Document:

FPIC Insurance Group, Inc. Amended and Restated Director Stock Option Plan (June 1, 2005)

Exhibit 10(gggg)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FPIC
INSURANCE GROUP, INC.

 

AMENDED
AND RESTATED DIRECTOR STOCK PLAN

TABLE
OF CONTENTS

 

	
      1.
	
      PURPOSE 
	
      1

	 	 	 
	
      2.
	
      DEFINITIONS 
	
      1

	 	 	 
	
      3.
	
      ADMINISTRATION 
	
      3

	 	 	 
	
      4.
	
      ELIGIBILITY 
	
      3

	 	 	 
	
      5.
	
      SHARES
      SUBJECT TO THE PLAN; ANTI-DILUTION ADJUSTMENTS 
	
      4

	 	 	 
	
      6.
	
      AWARDS
      UNDER THE PLAN 
	
      4

	 	 	 
	
      7.
	
      STOCK
      OPTIONS 
	
      4

	 	 	 
	
      8.
	
      STOCK
      APPRECIATION RIGHTS 
	
      6

	 	 	 
	
      9.
	
      CONTINGENT
      STOCK AWARDS 
	
      7

	 	 	 
	
      10.
	
      RESTRICTED
      STOCK AWARDS 
	
      8

	 	 	 
	
      11.
	
      NONASSIGNABILITY 
	
      9

	 	 	 
	
      12.
	
      AMENDMENT
      OR DISCONTINUANCE OF PLAN 
	
      9

	 	 	 
	
      13.
	
      NO
      OBLIGATION TO EXERCISE OPTION OR SAR 
	
      9

	 	 	 
	
      14.
	
      RIGHTS
      OF A SHAREHOLDER 
	
      9

	 	 	 
	
      15.
	
      EFFECTIVE
      DATE; DURATION OF THE PLAN 
	
      10

	 	 	 
	
      16.
	
      EFFECT
      OF PLAN 
	
      10

	 	 	 
	
      17.
	
      SUCCESSORS 
	
      10

	 	 	 
	
      18.
	
      LEGAL
      CONSTRUCTION 
	
      10

 

 

FPIC INSURANCE GROUP, INC.

 

AMENDED
AND RESTATED DIRECTOR STOCK PLAN

 

	1.  	
        PURPOSE

 

    1.1  The
purpose of the FPIC Insurance Group, Inc. Amended and Restated Director Stock
Plan is to provide an incentive to Directors of the Company who are in a
position to contribute materially to expanding and improving the Company’s
profits, to aid in attracting and retaining Directors of outstanding ability and
to encourage ownership of Shares by Directors. The Plan originally became
effective on January 13, 1996. The Plan, as amended and restated, is effective
as of April 22, 2005, subject to the approval of the amended and restated Plan
by the shareholders of the Company. The Plan shall remain in effect as provided
in Section 15.2 herein.

 

	2.  	
        DEFINITIONS

 

    2.1  For
purposes of the Plan, the following terms shall have the definition that is
attributed to them, unless another definition is clearly indicated by a
particular usage and context.

 

            (a)  "Award"
means a grant of Restricted Stock, Contingent Stock, an Option or an
SAR.

 

            (b)  "Board"
means the Company’s Board of Directors. 

 

            (c)  "Code"
means the Internal Revenue Code of 1986, as amended.

 

            (d)  "Committee"
means the Committee, as specified in Section 3.1, appointed by the Board to
administer the

Plan.

 

            (e)  "Company"
means FPIC Insurance Group, Inc.

 

            (f)  "Contingent
Stock"
means stock issued, subject to certain conditions, to a Grantee pursuant to
Section 9

        hereof.

 

            (g)  "Directors"
means the members of the Board and members of the Board of Directors of First
Professionals Insurance Company, Inc. who are not also members of the Board, in
each case who are not employees either of the Company or an affiliate
thereof.

 

            (h)  "Dividend
Equivalent"
means, with respect to Shares subject to an Award, a right to be paid an amount
equal to the dividends declared and paid on an equal number of outstanding
Shares.

