Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Carbiz Inc.

CARBIZ INC.
2007 INCENTIVE STOCK PLAN

RESTRICTED STOCK
AGREEMENT
FOR
NON-EMPLOYEE DIRECTOR

	Granted
        {DATE 1}

This Restricted Stock Agreement is entered into as of {DATE 1}
pursuant to Article VII of the Carbiz Inc. 2007 Incentive Stock Plan (the
“Plan”) and evidences the grant, and the terms, conditions and restrictions
pertaining thereto, of Restricted Stock awarded to {NAME} (the
“Participant”).

	1. 	
      Award of Shares. In consideration of the services
      rendered to Carbiz Inc. (the “Company”) and/or its Subsidiaries by the
      Participant as a member of the Board of Directors of the Company or a
      Subsidiary, the Committee hereby grants to the Participant a Restricted
      Stock Award as of {DATE 1} (“Award Date”), covering {NUMBER} Shares of the
      Company (the “Award Shares”) subject to the terms, conditions, and
      restrictions set forth in this Agreement. This Award is granted pursuant
      to the Plan and is subject to the terms thereof.

	 	 	 
	2. 	
      Period of Restriction.

	 	 	 
		(a) 	
      Subject to earlier vesting or forfeiture as hereinafter
      provided, the period of restriction (the “Period of Restriction”)
      applicable to the Award Shares is as follows: (1) one year from the Award
      Date with respect to 20% of the Award Shares, (2) two years from the Award
      Date with respect to the second 20% of the Award Shares, (3) three years
      from the Award Date with respect to the third 20% of the Award Shares, (4)
      four years from the Award Date with respect to the fourth 20% of the Award
      Shares, and (5) five years from the Award Date with respect to the fifth
      and final 20% of the Award Shares.

	 	 	 
		(b) 	
      Notwithstanding any other provision of this Agreement to
      the contrary, if a Change in Control occurs after the Award Date and
      during the continuation of the Participant’s Board Service (as defined in
      Paragraph 7), the Period of Restriction shall end and any remaining
      restrictions applicable to any of the Award Shares shall automatically
      terminate and the Award Shares shall be free of restrictions and freely
      transferable.

	 	 	 
		(c) 	
      Except as otherwise provided pursuant to Paragraph 2(b)
      or 6, the applicable portion of the Award Shares shall become freely
      transferable by the Participant after the last day of its Period of
      Restriction.

	 	 	 
	3. 	
      Share Certificates. The share certificate(s) for
      the Award Shares shall be registered on the Company’s share transfer books
      in the name of the Participant in certificated form. Physical possession
      of the share certificate(s) shall be retained by the Company until such
      time as the Period of Restriction lapses.

	 	 	 
		
      In addition to any other legend(s) required under
      applicable United States federal or state securities laws or any other
      applicable laws, any certificate(s) evidencing the Award Shares shall bear
      the following legend, during the Period of
Restriction:

  
    The sale or other transfer of the shares represented by
      this certificate, whether voluntary, involuntary, or by operation of law,
      is subject to certain restrictions on transfer set forth in the Carbiz Inc.
      2007 Incentive Stock Plan, in the rules and administrative procedures adopted
      pursuant to such Plan, and in a Restricted Stock Agreement dated {DATE 1}.
      A copy of the Plan, such rules and procedures, and such Restricted Stock
      Agreement may be obtained from the Secretary of Carbiz Inc.

  

- 1 -

	4. 	
      Voting Rights. During the Period of Restriction,
      the Participant may exercise full voting rights with respect to the Award
      Shares.

	 	 	 
	5. 	
      Dividends and Other Distributions. During the
      Period of Restriction, the Participant shall be entitled to receive
      currently all dividends and other distributions paid with respect to the
      Award Shares (other than dividends or distributions which are paid in
      Shares). If, during the Period of Restriction, any such dividends or
      distributions are paid in Shares, such Shares shall be registered in the
      name of the Participant and, if issued in certificate form, deposited with
      the Company as provided in Paragraph 3, and such Shares shall be subject
      to the same restrictions on transferability as the Award Shares with
      respect to which they were paid.

	 	 	 
	6. 	
      Board Service and Forfeiture.

	 	 	 
		(a) 	
      If the Participant’s Board Service (as defined in
      Paragraph 7) ceases due to the Participant’s death or permanent and total
      disability (within the meaning of Section 22(e)(3) of the Code), any
      remaining Period of Restriction applicable to the Award Shares shall
      automatically terminate and the Award Shares shall be free of restrictions
      and freely transferable, except as otherwise set forth herein.

