Document:

Exhibit 10.45

 

BOGEN

COMMUNICATIONS INTERNATIONAL, INC.

 

RESTRICTED STOCK AWARD AGREEMENT

 

This RESTRICTED STOCK

AWARD AGREEMENT (the “Agreement”) is entered into as of April 22, 2002 (the

“Date of Grant”) by and between Bogen Communications International, Inc., a

Delaware corporation (the “Company”) and Kasimir Arciszeski (the “Grantee”).

 

RECITALS

 

The Company has adopted the

Amended and Restated 1996 Stock Incentive Plan (which plan, as amended from

time to time, is referred to as the “1996 Plan”) which provides for the grant

under certain circumstances of shares of common stock of the Company (the

“Shares”), which Shares have a par value of $0.001 per share. Capitalized terms

used but not defined herein shall have the meanings assigned to them in the 1996

Plan.

 

Grantee is a key employee of

the Company. The Company has granted to Grantee Shares under the Plan (the

“Restricted Stock Award”), subject to the terms and conditions set forth below,

in connection with the Company’s employment of the Grantee.

 

In consideration of the

grant of the Restricted Stock Award and other benefits, the Grantee is willing

to accept the Restricted Stock Award provided for in this Agreement and is

willing to abide by the obligations imposed on Grantee under this Agreement.

 

NOW THEREFORE, in

consideration of the mutual benefits hereinafter provided, and each intending

to be legally bound, the Company and the Grantee hereby agree as follows:

 

SECTION 1.

EFFECT OF THE PLAN.

 

The Grantee will abide

by, and the Restricted Stock Award granted to the Grantee will be subject to,

all of the provisions of the 1996 Plan and of this Agreement, together with all

rules and determinations from time to time issued by the Company’s Compensation

Committee (the “Committee”) and by the Board of Directors of the Company (the

“Board”) pursuant to the 1996 Plan. The Company hereby reserves the right to

amend, modify, restate, supplement or terminate the 1996 Plan without the

consent of Grantee, so long as such amendment, modification, restatement or supplement

shall not materially reduce the rights and benefits available to Grantee

hereunder, and this Agreement shall be subject, without further action by the

Company or the Grantee, to such amendment, modification, restatement or

supplement.

 

SECTION 2.

GRANT.

 

Subject to the terms and

conditions of this Agreement, the Company hereby grants and issues to Grantee

Kasimir Arciszewski (20,000) Shares (“Awarded Shares”).

 

SECTION 3.

AWARDED SHARES.  

 

SECTION 3.1 VESTING

SCHEDULE; SERVICE REQUIREMENT. Grantee’s ownership of Awarded Shares shall

become vested (i.e. nonforfeitable) if the Grantee has been employed as an

Employee continuously from the Date of Grant to the applicable Vesting Date set

forth in the following vesting schedule:

 

 

	

  Percentage of Shares Vested

  	

   

  	

  Vesting Date

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  20%

  	

   

  	

  April

  22, 2003

  	

   

  
	

  20%

  	

   

  	

  April

  22, 2004

  	

   

  
	

  20%

  	

   

  	

  April

  22, 2005

  	

   

  
	

  20%

  	

   

  	

  April

  22, 2006

  	

   

  
	

  20%

  	

   

  	

  April

  22, 2007

  	

   

  

 

Termination of Employment. 

Except as provided in Section 3.3, no additional vesting shall occur

upon or after termination of the Grantee’s employment, whether by the Company

or by the employee, for any reason, and all unvested Awarded Shares shall be

forfeited.  For purposes of this

Agreement, termination from employment shall be deemed to occur on the last day

of the Grantee’s full or part time employment by the Company (so long as in the

later case, the Grantee is not employed on a full-time basis by any other

employer).

 

Change of Control. 

