Document:

Form of Stock Option Agreement, effective Jan 2007

    Exhibit
      10.3(c)

    

    Form
      Revised January 2007

    

    Form
      of 

    FPIC
      INSURANCE GROUP, INC.

    OMNIBUS
      INCENTIVE PLAN STOCK OPTION AGREEMENT

    

    

    THIS
      AGREEMENT, made as of______, ____ is by and between FPIC Insurance Group, Inc.,
      a Florida corporation (the “Company”), and ________ (the
“Optionee”).

    

    

    WITNESSETH:

    

    WHEREAS,
      the Company maintains the Omnibus Incentive Plan (the “Plan”) for the benefit of
      its officers and key employees and the officers and key employees of the
      Subsidiaries; and

    

    WHEREAS,
      the Company wishes to grant to the Optionee Options under the Plan, on the
      terms
      and conditions set forth in the Plan and as hereinafter provided;

    

    NOW,
      THEREFORE, in consideration of the premises, it is agreed as
      follows:

    

    1.   Definitions

    

    Terms
      used in this Agreement that are defined in the Plan shall have the same meaning
      as set forth in the Plan.

    

    As
      used in this Agreement, “termination of employment” shall mean the Optionee’s
      ceasing to be an employee of the Company or any of its Subsidiaries, whether
      by
      reason of voluntary or involuntary termination of employment, the Optionee’s
      employer ceasing to be a Subsidiary of the Company, death, Permanent and Total
      Disability, or otherwise.

    

    2.   Grant
      of Options

    

    The
      Company hereby grants to Optionee _____ Options to purchase _____ Shares at
      an
      Option Price per Share of $_____. Of these Options, _____ will be Incentive
      Stock Options pursuant to Section 422 of the Code, and _____ will be
      Nonqualified Stock Options.

    

    3.   Stock
      Option Terms and Exercise Period

    

    a.   Options
      awarded under this Agreement may not be exercised by the Optionee at any time
      until such Options are vested as provided in paragraph 4 of this
      Agreement.

    

    b.   This
      Agreement and the Options issued pursuant thereto shall terminate on the earlier
      of (i) the tenth anniversary of the date of this Agreement, (ii) the date
      such

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Options
      are fully exercised, or (iii) the date determined pursuant to Section 5 hereof
      following the Optionee's termination of employment.

    

    4.   Vesting

    

    Subject
      to Section 10 hereof and the other provisions of this Section 4, one-third
      (rounded up to a whole number) of the Options set forth in paragraph 2 shall
      vest on the one year anniversary of the date of this Agreement, with an
      additional one-third of the Options vesting on each of the next two
      anniversaries of this Agreement, provided the Optionee has remained in the
      employ of the Company or a Subsidiary thereof through the applicable vesting
      date, such vesting maximizing Incentive Stock Options pursuant to Section 422
      of
      the Code, as follows:

    

    
      	 	 	 	
              Options
                Exercisable

               

            
	
              Grant
                Date

               

            	
              Grant
                Type

            	
              Options
                Granted

            	
              Number
                Exercisable

            	
              Date
                Exercisable

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    The
      Optionee shall be 100% vested in all Options awarded under this Agreement (i)
      if
      the Optionee’s termination of employment from the Company and its Subsidiaries
      is as a result of the death, Permanent and Total Disability (as that term is
      defined in Code § 22(e)(3)), or retirement at or after age 65 of the Optionee
      and/or (ii) as provided in the Optionee’s employment, severance or other
      agreement (if applicable). The Optionee shall forfeit any unvested Options
      (i)
      upon termination of employment for any reason other than the death, Permanent
      and Total Disability (as that term is defined in Code § 22(e)(3)) or retirement
      at or after age 65 of the Optionee or (ii) except as otherwise provided in
      the
      Optionee’s employment, severance or other agreement (if
      applicable).