	 	 	 
		(b) 	
      If the Participant’s Board Service (as defined in
      Paragraph 7) ceases as a result of the Participant’s retirement from Board
      Service in accordance with any applicable Company policy on mandatory or
      permissive, early or normal retirement as in effect at the date of such
      retirement during the Period of Restriction, the restrictions applicable
      to the Award Shares shall automatically terminate and the Award Shares
      shall be free of restrictions and freely transferable, except as otherwise
      set forth herein.

	 	 	 
		(c) 	
      If the Participant’s Board Service (as defined in
      Paragraph 7) ceases for any reason other than those set forth in
      Paragraphs 6(a) and (b) above during the Period of Restriction, any Award
      Shares still subject to restrictions at the date of such cessation of
      Board Service shall be automatically forfeited to the Company; provided,
      however, that, if Participant’s Board Service ceases at the request of the
      Board, the Committee, may, in its sole discretion, waive the automatic
      forfeiture of any or all Award Shares and/or may add such new restrictions
      to the Award Shares as it deems appropriate.

	 	 	 
	7. 	
      Board Service.

	 	 	 
		(a) 	
      For purposes hereof, “Board Service” means membership on
      the Board of Directors of the Company or a Subsidiary and includes
      subsequent service as an Employee, if any, as provided in this paragraph.
      Notwithstanding any contrary provision or implication herein, in
      determining cessation of Board Service for purposes hereof, transfers
      between the Boards of Directors of the Company and/or any Subsidiary shall
      be disregarded and shall not be considered a cessation of Board Service,
      and changes in status between that of an Employee and a Non-Employee
      Director shall be disregarded and shall not be considered a cessation of
      Board Service.

	 	 	 
		(b) 	
      Nothing under the Plan or in this Agreement shall confer
      upon the Participant any right to continue Board Service or in any way
      affect any right of the Company to terminate the Participant’s Board
      Service without prior notice at any time for any or no reason.

	 	 	 
	8. 	
      Withholding Taxes. The Company shall have the
      right to retain and withhold the amount of taxes required by any
      government to be withheld or otherwise deducted and paid with respect to
      the Award Shares. At its discretion, the Committee may require the
      Participant to reimburse the Company for any such taxes required to be
      withheld by the Company and may withhold any distribution in whole or in
      part until the Company is so reimbursed. In lieu thereof, the Company
      shall have the right to withhold from any other cash amounts due to or to
      become due from the Company to the Participant an amount equal to such
      taxes required to be withheld by the Company to reimburse the Company for
      any such taxes; or to retain and withhold a number of Shares having a Fair
      Market Value not less than the amount of such taxes, and cancel any such
      Shares so withheld, in order to reimburse the Company for any such
      taxes.

- 2 -

	
9. 		
Compliance with Securities Laws. The Company covenants that it will file and attempt to maintain an effective registration statement with the United States Securities and Exchange Commission covering the Shares of the
Company, which are the subject of and may be issued pursuant to this Agreement, at all times during which this Award is outstanding and there is no applicable exemption from registration under United States federal or state securities laws for such
Shares.

	
	 	 
	
10. 		
Administration. The Plan is administered by a Committee appointed by the Board of Directors. The Committee has the authority to construe and interpret the Plan, to make rules of general application relating to the Plan, to
amend outstanding Awards, and to require of any person receiving Shares pursuant to this Award, at the time of such receipt, the execution of any paper or the making of any representation or the giving of any commitment that the Committee shall, in
its discretion, deem necessary or advisable by reason of the securities laws of the United States or any state, or the execution of any paper or the payment of any sum of money in respect of taxes or the undertaking to pay or have paid any such sum
that the Committee shall, in its discretion, deem necessary by reason of the Code or any rule or regulation thereunder or by reason of the tax laws of any state. All such Committee determinations shall be final, conclusive, and binding upon the
Company and the Participant.

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

	
	 	 
	
12. 		
Successors. This Agreement shall be binding upon and inure to the benefit of the successors, assigns, heirs, and legal representatives of the respective parties.

	
	 	 
	
13. 		
Prohibition Against Pledge, Attachment, etc. Except as otherwise provided herein, during the Period of Restriction, the Award Shares, and the rights and privileges conferred hereby, shall not be transferred, assigned,
pledged, or hypothecated in any way and shall not be subject to execution, attachment, or similar process.

	
	 	 
	
14. 		
Capitalized Terms. Capitalized terms in this Agreement have the meaning assigned to them in the Plan, unless this Agreement provides, or the context requires, otherwise.

