Document:

EMPLOYMENT
      AGREEMENT

     

    THIS
      EMPLOYMENT AGREEMENT (the “Agreement”), effective as of date of signing between
      Prana Biotechnology Limited, an Australian corporation (the “Company”) with its
      principal offices at Level 2, 369 Royal Parade, Parkville, Victoria, Australia,
      and Ross Murdoch (the “Executive”), residing at 53 Kingston Street, Hampton,
      3188, Victoria, Australia.

     

    WHEREAS,
      the Company desires to employ the Executive, and the Executive desires to be
      employed by the Company, upon the terms and conditions set forth
      herein;

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

    

    1. Employment.
      The
      Company hereby employs the Executive, and the Executive agrees to accept such
      employment, upon the terms and conditions herein set forth. 

    

    2. Employment
      Period.
      The
      term of employment hereunder shall commence on the date of signing, and continue
      until termination as provided herein (the “Employment Period”). It is
      acknowledged that the Executive is a current employee of the company, and has
      been a continuous employee since the commencement of his employment on 29 May
      2002. It is agreed that entitlements accrued will be preserved in this
      agreement.

    

    3. Position
      and Duties.
      The
      Executive hereby agrees to serve as President and Chief Operating Officer
      (President and COO) of the Company and shall have the duties, responsibilities
      and authority as more fully set forth on Attachment A attached hereto. In such
      capacity the Executive shall report to the Chief Executive Officer (CEO) of
      the
      Company The Executive shall devote his best efforts and attention to the
      performance of services to the Company in accordance with the terms hereof
      and
      as may reasonably be requested by the Company. 

    

    4. Compensation
      and Other Terms of Employment.

    

    (a) Base
      Compensation.
      In
      consideration of the performance of his duties for the Company, the Executive's
      base compensation will be $295,000 per year (the “Base Salary”), or as otherwise
      agreed, payable in accordance with the Company’s regular payroll practices
      (e.g.,
      timing
      of payments and standard employee deductions, such as income and employment
      tax
      withholdings). In addition to the base salary the Executive shall receive
      superannuation equivalent to 9% of the base salary or to the percentage as
      stipulated by Australian legislation, paid into a Superannuation Scheme
      nominated by the Executive.

    

    (b) The
      Company has agreed to immediately grant to the Executive 1,250,000 zepo options
      for a number of ordinary shares. Such options will vest as follows, 312500
      (25%)
      will vest on signing of this contract, 312500 (25%) will vest on 29 May 2007,
      312500 (25%) on 29 May 2008 and the remaining 312500 (25%) on 29 May 2009.
      The
      options will expire at the end of eight years from the initial date of the
      grant, being the 7 August 2014. No options may be exercised until and unless
      the
      price of the Company’s ordinary shares has achieved and maintained a minimum
      value of $0.40 for five consecutive trading days. The Executive will be entitled
      to sell any of the options so exercised unless otherwise directed for a period
      due to a specific company policy. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (c) Business
      Expenses.
      Upon
      presentation of vouchers and similar receipts, the Executive shall be entitled
      to receive reimbursement in accordance with the policies and procedures of
      the
      Company maintained from time to time for all reasonable business expenses
      actually incurred in the performance of his duties for the Company.

    

    (d) Leave.
      The
      Executive shall be entitled to twenty (20) days of vacation during each calendar
      year of the Employment Period. Any vacation days that the Executive does not
      use
      in a calendar year will automatically be carried over for use in the following
      year to a maximum carry of two years. Any vacation days that the Executive
      has
      not used at the termination of the Employment Period will be paid to the
      Executive at his Base Salary rate in effect at the time of termination.

     

    The
      Executive shall be entitled to 10 days Sick Leave for each subsequent calendar
      year of the Employment Period. Unused credits are non-cumulative. A medical
      certificate may be required. Unused sick leave is not paid out on termination
      of
      your employment.

     

    The
      Executive shall be entitled Long
      Service Leave to
      1 week
      per year (pro rata) for each year of service since engagement of the executive
      by the company, including recognised prior service. Long service leave
      entitlement is subject to a minimum service period of 7 years.

    

    The
      Executive shall be entitled Other
      Leave
      (such as
      parental leave) in accordance with the statutory minimum leave provisions
      applicable to your employment.

    

    Subject
      to agreement with the CEO or Board of Directors the Executive may be granted
      leave with pay for the following purposes: Bereavement leave, compassionate
      leave, leave to appear in court or serve as a juror, leave to train with the
      Australian Defence Force Reserves, leave to attend courses of study,
      etc.

    

    Subject
      to agreement with the CEO or Board of Directors the Executive may be granted
      Leave without pay.

    

    (e) Benefits.
      The
      Executive shall be entitled to participate in such employment benefits,
      including but not limited to a retirement plan, health, dental, life insurance,
      and short and long term disability plans as are established by the Company
      in
      Australia and as are in effect from time to time applicable to executives of
      the
      Company. 

