Document:

Blueprint

Exhibit
10.3

Form of
Amended and Restated

Restricted
Stock Unit Award Agreement

 

AMENDED AND RESTATED

ATRION CORPORATION

2006 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

THIS AWARD AGREEMENT (the "Agreement") is made and entered
into effective as of [DATE] by and between Atrion Corporation, a
Delaware corporation (the "Company"), and [NAME OF PARTICIPANT]
(the "Participant"), pursuant to the Amended and Restated Atrion
Corporation 2006 Equity Incentive Plan, as it may be amended and
restated from time to time (the "Plan"). Capitalized terms used but
not defined herein shall have the meanings set forth in the
Plan.

 

W I
T N E S S E T H:

 

WHEREAS,
pursuant to the Plan and subject to the execution of this
Agreement, the Committee has granted, and the Participant desires
to receive, an Award.

 

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

 

AWARD OF RESTRICTED STOCK UNITS. On the date specified on
Exhibit A attached hereto (the "Date of Grant") but subject to the
execution of this Agreement, the Company granted to the Participant
an Award in the form of Restricted Stock Units ("RSUs") entitling
the Participant to receive from the Company, without payment, one
share of Common Stock (a "Share") for each RSU set forth on said
Exhibit A.

 

EFFECT OF PLAN. The RSUs are in all respects subject to, and
shall be governed and determined by, the provisions of the Plan
(all of the terms of which are incorporated herein by reference)
and to any rules which might be adopted by the Board or the
Committee with respect to the Plan to the same extent and with the
same effect as if set forth fully herein. The Participant hereby
acknowledges that all decisions and determinations of the Committee
shall be final and binding on the Participant, his beneficiaries
and any other person having or claiming an interest in the
RSUs.

 

RESTRICTIONS. The RSUs as to which the restrictions shall
not have lapsed and which are not vested shall be forfeited upon
the Participant's Termination of Employment. The RSUs may not be
sold, transferred, pledged, assigned or otherwise alienated or
hypothecated until such restrictions lapse and the RSUs
vest.

 

RIGHTS PRIOR TO VESTING. During the period prior to lapse of
the restrictions and the vesting, in the event that any dividend is
paid by the Company with respect to the Common Stock (whether in
the form of cash, Common Stock or other property), then the
Committee shall, in the manner it deems equitable or appropriate,
adjust the number of RSUs allocated to each Participant's Stock
Award Account to reflect such dividend.

 

 

 

SETTLEMENT OF RSUS. Each RSU will be settled by delivery to
the Participant, or in the event of the Participant's death to the
Participant's legal representative, promptly following the date or
dates set forth on Exhibit A hereto (any such date, the "Settlement
Date") of one Share.

 

SECURITIES LAW RESTRICTIONS. Acceptance of this Agreement
shall be deemed to constitute the Participant's acknowledgement
that the RSUs shall be subject to such restrictions and conditions
on any resale and on any other disposition as the Company shall
deem necessary under any applicable laws or regulations or in light
of any stock exchange requirements.

 

NO ASSIGNMENT. The RSUs are personal to the Participant and
may not in any manner or respect be assigned or transferred
otherwise than by will or the laws of descent and
distribution.

 

NO RIGHT TO CONTINUED EMPLOYMENT. Neither the Plan nor this
Agreement shall give the Participant the right to continued
employment by the Company or shall adversely affect the right of
the Company to terminate the Participant's employment with or
without cause at any time, subject to the provisions of any
applicable employment agreement.

 

TAX WITHHOLDING.

 

Regardless
of any action the Company or the Subsidiary employing the
Participant takes with respect to any or all income tax, social
insurance, payroll tax, payment on account or other applicable
taxes (“Tax Items”) in connection with the Award, the
Participant hereby acknowledges and agrees that the ultimate
liability for all Tax Items legally due by the Participant is and
remains the responsibility of the Participant. Further, if the
Participant has become subject to tax in more than one jurisdiction
between the date of grant and the date of any relevant taxable or
tax withholding event, as applicable, the Participant acknowledges
that the Company or the Subsidiary employing the Participant may be
required to withhold or account for Tax Items in more than one
jurisdiction.

