Document:

Form of Non-qualified Stock Option Agreement for Non-employee Directors

 Exhibit 10.3 
  
 Grantee:
                         
 Shares:                          
  
 GLOBAL POWER EQUIPMENT GROUP INC. 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 UNDER THE 2004 STOCK INCENTIVE PLAN 
  
 Agreement
made as of                         , 200_, between Global Power Equipment Group Inc., a Delaware corporation (the
“Company”), and
                                    
(“Grantee”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Plan (as defined below). 
  
 1. Grant of Option. Pursuant to the Global Power Equipment Group Inc. 2004 Stock Incentive Plan (the “Plan”), the Company hereby
grants to Grantee, as of the date hereof, an option (the “Option”) to purchase up to      shares (the “Covered Shares”) of the common stock, par value $0.01 per share, of the Company (the
“Stock”), at the exercise price per share of $     (the “Exercise Price”), subject to the terms and conditions set forth herein and in the Plan. The Option shall not be treated as an
“incentive stock option,” as defined in Section 422 of the Code. Upon certain events, the number of shares of Stock and/or the Exercise Price may be adjusted as provided in the Plan. 
  
 2. Grantee Bound by Plan. Attached hereto as Annex A is a copy
of the Plan which is incorporated herein by reference and made a part hereof. Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. The Plan should be carefully reviewed before any
decision is made to exercise the Option. 
  
 3. Exercise of
Option. Subject to the terms and conditions contained herein, including Sections 4 and 5, and in the Plan, the Option, to the extent vested, may be exercised, in whole or in part, by written notice to the Company at any time and from time to
time after the date of grant. The Option shall not be exercisable in any event after the tenth anniversary of the date hereof. Options are subject to cancellation as provided in the Plan. Any part of the Option that Grantee has not exercised as of
the date Grantee no longer serves as director of the Company (“Grantee Termination Date”) shall expire and be forfeited to the extent not exercised on or before the 90th day following the Grantee Termination Date (180 days if the
Grantee Termination Date occurs as a result of the death of Grantee), but in no event after the tenth anniversary of the date hereof. 
  
 4. Vesting. Subject to the limitations herein, the Option shall vest and be exercisable in installments according to the following schedule, with
respect to each installment set forth in the schedule below on and after the vesting date applicable to such installment: 
  

			
	 Installment

	  	 Applicable Vesting Date

	     % of Covered Shares
	  	 
		
	     % of Covered Shares
	  	 
		
	     % of Covered Shares
	  	 

  

 An installment shall not become exercisable on the otherwise applicable vesting date, if the Grantee Termination Date
occurs on or before such vesting date. Notwithstanding the foregoing provisions of this Section 4, the Option shall vest and become exercisable as provided in the Plan upon a Change in Control, if the Grantee Termination Date does not occur before
the Change in Control. 
  
 5. Conditions to Exercise. The
Option may not be exercised by Grantee unless the following conditions are met: 
  
 (a) Grantee shall have given written notice to the Company (to the attention of the Company’s Secretary) as to the number of shares
of Stock Grantee intends to purchase; 
  
 (b)
Legal counsel for the Company must be satisfied at the time of exercise that the issuance of the shares of Stock upon exercise will be in compliance with the Securities Act and applicable United States Federal, state, local and foreign laws; and

  
 (c) Grantee must pay to the Company at the
time of exercise the full purchase price for the shares of Stock being acquired hereunder: (i) in cash (including check, bank draft, money order or wire transfer of immediately available funds); (ii) if permitted by applicable law and approved by
the Committee, by delivery of shares of Stock, previously acquired and currently owned by Grantee (or by Grantee and his or her spouse jointly) and purchased or held for the requisite period of time as necessary to avoid a charge to the
Company’s earnings for financial reporting purposes, having an aggregate Fair Market Value on the date of exercise of the Option equal to such purchase price; (iii) if the Stock is traded on a national securities exchange, the Nasdaq Stock
Market, Inc. or quoted on a national quotation system by the National Association of Securities Dealers, and, in any case, if permitted by applicable law, through a “cashless exercise” procedure approved by the Committee whereby Grantee
may deliver irrevocable instructions to a broker to deliver promptly to the Company cash in an amount equal to such purchase price and any taxes required as a result of such exercise; or (iv) by a combination of the consideration provided for in the
foregoing clauses (i) through (iii), including any withholding tax required in connection with such exercise, in each case, in accordance with the terms of the Plan. 
  