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (f) Home
      Office.
      The
      company will provide the Executive with, and pay for the maintenance of, a
      mobile phone (or equivalent) for business use and pay directly the cost
      associated with its running and use. 

    

    The
      company will provide the Executive with, and pay for the maintenance of, the
      appropriate computer and internet requirements to connect to Head Office and
      operate remotely from a home office.

    

    (g) Review.
      The CEO
      with a Company Director shall review the Executive not less than once each
      year
      and provide (i) feedback on his performance against expectations since the
      last
      review and (ii) expectations and objectives moving forward.

    

    The
      CEO
      shall not less than once each year consider and if thought fit recommend to
      the
      Remuneration Committee changes to the compensation to be received by the
      Executive pursuant to this Agreement or as applying after an earlier Review
      or
      amendment of terms. The purpose of the Review and recommended or proposed
      changes shall be to ensure that the compensation of the Executive, when
      considered together with all other benefits to which the Executive is or may
      become entitled under this Agreement, is at least comparable with and maintains
      parity with salaries representatives payable to executives in like circumstances
      when benefits to which such executives may reasonably be expected to be or
      to
      become entitled are taken into account. Such review shall be carried out in
      accordance with the corporate governance policies of the Company applicable
      at
      the time (if any). The Executive shall not be involved in any discussions or
      decision concerning recommendations or proposals.

    

    5. Termination
      and Consequences.
      

    

    (a) The
      Executive’s Right to Terminate.
      Notwithstanding any other provision of this Agreement to the contrary, the
      Executive may terminate this Agreement: (i) at any time during the
      Employment Period for Good Reason (as defined in Section 5(f) below), on at
      least thirty (30) days' prior written notice; or (ii) without Good Reason
      on at least one hundred and twenty (120) days' prior written notice to the
      Company. 

    

    b) The
      Company's Right to Terminate.
      Notwithstanding any other provision of this Agreement to the contrary, the
      Company may terminate this Agreement: (i) at any time during the Employment
      Period, with Cause (as defined in Section 5(g) below); or (ii) without Cause,
      giving not less than one hundred and twenty (120) days notice, and under the
      conditions outlined in section 5(c) below. The company may elect to payout
      the
      executive for all or part of the notice period. Termination of the Executive
      will require Board of Directors approval.

    

    (c) Consequences
      of Termination Without Cause or for Good Reason.
      If the
      Company terminates this Agreement without Cause, or if the Executive terminates
      this Agreement with Good Reason, the Company shall (i) pay the Executive
      within ninety (90) days of the termination date such sum or sums as he would
      have been entitled to receive had he continued to provide services under this
      Agreement until 29 May 2008, or, if termination occurs after 29 May 2007, then
      1
      year from the time of termination (less any payout made for the ninety (90)
      day
      notice period), notwithstanding that those services will not be required to
      be
      provided. The company can elect to pay such sum as cash, equity in Prana or
      as a
      combination of both cash and equity; (ii) immediately pay the Executive all
      unreimbursed business expenses and accrued, unused vacation days; (iii) allow
      the executive adequate time and opportunity after termination to remove all
      and
      any personal information from his computer (lap-top or otherwise) and
      (iv) accelerate the vesting of any unvested options to purchase ordinary
      shares and permit Executive to exercise such options during the remainder of
      the
      exercise period for such options. 

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (d) Consequences
      of Termination With Cause or Without Good Reason.
      If the
      Company terminates this Agreement with Cause or the Executive terminates this
      Agreement Without Good Reason, then (i) the Executive's Base Salary shall
      be discontinued upon the termination of the Employment Period; (ii)  the
      Company shall pay the Executive all unreimbursed business expenses and accrued,
      unused vacation days; (iii) the company shall allow Executive adequate time
      and
      opportunity after termination to remove all and any personal information from
      his computer (lap-top or otherwise) and (iv) the Executive shall be permitted
      to
      keep and /or exercise options that have vested at the time of termination to
      purchase shares. 

    

    (e) Consequences
      of Termination for Death or Disability.
      If the
      Executive dies during the term of this Agreement, then the Agreement shall
      terminate, except that the Company shall pay to Executive's estate all accrued
      Compensation, unreimbursed business expenses and accrued, unused vacation days
      that the Executive would otherwise have been entitled to receive. Executive's
      estate shall also be permitted to exercise Executive's vested options for
      shares. If the Executive is unable to perform his functions because of
      Disability and the Agreement is terminated for that reason, the Executive shall
      be entitled to receive the same amount that the Company would be obligated
      to
      pay if the Executive had died during the term of this Agreement less the amounts
      of payment under any disability policy maintained by the Company. If the
      Executive dies or is disabled during the term of this Agreement, reasonably
      deemed by the Company to be as a direct result of undertaking activities
      required by his position with the company (including business travel), then
      the
      Agreement shall terminate, except that the Company shall pay the Executive
      or
      Executive's estate as though the termination occurred under the conditions
      of
      section 5(c) of this contract.

