Document:

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                                                                     EXHIBIT 4.3

                           STOCK RESTRICTION AGREEMENT

      This Stock Restriction Agreement (the "Agreement") is made and entered
into this ______day of July, 2006, by and among HUDSON VALLEY HOLDING CORP., a
New York Corporation having a business address at 21 Scarsdale Road, Yonkers,
New York 10707 (the "Company"), and _________________________ (the
"Stockholder"), having a mailing address at __________________________________.

RECITALS

      A. WHEREAS, Stockholder now owns or may hereinafter own shares of common
stock of the Company (the "Shares"); and

      B. WHEREAS, Stockholder is acquiring Shares from (i) the Company, or(ii)
an individual or entity whose Shares are subject to certain stock restrictions
imposed by a certain Stock Restriction Agreement (each of the foregoing being
hereinafter referred to as a "Transferor"); and

      C. WHEREAS, the parties acknowledge that the purpose of the Stock
Restriction Agreement is to protect and preserve the shareholders mutual
interests and the interests of the Company by promoting continuity of share
ownership and corporate control by imposing certain restrictions on the
transferability of the Shares.

      NOW, THEREFORE, in consideration of One Dollar ($1.00) and other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties
hereby agree as follows:

      1. Right of First Refusal. The Stockholder shall not sell, assign,
transfer, give or in any manner dispose of all or any part of his or her Shares,
now owned or hereafter acquired, or any right or interest therein, whether
voluntarily or by operation of law, without first giving to the Company written
notice by Certified or Registered Mail (the "Sale Notice") of his or her receipt
of an offer from a prospective purchaser (the "Purchaser"). The Sale Notice must
be in writing and must state the name and address of the Purchaser, the number
of Shares involved, and the terms of such purchase.

      Within ten (10) days after receipt of the Sale Notice by the Company, the
Company, by action of its Board of Directors or its designated committee, may
elect to purchase all, but not less than all, of such Shares offered for
disposition (the "Disposition Shares"), or may elect to designate a person,
including an officer, director or employee of the Company, to purchase all but
not less than all of said Disposition Shares. The purchase price of any
Disposition Shares purchased under the terms of this Agreement shall be on the
same terms and conditions as that offered by the Purchaser.

                                  Page 1 of 5
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2. Termination of Restrictions. If all of the Disposition Shares are not
purchased by the Company or its designee in accordance with the provisions of
Paragraph 1 hereof, then all restrictions imposed by this Agreement upon the
Disposition Shares shall terminate and the Stockholder desiring to make a
disposition therefor shall be free to sell the Disposition Shares to the
Purchaser at the price and terms set forth in the original offer, at any time
within twenty (20) days thereafter; provided, however, that at the end of the
twenty (20) day period, all restrictions shall again be applicable in the same
manner and under the same terms as set forth in this Agreement.

      3. Terms of the Purchase

            A. Closing. The consummation of the purchase and sale of the
Disposition Shares shall be referred to as the "Closing", and shall take place
at a time and place as to which the parties shall agree, but in no event shall
it occur more than twenty (20) days after the Company receives the Sale Notice
pursuant to Paragraph 1 of this Agreement.

            B. Transfer of Disposition Shares. At such time as the agreed
consideration has been paid and delivered to the selling Stockholder, the
Disposition Shares shall be transferred to the Purchaser.

            C. Payment of Purchase Price. The purchase price for any Disposition
Shares purchased by the Company pursuant to this Agreement shall be paid in
funds deemed acceptable by the Company.

            D. Purchaser's Obligations. Any transfer of Disposition Shares is
contingent upon proper execution of the Company's Stock Restriction Agreement by
the Purchaser.

      4. Endorsement on Share Certificate. Each certificate representing Shares
of the Company shall have endorsed conspicuously on its face a legend in
substantially the following form:

            (i)   THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE
                  OFFERED FOR SALE, SOLD OR OTHERWISE TRANS- FERRED EXCEPT
                  PURSUANT TO AN EFFECTIVE REGISTRA- TION STATEMENT UNDER THE
                  SECURITIES ACT OF 1933 ("THE ACT"), OR PURSUANT TO AN
                  EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF
                  WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY.

