Document:

Form of Agreement for Restricted Stock Granted under LSB Financial Corp. 2007
      Stock Option and Incentive Plan

    

    Exhibit
      10.3 

     

    

    AGREEMENT
      FOR RESTRICTED STOCK

    GRANTED
      UNDER LSB FINANCIAL CORP.

    2007
      STOCK OPTION AND INCENTIVE PLAN 

     

    This
      Agreement has been entered into as of the ___ day of ___, 20___ between LSB
      Financial Corp., an Indiana corporation (the “Company”), and ___, a
      [employee/director] of the Company or one of its affiliates (the “Participant”),
      pursuant to the Company’s 2007 Stock Option and Incentive Plan (the “Plan”) and
      evidences and sets forth certain terms of the grant to the Participant pursuant
      to the Plan of an aggregate of ___ shares of Restricted Stock as of the date
      of
      this Agreement. Capitalized terms used herein and not defined herein have the
      meanings set forth in the Plan. 

     

    Section
      1.
      Receipt
      of Plan; Restricted Stock and this Agreement Subject to Plan.
      The
      Participant acknowledges receipt of a copy of the Plan. This Agreement and
      the
      shares of Restricted Stock granted to Participant are subject to the terms
      and
      conditions of the Plan, all of which are incorporated herein by reference.
      

     

    Section
      2.
      Restricted
      Period; Lapse of Restrictions and Vesting.
      Subject
      to Section 5 of this Agreement and the provisions of the Plan, the restrictions
      on the shares of Restricted Stock granted to the Participant shall lapse and
      such shares shall become fully vested and not subject to forfeiture to the
      Company as follows: ___. 

     

    Section
      3.
      Certificates
      for Shares.
      Each
      certificate representing the shares of Restricted Stock granted to the
      Participant shall be registered in the name of the Participant and deposited
      by
      the Participant, together with a stock power endorsed in blank, with the Company
      and shall bear the following (or a similar) legend: 

     

    “The
      transferability of this certificate and the shares of stock represented hereby
      are subject to the terms and conditions (including forfeiture) contained in
      the
      2007 Stock Option and Incentive Plan of LSB Financial Corp. and an Agreement
      for
      Restricted Stock entered into between the registered owner and LSB Financial
      Corp. Copies of such Plan and Agreement are on file in the office of the
      Secretary of LSB Financial Corp.” 

     

    Upon
      the
      lapse of restrictions on such shares of Restricted Stock, the Company shall
      promptly deliver a stock certificate for such shares, free of such legend,
      to
      the Participant. 

     

    Section
      4.
      Transferability.
      Until
      such time as the restrictions on the shares of Restricted Stock granted to
      Participant have lapsed and such shares are no longer subject to forfeiture
      to
      the Company, the Participant shall not sell, assign, transfer, pledge or
      otherwise encumber such shares of Restricted Stock. 

     

    Section
      5.
      Termination.
      If the
      Participant ceases to maintain Continuous Service for any reason (other than
      death, Disability or Retirement), all shares of Restricted Stock granted to
      the
      Participant which at the time of such termination of Continuous Service are
      still subject to restrictions shall upon such termination of Continuous Service
      be forfeited and returned to the Company. If the Participant ceases to maintain
      Continuous Service by reason of death or 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Disability,
      then the restrictions with respect to the Ratable Portion of the shares of
      Restricted Stock granted to the Participant shall lapse and such shares shall
      be
      free of restrictions and shall not be forfeited. If the Participant ceases
      to
      maintain Continuous Service by reason of Retirement, then the Committee shall,
      in its sole discretion, determine the effect of such termination on the shares
      of Restricted Stock granted to the Participant. If the Continuous Service of
      the
      Participant is involuntarily terminated, for whatever reason, at any time within
      18 months after a Change in Control, any Restricted Period with respect to
      the
      shares of Restricted Stock granted to the Participant shall lapse upon such
      termination and all shares of Restricted Stock granted to the Participant shall
      become fully vested in the Participant. 

