Document:

EX-10-2 FormRestrictedStockAwardAgreement_2017

		

			EXHIBIT 10.2

		

		
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			NATIONAL PRESTO INDUSTRIES, INC.
RESTRICTED STOCK AWARD AGREEMENT
		

		
			This RESTRICTED STOCK AWARD AGREEMENT (the "Agreement") is made this

day of___, by and between National Presto Industries, Inc., a Wisconsin corporation (the "Company") and _______________________, an individual resident of Wisconsin ("Participant").
		

			
	
			
				 1.
			Award. The Company hereby grants to Participant a restricted stock award of ____________ shares (the "Shares") of Common Stock of the Company according to the terms and conditions set forth herein and in the National Presto Industries, Inc. 2017 Incentive Compensation Plan (the "Plan"). The Shares are Restricted Stock granted under Section 5 of the Plan. A copy of the Plan will be furnished upon request of Participant.

			
	
			
				 2.
			Vesting. Except as otherwise provided in this Agreement, the Shares shall vest in accordance with the following schedule:

		
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						On or after each of

					
						the following dates

					
					
						 

					
					
						Number of Shares

					
						Vested

				
	
					
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				 3.
			Restrictions on Transfer. Until the Shares vest pursuant to Section 2 or Section 4 hereof, none of the Shares may be assigned, pledged, alienated, attached, sold or otherwise transferred or encumbered, and any purported assignment, pledge, alienation, attachment, sale or transfer or encumbrance shall be void and unenforceable against the Company, and no attempt to transfer the Shares, whether voluntary or involuntary, by operation of law or otherwise, shall vest the purported transferee with any interest or right in or with respect to the Shares.

			
	
			
				 4.
			Forfeiture; Early Vesting. If Participant ceases to be an employee of the Company or any Subsidiary (as defined in the Plan) prior to vesting of the Shares pursuant to Section 2 or Section 4 hereof, all of Participant's rights to all of the unvested Shares shall be immediately and irrevocably forfeited, except that (i) if Participant ceases to be an employee by reason of death prior to the vesting of Shares under Section 2 hereof, or (ii) if Participant ceases to be an employee by reason of Disability (as defined in the Plan) prior to the vesting of Shares under Section 2 hereof, or (iii) if Participant ceases to be an employee by reason of Retirement (as defined in the Plan) prior to the vesting of Shares under Section 2 hereof, all Shares granted hereunder shall vest as of such termination of employment. Further, in the event of a Change in Control (as defined in the Plan) of the Company, any Shares that are not vested shall become fully vested immediately prior to the Change in Control.  Upon forfeiture, Participant will no longer have any rights relating to the unvested Shares, including the right to vote the Shares and the right to receive dividends declared on the Shares.

		 

 

		

			EXHIBIT 10.2

		

			
	
			
				 5.
			Rights of a Shareholder. Except as provided herein, the Participant shall have all of the rights of a shareholder of the Company with respect to the Shares of Restricted Stock, including the right to vote the Shares and receive dividends and other distributions with respect thereto.

			
	
			
				 6.
			Tax Matters.

			
	
			
				 (a)
			Participant shall be liable for any and all taxes, including withholding taxes, arising out of this Award or the vesting of Restricted Stock hereunder. The Company shall have the right to deduct from any and all payments made in connection with the Award, or to require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes, if any, required by law to be withheld by the Company with respect to the Award or the shares acquired pursuant thereto. The Company shall have no obligation to deliver shares of Common Stock issuable to the Participant upon the vesting of the Restricted Stock until the Company's tax withholding obligations have been satisfied by the Participant.

			
	
			
				 (b)
			The Company shall have the right, but not the obligation, to deduct from the shares of Common Stock issuable to the Participant upon the vesting of the Restricted Stock, or to accept from the Participant the tender of, a number of whole shares of Common Stock having a Fair Market Value equal to all or any part of the tax withholding obligations of the Company. The Fair Market Value of any shares of Common Stock withheld or tendered to satisfy any such tax withholding obligations shall not exceed the minimum amount of tax required to be withheld with respect to the transaction.

