Document:

exhibit10aa.htm

    Exhibit 10(aa)

    

 

    

    [Missing
      Graphic Reference] 

    AWARD
      AGREEMENT

    (For
      Non-Qualified Stock
      Option)

    

    To:           
                                      
Number:

    (Name
      of Optionee)

    Date
      of Grant:

    

    There
      hereby is granted to you, as a key employee of Invacare Corporation (
“Invacare” ) or  of  a subsidiary, an option to purchase
      _____ Invacare Common Shares, no par value, at an option price of $____ per
      Share. This option is granted to you pursuant to the Invacare Corporation
      2003 Performance Plan (the “Plan”) and is subject to the terms and
      conditions set forth below.  This option is not an incentive stock
      option as
      defined in Section 422 of the Internal Revenue Code
      (the “Code”).  Please acknowledge your acceptance
      of the terms of this option by signing on  the
      reverse
      side.

    
      	 	 	 
	 	 	 	 
	
               

            	
               

            	
              /s/ A.
                Malachi Mixon, III

            	 
	 	 	
              A.
                Malachi Mixon, III

            	 
	 	 	
              Chairman
                and Chief Executive Officer

            	 
	 	 	 	 

    I.  PURCHASE
      RIGHTS &
EXERCISE DATES

        You
      shall be entitled to exercise this option with respect to the percentage of
      shares indicated on or after the date shown opposite such percentage, rounded
      to
      the nearest whole share:

    

       Cumulative
      Maximum

    Percentage
      of Optioned

      Shares
      which may be

     purchased
      by
      exercise                       Date
      beginning on which

           of
      the
      Option                                
Option may
      be
      exercised

              25%                                           
      

              50%                                           
      

              75%                                           
      

             100%                                            
      

    

        To
      the extent that the option becomes exercisable with respect to any shares,
      as
      shown above, the option may thereafter be exercised by you either with respect
      to all or any number of such shares at any time or from time to time prior
      to
      the expiration of the option.  However, no fractional shares may be
      purchased.  Except as provided herein, the option may not be exercised
      unless you are an employee at the time of exercise.

    

    II.  TERM
      OF
      OPTION

         The
      term of the option shall be for a period of ten (10) years commencing on the
      Date of Grant as set forth above.  The option shall expire at the
      close of regular business hours at Invacare's principal office on the last
      day
      of the term of the option, or, if earlier, on the applicable expiration date
      provided in this Agreement.

    

         (a)  Your
      option shall not be affected by any temporary leave of absence approved in
      writing by Invacare and described in Section 1.421-7(h) of the Federal Income
      Tax Regulations.  If you cease to be an employee
      for any reason other than death, you may exercise your option only to the extent
      of such purchase rights as may exist pursuant to Paragraph I as of the date
      you
      cease to be an employee and which have not been exercised.  Upon your
      ceasing to be an employee, other than by Retirement as defined by Invacare’s
      Compensation Committee (the “Committee”) (in which case you shall become a
      Retired Employee), such purchase rights shall in any event terminate upon the
      earlier of (a) three (3) months [one (1) year if you ceased to be an employee,
      because of a disability (as such term is defined in Section 72(m) (7) of the
      Code)] after the date you ceased to be an employee, or (b) the last day of
      the
      term of the option.  If you become a  Retired employee, as
      defined, you retain your purchase rights as may exist pursuant to Paragraph
      I as
      of the date you cease to be an employee and which have not been exercised,
      until
      the option terminates pursuant to Paragraph II.

    

         (b)  If
      you die while you are an employee, a Retired employee or
      within
      three (3) months of your having ceased to be an employee, a personal
      representative may exercise the option to the extent of your purchase rights
      as
      may exist pursuant to Paragraph I at the date of your death and which have
      not
      been exercised; provided, however,
      that such purchase rights shall in any event terminate upon the earlier
      of:  (i)  one (1) year after you cease to be an employee,
      unless you are a Retired employee in which case you shall have one (1) year
      subsequent to your death; or (ii)  the last day of the term of the
      option.

    

        (c)  If
      the Committee finds that you intentionally committed an act materially inimical
      to the interests of Invacare or a subsidiary, your unexercised purchase rights
      will terminate as of the time you committed such act, as determined by the
      Committee.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    III.  TERMINATION
      OF OPTION UNDER

    
      	
               

            	
                    CERTAIN
                CIRCUMSTANCES

            

    

    

          The
      Committee may cancel your option at any time if you are not in compliance with
      all applicable provisions of this Agreement or the Plan or if you, without
      the
      prior written consent of the Committee, engage in any of the following
      activities:  (i)  you render services for an organization,
      or engage in a business, that is, in the judgment of the Committee, in
      competition with Invacare; or (ii) you disclose to anyone outside of Invacare,
      or use for any purpose other than Invacare's business, any
      confidential  information or material relating to  Invacare,
      whether acquired by you during or after employment with Invacare, in a fashion
      or with a result that is or may be injurious to the best interests of Invacare,
      as determined by the Committee.

    

       The
      Committee may, in its discretion and as a condition to the exercise of your
      option, require you to represent in writing that you are in compliance with
      all
      applicable provisions of this Agreement and the Plan and have not engaged in
      any
      activities referred to in clauses (i) and (ii) above.

