Document:

Exhibit 10.3

 

PARTICIPANT AWARD AGREEMENT

 

[Date]

 

 

Optionee Name

Optionee Address

Optionee City, State, Zip
Code

 

Dear Optionee:

 

Pursuant to the terms and
conditions of the EQT Corporation 2009 Long-Term Incentive Plan (the “Plan”),
the Compensation Committee of the Board of Directors of EQT Corporation (the “Company”)
has granted you Non-Qualified Stock Options (the “Options”) to purchase shares
of the Company’s common stock as outlined below.

 

Options Granted:

Grant Date:

Exercise Price per Share:

Expiration Date:

Vesting Schedule:

 

 

Upon termination of your employment
for cause or in the event of your voluntary termination (including a
retirement), all unvested Options and any unexercised vested Options shall be forfeited
immediately.  Upon termination of your employment for any other reason,
all unvested Options shall be forfeited, and any unexercised vested Options shall
be forfeited unless exercised within 90 days after the employment termination
date (except in the event of your death or disability, in which case the
post-termination exercise period will be one year).

 

You may satisfy tax
withholding obligations with respect to the Options by directing the Company to
(i) withhold that number of shares which would otherwise be issued upon exercise
to satisfy the minimum required statutory tax withholding obligations, or (ii) accept
delivery of previously owned shares to satisfy such minimum tax withholding
obligations.

 

The terms contained in
the Plan are hereby incorporated into and made a part of this Participant Award
Agreement and this Participant Award Agreement shall be governed by and
construed in accordance with the Plan. 
In the event of any actual or alleged conflict between the provisions of
the Plan and the provisions of this Participant Award Agreement, the provisions
of the Plan shall be controlling and determinative.

 

You may access important
information about the Company and the Plan on the Company’s website.  Copies of the Plan and Plan Prospectus can be
found at www.eqt.com, by clicking on the “Employees” link on the main page and
logging onto the “Employee info” page. 
Copies of the Company’s most recent Annual Report on Form 10-K and
Proxy Statement can be found by clicking on the “Investors” link on the main page and
then “SEC Filings.” Paper copies of such documents are available upon request made
to the Company’s Corporate Secretary.

 

 

 

	
   

  	
   

  	
  For the Compensation Committee

  	
   

  

 

 

By my signature below, I
hereby acknowledge receipt of this Option granted on the date shown above,
which has been issued to me under the terms and conditions of the Plan.  I
further acknowledge receipt of the copy of the Plan and agree to conform to all
of the terms and conditions of the Option and the Plan.

 

 

	
  Signature:

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
  Optionee NameTHIS
NOTE AND ANY SECURITIES ISSUED OR ISSUABLE PURSUANT TO THE TERMS OF THIS NOTE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT") OR ANY OTHER APPLICABLE SECURITIES LAWS AND, ACCORDINGLY, THE
SECURITIES REPRESENTED BY THIS NOTE AND ANY SECURITIES ISSUED OR ISSUABLE
PURSUANT TO THE TERMS OF THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER, OR IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER, THE SECURITIES ACT AND IN ACCORDANCE WITH ANY OTHER
APPLICABLE SECURITIES LAWS.

     

    BOOMERANG
SYSTEMS, INC.

    12%
PROMISSORY NOTE

     

    
      
        
          	
                  $________________

                	
                  Morristown, New
      Jersey

                

        

      

    

     

    BOOMERANG SYSTEMS, INC., a Delaware
corporation (hereinafter called the "Company," which term includes any
directly or indirectly controlled subsidiaries or successor entities), for value
received, hereby promises to pay to ________________________________
(hereinafter called the "Holder"), or its registered
assigns, the principal sum of _____________________Dollars ($_____________),
together with interest on the amount of such principal sum from time to time
outstanding, payable in accordance with the terms set forth below.  It
is the intention of the parties that the principal sum of this Note shall be
advanced pursuant to the terms of a Subscription Agreement between the Company
and the Holder dated as of August _____, 2008 (the "Agreement").

     

    ARTICLE
I

    

    DEFINITIONS

    

    1.1           Definitions. For all purposes
of this Note, except as otherwise expressly provided or unless the context
otherwise requires, the terms defined in this Article have the meanings assigned
to them in this Article and include the plural as well as the
singular.

    

    "Common Stock" means shares
of common stock, par value $0.01 per share, of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    "Default" means any event
which is, or after notice or passage of time would be, an Event of
Default.

