Document:

2004 Incentive Plan Incentive Stock Award Agreement

 Exhibit 10.3 
  
 FIRST PLACE FINANCIAL CORP. 
 2004 INCENTIVE PLAN 
 STOCK AWARD AGREEMENT 
  

			
	 Name of Recipient:
	  	___________
		
	 Total Stock Award:
	  	___________
		
	 Term of Stock Award
 And Vesting Schedule:
	  	  
 This Stock Award shall vest as follows: 20% of the shares vest on
_______________, and 20% shall vest on each succeeding ________for four years. The Stock Award may be earned by the Recipient only while serving as an employee, director, director emeritus or consultant of or to First Place Financial Corp. (the
“Company”) or First Place Bank (the “Bank”).

		
	 Date of Grant:
	  	___________
		
	 Distribution:
	  	Shares of Common Stock subject to the Stock Award, plus any dividends and earning on such shares, will be distributed as soon as practicable upon vesting.
		
	 Effect of Termination of
 Service because of:
	  	 
		
	 (a)    Death or Disability
	  	All unvested shares subject to this Stock Award vest immediately upon such termination of service.
		
	 (b)    Cause
	  	All unvested shares subject to this Stock Award shall be forfeited as of the date of termination and any rights the Recipient had to such shares become null and void.
		
	 (c)    Other reasons
	  	Unless otherwise determined by the Committee, all unvested shares subject to this Stock Award shall be forfeited as of the date of termination and any rights the Recipient had to such shares
become null and void.
		
	 Voting:
	  	The Trustee shall vote all shares subject to this Stock Award that have been granted, but have not yet been earned and distributed, taking into account the best interests of the recipients of
Stock Awards.
		
	 Non-Transferability:
	  	The Recipient of this Stock Award shall not sell, transfer, assign, pledge or otherwise encumber shares subject to this Stock Award until full vesting of such shares has
occurred.

	

			
		
	 	  	Stock Awards are not transferable other than by will, the laws of intestate succession, or pursuant to a qualified domestic relations order.
		
	 	  	In the event the Recipient is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended, the Committee must give written consent to permit the shares subject
to this Stock Award Agreement to be sold or otherwise disposed of within (6) months following the Date of Grant of this Stock Award.
		
	 Designation of
 Beneficiary:
	  	  
 A Beneficiary may be designated in writing to receive, in the event
of death, any award to which the Recipient would be entitled pursuant to the Plan under the Stock Award Agreement.

		
	 Confidential Information,
 Nondisclosure:
	  	  
 As an employee of First Place Financial Corp., First Place Bank, or
any of their current or future affiliates, (collectively “First Place”), Recipient has, and will have, access to and knowledge of trade secrets and confidential business information of First Place and/or the customers of First Place
(collectively the “Confidential Information”). At all times during and after the term of his employment with First Place, Recipient will keep Confidential Information in strict confidence, and will not at any time, directly or indirectly,
disclose Confidential Information to any other entity or individual and will not use such information for any purpose other than performance of Recipient’s duties with First Place. Confidential Information means all information disclosed to or
known by the Recipient as a consequence of or through his employment with First Place, which (i) has not been made generally available to the public, and is useful or of value to the current or anticipated business of First Place; or (ii) has been
identified to the Recipient as confidential, either orally or in writing. Confidential Information includes without limitation computer software and programs; marketing, manufacturing, or organizational research and development; business plans;
sales forecasts; identities, competence, abilities, and compensation of other employees of First Place; pricing, cost, and financial information; current and prospective customer and supplier lists and information about customers, suppliers, or
their employees; information concerning planned or pending acquisitions or divestitures; and information concerning purchases of equipment or property. Confidential Information shall not include information which is in or hereafter enters the public
domain through no fault of the

	

  

			
	 	  	Recipient, or is disclosed by a third party having the legal right to use and disclose the information. If the Recipient is required by legal process to disclose any Confidential Information,
the Recipient will provide First Place with prompt written notice of any such request or requirement so that First Place may seek a protective order or other appropriate remedy or waive compliance with this paragraph.
		
	 Nonsolicitation:
	  	During his employment and for a period of one (1) year thereafter, Recipient will not, directly or indirectly, either himself or through another person or entity: (i) solicit, induce, or
cause any employee of First Place to leave the employment of First Place and/or become employed directly or indirectly by the Recipient or by any other person or entity who or which competes directly or indirectly with any portion of the business of
First Place, (“employed” shall include without limitation service directly or indirectly as an owner, manager, operator, employee, independent contractor, agent, shareholder, or consultant); (ii) solicit, divert, entice, take away, or
attempt to solicit, divert, entice, or take away, any customer or business of First Place for the sale of any product or service that competes with a product or service offered by First Place; or (iii) solicit, divert, entice, take away, or attempt
to solicit, divert, entice, or take away any potential customer identified, selected, or targeted by First Place with whom the recipient has had contact, involvement, or responsibility during his employment with First Place for the sale of any
product or service that competes with a product or service offered by First Place.
		
