Document:

ex101.htm

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT (the “Agreement”) is made to be effective on and as of January 1, 2014 (the "Effective Date") by and between China Northern Medical Device, Inc. (the “Company”), a Nevada corporation, with offices at Centrum Offices, 38 Queen Street, Glasgow, UK G1 3DX, and Sotirios Leontaritis, an individual residing at of Sokratous 46, Paleo Faliro, Athens, Greece 17563  (“the Consultant”).

RECITALS

	
1.  

	
The Company wishes to assure itself of the services of the Consultant for the period provided in this Agreement.

	
           2.

	
The Consultant is willing to provide services to the Company in accordance with/under the terms and conditions set forth in this Agreement.

OPERATIVE PROVISIONS

In consideration of the above recitals, which are incorporated into and are/deemed a material part of the operative provisions of this Agreement, and of the promises, covenants and conditions stated herein, the Company and the Consultant hereby agree as follows:

1.           POSITION AND RESPONSIBILITIES.

1.1           During the period of this Agreement, the Consultant agrees to provide the services as Chief Executive Officer and President for the Company and the Company’s wholly-owned subsidiaries as required (collectively referred to as “the Companies”). The Consultant shall render services to the Companies, and shall have such responsibilities, duties and authority, as may from time to time be assigned to the Consultant by the Companies’ Boards of Directors (“the Board”), and will devote all such time and activity as will be required diligently to satisfy such responsibilities, which shall be conducted at the offices of the Consultant and such other places as deemed effective by the Board.  The Consultant may engage in other activities and endeavors as he may elect, so long as such activities do not directly compete with the Companies.  It is expressly understood and agreed between the parties to this Agreement/hereto that any involvement with another Company which shall be in the business of prosthetics, orthotics, diabetics and rehabilitation clinics and technology shall be deemed to be in direct competition with the Companies.

2.           TERM

2.1           The period of the Consultant's services under this Agreement shall be deemed to have commenced on the Effective Date and shall continue for a period of three (3) years thereafter (the “Term”), and may be extended for such term as may be mutually agreed between the parties.

  

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3.           COMPENSATION BENEFITS AND REIMBURSEMENT.

3.1           The Consultant shall receive cash compensation of $5,000 US and a stock award of 1,000,000 shares of common stock of the Company in consideration of his services as an officer and director for the period from September 10, 2013 to December 31, 2013.

3.2           The Consultant shall earn as compensation $60,000 per annum, payable in equal monthly installments of $5,000 commencing on January 1, 2014 and continuing for the term of this contract. ("Consultant’s Fee").

3.3           The Company shall pay or reimburse Consultant for all reasonable travel, and other reasonable expenses incurred by Consultant in performance of Consultant's obligations under this Agreement, provided that all long distance travel and other extraordinary expenses are approved by the Company prior to incurrence of the same.

3.4           The Consultant shall be entitled to participate in the Company’s incentive stock option plans, if any, and to receive stock awards and other incentives, which shall be agreed between the Consultant and the Company.  The Consultant shall also be entitled to participate in any health, medical and dental plans which the Company may implement during the Term or the extension hereof.

4.           TERMINATION.

	
  

	
4.1

	
This Agreement may be terminated only under the following circumstances:

(a) Notice.  The Company may terminate this Agreement upon thirty (30) days prior written notice delivered to Consultant.

(b) Death.  The Consultant’s services hereunder shall terminate upon his death.

(c) Cause.  Either party shall have the right to terminate this Agreement for cause.  “Termination for Cause" for the Company shall mean termination because of Consultant's material failure or willful neglect to perform Consultant’s stated duties /duties stated herein, or failure to cure such material failure or willful neglect within ten (10) days after delivery of written notice specifying the alleged material failure or willful neglect, conviction of a felony, or any other willful or material breach of this Agreement. For purposes of this Article, no act, or the failure to act, on Consultant's part shall be "willful" unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interest of the Company or its affiliates.  “Termination for Cause" for Consultant shall mean termination because of the Company's material failure to abide by the terms of this Agreement.

