Document:

Commutation, Reassumption and Release Agreement

 Exhibit 10.1 
 Execution Copy 
 COMMUTATION, REASSUMPTION AND RELEASE AGREEMENT

 between 
 ASSURED GUARANTY MUNICIPAL CORP. (formerly FINANCIAL SECURITY ASSURANCE INC.) and ASSURED GUARANTY (EUROPE) LTD. (formerly FINANCIAL SECURITY ASSURANCE (U.K.) LIMITED) 

and 

RADIAN ASSET ASSURANCE INC. 
 This Commutation, Reassumption and Release Agreement (this “Agreement”), effective as of 12:00:01 a.m. New York City time on January 1, 2012 (the “Effective
Time”), is entered into by and among Assured Guaranty Municipal Corp. (formerly Financial Security Assurance Inc.) (“AGM”) and Assured Guaranty (Europe) Ltd. (formerly Financial Security Assurance (U.K.) Limited)
(“AGE” and hereafter referred to collectively with AGM as the “Company”), on the one part, and Radian Asset Assurance Inc. (the “Reinsurer”), on the other part. Each of the Company and the Reinsurer
are referred to herein as a “Party” and collectively as the “Parties”. 

WHEREAS, AGM and AGE, on the one part, and the Reinsurer, on the other part, have entered into the reinsurance agreements and
treaties identified in Exhibit A hereto (the “Reinsurance Agreements”); 
 WHEREAS, the Reinsurer
has offered to pay and the Company has agreed to accept in full satisfaction of the Reinsurer’s past, present and future obligations and liabilities under the Reinsurance Agreements relating only to the cessions described on Exhibit B
hereto (the “Commuted Cessions”), the Commutation Amount (as defined herein), which is to be paid in the manner set forth herein; and 
 WHEREAS, the Company and the Reinsurer now desire to terminate, settle and commute, effective as of the Effective Time, the Commuted Cessions; 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged by the Parties hereto and upon the terms and subject to the conditions set forth in this Agreement, the Parties hereby agree as follows: 
 Section 1. Upon payment by the Reinsurer of the Commutation Amount as set forth below, effective as of the Effective Time, the respective interests and liabilities of the Parties under the
Reinsurance Agreements, with respect to the Commuted Cessions only, are hereby fully and finally terminated, settled and commuted and each Party hereby irrevocably releases and forever discharges each of the other Parties and their predecessors,
successors and assigns and each such Party’s (and their predecessors’, successors’ and assigns’) past and present parents, affiliates, agents, officers, directors, members, policyholders, employees and

 
shareholders from any and all liabilities, including, but not limited to, losses, actions, causes of action, suits, claims, controversies, demands, debts, duties, executions, accounts,
reckonings, bonds, bills, covenants, promises, contracts, agreements, damages, judgments, settlements, costs, expenses, reimbursements, adjustments, offsets, sums of money, omissions or obligations of any nature whatsoever arising out of or in any
way relating to the Commuted Cessions, whether grounded in or based on law or in equity, by contract or in tort (including, but not limited to, claims based on extra-contractual liabilities), whether reported or unreported, known or unknown, or
previously or currently existing or in the future arising, which such Party, its predecessor or successors ever had, now have or hereafter may have. The Parties further state their intent to release known and unknown, and past, present and future,
claims on the terms set forth herein and expressly waive and disavow the application of any statutory or common law protection against the release of unknown or future claims. 

Section 2. The Reinsurer agrees to pay to the Company $86,349,109.47 (the “Commutation Amount”) on or before
January 27, 2012 in full and final settlement of any and all amounts which (i) are claimed heretofore or hereinafter to be due by the Reinsurer to the Company under the Reinsurance Agreements or otherwise and (ii) relate to, arise
under or are in respect of the Commuted Cessions. The Reinsurer shall pay the Commutation Amount to AGM for the benefit of the Company by wire transfer in immediately available funds in accordance with the following wire transfer instructions:

 Commutation Payment Wire Transfer Instructions 

 

			
	[REDACTED]	  	
	Currency:	  	
	Bank:	  	
		  	
		  	
	ABA Number:	  	
	Account Name:	  	
	Account Number:	  	
	Reference:	  	