	 Remedy for Breach:
	  	In the event of breach by the Recipient of any of the Recipient’s obligations under this Agreement, First Place may pursue any or all of the following remedies in addition to all other
remedies available in law or equity: (i) First Place may cancel any or all rights that have otherwise accrued under the Plan or this Agreement whether or not vested; (ii) First Place may institute and prosecute proceedings in any court of competent
jurisdiction, either in law or in equity, to obtain further monetary damages for any breach of the subject provisions; and (iii) First Place may enforce the specific performance of any of the covenants contained in this agreement by injunction,
including without limitation temporary and permanent injunctions or temporary restraining orders. The Recipient shall indemnify, defend, and hold First Place harmless in regard to all fees, expenses, court cost, arbitration cost, mediation cost, or
other cost of litigation, provided that the litigation was brought in good faith.

			
		
	 Modification:
	  	This Stock Award Agreement may be amended, prospectively, or retroactively, only by written agreement signed by all parties.
		
	 No Waiver:
	  	Failure by First Place to enforce any provision of this Agreement shall not be construed to be a waiver of such provision or of the right of First Place subsequently to enforce every
provision.
		
	 Severability:
	  	In the event any provision in this Agreement is held to be invalid, the Agreement shall be interpreted as if that provision was not contained in the Agreement; and the remaining provisions
shall continue in full force and effect.

  
 This Stock Award
Agreement is subject to the terms and conditions of the First Place Financial Corp. 2004 Incentive Plan (the “Plan”). Neither the Plan nor this Stock Award Agreement create any right on the part of any employee to continue in the employ of
First Place Bank, First Place Financial Corp. or any Affiliates thereof. All capitalized terms herein shall have the same meaning as those contained in the Plan. The Recipient acknowledges receipt of the Plan, the portions of the First Place
Financial Corp. proxy statement outlining terms of the Plan, and First Place’s most recent annual report to shareholders, which was filed with the Securities and Exchange Commission (“SEC”). First Place Financial Corp will
provide the Recipient with any past or currently filed SEC document upon request. 
  
 The Recipient hereby acknowledges that all decisions, determinations and interpretations of the Board of Directors, or the Committee thereof, with respect to the Plan and this Stock Award Agreement are final and
conclusive. 
  
 IN WITNESS WHEREOF, First Place Financial Corp.
has caused this Stock Award Agreement to be executed and the Recipient has hereunto set his hand, on 
  

					
	 ____________________________.
	 	 	 	 
	                         (DATE)
	 	 	 	 
		
	 	 	FIRST PLACE FINANCIAL CORP.
	 	 	Board of Directors
			
	 	 	By:	 	  

			
	 ATTEST:
	 	 	 	RECIPIENT:
	  

	 	 	 	

	 	 	 	 	 

  

 I hereby designate as my Beneficiary under terms of the Plan the following person(s) in the designated
portions: 
  

									
	 Name

	 	 O= Option
 S = Stock Award

	 	 Percentage

	 	 Relationship

	 	 Address

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 Contingent Beneficiary3
	 	 	 	 	 	 	 	 

	3	In the event one or more of the primary beneficiaries predeceases the Recipient 

  

							
	 Date:
	 	  

	 	 Signed:
	 	  

				
	 Witness:Subordinated Secured Promissory Note, dated December 22, 2004

 EXHIBIT 10.46 
  
 PROLONG SUPER LUBRICANTS, INC. 
 SUBORDINATED SECURED PROMISSORY NOTE 
  

			
	December 22, 2004	 	$100,000.00

  
 PROLONG SUPER LUBRICANTS, INC., a
Nevada corporation (the “Company”), for value received, hereby promises to pay to the order of Elton Alderman (the “Holder”) or the Holder’s registered assigns, the sum of One Hundred Thousand Dollars
($100,000.00), or such lesser amount as shall then equal the outstanding principal amount hereof and any unpaid accrued interest hereon (the “Note”). 
  
 The outstanding principal balance under this Note, and all accrued, unpaid interest thereon, shall become due and payable on February 20,
2005 (the “Maturity Date”). 
  