Upon a Change of Control, all Restricted Stock shall become fully vested.   For purposes of this Agreement, a “Change of

Control” shall mean a change of control of the Company of a nature that would

be required to be reported in response to Item 6(e) of Schedule 14A of

Regulation 14A promulgated under the Securities Exchange Act of 1934, as

amended (the “Exchange Act”), whether or not the Company is in fact required to

comply therewith; provided, that, without limitation, such a change of control

shall be deemed to have occurred if:

 

(i)                                     any “person” (as such term is used in Sections

13(d) and 14(d) of the Exchange Act), other than the Company, any trustee or

other fiduciary holding securities under an employee benefit plan of the

Company, any corporation controlled by or under common control with any entity

which as of the date hereof holds in excess of five percent (5%) of the

Company’s common stock,  or a

corporation owned, directly or indirectly, by the stockholders of the Company

in substantially the same proportions as their ownership of stock of the

Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under

the Exchange Act), directly or indirectly, of securities of the Company

representing 50.01% or more of the combined voting power of the Company’s then

outstanding securities;

 

(ii)                                  the Company shall have consummated a merger or

consolidation or sale of assets or significant subsidiaries with any other

corporation, other than a merger or consolidation which results in the voting

securities of the Company outstanding immediately prior thereto continuing to

represent (either by remaining outstanding or by being converted into voting

securities of the surviving entity) at least 50% (but less than 80%) of the

combined voting securities of the Company or such surviving entity outstanding

immediately after such merger or consolidation; or

 

(iii)                               the Company shall have liquidated or sold all

or substantially all of the Company’s assets.

 

SECTION 3.2 LIMITATION

PERIOD. The period commencing on the Date of Grant during which the Awarded

Shares are subject to forfeiture is referred to herein as the “Limitation

Period”. Awarded Shares that have not vested during the Limitation Period are

referred to herein as “Restricted Stock.” Except as otherwise determined by the

Committee, during the Limitation Period the Grantee may not sell, transfer,

assign, pledge or otherwise encumber or dispose of Restricted Stock. Any such

action by Grantee in violation of this Section 3.2 shall be void and no force

or effect, and shall result in the

 

2

 

immediate forfeiture of all

Restricted Stock. If a certificate representing Restricted Stock has been

issued, the certificate shall be affixed with a legend setting forth the

restrictions applicable to the transfer of such Shares and otherwise conforming

to the requirements of the 1996 Plan. When the restrictions applicable to

Restricted Stock shall lapse, a new certificate for such Shares shall be

delivered to the Grantee free of such restrictions. Restricted Stock that is

forfeited shall be immediately transferred to the Company without any payment

by the Company; the Company shall have the full right to cancel certificates

evidencing such forfeited shares automatically upon such forfeiture, whether or

not such certificates shall have been surrendered to the Company. Following

such forfeiture, the Grantee shall have no further rights with respect to such

forfeited Shares.

 

SECTION 3.3 DEATH OR

DISABILITY. If, before the end of the Limitation Period, the Grantee sustains a

Permanent Disability or dies, all Restricted Stock shall become vested Awarded

Shares, and the Company shall grant and issue to the Grantee, the Grantee’s

legal guardian, or the executor or administrator of the estate of the Grantee

or the person or persons to whom rights under this Agreement shall have passed

by bequest or inheritance, as the case may be, a stock certificate for such

Awarded Shares free of the restrictions set forth in this Agreement.  For purposes of this Agreement, “Permanent

Disability” shall be deemed to occur upon the termination of the employment of

the Grantee after the Grantee becomes physically or mentally disabled, whether

totally or partially, so that the Grantee is unable substantially to perform

his services to the Company for (i) a period of three consecutive months, or

(ii) for shorter periods aggregating three months during any six month period.

 

SECTION 3.4

NON-TRANSFERABILITY. This Restricted Stock Award may not be transferred,

assigned, pledged or disposed of in any manner whatsoever, except that it may

be transferred by will or the laws of descent and distribution. Any attempt at

any transfer, assignment, pledge, or other disposition shall be null and void

and without effect and shall cause the immediate termination of the entire

Restricted Stock Award.

