Document:

exhibit10y.htm

    Exhibit 10(y)

    

      [Missing
        Graphic
        Reference] 

      AWARD
        AGREEMENT

      (For
        Non-Qualified Stock
        Option)

      

      

      To:           
                                                   
Number:

      (Name
        of Optionee)

      Date
        of Grant:

      

      There
        hereby is granted to you, as a key employee of Invacare Corporation (
“Invacare” ) or  of  a subsidiary, an option to
        purchase ______ Invacare Common Shares, no par value, at an option price
        of
        $_____ per share.  This option is granted to you pursuant
        to the Invacare Corporation 2003 Performance Plan (the
“Plan”) and
        is
        subject to the terms and conditions set forth below.  This option is
        not an incentive stock option as defined in Section 422 of the Internal Revenue
        Code (the “Code”).  Please acknowledge your acceptance of the
        terms of this option by signing on  the reverse
        side.       

      
        	 	 	 
	 	 	 	 
	
                 

              	
                 

              	
                /s/ A.
                  Malachi Mixon, III

              	 
	 	 	
                A.
                  Malachi Mixon, III

              	 
	 	 	
                Chairman
                  and Chief Executive Officer

              	 
	 	 	 	 

I.  PURCHASE
        RIGHTS &
EXERCISE DATES

          You
        shall be entitled to exercise this option with respect to the percentage
        of
        shares indicated on or after the date shown opposite such percentage, rounded
        to
        the nearest whole share:

      

         Cumulative
        Maximum

      Percentage
        of Optioned

        Shares
        which may be

       purchased
        by
        exercise                       Date
        beginning on which

             of
        the
        Option                                
Option
        may be
        exercised

                25%                                           
        

                50%                                                 

                75%                                                 

               100%                                                  

      

          To
        the extent that the option becomes exercisable with respect to any shares,
        as
        shown above, the option may thereafter be exercised by you either with respect
        to all or any number of such shares at any time or from time to time prior
        to
        the expiration of the option.  However, no fractional shares may be
        purchased.  Except as provided herein, the option may not be exercised
        unless you are an employee at the time of exercise.

      

      II.  TERM
        OF
        OPTION

           The
        term of the option shall be for a period of ten (10) years commencing on
        the
        Date of Grant as set forth above.  The option shall expire at the
        close of regular business hours at Invacare's principal office on the last
        day
        of the term of the option, or, if earlier, on the applicable expiration date
        provided in this Agreement.

      

           (a)  Your
        option shall not be affected by any temporary leave of absence approved in
        writing by Invacare and described in Section 1.421- 7(h)
        of
        the Federal Income Tax Regulations.  If you cease to be an employee
        for any reason other than death, you may exercise your option only to the
        extent
        of such purchase rights as may exist pursuant to Paragraph I as of the date
        you
        cease to be an employee and which have not been exercised.  Upon your
        ceasing to be an employee, other than by Retirement as defined by Invacare’s
        Compensation Committee (the “Committee”) (in which case you shall become a
        Retired Employee), such purchase rights shall in any event terminate upon
        the
        earlier of (a) three (3) months [one (1) year if you ceased to be an employee,
        because of a disability (as such term is defined in Section 72(m) (7) of
        the
        Code)] after the date you ceased to be an employee, or (b) the last day of
        the
        term of the option.  If you become a  Retired employee, as
        defined, you retain your purchase rights as may exist  pursuant to
        Paragraph I as of the date you cease to be an employee and which have not
        been
        exercised, until the option terminates pursuant to Paragraph II.

      

           (b)  If
        you die while you are an employee, a Retired employee or
        within
        three (3) months of your having ceased to be an employee, a personal
        representative may exercise the option to the extent of your purchase rights
        as
        may exist pursuant to Paragraph I at the date of your death and which have
        not
        been exercised; provided, however,
        that such purchase rights shall in any event terminate upon the earlier
        of:  (i)  one (1) year after you cease to be an employee,
        unless you are a Retired employee in which case you shall have one (1) year
        subsequent to your death; or (ii)  the last day of the term of the
        option.