	

 To evidence their agreement to the terms, conditions, and
  restrictions, the Company and the Participant have signed this Agreement as
  of the date first above written.

	CARBIZ INC.: 	By: _______________________________________________
	 	 
	  	Its: _______________________________________________
	  	  
	PARTICIPANT: 	  
	  	{NAME} 

- 3 -Filed by Automated Filing Services Inc. (604) 609-0244 - Carbiz Inc.

CARBIZ INC.
2007 INCENTIVE STOCK PLAN

RESTRICTED STOCK
AGREEMENT
FOR
CONSULTANT

	Granted
        {DATE 1}

This Restricted Stock Agreement is entered into as of {DATE 1}
pursuant to Article VII of the Carbiz Inc. 2007 Incentive Stock Plan (the
“Plan”) and evidences the grant, and the terms, conditions and restrictions
pertaining thereto, of Restricted Stock awarded to {NAME} (the
“Participant”).

	1. 	
      Award of Shares. In consideration of the services
      rendered to Carbiz Inc. (the “Company”) and/or its Subsidiaries by the
      Participant as a consultant to the Company or a Subsidiary, the Committee
      hereby grants to the Participant a Restricted Stock Award as of {DATE 1}
      (“Award Date”), covering {NUMBER} Shares of the Company (the “Award
      Shares”) subject to the terms, conditions, and restrictions set forth in
      this Agreement. This Award is granted pursuant to the Plan and is subject
      to the terms thereof.

	2. 	
      Period of Restriction.

	 	 	 
		(a) 	
      Subject to earlier vesting or forfeiture as hereinafter
      provided, the period of restriction (the “Period of Restriction”)
      applicable to the Award Shares is as follows: (1) one year from the Award
      Date with respect to 20% of the Award Shares, (2) two years from the Award
      Date with respect to the second 20% of the Award Shares, (3) three years
      from the Award Date with respect to the third 20% of the Award Shares, (4)
      four years from the Award Date with respect to the fourth 20% of the Award
      Shares, and (5) five years from the Award Date with respect to the fifth
      and final 20% of the Award Shares.

	 	 	 
		(b) 	
      Notwithstanding any other provision of this Agreement to
      the contrary, if a Change in Control occurs after the Award Date and
      during the continuation of the Participant’s Consulting Service (as
      defined in Paragraph 7), the Period of Restriction shall end and any
      remaining restrictions applicable to any of the Award Shares shall
      automatically terminate and the Award Shares shall be free of restrictions
      and freely transferable.

	 	 	 
		(c) 	
      Except as otherwise provided pursuant to Paragraph 2(b)
      or 6, the applicable portion of the Award Shares shall become freely
      transferable by the Participant after the last day of its Period of
      Restriction.

	3. 	
      Share Certificates. The share certificate(s) for
      the Award Shares shall be registered on the Company’s share transfer books
      in the name of the Participant in certificated form. Physical possession
      of the share certificate(s) shall be retained by the Company until such
      time as the Period of Restriction lapses.

	 	 
		
      In addition to any other legend(s) required under
      applicable United States federal or state securities laws or any other
      applicable laws, any certificate(s) evidencing the Award Shares shall bear
      the following legend, during the Period of
Restriction:

  
    The sale or other transfer of the shares represented by
      this certificate, whether voluntary, involuntary, or by operation of law,
      is subject to certain restrictions on transfer set forth in the Carbiz Inc.
      2007 Incentive Stock Plan, in the rules and administrative procedures adopted
      pursuant to such Plan, and in a Restricted Stock Agreement dated {DATE 1}.
      A copy of the Plan, such rules and procedures, and such Restricted Stock
      Agreement may be obtained from the Secretary of Carbiz Inc.

  

- 1 -

	4. 	
      Voting Rights. During the Period of Restriction,
      the Participant may exercise full voting rights with respect to the Award
      Shares.

	 	 	 
	5. 	
      Dividends and Other Distributions. During the
      Period of Restriction, the Participant shall be entitled to receive
      currently all dividends and other distributions paid with respect to the
      Award Shares (other than dividends or distributions which are paid in
      Shares). If, during the Period of Restriction, any such dividends or
      distributions are paid in Shares, such Shares shall be registered in the
      name of the Participant and, if issued in certificate form, deposited with
      the Company as provided in Paragraph 3, and such Shares shall be subject
      to the same restrictions on transferability as the Award Shares with
      respect to which they were paid.

