’s employment with the Company, or the Optionee’s
death or disability (as defined in the Plan).

3. Exercise Schedule. The Option granted hereunder shall become fully vested at the date
set forth below, and shall be exercisable from and after the Vesting Date and until the Expiration
Date as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Vesting/Exercise Period	 
	 	 	Option	 	 	Vesting	 	 	Expiration	 
	 	 	Shares	 	 	Date	 	 	Date	 
	Incentive Stock Options
	 	«ISO»	 	«Vesting_Date»	 	«Expiration_Date»

4. Exercise Only by Optionee; No Transfer of Option. Except as provided in the Plan, the
Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner
other than by will or by the laws of descent or distribution. Except as provided by the Plan, the
Option may be exercised during the lifetime of the Optionee, only by the Optionee.

5. Cancellation; Change. In the event the Option shall be exercised in whole, this Notice
shall be surrendered to the Company for cancellation. In the event the Option shall be exercised
in part, or a change in the number or designation of the Common Stock shall be made, this Notice
shall be delivered by Optionee to the Company for the purpose of making appropriate notation
thereon.

6. Florida Law Governs. The Option and this Notice shall be construed, administered and
governed in all respects under and by the laws of the State of Florida to the extent not
inconsistent with Section 422 of the Code and regulations issued thereunder.

7. Option Agreement. This Notice of Grant shall constitute the option agreement required
by Section 16 of the Plan. By accepting the Option, the Optionee agrees to the terms and
conditions set forth in this Notice of Grant.

	 	 	 	 	 
	 	BankAtlantic Bancorp, Inc.

 	 
	 	By:  	/s/ Alan B. Levan
 	 
	 	 	Alan B. Levan, Chairman 	 
	 	 	 	 
	 

 

 

BANKATLANTIC BANCORP, INC.

NOTICE OF GRANT OF NONQUALIFIED STOCK OPTION

BankAtlantic Bancorp, Inc. (the “Company”) hereby grants to the individual named below
(“Optionee”) a Stock Option (“Option”), to purchase Class A Common Stock of the Company (“Common
Stock”), subject to the following terms and conditions:

«First_Name» «Last_Name»

		
	Name of Optionee: 	
 

«NQ»

		
	Number of Shares: 	
 

Subject to Option (“Option Shares”)                                                       «NQ»

		
	Nonqualified Stock Options: 	
 

		
	Price Per Option Share: 	
 

		
	Date of Grant: 	
 

1. Grant of Option; Consideration. Subject to the provisions set forth herein and
the terms and conditions of the BankAtlantic Bancorp, Inc. 2005 Restricted Stock and Option Plan
(the “Plan”), which is available on BALink (HR>Benefits>Documents>Stock Option Plan), and
the terms of which are hereby incorporated by reference, and in consideration of the Optionee’s
service to the Company, the Company hereby grants to Optionee, Nonqualified Stock Options, (i.e.,
options not intended to qualify as Incentive Stock Options under Section 422 of the
Internal Revenue Code of 1986 as amended (“the Code”) and regulations issued thereunder, to
purchase from the Company the number of Option Shares of the Company’s Common Stock, at the Price
Per Option Share in accordance with the Vesting Schedule set forth herein.

At the time of exercise of the Option, if the method of payment consists of consideration
other than cash or certified cashier’s check, then the method of payment of the purchase price
shall be as has been determined by resolution the Compensation Committee of the Board of Directors
(“Committee”) or as may hereafter be determined by the Committee and may consist entirely of check,
promissory note, or other Shares of the Company’s Common Stock having a fair market value on the
date of surrender equal to the aggregate exercise price of the Option Shares as to which said
Option shall be exercised, or any combination of such methods of payment, or such other
consideration and method of payment as may be permitted under applicable Florida law. If, at the
time of exercise, the Optionee pays for the Option Shares with shares of the Company’s Common
Stock, such Shares will not be accepted as payment unless the Optionee has held such Shares of
Common Stock for the requisite period necessary to avoid a charge to the Company’s earnings for
financial reporting purposes.

 

 

2. Term of Option. Subject to the terms and conditions set forth in this Notice of
Grant and in the Plan, the term of the Option granted hereunder shall be ten (10) years.
Notwithstanding the foregoing, the unexercised portion of any Option granted hereunder shall
terminate sooner than ten (10) years upon the occurrence of any early termination event set forth
in the Plan, including without limitation, termination of the Optionee’s employment with the
Company, or the Optionee’s death or disability (as defined in the Plan).