  

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(d) Termination by the Consultant.  The Consultant may terminate his employment hereunder for Good Reason.  For purposes of this Agreement, a “Good Reason” shall mean (A) the breach by the Company in any material respect of any material provision of this Agreement (including, but not limited to, the provisions of Sections 3) which breach has not been cured within ten (10) days after delivery of notice of such noncompliance that has been given by Consultant to the Company, or (B) any purported termination of Consultant’s employment which is not effected pursuant to a Notice of Termination satisfying the requirements of Section 6.1 hereof (and for purposes of this Agreement no such purported termination shall be effective).

(e) Disability.  If, as a result of Consultant's inability to perform substantially all of his duties hereunder by reason of a physical or mental disability or infirmity (i) for a continuous period of two (2) full months or (ii) at such earlier time as Consultant submits satisfactory medical evidence that he has a physical or mental disability or infirmity which will likely prevent him from returning to the performance of his work duties for two (2) months or longer (a "Disability"), the Company may terminate this Agreement.  The date of such Disability shall be the last day of such two-month period, or the day on which Consultant submits such satisfactory medical evidence, as the case may be.

5.           NOTICE.

5.1           Notice of Termination.  Any purported termination of this Agreement by the Company or by Consultant (other than termination pursuant to subsection (b) of Section 4.1) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 12.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of this Agreement under the provision so indicated.

5.2           Date of Termination.  “Date of Termination” shall mean (i) if this Agreement is terminated by the death of Consultant, the date of his death, (ii) if this Agreement is terminated pursuant to subsection (e) of Section 4.2 above, the date of disability referred to in said subsection, and (iii) if this Agreement is terminated pursuant to subsections (a), (c) or (d) of Section 4.1 above, the date specified in the Notice of Termination; provided, however, that if within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding and final arbitration award, or by a final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected).

6.           CONFIDENTIALITY.

6.1 Concurrent with the execution of this Agreement, the parties entered into a Confidentiality Agreement dated January 1, 2014.  The obligations set forth under such Confidentiality Agreement shall be deemed to be obligations of Consultant under this Agreement.  Failure to abide by the terms of the Confidentiality Agreement shall be deemed to constitute Cause under Subsection 4.1(b) above.

  

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7.           EFFECT ON PRIOR AGREEMENTS.

This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between Company and Consultant, except for the Confidentiality Agreement referred to in Section 6 above.

8.           MODIFICATION AND WAIVER.

                8.1    This Agreement shall not be modified or amended except by an instrument in writing signed by the parties hereto.

8.2    No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each written waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

9.           SEVERABILITY.

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent (consistent with law) continue in full force and effect.

10.           HEADINGS FOR REFERENCE ONLY.

The headings of articles and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

11.           GOVERNING LAW

This Agreement shall be governed by and be construed under the laws of the State of Nevada without regard to the choice of law principles of that state. In the event of any dispute between the parties with respect to this Agreement or the performance of the parties' obligations thereunder, such dispute shall be instituted and prosecuted in the courts of Nevada and the parties hereby consent to the jurisdiction of such courts, and waive any disputes they may have to a change of venue.

  

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12.           NOTICES.

Any notice or other communication required or which may be given hereunder shall be in writing and shall be  hand delivered, telegraphed, telexed, or transmitted by facsimile, or sent by certified, registered or express mail, or postage prepaid, and shall be deemed given when so delivered personally, telegraphed, telexed or sent/transmitted by facsimile, or if mailed, two (2) days after the date of mailing, addressed as follows:

If to Company:                      China Northern Medical Device, Inc.

