Document:

Form of Nonqualified Stock Option Grant Agreement

 Exhibit 10.3 
 REGENERATION TECHNOLOGIES, INC. 
 FORM OF NONQUALIFIED STOCK OPTION GRANT AGREEMENT 

This Grant Agreement (the “Agreement”) is entered into this      day of
                                 by and between REGENERATION
TECHNOLOGIES, INC., a Delaware corporation (the “Corporation”), and
                                 (“Grantee”), effective as of the
Grant Date as defined in Article 1 hereof. 
 In consideration of the premises, mutual covenants and agreements herein, the Corporation
and the Grantee agree as follows: 
 ARTICLE 1 
 GRANT OF OPTION 
 Section 1.1 Grant of Option. The Corporation hereby
grants to the Grantee, pursuant to the provisions of the Regeneration Technologies, Inc. 2004 Equity Incentive Plan (the “Plan”), a nonqualified stock option to purchase shares of Common Stock, par value of $0.001 per share, of the
Corporation (“Stock”), subject to the provisions of this Agreement (the “Option”). Unless stated otherwise herein, capitalized terms in this Agreement shall have the same meaning as defined in the Plan. Schedule A, attached
hereto and incorporated herein, sets forth the following terms of the Option: 
  

	 	(i)	the date the Committee approved the Option (the “Grant Date”); 

  

	 	(ii)	the number of shares of Stock which the Grantee may purchase under the Option; 

  

	 	(iii)	the exercise price per share (the “Exercise Price”); and 

  

	 	(iv)	the date as of which the Option shall expire (the “Expiration Date”), at 5:00 p.m. Eastern Time, unless terminated earlier pursuant to other provisions of this Agreement.

 ARTICLE 2 
 VESTING 
 Section 2.1 Vesting Schedule. Unless the Option terminates earlier pursuant to other provisions
of this Agreement, the Option shall vest and become exercisable as provided in the following schedule: 
  

			
	 Percentage of the Option Vested and
Exerciseable
	  	As of

 Section 2.2 Acceleration of Vesting. Unless the Option has earlier terminated pursuant
to the provision of the Agreement, vesting of the Option shall be accelerated so that all unvested shares of Stock subject to the Option shall become one hundred percent (100%) vested in the Grantee upon a Change of Control. For purposes of
this Agreement, the term “Change of Control” shall mean (i) the sale of all or substantially all of the assets of the Corporation, (ii) the sale of more than fifty percent (50%) of the outstanding common stock of the
Corporation in a non-public sale, (iii) the dissolution or liquidation of the Corporation, or (iv) any merger, share exchange, consolidation or other reorganization or business combination of the Corporation if immediately after such
transaction either (A) persons who were directors of the Corporation immediately prior to such transaction do not constitute at least a majority of the directors of the surviving entity, or (B) persons who hold a majority of the voting
capital stock of the surviving entity are not persons who held a majority of the voting capital stock of the Corporation immediately prior to such transaction. 
 ARTICLE 3 
 EXERCISE OF OPTION 
 Section 3.1 Exercisability of Option. The Option is exercisable only if it is vested and has not been terminated. If exercisable, the
Option may be exercised in whole or in part, subject to the conditions precedent described in Section 3.3. Only Grantee and, after his death, his executor, personal representative, or the person to whom the Option shall have been transferred by
will or the laws of descent and distribution, may exercise the Option. 
 Section 3.2 Manner of Exercise. Grantee or any
other person exercising the Option may do so only by delivering written notice thereof to the Committee. Such notice shall be in the form as attached hereto, unless the Committee requires otherwise. Notwithstanding the foregoing, the Option may not
be exercised at any one time as to fewer than five (5) Shares or, if less, such number of Shares as to which the Option is then exercisable. Such notice shall be accompanied by full payment of the Exercise Price. Payment of the Exercise Price
shall be made in cash, provided that, subject to applicable law, the Committee may authorize a payment of the Exercise Price to be made, in whole or in part, by such other means as the Committee may prescribe at the time of exercise. The Option may
be exercised only in multiples of whole Shares and no fractional Shares shall be issued. If the Common Stock is registered under Section 12 of the Securities Exchange Act of 1934, as amended, the Exercise Price may be paid, in whole or in part,
subject to applicable law and such limitations as the Committee may determine, by delivery of a properly executed exercise notice, together with irrevocable instructions: (i) to a brokerage firm designated by the person exercising the Option
and approved by the Committee to deliver promptly to the Corporation the aggregate amount of sale or loan proceeds to pay the Exercise Price and any withholding tax obligations that may arise in connection with the exercise, and (ii) to the
Corporation to deliver the certificates for such purchased Shares directly to such brokerage firm. 
 Section 3.3 Issuance of
Shares upon Exercise. Upon exercise of the Option and payment of the Exercise Price, the Corporation shall issue to Grantee the number of Shares so paid for, in the form of fully paid and nonassessable Common Stock. 
 ARTICLE 4 
 TERMINATION OF OPTION

