Document:

Unassociated Document

EXHIBIT
10.37

UNITED
FINANCIAL MORTGAGE CORP.

 

2004
STOCK INCENTIVE PLAN

 

RESTRICTED
STOCK AGREEMENT

 

THIS
AGREEMENT, entered into as of the Grant Date (as defined in paragraph
20.2), by and
between the Participant and United Financial Mortgage Corp., an Illinois
corporation (the “Company”);

 

WITNESSETH
THAT:

 

WHEREAS,
the Company maintains the United Financial Mortgage Corp. 2004 Stock Incentive
Plan (the “Plan”), which
is incorporated into and forms a part of this Agreement, and the Participant has
been selected by the committee administering the Plan (the “Committee”) to
receive a Restricted Stock Award under the Plan;

NOW,
THEREFORE, IT IS AGREED, by and between the Company and the Participant, as
follows:

 

Section
1.  Terms
of Award. The
following terms used in this Agreement shall have the meanings set forth in this
paragraph Section
20:

 

1.1  The
“Participant” is
                         .

 

1.2  The
“Grant
Date” is
                         .

 

1.3  The
number of shares of “Covered
Shares” awarded
under this Agreement is            shares.
“Covered Shares” are shares of Stock granted under this Agreement and are
subject to the terms of this Agreement and the Plan.

Except
where the context clearly implies to the contrary, any capitalized term in this
Agreement shall have the meaning ascribed to that term under the
Plan.

 

Section
2.  Award. The
Participant is hereby granted the number of Covered Shares set forth in
paragraph 20.3.

 

Section
3.  Dividends
and Voting Rights. The
Participant shall be entitled to receive any dividends paid with respect to the
Covered Shares that become payable during the Restricted Period; provided,
however, that no dividends shall be payable to or for the benefit of the
Participant for Covered Shares with respect to record dates occurring prior to
the Grant Date, or with respect to record dates occurring on or after the date,
if any, on which the Participant has forfeited those Covered Shares. The
Participant shall be entitled to vote the Covered Shares during the Restricted
Period to the same extent as would have been applicable to the Participant if
the Participant was then vested in the shares; provided, however, that the
Participant shall not be entitled to vote the shares with respect to record
dates for such voting rights arising prior to the Grant Date, or with respect to
record dates occurring on or after the date, if any, on which the Participant
has forfeited those Covered Shares.

 

-1-

 

Section
4.  Deposit
of Covered Shares. Each
certificate issued in respect of the Covered Shares granted under this Agreement
shall be registered in the name of the Participant and shall be retained by the
Company during the applicable Restricted Period (defined below). 

 

Section
5.  Vesting
and Forfeiture of Shares.

 

5.1  If a
Termination of Service does not occur during the Restricted Period with respect
to any Installment of the Covered Shares, then, at the end of the Restricted
Period for such shares, the Participant shall become vested in those Covered
Shares, and shall own the shares free of all restrictions otherwise imposed by
this Agreement. With respect to all Covered Shares, the “Restricted
Period” shall
begin on the Grant Date and, with respect to each Installment shown on the
schedule below, shall end on the Vesting Date applicable to such
Installment:

 

	
       

      INSTALLMENT

       
	
       

      VESTING
      DATE 

      APPLICABLE
      TO INSTALLMENT

       

	
       

      20%
      of Covered Shares

       
	
       

      Grant
      Date

       

	
       

      20%
      of Covered Shares

       
	
       

      1st
      Anniversary of Grant Date

       

	
       

      20%
      of Covered Shares

       
	
       

      2nd
      Anniversary of Grant Date

       

	
       

      20%
      of Covered Shares

       
	
       

      3rd
      Anniversary of Grant Date

       

	
       

      20%
      of Covered Shares

       
	
       

      4th
      Anniversary of Grant Date

       

Notwithstanding
the foregoing provisions of this paragraph Section
24, the
Participant shall become vested in the Covered Shares, and become owner of the
shares free of all restrictions otherwise imposed by this Agreement, prior to
the end of the Restricted Period as of a Termination of Service prior to the
date the Covered Shares would otherwise become vested, if the Termination of
Service occurs by reason of the Participant’s death or Disability.