 

            (i)  "Fair
Market Value"
means on, or with respect to, any given date:

 

	(i)  	
      If
      the Shares are listed on a national stock exchange, the closing market
      price of such Shares as reported on the composite tape for issues listed
      on such exchange on such 

 

1

 

 

	 	date or, if no trades shall have been reported for such date, on the
      next preceding date on which there were trades reported; provided, that if
      no such quotations shall have been made within the 10 business days
      preceding such date, Fair Market Value shall be determined under (iii)
      below.

	 	 

	(ii)  	
      If
      the Shares are not listed on a national stock exchange but are traded on
      the over-the-counter market, the mean between the closing dealer bid and
      asked price of such Shares of Common Stock as reported by the National
      Association of Securities Dealers through their Automated Quotation System
      for such date, or if no quotations shall have been made on such date, on
      the next preceding date on which there were quotations; provided that, if
      no such quotations shall have been made within the 10 business days
      preceding such date, Fair Market Value shall be determined under (iii)
      below.

 

	(iii)  	
      If
      (i) or (ii) do not apply, the Fair Market Value of a Share without regard
      to any control premium or discount for lack of control as determined by
      the Committee in good faith consistent with the valuation by the Company
      as provided by a third party appraiser for other corporate purposes before
      adjustments or any discounts applied due to lack of marketability. The
      Committee may rely upon the most recent valuation and there shall be no
      requirement to cause a more recent valuation to be
made.

 

            (j)  "Grantee"
means a Director who has received an Award.

 

            (k)  "Option"
means the right to purchase from the Company Shares at a specified price and
subject to the terms of the Plan and such other conditions and restrictions as
the Committee deems appropriate. 

 

            (l)  "Option
Price"
means the purchase price per Share subject to an Option.

 

            (m)  "Optionee"
means a Director who has been awarded an Option under the Plan.

 

            (n)  "Optioned
Shares"
means Shares subject to outstanding Options. 

 

            (o)  "Permanent
and Total Disability"
shall have the same meaning as given to that term by Code Section 22(e)(3) and
any regulations or rulings promulgated thereunder.

 

2

 

 

            (p)  "Plan"
means the FPIC Insurance Group, Inc. Amended and Restated Director Stock Plan,
as amended

        from time to
time.

 

            (q)  "Restricted
Stock"
means Shares issued, subject to restrictions, to a Grantee pursuant to Section
10

        hereof.

 

            (r)  "SAR"
means a stock appreciation right.

 

            (s)  "Share"
means one share of $0.10 par value common stock of FPIC Insurance Group,
Inc.

 

	3.  	
        ADMINISTRATION

 

    3.1  The
Plan shall be administered by the Board or such committee as the Board shall
select consisting solely of two or more members of the Board. The Board or any
such committee, as the case may be, shall be referred to as the “Committee” for
purposes of this Plan. To the extent a Committee other than the Board is
authorized to administer the Plan, the members of such Committee shall be
appointed from time to time by and shall serve at the discretion of, the Board.

 

    3.2  The
action of a majority of the Committee at which a quorum is present, or acts
reduced to or so approved in writing by a majority of the Committee, shall be
the valid acts of the Committee.

 

    3.3  The
Committee shall have full and final authority in its discretion to take all
actions determined by the Committee to be necessary in the administration of the
Plan, including, without limitation, discretion to:

 

            (a)  conclusively
interpret the provisions of the Plan and any agreement entered into under the
Plan and to

        decide all questions
of fact arising in its application;

 

            (b)  determine
the individuals to whom Awards shall be made under the Plan;

 

            (c)  determine
the type of Award to be made to such Directors and the amount, size and terms of
each

        Award;

 

            (d)  determine
the time when Awards will be granted to Directors; and

 

            (e)  make
all other determinations necessary or advisable for the administration of the
Plan.

 

	4.  	
        ELIGIBILITY

 

    4.1  Each
Grantee shall be a Director. 

 

3

 

 

	5.  	
        SHARES SUBJECT TO THE PLAN; ANTI-DILUTION
      ADJUSTMENTS

 

    5.1  Subject
to adjustment pursuant to Section 5.5 hereof, the aggregate number of Shares
that may be issued under Awards granted pursuant to the Plan shall not exceed
915,000 Shares. 

