SEC Contract Filing

Filing Date: 2024-12-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ex_758843.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.5</b></font></p>

<p style="margin: 0px 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RESTRICTED STOCK AGREEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>US ALLIANCE CORPORATION, INC.</b></p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>THIS AGREEMENT</b> is made effective as of this 11th day of December, 2024, by and between US Alliance Corporation, Inc., a Kansas corporation (the &#8220;<u>Company</u>&#8221;), and Juliann Mazachek (the &#8220;<u>Director</u>&#8221;).</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">W I T N E S S E T H:</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>WHEREAS</b>, the Director is, on the date hereof, a key director of the Company; and</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>WHEREAS</b>, management has recommended, and the Board of Directors has approved, the grant of a restricted stock award to the Director for shares of the Company&#8217;s Common Stock;</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>NOW, THEREFORE</b>, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Grant of Restricted Stock Award</u></b>. The Company hereby grants to the Director on the date set forth above (the &#8220;<u>Date of Grant</u>&#8221;) a restricted stock award (the &#8220;<u>Award</u>&#8221;) for fifty thousand (50,000) shares of Common Stock (&#8220;<u>Common Stock</u>&#8221; or &#8220;<u>Stock</u>&#8221;) on the terms and conditions set forth herein, which shares are subject to adjustment pursuant to <u>Section 3(c)</u>. The Company shall cause to be issued one or more stock certificates representing such shares of Common Stock in the Director&#8217;s name, and shall hold each such certificate until such time as the risk of forfeiture and other transfer restrictions set forth in this Agreement have lapsed with respect to the shares represented by the certificate. The Company may also place a legend on such certificates describing the risks of forfeiture and other transfer restrictions set forth in this Agreement providing for the cancellation of such certificates if the shares of Common Stock are forfeited as provided in <u>Section 2</u> below. Until such risks of forfeiture have lapsed or the shares subject to this Award have been forfeited pursuant to <u>Section 2</u> below, the Director shall be entitled to vote the shares represented by such stock certificates, but the Director shall not receive any dividends attributable to such shares or have any other rights as a shareholder with respect to such shares.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Vesting of Restricted Stock</u></b>.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 72pt;"><b>a.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>General</u></b>. The shares of Stock subject to this Award shall remain forfeitable until the risks of forfeiture lapse as set forth herein. The shares of Stock subject to this Award shall vest according to the following schedule:</p>

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