 

5.2  Covered
Shares may not be sold, assigned, transferred, pledged or otherwise encumbered
until the expiration of the Restricted Period or, if earlier, until the
Participant is vested in the shares. Except as otherwise provided in this
paragraph Section
24, the
Participant shall forfeit the Covered Shares as of Termination of Service that
occurs during the Restricted Period.

 

Section
6.  Withholding. The
grant and vesting of shares of Stock under this Agreement are subject to
withholding of all applicable taxes. At the election of the Participant, and
subject to such rules and limitations as may be established by the Committee
from time to time, such withholding obligations may be satisfied through the
surrender of shares of Stock which the Participant already owns, or to which the
Participant is otherwise entitled under the Plan.

 

-2-

Section
7.  Heirs
and Successors. This
Agreement shall be binding upon, and inure to the benefit of, the Company and
its successors and assigns, and upon any person acquiring, whether by merger,
consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits
distributable to the Participant under this Agreement have not been exercised or
distributed, respectively, at the time of the Participant’s death, such rights
shall be exercisable by the Designated Beneficiary, and such benefits shall be
distributed to the Designated Beneficiary, in accordance with the provisions of
this Agreement and the Plan. The “Designated
Beneficiary” shall
be the beneficiary or beneficiaries designated by the Participant in a writing
filed with the Committee in such form and at such time as the Committee shall
require. If a deceased Participant fails to designate a beneficiary, or if the
Designated Beneficiary does not survive the Participant, any rights that would
have been exercisable by the Participant and any benefits distributable to the
Participant shall be exercised by or distributed to the legal representative of
the estate of the Participant. If a deceased Participant designates a
beneficiary and the Designated Beneficiary survives the Participant but dies
before the Designated Beneficiary’s exercise of all rights under this Agreement
or before the complete distribution of benefits to the Designated Beneficiary
under this Agreement, then any rights that would have been exercisable by the
Designated Beneficiary shall be exercised by the legal representative of the
estate of the Designated Beneficiary, and any benefits distributable to the
Designated Beneficiary shall be distributed to the legal representative of the
estate of the Designated Beneficiary.

 

Section
8.  Administration. The
authority to manage and control the operation and administration of this
Agreement shall be vested in the Committee, and the Committee shall have all
powers with respect to this Agreement as it has with respect to the Plan. Any
interpretation of the Agreement by the Committee and any decision made by it
with respect to the Agreement is final and binding.

 

Section
9.  Plan
Governs.
Notwithstanding anything in this Agreement to the contrary, the terms of this
Agreement shall be subject to the terms of the Plan, a copy of which may be
obtained by the Participant from the office of the Secretary of the
Company.

 

Section
10.  Fractional
Shares.
In lieu
of issuing a fraction of a share pursuant to paragraph 15 of the Plan or
otherwise, the Company will be entitled to pay to the Participant an amount
equal to the fair market value of such fractional share.

 

Section
11.  Amendment. This
Agreement may be amended in accordance with the provisions of the Plan, and may
otherwise be amended by written agreement of the Participant and the Company
without the consent of any other person.

* * * *
*

-3-

IN
WITNESS WHEREOF, the Participant has executed this Agreement, and the Company
has caused these presents to be executed in its name and on its behalf, all as
of the Grant Date.

 

Participant

_________________________________

United
Financial Mortgage Corp.

By:____________________________________
      

Its:____________________________________

 

       

-4-EXHIBIT 10.84

13 April 2004

Dr. Bogdan Castle Maglich, M.Sc., Ph.D., F.A.P.S.
Chairman & Chief Scientific Officer
HiEnergy Technologies, Inc.
1601B Alton Parkway
Irvine, CA 92606

Dear Dr. Maglich:

Subject:   Proposal for Preliminary Manufacturing Facility Assessment Consulting
           Services Within the Framework of the DFW Homeland Security Alliance's
           Initiative Lockwood Greene Proposal No. DA-04-0052

Lockwood Greene is pleased to have this opportunity to provide assistance to
HiEnergy during this crucial period of development for your business. We propose
to provide a preliminary study and develop an understanding for the elements of
a facility to build your detection devices and meet your anticipated capacity
requirements.