 6. Transferability. The Option (including the right to receive the shares of Stock) may not be sold, transferred,
pledged, assigned, encumbered or otherwise alienated or 
  

 -2- 

 hypothecated by Grantee, other than by will or the laws of descent and distribution and, during the lifetime of Grantee,
the Option may be exercised only by Grantee (or, if Grantee is incapacitated, by Grantee’s legal guardian or legal representative). In the event of the death of Grantee, the exercise of Options may be made only by the executor or administrator
of Grantee’s estate or the Person or Persons to whom Grantee’s rights under the Option pass by will or the laws of descent and distribution. If Grantee or anyone claiming under or through Grantee attempts to violate this Section 6, such
attempted violation shall be null and void and without effect, and all of the Company’s obligations hereunder shall terminate. Any shares of Stock received upon exercise of this Option are subject to the restrictions on transfer, if any, and
other rights and obligations set forth in the Plan. 
  
 7.
Administration. Any action reasonably taken or decision reasonably made by the Committee arising out of or in connection with the construction, administration, interpretation or effect of the Plan or this Agreement shall lie within its sole
and absolute discretion and shall be final, conclusive and binding on Grantee and all persons claiming under or through Grantee. By accepting this grant or other benefit under the Plan, Grantee and each person claiming under or through Grantee shall
be conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken under the Plan by the Committee. 
  
 8. Status of Stock. Notwithstanding any other provision of this Agreement, in the absence of an effective registration statement for issuance under
the Securities Act of the Covered Shares acquirable upon exercise of this Option, or an available exemption from registration under the Securities Act, the issuance of shares of Stock acquirable upon exercise of this Option will be delayed until
registration of such shares is effective or an exemption from registration under the Securities Act is available. The Company intends to use its best efforts to ensure that no such delay will occur. In the event an exemption from registration under
the Securities Act is available upon an exercise of this Option, Grantee (or the person permitted to exercise this Option in the event of Grantee’s death or incapacity), if requested by the Company to do so, will execute and deliver to the
Company in writing an agreement containing such provisions as the Company may require to assure compliance with applicable securities laws. 
  
 Grantee agrees that Stock which Grantee may acquire by exercising the Option will not be sold or otherwise disposed of in any manner which would
constitute a violation of any applicable Federal or state securities laws. Grantee also agrees (i) that the certificates representing the Covered Shares purchased under this Option may bear such legend or legends as the Company deems appropriate in
order to assure compliance with applicable securities laws, (ii) that the Company may refuse to register the transfer of Covered Shares purchased under this Option on the stock transfer records of the Company if such proposed transfer would in the
opinion of counsel satisfactory to the Company constitute a violation of any applicable securities law and (iii) that the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of the Covered Shares
purchased under this Option. 
  
 9. Notices. Any notice
hereunder to the Company shall be addressed to the Company’s principal executive office, Attention: Compensation Committee of the Board of Directors, and any notice hereunder to Grantee shall be addressed to Grantee at Grantee’s last
address on the records of the Company, subject to the right of either party to designate at any 
  

 -3- 

 time hereafter in writing some other address. Any notice shall be deemed to have been duly given when delivered
personally, one day following dispatch if sent by reputable overnight courier, fees prepaid, or three days following mailing if sent by registered mail, return receipt requested, postage prepaid and addressed as set forth above. 
  
 10. Binding Effect. This Agreement shall be binding upon and inure to
the benefit of any successors and assigns to the Company and all persons lawfully claiming under Grantee. 
  
 11. Governing Law. The validity, construction, interpretation, administration and effect of the Plan, and of its rules and regulations, and rights
relating to the Plan and to this Agreement, shall be governed by the substantive laws, but not the choice of law rules, of Delaware. 
  