 Promptly after receipt, the Company shall provide the Reinsurer with a written notice of receipt of such wire transfer
(the “Commutation Payment Receipt”), in the form of the attached Exhibit C. The Commutation Payment Receipt shall be sent to the attention of Ari Ginsburg, by e-mail to the following address: Ari.Ginsburg@radian.biz. Allocation of
the Commutation Amount as between AGM and AGE shall be the responsibility of such entities and shall not in any way effect the terms and conditions of this Agreement. 
 Section 3. Except with respect to the Commuted Cessions, which are commuted pursuant to and in accordance with this Agreement, the Reinsurance Agreements shall remain in full force and effect
in accordance with their respective terms with respect to all other cessions made thereunder by the Company to the Reinsurer (the “Retained Cessions”). Without limitation of the foregoing, this Agreement does not in any way alter the
rights, duties and obligations of the Parties with respect to the Retained Cessions in the future as provided therein, including, 

  
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without limitation, the right of the Company to terminate said Reinsurance Agreements as provided therein. 
 Section 4. For a period of three years from and after the Effective Time, the Parties will keep (and cause their respective affiliates to keep) confidential the terms of this Agreement and the
proposed commutations, terminations and releases, unless, in either case, such information is otherwise publicly available (through no breach of this Section 4 by either Party or otherwise) or is required to be disclosed by Legal Proceeding,
this Agreement or applicable Law or regulation (including stock exchange rules) to which the Parties are bound or subject. Notwithstanding the foregoing, the Parties will be free to disclose any such information (i) to the extent necessary in
order to establish their respective positions in any litigation or any arbitration or other Legal Proceeding based upon or in connection with the subject matter of this Agreement, including, without limitation, the failure of the proposed
commutations, termination and releases to be consummated, (ii) to rating agencies, (iii) to governmental authorities requesting such information or in filings with such authorities, (iv) to self regulating organizations to which the
disclosing party is subject, (v) to the extent necessary and appropriate, in connection with securities law filings and related disclosures, including, without limitation, earnings calls with investors, and (vi) to their respective
Representatives that agree to be bound by confidentiality obligations related to such disclosed information that are at least as restrictive as the ones contained in this Agreement; provided, however, that to the extent commercially practicable, the
party disclosing such information pursuant to clauses (iii) and (v) above will use reasonable efforts to notify the other party at least three days prior to the disclosure of such information, to the extent permitted by Law; provided,
further, that no such prior notice shall be required where the information to be disclosed is substantially similar to prior disclosed information of which the other party was notified pursuant to this provision. The Parties agree to reasonably
cooperate with each other on a timely basis with respect to the contents of any press release or similar public disclosure to be issued in connection with this Agreement and/or the transactions contemplated hereby, it being acknowledged that each
Party intends to, and may, issue a press release announcing its entry into this Agreement and the transactions contemplated thereby. The Parties will be jointly and severally liable for the confidentiality obligations of their respective
Representatives. For purposes of this provision, “Representatives” means, with respect to any party, such party’s officers, directors, executives and employees and any hired professionals, accountants, auditors, attorneys, consultants
and other advisors, “Law” means any federal, state, local or foreign law (including common law), statute, code, ordinance, rule, regulation or other requirement of any governmental authority, and “Legal Proceeding” means any
judicial, administrative or arbitral action, suit, proceeding (public or private), claim or governmental proceeding. In the event of any conflict between this Section 4 and confidentiality provisions in the Reinsurance Agreements governing the
Commuted Cessions, the provisions of this Section 4 shall control. 
 Section 5. This Agreement constitutes the
entire agreement of the Parties with respect to the subject matter hereof and supersedes all other understandings, representations or agreements of the Parties. This Agreement may be modified only by a written amendment executed and delivered by the
Parties. 