     

    Section
      6.
      Dividends.
      In the
      event any dividends or other distributions, whether in cash, property or stock
      of another company, are paid on any of the shares of Restricted Stock granted
      to
      the Participant, such dividends or other distributions shall be delivered to
      the
      Participant at that time. Stock dividends and shares issued as a result of
      any
      stock-split, if any, issued with respect to the Restricted Shares shall be
      treated as additional Restricted Shares and shall be subject to the same
      restrictions and other terms and conditions that apply with respect to, and
      shall vest or be forfeited at the same time as, the Restricted Shares with
      respect to which such stock dividends or shares are issued. 

     

    Section
      7.
      83(b)
      Election.
      The
      Participant agrees not to make any election under Section 83(b) of the Code
      with
      respect to any shares of Restricted Stock granted under this Agreement.

     

    Section
      8.
      No
      Employment Rights.
      None of
      this Agreement, the Plan or the award of shares of Restricted Stock hereunder
      shall be construed as giving the Participant any right to be retained as an
      employee or director of the Company or any Affiliate. 

     

    Section
      9.
      Withholding.
      In
      connection with the delivery of shares of Common Stock as a result of the
      vesting of Restricted Stock, the Company shall have the right to require the
      Participant to pay an amount in cash sufficient to cover any tax, including
      any
      Federal, state or local income tax, required by any governmental entity to
      be
      withheld or otherwise deducted and paid with respect to such delivery
      (“Withholding Tax”), and to make payment to the appropriate taxing authority of
      the amount of such Withholding Tax. 

     

    Section
      10.
      Plan
      Controlling.
      The
      terms and conditions set forth in this Agreement are subject in all respects
      to
      the terms and conditions of the Plan, which are controlling. All determinations
      and interpretations of the Committee shall be binding and conclusive upon
      Participant and his or her legal representatives. 

     

    Section
      11.
      Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Indiana. 

     

    Section
      12.
      Notices.
      All
      notices and other communications required or permitted under this Agreement
      shall be written and shall be delivered personally or sent by registered or
      certified first-class mail, postage prepaid and return receipt required,
      addressed as follows: if to the Company, to the Company’s executive offices in
      Lafayette, Indiana, and if to Participant or his or her successor, to the
      address last furnished by Participant to the Company. Each notice and
      communication shall be deemed to have been given when received by the Company
      or
      Participant. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      13.
      No
      Waiver.
      The
      failure of a party to insist upon strict adherence to any term of this Agreement
      on any occasion shall not be considered a waiver thereof or deprive that party
      of the right thereafter to insist upon strict adherence to that term or any
      other term of this Agreement. 

     

    IN
      WITNESS WHEREOF, this Agreement has been executed by the undersigned thereunto
      duly authorized as of the date first above written. 

     

    

    
      	 	
               

            	
               

            	
               

            
	 	
               

            	
              LSB
                FINANCIAL CORP.

            
	 	
               

            	
               

            	
               

            
	 	
               

            	
              By:
                

            	
               

            
	 	
               

            	
               

            	
              Name:

            
	 	 	 	 
	 	 	 	 
	 	
               

            	
               

            	
              Title:

            
	 	
               

            	
               

            	
               

            
	 	
               

            	
               

            
	 	
               

            	
              [Name
                of Participant]Exhibit 10.47

                                                                      BYERS PEAK
--------------------------------------------------------------------------------
                                               Contract Manufacturing & Services

 MANUFACTURING & NRE PROPOSAL
 CORE:TX

 FROM:                                                 TO:

 BYERS PEAK, INCORPORATED                        PERFORMANCE HEALTH TECHNOLOGIES
 4975 MILLER STREET                              6654 GUNPARK DRIVE, 2ND FLOOR
 WHEAT RIDGE, CO  80033                          BOULDER, CO 80301

ISO 9001:2000 CERTIFIED

                                NOVEMBER 30, 2006

================================================================================
This proposal is considered "Byers Peak Confidential" and must be treated
according to the mutual non-disclosure provisions signed between PHT and Byers
Peak, Inc. Permission from Byers Peak, Inc. is required for distribution and/or
disclosure to any parties.
================================================================================

 Proposal is valid through 12/30/07

1 of 1

<PAGE>

INTRODUCTION

     Byers Peak, Inc. (Byers Peak) is pleased to present this manufacturing
     transfer proposal for the core:tx product to Performance Health
     Technologies (PHT).