 

    5.2  Shares
may be authorized and unissued Shares or treasury shares.

 

    5.3  The
maximum number of Shares that may be awarded pursuant to the Contingent Stock or
Restricted Stock Award provisions of Sections 9 and 10 shall be twenty-five
percent (25%) of the total Shares authorized for issuance under the
Plan.

 

    5.4  Any
Shares subject to an Award that for any reason expires or is terminated
unexercised or unvested as to such Shares shall not be treated as having been
issued under the Plan. Similarly, Shares withheld by the Company upon exercise
of an Option to satisfy the Option Price shall not be treated as having been
issued under the Plan.

 

    5.5  In
the event of any merger, reorganization, consolidation, recapitalization,
liquidation, stock dividend, split-up, spin-off, stock split, reverse stock
split, share combination, share exchange, extraordinary dividend, or any change
in the corporate structure affecting the Shares, such adjustment shall be made
in the number and kind of Shares that may be delivered under the Plan as set
forth in Section 5.1 and, with respect to outstanding Awards, in the number and
kind of Shares subject to outstanding Awards, the Option Price, grant price or
other price of Shares subject to outstanding Awards, any performance conditions
relating to Shares, the market price of Shares, or per-Share results and other
terms and conditions of outstanding Awards, as may be determined to be
appropriate and equitable by the Committee, in its sole discretion, to prevent
dilution or enlargement of rights; provided, however, that, unless otherwise
determined by the Committee, the number of Shares subject to any Award shall
always be rounded down to a whole number.

 

	6.  	
        AWARDS UNDER THE
PLAN

 

    6.1  Awards
under the Plan may be in the form of Options, Contingent Stock, Restricted Stock
and SARs, or such other forms as the Committee may in its discretion deem
appropriate but in any event that are consistent with the Plan's purpose,
including any combination of the above.

 

	7.  	
        STOCK
      OPTIONS

 

    7.1  Options
granted pursuant to the Plan shall be evidenced by agreements in such form as
the Committee shall from time to time approve, which agreements shall contain or
shall be subject to the following terms and conditions, whether or not such
terms and conditions are specifically included therein:

 

            (a)  Number
of Shares.
Each Option shall state the number of Shares to which it pertains.

 

4

 

 

            (b)  Date.
Each Option shall state the effective date of grant of the Option.

 

            (c)  Option
Price.
Each Option shall state the Option Price. Except for Options adjusted or granted
pursuant to Section 5.5 herein and replacement Options granted in connection
with a merger, acquisition, reorganization or similar transaction, the Option
Price of an Option shall not be less than one hundred percent (100%) of the Fair
Market Value of such Share on the day the Option is granted.

 

            (d)  Exercise
of Option.
Options granted pursuant to the Plan shall not be exercisable until such Options
are vested. Any person entitled to exercise an Option may do so in whole or in
part by delivering a written notice of exercise to the Company, attention
Corporate Secretary, at its principal executive office located at 225 Water
Street, Suite 1400, Jacksonville, Florida 32202. The written notice shall
specify the number of Shares for which an Option is being exercised and shall be
accompanied by provision for full payment of the Option Price for the Shares
being purchased. The Option Price of an Option shall be payable to the Company:
(a) in cash or its equivalent, (b) by tendering (or attesting to the ownership
of) Shares having an aggregate Fair Market Value at the time of exercise equal
to the Option Price, (c) by broker-assisted cashless exercise, (d) in any other
manner then permitted by the Committee, or (e) by a combination of any of the
permitted methods of payment. The Committee may limit any method of payment,
other than that specified under (a), for administrative convenience, to comply
with applicable law, or for any other reason.

 

            (e)  Transfer
of Option.
Options may be transferred by the Optionee only during his or her lifetime to
any member of his or her immediate family or a trust established for the
exclusive benefit of one or more members of his or her immediate family or to a
former spouse pursuant to a domestic relations order. For purposes of this
Section, the term "immediate family" is defined as an Optionee’s spouse,
children, stepchildren, grandchildren (including relationships arising from
legal adoption) and parents. Upon an Optionee’s death, Options are transferable
by will or the law of descent and distribution. Otherwise, Options shall not be
transferable by the Optionee.

