Document:

exv10w1

Exhibit 10.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT

          Amendment No. 1, dated as of March 14, 2011 (this “Amendment”), to the Third
Amended and Restated Credit Agreement, dated as of August 23, 2006, as amended and restated on
January 29, 2007, and as further amended and restated on May 23, 2007, and as further amended and
restated on October 22, 2010 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Travelport LLC, a Delaware limited
liability company (the “Borrower”), Travelport Limited, a company incorporated under the
laws of Bermuda (“Holdings”), UBS AG, Stamford Branch, as Administrative Agent (the
“Administrative Agent”) and as Collateral Agent, L/C Issuer and Swing Line Lender, each
lender from time to time party thereto (collectively, the “Lenders” and individually, a
“Lender”) and the other agents and arrangers named therein. Capitalized terms used herein
and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

W I T N E S S E T H:

          WHEREAS, Section 10.01 of the Credit Agreement permits the Borrower and the Required Lenders
to enter into amendments or waivers to the Credit Agreement; and

          WHEREAS, the Required Lenders and the Borrower desire to amend the Credit Agreement on the
terms set forth herein.

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

     Section 1. Amendments

          (a) The following definitions shall be added to Section 1.01 of the Credit Agreement in
appropriate alphabetical order:

     ““Amendment No. 1” means Amendment No. 1 to this Agreement, dated as of March 14, 2011.

     ““Amendment No. 1 Effective Date” has the meaning assigned to such term in Amendment No 1.

     ““Permitted Disposition” means the disposition of GTA Holdco Limited, GTA Americas LLC,
Columbus Technology Developments Limited and Octopus Travel.com (USA) Ltd, in each case
pursuant to the Permitted Disposition Agreement.”

     ““Permitted Disposition Agreement” means the Share Purchase Agreement, dated as of
March 5, 2011 by and among Gullivers Services Limited, Travelport (Bermuda) Ltd. and
Travelport Inc., as the sellers, Travelport Limited, as the Travelport

 

 

guarantor, Kuoni Holdings Plc, Kuoni Holding Delaware, Inc. and KIT Solution AG, as the
purchasers, and Kuoni Reisen Holding AG, as the Kuoni guarantor.”.

          (b) Clause (iii) of the definition of “Consolidated EBITDA” in Section 1.01 of the Credit
Agreement is amended by deleting the following words from subclause (C) of such definition “,
closed or classified as discontinued operations”.

          (c) Clause (a) of the definition of “Net Cash Proceeds” in Section 1.01 of the Credit
Agreement is hereby amended by deleting subclause (D) thereof (which deletion shall end where the
words “it being understood” appear in such clause (a)) and replacing it with the following: “(D)
any reserves for adjustment in respect of (x) the sale price of such assets or assets established
in accordance with GAAP, including working capital adjustments, (y) any liabilities associated with
such asset or assets and retained by Holdings, the Borrower or any Restricted Subsidiary after such
sale or other disposition thereof, including pension and other post-employment benefit liabilities
and liabilities related to environmental matters, and (z) any indemnification obligations
associated with such asset or assets or such transaction (provided that, solely with respect to the
Permitted Disposition, amounts deducted from Net Cash Proceeds pursuant to this subclause (D) shall
not exceed, individually or in the aggregate, $30,000,000)”.

          (d) Section 2.05(b)(ii) of the Credit Agreement is hereby amended by (A) adding “or 7.05(p)”
after each time “7.05(n)” appears in such Section 2.05(b)(ii) and (B) after the words “ten (10)
Business Days” appear in such Section 2.05(b)(ii), adding the following: “(but in the case of a
Disposition effected pursuant to Section 7.05(p), five (5) Business Days).

          (e) Section 7.05 of the Credit Agreement is hereby amended by (A) removing the “and” at the
end of clause (n)(ii) thereof, (B) adding “and” after the second semicolon in clause (o) thereof
and (C) adding a new clause (p) immediately following such clause (o) which shall state as follows:

“(p) entry into the Permitted Disposition Agreement and consummation of the Permitted
Disposition; provided that (i) the Permitted Disposition shall not be consummated unless at
least $655,000,000 of Net Cash Proceeds will be received by the Borrower and/or its
Subsidiaries (other than an Unrestricted Subsidiary) upon consummation thereof, (ii) such
Net Cash Proceeds shall be applied to prepay Term Loans pursuant to Section 2.05(b)(ii);
(iii) notwithstanding any provision to the contrary contained in the Loan Documents, the
Permitted Disposition shall only be made pursuant to and in accordance with this Section
7.05(p) and not pursuant to any other provision of this Agreement, and (iv) the Borrower
shall give prompt written notice to the Administrative Agent of the earlier to occur of (A)
the termination or expiration of the Permitted Disposition Agreement and (B) the
consummation of the Permitted Disposition;”.

