Document:

Contract
      of Employment

    

    

    

    Party
      A (Employer) Name: Qingdao
      Renmin Printing Co.,
      Ltd.                       

    Registered
      Type:
      Limited
      Company                                   

    Address:
      No.15, Xinghua Road, Licang
      District            

    

    

    

    Party
      B (Employee) Name: Qi
      Ming                     Gender:
      Male                     

    Date
      of Birth:July
      22,
      1964                              

    ID
      Number: 370206196407220412                
      

    Address:
      401,
      Unit 3, Building 3, No.21, 1st
      Zhangzhou Road, South District, Qingdao City     

    

    

    

    Pursuant
      to Labor
      Law of the People’s Republic of China
      and
      existing labor regulations as well as relevant rules, the Employment Contract
      is
      hereby made by and between Party A and Party B on the basis of equality and
      self-volition and agreement through negotiation, so as to determine the labor
      relationship that bind both Parties.

    [Term
      of the Contract and Location]

    Article
      I
      Term of the contract shall be agreed by both Parties and the
      following
      (1)
mode
      will
      be adopted. 

    (1)
      With
      fixed term: From January 26, 2007 to December 31, 2010. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (2)
      Without fixed term: From _____ to the date agreed by both Parties to terminate
      the contract when the conditions for rescission or termination occur.

    (3)
      Within fixed time when certain amount of working task is finished: From_____
      to
      the date agreed by both Parties to terminate the contract when the work is
      completed. 

    Probation
      period regulated by both Parties is from_____ to______.

    Article
      2
      Location of the Contract Implementation:
      No.
      15 Xinghua Road. 

    [Job
      Description]

    Article
      3
      Based on the working requirements, Party A assigns Party B to engage the post
      of
management.
      

    Article
      4
      Party B shall obey the assignment of Party A and complete the task with the
      quality and quantity required by the post (profession). The task and
      responsibility of the exact post (profession) is as follows:

     

    
      

    

     

     

    
      

    

    
    

    Article
      5
      Party A shall verify the capability of Party B for the post (profession) by
      examination and assessment according to the post requirements. Party A may
      remove the post (profession) of Party B. In case of the change in production
      and
      business during valid period of the contract, the post (profession) of Party
      B
      can also be changed through negotiation by both Parties.

    [Labor
      Protection and Conditions]

    Article
      6
      Party A shall provide Party B with labor safety and health conditions in line
      with national, provincial and municipal regulations and with requisite labor
      protection articles. Party A shall establish and improve labor safety and health
      system and the operation regulations on safe production.

    Article
      7
      Party A shall make Party B clear about all possible vocational disease and
      consequence in the course of working: 

     

    Prevention
      measures for vocational disease:

     

    Treatment:                                                                                      
      Article
      8
      Both Party A and Party B shall strictly implement relevant national, provincial
      and municipal regulations on work-related injury and vocational disease report
      system. 

    During
      production (work), Party B shall strictly follow the safe production and
      operation regulations. When the managerial personnel of Party A instruct in
      breach of the regulation and force to take adventure in work, Party B has the
      right to refuse execution.

    Article
      9
      Party A shall implement special labor protection for female workers and
      premature workers.

    [Working
      Time and Day-off & Holidays]

    Article
      10 Party A arranges Party B to implement the working hour system in
      (1)
      .

    (1)
      Standard working hour system is executed: Daily working hours of Party B are
      below 8 hours and weekly working hours are below 40 hours.

    (2)
      Comprehensive calculated working hour system is executed: Average daily and
      weekly working hours shall not be more than that regulated by law.

    (3)
      Irregular working hour system is executed: While Party A’s task is finished,
      working time and days-off & holidays can be arranged through negotiation by
      both Parties.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    When
      (2)
      and (3) working system are implemented, approval of the labor administrative
      department above county level is required.

    Article
      11 Due to working requirements, Party A may extend the working hours after
      negotiation with Party B and the trade union. Extended time is generally below
      one hour a day. If working time needs to extend due to the work requirements,
      the extended time is generally below three hours a day and aggregately below
      36
      hours a month, while guarantee the health conditions of Party B. 

    Article
      12 In any of following cases, Party A shall pay Party B remuneration higher
      than
      normal wage.

    (1)
      If
      Party B is arranged to extend working hours in workday, Party A shall pay Party
      B a wage not less than 150% of normal wage;

    (2)
      If
      Party B is arranged to extend working hours in day-off, Party A shall arrange
      Party B to enjoy holiday of the equal working time or pay Party B a wage not
      less than 200% of normal wage;

    (3)
      If
      Party B is arranged to extend working hours in legal holiday or festival, Party
      A shall pay Party B a wage not less than 300% of normal wage. 

    Article
      13 Party A shall follow national, provincial and municipal regulations to ensure
      Party B’s right of taking rest. During the period of contract, Party B enjoys
      home visiting, marriage and funeral, family planning women’s workers labor
      protection and other paid holidays as per national, provincial and municipal
      regulations.

    [Labor
      Discipline]

    Article
      14 Party A shall follow national labor laws, regulations and rules and relevant
      policies and take into consideration about situation in the unit to formulate
      and improve various rules and regulations and labor discipline. Party B shall
      strictly follow Party A’s rules and regulations and labor discipline, obey Party
      A’s management and keep Party A’s business secrete.

    Article
      15 Party B shall abide by Personnel
      Management System
      and
Provisional
      Regulations of Management of Order of Work formulated
      by Party A based on relevant law.