  
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 Section 6. Each Party hereby represents and warrants to the other Party that it
is a company duly organized, validly existing and in good standing in its jurisdiction of domicile, that the execution and delivery of this Agreement is duly authorized by such Party, that the person executing and delivering this Agreement on behalf
of such Party has the requisite authority to do so, and that this Agreement constitutes the legal, valid, and binding obligation of such Party, enforceable against such Party in accordance with its terms, subject to applicable bankruptcy,
insolvency, and similar laws affecting creditors’ rights generally. Each Party hereby represents and warrants to the other Party that no consent, approval or authorization of, or declaration or filing with, or notice to, any governmental
authority or other person is required to be obtained or made by such Party, which has not been so obtained or made, in connection with the execution and delivery of this Agreement by such Party or the consummation by such Party of the transactions
contemplated by this Agreement. 
 Section 7. All covenants, agreements, rights and obligations of each Party under
this Agreement shall inure to the benefit of and be binding upon the Company and the Reinsurer as they are identified in this Agreement, their parents, subsidiaries and affiliates, and their respective predecessors, successors, assigns, officers,
directors, agents, employees, shareholders, representatives and attorneys, and this Agreement is not intended to confer any rights or benefits upon persons or entities other than the foregoing parties. The rights and obligations of either Party
under this Agreement may not be assigned without the written consent of the other Party. 
 Section 8. This
Agreement is the product of arm’s length negotiations and the terms of this Agreement have been completely read and fully understood and voluntarily accepted by both the Company and Reinsurer, having the benefit of the advice of counsel.

 Section 9. The Parties further agree as follows: 

(a) This Agreement shall be governed by and construed in accordance with New York law, without regard to principles of
conflicts of law that would result in the application of the laws of a different jurisdiction. 
 (b) Subject to
paragraph (c) of this Section 9, each Party hereby agrees that process in any action or proceeding may be served by registered mail, return receipt requested, or in any other manner permitted by the rules of the court in which the action
or proceeding may be brought. 
 (c) Each Party hereby agrees that, as a condition precedent to any action, any
dispute or difference arising out of this Agreement shall be referred to arbitration, as provided in Article XV of the Further Amended and Restated Quota Share Treaty (MB QS-3 (11/1/90)) and the Amended and Restated as of January 1, 2008
Interests and Liabilities Contract Concerning such Further Amended and Restated Quota Share Treaty (MB QS-3 (11/1/90)) between Financial Security Assurance Inc. (now AGM) and certain named subsidiaries and affiliates, including Financial
Security Assurance (U.K.) Limited (now AGE) and Radian Asset Assurance Inc. 

  
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 Section 10. Each of the Parties, without further consideration and at its own
cost and expense, shall execute and deliver such other documents and take such other action as may be necessary or reasonably requested by a Party to effect this Agreement. 
 Section 11. The Parties further agree as follows: 
 (a)
If any provision of this Agreement is held to be unenforceable for any reason, other than a provision in Section 1, 2 or 3 of this Agreement, it shall be adjusted or reformed rather than voided, if possible, to achieve the intent of the Parties
to this Agreement. In any event, the invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or
enforceability of this Agreement, including that provision, in any other competent jurisdiction. 
 (b) If any
provision in Section 1, 2 or 3 of this Agreement is held to be unenforceable for any reasons, then the entire Agreement is hereby unenforceable and void ab initio. 
 Section 12. In the event that following the execution and delivery of this Agreement and consummation of the transactions contemplated herein, including, without limitation, the release of the
Parties from their liabilities under the Reinsurance Agreements with respect to the Commuted Cessions, the release of a Party’s obligations under the Commuted Cessions is rescinded or voided, upon the insolvency, bankruptcy, dissolution,
liquidation, rehabilitation or reorganization of the Reinsurer or the Company, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Reinsurer or the Company, then the Parties
shall be restored in all respects to their respective positions under the Reinsurance Agreements and such Commuted Cessions, including, but not limited to, the right of offset with respect to any amounts due under the Reinsurance Agreements, as if
this Agreement had not been executed and delivered, the Commutation Amount had not been paid and the Parties not released as herein provided; provided that nothing in this Section 12 shall apply unless and until the Commutation Amount has been
returned in full to the Reinsurer. 
 Section 13. The failure of any Party to insist on strict compliance with this
Agreement, or to exercise any right or remedy hereunder, shall not constitute a waiver of any rights contained in this Agreement nor estop the Parties from thereafter demanding full and complete compliance nor prevent the Parties from exercising
such a remedy in the future. 
 Section 14. This Agreement may be executed by the Parties in any number of
counterparts, and by each of the Parties in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 [Remainder of page intentionally left blank – signature page follows] 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in
duplicate and delivered by their duly authorized representatives. 
  