    

    "Event of Default" has the
meaning specified in Section 3.1.

    

    “Last Sale Price” means, for
any day, when used with reference to Common Stock, shall mean the price of said
Common Stock determined as follows:  (i)  the last reported
sale price for the Common Stock on such day on the principal securities exchange
on which the Common Stock is listed or admitted to trading or if no such sale
takes place on such date, the average of the closing bid and asked prices
thereof as officially reported, or, if not so listed or admitted to trading on
any securities exchange, the last sale price for the Common Stock on the NASD
Bulletin Board or the “Pink Sheets” on such date as furnished by any NASD member
firm selected from time to time by the Company; or (ii) if the Common Stock
shall not be listed or admitted to trading or the closing bid and asked prices
are unable to be furnished by an NASD member firm, as provided in clause (i)
above, the fair market value of the Common Stock as determined in good faith by
the Board of Directors of the Company.

    

    "Maturity Date", when used
with respect to this Note, means August _____, 2009 (or such earlier date upon
which this Note becomes due and payable under Section 3.2).

    

    "Note" means this Promissory
Note, as hereafter amended, modified, substituted or replaced and “Notes” means this Note and
all other Notes containing substantially the same terms and conditions and
referred to in Section 6.7 hereof.

    

    "Person" means any
individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, estate, other entity, unincorporated
organization or government or any agency or political subdivision
thereof.

    

    “Post-Maturity Warrants” has
the meaning specified in Section 2.4.

    

    “Trading Day” means any days
during the course of which the principal securities exchange or market on which
the Common Stock is listed or admitted to trading or for which quotations appear
and is open for the purchase or sale of securities.

     

    ARTICLE
II

    

    PRINCIPAL
AND INTEREST

    

    2.1           Interest.  From the
date of this Note through the Maturity Date, interest shall accrue hereunder on
the unpaid outstanding principal sum of this Note at a rate equal to twelve
percent (12%) per annum calculated on the basis of a 360-day
year.  Such interest shall be payable at the rate of one (1) per cent
per month of the outstanding principal sum (pro rata for each partial month as
to which interest shall be payable) on the first day of each month commencing
September 1, 2008.  All amounts of principal and interest accrued but
unpaid on the Maturity Date shall accrue interest at twelve percent (12%) per
annum calculated on the basis of a 360-day year until paid.

    
      
         

      

      
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    2.2           Payment of Principal and
Interest. The principal and all accrued and unpaid interest under this
Note shall be due and payable in full on the Maturity Date.

    

    2.3           Manner of Payment. Cash
payments of principal and interest, if any, on this Note will be made by
delivery of a check to Holder at its address as set forth in this Note or a wire
transfer pursuant to instructions from Holder.

    

    2.4           Post-Maturity
Warrants.  In the event this Note and any accrued but unpaid
interest is not paid at the Maturity Date, the Company will issue to the Holder
of this Note additional five-year common stock purchase warrants (the
“Post-Maturity Warrants”) exercisable at a per common share exercise price equal
to 80% of the average of the Last Sale Prices for the Company’s Common Stock
during the most recent ten Trading Days prior to the date of issuance of
Post-Maturity Warrants and, in the event Last Sale Prices are unavailable for a
full ten Trading Days, such additional number of Trading Days immediately prior
to such ten Trading-Day period so as to total the most recent ten Trading Days
during which Last Sale Prices are available.  The Post-Maturity
Warrants will be issued at the rate of warrants to purchase 1.5 shares for each
dollar of principal and accrued interest that remains unpaid for each 30-day
period after the Maturity Date with the exercise price upon each such issuance
to be calculated as above provided.  Such Post-Maturity Warrants will
be issued and delivered as promptly as practicable at the end of each 30-day
period but, in no event, after 10 days after the end of such
period.  The Post-Maturity Warrants will be in the form of Addendum A
hereto.

