Document:

Exhibit
10.3

 

FORM OF

 

RESTRICTED STOCK AGREEMENT

 

HEALTHPOINTCAPITAL DENTAL HOLDINGS, INC.

 

AGREEMENT
made as of the          day of                       ,
20     (the “Grant Date”), between
HealthpointCapital Dental Holdings, Inc. (the “Company”), a Delaware
corporation, and                               ,
(the “Participant”).

 

WHEREAS,
the Company has adopted the HealthpointCapital Dental Holdings, Inc. 2007
Executive, Director and Consultant Stock Plan (the “Plan”) to promote the
interests of the Company by providing an incentive for employees, directors and
consultants of the Company or its Affiliates;

 

WHEREAS,
pursuant to the provisions of the Plan, the Company desires to offer to the
Participant shares of the Company’s common stock, $0.0001 par value per share (“Common
Stock”), in accordance with the provisions of the Plan, all on the terms and
conditions hereinafter set forth;

 

WHEREAS,
Participant wishes to accept said offer; and

 

WHEREAS,
the parties hereto understand and agree that any terms used and not defined
herein have the meanings ascribed to such terms in the Plan and that any and
all references herein to employment of the Participant by the Company shall
include the Participant’s employment or service as an employee, director or
consultant of the Company or any Affiliate.

 

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

 

1.                                       Terms of Grant.  The Participant hereby accepts the offer of
the Company to issue to the Participant, in accordance with the terms of the
Plan and this Agreement,                         
Shares of the Company’s Common Stock (such shares, subject to adjustment
pursuant to Section 24 of the Plan and Subsection 2.1(i) hereof, the “Granted
Shares”) at a purchase price per share of $0.01 (the “Purchase Price”), receipt
of which is hereby acknowledged by the Company by the Participant’s prior
service to the Company and which amount will be reported as income on the
Participant’s W-2 for this calendar year. 
The Participant hereby agrees to become a party to the Stockholders’
Agreement dated August 21, 2006 between the Company and its stockholders
(the “Stockholders’ Agreement”), and Participant agrees to execute any
certificates or other documentation that the Company reasonably deems
appropriate in order for the Participant to become a party to the Stockholders’
Agreement.  In addition to the
restrictions expressly set forth in this Agreement, the Granted Shares hereby
shall not be transferred by the Participant except as permitted in the
Stockholders’ Agreement.

 

2.1.                              Company’s
Lapsing Repurchase Right.

 

(a)                                  Lapsing
Repurchase Right.  Except as
set forth in Subsections 2.1(b), 2.1(c) and 2.1(d) hereof, in the
event that for any reason the Participant is no longer an employee, director or
consultant of the Company or an Affiliate prior to the third anniversary of the
Date of 

 

 

Reference, the Company (or its designee)
shall have the option, but not the obligation, to purchase from the Participant
(or the Participant’s Survivor), and, in the event the Company exercises such
option, the Participant (or the Participant’s Survivor) shall be obligated to
sell to the Company (or its designee), at a price per Granted Share equal to
the Purchase Price, all or any part of the Granted Shares set forth in clauses (i) and
(ii) below (the “Lapsing Repurchase Right”).  The Company’s Lapsing Repurchase Right shall
be valid for a period of one year commencing with the date of such termination
of employment or service. 
Notwithstanding any other provision hereof, in the event the Company is
prohibited during such one year period from exercising its Lapsing Repurchase
Right by Section 160 of the Delaware General Corporation Law as amended
from time to time (or any successor provision), then the time period during
which such Lapsing Repurchase Right may be exercised shall be extended until 30
days after the Company is first not so prohibited.  For the purposes of this Agreement, “Date of
Reference” shall be                   .

 

(i)                                     If such
termination is prior to the first anniversary of the Date of Reference, the
Company shall have the option to repurchase all of the Granted Shares acquired
by the Participant hereunder.

 

(ii)                                  If such
termination is on or after the first anniversary of the Date of Reference, but
prior to the third anniversary of the Date of Reference, the Company shall have
the option to repurchase all of the Granted Shares less one-third of the
Granted Shares for each full 12 month period elapsed after the Date of
Reference that the Participant continues to serve as an employee, director or
consultant of the Company or an Affiliate.

 

(b)                                 Effect of
Termination for Disability or upon Death.  The following rules apply if the
Participant ceases to be an employee, director or consultant of the Company or
an Affiliate by reason of Disability or death: to the extent the Company’s
Lapsing Repurchase Right has not lapsed as of the date of Disability or death,
as case may be, the Company may exercise such Lapsing Repurchase Right;
provided, however, that the Company’s Lapsing Repurchase Right shall be deemed
to have lapsed to the extent of a pro rata portion of the Granted Shares
through the date of Disability or death, as would have lapsed had the
Participant not become Disabled or died, as the case may be.  The proration shall be based upon the number
of days accrued in such current vesting period prior to the Participant’s date
of Disability or death, as the case may be.

 

(c)                                  Effect of a For
Cause Termination. 
Notwithstanding anything to the contrary contained in this Agreement, in
the event the Company or an Affiliate terminates the Participant’s employment
or service for “cause” (as defined in the Plan) or in the event the
Administrator determines, within one year after the Participant’s termination,
that either prior or subsequent to the Participant’s termination the
Participant engaged in conduct that would constitute “cause,” all of the
Granted Shares then held by the Participant shall be forfeited to the Company
immediately as of the time the Participant is notified that he or she has been
terminated for “cause” or that he or she engaged in conduct which would
constitute “cause”.

 

(d)                                 Effect of
Change of Control.  Except as
otherwise provided in Subsection 2.1(c) above, the Company’s Lapsing
Repurchase Right shall terminate, and the Participant’s 

 

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ownership of all Granted Shares then owned by
the Participant shall become vested in accordance with the terms and conditions
set forth in Section 24 of the Plan.

 

(e)                                  Closing.  In the event that the Company exercises the
Lapsing Repurchase Right, the Company shall notify the Participant, or, in the
case of the Participant’s death, his or her Survivor, in writing of its intent
to repurchase the Granted Shares.  Such
notice may be mailed by the Company up to and including the last day of the
time period provided for above for exercise of the Lapsing Repurchase
Right.  The notice shall specify the
place, time and date for payment of the repurchase price (the “Closing”) and
the number of Granted Shares with respect to which the Company is exercising
the Lapsing Repurchase Right.  The
Closing shall be not less than ten days nor more than 60 days from the date of
mailing of the notice, and the Participant or the Participant’s Survivor with
respect to the Granted Shares which the Company elects to repurchase shall have
no further rights as the owner thereof from and after the date specified in the
notice.  At the Closing, the repurchase
price shall be delivered to the Participant or the Participant’s Survivor and
the Granted Shares being repurchased, duly endorsed for transfer, shall, to the
extent that they are not then in the possession of the Company, be delivered to
the Company by the Participant or the Participant’s Survivor.

 

(f)                                    Escrow.  The certificates representing all Granted
Shares acquired by the Participant hereunder which from time to time are
subject to the Lapsing Repurchase Right shall be delivered to the Company and
the Company shall hold such Granted Shares in escrow as provided in this
Subsection 2.1(f).  The Company shall
promptly release from escrow and deliver to the Participant a certificate for
the whole number of Granted Shares, if any, as to which the Company’s Lapsing
Repurchase Right has lapsed as the Participant’s ownership of such Granted
Shares becomes vested from time to time. 
In the event of a repurchase by the Company of Granted Shares subject to
the Lapsing Repurchase Right, the Company shall release from escrow and cancel
a certificate for the number of Granted Shares so repurchased.  Any securities distributed in respect of the
Granted Shares held in escrow, including, without limitation, shares issued as
a result of stock splits, stock dividends or other recapitalizations, shall
also be held in escrow in the same manner as the Granted Shares.