3. Exercise Schedule. The Option granted hereunder shall become fully vested at the
date set forth below, and shall be exercisable from and after the Vesting Date and until the
Expiration Date as follows:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Vesting/Exercise Period	 
	 	 	Option	 	Vesting	 	 	Expiration	 
	 	 	Shares	 	Date	 	 	Date	 
	Nonqualified Options
	 	«NQ»	 	«Vesting_Date»	 	 	«Expiration_Date»

4. Exercise Only by Optionee; No Transfer of Option: Except as provided in the Plan,
the Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any
manner other than by will or by the laws of descent or distribution. Except as provided in the
Plan, the Option may be exercised during the lifetime of the Optionee, only by the Optionee.

5. Cancellation; Change. In the event the Option shall be exercised in whole, this
Notice shall be surrendered to the Company for cancellation. In the event the Option shall be
exercised in part, or a change in the number or designation of the Common Stock shall be made, this
Notice shall be delivered by Optionee to the Company for the purpose of making appropriate notation
thereon.

6. Florida Law Governs. The Option and this Notice shall be construed, administered
and governed in all respects under and by the laws of the State of Florida to the extent not
inconsistent with Section 422 of the Code and regulations issued thereunder.

7. Option Agreement. This Notice of Grant shall constitute the option agreement required
by Section 16 of the Plan. By accepting the Option, the Optionee agrees to the terms and
conditions set forth in this Notice of Grant.

	 	 	 	 	 
	 	BankAtlantic Bancorp, Inc.

 	 
	 	By:  	/s/    Alan B. Levan
 	 
	 	 	Alan B. Levan, ChairmanEX-10.1

 

Exhibit 10.1

STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement (“Agreement”) is made on May 19, 2005 among Minoru Aoo
(“Buyer”), M&A Create Co., Ltd. (“M&A”), a corporation organized under the laws of Japan, and
Harris Interactive International Inc. (“HII” or “Seller”), a corporation organized under the laws
of Delaware.

     Seller owns 1,814 shares of common stock par value ¥50,000 per share (being 100% of the
outstanding shares) of M&A (the “M&A Shares”). M&A in turn owns 100% of the shares of stock of
Adams Communications Co., Ltd (“Adams”), a company organized under the laws of Japan. Seller
desires to sell, and Buyer desires to purchase, the M&A Shares.

     Seller owns 1,492 shares of common stock par value ¥50,000 per share (being 88.2% of the
outstanding shares) of Harris Interactive Japan, K.K. (“HIJ”), a company organized under the laws
of Japan (the “HIJ Shares”). M&A owns 200 shares of common stock par value ¥50,000 per share
(being 11.8% of the outstanding shares) of HIJ. Following such sale and purchase of the M&A
Shares, Buyer desires to cause M&A and Buyer to purchase the HIJ Shares.

     The Parties agree as follows:

1. DEFINITIONS

     For the purposes of this Agreement, the following terms and variations on them have the
meanings specified in this Section:

     1.1 “Businesses” means, collectively, M&A, HIJ, Adams, and each of their respective
businesses.

     1.2 “Closing” means the closing of the purchase and sale of the M&A Shares or the HIJ Shares,
as the case may be.

     1.3 “Closing Date: means the date on which the Closing actually takes place.

     1.4 “Governing Document” means any charter, articles, bylaws, certificate, statement,
statutes, or similar document adopted, filed or registered in connection with the creation,
formation, or organization of an entity, and any contract among equity holders, partners or members
of an entity.

     1.5 “Governmental Authorization” means any consent, license, permit or registration issued,
granted, given or otherwise made available by or under the authority of any Governmental Body or
pursuant to any legal requirement.

     1.6 “Governmental Body” means any (a) nation, region, state, county, city, town, village,
district, or other jurisdiction; (b) federal, state, local, municipal, foreign or other government;
(c) governmental or quasi-governmental authority of any nature (including any governmental agency,
branch, department, or other entity and any court or other tribunal); (d)

1

 

multinational organization; (e) body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, policy, regulatory, or taxing authority or power of any nature;
or (f) official of any of the foregoing.

     1.7 “Indemnified Person” is defined in Section 9.2(a).

     1.8 “Indemnifying Person” is defined in Section 9.2(a).

     1.9 “License Agreement” means the License Agreement made by the Parent Company and the
Businesses relating to use of certain names and trademarks, effective the date of this Agreement.