 Section 4.1 Termination, In General. The Option granted hereby shall terminate and be of no force or effect after
the Expiration Date set forth on Schedule A, unless terminated prior to such time as provided below. Notwithstanding anything contained herein, vesting of the Option pursuant to Section 2.1 shall cease upon the Grantee’s termination of
employment by, or service to the Corporation unless otherwise agreed by the Corporation in writing. 
  

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 Section 4.2 Termination of Employment or Service or for Reason Other Than Death or
Disability. Unless the Option has earlier terminated pursuant to the provisions of the Agreement, the Option shall terminate in its entirety, regardless of whether the Option is vested in whole or in part, thirty (30) days after the
date the Grantee is no longer employed by, or not in the service of, the Corporation and its Affiliates for any reason other than the Grantee’s death or Disability. Notwithstanding the foregoing, the Option shall terminate in its entirety,
regardless of whether the Option is vested in whole or in part, upon termination of the employment or service of the Grantee by the Corporation or an Affiliate for “Cause”. 
 If the Grantee is a party to a written employment agreement or service agreement with the Corporation or an Affiliate then currently in effect which
contains a definition of “cause”, “termination for cause” or words of similar import, whether such Grantee is terminated for “Cause” pursuant to this Section 4.2 shall be determined according to the terms of and in
a manner consistent with the provisions of such written agreement. If the Grantee is not party to such a written employment agreement or service agreement with the Corporation or an Affiliate, then for purposes of this Section 4.2,
“Cause” shall mean (a) the conviction of the Grantee of, or the entry of a pleading of guilty or nolo contendere by the Grantee to, any felony or any crime involving moral turpitude, (b) willful misconduct in connection with the
Grantee’s duties, willful failure to follow the directions of the Grantee’s supervisor or supervisors, or willful failure to perform his or her responsibilities in the best interest of the Corporation, except in cases involving the mental
or physical incapacity or disability of the Grantee, or (c) in the sole judgment of the President of the Corporation, the Grantee has acted or is acting in a manner that is not in the best interest of the Corporation or its employees, including
but not limited to, disparaging the Corporation or its products or engaging in harassment or other inappropriate behavior directed towards employees of the Corporation. “Willful misconduct” and “willful failure to perform” shall
not include actions or inactions on the part of the Grantee which were taken or not taken in good faith by the Grantee. The good faith determination by the Committee of whether the Grantee’s employment or service was terminated by the
Corporation for “Cause” shall be final and binding for all purposes hereunder. 
 Section 4.3 Upon Grantee’s
Death. Unless the Option has earlier terminated pursuant to the provisions of the Agreement, upon the Grantee’s death the Grantee’s executor, personal representative, or the person(s) to whom the Option shall have been transferred
by will or the laws of descent and distribution, may exercise all or any part of the outstanding Option with respect to the shares of Stock as to which the Option is vested as of the Grantee’s date of death, provided such exercise occurs within
six (6) months after the date of the Grantee’s death, but not later than the Expiration Date of the Option. Unless sooner terminated, the Option shall terminate upon the expiration of such six (6) month period. 
 Section 4.4 Termination of Employment or Service by Reason of Disability. Unless the Option has earlier terminated pursuant to the
provisions of the Agreement, in the event that the Grantee ceases, by reason of Disability, to be an employee of or in the service of the Corporation or an Affiliate, the outstanding Option may be exercised in whole or in part with respect to the
shares of Stock as to which the Option is vested as of the date of the Grantee’s termination of employment or service due to Disability at any time within six (6) months after the date of such termination, but not later than the Expiration
Date of the Option. Unless sooner terminated, the Option shall terminate upon the expiration of such six (6) month period. 
 For
purposes of this Agreement, Disability shall mean the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can
be expected to last for a continuous period of not less than twelve (12) months. 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
the Grantee is Disabled shall be final and binding on all parties concerned. 
  