      

          (c)  If
        the Committee finds that you intentionally committed an act materially inimical
        to the interests of Invacare or a subsidiary, your unexercised purchase rights
        will terminate as of the time you committed such act, as determined by the
        Committee.

       

      III.  TERMINATION
        OF OPTION UNDER

      
        	
                 

              	
                      CERTAIN
                  CIRCUMSTANCES

              

      

      

            The
        Committee may cancel your option at any time if you are not in compliance
        with
        all applicable provisions of this Agreement or the Plan or if you, without
        the
        prior written consent of the Committee, engage in any of the following
        activities:  (i)  you render services for an organization,
        or engage in a business, that is, in the judgment of the Committee, in
        competition with Invacare; or (ii) you disclose to anyone outside of Invacare,
        or use for any purpose other than Invacare's business, any
        confidential  information or material relating to Invacare, whether
        acquired by you during or after employment with Invacare, in a fashion or
        with a
        result that is or may be injurious to the best interests of Invacare, as
        determined by the Committee.

      

         The
        Committee may, in its discretion and as a condition to the exercise of your
        option, require you to represent in writing that you are in compliance with
        all
        applicable provisions of this Agreement and the Plan and have not engaged
        in any
        activities referred to in clauses (i) and (ii) above.

      

      IV.  EXERCISE
        OF
        OPTION

            The
        option may be exercised by delivering to the Invacare Finance Department,
        at
        Invacare's principal office, a completed Notice of Exercise of Option
        (obtainable from the Finance Department) setting forth the number of shares
        with
        respect to which your option is being exercised.  Such Notice shall be
        accompanied by either  payment in full for the  shares, or
        the execution of a cashless exercise in accordance with the procedures
        established by the Committee.

      

      V.  CHANGE
        IN
        CONTROL

           Upon  a
        change in control (as such term is defined in the Plan), unless and to the
        extent otherwise determined by Invacare's Board of Directors, you may exercise
        your option with respect to all shares covered therein.

      

      VI.  TRANSFERABILITY

             This
        Agreement shall be binding upon and inure to the benefit of any successor
        of
        Invacare and your heirs, estate and personal representative.  Your
        option shall be transferable to (1) certain people or entities that you
        designate, in accordance with and pursuant to procedures established by the
        Committee, or by (2) Will or the laws of descent and distribution, and your
        option may be exercised during your lifetime only by you, or such permitted
        transferee under clause (1) of the preceding sentence, provided that a guardian
        or other legal representative, who has been duly appointed
        may,  except as otherwise provided in the Plan, exercise the option on
        your behalf.  Your personal representative shall act in your place
        with respect to exercising the option or taking any other action pursuant
        to the
        Agreement.

      

      VII.  ADJUSTMENTS
        OR
        AMENDMENTS

              In
        the event that, subsequent to the date of this Agreement, the outstanding
        common
        shares of Invacare are, as a result of a stock split, stock dividend,
        combination or exchange of shares, exchange of other securities,
        reclassification, reorganization, redesignation, merger, consolidation,
        recapitalization, liquidation, dissolution, sale of assets or other such
        change,
        including, without limitation, any transaction described in Section 424(a)
        of
        the Code, increased, decreased, changed into or exchanged for a different
        number
        or kind of shares of stock or other securities of Invacare or another entity
        or
        converted into cash, then, except as otherwise provided below, (i) there
        shall
        automatically be substituted for each Invacare common share subject to an
        unexercised option, the amount of cash or other securities into which each
        outstanding Invacare common share shall be converted or exchanged and (ii)
        the
        option price per common share or unit of securities shall be increased or
        decreased proportionally so that the aggregate purchase price for any securities
        subject to the option shall remain the same as immediately prior to such
        event.  Notwithstanding the preceding provisions of this Article VII,
        the Committee may, in its sole discretion, make other adjustments or amendments
        to the securities subject to options and/or amend the provisions of the Plan
        and/or this Agreement (including, without limitation, accelerating the date
        on
        which unexercised options shall expire or terminate), to the extent appropriate,
        equitable and in compliance with the provisions of Section 424(a) of the
        Code to
        the extent applicable and any such adjustment or amendment shall be final,
        binding and conclusive.  Any such adjustment or amendment shall
        provide for the elimination of fractional shares.