     Byers Peak is an ISO 9001:2000 certified and FDA registered contract
     manufacturing and services company whose goal is dedicated to exceed
     customer expectations in:

                             > Cost

                             > Quality

                             > Delivery

     Byers Peak accomplishes this with a customer-first, open-book, and
     no-hassle business philosophy. As a result, we focus on the direct needs of
     the customer and their product.

     Byers Peak's full-service low to mid-volume flexible manufacturing
     capabilities includes:

|X|      Project Management                    |X| Value Engineering

|X|      Product Design & Validation           |X| Sustaining Engineering

|X|      Process Design & Validation           |X| Depot Repair & Refurbishment

|X|      Quick-turn Prototyping                |X| Field Service

|X|      World-Wide Distribution

--------------------------------------------------------------------------------

         BYERS PEAK [ELEVATION 12,804 FT.] IS LOCATED WEST OF WINTER PARK,
         COLORADO. THE PEAK IS NAMED AFTER WILLIAM N. BYERS, FOUNDER OF THE
         ROCKY MOUNTAIN NEWS IN 1859.

         IN A RACE TO BE THE FIRST PUBLISHED NEWSPAPER IN COLORADO, MR. BYERS'
         INNOVATION AND DETERMINATION BEAT HIS COMPETITION BY 20 MINUTES
         [MERRICK'S CHERRY CREEK PIONEER]. TODAY, THE ROCKY MOUNTAIN NEWS,
         COMBINED WITH THE DENVER POST, IS DENVER'S LARGEST CIRCULATING
         NEWSPAPER!

         SIMILARLY, BYERS PEAK `THE COMPANY' STRIVES TO BE THE LEADER IN ITS
         MARKETPLACE THROUGH AN EXTREMELY COMPETITIVE PRICE STRUCTURE,
         UNSURPASSED QUALITY AND EXCEEDING CUSTOMER'S DELIVERY EXPECTATIONS.

Page 2
<PAGE>

EXECUTIVE SUMMARY

     Today, we are pleased to be considered for this opportunity. We look
     forward to assisting PHT with the outsourcing of medical device
     manufacturing in an environment supportive of applicable regulatory
     compliance.

     As requested, this proposal details product and non-recurring expenses that
     would be associated with the manufacture of the core:tx product by Byers
     Peak, Inc.

     ------------------ ------------------ -------------------------------------
                                            FULLY ASSEMBLED PRICE, INCLUDING
                         BUILD QUANTITY     MATERIALS, LABOR, TEST AND MARGIN
      PRODUCT

     ------------------ ------------------ -------------------------------------
     ------------------ ------------------ -------------------------------------
      CORE:TX                    100                       $239.31*
     ------------------ ------------------ -------------------------------------
     ------------------ ------------------ -------------------------------------
                                 250                       $215.89*
     ------------------ ------------------ -------------------------------------
     ------------------ ------------------ -------------------------------------
                                 500                       $204.49*
     ------------------ ------------------ -------------------------------------

     * Based on components identified in the attached Bill Of Material

PROJECT SUMMARY

     OBJECTIVE

     To provide a finished product which meet the following:

      |X|  Specification
      |X|  Timely delivery, including scalable production
      |X|  Flexibility in monthly forecasted volumes (currently estimated at
           between 100 and 500 units per build)

     SCOPE OF WORK

     The proposed scope of this manufacturing project includes these work
     products:

      |X|  Materials management, assembly, test, packaging, labeling, finished
           goods warehousing, and product delivery.
      |X|  Manufacturing Engineering (ongoing)

     DELIVERABLES

     Byers Peak will provide for this manufacturing effort:

      |X|  Production of finished systems

Page 3
<PAGE>

MANUFACTURING PHASE PROCESS

     Byers Peak utilizes a phased manufacturing process for consistency,
     optimization of internal resources, experience and expertise. Each project
     is unique and may not require some elements of this process.

