Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.3 
 Boston Private Financial Holdings, Inc. 
 Restricted Stock Award Agreement 
 This Agreement (“Agreement”) is made this     th day of
                    , 20     (“Date of Award”), by and between Boston Private Financial Holdings, Inc.
(“Company”) and                      (“Participant”). 
 WHEREAS, the Company hereby awards to Participant                      shares of Restricted Common Stock of
the Company (the “Stock Award”) effective as of                     , 20     pursuant to the provisions
of the BPFH 2004 Stock Option and Incentive Plan (the “Plan”). Upon acceptance of this Award, the Participant shall receive the number of shares of Common Stock of the Company specified above, subject to the restrictions and conditions set
forth herein and in the Plan. 
 As a participant in the Plan, Participant, by his/her execution of this Agreement and in acceptance of the Award,
acknowledges that he/she has been given a copy of the Plan, a copy of which is attached, and agrees to be bound by all the terms, conditions and restrictions relating to the Stock Award as set forth herein and in the Plan. Capitalized terms used
herein shall have the meaning set forth in the Plan. 
  

	1.	Acceptance of Stock Award. Upon acceptance of this Stock Award by the Participant,      of BPFH Restricted Stock will be issued electronically and
allocated to the Participant’s Stock Plan Administration System account. The shares of Restricted Stock so accepted shall be held in this account as granted by the Company through the vesting dates noted in Paragraph 3, below. Upon vesting,
certificates shall be issued and delivered to the Participant at the Participant’s request. The Participant’s name shall be entered as the stockholder of record on the books of the Company as of the Date of Award. The Participant shall
have all rights of a shareholder with respect to such shares, including voting and dividend rights subject to the restrictions and conditions specified in Paragraph 2 below. 

  

	2.	Restrictions and Conditions. The shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the
Participant prior to vesting. 

  

	3.	Vesting of Restricted Stock. The restrictions and conditions of this Agreement shall lapse on the third anniversary of the date of Grant. Subsequent to such Vesting Date, the
shares of Stock on which all restrictions and conditions of this Agreement have lapsed shall no longer be deemed Restricted Stock. The Committee may at any time accelerate the vesting schedule specified in this Paragraph 3 as it deems appropriate
and in the best interests of the Company. 

  

	4.	Termination of Employment. If the employment of the Participant is terminated due to death or disability prior to the vesting of shares of Restricted Stock granted herein,
all restrictions shall lapse and such shares shall automatically become fully vested. Unless the Committee determines otherwise, in cases of voluntary resignation or dismissal for cause, all unvested shares of the Stock Award shall be forfeited if
the Participant terminates prior to the lapsing of restrictions as described in Paragraph 3. 

	5.	Change in Control. In the event of a Change in Control of the Company any restrictions and conditions on shares of Stock subject to this Award shall be deemed waived by the
Committee and such shares shall automatically become fully vested subject to the provisions of the Plan. 

  

	6.	Dividends. Dividends on shares of Restricted Stock shall be paid to the Participant when declared by the Company, unless the Participant shall provide the Committee with
written instructions as to the waiver, deferral, or reinvestment of such dividends. 

  

	7.	Non-Transferability. This Stock Award will be non-transferable and accordingly shall not be assignable, alienable, saleable or otherwise transferable by the Participant other
than by will or the laws of descent and distribution. If so permitted by the Committee, a participant may designate a beneficiary or beneficiaries to exercise the Participant’s rights and receive any distributions under this Plan upon the
Participant’s death. 

  

	8.	Tax Withholding. The Participant shall, not later than the date as of which the receipt of this Stock Award becomes a taxable event for federal income tax purposes, pay to
the Company or make arrangements satisfactory to the Committee for payment of any federal, state and local taxes required by law to be withheld on account of such taxable event. With the consent of the Committee, the Participant may elect to have
such tax withholding obligation satisfied, in whole or in part, by (a) authorizing the Company to withhold from shares of Stock to be issued, or (b) transferring to the Company, a number of shares of Stock with an aggregate Fair Market Value
that would satisfy the withholding amount due. 

  

	8a.	Election Under Section 83(b). The Participant and the Company hereby agree that the Participant may, within 30 days following the acceptance of this Award as provided in
Paragraph 1 hereof, file with the Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code. 

  

	9.	Miscellaneous. This Agreement does not confer upon the Participant any rights with respect to continuance of employment by the Company or any Subsidiary. This Agreement shall
be binding upon the heirs, executors, administrators and successors of the parties hereto. 

 In WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed as of the Date of Award. 
  

					
	BY:	 	  
	 	DATE:                     
	 Participant
	 	
			
	BY:	 	  
	 	DATE:                     
	 Boston Private Financial Holdings, Inc.Amendment to Factoring Agreement

 Exhibit 10.28 
  

					
	 

	 	 

 September 30, 2006
	  	 99 PARK AVENUE
 NEW YORK, N.Y. 10016
 (212) 697-4200

	 	  
	 	  