 

            (f)  Rights
as a Shareholder.
An Optionee shall have no rights as a shareholder with respect to any Optioned
Shares until the date of the issuance of a stock certificate to him for such
Shares. No adjustment shall be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distributions or other rights
for which the record date is prior to the date such stock certificate is issued,
except as provided in Section 5.5; provided, however, at the discretion of the
Committee, an Award of Options may provide the Optionee with the right to
receive Dividend Equivalents, which may be paid currently or credited to an
account for the Optionee and may be settled in cash and/or Shares, as determined
by the Committee in its sole discretion, subject in each case to such terms and
conditions as the Committee shall establish.

 

5

 

 

            (g)  Duration
of Option.
Each Option shall be for a term of up to 10 years from the effective date of
grant, except as provided in Section 7.2(b).

 

            (h)  Vesting.
The vesting schedule of an Option granted under this Plan shall be determined by
the Committee, in its sole discretion, upon granting of the Option. Except as
otherwise provided by the Committee, a Director shall forfeit any unvested
Options upon termination of service as a Director.

 

            (i)  Other
Provisions.
Options authorized under the Plan may contain any other provisions or
restrictions as the Committee in its sole and absolute discretion shall deem
advisable. The Company may place such restriction legends on stock certificates
representing the Shares as the Company, in its sole discretion, deems necessary
or appropriate to reflect restrictions under the securities laws or this Plan.

 

    7.2  Except
as otherwise determined by the Committee, an Option may be terminated as
follows:

 

            (a)  During
the period of continuous service as a Director, an Option will be terminated
only if it has been fully exercised or has expired by its terms.

 

            (b)  Upon
termination of service as a Director for any reason, the Option will terminate
upon the earlier of (i) the full exercise of the Option, (ii) the expiration of
the Option by its terms, or (iii) two years following the date of termination of
service as a Director. 

 

            (c)  If
an Optionee shall die or become subject to Permanent and Total Disability prior
to the termination of an Option, such Option may be exercised to the extent that
the Optionee shall have been entitled to exercise it at the time of death or
Permanent and Total Disability, as the case may be, by the Optionee, the estate
of the Optionee or the person or persons to whom the Option may have been
transferred; provided, however, such right must be exercised, if at all, within
the period set forth in Section 7.2(b). 

 

7.3  Except
as otherwise expressly provided in the written agreement with the Optionee
referred to in Section 7.1 hereof and except as provided in this Section and in
Section 5.5, in no event will the continuation of the term of an Option beyond
the date of termination of service allow the Director, or his transferees,
beneficiaries or heirs, to accrue additional rights under the Plan, or to
purchase more Shares through the exercise of an Option than could have been
purchased on the day that service as a Director was terminated.

 

	8.  	
        STOCK APPRECIATION
RIGHTS

 

    8.1  SARs
shall be evidenced by SAR agreements in such form and not inconsistent with the
Plan, as the Committee shall approve from time to time.

 

6

 

 

    8.2  The
Committee shall, in its sole discretion, determine the amount of an SAR to be
granted to a Director.

 

    8.3  An
SAR may be granted in tandem with an Option or on a free-standing basis. An SAR
shall entitle the Grantee, subject to such terms and conditions determined by
the Committee, to receive a payment equal to all or a portion of the excess of
(i) the Fair Market Value of a specified number of Shares at the time of the
surrender, as determined by the Committee, over (ii) one hundred percent (100%)
of the Fair Market Value of such Shares at the time the right was granted,
subject to adjustment pursuant to Section 5.5.

 

    8.4  Except
for SARs adjusted or granted pursuant to Section 5.5 and replacement SARs
granted in connection with a merger, acquisition, reorganization or similar
transaction, the grant price of an SAR shall equal the Fair Market Value of a
Share on the date of grant of the SAR. The grant price of an SAR granted in
tandem with an Option shall equal the Option Price of the related
Option.