    Article
      16 Provided Party B breaches Party A’s rules and regulations and labor
      discipline, Party A may make proper disposal as regulated by rules and
      regulations of the unit till the contract is terminated.

    [Labor
      Remuneration, Payment and Time]

    Article
      17 According to national, provincial and municipal regulations and situation
      in
      the unit, Party A shall abide by the principle of distribution as per actual
      labor and independently formulate wage distribution system of the enterprise
      and
      determine way of payment and wage standard of Party B. According to work post
      (profession) in the contract, the wage standard that Party A shall pay Party
      B
      is RMB 610/monthly
      (weekly).The
      standard shall include (content):

                                                                         ;
      

    exclude:                                                         
      .

    Article
      18 Party A shall pay wage to Party B on monthly (weekly or daily) basis. Party
      B
      shall provide normal service to Party A in legal working time or working hour
      stipulated in the contract. Party A shall pay Party B the monthly wage in the
      form of currency before 31st
      of each
      month.  

    Article
      19 Party A shall determine labor quota and piece price and conduct piecework
      wage according to scientific and reasonable principle. When Party B has finished
      task of piecework quota, Party A shall pay overtime wage according to
      regulations if Party A has assigned Party B to work beyond the working time
      of
      legal standard. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Article
      20 Party A shall build normal mechanism of adjusting wages. During
      implementation of the contract, Party A shall properly adjust Party B’s labor
      remuneration as per relevant national, provincial and municipal regulations
      and
      production and operation and Party B’s actual working performance. 

    Article
      21 Other condition about wage payment agreed by both Parties is:  

     

                                                                                                     
        [Insurance
      Benefit] 

    Article
      22 Both Party A and Party B shall participate in social insurance as per
      relevant national, provincial and municipal regulations. Party A shall follow
      relevant national, provincial and municipal regulations to pay for Party B
      the
      pension, unemployment, medical, work-related injury, maternity and other social
      insurances. Social insurance premium due from Party B shall be paid by Party
      A
      in advance.

    Article
      23 Provided Party B gets sick or non-work-related injury during the contract
      period, medial treatment and sick leave wage shall be paid according to relevant
      national, provincial and municipal regulations. 

    Article
      24 Treatment for the women workers during pregnant, maternity or breast feeding
      periods shall be implemented as per relevant national, provincial and municipal
      regulations. 

    Article
      25 Party A shall create conditions to improve benefit of collective and welfare
      treatment of employees.

    [Contract
      Modification, Termination and Economic Compensation]

    Article
      26 In case of the law, regulation or relevant policy on which the contract
      concluded undergoes change, the corresponding contents of the contract shall
      be
      modified.

    Article
      27 If objective situation for conclusion of the contract undergoes great change
      and make the contract hard to be implemented, relevant contract contents can
      be
      modified through negotiation by both Parties. Then both Parties shall conclude
      agreement for modification and obtain accreditation by the labor administration
      department and the agreement shall be rendered as attachment of the
      contract.

    Article
      28 After negotiation by both Parties, the contract can be terminated. If Party
      A
      proposes termination of the contract, Party B shall be provided with
      compensation subsidy as per relevant national, provincial and municipal
      regulations.

    Article
      29 In any of following cases, Party A may terminated the contract at any
      time.

    (1)
      Party
      B is proved incompetent for the post in the probation period; 

    (2)
      Party
      B seriously breaches labor discipline or Party A’s rules and
      regulations;

    (3)
      Party
      B has serious dereliction of duty and practiced graft causing serious damage
      to
      Party A;

    (4)
      Party
      B was put under labor reforming or prosecuted the criminal liability according
      to law; 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (5)
      Other
      cases regulated by laws and regulations.

    Article
      30 In any of following cases, Party A may terminate the contract, but shall
      notify Party B in written form 30 days in advance and then pay Party B economic
      compensation as per relevant national, provincial and municipal
      regulations:

    (1)
      Party
      B gets sick or non-work-related injury. After medical period, Party B still
      cannot be engaged in original work or other work Party A assigns;

    (2)
      Party
      B is incompetent for the work or still incompetent after training or adjustment
      of working post; 

    (3)
      Objective situation for conclusion of the contract undergoes great change and
      make the contract hard to be implemented. Modification agreement cannot be
      reached even after negotiation by both Parties.

    (4)
      Other
      cases regulated by laws and regulations.

    Article
      31 In any of following cases on the part of Party B, Party A shall not terminate
      the contract as per Article 30: 

    (1)
      Party
      B gets vocational disease or work-related injury and is determined by medial
      labor accreditation department as losing or partially losing labor force;

    (2)
      Party
      B gets sick or non-work-related injury and is in the regulated medical
      period;

    (3)
      Woman
      work in line with family planning policy in pregnant, maternity and breast
      feeding period; 

    (4)
      Other
      cases regulated by laws and regulations.

    If
      term
      of contract expires in case of (2) or (3), the contract shall be extended to
      the
      expiration of the medical period or the breast feeding period.

    Article
      32 If terminating the contract, Party B shall give written notice to Party
      A in
      written form 30 days in advance. 

    Article
      33 In any of following cases, Party B may notify Party A to terminate the
      contract at any time:

    (1)
      During probation period; 

    (2)
      Party
      A uses force, threat or illegal limit of freedom to oblige labor; 

    (3)
      Party
      A fails to pay labor remuneration as regulated by the contract;

    (4)
      Party
      A fails to handle social insurance for Party B as per relevant national,
      provincial and municipal regulations.