 

(g)                                 Prohibition on
Transfer.  The Participant
recognizes and agrees that all Granted Shares which are subject to the Lapsing
Repurchase Right may not be sold, transferred, assigned, hypothecated, pledged,
encumbered or otherwise disposed of, whether voluntarily or by operation of
law, other than to the Company (or its designee).  However, the Participant, with the approval
of the Administrator, may transfer the Granted Shares for no consideration to
or for the benefit of the Participant’s Immediate Family (including, without
limitation, to a trust for the benefit of the Participant’s Immediate Family or
to a partnership or limited liability company for one or more members of the
Participant’s Immediate Family), subject to such limits as the Administrator
may establish, and the transferee shall remain subject to all the terms and
conditions applicable to this Agreement prior to such transfer and each such
transferee shall so acknowledge in writing as a condition precedent to the
effectiveness of such transfer.  The term
“Immediate Family” shall mean the Participant’s spouse, former spouse, parents,
children, stepchildren, adoptive relationships, sisters, brothers, nieces and
nephews and grandchildren (and, for this purpose, shall also include the
Participant.  The Company shall not be
required to transfer any Granted Shares on its books which shall have been
sold, assigned or otherwise transferred in violation of this Subsection 2.1(g),
or to treat as the owner of such Granted Shares, 

 

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or
to accord the right to vote as such owner or to pay dividends to, any person or
organization to which any such Granted Shares shall have been so sold, assigned
or otherwise transferred, in violation of this Subsection 2.1(g).

 

(h)                                 Failure to
Deliver Granted Shares to be Repurchased.  In the event that the Granted Shares to be
repurchased by the Company under this Agreement are not in the Company’s
possession pursuant to Subsection 2.1(f) above or otherwise and the
Participant or the Participant’s Survivor fails to deliver such Granted Shares
to the Company (or its designee), the Company may elect (i) to establish a
segregated account in the amount of the repurchase price, such account to be
turned over to the Participant or the Participant’s Survivor upon delivery of
such Granted Shares, and (ii) immediately to take such action as is
appropriate to transfer record title of such Granted Shares from the
Participant to the Company (or its designee) and to treat the Participant and
such Granted Shares in all respects as if delivery of such Granted Shares had
been made as required by this Agreement. 
The Participant hereby irrevocably grants the Company a power of
attorney which shall be coupled with an interest for the purpose of effectuating
the preceding sentence.

 

(i)                                     Adjustments.  The Plan contains provisions covering the
treatment of Shares in a number of contingencies such as stock splits and
mergers.  Provisions in the Plan for
adjustment with respect to the Granted Shares and the related provisions with
respect to successors to the business of the Company are hereby made applicable
hereunder and are incorporated herein by reference.

 

2.2                                 General
Restrictions on Transfer of Granted Shares.

 

(a)                                  Limitations on
Transfer.  In addition
to the restrictions set forth above in Section 2.1, the Granted Shares
acquired by the Participant hereunder and no longer subject to the provisions
of Section 2.1 herein (the “Vested Shares”) shall not be transferred by
the Participant except as permitted herein, shall be subject to the provisions
of Sections 2.1 (f), (g) and (h) above and shall be subject to the
repurchase rights described herein.

 

(b)                                 Right to
Repurchase following Termination of Service.  If the Participant’s service as an employee,
director or consultant with the Company or an Affiliate shall be terminated for
any reason other than for “cause” (as defined in the Plan), including due to
death or Disability, then the Company shall have the option to repurchase the
Vested Shares not previously repurchased in accordance with the provisions of Section 2.1
of this Agreement as follows:

 

(i)                                     The Company’s
option to repurchase the Vested Shares in the event of termination of service
under this Section 2.2(b) shall be valid for a period of one year
commencing with the date of such termination of service.

 

(ii)                                  In the event
the Company shall be entitled to and shall elect to exercise its option to
repurchase the Vested Shares under this Section 2.2(b), the Company shall
notify the Participant, or in case of death, his or her Survivor, in writing of
its intent to repurchase the Vested Shares. 
Such written notice may be mailed by the Company up to 

 

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and
including the last day of the time period provided for in Section 2.2(b)(i) for
exercise of the Company’s option to repurchase.

 

(iii)                               The written
notice to the Participant shall specify the address at, and the time and date
on, which payment of the Repurchase Price (as defined herein) is to be made
(the “Closing”).  The date specified shall
not be less than ten days nor more than 60 days from the date of the mailing of
the notice, and the Participant or the Participant’s Survivor with respect to
the Vested Shares shall have no further rights as the owner thereof from and
after the date specified in the notice. 
At the Closing, the Repurchase Price shall be delivered to the
Participant or the Participant’s Survivor and the Vested Shares being
purchased, duly endorsed for transfer, shall, to the extent that they are not
then in the possession of the Company, be delivered to the Company by the
Participant or the Participant’s Survivor.

 

(iv)                              The price paid
per share for any Vested Shares repurchased hereunder (the “Repurchase Price”)
shall equal the Fair Market Value of such Vested Shares determined in
accordance with the Plan as of the date of termination of service, provided,
however, in the event of a termination by the Company or an Affiliate for “cause”
(as defined in the Plan), the per share repurchase price of the Shares to be
sold to the Company upon exercise of its option under this Section 2.2
shall be equal to the Purchase Price.

 

(c)                                  Right to
Repurchase on Proposed Transfer.  It shall be a condition precedent to the
validity of any sale or other transfer of any Vested Shares by the Participant
that the following restrictions be complied with (except as hereinafter
otherwise provided):

 

(i)                                     No Vested
Shares owned by the Participant may be sold, pledged or otherwise transferred
(including by gift or devise) to any person or entity, voluntarily, or by
operation of law, except in accordance with the terms and conditions
hereinafter set forth.

 

(ii)                                  Before selling
or otherwise transferring all or part of the Vested Shares, the Participant
shall give written notice of such intention to the Company which notice shall
include the name of the proposed transferee, the proposed purchase price per
share, the terms of payment of such purchase price and all other matters
relating to such sale or transfer and shall be accompanied by a copy of the binding
written agreement of the proposed transferee to purchase the Vested Shares of
the Participant.  Such notice shall
constitute a binding offer by the Participant to sell to the Company such
number of the Vested Shares then held by the Participant as are proposed to be
sold in the notice at the monetary price per share designated in such notice,
payable on the terms offered to the Participant by the proposed transferee
(provided, however, that the Company shall not be required to meet any
non-monetary terms of the proposed transfer, including, without limitation,
delivery of other securities in exchange for the Vested Shares proposed to be
sold).  The Company shall give written
notice to the Participant as to whether such offer has been accepted in whole by
the Company within 60 days after its receipt of written notice from the
Participant.  The Company may only accept
such offer in whole and may not accept such offer in part.  Such acceptance notice shall fix a time,
location and date for the closing on such purchase (“Closing Date”) which shall
not be less than ten nor 

 

5

 

more
than sixty days after the giving of the acceptance notice, provided, however,
if any of the Shares to be sold pursuant to this Section 2.2(c) have
been held by the Participant for less than six months, then the Closing Date
may be extended by the Company until no more than ten days after such Shares
have been held by the Participant for six months.  At the Closing, the Participant shall accept
payment as set forth herein and shall deliver to the Company in exchange
therefor the Granted Shares being repurchased, duly endorsed for transfer, to
the extent that they are not then in the possession of the Company.

 

(iii)                               If the Company
shall fail to accept any such offer, the Participant shall be free to sell all,
but not less than all, of the Vested Shares set forth in his notice to the
designated transferee at the price and terms designated in the Participant’s
notice, provided that (i) such sale is consummated within six months after
the giving of notice by the Participant to the Company as aforesaid, and (ii) the
transferee first agrees in writing to be bound by the provisions of this Section 2.2(c) so
that he or she (and all subsequent transferees) shall thereafter only be
permitted to sell or transfer the Vested Shares in accordance with the terms
hereof.  After the expiration of such six
months, the provisions of this Section 2.2(c) shall again apply with
respect to any proposed voluntary transfer of the Vested Shares.