     

    ARTICLE
III

    

    REMEDIES

    

    3.1           Events of Default. An "Event
of Default" occurs if:

    

    (a)           the
Company defaults in the payment of the principal or interest on this Note when
such principal or interest, if any, becomes due and payable and such default
remains uncured for a period of five days; or

    

    (b)           a
court of competent jurisdiction enters (i) a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar law or
(ii) a decree or order adjudging the Company a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable
federal or state law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of the Company or of any
substantial part of the property of the Company or ordering the winding up or
liquidation of the affairs of the Company and any such decree or order of relief
or any such other decree or order remains un-stayed for a period of 90 days from
its date of entry; or

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (c)           the
Company commences a voluntary case or proceeding under any applicable federal or
state bankruptcy, insolvency, reorganization or other similar law or any other
case or proceeding to be adjudicated a bankrupt or insolvent, or the Company
files a petition, answer or consent seeking reorganization or relief under any
applicable federal or state law, or the Company makes an assignment for the
benefit of creditors, or admits in writing its inability to pay its debts
generally as they become due.

    

    3.2           Acceleration of Maturity.
This Note and all accrued interest shall automatically become immediately due
and payable if an Event of Default occurs.

     

    ARTICLE
IV

    

    MISCELLANEOUS

    

    4.1           Consent to Amendments. This
Note may be amended, and the Company may take any action herein prohibited, or
omit to perform any act herein required to be performed by it, if and only if
the Company shall obtain the written consent to such amendment, action or
omission to act from the holders of a majority of the aggregate principal amount
of this Note and the other notes issued concurrently herewith pursuant to
Subscription Agreements entered into between the Company and the subscriber, as
described in Section 4.7 hereof.

    

    4.2           Successors and Assigns. This
Note shall be binding on the Company and its successors and
assigns.

    

    4.3           Notice; Address of Parties.
Except as otherwise provided, all communications to the Company or Holder
provided for herein or with reference to this Note shall be deemed to have been
sufficiently given or served for all purposes on the third business day after
being sent as certified or registered mail, postage and charges prepaid, to the
following addresses: if to the Company:  Boomerang Systems, Inc., 355
Madison Avenue, Morristown, New Jersey, 07960, or at any other address
designated by the Company in writing to Holder; if to Holder at the address
designated by Holder to the Company in writing.

    

    4.4           Separability Clause. In case
any provision in this Note shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining
provisions in such jurisdiction shall not in any way be affected or impaired
thereby; provided, however, such construction does not destroy the essence of
the bargain provided for hereunder.

    

    4.5           Governing Law. This Note
shall be governed by, and construed in accordance with, the internal laws of the
State of Delaware (without regard to principles of choice of
law).

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    4.6           Usury. It is the intention of
the parties hereto to conform strictly to the applicable laws of the State of
Delaware and the United States of America, and judicial or administrative
interpretations or determinations thereof regarding the contracting for,
charging and receiving of interest for the use, forbearance, and detention of
money (hereinafter referred to in this Section 4.6 as "Applicable Law"). The
Holder shall have no right to claim, to charge or to receive any interest in
excess of the maximum rate of interest, if any, permitted to be charged on that
portion of the amount representing principal which is outstanding and unpaid
from time to time by Applicable Law. Determination of the rate of interest for
the purpose of determining whether this Note is usurious under Applicable Law
shall be made by amortizing, prorating, allocating and spreading in equal parts
during the period of the actual time of this Note, all interest or other sums
deemed to be interest (hereinafter referred to in this Section 4.6 as
"Interest") at any time contracted for, charged or received from the Company in
connection with this Note. Any Interest contracted for, charged or received in
excess of the maximum rate allowed by Applicable Law shall be deemed a result of
a mathematical error and a mistake. If this Note is paid in part prior to the
end of the full stated term of this Note and the Interest received for the
actual period of existence of this Note exceeds the maximum rate allowed by
Applicable Law, Holder shall credit the amount of the excess against any amount
owing under this Note or, if this Note has been paid in full, or in the event
that it has been accelerated prior to maturity, Holder shall refund to the
Company the amount of such excess, and shall not be subject to any of the
penalties provided by Applicable Law for contracting for, charging or receiving
Interest in excess of the maximum rate allowed by Applicable Law. Any such
excess which is unpaid shall be canceled.

    

    4.7           Subscription Agreements. This
Note is one of a number of notes being issued and sold concurrently herewith
pursuant to those several Subscription Agreements containing substantially
identical terms and conditions (except as to amounts of subscriptions), among
the Company, Holder and the other purchasers named in such Subscription
Agreements.

     

    IN WITNESS WHEREOF, the Company has
caused this instrument to be duly executed on the date first above
written.

     

    
      
        
          
            
              
                
                  	
                          BOOMERANG
      SYSTEMS, INC.

                        
	 
      
	
                          By:

                        	 
	 
      	
                          [                                         
       ],
President

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
        5

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