    (5)
      Party
      A refuses to handle social insurance for Party B.

    (6)
      Party
      A paid Party B labor wage that is lower than the minimal wage standard
      stipulated by local government. 

    (7)
      Other
      cases regulated by laws and regulations.

    If
      contract is terminated as per (2), (3) and (7) of the article, Party A shall
      pay
      Party B economic compensation as per relevant regulations.

    Article
      34 In any of following cases, the contract can not be terminated by Party B:
      

    (1)
      After
      special training funded by Party A, Party B falls short of service term required
      by of Training
      Agreement
      or the
      contract;

    (2)
      Party
      B undertakes key national scientific research project or Party A’s scientific
      research project has not finished;

    (3)
      Other
      cases regulated by laws and regulations.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Article
      35 In any of following cases, the contract will be terminated
      immediately:

    (1)
      The
      contract expires; 

    (2)
      Party
      B retires at the legal age for retirement or dies; 

    (3)
      Conditions regulated by the contract for termination occur;

    (4)
      Other
      cases regulated by laws and regulations.

    [Breaching
      Liabilities]

    Article
      36 In case of termination as per Article 29 and Article 32, Party A will not
      grant the economic compensation.

    Article
      37 In case one of the Parties breaches national regulation and regulation of
      the
      contract, the Party who breaches the contract shall pay the breaching penalty
      to
      the other Party as per term of failure to implement the contract (months)
      multiplied by 80% ((the maximum is less than 100%) of average monthly wage
      income during six months before termination of the contract.

    Article
      38 Both Parties shall conclude special agreement concerning funded training,
      keeping of business secrete, etc., as attachment to the contract.

    [Labor
      Dispute Settlement]

    Article
      39 For any dispute arising from implementation of the contract, any party may
      apply for mediation at the labor dispute committee of the unit. If the
      medication fails within 30 days, application for arbitration shall be made
      to
      the labor dispute arbitration committee at the place where Party A located
      within 60 days after the dispute occurs. If either party is not convinced by
      the
      arbitration award, lawsuit can be lodged at the people’s court at the place
      where Party A located within 15 days after receiving the arbitration
      award.

    Article
      40 In the contract, if relevant treatment of Party B is lower than the standard
      regulated by Party A’s collective contract, the collective contract shall
      prevail.

    Article
      41 The contract shall be written by pen or brush. Alteration or signing in
      agency without legal authorization will be invalid. 

    Article
      42 The contract goes into duplicates and come into force with the signing of
      both Parties. After certification of the labor administrative department, each
      party shall hold one copy, with the same legal effect.

     

    

    

    [Miscellanies
      to be Agreed by Both Parties]

    

    Blank
      below. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Party
      A:
      (Seal)                            
Party B: (Signature) Qi Ming

     

    

    Legal
      representative: (Signature)

    (Entrusted
      agent)

     

    

    Contract
      Signed on: January 26,
      2007            Contract
      Signed on: January 26, 2007Exhibit
      10.39

    

    RESTRICTED
      STOCK AGREEMENT

    

    granted
      pursuant to the

    

    PHOTOMEDEX,
      INC. 2005 EQUITY COMPENSATION PLAN

    

    THIS
      RESTRICTED STOCK AGREEMENT (the “Restricted
      Stock Agreement”)
      is
      made and entered into as of August 13, 2007 by and between PhotoMedex, Inc.,
      a
      Delaware corporation (the “Company”)
      and
      the following individual:

    

    Name:
       Michael R. Stewart (the “Purchaser”)
         

    Address:
      3930 Ruckman Way, Doylestown, PA 18902

    

    Capitalized
      terms used but not otherwise defined herein shall have the meanings set forth
      in
      the PhotoMedex, Inc. 2005 Equity Compensation Plan (the “Plan”).
      The
      Purchaser agrees to be bound by the terms and conditions of the Plan, which
      are
      incorporated herein by reference and which control in case of any conflict
      with
      this Restricted Stock Agreement, except as otherwise specifically provided
      in
      the Plan.

    

    SECTION
      1  ACQUISITION
      OF SHARES.

     

    (a)    Issuance.
      On the
      terms and conditions set forth in this restricted stock agreement, the company
      agrees to issue one Hundred Fifty-Seven Thousand Five Hundred (157,500) shares
      to the purchaser. The issuance shall occur at the offices of the company on
      the
      date set forth above or at such other place and time (but not in a calendar
      year
      other than the current calendar year) as the parties may agree.

     

    (b)    Consideration.
      The
      Purchaser agrees to pay to the Company the sum of $.01 (the “Per Share Purchase
      Price”) for each of such Shares, representing the par value thereof. Payment
      shall be made on the issuance date by delivery to the Company of the Purchaser's
      check in the amount of the aggregate purchase price.

     

    (c)    Defined
      Terms.
      Certain
      capitalized terms are defined in Sections 2 and 3 of this Restricted Stock
      Agreement. 

     

    SECTION
      2  RIGHT
      OF REPURCHASE.