     1.10 “Parent Company” means Harris Interactive Inc., the owner of 100% of the stock of HII.

     1.11 “Parties” means, respectively, (i) Seller and (ii) Buyer and the Businesses.

     1.12 “SEC” means the United States Securities and Exchange Commission.

     1.13 “Support Services Agreement” means the Support Services Agreement made by the Parent
Company and the Businesses relating to certain support services to be provided following the
closing of the Transactions.

     1.14 “Transactions” means all of the transactions contemplated by this Agreement.

2. SALE OF M&A SHARES

     2.1 Transfer of Shares. Upon the terms and subject to the conditions set forth in
this Agreement, Seller will sell the M&A Shares to Buyer, and Buyer will purchase the M&A Shares
from Seller, effective on the date of this Agreement.

     2.2 Purchase Price. The purchase price for the M&A Shares shall be paid by Buyer in
cash and stock as follows:

          (a) Two Hundred Forty-Three Thousand Eight Hundred Eleven (243,811) shares of common stock
(the “Harris Shares”) of the Parent Company, plus

          (b) $53,370.

     2.3 Deliveries at Closing. At the Closing:

          (a) Seller will deliver to Buyer:

     (i) certificates in Seller’s possession representing the M&A Shares;

     (ii) certificates in Seller’s possession representing the Adams Shares, duly issued in the
name of M&A;

     (iii) a release in the form of Exhibit 2.3(a) executed by Seller;

2

 

     (iv) a copy of the resolution of Seller’s board of directors approving the transfer of the M&A
Shares to Buyer; and

     (v) a copy of the resolution of M&A’s board of directors approving the transfer of the M&A
Shares to Buyer.

     (b) Buyer will deliver to Seller:

     (i) certificates representing the Harris Shares, duly endorsed in blank (or accompanied by
duly executed stock powers in blank);

     (ii) $53,370 by Buyer’s personal check drawn on a U.S. bank; and

     (iii) a release in the form of Exhibit 2.3(b) executed by Buyer.

3. SALE OF HIJ SHARES

     3.1 Transfer of Shares. Upon the terms and subject to the conditions set forth in
this Agreement, effective on the date of this Agreement immediately following the purchase and sale
contemplated by Section 2.1:

          (a) Seller will sell 169 (being 10%) of the HIJ Shares (the “Buyer-HIJ Shares”) to Buyer, and
Buyer will purchase the Buyer HIJ Shares from Seller, and

          (b) M&A will purchase the remaining 1,323 (being 78.2%) of the HIJ Shares (the “M&A-HIJ
Shares”) from Seller and M&A will purchase the M&A HIJ Shares from Seller.

     3.2 Purchase Price. The purchase price for the Buyer-HIJ Shares shall be $7,287, and
the purchase price for the M&A-HIJ Shares shall be $57,045.

     3.3 Deliveries at Closing. At the Closing:

          (a) Seller will deliver to Buyer certificates in Seller’s possession representing the
Buyer-HIJ Shares.

          (b) Seller will deliver to M&A certificates in the Seller’s possession representing the
M&A-HIJ Shares.

          (c) Seller will deliver to M&A and Buyer:

     (i) the release in the form of Exhibit 2.3(a) executed by Seller;

     (ii) a copy of the resolution of Seller’s board of directors approving the transfer of the HIJ
Shares to Buyer and M&A; and

     (iii) a copy of the resolution of HIJ’s board of directors approving the transfer of the HIJ
Shares to Buyer and M&A.

3

 

          (d) M&A will deliver to Seller $57,045 by wire transfer to an account designated by HII.

          (e) Buyer will deliver to Seller $7,287 by wire transfer to an account designated by HII.

          (f) Buyer and M&A will deliver to Seller the release in the form of Exhibit 2.3(b)
executed by Buyer.

4. REPRESENTATIONS AND WARRANTIES OF SELLER

     Seller represents and warrants to Buyer, as of the date of this Agreement, that:

     4.1 Organization And Good Standing. Each of M&A and HIJ is a company duly organized
and validly existing under the laws of Japan.

     4.2 Power, Authorization, and Enforceability.

          (a) Seller has the absolute and unrestricted power and authority to execute and deliver this
Agreement and to perform its obligations under this Agreement.

          (b) All necessary actions of the board of directors of Seller have been taken to authorize the
execution and delivery of this Agreement and the performance by Seller of its obligations under it.