     Section 2. Conditions Precedent to the Effectiveness of this Amendment

          This Amendment shall become effective as of the date when, and only when, each of the
following conditions precedent shall have been (or are or will be substantially concurrently
therewith) satisfied (the “Amendment No. 1 Effective Date”):

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     (a) the Administrative Agent shall have received this Amendment, duly executed by the
Borrower and a number of Lenders sufficient to constitute the Required Lenders;

     (b) the representations and warranties in Section 3(a)(ii) and (iii) shall be true and
correct in all material respects as of the Amendment No. 1 Effective Date (provided that any
representation and warranty that is qualified as to “materiality,” “Material Adverse Effect”
or similar language shall be true and correct in all respects) and the representations and
warranties in Sections 3(a)(i), (b), (c) and (d) shall be true and correct as of the
Amendment No. 1 Effective Date; and

     (c) the Borrower shall have paid all fees and expenses payable to the Lenders and the
Administrative Agent, including as set forth in Section 4 hereof.

     Section 3. Representations and Warranties

          On and as of the Amendment No. 1 Effective Date, after giving effect to this Amendment, the
Borrower hereby represents and warrants to the Administrative Agent and each Lender as follows:

     (a) the execution, delivery and performance by the Borrower of this Amendment are
within the Borrower’s corporate or other powers, have been duly authorized by all necessary
corporate or other organizational action, and do not and will not (i) contravene the terms
of any of the Borrower’s Organization Documents, (ii) conflict with or result in any breach
or contravention of, or the creation of any Lien under (other than as permitted by Section
7.01 of the Credit Agreement), or require any payment to be made under (x) any Contractual
Obligation to which the Borrower is a party or affecting Borrower or the properties of the
Borrower or any of its Subsidiaries or (y) any material order, injunction, writ or decree of
any Governmental Authority or any arbitral award to which the Borrower or its property is
subject; or (iii) violate any material Law; except with respect to any conflict, breach or
contravention or payment (but not creation of Liens) referred to in clause (ii)(x), to the
extent that such conflict, breach, contravention or payment could not reasonably be expected
to have a Material Adverse Effect;

     (b) the representations and warranties of the Borrower and each other Loan Party
contained in Article 5 or any other Loan Document are true and correct in all material
respects on and as of the Amendment No. 1 Effective Date; provided that, to the extent that
such representations and warranties specifically refer to an earlier date, such
representations and warranties are true and correct in all material respects as of such
earlier date; provided, further that, any representation and warranty that is qualified as
to “materiality,” “Material Adverse Effect” or similar language is true and correct in all
respects on such respective dates; and

     (c) after giving effect to the effectiveness of this Amendment, the modification of the
Credit Agreement effected pursuant to this Amendment does not:

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     (i) impair the validity, effectiveness or priority of the Liens granted
pursuant to any Loan Document, and such Liens continue unimpaired with the same
priority to secure repayment of all Obligations, whether heretofore or hereafter
incurred; or

     (ii) require that any new filings be made or other action taken to perfect or
to maintain the perfection of such Liens; and

          (d) no Default or Event of Default has occurred and is continuing.

     Section 4. Fees and Expenses

          (a) The Borrower agrees to pay on demand in accordance with the terms of Section 10.04 of the
Credit Agreement all reasonable out-of-pocket costs and expenses incurred by the Administrative
Agent (including all Attorney Costs of Cahill Gordon & Reindel llp) in connection with the
preparation, negotiation and execution of this Amendment.