Contact – Nikolaos Karadas

(+44) 0808 178 4373

Centrum Offices,

38 Queen Street, Glasgow,

UK G1 3DX

If to Consultant:                   Sotirios Leontaritis

Sokratous 46,

Paleo Faliro,

           Athens, Greece 17563

13.       ARBITRATION OF DISPUTES.

a.           Arbitration. All Arbitration Claims (defined below) between the parties shall be resolved by submission to final and binding arbitration at the Las Vegas, Nevada offices of the American Arbitration Association (“AAA”).  The parties may agree on a retired judge from the AAA panel. If they are unable to agree, an arbitrator shall be selected in accordance with the rules and procedures of the AAA. The parties agree that arbitration must be initiated within sixty (60) days after a party delivers a notice of intention to arbitrate pursuant to Subsection 14(b)) below.

b.           Initiation of Arbitration: Submission Agreement. Any party to this Agreement may initiate arbitration of a dispute subject to this Paragraph, by sending written notice of an intention to arbitrate by registered or certified mail to all other parties and to the AAA. The notice shall contain a description of the Arbitration Claim(s) asserted by the party, the amount involved and the remedy sought. In the event a demand for arbitration is made by any party to this Agreement, the parties agree to execute a Submission Agreement provided by the AAA, in a form customarily used by the AAA, setting forth (i) the rights of the parties if the matter is arbitrated and (ii) the rules and procedures to be followed at the arbitration hearing. Notwithstanding anything to the contrary contained in this Agreement, each party shall bear its own legal, consulting and expert witness fees in connection with any arbitration proceeding under this Paragraph.

c.           One-Year To Initiate Arbitration Claim.  The parties agree that arbitration must be initiated within one (1) year after the occurrence of the events on which any Arbitration Claim is based, and a party's failure to initiate arbitration within such one-year period constitutes an absolute bar to the institution of any new proceedings the institution of any new arbitration proceedings relating to those events.

  

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d.           “Arbitration Claim” Defined. For purposes of this Agreement, "Arbitration Claim" shall mean any contract, tort, statutory or other claim, demand, cause of action, or dispute asserted by any party to this Agreement against any other party to this Agreement, arising out of or related to (i) this Agreement or any modification, amendment or supplement thereof, or (ii) the relationship between the parties as created hereunder.

 

 

c.           Intent of the Parties - Adequate Consideration.  By this provision, it is the intent of the parties to establish procedures to accomplish the informal and inexpensive resolution of any Arbitration Claim between the parties without resort to litigation. The parties agree that their mutual, binding promises to arbitrate any Arbitration Claim between them represents valuable and adequate consideration for the enforceability of this provision.

NOTICE:                      BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN THE "ARBITRATION OF DISPUTES" PROVISION DECIDED BY NEUTRAL ARBITRATION, AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR BY TRIAL. BY INITIALING IN THE SPACE BELOW YOU ARE WAIVING YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED OR PROVIDED FOR IN THE "ARBITRATION OF DISPUTES" PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER NEVADA LAW. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY.

WE HAVE READ AND UNDERSTOOD THE FOREGOING AND AGREE TO SUBMIT ANY DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THIS "ARBITRATION OF DISPUTES" PROVISION TO NEUTRAL ARBITRATION.

 

	 	 	 	 	 
	 	Company's Initials	 	Consultant's Initials	 
	 	 	 	 	 

 

15.   ASSIGNMENT.

This Agreement shall be binding upon, and shall inure to the benefit of, the parties, and their respective successors, assigns, heirs and representatives.  Notwithstanding the foregoing, however, Consultant may not assign any of Consultant’s, or delegate any of Consultant’s duties hereunder. The Company may assign this Agreement upon notice to Consultant without securing Consultant's prior written consent in connection with any sale of substantially all of the Company's assets or if the Company merges into or consolidates with another business entity.

  

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IN WITNESS WHEREOF, the Company and the Consultant have executed this Agreement to be effective on and as of the Effective Date stated herein above.