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            (ii)  THE OFFER, SALE, TRANSFER, OR OTHER DISPOSITION OF THE SHARES
                  REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY AND SUBJECT
                  TO THE TERMS OF THAT CERTAIN STOCK RESTRICTION AGREEMENT
                  INCLUDING ANY AMENDMENTS THERETO, AND MAY NOT BE AFFECTED IN
                  CONTRAVENTION OF THE PROVISIONS OF SUCH AGREE- MENT. A COPY OF
                  SUCH AGREEMENT WILL BE FURNISHED TO THE HOLDER HEREOF BY THE
                  SECRETARY OF THE COMPANY UPON WRITTEN REQUEST.

      5. Miscellaneous

            A. Binding Effect. This Agreement shall be binding upon the parties
to this Agreement and upon their respective heirs, successors and/or assigns.

            B. No Waiver. No waiver of any breach or default under this
Agreement shall be considered valid unless in writing, and no such waiver shall
be deemed a waiver of any subsequent breach or default of the same or similar
nature.

            C. Amendment. This Agreement may only be amended by written
instrument executed by both parties hereto.

            D. Entire Agreement. This Agreement sets forth the entire agreement
and understanding of the parties with respect to the transaction contemplated
pursuant to this Agreement, and supersedes all prior agreements, arrangements
and understandings related to its subject matter among the parties.

            E. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and all of which shall
constitute the same document.

            F. Governing Law. The Laws of the State of New York shall govern
this Agreement and the construction of its terms. If any provision is
unenforceable or invalid for any reason, the remainder of this Agreement shall
continue in effect.

            G. Enforcement. If a Stockholder proposes to make a transfer of any
Shares by assignment, sale, gift or other transfer in violation of the terms of
this Agreement, the Company may apply to any court for injunctive order
prohibiting such proposed transfer except in compliance with the terms of this
Agreement. The Company may institute or maintain proceedings against the
violating Stockholder to compel specific performance of this Agreement. Any
attempt to transfer the Shares in violation of this Agreement shall be void.

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            H. Notices. Any notice required or permitted to be given under this
Agreement shall be sufficient if in writing and if sent by Certified or
Registered Mail to:

                            As to the "Company" to:
                            Chairman of the Board
                            Hudson Valley Holding Corp.
                            21 Scarsdale Road
                            Yonkers, New York 10707

                            As to the "Stockholder" to:
                            {REGISTRATION/STOCKHOLDER NAME}
                            Registered address

      Any party, by notice as provided above, may change the address to which
his, her, or its future notices shall be sent.

      IN WITNESS WHEREOF, the Company and the Stockholder have executed this
Agreement effective as of the date first above written.

                                        HUDSON VALLEY HOLDING CORP.

                                        BY:  __________________________________
                                             JAMES J. LANDY, PRESIDENT & C.E.O.

                                        STOCKHOLDER:

                                        BY:  __________________________________
                                             {REGISTRATION NAME IF INDIVIDUAL/
                                NAME OF AUTHORIZED SIGNED AND CAPACITY IF
                                TRUST/COMPANY/CUSTODIAN ETC.}

                                  Page 4 of 5
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STATE OF NEW YORK        )
                          SS.:
COUNTY OF WESTCHESTER    )

      On the       day of May 2006, before me personally came James J. Landy,
to me known, who, being by me duly sworn, did depose and say that he resides at
25 Constant Avenue, Yonkers, NY 10701; that he is the President and C.E.O. of
HUDSON VALLEY HOLDING CORP., the Corporation described in and which executed the
foregoing instrument; that he knows the seal of said Corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
order of the Board of Directors of said Corporation, and that he signed his name
thereto by like order.

                                             __________________________________

STATE OF                 )
                          SS.:
COUNTY OF                )

      On the        day of May 2006, before me personally came {STOCKHOLDER
NAME} to me known to be the individual described in and who executed the
foregoing instrument, and acknowledged that he executed the same.

                                             __________________________________

                                  Page 5 of 5<PAGE>

                             CONTRACT OF APPOINTMENT

                                     between

                                    CIAO AG,
                               MARSSTRA(BETA)E 40,
                                  80335 MUNCHEN

                      - hereinafter called the "Company" -

                                       and

                                      HERRN
                                STEPHAN MUSIKANT
                             SONNENSTRA(BETA)E 23 d
                                  86923 FINNING

                      - hereinafter called the "Employee" -

                                    CLAUSE 1
                                   EMPLOYMENT

      The Employee is hereby appointed with effect from 16.09.2004 as

                           LEADER EUROPEAN MEDIA SALES

      The Employee shall be responsible for the sales activity relating to all
      advertising formats for the European platforms.