 

    8.5  SARs
shall be granted for a period of not more than 10 years and shall be exercisable
in whole or in part, at such time or times and subject to such other terms and
conditions as shall be prescribed by the Committee at the time of
grant.

 

    8.6  Each
SAR agreement shall set forth the extent to which the Grantee shall have the
right to exercise the SAR following termination of service as a Director. Such
provisions shall be determined in the sole discretion of the Committee (subject
to applicable law), need not be uniform among all SARs granted pursuant to the
Plan or among Grantees and may reflect distinctions based on the reasons for
termination.

 

    8.7  At
the discretion of the Committee, an Award of an SAR may provide the Grantee with
the right to receive Dividend Equivalents, which may be paid currently or
credited to an account for the Grantee and may be settled in cash and/or Shares,
as determined by the Committee in its sole discretion, subject in each case to
such terms and conditions as the Committee shall establish.

 

    8.8  Upon
exercise of an SAR, payment shall be made in the form of common stock of the
Company (determined based on the Fair Market Value of a Share on the date of
exercise), cash, or a combination thereof, as the Committee may
determine.

 

	9.  	
        CONTINGENT STOCK
AWARDS

 

    9.1  Contingent
Stock Awards under the Plan shall be evidenced by Contingent Stock agreements in
such form and not inconsistent with the Plan, as the Committee shall approve
from time to time.

 

    9.2  The
Committee shall, in its sole discretion, determine the amount of a Contingent
Stock Award to be granted to a Director.

 

    9.3  Contingent
Stock Awards made pursuant to this Plan shall be subject to such terms,
conditions and restrictions, including without limitation, substantial risks of
forfeiture and  

 

 

7

 

 

 

 

transfer
restrictions, as shall be determined by the Committee. The Committee shall have
the power to permit, in its discretion, an acceleration of the applicable
restriction period with respect to any part or all of the Award to any Director.

 

    9.4  The
Contingent Stock agreement shall specify the terms and conditions upon which any
restrictions on the right to receive Shares representing Contingent Stock Awards
under the Plan shall lapse, as determined by the Committee. Upon the lapse of
such restrictions, Shares shall be issued to the Director or such Director’s
legal representative.

 

    9.5  Each
Contingent Stock agreement shall set forth the extent to which the Director
shall have the right to receive unvested Contingent Stock following termination
of service as a Director. Such provisions shall be determined in the sole
discretion of the Committee (subject to applicable law), shall be included in
the Contingent Stock agreement entered into with each Director, need not be
uniform among all Shares of Contingent Stock issued pursuant to the Plan and may
reflect distinctions based on the reasons for termination of
service.

 

    9.6  At
the discretion of the Committee, a Contingent Stock Award may provide the
Grantee with the right to receive Dividend Equivalents, which may be paid
currently or credited to an account for the Grantee and may be settled in cash
and/or Shares, as determined by the Committee in its sole discretion, subject in
each case to such terms and conditions as the Committee shall
establish.

 

	10.  	
        RESTRICTED STOCK
AWARDS

 

   10.1  Restricted
Stock Awards under the Plan shall be evidenced by Restricted Stock agreements in
such form and not inconsistent with the Plan, as the Committee shall approve
from time to time. 

 

    10.2  The
Committee shall, in its sole discretion, determine the amount of a Restricted
Stock Award to be granted to a Director.

 

    10.3  Restricted
Stock Awards made pursuant to this Plan shall be subject to such terms,
conditions and restrictions, including without limitation, substantial risks of
forfeiture and transfer restrictions, as shall be determined by the Committee.
The Committee shall have the power to permit, in its discretion, an acceleration
of the expiration of the applicable restriction period with respect to any part
or all of the Award to any Director. Upon issuance of a Restricted Stock Award,
Shares will be issued in the name of the recipient. Unless otherwise determined
by (and/or subject to such restrictions as may be imposed by) the Committee,
during the restriction period, the recipient shall have the rights of a
shareholder for all such Shares of Restricted Stock, including the right to vote
and the right to receive dividends thereon as paid.