     PROJECT PLANNING AND TRACKING
      |X|  Develop project plan.
      |X|  Transfer product documentation.
      |X|  Provide scheduled project updates.

     REQUIREMENTS DEFINITION
      |X|  Define project requirements.

     DESIGN
      |X|  Develop component specifications based on information from customer.
      |X|  Draft BOM structure.

     PROCESS DEVELOPMENT
      |X|  Develop DHRs and DDRs.

     VERIFICATION/VALIDATION
      |X| Transfer applicable fixtures or other capital equipment (as required).
          o Entrance into metrology and/or maintenance programs, as applicable.

     DESIGN TRANSFER
      |X|  Material Management including movement of inventory, planning
      |X|  Perform component first article and inspection & release
      |X|  Pilot build
      |X|  Present first article samples to customer
      |X|  Customer acceptance
      |X|  DMR Engineering Change Order release

     MANUFACTURING ESTIMATES

     MANUFACTURING- NRE

     Some Non-Recurring Engineering (NRE) efforts associated with the startup of
     manufacturing. These activities include:

     |X|  Project Plan development
     |X|  Oversight of product Device Master Record (DMR) transfer and release
     |X|  Incorporation of DMR into Quality System
     |X|  Approved Vendor List (AVL) management
     |X|  Generation of component files, first article inspections & release
     |X|  Execute process validation/documentation generation
     |X|  Pilot plant initial assembly and process validation

Page 4

<PAGE>

     Estimates are provided in the RESOURCE SUMMARY table below. NRE estimates
     are typically performed on a time and material basis.

<TABLE>
<CAPTION>

 BYERS PEAK, INC. RESOURCE SUMMARY NRE
--------------------- --------- -------------------------------------- ------------------------------ --------------
       RESOURCE        RATE/HR                DESCRIPTION                   ESTIMATED COST
--------------------- --------- -------------------------------------- ------------------------------ --------------
<S>                    <C>          <C>                               <C>                               <C>
 Engineer II           $65       Technical support, project planning,  Project Management 2 hours        $      130
                                 tracking, verification of any current
                                 documentation.                        Process validation generation     $      NA

                                                                       Test validation generation        $      NA
--------------------- --------- -------------------------------------- ------------------------------ --------------
 Materials             $65       Drwg./Spec. Review                    4 hours                           $      260
 Mgt.                            Component Sourcing                    6 hours                           $      390
 (pilot production)              Supplier Review, AVL management                                         $      NA
                                 Material Purchase                     2 hours
                                 First Article Inspection (all)        3 hours                           $      195
                                 Stores set-up                         6 hours                           $      390
                                                                       2 hours                           $      130
--------------------- --------- -------------------------------------- ------------------------------ --------------
Technical Assistance   $55       Execute assembly and validations.     Estimated at 16 hours             $      NA
                                 Technical support for pilot
                                 production run
----------------------------------------------------------------------------------------------------- --------------
                                                             BYERS PEAK, INC. MANUFACTURING NRE TOTAL    $ 1,495.00
----------------------------------------------------------------------------------------------------- --------------
</TABLE>

     NOTE:
      |X|  Byers Peak DOES NOT attach margins to any NRE expenditure for capital
           equipment or fixtures.

     |X|  NRE expenses above do not reflect changes that may be incurred for
          regulatory approvals (e.g. Regulatory Submissions or testing costs
          associated with certifying products to requirements of UL, CE, etc.).

     |X|  Product documentation and validation efforts (if requested) will begin
          once PHT issues a Purchase Order for the NRE efforts noted above.