1.    The Company shall reserve the right to allocate reasonable other work to
      the Employee in line with his previous training and abilities and to
      transfer him to another place of work or place of employment. If the
      Company makes use of this right it shall be under an obligation to
      continue paying his previous remuneration at the same level.

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                                      - 2 -

2.    The place of service shall be Munich. The Employee hereby declares his
      willingness to undertake business travel, including relatively long
      periods of travel, for the purpose of meeting the requirements of his
      employment.

3.    The Employee shall be under an obligation during his employment to carry
      out the work allotted to him conscientiously and to the best of his
      ability, and also to take on other responsibilities than those envisaged
      for him. In addition to this he shall be under a further obligation to
      safeguard the Company's interests in every respect and to devote his
      working efforts exclusively to the Company.

                                    CLAUSE 2
                                  WORKING HOURS

1.    The regular working week shall amount to 40 hours (from Mondays to
      Fridays), excluding rest breaks. The beginning and end of working hours
      and the rules on rest breaks shall be based on company practice.

2.    The Employee shall be under an obligation if necessary to work beyond
      company working hours without additional remuneration to the extent that
      this is statutorily permissible.

                                    CLAUSE 3
                                     SALARY

1.    The Employee shall receive an annual salary as shown in sub-clause 2 in
      return for his contractual work.

2.    His basic gross annual salary shall amount to EUR 64.000 and shall be due
      for payment in twelve equal amounts on the last working day of each month.
      The Employee can additionally achieve a bonus payment of up to EUR 40.000
      gross, for an above average performance up to EUR 50.000 gross. The basis
      for the bonus payment shall be the performance goals agreed between the
      parties in a separate bonus agreement. The bonus shall be paid out
      quarterly; first payment shall be in December.

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                                      - 3 -

3.    If the contract of employment begins of ends during the course of a
      calendar year, the remuneration shall be paid in proportion to time.

4.    Remuneration shall be paid without cash. The Employee shall set up a bank
      account within ten days of the start of the contract of employment and
      shall inform the Company of his account number.

5.    The Employee's basic salary shall be deemed sufficient remuneration for
      any overtime or extended hours work and any work on Sundays and public
      holidays.

                                   CLAUSE 3.1
                                   COMPANY CAR

1.    The employee is entitled to the use of a company car (comparable to Audi
      A4 1,9 TDI, VW Passat 1,9 TDI).

2.    The conditions related to this use are separately laid down in a Company
      Car Agreement.

                                    CLAUSE 4
                                   WORK PAPERS

1.    The Employee shall submit the necessary documentation to the Company at
      the beginning of his employment, meaning in particular his Income Tax card
      and social-security insurance records. He shall supply all information
      that the Company needs to meet its contractual and statutory obligations
      as an employer, e.g. deducting taxes and social-security contributions.

2.    The Company shall treat this information as confidential. The Company or
      one affiliated to it shall register and process on computers the personal
      data that the Employee discloses. The Employee hereby declares that he is
      in agreement with his personal data being registered and processed on
      computers. It is hereby pointed out to the Employee that the Company is
      not allowed to store the personal data that he gives it on computers
      without his consent.

3.    If incorrect information has been included in the Employee's application
      papers or appointment questionnaire that represent essential component
      parts of the contract of

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                                      - 4 -

      employment, the Company shall be entitled to dispute the contract of
      employment or to terminate it without notice and may place the Employee
      under an obligation to pay damages.

                                    CLAUSE 5
                              SECONDARY EMPLOYMENT

1.    The Employee shall not pursue any secondary employment during the lifetime
      of this contract of employment unless he has the Company's prior written
      consent.

2.    The Employee shall obtain the prior agreement of the Company before
      publishing or presenting any matter connected with his work for the
      Company.

3.    The Employee shall accept no gifts, commission payments, or other benefits
      from customers without clarifying the matter with Management and obtaining
      its consent in each individual case. The foregoing shall not apply to the
      hospitality customary in business such as invitations to business meals.