    

    5.   Termination
      of Employment

    

    a.   In
      the event of the Optionee’s termination of employment, the Nonqualified Stock
      Options hereunder that are vested as of the date of termination of employment
      will terminate upon the earlier of (i) the full exercise of the Option, (ii)
      the
      tenth anniversary of the date of this Agreement, or (iii) three years following
      the date of termination of employment, and the Incentive Stock Options hereunder
      that are vested as of the date of termination of employment will terminate
      upon
      the earlier of (i) the full exercise of the Option, (ii) the tenth anniversary
      of the date of this Agreement, or (iii) three months following the date of
      termination of employment. 

    

    b.   Notwithstanding
      the above, in the event the employment of the Optionee is terminated as a result
      of death or Permanent and Total Disability (as that term is defined in Code
§ 22
      (e)(3)) prior to the termination of an Option, such Option may be exercised
      to
      the extent permitted under Section 7.4(c) of the Plan.

    

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

    c.   Any
      portion of the Options hereunder that is unvested on the date of termination
      of
      employment (and that do not become vested on the date of termination of
      employment pursuant to Section 4 hereof), shall expire as of the date of
      termination of employment.

    

    6.   Transferability
      of Options

    

    Except
      as provided in the following sentence, this Agreement and the Options granted
      hereunder shall not be transferable otherwise than by will or by the laws of
      descent and distribution, and shall be exercised, during the lifetime of the
      Optionee, only by the Optionee. Notwithstanding the preceding sentence, the
      Nonqualified Stock Options granted hereunder may be transferred by the Optionee
      during his or her lifetime to any member of his or her immediate family or
      a
      trust established for the exclusive benefit of one or more members of his or
      her
      immediate family or to a former spouse pursuant to a domestic relations order.
      For purposes of this Section, the term “immediate family” is defined as the
      Optionee’s spouse, children, stepchildren, grandchildren (including
      relationships arising from legal adoption), and parents.

    

    7.   Exercise
      of Options

    

    a.   Options
      shall become exercisable at such time as may be provided herein and shall be
      exercisable by written notice of such exercise, in the form prescribed by the
      Committee, to the Secretary or President of the Company, at its principal
      office. The notice shall specify the number of Options that are being
      exercised.

    

    b.   Shares
      purchased pursuant to this Agreement shall be paid for in full at the time
      of
      such purchase in cash, in Shares, including Shares acquired pursuant to the
      Plan, or part in cash and part in Shares. Shares transferred in payment of
      the
      Option Price shall be valued as of the date of transfer based on Fair Market
      Value. Subject to prior approval of the Company, and subject to such
      restrictions or conditions as the Company may prescribe, Options may also be
      exercised with the assistance of a broker.

    

    c.   The
      Committee may establish rules regarding the types of Shares the Optionee may
      transfer in payment of the Option Price in order to avoid adverse accounting
      treatment.

     

    
      8.   Regulation
        by the Committee

       

    

    This
      Agreement and the Options granted hereunder shall be subject to the
      administrative procedures and rules as the Committee may adopt. All decisions
      of
      the Committee upon any question arising under the Plan or under this Agreement
      shall be conclusive and binding upon the Optionee and any person or persons
      to
      whom Options hereunder have been transferred by will or by laws of descent
      and
      distribution.

    

    9.   Rights
      as a Shareholder

    

    The
      Optionee shall have no rights as a Shareholder with respect to Options granted
      hereunder until certificates for Shares of common stock are issued to the
      Optionee.

    

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.   Change
      in Control

    

     
      a.  Upon
      a Change in Control, all Options granted hereunder shall automatically vest
      as
      of the date of such Change in Control and all restrictions or contingencies
      will
      be deemed to have been satisfied.

    

     
      b.  Upon
      a Change in Control, the Options shall remain exercisable until the tenth
      anniversary of this Agreement, notwithstanding any termination of employment
      occurring prior thereto. 

    

    11.   Plan
      Terms

    

     
      The terms of the Plan are incorporated herein by reference.

    

    12.   Governing
      Law and Severability.
      

    

     
      To the extent not preempted by Federal law, this Agreement will be governed
      by
      and construed in accordance with the laws of the State of Florida, without
      regard to conflicts of law provisions. In the event any provision of this
      Agreement shall be held illegal or invalid for any reason, the illegality or
      invalidity shall not affect the remaining part of the Agreement, and the
      Agreement shall be construed and enforced as if the illegal or invalid provision
      had not been included.