     

    (a)     Scope
      of Repurchase Right.
      Until
      they vest in accordance with Section (b) below, the Purchased Shares shall
      be Restricted Shares and shall be subject to the Right of Repurchase. The
      Company (or, if there is a Change in Control Event, the New Employer) may
      exercise its Right of Repurchase only during the Repurchase Period following
      the
      termination of the Purchaser's Service. The Right of Repurchase may be exercised
      automatically under Section 2(d) below. If the Right of Repurchase is exercised
      prior to a Change in Control Event, the Company shall pay the Purchaser an
      amount equal to the Per Share Purchase Price (
      i.e.
      , $.01
      per Share) (as adjusted for stock splits, stock dividends and similar corporate
      transactions) for each of the Restricted Shares being repurchased. If the Right
      of Repurchase is exercised subsequent to a Change in Control Event, the New
      Employer shall pay the Purchaser an amount, for all of the CIC Restricted Shares
      which are repurchased, equal to the total amount paid by the Purchaser for
      the
      Purchased Shares multiplied by a fraction, the numerator of which is the number
      of CIC Restricted Shares being repurchased and the denominator of which is
      the
      number of CIC Whole Shares (as defined in Section 2(b)(iv).

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    (b)    Lapse
      of Repurchase Right.

     

    (i)    For
      purposes of this Restricted Stock Agreement, the term “2012 Unvested Shares”
shall mean Purchased Shares which are Restricted Shares as of August 13,
      2012.

     

    (ii)    Except
      as otherwise provided in Section 2(b)(iv), the Right of Repurchase shall lapse
      on May 1, 2012 with respect to 33-1/3% of the 2012 Unvested Shares if the
      Purchaser continues to provide Service from the date hereof through August
      13,
      2012, the Right of Repurchase shall lapse on August 13, 2013 with respect to
      an
      additional 33-1/3% of the 2012 Unvested Shares if the Purchaser continues to
      provide Service from the date hereof through August 13, 2013, and the Right
      of
      Repurchase shall lapse on August 13, 2014 with respect to 100% of the 2012
      Unvested Shares if the Purchaser continues to provide Service from the date
      hereof through August 13, 2014.

     

    (iii)    The
      Right of Repurchase shall also lapse in accordance with the following
      provisions:

     

    (A)    For
      purposes of this Section 2(b)(iii), the following terms shall have the following
      meanings:

     

    (1)    “Trading
      Day” shall mean a day on which securities are traded on the New York Stock
      Exchange.

     

    (2)    “2007
      Average Price” shall mean the greater of (i) $1.02, i.e., the Closing Price of
      the Company’s common stock as of August 13, 2007, being the second trading day
      after the filing of the Company’s Form 10-Q for the second quarter of 2007, and
      (ii) the average Fair Market Value (as defined in the Plan) of the Company's
      Common Stock for each of the Trading Days (each such Trading Day to be a day
      of
      determination for purposes of the definition of Fair Market Value under the
      Plan) in the 90 day period ending on August 13, , 2007, the date on which the
      Company's Board of Directors determined that the award under this Agreement
      should be made, , which Fair Market Value is $1.21.

     

    (3)    “2008
      Average Price” shall mean the average Fair Market Value of the Company's Common
      Stock for each of the Trading Days (each such Trading Day to be a day of
      determination for purposes of the definition of Fair Market Value under the
      Plan) in the period from May 14, 2008 through August 12, 2008.

     

    (4)    “2009
      Average Price” shall mean the average Fair Market Value of the Company's Common
      Stock for each of the Trading Days (each such Trading Day to be a day of
      determination for purposes of the definition of Fair Market Value under the
      Plan) in the period from May 14, 2009 through August 12, 2009.

     

    (5)    “2010
      Average Price” shall mean the average Fair Market Value of the Company's Common
      Stock for each of the Trading Days (each such Trading Day to be a day of
      determination for purposes of the definition of Fair Market Value under the
      Plan) in the period from May 14, 2010 through August 12, 2010.

     

    (6)    “2011
      Average Price” shall mean the average Fair Market Value of the Company's Common
      Stock for each of the Trading Days (each such Trading Day to be a day of
      determination for purposes of the definition of Fair Market Value under the
      Plan) in the period from May 14, 2011 through August 12, 2011.

     

    (7)    “2012
      Average Price” shall mean the average Fair Market Value of the Company's Common
      Stock for each of the Trading Days (each such Trading Day to be a day of
      determination for purposes of the definition of Fair Market Value under the
      Plan) in the period from May 14, 2012 through August 12, 2012.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (B)    The
      Right of Repurchase shall lapse on August 13, 2008 with respect to 20% of the
      Purchased Shares if the Purchaser is providing Service on such date and if
      the 2008 Average Price equals or exceeds the 2008 Target Price. For purposes
      of
      this Restricted Stock Agreement, the term “2008 Target Price” shall equal 125%
      of the 2007 Average Price (viz., $1.51).

     

    (C)    The
      Right of Repurchase shall lapse on August 13, 2009 with respect to 20% of the
      Purchased Shares if the Purchaser is providing Service on such date and if
      the
      2009 Average Price equals or exceeds the 2009 Target Price. For purposes of
      this
      Restricted Stock Agreement, the term “2009 Target Price” shall equal 125% of the
      2008 Target Price (viz., $1.89).

     

    (D)    The
      Right of Repurchase shall lapse on August 13, 2010 with respect to 20% of the
      Purchased Shares if the Purchaser is providing Service on such date and if
      the
      2010 Average Price equals or exceeds the 2010 Target Price. For purposes of
      this
      Restricted Stock Agreement, the term “2010 Target Price” shall equal 125% of the
      2009 Target Price (viz., $2.36).

     

    (E)    The
      Right of Repurchase shall lapse on August 13, 2011 with respect to 20% of the
      Purchased Shares if the Purchaser is providing Service on such date and if
      the
      2011 Average Price equals or exceeds the 2011 Target Price. For purposes of
      this
      Restricted Stock Agreement, the term “2011 Target Price” shall equal 125% of the
      2010 Target Price (viz., $2.95).