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 Section 4.5 Leave of Absence. For purposes of this Agreement, the Grantee’s
employment or service with the Corporation or an Affiliate shall not be deemed to terminate if the Grantee takes any military leave, sick leave, or other bona fide leave of absence approved by the Committee of ninety (90) days or less. In the
event of a leave in excess of ninety (90) days, the Grantee’s employment or service shall be deemed to terminate on the ninety-first (91st) day of the leave unless the Grantee’s right to re-employment with the Corporation or
Affiliate remains guaranteed by statute or contract. Notwithstanding the foregoing, unless otherwise determined by the Committee (or required by law), a leave of absence shall not be treated as employment or service for purposes of vesting in
additional shares of Stock during such leave pursuant to Section 2.1 of this Agreement. 
 ARTICLE 5 
 MISCELLANEOUS 
 Section 5.1
Non-Guarantee of Employment. Nothing in the Plan or this Agreement shall alter the employment status of the Grantee, nor be construed as a contract of employment between the Corporation (or an Affiliate) and the Grantee, or as a contractual
right of the Grantee to continue in the employ or service of the Corporation (or an Affiliate), or as a limitation of the right of the Corporation (or an Affiliate) to discharge the Grantee at any time with or without cause or notice. 
 Section 5.2 No Rights of Stockholder. The Grantee shall not have any of the rights of a stockholder with respect to the shares of
Stock that may be issued upon the exercise of the Option until such shares of Stock have been issued upon the due exercise of the Option, subject to and in accordance with the provisions of Section 3.3. No adjustment shall be made for dividends
or distributions or other rights for which the record date is prior to the date such certificate or certificates are issued. 
 Section 5.3 Nonqualified Nature of Option. The Option is intended to be a stock option that does not qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended. 
 Section 5.4 The Corporation’s Rights. The existence of this Option shall not affect in any way the right
or power of the Corporation or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Corporation’s capital structure or its business, or any merger or consolidation of the
Corporation, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Stock or the rights thereof, or the dissolution or liquidation of the Corporation, or any sale or
transfer of all or any part of the Corporation’s assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 Section 5.5 Withholding of Taxes. The Corporation or any Affiliate shall have the right to deduct from any compensation or any other payment of any kind (including withholding the issuance of shares
of Stock) due the Grantee the amount of any foreign, federal, state or local taxes required by law to be withheld as the result of the exercise of the Option or the lapsing of any restriction with respect to any shares of Stock acquired on exercise
of the Option; provided, however, that to the extent necessary to avoid adverse accounting consequences to the Company the value of the shares of Stock withheld may not exceed the statutory minimum withholding amount required by law. In lieu of such
deduction, the Committee may require the Grantee to make a cash payment to the Corporation or an Affiliate equal to the amount required to be withheld. If the Grantee does not make such payment when requested, the Corporation may refuse to issue any
Stock certificate under the Plan until arrangements satisfactory to the Committee for such payment have been made. 
  