     SUPPLIER NRE

     NOT APPLICABLE

     MANUFACTURING- PRODUCTION VOLUME

     Pricing per unit is calculated as follows:

   (MATERIALS + FULLY BURDENED OVERHEAD LABOR) @ 13% MARGIN = TOTAL UNIT COST

     Manufacturing Product Estimates for the core:tx are as follows:

        ---------------------------- ------------- ------------ ------------
        CORE:TX                         100 Build    250 Build    500 Build
        ---------------------------- ------------- ------------ ------------
        ---------------------------- ------------- ------------ ------------
        Materials*                         178.23       159.59       150.42
        ---------------------------- ------------- ------------ ------------
        ---------------------------- ------------- ------------ ------------
        Labor                               29.97        28.23        27.49
        ---------------------------- ------------- ------------ ------------
        ---------------------------- ------------- ------------ ------------
        Margin                              31.11        28.07        26.58
        ---------------------------- ------------- ------------ ------------
        ---------------------------- ------------- ------------ ------------
        TOTAL UNIT COST                   $239.31      $215.89      $204.49
        ---------------------------- ------------- ------------ ------------
Page 5
<PAGE>

     Additional benefits of selecting Byers Peak include:

      |X|  No raw-material stocking fee.
      |X|  No mark-up or administrative fees for capital equipment purchases.
      |X|  No Finished Goods storage fees for inventories of 30 units or less.

     REPAIR DEPOT OPTION

     Byers Peak's strength comes from its ability to provide comprehensive,
     cost-effective repair depot services.

      |X|  Optional Post Warranty Repair and Complaint Investigation rates
           are $55/hr for labor plus materials with 13% margin added to both.
           o Repair Depot includes root cause analysis, repair, report
             generation and trending) if desired.

     ASSUMPTIONS/NOTATIONS

          1.   Costing is based on production runs of 100, 250, or 500 units.

          2.   A Bill of Materials provided by Quest Product Development was
               utilized for product material quoting and the accuracy of the
               material cost is based on this information.

          3.   This proposal assumes that product not captured in the attached
               spreadsheet will be provided by PHT and that any changes in the
               BOM since the last build will require a requoting of those
               specific materials.

          4.   Byers Peak's quality system will be utilized for any validations
               required, DMR structure and the production of this product.

          5.   PHT will provide direction for, and participate in, sustained
               engineering efforts for product and process as required:
                  a.  Change-order review and approval process
                  b.  Review and approval of planning and risk mitigation
                  c.  Product configuration release (DMR)
                  d.  Configuration change review and approval

          6.   Patent requirements are not within the scope of Byers Peak's
               responsibilities.

          7.   Product certification efforts, such as UL, CE, ASTM ship
               qualifications are not included.

          8.   PHT will provide any required test fixtures or will be invoiced
               for any custom fixturing. No purchases will be made without prior
               approval.

          9.   PHT will provide input for development of traceability
               requirements.

     FINISHED GOODS STORES

     There are currently no plans to carry finished goods.

Page 6
<PAGE>

     BUSINESS DETAILS

     The costs associated within this proposal are two-fold:

     1) NRE efforts will begin once Byers Peak receives an approved copy of this
     proposal and a Purchase Order noted in a not-to-exceed amount for costs
     noted in the NRE section of this proposal.

     2) Production activities will begin when a second purchase order is issued
     for the desired number of production of units.

     3) Repair Depot services will require a separate purchase order (if
     requested). Terms for

     ESTIMATED LEAD-TIME

     First Article: 20 weeks from the time Byers Peak has received PO for
     product. This is due to specific lead-times provided for circuit cards and
     may be mitigated to approximately 6 weeks with Byers Peak's
     review/assistance

     6-8 week leadtime for subsequent orders.

     Production volumes can begin upon customer First Article sample approval.

     WARRANTY

     Byers Peak warrants the quality of its workmanship to be free from
     controllable defects for a period of 90 days.

     TERMS

     NRE invoices are due on receipt.

     Product Payment and Repair Depot terms are net 30.

     Should client opt to cancel or modify the program, they will be invoiced
     for work performed and equipment & materials committed (not to exceed
     purchase order quantity).

     PROJECT INITIATION

 Byers Peak currently has the capacity to initiate the project upon approval and
receipt of the NRE purchase order.

   Acknowledged by:                      /S/ ROBERT PRUNETTI
                                         -------------------------------------
                                         Signature
                                         Robert D. Prunetti
                                         President and Chief Executive Officer

                                         ------------------------------------
                                         Date

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