     

    (F)    The
      Right of Repurchase shall lapse on August 13, 2012 with respect to all of the
      Purchased Shares for which such Right has not previously lapsed if the Purchaser
      is providing Service on such date and if the 2012 Average Price equals or
      exceeds the 2012 Target Price. For purposes of this Restricted Stock Agreement,
      the term “2012 Target Price” shall equal 125% of the 2011 Target Price (viz.,
      $3.69).

    

    (iv) Notwithstanding
      any provision herein to the contrary, if a Change in Control Event (as defined
      in the Plan) occurs before the Purchaser's Service terminates and the Purchased
      Shares are converted entirely into securities of a successor corporation (the
      “New Employer Shares”), the Right of Repurchase shall lapse with respect to the
      New Employer Shares as follows:

     

    (I) For
      purposes of this Agreement, the following terms shall have the following
      meanings with respect to a Change in Control Event:

    

    (A) The
      term “CIC Share Consideration” shall mean, with respect to such Change in
      Control Event, the number of New Employer Shares into which one Purchased Share
      is converted pursuant to the terms of the definitive agreement or agreements
      evidencing such Change in Control Event (collectively, the “CIC
      Agreement”).

    

    (B) The
      term “CIC Share Consideration Value” shall mean the fair market value of the CIC
      Share Consideration as determined by the Administrator, such CIC Share
      Consideration Value to be determined by multiplying the CIC Share Consideration
      by the average of the per share closing sales prices (or, if closing sales
      prices are not available, closing bid prices, or, if not available, the mean
      between the high bid and low asked prices or if not available, as determined
      by
      the Administrator in good faith) of the New Employer Shares during the last
      five
      Trading Days immediately preceding the signing of the CIC
      Agreement.

    

    (C) The
      term “CIC Restricted Shares” shall mean New Employer Shares issued upon
      conversion of the Purchaser's Restricted Shares pursuant to the CIC
      Agreement.

    

    (D)
       The term “CIC Unrestricted Shares” shall mean New Employer Shares issued
      upon conversion of the Purchaser's Unrestricted Purchased Shares pursuant to
      the
      CIC Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (E)
      The
      term “CIC Whole Shares” shall mean the number of New Employer Shares which would
      be issued pursuant to the CIC Agreement if all of the Purchased Shares were
      converted into New Employer Shares.

     

    (F) The
      term “Third Anniversary Date” shall mean the date which is three years after the
      date on which such Change in Control Event is consummated.

    

    (G) “Unrestricted
      Purchased Shares” shall mean Purchased Shares which are not Restricted Shares
      immediately prior to the effective time of such Change in Control
      Event.

    

    (H) “Unvested
      CIC Shares” shall mean those New Employer Shares, if any, which remain subject
      to the Right of Repurchase after the operation of Section 2(b)(iv)(II) through
      Sections 2(b)(iv)(VIII), inclusive.

    

    (II) 
      The Right of Repurchase shall lapse upon consummation of such Change in Control
      Event with respect to all of the CIC Unrestricted Shares.

    

    (III) If
      the CIC Consideration Value is equal to or greater than the 2012 Target Price,
      then the Right of Repurchase shall lapse upon consummation of such Change in
      Control Event with respect to all of the CIC Restricted Shares.

    

    (IV) If
      the CIC Consideration Value is equal to or greater than the 2011 Target Price
      but less than the 2012 Target Price, then the Right of Repurchase shall lapse
      with respect to a number of CIC Restricted Shares (which shall not be less
      than
      zero) equal to (x) 80% of the CIC Whole Shares minus (y) the number of CIC
      Unrestricted Shares.

    

    (V) If
      the CIC Consideration Value is equal to or greater than the 2010 Target Price
      but less than the 2011 Target Price, then the Right of Repurchase shall lapse
      with respect to a number of Purchased Shares (which shall not be less than
      zero)
      equal to (x) 60% of the CIC Whole Shares minus (y) the number of CIC
      Unrestricted Shares.

    .

    (VI) If
      the CIC Consideration Value is equal to or greater than the 2009 Target Price
      but less than the 2010 Target Price, then the Right of Repurchase shall lapse
      with respect to a number of Purchased Shares (which shall not be less than
      zero)
      equal to (x) 40% of the CIC Whole Shares minus (y) the number of CIC
      Unrestricted Shares.

    .

    (VII) If
      the CIC Consideration Value is equal to or greater than the 2008 Target Price
      but less than the 2009 Target Price, then the Right of Repurchase shall lapse
      with respect to a number of Purchased Shares (which shall not be less than
      zero)
      equal to (x) 20% of the of the CIC Whole Shares minus (y) the number of CIC
      Unrestricted Shares.

    

    (VIII)
      If
      (a) the CIC Consideration Value is less than the 2012 Target Price, (b)
      immediately prior to the effective time of such Change in Control Event, one
      or
      more of the Purchased Shares are Restricted Shares and (c) the entity that
      controls the Company upon consummation of such Change in Control Event (the
“New
      Employer”) does not offer to employ the Purchaser (i) at a base salary that is
      at least equal to the base salary earned by the Purchaser immediately prior
      to
      such effective time and (ii) in a position that is executive in nature (as
      determined by the Administrator prior to such effective time), then the Right
      of
      Repurchase shall lapse with respect to all of the CIC Restricted Shares as
      of
      such effective time.