          (c) Neither the execution and delivery of this Agreement nor the performance of any of the
Transactions will contravene any provision of the Governing Documents of Seller, M&A, or HIJ.

          (d) Assuming due execution and delivery of this Agreement by Buyer, this Agreement constitutes
the legal, valid, and binding obligation of Seller, enforceable against Seller in accordance with
its terms.

     4.3 Consents and Notices.

          (a) Seller is not required to give any notice to any Governmental Body in connection with the
execution and delivery of this Agreement or the performance of any of the Transactions, except for:

                  (i) the required filing of disclosure documents describing the Transactions which Seller will
file with the SEC, and

                  (ii) a press release to be issued in compliance with the Nasdaq Stock Market listing
requirements.

          (b) Seller is not required to obtain any consent or Governmental Authorization in connection
with such execution, delivery, or performance.

4

 

     4.4 Ownership of M&A Shares and HIJ Shares.

          (a) Seller has not assigned or otherwise transferred to any third party the M&A Shares.

          (b) Seller has not assigned or otherwise transferred to any third party the HIJ Shares.

          (c) Except for this Agreement, there are no contracts made by Seller relating to the issuance,
sale, or transfer of the M&A Shares, the HIJ Shares, or the shares of Adams.

     4.5 Brokers Or Finders. Neither Seller nor any of its representatives has incurred
any liability for brokerage or finders’ fees or agents’ commissions or other similar payment in
connection with the Transactions.

5. REPRESENTATIONS AND WARRANTIES OF BUYER

     Buyer represents and warrants to Seller, as of the date of this Agreement, that::

     5.1 Enforceability. Assuming due execution and delivery of this Agreement by Seller,
this Agreement constitutes the legal, valid, and binding obligation of Buyer, enforceable against
Buyer in accordance with its terms.

     5.2 Consents and Notices.

          (a) Buyer is not required to give any notice to any Governmental Body in connection with the
execution and delivery of this Agreement or the performance of any of the Transactions.

          (b) Buyer is not required to obtain any consent or Governmental Authorization in connection
with such execution, delivery, or performance.

     5.3 Ownership of Harris Shares

          (a) Buyer is the record holder and beneficial owner of the Harris Shares, free and clear of
all liens and encumbrances.

          (b) Except for this Agreement, there are no contracts relating to the issuance, sale, or
transfer of the Harris Shares.

     5.4 Brokers Or Finders. Neither Buyer nor any of his representatives has incurred any
liability for brokerage or finders’ fees or agents’ commissions or other similar payment in
connection with the Transactions.

     5.5 Buyer’s Access to Information.

          (a) Buyer acknowledges that because of his positions as a director and officer of the
Businesses he (i) has been actively involved in management of each of the Businesses, (ii) has had
a full access to their books, records, and financial statements, (iii) has controlled the

5

 

issuance of shares of M&A and HIJ, and (iv) has all information necessary for him to evaluate
and make a decision with respect to his investment in the M&A Shares and the HIJ Shares.

          (b) Buyer has reviewed all of Seller’s current filings with the SEC including its Form 8-K
covering its earnings release for the quarter ended March 31, 2005 as filed with the SEC on or
about May 5, 2005. Buyer has had the opportunity to meet with officers of the Parent Company, and
to ask questions of them and receive answers regarding the current financial status and business
operations of the Parent Company and its affiliates, and has received sufficient information to
enable him to make a fully informed decision to transfer his Harris Shares as part of the purchase
price. Buyer will keep any non-public information received during such investigation confidential.

6. FURTHER AGREEMENTS OF THE PARTIES

     6.1 Acknowledgement Regarding Names and Trademarks. Buyer for himself and on behalf
of the Businesses acknowledges that the names “Harris” and “HPOL” and all of their derivatives, and
all other databases and intellectual property provided or developed by the Parent Company and its
affiliates, are owned by and will remain the sole and exclusive property of the Parent Company
after completion of the Transactions, subject to use permitted by the License Agreement and the
Support Services Agreement. Buyer will not and will cause the Businesses not to register or use
any of such names without the prior consent of the Parent Company. Buyer will and will cause the
Businesses to take any reasonable and necessary steps to confirm the ownership of the Parent
Company.

     6.2 Contracts and Relationships. Buyer shall cause the Businesses to take any and all
necessary actions to assure that the Businesses are solely and exclusively responsible for all of
the debts, liabilities, obligations, and customer and employment relationships related to the
Businesses after closing of the Transactions, so that Seller, the Parent Company, and their
affiliates have no liability of any kind related to the Businesses after the date of this
Agreement.