			
	
			
				 (c)
			Participant acknowledges that, at his or her option, Participant (i) shall be entitled to make an election permitted under section 83(b) of the Internal Revenue Code of 1986, as amended (the "Code"), to include in gross income in the taxable year in which the Restricted Stock is granted, the Fair Market Value of such shares on the Grant Date, notwithstanding that such shares may be subject to a substantial risk of forfeiture within the meaning of the Code, or (ii) may elect to include in gross income the Fair Market Value of the Restricted Stock as of the date on which such restriction lapses. The Participant agrees to give the Company's Human Resources Department prompt written notice of any election made by such Participant under Code Section 83(b).

			
	
			
				 7.
			Miscellaneous.

			
	
			
				 (a)
			Plan Incorporation; Defined Terms.  The provisions of the Plan are incorporated into this Agreement by reference. Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Plan.

			
	
			
				 (b)
			Legends; Certificates. Participant agrees that each certificate, if any, representing unvested Shares will bear any legend required by law and a legend reading substantially as follows:

		
			The securities represented by this certificate are subject to the provisions of a Restricted Stock Award Agreement dated as of _________. None of the securities represented by this certificate 
		

		 

 

		

			EXHIBIT 10.2

		

		may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance shall be void and unenforceable against the Company, and no attempt to transfer the Shares, whether voluntary or involuntary, by operation of law or otherwise, shall vest the purported transferee with any interest or right in or with respect to the Shares.
		

		
			Participant agrees that the Company shall hold any certificate representing unvested Shares in escrow until such time such Shares are vested.
		

			
	
			
				 (c)
			Delivery of Title to Shares.  Subject to any governing rules or regulations, the Company shall deliver any shares of Common Stock acquired in connection with the vesting of the Restricted Stock to or for the benefit of the Participant either (a) by delivering to the Participant stock certificates for vested shares of Common Stock, (b) by delivering to the Participant evidence of book entry shares of Common Stock credited to the account of the Participant, or (c) by depositing such shares of Common Stock for the benefit of the Participant with a broker designated by the Company. The Company shall not be required to issue stock certificates for any shares of Common Stock acquired in connection with the vesting of the Restricted Stock.

			
	
			
				 (d)
			Company Policies.  Participant agrees that he or she has read and will comply with the Company's Insider Trading Policy and its Corporate Code of Conduct.

			
	
			
				 (e)
			Plan Provisions Control. In the event that any provision of the Agreement conflicts with or is inconsistent in any respect with the terms of the Plan, the terms of the Plan shall control.

			
	
			
				 (f)
			No Right to Employment. The issuance of the Shares shall not be construed as giving Participant the right to be retained in the employ of the Company or any Subsidiary, nor will it affect in any way the right of the Company or any Subsidiary to terminate such employment or position at any time, with or without cause. In addition, the Company or any Subsidiary may at any time dismiss Participant from employment, free from any liability or any claim under the Plan or the Agreement. Nothing in the Agreement shall confer on any person any legal or equitable right against the Company or any Subsidiary, directly or indirectly, or give rise to any cause of action at law or in equity against the Company or any Subsidiary. The Award granted hereunder shall not form any part of the wages or salary of Participant for purposes of severance pay or termination indemnities, irrespective of the reason for termination of employment. Under no circumstances shall any person ceasing to be an employee of the Company or any Subsidiary be entitled to any compensation for any loss of anyright or benefit under the Agreement or Plan which such employee might otherwise have enjoyed but for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise. By participating in the Plan, Participant shall be deemed to have accepted all the conditions of the Plan and the Agreement and the terms and conditions of any rules and regulations adopted by the Committee (as defined in the Plan) and shall be fully bound thereby.

		 

 

		

			EXHIBIT 10.2

		

			
	
			
				 (g)
			Entire Agreement. This Agreement and the Plan constitute the entire understanding and agreement between Participant and the Company regarding this Award. Participant acknowledges that any other agreement, statement, understanding or promise with respect to the Award, whether oral or in writing, not contained in this Agreement or the Plan shall not be valid or binding. Any modification of or amendment to this Agreement shall be effective only if it is in writing and signed by both parties, except as otherwise provided in the Plan.

			
	
			
				 (h)
			Governing Law. The validity, construction and effect of the Plan and the Agreement, and any rules and regulations relating to the Plan and the Agreement, shall be determined in accordance with the internal laws, and not the law of conflicts, of the State of Wisconsin.

			
	
			
				 (i)
			Severability. If any provision of the Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Agreement under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Agreement, such provision shall be stricken as to such jurisdiction or the Agreement, and the remainder of the Agreement shall remain in full force and effect.