    

    (IX)
      If
      (a) the CIC Consideration Value is less than the 2012 Target Price, (b)
      immediately prior to the effective time of such Change in Control Event, one
      or
      more of the Purchased Shares are Restricted Shares, (c) the New Employer offers
      to employ the Purchaser (i) at a base salary that is at least equal to the
      base
      salary earned by the Purchaser immediately prior to such effective time and
      (ii)
      in a position that is executive in nature (as determined by the Administrator
      prior to such effective
      time) and (d) the Purchaser accepts such employment, then the following
      provisions shall apply: with respect to the CIC Unvested Shares:

     

    (A)
      the
      Right of Repurchase shall lapse with respect to all of the CIC Unvested Shares
      if, subsequent to such effective time and prior to the Third Anniversary Date,
      (i) the New Employer terminates the Purchaser's employment with the New Employer
      and its affiliates without Cause or (ii) the Purchaser terminates such
      employment because the New Employer has either (x) reduced the Purchaser's
      base
      salary to a rate that is below the base salary earned by the Purchaser
      immediately prior to such effective time or (y) assigned the Purchaser to a
      position that is not executive in nature (as determined in good faith by the
      board of directors of the New Employer); and

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (B)
      the
      Right of Repurchase shall lapse with respect to one thirty-sixth
      (1/36th)
      of the
      CIC Unvested Shares on the last day of each of the thirty-six succeeding
      calendar months following the calendar month in which such Change in Control
      Event occurs if, on the last day of such succeeding calendar month, the
      Purchaser continues to provide service to the New Employer or one of its
      affiliates (“Post CIC Service”).

    

    (v)
      Notwithstanding any provision herein to the contrary, if a Change in Control
      Event (as defined in the Plan) occurs before the Purchaser's Service terminates
      and the Purchased Shares are converted, in whole or in part, into consideration
      other than securities of the New Employer, then arrangements shall be made,
      prior to the consummation of such Change in Control Event, by the Administrator
      and the New Employer to place the Purchaser in substantially the same position
      that the Purchaser would have occupied had the consideration been solely
      securities of the New Employer.

     

    (c)    Escrow.
      Upon
      issuance, the certificate(s) for Purchased Shares shall be deposited in escrow
      with the Company to be held in accordance with the provisions of this Restricted
      Stock Agreement. Any additional or exchanged securities or other property
      described in Section 2(f) below shall be delivered to the Company to be held
      in
      escrow. All ordinary cash dividends on Purchased Shares (or on other securities
      held in escrow) shall be paid directly to the Purchaser and shall not be held
      in
      escrow. Purchased Shares, together with any other assets held in escrow under
      this Restricted Stock Agreement, shall be (i) surrendered to the Company
      for repurchase upon exercise of the Right of Repurchase or (ii) released to
      the Purchaser upon his or her request to the extent that the Purchased Shares
      have ceased to be Restricted Shares (but not more frequently than once every
      six
      months). In any event, all Purchased Shares that have ceased to be Restricted
      Shares, together with any other vested assets held in escrow under this
      Restricted Stock Agreement, shall be released within 90 days after the
      termination of the Purchaser's Service.

     

    (d)    Exercise
      of Repurchase Right.
      The
      Company shall be deemed to have exercised its Right of Repurchase automatically
      for all Restricted Shares as of the commencement of the Repurchase Period,
      unless the Company during the Repurchase Period notifies the holder of the
      Restricted Shares pursuant to Section 9 that it will not exercise its Right
      of Repurchase for some or all of the Restricted Shares. During the Repurchase
      Period, the Company shall pay to the holder of the Restricted Shares the
      purchase price determined under Section 2(a) above for the Restricted Shares
      being repurchased (
      i.e.
      , $.01
      per Share, as adjusted for stock splits, stock dividends and similar corporate
      transactions). Payment shall be made in cash or cash equivalents and/or by
      canceling indebtedness to the Company incurred by the Purchaser. The
      certificate(s) representing the Restricted Shares being repurchased shall be
      delivered to the Company (if not already held by the Company).

     

    (e)    Termination
      of Rights as Stockholder.
      If the
      Right of Repurchase is exercised in accordance with this Section 2 and the
      Company makes available the consideration for the Restricted Shares being
      repurchased, then the person from whom the Restricted Shares are repurchased
      shall no longer have any rights as a holder of the Restricted Shares (other
      than
      the right to receive payment of such consideration). Such Restricted Shares
      shall be deemed to have been repurchased pursuant to this Section 2 whether
      or not the certificate(s) for such Restricted Shares have been delivered to
      the
      Company or the consideration for such Restricted Shares has been
      accepted.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (f)    Additional
      or Exchanged Securities and Property.
      In the
      event of a merger or consolidation of the Company with or into another entity
      (other than a Change in Control Event), any other corporate reorganization
      (other than a Change in Control Event), a stock split, the declaration of a
      stock dividend, the declaration of an extraordinary dividend payable in a form
      other than stock, a spin-off, an adjustment in conversion ratio, a
      recapitalization or a similar transaction affecting the Company's outstanding
      securities, any securities or other property (including cash or cash
      equivalents) that are by reason of such transaction exchanged for, or
      distributed with respect to, any Restricted Shares shall continue to be subject
      to the Right of Repurchase. Appropriate adjustments to reflect the exchange
      or
      distribution of such securities or property shall be made to the number and/or
      class of the Restricted Shares and to all of the provisions of this Section
      2,
      including the price per share to be paid upon the exercise of the Right of
      Repurchase, provided that the aggregate purchase price payable for the
      Restricted Shares shall remain the same. In the event of a merger or
      consolidation of the Company with or into another entity or any other corporate
      reorganization that does not constitute a Change in Control Event, the Right
      of
      Repurchase may be exercised by the Company's successor.