      

      VIII.  PROVISIONS
        OF PLAN
        CONTROL

               This
        Agreement is subject to all of the terms, conditions and provisions of the
        Plan
        (all of which are incorporated herein by reference) and to such rules,
        regulations, and interpretations related to the Plan as may be adopted by
        the
        Committee and as may be in effect from time to time.  In the event and
        to the extent that this Agreement conflicts or is inconsistent with the terms,
        conditions, and provisions of the Plan, the Plan shall control, and this
        Agreement shall be deemed to be modified accordingly.  The Committee
        has authority to interpret and construe any provision of this Agreement and
        its
        interpretation and construction shall be binding and conclusive.

      

      IX.   LIABILITY

              The
        liability of Invacare under this Agreement and any distribution of shares
        made
        hereunder is limited to the obligations set forth herein with respect to
        such
        distribution and no term or provision of this Agreement shall be construed
        to
        impose any liability on Invacare, its officers, employees or any subsidiary
        with
        respect to any loss, cost or expense which you may incur in connection with
        or
        arising out of any transaction in connection with this Agreement.

      

      X.  WITHHOLDING

            You
        agree that, as a condition to your exercise of this Option,  Invacare
        may make appropriate provision for tax withholding with respect to the
        transactions contemplated by this Agreement.

      

      ACCEPTANCE

      The
        undersigned hereby accepts the terms of the stock option granted herein and
        acknowledges receipt of a copy of the Invacare Corporation 2003 Performance
        Plan.

      

      _________________________        ___________________

      (Signature
        of
        Optionee)                                
(Date)exhibit10z.htm

    Exhibit 10(z)

    

    [Missing
      Graphic
      Reference] 

    AWARD
      AGREEMENT

    (For
      Non-Qualified Stock
      Option)

    

    To:           
      Number:

    (Name
      of Optionee)

    Date
      of Grant:

    

    

    There
      hereby is granted to you, as a key employee of Invacare Corporation (
“Invacare” ) or  of  a subsidiary, an option to purchase
      ____ Invacare Common Shares, no par value, at an option price of $____ per
      Share. This option is granted to you pursuant to the Invacare Corporation 2003
      Performance Plan (the “Plan”) and is subject to the terms and conditions set
      forth  below.  This option is not an incentive stock option
as
      defined in Section 422 of the Internal Revenue Code
      (the
“Code”).  Please acknowledge your acceptance
      of the terms of this option by signing on  the
      reverse
      side.

    
      	 	 	 
	 	 	 	 
	
               

            	
               

            	
              /s/ A.
                Malachi Mixon, III

            	 
	 	 	
              A.
                Malachi Mixon, III

            	 
	 	 	
              Chairman
                and Chief Executive Officer

            	 
	 	 	 	 

    I.  PURCHASE
      RIGHTS &
EXERCISE DATES

        You
      shall be entitled to exercise this option with respect to the percentage of
      shares indicated on or after the date shown opposite such percentage, rounded
      to
      the nearest whole share:

    

       Cumulative
      Maximum

    Percentage
      of Optioned

      Shares
      which may be

     purchased
      by
      exercise                       Date
      beginning on which

           of
      the
      Option                                
Option may
      be
      exercised

              25%                                           
      

              50%                                           
      

              75%                                
      

             100%                                            
      

    

        To
      the extent that the option becomes exercisable with respect to any shares,
      as
      shown above, the option may thereafter be exercised by you either with respect
      to all or any number of such shares at any time or from time to time prior
      to
      the expiration of the option.  However, no fractional shares may be
      purchased.  Except as provided herein, the option may not be exercised
      unless you are an employee at the time of exercise.