 

SECTION 3.5 NET

EXERCISE.  Upon vesting of all or a

portion of the Restricted Stock Award, the Grantee may elect to receive a

number of Awarded Shares equal to (i) the number of such Shares that have

vested less (ii) a number of Shares equal to the estimated tax liability to the

Grantee upon such vesting divided by the Average Closing Price.  Upon such an election by the Grantee, the

Company shall pay the estimated tax liability of the Grantee when and to the

extent actually due and payable.  For

purposes of this Agreement, the “estimated tax liability of the Grantee” means

the amount determined in good faith by the mutual agreement of the Company and

the Grantee to be the tax liability of the Grantee relating to the vesting of

the applicable Awarded Shares.  For

purposes of this Agreement, the “Average Closing Price” shall mean the average

of the last reported sales price of the Company’s Common Stock for the ten

consecutive days of trading immediately prior to the date of such vesting.

 

SECTION 4.

DIVIDEND AND VOTING RIGHTS.

 

Subject to the

restrictions contained in this Agreement, Grantee shall have the rights of a

shareholder with respect to the Awarded Shares, including the right to vote all

such Shares, including Restricted Stock, and to receive all

dividends, cash or stock, paid or delivered thereon, from and after the earlier

of the date hereof. The forfeiture of Restricted Stock pursuant to Section 3.2

hereof shall not create any obligation to repay dividends received as to such

Restricted Stock during the Limitation Period, nor shall such forfeiture

invalidate any votes given by Grantee with respect to such Shares prior to

forfeiture.

 

 

3

 

SECTION 5.

WITHHOLDING OF TAXES.

 

The parties

hereto recognize that the Company, a subsidiary or an affiliate may be

obligated to withhold federal, state and local income taxes and social security

taxes to the extent that the Grantee realizes ordinary income in

connection with the vesting of the Restricted Stock or the payment of dividends

on the Restricted Stock. The Grantee agrees that the Company or a subsidiary or

an affiliate of the Company may withhold amounts needed to cover such taxes

from payments otherwise due and owing to the Grantee, and also agrees that upon

demand the Grantee will promptly pay to the Company or a subsidiary or an

affiliate of the Company having such obligation any additional amounts as may

be necessary to satisfy such withholding tax obligation. Such payment shall be

made in cash or cash equivalent.

 

SECTION 6.

NOTICES.

 

Any notice to

be given to the Company shall be addressed to the Chief Financial Officer of

the Company at the Company’s principal executive office, and any notice to be

given to Grantee shall be addressed to Grantee at the address then appearing on

the personnel records of the Company or the subsidiary of the Company by which

he or she is employed, or at such other address as either party hereafter may

designate in writing to the other. Any such notice shall be

deemed to have been duly given when deposited in the United States mail,

addressed as aforesaid, registered or certified mail, and with proper postage

and registration or certification fees prepaid.

 

SECTION 7.

GOVERNING LAW.

 

 The law of the State of Delaware, except its

law with respect to choice of law, shall be controlling in all

matters relating to this Agreement.

 

SECTION 8.

NO EMPLOYMENT RIGHTS.

 

Grantee

acknowledges and agrees that nothing herein or in the 1996 Plan, nor any of the

rights granted hereunder or thereunder to Grantee, shall be construed to (a)

give Grantee the right to remain employed by the Company or to

any of their affiliates or to any benefits specifically provided hereunder or

under the 1996 Plan, or (b) in any manner modify the right of the Company or

any of their affiliates to modify, amend or terminate any of its employee

benefit plans.

 

SECTION 9.

NATURE OF PAYMENTS.