    

    (f) Definition
      of Good Reason.
“Good
      Reason” means (i) a material reduction of the Executive's duties, authority
      level (unless reasonably required for what in the Board’s opinion is the optimal
      forward strategy for the Company) and/or responsibilities from those in effect
      immediately prior to the reduction or change, unless that reduction is a
      consequence of a failure to perform adequately in the role after having been
      provided 3 consecutive warnings and having been provided appropriate further
      time to comply or remedy (ii) a requirement that the Executive relocate his
      primary office more than 50 kilometres from Melbourne CBD, Victoria, or (iii)
      material breach by the Company of any provision of this Agreement after receipt
      of ten (10) days written notice thereof from the Executive and failure by the
      Company to cure the breach within thirty (30) days thereafter. With regard
      to
      any of (i), (ii) and (iii) of this clause 5(f) the Executive must provide
      written notification to the Company within 30 days of the Executive reasonably
      becoming aware of an event or events occurring (a) that the Executive claims
      that the event meets the definition “Good Reason” under this clause, and (b) of
      the Executives directive to terminate this agreement for Good
      Reason.

    

    
      
         

      

      
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    (g) Definition
      of Cause.
“Cause”
      means the Executive's (i) conviction of a felony, (ii) commission of
      acts of fraud, misappropriation, embezzlement, or theft, or (iii) willful
      or repeated failure to follow lawful specific directives of the CEO to act
      or
      refrain from acting, which directives are consistent with the Executive's
      position as President and COO of the Company. Before the Company can terminate
      the Executive for Cause under clause (g)(iii) of this Section 5(g), the Company
      must give the Executive written notice setting forth the Company’s
      dissatisfaction with the Executive and the reasons therefor, and give the
      Executive thirty (30) days to cure the circumstances supporting the for Cause
      determination. 

    

    (h) Definition
      of Disability.“Disability”
means
      the inability of the Executive to perform the Executive’s
      duties of employment to the Company pursuant to the terms of this Agreement,
      because of physical or mental disability where such disability shall have
      existed for a period of more than sixty (60) consecutive days or an aggregate
      of
      ninety (90) days in any 365 day period. The existence of a Disability means
      that
      the Executive’s mental and/or physical condition substantially interferes with
      the Executive’s performance of his substantive duties for the Company as
      specified in this Agreement. The fact of whether or not a Disability exists
      hereunder shall be determined by a professionally qualified medical expert
      selected by the Company and the Executive. 

     

    (i) Non-disparagement.
      In the
      event that Executive terminates this Agreement with or without Good Reason,
      or
      that the Company terminates this Agreement with or without Cause, the Company
      and the Executive agree that they will not disparage each other in any
      way.

    

    6. Records
      and Confidential Data.
      

    

    (a) Acknowledgement.
      The
      Executive acknowledges that in connection with the performance of his duties
      during the term of his employment the Company will make available to the
      Executive, or the Executive will have access to, certain Confidential
      Information (as defined below) of the Company. The Executive acknowledges and
      agrees that any and all Confidential Information learned or obtained by the
      Executive during the course of his employment by the Company whether developed
      by the Executive alone or in conjunction with others or otherwise, shall be
      and
      is the property of the Company and its affiliates.

    

    (b) Confidentiality
      Obligations.
      During
      the term of his employment and thereafter Executive shall keep all Confidential
      Information confidential and will not use such Confidential Information other
      than in connection with the Executive’s discharge of his duties hereunder, and
      will be safeguarded by the Executive from unauthorized disclosure. This covenant
      is not intended to, and does not limit in any way Executive’s duties and
      obligations to the Company under statutory and common law not to disclose or
      make personal use of the Confidential Information or trade secrets.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (c) Return
      of Confidential Information.
      Following the Executive’s termination of employment, as soon as possible after
      the Company’s written request, the Executive will return to the Company all
      written Confidential Information which has been provided to the Executive and
      the Executive will destroy all copies of any analyses, compilations, studies
      or
      other documents prepared by the Executive or for the Executive’s use containing
      or reflecting any Confidential Information. 

     

    (d) Definition.
      For the
      purposes of this Agreement, “Confidential Information” shall mean all
      confidential and proprietary information of the Company, and its affiliates,
      including, without limitation, the Company’s scientific information, marketing
      strategies, pricing policies or characteristics, customers and customer
      information, product or product specifications, designs, software systems,
      leasing costs, cost of equipment, customer lists, business or business
      prospects, plans, proposals, codes, marketing studies, research, reports,
      investigations, or other information of similar character. For purposes of
      this
      Agreement, the Confidential Information shall not include and the Executive’s
      obligations under this Section 6 shall not extend to (i) information which
      is
      generally available to the public, (ii) information obtained by the Executive
      from third persons,
      other
      than Executives of the Company, the Company and the Company’s affiliates, not
      under agreement to maintain the confidentiality of the same and (iii)
      information which is required to be disclosed by law or legal process and (iv)
      information known to Executive prior to commencement of his employment with
      the
      Company, as evidenced by written documentation.