 

The
Participant acknowledges and agrees that the Company and the
Subsidiary employing the Participant: (i) make no representations
or undertakings regarding the treatment of any Tax Items in
connection with any aspect of the Award, including, but not limited
to, the award or vesting of the RSUs, the delivery of the Shares
upon vesting and conversion or the subsequent sale of Shares
acquired upon vesting and conversion; and (ii) does not commit to
structure the terms of the Award or any aspect of the Award to
reduce or eliminate the Participant’s liability for Tax
Items.

 

Prior
to vesting and conversion of the RSUs, the Participant must pay or
make adequate arrangements satisfactory to the Company or the
Subsidiary employing the Participant to satisfy all withholding
obligations for Tax Items of the Company or the Subsidiary
employing the Participant arising from vesting and conversion of
the RSUs. In this regard, in lieu of all or any part of a cash
payment, the Participant may elect to satisfy all or part of the
withholding obligations for Tax Items by (i) having the Company
withhold a portion of the Shares issuable upon vesting and
conversion of the RSUs or (ii) delivering shares of Common Stock
owned by the Participant, duly endorsed for transfer, to the
Company, in each case with a Fair Market Value equal to the amount
of the withholding obligations to be satisfied in such manner. The
Company or the Subsidiary employing the Participant will remit the
total amount paid or withheld for Tax Items to the appropriate tax
authorities.

 

 

2

 

 

SECTION 409A. This
Agreement is intended to comply with Section 409A of the Code and
shall be construed and interpreted in a manner that is consistent
with the requirements for avoiding additional taxes and penalties
under Section 409A of the Code. Notwithstanding the foregoing, the
Company makes no representation that the payments and benefits
provided hereunder comply with Section 409A of the Code, and in no
event shall the Company be liable for all or any portion of any
taxes, penalties, interest or other expenses that may be incurred
by the Participant on account of non-compliance with Section 409A
of the Code.

 

COUNTERPART EXECUTION. This Agreement may be executed in any
number of counterparts, each of which shall be considered an
original, and such counterparts shall, together, constitute and be
one and the same instrument.

 

MISCELLANEOUS.

 

The
Participant's rights under this Agreement can be modified,
suspended or canceled only in accordance with the terms of the
Plan. This Agreement may not be changed orally, but may be changed
only by an agreement in writing signed by the party against whom
enforcement of any waiver, change, modification or discharge is
sought.

 

The
invalidity or unenforceability of any provision hereof shall in no
way affect the validity of enforceability of any other provision of
this Agreement.

 

This
Agreement shall bind the parties, their respective heirs,
executors, administrators, successors and assigns. Nothing
contained herein shall be construed as an authorization or right of
any party to assign their respective rights or obligations
hereunder and the Participant shall have no right to assign this
Agreement, and any such attempted assignment shall be ineffective.
This Agreement shall be binding upon the Company and its successors
and assigns.

 

This
Agreement shall be subject to the applicable provisions,
definitions, terms and conditions set forth in the Plan, all of
which are incorporated by this reference in this Agreement and the
terms of the Plan shall govern in the event of any inconsistency
between the Plan and this Agreement.

 

Any
notice required or permitted to be given to the Company hereunder
shall be in writing and addressed to the Secretary of the Company
at the Company’s principal office. Any notice required or
permitted to be given to the Participant shall be in writing and
addressed to the Participant at the Participant’s address as
shown in the records of the Company. Either party may designate
another address in writing from time to time. Notices hereunder
shall be deemed to have been given when deposited in the United
States mail, postage prepaid and sent by certified or registered
mail to the above addresses.