          (b) Each Lender which shall have duly executed and delivered to the Borrower and the
Administrative Agent this Amendment on or prior to 5:00 p.m., New York City time, on March 11, 2011
shall be paid by the Borrower on the Amendment No. 1 Effective Date a fee equal to 0.05% multiplied
by the sum of the aggregate principal amount of Term Loans, the Revolving Credit Commitments
(whether used or unused), the Non-Extended Synthetic L/C Commitment of such Lender, in each case as
set forth on the Register maintained by the Administrative Agent.

     Section 5. Reference to and Effect on the Loan Documents

          (a) Except as specifically amended above, all of the terms and provisions of the Credit
Agreement and all other Loan Documents are and shall remain in full force and effect and are hereby
ratified and confirmed.

          (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of the Lenders, Holdings, the Borrower or the Administrative Agent
under any of the Loan Documents, nor constitute a waiver of any other provision of any of the Loan
Documents or for any purpose.

          (c) Each of the Loan Documents, including the Credit Agreement, and any and all other
agreements, documents or instruments now or hereafter executed and/or delivered pursuant to the
terms hereof or pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended
so that any reference in such Loan Documents to the Credit Agreement, whether direct or indirect,
shall mean a reference to the Credit Agreement as amended hereby.

          (d) This Amendment is a Loan Document. For the avoidance of doubt, the indemnification
provisions set forth in Section 10.05 of the Credit Agreement shall apply to this Amendment.

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     Section 6. Execution in Counterparts

          This Amendment may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed an original, but all such counterparts together shall constitute but
one and the same instrument. Delivery of an executed counterpart by telecopy or other electronic
transmission shall be effective as delivery of a manually executed counterpart of this Amendment.

     Section 7. Governing Law

          THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK.

     Section 8. Headings

          Section headings herein are included herein for convenience of reference only and shall not
constitute a part hereof for any other purpose or be given any substantive effect.

     Section 9. Notices

          All communications and notices hereunder shall be given as provided in the Credit Agreement.

     Section 10. Severability

          The illegality or unenforceability of any provision of this Amendment or any instrument or
agreement required hereunder shall not in any way affect or impair the legality or enforceability
of the remaining provisions of this Amendment or any instrument or agreement required hereunder.

     Section 11. Successors

          The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the
parties hereto and their respective successors and assigns.

     Section 12. Waiver of Jury Trial

          EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS
AMENDMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION 12 WITH ANY COURT AS

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 WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY.

[SIGNATURE PAGES FOLLOW]

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          In Witness Whereof, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first written above.

	 	 	 	 	 
	 	TRAVELPORT LLC,

as Borrower

 	 
	 	By:  	/s/
Rochelle Boas 	 
	 	 	Name:  	Rochelle Boas 	 
	 	 	Title:  	Authorized Person 	 
	 

 

 

	 	 	 	 	 
	 	UBS AG, STAMFORD BRANCH,

as Administrative Agent

 	 
	 	By:  	/s/
Mary E. Evans 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	/s/
Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate DirectorEx-10.1: Form of Restricted Stock Agreement

Exhibit 10.1

OCEAN POWER TECHNOLOGIES, INC.

Restricted Stock Agreement and Recipient’s Acceptance

	 	 	 	 	 	 	 
	 

	 	Name of Recipient:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Number of shares of restricted common stock awarded:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Grant Date:	 	 	 	 
	 

	 	 	 	 

	 	 

Ocean Power Technologies, Inc. (the “Company”) has selected you to receive the restricted
stock award described above, which is subject to the provisions of the Company’s 2006 Stock
Incentive Plan, as amended (the “Plan”), and the terms and conditions contained in this Restricted
Stock Agreement.

A copy of the Plan is attached hereto, for your information.

Please confirm your acceptance of this restricted stock award and of the terms and conditions
of this Agreement by signing a copy of this Agreement where indicated below and forwarding it to:
Ocean Power Technologies, Inc., Attention: CFO, 1590 Reed Road, Pennington, NJ 08534.

	 	 	 	 	 	 	 
	 	 	Ocean Power Technologies, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Signature
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Charles F. Dunleavy
 

Printed Name
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Chief Executive Officer
 

Title
	 	 

	 	 	 
	Accepted and Agreed:
	 	 
	 
	 	 
	 

Signature of Recipient

	 	 
	 
	 	 
	 

Printed Name of Recipient

	 	 

 

 

 

OCEAN POWER TECHNOLOGIES, INC.