     6.3 No Representations and Warranties (“As Is”). Except for the representations and
warranties contained in this Agreement, neither Buyer nor Seller make any representation or
warranty, express or implied, with respect to the Businesses or the Transactions.

     6.4 Resignations. At Buyer’s request, Seller will obtain the resignations of any
officer or former officer of the Parent Company who is an officer or director of any of the
Businesses.

     6.5 Public Announcements. The Parties acknowledge that (i) a Form 8-K will be filed
with the SEC together with copies of this Agreement, the License Agreement, and the Support
Services Agreement, and (ii) a press release regarding the Transactions will be issued by the
Parent Company, and (iii) disclosures will be included in the Company’s periodic reports filed with
the Securities and Exchange Commission. Although the Parent Company retains the legal authority
with respect to the filing and release, HII will cause the Parent Company to consult with Buyer
regarding the language of the press release prior to its issuance. Thereafter, the parties will
not disclose or discuss the Transactions except as reasonably necessary in connection with their
respective businesses, such as with customers, suppliers, and employees.

6

 

     6.6 Accounting for Closing. Except as otherwise expressly provided herein, for any
accounting purposes related to this Agreement the parties will account for the transaction as if
Closing occurred on April 30, 2005.

7. CONDITIONS TO BUYER’S OBLIGATION TO CLOSE

     Buyer’s obligation to purchase the M&A Shares and the HIJ Shares, and to take the other
actions required to be taken by Buyer at the Closing, is subject to the satisfaction, on or before
the Closing Date, of each of the following conditions:

     7.1 Deliveries. Seller shall have made all of the deliveries required by Section
2.3(a).

     7.2 Forgiveness of Interest and Inter-Company Payables and Receivables. Seller, for
itself and the Parent Company, and the Businesses agree to offset intercompany accounts payable and
receivables. After such offset, subject to receiving the payment described in Section 8.2, Seller
and the Parent Company will forgive the net amount due to them at March 31, 2005 up to a maximum of
$320,000. If the net amount due to the Parent Company from the Businesses on March 31, 2005
exceeds $320,000, then the Businesses will make a payment of the excess amount to the Parent
Company within 45 days after the Closing Date. Subject to the Buyer’s compliance with Section 8.2,
the Seller for itself and the Parent Company also agree to forgive interest related to demand loans
made by Seller and/or the Parent Company to the Businesses.

8. CONDITIONS TO SELLER’S OBLIGATION TO CLOSE

     Seller’s obligation to sell the M&A Shares and the HIJ Shares, and to take the other actions
required to be taken by Seller at the Closing, is subject to the satisfaction, on or before the
Closing Date, of each of the following conditions:

     8.1 Deliveries. Buyer shall have made all of the deliveries required by Section
2.3(b).

     8.2 Demand Loan Payment. The Businesses shall have delivered by wire transfer
$1,850,000 in payment of demand loans made by Seller and/or the Parent Company to them.

9. INDEMNIFICATION; REMEDIES

     9.1 Indemnification. Each of the Parties will jointly and severally indemnify and
hold harmless the other (including the employees, officers, directors, representatives, and
affiliates of the other) from any loss, cost, claim, or liability arising, directly or indirectly,
from or in connection with:

          (a) any breach of any representation or warranty made by such Party in this Agreement;

          (b) any breach by such Party of any covenant or obligation in this Agreement.

     9.2 Procedure For Indemnification—Defense Of Third-Party Claims.

7

 

          (a) Promptly after receipt by a Party entitled to indemnity under Section 9.1 (an “Indemnified
Person”) of notice of the assertion of a third-party claim against it, the Indemnified Person will,
if a claim is to be made against a Party obligated to indemnify under Section 9.1 (an “Indemnifying
Person”), give notice to the Indemnifying Person of the assertion of such claim. An Indemnified
Person’s failure to notify an Indemnifying Person will not relieve the Indemnifying Person of any
liability that it may have to the Indemnified Person, except to the extent that the Indemnifying
Person demonstrates that the resolution of such claim is prejudiced by the Indemnified Person’s
failure to give such notice.