    

    7.
      Arbitration.
      

    

    (a)
      Good
      Faith Discussions.
      The
      parties shall meet and discuss in good faith any dispute between them arising
      out of this Agreement.

    

    (b)
      Mediation.
      If the
      discussions referred to in the preceding Section 7(a) fail to resolve the
      relevant dispute, either party may (by written notice to the other party)
      require that the dispute be submitted for mediation by a single mediator
      nominated by the President for the time being of the Victorian Law Institute
      of
      Victoria Society. In the event of any such submission to mediation:

    

    
      	
            	i)	
              The
                mediator shall be deemed to be not acting as an expert or as an
                arbitrator;

            

    

    

    
      	
            	ii)	
              The
                mediator shall determine the procedure and timetable for the mediation;
                and

            

    

    

    
      	
            	iii)	
              The
                cost of the mediation shall be shared equally between the
                parties.

            

    

    

    (c)
      Legal
      Proceedings.
      Neither
      party may issue any legal proceedings in respect of any such dispute unless
      that
      party has first taken all reasonable steps to comply with Sections 7(a) and
      (b).

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    8. Miscellaneous
      Provisions.

    

    (a) Notices.
      All
      notices, offers or other communications required or permitted to be given
      pursuant to this Agreement shall be in writing and shall be considered as
      properly given or made (i) if delivered personally; (ii) after the
      expiration of thirty (30) days from the date upon which such notice was mailed
      from within the United States or Australia by certified mail, return receipt
      requested, postage prepaid; or (iii) upon receipt by prepaid telegram,
      facsimile transmission or electronic mail transmission (with written
      confirmation of receipt for each kind of transmission). All notices given or
      made pursuant hereto shall be so given or made to the Executive at the address
      contained in the Company's personnel records and to the Company at its
      headquarters, addressed to the attention of the CEO.

     

    (b) The
      Executive’s Representations and Warranties.
      The
      Executive hereby represents and warrants that he is not a party to any
      agreement, contract or understanding that would in any way restrict or prohibit
      him from undertaking or performing any of his obligations under this Agreement.
      

     

    

    (c) Amendments.
      Except
      as set forth in Section 4 above, this Agreement shall not be changed or amended
      unless in writing and signed by both the Executive and the Company.

    

    (d) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
State
      of Victoria applicable
      to contracts executed in and to be performed entirely within that jurisdiction.
      Each party irrevocably submits to the non-exclusive jurisdiction of courts
      of
      that state and the courts of appeal therefrom and waives any right to object
      to
      such jurisdiction on the basis of domicile or of being an inconvenient
      forum.

    

    (e) Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be an original,
      but all of which shall constitute one and the same instrument.

    

    IN
      WITNESS WHEREOF, this Agreement has been executed as of the date and year first
      above written.

     

     

    
      	 	
              PRANA
                BIOTECHNOLOGY LIMITED

              

              By: 
                __________________________________

              Name:
                Mr.
                Geoffrey Kempler

              Title:  
                Chairman
                and CEO

              

              THE
                EXECUTIVE:

              

              _____________________________________

              Dr
                Ross Murdoch

              Signed
                on 7th
                August 2006. 

            

    

    
 

    
      
         

      

      
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    ATTACHMENT
      A

     

    DESCRIPTION
      OF DUTIES

     

    The
      Executive shall have the responsibilities and functions generally associated
      with the position of Chief Operating Officer (COO), including but not limited
      to:

    

    Position
      Description

    

    
      	Position
              Title:	
              President
                & Chief Operating Officer

            

    

    

    
      	Location:	
              Melbourne
                Head Office

            

    

    

    Responsibilities:

    

    1.
      Manage
      development assets

    

    
      	 	
              a)

            	
              Determine
                and approve development strategy for all development assets once
                selected
                for development (as of January 2006 PBT1, PBT2, PBT3).
                

            

    

    
      	 	
              b)

            	
              Manage
                the process of development candidate
                selection.

            

    

    

    2.
      Manage
      Budget
      (Board
      Approved)

    

    
      	 	
              a)

            	
              Determine
                allocation between company departments and
                subsidiaries.

            

    

    
      	 	
              b)

            	
              Provide
                CEO and Board with variance, explanation of variance against budget,
                forecasts and yearly budget.

            

    

    
      	 	
              c)

            	
              Manage
                interaction between Prana and finance
                contractors.

            

    

    
      	 	
              d)

            	
              Responsible
                for approval of all company invoices above up to $250,000
                

            

    

    
      	 	
              e)

            	
              Manage
                cash flow reporting, estimates of cash reserves, foreign currency,
                banking
                strategies.

            

    

    

    3.
      Manage
      Grants

    

    
      	 	
              a)

            	
              Manage
                and approve reporting, expenditure and application for all Government
                and
                other grants.

            

    

    
      	 	
              b)

            	
              Manage
                interaction between Prana and contractors assisting Prana with grant
                administration.

            

    

    
      	 	
              c)

            	
              Act
                as company operational head to Granting
                authorities.