 

 Any and all grants or deliveries of Shares

hereunder shall constitute special incentive payments to the Grantee and shall

not be taken into account in computing the amount of salary or compensation

of the Grantee for the purpose of determining any pension, retirement, death or

other benefits under (a) any pension, retirement, profit-sharing, bonus, life

insurance, 401(k) or other employee benefit plan of the Company, or any of

their affiliates, or (b) any agreement between the Company or any of their

affiliates on the one hand, and the Grantee on the other hand, except as such

plan or agreement shall otherwise expressly provide.

 

4

 

SECTION 10.

ENTIRE AGREEMENT; AMENDMENT; WAIVER.

 

This Agreement

embodies the entire agreement of the parties hereto with respect to the

Restricted Stock Award, the Awarded Shares, and all other matters contained

herein. This Agreement supersedes and replaces any and all prior oral or

written agreements with respect to the subject matter hereof. This Agreement

may be amended, and any provision hereof waived, but only in writing signed by the

party against whom such amendment or waiver is sought to be

enforced. A waiver on one occasion shall not be deemed to be a waiver of the

same or any other breach on a future occasion. If there is any inconsistency

between the provisions of this Agreement and of the 1996 Plan, the provisions

of the 1996 Plan shall govern.

 

 

[Remainder

of page intentionally left blank]

 

5

 

IN WITNESS WHEREOF, the

Company and the Grantee have caused this Agreement to be duly executed as of

the date first above written.

 

	

  Company:

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  BOGEN

  COMMUNICATIONS INTERNATIONAL, INC.,

  
	

   

  	

   

  	

   

  	

  a Delaware corporation

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  By:

  	

  /s/ Maureen A. Flotard

  	

   

  
	

   

  	

   

  	

   

  	

  Maureen A. Flotard

  
	

   

  	

   

  	

   

  	

  CFO, VP Finance

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Grantee:

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  /s/  Kasimir Arciszewski

  	

   

  
	

   

  	

   

  	

   

  	

  Kasimir Arciszewski

  

 

6Exhibit 10.46

 

BOGEN

COMMUNICATIONS INTERNATIONAL, INC.

 

RESTRICTED STOCK AWARD AGREEMENT

 

This RESTRICTED STOCK AWARD

AGREEMENT (the “Agreement”) is entered into as of April 10, 2002 (the “Date of

Grant”) by and between Bogen Communications International, Inc., a Delaware

corporation (the “Company”) and Michael P. Fleischer (the “Grantee”).

 

RECITALS

 

The Company has adopted the

Amended and Restated 1996 Stock Incentive Plan (which plan, as amended from

time to time, is referred to as the “1996 Plan”) which provides for the grant

under certain circumstances of shares of common stock of the Company (the

“Shares”), which Shares have a par value of $0.001 per share. Capitalized terms

used but not defined herein shall have the meanings assigned to them in the 1996

Plan.

 

Grantee is a key employee of

the Company. The Company has granted to Grantee Shares under the Plan (the

“Restricted Stock Award”), subject to the terms and conditions set forth below,

in connection with the Company’s employment of the Grantee.

 

In consideration of the

grant of the Restricted Stock Award and other benefits, the Grantee is willing

to accept the Restricted Stock Award provided for in this Agreement and is

willing to abide by the obligations imposed on Grantee under this Agreement.

 

NOW THEREFORE, in

consideration of the mutual benefits hereinafter provided, and each intending

to be legally bound, the Company and the Grantee hereby agree as follows:

 

SECTION 1.

EFFECT OF THE PLAN.

 

The Grantee will abide by,

and the Restricted Stock Award granted to the Grantee will be subject to, all

of the provisions of the 1996 Plan and of this Agreement, together with all

rules and determinations from time to time issued by the Company’s Compensation

Committee (the “Committee”) and by the Board of Directors of the Company (the

“Board”) pursuant to the 1996 Plan. The Company hereby reserves the right to

amend, modify, restate, supplement or terminate the 1996 Plan without the

consent of Grantee, so long as such amendment, modification, restatement or

supplement shall not materially reduce the rights and benefits available to

Grantee hereunder, and this Agreement shall be subject, without further action

by the Company or the Grantee, to such amendment, modification, restatement or

supplement.