 

	 	  
“CONSULTANT”

	 	  
“THE COMPANY”

	 	  	  	
China Northern Medical Device, Inc., a Nevada corporation

	 	
“Sotirios Leontaritis”

	  	
“Nicolaos Kardaras”

	 	
Sotirios Leontaritis

	  	
Name: Nikolaos Kardaras

	 	  	  	
Title:           Secretary

  

7Exhibit - Restricted Stock Agreement

		

			 

		

		
			Restricted Stock Agreement
		

		
			This Restricted Stock Agreement (the “Agreement”), entered into between (Name) ___________________    (the “Grantee”) and Woodward, Inc., a Delaware corporation (the “Company”), hereby grants an award of shares of Restricted Stock (as defined below) to Grantee as of _________ __, ____ (the “Grant Date”) with reference to the following facts:
		

		
			A.Pursuant to Article 8 of the Woodward 2006 Omnibus Incentive Plan (effective January 25, 2006) (the “Plan”), the Company, by action of the Compensation Committee of its Board of Directors (the “Committee”), is authorized to grant restricted shares of the Company’s common stock (“Restricted Stock”) to key management worker members of the Company or any subsidiary or affiliate as defined in the Plan (any such subsidiary or affiliate being referred to herein as an “Affiliate”) as a reward for past performance and as an incentive to future performance.
		

		
			B.The Company desires to grant shares of Restricted Stock to the Grantee.  
		

		
			Now, Therefore, In Consideration of the foregoing facts, the Company hereby grants shares of Restricted Stock to the Grantee, as follows:
		

		
			1.Grant of Restricted Stock.  The Company hereby grants to the Grantee _____ shares of Restricted Stock, subject to the terms and conditions set forth in this Agreement and the Plan. The number and kind of shares subject to this Restricted Stock grant are subject to adjustment as required by the Plan.
		

		
			2.Vesting of Restricted Stock.  Except as may otherwise be provided in Sections 4 and 5, and subject to the terms of the Plan, one hundred percent (100%) of the shares of Restricted Stock granted hereunder shall vest upon a  determination by the Committee that the Company has achieved or exceeded [general description of performance metric(s)] previously set by the Committee for fiscal years ___ through ___; provided,  however, that the Grantee’s membership with the Company and its Affiliates continues from the Grant Date through ___________ __, _____, the last day of the performance period (such period referred to herein as the “Period of Restriction”).
		

		
			3.Voting Rights and Dividends.  During the Period of Restriction, the Grantee may exercise full voting rights with respect to the shares of Restricted Stock. Cash dividends and other distributions paid on the shares of Restricted Stock covered by this Agreement shall be sequestered by the Company during the Restricted Period until such time as such shares of Restricted Stock become nonforfeitable in accordance with Sections 2, 4 or 5 hereof, whereupon such accumulated dividends shall be paid to the Grantee.  To the extent that the shares of Restricted Stock covered by this Agreement are forfeited pursuant to Section 4 hereof, all the dividends sequestered with respect to such shares of Restricted Stock shall also be forfeited.  No interest shall be payable with respect to any such dividends. 
		

		
			4.Termination of Employment.   If the Grantee’s membership with the Company and its Affiliates is terminated for any reason other than death or permanent 
		

		 

		

			 

		

 

		

			 

		

		disability during the Period of Restriction, all shares of Restricted Stock held by the Grantee as of the date of such termination shall be forfeited to the Company. 
		

		
			If the Grantee’s membership with the Company and its Affiliates terminates because of the Grantee’s death during the Period of Restriction, all restrictions shall lapse and his shares of Restricted Stock shall immediately become one hundred percent (100%) vested.
		

		
			If the Grantee’s membership with the Company and its Affiliates terminates by reason of the permanent disability of the Grantee, as determined by the Committee, during the Period of Restriction, all restrictions shall lapse and his shares of Restricted Stock shall immediately become one hundred percent (100%) vested. The disability shall be determined by the Committee with the advice of a physician selected by the Company with respect to the permanent or mental physical disability of the Grantee. 
		

		
			5.Change in Control.  Notwithstanding anything to the contrary in this Agreement, in the event of a “Change in Control” during the Period of Restriction and prior to a termination of the Grantee’s membership with the Company and its Affiliates for any reason, all restrictions shall lapse and his shares of Restricted Stock shall immediately become one hundred percent (100%) vested on the date of the Change in Control, subject to applicable federal and state securities laws.
		