 

This
Agreement shall be interpreted and construed according to and
governed by the laws of the State of Texas.

 

 

3

 

 

IN
WITNESS WHEREOF, the Company and the Participant have executed and
delivered this Agreement as of the day and year first written
above.

 

 

	
 

	
 
ATRION
CORPORATION

 

 

By:                                                                

Name:                                                           

Title:                                                              

 

 

 

 

                                                                       

PARTICIPANT

  

 

 

 

 

4

 

 

EXHIBIT A

 

TO

 

AWARD AGREEMENT

 

 

Date of
Grant:

 

Number
of Restricted Stock Units:

 

Settlement
Schedule:

 

 

	

Number
of Shares

to be
Delivered*

	
 

	

 

Settlement
Date

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

*
Subject to adjustment as provided in Paragraph 4 of the Award
Agreement.

 

 

5Blueprint

Exhibit
10.4

Form of
Amended and Restated

Non-Qualified
Stock Option Award Agreement

 

AMENDED AND RESTATED

ATRION CORPORATION

2006 EQUITY INCENTIVE PLAN

 

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

 

THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (the
"Agreement") is made and entered into effective as of [DATE], by
and between Atrion Corporation, a Delaware corporation (the
"Company"), and [NAME OF PARTICIPANT] (the "Participant"), pursuant
to the Amended and Restated Atrion Corporation 2006 Equity
Incentive Plan, as amended and restated from time to time (the
"Plan"). Capitalized terms used but not defined herein shall have
the meanings set forth in the Plan.

 

W I
T N E S S E T H:

 

WHEREAS,
pursuant to the Plan and subject to the execution of this
Agreement, the Committee has granted, and the Participant desires
to receive, an Award.

 

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

 

AWARD OF OPTION. On the date specified on Exhibit A attached
hereto (the "Date of Grant") but subject to the execution of this
Agreement, the Company granted to the Participant an Award in the
form of a Non-Qualified Stock Option (the "Option") to purchase
from the Company the number of shares of Common Stock (the
"Shares") set forth on said Exhibit A for the price per Share (the
"Option Price") set forth on said Exhibit A.

 

EFFECT OF PLAN. The Option is in all respects subject to,
and shall be governed and determined by, the provisions of the Plan
(all of the terms of which are incorporated herein by reference)
and to any rules which might be adopted by the Board or the
Committee with respect to the Plan to the same extent and with the
same effect as if set forth fully herein. The Participant hereby
acknowledges that all decisions and determinations of the Committee
shall be final and binding on the Participant, his beneficiaries
and any other person having or claiming an interest in the
Option.

 

VESTING AND EXERCISABILITY OF OPTION. The Option may be
exercised and Shares may be purchased by the Participant as the
result of such exercise only during the term or terms set forth on
Exhibit A attached hereto; provided, however, that in no event
shall the total number of Shares purchased hereunder pursuant to
the exercise of the Option exceed the number set forth on Exhibit A
attached hereto, as the same may be adjusted in accordance with the
Plan.

 

Limitations
on Exercise of Option. The Option may not be exercised after its
expiration date.

 

 

 

 

 

No
Vesting After Termination. Notwithstanding any other provision
hereof, in no event may the Option be exercised at any time after
Termination of Employment with respect to any number of Shares in
excess of the number of Shares as to which the Option was
exercisable at the time of Termination of Employment.

 

METHOD OF EXERCISE.
The Option shall be exercised by delivery to the Company at its
principal office of written notice of the Participant's intent to
exercise the Option with respect to the number of Shares then being
purchased, accompanied by payment in full to the Company of the
amount of the Option Price for the number of Shares then being
purchased. The Option Price may be paid as follows, as elected by
the Participant:

 

in the
manner set forth in Sections 5.2.4.1-5.2.4.4 of the Plan;
or

 

through
any combination of the consideration provided for in this Section 4
or such other method approved by the Committee consistent with
applicable law.