          (b) If any claim referred to in Section 9.2(a) is brought against an Indemnified Person by
means of a legal proceeding and the Indemnified Person gives notice to the Indemnifying Person of
the commencement of such proceeding, the Indemnifying Person will be entitled to participate in
such proceeding and, to the extent that it wishes, to assume the defense of such proceeding with
counsel satisfactory to the Indemnified Person (unless (i) the Indemnifying Person is also a party
to such proceeding and the Indemnified Person determines in good faith that joint representation
would be inappropriate or (ii) the Indemnifying Person fails to provide reasonable assurance to the
Indemnified Person of its financial capacity to defend such proceeding and provide indemnification
with respect to such proceeding). After notice from the Indemnifying Person to the Indemnified
Person of its election to assume the defense of such proceeding, the Indemnifying Person will not,
as long as it diligently conducts such defense, be liable to the Indemnified Person under this
Article for any fees of other counsel or any other expenses with respect to the defense of such
proceeding, in each case subsequently incurred by the Indemnified Person in connection with the
defense of such proceeding, other than reasonable costs of investigation. If the Indemnifying
Person assumes the defense of a proceeding, (i) it will be conclusively established for purposes of
this Agreement that the claims made in that proceeding are within the scope of and subject to
indemnification; (ii) no compromise or settlement of such claims may be effected by the
Indemnifying Person without the Indemnified Person’s consent unless (A) there is no finding or
admission of any violation of legal requirements or any violation of the rights of any person or
entity and no effect on any other claims that may be made against the Indemnified Person, and (B)
the sole relief provided is monetary damages that are paid in full by the Indemnifying Person; and
(iii) the Indemnified Person will have no liability with respect to any compromise or settlement of
such claims effected without its consent.

          (c) If notice is given to an Indemnifying Person of the commencement of any proceeding and the
Indemnifying Person does not, within ten days after the Indemnified Person’s notice is given, give
notice to the Indemnified Person of its election to assume the defense of such proceeding, the
Indemnifying Person will be bound by any determination made in such proceeding or any compromise or
settlement effected by the Indemnified Person.

          (d) Notwithstanding the provisions of Section 10.8 the Parties consent to the non-exclusive
jurisdiction of any court in which a proceeding is brought against any Indemnified Person for
purposes of any claim that an Indemnified Person may have under this Agreement with respect to such
proceeding or the matters alleged therein. The Parties agree that process may be served on the
Parties with respect to such a claim anywhere in the world.

8

 

     9.3 Procedure For Indemnification—Other Claims. A claim for indemnification for any
matter not involving a third-party claim may be asserted by notice to the Party obligated to
indemnify pursuant to Section 9.1 and will be paid promptly after such notice.

10. GENERAL PROVISIONS

     10.1 Expenses. Except as otherwise expressly provided in this Agreement, each Party
to this Agreement will bear its respective expenses incurred in connection with the preparation,
execution, and performance of this Agreement and the Transactions, including all fees and expenses
of its representatives, and any taxes imposed on it related to the Transactions.

     10.2 Notices. All notices under this Agreement shall be in writing and will be deemed
given to a Party when (a) delivered to the appropriate address by hand or by recognized courier
service such as FedEx or UPS (costs prepaid for overnight delivery); (b) sent by facsimile or
e-mail with confirmation of transmission by the transmitting equipment; or (c) received or rejected
by the addressee, if sent by certified mail, return receipt requested; in each case to the
following addresses, facsimile numbers or e-mail addresses and marked to the attention of the
individual (by name or title) designated below (or to such other address, facsimile number, e-mail
address or individual as a Party may designate by notice to the other Parties):

	 	 	 	 
	 	If to Buyer:
	 	 	 	Attention: Minoru Aoo, President
and CEO
	 	 	 	Address: K.K. M&A Create
	 	 	 	2-40-7, Kojimacho
	 	 	 	Chofu-shi, Tokyo 182-0026
	 	 	 	Japan
	 	 	 	Facsimile No.: 0424-88-6689
	 	 	 	E-mail Address: m-aoo@aaa.co.jp
	 	 	 	 
	 	If to Seller:
	 	 	 	Harris Interactive Inc.
	 	 	 	135 Corporate Woods
	 	 	 	Rochester, NY 14623
	 	 	 	Attention: CFO
	 	 	 	Facsimile No.: 585-272-8763
	 	 	 	E-mail Address: fconnolly@harrisinteractive.com
	 	 	 	 
	 	with a copy (which will not constitute notice) to:
	 	 	 	Harris Beach PLLC
	 	 	 	Attention: Beth Ela Wilkens, Esq.
	 	 	 	99 Garnsey Road
	 	 	 	Pittsford, NY 14534
	 	 	 	Facsimile No.: 585-419-8818
	 	 	 	E-mail Address: bwilkens@harrisbeach.com

     10.3 Further Actions. Upon the request of any Party, the other Parties will (a)
furnish to the requesting Party any additional information, (b) execute and deliver, at their own
expense,

9

 

any other documents, and (c) take any other actions as the requesting Party may reasonably
require to more effectively carry out the intent of this Agreement and the Transactions.