Restricted Stock Agreement

The terms and conditions of the award of shares of restricted common stock of the Company (the
“Restricted Shares”) made to the Recipient, as set forth on the cover page of this Agreement, are
as follows:

1. Issuance of Restricted Shares.

(a) The Restricted Shares are issued to the Recipient, effective as of the Grant Date (as set
forth on the cover page of this Agreement), in consideration of employment or other services
rendered or to be rendered by the Recipient to the Company.

(b) The Restricted Shares will initially be issued by the Company in book entry form only, in
the name of the Recipient. The Recipient agrees that the Restricted Shares shall be subject to the
forfeiture provisions set forth in Section 3 of this Agreement and the restrictions on transfer set
forth in Section 4 of this Agreement. Following the vesting of any Restricted Shares pursuant to
Section 2 below, the Company shall, if requested by the Recipient, issue and deliver to the
Recipient a certificate representing the vested unrestricted shares of common stock of the Company.

2. Vesting.

(a) Vesting Schedule. Unless otherwise provided in this Agreement or the Plan, the
Restricted Shares shall vest in accordance with the following vesting schedule:

(BASED ON THE PASSAGE OF TIME OR THE ATTAINMENT OF PERFORMANCE STANDARDS, AS
DETERMINED BY THE BOARD OF DIRECTORS)

Any fractional number of Restricted Shares resulting from the application of the foregoing
percentages shall be rounded down to the nearest whole number of Restricted Shares.

(b) Acceleration of Vesting. Notwithstanding the foregoing vesting schedule, all
unvested Restricted Shares shall vest effective immediately prior to or upon (i) a Change in
Control Event, (ii) the death or Disability (as defined below) of the Recipient, or (iii) upon
circumstances described in any employment offer letter or agreement with Recipient, and 50% of all
unvested Restricted Shares shall vest effective immediately upon Qualifying Retirement (as defined
below) of the Recipient.

 

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(c) Definitions. For purposes of this Agreement:

(i) “Disability” means: (A) if the Recipient’s employment or other service with the Company is
subject to the terms of an employment or other service agreement between the Recipient and the
Company, which employment or other service agreement includes a definition of “Disability”, the
term “Disability” as used in this Agreement shall have the meaning set forth in such employment or
other service agreement during the period that such employment or other service agreement remains
in effect; (B) in the absence of such an agreement, the term “Disability” as used in the Company’s
long-term disability plan, if any; or (C) if neither clause (A) nor clause (B) is applicable, a
physical or mental infirmity which impairs the Recipient’s ability to substantially perform his or
her duties for a period of 90 consecutive days.

(ii) A “Qualifying Retirement” means retirement by the Recipient after satisfaction of the
conditions in either clause (A) or clause (B): (A) the Recipient has both (1) attained the
age of 55 and (2) completed at least ten years of employment with the Company; or (B) the
sum of the Recipient’s age plus the number of years he or she has been employed by the Company
equals or exceeds 75 years.

(iii) A “Change in Control Event” shall mean:

	 	(A)	 	the acquisition by an individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934 (the “Exchange Act”)) (a “Person”) of
beneficial ownership of any capital stock of the Company if, after such
acquisition, such Person beneficially owns (within the meaning of Rule
13d-3 under the Exchange Act) 50% or more of either (x) the
then-outstanding shares of common stock of the Company (the
“Outstanding Company Common Stock”) or (y) the combined voting power of
the then-outstanding securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this subsection
(A), the following acquisitions shall not constitute a Change in
Control Event: (1) any acquisition directly from the Company or (2) any
acquisition by any corporation pursuant to a Business Combination (as
defined below), in each case which complies with clauses (x) and (y) of
subsection (C) of this definition; or

 

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	 	(B)	 	such time as the Continuing Directors (as
defined below) do not constitute a majority of the Board of Directors
of the Company (the “Board”) (or, if applicable, the Board of Directors
of a successor corporation to the Company), where the term “Continuing
Director” means at any date a member of the Board (x) who was a member
of the Board on the date of the initial
adoption of the Plan by the Board or (y) who was nominated or elected
subsequent to such date by at least a majority of the directors who
were Continuing Directors at the time of such nomination or election
or whose election to the Board was recommended or endorsed by at
least a majority of the directors who were Continuing Directors at
the time of such nomination or election; provided, however, that
there shall be excluded from this clause (y) any individual whose
initial assumption of office occurred as a result of an actual or
threatened election contest with respect to the election or removal
of directors or other actual or threatened solicitation of proxies or
consents, by or on behalf of a person other than the Board; or