                                    CLAUSE 6
             OBLIGATION OF SECRECY / DATA PROTECTION / DOCUMENTATION

1.    The Employee shall be under an obligation to maintain silence over all
      company and confidential matters, meaning in particular company and
      business secrets, of which he becomes aware in the context of his
      employment. This obligation of secrecy shall also cover matters concerning
      other companies that are commercially associated with the Company and of
      whose internal affairs he obtains knowledge.

2.    The Employee shall be prohibited to register in computer files, record or
      otherwise retain, alter, or delete personal data protected by the Federal
      Data Protection Act without authorisation, or to use them for any other
      purpose than the fulfilment of lawful responsibilities, to make them known
      or accessible to third parties, or to use them in any other way.

3.    The Employee's obligation of secrecy shall survive the termination of this
      contract of employment.

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                                      - 5 -

4.    When the contractual relationship comes to an end the Employee shall
      return all objects that are the property of the Company, meaning in
      particular business papers or any copies, photocopies, and notes that may
      have been made as well as data-carriers and keys. The Employee shall not
      be entitled to any right of retention over these objects and documents.

5.    In the event of the violation of this secrecy obligation the Company shall
      be entitled to suspend the Employee immediately from exercising his paid
      employment and to terminate the contract of employment without notice. The
      Company shall reserve the right to claim damages for any loss sustained as
      a result of a violation of this secrecy obligation. In the event of such a
      violation the employer shall also initiate criminal proceedings on the
      grounds of a violation of contractual and statutory data protection
      regulations. The significance of this agreement and the need to adhere
      strictly to the regulations have been pointed out orally as well to the
      Employee.

                                    CLAUSE 7
                      RIGHTS TO THE USE OF WORKING RESULTS

      The Company shall be exclusively entitled, without any additional
      remuneration, to the results of work that the Employee achieves in
      carrying out or in connection with his employment obligations, unless the
      Employees' Inventions Act mandatorily dictates otherwise or the Employee
      is permitted to publish his work under his own name. The Company shall in
      particular receive the unrestricted and exclusive rights of use and
      commercialisation over working results of all kinds and for all known
      purposes, as well as authorisation to transfer these rights or to grant
      them to third parties in any other way.

                                    CLAUSE 8
                                INABILITY TO WORK

1.    The Employee shall notify the Company immediately of any instance of his
      being unable to work and of the expected duration of his incapacity. If so
      requested the Employee shall inform the Company of the reasons for his
      incapacity.

2.    If the Employee is ill for more than three calendar days he shall be under
      an obligation to submit to the Company a medical certificate on his
      incapacity. If his incapacity lasts for longer

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                                      - 6 -

      than is shown in this certificate, the Employee shall be under an
      obligation to submit a new medical certificate.

                                    CLAUSE 9
                CONTINUATION OF PAYMENT OF SALARY DURING SICKNESS

      The Employee shall continue to receive his salary during sickness in
      accordance with the currently valid Continuation of Wage Payment Act.

                                    CLAUSE 10
                        REIMBURSEMENT OF TRAVEL EXPENSES

1.    The Employee shall reimburse the travel and other expenses that the
      Employee incurs during business travel, with the exception of the meal
      allowance, up to the maximum level that can be offset against tax, if they
      were necessitated by the purpose of the business travel. The foregoing
      shall be conditional upon the submission of a completed travel expense
      account.

2.    If the Employee uses his own car for business travel he will be reimbursed
      for each kilometre actually travelled at the maximum tax-free mileage
      allowance rate.

                                    CLAUSE 11
                          BAN ON ASSIGNMENT AND PLEDGES

1.    The Employee shall not assign or pledge his salary or any other accounts
      receivable under this contract of employment.

2.    In exceptional cases the Employee can pledge or assign his claims to
      remuneration to a third party if he has notified the Company in advance
      and in writing and has obtained its written consent.

3.    The Employee shall bear the costs incurred through any such attachment,
      pledge, or assignment.

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                                      - 7 -

4.    The Employee shall assign claims for damages to the Company if he has been
      injured by a third party and the Company has to continue paying his salary
      while he is incapacitated.

5.    The Employee hereby undertakes to provide the Company with all the
      necessary and available information required for asserting in court its
      claims for damages.

                                    CLAUSE 12
                              RECREATIONAL HOLIDAY

      The Employee shall be granted paid recreational holiday of 25 working days
      per calendar year. He shall discuss and agree with his manager the
      specific timing of his holiday.