BACKGROUND

HiEnergy Technologies, Inc. has developed Stoichiometer technology capable of
non-evasively detecting chemical formulas of explosives and other illicit
substances. This technology has allowed HiEnergy Technologies to create a family
of products for several markets and applications including: airport and customs
screening; biological weapons, landmine and bomb squad explosive detection; and
industrial quality control processing. HiEnergy Technologies has built and
successfully tested products around this technology and need to quickly define
the manufacturing, resources that will be needed to commercially produce these
products. Based on our initial assessments and understanding of the potential
market, we would propose evaluation of a manufacturing facility with a capacity
to produce up to 1,000 units per year.

Lockwood Greene proposes, as a first step in this process, to conduct a
preliminary manufacturing-needs assessment with HiEnergy Technologies around
this current family of products.

SCOPE OF WORK

Lockwood Greene will provide the following services under this proposal:

1.    Meet with HiEnergy Technologies' personnel for up to a two-day period in
      Irvine, California for the purpose of obtaining information on the
      physical make-up of the current HiEnergy Technologies family of products.

2.    Conduct analysis of manufacturing needs based on product information.
<PAGE>

Dr. Bogdan Castle Maglich
HiEnergy Technologies, Inc.
13 April 2004
Page 2 of 3

3.    Determine site requirements - size, containment, and other special needs
      identified by HiEnergy.

4.    Provide a report with preliminary layout and estimates of facility needs
      for commercial production of these products.

DELIVERABLE AND OUTPUT RESULTS

From the information obtained during the joint HiEnergy/Lockwood Greene meeting,
Lockwood Greene will conduct studies and assemble a report of estimated facility
and other resource needs required to manufacture HiEnergy's family of products
for commercial production. It is anticipated that the following topics will be
addressed in the report:

1.    Physical manufacturing facility with functional block area sizing and
      layout depicting fabrication, sub-assembly, and final assembly
      requirements.
2.    Warehousing requirements and layout
3.    Shielding requirements
4.    Security requirements
5.    Office and support area estimates and layout
6.    Quality and testing area requirements and layout
7.    Preliminary make/buy recommendations based on manufacturing needs
8.    Rough-order-of-magnitude capital cost requirement
9.    Estimated production headcount
10.   Estimated milestone facility design and construction schedule
11.   List of concept assumptions

It is understood that the information presented in this report will be a very
high-level view of the facility requirements for the manufacture of these
products and is intended to provide HiEnergy Technologies' management an
estimate only of these needs. The information within this report will provide a
good platform to enter the more detailed concept design activity of a
Visioneering Session.

TO BE PROVIDED BY HIENERGY TECHNOLOGIES

In order to facilitate this report, HiEnergy Technologies, Inc. will need to
have available as much of the following information as possible prior to the
meeting with Lockwood Greene Consulting:

1.    A detailed parts list for each product to be considered in the analysis
2.    Known information about manufacturing/assembly process steps
3.    All known material, tolerance, and finish requirements for each component
4.    Information regarding hazardous materials and radiation levels
5.    Identification of current manufacturer/supplier of each part

<PAGE>

Dr. Bogdan Castle Maglich
HiEnergy Technologies, Inc.
13 April 2004
Page 3 of 3

6.    All known and anticipated testing requirements for materials, individual
      components and assemblies
7.    Identification of any processes that cannot be outsourced due to their
      proprietary nature
8.    Estimate of five-year sales/ production rate per product
9.    Access to HiEnergy Technologies' personnel during the joint meeting and
      during the analysis period

COMPENSATION

We propose to complete this effort for a fixed fee of $8,940, plus expenses
incurred. We anticipate that expenses will not exceed $2,000. Expenses will be
invoiced to HiEnergy with backup documentation as a pass-trough for incurred
expenses only.

Sincerely,
LOCKWOOD GREENE

/s/ Stephen L. Yellin

Stephen L. Yellin
Group Director Advance Technology Western Division

--------------------------------------------------------------------------------

APPROVED BY:

HIENERGY TECHNOLOGIES, INC.

/s/ Bogdan C. Maglich                                         April 13, 2004
---------------------                                         --------------
Signature                                                     Date

This proposal, including all data contained herein, is proprietary and shall not
 be disclosed to third parties without the express consent of Lockwood Greene.

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