			
	
			
				 (j)
			No Trust or Fund Created. Neither the Plan nor the Agreement shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and Participant or any other person.

			
	
			
				 (k)
			Headings. Headings are given to the Sections and subsections of the Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Agreement or any provision thereof.

		
			IN WITNESS WHEREOF, the Company and Participant have executed this Agreement on the date set forth in the first paragraph.
		

		
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						National Presto Industries, Inc.:

					
						By: ________________________________

					
						Name: ______________________________

					
						Title: _______________________________

					
					
						Participant:

					
						By: ________________________________

					
						Name: ______________________________

					
						Title: _______________________________

				

		
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			﻿Exhibit 10.1

 

INDEPENDENT
CONSULTANT AGREEMENT

 

This Agreement is made
and entered into this 3rd day of August, 2017, by and between Joseph C. Bencivenga ("Consultant"), an individual,
and MedAmerica Properties Inc., a Delaware corporation (the “Company”), with its principal place of business
at Boca Center, Tower 1, 5200 Town Center Circle, Suite 550, Boca Raton, Florida 33486.

 

RECITALS

 

WHEREAS, Consultant
desires to perform certain consulting services for the Company, and the Company desires to retain Consultant for such consulting
services, according to the terms set forth below;

 

NOW THEREFORE,
in consideration of the mutual promises and covenants contained herein, the parties, intending to be legally bound, agree as follows:

 

1.       Services.
Consultant agrees to provide professional consulting services to the Company, fulfilling the duties as President of the Company,
(the “Services”) as and when the Company reasonably requests such services from Consultant. The scope of the
Services can only be amended in a writing signed by the parties. The Company shall use reasonable efforts to support Consultant’s
performance of the Services.

 

2.       Independent
Contractor Relationship. Consultant will be an independent contractor and not an employee of the Company or any affiliate of
the Company. The Consultant will not be eligible for any employee benefits, nor will the Company make deductions from any payments
made to the Consultant for any taxes, all of which will be the Consultant’s responsibility. Consultant agrees, as an independent
contractor, that he is not entitled to unemployment benefits in the event this Agreement terminates, or workers’ compensation
benefits in the event that Consultant is injured in any manner while performing obligations under this Agreement. Consultant will
be solely responsible to pay any and all local, municipal, state, and/or federal income, social security, unemployment taxes for
Consultant and workers’ compensation coverage.

 

Consultant will have
no authority to enter into contracts that bind the Company or create obligations on the part of the Company without the authorization
of the management committee of the Company.

 

3.       Consulting
Fees; Billing and Payment. The Company shall pay Consultant a consulting fee at a rate of $5,000 per month for the performance
of the Services. Consultant shall invoice the Company on a monthly basis with respect to expenses for the prior month. The Company
shall also reimburse Consultant for all of his actual, documented expenses which have been pre-approved in writing by the Company.
Undisputed monetary compensation shall be due net 30 days from the date of receipt by the Company of Consultant’s invoice.
In addition, the Company will pay to Consultant the sum of up to $15,000 per year for Consultant’s purchase of health related
benefits. Such sum shall be paid on a monthly basis.

 

    	 	Page 1 of 4	 

     

    

 

4.       Tax
Treatment. Consultant and the Company agree that the Company will treat Consultant as an independent contractor for purposes
of all tax laws (local, municipal, state and federal) and file any required forms consistent with that status.

 

5.       No
Employee Benefits. Consultant acknowledges and agrees that neither he nor anyone acting on his behalf shall receive any benefits
of any kind from the Company. Consultant (and Consultant's agents and subcontractors) are excluded from participating in any fringe
benefit plans or programs as a result of the performance of services under this Agreement, without regard to Consultant's independent
contractor status. In addition, Consultant (and Consultant's agents and contractors) waive any and all rights, if any, to participation
in any of the Company's fringe benefit plans or programs including, but not limited to, health, sickness, accident or dental coverage,
life insurance, disability benefits, severance, accidental death and dismemberment coverage, unemployment insurance coverage, workers’
compensation coverage, and pension or 401(k) benefits, if any, provided by the Company to its employees.

 

6.       Expenses
and Liabilities. Consultant shall comply at his own expense with all federal, state, municipal and local laws, including but
not limited to the maintenance in good standing of any and all business license fees required by law with respect to the performance
of consulting services. The Company reserves the right, on reasonable notice, to request proof of compliance with the requirements
of this paragraph.