 

    10.4  Each
certificate evidencing stock subject to Restricted Stock Awards shall bear an
appropriate legend referring to the terms, conditions and restrictions
applicable to such Award. Any attempt to dispose of stock in contravention of
such terms, conditions and restrictions shall be ineffective. The Committee may
adopt rules that provide that the certificates evidencing such Shares may be
held in custody by a bank or other institution, or that the Company may itself
hold such Shares in custody, until the restrictions thereon shall have lapsed
and may require as a condition of any Award that the recipient shall have
delivered a stock power endorsed in blank relating to the stock covered by such
Award.

8

 

 

 

 

    10.5  The
Restricted Stock agreement shall specify the terms and conditions upon which any
restrictions on the right to receive Shares representing Restricted Stock
awarded under the Plan shall lapse as determined by the Committee. Upon the
lapse of such restrictions, Shares which have not been delivered to the
recipient or such recipient’s legal representative shall be delivered to the
recipient or such recipient’s legal representative.

 

    10.6  Each
Restricted Stock agreement shall set forth the extent to which the Director
shall have the right to receive unvested Restricted Stock following termination
of service as a Director. Such provisions shall be determined in the sole
discretion of the Committee (subject to applicable law), shall be included in
the Restricted Stock agreement entered into with each Director, need not be
uniform among all Shares of Restricted Stock issued pursuant to the Plan and may
reflect distinctions based on the reasons for termination of
service.

 

	11.  	
        NONASSIGNABILITY

 

    11.1  Except
as specifically provided in Section 7.1(e), no Award or benefit under the Plan
shall be assignable or transferable by the recipient thereof except by will or
by the laws of descent and distribution. During the life of the recipient, such
Award shall be exercisable only by such person or by such person’s guardian or
legal representative.

 

	12.  	
        AMENDMENT OR DISCONTINUANCE OF
      PLAN

 

    12.1  The
Board may at any time and from time to time, alter, amend, suspend or terminate
the Plan in whole or in part; provided, however, that no amendment that requires
stockholder approval in order for the Plan to continue to comply with the
National Association of Securities Dealers Automated Quotation, Inc. (Nasdaq)
listing standards or any rule promulgated by the United States Securities and
Exchange Commission or any securities exchange on which the Shares are listed
shall be effective unless such amendment shall be approved by the requisite vote
of stockholders of the Company entitled to vote thereon within the time period
required under such applicable listing standard or rule. 

 

    12.2  No
termination, amendment or modification of the Plan or of any Award shall
adversely affect in any material way any Award previously granted under the Plan
without the written consent of the Director holding such Award, unless such
termination, modification or amendment is required by applicable law and except
as otherwise provided herein.

 

	13.  	
        NO OBLIGATION TO EXERCISE OPTION OR
      SAR

 

    13.1  The
granting of an Option or an SAR shall impose no obligation upon the Grantee to
exercise such Option or SAR.

 

	14.  	
        RIGHTS OF A
SHAREHOLDER

 

    14.1  Except
as otherwise specifically provided in the Plan (including the rights provided in
Section 10 of this Plan as it pertains to Restricted Stock Awards), the
recipient of any 

 

 

9

 

 

 

Award
under the Plan shall have no rights as a shareholder with respect thereto unless
and until certificates for Shares of common stock are issued to such
recipient.

 

	15.  	
        EFFECTIVE DATE; DURATION OF THE
PLAN

 

    15.1  The
Plan originally became effective as of January 13, 1996. The Plan was amended
and restated effective as of April 22, 2005.

 

    15.2  Subject
to the right of the Board to terminate the Plan at any time pursuant to Section
12.1 herein, the Plan shall remain in effect until all Shares subject to it
shall have been purchased or acquired according to the Plan’s provisions.

 

	16.  	
        EFFECT OF PLAN

 

    16.1  The
granting of an Award pursuant to the Plan shall not give the Grantee any right
to similar grants in future years or any right to be retained as a
Director.

 

	17.  	
        SUCCESSORS

 

    17.1  All
obligations of the Company under the Plan and with respect to Awards shall be
binding on any successor to the Company, whether the existence of such successor
is the result of a direct or indirect purchase, merger, consolidation, or other
event, or a sale or disposition of all or substantially all of the business
and/or assets of the Company and references to the "Company" herein and in any
Award agreements shall be deemed to refer to such successors.