            

    

    

    4.
      Manage
      Human Resources and Site Operations

    

    
      	 	
              a)

            	
              All
                policies and procedures and SOP’s.

            

    

    
      	 	
              b)

            	
              Staff
                review and remuneration

            

    

    
      	 	
              o

            	
              Directly
                - Chemistry, development, clinical, pre-clinical, administration,
                finance.

            

    

    
      	 	
              o

            	
              As
                part of Senior Management Committee - all below Senior Vice
                President

            

    

    
      	
            	c)	
              Recruitment,
                retention and termination of staff - as b) (hiring with approved
                budget).

            

    

    
      	
            	d)	
              Site
                management including computer system, rent
                negotiation.

            

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    5.
      Member
      of

    

    
      	 	
              a)

            	
              Senior
                Management Committee (SVP, CEO,
                COO).

            

    

    
      	 	
              b)

            	
              Clinical
                Development Committee (Chair).

            

    

    
      	 	
              c)

            	
              DMC
                (Chair_ - Senior committee managing
                Development).

            

    

    
      	 	
              d)

            	
              Assorted
                R & D committees (Focus (Res), Project Teams
                etc.).

            

    

    

    6.
      Direct
      Reports

    

    

    

    7.
      Other
      roles currently held

    

    
      	 	
              a)

            	
              Head
                of Chemistry.

            

    

    
      	 	
              b)

            	
              Head
                of Development. 

            

    

    
      	 	
              c)

            	
              Regulatory/Commercial
                representative on Project teams.

            

    

    
      	 	
              d)

            	
              Head
                HR and Finance.

            

    

    

    
      
         

      

      
        9Unassociated Document

    EPOCH
      HOLDING CORPORATION

     

    RESTRICTED
      STOCK AGREEMENT

     

    FOR

     

    [Name]

     

     

    This
      RESTRICTED
      STOCK AGREEMENT
      (the
“Agreement”)
      is
      made and entered into effective as of [Date],
      by and
      between Epoch Holding Corporation, a Delaware corporation (the "Company"),
      and
[Name]
      (the
      "Recipient").

     

    RECITALS

     

    The
      Compensation Committee of the Board of Directors of the Company (the
“Committee”)
      has
      determined that it is in the best interests of the Company to recognize the
      Recipient’s performance and to provide incentive to the Recipient to remain with
      the Company by making this grant of Restricted Stock in accordance with the
      terms of this Agreement; and

     

    The
      Restricted Stock is granted pursuant to the 2004 Omnibus Long-Term Incentive
      Compensation Plan (the “Plan”)
      which
      is incorporated herein for all purposes. The Recipient hereby acknowledges
      receipt of a copy of the Plan. Unless otherwise provided herein, terms used
      herein that are defined in the Plan and not defined herein shall have the
      meanings attributable thereto in the Plan.

     

    NOW,
      THEREFORE,
      for and
      in consideration of the mutual premises, covenants and agreements contained
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereto, intending
      to be
      legally bound, hereby agree as follows:

     

    1.    Award
      of Restricted Stock.
      The
      Committee hereby grants, as of [Date]
      (the
“Date
      of Grant”),
      to
      the Recipient, [Number]
      shares
      of restricted stock, par value $0.01 per share, of the Company (collectively
      the
      "Restricted
      Stock"),
      which
      shares of Restricted Stock are and shall be subject to the terms, provisions
      and
      restrictions set forth in this Agreement and in the Plan. As a condition to
      entering into this Agreement, and as a condition to the issuance of any shares
      of Restricted Stock (or any other securities of the Company), the Recipient
      agrees to be bound by all of the terms and conditions herein and in the
      Plan.

     

    2.    Vesting
      of Restricted Stock.

     

    (a)    Except
      as
      otherwise provided in Sections 2(b) and 4 hereof, the shares of Restricted
      Stock
      shall become vested in the following amounts, at the following times and upon
      the following conditions, provided that the Continuous Service of the Recipient
      continues through and on the Vesting Date:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Number
                of Shares of Restricted Stock

            	
              Vesting
                Date

            
	
              [Number]

              [Number]

              [Number]

              [Number]

            	
              [Date]

              [Date]

              [Date]

              [Date]

            

    

    

     

    There
      shall be no proportionate or partial vesting of shares of Restricted Stock
      in or
      during the months, days or periods prior to the Vesting Date, and all vesting
      of
      shares of Restricted Stock shall occur only on the Vesting Date.

     

    (b)    Notwithstanding
      any other term or provision of this Agreement, the Board or the Committee shall
      be authorized, in its sole discretion, based upon its review and evaluation
      of
      the performance of the Recipient and of the Company, to accelerate the vesting
      of any shares of Restricted Stock under this Agreement, at such times and upon
      such terms and conditions as the Board or the Committee shall deem
      advisable.

     

    (c)    For
      purposes of this Agreement, the following terms shall have the meanings
      indicated:

     

    (i)    “Non-Vested
      Shares”
means
      any portion of the Restricted Stock subject to this Agreement that has not
      become vested pursuant to this Section 2. 