 The following is a statement of
the rights of the Holder and the conditions to which this Note is subject, and to which the Holder hereof, by the acceptance of this Note, agrees: 
  
 1. Interest. 
  
 (a) Rate. The unpaid principal balance of this Note shall bear simple interest at a rate equal to seven percent (7%) per annum from the date hereof
until paid in full. All interest hereunder shall be calculated based on a 365-day year and paid for the actual number of days elapsed. 
  
 (b) Maximum Rate Permitted by Law. In the event that the interest rate provided for in this Section 1 shall be determined to be unlawful,
such interest rate shall be computed at the highest rate permitted by applicable law. Any payment by the Company of any interest amount in excess of that permitted by law shall be applied to the principal amount of this Note without prepayment
premium or penalty. 
  
 2. Voluntary Prepayment. The Company shall have the
right at any time to prepay without penalty, in whole or in part, this Note, by tender to the Holder of funds by check or wire transfer of a portion or all of the outstanding principal and accrued interest. In the event that less than all the
principal and accrued interest shall be paid, such payment shall be allocated first to accrued interest and any remaining balance to principal. 
  
 3. Note Register. This Note is transferable only upon the books of the Company which it shall cause to be maintained for such purpose. The Company may treat the
registered holder of this Note as he or it appears on the Company’s books at any time as the Holder for all purposes. 
  
 4. Subordination. The indebtedness, including principal and accrued interest thereon, evidenced by this Note and the security interest set forth in Section 12
below is hereby expressly subordinated, to the extent and in the manner set forth in this Section 4, in right of 

 
payment to the prior payment in full of all the Company’s Senior Indebtedness (as hereinafter defined) whether now outstanding or hereafter obtained.
Notwithstanding the foregoing, for so long as there is no event of default under the Senior Indebtedness, the Company may pay, and the Holder may receive for its own account, such payments as provided by the terms of this Note. As used in this Note,
the term “Senior Indebtedness” shall mean, unless expressly subordinated to or made on a parity with the amounts due under this Note, the principal of (and premium, if any), unpaid interest on and amounts reimbursable, fees,
expenses, costs of enforcement and other amounts due in connection with, (i) those certain Secured Promissory Notes, issued on November 24, 2003, in the aggregate principal amount of $2,500,000, (ii) those certain Secured Promissory Notes, issued on
or about August 13, 2004, in the aggregate principal amount of $250,000, (iii) that certain Financing Agreement, dated January 31, 2003, by and between Prolong International Corporation and First Capital Corporation, (iv) those certain Subordinated
Promissory Notes issued between April 2002 and July 2002, as amended, (v) indebtedness of the Company to banks, commercial finance lenders, insurance companies, leasing or equipment financing institutions or other lending institutions regularly
engaged in the business of lending money (excluding venture capital, investment banking or similar institutions which sometimes engage in lending activities but which are primarily engaged in investments in equity securities), which is for money
borrowed, or the purchase or leasing of equipment in the case of lease or other equipment financing, whether or not secured, and (vi) any such indebtedness or any notes or other evidence of indebtedness issued in exchange for such Senior
Indebtedness, or any indebtedness arising from the satisfaction of such Senior Indebtedness by a guarantor. The Holder agrees to execute and deliver such documents as may be reasonably requested from time to time by the Company or the lender of any
Senior Indebtedness in order to implement the foregoing provisions of this Section 4. If the Holder receives any payment on this Note which is prohibited by this Section 4, such payment shall be held in trust by the Holder for the benefit of, and
shall be paid and delivered upon written request to, the holders of Senior Indebtedness or their agent, for application to the payment on such Senior Indebtedness. 
  
 5. Loss, Etc., of Note. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this
Note, and of indemnity reasonably satisfactory to the Company if lost, stolen or destroyed, and upon surrender and cancellation of this Note if mutilated, and upon reimbursement of the Company’s reasonable incidental expenses, the Company shall
execute and deliver to the Holder a new Note of like date, tenor and denomination. 
  
 6. Waiver; Collection Costs. Except as otherwise set forth in this Note, the Company hereby waives presentment, demand, notice of nonpayment, protest and all other demands and notices in connection with the delivery, acceptance,
performance or enforcement of this Note. If an action is brought for collection under this Note, the Holder shall be entitled to receive all costs of collection, including, but not limited to, its reasonable attorneys’ fees. 
  