	 	(C)	 	the consummation of a merger, consolidation,
reorganization, recapitalization or share exchange involving the
Company or a sale or other disposition of all or substantially all of
the assets of the Company (a “Business Combination”), unless,
immediately following such Business Combination, each of the following
two conditions is satisfied: (x) all or substantially all of the
individuals and entities who were the beneficial owners of the
Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of the then-outstanding
 shares of common stock and the combined voting power of the
then-outstanding securities entitled to vote generally in the election
of directors, respectively, of the resulting or acquiring corporation
in such Business Combination (which shall include, without limitation,
a corporation which as a result of such transaction owns the Company or
substantially all of the Company’s assets either directly or through
one or more subsidiaries) (such resulting or acquiring corporation is
referred to herein as the “Acquiring Corporation”) in substantially the
same proportions as their ownership of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, respectively,
immediately prior to such Business Combination and (y) no Person
(excluding any employee benefit plan (or related trust) maintained or
sponsored by the Company or by the Acquiring Corporation) beneficially
owns, directly or indirectly, 50% or more of the then-outstanding
 shares of common stock of the Acquiring Corporation, or of the combined
voting power of the then-outstanding securities of such corporation
entitled to vote generally in the election of directors (except to the
extent that such ownership existed prior to the Business Combination);
or

	 	(D)	 	the liquidation or dissolution of the Company.

 

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3. Forfeiture of Unvested Restricted Shares Upon Employment Termination.

In the event that the Recipient ceases to be employed by or provide services to the Company
for any reason or no reason, with or without cause (except as provided in Section 2(b) above), all
of the Restricted Shares that are unvested as of the time of such employment termination shall be
forfeited immediately and automatically to the Company, without the payment of any consideration to
the Recipient, effective as of such termination of employment or service relationship. The
Recipient shall have no further rights with respect to any Restricted Shares that are so forfeited.
If the Recipient is employed by or provides services to a subsidiary of the Company, any
references in this Agreement to employment or service relationship with the Company shall instead
be deemed to refer to employment or service relationship with such subsidiary.

4. Restrictions on Transfer.

The Recipient shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of,
by operation of law or otherwise (collectively “transfer”) any Restricted Shares, or any interest
therein, until such Restricted Shares have vested, except that the Recipient may transfer such
Restricted Shares: (a) to or for the benefit of any spouse, children, parents, uncles, aunts,
siblings, grandchildren and any other relatives approved by the Compensation Committee
(collectively, “Approved Relatives”) or to a trust established solely for the benefit of the
Recipient and/or Approved Relatives, provided that such Restricted Shares shall remain
subject to this Agreement (including without limitation the forfeiture provisions set forth in
Section 3 and the restrictions on transfer set forth in this Section 4) and such permitted
transferee shall, as a condition to such transfer, deliver to the Company a written instrument
confirming that such transferee shall be bound by all of the terms and conditions of this
Agreement; or (b) as part of the sale of all or substantially all of the shares of capital stock of
the Company (including pursuant to a merger or consolidation). The Company shall not be required
(i) to transfer on its books any of the Restricted Shares which have been transferred in violation
of any of the provisions of this Agreement or (ii) to treat as owner of such Restricted Shares or
to pay dividends to any transferee to whom such Restricted Shares have been transferred in
violation of any of the provisions of this Agreement.

5. Restrictive Legends.

All certificates, if any, representing Restricted Shares that are not vested shall have
affixed thereto a legend in substantially the following form, in addition to any other legends that
may be required under applicable law, and the book entry account, if any, reflecting the issuance
of the Restricted Shares in the name of the Recipient shall bear a legend or other notation upon
substantially the following terms:

“These shares of stock are subject to forfeiture provisions and restrictions on transfer set
forth in a certain Restricted Stock Agreement between the corporation and the registered owner of
these shares (or his or her predecessor in interest), and such Agreement is available for
inspection without charge at the office of the Secretary of the corporation.”

 

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6. Rights as a Shareholder.