     

    (ii)    “Vested
      Shares”
means
      any portion of the Restricted Stock subject to this Agreement that is and has
      become vested pursuant to this Section 2.

     

    3.    Delivery
      of Restricted Stock.
      

     

    (a)    One
      or
      more stock certificates evidencing the Restricted Stock shall be issued in
      the
      name of the Recipient but shall be held and retained by the Secretary of the
      Company until the Vesting Date, subject to the provisions of Section 4 hereof.
      All such stock certificates shall bear the following legends, along with such
      other legends that the Board or the Committee shall deem necessary and
      appropriate or which are otherwise required or indicated pursuant to any
      applicable stockholders agreement:

     

    THE
      SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO SUBSTANTIAL VESTING AND
      OTHER RESTRICTIONS AS SET FORTH IN THE RESTRICTED STOCK AGREEMENT BETWEEN THE
      ISSUER AND THE ORIGINAL HOLDER OF THE SHARES, A COPY OF WHICH MAY BE OBTAINED
      AT
      THE PRINCIPAL OFFICE OF THE ISSUER. SUCH RESTRICTIONS ARE BINDING ON TRANSFEREES
      OF THESE SHARES, AND INCLUDE VESTING CONDITIONS WHICH MAY RESULT IN THE COMPLETE
      FORFEITURE OF THE SHARES.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b)    The
      Recipient shall deposit with the Company stock powers or other instruments
      of
      transfer or assignment, duly endorsed in blank with signature(s) guaranteed,
      corresponding to each certificate representing shares of Restricted Stock until
      such shares become Vested Shares. If the Recipient shall fail to provide the
      Company with any such stock power or other instrument of transfer or assignment,
      the Recipient hereby irrevocably appoints the Secretary of the Company as his
      attorney-in-fact, with full power of appointment and substitution, to execute
      and deliver any such power or other instrument which may be necessary to
      effectuate the transfer of the Restricted Stock (or assignment of distributions
      thereon) on the books and records of the Company.

     

    (c)    On
      or
      after the Vesting Date, upon
      written request to the Company by the Recipient, the Company shall promptly
      cause a new certificate or certificates to be issued for and with respect to
      all
      Vested Shares on the
      Vesting Date,
      which certificate(s) shall be delivered to the Recipient as soon as
      administratively practicable after the date of receipt by the Company of the
      Recipient's written request. The new certificate or certificates shall continue
      to bear those legends and endorsements that the Company shall deem necessary
      or
      appropriate (including those relating to restrictions on transferability and/or
      obligations and restrictions under the Securities Laws.)

     

    4.    Forfeiture
      of Non-Vested Shares.
      If the
      Recipient’s Continuous Service with the Company is terminated for any reason,
      any shares of Restricted Stock that are not Vested Shares, and that do not
      become Vested Shares pursuant to Section 2 hereof or the Plan as a result of
      such termination, shall be forfeited immediately upon such termination of
      Continuous Service and revert back to the Company without any payment to the
      Recipient. The Committee shall have the power and authority to enforce on behalf
      of the Company any rights of the Company under this Agreement in the event
      of
      the Recipient’s forfeiture of Non-Vested Shares pursuant to this Section
      4.

     

    5.    Rights
      with Respect to Restricted Stock.

     

    (a)    Except
      as
      otherwise provided in this Agreement, the Recipient shall have, with respect
      to
      all of the shares of Restricted Stock, whether Vested Shares or Non-Vested
      Shares, all of the rights of a holder of shares of common stock of the Company,
      including without limitation (i) the right to vote such Restricted Stock, (ii)
      the right to receive dividends, if any, as may be declared on the Restricted
      Stock from time to time, and (iii) the rights available to all holders of shares
      of common stock of the Company upon any merger, consolidation, reorganization,
      liquidation or dissolution, stock split, stock dividend or recapitalization
      undertaken by the Company; provided,
      however,
      that
      all of such rights shall be subject to the terms, provisions, conditions and
      restrictions set forth in this Agreement (including without limitation
      conditions under which all such rights shall be forfeited). Any
      shares
      of
      Restricted Stock issued
      to the Recipient as a dividend with respect to shares of Restricted Stock shall
      have the same status and bear the same legend as the shares of Restricted Stock
      and shall be held by the Company, if the shares of Restricted Stock that such
      dividend is attributed to is being so held, unless otherwise determined by
      the
      Committee. In addition, notwithstanding any provision to the contrary herein,
      any cash dividends declared with respect to shares of Restricted Stock subject
      to this Agreement shall be held in escrow by the Committee until such time
      as
      the shares of Restricted Stock that such cash dividends are attributed to shall
      become Vested Shares, and in the event that such shares of Restricted Stock
      are
      subsequently forfeited, the cash dividends attributable to such portion shall
      be
      forfeited as well.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (b)    If
      at any
      time while this Agreement is in effect (or shares granted hereunder shall be
      or
      remain unvested while Recipient’s Continuous Service continues and has not yet
      terminated or ceased for any reason), there shall be any increase or decrease
      in
      the number of issued and outstanding Shares of the Company through the
      declaration of a stock dividend or through any recapitalization resulting in
      a
      stock split, combination or exchange of such Shares, then and in that event,
      the
      Board or the Committee shall make any adjustments it deems fair and appropriate,
      in view of such change, in the number of shares of Restricted Stock then subject
      to this Agreement. If any such adjustment shall result in a fractional share,
      such fraction shall be disregarded.