 

(iv)                              The provisions
of this Section 2.2(c) may be waived by the Company.  Any such waiver may be unconditional or based
upon such conditions as the Company may impose.

 

(v)                                 The
restrictions on transfer contained in this Section 2.2(c) shall not
apply to (a) transfers by the Participant to his or her spouse or children
or to a trust for the benefit of his or her spouse or children, (b) transfers
by the Participant to his or her guardian or conservator, and (c) or
transfers by the Participant, in the event of his or her death, to his or her
executor(s) or administrator(s) or to trustee(s) under his or
her will (collectively, “Permitted Transferees”); provided however, that in any
such event the Vested Shares so transferred in the hands of each such Permitted
Transferee shall remain subject to this Agreement, and each such Permitted
Transferee shall so acknowledge in writing as a condition precedent to the
effectiveness of such transfer.

 

(d)                                 The provisions
of Section 2.2 (a) through (d) shall terminate upon the
effective date of the registration of the Shares pursuant to the Securities
Exchange Act of 1934.

 

(e)                                  The Participant
agrees that in the event the Company proposes to offer for sale to the public
any of its equity securities and such Participant is requested by the Company
and any underwriter engaged by the Company in connection with such offering to
sign an agreement restricting the sale or other transfer of Shares, then it
will promptly sign such agreement and will not transfer, whether in privately
negotiated transactions or to the public in open market transactions or
otherwise, any Shares or other securities of the Company held by him or her
during such period as is determined by the Company and the underwriters, not to
exceed 90 days following the closing of the offering, plus such additional
period of time as may be required to comply with Marketplace Rule 2711 of
the National Association of Securities Dealers, Inc. or similar rules thereto
(such period, the “Lock-Up Period”). 
Such agreement shall be in writing and in form and substance reasonably
satisfactory to the Company and such underwriter and 

 

6

 

pursuant to customary and prevailing terms
and conditions.  Notwithstanding whether
the Participant has signed such an agreement, the Company may impose
stop-transfer instructions with respect to the Shares or other securities of
the Company subject to the foregoing restrictions until the end of the Lock-Up
Period.

 

(f)                                    The Participant
acknowledges and agrees that neither the Company nor, its shareholders nor its
directors and officers, has any duty or obligation to disclose to the
Participant any material information regarding the business of the Company or
affecting the value of the Shares before, at the time of, or following a
termination of the employment of the Participant by the Company or an
Affiliate, including, without limitation, any information concerning plans for
the Company to make a public offering of its securities or to be acquired by or
merged with or into another firm or entity.

 

3.                                       Legend.  In addition to any legend required pursuant
to the Plan, all certificates representing the Granted Shares to be issued to
the Participant pursuant to this Agreement shall have endorsed thereon a legend
substantially as follows:

 

“The
shares represented by this certificate are subject to restrictions set forth in
a Restricted Stock Agreement dated as of April 17, 2007 with this Company,
a copy of which Agreement is available for inspection at the offices of the
Company or will be made available upon request.”

 

4.                                       Purchase for
Investment; Securities Law Compliance.  If the offering and sale of the Granted
Shares have not been effectively registered under the 1933 Act, the Participant
hereby represents and warrants that he or she is acquiring the Granted Shares
for his or her own account, for investment, and not with a view to, or for sale
in connection with, the distribution of any such Granted Shares.  The Participant specifically acknowledges and
agrees that any sales of Granted Shares shall be made in accordance with the
requirements of the 1933 Act, in a transaction as to which the Company shall
have received an opinion of counsel satisfactory to it confirming such compliance.  The Participant shall be bound by the
provisions of the following legend which shall be endorsed upon the certificate(s) evidencing
the Shares issued:

 

“The
shares represented by this certificate have been taken for investment and they
may not be sold or otherwise transferred by any person, including a pledgee,
unless (1) either (a) a Registration Statement with respect to such
shares shall be effective under the Securities Act of 1933, as amended, or (b) the
Company shall have received an opinion of counsel satisfactory to it that an
exemption from registration under such Act is then available, and (2) there
shall have been compliance with all applicable state securities laws.”

 

5.                                       Rights as a
Stockholder.  The
Participant shall have all the rights of a stockholder with respect to the
Granted Shares, including voting and dividend rights, subject to the transfer
and other restrictions set forth herein and in the Plan.

 

6.                                       Incorporation
of the Plan.  The
Participant specifically understands and agrees that the Granted Shares issued
under the Plan are being sold to the Participant pursuant to the Plan, a copy
of which Plan the Participant acknowledges he or she has read and understands
and

 

7

 

by which Plan he or she agrees to be bound.  The provisions of the Plan are incorporated
herein by reference.

 

7.             Tax
Liability of the Participant and Payment of Taxes.  The Participant acknowledges and agrees that
any income or other taxes due from the Participant with respect to the Granted
Shares issued pursuant to this Agreement, including, without limitation, the
Lapsing Repurchase Right, shall be the Participant’s responsibility.  Without limiting the foregoing, the
Participant agrees that, to the extent that the lapsing of restrictions on
disposition of any of the Granted Shares or the declaration of dividends on any
such shares before the lapse of such restrictions on disposition results in the
Participant’s being deemed to be in receipt of earned income under the
provisions of the Code, the Company shall be entitled to immediate payment from
the Participant of the amount of any tax required to be withheld by the
Company.

 

Upon execution of this Agreement, the Participant may file an election
under Section 83 of the Code in substantially the form attached as Exhibit B.  The Participant acknowledges that if he does
not file such an election, as the Granted Shares are released from the Lapsing
Repurchase Right in accordance with Section 2.1, the Participant will have
income for tax purposes equal to the fair market value of the Granted Shares at
such date, less the price paid for the Granted Shares by the Participant.

 

8.             Equitable
Relief.  The Participant specifically
acknowledges and agrees that in the event of a breach or threatened breach of
the provisions of this Agreement or the Plan, including the attempted transfer
of the Granted Shares by the Participant in violation of this Agreement,
monetary damages may not be adequate to compensate the Company, and, therefore,
in the event of such a breach or threatened breach, in addition to any right to
damages, the Company shall be entitled to equitable relief in any court having
competent jurisdiction.  Nothing herein
shall be construed as prohibiting the Company from pursuing any other remedies
available to it for any such breach or threatened breach.

 

9.             No
Obligation to Maintain Relationship. 
The Company is not by the Plan or this Agreement obligated to continue
the Participant as an employee, director or consultant of the Company or an
Affiliate.  The Participant acknowledges:
(i) that the Plan is discretionary in nature and may be suspended or
terminated by the Company at any time; (ii) that the grant of the Shares
is a one-time benefit which does not create any contractual or other right to
receive future grants of shares, or benefits in lieu of shares; (iii) that
all determinations with respect to any such future grants, including, but not
limited to, the times when shares shall be granted, the number of shares to be
granted, the purchase price, and the time or times when each share shall be
free from a lapsing repurchase right, will be at the sole discretion of the
Company; (iv) that the Participant’s participation in the Plan is
voluntary; (v) that the value of the Shares is an extraordinary item of
compensation which is outside the scope of the Participant’s employment
contract, if any; and (vi) that the Shares are not part of normal or
expected compensation for purposes of calculating any severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments.

 

10.           Notices.  Any notices required or permitted by the
terms of this Agreement or the Plan shall be given by recognized courier
service, facsimile, registered or certified mail, return receipt requested,
addressed as follows:

 

8

 

If to the Company:

 

HealthpointCapital Dental Holdings, Inc.

One Perimeter Park South, Suite 230S

Birmingham, AL 35243

 

If to the Participant:

 

                                                

                                                

                                                

 

or to such other address or addresses of which notice in the same
manner has previously been given.  Any
such notice shall be deemed to have been given on the earliest of receipt, one
business day following delivery by the sender to a recognized courier service,
or three business days following mailing by registered or certified mail.