			
	ASSURED GUARANTY MUNICIPAL CORP.
		
	By:	 	 /s/ Robert B. Mills

		
	Name:	 	 Robert B. Mills

		
	Title:	 	 Chief Operating Officer

		
	Date:	 	 January 24, 2012

	
	ASSURED GUARANTY (EUROPE) LTD.
		
	By:	 	 /s/ Nicholas Proud

		
	Name:	 	 Nicholas Proud

		
	Title:	 	 Chief Executive Officer

		
	Date:	 	 January 24, 2012

	
	RADIAN ASSET ASSURANCE INC.
		
	By:	 	 /s/ David J. Beidler

		
	Name:	 	 David J. Beidler

		
	Title:	 	 President

		
	Date:	 	 January 24, 2012

 EXHIBIT A 

The Reinsurance Agreements 
 Reinsurance Agreement, made and entered into by and between Financial Security Assurance Inc. (n/k/a AGM) and Enhance Reinsurance Company (n/k/a Radian) effective as of January 1, 1988, as amended by
the First and Second Amendment thereto. 
 Further Amended and Restated Quota Share Treaty (MB QS-3 (11/1/90)) (the “Municipal Quota
Share Treaty”) and the Amended and Restated as of January 1, 2008 Interests and Liabilities Contract Concerning the Municipal Quota Share Treaty between Financial Security Assurance Inc. (n/k/a AGM) and various subsidiaries and affiliates
thereof, including Financial Security Assurance (U.K.) Limited (n/k/a AGE), and Radian Asset Assurance Inc (“Radian”). 
 Further
Amended and Restated Quota Share Treaty (QS-2 (1/1/90)) (the “Non-Municipal Quota Share Treaty”) and the Amended and Restated as of January 1, 2008 Interests and Liabilities Contract Concerning the Non-Municipal Quota Share
Treaty between Financial Security Assurance Inc. (n/k/a AGM) and various subsidiaries and affiliates thereof, including Financial Security Assurance (U.K.) Limited (n/k/a AGE), and Radian. 
 Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 1996 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance
(U.K.) Limited (n/k/a AGE) and Enhance Reinsurance Company (n/k/a Radian). 
 Automatic Facultative Reinsurance Facility Agreement dated as of
January 1, 1997 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Enhance Reinsurance Company (n/k/a Radian). 

Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 1998 between Financial Security Assurance Inc. (n/k/a AGM) and its
subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Enhance Reinsurance Company (n/k/a Radian). 
 Automatic
Facultative Reinsurance Facility Agreement dated as of January 1, 1999 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Enhance Reinsurance Company
(n/k/a Radian). 
 Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 2000 between Financial Security Assurance
Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Enhance Reinsurance Company (n/k/a Radian). 
 Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 2001 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance
(U.K.) Limited (n/k/a AGE) and Enhance Reinsurance Company (n/k/a Radian). 

 Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 2002 between Financial
Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Radian Reinsurance Inc. (n/k/a Radian). 
 Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 2003 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance
(U.K.) Limited (n/k/a AGE) and Radian Reinsurance Inc. (n/k/a Radian). 
 Automatic Facultative Reinsurance Facility Agreement dated as of
January 1, 2004 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Radian Reinsurance Inc. (n/k/a Radian). 

Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 2005 between Financial Security Assurance Inc. (n/k/a AGM) and its
subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Radian. 
 Automatic Facultative Reinsurance Facility
Agreement dated as of January 1, 2006 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Radian. 

Automatic Facultative Reinsurance Facility Agreement dated as of January 1, 2007 between Financial Security Assurance Inc. (n/k/a AGM) and its
subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Radian. 
 Automatic Facultative Reinsurance Facility
Agreement dated as of March 1, 2008 between Financial Security Assurance Inc. (n/k/a AGM) and its subsidiaries, including Financial Security Assurance (U.K.) Limited (n/k/a AGE) and Radian. 