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 Section 5.6 Grantee. Whenever the word “Grantee” is used in any provision of
this Agreement under circumstances where the provision should logically be construed to apply to the estate, personal representative or beneficiary to whom this Option may be transferred by will or by the laws of descent and distribution, the word
“Grantee” shall be deemed to include such person. 
 Section 5.7 Nontransferability of Option. The Option shall
be nontransferable other than by will or the laws of descent and distribution and during the lifetime of the Grantee, the Option may be exercised only by the Grantee or, during the period the Grantee is under a legal disability, by the
Grantee’s guardian or legal representative. Except as provided in the preceding sentence, the Option may not be assigned, transferred, pledged, hypothecated or disposed of in any way (whether by operation of law or otherwise) and shall not be
subject to execution, attachment or similar process. 
 Section 5.8 Notices. All notices and other communications made or
given pursuant to the Agreement shall be in writing and shall be sufficiently made or given if hand delivered or mailed by certified mail, addressed to the Grantee at the address contained in the records of the Corporation, or addressed to the
Committee, care of the Corporation for the attention of its Secretary at its principal office or, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be
available to the parties. 
 Section 5.9 Entire Agreement; Modification. This Agreement contains the entire agreement
between the parties with respect to the subject matter contained herein and may not be modified, except as provided in the Plan or in a written document signed by each of the parties hereto. Any oral or written agreements, representations,
warranties, written inducements, or other communications made prior to the execution of the Agreement shall be void and ineffective for all purposes. 
 Section 5.10 Conformity with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan, which is incorporated herein by reference.
Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in the Agreement or any matters as to which the Agreement is silent, the Plan shall govern. Grantee
acknowledges receipt of a copy of the Plan prior to the execution of this Agreement. 
 Section 5.11 Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, other than the conflict of laws principles thereof. 
 Section 5.12 Headings. The headings in the Agreement are for reference purposes only and shall not affect the meaning or interpretation of the Agreement. 
 [signatures on next page] 
  

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 IN WITNESS WHEREOF, the Corporation has caused this Agreement, which shall be effective as of the Grant
Date, to be executed by its duly authorized officer, and the Grantee has hereunto set his hand and seal. 
  

							
	ATTEST:	 		 	REGENERATION TECHNOLOGIES, INC.
				
	  
	 		 	By:	 	  

				
		 		 	Date:	 	  

			
	WITNESS:	 		 	GRANTEE
			
	  
	 		 	  

		 		 	Name:	 	
		 		 	Date:	 	  

			
		 		 	SSN: (Required)
                                        
                               

 SCHEDULE A 
 OF REGENERATION TECHNOLOGIES, INC. 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  

			
	Name of Grantee:	  	
		
	Date Option Was Approved	  	
	By Plan Committee:	  	
		
	Number of Shares:	  	                     shares of Regeneration Technologies, Inc. Common
Stock
		
	Exercise Price Per Share:	  	             per share
		
	Expiration Date:	  	

 EXERCISE FORM 
 Stock Option Plan Committee 
 c/o Office of the Corporate Secretary 
 Regeneration Technologies, Inc. 
 11621 Research Circle 
 Alachua, Florida 32615 
 Gentlemen: 
 I hereby exercise the Option granted to me on             ,
                                 by Regeneration Technologies, Inc. (the
“Corporation”), subject to all the terms and provisions thereof and of the Regeneration Technologies, Inc. 2004 Equity Incentive Plan (the “Plan”), and notify you of my desire to purchase
             shares of Common Stock of the Corporation at a price of $[            ] per share pursuant to the
exercise of said Option. 
  

											
	Total Amount Enclosed: $                     	  		 		 		 		 	
				
	Date:                     	  		 		 	  

		  		 		 	Name:	 		 	
				
		  		 		 	Received by Regeneration Technologies, Inc. on
		  		 	 ,
	 	  

		  		 	By:Form of Stock Option Agreement

 Exhibit 10.3 
 STOCK OPTION AGREEMENT 
  

	1.	A Stock Option (the “Option”) for a total of
                     shares of $1.00 par value per share Common Stock (the “Stock”) of Quaker Chemical Corporation, a Pennsylvania
corporation (the “Company”), is hereby granted to                          (the “Optionee”), subject
to the terms and provisions of the Quaker Chemical Corporation 2006 Long-Term Performance Incentive Plan (the “Plan”) insofar as the same are applicable to Stock Options granted thereunder. 