 

11.           Benefit
of Agreement.  Subject to the
provisions of the Plan and the other provisions hereof, this Agreement shall be
for the benefit of and shall be binding upon the heirs, executors,
administrators, successors and assigns of the parties hereto.

 

12.           Governing
Law.  This Agreement shall be
construed and enforced in accordance with the laws of the State of Delaware,
without giving effect to the conflict of law principles thereof.  For the purpose of litigating any dispute
that arises under this Agreement, whether at law or in equity, the parties
hereby consent to exclusive jurisdiction in New York and agree that such
litigation shall be conducted in the courts of New York County, New York or the
federal courts of the United States for the Southern District of New York.

 

13.           Severability.  If any provision of this Agreement is held to
be invalid or unenforceable by a court of competent jurisdiction, then such
provision or provisions shall be modified to the extent necessary to make such
provision valid and enforceable, and to the extent that this is impossible,
then such provision shall be deemed to be excised from this Agreement, and the
validity, legality and enforceability of the rest of this Agreement shall not
be affected thereby.

 

14.           Entire
Agreement.  This Agreement, together
with the Plan, constitutes the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof and supersedes all
prior oral or written agreements and understandings relating to the subject
matter hereof.  No statement,
representation, warranty, covenant or agreement not expressly set forth in this
Agreement shall affect or be used to interpret, change or restrict the express
terms and provisions of this Agreement provided, however, in any event, this
Agreement shall be subject to and governed by the Plan.

 

15.           Modifications
and Amendments; Waivers and Consents. 
The terms and provisions of this Agreement may be modified or amended as
provided in the Plan.  Except as provided
in the Plan, the terms and provisions of this Agreement may be waived, or
consent for 

 

9

 

the departure therefrom granted, only by written document executed by
the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or
provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be
effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

16.           Consent
of Spouse/Domestic Partner.  If the
Participant has a spouse or a domestic partner as of the date of this
Agreement, the Participant’s spouse or domestic partner shall execute a Consent
of Spouse/Domestic Partner in the form of Exhibit A hereto,
effective as of the date hereof.  Such
consent shall not be deemed to confer or convey to the spouse or domestic
partner any rights in the Granted Shares that do not otherwise exist by
operation of law or the agreement of the parties.  If the Participant subsequent to the date
hereof, marries, remarries or applies to the Company for domestic partner
benefits, the Participant shall, not later than 60 days thereafter, obtain his
or her new spouse/domestic partner’s acknowledgement of and consent to the
existence and binding effect of all restrictions contained in this Agreement by
having such spouse/domestic partner execute and deliver a Consent of
Spouse/Domestic Partner in the form of Exhibit A.

 

17.           Counterparts.  This Agreement may be executed in one or more
counterparts, and by different parties hereto on separate counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

18.           Data
Privacy.  By entering into this
Agreement, the Participant: (i) authorizes the Company and each Affiliate,
and any agent of the Company or any Affiliate administering the Plan or providing
Plan record keeping services, to disclose to the Company or any of its
Affiliates such information and data as the Company or any such Affiliate shall
request in order to facilitate the grant of Shares and the administration of
the Plan; (ii) waives any data privacy rights he or she may have with
respect to such information; and (iii) authorizes the Company and each
Affiliate to store and transmit such information in electronic form.

 

[THE NEXT PAGE IS THE SIGNATURE PAGE]

 

10

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

 

	
   

  	
  HealthpointCapital Dental Holdings, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  R. Steven Boggan

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  

 

11

 

EXHIBIT A

 

CONSENT OF SPOUSE/DOMESTIC PARTNER

 

I,                                                              ,
spouse or domestic partner of                                           ,
acknowledge that I have read the RESTRICTED STOCK AGREEMENT dated as of                         ,
200     (the “Agreement”) to which this Consent is
attached as Exhibit A and that I know its contents.  Capitalized terms used and not defined herein
shall have the meanings assigned to such terms in the Agreement.  I am aware that by its provisions the Granted
Shares granted to my spouse/domestic partner pursuant to the Agreement are
subject to a Lapsing Repurchase Right in favor of HealthpointCapital Dental
Holdings, Inc. (the “Company”) and that, accordingly, the Company has the
right to repurchase up to all of the Granted Shares of which I may become
possessed as a result of a gift from my spouse/domestic partner or a court decree
and/or any property settlement in any domestic litigation.

 

I hereby agree that my interest, if any, in the Granted Shares subject
to the Agreement shall be irrevocably bound by the Agreement and further
understand and agree that any community property interest I may have in the
Granted Shares shall be similarly bound by the Agreement.

 

I agree to the Lapsing Repurchase Right described in the Agreement and
I hereby consent to the repurchase of the Granted Shares by the Company and the
sale of the Granted Shares by my spouse/domestic partner or my spouse/domestic
partner’s legal representative in accordance with the provisions of the
Agreement.  Further, as part of the
consideration for the Agreement, I agree that at my death, if I have not
disposed of any interest of mine in the Granted Shares by an outright bequest
of the Granted Shares to my spouse or domestic partner, then the Company shall
have the same rights against my legal representative to exercise its rights of
repurchase with respect to any interest of mine in the Granted Shares as it
would have had pursuant to the Agreement if I had acquired the Granted Shares
pursuant to a court decree in domestic litigation.

 

I AM AWARE THAT THE LEGAL, FINANCIAL AND
RELATED MATTERS CONTAINED IN THE AGREEMENT ARE COMPLEX AND THAT I AM FREE TO
SEEK INDEPENDENT PROFESSIONAL GUIDANCE OR COUNSEL WITH RESPECT TO THIS
CONSENT.  I HAVE EITHER SOUGHT SUCH
GUIDANCE OR COUNSEL OR DETERMINED AFTER REVIEWING THE AGREEMENT CAREFULLY THAT
I WILL WAIVE SUCH RIGHT.

 

Dated as of the           
day of                                             ,
200    .

 

	
   

  	
   

  
	
   

  	
  Print name:

  

 

A-1

 

EXHIBIT B

 

Election to Include Gross Income in Year

of Transfer Pursuant to Section 83(b)

of the Internal Revenue Code of 1986, as amended

 

In accordance with Section 83(b) of the Internal Revenue Code
of 1986, as amended (the “Code”), the undersigned hereby elects to include in
his gross income as compensation for services the excess, if any, of the fair market
value of the property (described below) at the time of transfer over the amount
paid for such property.

 

The following sets for the information required in accordance with the
Code and the regulations promulgated hereunder:

 

1.             The
name, address and social security number of the undersigned are:

 

Name:

Address:

Social Security No.:

 

2.             The description of the property with
respect to which the election is being made is as follows:

 

                          shares
(the “Shares”) of Common Stock, $.0001 par value per share, of
HealthpointCapital Dental Holdings, Inc., a Delaware corporation (the “Company”).

 

3.             This election is made for the calendar
year         , with respect to
the transfer of the property to the Taxpayer on                               .

 

4.             Description
of restrictions: The property is subject to the following restrictions:

 

In the event taxpayer’s employment with the Company or an Affiliate is
terminated, the Company may repurchase all or any portion of the Shares
determined as set forth below at the acquisition price paid by the taxpayer:

 

A.            If the termination takes place on or prior
to the first anniversary of                              ,
the Purchase Option will apply to all of the Shares.

 

B.            If such termination is on or after the
first anniversary of               ,
but prior to the third anniversary of                 ,
the number of Shares to which the Purchase Option applies shall be all of the
Granted Shares less one-third of the Granted Shares for each full twelve (12)
month period elapsed after                 
that the Participant continues to serve as an employee, director or consultant
of the Company or an Affiliate.

 

5.             The fair market value at time of transfer
(determined without regard to any restrictions other than restrictions which by
their terms will never lapse) of the property with respect to which this
election is being made was not more than $        
per Share.

 

B-1

 

6.             The
amount paid by taxpayer for said property was $      
per Share.

 

7.             A
copy of this statement has been furnished to the Company.

 

Signed this          day
of                     ,
200  .