    

    IV.  EXERCISE
      OF
      OPTION

          The
      option may be exercised by delivering to the Invacare Finance Department, at
      Invacare's principal office, a completed Notice of Exercise of Option
      (obtainable from the Finance Department) setting forth the number of shares
      with
      respect to which your option is being exercised.   The option may
      be exercised only on a full cashless exercise basis, meaning that you must
      simultaneously exercise the option and sell the shares, using the proceeds
      from
      such sale to pay the purchase price and any applicable income taxes or other
      taxes, and receive the remaining proceeds, if any, in cash.

    

    V.  CHANGE
      IN
      CONTROL

         Upon  a
      change in control (as such term is defined in the Plan), unless and to the
      extent otherwise determined by Invacare's Board of Directors, you may exercise
      your option with respect to all shares covered therein.

    

    VI.  TRANSFERABILITY

           This
      Agreement shall be binding upon and inure to the benefit of any successor of
      Invacare and your heirs, estate and personal representative.  Your
      option shall be transferable to (1) certain people or entities that you
      designate, in accordance with and pursuant to procedures established by the
      Committee, or by (2) Will or the laws of descent and distribution, and your
      option may be exercised during your lifetime only by you, or such permitted
      transferee under clause (1) of the preceding sentence, provided that a guardian
      or other legal representative, who has been duly appointed
      may,  except as otherwise provided in the Plan, exercise the option on
      your behalf.  Your personal representative shall act in your place
      with respect to exercising the option or taking any other action pursuant to
      the
      Agreement.

    

    VII.  ADJUSTMENTS
      OR
      AMENDMENTS

            In
      the event that, subsequent to the date of this Agreement, the outstanding common
      shares of Invacare are, as a result of a stock split, stock dividend,
      combination or exchange of shares, exchange of other securities,
      reclassification, reorganization, redesignation, merger, consolidation,
      recapitalization, liquidation, dissolution, sale of assets or other such change,
      including, without limitation, any transaction described in Section 424(a)
      of
      the Code, increased, decreased, changed into or exchanged for a different number
      or kind of shares of stock or other securities of Invacare or another
entity
      or
      converted into cash, then, except as otherwise provided below, (i) there shall
      automatically be substituted for each Invacare common share subject to an
      unexercised option, the amount of cash or other securities into which each
      outstanding Invacare common share shall be converted or exchanged and (ii)
      the
      option price per common share or unit of securities shall be increased or
      decreased proportionally so that the aggregate purchase price for any securities
      subject to the option shall remain the same as immediately prior to such
      event.  Notwithstanding the preceding provisions of this Article VII,
      the Committee may, in its sole discretion, make other adjustments or amendments
      to the securities subject to options and/or amend the provisions of the Plan
      and/or this Agreement (including, without limitation, accelerating the date
      on
      which unexercised options shall expire or terminate), to the extent appropriate,
      equitable and in compliance with the provisions of Section 424(a) of the Code
      to
      the extent applicable and any such adjustment or amendment shall be final,
      binding and conclusive.  Any such adjustment or amendment shall
      provide for the elimination of fractional shares.

    

    VIII.  PROVISIONS
      OF PLAN
      CONTROL

             This
      Agreement is subject to all of the terms, conditions and provisions of the
      Plan
      (all of which are incorporated herein by reference) and to such rules,
      regulations, and interpretations related to the Plan as may be adopted by the
      Committee and as may be in effect from time to time.  In the event and
      to the extent that this Agreement conflicts or is inconsistent with the terms,
      conditions, and provisions of the Plan, the Plan shall control, and this
      Agreement shall be deemed to be modified accordingly.  The Committee
      has authority to interpret and construe any provision of this Agreement and
      its
      interpretation and construction shall be binding and conclusive.

    

    IX.   LIABILITY

            The
      liability of Invacare under this Agreement and any distribution of shares made
      hereunder is limited to the obligations set forth herein with respect to such
      distribution and no term or provision of this Agreement shall be construed
      to
      impose any liability on Invacare, its officers, employees or any subsidiary
      with
      respect to any loss, cost or expense which you may incur in connection with
      or
      arising out of any transaction in connection with this Agreement.

    

    X.  WITHHOLDING

          You
      agree that, as a condition to your exercise of this Option,  Invacare
      may make appropriate provision for tax withholding with respect to the
      transactions contemplated by this Agreement.

    

    ACCEPTANCE

    

    The
      undersigned hereby accepts the terms of the stock option granted herein and
      acknowledges receipt of a copy of the Invacare Corporation
      2003  Performance Plan.

    

    _________________________        ___________________

    (Signature
      of
      Optionee)                                
(Date)hexhibit10ab.htm

    Exhibit 10(ab)

    INVACARE
      CORPORATION

     

    BOARD
      OF DIRECTORS
      COMPENSATION

     

    

     

    
      	
              Retainer
                Fee

              
              

            	
              $35,000

              
              

            
	 	 
	
              Regular
                Meeting Fees

              
              

            	
              $2,000

              
              

            
	 	 
	
              Committee
                Meeting Fees

              
              

            	
              Member
                - $1,500

              Chair
                - $2,000

              Audit
                Chair - $5,000

              
              

            
	 	 
	
              Telephonic
                Meetings

              
              

            	
              50%
                for interim conference calls that are conducted between scheduled
                meetings

              
              

            
	 	 
	
              Stock
                Components

              
              

            	
              Option
                grant of 4,000 shares

              
              

            
	 	
              For
                new directors - option grant to purchase $150,000 in shares based
                on
                market price on date elected

              
              

            
	 	 
	
              Non-Employee
                Director Elective Stock Option Program

              
              

            	
              Non-employee
                directors may elect to defer all or a portion of their director fees
                into
                discounted stock options.

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