     10.4 Entire Agreement And Modification. This Agreement supersedes all prior
agreements among the Parties with respect to its subject matter (including the Term Sheet) and
constitutes (along with the documents delivered pursuant to this Agreement) a complete and
exclusive statement of the terms of the agreement between the Parties with respect to its subject
matter. This Agreement may not be waived, amended, supplemented or otherwise modified except in a
written document executed by each of the Parties. Neither any failure nor any delay by any Party
in exercising any right, power, or privilege under this Agreement will operate as a waiver of such
right, power, or privilege.

     10.5 Severability, Drafting. If a court of competent jurisdiction holds any provision
of this Agreement invalid or unenforceable, the other provisions of this Agreement will remain in
full force and effect. Any provision of this Agreement held invalid or unenforceable only in part
will remain in full force and effect to the extent not held invalid or unenforceable. The Parties
have participated jointly in the negotiation and drafting of this Agreement. No provision of this
Agreement will be interpreted for or against any party because that Party or its legal
representative drafted the provision.

     10.6 Assignments, Successors. No Party may assign any of its rights or delegate any
of its obligations under this Agreement without the prior written consent of the other Parties.
This Agreement will apply to, be binding in all respects upon, and inure to the benefit of each
Party’s heirs, executors, administrators, successors, and permitted assigns.

     10.7 Governing Law. This Agreement will be governed by and construed under the laws
of New York, without regard to conflicts of laws principles that would require the application of
any other law.

     10.8 Arbitration. If any dispute arises in connection with this Agreement, before
resorting to litigation the Parties will endeavor to solve the dispute by an arbitration conducted
in accordance with the rules of the International Chamber of Commerce but not under its auspices.
The site of the arbitration shall be New York, New York if arbitration is initiated by Buyer, or at
the Japan Commercial Arbitration Association (JCAA) in Tokyo, Japan if arbitration is initiated by
Seller. In the event of any such dispute, the Parties shall jointly appoint an arbitrator. If
either Party fails to agree to an arbitrator selected by the other Party within 15 days after
notice of such selection has been given, each Party shall appoint its own arbitrator within 20 days
after such notice. Also within said 20 day period, the Parties shall also jointly request the
appointment by the International Chamber of Commerce of a third arbitrator. Notwithstanding the
foregoing, the arbitrator shall be bound by the provisions of this Agreement and the applicable law
of New York in resolving any such dispute.

     10.9 Counterparts; Language. This Agreement may be executed in one or more
counterparts. This Agreement has been prepared and executed in the English language. No authorized
translation has been prepared or executed. Any translations into the Japanese language that may be
prepared by or for any Party are for convenience only and the English

10

 

language version of this Agreement shall govern. All written correspondence between the
Parties shall be in the English language

     The parties have executed and delivered this Agreement as of the date indicated in the first
sentence of this Agreement.

[Signature Pages Follow]

11

 

Seller:

HARRIS INTERACTIVE INTERNATIONAL INC.

	 	 	 	 	 
	By:

	 	/s/ Gregory T. Novak

	 	 
	 
	 	 	 	 
	Title:

	 	Chief Executive Officer	 	 

12

 

Buyer:

	 	 	 
	/s/ Minoru Aoo

	 	 
	          MINORU AOO
	 	 

M&A CREATE CO., LTD.

	 	 	 	 	 
	By:

	 	/s/ Minoru Aoo

	 	 
	 
	 	 	 	 
	Title:

	 	President and CEO	 	 

13

 

EXHIBIT 2.3(a)

FORM OF SELLER RELEASE

     This Release is being executed and delivered in accordance with Section 2.3(a) of the Stock
Purchase Agreement among Minoru Aoo, M&A Create Co., Ltd., and Harris Interactive International
Inc. (the “Agreement”). Capitalized terms used in this Release have the meanings given to them in
the Agreement. In order to induce Buyer to complete the Transaction, Seller and Parent Company
(with the Seller and Parent Company jointly and severally called “Harris”) make the following
agreement.