 

	
   

  	
   

  
	
   

  	
  Name:

  

 

B-2Exhibit 10.4

 

FORM OF

 

RESTRICTED STOCK AGREEMENT

 

BIOHORIZONS, INC.

 

AGREEMENT
made as of [                  
          , 20[    ]
(the “Grant Date”), between BioHorizons, Inc. (the “Company”), a Delaware
corporation, and [                                    ]
(the “Participant”).

 

WHEREAS,
the Company has adopted the BioHorizons, Inc. 2010 Executive, Director and
Consultant Stock Plan (the “Plan”) to promote the interests of the Company by
providing an incentive for employees, directors and consultants of the Company
or its Affiliates;

 

WHEREAS,
pursuant to the provisions of the Plan, the Company desires to offer to the
Participant shares of the Company’s Class C Common Stock, $0.0001 par
value per share (“Common Stock”), in accordance with the provisions of the
Plan, all on the terms and conditions hereinafter set forth;

 

WHEREAS,
Participant wishes to accept said offer; and

 

WHEREAS,
the parties hereto understand and agree that any terms used and not defined
herein have the meanings ascribed to such terms in the Plan and that any and
all references herein to employment of the Participant by the Company shall
include the Participant’s employment or service as an employee, director or
consultant of the Company or any Affiliate.

 

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

 

1.                                       Terms of Grant.  The Participant hereby accepts the offer of
the Company to issue to the Participant, in accordance with the terms of the
Plan and this Agreement, [              ]
Shares of the Company’s Common Stock (such shares, subject to adjustment
pursuant to Section 24 of the Plan and Subsection 2.1(i) hereof, the “Granted
Shares”) at a purchase price per share of $0.001 (the “Purchase Price”),
receipt of which is hereby acknowledged by the Company. The Participant hereby
agrees to become a party to the Stockholders’ Agreement dated August 21,
2006 between the Company and its stockholders (the “Stockholders’ Agreement”),
and Participant agrees to execute any certificates or other documentation that
the Company reasonably deems appropriate in order for the Participant to become
a party to the Stockholders’ Agreement. In addition to the restrictions
expressly set forth in this Agreement, the Granted Shares hereby shall not be
transferred by the Participant except as permitted in the Stockholders’
Agreement.

 

 

2.1.                              Company’s
Lapsing Repurchase Right.

 

(a)                                  Lapsing
Repurchase Right. Except as set forth in Subsections 2.1(b), 2.1(c) and
2.1(d) hereof, in the event that for any reason the Participant is no
longer an employee, director or consultant of the Company or an Affiliate prior
to the third anniversary of the Date of Reference, the Company (or its
designee) shall have the option, but not the obligation, to purchase from the
Participant (or the Participant’s Survivor), and, in the event the Company
exercises such option, the Participant (or the Participant’s Survivor) shall be
obligated to sell to the Company (or its designee), at a price per Granted
Share equal to the Purchase Price, all or any part of the Granted Shares set
forth in clauses (i) and (ii) below (the “Lapsing Repurchase Right”).  The Company’s Lapsing Repurchase Right shall
be valid for a period of one year commencing with the date of such termination
of employment or service. 
Notwithstanding any other provision hereof, in the event the Company is
prohibited during such one year period from exercising its Lapsing Repurchase
Right by Section 160 of the Delaware General Corporation Law as amended
from time to time (or any successor provision), then the time period during
which such Lapsing Repurchase Right may be exercised shall be extended until 30
days after the Company is first not so prohibited.  For the purposes of this Agreement, “Date of
Reference” shall be [                            
    ], 20[    ](1).

 

(i)                                     If such
termination is prior to the first anniversary of the Date of Reference, the
Company shall have the option to repurchase all of the Granted Shares acquired
by the Participant hereunder.

 

(ii)                                  If such
termination is on or after the first anniversary of the Date of Reference, but
prior to the third anniversary of the Date of Reference, the Company shall have
the option to repurchase all of the Granted Shares less one-third of the
Granted Shares for each full 12 month period elapsed after the Date of
Reference that the Participant continues to serve as an employee, director or
consultant of the Company or Affiliate.

 

(b)                                 Effect of
Termination for Disability or upon Death.  The following rules apply if the
Participant ceases to be an employee, director or consultant of the Company or
an Affiliate by reason of Disability or death: to the extent the Company’s
Lapsing Repurchase Right has not lapsed as of the date of Disability or death,
as case may be, the Company may exercise such Lapsing Repurchase Right;
provided, however, that the Company’s Lapsing Repurchase Right shall be deemed
to have lapsed to the extent of a pro rata portion of the Granted Shares
through the date of Disability or death, as would have lapsed had the
Participant not become Disabled or died, as the case may be.  The proration shall be based upon the number
of days accrued in such current vesting period prior to the Participant’s date
of Disability or death, as the case may be.

 

(c)                                  Effect of a For
Cause Termination. 
Notwithstanding anything to the contrary contained in this Agreement, in
the event the Company or an Affiliate terminates the Participant’s employment
or service for “cause” (as defined in the Plan) or in the event the
Administrator determines, within one year after the Participant’s termination,
that either prior or subsequent to the Participant’s termination the
Participant engaged in conduct that would 

 

(1)   Usually the same date as the agreement, but
sometimes the date of hire.

 

2

 

constitute
“cause,” all of the Granted Shares then held by the Participant shall be
forfeited to the Company immediately as of the time the Participant is notified
that he or she has been terminated for “cause” or that he or she engaged in
conduct which would constitute “cause”.

 

(d)                                 Effect of
Change of Control.  Except as
otherwise provided in Subsection 2.1(c) above, the Company’s Lapsing
Repurchase Right shall terminate, and the Participant’s ownership of all
Granted Shares then owned by the Participant shall become vested in accordance
with the terms and conditions set forth in Section 24 of the Plan.

 

(e)                                  Closing.  In the event that the Company exercises the
Lapsing Repurchase Right, the Company shall notify the Participant, or, in the
case of the Participant’s death, his or her Survivor, in writing of its intent
to repurchase the Granted Shares.  Such
notice may be mailed by the Company up to and including the last day of the
time period provided for above for exercise of the Lapsing Repurchase Right.  The notice shall specify the place, time and
date for payment of the repurchase price (the “Closing”) and the number of
Granted Shares with respect to which the Company is exercising the Lapsing
Repurchase Right.  The Closing shall be
not less than ten days nor more than 60 days from the date of mailing of the
notice, and the Participant or the Participant’s Survivor with respect to the
Granted Shares which the Company elects to repurchase shall have no further
rights as the owner thereof from and after the date specified in the
notice.  At the Closing, the repurchase
price shall be delivered to the Participant or the Participant’s Survivor and
the Granted Shares being repurchased, duly endorsed for transfer, shall, to the
extent that they are not then in the possession of the Company, be delivered to
the Company by the Participant or the Participant’s Survivor.

 

(f)                                    Escrow.  The certificates representing all Granted
Shares acquired by the Participant hereunder which from time to time are
subject to the Lapsing Repurchase Right shall be delivered to the Company and
the Company shall hold such Granted Shares in escrow as provided in this
Subsection 2.1(f).  The Company shall
promptly release from escrow and deliver to the Participant a certificate for
the whole number of Granted Shares, if any, as to which the Company’s Lapsing
Repurchase Right has lapsed as the Participant’s ownership of such Granted
Shares becomes vested from time to time. 
In the event of a repurchase by the Company of Granted Shares subject to
the Lapsing Repurchase Right, the Company shall release from escrow and cancel
a certificate for the number of Granted Shares so repurchased.  Any securities distributed in respect of the
Granted Shares held in escrow, including, without limitation, shares issued as
a result of stock splits, stock dividends or other recapitalizations, shall
also be held in escrow in the same manner as the Granted Shares.

