Document:

exhibit10u.htm

    Exhibit 10(u)

     

    

       

      [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 Director 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 a Director 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 a Director 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 a Director and which have not been exercised.  Upon your
        ceasing to be a Director, other than by Retirement as defined by Invacare’s
        Compensation Committee (the “Committee”) (in which case you shall become a
        Retired Director), such purchase rights shall in any event terminate upon
        the
        earlier of (a) three (3) months [one (1) year if you ceased to be a Director,
        because of a disability (as such term is defined in Section 72(m) (7) of
        the
        Code)] after the date you ceased to be a Director, or (b) the last day of
        the
        term of the option.  If you become a  Retired Director, as
        defined, you retain your purchase rights as may exist  pursuant to
        Paragraph I as of the date you cease to be a Director and which have not
        been
        exercised, until the option terminates pursuant to Paragraph II.

      

           (b)  If
        you die while you are a Director, a Retired Director or
        within
        three (3) months of your having ceased to be a Director, 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 Director 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 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, if so required by tax regulations, 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)exhibit10v.htm

    Exhibit 10(v)

    
 

    

    [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 Director 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

                      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 based upon the exercise date(s) you have
      elected as of the date of this grant and are attached to this option agreement,
      or at such other dates as provided in Section II (b) or Section
      V.  However, no fractional shares may be purchased.  Except
      as provided herein, the option may not be exercised unless you are a Director
      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 a Director 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
      a
      Director and which have not been exercised.  Upon your ceasing to be a
      Director, other than by Retirement as defined by Invacare’s Compensation
      Committee (the “Committee”) (in which case you shall become a Retired Director),
      such purchase rights shall in any event terminate upon the earlier of (a) three
      (3) months [one (1) year if you ceased to be a Director, because of a disability
      (as such term is defined in Section 72(m) (7) of the Code)] after the date
      you
      ceased to be a Director, or (b) the exercise date you have elected as of the
      date of this grant.  If you become
      a  Retired Director, as defined, you retain your purchase rights as
      may exist pursuant to Paragraph I, as of the date you cease to be a Director
      and
      which have not been exercised, until the option terminates pursuant to Paragraph
      II.

    

         (b)  If
      you die while you are a Director, a Retired Director or
      within
      nine (9) months of your having ceased to be a Director, 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 Director in which case you shall have one (1) year
      subsequent to your death; or (ii)  the exercise date you have elected
      as of the date of this grant.

    

       (c)  In
      the event you cease to serve on the Board during the applicable period your
      option shall be pro-rated for the percent of time served.  If you do
      not attend a meeting of the Board and would not have received a cash payment
      for
      such meeting, then your option grant shall be proportionately
      reduced.

    

        (d)
      If permitted by law, in the event 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

            

    

    

    If
      permitted by law, 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 as in effect at the
      time
      of such event), 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, if so required by tax regulations, 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)

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