 

7.       No
Present or Future Employment Promises. Consultant acknowledges and understands that the Company makes no promise of present
or future employment with it or any of its affiliates, or any promise regarding the renewal or extension of this Agreement, or
future agreements.

 

8.       Limitation
of Liability; Indemnification. Consultant shall indemnify and hold harmless the Company, its agents, members, managers and
employees, from and against any and all claims, losses, actions, damages, expenses and all other liabilities, including but not
limited to reasonable attorneys' fees, arising out of or resulting from the negligence or willful acts or omissions of the Consultant,
his agents or contractors; provided that Consultant’s obligations hereunder shall not exceed the aggregate amount of fees
received by Consultant hereunder.

 

9.       Severability.
In the event any provision of this Agreement shall be adjudged invalid or unenforceable, such adjudication shall not affect the
other provisions of this Agreement, which shall remain in full force and effect. In the event the Company is entitled to damages
for a breach of this Agreement or any other agreement between the Company and the undersigned, or with respect to any other matter
arising out of the engagement of the undersigned by the Company, the Company shall be entitled to offset such damages or claims
against amounts due and owing from the Company to Consultant.

 

10.     Conflicts
of Interest. Consultant represents and warrants to the Company as follows: (i) he has not entered into any contract or agreement,
or executed any document whatsoever, with any other person, firm, association, corporation or educational institution that will
in any manner prevent him from: (a) giving the Company the benefit of services contracted for under this Agreement; and (b) performing
any other provision of this Agreement; (ii) he will not enter into any such contract or agreement, or execute any such document,
which will create a conflict of interest or which will prevent him from freely performing any of the provisions of this Agreement;
and (iii) he will not knowingly incorporate confidential information of any person or entity not a party to this Agreement into
any materials furnished to the Company hereunder without prior written notice to and consent from the Company. Moreover, Consultant
will not circumvent or by-pass the Company, whether directly or indirectly, with respect to a transaction involving any of the
target companies that the Company is evaluating without the prior written consent of the Company.

 

    	 	Page 2 of 4	 

     

    

 

11.     Changes.
This Agreement shall not be changed, modified, supplemented or amended except by express written agreement signed by Consultant
and the Company.

 

12.     Term.
The beginning date of this Agreement will be effective as of August 8, 2017 and shall continue on a month to month basis. This
Agreement may be terminated at any time by either party upon thirty (30) days prior written notice.

 

13.     No
Waiver. The failure of either party to execute a right or to require performance by the other party of any part of this Agreement
shall not affect the full right to exercise such right or to require such performance at any time thereafter, nor shall the waiver
by either party of a breach of any provision of this Agreement constitute a waiver of any later breach of the same or any other
provision.

 

14.     Assignment.
This Agreement shall not be assignable by Consultant, but may be assigned by the Company to one of its affiliates or successors
in interest.

 

15.     Complete
Agreement. This Agreement is the complete and exclusive statement of the Agreement between the parties and supersedes any and
all prior or contemporaneous representations, communications and contractual agreements relating to the subject matter of this
Agreement, whether written or oral.

 

16.     Applicable
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Florida without
regard to the conflict of laws provisions thereof.

 

17. The Company will
also provide Consultant with incentive compensation consisting of 3⁄4 of 1% of any new equity capital raised for the Company
and its subsidiaries with the direct assistance of consultant Such incentive compensation shall be paid to Consultant at the time
of closing of such equity transaction.

 

18. The company intends
to issue stock options of MedAmerica Inc. to Consultant at a price and in an amount to be determined at the sole discretion of
the Company.

 

[the remainder of this
page was intentionally left blank]

 

    	 	Page 3 of 4	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement by their authorized representative as of the date and year first set forth above.

 

 

	 	 	MedAmerica PROPERTIES
    Inc.
	 	 	 
	/s/ Joseph C. Bencivenga               	 	By: /s/ Gary O. Marino               
	Joseph C. Bencivenga	 	Gary O. Marino, Chairman

 

By the signature above, Consultant acknowledges
and warrants that prior to signing, Consultant has read this Agreement in its entirety and was afforded the opportunity to have
the Agreement reviewed by legal counsel.

 

    	 	Page 4 of 4

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