 -4- 

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

					
	GLOBAL POWER EQUIPMENT GROUP INC.
	
	

	Name:	 	 	 	 
	Title:	 	 	 	 
			
	GRANTEE:	 	 	 	 
	
	

  

 -5- 

 ANNEX A 
  
 Global Power Equipment Group Inc. 
  
 2004 Stock Incentive PlanForm of Restricted Stock Award Agreement

 Exhibit 10.4 
  
 GLOBAL POWER EQUIPMENT GROUP INC. 
  
 RESTRICTED STOCK AWARD AGREEMENT 
  
                         , 200     
  
 [Name and Address] 
  
 Dear
                                        :

  
 1. Restricted Stock Award. Global Power Equipment
Group Inc., a Delaware corporation (the “Company”), hereby grants to you an aggregate of              shares of Common Stock, par value $.01 per share, of the Company (the
“Restricted Shares”). This award is subject to your acceptance of and agreement to all of the applicable terms, conditions, and restrictions described in the Company’s 2004 Stock Incentive Plan (the “Plan”), a copy of which
is on file with, and may be obtained from, the Secretary of the Company, and to your acceptance of and agreement to the further terms, conditions, and restrictions described in this Restricted Stock Award Agreement (this “Award
Agreement”). To the extent that any provision of this Award Agreement conflicts with the expressly applicable terms of the Plan, it is hereby acknowledged and agreed that those terms of the Plan shall control and, if necessary, the applicable
provisions of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan. 
  
 2. Form of Restricted Stock; Possession of Certificates. The Company may issue the Restricted Shares to you by book-entry registration or by
issuance of a certificate or certificates for the Restricted Shares in your name. In the event the Company issues a certificate or certificates for the Restricted Shares, the Company shall retain the certificate(s) for the period during which the
restrictions described in Section 4(b) are in effect and you shall execute and deliver to the Company a stock power or stock powers in blank for the Restricted Shares. You hereby agree that the Company shall hold the certificate(s), if any, for the
Restricted Shares and the related stock power(s) pursuant to the terms of this Award Agreement until such time as the restrictions described in Section 4(b) lapse as described in Section 5 or the Restricted Shares are canceled pursuant to the terms
of Section 4(b). 
  
 3. Ownership of Restricted Shares. You
shall be entitled to all the rights of absolute ownership of the Restricted Shares, including the right to vote such shares and to receive cash dividends therefrom if, as, and when declared by the Company’s Board of Directors, subject, however,
to the terms, conditions, and restrictions described in the Plan and in this Award Agreement. 
  
 4. Restrictions. 
  
 (a)
Your ownership of the Restricted Shares shall be subject to the restrictions set forth in subsection (b) of this Section until such restrictions lapse pursuant to the terms of Section 5, at which time the Restricted Shares shall no longer be subject
to the applicable restrictions. 

 (b) The restrictions referred to in subsection (a) of this Section are as follows: 
  
 (1) At the time of your termination of employment with the
Company or Subsidiary, other than a termination of employment that occurs as a result of an event described in Section 5(b)(1), you shall forfeit the Restricted Shares to the Company and all of your rights thereto shall terminate without any payment
of consideration by the Company. If you forfeit any Restricted Shares and your interest therein terminates pursuant to this paragraph, such Restricted Shares shall be canceled. 
  
 (2) You may not sell, assign, transfer, pledge, mortgage, hypothecate, or otherwise dispose of or encumber
the Restricted Shares. 
  
 5. Lapse of Restrictions.

  
 (a) The restrictions described in Section 4(b) shall lapse
with respect to              of the Restricted Shares on the first anniversary of the date hereof, another
             of the Restricted Shares on the second anniversary of the date hereof, and the last              of
the Restricted Shares on the third anniversary of the date hereof. Following the lapse of such restrictions with respect to any Restricted Shares, such Restricted Shares shall no longer be subject to the restrictions described in Section 4(b).