Master Facultative Reinsurance Agreement No. FSA-AGR2 (1/1/92), effective as of January 1, 1992, between Financial Security Assurance Inc. (n/k/a
AGM) and its subsidiaries and Asset Guaranty Reinsurance Company (n/k/a Radian). 

 EXHIBIT B 

The Commuted Cessions 

 EXHIBIT C 
 Form of Receipt of Commutation Amount 
 [Date] 

Radian Asset Assurance Inc. 
 335 Madison Avenue

 New York, New York 10017 
 Re:
Receipt of Commutation Amount 
 Ladies and Gentlemen: 
 Reference is made to the Commutation, Reassumption and Release Agreement, effective as of January 1, 2012 (the “Commutation Agreement”), by and among Assured Guaranty Municipal Corp.,
Assured Guaranty (Europe) Ltd. and Radian Asset Assurance Inc. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Commutation Agreement. 
 The undersigned, on behalf of the Company, hereby confirms receipt of the Commutation Amount on January 27, 2012. 
 Sincerely, 
 ASSURED GUARANTY MUNICIPAL CORP., 

on behalf of itself and on behalf of Assured Guaranty (Europe) Ltd. 
  

			
	By	 	  

	Name:
	Title:Form of 2010 Stock Incentive Plan Restricted Stock Award Agreement for employees

 Exhibit 10.1 
 ROCHESTER MEDICAL CORPORATION 
 2010 STOCK INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 
 This RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made this      day of     ,     , by and between Rochester
Medical Corporation, a Minnesota corporation (the “Company”) and
                    ,                     an
individual resident of
                    ,                    
(“Employee”). 
 1. Restricted Stock Award . The Company hereby grants to Employee a restricted stock
award of          shares (the “Restricted Shares”) of Common Stock, without par value per share, of the Company according to the terms and conditions set forth herein and in the Rochester
Medical Corporation 2010 Stock Incentive Plan (as adopted, amended and currently in effect, the “Plan”). Words and phrases not otherwise defined herein shall have the meanings ascribed to them, respectively, in the Plan. A copy of
the Plan will be furnished upon request of Employee. With respect to the Restricted Shares, except as provided in this Agreement, Employee shall be entitled at all times on and after the date of issuance of the Restricted Shares to exercise the
rights of a shareholder of Common Stock of the Company, including the right to vote the Restricted Shares and the right to receive dividends on the Restricted Shares. 
 2. Vesting; Forfeiture; Early Vesting. 
 (a) Except as otherwise provided in
this Agreement, the Restricted Shares shall vest in accordance with the following schedule: 
  

			
	 On each of
the following dates
	  	Number of Restricted
Shares Vested
	                    ,    	  	[    ]
	                    ,     	  	[    ]
	                    ,     	  	[    ]

 (b) If Employee ceases to be an employee of the Company or any Affiliate prior to vesting of the
Restricted Shares pursuant to Section 2(a) or Section 5 hereof, all of Employee’s rights to all of the unvested Restricted Shares shall be immediately and irrevocably forfeited, except that (i) if Employee ceases to be an
employee by reason of permanent and total disability prior to the vesting of Restricted Shares under Section 2(a) or Section 5 hereof, or (ii) if Employee ceases to be an employee by reason of death prior to the vesting of Restricted
Shares under Section 2(a) or Section 5 hereof, all Restricted Shares granted hereunder shall vest as of such termination of employment. Upon forfeiture, Employee will no longer have any rights relating to the unvested Restricted Shares,
including the right to vote the Restricted Shares and the right to receive dividends declared on the Restricted Shares. 

[Employee – Restricted Stock] 

 3. Restrictions on Transfer. Until the Restricted Shares vest pursuant to
Section 2 or Section 5 hereof, none of the Restricted Shares may be sold, assigned, transferred, pledged, attached or otherwise encumbered, and any purported sale, assignment, transfer, pledge, attachment or encumbrance shall be void and
unenforceable against the Company, and no attempt to transfer the Restricted Shares, whether voluntary or involuntary, by operation of law or otherwise, shall vest the purported transferee with any interest or right in or with respect to the
Restricted Shares. 
 4. Distributions and Adjustments. 