     

    (c)    Notwithstanding
      any term or provision of this Agreement to the contrary, the existence of this
      Agreement, or of any outstanding Restricted Stock awarded hereunder, shall
      not
      affect in any manner the right, power or authority of the Company to make,
      authorize or consummate: (i) any or all adjustments, recapitalizations,
      reorganizations or other changes in the Company's capital structure or its
      business; (ii) any merger, consolidation or similar transaction by or of the
      Company; (iii) any offer, issue or sale by the Company of any capital stock
      of
      the Company, including any equity or debt securities, or preferred or preference
      stock that would rank prior to or on parity with the Restricted Stock and/or
      that would include, have or possess other rights, benefits and/or preferences
      superior to those that the Restricted Stock includes, has or possesses, or
      any
      warrants, options or rights with respect to any of the foregoing; (iv) the
      dissolution or liquidation of the Company; (v) any sale, transfer or assignment
      of all or any part of the stock, assets or business of the Company; or (vi)
      any
      other corporate transaction, act or proceeding (whether of a similar character
      or otherwise).

     

    6.    Transferability.
      Unless
      otherwise determined by the Committee, the shares of Restricted Stock are not
      transferable unless and until they become Vested Shares in accordance with
      this
      Agreement, otherwise than by will or under the applicable laws of descent and
      distribution. The terms of this Agreement shall be binding upon the executors,
      administrators, heirs, successors and assigns of the Recipient. Except as
      otherwise permitted pursuant to the first sentence of this Section, any attempt
      to effect a Transfer of any shares of Restricted Stock prior to the date on
      which the shares become Vested Shares shall be void ab
      initio.
      For
      purposes of this Agreement, “Transfer”
shall
      mean any sale, transfer, encumbrance, gift, donation, assignment, pledge,
      hypothecation, or other disposition, whether similar or dissimilar to those
      previously enumerated, whether voluntary or involuntary, and including, but
      not
      limited to, any disposition by operation of law, by court order, by judicial
      process, or by foreclosure, levy or attachment.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    7.    Tax
      Matters; Section 83(b) Election.

     

    (a)    If
      the
      Recipient elects, within thirty (30) days of the Date of Grant, to include
      in
      gross income for federal income tax purposes an amount equal to the fair market
      value (as of the Date of Grant) of the Restricted Stock pursuant to Section
      83(b) of the Internal Revenue Code of 1986, as amended (the “Code”),
      the
      Recipient shall make arrangements satisfactory to the Company to pay to the
      Company any federal, state or local income taxes required to be withheld with
      respect to the Restricted Stock. If the Recipient shall fail to make such tax
      payments as are required, the Company shall, to the extent permitted by law,
      have the right to deduct from any payment of any kind otherwise due to the
      Recipient any federal, state or local taxes of any kind required by law to
      be
      withheld with respect to the Restricted Stock.

     

    (b)    If
      the
      Recipient does not make the election described in Subsection 7(a) above, the
      Recipient shall, no later than the date or dates as of which the restrictions
      referred to in this Agreement hereof shall lapse, pay to the Company, or make
      arrangements satisfactory to the Committee for payment of, any federal, state
      or
      local taxes of any kind required by law to be withheld with respect to the
      Restricted Stock (including without limitation the vesting thereof), and the
      Company shall, to the extent permitted by law, have the right to deduct from
      any
      payment of any kind otherwise due to Recipient any federal, state, or local
      taxes of any kind required by law to be withheld with respect to the Restricted
      Stock.

     

    (c)    Tax
      consequences on the Recipient (including without limitation federal, state,
      local and foreign income tax consequences) with respect to the Restricted Stock
      (including without limitation the grant, vesting and/or forfeiture thereof)
      are
      the sole responsibility of the Recipient. The Recipient shall consult with
      his
      or her own personal accountant(s) and/or tax advisor(s) regarding these matters,
      the making of a Section 83(b) election, and the Recipient’s filing, withholding
      and payment (or tax liability) obligations.

     

    8.    Amendment,
      Modification & Assignment; Non-Transferability.
      This
      Agreement may only be modified or amended in a writing signed by the parties
      hereto. No promises, assurances, commitments, agreements, undertakings or
      representations, whether oral, written, electronic or otherwise, and whether
      express or implied, with respect to the subject matter hereof, have been made
      by
      either party which are not set forth expressly in this Agreement. Unless
      otherwise consented to in writing by the Company, in its sole discretion, this
      Agreement (and Recipient’s rights hereunder) may not be assigned, and the
      obligations of Recipient hereunder may not be delegated, in whole or in part.
      The rights and obligations created hereunder shall be binding on the Recipient
      and his heirs and legal representatives and on the successors and assigns of
      the
      Company.