     Harris hereby releases and forever discharges the Buyer and each of the Businesses (including
their respective past and present representatives, employees, directors, officer, affiliates,
stockholders, successors and assigns), individually called a “Releasee” and collectively called
“Releasees”, from any and all claims, demands, proceedings, causes of action, obligations,
contracts, agreements debts and liabilities whatsoever, whether known or unknown, both at law and
in equity, which Harris now has, have ever had or may hereafter have against the respective
Releasees arising (i) on or prior to the date of the Agreement or (ii) on account of or arising out
of any matter, cause or event occurring on or prior to date of the Agreement. Nothing contained in
this Release shall release any obligations of any Releasees arising under the Agreement or the
License Agreement or the Support Services Agreement. The Releasees hereby irrevocably agree to
refrain from directly or indirectly asserting any claim or demand, or commencing or causing to be
commenced any proceeding of any kind, against any Releasee based upon any matter released by this
Release.

     If any provision of this Release is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this Release will remain in full force and effect. Any
provision of this Release held invalid or unenforceable only in part or degree will remain in full
force and effect to the extent not held invalid or unenforceable. This Release may not be changed
except in a writing by the person against whose interest such change shall operate.

     This Release shall be governed by and construed under the laws of the State of New York
without regard to principles of conflicts of law.

     IN WITNESS WHEREOF, each of the undersigned have executed and delivered this Release as of
this ___day of May, 2005.

	 	 	 	 	 	 	 
	HARRIS INTERACTIVE INC.	 	HARRIS INTERACTIVE
INTERNATIONAL INC.
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	

	 	 
	 	 	 	 

14

 

EXHIBIT 2.3(b)

FORM OF BUYER RELEASE

     This Release is being executed and delivered in accordance with Section 2.3(b) of the Stock
Purchase Agreement among Minoru Aoo, M&A Create Co., Ltd., and Harris Interactive International
Inc. (the “Agreement”). Capitalized terms used in this Release have the meanings given to them in
the Agreement. In order to induce Seller to complete the Transaction, Buyer and the Businesses
(with the Buyer and the Businesses jointly and severally called “Japanese Parties”) make the
following agreement.

     The Japanese Parties hereby release and forever discharges the Seller and the Parent Company
(including their respective past and present representatives, employees, directors, officer,
affiliates, stockholders, successors and assigns), individually called a “Releasee” and
collectively called “Releasees”), from any and all claims, demands, proceedings, causes of action,
obligations, contracts, agreements debts and liabilities whatsoever, whether known or unknown, both
at law and in equity, which the Japanese Parties now has, have ever had or may hereafter have
against the respective Releasees arising (i) on or prior to the date of the Agreement or (ii) on
account of or arising out of any matter, cause or event occurring on or prior to date of the
Agreement. Nothing contained in this Release shall release any obligations of any Releasees
arising under the Agreement or the License Agreement or the Support Services Agreement. The
Releasees hereby irrevocably agree to refrain from directly or indirectly asserting any claim or
demand, or commencing or causing to be commenced any proceeding of any kind, against any Releasee
based upon any matter released by this Release.

     If any provision of this Release is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this Release will remain in full force and effect. Any
provision of this Release held invalid or unenforceable only in part or degree will remain in full
force and effect to the extent not held invalid or unenforceable. This Release may not be changed
except in a writing by the person against whose interest such change shall operate.

     This Release shall be governed by and construed under the laws of the State of New York
without regard to principles of conflicts of law.

     IN WITNESS WHEREOF, each of the undersigned have executed and delivered this Release as of
this ___day of May, 2005.

[Signature Page Follows]

15

 

	 	 	 
	

	 	 
	MINORU AOO
	 	 

HARRIS INTERACTIVE JAPAN, K.K.

	 	 	 	 	 
	By:
	 	 	 	 
	

	 	

	 	 
	Title:
	 	 	 	 
	

	 	

	 	 

M&A CREATE CO., LTD.

	 	 	 	 	 
	By:
	 	 	 	 
	

	 	

	 	 
	Title:
	 	 	 	 
	

	 	

	 	 

ADAMS COMMUNICATIONS, LTD.

	 	 	 	 	 
	By:
	 	 	 	 
	

	 	

	 	 
	Title:
	 	 	 	 
	

	 	

	 	 

16

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