                                    CLAUSE 13
                        OBLIGATION TO PROVIDE INFORMATION

      The Employee shall inform the Company without delay about all relevant
      changes in his personal data, including in particular any changes to his
      home address, marital status, tax category, health fund, bank account,
      degree of handicap, and pension notification.

                                    CLAUSE 14
                    TERMINATION OF THE CONTRACT OF EMPLOYMENT

1.    The first six months of the employment relationship shall be regarded as a
      trial period, during which either party to the contract can terminate it
      at two weeks' notice without having to state any reasons.

2.    This contract of employment can be terminated by either side at the end of
      calendar month at three months' notice. If the period of notice that the
      Company has to observe is lengthened by statutory regulations, this
      prolongation shall also apply to the Employee.

3.    The foregoing shall not affect statutory regulations on the summary
      termination (without notice) of the contract of employment for a serious
      reason [as defined in German law].

4.    Notice of termination shall have no validity unless made in writing.

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                                      - 8 -

5.    The Company shall be entitled at any time, once notice of termination has
      been served, to release the Employee from service until the notice of
      termination takes effect if it continues to pay his contractual
      remuneration and at the same time requests the surrender without
      compensation of all objects handed over to the Employee. The same shall
      apply if the contract comes to an end by mutual agreement.

                                    CLAUSE 15
                               BAN ON COMPETITION

1.    The Employee shall be prohibited, for the duration of this contract, to
      work for his own or for any other party's account, as an employee or
      self-employed, for any firm that is similar to the Company or competes
      directly against it. The Employee shall likewise not be permitted to set
      up, acquire, or take a direct or indirect equity holding in any such
      company during the lifetime of this contract. The exception to this shall
      be the acquisition of listed shares in competitive companies purely for
      capital investment purposes.

2.    The Employee shall be under an obligation, once his contract of employment
      has come to an end, not to induce or influence any employee or former
      employee of the Company to work in any way, shape, or form for him or for
      a firm in which he holds shares, or to terminate any existing contract of
      employment with the Company.

                                    CLAUSE 16
                               CONTRACTUAL PENALTY

      In the event of any violation of the ban on enticement as defined in
      Clause 15 sub-clause 2 or of the secrecy obligation defined in Clause 6 or
      the ban on competition defined in Clause 15 sub-clause 1, the Employee
      shall be under an obligation to pay a contractual penalty equal to the
      average monthly fixed salary he has received over the past twelve months
      before leaving the Company. The foregoing clause shall have no impact on
      any further claims the Company may raise.

                                    CLAUSE 17
                             STATUTE OF LIMITATIONS

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                                      - 9 -

      All claims resulting from this contract of employment shall be raised in
      writing by the contractual parties within a period of six months from
      their due-date, and in no case later than three months after the contract
      of employment came to an end. All claims not raised within this period of
      time shall fall irrevocably null and void. If any claim fails, the
      opposing party shall raise an action within a period of two months after
      receiving a written rejection, or otherwise this too will fall null and
      void.

                                    CLAUSE 18
                      AMENDMENTS AND ADDITIONS TO CONTRACT

1.    No additions or amendments to this contract shall have any validity unless
      made in writing. This shall also apply to any waiver of the written form.
      No ancillary oral agreements exist.

2.    No formal amendment to this contract shall be required if the Employee's
      remuneration is later increased. The remuneration stated in the Company's
      communication shall supersede that stated in Clause 3 sub-clause 2.

3.    Should any individual provisions of this contract prove to be invalid,
      this shall not affect the validity of the remainder of the contract. Any
      invalid provisions shall be replaced by valid ones that come as close as
      possible to the commercial objectives that the contractual parties were
      pursuing with the valid ones.

                                    CLAUSE 19
                       PLACE OF EXECUTION AND JURISDICTION

      The place of execution and jurisdiction shall be Munich.

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                                     - 10 -

      The parties hereby declare that each has received one written, signed, and
      legally binding official copy of this contract.

Munich, June 15, 2004                          Munich, June 15, 2004

/s/ Maximilian Cartellieri                     /s/ Stephan Musikant
-----------------------------------            ----------------------------
Ciao AG Chairman                               Stephan Musikant
Maximilian Cartellieri

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