 

SURRENDER OF AGREEMENT ON EXERCISE. In case of any exercise
of the Option, this Agreement shall be surrendered to the Company.
The Company shall thereupon cause to be issued and delivered to the
Participant (or, in the event of a cashless exercise pursuant to
Section 5.2.4.4, to the Participant's broker-dealer), as soon as
reasonably may be done in accordance with the terms of the Plan, a
certificate or certificates, representing the Shares so purchased
and fully paid for. In the event of a partial exercise of the
Option, the Company shall endorse on Exhibit B attached hereto the
fact that the Option has been partially exercised on such date,
setting forth the number of Shares as to which the Option has been
exercised on such date and the number of Shares then remaining
subject to the Option, and return this Agreement to the
Participant.

 

NO ASSIGNMENT. The
Option is personal to the Participant and may not in any manner or
respect be assigned or transferred otherwise than by will or the
laws of descent and distribution, and is exercisable during the
Participant's lifetime only by the Participant; provided, however,
that the Participant may transfer the Option at any time or from
time to time to any one or more of the Participant’s
“family members” as that term is defined in the General
Instructions to Form S-8 under the Securities Act of 1933. Any
transferee shall remain subject to all of the terms and conditions
applicable to the Option prior to such transfer.

 

AUTHORITY OF COMMITTEE. Notwithstanding any provision of the
Plan or of this Award Agreement to the contrary, the Committee, in
its sole and exclusive discretion, shall have the power at any time
to (a) accelerate the vesting and exercisability of the Option
including, without limitation, acceleration to such a date that
would result in the Option becoming fully and immediately vested
and exercisable or (b) waive any restrictions of the
Option.

 

TERMINATION. This Agreement shall terminate on the earliest
of:

 

the
date on which the Option is exercised with respect to all of the
Shares then subject to the Option;

 

the
date on which the Option is forfeited; and

 

[NUMBER]
years from the Date of Grant.

 

 

 

2

 

 

 

TAX WITHHOLDING.

 

Regardless
of any action the Company or the Subsidiary employing the
Participant takes with respect to any or all income tax, social
insurance, payroll tax, payment on account or other applicable
taxes (“Tax Items”) in connection with the Award, the
Participant hereby acknowledges and agrees that the ultimate
liability for all Tax Items legally due by the Participant is and
remains the responsibility of the Participant. Further, if the
Participant has become subject to tax in more than one jurisdiction
between the date of grant and the date of any relevant taxable or
tax withholding event, as applicable, the Participant acknowledges
that the Company or the Subsidiary employing the Participant may be
required to withhold or account for Tax Items in more than one
jurisdiction.

 

The
Participant acknowledges and agrees that the Company and the
Subsidiary employing the Participant: (i) make no representations
or undertakings regarding the treatment of any Tax Items in
connection with any aspect of the Award, including, but not limited
to, the award or vesting of the Option, the exercise of the Option,
the delivery of the Shares upon exercise or the subsequent sale of
Shares acquired upon exercise; and (ii) does not commit to
structure the terms of the Award or any aspect of the Award to
reduce or eliminate the Participant’s liability for Tax
Items.

 

Prior
to exercise of the Option, the Participant must pay or make
adequate arrangements satisfactory to the Company or the Subsidiary
employing the Participant to satisfy all withholding obligations
for Tax Items of the Company or the Subsidiary employing the
Participant arising from exercise of the Option. In this regard, in
lieu of all or any part of a cash payment, the Participant may
elect to satisfy all or part of the withholding obligations for Tax
Items by (i) having the Company withhold a portion of the Shares
issuable upon exercise of the Option or (ii) delivering shares of
Common Stock owned by the Participant, duly endorsed for transfer,
to the Company, in each case with a Fair Market Value equal to the
amount of the withholding obligations to be satisfied in such
manner. The Company or the Subsidiary employing the Participant
will remit the total amount paid or withheld for Tax Items to the
appropriate tax authorities.