(a) If any Restricted Shares vest subsequent to any change in the number or character of the Common Stock of the Company (through any
stock dividend or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares, or otherwise), Employee shall receive upon such
vesting the number and type of securities or other consideration which Employee would have received if such Restricted Shares had vested prior to the event changing the number or character of the outstanding Common Stock. 

(b) Any additional Restricted Shares of Common Stock of the Company, any other securities of the Company and any other property (except
for regular cash dividends or other cash distributions) distributed with respect to the Restricted Shares prior to the date or dates the Restricted Shares vest shall be subject to the same restrictions, terms and conditions as the Restricted Shares
to which they relate and shall be promptly deposited with the Secretary of the Company or a custodian designated by the Secretary. 
 5. Acceleration of Vesting Upon Change In Control. Notwithstanding any other provision in this Agreement, the Restricted Shares shall be vested as to 100% of the Restricted Shares on the date of a
“Change in Control.” A “Change in Control” shall mean any of the following: (i) the consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if
more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other corporate reorganization are owned by persons who were not shareholders of the
Company immediately prior to such merger, consolidation or other corporate reorganization, (ii) a public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that any person or group has acquired beneficial ownership of more than 50% of the then outstanding shares of Common Stock and, for this purpose, the terms
“person,” “group” and “beneficial ownership” shall have the meanings provided in Section 13(d) of the Exchange Act or related rules promulgated by the Securities and Exchange Commission; (iii) the Continuing
Directors (as defined below) cease to constitute a majority of the Company’s Board of Directors; (iv) a sale of all or substantially all of the assets of the Company or the dissolution of the Company; (v) the commencement of or public
announcement of an intention to make a tender or exchange offer for more than 50% of the then outstanding shares of the Common Stock; or (vi) the majority of Continuing Directors, in their sole and absolute discretion, determine that there has
been a change in control of the Company. “Continuing Director” shall mean any person who is a member of the Board of Directors of the Company, who (A) was a member of the Board of Directors on the date of this Agreement or
(B) subsequently becomes a member of the Board of Directors, if such person’s initial nomination for election or initial election to the Board of Directors is recommended or approved by a majority of the Continuing Directors. 

  
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 6. Miscellaneous. 

(a) Issuance of Restricted Shares. The Company shall cause the Restricted Shares to be issued in the name of Employee, either by
book-entry registration or issuance of a stock certificate or certificates evidencing the Restricted Shares, which certificate or certificates shall be held by the Secretary of the Company or the stock transfer agent or brokerage service selected by
the Secretary of the Company to provide such services for the Plan. The Restricted Shares shall be restricted from transfer and shall be subject to an appropriate stop-transfer order. If any certificate is used, the certificate shall bear an
appropriate legend referring to the restrictions applicable to the Restricted Shares. Employee hereby agrees to the retention by the Company of the Restricted Shares and, if a stock certificate is used, agrees to execute and deliver to the Company a
blank stock power with respect to the Restricted Shares as a condition to the receipt of this award of Restricted Shares. After any Restricted Shares vest pursuant to Section 2 or Section 5 hereof, and following payment of the applicable
withholding taxes pursuant to Section 6(b) of this Agreement, the Company shall promptly cause to be issued a certificate or certificates, registered in the name of Employee or in the name of Employee’s legal representatives, beneficiaries
or heirs, as the case may be, evidencing such vested whole Restricted Shares (less any Restricted Shares withheld to pay withholding taxes) and shall cause such certificate or certificates to be delivered to Employee or Employee’s legal
representatives, beneficiaries or heirs, as the case may be, free of the legend or the stop-transfer order referenced above. The value of any fractional Restricted Shares shall be paid in cash at the time certificates evidencing the Restricted
Shares are delivered to Employee. 
 (b) Income Tax Matters. 

(i) In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such
action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of Employee, are withheld or collected from Employee. 