    

    II.  TERM
      OF
      OPTION

         The
      term of the option shall be for a period of ten (10) years commencing on the
      Date of Grant as set forth above.  The option shall expire at the
      close of regular business hours at Invacare's principal office on the last
      day
      of the term of the option, or, if earlier, on the applicable expiration date
      provided in this Agreement.

    

         (a)  Your
      option shall not be affected by any temporary leave of absence approved in
      writing by Invacare and described in Section 1.421-7(h) of the Federal Income
      Tax Regulations.  If you cease to be an employee
      for any reason other than death, you may exercise your option only to the extent
      of such purchase rights as may exist pursuant to Paragraph I as of the date
      you
      cease to be an employee and which have not been exercised.  Upon your
      ceasing to be an employee, other than by Retirement as defined by Invacare’s
      Compensation Committee (the “Committee”) (in which case you shall become a
      Retired Employee), such purchase rights shall in any event terminate upon the
      earlier of (a) three (3) months [one (1) year if you ceased to be an employee,
      because of a disability (as such term is defined in Section 72(m) (7) of the
      Code)] after the date you ceased to be an employee, or (b) the last day of
      the
      term of the option.  If you become a  Retired employee, as
      defined, you retain your purchase rights as may exist pursuant to Paragraph
      I as
      of the date you cease to be an employee and which have not been exercised,
      until
      the option terminates pursuant to Paragraph II.

    

         (b)  If
      you die while you are an employee, a Retired employee or
      within
      three (3) months of your having ceased to be an employee, a personal
      representative may exercise the option to the extent of your purchase rights
      as
      may exist pursuant to Paragraph I at the date of your death and which have
      not
      been exercised; provided, however,
      that such purchase rights shall in any event terminate upon the earlier
      of:  (i)  one (1) year after you cease to be an employee,
      unless you are a Retired employee in which case you shall have one (1) year
      subsequent to your death; or (ii)  the last day of the term of the
      option.

    

        (c)  If
      the Committee finds that you intentionally committed an act materially inimical
      to the interests of Invacare or a subsidiary, your unexercised purchase rights
      will terminate as of the time you committed such act, as determined by the
      Committee.

     

    III.  TERMINATION
      OF OPTION UNDER

    
      	
               

            	
                    CERTAIN
                CIRCUMSTANCES

            

    

    

          The
      Committee may cancel your option at any time if you are not in compliance with
      all applicable provisions of this Agreement or the Plan or if you, without
      the
      prior written consent of the Committee, engage in any of the following
      activities:  (i)  you render services for an organization,
      or engage in a business, that is, in the judgment of the Committee, in
      competition with Invacare; or (ii) you disclose to anyone outside of Invacare,
      or use for any purpose other than Invacare's business, any
      confidential  information or material relating to  Invacare,
      whether acquired by you during or after employment with Invacare, in a fashion
      or with a result that is or may be injurious to the best interests of Invacare,
      as determined by the Committee.

    

       The
      Committee may, in its discretion and as a condition to the exercise of your
      option, require you to represent in writing that you are in compliance with
      all
      applicable provisions of this Agreement and the Plan and have not engaged in
      any
      activities referred to in clauses (i) and (ii) above.

    

    IV.  EXERCISE
      OF
      OPTION

          The
      option may be exercised by delivering to the Invacare Finance Department, at
      Invacare's principal office, a completed Notice of Exercise of Option
      (obtainable from the Finance Department) setting forth the number of shares
      with
      respect to which your option is being exercised.   The option may
      be exercised only on a full cashless exercise basis, meaning that you must
      simultaneously exercise the option and sell the shares, using the proceeds
      from
      such sale to pay the purchase price and any applicable income taxes or other
      taxes, and receive the remaining proceeds, if any, in cash.