 

SECTION 2.

GRANT.

 

Subject to the terms and

conditions of this Agreement, the Company hereby grants and issues to Grantee

One Hundred Five Thousand (105,000) Shares (“Awarded Shares”).

 

SECTION 3.

AWARDED SHARES.  

 

SECTION 3.1 VESTING

SCHEDULE; SERVICE REQUIREMENT. Grantee’s ownership of Awarded Shares shall

become vested (i.e. nonforfeitable) if the Grantee has been employed as an

Employee continuously from the Date of Grant to the applicable Vesting Date set

forth in the following vesting schedule:

 

 

	

  Percentage of Shares Vested

  	

   

  	

  Vesting Date

  	

   

  
	

  100%

  	

   

  	

  April 1, 2007

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Or, if sooner than April 1, 2007:

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  62.5%

  	

   

  	

  Upon the achievement of

  the Initial Value Target (defined below)

  	

   

  
	

  37.5%

  	

   

  	

  Upon the achievement of

  the Additional Value Target (defined below)

  	

   

  

 

For

purposes of this Agreement, the “Initial Value Target” shall be $4 per share of

Common Stock, and the “Additional Value Target” shall be $5 per share, in each

case subject to adjustment for splits, reverse splits, stock dividends and similar matters, or as otherwise

determined by the Board to reflect any spin-off, split-up or similar extraordinary or unanticipated

transaction or condition.  The targets amounts shall be deemed achieved

if either (a) the closing market price of the Company’s Common Stock closes at

or higher than the target value for ten (10) or more consecutive days of

trading, or (b) there is any Change of Control transaction, or other sale,

merger or combination of the Company, or a sale of its assets, that is

consummated at a price above such target price.

 

For

purposes of this Agreement, a “Change of Control” shall mean a change of

control of the Company of a nature that would be required to be reported in

response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the

Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or

not the Company is in fact required to comply therewith; provided, that,

without limitation, such a change of control shall be deemed to have

occurred if:

 

(i)                                     any “person” (as such term is used in Sections

13(d) and 14(d) of the Exchange Act), other than the Company, any trustee or

other fiduciary holding securities under an employee benefit plan of the

Company, any corporation controlled by or under common control with any entity

which as of the date hereof holds in excess of five percent (5%) of the

Company’s common stock,  or a

corporation owned, directly or indirectly, by the stockholders of the Company

in substantially the same proportions as their ownership of stock of the

Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under

the Exchange Act), directly or indirectly, of securities of the Company

representing 50.01% or more of the combined voting power of the Company’s then

outstanding securities;

 

(ii)                                  the Company shall have consummated a merger or

consolidation or sale of assets or significant subsidiaries with any other

corporation, other than a merger or consolidation which results in the voting

securities of the Company outstanding immediately prior thereto continuing to

represent (either by remaining outstanding or by being converted into voting

securities of the surviving entity) at least 50% (but less than 80%) of the

combined voting securities of the Company or such surviving entity outstanding

immediately after such merger or consolidation; or

 

(iii)                               the Company shall have liquidated or sold all

or substantially all of the Company’s assets.

 

2

 

Except

as otherwise provided in the preceding paragraph, no additional vesting shall

occur either upon or after Grantee incurs a termination from employment with

the Company for any reason. For purposes of this Agreement, termination from

employment shall be deemed to occur on the last day of the Grantee’s full or

part time employment by the Company (so long as in the later case, the Grantee

is not employed on a full-time basis by any other employer), except that the

Committee may determine, in its sole discretion, to deem consulting to be

continued employment and shall determine, as necessary, whether a leave of

absence shall constitute a termination of employment.