(ii) In accordance with the terms of the Plan, and such rules as may be adopted under the Plan, Employee may elect,
subject to the consent of the Committee, to satisfy Employee’s federal and state income tax withholding obligations arising from the receipt of, or the lapse of restrictions relating to, the Restricted Shares, by (i) delivering cash, check
(bank check, certified check or personal check) or money order payable to the Company, (ii) having the Company withhold a portion of the Restricted Shares otherwise to be delivered having a Fair Market Value equal to the amount of such taxes,
or (iii) delivering to the Company shares of Common Stock already owned by Employee having a Fair Market Value equal to the amount of such taxes. Any such shares already owned by Employee shall have been owned by Employee for no less than six
months prior to the date delivered to the Company if such shares were acquired upon the exercise of an option or upon the vesting of restricted stock units or other restricted stock. Employee shall represent and warrant in writing that Employee is
the owner of the shares so delivered, free and clear of all liens, encumbrances, security interests and restrictions. Employee’s election must be made on or before the date that the amount of tax to be withheld is determined. 

  
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 (c) Plan Provisions Control. In the event that any provision of the Agreement
conflicts with or is inconsistent in any respect with the terms of the Plan, the terms of the Plan shall control. 
 (d) No
Right to Employment. The issuance of the Restricted Shares shall not be construed as giving Employee the right to be retained in the employ of the Company or an Affiliate, nor will it affect in any way the right of the Company or an Affiliate to
terminate such employment at any time, with or without cause. In addition, the Company or an Affiliate may at any time dismiss Employee from employment free from any liability or any claim under the Plan or this Agreement, unless otherwise expressly
provided in the Plan. By participating in the Plan, Employee shall be deemed to have accepted all the conditions of the Plan and the Agreement and the terms and conditions of any rules and regulations adopted by the Committee and shall be fully
bound thereby. 
 (e) Governing Law. The internal law, and not the law of conflicts, of the State of Minnesota shall
govern all questions concerning the validity, construction and effect of the Plan and this Agreement, and any rules and regulations relating to the Plan and this Agreement. 
 (f) Securities Matters. The Company shall not be required to deliver Restricted Shares until the requirements of any federal or state securities or other laws, rules or regulations (including the
rules of any applicable stock exchange and the Minnesota Business Corporation Act) as may be determined by the Company to be applicable are satisfied. 
 (g) Severability. If any provision of the Plan or this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or this
Agreement under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee,
materially altering the purpose or intent of the Plan or the Agreement, such provision shall be stricken as to such jurisdiction or the Agreement, and the remainder of the Agreement shall remain in full force and effect. 

(h) No Trust or Fund Created. Neither the Plan nor the Agreement shall create or be construed to create a trust or separate fund of
any kind or a fiduciary relationship between the Company or any Affiliate and Employee or any other Person. To the extent that Employee acquires a right to receive payments from the Company or any Affiliate pursuant to this Agreement, such right
shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 
 (i)
Headings. Headings are given to the Sections and subsections of the Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the
Agreement or any provision thereof. 

  
 4 

 (j) Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, executors, administrators, successors and assigns. 
 (k) Consultation With
Professional Tax and Investment Advisors. The holder of this Award acknowledges that the grant, vesting or any payment with respect to this Award, and the sale or other taxable disposition of the Restricted Shares acquired pursuant to the Award,
may have tax consequences pursuant to the Code or under local, state or international tax laws. The holder further acknowledges that such holder is relying solely and exclusively on the holder’s own professional tax and investment advisors with
respect to any and all such matters (and is not relying, in any manner, on the Company or any of its employees or representatives). Finally, the holder understands and agrees that any and all tax consequences resulting from the Award and its grant,
vesting or any payment with respect thereto, and the sale or other taxable disposition of the Restricted Shares acquired pursuant to the Plan, is solely and exclusively the responsibility of the holder without any expectation or understanding that
the Company or any of its employees or representatives will pay or reimburse such holder for such taxes or other items. 
 IN
WITNESS WHEREOF, the Company and Employee have executed this Restricted Stock Award Agreement on the date set forth in the first paragraph. 
  

							
		 		 	ROCHESTER MEDICAL CORPORATION
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  

							
		 		 	EMPLOYEE
			
		 		 	  

		 		 	Name:	 	 
		 		 		 	

  
 5

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