     

    (g)    Transfer
      of Restricted Shares.
      The
      Purchaser shall not transfer, assign, encumber or otherwise dispose of any
      Restricted Shares without the Company's written consent (which consent may
      be
      withheld with or without any reason therefor), except as provided in the
      following sentence. The Purchaser may transfer Restricted Shares to one or
      more
      members of the Purchaser's Immediate Family or to a trust or partnership
      established by the Purchaser for the benefit of the Purchaser and/or one or
      more
      members of the Purchaser's Immediate Family, provided in either case that the
      Transferee agrees in writing on a form prescribed by the Company to be bound
      by
      all provisions of this Restricted Stock Agreement. If the Purchaser transfers
      any Restricted Shares, then this Restricted Stock Agreement shall apply to
      the
      Transferee to the same extent as to the Purchaser.

     

    (h)    Assignment
      of Repurchase Right.
      The
      Board of Directors may freely assign the Company's Right of Repurchase, in
      whole
      or in part. Any person who accepts an assignment of the Right of Repurchase
      from
      the Company shall assume all of the Company's rights and obligations under
      this
      Section 2.

     

    (i)    Part-Time
      Employment and Leaves of Absence.
      If the
      Purchaser commences working on a part-time basis, then the Company may adjust
      the vesting schedule set forth in Section 2(b) above in accordance with the
      Company's part-time work policy or the terms of an agreement between the
      Purchaser and the Company pertaining to his or her part-time schedule. If the
      Purchaser goes on a leave of absence, then the Company may adjust the vesting
      schedule set forth in Section 2(b) above in accordance with the Company's leave
      of absence policy or the terms of such leave. Except as provided in the
      preceding sentence, Service shall be deemed to continue while the Purchaser
      is
      on a
      bona
      fide
      leave of
      absence, if (i) such leave was approved by the Company in writing and
      (ii) continued crediting of Service is expressly required by the terms of
      such leave or by applicable law (as determined by the Company). Service shall
      be
      deemed to terminate when such leave ends, unless the Purchaser immediately
      returns to active work.

     

    SECTION
      3  OTHER
      DEFINITIONS. 

    

    “Immediate
      Family”
shall
      mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
      sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
      brother-in-law or sister-in-law and shall include adoptive
      relationships.

    

    “Purchased
      Shares”
shall
      mean the Shares purchased by the Purchaser pursuant to this Restricted Stock
      Agreement.

    

    “Repurchase
      Period”
shall
      mean a period of 180 consecutive days commencing on the date when the
      Purchaser's Service terminates for any reason, including (without limitation)
      death or disability.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    “Restricted
      Share” shall
      mean a Purchased Share that is subject to the Right of
      Repurchase. 

    

    “Right
      of Repurchase”
shall
      mean the Company's right of repurchase described in
      Section 2. 

    

    “Securities
      Act”
shall
      mean the Securities Act of 1933, as amended. 

     

    “Service”
shall
      mean service to the Company or its subsidiaries as an Employee or, following
      a
      Change in Control Event, service to the New Employer (as defined in Section
      2(b)) or its subsidiaries as an employee.

    

    “Share”
shall
      mean one share of Stock

    

    “Stock”
shall
      mean the Common Stock of the Company, par value $0.01 per
      Share. 

    

    “Transferee”
shall
      mean any person to whom the Purchaser directly or indirectly transfers any
      Purchased Shares. 

    

    SECTION
      4  OTHER
      RESTRICTIONS ON TRANSFER.

     

    (a)    Purchaser
      Representations.
      In
      connection with the issuance and acquisition of Shares under this Restricted
      Stock Agreement, the Purchaser hereby represents and warrants to the Company
      as
      follows:

     

    (i)    The
      Purchaser has received a copy of an offering memorandum relating to the sale
      of
      the Purchased Shares to the Purchaser hereunder.

     

    (ii)    The
      Purchaser acknowledges his or her understanding that if he or she is an
“affiliate” of the Company, the Purchaser's right to resell the Purchased Shares
      after the Company's Right of Repurchase lapses is restricted under the
      Securities Act.

     

    (iii)    The
      Purchaser will not sell, transfer or otherwise dispose of the Purchased Shares
      in violation of the Securities Act or the rules promulgated thereunder,
      including Rule 144 under the Securities Act. The Purchaser agrees that he
      or she will not dispose of the Purchased Shares unless and until he or she
      has
      complied with all requirements of this Restricted Stock Agreement applicable
      to
      the disposition of Purchased Shares and he or she has provided the Company
      with
      written assurances, in substance and form reasonably satisfactory to the
      Company, that (A) the proposed disposition does not require registration of
      the Purchased Shares under the Securities Act or all appropriate action
      necessary for compliance with the registration requirements of the Securities
      Act or with any exemption from registration available under the Securities
      Act
      (including Rule 144) has been taken and (B) the proposed disposition
      will not result in the contravention of any transfer restrictions applicable
      to
      the Purchased Shares under state securities law.