    

    13.   Effective
      Date of Grant

    

     
      Each Option granted under this Agreement shall be effective as of the date
      of
      this Agreement written above.

    

    
      	 	 	 
	 	FPIC
              INSURANCE GROUP, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

               

               

            
	 	
              

              Optionee

    

     

     

     

    
      
        4Form of Restricted Stock Agreement, effective Jan 2007

     

    Exhibit
      10.3(e)

     

     

    Form
      Revised January 2007

     

     

    Form
      of

     

     

    FPIC
      INSURANCE GROUP, INC.

     

     

    OMNIBUS
      INCENTIVE PLAN

     

     

    RESTRICTED
      STOCK AWARD AGREEMENT

     

     

     

    [Date]

     

     

     

     

    [Name]

    [Address]

    

     

    In
      accordance with the terms of the Omnibus Incentive Plan (the “Plan”) maintained
      by FPIC Insurance Group, Inc. (the “Company”), pursuant to action of the Budget
      and Compensation Committee of the Company’s Board of Directors (acting as the
“Committee” as defined in the Plan), the Company hereby grants to you (the
“Participant”), subject to the terms and conditions set forth in this Restricted
      Stock Award Agreement (including Annex A hereto and all documents incorporated
      herein by reference), an award of restricted shares of Company common stock
      (the
“Restricted Stock”), as set forth below:

     

    
      	
               

              Date
                of Grant:

            	
               

              _________________________________

            
	
              Number
                of Shares of Restricted Stock:

            	
              _________________________________

            
	
              Period
                of Restriction:

            	
              Date
                of Grant through _______________

            
	
              Performance
                Goal:

            	
              N/A

               

            
	
              Vesting
                Schedule:

               

            	
              The
                Shares of Restricted Stock subject to this

              Award
                shall vest as follows:

               

              1/3
                shall vest on ____________________;

              1/3
                shall vest on ____________________; and

              1/3
                shall vest on ____________________; 

              provided,
                that the Participant remains

              employed
                through each such vesting date.

               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THESE
      SHARES OF RESTRICTED STOCK ARE SUBJECT TO FORFEITURE AS PROVIDED IN ANNEX A
      HERETO AND THE PLAN.

     

    Further
      terms and conditions of the Award are set forth in Annex A hereto, which is
      an
      integral part of this Restricted Stock Award Agreement.

     

    All
      terms, provisions and conditions applicable to the Award set forth in the Plan
      and not set forth herein are hereby incorporated by reference herein. To the
      extent any provision hereof is inconsistent with the Plan, the Plan will govern.
      The Participant hereby acknowledges receipt of a copy of this Restricted Stock
      Award Agreement including Annex A hereto and a copy of the Plan and agrees
      to be
      bound by all the terms and provisions hereof and thereof.

     

     

    
      	 	 
	FPIC
              INSURANCE GROUP, INC.
	 
 	
              
 

               

            
	By:  	
               

              
                

              

            

    

     

    
      	 	 
	
              Agreed:

               

               

               

                

              

            

    

     

    Attachment:
      Annex A

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANNEX
      A

     

    TO

     

    FPIC
      INSURANCE GROUP, INC.

     

    OMNIBUS
      INCENTIVE PLAN

     

    RESTRICTED
      STOCK AWARD AGREEMENT

     

         
It
      is
      understood and agreed that the Award of Restricted Stock evidenced by the
      Restricted Stock Award Agreement to which this is annexed and a part is subject
      to the following additional terms and conditions:

     

     

    1.   Forfeiture
      and Transfer Restrictions.

     

    A.   Forfeiture
      Restrictions.
      Except as provided otherwise in the Participant's employment, severance or
      other
      agreement (if applicable) (any such applicable provisions of which being
      referred to herein as the “Applicable Provisions”) and except as otherwise
      provided in Section 2 of this Annex A, in the event of the Participant's
      termination of employment (as defined below) during the Period of Restriction
      (as set forth in the Restricted Stock Award Agreement), any unvested portion
      of
      this Restricted Stock Award shall be forfeited as of the date of termination.
      Any Applicable Provisions shall be deemed incorporated into and a part of the
      Restricted Stock Award Agreement.