 

(g)                                 Prohibition on
Transfer.  The
Participant recognizes and agrees that all Granted Shares which are subject to
the Lapsing Repurchase Right may not be sold, transferred, assigned,
hypothecated, pledged, encumbered or otherwise disposed of, whether voluntarily
or by operation of law, other than to the Company (or its designee).  However, the Participant, with the approval
of the Administrator, may transfer the Granted Shares for no consideration to
or for the benefit of the Participant’s Immediate Family (including, without
limitation, to a trust for the benefit of the Participant’s Immediate Family or
to a partnership or limited liability company for one or more members of the
Participant’s Immediate Family), subject to such limits as the Administrator
may establish, and the transferee shall remain subject to all the terms and
conditions applicable to this Agreement prior to such transfer and each such
transferee shall so 

 

3

 

acknowledge
in writing as a condition precedent to the effectiveness of such transfer.  The term “Immediate Family” shall mean the
Participant’s spouse, former spouse, parents, children, stepchildren, adoptive
relationships, sisters, brothers, nieces and nephews and grandchildren (and,
for this purpose, shall also include the Participant).  The Company shall not be required to transfer
any Granted Shares on its books which shall have been sold, assigned or
otherwise transferred in violation of this Subsection 2.1(g), or to treat as
the owner of such Granted Shares, or to accord the right to vote as such owner
or to pay dividends to, any person or organization to which any such Granted
Shares shall have been so sold, assigned or otherwise transferred, in violation
of this Subsection 2.1(g).

 

(h)                                 Failure to
Deliver Granted Shares to be Repurchased.  In the event that the Granted Shares to be
repurchased by the Company under this Agreement are not in the Company’s
possession pursuant to Subsection 2.1(f) above or otherwise and the
Participant or the Participant’s Survivor fails to deliver such Granted Shares
to the Company (or its designee), the Company may elect (i) to establish a
segregated account in the amount of the repurchase price, such account to be
turned over to the Participant or the Participant’s Survivor upon delivery of
such Granted Shares, and (ii) immediately to take such action as is
appropriate to transfer record title of such Granted Shares from the
Participant to the Company (or its designee) and to treat the Participant and
such Granted Shares in all respects as if delivery of such Granted Shares had
been made as required by this Agreement. 
The Participant hereby irrevocably grants the Company a power of
attorney which shall be coupled with an interest for the purpose of
effectuating the preceding sentence.

 

(i)                                     Adjustments.  The Plan contains provisions covering the
treatment of Shares in a number of contingencies such as stock splits and
mergers.  Provisions in the Plan for
adjustment with respect to the Granted Shares and the related provisions with
respect to successors to the business of the Company are hereby made applicable
hereunder and are incorporated herein by reference.

 

2.2                                 General
Restrictions on Transfer of Granted Shares.

 

(a)                                  Limitations on
Transfer.  In addition
to the restrictions set forth above in Section 2.1, the Granted Shares
acquired by the Participant hereunder and no longer subject to the provisions
of Section 2.1 herein (the “Vested Shares”) shall not be transferred by
the Participant except as permitted herein, shall be subject to the provisions
of Sections 2.1 (f), (g) and (h) above and shall be subject to the
repurchase rights described herein.

 

(b)                                 Right to
Repurchase following Termination of Service.  If the Participant’s service as an employee,
director or consultant with the Company or an Affiliate shall be terminated for
any reason other than for “cause” (as defined in the Plan), including due to
death or Disability, then the Company shall have the option to repurchase the
Vested Shares not previously repurchased in accordance with the provisions of Section 2.1
of this Agreement as follows:

 

(i)                                     The Company’s
option to repurchase the Vested Shares in the event of termination of service
under this Section 2.2(b) shall be valid for a period of one year
commencing with the date of such termination of service.

 

4

 

(ii)                                  In the event
the Company shall be entitled to and shall elect to exercise its option to
repurchase the Vested Shares under this Section 2.2(b), the Company shall
notify the Participant, or in case of death, his or her Survivor, in writing of
its intent to repurchase the Vested Shares. 
Such written notice may be mailed by the Company up to and including the
last day of the time period provided for in Section 2.2(b)(i) for
exercise of the Company’s option to repurchase.

 

(iii)                               The written
notice to the Participant shall specify the address at, and the time and date
on, which payment of the Repurchase Price (as defined herein) is to be made
(the “Closing”).  The date specified
shall not be less than ten days nor more than 60 days from the date of the
mailing of the notice, and the Participant or the Participant’s Survivor with
respect to the Vested Shares shall have no further rights as the owner thereof
from and after the date specified in the notice.  At the Closing, the Repurchase Price shall be
delivered to the Participant or the Participant’s Survivor and the Vested
Shares being purchased, duly endorsed for transfer, shall, to the extent that
they are not then in the possession of the Company, be delivered to the Company
by the Participant or the Participant’s Survivor.

 

(iv)                              The price paid
per share for any Vested Shares repurchased hereunder (the “Repurchase Price”)
shall equal the Fair Market Value of such Vested Shares determined in
accordance with the Plan as of the date of termination of service, provided,
however, in the event of a termination by the Company or an Affiliate for “cause”
(as defined in the Plan), the per share repurchase price of the Shares to be
sold to the Company upon exercise of its option under this Section 2.2
shall be equal to the Purchase Price.

 

(c)                                  Right to
Repurchase on Proposed Transfer.  It shall be a condition precedent to the
validity of any sale or other transfer of any Vested Shares by the Participant
that the following restrictions be complied with (except as hereinafter
otherwise provided):

 

(i)                                     No Vested
Shares owned by the Participant may be sold, pledged or otherwise transferred
(including by gift or devise) to any person or entity, voluntarily, or by
operation of law, except in accordance with the terms and conditions
hereinafter set forth.

 

(ii)                                  Before selling
or otherwise transferring all or part of the Vested Shares, the Participant
shall give written notice of such intention to the Company which notice shall
include the name of the proposed transferee, the proposed purchase price per
share, the terms of payment of such purchase price and all other matters
relating to such sale or transfer and shall be accompanied by a copy of the
binding written agreement of the proposed transferee to purchase the Vested
Shares of the Participant. Such notice shall constitute a binding offer by the
Participant to sell to the Company such number of the Vested Shares then held
by the Participant as are proposed to be sold in the notice at the monetary
price per share designated in such notice, payable on the terms offered to the
Participant by the proposed transferee (provided, however, that the Company
shall not be required to meet any non-monetary terms of the proposed transfer,
including, without limitation, delivery of other securities in exchange for the
Vested Shares proposed to be sold). The Company shall give written notice to
the Participant as to whether such offer 

 

5

 

has
been accepted in whole by the Company within 60 days after its receipt of
written notice from the Participant.  The
Company may only accept such offer in whole and may not accept such offer in
part.  Such acceptance notice shall fix a
time, location and date for the closing on such purchase (“Closing Date”) which
shall not be less than ten nor more than sixty days after the giving of the
acceptance notice, provided, however, if any of the Shares to be sold pursuant
to this Section 2.2(c) have been held by the Participant for less
than six months, then the Closing Date may be extended by the Company until no
more than ten days after such Shares have been held by the Participant for six
months.  At the Closing, the Participant
shall accept payment as set forth herein and shall deliver to the Company in exchange
therefor the Granted Shares being repurchased, duly endorsed for transfer, to
the extent that they are not then in the possession of the Company.

 

(iii)                               If the Company
shall fail to accept any such offer, the Participant shall be free to sell all,
but not less than all, of the Vested Shares set forth in his notice to the
designated transferee at the price and terms designated in the Participant’s
notice, provided that (i) such sale is consummated within six months after
the giving of notice by the Participant to the Company as aforesaid, and (ii) the
transferee first agrees in writing to be bound by the provisions of this Section 2.2(c) so
that he or she (and all subsequent transferees) shall thereafter only be
permitted to sell or transfer the Vested Shares in accordance with the terms hereof.  After the expiration of such six months, the
provisions of this Section 2.2(c) shall again apply with respect to
any proposed voluntary transfer of the Vested Shares.