     

    (b)    Securities
      Law Restrictions.
      Regardless of whether the offering and sale of Shares under this Restricted
      Stock Agreement have been registered under the Securities Act or have been
      registered or qualified under the securities laws of any state, the Company
      at
      its discretion may impose restrictions upon the sale, pledge or other transfer
      of the Purchased Shares (including the placement of appropriate legends on
      stock
      certificates or the imposition of stop-transfer instructions) if, in the
      judgment of the Company, such restrictions are necessary or desirable in order
      to achieve compliance with the Securities Act, the securities laws of any state
      or any other law.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (c)    Rights
      of the Company.
      The
      Company shall not be required to (i) transfer on its books any Purchased
      Shares that have been sold or transferred in contravention of this Restricted
      Stock Agreement or (ii) treat as the owner of Purchased Shares, or
      otherwise to accord voting, dividend or liquidation rights to, any transferee
      to
      whom Purchased Shares have been transferred in contravention of this Restricted
      Stock Agreement.

     

    SECTION
      5  SUCCESSORS
      AND ASSIGNS. 

    

    Except
      as
      otherwise expressly provided to the contrary, the provisions of this Restricted
      Stock Agreement shall inure to the benefit of, and be binding upon, the Company
      and its successors and assigns and shall be binding upon the Purchaser and
      the
      Purchaser's legal representatives, heirs, legatees, distributees, assigns and
      transferees by operation of law, whether or not any such person has become
      a
      party to this Restricted Stock Agreement or has agreed in writing to join herein
      and to be bound by the terms, conditions and restrictions hereof.

    

    SECTION
      6  NO
      RETENTION RIGHTS. 

    

    Nothing
      in this Restricted Stock Agreement shall confer upon the Purchaser any right
      to
      continue in Service for any period of specific duration or interfere with or
      otherwise restrict in any way the rights of the Company (or any Parent or
      Subsidiary employing or retaining the Purchaser) or of the Purchaser, which
      rights are hereby expressly reserved by each, to terminate his or her Service
      at
      any time and for any reason, with or without cause. 

    

    SECTION
      7  TAX
      ELECTION. 

    

    The
      acquisition of the Purchased Shares may result in adverse tax consequences
      that
      may be avoided or mitigated by filing an election under Code Section 83(b).
      Such election may be filed only within 30 days after the date of purchase.
      The
      form for making the Code Section 83(b) election is attached to this
      Restricted Stock Agreement as Exhibit I.
      The Purchaser should consult with his or her tax advisor to determine the tax
      consequences of acquiring the Purchased Shares and the advantages and
      disadvantages of filing the Code Section 83(b) election. The Purchaser
      acknowledges that it is his or her sole responsibility, and not the Company's
      responsibility, to file a timely election under Code Section 83(b), even if
      the Purchaser requests the Company or its representatives to make this filing
      on
      his or her behalf. 
      CIRCULAR 230 DISCLAIMER: Nothing contained herein concerning certain federal
      income tax considerations is intended or written to be used, and cannot be
      used,
      for the purpose of (i) avoiding tax-related penalties under the Internal Revenue
      Code or (ii) promoting, marketing, or recommending to another party any
      transactions or tax-related matters addressed herein. 

     

    SECTION
      8  LEGENDS. 

    

    All
      certificates evidencing Purchased Shares shall bear the following
      legend: 

    

    “THE
      SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED
      OR
      IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN
      AGREEMENT BETWEEN THE ISSUER OF SUCH SHARES AND THE REGISTERED HOLDER OF SUCH
      SHARES (OR THE PREDECESSOR IN INTEREST TO SUCH HOLDER OF SHARES). SUCH AGREEMENT
      GRANTS TO SUCH ISSUER CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE
      WITH
      THE COMPANY. THE SECRETARY OF SUCH ISSUER WILL UPON WRITTEN REQUEST FURNISH
      A
      COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT
      CHARGE.”

     

    If
      required by the authorities of any state in connection with the issuance of
      the
      Purchased Shares, the legend or legends required by such state authorities
      shall
      also be endorsed on all such certificates.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    SECTION
      9  NOTICE. 

     

    Any
      notice required by the terms of this Restricted Stock Agreement shall be given
      in writing and shall be deemed effective upon (i) personal delivery,
      (ii) deposit with the United States Postal Service, by registered or
      certified mail, with postage and fees prepaid or (iii) deposit with a
      recognized overnight courier service, with shipping charges prepaid. Notice
      shall be addressed to the Company at its principal executive office and to
      the
      Purchaser at the address that he or she most recently provided to the Company
      in
      accordance with this Section 9.

     

    SECTION
      10  ENTIRE
      AGREEMENT.

     

    This
      Restricted Stock Agreement, together with the Plan, constitutes the entire
      contract between the parties hereto with regard to the subject matter hereof
      and
      supersedes any other agreements, representations or understandings (whether
      oral
      or written and whether express or implied) which relate to the subject matter
      hereof.

     

    SECTION
      11  CONFLICITS
      OF LAW.

     

    This
      Restricted Stock Agreement shall be governed by, and construed in accordance
      with, the laws of the State of Delaware, without regard to conflict of laws
      principles.

     

    IN
      WITNESS WHEREOF, each of the parties has executed this Restricted Stock
      Agreement, in the case of the Company by its duly authorized officer, as of
      the
      day and year first above written.

     

    
      	
              PURCHASER:

            	 	PHOTOMEDEX,
              INC.
	 	 	 	 
	 	 	 	 
	/s/ Michael
              R. Stewart	 	
              By: 

            	/s/ Jeffrey
              F. O’Donnell
	
              

              Name:
                Michael R. Stewart

            	 	 	
              
Name:
              Jeffrey F. O’Donnell
	 	 	 	
              Title:
                President & Chief Executive
                Officer

            

    

      

    
      
         

      

      
        9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]