 

	18.  	
        LEGAL
CONSTRUCTION

 

    18.1  Gender,
Number and References.
Except where otherwise indicated by the context, any masculine term used herein
also shall include the feminine; the plural shall include the singular and the
singular shall include the plural. Any reference in the Plan to a Section of the
Plan either in the Plan or any Award agreement or to an act or code or to any
section thereof or rule or regulation thereunder shall be deemed to refer to
such Section of the Plan, act, code, section, rule or regulation, as may be
amended from time to time, or to any successor Section of the Plan, act, code,
section, rule or regulation.

 

    18.2  Severability.
In the event any provision of the Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the
Plan and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included.

 

    18.3  Requirements
of Law.
The granting of Awards and the issuance of Shares or cash under the Plan shall
be subject to all applicable laws, rules and regulations and to such approvals
by any governmental agencies or national securities exchanges as may be
required. 

 

    18.4  Governing
Law.
To the extent not preempted by federal law, the Plan and all agreements
hereunder, shall be construed in accordance with and governed by the laws of the
State of Florida, excluding any conflicts or choice of law rule or principle
that might otherwise refer construction or interpretation of this Plan to the
substantive law of another jurisdiction.

 

10

 

 

 

    18.5  Nonexclusive
Plan.
Neither the adoption of the Plan by the Board nor its submission to the
stockholders of the Company for approval shall be construed as creating any
limitations on the power of the Board or a committee thereof to adopt such other
incentive arrangements as it may deem desirable.

 

    18.6  Code
Section 409A Compliance.
To the extent applicable, it is intended that this Plan and any Awards granted
hereunder comply with the requirements of Code Section 409A and any related
regulations or other guidance promulgated with respect to such Section by the
U.S. Department of the Treasury or the Internal Revenue Service. Any provision
that would cause the Plan or any Award granted hereunder to fail to satisfy Code
Section 409A shall have no force or effect until amended to comply with Code
Section 409A, which amendment may be retroactive to the extent permitted by Code
Section 409A. No amendment to the Plan made pursuant to the amendment and
restatement approved by the Board on April 22, 2005 shall be applicable to an
Award then outstanding to the extent such amendment would cause the Award to
become subject to Code Section 409A.

 

11FPIC Insurance Group, Inc. Amended and Restated Director Stock Plan Restricted Stock Award Agreement

 

Exhibit
10(hhhh)

 

 

 

 

FPIC
INSURANCE GROUP, INC.

 

 

AMENDED
AND RESTATED DIRECTOR STOCK PLAN

 

 

RESTRICTED
STOCK AWARD AGREEMENT

 

 

 

 

 

 

[Date]

 

 

 

 

 

 

[Name]

[Address]

 

 

 

 

 

In
accordance with the terms of the Amended and Restated Director Stock Plan (the
"Plan") maintained by FPIC Insurance Group, Inc. (the “Company”), pursuant to
action of the Board of Directors, the Company hereby grants to you (the
"Grantee"), subject to the terms and conditions set forth in this Restricted
Stock Award Agreement (including Annex A hereto and all documents incorporated
herein by reference), an award of restricted shares of Company common stock (the
"Restricted Stock"), as set forth below:

 

	
      Date
      of Grant:
	
      _________________________________

	
      Number
      of Shares of Restricted Stock:
	
      _________________________________

	
      Period
      of Restriction:
	
      Date
      of Grant through _______________

	
      Performance
      Goal:
	
      N/A

	
       

      Vesting
      Schedule:

       
	
       

      The
      Shares of Restricted Stock subject to this Award shall vest on
      ____________________; provided that the Grantee remains in the service of
      the Company as a Director through such vesting date(s).

       

 

 

THESE
SHARES OF RESTRICTED STOCK ARE SUBJECT TO FORFEITURE AS PROVIDED IN ANNEX A
HERETO AND THE PLAN.

 

 

Further
terms and conditions of the Award are set forth in Annex A hereto, which is an
integral part of this Restricted Stock Award Agreement.