 7. Notices. Any notice, approval, request, authorization, direction or other
communication under this Note shall be given in writing and shall be deemed to have been delivered and given for all purposes (i) on the delivery date if delivered personally to the party to whom the same is directed or transmitted by facsimile with
confirmation of receipt, (ii) one (1) business day after deposit with a commercial overnight carrier, with written 

 
verification of receipt, or (iii) three (3) business days after the mailing date, whether or not actually received, if sent by U.S. mail, return receipt
requested, postage and charges prepaid, at the address of the party in the records of the Company (or at such other address as may be communicated to the notifying party in writing). 
  
 8. Transferability. This Note evidenced hereby may not be pledged, sold, assigned or transferred by operation of law or otherwise
without the prior written consent of the Company. Any pledge, sale, assignment or transfer in violation of the foregoing shall be null and void. 
  
 9. Headings; References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note. Except where otherwise
indicated, all references herein to Sections refer to Sections hereof. 
  
 10.
Governing Law. This Note shall be governed by the laws of the State of California, and the laws of such state (other than conflicts of laws principles) shall govern the construction, validity, enforcement and interpretation hereof, except to the
extent federal laws otherwise govern the validity, construction, enforcement and interpretation hereof. Venue for all disputes arising out of this Note shall be in Orange County, California. 
  
 11. Payments. Each payment on this Note shall be due and payable in lawful money of
the United States of America, at the address of Holder as shown on the books of the Company, in funds which are immediately available for use by Holder. In any case where the payment of principal and interest hereon is due on a non-business day, the
Company shall be entitled to delay such payment until the next succeeding business day, but interest shall continue to accrue until the payment is, in fact, made. 
  
 12. Security Interest.  
  
 (a) Creation of Security Interest. As security for the prompt and complete payment and performance when due of all of amounts under the Note (the
“Secured Obligations”), the Company does hereby grant to Holder a continuing security interest in all of the right, title, and interest of the Company in, whether now existing or hereafter from time to time acquired, all of the
Company’s assets (the “Collateral”). 
  
 (b)
Events of Default. The occurrence of any of the following events shall constitute an “Event of Default”: 
  
 (i) Company has failed to pay the amount due under the Note when due and payable; or 
  
 (ii) Company shall suffer the appointment of a receiver, trustee, custodian or similar fiduciary for all or substantially
all of the assets, or shall make an assignment for the benefit of creditors, or any petition for an order for relief shall be filed by or against the Company under any applicable bankruptcy law and such proceeding is not controverted within thirty
(30) days, or is not dismissed within sixty (60) days, after commencement of such proceeding. 

 (c) Remedies Upon an Event of Default. 
  
 (i) Upon the occurrence of an Event of Default as set forth above, the
Holder may exercise and enforce all rights or remedies available upon default to a secured party under the Uniform Commercial Code. 
  
 (ii) Upon the occurrence of an Event of Default, the Holder may sell, or otherwise dispose of, all or any part of the Collateral upon any terms which are
commercially reasonable. The Holder shall give the Company fifteen (15) days’ prior written notice of the time and place of any public sale of the Collateral, or of the time after which a private sale or other disposition of the Collateral is
made. 
  
 (iii) All proceeds from the sale or other disposition
of the Collateral, unless otherwise expressly required by law or regulation, shall be applied as follows: 
  
 (1) First, to the payment of all expenses reasonably incurred by the Holder in connection with any sale or disposition of the Collateral;

  
 (2) Second, to the payment of all obligations of the
Company to the Holder arising under the Note which have come due and are unpaid; and 
  
 (3) Third, the balance, if any, to the Company. 
  
 (d) Subordination. The Secured Obligations, and the Holder’s right to exercise any remedies hereunder, shall be junior to the obligations of the Company to any Senior Indebtedness. 
  
 (e) Termination of Security Interest. Upon the full repayment of the
Note by the Company, the security interest granted hereunder shall terminate, and the Holder, at the request of the Company, will execute and deliver to the Company the proper instruments (including UCC termination statements) acknowledging the
termination of such security interest and will duly assign, transfer and deliver to the Company (without recourse and without any representation or warranty) such of the Collateral as may in possession of the Holder and has not theretofore been sold
or otherwise applied or released pursuant to this Note. 
  
 IN WITNESS WHEREOF,
the Company has caused this Note to be issued as of the date first set forth above. 
  

			
	 PROLONG SUPER LUBRICANTS, INC.

	 a Nevada corporation

		
	 By:
	 	 /s/ Thomas C. Billstein

	 	 	Thomas C. Billstein,
	 	 	Vice President
	
	 ACKNOWLEDGED AND AGREED:

	
	 /s/ Elton Alderman

	 Elton Alderman, Holder

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