     

    B.   Transfer
      Restrictions.
      The Restricted Stock may not be sold, transferred, pledged, assigned, or
      otherwise alienated or hypothecated prior to vesting.

     

    2.   Termination
      of Employment due to Death or Permanent and Total Disability.
      If the Participant's employment is terminated due to the Participant's death
      or
      Permanent and Total Disability (as that term is defined in Code § 22(e)(3)), any
      unvested portion of this Restricted Stock Award shall immediately vest as of
      the
      date of such termination of employment. 

     

    3.   Change
      in Control.
      Upon a Change in Control, as defined in the Plan, any unvested portion of the
      Restricted Stock Award will immediately vest as of the date of the Change in
      Control. For purposes of clarity, this provision shall not apply to the
      Restricted Stock Award if the Restricted Stock Award was forfeited prior to
      the
      date of the Change in Control.

     

    4.   Vesting
      of Restricted Stock.
      Except as provided otherwise in Sections 1, 2 and 3 of this Annex A,
      the
      Restricted Stock shall vest in accordance with the Vesting Schedule set forth
      in
      the Restricted Stock Award Agreement.
      Any Shares that do not vest shall be forfeited.

     

    5.   Voting
      Rights, Dividends and Custody.
      The Participant shall be entitled to vote and receive regular cash dividends
      paid with respect to the Shares subject to this Award prior to vesting;
      provided, however, that in no event shall the Participant vote or receive
      dividends paid with respect to any forfeited Shares on or after the date of
      forfeiture. The Shares subject to this 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Award
      shall be registered in the name of the Participant and held in the Company's
      custody prior to vesting. The Participant shall, if so requested by the Company,
      execute and return to the Company a stock power form respecting the Shares
      subject to this Award. 

     

    6.   Tax
      Withholding.
      The Company may make such provisions as are necessary for the withholding of
      all
      applicable taxes on the Restricted Stock, in accordance with Article 15 of
      the
      Plan. With respect to the minimum statutory tax withholding required with
      respect to the Restricted Stock, the Participant may elect to satisfy such
      withholding requirement by having the Company withhold Shares from this
      Award.

     

    7.   Ratification
      of Actions.
      By accepting this Award or other benefit under the Plan, the Participant and
      each person claiming under or through him shall be conclusively deemed to have
      indicated the Participant's acceptance and ratification of, and consent to,
      any
      action taken under the Plan or the Award by the Company.

     

    8.   Notices.
      Any notice hereunder to the Company shall be addressed to its office at One
      Enterprise Center, 225 Water St., Suite 1400, Jacksonville, FL 32202; Attention:
      Corporate Secretary, and any notice hereunder to the Participant shall be
      addressed to the Participant at the address specified on the Restricted Stock
      Award Agreement, subject to the right of either party to designate at any time
      hereafter in writing some other address.

     

    9.   Definitions.
      Capitalized terms not otherwise defined herein shall have the meanings given
      them in the Plan.

     

    As
      used in this Agreement, “termination of employment” shall mean the Participant’s
      ceasing to be an employee of the Company or any of its Subsidiaries, whether
      by
      reason of voluntary or involuntary termination of employment, the Participant’s
      employer ceasing to be a Subsidiary of the Company, death, Permanent and Total
      Disability, or otherwise.

     

    10.  Governing
      Law and Severability.
      To the extent not preempted by Federal law, the Restricted Stock Award Agreement
      will be governed by and construed in accordance with the laws of the State
      of
      Florida, without regard to conflicts of law provisions. In the event any
      provision of the Restricted Stock Award Agreement shall be held illegal or
      invalid for any reason, the illegality or invalidity shall not affect the
      remaining parts of the Restricted Stock Award Agreement, and the Restricted
      Stock Award Agreement shall be construed and enforced as if the illegal or
      invalid provision had not been included.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]