 

(iv)                              The provisions
of this Section 2.2(c) may be waived by the Company.  Any such waiver may be unconditional or based
upon such conditions as the Company may impose.

 

(v)                                 The
restrictions on transfer contained in this Section 2.2(c) shall not
apply to (a) transfers by the Participant to his or her spouse or children
or to a trust for the benefit of his or her spouse or children, (b) transfers
by the Participant to his or her guardian or conservator, and (c) or
transfers by the Participant, in the event of his or her death, to his or her
executor(s) or administrator(s) or to trustee(s) under his or
her will (collectively, “Permitted Transferees”); provided however, that in any
such event the Vested Shares so transferred in the hands of each such Permitted
Transferee shall remain subject to this Agreement, and each such Permitted
Transferee shall so acknowledge in writing as a condition precedent to the
effectiveness of such transfer.

 

(d)                                 The provisions
of Section 2.2 (a) through (d) shall terminate upon the
effective date of the registration of the Shares pursuant to the Securities Exchange
Act of 1934.

 

(e)                                  The Participant
agrees that in the event the Company proposes to offer for sale to the public
any of its equity securities and such Participant is requested by the Company
and any underwriter engaged by the Company in connection with such offering to
sign an agreement restricting the sale or other transfer of Shares, then it
will promptly sign such agreement and will not transfer, whether in privately
negotiated transactions or to the public in open market transactions or
otherwise, any Shares or other securities of the Company held by him or her
during such period as is determined by the Company and the underwriters, not to
exceed 90 days 

 

6

 

following
the closing of the offering, plus such additional period of time as may be
required to comply with Marketplace Rule 2711 of the National Association
of Securities Dealers, Inc. or similar rules thereto (such period,
the “Lock-Up Period”).  Such agreement
shall be in writing and in form and substance reasonably satisfactory to the
Company and such underwriter and pursuant to customary and prevailing terms and
conditions.  Notwithstanding whether the
Participant has signed such an agreement, the Company may impose stop-transfer
instructions with respect to the Shares or other securities of the Company
subject to the foregoing restrictions until the end of the Lock-Up Period.

 

(f)                                    The Participant
acknowledges and agrees that neither the Company nor, its shareholders nor its
directors and officers, has any duty or obligation to disclose to the
Participant any material information regarding the business of the Company or
affecting the value of the Shares before, at the time of, or following a
termination of the employment of the Participant by the Company or an
Affiliate, including, without limitation, any information concerning plans for
the Company to make a public offering of its securities or to be acquired by or
merged with or into another firm or entity.

 

3.                                       Legend.  In addition to any legend required pursuant
to the Plan, all certificates representing the Granted Shares to be issued to
the Participant pursuant to this Agreement shall have endorsed thereon a legend
substantially as follows:

 

“The
shares represented by this certificate are subject to restrictions set forth in
a Restricted Stock Agreement dated as of March 31, 2010 with this Company,
a copy of which Agreement is available for inspection at the offices of the
Company or will be made available upon request.”

 

4.                                       Purchase for
Investment; Securities Law Compliance.  If the offering and sale of the Granted
Shares have not been effectively registered under the 1933 Act, the Participant
hereby represents and warrants that he or she is acquiring the Granted Shares
for his or her own account, for investment, and not with a view to, or for sale
in connection with, the distribution of any such Granted Shares.  The Participant specifically acknowledges and
agrees that any sales of Granted Shares shall be made in accordance with the
requirements of the 1933 Act, in a transaction as to which the Company shall
have received an opinion of counsel satisfactory to it confirming such
compliance.  The Participant shall be
bound by the provisions of the following legend which shall be endorsed upon
the certificate(s) evidencing the Shares issued:

 

“The
shares represented by this certificate have been taken for investment and they
may not be sold or otherwise transferred by any person, including a pledgee,
unless (1) either (a) a Registration Statement with respect to such
shares shall be effective under the Securities Act of 1933, as amended, or (b) the
Company shall have received an opinion of counsel satisfactory to it that an
exemption from registration under such Act is then available, and (2) there
shall have been compliance with all applicable state securities laws.”

 

5.                                       Rights as a
Stockholder.  The
Participant shall have all the rights of a stockholder with respect to the
Granted Shares, including voting and dividend rights, subject to the transfer
and other restrictions set forth herein and in the Plan.

 

7

 

 

6.                                       Incorporation
of the Plan.  The
Participant specifically understands and agrees that the Granted Shares issued
under the Plan are being sold to the Participant pursuant to the Plan, a copy
of which Plan the Participant acknowledges he or she has read and understands
and by which Plan he or she agrees to be bound. 
The provisions of the Plan are incorporated herein by reference.

 

7.                                       Tax Liability
of the Participant and Payment of Taxes.  The Participant acknowledges and agrees that
any income or other taxes due from the Participant with respect to the Granted
Shares issued pursuant to this Agreement, including, without limitation, the
Lapsing Repurchase Right, shall be the Participant’s responsibility.  Without limiting the foregoing, the
Participant agrees that, to the extent that the lapsing of restrictions on
disposition of any of the Granted Shares or the declaration of dividends on any
such shares before the lapse of such restrictions on disposition results in the
Participant’s being deemed to be in receipt of earned income under the
provisions of the Code, the Company shall be entitled to immediate payment from
the Participant of the amount of any tax required to be withheld by the
Company.

 

Upon
execution of this Agreement, the Participant may file an election under Section 83
of the Code in substantially the form attached as Exhibit B.  The Participant acknowledges that if he does
not file such an election, as the Granted Shares are released from the Lapsing
Repurchase Right in accordance with Section 2.1, the Participant will have
income for tax purposes equal to the fair market value of the Granted Shares at
such date, less the price paid for the Granted Shares by the Participant.

 

8.                                       Equitable
Relief.  The Participant specifically
acknowledges and agrees that in the event of a breach or threatened breach of
the provisions of this Agreement or the Plan, including the attempted transfer
of the Granted Shares by the Participant in violation of this Agreement,
monetary damages may not be adequate to compensate the Company, and, therefore,
in the event of such a breach or threatened breach, in addition to any right to
damages, the Company shall be entitled to equitable relief in any court having
competent jurisdiction.  Nothing herein
shall be construed as prohibiting the Company from pursuing any other remedies
available to it for any such breach or threatened breach.

 

9.                                       No Obligation
to Maintain Relationship.  The
Company is not by the Plan or this Agreement obligated to continue the
Participant as an employee, director or consultant of the Company or an
Affiliate.  The Participant
acknowledges:  (i) that the Plan is
discretionary in nature and may be suspended or terminated by the Company at
any time; (ii) that the grant of the Shares is a one-time benefit which
does not create any contractual or other right to receive future grants of
shares, or benefits in lieu of shares; (iii) that all determinations with
respect to any such future grants, including, but not limited to, the times
when shares shall be granted, the number of shares to be granted, the purchase
price, and the time or times when each share shall be free from a lapsing
repurchase right, will be at the sole discretion of the Company; (iv) that
the Participant’s participation in the Plan is voluntary; (v) that the
value of the Shares is an extraordinary item of compensation which is outside
the scope of the Participant’s employment contract, if any; and (vi) that
the Shares are not part of normal or expected compensation for purposes of
calculating any severance, resignation, redundancy, end of service payments,
bonuses, long-service awards, pension or retirement benefits or similar
payments.

 

8

 

10.                                 Notices.  Any notices required or permitted by the
terms of this Agreement or the Plan shall be given by recognized courier
service, facsimile, registered or certified mail, return receipt requested,
addressed as follows:

 

If
to the Company:

 

	
  BioHorizons, Inc.

  	
   

  
	
  2300
  Riverchase Center

  	
   

  
	
  Birmingham,
  AL 35244

  	
   

  
	
  Attn:
  Kendyl D. Lowe, CFO

  	
   

  

 

If
to the Participant:

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

or
to such other address or addresses of which notice in the same manner has
previously been given.  Any such notice
shall be deemed to have been given on the earliest of receipt, one business day
following delivery by the sender to a recognized courier service, or three
business days following mailing by registered or certified mail.