 Cygne Designs, Inc. 
 11 West 42nd Street 
 New York, New York 10036 
  

	 	Re:	Factoring Agreement dated July 31, 2005 

 Gentlemen: 
 We refer to the Factoring Agreement dated as of July 31, 2005 (as amended, the “Factoring Agreement”), which among other things sets forth the terms on
which Milberg Factors, Inc. (“Milberg”) has agreed to make certain discretionary advances available to Cygne Designs, Inc. (the “Borrower”). All capitalized terms used but not defined herein shall have the respective meanings
ascribed to such terms in the Factoring Agreement. 
 WHEREAS, the Factoring Agreement, without limiting Milberg’s discretion with
respect to the provision of advances, requires that the Borrower be in compliance with certain financial covenants; and 
 WHEREAS, the
Borrower has requested that Milberg agree to amend (without in any way limiting Milberg’s discretion with respect to the provision of any such advances) certain financial and other covenants. 
 NOW, THEREFORE: 
 1. Each of the Borrower and Milberg agrees that
Section 6(a) of the Factoring Agreement is hereby amended as follows: 
 “(a) We shall not make any scheduled payment of principal
and/or interest pursuant to the Subordinated Promissory Note unless (i) immediately prior to, and after giving effect to, such payment(A) we have not, and will have not, breached any term, condition or covenant in this Agreement, including,
without limitation, the Tangible Net Worth and Working Capital minimums set forth below in this Section 6, (B) the Advances are not in excess of, and will not exceed, the lesser of (x) the Maximum Revolving Amount and (y) ninety
percent (90%) of the net face amount of outstanding Receivables purchased hereunder, less the reserve, disputed accounts and unapproved Receivables, (C) for each of (x) the quarterly period with respect to which such payment is being
made and (y) the period beginning on August 1, 2006 through the date of such payment, we shall have net 
  

 income (as opposed to a net deficit)(as is customarily determined under GAAP); provided that, for
the purposes of this Section 6(a), charges to net income in respect of amortization of goodwill and intangible assets and non-cash accretion with respect to the Subordinated Promissory Note shall be disregarded in determining the net income (or
net deficit) of the Borrower for the applicable period(s), (D) no Event of Default has occurred prior to, or will occur as result of, such payment (the conditions set forth in (A), (B), (C) and (D) above are collectively referred to
as the “Company Payment Conditions”); (ii) no notice of termination of this Agreement and/or demand for repayment has been delivered by you prior to the date of such scheduled payment (together with the Company Payment Conditions, the
“Payment Conditions”); and (iii) we have delivered to you not less than 10 business days prior to such scheduled payment, a certification from our chief financial officer (a “Payment Certification”) stating the amount of the
proposed payment and certifying the satisfaction by us of each of the Company Payment Conditions; provided that, as set forth in Section 2 of this Agreement, we agree, acknowledge and affirm that all advances made by you to us are made
in your sole and absolute discretion and that the satisfaction of any or all of the conditions set forth in this Section 6(a) of this Agreement shall not qualify, modify, alter or otherwise limit or effect such discretion;” 
 2. Each of the Borrower and Milberg agrees that clause (p) of the definition of “Event of Default” in Section 6 of the Factoring Agreement is hereby
amended as follows: 
 “(p) should our Working Capital (as customarily defined under GAAP; provided that debt and any accrued but unpaid
interest thereon that in each case is expressly subordinated to you in writing shall not be considered a current liability) be (A) at anytime from April 30, 2006 through September 30, 2006, less than $3,000,000, (B) from October 1,
2006 through October 31, 2006, less than $2,000,000 or (C) at anytime thereafter, less than $3,000,000.” 
 3. The Borrower represents that as of
the date hereof (i) the Tangible Net Worth of the Borrower is equal to or exceeds $3,000,000 and (ii) the Working Capital of the Borrower is equal to or exceeds $3,000,000. The Borrower further represents and warrants that as of the date
hereof (x) each representation and warranty of the Borrower set forth in the Factoring Agreement and all related agreements is, and will be, true and accurate in all material respects as of the date such representation or warranty was made or
deemed made and (y) the Borrower is, and will be, in compliance with each covenant (financial or otherwise) set forth in the Factoring Agreement and all related agreements. 
 The Borrower agrees, acknowledges and affirms that all advances made under the Factoring Agreement are made in Milberg’s sole and absolute discretion and are payable upon demand and that the enumeration in this
amendment letter, or in any other document relating to such advances, of specific obligations and/or conditions to the availability of such advances shall not 
  

 be construed to qualify, define or otherwise limit Milberg’s sole and absolute discretion to make such advances
and/or Milberg’s right, power or ability, at any time, to make demand for payment of the entire outstanding principal of and interest due under the Factoring Agreement. 
 The Borrower acknowledges and agrees that, except as specifically set forth above, all terms and conditions of the Factoring Agreement remain unchanged and that the Factoring Agreement remains in full force and
effect. Subject to the waiver, consent and amendments provided for herein, the Borrower hereby ratifies, confirms and reaffirms all the terms and conditions in the Factoring Agreement. 
 All security described in the Factoring Agreement and any related security agreement entered into in connection therewith shall continue to secure all indebtedness, liabilities and obligations of the Borrower to
Milberg, and all provisions, covenants and agreements contained in any related security agreement are herby confirmed, ratified and reaffirmed, and each such agreement is and shall remain in full force and effect. 
 Hubert Guez hereby acknowledges, ratifies and reaffirms his guaranty in favor of Milberg dated as of July 31, 2006. 

 [Signature Page to September 30, 2006 Amendment] 
  

			
	Very truly yours,
	
	MILBERG FACTORS, INC.
		
	By:	 	 /s/ William A. Zisfein

	Name:	 	William A. Zisfein
	Title:	 	Senior Vice President

 THE UNDERSIGNED EACH AGREE THAT THE TERMS AND CONDITIONS OF THE FOREGOING AMENDMENT ARE HEREBY AGREED TO AND
ACCEPTED AS OF THE DATE FIRST WRITTEN ABOVE. 
 Acknowledged, agreed to and accepted: 
  

			
	CYGNE DESIGNS, INC.
		
	By:	 	 /s/ Roy E. Green

	Name:	 	Roy E. Green
	Title:	 	Chief Financial Officer, Treasurer and Secretary

  

	
	GUARANTOR:
	
	 /s/ Hubert Guez

	HUBERT GUEZ

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