 

SECTION 3.2 LIMITATION

PERIOD. The period commencing on the Date of Grant during which the Awarded

Shares are subject to forfeiture is referred to herein as the “Limitation

Period”. Awarded Shares that have not vested during the Limitation Period are

referred to herein as “Restricted Stock.” Except as otherwise determined by the

Committee, during the Limitation Period the Grantee may not sell, transfer,

assign, pledge or otherwise encumber or dispose of Restricted Stock. Any such

action by Grantee in violation of this Section 3.2 shall be void and no force

or effect, and shall result in the immediate forfeiture of all Restricted

Stock. If a certificate representing Restricted Stock has been issued, the

certificate shall be affixed with a legend setting forth the restrictions

applicable to the transfer of such Shares and otherwise conforming to the

requirements of the 1996 Plan. When the restrictions applicable to Restricted

Stock shall lapse, a new certificate for such Shares shall be delivered to the

Grantee free of such restrictions. Restricted Stock that is forfeited shall be

immediately transferred to the Company without any payment by the Company; the

Company shall have the full right to cancel certificates evidencing such

forfeited shares automatically upon such forfeiture, whether or not such

certificates shall have been surrendered to the Company. Following such

forfeiture, the Grantee shall have no further rights with respect to such

forfeited Shares.

 

SECTION 3.3 DEATH OR

DISABILITY. If before the end of the Limitation Period, the Grantee sustains a

Permanent Disability or dies, then on the date which is 180 days after the date

of such death or termination of employment for disability, all Restricted Stock

shall be forfeited unless prior to such date such Restricted Shares shall

become vested under the provisions of Section 3.1 above. For purposes of this

Agreement, “Permanent Disability” shall be deemed to occur upon the termination

of the employment of the Grantee after the Grantee becomes physically or

mentally disabled, whether totally or partially, so that the Grantee is unable

substantially to perform his services to the Company for (i) a period of three

consecutive months, or (ii) for shorter periods aggregating three months during

any six month period.

 

SECTION 3.4

NON-TRANSFERABILITY. Except as otherwise determined by the Board or the

Committee, this Restricted Stock Award may not be transferred, assigned,

pledged or disposed of in any manner whatsoever, except that it may be

transferred by will or the laws of descent and distribution. Any attempt at any

transfer, assignment, pledge, or other disposition shall be null and void and without

effect and shall cause the immediate termination of the entire Restricted Stock

Award.

 

SECTION 3.5 NET

EXERCISE.  Upon vesting of all or a

portion of the Restricted Stock Award, the Grantee may elect to receive a

number of Awarded Shares equal to (i) the number of such Shares that have

vested less (ii) a number of Shares equal to the estimated tax liability to the

Grantee upon such vesting divided by the Average Closing Price.  Upon such an election by the Grantee, the

Company shall pay the estimated tax liability of the Grantee when and to the

extent actually due and payable.  For

purposes of this Agreement, the “estimated tax liability of the Grantee” means

the amount determined in good faith by the mutual agreement of the Company and

the Grantee to be the tax liability of the Grantee relating to the vesting of

the applicable Awarded Shares.  For

purposes of this Agreement, the “Average Closing Price” shall mean the average

of the last reported sales price of the Company’s Common Stock for the ten consecutive

days of trading immediately prior to the date of such vesting.

 

3

 

SECTION 4.

DIVIDEND AND VOTING RIGHTS.

 

Subject to the restrictions

contained in this Agreement, Grantee shall have the rights of a shareholder

with respect to the Awarded Shares, including the right to vote all such

Shares, including Restricted Stock, and to receive all dividends, cash or

stock, paid or delivered thereon, from and after the earlier of the date

hereof. The forfeiture of Restricted Stock pursuant to Section 3.2 hereof shall

not create any obligation to repay dividends received as to such Restricted

Stock during the Limitation Period, nor shall such forfeiture invalidate any

votes given by Grantee with respect to such Shares prior to forfeiture.