		
			As used herein, a “Change in Control” shall be deemed to have occurred upon:
		

		
			(i)a business combination, including a merger or consolidation, of the Company and the shareholders of the Company prior to the combination do not continue to own, directly or indirectly, more than fifty-one percent (51%) of the equity of the combined entity;
		

		
			(ii)a sale, transfer, or other disposition in one or more transactions (other than in transactions in the ordinary course of business or in the nature of a financing) of the assets or earnings power aggregating more than forty-five percent (45%) of the assets or operating revenues of the Company to any person or affiliated or associated group of persons (as defined by Rule 12b-2 of the Securities Exchange Act of 1934 (the “Exchange Act”));
		

		
			(iii)the liquidation of the Company;
		

		
			(iv)one or more transactions which result in the acquisition by any person or associated group of persons (other than the Company, any employee benefit plan whose beneficiaries are employees of the Company or any of its subsidiaries) of the beneficial ownership (as defined in Rule 13d-3 of the Exchange Act) of fifteen percent (15%) or more of the combined voting 
		

		 

		

			 

		

 

		

			 

		

		power of the voting securities of the Company which affiliated persons owned less than fifteen percent (15%) prior to such transaction or transactions; or
		

		
			(v)the election or appointment, within a twelve (12) month period, of any person or affiliated or associated group, or its or their nominees, to the Board of Directors of the Company, such that such persons or nominees, when elected or appointed, constitute a majority of the Board of Directors of the Company and whose appointment or election was not approved by a majority of those persons who were directors at the beginning of such period or whose election or appointment was made at the request of an Acquiring Person.  As used herein, the term “Acquiring Person” shall mean any person who, or which, together with all affiliates or associates of such person, is the beneficial owner of fifteen percent (15%) or more of the Common Stock then outstanding, except that an Acquiring Person does not include the Company or any employee benefit plan of the Company or any of its subsidiaries or any person holding Common Stock for or pursuant to such plan.  For the purpose of determining who is an Acquiring Person, the percentage of the outstanding shares of the Common Stock of which a person is a beneficial owner shall be calculated in accordance with Rule 13d-e of the Exchange Act.
		

		
			6.Removal of Restrictions.  The shares of Restricted Stock awarded pursuant to this Agreement shall become freely transferable upon the vesting of such shares in accordance with Sections 2, 4 or 5 above.
		

		
			7.Assignment or Transfer.  Until such time as the restrictions are removed in accordance with Section 6 above, the shares of Restricted Stock awarded pursuant to this Agreement are not transferable except by will or by the laws of descent and distribution, unless otherwise authorized by the Committee Chairman. If any transfer, whether voluntary or involuntary, of Restricted Stock is made, or if any attachment, execution, garnishment, or lien shall be issued against or placed upon the Restricted Stock, the Grantee’s right to such Restricted Stock shall be immediately forfeited to the Company, and this Agreement shall lapse.
		

		
			8.Plan and Committee.  The construction of the terms of this Agreement shall be controlled by the Plan, a summary of which accompanies this Agreement and is hereby made a part hereof as though set forth herein verbatim, and the rights of the Grantee are subject to modification and termination in certain events as provided in the Plan.  All words and phrases not otherwise defined herein shall have the meanings provided in the Plan.  The Committee’s interpretations of and determinations under any of the provisions of the Plan or this Agreement shall be conclusive and binding upon the Grantee.
		

		
			9.Compliance with Securities Laws.  No shares of Restricted Stock shall be issued in respect hereof, unless in compliance with applicable federal and 
		

		 

		

			 

		

 

		

			 

		

		state tax and securities laws.  If an exemption from registration is not available under applicable federal and state securities laws, the Company shall have no obligation to file a registration statement.
		

		
			9.1.Certificate Legends.  The certificates representing the shares of Restricted Stock granted pursuant to this Agreement shall bear any legends deemed necessary by the Committee including, without limitation, legends with respect to federal and state securities laws.
		

		
			9.2.Representations of the Grantee.  As a condition to exercising the Grantee’s rights under this Agreement, the Grantee will deliver to the Company such signed representations as may be necessary, in the opinion of counsel satisfactory to the Company, for compliance with applicable federal and state securities laws.
		