 

11.                                 Benefit of
Agreement.  Subject to
the provisions of the Plan and the other provisions hereof, this Agreement
shall be for the benefit of and shall be binding upon the heirs, executors,
administrators, successors and assigns of the parties hereto.

 

12.                                 Governing Law.  This Agreement shall be construed and
enforced in accordance with the laws of the State of Delaware, without giving
effect to the conflict of law principles thereof.  For the purpose of litigating any dispute
that arises under this Agreement, whether at law or in equity, the parties
hereby consent to exclusive jurisdiction in Delaware and agree that such
litigation shall be conducted in the courts of Delaware or the federal courts
of the United States District Court for the District of Delaware.

 

13.                                 Severability.  If any provision of this Agreement is held to
be invalid or unenforceable by a court of competent jurisdiction, then such
provision or provisions shall be modified to the extent necessary to make such
provision valid and enforceable, and to the extent that this is impossible,
then such provision shall be deemed to be excised from this Agreement, and the
validity, legality and enforceability of the rest of this Agreement shall not
be affected thereby.

 

14.                                 Entire
Agreement.  This
Agreement, together with the Plan, constitutes the entire agreement and
understanding between the parties hereto with respect to the subject matter
hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof. 
No statement, representation, warranty, covenant or agreement not
expressly set forth in this Agreement shall affect or be used to interpret,
change or restrict the express terms and provisions of this Agreement provided,
however, in any event, this Agreement shall be subject to and governed by the
Plan.

 

9

 

15.                                 Modifications
and Amendments; Waivers and Consents.  The terms and provisions of this Agreement
may be modified or amended as provided in the Plan. Except as provided in the
Plan, the terms and provisions of this Agreement may be waived, or consent for
the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or
provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be
effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

16.                                 Consent of
Spouse/Domestic Partner.  If
the Participant has a spouse or a domestic partner as of the date of this
Agreement, the Participant’s spouse or domestic partner shall execute a Consent
of Spouse/Domestic Partner in the form of Exhibit A hereto, effective
as of the date hereof. Such consent shall not be deemed to confer or convey to
the spouse or domestic partner any rights in the Granted Shares that do not
otherwise exist by operation of law or the agreement of the parties.  If the Participant subsequent to the date
hereof, marries, remarries or applies to the Company for domestic partner
benefits, the Participant shall, not later than 60 days thereafter, obtain his
or her new spouse/domestic partner’s acknowledgement of and consent to the
existence and binding effect of all restrictions contained in this Agreement by
having such spouse/domestic partner execute and deliver a Consent of
Spouse/Domestic Partner in the form of Exhibit A.

 

17.                                 Counterparts.  This Agreement may be executed in one or more
counterparts, and by different parties hereto on separate counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

18.                                 Data Privacy.  By entering into this Agreement, the
Participant:  (i) authorizes the
Company and each Affiliate, and any agent of the Company or any Affiliate
administering the Plan or providing Plan record keeping services, to disclose
to the Company or any of its Affiliates such information and data as the
Company or any such Affiliate shall request in order to facilitate the grant of
Shares and the administration of the Plan; (ii) waives any data privacy
rights he or she may have with respect to such information; and (iii) authorizes
the Company and each Affiliate to store and transmit such information in
electronic form.

 

[THE NEXT PAGE IS THE SIGNATURE PAGE]

 

10

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written.

 

	
   

  	
  BIOHORIZONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Kendyl
  D. Lowe

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print
  Name

  

 

11

 

EXHIBIT A

 

CONSENT OF SPOUSE/DOMESTIC PARTNER

 

I,
                                                ,
spouse or domestic partner of [                                                ],
acknowledge that I have read the RESTRICTED STOCK AGREEMENT dated as of [                                          ],
200[_] (the “Agreement”) to which this Consent is attached as Exhibit A
and that I know its contents. Capitalized terms used and not defined herein
shall have the meanings assigned to such terms in the Agreement.  I am aware that by its provisions the Granted
Shares granted to my spouse/domestic partner pursuant to the Agreement are
subject to a Lapsing Repurchase Right in favor of BioHorizons, Inc. (the “Company”)
and that, accordingly, the Company has the right to repurchase up to all of the
Granted Shares of which I may become possessed as a result of a gift from my
spouse/domestic partner or a court decree and/or any property settlement in any
domestic litigation.

 

I
hereby agree that my interest, if any, in the Granted Shares subject to the
Agreement shall be irrevocably bound by the Agreement and further understand
and agree that any community property interest I may have in the Granted Shares
shall be similarly bound by the Agreement.

 

I
agree to the Lapsing Repurchase Right described in the Agreement and I hereby
consent to the repurchase of the Granted Shares by the Company and the sale of
the Granted Shares by my spouse/domestic partner or my spouse/domestic partner’s
legal representative in accordance with the provisions of the Agreement.  Further, as part of the consideration for the
Agreement, I agree that at my death, if I have not disposed of any
interest of mine in the Granted Shares by an outright bequest of the Granted
Shares to my spouse or domestic partner, then the Company shall have the same
rights against my legal representative to exercise its rights of repurchase
with respect to any interest of mine in the Granted Shares as it would have had
pursuant to the Agreement if I had acquired the Granted Shares pursuant to a
court decree in domestic litigation.

 

I AM AWARE THAT THE LEGAL, FINANCIAL AND RELATED MATTERS CONTAINED IN
THE AGREEMENT ARE COMPLEX AND THAT I AM FREE TO SEEK INDEPENDENT PROFESSIONAL
GUIDANCE OR COUNSEL WITH RESPECT TO THIS CONSENT. I  HAVE EITHER SOUGHT SUCH GUIDANCE OR COUNSEL
OR DETERMINED AFTER REVIEWING THE AGREEMENT CAREFULLY THAT I WILL WAIVE SUCH
RIGHT.

 

Dated
as of the        day of                                 ,
200    .

 

 

	
   

  	
   

  
	
   

  	
  Print
  Name:

  

 

A-1

 

EXHIBIT B

 

Election to Include Gross Income in Year

of Transfer Pursuant to Section 83(b)

of the Internal Revenue Code of 1986, as amended

 

In
accordance with Section 83(b) of the Internal Revenue Code of 1986,
as amended (the “Code”), the undersigned hereby elects to include in his gross
income as compensation for services the excess, if any, of the fair market
value of the property (described below) at the time of transfer over the amount
paid for such property.

 

The
following sets for the information required in accordance with the Code and the
regulations promulgated hereunder:

 

1.                                       The name,
address and social security number of the undersigned are:

 

Name:  [                              ]

Address:  [                              ]

Social
Security No.:  [                              ]

 

2.                                       The description
of the property with respect to which the election is being made is as follows:

 

[                        ]
shares (the “Shares”) of Class C Common Stock, $.0001 par value per share,
of BioHorizons, Inc., a Delaware corporation (the “Company”).

 

3.                                       This election
is made for the calendar year 20[  ],with
respect to the transfer of the property to the Taxpayer on [                        
    ], 20[    ].

 

4.                                       Description of
restrictions:  The property is subject to
the following restrictions:

 

In
the event taxpayer’s employment with the Company or an Affiliate is terminated,
the Company may repurchase all or any portion of the Shares determined as set
forth below at the acquisition price paid by the taxpayer:

 

[Vesting
Schedule applicable to BioHorizons Restricted Shares currently owned]

 

5.                                       The fair market
value at time of transfer (determined without regard to any restrictions other
than restrictions which by their terms will never lapse) of the property with
respect to which this election is being made was not more than $[          ]
per Share.

 

6.                                       The amount paid
by taxpayer for said property was $[          ]
per Share.

 

7.                                       A copy of this
statement has been furnished to the Company.

 

Signed
this          day of                             ,
200[    ].

 

	
   

  	
   

  
	
   

  	
  Name:

  

 

B-1

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