  

	2.	The Option Price as determined by the Compensation/Management Development Committee (the “Committee”) which has the authority for administering the Plan for the Company is
$             per share, having been determined pursuant to Section 3.2 of the Plan, which is equal to 100% of the Fair Market Value (as defined in the Plan) of the Stock on the
date of the grant of the Option. 

  

	3.	Subject to the provisions of Paragraphs 4 and 5 hereof, the Option may be exercised in whole at any time or in part from time to time on or after the date the Option, or any portion
thereof, first becomes exercisable. The Option terminates on the earlier of the date when fully exercised under the provisions of the Plan, the date fixed pursuant to Section 3.7(a), 3.7(b), or 3.7(c) of the Plan, or
                        . 

  

	4.	The Option may not be exercised if the issuance of the Stock upon such exercise would constitute a violation of any applicable Federal or state securities or other law or valid
regulation. Further, exercise of an Option granted pursuant to this Agreement shall be under and subject to Paragraph 3.4 of the Plan. 

  

	5.	This Option consists of Incentive Stock Options as to
                         shares and Non-Qualified Stock Options as to
                             shares and shall be exercisable in accordance with the following
Schedule: 

  

			
	 Incentive Stock Options
	 	 Exercisable on or After

		 	

  
  

			
	 Non-Qualified Stock Options
	 	 Exercisable on or After

		 	

  
 Notwithstanding any
provision to the contrary, following termination of Optionee’s employment by the Company or a Subsidiary of the Company for any reason not specified in Sections 3.7(a) or (b) of the Plan, the Option shall not be or become exercisable as to
any shares other than those shares as to which the Option shall have been exercisable in accordance with the preceding Schedule on the date of such termination. 
  

	6.	The Option may not be transferred in any manner other than by will or the laws of descent or distribution and may be exercised during the lifetime of the Optionee only by him/her.
The terms of the Option shall be binding upon the executors, administrators, heirs, successors, and assigns of the Optionee. 

	7.	The Option may be exercised only upon payment of the appropriate amount and delivery of the completed “Notice of Exercise,” attached hereto, to the Secretary of the
Company. Any attempted exercise of the Option without such delivery of the “Notice of Exercise” may be disregarded by the Company. Payment and delivery for the purposes hereof may also be accomplished by making payment and delivery to an
agent duly appointed by the Company for the purposes of accepting payment and notice of exercise. Where any such appointment is made, the Company shall so advise Optionee, and Optionee may rely upon such notice until such notice is revoked or
amended. 

  

	8.	Optionee shall have none of the rights of a shareholder with respect to any shares of Stock subject to the Option, except as to the shares with respect to which Optionee has validly
exercised the Option granted herein and tendered to the Company the full price therefor. 

  

	9.	All notices required to be given hereunder shall be mailed by registered or certified mail to the Company to the attention of its Secretary, at One Quaker Park, 901, Hector Street,
Conshohocken, Pennsylvania 19428, and to Optionee at Optionee’s address as it appears on the Company’s books and records unless either of said parties has duly notified the other in writing of a change in address. 

 

			
	QUAKER CHEMICAL CORPORATION
		
	By:	 	  
		 	

 Date of Grant:
                     
 Optionee
acknowledges receipt of a copy of the Plan, and represents that he/she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to the terms and provisions of the Plan insofar as they relate to Stock Options granted
thereunder. Optionee agrees hereby to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions arising under the Plan or the Option. Optionee authorizes the Company to withhold in accordance with
applicable law from any compensation payable to him/her any taxes required to be withheld by Federal, state, or local law as a result of the exercise of the Option. 
 OPTIONEE REPRESENTS THAT, AT THE TIME THE OPTION IS GRANTED, HE/SHE DOES NOT OWN DIRECTLY OR INDIRECTLY (AS DETERMINED UNDER SECTION 424(d) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED), STOCK POSSESSING
MORE THAN 10% OF THE TOTAL COMBINED VOTING POWER OF ALL CLASSES OF STOCK OF QUAKER CHEMICAL CORPORATION OR ANY OF ITS SUBSIDIARIES. 
  

			
		
	By:

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