		
			9.3.Resale.  The Grantee’s ability to transfer shares received pursuant to this grant of Restricted Stock or securities acquired in lieu thereof or in exchange therefore may be restricted under applicable federal or state securities laws.  The Grantee shall not resell or offer for resale such shares or securities unless they have been registered or qualified for resale under all applicable federal and state securities laws or an exemption from such registration or qualification is available in the opinion of counsel satisfactory to the Company.
		

		
			10.Notice.  Every notice or other communication relating to this Agreement shall be in writing and shall be mailed or delivered to the party for whom it is intended at such address as may from time to time be designated by such party in a notice mailed or delivered to the other party as herein provided; provided, however, that unless and until some other address be so designated, all notices or communications by the Grantee to the Company shall be mailed or delivered to the Company to the attention of its Secretary at 1000 East Drake Road, Fort Collins, CO 80525, and all notices or communications by the Company to the Grantee may be given to the Grantee personally or may be mailed to the Grantee at the most recent address which the Grantee has provided in writing to the Company.
		

		
			11.Tax Treatments.  The Grantee acknowledges that the tax treatment of the shares subject to this Restricted Stock award or any events or transactions with respect thereto may be dependent upon various factors or events which are not determined by the Plan or this Agreement.  The Company makes no representations with respect to and hereby disclaims all responsibility as to such tax treatment.
		

		
			12.Withholding Taxes.  The Company shall have the right to require the Grantee to remit to the Company an amount sufficient to satisfy any federal, state or local withholding tax requirement arising as a result of the Restricted Stock granted hereunder. In the event of the vesting of any shares of Restricted 
		

		 

		

			 

		

 

		

			 

		

		Stock granted pursuant to this Agreement, the Company will notify the Grantee of the amount of the withholding tax which must be paid under federal and, where applicable, state and local law.  Upon receipt of such notice, the Grantee shall promptly remit to the Company the amount specified in such notice.
		

		
			13.Recapitalization; Change of Law.    In the event of any change in the capitalization of the Company such as a merger, consolidation, reorganization, recapitalization, separation, partial or complete liquidation, stock dividend, stock split, reverse stock split, split up, spin-off, or other distribution of stock or property of the Company, combination of shares, exchange of shares, dividend in-kind, or other like change in capital structure, number of outstanding shares or distribution to shareholders of the Company, or any similar corporate event or transaction, the number and class of shares subject to this Agreement shall be equitably adjusted by the Committee in accordance with the Plan to prevent dilution or enlargement of rights.  Similarly, in the event of any change in law or regulation, including but not limited to tax regulations or accounting standards, during the Period of Restriction that directly negatively impacts the criteria described in Article 2, the Committee will calculate the performance criteria without regard to such change(s) in order to maintain the purpose and intent of the original criteria; and provided, further, that in such instance the Committee may use negative discretion to adjust the calculation of the performance criteria.
		

		
			14.Beneficiary Designation.  The Grantee may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is to be paid in case of Grantee’s death before Grantee receives any or all of such benefit. Each such designation shall revoke all prior designations by the Grantee, shall be in a form prescribed by the Company, and will be effective only when filed by the Grantee in writing with the Company during the Grantee’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Grantee’s death shall be paid to the Grantee’s estate.
		

		
			15.Severability.  In the event any provision of this Agreement is held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, which shall nonetheless remain in full force and effect.  Upon any determination that any provision is invalid, illegal or incapable of being enforced, such provision shall be modified to the extent necessary to render it valid, legal and enforceable while preserving its intent, or if such modification is not possible, by substituting therefor another provision that is legal and enforceable and that achieves the same objective.
		

		
			16.Governing Law.  This Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.  
		

		
			By accepting this Agreement, you agree to all of the terms and conditions described above and in the Woodward 2006 Omnibus Incentive Plan.
		

		

		

		 

		

			 

		

 

		

			 

		

		In Witness Whereof, the Company and the Grantee have executed this Restricted Stock Agreement effective as of the date first set forth above.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Woodward, Inc.

					
					
						Grantee:

				
	
					
						By______________________________

					
					
						_______________________________

				
	
					
						(Name, Title)  

					
					
						(Name)

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