    

    V.  CHANGE
      IN
      CONTROL

         Upon  a
      change in control (as such term is defined in the Plan), unless and to the
      extent otherwise determined by Invacare's Board of Directors, you may exercise
      your option with respect to all shares covered therein.

    

    VI.  TRANSFERABILITY

           This
      Agreement shall be binding upon and inure to the benefit of any successor of
      Invacare and your heirs, estate and personal representative.  Your
      option shall not be transferable other than by Will or the laws of descent
      and
      distribution, and your option may be exercised during your lifetime only by
      you,
      provided that a guardian or other legal representative, who has been duly
      appointed may,  except as otherwise provided in the Plan, exercise the
      option on your behalf.  Your personal representative shall act in your
      place with respect to exercising the option or taking any other action pursuant
      to the Agreement.

    

    VII.  ADJUSTMENTS
      OR
      AMENDMENTS

            In
      the event that, subsequent to the date of this Agreement, the outstanding common
      shares of Invacare are, as a result of a stock split, stock dividend,
      combination or exchange of shares, exchange of other securities,
      reclassification, reorganization, redesignation, merger, consolidation,
      recapitalization, liquidation, dissolution, sale of assets or other such change,
      including, without limitation, any transaction described in
      Section 424(a) of the Code, increased, decreased, changed into or exchanged
      for
      a different number or kind of shares of stock or other securities of Invacare
      or
      another entity or converted into cash, then, except as otherwise provided below,
      (i) there shall automatically be substituted for each Invacare common share
      subject to an unexercised option, the amount of cash or other securities into
      which each outstanding Invacare common share shall be converted or exchanged
      and
      (ii) the option price per common share or unit of securities shall be increased
      or decreased proportionally so that the aggregate purchase price for any
      securities subject to the option shall remain the same as immediately prior
      to
      such event.  Notwithstanding the preceding provisions of this Article
      VII, the Committee may, in its sole discretion, make other adjustments or
      amendments to the securities subject to options and/or amend the provisions
      of
      the Plan and/or this Agreement (including, without limitation, accelerating
      the
      date on which unexercised options shall expire or terminate), to the extent
      appropriate, equitable and in compliance with the provisions of Section 424(a)
      of the Code to the extent applicable and any such adjustment or amendment shall
      be final, binding and conclusive.  Any such adjustment or amendment
      shall provide for the elimination of fractional shares.

    

    VIII.  PROVISIONS
      OF PLAN
      CONTROL

             This
      Agreement is subject to all of the terms, conditions and provisions of the
      Plan
      (all of which are incorporated herein by reference) and to such rules,
      regulations, and interpretations related to the Plan as may be adopted by the
      Committee and as may be in effect from time to time.  In the event and
      to the extent that this Agreement conflicts or is inconsistent with the terms,
      conditions, and provisions of the Plan, the Plan shall control, and this
      Agreement shall be deemed to be modified accordingly.  The Committee
      has authority to interpret and construe any provision of this Agreement and
      its
      interpretation and construction shall be binding and conclusive.

    

    IX.   LIABILITY

            The
      liability of Invacare under this Agreement and any distribution of shares made
      hereunder is limited to the obligations set forth herein with respect to such
      distribution and no term or provision of this Agreement shall be construed
      to
      impose any liability on Invacare, its officers, employees or any subsidiary
      with
      respect to any loss, cost or expense which you may incur in connection with
      or
      arising out of any transaction in connection with this Agreement.

    

    X.  WITHHOLDING

          You
      agree that, as a condition to your exercise of this Option,  Invacare
      may make appropriate provision for tax withholding with respect to the
      transactions contemplated by this Agreement.

    

    ACCEPTANCE

    

    The
      undersigned hereby accepts the terms of the stock option granted herein and
      acknowledges receipt of a copy of the Invacare Corporation
      2003  Performance Plan.

    

    _________________________        ___________________

    (Signature
      of
      Optionee)                                
(Date)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]