Except as otherwise provided in this Agreement, for so long as the Recipient is the registered
owner of the Restricted Shares, the Recipient shall have all rights as a shareholder with respect
to the Restricted Shares, whether vested or unvested, including, without limitation, any rights to
receive dividends and distributions with respect to the Restricted Shares and to vote the
Restricted Shares and act in respect of the Restricted Shares at any meeting of shareholders.
Notwithstanding the foregoing, any dividends, whether in cash, stock or property, declared and paid
by the Company with respect to unvested Restricted Shares (“Accrued Dividends”) shall be paid to
the Recipient, without interest, only if and when such Restricted Shares vest.

7. Provisions of the Plan.

This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the
Recipient with this Agreement.

8. Tax Matters.

(a) Acknowledgments; Section 83(b) Election. The Recipient acknowledges that he or
she is responsible for obtaining the advice of the Recipient’s own tax advisors with respect to the
acquisition of the Restricted Shares and the Recipient is relying solely on such advisors and not
on any statements or representations of the Company or any of its agents with respect to the tax
consequences relating to the Restricted Shares. The Recipient understands that the Recipient (and
not the Company) shall be responsible for the Recipient’s tax liability that may arise in
connection with the acquisition, vesting and/or disposition of the Restricted Shares. The
Recipient acknowledges that he or she has been informed of the availability of making an election
under Section 83(b) of the Internal Revenue Code, as amended, with respect to the issuance of the
Restricted Shares. Following the execution of this Agreement, the Recipient has thirty (30) days
following such execution to file the 83(b) election with the Internal Revenue Service. A copy of
such notification should be delivered to the Company in writing. The recipient shall also notify
the Company in writing if the Recipient has not filed a Section 83(b) election.

(b) Withholding. The Recipient acknowledges and agrees that the Company has the right
to deduct from payments of any kind otherwise due to the Recipient any federal, state, local or
other taxes of any kind required by law to be withheld with respect to the vesting of the
Restricted Shares. Two weeks prior to each date on which Restricted Shares vest, the Company shall
deliver written notice to the Recipient of the estimated amount of withholding taxes due with
respect to the vesting of the Restricted Shares that vest on such date; provided, however, that the
total tax withholding cannot exceed the Company’s minimum statutory withholding obligations (based
on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes,
that are applicable to such supplemental taxable income). The Recipient may satisfy such tax
withholding obligations by making a cash payment to the Company on the date of vesting of the
Restricted Shares, in the amount of the Company’s withholding obligation in connection with the
vesting of such Restricted Shares. The Recipient may, at the option of the Recipient and if the
Compensation Committee so approves in advance of the applicable vesting date, satisfy such tax
withholding obligations by transferring to the
Company, on each date on which Restricted Shares vest under this Agreement, such number of
Restricted Shares that vest on such date as have a fair market value (calculated using the last
reported sale price of the common stock of the Company on the NASDAQ National Market on the trading
date immediately prior to such vesting date) equal to the amount of the Company’s tax withholding
obligation in connection with the vesting of such Restricted Shares. To effect such delivery of
Restricted Shares, the Recipient shall deliver a written notice to the Company stating that a
specified number of Restricted Shares registered to the Recipient in book entry form are thereby
transferred to the Company.

 

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9. Miscellaneous.

(a) Authority of Compensation Committee. In making any decisions or taking any
actions with respect to the matters covered by this Agreement, the Compensation Committee of the
Company’s Board of Directors shall have all of the authority and discretion, and shall be subject
to all of the protections, provided for in the Plan. All decisions and actions by the Compensation
Committee, as approved by the Board of Directors, with respect to this Agreement shall be made in
the Compensation Committee’s discretion and shall be final and binding on the Recipient.

(b) No Right to Continued Employment. The Recipient acknowledges and agrees that,
notwithstanding the fact that the vesting of the Restricted Shares is contingent upon his or her
continued employment by, or service to, the Company, this Agreement does not constitute an express
or implied promise of continued employment or service or confer upon the Recipient any rights with
respect to continued employment by, or service to, the Company.

(c) Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the internal laws of the State of Delaware without regard to any applicable
conflicts of laws provisions.

(d) Recipient’s Acknowledgments. The Recipient acknowledges that he or she has read
this Agreement, has received and read the Plan, and understands the terms and conditions of this
Agreement and the Plan.

 

7

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