 

 

All
terms, provisions and conditions applicable to the Award set forth in the Plan
and not set forth herein are hereby incorporated by reference herein. To the
extent any provision hereof is inconsistent with the Plan, the Plan will
govern.  The Grantee hereby acknowledges receipt of a copy of this
Restricted Stock Award Agreement including Annex A hereto and a copy of the Plan
and agrees to be bound by all the terms and provisions hereof and
thereof.

 

 

  

 

FPIC
INSURANCE GROUP, INC.

 

 

 

 

By:______________________________

 

 

 

 

Agreed:

 

 

 

___________________________

 

 

Attachment: 
Annex A

 

 

 

 

 

ANNEX
A

 

 

TO
THE

 

 

FPIC
INSURANCE GROUP, INC.

 

 

AMENDED
AND RESTATED DIRECTOR STOCK PLAN

 

 

RESTRICTED
STOCK AWARD AGREEMENT

 

   It is understood
and agreed that the Award of Restricted Stock evidenced by the Restricted Stock
Award Agreement to which this is annexed and a part is subject to the following
additional terms and conditions:

 

 

1.    Forfeiture
and Transfer Restrictions.

 

	 	
      A.
      
	
      Forfeiture
      Restrictions.  Except as otherwise provided in Section 2 of this
      Annex A, if the Grantee's service as a Director is terminated during the
      Period of Restriction (as set forth in the Restricted Stock Award
      Agreement), any unvested portion of this Restricted Stock Award shall be
      forfeited as of the date of termination.

	 	
      B.
      
	
      Transfer
      Restrictions.  The Restricted Stock may not be sold,
      transferred, pledged, assigned, or otherwise alienated or hypothecated
      prior to vesting.

2.   Termination
of Service due to Death or Permanent and Total Disability.
If the Grantee's service as a Director is terminated due to the Grantee's death
or Permanent and Total Disability, any unvested portion of this Restricted Stock
Award shall immediately vest as of the date of such termination of employment.

 

3.   Vesting
of Restricted Stock.
Except as provided otherwise in Sections 1 and 2 of this Annex A, the
Restricted Stock shall vest in accordance with the Vesting Schedule set forth in
the Restricted Stock Award Agreement.
Any Shares that do not vest shall be forfeited.

 

4.   Voting
Rights, Dividends and Custody.
The Grantee shall be entitled to vote and receive regular dividends paid with
respect to the Shares subject to this Award prior to vesting; provided, however,
that in no event shall the Grantee vote or receive dividends paid with respect
to any forfeited Shares on or after the date of forfeiture. The Shares subject
to this Award shall be registered in the name of the Grantee and held in custody
by the Company or by a bank or other institution prior to vesting. The Grantee
shall, if so requested by the Company, execute and return to the Company a stock
power form respecting the Shares subject to this Award.

 

5.   Ratification
of Actions. 
By accepting this Award or other benefit under the Plan, the Grantee and each
person claiming under or through him shall be conclusively deemed to have
indicated the Grantee's acceptance and ratification of, and consent to, any
action taken under the Plan or the Award by the Company. 

 

6.   Notices. 
Any notice hereunder to the Company shall be addressed to its office at One
Enterprise Center, 225 Water St., Suite 1400, Jacksonville, FL 32202; Attention:
Corporate Secretary, and any notice hereunder to the Grantee shall be addressed
to the Grantee at the address specified on the Restricted Stock Award Agreement,
subject to the right of either party to designate at any time hereafter in
writing some other address.

 

7.   Definitions. 
Capitalized terms not otherwise defined herein shall have the meanings given
them in the Plan.

 

8.   Governing
Law and Severability. 
To the extent not preempted by Federal law, the Restricted Stock Award Agreement
will be governed by and construed in accordance with the laws of the State of
Florida, excluding any conflicts or choice of law, rule or principle that might
otherwise refer construction or interpretation of this Restricted Stock Award
Agreement to the substantive law of another jurisdiction.  In the event any
provision of the Restricted Stock Award Agreement shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the
remaining parts of the Restricted Stock Award Agreement, and the Restricted
Stock Award Agreement shall be construed and enforced as if the illegal or
invalid provision had not been included.

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