  
 (b) Notwithstanding the provisions of subsection (a) of this
Section, the restrictions described in Section 4(b) shall lapse with respect to all the Restricted Shares at the time of the occurrence of any of the following events: 
  
 (1) Your death, “Disability” (as defined in Section 10(a)) or your Retirement (as defined in
Section 10(b)); or 
  
 (2) A “Change of
Control” (as defined in the Plan) of the Company. 
  
 6.
Agreement With Respect to Taxes; Share Withholding. 
  
 (a) You agree that (1) you will pay to the Company or an Affiliate, as the case may be, in cash, or make arrangements satisfactory to the Company or such Affiliate regarding the payment of any taxes of any kind required by law to be
withheld by the Company or any of its Affiliates with respect to the Restricted Shares and (2) the Company or any of its Affiliates shall, to the extent permitted by law, have the right to deduct from any payments of any kind otherwise due to you
any taxes of any kind required by law to be withheld with respect to the Restricted Shares. 
  
 (b) You agree that, if required by applicable law, you shall pay any taxes no later than the date as of which the value of the Restricted Shares first become includible in your gross income for income tax purposes;
provided, however, that the Committee may, in accordance with Section 11(b) of the Plan, permit you to: (i) elect withholding by the Company of Restricted Shares otherwise deliverable to you pursuant to this Award Agreement (provided, however, that
the amount of any Restricted Shares so withheld shall not exceed the amount necessary to satisfy the Company’s or any Affiliate’s required tax withholding of obligations 
  

 2 

 using the minimum statutory withholding rates for Federal, state and/or local tax purposes, including payroll taxes, that
are applicable to supplemental taxable income) and/or (ii) tender to the Company shares of Stock owned by you (or by you and your spouse jointly) and acquired more than six (6) months prior to such tender in full or partial satisfaction of such tax
obligations, based, in each case, on the Fair Market Value of the Stock on the payment date as determined by the Committee. 
  
 7. Adjustment of Shares. The number of Restricted Shares subject to this Award Agreement shall be adjusted as provided in Section 12 of the Plan.
Any shares or other securities received by you as a stock dividend on, or as a result of stock splits, combinations, exchanges of shares, reorganizations, mergers, consolidations or otherwise with respect to the Restricted Shares shall have the same
terms, conditions and restrictions and bear the same legend as the Restricted Shares. 
  
 8. Agreement With Respect to Securities Matters. You agree that you will not sell or otherwise transfer any Restricted Shares except pursuant to an effective registration statement under the U.S. Securities Act
of 1933, as amended, or pursuant to an applicable exemption from such registration. 
  
 9. Restrictive Legend. You hereby acknowledge that the certificate(s) for the Restricted Shares will bear a conspicuous legend referring to the terms, conditions, and restrictions described in the Plan and this
Award Agreement, which legend shall be in substantially the same form as set forth in the Plan. Any attempt to dispose of any Restricted Shares in contravention of the terms, conditions, and restrictions described in the Plan or this Award Agreement
shall be ineffective. 
  
 10. Certain Definitions. As used
in this Award Agreement, the following terms shall have the respective meanings indicated: 
  
 (a) “Disability” shall mean your inability to perform substantially all the duties of your employment position with the Company or Subsidiary by reason of any medically determinable physical or mental
impairment which is expected to be permanent and continues for more than 180 days. The Committee may require such proof of Disability as the Committee in its sole discretion deems appropriate and the Committee’s determination as to whether you
are disabled shall be conclusive, final, and binding on all parties concerned. 
  
 (b) “Retirement” shall mean the voluntary termination of your full-time employment with the Company or Subsidiary on the date on which you become, or after attaining, 65 years of age. 
  
 Capitalized terms used in this Award Agreement and not otherwise defined herein shall have
the respective meanings provided in the Plan. 
  

 3 

 If you accept this Restricted Stock Award and agree to the foregoing terms and conditions, please so
confirm by signing and returning the duplicate copy of this Award Agreement enclosed for that purpose. 
  

			
	GLOBAL POWER EQUIPMENT GROUP INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 The foregoing
Restricted Stock Award is accepted by me as of
                                    , and I hereby agree to
the terms, conditions, and restrictions set forth above and in the Plan. 
  

	
	  

  

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