	 	 	 
	6. 	
      Consulting Service and Forfeiture.

	 	 	 
		(a) 	
      If the Participant’s Consulting Service (as defined in
      Paragraph 7) ceases due to the Participant’s death or permanent and total
      disability (within the meaning of Section 22(e)(3) of the Code), any
      remaining Period of Restriction applicable to the Award Shares shall
      automatically terminate and the Award Shares shall be free of restrictions
      and freely transferable, except as otherwise set forth herein.

	 	 	 
		(b) 	
      If the Participant’s Consulting Service (as defined in
      Paragraph 7) ceases for any reason other than those set forth in Paragraph
      6(a) above during the Period of Restriction, any Award Shares still
      subject to restrictions at the date of such cessation of Consulting
      Service shall be automatically forfeited to the Company.

	 	 	 
	7. 	
      Consulting Service.

	 	 	 
		(a) 	
      For purposes hereof, “Consulting Service” means the
      provision of services to the Company or a Subsidiary pursuant to a written
      consulting agreement. A cessation of Consulting Service shall be deemed to
      have occurred upon the expiration of such consulting agreement, unless
      such services are extended pursuant to the terms of such agreement or
      under a new agreement. Notwithstanding any contrary provision or
      implication herein, in determining cessation of Consulting Service for
      purposes hereof, a transfer of services between the Company and/or any
      Subsidiary shall be disregarded and shall not be considered a cessation of
      Consulting Service, and changes in status between that of a consultant to
      an Employee or a Non-Employee Director shall be disregarded and shall not
      be considered a cessation of Consulting Service.

	 	 	 
		(b) 	
      Nothing under the Plan or in this Agreement shall confer
      upon the Participant any right to continue Consulting Service or in any
      way affect any right of the Company to terminate the Participant’s
      Consulting Service.

	 	 	 
	8. 	
      Withholding Taxes. The Company shall have the
      right to retain and withhold the amount of taxes required by any
      government to be withheld or otherwise deducted and paid with respect to
      the Award Shares. At its discretion, the Committee may require the
      Participant to reimburse the Company for any such taxes required to be
      withheld by the Company and may withhold any distribution in whole or in
      part until the Company is so reimbursed. In lieu thereof, the Company
      shall have the right to withhold from any other cash amounts due to or to
      become due from the Company to the Participant an amount equal to such
      taxes required to be withheld by the Company to reimburse the Company for
      any such taxes; or to retain and withhold a number of Shares having a Fair
      Market Value not less than the amount of such taxes, and cancel any such
      Shares so withheld, in order to reimburse the Company for any such
      taxes.

	 	 	 
	9. 	
      Compliance with Securities Laws. The Company
      covenants that it will file and attempt to maintain an effective
      registration statement with the United States Securities and Exchange
      Commission covering the Shares of the Company, which are the subject of
      and may be issued pursuant to this Agreement, at all times during which
      this Award is outstanding and there is no applicable exemption from
      registration under United States federal or state securities laws for such
      Shares.

- 2 -

	
10. 		
Administration. The Plan is administered by a Committee appointed by the Board of Directors. The Committee has the authority to construe and interpret the Plan, to make rules of general application relating to the Plan, to
amend outstanding Awards, and to require of any person receiving Shares pursuant to this Award, at the time of such receipt, the execution of any paper or the making of any representation or the giving of any commitment that the Committee shall, in
its discretion, deem necessary or advisable by reason of the securities laws of the United States or any state, or the execution of any paper or the payment of any sum of money in respect of taxes or the undertaking to pay or have paid any such sum
that the Committee shall, in its discretion, deem necessary by reason of the Code or any rule or regulation thereunder or by reason of the tax laws of any state. All such Committee determinations shall be final, conclusive, and binding upon the
Company and the Participant.

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

	
	 	 
	
12. 		
Successors. This Agreement shall be binding upon and inure to the benefit of the successors, assigns, heirs, and legal representatives of the respective parties.

	
	 	 
	
13. 		
Prohibition Against Pledge, Attachment, etc. Except as otherwise provided herein, during the Period of Restriction, the Award Shares, and the rights and privileges conferred hereby, shall not be transferred, assigned,
pledged, or hypothecated in any way and shall not be subject to execution, attachment, or similar process.

	
	 	 
	
14. 		
Capitalized Terms. Capitalized terms in this Agreement have the meaning assigned to them in the Plan, unless this Agreement provides, or the context requires, otherwise.

	

 To evidence their agreement to the terms, conditions, and
  restrictions, the Company and the Participant have signed this Agreement as
  of the date first above written.

	CARBIZ INC.: 	By: _______________________________________________
	 	 
	  	Its: _______________________________________________
	  	  
	PARTICIPANT: 	  
	  	{NAME} 

 - 3 -

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