     

    9.    Complete
      Agreement.
      This
      Agreement (together with those agreements and documents expressly referred
      to
      herein, for the purposes referred to herein) embody the complete and entire
      agreement and understanding between the parties with respect to the subject
      matter hereof, and supersede any and all prior promises, assurances,
      commitments, agreements, undertakings or representations, whether oral, written,
      electronic or otherwise, and whether express or implied, which may relate to
      the
      subject matter hereof in any way.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    10.    Miscellaneous. 

     

    (a)    No
      Right to (Continued) Employment or Service.
      This
      Agreement and the grant of Restricted Stock hereunder shall not confer, or
      be
      construed to confer, upon the Recipient any right to employment or service,
      or
      continued employment or service, with the Company or any Related
      Entity.

     

    (b)    No
      Limit on Other Compensation Arrangements.
      Nothing
      contained in this Agreement shall preclude the Company or any Related Entity
      from adopting or continuing in effect other or additional compensation plans,
      agreements or arrangements, and any such plans, agreements and arrangements
      may
      be either generally applicable or applicable only in specific cases or to
      specific persons.

     

    (c)    Severability.
      If any
      term or provision of this Agreement is or becomes or is deemed to be invalid,
      illegal or unenforceable in any jurisdiction or under any applicable law, rule
      or regulation, then such provision shall be construed or deemed amended to
      conform to applicable law (or if such provision cannot be so construed or deemed
      amended without materially altering the purpose or intent of this Agreement
      and
      the grant of Restricted Stock hereunder, such provision shall be stricken as
      to
      such jurisdiction and the remainder of this Agreement and the award hereunder
      shall remain in full force and effect).

     

    (d)    No
      Trust or Fund Created.
      Neither
      this Agreement nor the grant of Restricted Stock hereunder shall create or
      be
      construed to create a trust or separate fund of any kind or a fiduciary
      relationship between the Company or any Related Entity and the Recipient or
      any
      other person. To the extent that the Recipient or any other person acquires
      a
      right to receive payments from the Company or any Related Entity pursuant to
      this Agreement, such right shall be no greater than the right of any unsecured
      general creditor of the Company.

     

    (e)    Law
      Governing.
      This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York (without reference to the conflict of laws rules
      or principles thereof).

     

    (f)    Interpretation.
       The
      Recipient accepts the Restricted Stock subject to all of the terms, provisions
      and restrictions of this Agreement and the Plan. The undersigned Recipient
      hereby accepts as binding, conclusive and final all decisions or interpretations
      of the Board or the Committee upon any questions arising under this Agreement.
      

     

    (g)    Headings.
      Section, paragraph and other headings and captions are provided solely as a
      convenience to facilitate reference. Such headings and captions shall not be
      deemed in any way material or relevant to the construction, meaning or
      interpretation of this Agreement or any term or provision hereof. 

     

    (h)    Notices.
      Any
      notice under this Agreement shall be in writing and shall be deemed to have
      been
      duly given when delivered personally or when deposited in the United States
      mail, registered, postage prepaid, and addressed, in the case of the Company,
      to
      the Company’s principal office at 640 Fifth Avenue, 18th
      Floor
      New York, New York 10019, Attention: Adam Borak, Chief Financial Officer, or
      if
      the Company should move its principal office, to such principal office, and,
      in
      the case of the Recipient, to the Recipient’s last permanent address as shown on
      the Company’s records, subject to the right of either party to designate some
      other address at any time hereafter in a notice satisfying the requirements
      of
      this Section.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (i)    Non-Waiver
      of Breach.
      The
      waiver by any party hereto of the other party's prompt and complete performance,
      or breach or violation, of any term or provision of this Agreement shall be
      effected solely in a writing signed by such party, and shall not operate nor
      be
      construed as a waiver of any subsequent breach or violation, and the waiver
      by
      any party hereto to exercise any right or remedy which he or it may possess
      shall not operate nor be construed as the waiver of such right or remedy by
      such
      party, or as a bar to the exercise of such right or remedy by such party, upon
      the occurrence of any subsequent breach or violation. 

     

    (j)    Counterparts.
      This
      Agreement may be executed in two or more separate counterparts, each of which
      shall be an original, and all of which together shall constitute one and the
      same agreement.

     

    

     

    IN
      WITNESS WHEREOF, the parties hereto, intending to be legally bound, have
      executed this Agreement as of the date first written above.

     

    
      	 	 	 
	 	EPOCH
              HOLDING
              CORPORATION
	 
 	 
 	 
 
	Date: 	By:  	/s/ 
	 	
              
Name:
William
              W. Priest
	 	Title:   Chief
              Executive Officer

    

     

    Agreed
      and Accepted:

     

    RECIPIENT:

     

    __________________________________

    [Name]

    

    
      
        
        

      

      7

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