 

SECTION 5.

WITHHOLDING OF TAXES.

 

 The parties hereto recognize that the Company, a subsidiary or an

affiliate may be obligated to withhold federal, state and local income taxes

and social security taxes to the extent that the Grantee realizes ordinary

income in connection with the vesting of the Restricted Stock or the payment of

dividends on the Restricted Stock. The Grantee agrees that the Company or a

subsidiary or an affiliate of the Company may withhold amounts needed to cover

such taxes from payments otherwise due and owing to the Grantee, and also

agrees that upon demand the Grantee will promptly pay to the Company or a

subsidiary or an affiliate of the Company having such obligation any additional

amounts as may be necessary to satisfy such withholding tax obligation. Such

payment shall be made in cash or cash equivalent.

 

SECTION 6.

NOTICES.

 

Any notice to be given to

the Company shall be addressed to the Chief Financial Officer of the Company at

the Company’s principal executive office, and any notice to be given to Grantee

shall be addressed to Grantee at the address then appearing on the personnel

records of the Company or the subsidiary of the Company by which he or she is

employed, or at such other address as either party hereafter may designate in

writing to the other. Any such notice shall be deemed to have been duly given

when deposited in the United States mail, addressed as aforesaid, registered or

certified mail, and with proper postage and registration or certification fees

prepaid.

 

SECTION 7.

GOVERNING LAW.

 

The law of the State of

Delaware, except its law with respect to choice of law, shall be controlling in

all matters relating to this Agreement.

 

SECTION 8.

NO EMPLOYMENT RIGHTS.

 

Grantee acknowledges and agrees

that nothing herein or in the 1996 Plan, nor any of the rights granted

hereunder or thereunder to Grantee, shall be construed to (a) give Grantee the

right to remain employed by the Company or to any of their affiliates or to any

benefits specifically provided hereunder or under the 1996 Plan, or (b) in any

manner modify the right of the Company or any of their affiliates to modify,

amend or terminate any of its employee benefit plans.

 

4

 

SECTION 9.

NATURE OF PAYMENTS.

 

Any and all grants or

deliveries of Shares hereunder shall constitute special incentive payments to

the Grantee and shall not be taken into account in computing the amount of

salary or compensation of the Grantee for the purpose of determining any

pension, retirement, death or other benefits under (a) any pension, retirement,

profit-sharing, bonus, life insurance, 401(k) or other employee benefit plan of

the Company, or any of their affiliates, or (b) any agreement between the

Company or any of their affiliates on the one hand, and the Grantee on the

other hand, except as such plan or agreement shall otherwise expressly provide.

 

SECTION 10.

ENTIRE AGREEMENT; AMENDMENT; WAIVER.

 

This Agreement embodies the

entire agreement of the parties hereto with respect to the Restricted Stock

Award, the Awarded Shares, and all other matters contained herein. This

Agreement supersedes and replaces any and all prior oral or written agreements

with respect to the subject matter hereof. This Agreement may be amended, and

any provision hereof waived, but only in writing signed by the party against

whom such amendment or waiver is sought to be enforced. A waiver on one

occasion shall not be deemed to be a waiver of the same or any other breach on

a future occasion. If there is any inconsistency between the provisions of this

Agreement and of the 1996 Plan, the provisions of the 1996 Plan shall govern.

 

 

[Remainder

of page intentionally left blank]

 

5

 

IN WITNESS WHEREOF, the

Company and the Grantee have caused this Agreement to be duly executed as of

the date first above written.

 

	

  Company:

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  BOGEN

  COMMUNICATIONS INTERNATIONAL, INC.,

  
	

   

  	

   

  	

   

  	

   

  	

  a Delaware corporation

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  By:

  	

  /s/ Yoav Stern

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Yoav Stern

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

  Grantee:

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  /s/ Michael P. Fleischer

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Michael P. Fleischer

  

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]