 

SECTION 409A. This
Agreement is intended to comply with Section 409A of the Code and
shall be construed and interpreted in a manner that is consistent
with the requirements for avoiding additional taxes and penalties
under Section 409A of the Code. Notwithstanding the foregoing, the
Company makes no representation that the payments and benefits
provided hereunder comply with Section 409A of the Code, and in no
event shall the Company be liable for all or any portion of any
taxes, penalties, interest or other expenses that may be incurred
by the Participant on account of non-compliance with Section 409A
of the Code.

 

COUNTERPART EXECUTION. This Agreement may be executed in any
number of counterparts, each of which shall be considered an
original, and such counterparts shall, together, constitute and be
one and the same instrument.

 

NO RIGHT TO CONTINUED EMPLOYMENT. This Agreement shall not be deemed to
confer upon the Participant any right to continue the Participant's
employment by the Company or any Subsidiary employing the
Participant, and the Company or any Subsidiary employing the
Participant may terminate such employment at any time for any
reason, subject to the provisions of any applicable employment
agreement.

 

 

 

3

 

 

 

MISCELLANEOUS.

 

The
Participant's rights under this Agreement can be modified,
suspended or canceled only in accordance with the terms of the
Plan. This Agreement may not be changed orally, but may be changed
only by an agreement in writing signed by the party against whom
enforcement of any waiver, change, modification or discharge is
sought.

 

The
invalidity or unenforceability of any provision hereof shall in no
way affect the validity of enforceability of any other provision of
this Agreement.

 

This
Agreement shall bind the parties, their respective heirs,
executors, administrators, successors and assigns. Nothing
contained herein shall be construed as an authorization or right of
any party to assign their respective rights or obligations
hereunder and the Participant shall have no right to assign this
Agreement, and any such attempted assignment shall be ineffective.
This Agreement shall be binding upon the Company and its successors
and assigns.

 

This
Agreement shall be subject to the applicable provisions,
definitions, terms and conditions set forth in the Plan, all of
which are incorporated by this reference in this Agreement and the
terms of the Plan shall govern in the event of any inconsistency
between the Plan and this Agreement.

 

Any
notice required or permitted to be given to the Company hereunder
shall be in writing and addressed to the Secretary of the Company
at the Company’s principal office. Any notice required or
permitted to be given to the Participant shall be in writing and
addressed to the Participant at the Participant’s address as
shown in the records of the Company. Either party may designate
another address in writing from time to time. Notices hereunder
shall be deemed to have been given when deposited in the United
States mail, postage prepaid and sent by certified or registered
mail to the above addresses.

 

This
Agreement shall be interpreted and construed according to and
governed by the laws of the State of Texas.

 

 

[Signatures
appear on the following page.]

 

 

 

4

 

 

IN
WITNESS WHEREOF, the Company and the Participant have executed and
delivered this Agreement as of the day and year first written
above.

 

 

	
 

	
 
ATRION
CORPORATION

 

 

By:                                                                

Name:                                                           

Title:                                                              

 

 

 

 

                                                                       

PARTICIPANT

  

 

 

 

5

 

EXHIBIT A

 

TO

 

AWARD AGREEMENT

 

 

 

 

 

Participant:

 

Grant
Date:

 

Option
Price: $

 

 

	

 

Shares
Subject to Option

	
 

	

Can
Only Be

Exercised
After

	
 

	

Must
Be

Exercised
By

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

6

 

 

 

EXHIBIT B

 

TO

 

AWARD AGREEMENT

 

PARTIAL EXERCISE

 

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

 Date
of

	
 

	

No. of
Shares

	
 

	

No. of
Shares

	
 

	

Signature
of

	

Exercise

	
 

	

Purchased

Officer

	
 

	

Remaining

 

	
 

	

Endorsing

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}]]